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FPT [BUY +57.3%] - Earnings growth set to soar in 2017 - Update

We reiterate our BUY rating for FPT as 22% Q3 2016 PBT growth reaffirms our positive outlook. Telecom Services is back on a growth track after shaking off substantial fiberization last-mile costs while the recovery of the US market will propel Software Outsourcing’s growth. Against FY17F EPS growth of 18.6%, FPT looks grossly undervalued at FY17 PER of 7.8x.