External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

SSI Securities Corporation / Equity Bottom-Up

<ul><li>We decrease our target price (TP) for SSI by 5.4% to VND38,600/share but upgrade our rating to BUY from OUTPERFORM as SSI’s share price has declined 21.9% over the past two months.</li><li>Our lower TP is mainly due to the 20% rights issuance at a discount (VND15,000/share) in January 2026, which will dilute the share price and a 12.2% cut to our aggregate 2025–2029F NPAT forecast (-11.5%/-16.6%/-9.2%/-10.6%/-13.0% for 2025/26/27/28/29F, respectively) which outweigh the positive effect of (3) rolling our TP forward to end-2026F.</li><li>SSI delivered strong results in new customer acquisitions in 9M 2025, outperforming the top 10 brokerage firms as its combined market share across all three trading venues rose to 11.2% from 8.4% in 2024.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We decrease our target price (TP) for SSI by 5.4% to VND38,600/share but upgrade our rating to BUY from OUTPERFORM as SSI’s share price has declined 21.9% over the past two months.Our lower TP is mainly due to the 20% rights issuance at a discount (VND15,000/share) in January 2026, which will dilute the share price and a 12.2% cut to our aggregate 2025–2029F NPAT forecast (-11.5%/-16.6%/-9.2%/-10.6%/-13.0% for 2025/26/27/28/29F, respectively) which outweigh the positive effect of (3) rolling our TP forward to end-2026F.SSI delivered strong results in new customer acquisitions in 9M 2025, outperforming the top 10 brokerage firms as its combined market share across all three trading venues rose to 11.2% from 8.4% in 2024.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SSI [BUY +20.7%] - Strong ADTV Outlook; Aggressive Margin Lending Activities