Solid growth prospects in Software Outsourcing and Telecom underpin our BUY rating on the stock, while the sell-down of Distribution and Retail arms remains a share price catalyst. FPT targets FY17 NPAT growth of 13%. Management expects Q1 2017 results to be in line with full-year guidance. Having said that, we believe FPT will exceed its full-year target in 2017. For FY17, FPT continues its tradition of a 20:3 bonus share issuance, followed by cash dividends of VND2,000/share.