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SSI (SSI) [O-PF +19.3%] - Unwieldy treasury function but good exposure to ADTV - Initiation

We re-initiate our coverage on SSI with an O-PF rating representing a 19.3% return. We expect SSI to be the key beneficiary amid an ongoing securities industry maturation given its strong franchise in underwriting and, especially, brokerage. Brokerage commission revenue is forecast to make up 35% of TOI in 2020, up from 27% in 2017, on the grounds that market turnover and FII inflow will continue to grow over next three years.