FPT announced preliminary H1 2017 NPAT of VND925 billion (USD41 million, +13% vs H1 2016). Telecom PBT accelerated nicely on the absence of last-mile costs related to HCMC and Hanoi fiberization. Software Outsourcing delivered a solid H1 2017 while we foresee further improvement in H2 2017 thanks to more project deliveries and margin improvement. Meanwhile, Trading showed improvement on a MoM basis while Retail continued its positive trajectory. Overall, H1 2017 results came in broadly in line w