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To achieve medium to long-term returns through investment either in Vietnam or in companies with a substantial majority of their assets, operations, revenues or income in, or derived from, Vietnam.
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Thanks Wexboy. Vinacap been one of my larger hoildings for a year or so now and I agree that there is further to go. Had a look at your website - further ideas to investigate.
VinaCapital Vietnam Opportunity Fund (VOF:LN) (5.1% of current portfolio): Share Price: GBP 271p Market Cap: GBP 560 Million (USD 705 Million) Everything aligned for VOF in 2016 to deliver a blistering +70% return (in sterling terms): Its substantial capital markets (i.e. non/un-listed) portfolio allocation was a primary driver of a return that was nearly double that of the VN-Index, its NAV discount closed significantly, plus it enjoyed a dramatic boost from sterling’s post-Brexit depreciation (VOF shares are now listed in GBP). The portfolio out-performance is particularly gratifying, as I’d previously highlighted VOF’s more diversified portfolio as a better long-term bet (vs. its peer closed-end funds/ETFs, which focus on listed equities), in what’s still obviously a frontier market. [See blog comments here, for a comparison with the VanEck Vectors Vietnam ETF (VNM:US)…which, extraordinarily, managed to lose money for its shareholders last year!?] The underlying VN-Index return is also a reminder there has been little sign of over-heating in the market, which leads me to believe there’s plenty more gas in the tank here. 2017 GDP growth’s expected to surpass the current 6.2% rate, retail sales are humming along at +10.2% yoy, inflation remains sub-5%, the USD/VND remains stable, the banks & the property market appear to be heading in the right direction again, and 10-15% EPS growth is expected…yet Vietnam continues to trade at a 20-30% P/E discount to regional averages. As for VOF itself, it trades on a 0.81 Price/Book multiple, despite an aggressive & ongoing share buyback programme – I see plenty of gains ahead in terms of NAV growth & discount compression, as Vietnam continues to leverage & benefit from its labour/cost export advantage, and (just as importantly) its burgeoning domestic consumer economy. For this & other top picks for 2017, see here: https://wexboy.wordpress.com/2017/01/27/top-trumps-for-2017/
bigger market cap than on 25/10/11 now so leverage afforded by having less shares starting to be positive but it makes you wonder whether £154.5m used to buyback might have been better spent. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/VOF/12824925.html
Well done, a safe haven fron EU woes.
"In early June, we issued a press release announcing our inclusion in the FTSE Small Cap/All-Share Index. VOF’s inclusion was announced as a part of the FTSE All Share Annual Review, and will come into effect as of the close on 17 June 2016" They've joined this Index today so that perhaps explains the massive trading - plus possible Buy-backs as per the last few years. Loads of trades reported after hours. Got some the other day after watching for about 6 months when it's done nothing but go up. Anyway in now before today's 5% rise.
move up today on volume
Invests in a highly regarded country, those of us who were early birds are sitting on a nice profit. Still got some way to go imo.
Thought I was rich for a moment (not really though).
174,4925 pence has been added to 2.5$ to give a 6.958% rise as VOF now got a premium listing quoted in sterling: originally on aim but quoted in dollars.
It was alright to buyback shares in a rising market but not in a falling one. The investment is starting to turn negative. I might have made better use of the money if they had paid a dividend. Another 10% drop and the company's shares will be the same as when the buyback started but with 33.9% less of them i.e. the company value has gone down by that amount! http://screencast.com/t/mDHc5EZmo http://vof-fund.com/reports-news/ discount to nav is a lot less than it was too. Having said that, when the premium listing comes and ASEAN and TPP get going the SP could go on a tear http://www.asean.org/asean/asean-member-states/ http://www.bbc.co.uk/news/business-32498715
Aesthetically pleasing 2yr chart. B/W
and you don't even get one free! I'm now left puzzling out the possible motives for buying what must be, relatively, one of the least cost effective purchases on record! Any ideas?
Saw this recommended December 2011 and bought as an, at that time, unpopular area to provide a defence against a pound likely to fall. I shall stick to it now for the foreseeable future.
I've bought a few more as a hedge against the £ .
The manufacturer reported $170m in revenue for 2011 along with $44m earnings before interest, taxes, depreciation, and amortization and $10.5m in profit. Andy Ho, VOF's Chief Investment Officer, said: "This significant divestment is indicative of the quality of VOF's portfolio and provides further evidence to support our belief, that VOF's share price to net asset value discount is too wide. We continue to execute solid exits which showcase the value of VOF's portfolio, not currently being reflected at the company's current share price. Proceeds from this divestment are currently being considered for a few major private equity investment opportunities." VOF, a leading asset management and real estate development firm in Vietnam, has a $1.5n portfolio of and a market capitalisation of $497.95m.
VinaCapital Vietnam Opportunity Fund (VOF) has agreed to sell its stake in Keating Capital Partners, the investment firm announced Thursday. The AIM-traded company will receive $32.6m in cash for the sale of its ownership in Keating Capital to SCG Building Materials Company, a wholly-owned subsidiary of Siam Cement Public Company. The sale of the interest in the business development company represents an internal rate of return of 33% following a three-year holding period. The divestment will add eight cents to VOF's net asset value per share at December 31st. Keating Capital is the holding company for one of Indochina's leading construction material manufacturers with six ceramic tile factories and a nationwide distribution network resulting in a 20% market share.
Headline inflation continued to ease in May, to 8.3% yr/yr from 10.5% in April and the temporary high of 23% in August 2011. The main driver of this weakening in inflationary pressure was easing growth in food prices, which declined to 8.5% in May from 11.9% in April and 17.8% in March. Against this background of downward trend in price growth, the central bank on Monday lowered its key policy interest rate, by another 100bps to 11%. This was the fourth cut since monetary loosening was instigated in March 2012. Expect further easing in inflation and more rate cuts during the remainder of 2012. Meanwhile, S&P last week revised its outlook on the LT sovereign credit rating (BB-) from Negative to Stable. Even so, with relatively low FX reserves, external liquidity risk remains high.
I bought far too few of these early in the year; The big question is should I top up now or wait until the EU leaders have completely screwed up?
Was very tempted to sell my 5000 VOF to give me funds to top up my already significant holding in BEM. At $1.42 bid, VOF are trading at a 41.75% discount to the 9 June 2010 NAV of $2.44 per share! In view of this and the fact that Vietnam's labour market is significantly lower than that of China, I've decided not to sell. Having too many eggs in one basket can be dangerous!!
VOF is not a Penny Share. It is priced in $USD and had a NAV (Net Asset Value) of $2.42 per share as of 31Dec2009.
£2 a little optimistic is it not for 1p share. I'm tempted to put a coule of Pund in here to afetr reading website. Vietnam can be the new China and with growing prosperity and a young population this can be a golden oppurtunity. However patience be required with these decisions decisions
This is a strange little share isn't it. I agree with you HG that its fortunes are strong for the future. I'm holding on for the time being and won't think of selling until it hits at least £2. Having watched the SP for half a year now, my instinct tells me it will climb to £2 over the course of the next few months and once it crosses that threshold, hopefully by Spring, things should really take off from there. Anyone else have any views on VOF they want to share???
VPF is worth a look.
A very interesting post . . . . TYVM!
I shouldn't worry too much, unless you are in for a quick kill. Questor tipped them as a long term investment in a very strong and growing economy. My recent research points the finger of blame at the Vietnamese Government and their handling of the currency situation. Once this problem is solved, the shares, in tandem with the growing Vietnamese economy, will grow. Tuck them away and come back next year!