SSI’s parent company reported full-year total operating income of VND3.6tn (USD153mn, +26.5% YoY; VND859bn/USD36.6mn for Q4 2018, down 15.1% YoY) and NPAT of VND1.4tn (USD60.5mn, +34.8% YoY; VND261bn/USD11.1mn for Q4 2018, down 15.0% YoY). The stock is trading at an attractive 2019F P/B of 1.2x, based on our forecasts. These results complete 102% our expectation.