- 2025-01-24T00:00:00
- Company Research
- 2024: Net sales were VND40.1tn (USD1.6bn; +26% YoY) and NPAT-MI was VND318bn (USD13mn; vs a net loss of USD14mn in 2023), equivalent to 104% and 98% of our respective full-year forecasts. Long Chau (LC)’s NPAT-MI completed 108% our forecast while FPT Shop’s trailed our expectations.
- Q4 2024: Net sales increased 32% YoY and NPAT-MI was VND111bn (USD4mn, vs a net loss of USD4mn in Q4 2023). While FPT Shop remained profitable, its NPAT-MI declined 55% QoQ to VND18bn as the EBIT margin weakened by 70 bps QoQ. LC’s NPAT-MI decreased 8% QoQ to VND93bn as NPM softened 40 bps QoQ to 1.6%.
- Store opening: LC opened 446 pharmacies and 116 vaccination centers, while FPT Shop closed 121 stores. At YE 2024, FRT had 1,943 pharmacies, 123 vaccination centers, and 634 ICT stores (in which there were 54 stores selling consumer electronics and home appliances).
- LC: In Q4 2024, its average monthly sales/store remained at VND1.2bn. LC’s sales grew 53% YoY and 13% QoQ, respectively. Meanwhile, its EBIT margin declined 40 bps QoQ to 2.4%. In Q4, LC opened 94 new pharmacies and 11 vaccination centers.
- FPT Shop: In Q4 2024, FPT Shop’s sales increased 7% YoY and 6% QoQ, while its GPM declined 60 bps QoQ to 13.0% (+1.6 ppts YoY), which we mainly attribute to a higher sales contribution from iPhones.
- Our view: Overall, 2024 sales exceeded our forecasts, while NPAT-MI slightly missed our expectation. We see no material changes to our 2025 forecast, pending a fuller review.
FRT’s Q4 and 2024 results
VND bn | Q4 2023 | Q4 2024 | YoY | 2023 | 2024 | YoY | 2024F | 2024a as % of 2024F |
Net revenue | 8,690 | 11,448 | 32% | 31,850 | 40,104 | 26% | 38,399 | 104% |
| 3,964 | 4,222 | 7% | 16,185 | 15,126 | -7% | 14,409 | 105% |
| 4,727 | 7,225 | 53% | 15,665 | 24,978 | 59% | 23,990 | 104% |
Online sales 1 | 1,620 | 2,124 | 31% | 5,842 | 7,165 | 23% | 6,134 | 117% |
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Gross profit | 1,523 | 2,074 | 36% | 5,162 | 7,583 | 47% | 7,525 | 101% |
| 452 | 548 | 21% | 1,637 | 2,029 | 24% | 1,974 | 103% |
| 1,070 | 1,526 | 43% | 3,524 | 5,554 | 58% | 5,551 | 100% |
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SG&A expenses | -1,585 | -1,871 | 18% | -5,246 | -6,893 | 31% | -6,824 | 101% |
EBIT | -62 | 204 | N.M. | -85 | 690 | N.M. | 701 | 98% |
| -72 | 30 | N.M. | -396 | 24 | N.M. | 25 | 97% |
| 10 | 174 | 1701% | 312 | 666 | 113% | 676 | 98% |
Net financial loss | -31 | -43 | 36% | -212 | -147 | -31% | -147 | 100% |
| 33 | 36 | 10% | 80 | 107 | 33% | 133 | 81% |
| -64 | -79 | 23% | -292 | -254 | -13% | -279 | 91% |
NPAT-MI | -101 | 111 | N.M. | -346 | 318 | N.M. | 324 | 98% |
| -88 | 18 | N.M. | -475 | -55 | -88% | -22 | N.M. |
| -12 | 93 | N.M. | 130 | 373 | 188% | 346 | 108% |
Gross margin | 17.5% | 18.1% |
| 16.2% | 18.9% |
| 19.6% |
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| 11.4% | 13.0% |
| 10.1% | 13.4% |
| 13.7% |
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| 22.6% | 21.1% |
| 22.5% | 22.2% |
| 23.1% |
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SG&A/net sales | 18.2% | 16.3% |
| 16.5% | 17.2% |
| 17.8% |
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EBIT margin | -0.7% | 1.8% |
| -0.3% | 1.7% |
| 1.8% |
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| -1.8% | 0.7% |
| -2.4% | 0.2% |
| 0.2% |
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| 0.2% | 2.4% |
| 2.0% | 2.7% |
| 2.8% |
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NPAT-MI margin | -1.2% | 1.0% |
| -1.1% | 0.8% |
| 0.8% |
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Source: FRT, Vietcap (1 online sales are included in FPT Shop’s sales)
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