FPT Retail shares soar on debut day
FPT Retail shares soar on debut day
FPT Digital Retail JSC (FPT Retail) shares soared 20 per cent on Thursday as the company debuted on the HCM Stock Exchange (HoSE).
FPT Retail listed its 40 million shares on HoSE with code FRT. Its shares moved to hit their daily rising band of 20 per cent, closing at VND150,000 (US$6.67) per share, from the debut price of VND125,000 per share.
At the closing price on Thursday, FPT Retail was valued at VND6 trillion.
The listing of FPT Retail was attractive to foreign investors as its shares topped the must-buy list to foreign investors. They posted a net buy value of VND137.3 billion ($6 million) for FPT Retail shares.
FPT Retail is holding two retail chains, which are FPT Shop (selling technological products) and F.Studio (authorised by Apple to sell authentic products and accessories). The total number of stores under the two chains has reached 480 across the country and is expected to increase in the near future.
The company is also the second-largest digital retailer behind Mobile World Investment Corporation. FPT Retail has made investment in 10 Long Chau pharmaceutical store chain. The number of drug stores is expected to reach 400 in the next four years.
The pharmaceutical segment is projected to contribute 40 per cent of FPT Retail’s total revenue in the future.
FPT Retail plans to achieve VND1.6 trillion ($711 million) in total net revenue and VND377 billion in post-tax profit, a yearly increase of 22 per cent and 30 per cent, respectively. The company also expects to pay a 20 per cent dividend in cash.
In the first quarter of 2018, FPT Retail recorded VND3.88 trillion in revenue, an increase of 17 per cent year on year. Its first-quarter profit rose one-third to reach VND64 billion, equal to 17 per cent of the full-year target.
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