FRT – Listing Note – 20180405

FPT Retail (FRT) will list 40mn shares on the HOSE by the end of April. We think FRT is not very attractively valued based on its current price in the OTC market, given its limited medium-term growth potential against the backdrop of fast maturing urban demand for smartphones. However, the foreign ownership room of around 15% might support FRT’s share price, as FRT seems to be the only accessible pure-play retail name in Vietnam since PNJ and MWG are both at their foreign ownership limits.

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