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External broker reports(aggregated public sources)

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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><p><em>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.</em></p>

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

FPT Digital Retail

FRT - Heading to the Future with Health Care Platform