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SSI - Solid 9M earnings thanks to recovery in FVTPL - Earnings Flash

SSI’s parent company released 9M 2018 results, including total operating income of VND2.7tn (USD119mn, +49.5% Y-o-Y) (VND861bn/USD37.4mn for Q3 2018, up 40.1% YoY) and NPAT of VND1.2tn (USD50.4mn, +55.4% Y-o-Y) (VND452bn/USD19.7mn for Q3 2018, up 213.9% YoY). The stock is trading at an attractive 2018F P/B of 1.6x based on our forecasts.