SSI released consolidated results for 9M 2020 with net profit totalling VND875bn (USD38mn; +27.4% YoY), which achieved 99% of our FY2020 forecast. 9M 2020 PBT stood at VND1.1tn/ USD46mn, which surpassed SSI’s 2020 full-year guidance of VND868bn/USD37mn by 24%. 9M 2020 operating income (defined to include gains but not losses on the principal book) was VND3.2tn (USD137mn; +36.9% YoY), which achieved 85% of our full-year forecast and was mainly derived from financial assets at fair value through