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FPT [BUY +39.5%] - Comeback to double-digit growth trajectory - Update

We reiterate our BUY rating on FPT with a target price of VND65,000 (up from VND64,000 previously) based on the following. FY15 NPAT beat our target by 10% mainly thanks to Software Solutions. In December 2015 alone, Software Solutions recognized PBT of VND90b (USD4m) vs only VND1b (USD0.04m) in FY14 as it completed a project provided to the government.