Decoding the 1,200+ of VN-Index after more than 20 years
• After the 2007-2009 financial crisis, international stock indices such as the Dow Jones and S&P 500 showed strong growth, while the VN-Index hovered around 1,000 points for more than 20 years.• The VN-Index reached a high P/E valuation (35 times), reaching an all-time high of 1,155 points in March 2007, but investment returns were not attractive, leading to a correction to more reasonable levels after the 2008 crisis.
• The investment performance of the VN Index has been correlated with the S&P 500 since 2009, although the S&P 500 has outperformed since 2016 due to a higher P/E valuation.
• The valuation range and EPS growth trend of VN Index maintained around +8.4%/year or more implying an expected return of over 14.2%/year in the long term (Table 1).
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