- We raise our target price (TP) for SSI by 18.0% to VND32,100/share but downgrade our rating from BUY to MARKET PERFORM as the stock’s price has surged 65% in the past three months.

- Our higher TP is mainly driven by (1) a 7.6% increase in our projection for aggregate 2023-2027F NPAT-MI (+9.8%/+10.6%/+6.0%/+6.9%/+6.9% for 2023/24/25/26/27F, respectively), (2) increasing our assumption for SSI’s intermediate growth rate from 8% to 10%, and (3) increasing our assumption for SSI’s target P/B from 2.3x to 2.5x.

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