SSI released consolidated results for Q1 2020 with bottom-line net income of VND9bn (USD0.39mn; -95.5% YoY), which achieved 1% our FY2020 forecast. Q1 2020 operating income (defined to include gains but not losses on the principal book) was VND945bn (USD41mn; +33.2% YoY), achieving 28% our FY2020. The COVID-19 pandemic dampened Q1 results amid intensifying competition in the brokerage space; as a result, we see downside risk to our earnings forecasts and/or target price, pending a fuller review.