FPT announced 2018 NPAT-MI of VND2.6tn (USD112mn, +21% YoY on a like-for-like basis and -11% on a reported basis) as all business pillars, including Software Outsourcing, Telecom and Education, posted strong growth. While 2018 NPAT-MI fell short of our forecast by 4%, this was mainly due to some one-off expenses in the Telecom and Software Outsourcing segments, per our discussion with FPT. As such, we expect non-material changes to our forecasts.