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- 9M 2024: Net sales were VND28.7tn (USD1.1bn, +24% YoY) and NPAT-MI was VND206bn (USD8mn; vs net loss of USD10mn in 9M 2023), equivalent to 76% and 86% of our respective full-year forecasts. NPAT-MI tracked ahead of our 2024F forecast mainly due to (1) Long Chau’s stronger-than-expected NPAT-MI and (2) FRT’s lower-than-expected financial expenses.
- Q3 2024: Net sales increased 26% YoY and NPAT-MI was VND141bn (USD6mn; vs net loss of USD843,000 in Q3 2023). In Q3, FPT Shop generated NPAT-MI of VND40bn (USD2mn; vs net loss of USD3mn in Q3 2023) and Long Chau’s NPAT-MI was VND101bn (USD4mn; +112% YoY; +14% QoQ). We note that in Q3, FRT’s parent financial statement recorded dividend income of VND224bn from FPT Long Chau Pharma JSC.
- Store openings: In Q3, FPT Shop closed 5 stores, while Long Chau (LC) opened 143 pharmacies and 28 vaccination centers (VC). As of end-Q3 2024, FRT has 637 ICT stores, 1,849 pharmacies, and 115 VCs.
- LC: In Q3 2024, average monthly sales/store remained at VND1.2bn. In Q3, LC’s total sales grew 55% YoY. LC’s EBIT improved to 2.8% (+20 bps YoY; +10 bps QoQ) and its NPM was 1.6% (+10 bps QoQ).
- FPT Shop: In Q3 2024, FPT Shop’s sales dropped 3% YoY, which we attribute to Vietnam’s consumer confidence not yet fully recovering, with limited demand for laptop replacements. Conversely, its Q3 GPM jumped 2.3 ppts YoY to 13.6% (-20 bps QoQ) due to an improved product mix. In Q3, FPT Shop converted 10 of its existing stores to consumer electronics & home appliance stores, and expects to have 50 new stores of this model in Q4 2024.
- Profitability: In Q3 2024, FRT’s NPM improved to 1.4% (+1.6 ppts YoY; +1.1 ppts QoQ), due to an overall improvement in profitability for both FPT Shop and LC.
- Our view: FPT Shop’s net loss in 9M 2024 aligns with our forecast. In contrast, FRT’s NPAT-MI tracked ahead of our 2024F forecast mainly due to (1) lower-than-expected financial expense, and (2) LC’s higher-than-expected NPAT-MI. We see upside potential to our 2024F forecast, pending a fuller review.
FRT’s Q3 and 9M 2024 results
VND bn | Q3 2023 | Q3 2024 | YoY | 9M 2023 | 9M 2024 | YoY | 2024F | 9M 2024 as % of 2024F |
Net revenue | 8,236 | 10,376 | 26% | 23,160 | 28,657 | 24% | 37,835 | 76% |
| 4,104 | 3,981 | -3% | 12,222 | 10,904 | -11% | 14,409 | 76% |
| 4,132 | 6,395 | 55% | 10,939 | 17,753 | 62% | 23,427 | 76% |
Online sales 1 | 1,482 | 1,828 | 23% | 4,222 | 5,041 | 19% | 6,134 | 82% |
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Gross profit | 1,371 | 1,890 | 38% | 3,639 | 5,509 | 51% | 7,393 | 75% |
| 465 | 540 | 16% | 1,185 | 1,480 | 25% | 1,974 | 75% |
| 907 | 1,350 | 49% | 2,454 | 4,028 | 64% | 5,419 | 74% |
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SG&A expenses | -1,326 | -1,658 | 25% | -3,661 | -5,023 | 37% | -6,770 | 74% |
EBIT | 45 | 233 | 412% | -22 | 486 | N.M. | 624 | 78% |
| -59 | 56 | N.M. | -324 | -5 | -98% | -10 | 53% |
| 105 | 177 | 69% | 302 | 492 | 63% | 634 | 78% |
Net financial loss | -44 | -33 | -24% | -181 | -104 | -42% | -184 | 57% |
| 21 | 26 | 23% | 47 | 71 | 49% | 92 | 77% |
| -65 | -60 | -9% | -228 | -175 | -23% | -276 | 63% |
NPAT-MI | -21 | 141 | N.M. | -245 | 206 | N.M. | 240 | 86% |
| -69 | 40 | -158% | -387 | -73 | -81% | -59 | N.M. |
| 48 | 101 | 112% | 142 | 279 | 97% | 299 | 93% |
Gross margin | 16.7% | 18.2% |
| 15.7% | 19.2% |
| 19.5% |
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| 11.3% | 13.6% |
| 9.7% | 13.6% |
| 13.7% |
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| 21.9% | 21.1% |
| 22.4% | 22.7% |
| 23.1% |
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SG&A/net sales | 16.1% | 16.0% |
| 15.8% | 17.5% |
| 17.9% |
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EBIT margin | 0.6% | 2.2% |
| -0.1% | 1.7% |
| 1.6% |
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| -1.4% | 1.4% |
| -2.7% | -0.1% |
| -0.1% |
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| 2.5% | 2.8% |
| 2.8% | 2.8% |
| 2.7% |
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NPAT-MI margin | -0.3% | 1.4% |
| -1.1% | 0.7% |
| 0.6% |
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Source: FRT, Vietcap (1 online sales are included in FPT Shop’s sales)
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