We maintain an OUTPERFORM rating on SSI but cut our target price by 22% as we (1) cut our net income forecasts for 2020/21/22 by 3.7%/5.9%/6.4%, (2) change our sum-of-the-parts valuation to the equity DCF approach and (3) cut our target 2020F P/B to 1.0x vs 1.1x previously. Our net income cuts are largely driven by (1) the challenging outlook for brokerage revenue given negative sentiment from a 26% drop in average daily trading value (ADTV) in 2019 and likely extended ADTV weakness in H1 2020