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VOF Vinacapital Vietnam Opportunity Fund Ld

-3.00 (-0.61%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Vinacapital Vietnam Opportunity Fund Ld LSE:VOF London Ordinary Share GG00BYXVT888 ORD $0.01
  Price Change % Change Share Price Shares Traded Last Trade
  -3.00 -0.61% 489.00 35,085 16:35:19
Bid Price Offer Price High Price Low Price Open Price
488.00 492.00 491.00 488.00 489.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust USD -10.43M USD -15.02M USD -0.0975 -50.26 755.1M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:19 UT 5,181 489.00 GBX

Vinacapital Vietnam Oppo... (VOF) Latest News (1)

Vinacapital Vietnam Oppo... (VOF) Discussions and Chat

Vinacapital Vietnam Oppo... Forums and Chat

Date Time Title Posts
17/5/202416:16Vietnam Opportunity Fund2,109

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Vinacapital Vietnam Oppo... (VOF) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-05-17 15:35:19489.005,18125,335.09UT
2024-05-17 15:29:30491.001154.01O
2024-05-17 15:28:59492.001049.20O
2024-05-17 15:22:08490.978344,094.70O
2024-05-17 15:17:07491.0029.82O

Vinacapital Vietnam Oppo... (VOF) Top Chat Posts

Top Posts
Posted at 17/5/2024 09:20 by Vinacapital Vietnam Oppo... Daily Update
Vinacapital Vietnam Opportunity Fund Ld is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker VOF. The last closing price for Vinacapital Vietnam Oppo... was 492p.
Vinacapital Vietnam Oppo... currently has 154,101,463 shares in issue. The market capitalisation of Vinacapital Vietnam Oppo... is £755,097,169.
Vinacapital Vietnam Oppo... has a price to earnings ratio (PE ratio) of -50.26.
This morning VOF shares opened at 489p
Posted at 29/4/2024 08:14 by aleman
It's been edging up again. With Friday's market rise and this morning's small dip in the share price, the discount might have gone over 20% again, rather more than the historic average of around 15%.

Economy booming again thanks to near record low interest rates?

Total revenue of the top five platforms, including Shopee, TikTok Shop, Lazada, Tiki and Sendo, reached more than VND71 trillion ($2.79 billion), an increase of 79% over the same period last year.

According to a recent report by Metric, more than 766 million items were sold on these platforms in the first quarter, up 83%...

...The report pointed out that Hanoi and Ho Chi Minh City took the lead in revenue and volume, accounting for 70%. However, e-commerce is no longer the playground of sellers in major cities but is spreading to localities.
Posted at 24/4/2024 09:17 by amt
Yes property prices are high but interest is picking up.
I notice VOF seems to predict the following days market trend. Market up a lot today but VOF already moved up yesterday. The discount has closed a few % points.
Posted at 19/4/2024 11:26 by mancman1
I have been looking back at the five year VOF chart and comparing it with the Vietnam Index and VNH.

All three registered big falls in Sept/Oct 2022 when I assume news of the fraud first appeared. VOF and the Index have recovered since then, although both are still well off their pre Sept 2022 peaks. VOF has I think been more stable than the index. VNH on the other hand has surged way past its previous levels. I am fairly relaxed about VOF as an investment, but it represents only 1.4% of my portfolio. I would be a bit more nervous of VNH I think.
Posted at 18/4/2024 14:47 by aleman
It was 8 months before even I bought in. I presumed others knew. It was mentioned on this thread at the time (link below) and there were items about the court case in numerous secondary links in economic news I've been linking to in recent posts. I did not mention it because I thought it was old news. I'm shocked at the market reaction actually. I don't see what is new apart from the released bail-out numbers which might have been larger than some expected - but there could be implications I do not understand, possibly.

It's only getting publicity now the (highly reported, very high profile) fraud case has completed, with sentencing which includes selling the collateral assets - including significant properties around HCMC. Obviously the bail-out is ongoing but selling the collateral returns fraudulently lent money to SCB and reduces or completes the bail-out. I see it as the beginning of the end and another step forward so have been surprised by the reaction. It's said to be mostly foreign selling so I'm still thinking it might just be a blip. It does not even stand out on the share price chart.
Posted at 26/3/2024 09:36 by dpmcq
I suspect the seller may be the largest share holder who voted in favour of resolution 14.

The board have laid out the reasons for not tendering -

With Resolution 14 – that the Company should cease to continue as currently constituted – the Company’s
second largest shareholder, representing approximately 23% of the votes cast at the AGM (11% of the total
issued share capital), voted in favour. I had met representatives of the shareholder prior to the AGM who
indicated that they wanted to see the Board introduce a performance conditional tender mechanism (“PCTM”).
I presented arguments why the Board believes that a PCTM would not be in the Company’s or the other
shareholders’ interests but the shareholder was not persuaded and voted against the Board’s
recommendation. In accordance with the AIC Code, the Board has reflected further and its views on a PCTM
are set out below.
The principle underlying a PCTM is that if the performance of an investment company falls below a set level
over a particular period, the Board will allow shareholders to tender a proportion of their shares at or close to
NAV. In the case of VOF (and, indeed, the vast majority of other investment companies) the shares are likely
to be trading at a wider discount than would be offered in the tender so, were this to happen, the tender would
likely be fully subscribed. The reasons that the Board does not think that a PCTM is appropriate for VOF can
be summarised as follows:
• The most relevant benchmark which is available in Vietnam is the VN Index. This is not representative
of all of the opportunities available for investment in Vietnam (for example 10 very large companies
make up 42% of the VN Index). Given the concentration of large companies, the index can show
volatility as a result of specific issues with one or more of its constituents.
• VOF’s portfolio is made up of unquoted investments as well as quoted shares. Consequently, even if
the VN Index was representative of all quoted companies in Vietnam, VOF’s performance would still
differ by virtue of the unquoted elements whose performance would not correlate with the VN Index.
As a result of these two factors, the Board does not generally benchmark the Investment Manager’s
performance against the VN Index.
Posted at 26/3/2024 09:08 by aleman
Interesting defence of NOT introducing a tender mechanism in the results. I do not agree with it. Modest partial tenders have worked well elsewhere. Practice shows that just the threat of offering to buy a few % of shares somewhere near par is enough to dissuade some selling and encourage some buying such that discounts tend to start closing. The upwards momentum then also encourages the same and shares tend to rise. Investors seeing a rising share price then tend NOT to take up the tender and decide to hang on. It might not work everywhere but what harm can there be in offering small partial tender of, say, 5-10%. They are shrinking the investment base with their buy-backs, anyway, and that's not working. That's ok in the short term but can become a problem in the longer run.

On a more positive note for the status quo, a large investor is selling and NAV keeps rising. One would imagine the shares will fly when they finish selling or see the light and change their mind. Which idiotic fund decides to sell out when the underlying investments seem to be picking up strongly? I'd be furious if it was a fund I was invested in.

A better understanding of what is going on might encourage buyers in at this historically very large discount.

The VN index closed up over 1% again - at the day's high.
Posted at 22/3/2024 09:34 by aleman
Since the last stockmarket high two years ago, GDP has grown about 10% or so and it seems to have picked up even more recently. The VN index reached a high of close to 1500, fell back to 1000, and is now just through a resistance point at 1280. Basically, the tailwind of very strong economic news seems to strongly suggest there will be a new assault on the 1500 high, barring any black swans.

Meanwhile, the VOF share price looks like its not read any economic news for 6 months and NAV is at an exceptional discount of 23%+. When will it decide to have a catch-up and return to an average discount of around 15% - or an even smaller discount typical of a bull market? The share price looks to already have probably broken it's downtrend. Maybe it just needs to be a bit clearer and then the discount will revert to something more normal. .

The stockmarket closed up again today, at +0.4%. The £ is down v $ by almost 0.5% and the $ looks to be marginally down versus the VND since the calculation for yesterday's NAV. With the shares at 461p one might guess the discount is closer to 24% with this information. It just feels way too high when the market has risen over 20% in the last 5 months.
Posted at 22/2/2024 09:44 by hpcg
Many years ago now there was a private equity B series issue that traded 40% below the identically ranked original listing. Primarily it was just illiquid. I'm pretty sure that it was Pantheon PIP and PIPR, though it doesn't matter. I held that for about a year, and then sold out of boredom. Some time after, but not such a long time after that I didn't notice there was a significant corporate action that closed the gap entirely (see RNS below). My thesis was correct, that I would collect both the simple gain from the rising asset price, and also the big alpha upside from the discount closing. My strategy was incorrect though, I assumed the market would solve the inefficiency rapidly as the Pantheon NAV and share price were rising after a correction.
This is a somewhat similar case. It seems likely that after a correction in 2022 the Vietnamese stock market is in a new up-phase, with the next hurdle the late summer 2023 intermediate highs. If that is so then in the medium term VOF investors will capture both the beta and the alpha from the discount closing.

It was indeed Pantheon -
Posted at 19/2/2024 12:24 by kenmitch
VOF has been a fabulous investment. I’ve held it almost from the start except for temporarily selling during the 2008 banking crisis and the 2020 covid crash. Have a look at the long term chart. It has 9 bagged from the lows.

The recent underperformance looks a great buy opportunity as VOF has way underperformed VNH and VEIL this year for no obvious reason.

I posted why VOF looks a very tempting buy now on subscription site Stockopedia and to save time have copied part of it below. There is one error in it which a poster there pointed out. The discount has been even bigger than the current 24% in the distant past, when the attractions of investing in Vietnam were even less recognised by UK investors. When eventually UK investors DO wake up to the Vietnam opportunity (perhaps not until Vietnam gets official Emerging Markets status) it’s likely that VNH, VOF and VEIL will do very well and the present discounts could well go to premiums to put an additional rocket under their share prices. BUT right now it’s VOF that looks the one to go for. Here’s that extract arguing why:-

“Why is VinaCapital Vietnam Opportunity Fund (LON:VOF) THE stunning buy now?

1. The main Vietnam index is up 11% so far this year. VinaCapital Vietnam Opportunity Fund (LON:VOF) NAV is also UP 29p since January 2nd from £5.55 then to £5.84p today.

BUT despite that NAV gain the share price is DOWN from £4.55 on Jan 2nd to £4.42. AND the discount to NAV is now exceptionally wide at 24%!!

So the share price fall this year is NOT because of poor performance. It’s mainly because the discount to NAV has widened even further.

I can’t recall in years of holding VinaCapital Vietnam Opportunity Fund (LON:VOF) the discount to NAV being SO high! If VOF was an open ended fund investors would have to pay the full £5.84 NAV price. Instead they (you?) can buy it at a bargain discount price of “25% off” £4.42p.

2. In contrast the other 2 Vietnam Trust share prices have done much better this year and unlike VinaCapital Vietnam Opportunity Fund (LON:VOF) have gone UP since Jan 2nd.

Vietnam Enterprise Investments (LON:VEIL) £5.87 now and up from £5.55 on Jan 2nd. NAV is up from £6.80 on Jan 2nd to £7.21 now. The discount is 18%.

VietNam Holding (LON:VNH) £3.75p and well up from Jan 2nd £3.25p. NAV is £3.81p. The discount is now just 3% (much lower than normal) AND unlike the other 2 VNH looks fully valued for now. The share price gain since Jan 2nd is partly because the discount has narrowed so much. That’s is SHARP contrast to VinaCapital Vietnam Opportunity Fund (LON:VOF) where the share price fall is because the discount has widened to extreme levels.

Hence VinaCapital Vietnam Opportunity Fund (LON:VOF) looking such a tempting buy now.

Finally; it might not be too much longer before Vietnam becomes officially an Emerging Market. It’s presently categororised as a frontier market. That promotion if and when it comes could see Vietnam seeing much wider investment interest. AND the current discounts could go to premiums then.

I.e there’s also a strong longer term case for investing in emerging Vietnam where more and more big Companies (like APPLE) are moving production to Vietnam, and that’s often from CHINA and TAIWAN.

I hold both VinaCapital Vietnam Opportunity Fund (LON:VOF) and VietNam Holding (LON:VNH).”
Posted at 18/1/2024 19:39 by riskvsreward
vnh used to be on a higher discount compared to both veil and vof. It has then offered several tender offer at close to NAV which have since led to its rerating to much lower discount. I first bought VNH because it was offering a bigger discount but sold out on its first tender offer and then when its share price went above its tender offer price. I think now vof is better value as vnh is too small and the fee is relatively more expensive to run, unless its fund manager outperform significantly in their stock selection.

Also to add when compare performance, one needs to account for the dividend payments by vof, but not by vnh and veil. This can add up on a longer time span, say 3 years,it can add up a difference of close to 10%.
Vinacapital Vietnam Oppo... share price data is direct from the London Stock Exchange

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