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FPT - Core businesses of Software, Telecom in the spotlight - AGM Note

We attended FPT’s AGM today. Management zeroed in on the prospects of Software Outsourcing and FPT’s strategies for this business, while shareholder questions also focused on Telecom. 2018 guidance: net revenue of VND21.9tn (USD965mn) and PBT of VND3.5tn (USD153mn). The latter implies a 6% increase vs normalized 2017 PBT, which excludes one-off profits from FPT Trading (FTG) and FPT Retail (FRT) divestments in 2017. Our 2018 PBT forecast is slightly above guidance at VND3.6tn (USD159mn),