- FRT released its H1 2022 results, including revenue of VND14.0tn (USD609mn; +55% YoY) and NPAT-MI of VND211bn (USD9mn; 3.5x YoY), completing 50% and 37% of our respective full-year forecasts. We see potential downside risk to our current projections, pending a more extensive review. 

- In Q2 2022, FRT’s revenue was VND6.2tn (USD270mn; +43% YoY) with NPAT-MI of VND47bn (USD2mn; +56% YoY).

- Electronic retailing chain FPT Shop’s revenue advanced 31% YoY in H1 2022, which was primarily driven by (1) 35% YoY growth in laptop sales to VND2.3tn (USD99mn) and (2) strong demand for iPhones, which previously accounted for ~35% of FPT Shop’s 2021 revenue, per management. Online sales increased 40% YoY to VND2.6tn (USD114mn), accounting for 26% of FPT Shop’s revenue in H1 2022 vs 24% in H1 2021. While Q2 2022 revenue delivered 22% YoY growth, its momentum slowed as FPT Shop’s revenue declined 22% vs Q1 2022, which we mainly attribute to weak laptop sales that decreased 38% vs Q1 2022 and slid 1% YoY. We expect laptop sales to return to growth in Q3 2022 during the back-to-school season.

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