General information  company’s name FPT corporation

Position and scale  77 made-by-FPT DX platforms and solutions  48 offices and R&D centres in 26 countries and territories  05 complexes of university campus and software park in Hanoi

TỔNG LIÊN ĐOÀN LAO ĐỘNG VIỆT NAM

TON DUC THANG UNIVERSITY

FACULTY OF FINANCE AND BANKING

1 OVERVIEW 3

1.1 General Information 3

1.2 Development milestones 3

1.3 Operating Section 5

1.3.1 Technology (56% of total revenue) 5

1.3.2 Telecommunications (39% of total revenue) 6

1.3.3 Education (7% of total revenue) 7

1.4 Companies in the same industry 7

1.5 Equity and Shareholding Information 7

1.5.1 Equity and stock information 7

1.5.2 Top 10 Shareholder 8

1.5.3 Organization structure 8

1.5.4 Shareholder structure 9

1.5.5 Geographical network 10

1.5.6 Board of Directions 10

1.6 Scopes of Business 12

1.6.1 Technology 12

1.6.2 Telecommunication 13

1.6.3 Education 13

2 BUSINESS PERFORMENT ANALYSYS 13

2.1 Industry overview 14

2.1.1 IT industry in 2020 14

2.2 Supply and Demand 17

2.2.1 Demand 17

2.2.2 Supply 18

2.3 Barriers to entry 18

2.3.1 Competitive threats 18

2.3.2 Policy barriers to enterprises' market entry activities 18

2.3.3 Human resources risks 18

2.3.4 Brand risks 19

3 FUNDAMENTAL ANALYSIS 19

3.1 Balance Sheet Analysis 19

3.2 Income Statement Analysis 21

3.3 Financial Ratios 23

3.2.1 Liquidity ratios 23

3.2.2 Leverage and coverage ratios 23

3.2.3 Operating efficiency ratios 24

3.2.4 Profitability Ratios 25

3.2.5 Valuation ratios 26

4 TECHNICAL ANALYSIS 27

4.1 Bollinger Bands Indicator 27

4.2 MA, MACD and RSI Indicators 28

4.3 Support and Resistance Levels 29

5 STOCK VALUATION (Based on BIDV Securities Company’s analysis report) 31

5.1 P/E Method 31

5.2 FCFF Method 31

6 VALUATION RESULT AND RECOMMENDATIONS 32

enterprise in Vietnam, FPT has helped organizations and businesses create more value, at the same time and significantly contributed to promoting the national DX, affirming Vietnam’s standing in the world’s IT map

finance and banking, tax, customs and e - government FPT grew to be the no

 2000 FPT built the overall management system for hospitals FPT.eHospital After

20 years, the system has helped save an average of 1 million workdays a year

 2001 FPT became the first Southeast Asian IT companies to receive an ISO 9000:

2000 certificate

 2002 FPT was equitized with a chartered capital of VND20 billion It also becamethe first Southeast Asian IT company to receive a CMMA certificate, the standardfor managing quality control of software products, evaluated by the US SoftwareEngineering Institute

 2005 FPT was the first Vietnamese IT company to become a legal entity in Japan

 2006 FPT became the main contractor in overseas markets for Petronas (Malaysia)with a software contract worth USD6.5 million FPT University was established,becoming the first university established within an enterprise FPT became thefirst Vietnamese IT company to be listed on the stock

 2008 FPT implemented the Personal Income Tax management project thatmanaged 13 million taxpayers, which became the largest project in Southeast Asia

at the time of implementing

 2012 FPT was listed in the Global Outsourcing 100 by IAOP

 2014 FPT deployed the electronic train ticket system for the Vietnam RailwayCorporation, through which 36 million tickets got sold after six years ofimplementation FPT took over RWEIT Slovakia, marking Vietnam's first IT M &

A deal in foreign markets

 2015 FPT made it to the Top 300 Most Valuable Enterprises in Asia (Nikkei AsianReview)

 2018 FPT celebrated its 30th anniversary and announced the mission to becomeone of the leading DX corporations The Corporation purchased 90% stake ofIntellinet - one of the largest technology consulting companies in the US

 2019 FPT strengthened its stance to become a comprehensive DX serviceprovider Signing two DX consultancy contracts with the second largestinternational parcel delivery network in Europe DPDGroup and Vietnam's leadingseafood company Minh Phu Signing a five - year licensing agreement with aJapanese company for $ 6.5 million, for the use of FPT's RPA platform akaBot

 2020 Elevating FPT's position in the international market Outshining hundreds ofrenowned international IT companies to participate in comprehensive DXconsulting and implementation contracts, worth hundreds of millions of dollars,with leading International corporation in the US, Japan, and Malaysia InVietnam, FPT was the strategic DX partner of numerous prominent companies invarious fields including energy, finance and banking, manufacturing, real estateand aquaculture Several Made - by - FPT products such as akaBot (an RPAplatform for business automation), akaChain (a blockchain platform), and CloudMSP la comprehensive cloud computing solution) were the first and only solutions

in Vietnam selected in Gartner Peer Insights akaBot was also ranked in the Top 6worldwide popular RPA platforms FPT was the one and only Vietnamesecompany experienced with the Silver Stevie Award in the category of "The MostValuable Corporate Response to Covid - 19" Being the first technology firm inSoutheast Asia to become a strategic partner, the world's leading Institute forArtificial Intelligence (AI)

1.3 Operating Section

FPT is a large-sized IT service provider in Vietnam, aiming at becoming a leadingcomprehensive DX provider in the world The core businesses of the Corporationfocus on three main sectors, of Technology, Telecommunications and Education

1.3.1 Technology (56% of total revenue)

a Position and scale

 77 made-by-FPT DX platforms and solutions

 48 offices and R&D centres in 26 countries and territories

 05 complexes of university campus and software park in Hanoi, Danang,Quy Nhon, HCMC and Can Tho, with a total area of 112 hectares

 FPT is the strategic DX partner of many leading international and domesticenterprises in a raft of segments Airbus, Amazon Web Services, Bayer,Hitachi, IBM, Microsoft, Oracle, Panasonic, RWE, Schaeffler, SCSK,Siemens, Toppan, BIDV, Cenland, Dien Quang, Dong Luc, EVN, EONVietnam, Habeco, Hung Thinh, MB, Medlatec, Minh Phu, MobiFone,Saporo, Sunhouse, Thien Long, TPbank, Truong Thanh,Vietcombank,Vietnam Airlines, Vinamilk

As a pioneer in the latest trend of technology, especially those core Industry 4.0technologies, FPT has quickly seized global opportunities to develop an ecosystem

of Made-by-FPT platforms, solutions, products and services Such ecosystem has

helped accelerate and facilitate the DX journey at businesses and organizationsworldwide.

 DX Consulting: Consulting DX End-to-End (from planning to implementation);Consulting digital personnel (establishing digital culture and digital workforce); ITSystems Consulting (information digitization, process transformation, ITinfrastructure development and consolidation)

 DX solutions and services based on technologies: AI, RPA, loT, Big Data, Cloud

 Specialized solutions and services in the fields of Banking and Finance, PublicFinance, Telecommunications, Health, Transportation, Electricity, Water, and Gas

 Technology system integration and transformation

 Technology based solutions: SAP, Oracle, Microsoft, ESRI

 Software testing and assurance services

 Integrated circuit design, embedded software production, CAD / CAE

1.3.2 Telecommunications (39% of total revenue)

 Services, Products, Solutions

As one of the three leading Internet service providers in Vietnam, FPT has constantly adhered to the market trends and strived to invest in its infrastructure, in a bid to upgrade the quality of products and services and enhance the application of new technologies, aiming at bringing extraodninary consumer experiences

 Telecommunication services: Internet services, private channels, data centers, VoIdphone, value - added telecommunications services; inter - provincial and

international connections, IoT services

 Television services: FPT television, FPT Play, entertainment products on Internet and mobile platforms

 Digital content services: Online advertising, smart advertising system eClick AdNetwork

1.3.3 Education (7% of total revenue)

FPT Education Organization and FPT University were the award winners of

BrandLaureate's Brand Influencer award 2018-2019

 Academic levels

 As an educational brand with international impact, FPT Education has fully

expanded its educational levels provide the labor market with high quality human resources

 Elementary, secondary and high school

 College, university and postgraduate

 International exchange programs and international student development

 Enterprise training

(Source: FPT’s Annual Report 2020)

1.4 Companies in the same industry

On the stock exchange, the number of technology stocks is still a minority in the market.Only a few names have been noticed, such as: FPT (FPT JSC), CMG (CMC TechnologyCorporation), ABC (VMG Communications JSC), YEG (Yeah1 Group JSC), ADG(Clever Group JSC), ICT (Telecommunications – Informatics Joint Stock Company,CTIN), MFS (Mobifone Technical Services JSC)

1.5 Equity and Shareholding Information

1.5.1 Equity and stock information

(Source: FPT’s Annual Report 2020) 1.5.2 Top 10 Shareholder

(Source: FPT’s Annual Report 2020) 1.5.3 Organization structure

(Source: FPT’s Annual Report 2020) 1.5.4 Shareholder structure

(Source: FPT’s Annual Report 2020)

(Source: FPT’s Annual Report 2020)

Truong Gia Binh Chairman of Management Board 55,455,025

Name Current Position Shares Owned

Nguyen The Phuong Deputy General Director 982,928

Nguyen Viet Thang Head of Supervisors Board 88,350

Jean Charles Belliol Independent Member of Management

Board

Board

Name Current Position Shares Owned

Hamaguchi Tomokazu Independent Member of Management

Board

Nguyen Khai Hoan Member of Supervisors Board 509,628

Nguyen Thi Kim Anh Member of Supervisors Board

Bui Nguyen Phuong

 Specialized solutions in fields: Banking - Finance, PublicFinance, Telecommunication, Healthcare, Transport, Electricity, Water, Gas…

 Technological system integration and transformation

 Solution based on technology platforms: SAP, Oracle, Microsoft, ESRI

 Software testing and quality assurance services

 Microcircuit design, embedded software manufacturing, CAD/CAE…

1.6.2 Telecommunication

 Telecommunication services: Internet, exclusive leased line, data center, VoIPphone, value-added services, international and interprovincialconnection, Cloud and IoT services…

 FPT television services: FPT television, FPT Play, Internet and mobile platformbased entertainment services

 Digital content services: digital newspapers including VnExpress.net, Ngoisao.net,iOne.net, online advertisement, eClick AdNetwork smart advertising system

1.6.3 Education

 Elementary, secondary and high school education and training

 Vocational, undergraduate and post-graduate education

 International affiliate programs and international student development programs

 Training programs for enterprises

 Online university

2 BUSINESS PERFORMENT ANALYSYS

2.1 Industry overview

2.1.1 IT industry in 2020

Worldwide

 Covid-19 has made a significant impact on the revenue and growth of the ITindustry on a global scale Overall, the IT industry’s revenue and its growth ratehave suffered a decline in 2020, the reduction rate of the industry, nevertheless, wasstill lower than that of the global economy’s, as well as those of other prominentindustries such as airline, travel, and services

 According to the World Bank’s report, the world economy saw a -4.3% growth rate

in 2020 Under the strains of the Covid-19 pandemic, many industries also sufferednegative growth rates, such as retail -5.7 %, airline -60.9%, etc

 Meanwhile, according to Gartner, worldwide IT spending in Q42020 has beenrevised upward in comparison to Q3 (at -5.4%), as businesses worldwide has beengradually adapting to Covid-19 new norms Global IT growth rate for the whole

2020 accordingly has been lifted to -3.2% Total global IT spending in 2020 isforecast at approximately USD3.7 trillion

 Global IT spending increased in Q4 came as a result of businesses have broughtforward spending to accelerate to DX e-ort in 2020, in order to adapt to the “newnormal” and maintain their business operations, to accommodate remote working,online learning and online shopping during the enforcement of social distancingrules in many cities and regions around the world

(Source: FPT’s Annual Report 2020)

Vietnam

Thanks to effective disease control policies, in 2020, Vietnam has achieved a 2.8%-GDPgrowth, ranked amongst the best growing economies despite heavy disruptions caused byCovid-19 In addition, with a young labor force, capability for quick adoption of newtechnologies, and its competitive costs, Vietnam is fast in becoming one of the leadingbusiness ecosystems of choice for supply chain shifting Therefore, it seems clear that this

is a golden opportunity for Vietnam in general and the Vietnamese IT industry inparticular to raise its position in the global market

(Source: FPT’s Annual Report 2020)

In 2020, according to Statista, a German market and consumer data company, Vietnam’s

IT service revenue is estimated to be at USD1.12 billion, slightly increasing from 2019(USD1.1 billion) The said IT service structure includes IT Consulting andImplementation, Business Process Outsourcing and other IT services

(Source: FPT’s Annual Report 2020)

 The consumer price index in 2020 increased by 3.23% compared to 2019 and by0.19% compared to December 2019 The average core inflation of 2020 increased

by 2.31% compared to the average of 2019

 The market price level in 2020 is mainly influenced by supply and demand factorsthat change continuously and complicatedly before the development of the Covid-

19 epidemic The price level tends to decrease or stabilize at a low level duringtimes when supply and demand are negatively affected by the epidemic andrecovers when the epidemic is under control CPI peaked in January, up 1.23% andfell the most in April, down 1.54%

 Some reasons for CPI increase in 2020

 January and February are Tet months, so the demand for shopping increases, theaverage price of food items in 2020 increased by 4.51% compared to the previousyear, contributing to the overall CPI increase of 0.17%

 The price of food items in 2020 increased by 12.28% compared to the previousyear, contributing to the CPI increase of 2.61%, mainly due to the high price offresh food items during the Lunar New Year Due to the influence of storms andfloods in the central provinces in October and November, the impact of heavyflooding on vegetable areas, many ponds, lakes, and barns was damaged, washedaway, etc., causing prices to rise Fresh, dried and processed vegetables increase

 Due to the complicated effects of the Covid-19 epidemic in the world, the demandfor some types of medical supplies, preventive and curative drugs for domestic useand export is high, so the prices of these items tend to decrease slight upwardtrend The average price of drugs and medical equipment in 2020 will increase by1.35% compared to the previous year