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Corporate Clients
The company recorded growth of 29.5% YoY in net revenue and 76% YoY in EAT in 1Q2026, predominantly driven by Long Chau’s solid performance. We maintain our projection of VND1,394bn (+41.7% YoY) in EAT for 2026 and target price at VND175,200/share by YE2026. Rating OUTPERFORM.
Net revenue and EAT grew by 29.5% YoY and 76% YoY, to VND15,117bn and VND375bn, respectively, in 1Q2026.
The EAT leap was fueled by Long Chau’s widened gross margin, offsetting FPTShop’s compression, whereas the overall SG&A-to-net revenue ratio improved driven by FPTShop‘s better efficiency. Additionally, net financial expense fell by 84% YoY (thanks to increased interest income) giving the earnings an extra push.
Long Chau drove the overall results, generating a 54.8% YoY EAT rise to VND358bn (~96% of FRT’s EAT) in our estimate, bolstered by scale expansion and slightly increased sales per store. Despite input costs trending up, Long Chau aims to keep its selling prices stable while securing profit margins by various measures, prioritizing long-term inventory planning and procurement, ensuring consistent supply and more favorable prices.
The FPT Shop chain reported EAT of VND17bn in 1Q (versus loss of VND19bn in 1Q2025) on 30.8% YoY net revenue growth to VND4,815bn.
We sustained our projections that the company may deliver VND61,489bn (+20.4% YoY) in net revenue, VND1,723bn (+41.4% YoY) in EBT and VND1,394bn (+41.7% YoY) in EAT in 2026. Long Chau is still the driving force, targeting continued network expansion, fortifying its strengths in prescription/next-generation/rare/specialized medicines, pursuing commitments on transparency of product origins in not only Long Chau but also suppliers/manufacturers, and constantly differentiating itself from the existing and potential competitors to uphold its leading position.
