Per our SoTP, we estimate a fair value per share of VND 147,000 for FPT, equivalent to a target PER of 22.5x based on our forecast EPS for 2025. Thus, BVSC continue to rate OUTPERFORM for FPT.

On another perspective, FPT’s regional peers are trading at a median PER of 25–26x. In Vietnam, after a strong re-rating occurred in the beginning of 2021, FPT has been traded at an average PER of 19.7x, mostly within the 15-24x range.

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Please find the attached file below.