London, UK, 12 April 2024

Edison issues update on VietNam Holding (VNH): 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 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%.

VNH’s portfolio had a good start to 2024, posting a 10.5% NAV TR in the first two months (VNAS at 9.2%), continuing its long-term outperformance with an average annual return of 13.2% (five-year) compared to the index’s 8.9%. The shareholders’ return is higher, given recent narrowing of the discount following the announcement of the share redemption facility. Redemption for long-time holders (over two years) will be free of charge, while shares held for less than two years will be subject to a 2–3% redemption fee paid to the fund, benefiting the remaining shareholders. Shares held for less than six months will not be eligible for redemption.  

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