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SSI [M-PF +9.0%] - Buoyant listed valuations reward brokers heavily skewed toward principal investment - Update

We retain a MARKET PERFORM recommendation on SSI and lift our target price to VND21,800. It’s brokerage business is unable so far to achieve any economies of scale, which drags on valuation, but uplift comes from likely gains on its principal investment book in Q2 2016 (NB – any mention to Treasury refers to our post expense reallocation approach followed in our initiation report).