Based on the 2025-2026 growth prospects and a Sum-of-the-Parts (SoTP) valuation, BVSC established a VND115,000/share 12-month fair value target for FPT, with an OUTPERFORM rating. The 15.5x 2026 forward P/E is considered attractive, as it falls below both the 20x peer average and the company’s five-year historical average. We expect the sustained recovery in the sector’s new order intake to continue, driving cash flow and leading to a global resurgence of investment interest in the IT services industry.

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Please find the attached file below.