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FRT - New initiatives, store openings buoy earnings - Earnings Flash

FRT released its H1 2018 results, including revenue of VND7.5tn (USD329.5mn, +18% YoY) and NPAT of VND147bn (USD6.4mn, +30% YoY). This impressive performance was driven by solid same-store-sales growth (SSSG), new store openings and full contribution from stores opened in 2017. Although H1 2018 has accomplished only 38% of our 2018F NPAT forecast, earnings typically accelerate in H2, especially in Q4, thanks to rebates from vendors.