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FPT announced its 2023 results with revenue of VND52.6tn (USD2.2bn; +20% YoY) and NPAT-MI of VND6.5tn (USD267mn; +22% YoY), completing 101% and 103% of our respective full-year forecasts. As the earnings results track ahead of our expectations, we see upside potential to our current projection, pending a more comprehensive review.
Global IT Services: Revenue +28% YoY & PBT +27% YoY. In 2023, FPT’s Digital Transformation (DX) revenue advanced 42% YoY and accounted for 43% of total global IT revenue. In the Japan and APAC markets, it outperformed with revenue growth of 43% YoY and 38% YoY, respectively, in addition to a 22% YoY surge in revenue from the EU market. On the other hand, revenue from the US grew at 9% YoY due to the current economic slowdown in this market. Regarding FPT’s new global IT contract, the new signed value increased by 38% YoY in 2023 to VND29.7tn (USD1.2bn) while large deals (USD5+ mn) increased 19% YoY, which bodes well for future growth.
Telecom Services: Revenue +9% YoY and PBT +15% YoY. In 2023, Telecom Services surpassed four million fixed-broadband subscribers, while PBT margin expanded 1.1 ppts YoY to 19.1% in 2023, which we mainly attribute to profitability improvement in the paid TV segment.
Education: Revenue +31% YoY. FPT Education maintained a high revenue growth rate and achieved 145,000 full time equivalent students in 2023.
FPT’s 2023 results
VND bn | 2022 | 2023 | YoY | 2023/ Vietcap’s 2023F | Vietcap’s comments |
Revenue | 44,010 | 52,618 | 20% | 101% |
|
Technology | 25,757 | 31,449 | 22% | 104% |
|
- Global IT | 18,935 | 24,288 | 28% | 104% | * Fueled by FPT's competitive prices in the global market as well as strengthening consulting capabilities. * Revenue from Japan/APAC/EU/US market grew 43%/38%/27%/9% YoY. * In 2023, revenue from DX services rose 42% YoY, and new orders value increased 38% YoY. |
- Domestic IT | 6,822 | 7,161 | 5% | 108% |
|
Telecom | 14,730 | 15,806 | 7% | 98% |
|
- Telecom Services | 13,954 | 15,186 | 9% | 98% | * Fixed-broadband internet surpassed four million subscribers. |
- Online Advertising | 776 | 620 | -20% | 106% |
|
Education | 4,712 | 6,159 | 31% | 89% | * FPT Education maintained a high revenue growth rate and achieved 145,000 full time equivalent students in 2023. |
Investment & others | -945 | -796 | N.M. | 68% |
|
PBT | 7,662 | 9,203 | 20% | 104% |
|
Technology | 3,367 | 4,161 | 24% | 101% |
|
- Global IT | 2,977 | 3,782 | 27% | 101% |
|
- Domestic IT | 389 | 379 | -3% | 112% |
|
Telecom | 2,818 | 3,036 | 8% | 103% |
|
- Telecom Services | 2,508 | 2,895 | 15% | 102% | * Profit margin expanded 1.1 ppts YoY to 19.1% in 2023 backed by profitability improvement in the paid TV segment. |
- Online Advertising, | 309 | 141 | -54% | 134% |
|
Education, Investment, & Others | 1,479 | 2,005 | 36% | 110% | * Due to strong earnings in the education segment and a smaller loss from investments and a provision for investment in start-ups. |
NPAT-MI | 5,310 | 6,470 | 22% | 103% |
|
Source: FPT, Vietcap
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