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FRT [BUY +30.7%] - Heading in a positive direction - Update

We maintain a BUY rating on FRT as we remain optimistic on its mobile phone business while the roll-out of the pharmacy chain is accelerating, boding well for long-term prospects. Three-year PEG is attractive at 0.7, per our forecasts. We project a 2018-2021 EPS CAGR of 20% driven by effective sales initiatives, mobile store expansion and the pharmacy roll-out. We trim our TP by 2% mainly due to a smaller ownership in Long Chau (pharmacy) than we expected. FRT will effectively own 75%