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 cut our target price (TP) for SSI by 15.8% to VND27,100/share and downgrade our rating for SSI to OUTPERFORM from BUY.</li><li>Our lower TP is mainly due to (1) decreasing our forecast for aggregate 2025-2028F NPAT by 3.0% (-15.0%/-4.8%/+3.2%/+1.2% for 2025/26/27/28F, respectively)</li><li>(2) decreasing our forecast for the intermediate growth rate from 10% to 7%, and (3) decreasing our forecast for the cash dividend payment. </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 cut our target price (TP) for SSI by 15.8% to VND27,100/share and downgrade our rating for SSI to OUTPERFORM from BUY.Our lower TP is mainly due to (1) decreasing our forecast for aggregate 2025-2028F NPAT by 3.0% (-15.0%/-4.8%/+3.2%/+1.2% for 2025/26/27/28F, respectively)(2) decreasing our forecast for the intermediate growth rate from 10% to 7%, and (3) decreasing our forecast for the cash dividend payment. 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 Securities Corporation - Expanding Retail Market Share in 2025F