Consistently outperforming the market
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Edison Investment Research Limited
London, UK, 2 November 2023
Edison issues update on VietNam Holding (VNH): Consistently outperforming the market VietNam Holding’s (VNH’s) net asset value (NAV) per share increased by 4.2% over the 12 months ending September 2023 in total return (TR) terms in sterling, ahead of the VN Index (8.6% loss) and its direct peers (6.8% loss). In the current environment, the manager favours companies in the financial sector, which represents 42% of the portfolio and should benefit from the revival of stock market activity and increase in global demand for ‘made in Vietnam’ products. Vietnam’s stock market is now experiencing a rebound, as retail investors are returning and liquidity is increasing, after a weak 2022 driven by problems in the real estate sector. According to Dynam Capital (the investment manager), VNH’s nimble size, compared to its two London-quoted peers (Vietnam Enterprise Investments and VinaCapital Vietnam Opportunity), allows the manager to be relatively more dynamic within the investment environment. Over the five years to end-September 2023, VNH significantly outperformed Vietnam’s equity markets, highlighting the investment manager’s stock picking expertise. Recently, the VN Index has lost its recovery from the lows of late 2022 (ytd performance is currently flat), and Vietnamese stocks provide an attractive entry point as they trade at 9.3x forward earnings – 30% below their 10-year average.
All reports published by Edison are available to download free of charge from its website About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached – across institutions, family offices, wealth managers and retail investors – Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings. Having been the first company in-market 17 years ago, Edison has more than 100 employees and covers every economic sector. Headquartered in London, Edison also has offices in New York, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities. For more information, please contact Edison: Milosz Papst +44 (0)20 3077 5700 investmenttrusts@edisongroup.com Michal Mordel +44 (0)20 3077 5700 investmenttrusts@edisongroup.com Learn more at www.edisongroup.com and connect with Edison on: LinkedIn www.linkedin.com/company/edison-group-/ Twitter www.twitter.com/Edison_Inv_Res YouTube www.youtube.com/edisonitv
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