External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>In Q2-FY25, FRT recorded a positive performance with net revenue/NPAT-MI reaching VND 11,390.3 bn (-2.4% QoQ, +23.3% YoY) and VND 118.7 bn (-29.4% QoQ, +343.7% YoY), respectively.</li><li>This was led by Long Chau (70% of revenue, 123% in total NPAT-MI) thanks to favorable new openings(70% QoQ), the shifting consumer habit trend from GT to MT channels and benefiting from the pharmaceutical origin tightens, e-invoice process standadization.</li><li>Thereby, Long Chau's revenue/store/month reached VND 1.17 bn (+3% YoY) in H1/2025, but recorded a slight decrease of 3% QoQ due to the rapid opening. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q2-FY25, FRT recorded a positive performance with net revenue/NPAT-MI reaching VND 11,390.3 bn (-2.4% QoQ, +23.3% YoY) and VND 118.7 bn (-29.4% QoQ, +343.7% YoY), respectively.This was led by Long Chau (70% of revenue, 123% in total NPAT-MI) thanks to favorable new openings(70% QoQ), the shifting consumer habit trend from GT to MT channels and benefiting from the pharmaceutical origin tightens, e-invoice process standadization.Thereby, Long Chau's revenue/store/month reached VND 1.17 bn (+3% YoY) in H1/2025, but recorded a slight decrease of 3% QoQ due to the rapid opening. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FRT - Long Chau Rides the Wave in Vietnam’s Fragmented Pharmacy

<ul><li>In Q1 FY25, FRT delivered an impressive operating performance, with net revenue reaching VND 11,699.9 billion (+1.94% QoQ; +29.07% YoY).</li><li>NPAT-MI amounted to VND 167.9 billion (+51.2% QoQ; +155% YoY), driven entirely by Long Chau’s sustained strength throughout 2024 in securing a larger slice of the rural pharmaceutical retail segment.</li><li>This is evidenced by revenue per store of VND 1.25 billion (+5.1% YoY) and disciplined cost management achieving a net profit margin of 2.3% (+0.7 pps YoY) despite an above‑plan store rollout of 2,121 outlets (+178 stores versus end‑2024), representing 50.9% of the full‑year target.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q1 FY25, FRT delivered an impressive operating performance, with net revenue reaching VND 11,699.9 billion (+1.94% QoQ; +29.07% YoY).NPAT-MI amounted to VND 167.9 billion (+51.2% QoQ; +155% YoY), driven entirely by Long Chau’s sustained strength throughout 2024 in securing a larger slice of the rural pharmaceutical retail segment.This is evidenced by revenue per store of VND 1.25 billion (+5.1% YoY) and disciplined cost management achieving a net profit margin of 2.3% (+0.7 pps YoY) despite an above‑plan store rollout of 2,121 outlets (+178 stores versus end‑2024), representing 50.9% of the full‑year target.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FRT - Tighter Market Conditions May Favor Modern Retail Chains

<ul><li>Q3-FY23’s revenue came at VND 8,236 bn (USD 345 mn, +14.9% YoY, +6.8% QoQ). The improvement came from both FPT Shop &amp; Long Chau.</li><li>In particular, the back-to-school season aided FPT Shop’s net sales to reach the growth of -20.8% YoY and +13.8% QoQ, respectively.</li><li>In the meantime, Long Chau maintained its operational efficiency on each store (sales/store/month ~ VND 1bn) despite the fast pace of opening new stores this year (+584 new stores YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q3-FY23’s revenue came at VND 8,236 bn (USD 345 mn, +14.9% YoY, +6.8% QoQ). The improvement came from both FPT Shop &amp; Long Chau.In particular, the back-to-school season aided FPT Shop’s net sales to reach the growth of -20.8% YoY and +13.8% QoQ, respectively.In the meantime, Long Chau maintained its operational efficiency on each store (sales/store/month ~ VND 1bn) despite the fast pace of opening new stores this year (+584 new stores YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FRT - Brighter Picture in 2024F by Tremendous Long Chau Prospects

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Market Vectors Vietnam ETF / Equity Bottom-Up

<ul>
<li>In this Postcard Edition, we detour and go international—to the streets, shops, and supermarkets of Vietnam. Choosing Vietnam as a country to explore and begin building our Asian Coverage.</li>
<li>Despite strong manufacturing fundamentals, capital markets remain narrow, with limited institutional participation and underrepresentation of export-led sectors.</li>
<li>Vietnam is on our watchlist for its evolving opportunity set, and we will continue tracking IPO activity, MSCI inclusion efforts, and policy reforms.</li>
</ul>


In this Postcard Edition, we detour and go international—to the streets, shops, and supermarkets of Vietnam. Choosing Vietnam as a country to explore and begin building our Asian Coverage.
Despite strong manufacturing fundamentals, capital markets remain narrow, with limited institutional participation and underrepresentation of export-led sectors.
Vietnam is on our watchlist for its evolving opportunity set, and we will continue tracking IPO activity, MSCI inclusion efforts, and policy reforms.


Postcard from Hanoi | Xin Chào Việt Nam

<ul><li>Information Technology and Communications/Consumer Electronics (ICT/CE) Retail – FPT Shop: Once the core business segment of FRT, its contribution has dropped to 36.1% in Q2/2024 due to unfavorable macroeconomic conditions and the remarkable growth of the Long Chau pharmacy chain.</li><li>We forecast that the FPT Shop chain will report slim profit margins (below 1.0%) during 2024-2028, primarily due to market saturation, resulting in low revenue growth (averaging 1.2% p.a., reaching VND 17,202 bn by 2028), and higher operational costs compared to younger retail chains.</li><li>Pharmaceutical Retail – Long Chau: is the primary growth driver for FRT in the future.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Information Technology and Communications/Consumer Electronics (ICT/CE) Retail – FPT Shop: Once the core business segment of FRT, its contribution has dropped to 36.1% in Q2/2024 due to unfavorable macroeconomic conditions and the remarkable growth of the Long Chau pharmacy chain.We forecast that the FPT Shop chain will report slim profit margins (below 1.0%) during 2024-2028, primarily due to market saturation, resulting in low revenue growth (averaging 1.2% p.a., reaching VND 17,202 bn by 2028), and higher operational costs compared to younger retail chains.Pharmaceutical Retail – Long Chau: is the primary growth driver for FRT in the future.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FRT - Heading to the Future with Health Care Platform

Vietnam

FPT Digital Retail Joint Stock Company provides information technology producta and services. The Company offers technology, system integration, telecommunication, product distribution, and data center services, as well as retails computers, tablets, and desktops. FPT Digital Retail serves customers worldwide.

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FPT Digital Retail (FRT VN)

FRT - Long Chau Rides the Wave in Vietnam’s Fragmented Pharmacy

In Q2-FY25, FRT recorded a positive performance with net revenue/NPAT-MI reaching VND 11,390.3 bn (-2.4% QoQ, +23.3% YoY) and VND 118.7 bn (-29.4%...

Rong Viet Securities

FRT - Tighter Market Conditions May Favor Modern Retail Chains

In Q1 FY25, FRT delivered an impressive operating performance, with net revenue reaching VND 11,699.9 billion (+1.94% QoQ; +29.07% YoY).

Rong Viet Securities

FRT - Brighter Picture in 2024F by Tremendous Long Chau Prospects

Q3-FY23’s revenue came at VND 8,236 bn (USD 345 mn, +14.9% YoY, +6.8% QoQ). The improvement came from both FPT Shop & Long Chau.

Rong Viet Securities

Postcard from Hanoi | Xin Chào Việt Nam

Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....

Pranav Bhavsar

FRT - Heading to the Future with Health Care Platform

Once the core business segment of FRT, its contribution has dropped to 36.1% in Q2/2024 due to unfavorable macroeconomic conditions and the...

Rong Viet Securities

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FRT - Long Chau Rides the Wave in Vietnam’s Fragmented Pharmacy

In Q2-FY25, FRT recorded a positive performance with net revenue/NPAT-MI reaching VND 11,390.3 bn (-2.4% QoQ, +23.3% YoY) and VND 118.7 bn (-29.4%...

Rong Viet Securities

FRT - Tighter Market Conditions May Favor Modern Retail Chains

In Q1 FY25, FRT delivered an impressive operating performance, with net revenue reaching VND 11,699.9 billion (+1.94% QoQ; +29.07% YoY).

Rong Viet Securities

FRT - Brighter Picture in 2024F by Tremendous Long Chau Prospects

Q3-FY23’s revenue came at VND 8,236 bn (USD 345 mn, +14.9% YoY, +6.8% QoQ). The improvement came from both FPT Shop & Long Chau.

Rong Viet Securities

Postcard from Hanoi | Xin Chào Việt Nam

​Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....

Pranav Bhavsar

FRT - Heading to the Future with Health Care Platform

Once the core business segment of FRT, its contribution has dropped to 36.1% in Q2/2024 due to unfavorable macroeconomic conditions and the...

Rong Viet Securities

Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....