FPT announced preliminary Q1 2020 revenue of VND6.6tn (USD284mn; +17% YoY) and NPAT-MI of VND747bn (USD32mn; +19% YoY). These robust results were mostly driven by its mainstay businesses: Software Outsourcing, Telecom Services and Education. Overall, although Q1 2020 results are broadly in line with our expectations, we see potential downside risk to our current forecasts, pending a fuller review, due to the worse-than-expected COVID-19 outbreak (both domestically and globally)