SSI released consolidated results for FY2019 with the bottom line totalling VND907bn (USD39mn, -30.4% YoY), which achieved 98% our forecast. 2019 revenue/net income achieved 110%/101% of the company’s revised guidance. 2019 ROE and ROA stood at 9.8% (-4.9 ppts YoY) and 3.6% (-2.5 ppts YoY), respectively, underscoring sector difficulties that remained in H2 2019. We do not anticipate material changes to our earnings forecasts and/or target price, pending a fuller review.