Vinacapital Vietnam Oppo... Share Discussion Threads

[dickbush] 18/5/2009 12:45

Many thanks, Simon. I'll take a look.

[dickbush] 08/5/2009 16:22

NAV of $1.88. So even after today we're still at a discount of 30%. Plenty of room to narrow if the market attracts more foreign investors.

[dickbush] 07/5/2009 07:58

Vietnam up another 4% today.

[hiijinx] 05/5/2009 10:50

yep, its a good rise for vof today

[dickbush] 05/5/2009 07:35

Vietnam up another 5% today to a new rally high.

[par555] 01/5/2009 16:00

Yangou - Couldn't agree more .Had same problem with HL .Told that because it was quoted in $'s they could not give ' best execution ' on it and therefore did not deal it . Funny as I have bought US stocks through them on a number of occasions .
Bought it through Redmayne Bentley a number of times , but not in Sipp as have that with HL .
Annoying .

[yangou] 29/4/2009 10:38

Showing up this morning on HL again. Just a pity they wont take it in SIPP. Hmm but after calling them say they dont deal in it. So why show it up on their site then? grr!

[yangou] 27/4/2009 16:04

Just about to place a trade with HL for these but cannot be held in SIPP or ISA
Too late lost it .Case of now you see it then now you dont

[dickbush] 23/4/2009 23:20

Many thanks. VOF not acceptable to Hargreaves Lansdown in any account. Already had a run in with them. Had to use a taxable brokerage account elsewhere in order to deal. Thinking seriously about moving from HL.

[hiijinx] 15/4/2009 21:13

i think vof can go in a sipp, being in dollars is not an issue as its quoted on the london stock exchange, check your sipp provider

[dickbush] 15/4/2009 20:20

If anyone finds an ISA-able or SIPP-able Vietnam fund or vehicle, please let me know.

[brando69] 15/4/2009 19:33

many thanks - looks like jp morgan have some sort of vietnam investment fund. i'd assume that can be slapped in an ISA. but performance looks poor.

[hiijinx] 15/4/2009 19:27

there is also some funds listed here which are single asian country funds but maybe only in hong kong

[hiijinx] 15/4/2009 19:17

brando, try this load of funds. i have'nt found one which can be put in an isa yet. most of these are also dollar quoted

[brando69] 15/4/2009 18:41

but, if you'll allow me to be serious for just a few moments, are there any vietnam buffs on here who can point me towards stocks or funds which are ISA-able and which offer good exposure to the dong, so to speak.

[hiijinx] 15/4/2009 18:33

thanks for all of your replies, very helpful. must get back in soon then save them away somwehere for a couple of years

[dickbush] 15/4/2009 15:55

A 40,000 share buy at 125 just reported.

[knowing] 15/4/2009 12:08

This gives a good view on NAV value

[dickbush] 15/4/2009 12:05

hiijinx

With the shares at a 35% plus discount to NAV I would say they are very cheap. When/if the Vietnam market really gets going the discount should narrow. Last time it was hot the discount actually moved to a premium because there are so few ways of getting into the market-unless you want to travel to Vietnam to prove you're a reputable investor. Having said all that, you still have to take a positive view of the market, which I do long term. After all we're taking about a population of 85 million with a very high literacy rate, tough and determined, competitive with China and, like China, gradually privatising whole sectors of the economy.

From Vinacapital today:

Capital market update

Vietnamese equities rallied 14.7 percent in local currency terms over March, tracking gains seen across global emerging markets, but notably outperforming the MSCI Frontier and Asian Indices by 5.9 and 5.0 percent, respectively. The Vietnam Index closed March at 281 points. Year to date, the Index is down 10.6 percent, in line with equity markets globally, but off the low of 235.5 seen in the last week of February.
Overall, the latest attempt by the US Treasury and Federal Reserve to re-establish confidence in the US financial and debt markets helped buoy sentiment toward equities markets worldwide. Earlier gains seen in March were sustained during and following the G-20 London summit, where news of USD1.0 trillion being made available to the IMF and World Bank to lend to countries in need of external liquidity helped to extend gains in world markets.
In Vietnam, several local initiatives also helped boost market sentiment. Bank lending was boosted by the government's loan-interest subsidy programme, where exporters and manufacturers can borrow from banks at a net interest cost of 4.5-5.5 percent. A total of VND218 trillion (USD12.3bn) in lending was disbursed through the first week of April. In addition, preliminary balance of trade figures showed a substantial narrowing of the trade deficit and exports appear to be contracting at a slower (-15.3 percent) annualised rate than many other Asian export-oriented economies. This has lifted hopes that Vietnam may be headed for a reasonable 4 percent GDP growth rate this year (the IMF has estimated 5 percent).
Similar to many markets, valuations in Vietnam remain firmly anchored in value territory. The composite of HOSE and HaSTC stocks trade at a trailing P/E and P/B multiple of 12.3x and 1.6x respectively, as of 10 April 2009, with a combined market capitalisation of about USD12 billion. Guidance on earnings growth for many firms for 2009 is fairly conservative, given weaker domestic demand, soft commodity prices and export trends. This however, is offset somewhat by the Government's export and fiscal stimulus (estimated at USD6bn of direct spending and indirect support) which is expected extend into infrastructure and labour-intensive public works in the coming months.
As an emerging market, Vietnam's stock market outlook will be heavily influenced by macro and liquidity driven factors. Despite this, Vietnam remains well positioned for a return to high economic growth rates and robust equity markets as soon as 2010. The country is positioned to be a leading indicator for a recovery in global trade and investment given the export driven nature of the country's manufacturing base and Vietnam's comparative cost advantage to China, given a slightly weaker VND, and a more competitive wage and cost structure.