We maintain our MARKET PERFORM rating while cutting our target price by 25% due to downward revisions of 47%/65%/58% to our 2020F/2021F/2022F NPAT-MI as we revise down our forecasts for both the mobile (FPT Shop) and pharmacy (Long Chau/LC) businesses. FRT’s share price has slumped 27% in the last three months, which we believe priced in its loss-making Q4 2019 (which significantly trailed our expectation). We believe further slides in earnings (based on our forecasts) due to ballooning losses)