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FPT - ADD - Disappointing 9MFY12 results - Results

Following its disappointing 9MFY12 results, we are lowering our target price of VND40,400 but maintaining our ADD recommendation. We revised down our profit before tax (PBT) forecast from VND3,060bn to VND2,399bn (-4% yoy) to reflect poor YTD results. This gives an EPS of VND5,901 (-6% yoy). However, we still value its long-term strengths as a leading player with good growth potential in its Telecom, Online, and Software businesses.