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SSI [M-PF -0.9%] - Modest target for a year not seen as easy - AGM note

We currently have a Market Perform rating on SSI because although its margin lending business is exemplary it comes at the cost of maintaining an expensive retail brokerage operation. Principal investment unit is also a significant drag on valuations. AGM sets expectations that 2016 will not be an easy year for securities industry. The AGM was quite scripted and did not disclose anything new on the previously released 2016 target of total revenue growth of 7% but PBT to decrease by 11%.