{"id":30757,"date":"2025-05-06T09:00:00","date_gmt":"2025-05-06T02:00:00","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&p=30757"},"modified":"2025-05-06T09:00:00","modified_gmt":"2025-05-06T02:00:00","slug":"gtjasvn_frt-equity-report_update-05-2025-accumulate-copy","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_frt-equity-report_update-05-2025-accumulate-copy\/","title":{"rendered":"GTJASVN_FRT Equity Report_Update 05.2025 Accumulate – Copy"},"content":{"rendered":"\n\n\n
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Long Ch\u00e2u pharmacy chain continues to spearhead growth<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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\u00a0BUSINESS UPDATES<\/strong><\/span><\/p>\n

For Q1 2025, FRT reported consolidated revenue growth of 29% YoY, reaching VND 11,670 billion. Profit before tax surged to VND 273 billion (+206% YoY). Long Ch\u00e2u expanded its pharmacy network by 79 stores, while FPT Shop reduced its footprint by 6 stores.<\/span><\/p>\n

On April 25, 2025, Long Ch\u00e2u Investment finalized a transaction with Malaysia-based Creador Fund, establishing Creador as a minority shareholder. Under the plan, Creador will invest in Long Ch\u00e2u in two phases over one year, targeting a 13% stake at a valuation of USD 1.5 billion.<\/span><\/p>\n

RECOMMENDATION<\/strong><\/span><\/p>\n

We anticipate challenges for ICT electronics retail in 2025, leading to a slight projected decline in FPT Shop\u2019s revenue this year.<\/span><\/p>\n

The pharmacy segment, however, will remain FRT\u2019s primary growth driver in the coming period, with an average of 300 new Long Ch\u00e2u stores expected annually over the next three years (while FPT Shop scales back). Momentum from online sales via the website and VNeID app, combined with revenue from vaccine services, will sustain Long Ch\u00e2u\u2019s robust growth trajectory.<\/span><\/p>\n

We forecast FRT\u2019s 2025 revenue and profit before tax at VND 43,410 billion and VND 1,102 billion, respectively, reflecting YoY increases of 7.8% and 101%.<\/span><\/p>\n

Recommendation: ACCUMULATE FRT<\/strong> stock with a target price of VND 191,000 <\/strong>per share, implying a 13.8% upside from the closing price on April 29, 2025.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

GTJASVN_FRT Equity Report_Update 05.2025 Accumulate – Copy<\/a><\/p>\n","protected":false},"author":24,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-30757","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"GTJASVN_FRT Equity Report_Update 05.2025 Accumulate - Copy - GTJA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_frt-equity-report_update-05-2025-accumulate-copy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_FRT Equity Report_Update 05.2025 Accumulate - Copy - GTJA\" \/>\n<meta property=\"og:description\" content=\"Long Ch\u00e2u pharmacy chain continues to spearhead growth \u00a0BUSINESS UPDATES For Q1 2025, FRT reported consolidated revenue growth of 29% YoY, reaching VND 11,670 billion. 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