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FPT [BUY +35.3%] - Urge to divest from Trading & Retail felt after a subdued Q1 - Update

We reiterate BUY on FPT. Despite a disappointing Q1 2016 hurt by Distribution, growth should pick up in the remaining quarters as more domestic IT projects are booked and Telecom shakes off the fiber optics last-mile expense in HCMC and Hanoi starting H2 2016. The sell-down of the Distribution and Retail arms remains a catalyst for the stock, which, in our best guess, could be completed in Q4 2016.