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SSI’s 2024 Annual General Meeting of Shareholders held on April 25, 2024
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In 2024, SSI plans to achieve a consolidated revenue of VND 8,112 billion; and a consolidated profit before tax of VND 3,398 billion, which is a 19% increase over the previous year (VND 2,849 billion).
The 2024 plan is based on the forecast that both domestic and foreign investment capital flows will be favorable for the stock market in 2024, while the fundamentals remain a concern due to a number of factors that need to be monitored, such as the financial capacity of real estate enterprises or the ability to repay maturing bonds in 2024.
Although foreign investors had a net withdrawal year in 2023, the trend is expected to reverse in 2024 following the Fed’s gradual rate cuts and the opportunity for the Vietnamese stock market to be upgraded by FTSE Russell in 2024-2025. The inflow of foreign investment may not recover immediately, but at least the selling pressure from foreign investors will not be as strong as in the previous year.
According to SSI, 2024 is expected to be a year of strong fluctuations, with a strong recovery possibly following a deep correction. The fair value for the VN-Index at the end of 2024 is 1,300 points, with market liquidity fluctuating between VND 18,000-20,000 billion/session.
In order to implement the plan, SSI has proposed a number of solutions. In terms of business development and customer care, SSI aims to provide customers with not only individual investment products, but also consulting and financial planning services, reinforcing investment knowledge and sustainably increasing the value of customer assets. At the same time, SSI will continue to expand its network of international partners, working more closely with international brokers to move towards cooperation.
The company’s product and service development strategy is to develop more accompanying utilities, increasing the flexibility of financial products. Programs offering incentives on interest rates and transaction fees will also be promoted to help customers optimize investment performance and increase profits.
In terms of technology, SSI will focus resources on investing in and upgrading infrastructure, processing capacity of online systems, and improving features to facilitate investor trading, thereby enhancing customer satisfaction when using SSI services.
At this general meeting, SSI will continue to seek shareholder approval to continue implementing equity issuance plans.
Specifically, the Company’s General Meeting of Shareholders last year approved the continuation of the private placement of up to 104 million shares, the issuance of shares under the 2023 Employee Stock Option Plan (ESOP) of up to 10 million shares, and the issuance of additional shares to existing shareholders through the exercise of preemptive rights and the issuance of shares to increase charter capital from equity of up to 453 million shares.
In 2024, SSI has implemented the ESOP issuance plan among the aforementioned plans
Accordingly, the General Meeting of Shareholders will seek shareholder approval to continue implementing the plan for the issuance of additional shares to existing shareholders through the exercise of preemptive rights, the issuance of shares to increase charter capital from equity, and the issuance of private shares.
According to the provisions of the Enterprise Law, the Chairman of the Board of Directors and the General Director may not be related parties. Explaining this, Chairman of the Board of Directors Nguyen Duy Hung affirmed that the related party being his brother, Nguyen Hong Nam, who currently serves as General Director, does not violate the regulations because the new Enterprise Law became effective on January 1, 2021, and Mr. Nam was appointed in 2019, and therefore does not need to be applied retroactively under the new law. Mr. Nam’s term ends in 2025. The company has prepared the next generation of leaders to take over the leadership positions.
 SSI Chairman Nguyen Duy Hung answers questions from shareholders
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Discussion:
Proprietary trading figures can be useful but they are not a market indicator
Does the company publish proprietary trading data on its price list?
Mr. Nguyen Duy Hung – Chairman of the Board of Directors: It is possible to publish the data, but will it help investors? Personally, I find that proprietary trading and foreign trading data are not very helpful.
Mr. Nguyen Duc Thong – Deputy General Director: Investors should not follow proprietary trading data too closely, but rather that securities companies often perform ETF-related activities and hedging for CWs. Therefore, proprietary trading figures can be useful but they are not a market indicator.
 Mr. Nguyen Duc Thong – Deputy General Director of SSI
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How prepared is SSI for prefunding products for foreign investors?
Mr. Nguyen Duy Hung: Prefunding is an idea that SSI came up with and we are ready to take it on. In order to propose this idea, we must be confident that we can execute it.
What are the risks to the stock market? Is there any concern that keeps Chairman Nguyen Duy Hung awake at night?
Mr. Nguyen Duy Hung: I have never lost sleep. The biggest risk to the market is investor confidence. Fortunately, investors still have confidence in the stock market.
SSI’s brokerage market share has declined, could you please share more about the recovery plan?
Mr. Nguyen Duy Hung: Actually, not only SSI, but many other securities companies have also experienced a decline. VPS Securities is growing very strongly. SSI has introduced many solutions to recover market share, but it is not a matter of a day or two. Market share is an important target to strive for, but it is not the only one. It is also important to focus on sustainable development and efficiency.
Flocking to buy and copy a certain portfolio will surely lead to losses
Could you share SSI’s insights on the application of AI in stock market investing?
Mr. Nguyen Duy Hung: The stock market is a place to raise capital and for people with money to seek investment opportunities. In parallel, there are also speculative opportunities. Products that support trading make the market more attractive. In order to support investors, there will be human intelligence (advisors) and artificial intelligence (machines, AI). SSI also has them, but they are only tools to support investors. However, the stock market is a place to raise capital, for people with capital to utilize their capital to make money.
Everyone is now talking about copy trading, but who is creating the original to copy? No one can come up with a 100% winning portfolio that you can just copy and win. If everyone follows a certain portfolio to buy and sell, they will surely lose.
After the incident with VNDIRECT, could SSI share more about the security of its IT systems?
Mr. Nguyen Duy Hung: SSI cares about security to the point that many customers and employees feel that we care too much. We require regular password changes and have many cameras (surveillance – PV). Our system is like our home, and the first thing we must do is to have someone monitoring it to detect strangers entering. The important thing is that when they enter, can we detect them right away and can they take anything with them? When a stranger enters the house, we must eliminate them immediately.
If the system malfunctions, we must be able to start up the backup system and recover it as soon as possible.
Mr. Nguyen Duc Thong: Investment in system security is always a top priority. Many people only think of information security as building walls and preventing people from entering. But investors need to connect
