We re-initiate on FPT with a BUY rating with the target price of VND62,900 (upside 25.8%, TSR 29.8%). We expect FY15 will be the start of FPT’s turnaround period with EPS CAGR of 15% for FY15-18E vs. only 7% for FY11-14. Software Outsourcing, the standout among all segments, will be the main beneficiary of a continual push in Japan and start of traction in the US market to drive FPT’s growth.