We attended FPT’s AGM today. Management zeroed in on the prospects of Software Outsourcing and FPT’s strategies for this business, while shareholder questions also focused on Telecom. 2018 guidance: net revenue of VND21.9tn (USD965mn) and PBT of VND3.5tn (USD153mn). The latter implies a 6% increase vs normalized 2017 PBT, which excludes one-off profits from FPT Trading (FTG) and FPT Retail (FRT) divestments in 2017. Our 2018 PBT forecast is slightly above guidance at VND3.6tn (USD159mn),