First Read FPT Corporation Q226 analyst briefing: Constructive outlook in H2

研报英文原文证据摘录

First Read FPT Corporation Q226 analyst briefing: Constructive outlook in H2

assessment to implementation over the next 6-12M, revenue conversion should UBS Cons.

improve. We believe FPT can sustain mid-teens earnings growth in H226 with gradual 12/26E 6,482.05 6,007.57

12/27E 7,227.81 6,735.27

margin expansion despite ongoing AI and platform investments.

12/28E 7,967.98 7,603.15

AI factories' turning point Trang Nguyen

Management highlighted that FPT’s AI Factory initiative has reached an inflection point, Analyst

with AI data center clusters in Vietnam and Japan exceeding 90% utilization and trang-za.nguyen@ubs.com

+65-6495 2495

achieving profitability in Q226. Current capacity is expected to generate US$25-30mn in

annual revenue, supported by high utilization and rising enterprise demand for GPU-as- Alex Manoonpol

a-service and localized AI infrastructure. Management stressed a disciplined expansion Analyst

strategy, with future capacity additions tied to committed customer demand and clear alex.manoonpol@ubs.com

+662-613 5770

workload visibility, not speculative investment. Beyond infrastructure revenue, AI

Factories are becoming a strategic enabler of FPT’s broader AI transformation offering,

providing data-sovereignty compliant infrastructure while strengthening relationships

across consulting, software development and AI deployment. We view this as a

potentially underappreciated growth pillar that could enhance recurring revenue and

FPT’s enterprise AI positioning.

FPT Telecom updates and shares buyback intention

Management remained positive on FPT Telecom’s outlook and reiterated there are no

plans to divest its stake following Ministry of Public Securities' takeover and sees further

upside from data centers and Ministry of Public Security-related projects.