FPT Retail (HOSE: FRT) | 3Q26 Earnings First Take, BUY – Upside +19.3%

Strong 3Q26 Earnings, Long Chau Driving Profit Growth

3Q26 Performance: FRT reported 3Q26 revenue of VND17,530bn (+34% YoY) and NPAT-MI of VND440bn (+101% YoY), driven by Long Chau's expansion and FPT Shop's sustained recovery. For 9M26, revenue rose 33% YoY to VND48,273bn, while NPAT-MI surged 112% to VND1,069bn, supported by stable GPM of 20% and improved cost efficiency, with SG&A declining to 16.3% of revenue (-1.0ppt YoY). 

Long Chau: 3Q26 revenue increased 37% YoY to VND11,960bn, while NPAT-MI surged 118% to VND372bn. The network expanded to 2,741 pharmacies (+324 YTD) and 244 vaccination centers (+21 YTD). For 9M26, revenue and NPAT-MI fulfilled 77.2% and 98.6% of our FY26 forecasts, respectively, suggesting upside to full-year earnings estimates. However, vaccination center expansion remains below expectations.

FPT Shop: 3Q26 revenue rose 27% YoY to VND5,627bn, while NPAT-MI increased 41% to VND68bn, while the network remained stable at 622 stores. The shift toward improving existing-store productivity rather than expanding the network supports more sustainable profitability.

FY26–27 Outlook: 9M26 revenue and NPAT-MI reached 79.4% and 97.1% of our FY26 forecasts, respectively. Long Chau's stronger-than-expected profitability suggests upside to our FY26 earnings estimates, while continued pharmacy expansion and improving store productivity should support FY27E growth. 

Investment Implications: Maintain Positive Outlook; Revise Rating To ADD

We remain positive on FRT's growth prospects, underpinned by Long Chau's expanding healthcare platform and FPT Shop's sustained recovery.

We revised our target price to VND165,000/share, primarily reflecting the adjustment for shares issued as stock dividends in Aug-26. Based on the closing price of VND138,200 on 02 Nov 2026, the revised target implies 19.3% upside, corresponding to an ADD recommendation.