FRT – Brief – [NONRATED] – Long Chau expanded, FPT Shop contracted

In 2Q24, FRT reported a revenue of VND9,327bn (+29.2% yoy; 108% of our forecast). Long Chau’s sales surged thanks to store expansion, while FPT Shop’s sales improved thanks to higher sales per stores. NPAT was VND48bn (turnaround from -VND215bn in 2Q23; 113% of our forecast).