FPT – FY19 earnings growth on track – Update

• FPT’s net revenue rose 16.8% yoy and net profit rose 4.3% yoy in 4Q19.
• Net revenue rose 19.4% yoy in FY19. Net profit increased 14.1% yoy to VND3,912bn and was in line at 97.6% of our FY19F.
• We reiterate our Add call with an SOP-based TP of VND74,000.

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