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FPT - 2012 missed target as expected - Earnings Flash

FPT came out with its 4Q consolidated financial report on Feb 19. 4Q net earnings posted a 1.5% yoy decline, despite 6.5% revenue growth, due to a yoy decline in its GPM. Full-year profit before tax was VND2,407bn, which was in line with our forecast of VND2,399bn. Our recommendation for FPT is a BUY with target price of VND48,200/share, as its 2013 PER is only 6.1x.