FPT – Coronavirus attack to slow IT growth – Update

• 2Q20: Revenue edged up only 2.3% yoy amid the more pronounced impact of Covid-19; domestic IT services and online advertising were the hardest hit.
• FPT’s 1H20 net revenue rose 9.0% yoy and net profit rose 14.7% yoy, coming in at 42.5% of our full-year forecast, slightly below expectation.
• We reiterate our Add call with a lower SOP-based TP of VND61,700.

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