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FPT - Strong core pillars lift earnings - Earnings Flash

FPT announced H1 2018 NPAT-MI of VND1.1tn (USD48mn, +19% YoY) as robust performances were seen across its core pillars, including Software Outsourcing, Telecom and Education. We see upside to our current 2018 forecasts, stemming from (1) FPT’s recent acquisition of Intellinet, which should lift the Software Outsourcing segment and (2) a newly approved reduction in contributions to the Vietnam Public Utility Telecom Fund (VTF) from 1.5% previously to only 0.7% of broadband revenue.