Update FPT - BUY, 31st Aug 2020
Reiterate our BUY recommendation with TP of 59,928/share: FPT announced 7M2020 net revenue of VND15,958bn (of which, revenue from overseas markets accounted for 43%), up by 8.2% YoY, and EBT of VND2,862bn, up by 12.7% YoY. Revenue from digital transformation services continued to grow robustly by 57% YoY to VND2,072bn in 7M2020. In a recent meeting with investors, FPT’s management shared their strategies to launch a new business unit on cloud and AI services, named FPT Smart Cloud Ltd., and promote Made-by-FPT products/solutions. Despite the epidemic’s unpredictable movements, we expect the company’s outlook will continue to be supported by its driving forces and assumptions that recent developments of vaccines may help put the epidemic under better control on a global scale from next year. Our projection for the company’s 2020 net revenue and EBT growth are 7.1% and 11.3% YoY, to VND29,692bn and VNDVND5,191bn, respectively.
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