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FRT [BUY +43.7% - A proven retailer with a bright growth outlook - Initiation

We initiate on FRT with a BUY rating, total return of 44%. Attractive 3-yr PEG of 0.7. FRT is a proven retailer. Backed by its creative initiatives, FRT’s legacy mobile segment still boasts a robust outlook, while its entry into pharmacy looks promising. NPAT CAGR of 21% for the mobile segment during 2017-2022F driven by resilient SSSG, expansion in both traditional format and Apple stores and margin improvement.