We attended FRT’s AGM at which the Chairwoman and new CEO outlined the company’s strategies and action plans for 2020 and beyond. Overall, while management’s expectation of profits bottoming out in 2020 aligns with our view, its earnings targets for 2020-2022 (see table below) are higher than our forecasts as management’s revenue growth targets for the mobile phone chain (FPT Shop) and expected profitability for the pharmacy chain (Long Chau) are more upbeat than our forecasts.