(EN) GTJASVN RS_FRT Equity Report _Long Chau pharmacy chain continues to spearhead growth _TP188,687_Feb 4, 2026

BUSINESS UPDATES

According to the FY2025 business results of FPT Digital Retail Joint Stock Company, revenue from both FPT Long Châu and FPT Shop exceeded targets, bringing consolidated revenue to VND 51,083 billion, up 27% year on year. FPT Long Châu continued to serve as the main growth driver, contributing 67% of consolidated revenue, equivalent to VND 34,501 billion, representing 36% YoY growth and 107% completion of the annual plan. Meanwhile, FPT Shop recorded a clear recovery in operating efficiency and returned to profitability in FY2025. The chain generated revenue of VND 16,809 billion, up 11% YoY, completing 105% of the annual plan. FRT is expected to benefit from government demand stimulation policies in 2026, while FPT Long Châu retains significant potential for store network expansion, supported by favorable industry dynamics and ample market headroom. From an operational perspective, higher inventory levels and increased short-term liabilities are aligned with FPT Long Chau’s rapid store expansion plan and the company’s stated strategic direction.

RECOMMENDATION

We maintain a positive view on the business outlook of the FPT Long Châu chain in 2026, with the company expected to open approximately 400–500 new pharmacies and vaccination centers during the year. Meanwhile, FPT Shop is projected to deliver a modest recovery in 2026, supported by ongoing product portfolio restructuring. However, the extent of improvement is expected to remain limited, as the consumer electronics market continues to show signs of saturation, while competitive intensity remains elevated. We recommend “OUTPERFORM” FRT stock with a target price of VND 188,687 VND per share, implying a 8.44% upside from the closing price on February 3, 2026.