#FRT is in the final stages of securing a private placement for its subsidiary Long Chau. The company is expected to announce full transaction details before the AGM (April 25th). As part of the deal, the incoming investor plans to acquire up to 10% in primary shares (FRT shared in 2024 AGM), alongside purchasing secondary shares from Long Chau employees. FRT 1Q25 earnings should be encouraging, we estimate 1Q25 NPAT at VND 180 bn (vs VND 60 in 1Q24).