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FPT - All initiatives point to double-digit profit growth - AGM Note

FY14 was another lacklustre year in terms of profit for FPT despite a 21% growth in top line. Nevertheless, FY15 is expected to be its turnaround year with double digit growth in profit attributed to the recovery of domestic Technology segments thanks to new contracts from developing market (to supplement healthy software outsourcing); as well as expanding retail footprint. Non-Rated: At current price, FPT is trading at PER 8.8x on the company’s PBT guidance (+16% vs. FY14).