Vietnam : VNH Investor Report - June 2019

14/7/2019

Monthly Investor Report - RNS - London Stock Exchange

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VietNam Holding Limited - VNH Monthly Investor Report

Released 11:25 12-Jul-2019

RNS Number : 3940F

VietNam Holding Limited

12 July 2019

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

Monthly Investor Report

A report detailing the acviŸes of the Company for the month June 2019 has been issued by Dynam Capital Limited, the investment manager of the Company. Electronic copies of the report have been made available to shareholders on the Company's website at hp://www.vietnamholding.com/publicaons/investor-reportsand a summary of the report is included below.

Investor Report Summary

The Fund's NAV per share increased by 1.2% during June, outperforming the 0.8% decline in the VN All Share (VNAS) Index. Three of the top performing stocks were FPT (10.4% NAV, +3.7%), Mobile World (6.6% NAV, +8.3%) and Khang Dien House (6.6% NAV, +5.0%); three of the worst performers were Phu Nhuan Jewelry (9.6% NAV, -5.1%), Hoa Phat (4.9% NAV, -4.4%) and Vincom Retail (4.9% NAV, -2.4%).

The por}olio remains concentrated around 22 posions, but during the month we completed due diligence and signed an agreement to invest in an addional company in the logiscs space. The investment is subject to fulfillment of

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14/7/2019	Monthly Investor Report - RNS - London Stock Exchange
	certain condions precedent, and if met we expect to complete the investment in July, deploying some of the Fund's
	cash balance (currently 6.3% NAV).

The macro posion remains broadly posive: 6.8% GDP growth, low inflaon, and a return of the Trade surplus. Realized FDI was strong with USD 9.1 bn recorded in June, an 8% y-o-y growth.

Vietnam and the EU signed a Free Trade Agreement, which is a vote of confidence in the ability of Vietnam to be an acve and pragmac global trade player. The agreement slls needs to be rafied, which could take a further 12 months or so, but is a posive signal. US President Trump connued to rale the free trade model and on his way to the G20 turned a glance towards Vietnam with a tweeted warning against transshipping third-country (China) goods, as exporters seek to avoid tariffs. Some further acon may be expected.

Covered warrants were successfully launched in the market giving retail investors another way to make margin financed bets on certain stocks. The listed warrants are cash seled, and so do not impact directly the foreign ownership levels (FOL) in the underlying securies. Overme, the ability to use derivaves to invest in blue-chips might allow ETFs and other investors the means to access well-known names without widening the FOL premium. Further innovaons and market reforms will be necessary to put Vietnam on the MSCI EM watchlist, which unl now remains elusive.

For more informaon please contact:
Dynam Capital Limited
Craig Marn	Tel: [phone]

[e-mail]|www.dynamcapital.com

www.vietnamholding.com

finnCap

Nominated Adviser and Corporate Broker

Tel: [phone]

William Marle / Giles Rolls

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Monthly Investor Report - RNS - London Stock Exchange

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