FPT – Update – Scaling up investment in Technology segment

Posted:  Mar 26, 2026

  • 2025 Net profit grow 19.3% YoY, driven by the Telco segment. 1Q26 Net profit is expected to increase 16.8% YoY as the IT segment recovers.
  • Valuation returned to an attractive range, with 2026-27F P/E at 11.1x, 46% below the 5Y average. Coupled with an expected net profit CAGR of 17.4% in 2026-27, this is an appropriate time to start accumulating FPT shares.
  • Reiterate ADD with lower target price of VND114,000/share.
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