SSI Securities (HOSE: SSI) | Q3 2025 Update, BUY – FW2026 Upside +24.1%

Reinforcing Market Leadership On Expanding Market Share And Robust Earnings Growth

The Vietnam’s equity market maintained strong momentum in Q3 2025, with liquidity improving remarkably and investor sentiment strengthening notably following FTSE Russell’s official announcement of Vietnam’s upgrade to Emerging Market status in September 2026.

We revise our key assumptions to better reflect current market developments and SSI’s improving financial performance. The adjustments mainly relate to market trading liquidity, brokerage market share, and margin lending book. Incorporating these key adjustments, we forecast 2025 total revenue to reach VND 13,218bn (+55.0% YoY, +24.0% vs. previous forecast) and NPAT-MI to reach VND 4,531bn (+59.8% YoY, +23.0% vs. previous forecast). For 2026, we expect revenue of VND 15,208bn and NPAT-MI of VND 5,320bn, up 15.1% and 17.4% YoY, respectively. 

Our valuation is now based on FY2026 earnings, with a 12-month target price of VND 43,250/share, implying an upside potential of 24.1% from the closing price of VND 34,850/share on Oct 30, 2025. Accordingly, we upgrade our recommendation from HOLD to BUY.