ssi corporate presentation · 5 key corporate milestones 2014-2017 2018 - 2019 12/1999: ssi was...
TRANSCRIPT
Dec 2019
SSI CORPORATE PRESENTATION
SSI SECURITIES CORPORATION
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CORPORATE INTRODUCTION
CORPORATE OVERVIEW
SSI SECURITIES CORPORATION
EstablishmentCharter CapitalListing
Current Market CapSubsidiary
Dec 1999VND 5,100.64 billion (~ USD 211.7 million) HNX in Dec 2006, switched to HOSE in Oct 2007Bloomberg ticker: SSI VN VND 10,889 billion (~ USD 500 million)SSI Asset Management Co. Ltd. (100% owned by SSI)
Securities Services Investment Banking Treasury
Equity Fixed Income instruments
Brokerage Custody
Structured Financial Products
Research & Advisory
Equity Fixed Income instruments
Equitization/ IPO
Listing
Capital Restructuring
& Raising
Under-writing
Private & Public
Offering
M&A
Active Investment
PassiveInvestment
Principal Investment
3
Treasury Fund Management
AccountManagement
Value-added services coordinating with Securities
Services and Treasury
Asset Management
4
Market ShareLargest brokerage
marketshare in consecutive
5 years
Total Assets ranked 1st among
peers
FY2018 – USD 1
bi l l ion ~ twice as
large as the second
largest company
Total Equityranked 1st among
peers
FY2018 – USD 370
mil lion ~ three times
as large as the second
largest company
VN30 listThe only securit ies
brokerage firm
selected in top 30
companies in the stock
market
Awards Best Securit ies House
in VN by Asiamoney
Best Investment Bank
in VN by Finance Asia
Asset Management
company of the year
by The Asset
#1 SECURITIES HOUSE IN VIETNAM
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KEY CORPORATE MILESTONES
2014-2017 2018 - 2019
▪ 12/1999: SSI was establishedwith charter capital of VND 6billion with its head officebased in Ho Chi Minh City
▪ 07/2002: SSI established itsfirst branch in Hanoi,expanding its networks toNorthern areas.
2009-20132004-20081999-2003
▪ 08/2007: SSI AssetManagement (SSIAM), asubsidiary of SSI, wasfounded.
▪ 10/2007: SSI stock waslisted on HNX in 2006 thenswitched to HOSE
▪ 06/2008: Daiwa becameStrategic Shareholder of SSI
▪ 07/2009: SSIAM becamethe first company to have alicense to invest outside ofVietnam
▪ 03/2013: Charter capitalwas raised to VND 3,537billion
▪ 09/2015: SSI became thefirst company that officiallylift its limit of foreignownership up to 100%
▪ 05/2017: SSI was grantedwith securities trading licenseby SSC for trading derivativesand providing clearingservices and settlement ofderivatives trading
▪ 12/2018: Company’s name changed to SSI Securities Corporation
▪ 01/2019: Charter capital was raised to VND 5,100.6 billion
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Ticker: SSI
Exchange: HOSE
Market capitalization: (as of 31 Oct 2019)
VND10,889 billion
Number of common share: 510,063,684
Number of outstanding share: 508,054,700
52-week high: VND29,700
52-week low: VND20,700
EPS:
Average 10-day trading volume
VND1,713
1,968,602
STOCK INFORMATION
Stock price & Trading volume
Shareholder structure
SSI SECURITIES CORPORATION
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BUSINESS SEGMENTS
PERFORMANCE HIGHLIGHTS
Unit: billion VND
8
42%
22%
32%
1% 3%
9M2019 Consolidated Revenue Breakdown
Securities Services Principal Investment Treasury
SSI AM IB and Others
SECURITIES SERVICES
Brokerage Service
Structured Financial Product
Custody Services, Research & Investment Advisory, Shareholder book &
Share transfer management, ETF & Open-Ended Mutual fund distributor
Diversify product offerings to tailor for all customer segments
Invest in innovative technology & solutions
Expand retail distribution & Improve broker’s performance through coaching as
well as performance management programs
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Brokerage market share (HOSE & HNX)
13.32%
0%
5%
10%
15%
20%
25%SSI
HSC
VND
VCSC
SHS
MBS
Full range of customized securities services:
2013 – 2018
“Best Execution in Vietnam”
“Best Local Brokerage in Vietnam”
2019 “Best Retail Broker in Vietnam”
2008 – 2011, 2014 – 2016, 2019
“Best Broker in Vietnam”
Strategy to maintain top 1 position:
Major Awards
SECURITIES SERVICES
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Transportation Oil & Gas IT Electricity
Infrastructure
Consumer Goods & Services
Real Estate Pharmaceutical
Fisheries
Fertilizer
SteelFixed income & Banking
Large Research Team with in-depth local knowledge
Broad industry coverage across major economic secotrs
Full coverage of all big IPOs, 70+ companies, equal to 70% total
market cap; watch over 100 listed & OTC companies
Close ties with local firms, local experts and the Government Bodies
Strict compliance with CFA code of ethics
Leading Institutional Brokerage Team
Top 3 best traders & Top 3 best sales in Vietnam - voted by
internaiotnal investors for 5 years in a row.
Diversified execution channels: BBG, iFix, DMA...
In charge of landmark IPO and M&A deals in the history of Vietnam:
HDB ($280M), VRE ($700M), VHM ($1.6B).
Strong Corporate Access team hosting more than 500 corporate
meetings per years and maintain the largest network with local
corporates, covers 90% of total market cap.
2013 – 2018
“Top 3 best traders” & “Top 3 best sales”
“Best for Overall Country Research in Vietnam”
“Best for Roadshows & Company Visits”
“Best for Events and/or Conferences”
2015 – 2018 “Best Institutional Broker in Vietnam”
INVESTMENT BANKING
SSI offers the broadest suite of products and services Consistently recognized
International Partnership Access to Most Prestigious Investors
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2015, 2018, 2019 “Best ECM House in Vietnam”
2010, 2011, 2014, 2016, 2018, 2019 “Best Investment Bank”
2011 – 2014 “Best Investment Bank”
2017 “Best Equity Advisor”
2018 “Best corporate and institutional adviser – Domestic”
Debt & Equity Capitla Raising
Equitization
M&A
Listing and local regulatory advisory
Financial restructuring
Major deals
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INVESTMENT BANKING
Tienphong Commercial JS Bank (TPB)
Deal size: USD 94 milPrivate placement & listing
No Va Land Investment Group Corporation (NVL)
Deal size: USD 120 milPrivate Offering
The PAN Group (PAN)
Deal size: USD 35 milPrivate Placement
VinHomes (VHM)
Deal size: USD 1.35 bilSecondary offering & listing
Vietnam National Petroleum Group (PLX)
Deal size: USD 48 milTreasury share offering
HDBank(HDB)
Deal size: USD 300 milShare offering
Vincom Retail(VRE)
Deal size: USD 742 milIPO
Vietnam Dairy Products JSC. (VNM)
Deal size: USD 400 milDivestment Advisory
TREASURY
Keep the company’s capital intact & diversify its structure
Prudently and accurately manage the cash flow, guarantee the safety for investors’ asset, ensure liquidity for the whole system
Seek for investment opportunities in the Bond Market
Revenue
Unit: Billion VND
13
261.36 266.62
365.97
487.4
759.1
0
100
200
300
400
500
600
700
800
2014 2015 2016 2017 20180%
100%
200%
300%
400%
500%
600%
1 2 3 4 5 6 7 8 9 10 11 12
Financial safetyratio 2018
TREASURY
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Partnership with a large number of well-known financial institutions
PRINCIPAL INVESTMENT
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Strategy• Strong risk adjusted return
• Strong performance across investment strategies
• Focus more on value creation.
Revenue
Unit: Billion VND
735.39
861.98 933.98
1060.8 1092.9
0
200
400
600
800
1,000
1,200
2014 2015 2016 2017 2018
2018 Highlights• Investment value: VND 3,514 billion
(market price as of 31/12/2018)
• Successful divestments from some investments resulted in
expected profits
• Profit margin of passive portfolio surpassed VN-index
SSI ASSET MANAGEMENT
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➢ 100%-owned by SSI Securities Corp. (SSI)
➢ Established firm with 10 years of experience in
providing investment management services in
Vietnam to foreign and local institutional and
individual clients.
➢ Investment team of 15 highly competent fund
managers and analysts on the ground with deep
knowledge in local market and international
experience in asset management.
2012 & 2014 – 2016 – 2017 – 2018 “Best Fund Management Company”
2015 – 2016 – 2017 – 2018 “Best Fund Management Company”
2014 - 2015“Best Investment Management Company”
SSI ASSET MANAGEMENT
SSIAM’s Total AUM
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Institutional Managed Account, 29.3%
Private Wealth Management, 5.0%
Data as of 30/09/2019
US$ 235.15 millionasset under
management
Fund Management,65.7%
SSI Asset Management (SSIAM) provides investment
management services and offers investment products
primarily through separately managed accounts, mutual
funds, and private equity funds to a diverse set of
institutional and individual clients
SSIAM also offers wealth advisory services, including
portfolio management and financial planning.
Strategy:
Diversify investment products to serve a broader client
base
Provide customized financial investment solutions to
institutional and high net worth clients
154.53
68.91
11.71
SSI ASSET MANAGEMENT
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SSI Sustainable Competitive Advantage Fund (SSI-SCA)
SSIAM VNX50 ETF Andbanc Investments SIF - Vietnam Active Value Portfolio (as of 31 Oct)
SSI Bond Fund (SSI-BF)
17.69%
Share Class/Index NAV/ShareReturn (%) –calculated in USD
MTD YTD Since Inception*
A1 (USD) 112.96 0.86% -0.97% 12.96%
A1D (USD)* 104.45 0.85% -0.98% 4.45%
B1 (GBP) 126.76 -3.96% -2.54% 26.76%
B1D (GBP)* 117.24 -3.96% -2.54% 17.24%
C1 (EUR) 110.18 -1.46% 1.45% 10.18%
VN-Index 0.23% 11.85% 70.77%
80
100
120
140
160
180
200
220
09/2014 07/2015 05/2016 03/2017 01/2018 11/2018 09/2019
VN-Index SSI-SCA
10/2019
89.93%
99
101
103
105
107
109
111
113
115
117
119
08/2017 12/2017 04/2018 08/2018 12/2018 04/2019 08/201910/2019
70
100
130
160
11-2014 11-2015 11-2016 11-2017 11-2018
NAV/Unit Tracking Index
10-2019
OUR FOCUS
Exceptional Client Franchise
Operating With Principles
Maximizing Long-termShareholder’s Values
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EXCEPTIONAL CLIENT FRANCHISE
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OPERATING WITH PRINCIPLES
Strong Capital & Liquidity
Risk Control & Management
Commitment to expense control
VND 7,981 bil
VND 5,192 bil
300%
8.9%
2013 2018
Significantly Improved Financial
Profile
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VND 23,825.6 bil
VND 9,155.6 bil
480%
14.23%
Total Asset
Equity
Financial Safety
ROE
SUSTAINABILITY & RESPONSIBILITY
To achieve our financial targets and create value for Our Clients, Investors, Partners, and Society we focus on:
Clients, Culture, Employees, Partners, Capital & Risk Management, Corporate Responsibility
Culture
Employees
PartnersCapital &
Risk Management
CorporateResponsibility
Clients
Always put our clients’ need first. Beingconsistent and reliable long-term partners.We continuously enhance customers’satisfaction by providing best qualityproducts/ services that meet specific demandand deliver optimal outcome.
“We strive to better the communities in whichwe work”
SSI builds a comprehensive risk managementsystem including human resources, riskmanagement processes and supporting toolsthat aims to reduce the negative impacts oncash flow and profit of the Company
SSI developed a unique corporate culture:where we focus on transparency and long-term value. Encouraging the team to beinnovative and deliver best in classservices.
Employees are treated as the most valuableasset of the company. We continue toattract, develop, and retain talents
We always focus on developing &maintaining long-term partnership in order togrowth together. Partnership & Valuecreation differentiate us apart
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OUR PEOPLE
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NGUYEN DUY HUNG (Mr.)Founder, Chairman cum CEO
With decades of experience in securities and investmentindustry, Mr. Hung is a nationally recognized businessleader and pioneer in Vietnam.Mr. Hung holds a Bachelor’s degree from Hanoi LawUniversity and a Bachelor’s in Economics from theUniversity of Ho Chi Minh.
NGUYEN HONG NAM (Mr.)BOD Member cum Deputy CEO
Mr. Nam has been a successful leader in many businessareas. Mr. Nam received his master degree from Lugansk –Ukraine University
NGUYEN THI THANH HA (Ms.)CFO
Ms. Ha has more than 15 years working experience intreasury and credit areas for international organizations inVietnam such as the branch of ING Baring and VID Publicbank.She holds her master degree in Banking and Finance fromVietnam National Economics University.
DOAN NGOC LY LY (Ms.)COO
Ms. Ly joined SSI in 2010 and was promoted to COO since2015. She has made a huge contribution to the overallimprovement of SSI system.Ms. Ly graduated from Benedictine University, with a MasterDegree of Human Resources Management/PersonnelAdministration.
NGUYEN VU THUY HUONG (Ms.)Managing Director, Treasury/ Principal Investment
Ms. Huong had 15+ years of experience in Vietnamese capitalmarkets from its establishment. She has made a hugecontribution in SSI's development, being responsible formanagement and business above 80% total value of SSI'sasset, contributed to make outstanding growth of assets.Ms. Huong holds a Master’s Degree in Corporate Finance fromthe National Economics University and a Master’s Degree inApplied Finance from Macquarie University, Australia.
NGUYEN NGOC ANH (Ms.)Managing Director, Investment Banking
Ms. Anh has substantial experience and knowledge ofinvestment projects valuation and other aspects ofcorporate finance. She has participated in a number ofequity and debt capital markets transactions for leadingcompanies.She holds a master degree in finance at the University ofWollongong in 2004 and an MBA from the University ofNorth Alabama in 2012.
OUR PEOPLE
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CAO THI NGOC QUYNH (Ms.)Deputy Managing Director, Institutional Brokerage
Ms. Quynh joined SSI since 2016 with 5+ year experienceworking with 200+ global institutional funds and 400+Vietnamese corporates.She graduated from Goteborg University, Sweden with aMaster degree in International Business and Trade.
MAI HOANG KHANH MINH (Mr.)Managing Director, Institutional Brokerage
Mr. Minh has a broad knowledge and is well-educated infinance and banking.He holds Master degree in Applicable Finance of MonashUniversity, Australia
MICHAEL JOSEPH LYNCH (Mr.)Managing Director, Institutional Brokerage
Mr Michael Joseph Lynch has been appointed as ManagingDirector – Institutional Brokerage at SSI since 09/2018.Before joining SSI, Mr Michael had 20+ years of experience insales and played many important roles in big institutions suchas CLSA, Morgan Stanley and CIMB.
BUI THE TAN (Mr.)Managing Director, Retail Brokerage
Mr. Tan has broad knowledge on banking and stockexchange. He is one of the first few people earnedsecurities trading license in Vietnam.He holds a BA in Finance & Banking.
NGUYEN DUY LINH (Mr.)Deputy Managing Director, Retail Brokerage
Mr. Linh has over 10 years in securities market and awide range of financial knowledge.He holds a BA from Banking University in Viet Nam andMBA of Solvey Business in Brussels.
DO THI THANH THUY (Ms.)Deputy Managing Director, Retail Brokerage
Prior to working for SSI, Ms. Thuy has more than 7 yearsof experience working in rsearch and businessdevelopment. She has played many important roles infinancial institutions such as Asia Commercial Bank,Thang Long Securities.Ms. Thuy holds Masters degree from the University ofParis I - Panthéon- Sorbonne.
OUR PEOPLE
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NGUYEN PHAN DUNG (Mr.)Deputy CEO, SSI Asset Management
Mr. Dung has many years of experiences in finance andinvestment. Prior to SSIAM in 2007, he worked with ABNAMRO, CBOT and InterCall in Chicago.He holds a BA in Economics from Knox College, and a MBAfrom Loyola University, USA.
LE THI LE HANG (Ms.)CEO, SSI Asset Management
Ms. Hang Le has many years of working experience in SSIAsset Management and at W.P. Stewart, a New York–based asset management firm. She has been awarded as“CEO of the Year” in Vietnam by Asia Asset Managementfor five consecutive years 2012 – 2016.She holds a Master in Finance and BA in Accounting fromAmerican University, USA
NGUYEN DUC HUNG LINH (Mr.)Chief Economist cum R&D Director
Mr. Linh has experienced in various fields. Prior to joiningSSI, he worked for British Petroleum Singapore as Marketanalyst and for M/s Mark & Dennis as legal executive.He holds MBA Degree in Nanyang Technological University -NTU (Singapore), and Bachelor’s degree in Law issued byHanoi University of Laws.
HOANG VIET PHUONG (Ms.)Head of Research & Investment Advisory Center
During 2013-2017, Ms. Phuong was named Best CountryAnalyst and Best Strategist – Vietnam.
After graduation from Hanoi Foreign Trade University, MsShe obtained the MSc Information Management andFinance from University of Westminster, UK.
SSI SECURITIES CORPORATION
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3Q2019 PERFORMANCE UPDATE
3Q2019 PERFORMANCE UPDATES
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Items(VND billion) 9M2019 9M2018 Change
(%YoY)2019 Business Plan
(after revision) % Completion
P&L
Total revenue 2,376.0 3,037.7 -22% 2,950 81%
Profit before tax 842.6 1,354.8 -38% 1,100 77%
Profit after tax 687.1 1,094.9 -37% N/A N/A
Balance Sheet
Total asset 25,682.8 23,412.6 10% N/A N/A
Owners' Equity 9,723.5 9,512.0 2% N/A N/A
3Q2019 REVENUE BY SEGMENT
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Revenue 3Q2019(VND billion) Breakdown 3Q2018
(VND billion)Change(%YoY)
SECURITIES SERVICES 340.26 39% 392.97 (13.4%)
In which:
Revenue from Brokerage Fee 148.00 17% 222.47 (33.5%)
Revenue from Margin Lending 180.28 21% 156.27 15.4%
PRINCIPAL INVESTMENT 211.60 24% 198.13 6.8%
TREASURY 272.46 31% 204.61 33.2%
SSIAM 8.51 1% 10.62 (19.9%)
IB & OTHERS 40.41 5% 87.33 (53.7%)
CONTACT SSI
INVESTOR RELATIONS
Address: 1C Ngo Quyen street, Hoan Kiem district, Ha Noi, Vietnam
Tel: +84 (24) 39366321
Fax: +84 (24) 39366311
Email: [email protected]
Website: https://www.ssi.com.vn/en/investor-relation
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