SSI released consolidated results for Q1 2021 with net profit totalling VND424bn (USD18mn; +4,620% YoY), which completed 29% our FY2021 forecast. Q1 2021 operating income (defined to include gains but not losses on the principal book) was VND1.5tn (USD65mn; +59% YoY). Q1 operating income achieved 35% of our full-year forecast on strong performance of (1) financial assets at fair value through profit and loss (FVTPL) as well as (2) margin lending and brokerage revenue. We see upside risk to our