We reiterate our BUY rating on FPT with a total stock return of 51%. Valuation is highly appealing with a three-year recurring PEG of only 0.5 and a solid dividend yield of 4.6%. H1 2018 NPAT +19% YoY, driven by core pillars Software Outsourcing, Telecom and Education. We project earnings to accelerate in H2 to boost 2018F recurring NPAT growth of 26% YoY mostly owing to a reduction in contributions to the Vietnam Public Utility Fund (VTF).