Marketing Director, Asia Frontier Capital

Asia Frontier Capital

Marketing Director

Investing in high growth Asian frontier economies.

Asia Frontier Capital Ltd. is a pioneering fund management company based in Hong Kong that specializes in investing in high growth Asian frontier economies by managing the AFC Asia Frontier Fund , AFC Iraq Fund and the AFC Vietnam Fund.

The AFC Asia Frontier Fund invests in public equities of Asian frontier countries that are seeing increasing consumption due to favorable demographic trends, rising incomes and high GDP growth. The fund invests in listed equities of companies that have their principal business activities in Bangladesh, Bhutan, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka and Vietnam. The AFC Asia Frontier Fund is positioned to take advantage of the continuing economic shifts in these countries and offers high returns combined with significant diversification opportunities. This fund is directed by the founder and CEO of Asia Frontier Capital, Thomas Hugger, who has been investing in frontier markets across Asia and Africa for more than 20 years.

The AFC Iraq Fund was launched on the 26th June 2015 and aims to achieve long-term capital appreciation for investors by capturing value and growth potential in the post conflict high-growth & resource rich Iraq market. The fund emphasises long term investment horizon to truly capture the opportunity in Iraq. The fund's investable universe consists of locally listed companies that have their principal business activities in Iraq as well as foreign listed companies that have the majority of the business in Iraq as a whole including the prosperous Kurdish Region of Iraq (KRI). The AFC Iraq Fund offers access to investments in post conflict recovery potential of Iraq, including the KRI, and/or stability in its territory. The AFC Iraq Fund is managed by Asia Frontier Capital (Iraq) Limited, Cayman Islands under the executive leadership team of Thomas Hugger (CEO & Fund Manager) and Ahmed Tabaqchali (CIO) who have more than 47 years of investment experience as well as an extensive background covering global, emerging, frontier and MENA markets.

The AFC Vietnam Fund invests exclusively in listed Vietnamese equities to capture value in growth companies with a focus on the small to medium size companies. This market segment offers a unique investment opportunity as the valuation gap between large- and small-cap stocks in Vietnam is presently much wider than in comparable neighboring markets and the valuations are significantly depressed versus their regional peers. The fund adopts a fundamental-quantitative approach and employs an in-house earnings model to identify attractive companies where we see high growth opportunities. In conjunction with targeting the maximum upside potential the portfolio has been structured to mitigate corporate government and liquidity risks. The fund invests in a diversified portfolio of 70-90 attractively valued companies to carefully control concentration risk.  This approach allows the fund to sell, or buy, positions without having a significant market impact. The fund is directed under the executive leadership of Thomas Hugger and Andreas Vogelsanger who have more than 50 years combined experience managing investments in frontier markets, Asia and around the world.

For more information about the fund, management team and investment strategy please contact us at info@asiafrontiercapital.com.

Cross Asset Strategy

<ul><li>The year began on a strong positive note for global equity markets and most AFC funds also had a positive return at the start of the year.</li><li>Investor sentiment continues to improve as confidence grows that we are at the peak of global inflation and interest rate hikes.</li><li>This was also evident in the less aggressive 25 basis point increase in interest rates by the U.S. Fed on 1st February 2023, as well as less hawkish messaging from the U.S. Fed in the past few weeks.</li></ul>

The year began on a strong positive note for global equity markets and most AFC funds also had a positive return at the start of the year.Investor sentiment continues to improve as confidence grows that we are at the peak of global inflation and interest rate hikes.This was also evident in the less aggressive 25 basis point increase in interest rates by the U.S. Fed on 1st February 2023, as well as less hawkish messaging from the U.S. Fed in the past few weeks.

Asian Frontier Markets Start the Year Strong - Asia Frontier Capital (AFC) - January 2023 Update

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul>
<li>Credit momentum should slow progressively in 3Q22: Due to high funding demand from both corporate and retail customers, credit growth in 1H22 reached a new high of 9.35% YTD.</li>
<li>However, because of high uncertainty in the global economy, as well as the fear of systematic risk over local real-estate credit exposure, the State Bank of Vietnam (SBV) has intentionally curbed credit growth using a credit growth cap.</li>
<li>Exceptional credit growth will continue in 2022: Regardless of the SBV’s intentions regarding credit growth limits, total credit growth in 2022 is still expected to exceed 14%, based on the extraordinary performance in 1H22.</li>
</ul>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>


Credit momentum should slow progressively in 3Q22: Due to high funding demand from both corporate and retail customers, credit growth in 1H22 reached a new high of 9.35% YTD.
However, because of high uncertainty in the global economy, as well as the fear of systematic risk over local real-estate credit exposure, the State Bank of Vietnam (SBV) has intentionally curbed credit growth using a credit growth cap.
Exceptional credit growth will continue in 2022: Regardless of the SBV’s intentions regarding credit growth limits, total credit growth in 2022 is still expected to exceed 14%, based on the extraordinary performance in 1H22.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Bottom-Up

Asia Commercial Bank/Vietnam / Equity Bottom-Up

[Vietnam] Banking July 15, 2022 (Downgrade) Upside: +13.8%<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

[Vietnam] Banking July 15, 2022 (Downgrade) Upside: +13.8%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asia Commercial Joint Stock Bank (ACB VN/Trading Buy)

Asset quality indicators remained healthy, with NPL of 0.68% (+9bps YTD; -23bps QoQ) and loan loss coverage of 207.7% (+47%p YTD; +87%p QoQ).<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Asset quality indicators remained healthy, with NPL of 0.68% (+9bps YTD; -23bps QoQ) and loan loss coverage of 207.7% (+47%p YTD; +87%p QoQ).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p><strong>Another rate cut could come in handy</strong>: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central rate cuts totalling more than 150bps for all tenors.</p>

Another rate cut could come in handy: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central rate cuts totalling more than 150bps for all tenors.

Vietnam Banking Industry 2021 Outlook: Challenges Ahead

Vietnam

Asia Commercial Bank attracts deposits and offers commercial banking services.

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Asia Commercial Bank/Vietnam (ACB VN)

Asian Frontier Markets Start the Year Strong - Asia Frontier Capital (AFC) - January 2023 Update

The year began on a strong positive note for global equity markets and most AFC funds also had a positive return at the start of the year.

Asia Frontier Capital

Banking Sector - 1H22 Update & Outlook

Credit momentum should slow progressively in 3Q22: Due to high funding demand from both corporate and retail customers, credit growth in 1H22...

Mirae Asset Securities

Asia Commercial Joint Stock Bank (ACB VN/Trading Buy)

[Vietnam] Banking July 15, 2022 (Downgrade) Upside: +13.8%

Mirae Asset Securities

Asia Commercial Bank (ACB VN/Buy)

Asset quality indicators remained healthy, with NPL of 0.68% (+9bps YTD; -23bps QoQ) and loan loss coverage of 207.7% (+47%p YTD; +87%p QoQ).

Mirae Asset Securities

Vietnam Banking Industry 2021 Outlook: Challenges Ahead

Another rate cut could come in handy: In order to mitigate the effects of the pandemic, the State Bank of Vietnam (SBV) has conducted three central...

Mirae Asset Securities

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