SSI [UNDERPERFORM -14.8%] - Investments in fixed income cap projected 2021F top line - Update
  • 2021-03-05T18:30:25
  • Company Research
We raise our target price (TP) by 32% but downgrade our rating to UNDERPERFORM from OUTPERFORM as SSI’s share price has soared 67% over the last three months. We increase our TP as we raise (1) our target P/B to 1.8x vs 1.35x previously (see page 6 for details) and (2) aggregate net income forecast for 2021-2025 by 15% relative to our previous forecast.