VSC defines FPT’s fair price for the next 12 months at VND105,800/share based on the SOTP valuation model. Our target price is 8% lower than the previous update, primarily due to a downward revision of the Global IT Services target P/E from 20.2x to 18.6x, reflecting an industry-wide de-rating as investors grew concerned over AI’s disruption of business models. Nevertheless, as the stock price has corrected 12% over the past month, we maintain our OUTPERFORM rating for FPT.

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Please find the attached file below.