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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Vietnam Holding Limited | VNH | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 8.00 | 2.03% | 402.00 | 16:35:25 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 394.00 | 394.00 | 406.00 | 402.00 | 394.00 |
| Industry Sector |
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| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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Posted at 12/9/2024 07:52 by shaker45 Thank you for posting that. Good assessment imo of a relatively ignored market. I am a long term investor in vnh, VOF and more recently through a vietnam etf. A growing stable economy with far more medium term upside than downside |
Posted at 11/9/2024 22:58 by maxk No position, just passing this along.Questor: Buy this Asian country before the markets recognise its true potential Investment trust bargains: GDP growth of more than 80pc in a decade is just the beginning James Carthew 11 September 2024 • 8:00pm One of the world’s great economic success stories in recent years has been Vietnam, and UK-based investors have a choice of three investment companies focused on the country. Questor favours Vietnam Holding, which has delivered the best returns to shareholders – ranking among the top 10 of all London-listed investment companies over the past 10 years – yet still looks to have an exciting future. According to the World Bank, Vietnam’s GDP per capita was about $4,347 in 2023, having grown by more than 80pc over the previous decade. Despite this impressive rise, it is still playing catch-up: China’s GDP sits at $12,614, while the UK’s own is $48,867. Much of Vietnam’s success can be attributed to its thriving manufacturing sector, notably in electronic products, mobile phones and machinery. In part, that reflects efforts by global firms to diversify production away from China, but it also reflects an ease of doing business as the country has regional or bilateral trade agreements in place with most countries. Vietnam is also rich in natural resources, has an expanding workforce (in contrast to neighbouring China), and has a thriving tourism industry. Inflation appears to be under control and the currency is fairly stable. Foreign direct investment has soared and the government is upgrading infrastructure, supporting growing urbanisation. As incomes rise, Vietnam’s consumer-facing businesses are benefiting. Companies are investing in the digital transformation – almost four-fifths of the population has internet access. However, the Vietnamese stock market index is well off the peak it hit in 2022. The main reason for this has been a concerted clampdown on corruption, which took a lot of the froth out of the local property sector. It has also uncovered some spectacular frauds, which have resulted in the death penalty for some perpetrators. Vietnam Holding has been investing in the country since 2006. Its impressive track record – share price up 181pc over the 10 years to end of August as compared to 117pc for the local VN Index, 69pc for MSCI Emerging and 91pc for MSCI All Countries Asia ex Japan – reflects the skill of its manager (which is based in the country) and its investment approach. The investment opportunity is fairly broad – around 1,600 listed companies – but the portfolio is reasonably concentrated, with just 24 stocks at the end of July 2024. It includes small and large companies, and can be quite different to the composition of local indices. Vietnam Holding has incorporated analysis of environmental, social and governance factors (ESG) in its approach since well before it was fashionable. Putting a strong emphasis on good corporate governance when selecting stocks has obvious benefits in a market such as Vietnam. However, the manager observes that companies which also aim for excellence in the other two areas also tend to fare relatively well. The manager took advantage of the shake-up of the property sector, buying stocks that it liked relatively cheaply, and has reaped the rewards as these have started to recover. The discount that Vietnam Holding’s shares trade at relative to the underlying net asset value has narrowed over the past year, reflecting its board’s decision to offer investors a redemption opportunity, providing an exit for those who want it. The price that exiting shareholders take is based on how long they have held their shares, penalising those looking to make a quick profit but rewarding long-term investors. September 2024 was the first occasion where this was on offer, and 16.2pc of VNH’s shares have been submitted for redemption. The depth and breadth of Vietnam’s stock market, which now turns over around $1bn a day, ought to mean that it is reclassified from a frontier market to an emerging market. This has been a long time coming, but now seems more of a focus for the government. It would open up the stock market to more foreign investors. Previous instances of this with other countries have resulted in a surge in share prices, but there is much more to the Vietnam buy case. Based on multiples of historic profits, Vietnamese stocks are not especially cheap, but Questor feels that their forecast earnings growth and high returns on equity means the prospects for Vietnam Holding remain attractive. As some investors leave the share register through the redemption opportunity, the board is keen to see the discount narrow further to the point where it can issue new shares at a premium to net asset value . This would enhance returns for existing investors and would help bring down the overly large running costs, which are a reflection of the relatively small size of the company. It is perhaps worth noting that all the performance figures quoted above are after charges. Questor believes that Vietnam’s growth story has a long way yet to run and Vietnam Holding is a good way of playing this. Questor says: buy Ticker: VNH Share price at close: 379p |
Posted at 22/3/2024 14:34 by aleman From the interims:It is worth noting that the Fund has the narrowest discount of the three London-listed Vietnam focused funds. Over the last twelve months the discount was at an average of 13.3% versus 17% for its peers. At the end of December, the discount was 7.7%, versus an average of 19.5% for peers. I believe the narrower discount is partly a reflection of the innovative redemption facility that was proposed to shareholders in November and unanimously approved in December. Starting this September, shareholders will have the option to redeem shares on an annual basis at NAV[1]. Of course, investors are also free to buy and sell shares in the market at any time. |
Posted at 15/12/2023 08:36 by spangle93 Monthly summaryVNH's NAV rose 12.7% in November, outperforming VNAS (+9.0%). Year to date the fund is the top-performing Fund in Vietnam, with the discount to NAV the narrowest of the three London-listed Vietnam funds. |
Posted at 11/12/2023 07:17 by spangle93 Investor Webinar this week"VietNam Holding Limited is pleased to announce that Dynam Capital, the fund manager of VNH, will be hosting a live online investor presentation on Wednesday, 13 December 2023 at 10 AM UK time. The presentation is open to all, and the Company welcomes the interaction with shareholders. It will be designed to provide a greater understanding of Vietnam's economic progress, the strategy of the fund, its investment processes, its ESG approach, performance and the outlook for 2024. The webinar will also allow for questions regarding the upcoming AGM. |
Posted at 24/9/2023 20:12 by sharesoc ShareSoc is hosting a webinar with VietNam Holding Limited (VNH) on 17 October 2023, which may be of interest to current and potential investors. Craig Martin (Executive Chairman of Dynam Capital – Fund manager of VNH) will be presenting. You can register here: [...] |
Posted at 15/2/2023 07:45 by spangle93 Monthly investor report sounding upbeatVNH's NAV was +11.1% for the month, slightly lower than the index. This followed the Fund's outperformance of the Vietnam All Shares Index (VNAS) for the 2022 calendar year, with its NAV declining 30.1% versus the VNAS' decline of 39.8%. Strong double-digit growth in Retail stood out in 2022, and we expected that to continue in the lead up to Tet. In January, VNH benefitted from its overweight in outperforming banks, STB, ACB and MBB, as well as its underweight in Real Estate, keeping to our conviction that banks were oversold in 2022 and that real estate companies would face increasing headwinds due to the lagging impacts of rising interest rates. The Fund's overweight in Industrials - IDC (up +28.4%) and GMD (up +17.7%) - along with its continued convicted positions in Telecoms and Retails, also all paid off. We feel optimistic about a more stable VND in 2023 as external and internal risks have reduced, but also expect divergence of EPS growth among sectors and stocks to increase. Additionally, on top of very attractive valuations, market liquidity also continues to move in the right direction following the indiscriminate selloffs and short-term shocks of 2022. Foreign investors net bought US$ 179m in January and we saw a comeback of both foreign and local participants in the equity market. As with several ASEAN countries, Vietnam is kicking off 2023 in a strong position to outstand the rest of the world in terms of GDP growth - forecasted at 6.5% for the year. |
Posted at 17/1/2023 07:32 by spangle93 Monthly summary to the end of December is full of extreme descriptions, but this is a flavourFull year net buying ended up making the US$1bn mark, a first since 2019. While we expect local indices to consolidate in this current environment of monetary tightening and wait-and-see sentiment, it is times like these when rare opportunities for the long-term arise, particularly given the attractive valuation levels of Vietnamese stocks and consensus view that corporate earnings growth is more than 10%. Positive outlook from the manager for the year of the Cat, starting 22-Jan |
Posted at 15/5/2022 21:25 by melloteam Mello2022, the popular three-day Investor event takes place on 24TH-26TH MAY at the Clayton Hotel & Conference Centre, Chiswick, W4. The breakdown of the three days is as follows:Tuesday 24th May, 9am - 6pm - Mello Investment Trusts and Funds (WE ARE GIVING AWAY 20 FREE TICKETS TO THE TRUST AND FUNDS EVENT - THE FREE CODE IS FIRST20TF) Wednesday 25th & Thursday 26th May, 9am - 6pm - Smaller Growth and Mid-Cap Companies (Tickets for 1 day are £115 and tickets for 2 days are £189. To get 50% off, use code MMTADVFN50). Just to let shareholders and prospective investors know that VIETNAM HOLDINGS will be among the Trusts and Funds attending. There will also be keynote speakers such as Lord John Lee, Andy Brough, Rosemary Banyard, Clarke Carlisle and Gervais Williams. For more information, please visit the event webpage: |
Posted at 11/10/2021 07:54 by davebowler New report-Vietnam Holding Limited (VNH) Investor Report – September 2021 The Rise of the Retail Investor Vietnam’s economy was hit hard by strict lockdowns in September, with manufacturing falling significantly for the second month running and GDP Q3/2021 growth down -6.2% YoY. Foreign investors were selling throughout the month, nevertheless, leading stocks in the consumption sector performed strongly, with MWG, one of the Fund’s largest holdings, posting impressive returns as the modern retail trend in Vietnam continues to strengthen despite the Delta variant’s economic dents in Q3. VNH was the top performing fund for the first nine months of 2021, beating the VN Index by 24% and outperforming its peers. Its NAV was up +3.3 for September with other top positive contributors DGW, HPG and VPB faring well. Both DGW (Digiworld), the country’s leading ICT distributer, and HPG, Vietnam’s top steel maker, continued to benefit from rising demand throughout the pandemic. VPB will receive proceeds from selling its stake in the finance company FE Credit and we expect it could become the biggest private bank in Vietnam in terms of capital given its senior management’s long-term strategy. It has been an extraordinary year for Vietnam’s benchmark stock index, which having gained around 23% since the start of 2021 is this year’s top-performing market in the Asia-Pacific region. As noted in the Fund’s recent annual report, VNH’s 15th anniversary this year coincided with an unprecedented escalation in domestic investor activity. To put this into more context, the market value of publicly traded companies in Vietnam is now close to USD 300bn, up from USD 2bn in 2006, when investment funds, such as VNH, commenced their activity. As a result, the stock market has created additional wealth and income for the many new domestic investors in the country, and longer-term investors, such as those who invest in VNH, have also seen compound average returns of more than 15% per annum over the last decade. Also, as part of our rigorous market analysis, we recently commissioned an independent research firm to conduct a first of its kind survey on the sentiment and behaviour of the growing retail investment base in Vietnam, and the findings paint a more upbeat picture of what is to come in the last quarter of 2021 as vaccinations pick up pace and lockdown restrictions are gradually lifted. Carried out in the month of August, the survey captures the changing nature of Vietnam’s retail investment market, namely how these investors have emerged as a decisive buying force by allocating their money in selective stocks more than in traditional assets, such as gold. Since Covid-19 struck and working from home became the new norm, this investor base has grown to an estimated four million trading accounts, around 3% of the country’s population, which is remarkably more than in the UK and similar to Taiwan’s figure in 1986 when the market there went on to experience decades-long stock market surge. Of the survey’s 425 respondents, 79% recorded strong gains in the past year and 59% said they feel optimistic about the market going up more than 5% in the final months of 2021 suggesting optimistic outlooks despite the Delta variant’s paralysing effect on trade in the past two months. Vietnam Holding published its annual report on 1st October (available on the VNH website) and has announced that the Annual General Meeting will be held 10.00 a.m. (UK) on Monday, 1 November 2021 at the offices of FIM Capital Limited, 55 Athol Street, Douglas, Isle of Man, IM1 1LA. The AGM will be followed by an Investor Update Webinar at 10.30 a.m which will be recorded. Registration for the webinar can be made at this link. |
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