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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Vinacapital Vietnam Opportunity Fund Ld | LSE:VOF | London | Ordinary Share | GG00BYXVT888 | ORD $0.01 |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 470.00 | 2,878 | 08:07:12 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 461.00 | 469.00 | ||||
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Investment Trust | USD -10.43M | USD -15.02M | USD -0.0975 | -48.21 | 724.28M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 08:35:39 | O | 984 | 465.167 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 19/4/2024 | 07:00 | UK RNS | VinaCapital Vietnam Opportunity Fd. Daily Net Asset Value |
| 17/4/2024 | 07:00 | UK RNS | VinaCapital Vietnam Opportunity Fd. Daily Net Asset Value |
| 16/4/2024 | 07:30 | UK RNS | VinaCapital Vietnam Opportunity Fd. Daily Net Asset Value |
| 15/4/2024 | 12:00 | UK RNS | VinaCapital Vietnam Opportunity Fd. Daily Net Asset Value |
| 12/4/2024 | 07:00 | UK RNS | VinaCapital Vietnam Opportunity Fd. Daily Net Asset Value |
| 11/4/2024 | 07:30 | UK RNS | VinaCapital Vietnam Opportunity Fd. INVESTOR PRESENTATION VIA INVESTOR MEET.. |
| 11/4/2024 | 07:00 | UK RNS | VinaCapital Vietnam Opportunity Fd. Daily Net Asset Value |
| 10/4/2024 | 07:00 | UK RNS | VinaCapital Vietnam Opportunity Fd. Estimated Monthly NAV |
| 10/4/2024 | 07:00 | UK RNS | VinaCapital Vietnam Opportunity Fd. Daily Net Asset Value |
| 09/4/2024 | 07:00 | UK RNS | VinaCapital Vietnam Opportunity Fd. Daily Net Asset Value |
Vinacapital Vietnam Oppo... (VOF) Share Charts1 Year Vinacapital Vietnam Oppo... Chart |
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1 Month Vinacapital Vietnam Oppo... Chart |
Intraday Vinacapital Vietnam Oppo... Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 19/4/2024 | 08:44 | Vietnam Opportunity Fund | 2,057 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 07:35:39 | 465.17 | 984 | 4,577.24 | O |
| 07:35:39 | 463.30 | 989 | 4,582.03 | O |
| 07:10:34 | 461.00 | 1 | 4.61 | O |
| 07:07:12 | 462.00 | 2 | 9.24 | O |
| 07:07:12 | 461.00 | 398 | 1,834.78 | O |
| Top Posts |
|---|
Posted at 19/4/2024 09:20 by Vinacapital Vietnam Oppo... Daily Update Vinacapital Vietnam Opportunity Fund Ld is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker VOF. The last closing price for Vinacapital Vietnam Oppo... was 470p.Vinacapital Vietnam Oppo... currently has 154,101,463 shares in issue. The market capitalisation of Vinacapital Vietnam Oppo... is £724,276,876. Vinacapital Vietnam Oppo... has a price to earnings ratio (PE ratio) of -48.21. This morning VOF shares opened at - |
Posted at 18/4/2024 20:00 by kenmitch Everything Aleman has posted here about corruption in Vietnam is accurate.Here’s the full corruption list of every country in the World. There are 103 Countries that are MORE corrupt than Vietnam, including India (it hasn’t stopped their stock market from doing well and being highly rated) whereas Vietnam market PE is cheap. India PE ratio is 25 compared with Vietnam 14. India’s PE ratio is even higher than US 23, and UK 12. Note that Countries like Ukraine, Brazil, Thailand, Turkey and Indonesia are more corrupt than Vietnam. And people are missing one of Aleman’s key points; Vietnam is being ruthless now in tackling corruption.It might help improve the corruption figure fast if death sentences are the risk if caught! And another key point being misunderstood is that the banking corruption episode was in 2022. That’s why the Vietnam stock market fell 30% in Autumn 2022.And what a good top up opportunity that was! The idea posted here that Vietnam market has done badly for 2 years is a bit odd too. I used the Autumn 2022 as a chance to top up Vietnam Holdings and Vietnam Opportunities. VNH is up from 230p then to 370p. Is that really lousy performance? Very recent Vietnam market is poor, reflecting recent events and those falls might not be over yet. But as soon as the falls show signs of reversing is far more likely to be a buy opportunity than a chance to escape. Finally don’t forget that at present Vietnam is classed as a “frontier&rdqu I’ve held both VOF and VNH for multiple years, except for selling temporarily in the covid market crash and both have been excellent performers, albeit with VNH way outperforming VOF. |
Posted at 18/4/2024 14:47 by aleman It was 8 months before even I bought in. I presumed others knew. It was mentioned on this thread at the time (link below) and there were items about the court case in numerous secondary links in economic news I've been linking to in recent posts. I did not mention it because I thought it was old news. I'm shocked at the market reaction actually. I don't see what is new apart from the released bail-out numbers which might have been larger than some expected - but there could be implications I do not understand, possibly.It's only getting publicity now the (highly reported, very high profile) fraud case has completed, with sentencing which includes selling the collateral assets - including significant properties around HCMC. Obviously the bail-out is ongoing but selling the collateral returns fraudulently lent money to SCB and reduces or completes the bail-out. I see it as the beginning of the end and another step forward so have been surprised by the reaction. It's said to be mostly foreign selling so I'm still thinking it might just be a blip. It does not even stand out on the share price chart. |
Posted at 17/4/2024 12:55 by aleman Yes, the revelation of how deep the problem has been at SCB probably accounts for the recent drop in shares. But it is a historical acknowledgement. The bank run seems to have abated after withdrawal of 80% of deposits and the central bank plugging the deficit, stabilising the situation. It accounts for the local large premium for gold over global prices. Rescue now spins on the price of collateral property but lowered interest rates and decade-low mortgage rates seem to be revivitalising property markets. Estate agents have reported a 20% rise in comissions in Ho Chi Min City where most SCB collateral is located (while Hanoi is booming again - link at end). The improving market will make for better sales of collateral development properties to recapitalise SCB. The economy itself continues to improve and this scandal is moving into its final stages where the indebted assets can be liquidated at a reasonable price to repay central bank loans, with the central bank continuing to backstop SCB so that it will start to lend like a normal bank again.March bank lending improved after weak figures in Jan and Feb after the government decided to push banks to lend more. The minting of new gold bars for the first time in 10 years is probably designed to bring down the local gold premium and encourage Vietnamese citizens to move back to using banks more and buy gold less. I think this is the beginning of the end of the SCB banking crisis, helped along by an end to the fraud trial and a much improving economy, driven by improving local demand, a boom in exports and foreign direct investment and the recovery of the property market, led by Hanoi. So far this year the average price of apartments on the secondary market in Hanoi has risen by 17% year-to-year to VND36 million per square meter, according to recent data from property consultancy CBRE. |
Posted at 26/3/2024 09:36 by dpmcq I suspect the seller may be the largest share holder who voted in favour of resolution 14.The board have laid out the reasons for not tendering - With Resolution 14 – that the Company should cease to continue as currently constituted – the Company’s second largest shareholder, representing approximately 23% of the votes cast at the AGM (11% of the total issued share capital), voted in favour. I had met representatives of the shareholder prior to the AGM who indicated that they wanted to see the Board introduce a performance conditional tender mechanism (“PCTM”) I presented arguments why the Board believes that a PCTM would not be in the Company’s or the other shareholders’ interests but the shareholder was not persuaded and voted against the Board’s recommendation. In accordance with the AIC Code, the Board has reflected further and its views on a PCTM are set out below. The principle underlying a PCTM is that if the performance of an investment company falls below a set level over a particular period, the Board will allow shareholders to tender a proportion of their shares at or close to NAV. In the case of VOF (and, indeed, the vast majority of other investment companies) the shares are likely to be trading at a wider discount than would be offered in the tender so, were this to happen, the tender would likely be fully subscribed. The reasons that the Board does not think that a PCTM is appropriate for VOF can be summarised as follows: • The most relevant benchmark which is available in Vietnam is the VN Index. This is not representative of all of the opportunities available for investment in Vietnam (for example 10 very large companies make up 42% of the VN Index). Given the concentration of large companies, the index can show volatility as a result of specific issues with one or more of its constituents. • VOF’s portfolio is made up of unquoted investments as well as quoted shares. Consequently, even if the VN Index was representative of all quoted companies in Vietnam, VOF’s performance would still differ by virtue of the unquoted elements whose performance would not correlate with the VN Index. As a result of these two factors, the Board does not generally benchmark the Investment Manager’s performance against the VN Index. |
Posted at 26/3/2024 09:08 by aleman Interesting defence of NOT introducing a tender mechanism in the results. I do not agree with it. Modest partial tenders have worked well elsewhere. Practice shows that just the threat of offering to buy a few % of shares somewhere near par is enough to dissuade some selling and encourage some buying such that discounts tend to start closing. The upwards momentum then also encourages the same and shares tend to rise. Investors seeing a rising share price then tend NOT to take up the tender and decide to hang on. It might not work everywhere but what harm can there be in offering small partial tender of, say, 5-10%. They are shrinking the investment base with their buy-backs, anyway, and that's not working. That's ok in the short term but can become a problem in the longer run.On a more positive note for the status quo, a large investor is selling and NAV keeps rising. One would imagine the shares will fly when they finish selling or see the light and change their mind. Which idiotic fund decides to sell out when the underlying investments seem to be picking up strongly? I'd be furious if it was a fund I was invested in. A better understanding of what is going on might encourage buyers in at this historically very large discount. The VN index closed up over 1% again - at the day's high. |
Posted at 22/3/2024 09:34 by aleman Since the last stockmarket high two years ago, GDP has grown about 10% or so and it seems to have picked up even more recently. The VN index reached a high of close to 1500, fell back to 1000, and is now just through a resistance point at 1280. Basically, the tailwind of very strong economic news seems to strongly suggest there will be a new assault on the 1500 high, barring any black swans.Meanwhile, the VOF share price looks like its not read any economic news for 6 months and NAV is at an exceptional discount of 23%+. When will it decide to have a catch-up and return to an average discount of around 15% - or an even smaller discount typical of a bull market? The share price looks to already have probably broken it's downtrend. Maybe it just needs to be a bit clearer and then the discount will revert to something more normal. . The stockmarket closed up again today, at +0.4%. The £ is down v $ by almost 0.5% and the $ looks to be marginally down versus the VND since the calculation for yesterday's NAV. With the shares at 461p one might guess the discount is closer to 24% with this information. It just feels way too high when the market has risen over 20% in the last 5 months. |
Posted at 22/2/2024 09:44 by hpcg Many years ago now there was a private equity B series issue that traded 40% below the identically ranked original listing. Primarily it was just illiquid. I'm pretty sure that it was Pantheon PIP and PIPR, though it doesn't matter. I held that for about a year, and then sold out of boredom. Some time after, but not such a long time after that I didn't notice there was a significant corporate action that closed the gap entirely (see RNS below). My thesis was correct, that I would collect both the simple gain from the rising asset price, and also the big alpha upside from the discount closing. My strategy was incorrect though, I assumed the market would solve the inefficiency rapidly as the Pantheon NAV and share price were rising after a correction.This is a somewhat similar case. It seems likely that after a correction in 2022 the Vietnamese stock market is in a new up-phase, with the next hurdle the late summer 2023 intermediate highs. If that is so then in the medium term VOF investors will capture both the beta and the alpha from the discount closing. It was indeed Pantheon - |
Posted at 22/2/2024 09:39 by martincc Added a few, can buy 5k @441.925p, cheaper than yesterday yet nav up another 4pNAV slowly rising, share price still dropping, 24.84% dtnav now. Must be a seller here pinning the price down, or just unloved? |
Posted at 19/2/2024 12:24 by kenmitch VOF has been a fabulous investment. I’ve held it almost from the start except for temporarily selling during the 2008 banking crisis and the 2020 covid crash. Have a look at the long term chart. It has 9 bagged from the lows.The recent underperformance looks a great buy opportunity as VOF has way underperformed VNH and VEIL this year for no obvious reason. I posted why VOF looks a very tempting buy now on subscription site Stockopedia and to save time have copied part of it below. There is one error in it which a poster there pointed out. The discount has been even bigger than the current 24% in the distant past, when the attractions of investing in Vietnam were even less recognised by UK investors. When eventually UK investors DO wake up to the Vietnam opportunity (perhaps not until Vietnam gets official Emerging Markets status) it’s likely that VNH, VOF and VEIL will do very well and the present discounts could well go to premiums to put an additional rocket under their share prices. BUT right now it’s VOF that looks the one to go for. Here’s that extract arguing why:- “Why is VinaCapital Vietnam Opportunity Fund (LON:VOF) THE stunning buy now? 1. The main Vietnam index is up 11% so far this year. VinaCapital Vietnam Opportunity Fund (LON:VOF) NAV is also UP 29p since January 2nd from £5.55 then to £5.84p today. BUT despite that NAV gain the share price is DOWN from £4.55 on Jan 2nd to £4.42. AND the discount to NAV is now exceptionally wide at 24%!! So the share price fall this year is NOT because of poor performance. It’s mainly because the discount to NAV has widened even further. I can’t recall in years of holding VinaCapital Vietnam Opportunity Fund (LON:VOF) the discount to NAV being SO high! If VOF was an open ended fund investors would have to pay the full £5.84 NAV price. Instead they (you?) can buy it at a bargain discount price of “25% off” £4.42p. 2. In contrast the other 2 Vietnam Trust share prices have done much better this year and unlike VinaCapital Vietnam Opportunity Fund (LON:VOF) have gone UP since Jan 2nd. Vietnam Enterprise Investments (LON:VEIL) £5.87 now and up from £5.55 on Jan 2nd. NAV is up from £6.80 on Jan 2nd to £7.21 now. The discount is 18%. VietNam Holding (LON:VNH) £3.75p and well up from Jan 2nd £3.25p. NAV is £3.81p. The discount is now just 3% (much lower than normal) AND unlike the other 2 VNH looks fully valued for now. The share price gain since Jan 2nd is partly because the discount has narrowed so much. That’s is SHARP contrast to VinaCapital Vietnam Opportunity Fund (LON:VOF) where the share price fall is because the discount has widened to extreme levels. Hence VinaCapital Vietnam Opportunity Fund (LON:VOF) looking such a tempting buy now. Finally; it might not be too much longer before Vietnam becomes officially an Emerging Market. It’s presently categororised as a frontier market. That promotion if and when it comes could see Vietnam seeing much wider investment interest. AND the current discounts could go to premiums then. I.e there’s also a strong longer term case for investing in emerging Vietnam where more and more big Companies (like APPLE) are moving production to Vietnam, and that’s often from CHINA and TAIWAN. I hold both VinaCapital Vietnam Opportunity Fund (LON:VOF) and VietNam Holding (LON:VNH).” |
Posted at 18/1/2024 19:39 by riskvsreward vnh used to be on a higher discount compared to both veil and vof. It has then offered several tender offer at close to NAV which have since led to its rerating to much lower discount. I first bought VNH because it was offering a bigger discount but sold out on its first tender offer and then when its share price went above its tender offer price. I think now vof is better value as vnh is too small and the fee is relatively more expensive to run, unless its fund manager outperform significantly in their stock selection.Also to add when compare performance, one needs to account for the dividend payments by vof, but not by vnh and veil. This can add up on a longer time span, say 3 years,it can add up a difference of close to 10%. |
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