We reiterate our BUY rating on FPT with a total return of 53%. Stepped up PBT growth of 14% and NPAT growth of 19% in Q1 2017 vs Q1 2016 reinforce our optimism on FPT. We project 26% FY17 PBT growth for Software Outsourcing on strong Japanese and US revenue. PBT rose 23% in Q1 2017 and should gain momentum on new US contracts signed in Q2 2017. Telecom Services PBT to climb 19% in FY17F on 16% subscriber expansion and lower fiberization costs. This segment’s improvement was evident in Q1