- We increase our target price (TP) for SSI by 12.0% to VND37,300/share but maintain our rating of MARKET PERFORM as the share price has increased 14.8% in the last three months.

- Our higher TP is mainly thanks to a 12.0% increase in our projection for aggregate 2024-2028F NPAT-MI (+12.3%/+20.4%/+12.6%/+8.5%/+9.2% for 2024/25/26/27/28F, respectively) due to (1) a 30.6% increase in aggregate gains from FVTPL  as we believe SSI will continue to build up their balance of bonds and CDs in coming years, which partly offsets (2) a 1.6% decrease in aggregate brokerage and margin lending revenue as the high competition in these segments will put pressure on SSI’s brokerage commission fees and effective margin lending rates. 

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