We reiterate our BUY rating for FPT as 22% Q3 2016 PBT growth reaffirms our positive outlook. Telecom Services is back on a growth track after shaking off substantial fiberization last-mile costs while the recovery of the US market will propel Software Outsourcing’s growth. Against FY17F EPS growth of 18.6%, FPT looks grossly undervalued at FY17 PER of 7.8x.