FPT Retail (HOSE: FRT) | Q1 2026 Update, BUY - FW2026 Upside +17.2%

Strong Earnings Momentum Driven By Long Chau

FRT delivered an outstanding Q1 2026 performance, of which revenue and NPAT-MI reached VND 15,117bn (+29.5% YoY) and VND 287bn (+71.1% YoY), respectively, fulfilling 24.9% and 26.1% of our FY2026 revenue and NPAT-MI forecasts. 

We maintain our FY2026 forecasts for FRT, projecting revenue of VND 60,766bn (+19.0% YoY) and NPAT-MI of VND 1,101bn (+38.5% YoY), of which Long Chau to deliver revenue and NPAT-MI of VND 43,280bn (+25.4% YoY) and VND 1,001bn (+40.3% YoY), while FPT shop forecast revenue of VND 17,818bn (+6.0% YoY) and NPAT-MI of VND 100bn (+22.5% YoY).

We maintain our target price at VND 173,200/share and our BUY recommendation for FRT, with a potential upside of 17.2% from the current market price of VND 147,800/share as of May 06, 2026. At the current valuation, FRT is trading at a 2026F P/E of 27.7x, above the sector average of 14.1x. However, with earnings CAGR of 30.8% over the 2026–2028 period, we expect FRT’s forward P/E to decline to 22.9x in 2026, 17.7x in 2027, and 13.4x in 2028, respectively.