FPT Corporation (HOSE: FPT) | Q3 2025 Update, BUY – FW2026 Upside +20.5%

Profit Momentum Sustained; Financial Income, Global IT Service Wins Offset Core Growth Slowdown

In Q3 2025, FPT’s revenue growth moderated but profit accelerated on stronger financial income and disciplined costs. Q3 revenue reached VND 17,205bn (+8.2% YoY), while pre-tax profit (PBT) came in at VND 3,375bn (+16.0% YoY). Financial income in the quarter surged 87.7% YoY to VND 613bn, driven by record cash and bank deposits and FX gains, helping offset softer core topline growth.

For 9M2025, FPT posted revenue of VND 49,887bn (+10.3% YoY) and PBT of VND 9,540bn (+17.6% YoY); NPAT-MI was VND 6,867bn (+19.2% YoY).

In August 2025, FPT revised its FY2025 plan at an investor meeting, which now targeting revenue growth of 15% (~VND 72,276bn) and PBT growth of 18-19% (~VND 13,062bn), down from the original AGM growth targets of 20% and 21%, respectively. This reflects headwinds in global IT growth due to tariff delays, especially in Q2, and lower AI-factory utilisation.

Looking ahead to Q4 2025 and into 2026, we expect FPT to maintain its profit momentum, supported by resilient global IT demand and continued large-deal wins, particularly from Japan-led clients. Accordingly, we keep our FY2025 forecasts unchanged, with revenue of VND 71,772bn (+14.2% YoY) and PBT of VND 13,042bn (+17.8% YoY), as the prior projections had already factored in the slowing momentum. However, we have moderated our FY2026 assumptions, trimming growth to below 20%, reflecting a more cautious view on the sustainability of the Global IT segment’s expansion amid uneven recovery in client spending and prolonged softness in the APAC market.

We revise our 12M Target Price for FPT to VND 123,100/share, from our previous target of VND 131,000/share. We maintain a BUY rating on FPT with an upside potential of 20.5% from the closing price of VND 102,200/share as of October 28, 2025.