Monthly Investor Report

RNS Number : 3996M

VietNam Holding Limited

12 October 2016

 

VietNam Holding Limited ("VNH" or the "Company")

Monthly Investor Report

A report detailing the activities of the Company for the month of September 2016 has been issued by VietNam Holding Asset Management Limited, the investment manager of the Company. Electronic copies of the report have been made available to shareholders on the Company's website at http://www.vietnamholding.com/publications/investor-reports and a summary of the report is included below.

Investor Report Summary

Vietnam News

Privatisation pace is on the up, with a few leading businesses in the nation the subject of welcome developments. 9% of the state's c. 45% stake in Vinamilk is apparently set to be sold before Christmas. Leading brewer Sabeco is also likely to be listed in the coming few months, followed by a majority of it being sold by year-end 2017. Meanwhile, tech sector bellwether FPT is the subject of discussion, with the government's c. 6% stake likely to be sold, and possible other helpful M&A surrounding that company mooted.

We don't doubt that these and other similar developments could still take longer than advertised, but there is nevertheless a perceptible step-up in proceedings. Perhaps an irony of modestly-paced delivery on these stories is their capacity to stay in the news for longer, providing a helpful sustained backdrop to equity market sentiment.

VNH Insights

The nearly five-year-old Vietnamese bull market showed no signs of abating in September, with another 1.2% gain for the Vietnam All Share Index to 671.5. VNH's NAV per share rose 3.8% last month, putting its nine month performance at +31.4%.

It is remarkable that August's and September's good market performance has occurred in the midst of unusually high and sustained foreign investor net selling, USD 79m in August and USD 126m in September. Also, concern has recently refocused on China's large internal indebtedness. Investors in Vietnam are increasingly drawing distinctions between these two nations, rather than tarring them with the same brush - a welcome and rational development.    

For more information please contact:

VietNam Holding Asset Management Limited	Tel: [phone]
Investor Relations Gyentsen Zatul [e-mail] www.vietnamholding.com
Smith & Williamson Corporate Finance Limited Nominated Adviser	Tel: [phone]
Azhic Basirov / Ben Jeynes
Winterflood Investment Trusts Broker	Tel: [phone]
Joe Winkley / Neil Langford
Buchanan Communications Financial Public Relations	Tel: [phone]
Charles Ryland / Vicky Watkins

 

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