We expect low profit growth during 2016-2020. Although SSI has a low risk of profit downside, we do not think there is high chance that the company will generate a significant increase in profit either. In the coming years, we see that investment yield is likely to be lower while margin from the brokerage segment might be thinner. However, ROE can be kept at a constant rate of 12.5%-13.0% thanks to the larger scale of the market.