Tập Đoàn FPT (HOSE: FPT) | Cập Nhật Q4/2025, MUA – Kỳ vọng 1N +17.8%

Global It Market Recovery, Backlogs Strengthen 2026, Earnings Momentum Accelerates

In Q4 2025, FPT recorded revenue of VND 20,225bn (+14.9% YoY, +17.6% QoQ), driven primarily by a sharp acceleration of the Technology segment, which posted revenue of VND 13,525bn (+21.3% YoY, +25.0% QoQ) as Global IT services rebounded toward year-end. Meanwhile, the Telecommunications revenue reached VND 5,219bn (+8.5% YoY, +5.9% QoQ), maintaining steady growth.  PBT in Q4 2025 rose to VND 3,498bn (+18.2% YoY, +3.7% QoQ), supported mainly by the Telecommunications segment, which continued to deliver resilient profitability with PBT of VND 1,135bn (+23.2% YoY, +0.3% QoQ), reflecting sustained margin expansion.

For FY2025, FPT recorded revenue of VND 70,112bn (+11.6% YoY) and NPAT-MI reached VND 9,369bn (+19.3% YoY), achieving 97.7% and 103.5% of our FY2025 revenue and NPAT-MI forecast respectively, with telecommunication segment posted profit strongest growth of 21.6%.

We maintain our FY2026 forecasts, with revenue of VND 84,302bn (+20.2% YoY), PBT of VND 15,317bn (+17.5% YoY). Based on these projections, we reiterate our BUY recommendation on FPT, with a 12M Target Price of VND 123,100/share, implying a potential upside of 17.8% from the closing price of VND 104,500/share as of January 30, 2026.