Vietnam Enterprise Inves... Share Discussion Threads

[amt] 18/5/2018 19:52

Discount over 20% so plenty of upside here.

[solonic] 16/5/2018 17:41

Hi andyj. Just discovered this thread! It's much more civilised here than back there.
Perhaps you and mochyn have at last shut the bad guy up. Here's hoping. Strange how all the 'names' have 'desisted' all at once. Shhh!

If it's not too personal, what are you doing in Vietnam? Just a general answer, of course, no names, no pack-drill. Me? I'm just a retired guy living in UK and USA....

Buying more tomorrow. Thanks for your input here. (And there.)

[andyj] 28/4/2018 13:42

VNI closed now for two days and will reopen Wednesday. I am getting closer to adding to my holdings here, but will wait to see whether there is more profit taking next week. One very happy country at the moment! This represents the longest holiday outside of Tet.

[timnet] 19/4/2018 10:16

Andyj,

Thanks for this - very helpful and informative.

Quite happy to bide my time on these and am also looking to further buying opportunities (both here and in China). It would be great if you could indicate when you judge that any sell-off has been overdone - as someone else said, it's really good to hear the views of someone with his ear (physically) to the ground!

[andyj] 19/4/2018 02:36

I think there are several factors at play. 1. The way foreign investment has become more selective regarding IPOs, particularly privatisation ones. In recent months some have been shelved and others fallen since launch.2. The continuing sell off in China, which has at least an equal influence as the US markets on sentiment here. 3. There is a growing feeling that the market has got ahead of itself, particularly on the earnings front. The index now trades on a rather demanding PE of 21. The fundamentals remain in place, the likelihood of gaining emerging market status, the GDP growth and the ongoing dramatic rise in middle classes. Locals are mindful of the dramatic falls in China in recent years and the experience of making money on something as abstract as rising stocks is a new one. Obviously a retracement could follow. I will view such falls as opportunities, am remaining invested and have built cash ready to take advantage of a sell off. The probability of Vietnam growing over the next few years remains closer to certain than any other country I can think of.

[oldboffy1] 13/4/2018 17:14

It is very helpful to read posts from people actually living in the country and who can comment on the statistics as they become available. It has mentioned before that investing in Vietnam (which I do in both VEIL and VOF) can see some erratic share price movements. andyj, do you have a view on the slide back this week?

[andyj] 13/4/2018 07:05

I see John Rosier, PI Diary from Investors Chronicle has bought here. He is a shrewd investor, not often I get in before him!

[sogoesit] 09/4/2018 18:02

On a day-for-calendar day reported basis the discount, during March, has varied between 19.02% and 15.12%; a variation of about 20%.

Today's reported NAV of 600p (for the 5th April) equating to today's (9th April) closing price of 487p gives a discount of 18.83%.
(The actual closing share price on the 5th April was 488p)

[the juggler] 23/3/2018 09:13

I am watching this with interest. Obviously today it is following the general downtrend. The NAV makes the current share price hugely discounted. NAV today is 594p v a buy price of 490p.
Wondering if it will go lower?

[andyj] 28/2/2018 11:29

It has developed into a fantastic place to live. We moved here 15 years ago and the first 8 were challenging for many reasons. Then followed a gradual improvement in infrastructure and a realisation among the locals that their country was emerging to a brighter future. The pace of change since has been exponential. New state of the art shopping centres are springing up, a sky train is nearing completion and construction is everywhere. Now they know their children will have opportunities they never had and perhaps what is best of all, the Vietnamese are visibly profiting from the foreign investment. Employers are forced to employ locals and when they do, find them hard working, honest and highly qualified. An ex pat businessman recently told me how locals are increasingly demanding higher salaries, some 100k USD a year and justifying them. Ironically, given it is a socialist country and of course we have our own home grown socialist in Mr Corbyn, there is a huge program of privatisation under way, with a further 304 SOEs coming to market soon. Perhaps he should come here. There remains huge areas of abject poverty, but now they have tangible hope and determination.

[timnet] 27/2/2018 18:04

Andyj,

Many thanks for these helpful comments. I've bought a few VEIL (swapping out of TEM) as a starter and look forward gently to building up my exposure to Vietnam as the opportunity presents itself.

Am I allowed to ask what you are doing there? Sounds a wonderfully happy, friendly country.

[andyj] 27/2/2018 12:26

As a country Vietnam is irrepressible. It is rising and will continue to rise, with some hiccups, for years to come. It is a stable, safe country with a young population of well educated and hard working people who know their future is bright. Inflation is steady and growth is astonishing and visually so. The question is are the holdings of VEIL or VOF best placed to profit. Both cater to a primarily local market and as the disposable income of middle classes rises, which it is, many may switch to more expensive foreign brands. FPT and Hoa Phat seem well placed to cope, particularly the latter, and Vinamilk has begun making versions of milk made by foreign companies. Viet Jet may lose customers to full fare rivals, but of course these will be replaced by those having money that did not before. I invest in both funds and intend to add VNH, although there is overlap. The better the spread of holdings the safer the investment IMO. As a country, Vietnam is the most investable proposition imaginable. As an ex pat colleague said recently, over 5 to 10 years, it is a no brainer. If the City saw what I see every day they would trade at a premium, not discount, but it is going to be a bumpy journey and into the dips I will add.

[timnet] 27/2/2018 11:16

I'm thinking of dipping a toe into either VOF or VEIL; impressed with the debate on this thread; liking the discounts on both; liking the long term prospects for Vietnam. Any preference although it seems that you guys like to invest in both?

[andyj] 24/2/2018 15:50

The NAV is just off the record high by 2p. Yet the shares are currently nearly 8% lower than when that high was reached. I think that is more a reflection of nerves in the UK than any here!

[oldboffy1] 23/2/2018 16:42

I have only been invested in VEIL for a few months having had VOF a bit longer. With the Vnindex back up to 1100 it is strange how this share price moves in fits and starts

[andyj] 23/2/2018 15:37

Interesting anomaly here. There is a recent tendency for the FTSE to fall sharply when the US rises at the opening, often dragging down VEIL, even though most Vietnamese are asleep. But the VN market has no interest in the UK and only takes its lead from the USA. Currently a 16% discount.

[undertaker] 20/2/2018 13:56

mentioned in todays telegraph...

[sogoesit] 05/2/2018 10:52

Pull-back today. 19% Discount. Bought.

[andyj] 08/12/2017 09:05

NAV now 6.78!

[andyj] 22/11/2017 09:09

Up 20% since I posted last in July, but much further to run.

[ny boy] 20/11/2017 12:57

I’m here!

[spectoacc] 03/3/2017 08:21

£3.88 NAV now, but still no more share buybacks.

[spectoacc] 01/3/2017 10:58

Last "Transactions in.." was for 23rd Feb, seems a little odd when they've so much to spend. NAV also gone up - last £3.87, vs £3.81 when they announced the buyback on 17/02 (ie I don't see why they can't pay higher prices, when NAV has risen 6p).

[spectoacc] 22/2/2017 13:19

Prices they've been paying have been lower than I was expecting - generally around the 321p mark. Good for NAV accretion.