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Edison Investment Research

Leading International Investment Research

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Equity Bottom-Up

<p>VietNam Holding (VNH) posted a solid net asset value (NAV) per share total return (TR) in 2023 of 15.8% (22.4% in US dollar terms), outperforming the Vietnam All Share index (VNAS), which posted an 11.7% return, and its direct peers. The investment manager remains confident that 2024 will be strong for Vietnamese equities, underpinned by average 20% y-o-y expected earnings per share (EPS) growth. VNH recently introduced a share redemption facility (on top of regular share buybacks), which allows shareholders to redeem their shares at NAV each September. We believe that this has contributed to the recent narrowing of VNH’s share discount to NAV to 3.0% compared to its three-year average of 14.1%.</p>

VietNam Holding (VNH) posted a solid net asset value (NAV) per share total return (TR) in 2023 of 15.8% (22.4% in US dollar terms), outperforming the Vietnam All Share index (VNAS), which posted an 11.7% return, and its direct peers. The investment manager remains confident that 2024 will be strong for Vietnamese equities, underpinned by average 20% y-o-y expected earnings per share (EPS) growth. VNH recently introduced a share redemption facility (on top of regular share buybacks), which allows shareholders to redeem their shares at NAV each September. We believe that this has contributed to the recent narrowing of VNH’s share discount to NAV to 3.0% compared to its three-year average of 14.1%.

VietNam Holding - Introducing redeemable shares

<p>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.</p>

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.

VietNam Holding - Consistently outperforming the market

United Kingdom

Vietnam Holding Ltd. is a closed-end investment company. The Company invests in sustainable investments in Vietnamese equities. VNH is a value investor, incorporating environmental, social and corporate governance (ESG) factors in its investment analysis and decision-making processes.

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Vietnam Holding (VNH LN)

VietNam Holding - Introducing redeemable shares

VietNam Holding (VNH) posted a solid net asset value (NAV) per share total return (TR) in 2023 of 15.8% (22.4% in US dollar terms), outperforming...

Edison Investment Research

VietNam Holding - 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...

Edison Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)