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FPT - Telecom, Software Outsourcing continue to impress in Q4 - Earnings Flash

FPT released preliminary FY16 results with NPAT of VND2.0 trillion (USD88 million, +3% vs FY15). Q4 2016 witnessed impressive results in the Telecom and Software Outsourcing segments, while a stock clearance of Lumia products exacerbated Distribution’s profit decline. Nevertheless, the latter is not a recurring issue. Therefore, we reiterate our BUY rating for FPT and do not foresee any significant changes to our target price.