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FPT [BUY +24.0%] - Software/Telecom/Education trio to spearhead growth - Update

We reiterate our BUY rating on FPT with a total stock return of 24%. Valuation is appealing with a three-year PEG of 0.9 and a solid dividend yield of 4%. Q1 2018 NPAT +23% YoY, driven by core pillars Software Outsourcing, Telecom and Education. We expect FPT to maintain this momentum and forecast recurring NPAT to rise 20% YoY in 2018.