Edison Investment Research - Vietnam Holding (VNH) VietNam Holding - ‘Bun Bo Biden’ prospects in Vietnam

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Edison Investment Research

Pedro Fonseca

VietNam Holding - ‘Bun Bo Biden’ prospects in Vietnam

July 2020 marked the second anniversary of Dynam Capital (Dynam) taking over the management of VietNam Holding (VNH). Dynam’s portfolio team picks a tightly focused selection of businesses set to benefit from positive demographic, industrial and urbanisation trends. Vietnam is a vibrant Asian country with a sizeable population of c 100m, that has surprised the world with its strong economic performance in 2020, which could lead more international investors to take notice. Vietnam has made successful trading alliances in Asia and globally and its ability to attract foreign direct investment should help underpin growth prospects for its companies.

15/12/2020 11 EN

Underlying

Vietnam Holding

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GG00BJQZ9H10 London Stock Exchange Cayman Islands

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Pedro Fonseca

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Edison issues update on VietNam Holding (VNH): Introducing redeemable shares

Edison Investment Research Limited Edison issues update on VietNam Holding (VNH): Introducing redeemable shares 12-Apr-2024 / 12:07 GMT/BST The issuer is solely responsible for the content of this announcement. 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...

April 12, 2024 April 12, 2024 1 EN

Edison Investment Research

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 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 ...

April 12, 2024 April 12, 2024 1 EN

QuotedData Retail

Vietnam Holding Limited

Vietnam Holding (VNH) has provided both a peer group and benchmark beating performance (it is the top-performing Vietnamese fund in NAV terms over one, three and five years – see pages 18 to 20) and, with the support of Vietnam’s long-term structural growth drivers, its manager continues to see very strong growth runways for its stocks. Despite this, VNH has, until very recently, been hampered by a low double-digit discount that has been persistent and may be unjustified. VNH’s board is proposing to replace the company’s biannual tenders with an annual redemption opportunity. If shareholders ...

December 15, 2023 December 15, 2023 1 EN

Biodexa Pharmaceuticals - In a period of transition

FY23 was a transitional year for Biodexa, following the restructuring announced in March 2023 into a therapeutic company from a drug delivery specialist, and the implementation of cost-saving initiatives in light of the macroeconomic environment. The pipeline expansion primarily de-risks the business, partially fulfilled with the acquisition of lyn kinase activator tolimidone, for type 1 diabetes (T1D), in late 2023. Management estimates gross cash of £5.97m at end-FY23 to provide a runway into Q424, past the planned Phase IIa trial initiation for tolimidone. The next catalyst will likely be t...

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Toby Thorrington

Toby Thorrington

Norcros - Sale of Johnson Tiles UK agreed

Norcros’s disposal of Johnson Tiles is the latest strategic activity taken by management to better allocate capital to fit with priorities. Last year it closed its UK adhesives operation. Norcros has a compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. Its rating is low at 6.0x FY24e P/E, which is attractive, especially when compared to its yield of 5.4% on its well-covered dividend. We retain our estimates and value the shares at 246p, implying c 30% upside.

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Pedro Fonseca

Pedro Fonseca

Henderson Far East Income - Repositioning to raise total returns

Henderson Far East Income (HFEL) has consistently delivered on its objective to provide a rising dividend. However, like many investors, HFEL’s managers overestimated the potential for a post-pandemic rebound in China. The trust’s resultant overweight to Chinese consumer and other cyclicals led to a fall in portfolio revenues and underperformance in the financial year ended 31 August 2023 (FY23). With a view to improving future returns, HFEL’s board has since indicated an increased willingness to use reserves when necessary to support dividend payments, which it did in FY23. This reduces the r...

21h / 52m 21h / 52m 1 EN

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VietNam Holding - ‘Bun Bo Biden’ prospects in Vietnam

Edison issues update on VietNam Holding (VNH): Introducing redeemable shares

VietNam Holding - Introducing redeemable shares

Vietnam Holding Limited

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

Henderson Far East Income - Repositioning to raise total returns

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