FPT Corp Key takeaways from Investor Meeting – target AI revenue growth at 30% CAGR

研报英文原文证据摘录

FPT Corp Key takeaways from Investor Meeting – target AI revenue growth at 30% CAGR

Ranjan Sharma, CFA AC Asia Pacific Equity Research

(65) 6882-1303 24 June 2026 J P M O R G A N

ranjan.x.sharma@jpmorgan.com

Investment Thesis, Valuation and Risks

FPT Corp (Overweight; Price Target: D126,000.00)

Investment Thesis

FPT is the leading tech and IT services solutions provider in Vietnam in terms of revenue

and market cap, with rapidly growing IT services underpinned by its growing tech

capabilities and cost advantage. FPT’s education business is synergistically growing its

talent pool with the necessary skills for future business development. Despite the tough IT

industry backdrop, we expect FPT to deliver an IT revenue CAGR of >15% over 2024-27.

We see the recent Board appointments as supporting FPT’s strategy to become a key player

in global IT services in the long term. We rate FPT OW.

Valuation

Our Dec-26 PT of VND126,000 is derived from a target P/E multiple of 17x, which is higher

than the current 1yr forward multiple. We believe the multiple expansion will be driven by

earnings delivery in the near term and Vietnam’s upgrade to EM and subsequent market

re-rating in the medium term. We believe FPT could see further multiple expansion in the

long term if it evolves as a key global IT services provider with deeper domain knowledge

and technical capabilities.

Risks to Rating and Price Target

Downside risks include:

• Prolonged macro weakness, impacting IT services spend: Enterprises’ spending

pressure and tightened budgets would reduce business volume and lengthen the selling

cycle.

• Inability to win market share: The IT services industry is fragmented and intensely

competitive; reluctance of prospective clients to switch IT services providers; lack of