FRT – Brief – [NONRATED] – Slower expansion faster recovery

In 4Q24, FRT’s net revenue climbed up to VND11.4tn (+31.7% yoy), while NPAT rose to VND134bn (from loss of -VND103bn in 4Q23). For 2024, FRT reported net revenue of VND40.1tn (+25.9% yoy; 108% target) and NPAT of VND408bn (from loss of -VND329bn in 2023; more than 4 times of target). While FRT’s 2024 business result beat the market consensus, their 4Q24’s was a bit lower.