- We lower our target price (TP) for SSI by 10% to VND31,600/share but maintain our BUY rating as SSI’s share price has declined 17.4% YTD.
- Our lower TP is mainly due to (1) a 7.2% cut to our aggregate 2026–2030F NPAT forecast (-12.5%/-12.7%/-6.4%/-5.7%/-1.1% for 2026/27/28/29/30F, respectively) and (2) a lower target P/B of 1.9x, from 3.0x previously. These negative impacts more than offset the positive effect from rolling our TP forward to mid-2027F.
- SSI is now trading at a trailing P/B of 1.6x, which is 1 SD below its five-year average of 2.2x. Given our expectations that equity market performance will improve in H2 2026, we believe SSI’s current valuation offers a good entry point for investors to gain exposure to the brokerage sector.
- Downside risk: Weaker-than-expected market turnover and margin loan growth.
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