General information  company’s name FPT corporation

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 platfor

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

For more than three decades of development, as a leading technology

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

1988 On September 13th FPT was established with the first 13 members

1996 Thanks to the ability to develop large - scale IT systems in the fields of 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 became the first Southeast Asian IT company to receive a CMMA certificate, the standard for managing quality control of software products, evaluated by the US Software Engineering 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 the first Vietnamese IT company to be listed on the stock

2008 FPT implemented the Personal Income Tax management project that

managed 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 Railway Corporation, through which 36 million tickets got sold after six years of

implementation 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 Asian Review)

2018 FPT celebrated its 30th anniversary and announced the mission to become one

of the leading DX corporations The Corporation purchased 90% stake of Intellinet

- one of the largest technology consulting companies in the US

2019 FPT strengthened its stance to become a comprehensive DX service provider Signing two DX consultancy contracts with the second largest international parcel delivery network in Europe DPDGroup and Vietnam's leading seafood company Minh Phu Signing a five - year licensing agreement with a Japanese 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 of renowned international IT companies to participate in comprehensive DX

consulting and implementation contracts, worth hundreds of millions of dollars, with leading International corporation in the US, Japan, and Malaysia In Vietnam, FPT was the strategic DX partner of numerous prominent companies in various fields including energy, finance and banking, manufacturing, real estate and

aquaculture Several Made - by - FPT products such as akaBot (an RPA platform for business automation), akaChain (a blockchain platform), and Cloud MSP 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 6 worldwide popular RPA platforms FPT was the one and only Vietnamese companyexperienced with the Silver Stevie Award in the category of "The Most Valuable Corporate Response to Covid - 19" Being the first technology firm in Southeast Asia to become a strategic partner, the world's leading Institute for Artificial

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 organizations worldwide.

DX Consulting: Consulting DX End-to-End (from planning to implementation); Consulting digital personnel (establishing digital culture and digital workforce); IT Systems Consulting (information digitization, process transformation, IT

infrastructure 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 Internetand 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

Hoang Huu Chien

Nguyen The Phuong

Hoang Viet Anh

Vu Anh Tu

Nguyen Van Khoa

Nguyen Viet Thang

Jean Charles Belliol

Dan E Khoo

Director of Technology

Independent Member of ManagementBoard

Independent Member of Management Board

Name Current Position Shares Owned

Hamaguchi Tomokazu

Le Song Lai

Do Cao Bao

Nguyen Khai Hoan

Nguyen Thi Kim Anh

Bui Nguyen Phuong

Chau

Bui Quang Ngoc

Independent Member of Management Board

Member of Management Board

Member of Supervisors Board

Spokesman/Person in charge of 114,116Corporate governance

Vice Chairman of Management Board 19,487,713

1.6 Scopes of Business.

1.6.1 Technology

Digital transformation based on technologies: AI, RPA, IoT, BigData, Cloud…

Specialized solutions in fields: Banking - Finance, Public Finance,

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, VoIP

phone, value-added services, international and interprovincialconnection, Cloud and IoT services…

FPT television services: FPT television, FPT Play, Internet and mobile platform based 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

13

2.1.1 IT industry in 2020

Worldwide

Covid-19 has made a significant impact on the revenue and growth of the IT industry

on a global scale Overall, the IT industry’s revenue and its growth rate have suffered

a decline in 2020, the reduction rate of the industry, nevertheless, was still lower thanthat of the global economy’s, as well as those of other prominent industries 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 suffered negative growth rates, such as retail -5.7 %, airline -60.9%, etc

Meanwhile, according to Gartner, worldwide IT spending in Q42020 has been

revised upward in comparison to Q3 (at -5.4%), as businesses worldwide has been gradually adapting to Covid-19 new norms Global IT growth rate for the whole 2020accordingly has been lifted to -3.2% Total global IT spending in 2020 is forecast at approximately USD3.7 trillion

Global IT spending increased in Q4 came as a result of businesses have brought forward spending to accelerate to DX e-ort in 2020, in order to adapt to the “new normal” and maintain their business operations, to accommodate remote working, online learning and online shopping during the enforcement of social distancing rules

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 by 0.19% 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 factors that change continuously and complicatedly before the development of the Covid-

19 epidemic The price level tends to decrease or stabilize at a low level during times when supply and demand are negatively affected by the epidemic and

recovers when the epidemic is under control CPI peaked in January, up 1.23% and fell 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, the average price of food items in 2020 increased by 4.51% compared to the previous year, contributing to the overall CPI increase of 0.17%

The price of food items in 2020 increased by 12.28% compared to the previous year, contributing to the CPI increase of 2.61%, mainly due to the high price of fresh food items during the Lunar New Year Due to the influence of storms and floods in the central provinces in October and November, the impact of heavy flooding on vegetable areas, many ponds, lakes, and barns was damaged, washed away, 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 demand for some types of medical supplies, preventive and curative drugs for domestic use and export is high, so the prices of these items tend to decrease slight upward trend The average price of drugs and medical equipment in 2020 will increase by 1.35% compared to the previous year

Interest rate

The interest rate factor of the macro environment will strongly affect capital

mobilization activities for investment projects

2.2 Supply and Demand

2.2.1 Demand