Vietnam Share Discussion Threads

[melloteam] 08/2/2022 14:17

Mello Events is hosting a FREE Trusts and Funds event on Thursday 24th February at 1pm.
The event will include the following:
David Stredder interviews Peter Pereira Gray, Managing Partner and CEO, Investment Division of Wellcome Trust.
Presentations from Coupland Cardiff (CCAM), Downing Renewables & Infrastructure Trust plc, VIETNAM HOLDING Ltd (VNH) and Momentum Global Investment Management.
Jonathan Davis talks with Sally Tickner from Harriman House and the latest Investment Trust books
Investment Trusts and Funds Panel, including Reg Hoare, Andrew Hollingworth, Paul de Gruchy and Nick Brind.
Click here for more information:

[spangle93] 26/1/2022 10:11

Amazing - just had an email from Hargreaves Lansdown that "Vietnam Holding Ltd .. tender offer is now complete, all basic elections were satisfied in full and 3.9% of excess elections were satisfied. As a result, your holding was updated on 16 Sept."


HL used to be such a good company

[31337 c0d3r] 19/1/2022 07:50

Just noticed there was some rare explanatory commentary with yesterday's NAV report:

"The Vietnam equity indices fell sharply today due to profit-taking, triggered in part by concerns on the valuation levels of several small-capitalization stocks which had rallied particularly strongly over the last six months. The Vietnam All Share Index (VNAS) decreased by 3.6% and the estimated NAV per share of Vietnam Holding Limited (VNH) declined by 4.2%."

[appychappy] 17/1/2022 13:00

No, still good value...

[my retirement fund] 17/1/2022 12:31

ahh looks expensive now

[pyemckay] 17/1/2022 11:01

NAV slipped 10% over the last few weeks and the share price has caught up. I wrote about this last week and top sliced. Might rebuy soon. Still less than 10% discount to NAV but other vietnam trusts around 15-16 discount just now. Will watch with interest as I have approx 10% exposure to Vietnam in total.

[shaker44] 17/1/2022 09:52

Just a corrective blip in my view.

[bagpuss67] 17/1/2022 09:23

What's going on here today?

[buoycat] 16/1/2022 12:37

Apparently not. https://citywire.com/investment-trust-insider/news/james-carthew-three-2021-trust-winners-i-like-for-2022/a1592670?ref=author/jcarthew

[shaker44] 15/1/2022 02:45

Vietnam now moving from daily covid cases to reporting only hospitalisations, deaths and local medical capacity. Seems very sensible with omicron dominating and will enable faster economic growth. Let's see if the vn Index likes this change. It should.

[shaker44] 13/1/2022 16:10

Vietnam is budgeting 6.5% growth this year-a rate envied by western economies. Changes in employee benefits are likely to be minuscule for many years yet, so productivity will always be far superior to Western economies.
For example, minimum wages are undercut frequently as cheap migrant lsbour gets sucked in from neighbouring countries. The greater challenge is to improve education to increase the skilled labour pool. I just don't buy the corporate and social responsibility line. Too many powerful vested interests. Right across s e Asia.

[alter ego] 13/1/2022 15:47

latest monthly report concludes:
"There's no doubt that the high growth that Vietnam experienced prior to Covid-19 has been stymied by the ongoing pandemic, and it is inevitable that supply chain and other structural risks will remain an integral part of the script in 2022, but the velocity of change, in terms of policy and rising environmental and social urgencies, is the reality that countries and companies all over the world face, large and small. When Vietnam eventually moves up from a frontier to an emerging market status, there could be a sea change in corporate and social responsibility not seen in its growth story ever before."

[pyemckay] 12/1/2022 16:53

Quite a drop in the discount to NAV. Only 7% in my calculations now. Reinvested a portion of VNH back into VOF which is nearer 15% discount now.

Vietnam seems a reasonable place to park money over the next few years

[alter ego] 14/12/2021 15:22

new paid for research note well worth studying

[hawaly] 13/12/2021 09:45

The link above doesn't seem to work

"James Carthew: Three 2021 trust winners I like for 2022"

This does:



GLA
😎

[davebowler] 13/12/2021 09:35

Vietnam Holding Limited (VNH) Investor Report – November 2021
Santa in Saigon

Vietnam’s vaccination rollout has come a long way over the past month. By early December, 75% of the adult population had received the first jab and 56% the second, giving both businesses and Christmas shoppers a good reason for feeling festive. Vietnam caught up quickly with Western nations, having already started vaccinating children in early November and therefore helping to contain the superspreading in schools seen all over the world.

Then, despite the emergence of Omicron, just as the country was reopening and dealing with the detriments of the Delta variant, LEGO, the iconic Danish toy manufacturer, gave the country another excuse for getting into the spirit by announcing that it intends to invest US$1bn in building a carbon neutral factory with the Vietnam-Singapore Industrial Park Joint Stock Company in the southern Binh Duong province. According to the Danish Ambassador to Vietnam, this is the largest investment ever in Vietnam by a Danish company and shows the confidence and optimism of Danish investors in the relationship between the two countries. In our view, it also underlines the attraction of future foreign investment in Vietnam, given the government’s facilitation of trade and international integration, on top of the country’s abundant workforce and geographical location.

The Fund’s NAV was up +3.1% in November, underperforming the VNAS by 0.8%, reflecting a diverse range of performance among its positions as the equity market reached a new peak. Financial services outperformed and VNH benefited from its overweight in brokerage firms, including VND (+38.8%). The brokerage sector is expected to benefit from further development of equity and bond markets. VND is well-placed to reap the opportunities having raised its capital this year. The market was driven mostly by local retail investors throughout the month with a record number of new accounts opened (over 200,000) and with speculative money flowing into mid-cap stocks. We viewed this as an opportunity to rebalance the portfolio starting with taking profits on some positions, such as NLG, after a strong rally. We also reduced our holding in HPG to below 3%, taking a profit from its stellar performance in 2021 and minimising our commodity risk considering worldwide inflationary rises and the fact that its stock price is highly correlated to the global price of steel. With the new layer of uncertainty surrounding Omicron, we decreased our position in retail stock PNJ as well since, despite the seasonal uptick, spending has not fully recovered from the Q3 lockdowns. In terms of additions, we selectively increased some of our holdings in anticipation of a recovery in earnings growth in the new year.

The Fund has been and remains one of the top three investment trusts listed on the London Stock Exchange in terms of performance year to date, and this can be attributed to how both the Vietnamese markets have weathered the ongoing Covid-19 disruptions and how we exercised our high-conviction stock selection and nimbleness.

Looking ahead, monetary and fiscal policy will be making an increasingly bigger impact as the world learns to live with Covid-19 variants and the digital and societal transitions that the pandemic has accelerated. Controlled inflation and a stable property market will continue to support easing polices in Vietnam, but we also believe public investment and policy will play an integral role in how its economy fares in 2022 and 2023. We will be engaging with our portfolio companies more in this context, ensuring they adopt new compliance and IFRS accounting standards as well as helping to promote more collective action on addressing environmental, social and governance issues in the country’s future and its commitment to net-zero.

We thank you all for your support during this remarkable year for the Fund and wish you all a safe and happy Christmas and a prosperous New Year.

FULL REPORT

Dynam Capital, Limited
www.dynamcapital.com

[spangle93] 06/12/2021 18:30

I think it should be 2021, not 2020, but nevertheless...



The past 12 months may have been eventful, but they have also produced some impressive share price gains for many investment companies....

The third-best performer is Vietnam Holding (VNH), whose shares are 93% higher than a year ago. Fund managers Vu Thinh and Craig Martin have put enormous effort into marketing the Guernsey investment company, yet it still trades on a 14% discount. I think that this is unjustified and, with the market value knocking on £100m now, interest in it may grow.

[killing_time] 16/11/2021 08:36

Hi exotic,

I have been hearing Vietnam is going to join the Emerging market index for the last 6 years. There are 9 conditions to be met and Vietnam has past 7 of them.

The best source I have heard was the Vietnam government saying they want to join by 2025, so I think we could still be a few years away.

Being in the Frontier index isn't all bad, because Vietnam is now the largest economy in it, it commands a 26% weighting which means it gets the lions share of money invested in the index but obviously the Emerging markets index is bigger.

Just my views, KT.

[exotic] 15/11/2021 19:26

The Monthly Investor Report released today ends on the prospect of an eventual inclusion in the MSCI Emerging Market index, but with no indication of expected timeframe.

Does anyone have an opinion on whether that's likely within 2, 5, or 10 years?





"The reality is that index inclusion boils down to market size, liquidity and accessibility rather than economic status or prospects."

[shaker44] 11/11/2021 09:25

Yep, and we have trousered about 30p a share

[spangle93] 11/11/2021 09:15

So, the share price has now reached the tendered NAV price at which we sold shares 2 months ago

[exotic] 31/10/2021 22:57

I think these are directors who participated in the tender offer and indicated in the Director Shareholding announcement on 16th September of their intention to repurchase after the closed period.

[alter ego] 30/10/2021 16:17

several more director share purchases in last couple of days - 14250 shares in total.