We reiterate our MARKETPERFORM rating on SSI (Saigon Securities Incorporation) and raise our TP to VND23,000 (from VND21,030). Valuation is the key driver behind the rating. FVTPL (fair value through P&L) securities mask underlying performance: We forecast non-core FVTPL driven revenue to reduce by 25% in 2017F (from reported VND772 billion/USD34.3 million in 2016) and tapering off by 81% (2016 base) by 2019F. FVTPL sales revenue share declines from 35% in 2016 to a marginal 7% by 2018.