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FPT [BUY +42.1%] - Growth to shift gears in the remaining months of the year - Update

We reiterate our BUY on FPT while increasing our TP by 12% to VND60,500 driven by the rollover of our DCF period and a 120 bps reduction in our cost of equity. The Distribution and Domestic IT segments dragged on 7M 2016 results, but we expect growth to pick up in the remaining months of the year as more domestic IT projects are booked while Telecom shakes off last-mile fiber optic costs in HCMC and Hanoi.