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FPT - BUY - Sustainable outperformance - Update

We update FPT with a revised target price of VND71,600 per share suggesting a c.26.7% upside to the current market price. FPT is among our conviction list of companies which are well positioned to provide commendable EPS growth off the back of an aggressive expansion strategy and margin improvements. We estimate the company will be double its EPS by FY2014. The stock is now trading at 6.0x our FY2012E EPS of VND9,377. We continue to like the stock given its leading position in the sectors and su