SSI released consolidated results for FY2020 with net profit totalling VND1.3tn (USD54mn; +38.5% YoY), surpassing our FY2020 forecast by 9%. 2020 PBT was VND1.6tn/USD67mn, which surpassed SSI’s 2020 full-year guidance of VND868bn/USD37mn by 79%. 2020 operating income (defined to include gains but not losses on the principal book) was VND4.4tn (USD187mn; +35.0% YoY), which achieved 103% of our full-year forecast and was mainly derived from financial assets at fair value through profit