- We increase our target price (TP) for SSI by 3.7% to VND33,300/share and upgrade our rating from MARKET PERFORM to BUY.

- Our higher TP is mainly thanks to the positive impact of rolling our TP horizon forward to end-2024. Meanwhile, we keep our projection for aggregate 2023-2027F NPAT-MI relatively unchanged (+13.1%/+8.6%/+2.4%/-4.6%/-6.9% for 2023/24/25/26/27F, respectively) as (1) a 3.5% aggregate increase in net gains from FVTPL and (2) a 1.0% aggregate increase in brokerage revenue are offset with (1) a 17.9% aggregate decrease in gains from HTM and (2) a 3.4% aggregate increase in borrowing costs.

- We raise our 2023F NPAT-MI by 13.1% to VND2.3tn (USD96mn; +37.2% YoY) mainly due to (1) a 16.4% increase in net gains from FVTPL and (2) a 4.5% increase in brokerage revenue.

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