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FPT [BUY +24.9%] - Re-rating Vietnam’s technology/telecom powerhouse - Update

We reiterate BUY while revising our TP by +15% on DCF rollover and a 1.7 ppt fall in WACC. 9M 2017 PBT rose 15% YoY with solid growth across key segments, led by Software Outsourcing (+25%), although Telecom (+9%) was curbed by provisions for Vietnam Public Utility Fund (VTF). 2017F: recurring NPAT rises 14%, but reported NPAT jumps 55% YoY on one-off gains from FPT Trading and Retail divestments, estimated at VND798 billion (USD35 million) after-tax.