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FRT [BUY +25.6%] - Bright mobile prospects; pharmacy takes firm steps - Update

We reiterate our BUY rating despite trimming our TP by 9%, mostly due to an increase in the risk-free rate and equity risk premium. Valuation is appealing with a three-year PEG of 0.7. FRT’s mobile business is excelling thanks to F.Friends and telco subsidy programs. A market re-rating, however, would seem to be predicated on more progress in the pharmacy business.