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Equity Bottom-Up

<ul><li>Information Technology and Communications/Consumer Electronics (ICT/CE) Retail – FPT Shop: Once the core business segment of FRT, its contribution has dropped to 36.1% in Q2/2024 due to unfavorable macroeconomic conditions and the remarkable growth of the Long Chau pharmacy chain.</li><li>We forecast that the FPT Shop chain will report slim profit margins (below 1.0%) during 2024-2028, primarily due to market saturation, resulting in low revenue growth (averaging 1.2% p.a., reaching VND 17,202 bn by 2028), and higher operational costs compared to younger retail chains.</li><li>Pharmaceutical Retail – Long Chau: is the primary growth driver for FRT in the future.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Information Technology and Communications/Consumer Electronics (ICT/CE) Retail – FPT Shop: Once the core business segment of FRT, its contribution has dropped to 36.1% in Q2/2024 due to unfavorable macroeconomic conditions and the remarkable growth of the Long Chau pharmacy chain.We forecast that the FPT Shop chain will report slim profit margins (below 1.0%) during 2024-2028, primarily due to market saturation, resulting in low revenue growth (averaging 1.2% p.a., reaching VND 17,202 bn by 2028), and higher operational costs compared to younger retail chains.Pharmaceutical Retail – Long Chau: is the primary growth driver for FRT in the future.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FRT - Heading to the Future with Health Care Platform

<ul><li>Q3-FY23’s revenue came at VND 8,236 bn (USD 345 mn, +14.9% YoY, +6.8% QoQ). The improvement came from both FPT Shop &amp; Long Chau.</li><li>In particular, the back-to-school season aided FPT Shop’s net sales to reach the growth of -20.8% YoY and +13.8% QoQ, respectively.</li><li>In the meantime, Long Chau maintained its operational efficiency on each store (sales/store/month ~ VND 1bn) despite the fast pace of opening new stores this year (+584 new stores YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q3-FY23’s revenue came at VND 8,236 bn (USD 345 mn, +14.9% YoY, +6.8% QoQ). The improvement came from both FPT Shop &amp; Long Chau.In particular, the back-to-school season aided FPT Shop’s net sales to reach the growth of -20.8% YoY and +13.8% QoQ, respectively.In the meantime, Long Chau maintained its operational efficiency on each store (sales/store/month ~ VND 1bn) despite the fast pace of opening new stores this year (+584 new stores YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fpt Digital Retail - Jsc (Hsx: Frt) - Brighter Picture in 2024F by Tremendous Long Chau Prospects

<ul><li>Q3-FY23 – Reducing net loss by the over-expected performance of both FPT Shop and Long Chau</li><li>Q4 and FY23 – Maintaining the trend of recovery in both revenue and net profit </li><li>In FY24, Long Chau will still be key driver</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q3-FY23 – Reducing net loss by the over-expected performance of both FPT Shop and Long ChauQ4 and FY23 – Maintaining the trend of recovery in both revenue and net profit In FY24, Long Chau will still be key driverContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FPT Digital Retail - Brighter Picture in 2024F by Tremendous Long Chau Prospects

<ul><li>FRT recorded net revenue of VND 7,753 Bn (or USD 330 Mn, flat YoY), alongside a net loss of VND 5 Bn (or USD 0.2 Mn) in NPAT-MI in Q1/2023.</li><li>Overall, the surge in pharma chain – Long Chau - nearly offset the loss of ICT segment – FPT Shop.</li><li>FPT Shop incurred a net loss of VND 66 Bn (or USD 2.8 Mn), mostly due to weak demand for ICT products amid economic slowdowns and high operating costs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FRT recorded net revenue of VND 7,753 Bn (or USD 330 Mn, flat YoY), alongside a net loss of VND 5 Bn (or USD 0.2 Mn) in NPAT-MI in Q1/2023.Overall, the surge in pharma chain – Long Chau - nearly offset the loss of ICT segment – FPT Shop.FPT Shop incurred a net loss of VND 66 Bn (or USD 2.8 Mn), mostly due to weak demand for ICT products amid economic slowdowns and high operating costs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FRT - Long Chau Takes Center Stage as the Key Profit Contributor in FY2023

Vietnam

FPT Digital Retail Joint Stock Company provides information technology producta and services. The Company offers technology, system integration, telecommunication, product distribution, and data center services, as well as retails computers, tablets, and desktops. FPT Digital Retail serves customers worldwide.

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FPT Digital Retail (FRT VN)

FRT - Heading to the Future with Health Care Platform

Once the core business segment of FRT, its contribution has dropped to 36.1% in Q2/2024 due to unfavorable macroeconomic conditions and the...

Rong Viet Securities

Fpt Digital Retail - Jsc (Hsx: Frt) - Brighter Picture in 2024F by Tremendous Long Chau Prospects

Q3-FY23’s revenue came at VND 8,236 bn (USD 345 mn, +14.9% YoY, +6.8% QoQ). The improvement came from both FPT Shop & Long Chau.

Rong Viet Securities

FPT Digital Retail - Brighter Picture in 2024F by Tremendous Long Chau Prospects

Q3-FY23 – Reducing net loss by the over-expected performance of both FPT Shop and Long Chau. Q3-FY23’s revenue came at VND 8,236 bn (USD 345 mn,...

Rong Viet Securities

FRT - Long Chau Takes Center Stage as the Key Profit Contributor in FY2023

FRT recorded net revenue of VND 7,753 Bn (or USD 330 Mn, flat YoY), alongside a net loss of VND 5 Bn (or USD 0.2 Mn) in NPAT-MI in Q1/2023.

Rong Viet Securities

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