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FPT [BUY +23%] – On the right track to revamp growth - Update

All three pillars namely telecom (+28%), software (+46%) and ICT distribution and retail (+32%) accomplished impressive revenue growth in 1H15 vs 1H14. Profit growth to pick up as FPT Telecom has finished the fiber optics swap project, of which the majority of expenses will have been allocated by 1H2016. Software outsourcing’s 1H15 performance lived up to FPT’s global ambitions even though weak JPY affected its translated contribution in VND terms.