Vinacapital Vietnam Oppo... Share Discussion Threads

[roman2325] 09/6/2010 15:17

VN Index gets smashed, share price smashed yet NAV only off a touch.

These are cheap as chips

[roman2325] 09/6/2010 15:16

VinaCapital Vietnam Opportunity Fund Limited (the "Company")
The Company announces that at close of business on 31 May 2010 its unaudited net
asset value per share was USD2.44.

[roman2325] 21/5/2010 08:49

I appreciate the VX index is off a bit but I see absolutely no reason for the share price to be down as much as this - again another good buying opportunity..

Any thoughts?

[roman2325] 18/5/2010 08:36

Long-term potential of the country is huge - even in the short term Vietnamese equities are trading at a discount to the region ex Japan as a whole - seems a pretty safe bet to buy here I believe..

[gb904150] 18/5/2010 08:08

Yes, a 40% discount to NAV is pretty enormous for a market/country with such great long term potential.

[roman2325] 18/5/2010 07:55

Monthly report:

[roman2325] 06/5/2010 12:01

These are too cheap at $1.50 - will buy some more..

[davebowler] 29/4/2010 16:24

ASPL is still on a massive discount to NAV too

[roman2325] 29/4/2010 16:19

RNS Number : 0452L
VinaCapital Vietnam Opp. Fund Ld
29 April 2010

?
RNS
29 April 2010


VinaCapital Vietnam Opportunity Fund Limited

VOF invests in ceramics manufacturer Prime Group


VinaCapital Vietnam Opportunity Fund Limited ("VOF" or "the Company") (VOF.L),
an AIM-traded investment company established to target key growth segments
within Vietnam's emerging market, announces today that it has acquired a stake
in Prime Group JSC, Vietnam's leading ceramics manufacturer.
Prime Group JSC, among other holdings, owns eight ceramic tile factories and a
nationwide distribution network resulting in a 30 percent market share. VOF has
invested USD15 million in Prime Group for an equity stake of 7.0 percent. This
represents 1.9 percent of VOF's net asset value at 31 March 2010, making Prime
Group one of the Company's top ten equity holdings.
VinaCapital's investment comes as Prime Group prepares to list its shares
publicly, expected in the third quarter of 2010. Prime Group's 2009 revenue and
earnings were USD123 million and USD16 million, respectively. Prime Group
expects earnings growth of over 30 percent yearly for the next three years, with
a new factory to open in 2011 that will increase ceramics production capacity by
20 percent.
Vietnam is undergoing rapid urbanisation that is seeing a transformation of both
primary and secondary cities and urban areas. The construction materials sector
has been among the fastest growing economic sectors over the past five years, a
trend that is expected to continue.
Andy Ho, VinaCapital's Head of Investment, says: "We believe Prime Group has
solid management and an established reputation in the marketplace. Most
importantly, it can rely on economies of scale to offer the best products at
competitive prices. The construction sector has been boosted by Vietnam's rapid
urbanisation of over 3 percent yearly, which is a long-term trend providing a
solid foundation for Prime Group's future growth."

[roman2325] 29/4/2010 07:50

Main market up again to 542 today - steady march towards 620....

[roman2325] 27/4/2010 11:56

I'm topping up

[dickbush] 27/4/2010 08:37

Main market reached the highest level since the mid-December low.

[dickbush] 23/4/2010 08:06

Vietnam stockmarket within one percent of breaking out on the upside. A very nice looking chart.

Yesterday, Bloomberg reported that "experts" were now suggesting that the Dong could strengthen against the Dollar(after it already has), a total reversal of the general view a few months ago. Based on improving balance of trade, remittances from abroad, and FDI.

[roman2325] 07/4/2010 11:48

Another article on Vietnam why not:

[roman2325] 25/3/2010 11:43

Interesting article:

[dickbush] 09/3/2010 17:55

March 8, 2010
There Are Better Alternatives Than US Stocks

"But eventually if you print money, the purchasing power of money will lose value and what will happen is stocks will adjust on the upside. If you believe in equities, I would rather buy Vietnamese shares than US shares because I can make the case that the economy there will grow much faster than in the United States, from a much lower levels admittedly. Or I would buy Indian, Chinese or Malaysian shares. I think they are better alternative than U.S. stocks."

Marc Faber

[dickbush] 09/3/2010 11:57

Discount currently 40% assuming the fund has performed in line with the market since end-Jan.

[roman2325] 22/2/2010 09:47

SKYSHIP - what are your current thoughts? Did you re-enter?

[roman2325] 17/2/2010 10:39

Bought back in to VOF today - don't anticipate much movement in the NAV over the next 12 months but would like to see something done to narrow the discount - will buy more if they dip substantially below $1.40..

[dickbush] 10/2/2010 13:51

NAV end-Jan $2.39 and the market is up about 2% since. Discount now almost 40%.

[strollingmolby] 03/2/2010 12:22

Interesting snippets from the Q4 report out today:

A priority for 2010 will be to actively close the share price discounts of our funds. We have a track record of realising exits above carrying value, and we believe 2010 will extend this record.

VOF's NAV at 31 December 2009 declined by 4.6 percent to USD785 million, or USD2.42 per share, from USD823 million, or USD2.53 per share, at the end of September. During the quarter, VOF saw several investees list, such as top capital markets holding Eximbank (EIB). The fund invested in Hoan My hospital group, its first private equity investment of the year. With a tightening of bank lending, more private companies are looking for strategic investors, and we expect PE deal activity to increase notably in 2010.

[dickbush] 25/1/2010 08:07

Director bought 50,000 at $1.65.

[strollingmolby] 19/1/2010 17:01

31-Dec update:

Vietnamese equity markets closed down 1.9 percent in December 2009, but for the year the VN Index posted a strong return of 56.8 percent. From the low in February 2009, the VN Index doubled, returning 110.8 percent over 10 months.

VOF only participated in 29.7% of the annual growth - was this due to cautious positioning ?


2010 Outlook

For 2010, most analysts remain cautiously optimistic on the macro economic outlook. Vietnam's exports are expected to continue to recover, helped by an attractive cost base. In asset markets, opportunities will likely remain in fixed income for the short term, as the state accelerates domestic and international borrowings to fund next year's budget (against a backdrop of double-digit bond yields and single-digit inflation forecasts). In equity markets, forward valuations are still attractive, with forward market PE under 13x and forecast 2011 PEs of approximately 11x in an environment of improving global economic growth and trade.