Company Insight

Earnings Outlook

FPT’s new contract signings continue to indicate healthy demand for digital transformation and suggest that the company is taking appropriate steps to adapt to the rapid development of AI. AI Factory currently remains a relatively small contributor to FPT’s overall business. We forecast 15% growth in both revenue and earnings for FPT in 2026–27.

We use a combination of the Discounted Cash Flow (DCF) and relative P/E valuation methods to estimate FPT’s fair value.

For the P/E approach, given that IT remains FPT’s core business, we use a peer group of listed technology companies as the reference set and adjust the target P/E multiple based on FPT’s projected earnings growth. We apply a target P/E of 15.0x, corresponding to expected earnings growth of approximately 15% p.a.

Based on an equal weighting of the two valuation methods (50% DCF and 50% P/E), we estimate FPT’s fair value at VND92,400/share.