SSI [OUTPERFORM +12.3%] - Capital raising plans in 2024-2025F to bolster margin lending

- We increase our target price (TP) for SSI by 3.8% to VND38,700/share and upgrade our rating from MARKET PERFORM to OUTPERFORM.

- Our higher TP is mainly due to the positive impact of rolling our TP horizon forward to mid-2025 while our projection for aggregate 2024-2028F NPAT-MI is almost unchanged vs our previous forecast (-3.2%/+1.4%/+2.5%/+1.3%/+1.8% for 2024/25/26/27/28F, respectively).

- Underlying our relatively unchanged earnings forecast are: (1) a 3.8% increase in aggregate margin lending revenue offset by (2) a 1.2% decrease in aggregate gains from FVTPL, and (3) a 2.1% decrease in aggregate brokerage revenue due to our lower expectation for commission fees as SSI is under pressure to maintain its brokerage market share.