We increase our target price (TP) for SSI by 4% and maintain our MARKET PERFORM rating. The lift in our TP is mainly driven by a 3% increase in our aggregate net income forecast for 2020-2024 relative to our previous forecast. We increase our 2020F net income by 5% to VND887bn (USD38mn; -2.2% YoY) as our 8% lift in operating income and 10% cut in borrowing costs more than offsets our 31% lift in operating expenses. We believe the investment arm will remain the main driver for SSI’s 2020.