SSI released consolidated results for 9M 2021 with net profit totaling VND1.7tn (USD74mn; +94% YoY), which completed 84% our FY2021 forecast. We attribute the strong increase in the bottom line to (1) a 57% YoY increase in operating income — led by a surge in margin lending and brokerage revenue along with higher gains on financial assets at fair value through profit and loss (FVTPL) — that outweighed a 46% YoY increase in operating expenses and (2) a 2-ppt YoY decrease in the cost of borrowing that we believe was driven by a lower interest rate environment and international unsecured borrowings of USD85mn raised by SSI in December 2020. SSI’s 9M 2021 results tracked ahead of our forecast; however, as the VN-Index is approaching our 2021F target of 1,450, we are thus cautious about flagging forecast changes, pending a fuller review.