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VietNam Holding Limited - VNH Monthly Investor Report Released 07:00 20-Dec-2018
RNS Number : 0873L
VietNam Holding Limited 20 December 2018
VietNam Holding Limited ("VNH" or the "Company")
Monthly Investor Report
A report detailing the ac�vi�es of the Company for the month November 2018 has been issued by Dynam Capital 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 h�p://www.vietnamholding.com/publica�ons/investor-reports and a summary of the report is included below.
Investor Report Summary
"We've come a long way. But s�ll there are bumps"
A�er a horrid October, November con�nued to see malaise across the Vietnam market with liquidity drying up signiﬁcantly. Average daily liquidity dropped from USD 300m to around USD 100m at �mes. It should be remembered that 15 years ago the total market capitalisa�on was only USD 300m, so we have come along way. Over the last 15 years, the private sector has also come along way as well. During the month it was reported that a Vietnamese company - Truong Hai - the number one auto company in Vietnam and a por�olio company of Jardine Cycle&Carriage, had expanded signiﬁcantly in Myanmar in real-estate; and Vincom (a local conglomerate) had announced plans to build a domes�c smart-phone. It is hard to keep Vietnamese entrepreneurs down.
Our core focus remains the same: growth from mid-cap companies, playing to themes of increased urbanisa�on, growth in consumer demand and enablers (logis�cs, ﬁnance etc). We think that the stocks in our por�olio are well posi�oned to see strong future growth.
During November the performance of the Por�olio was below most of the indices and the NAV per share fell by 2.8%, bringing year-to-date return to -11.0%, in line with the VNAS and VN30 indices. We are considering including the VN70 index as an addi�onal reference point for 2019, as it may have greater relevance for our mid-cap bias.
Following the Successful EGM on 31 October, the Manager separated 15% of the por�olio into a Tender Pool and commenced selling the securi�es in that pool during the month of November. By the end of November approximately 60% had been sold, and USD 1.50 per share was distributed in cash in early December with a Total tender pool value (distributed and undistributed) equivalent to approximately USD 2.70 a share at month end. The balance of the tender pool will be sold during December and the aim is to make a ﬁnal distribu�on before 31st December 2018. Updates will be made in rela�on to further distribu�on in due course.
We thank all investors for their support and wish you the very best of the fes�ve season.
For more informa�on please contact:
Dynam Capital Limited
+84 28 3827 7590
Nominated Adviser and Corporate Broker 0500
Tel: +44 20 7220
William Marle / Giles Rolls
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Monthly Investor Report - RNS