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(EN) GTJASVN RS_FPT Equity Report _Growth Against Headwinds_TP112,000_Oct 28 2025

28/10/2025

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FPT – Growth Against Headwinds

KEY HIGHLIGHTS

According to FPT Corporation’s 9M2025 business results, the company recorded revenue of VND 49,887 billion and pre-tax profit of VND 9,540 billion, representing increases of 10.3% YoY and 18.6% YoY, respectively.

The Technology segment remained the key growth driver, contributing 62% of total revenue and 45% of pre-tax profit, equivalent to VND 30,949 billion and VND 4,333 billion, up 10.7% and 13.7% YoY, respectively.

The Telecom segment achieved revenue of VND 13,738 billion and pre-tax profit of VND 3,091 billion, growing 11.5% YoY and 21.3% YoY, respectively.

Meanwhile, the Education segment recorded flat revenue year over year.

Amid significant structural shifts in the global IT value chain that have affected FPT’s core business areas, the company has proactively adapted and successfully maintained its key markets, thereby sustaining its double-digit growth trajectory.

Operational efficiency remained solid with a gross margin above 37%, ROE exceeding 27%, and a conservative leverage ratio (L/E) below 1, indicating a robust balance sheet and prudent financial management.

RECOMMENDATION

Compared to global peers, FPT is currently trading at a 15%–20% discount in terms of P/E valuation. This appears justified given that the company’s service offerings are still positioned at relatively lower “notch” of the global IT value chain. However, this also presents potential upside should FPT successfully move up the value chain through service quality and capability enhancement.

We maintain a “Neutral” rating on FPT stock, with a target price of VND 112,000 per share, implying a 14.2% expected return based on the closing price as of October 27, 2025

(EN) GTJASVN RS_FPT Equity Report _Growth Against Headwinds_TP112,000_Oct 28 2025

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