2026 performance sustains high growth. BVSC projects revenue of VND61,692 bn (+20.8% YoY) and NPAT-MI of VND1,051 bn (+32.3% YoY). FPT Shop will sustain its recovery via optimized operations and cost discipline, while Long Chau shifts to a slower rollout with higher average sales per store than in 2025.

Recommendation. BVSC maintains an OUTPERFORM rating for FRT with a target price of VND195,200/share for year-end 2026, based on the SOTP valuation method.

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Please find the attached file below.