SSI released consolidated results for H1 2020 with net profit totalling VND531bn (USD23mn; +27.1% YoY), which achieved 63% our FY2020 forecast. H1 2020 operating income (defined to include gains but not losses on the principal book) was VND2.3tn (USD98mn; +53.5% YoY), achieving 66% our FY2020 forecast. The loss from financial assets at fair value through profit and loss (FVTPL) slowed in Q2 2020, in line with our expectation. The margin lending business remained challenging in H1 2020 with reven