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FPT - Strong earnings bolstered by core segments - Earnings Flash

FPT announced 9M 2018 NPAT-MI of VND1.8tn (USD78mn, +21% YoY) as all core pillars, including Software Outsourcing, Telecom and Education, continued strong growth. This result is in line with our expectation and therefore, we foresee non-material changes to our forecasts. At today’s closing price, FPT is trading at an attractive three-year PEG of 0.5 based on our forecasts while its dividend yield is solid at 4.6%. We reiterate BUY on the stock.