FPT – 1Q20 results on track despite Covid-19 – Earnings Flash

• 1Q20 net profit grew 19.3% yoy to come in at 19.5 % of our full-year forecast.
• Growing uncertainties amid the country lockdowns in Japan and the US are weighing on the 2Q20F outlook.
• We reiterate our Add call with an unchanged SOP-based TP of VND74,000.

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