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FRT - Strong earnings growth as expected - Earnings Flash

FRT released its preliminary Q1 2018 results, including revenue of VND3.9tn (USD171mn, +17% YoY) and NPAT of VND64bn (USD3mn, +33% YoY). This impressive performance was driven by solid same-store-sales growth (SSSG), new store openings and full contribution from stores opened in 2017. Given that these results are broadly in line with our forecasts, we reiterate our BUY rating on FRT with a target price of VND177,700. See more details in our initiation report dated April 23, 2018.