General information  company’s name FPT corporation

TỔNG LIÊN ĐOÀN LAO ĐỘNG VIỆT NAM TON DUC THANG UNIVERSITY FACULTY OF FINANCE AND BANKING - REPORT Lecture: PhD Do Thi Thanh Nhan Group members: Nguyễn Thị Thanh Hiếu – B19D0013 Trần Ngọc Khánh Vân – B19C0081 Ho Chi Minh City, 17th May 2021 Contents OVERVIEW 1.1 General Information 1.2 Development milestones 1.3 Operating Section 1.3.1 Technology (56% of total revenue) 1.3.2 Telecommunications (39% of total revenue) 1.3.3 Education (7% of total revenue) 1.4 Companies in the same industry 1.5 Equity and Shareholding Information 1.5.1 Equity and stock information 1.5.2 Top 10 Shareholder 1.5.3 Organization structure 1.5.4 Shareholder structure 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 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 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 TECHNICAL ANALYSIS 27 4.1 Bollinger Bands Indicator 27 4.2 MA, MACD and RSI Indicators 28 4.3 Support and Resistance Levels 29 STOCK VALUATION (Based on BIDV Securities Company’s analysis report) 31 5.1 P/E Method 31 5.2 FCFF Method 31 VALUATION RESULT AND RECOMMENDATIONS 32 1.OVERVIEW 1.1 General Information Company’s name: FPT Corporation Abbreviation: FPT Date of establishment: September 13th 1988 Stock code: FPT Business registration number: 0101248141 Chartered capital: VND7,839,874,860,000 Owner’s equity: VND18,605,667,400,728 Headquarter: No 17 Duy Tan Street, Dich Vong Hau Ward, Cau Giay District, Hanoi, Vietnam Telephone: +84 24 7300 7300 Fax: +84 24 3768 7410 Website: https://fpt.com.vn 1.2 Development milestones 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 IT company in Vietnam, 1997 FPT became one of the first four licensed Internet service providers in Vietnam 1998 FPT completed the digital government system FPT.eGov After 22 years, FPT.eGov has now been deployed in 20 provinces and cities nationwide, with more than 1,500 online public services and more than 600,000 applications solved per year, saving average social costs of over VND70 billion per year 2000 FPT built the overall management system for hospitals FPT.eHospital After 20 years, the system has helped save an average of 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 worldwide popular RPA platforms FPT was the one and only Vietnamese company experienced 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 leading comprehensive DX provider in the world The core businesses of the Corporation focus 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 domestic enterprises 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, EON Vietnam, Habeco, Hung Thinh, MB, Medlatec, Minh Phu, MobiFone, Saporo, Sunhouse, Thien Long, TPbank, Truong Thanh, Vietcombank,Vietnam Airlines, Vinamilk b Services, Products and Solutions As a pioneer in the latest trend of technology, especially those core Industry 4.0 technologies, 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, Public Finance, 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, VoId phone, 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 Technology Corporation), 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) Inflationary 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 Covid19 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 17 Because due to the increasing and high demand of customers for information technology such as the demand for internet, computers, mobile phones, software the industry's needs need to be expanded and enhanced to meet the needs of customers meet customer and market needs Since then, the scale of the industry is expanding and the industry will grow stronger From that demand, the intensity of competition among enterprises in the industry decreased Although FPT is a diversified and rich company in various fields, but from the above results, we can see that FPT's businesses are all medium and especially large companies, concentrated mainly in big cities such as: Hanoi, Ho Chi Minh City 2.2.2 Supply Because the Vietnamese market is undeveloped and the raw material suppliers for FPT are many and scattered, FPT sometimes has difficulties in production and especially has many domestic materials that not have to be imported These things have created disadvantages and difficulties for FPT for suppliers Suppliers have a wide range of products in terms of type, quality and price Therefore, if FPT wants to have good quality products, it needs to spend a lot of money And each type of raw material is different, FPT has to import from different suppliers, so the cost it spends is quite large to be able to have enough materials for production That is also the difficulty that FPT faces in the source of spending to import raw materials from suppliers 2.3 Barriers to entry 2.3.1 Competitive threats Most of the Corporation’s business sectors have low entry barriers and yet faced big challenges as foreign or emerging competitors arrive and seize market shares 2.3.2 Policy barriers to enterprises' market entry activities The basic taxes of the industry are import and taxes However, tax policy related to steel changes constantly This creates instability, bringing many concerns to production and business enterprises in the industry 2.3.3 Human resources risks 18 The risks occur in attracting talents; or the lack of HR quantity and quality to keep up with business growth and meet international standards for globalization 2.3.4 Brand risks Bad reputation has a big impact on businesses - from brand image to negative monetary effects FUNDAMENTALAN ALYSIS 3.1 Balance Sheet Analysis Unit: 1,000,000 VND Table 1: FPT's Balance Sheet from 2016 to 2020 ASSETS A CURRENT ASSETS I Cash and cash equivalents II Short-term financial investments III Short-term receivables IV Inventories V Other short-term assets B NON-CURRENT ASSETS I Long-term receivables II Fixed assets III Long-term assets in progress IV Long-term financial investments V Other long-term assets VI Goodwill 19 TOTAL ASSETS RESOURCES C LIABILITIES I Current liabilities II Long-term liabilities D EQUITY I Owners’ equity II Other resources and funds TOTAL RESOURCES (Source: FPT’s Annual Report) Total Assets As of December 31st, 2017, FPT’s total assets were VND 25,000 billion, down VND 4,833 billion, a 16% decrease in comparison to 2016 This is because FPT Retail and Synnex FPT are no longer FPT’s subsidiaries as of December 31st, 2017, therefore, the assets of these companies were not incorporated in the Corporation’s consolidated financial statements Accordingly, various balance sheet amounts also decreased sharply, for example, the inventory has reduced by VND 3,534 billion, equal to 78%; cash and cash equivalents has reduced VND 1,625 billion, equal to 17% YoY However, FPT witnessed a significantly increase in total assets in the next years when FPT’s total assets were recorded at VND41,734 billion as of December 31, 2020, increasing 25.0% compared to 2019 In addition, cash and cash equivalents increased gradually thanks to cash flow from operation Moreover, fixed assets increased by VND 1,226 billion and VND 978 billion in 2018 and 2019 respectively due to the continuous investment in expanding business activities while fixed assets increased slightly by VND826 billion in 2020 because FPT eased its in asset investment during the complicated pandemic Since 2017, FPT has kept its inventories at a stable level no more than VND 1,400 billion and similar to short-term receivables with an average of VND 6,345 billion per year Total Resources 20 Having decreased by VND 6,624 billion to 11,761 (decreased by 36% and accounted for 47% of total resources) as of December 31 st, 2017, FPT’s total liabilities then rose sharply to VND 22,365 billion (mainly came from current liabilities) in 2020, surpassing its equity and making up 55% of total resources, which indicates the company may be under shortterm financial constrain Meanwhile, FPT’s equity increased stably over the period, reaching to VND 18,607 billion at the end of 2020 3.2 Income Statement Analysis Unit: 1,000,000 VND Table 2: FPT's Income Statement from 2016 to 2020 Items Gross revenue from goods sold and services rendered Deductions Net revenue from goods sold and services rendered Cost of sales Gross profit from goods sold and services rendered Financial income Financial expenses In which: Interest expense Share of net profit from associates Selling expenses 10 General and administration expenses 11 Operating profit 12 Other income 13 Other expenses 14 Profit from other activities 15 Accounting profit before tax 21 16 Current corporate income tax expense 17 Deferred corporate tax expense 18 Net profit after corporate income tax 18.1 Profit after tax attributable to Parent Company 18.2 Profit after tax attributable to noncontrolling shareholders 19 Basic earnings per share 20 Diluted earnings per share (*): Consolidated revenue consists of the financial performance of the Distribution and Retail sector in the period from January 1st, 2017 to December 17th, 2017 (Source: FPT’s Annual Report) In 2017, FPT recorded net revenue of VND 42,659 billion, up 8% from 2016 However, the result of 2018 did not unify revenue of FPT Retail and Synnex FPT as these two companies are no longer subsidiaries of the Corporation Under like-for-like conditions, 2018 revenue grew 17.4% YoY Like-for-like comparison means as: 2017 business results not include divestment profits from FPT Retail and Synnex FPT and consolidate the business results of these two companies under the equity method (VND 19,778 billion) The net revenue continued to increase by 19.4% to VND 27,717 billion in 2019, which shows an effective business strategy (with a strategic focus on rapid growth, sustainable development and becoming a technology-focused corporation FPT completed the reduction of its ownership in FPT Retail and Synnex FPT to under 50% In concrete terms, FPT’s ownership ratio in FPT Retail and Synnex FPT has been reduced to 47% and 48%, respectively Therefore, these companies are no longer subsidiaries of FPT, becoming associates instead from December 18th, 2017.) In 2020, despite the impact of Covid-19 and many global geopolitical upheavals leading to a serious economic crisis worldwide, FPT still saw a positive growth of net revenue with 7.6%, rising to VND 29,830 billion In the last years, although the cost of sales and expenses increased over the year, FPT’s net profit after corporate income tax rose gradually during the period and at the end of 2020, net profit was at VND 4,424 billion, up 13.1% y-o-y 22 3.3 Financial Ratios 3.2.1 Liquidity ratios (Source: FPT’s Annual Report) In 2017, current ratio and quick ratio was respectively at 1.45 and 1.35, which is a slight increase when compared to that of 2016 But then, these ratios decreased gradually over the next years and were at 1.15 and 1.09 respectively in 2020 The reason for this decrease is that short-term debt increased by VND6,262 billion, mainly due to increases in short-term loans and financial leases, payables to employees, dividends and profits payables Because all ratios are above 1.0 and there is a large amount of cash and cash equivalents, indicating high financial safety and low liquidity risk 3.2.2 Leverage and coverage ratios 23 (Source: FPT’s Annual Report) In 2016, Debt/Total assets and Debt/Equity ratios were respectively 33.3% and 86.8%, which are the highest figures over the period This is because accounts payable balance increased strongly thanks to the expansion of the Retail segment and better payment terms earned by other segments, which increased amounts payable while they weren’t due at year end The following years witnessed significantly decreases in debt ratios but in 2020, short-term and long-term loans increased by 62.0%, increasing the Debt/Total Assets and Debt/Equity ratios to 30.5% and 68.5% respectively, from 23.5% and 46.8% in 2019 Another outstanding point is that Debt/Equity ratio is always smaller than during years, which shows that total assets of the company is mainly based on equity and does not depend too much on debt Besides, the ratio of net debt to equity remained at a safe level as net debt (total interestbearing debt minus cash and cash equivalents on hand) being negative in most years thanks to increased cash and deposits generated from operations and effective cash flow control A negative net debt implies that the company possesses more cash and cash equivalents than its financial obligations, and hence is more financially stable 3.2.3 Operating efficiency ratios 24 (Source: FPT’s Annual Report) The operational capability of FPT improved in 2019 as the cash turnover decreased from 63.4 days (in 2018) to 59.5 days, mainly because of the increasing of the receivable turnover by 0.2 times, equivalent to a 4-day reduction for collection This indicated that FPT has been improving its capacity of managing credit policy The cash turnover ratio of FPTcontinued to decrease from 59.5 days in 2019 to only 50.0 days in2020 thanks to the policy of tightening inventory and payables, minimizing cash flow at risk during the epidemic 3.2.4 Profitability Ratios 25 (Source: FPT’s Annual Report) The year 2018 was marked by the transformation of FPT after restructuring with outstanding financial performance Specifically, revenue and PBT increase significantly by 17.4% and 30.6% YoY, respectively, in like-for-like comparison Compared to the actual number (no adjustment) of 2017, PBT and revenue are down 9.3% and 47.1% YoY respectively EPS was VND 3,903, up 32% in like-for-like and down 12.4% compared to the actual number of 2017 In 2020, thanks to an efficient cost control, FPT has increased most of its profitability ratios In particular, the ratio of Operating Margin, Pre-tax Profit Margin and After-tax Profit Margin increased by 17.4%, 17.6% and 14.8% respectively thanks to the effective cost control as well as due focuses high-margin businesses The Return on Equity increased slightly by 0.1% while the Return on Capital Employed and the Return on Assets decreased due to the increase in debt Overall, the changes in business performance after divesting from the technology product distribution and retail sector have shown that this is the right direction 3.2.5 Valuation ratios 26 (Source: Trading View) In 2020, despite the impact of Covid-19, FPT still ensured stable growth Earnings per share (EPS) reached VND 4,120, increasing 12.4% (EPS in 2019 retrospectively adjusted based on the dividend payout ratio of 15% in 2020 and regulations on EPS calculation in the line with Circular No 200/2014/ TT-BTC is VND 3,667) Meanwhile, P/E, P/B and P/S increased gradually per year and reached to 14.35, 2.94 and 1.55 times respectively in 2020 This indicates that the investors determined the market valued of a stock increasingly higher as compared to the FPT’s earnings, equity and sales The enterprise-value-to-EBITDA ratio is calculated by dividing EV by EBITDA or earnings before interest, taxes, depreciation, and amortization Typically, EV/EBITDA values below 10 are seen as healthy FPT’s EV/EBITDA in 2020 was 7.34, which means that it takes about years for an investor to recover the cost of acquiring the company through EBITDA 4w o STOCK VALUATION (Based on BIDV Securities Company’s analysis report) 5.1 P/E Method 27 Items Revenue (Billion VND) Profit before tax (Billion VND) Profit after corporate tax (Billion VND) EPS (VND) Industry P/E (Times) Target price (VND) 5.2 FCFF Method Rf Beta Ke Kd E/A Tax rate WACC g Free cash flow to the firm Present value Total firm value Debt Equity value 28 Total outstanding shares Price per share (VND) Valuation Model P/E FCFF FPT Price By P/E and FCFF stock valuation methods, the final result of FPT’s stock price is forecasted to reach VND 86,000 The current market price is VND 84,400 per share (15/05/2021), suggesting a 2% upside to the current market price However, compared to the stock price at the end of 2020 (VND 58,100), the target price of VND 86,000 in 2021 suggests a 48% upside It can be concluded that the current market price is approaching to the recommended price VALUATION RESULT AND RECOMMENDATIONS Through fundamental analysis, technical analysis and stock valuation, we conclude that: FPT has an outstanding financial performance when profitability ratios has stable increases per year, especially in the context of hard time due to the impact of Covid-19 pandemic in 2020 as well as the ability to use financial resources of the business, FPT has a good and stable development in the volatile macroeconomic environment In addition, FPT is the most prestigious, highly profitable company which have dominant market position in Vietnam With the inevitable trend of the technological industry, strong competitive advantage and effective corporate governance, FPT’s stock price may have sustainable growth in the future In terms of technical analysis, using lines of Bollinger Bands, MA, MACD, RSI and Fibonacci, we think that in the short term, FPT’s stock price may be in sideway trend when the forces of supply and demand are nearly equal before moving to another uptrend in the long term In the first months of 2021, FPT’s stock price has risen significantly and is close to our stock valuation Recommendations: 29 For the long-term goal: Investors should buy FPT’s stock because of the large potential of FPT’s development For the short-term goal: The stock price is likely not to bring large profits, so the investor should consider buying alternative stocks 30 References: https://fpt.com.vn//Images/files/bao-cao-thuong-nien/2016-Annual-report_EN_web.pdf https://fpt.com.vn//Images/files/2017-Annual-Report_resize.pdf https://fpt.com.vn//Images/files/cong-bo/2019/Thang-3/AR-2018-EN.pdf https://fpt.com.vn//Images/files/cong-bo/2020/Thang-3/AR-2019_web.pdf https://fpt.com.vn/Images/files/cong-bo/2021/FPT-AR-ENG_web.pdf https://in.tradingview.com/symbols/HOSE-FPT/financials-statistics-and-ratios/ https://fialda.com/phan-tich-ky-thuat http://images1.cafef.vn/Images/Uploaded/DuLieuDownload/PhanTichBaoCao/FPT_1203 21_BSC.pdf 31 ... technology-focused corporation FPT completed the reduction of its ownership in FPT Retail and Synnex FPT to under 50% In concrete terms, FPT? ??s ownership ratio in FPT Retail and Synnex FPT has been... 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... 32 1.OVERVIEW 1.1 General Information Company’s name: FPT Corporation Abbreviation: FPT Date of establishment: September 13th 1988 Stock code: FPT Business registration number: 0101248141 Chartered