FPT released its 9M 2016 preliminary results with NPAT of VND1.33 trillion (USD60 million, +5% vs 9M 2015). Q3 2016 results show significant improvements in the Domestic IT and Telecom Services segments, cementing our view of accelerating profit growth in H2 2016. We reiterate our BUY rating for FPT and do not foresee significant changes to our target price. Aside from robust operating performance, the sell-down of FPT Trading and Retail remains a share price catalyst.