Ssi Securities Corp. · HOSE:SSI
Ssi Securities — Q3 2023 Earnings Presentation
17 slides from Ssi Securities's earnings presentation, October 2023
Slide 1: SSI Earnings Call October 2023
. SSI EARNINGS CALL October 2023
Slide 2: Earnings Call 3Q2023
. EARNINGS CALL 3Q2023 01 BUSINESS ENVIRONMENT 03 Q&A 02 EARNINGS UPDATE
Slide 3: Business Environment
. BUSINESS ENVIRONMENT
Slide 4: Movement in key macroeconomic factors influenced the path of interest rate
Movement in key macroeconomic factors influenced the path of interest rate Vietnam GDP growth saw signs of stabilization at the bottom Inflation has been under control 15% 8% 6% 10% 4% 5% 2% 0% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 0% -5% 2020 2021 2022 2023 -2%
Slide 5: Easing financial conditions bolster equity market
Easing financial conditions bolster equity market Vietnam Equity Market Source: SSI Research 5
Slide 6: Liquidity came back to the market
Liquidity came back to the market Liquidity improvement since 2Q23 (via matching) In line with the return of domestic investors 1,000,000 USD bin 1.5 900,000 Total Local trading value VND bn 800,000 Total Foreign trading value 1.2 700,000 0.9 600,000 500,000 0.6 400,000 300,000 0.3 200,000 0.0 100,0
Slide 7: Fundamental strength remains intact
Fundamental strength remains intact Market earnings performance saw signs of improvement A potential EM status upgrade with KRX launching timeline 100% 91.60% 75.90% 80% 60% 25th Dec 36.70% 11st Dec 2023: Go- 40% live 23.70% 2023: 14.50% 15.80% 15.80% 19.90% 16.50% 6th Nov Preparation 20% 11.50% 9.5
Slide 8: 3Q2023 Earnings Update
. 3Q2023 EARNINGS UPDATE
Slide 9: Solid 3Q.23 and 9M23 Results
Solid 3Q.23 and 9M23 Results Quarterly Revenue and Profit Before Tax (VND bn) Pretax profit margin (%) 2,068 1,972 1,629 1,707 44.6% 1,465 1,509 42.7% 1,365 41.0% 41.4% 883 880 707 618 32.1% 523 415 30.4% 289 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 19.7% Total Revenue Profit Before Tax 1Q22 2Q22 3Q22 4Q2
Slide 10: Consolidated earnings on track
Consolidated earnings on track Resilient result amid market shocks Consolidated earnings on track 6,917 148% 112% 63% 68% 67% 54% 35% Consolidated Actual vs Plan (VND bn) ~75% Plan 5,187 2,540 ~86.8% Plan -21% -23% -29% -40% -30% -58% -63% 2,204 -51% -77% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23E PBT
Slide 11: Strong balance sheet
Strong balance sheet Improving balance sheet (VND bn) With a prudent risk management approach 55,282 600% 52,226 52,709 50,136 45,436 43,272 500% 438% 400% 22,162 22,384 22,973 21,994 22,708 300% 14,367 200% 180% 100% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Mar-19 Aug-19 Jan-20 Jun-20 Nov-20 Apr-21 Sep-21 Feb
Slide 12: Segment highlights
Segment highlights 3Q2023 Revenue Highlights (VND bn) 3Q2023 & 9M2023 Revenue Breakdown Securities services (brokerage, 777 custodian, advisory) 2.0% 2.0% Margin loans & Receivables 9.5% 548 22.7% 7.5% Principal investment 442 27.8% 431 1.6% 406 1.8% 354 Treasury 39.4% 149 42.0% 21.8% 21.8% SSIAM 10
Slide 13: Brokerage segment breakdown
Brokerage segment breakdown Brokerage revenue (VND bn) A stable market share among traditional brokers (HSX’s market share) 613 25% 566 548 463 483 20% 431 406 360 354 335 345 338 350 15% 280 10% 5% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 0% 1Q22 2Q22 3Q22 4Q22 1Q2023 2Q2023 3Q2023 Brokerage Services Rev
Slide 14: Principal Investment Segment
Principal Investment Segment Principal Investment Revenue (VND bn) Healthy FVTPL’s structure (as of 3Q23) 777 2% 2% 2% 714 689 676 633 4% 615 604 563 Listed shares 431 442 Listed share for cover warrants 330 Unlisted shares 303 275 Listed bonds 54% 36% 154 Unlisted bonds Deposit certificates 1Q22 2Q
Slide 15: Q&A
. Q&A
Slide 16: Investor Relations Dept.
. INVESTOR RELATIONS DEPT. Address: 1C Ngo Quyen Street, Hoan Kiem District, Hanoi, Vietnam Tel: (84 - 24) 3936 6321 Email: investorrelation@ssi.com.vn Website: https://www.ssi.com.vn/en/investor-relation
Slide 17: Thank You
. THANK YOU