FPT’s H1 2016 total revenues and NPAT dropped 7.8% and 2.2% respectively vs H1 2015, in line with our expectation. We expect growth to accelerate in H2 2016 as last-mile cable and modem costs in Telecom Services taper down, more domestic IT projects will be completed and booked while Software Outsourcing maintains its healthy growth. With these results, we do not foresee material changes to our target price and reiterate our BUY rating on FPT.