FPT Retail JSC – downgrade from Outperform to Hold (FRT : HSX – Retail)

Ngày đăng February 8, 2019

FPT Retail JSCdowngrade from Outperform to Hold (FRT : HSX – Retail)


  • FY2018 results in line with expectations. Earnings were mainly driven by new store openings of mobile chain.


  • HSC’s FY2019 forecast calls for 14.4% growth in bottom line driven by mobile chain’s new store openings and SSSG. Long Chau pharmacy chain will be consolidated and make loss of VND (16) billion.


  • Medium-term growth prospects limited as the mobile market is saturated.


  • Expansion into retail pharmacy is key to long-term growth. But it is tough.


  • Downgrade to Hold. Fair value is VND 71,200.






en English