We raise our target price (TP) by 50% but maintain our rating of UNDERPERFORM as SSI’s share price has soared 46% over the last three months. We increase our TP as we raise (1) our target P/B to 2.5x vs 1.8x previously (see page 6 for details) and (2) increase our aggregate net income forecast for 2021-2025 by 38% relative to our previous forecast. We raise our 2021F net income by 6% to VND1.55tn (USD67mn; +23% YoY), which is mainly derived from our 75% increase in our forecast for brokerage