We reiterate our BUY rating on FPT with TP relatively unchanged and a total stock return of 23%. Recurring FY17 PBT +9% YoY, driven by Software Outsourcing, Education, Trading and Retail. Reported 2017 PBT jumped 41% YoY thanks to one-off profits from FPT Trading (FTG) and FPT Retail (FRT) divestments, which contributed an estimated 23% to FPT’s total 2017 PBT.