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FPT - Core businesses shine - Earnings Flash

FPT announced preliminary Q1 2018 NPAT-MI of VND509bn (USD22mn, +23% YoY), which is broadly in line with our expectation. We foresee non-material changes to our target price. FPT is trading at an attractive 2018F PER of 13.0x; the dividend yield is solid at 4.5%. Long-term growth pillars, namely Software Outsourcing and Telecom, delivered outstanding PBT growth of 24% and 19% YoY, respectively.