SSI: Huge 2Q20 trading gains were largely unrealized

SSI_2Q20 results

SSI’s 2Q20 PATMI soared from breakeven in 1Q20 to a record high VND522bn (+138% YoY). Prop trading drove the strong rebound, as expected. But surprisingly to us, most of the trading gains were unrealized. In the first half, SSI has fulfilled 75% of its PBT guidance (approved at the Jun 27 AGM) and 65% of our full-year PATMI forecast.