Last checked at 
9 Oct 2019 17:00
London, UK, 9 October 2019
Edison initiates coverage on VietNam Holding (VNH)
VietNam Holding (VNH) aims to deliver long-term capital growth, primarily through investing in listed companies in Vietnam. The fund is also permitted to invest in unlisted companies, which in practice are those that have visible near-term plans to list. The fund has undergone significant changes since September 2017, including the appointment of a new board and manager, Dynam Capital Limited. These changes were implemented to address governance issues associated with the previous board and manager, which contributed to VNH's wider-than-peers discount to NAV. Vietnam's medium- to long-term economic outlook is one of the brightest in the Asia Pacific region and investors looking for exposure to its rapid growth may find the restructured VNH of interest.
VNH trades at a 19.0% discount to its NAV, which is the widest among its Vietnam-focused peers. The new board has implemented several changes over the past two years aimed at restructuring and broadening the appeal of the fund. In conjunction with early signs of improving investment performance, there is scope for the discount to narrow.
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