Vietnam Enterprise Inves... Share Discussion Threads

[hydrogen economy] 25/6/2019 13:35

CNBC doing a series of specials in Vietnam this week, focusing on supply chain shifting there from China, looking at the industries affected etc. All sounds very positive about prospects for the country and may well encourage more investors to Vn stocks which will be good for VEIL and VOF which have been pretty static of late, not working yet today, both well down!.

[andyj] 08/4/2019 11:11

The difficulty is always choosing the right companies at the right time and price that will benefit from the undoubted growth prospects of the country. Vinamilk, down 30%, was always a strange choice to me. As the Vietnamese grow wealthier it is more likely they will buy the more expensive foreign imports that they could not previously afford. Khang Dien House was a reliable investment as the construction here shows no sign of slowing. They and we are fairly reliant on the potential of an MSCI inclusion for a rerating here after a disappointing twelve months and a divergence from the global equity bounce since January. I continue to hold, for the moment, but I will be analysing their stock picks with greater scrutiny.

[cfro] 08/4/2019 09:29

From the outlook statement:

After a difficult 2018, most market participants have a cautious view of 2019. However, as we believe Vietnam's strong economic fundamentals and macro story are still largely intact, having already corrected to just 12.x times forward 2019's PER, there is a strong case for the stock market to find its footing in the year ahead. Additionally, the Government has reiterated its commitment to continue focusing on the long-term development of the financial market. The long-awaited covered warrant is due to be launched in 2019 whilst instructions have been issued to several major state-owned enterprises ("SOEs") to restructure their organisations in preparation for IPO. There is still an ample pipeline of private company IPOs and SOE privatisations however, heightened market volatility had halted this for much of the second half of 2018. As such, we believe that we are likely to see some of these opportunities returning to the market.

Within this market landscape we believe stock-picking, one of VEIL's unique strengths, will become more important than ever as the market becomes more diverged between the fundamentally good stocks and trading stocks. At the same time, we will continue to be active in screening for both IPO and SOE privatisation opportunities that can offer long-term growth at reasonable valuations. Finally, and as always, we remain committed to assisting our investees in unlocking value for the benefit of shareholders.

[cfro] 08/4/2019 09:28

Taken from today's report:

With our domestic market's valuation having experienced its recent correction to a more reasonable level, we are confident of our ability to execute on the strong long-term buying opportunity that has been created. With our top 60 companies expect to deliver 10.1% EPS growth of 12.9x forward earnings in 2019, below regional peers such as Thailand, the Philippines, Malaysia and Indonesia, we are able to offer investors good downside protection amidst sensitive global macro factors, all of which is underpinned by our unique expertise that will to allow us to unlock value for the benefit of shareholders.

[interceptor2] 12/3/2019 08:01

City of London Investment group picked up 10% of the shares Last Thursday, RNS released during the day yesterday so like me other could have been missed it.

[cfro] 08/3/2019 10:50

NAV - 518p

[interceptor2] 08/3/2019 08:08

I also took advantage yesterday with initial position, the fall should give a good risk/reward entry price with strong support at 390p only 10% lower.

[cfro] 07/3/2019 13:34

A few of us taking advantage today..

That has to be a fund in distress imo, otherwise why accept such a large discount to NAV.

[mad foetus] 07/3/2019 09:19

I bought at 426. Assume the seller had liquidity problems and this creates a short term opportunity to buy a very good long term investment at an absurd discount

[melody9999] 07/3/2019 09:11

Agreed amt and suspect that the share price will recover over the next days / weeks. I've taken the opportunity to join you so lets hope so.

[hydrogen economy] 07/3/2019 09:10

Unclear why APG sold, and more specifically why they did it in one hit in a way which guaranteed value realized would be well down on prevailing market price. As you note, this does not affect NAV which was at 522p last night, so put discount at 20%. have topped up as I can't see that being the case for very long.

dyor

[amt] 07/3/2019 08:35

What the hell is going on here. Should reflect underlying assets? So why the huge discount

[hydrogen economy] 07/3/2019 08:10

Well this livened things up, not in a good way, knocking 8%+ off the SP!



PRESS RELEASE


07 March 2019



Accelerated bookbuild offering of approx. 37 million existing shares in Vietnam Enterprise Investments Ltd



Further to the announcement released on 6 March 2019, Jefferies International Limited ("Jefferies") announces that funds managed and advised by APG Asset Management NV (the "APG Funds") have sold 37,028,177 existing ordinary shares in Vietnam Enterprise Investments Ltd ("VEIL"), representing 16.9% of VEIL's issued share capital, to institutional investors pursuant to an accelerated bookbuild process at a price of 415.5p per share (the "Transaction"). Jefferies acted as sole global coordinator and bookrunner on the Transaction.



Proceeds from the Transaction are payable in cash and closing of the Transaction will occur on a T+3 basis on 12 March 2019.



Following the closing of the Transaction, the APG Funds will no longer own shares in VEIL. VEIL will not receive any proceeds from the Transaction.

[andyj] 07/2/2019 01:33

These have become incredibly dull over the past six months!

[corguv] 03/8/2018 10:37

Veil looking cheap on basis of Vietnam
continuig strong trend so joined you here
with a small holding.

[sogoesit] 21/6/2018 08:13

Discount to NAV widened to 18%
Good time to pick-up.

[andyj] 29/5/2018 11:35

Added small amount at 4.41

[amt] 29/5/2018 08:17

Big rise today though.

[oldboffy1] 28/5/2018 09:11

It was mentioned a few weeks back that the VN Index had got ahead of itself. The macro picture for Vietnam still looks good but does anyone have any feel for where the pull back will finish?

[cfro] 28/5/2018 08:59

Well, VN index off by 3.4% today and off by 23% from ath's, so looking a bit sick now...

[andyj] 24/5/2018 00:53

Its at its most violent at the start and end, some of the lightning storms are truly magnificent, but it ends in late November and the start of the cold season when temperatures drop briefly below 30C.

[timnet] 23/5/2018 10:12

Thanks AJ,

I'll wait, too....
How long does the rainy season last?!

[andyj] 23/5/2018 01:22

Nothing company or country specific in my opinion. VOF had a greater fall.The only change here recently has been the dramatic onset of the rainy season after five months of almost unbroken sunshine.I continue to wait for an opportunity to add.

[timnet] 22/5/2018 10:47

Andyj et al,

Any idea why there are some mighty big sales here today - something to do with the Board reorganisation and maybe speculation as to the need for this?

Is there some local news we wouldn't be aware of here?

As was said before, discount over 20% and rising....

Thanks.