We reiterate BUY on FPT while trimming our TP by 2%, mostly due to higher capex assumptions and downward revisions of 6%/3%/2% to 2019F/2020F/2021F NPAT mainly owing to Investment and FPT Retail (FRT) divisions. These are partly offset by a roll-over of our SoTP valuation. FPT is trading at an attractive three-year PEG of 0.5 against projected 2018-2021 EPS CAGR of 22%, underpinned by fast-growing Software Outsourcing, Telecom and Education segments.