Vietnam Investments : Weekly Report

FUND PERFORMANCE REPORT

Performance Data From 14 December 2023 - 21 December 2023

VIETNAM ENTERPRISE INVESTMENTS LIMITED - VEIL	Release Date: 27 December 2023
FUND INFORMATION

	NAV		NAV CHANGE		PRICE CHANGE	PREMIUM/
	NAV/SHARE		(%)	*PRICE		(%)
	(m)			(DISCOUNT) (%)
		WEEKLY		YTD		WEEKLY		YTD
USD	1,694.77	8.43	-0.71		7.39	-	-1.97		-0.86	(17.57)
GBP	1,339.27	6.66	0.15		1.99	5.49	-1.26		-5.83

ISSUED SHARES

201,040,876

*Note: We now use the End-Of-Day Price for Price-change (%) calculation instead of using the average price between BID and ASK.

TOP 80 VALUATION									INDEX PERFORMANCE
21 December 2023		2021		2022	2023E	2024F	14 Dec 2023 - 21 Dec 2023		HOSE	HNX	VN30
P/E Ratio (x)			14.50		9.00		11.00	9.30		Index (21 December 2023)	1,102.43	228.48	1,097.43
EPS Growth (%)		37.10		-1.40		-1.50	18.60		Weekly Change (USD - %)	-0.97	0.24	-0.95
PEG Ratio (x)			0.40		0.00		0.00	0.50		YTD Change (USD - %)		8.06	10.24	8.11
Sales Growth (%)		22.00		12.30		2.30	11.30		Market Cap (USDbn)		182.60	12.60	128.10
EBIT Growth (%)		50.80		2.50		5.80	21.50		Daily Average Volume (Shs m)	607.22	74.61	196.54
PBT Growth (%)		38.00		1.50		1.10	17.80		Daily Average Value (USDm)	565.88	57.48	234.97
NPAT Growth (%)		41.90		0.00		0.20	18.60		No. of Stocks Up		170	124	9
Net DER (x)			0.30		0.30		0.20	0.20		No. of Stocks Down		195	114	17
Yield (%)			1.00		1.90		1.60	1.50		No. of Stocks Unchanged	28	89	4
													FX Rate (USD/VND)		24,332
													FX Rate YTD Change (%)		2.96S
VN INDEX INFORMATION
VNI ROLLING 3-YEAR PERFORMANCE
	US$m
2,500																			1,600
														Volume		VN Index
2,000																			1,400
1,500																			1,200
1,000																			1,000
500																			800
0																			600
	Dec-20			Jun-21		Dec-21			Jun-22		Dec-22			Jun-23		Dec-23
VNI SECTOR WEIGHTS (%)									VNI SECTOR RETURN CONTRIBUTION (%)
0	5	10	15	20	25	30	35	40			-0.80	-0.40	0.00		0.40	0.80
									37.18	Banks			-0.70		-0.11
					16.75					Real Estate
		7.06							Food/Beverage				-0.07
		6.71								Materials & Resource				0.01
		6.29								Energy						-0.14
		5.99								Diversif Financials				0.02
		5.43								Others						0.03
		3.94								Capital Goods				-0.01
		3.86								Transportation				0.01
		2.77								Software & Services				-0.04
		1.83								Utilities						0.01
		1.54								Retail						0.04
ENQUIRIES											PRICE PROVIDER
Dragon Capital											Jefferies
[e-mail]		[phone]								Michele White/ Trevor Hunt	[phone]

This document has been prepared and is distributed by Dragon Capital Management (HK) Limited for the information of existing investors, and other eligible recipients. This update has been provided to you following your express request to be included in such distributions, and your confirmation of eligibility. If you wish to unsubscribe from future updates at any time, please email [e-mail].

This document does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to purchase, subscribe to or acquire, securities of any entity, or any vehicle to be incorporated in connection with any possible transaction, or an inducement to enter into investment activity in any country, or in any other jurisdiction in which such offer, solicitation, inducement or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction. No part of the document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.

No disclosure, reference or other information included in this document shall be considered as offering or solicitation of any product or service. Nothing in this document shall be construed as investment advice or a recommendation to acquire or invest in any securities or other instrument or financial product. Any investment performance and market information provided in this presentation, including information about any particular companies, are provided for illustrative purposes only and are not investment recommendations.

No person is promulgating or providing any financial or other advice to any person, and is not making and does not intend to make an offer or solicitation in relation to any product, whether referred to in this document or otherwise. Any person requiring investment advice should consult a suitably qualified professional adviser prior to taking any investment decision.

The information contained in this document is subject to updating, and the accuracy, certainty or completeness of such information is not guaranteed. No representation or warranty, express or implied, is made, and no liability whatsoever is accepted by any other person, in relation thereto.

This document must not be distributed or otherwise made available to third parties without the consent of Dragon Capital, and then only to such recipients who have confirmed that distribution of such information is in compliance with all securities laws and regulations which apply to them.

For UK investors in VEIL: According to an analysis performed on behalf of VEIL by KPMG, VEIL does not meet the definition of an "offshore fund" for the purposes of the Offshore Fund Regulations in the UK. On the basis of this analysis, the

Offshore Fund Regulations do not apply to VEIL, and therefore the reporting fund status regime is not relevant to VEIL or its UK investors. Please contact us if you require the full analysis from KPMG.

© Dragon Capital 2023

DRAGON CAPITAL MARKETS LIMITED

c/o 1501 Me Linh Point,

2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam

T [phone]

F [phone]

www.veil-dragoncapital.com

1

FUND PERFORMANCE REPORT

Performance Data From 14 December 2023 - 21 December 2023

VIETNAM ENTERPRISE INVESTMENTS LIMITED - VEIL	Release Date: 27 December 2023

INVESTMENT OBJECTIVE AND STRATEGY

VEIL's objective is to seek medium to long term capital appreciation of its assets. Investment criteria are attractive growth and value metrics, good corporate governance, and alignment with Vietnam's underlying growth drivers. VEIL maintains a broad universe, which includes companies operating and/or listed outside of Vietnam, and it looks to outperform the VN Index on a rolling three-year basis.

PERFORMANCE (All in USD)						FUND INFORMATION
YEARLY (%)	YTD	2022	2021	2020	2019	2018		Structure	Cayman registered closed-end fund
VEIL	7.39	-35.71	47.10	22.78	3.05	-7.08		Listed	London Stock Exchange
VN Index	8.06	-34.07	39.00	17.39	9.88	-9.45
	Inception Date	11 August 1995
								Total Net Asset Value	US$1,694.77m
								NAV Frequency	Daily
ROLLING (%)		1W	YTD	1YR	3YR	5YR		With effect from 1 July 2021, the management fee will be
		amended to 1.85% per annum of Net Asset Value ("NAV")

Share Price	-1.97	-0.86	-2.52	-6.33	18.60
NAV	-0.71	7.39	6.44	3.56	29.89
VN Index (HOSE)	-0.97	8.06	7.33	1.35	25.63
MSCI EM Index	0.59	4.39	4.76	-20.58	4.28
VN30 Index	-0.95	8.11	5.72	3.27	28.37

TOP 10	TICKER	SECTOR	NAV(%)
1	Hoa Phat Group	HPG	Materials/Resources	9.02
2	VPBank	VPB	Banks	8.68
3	ACB	ACB	Banks	8.33
4	Vietcombank	VCB	Banks	6.91
5	FPT Corporation	FPT	Software/Services	6.21
6	Mobile World	MWG	Retail	5.00
7	PV Gas	GAS	Energy	3.60
8	Vinhomes	VHM	Real Estate	3.52
9	Techcombank	TCB	Banks	3.11
10	Military Bank	MBB	Banks	3.00
	Total			57.38

FUND PERFORMANCE

Management Fee		for the first US$1.25 billion of the Company's NAV, reducing
	to 1.65% per annum for NAV between US$1.25 billion and
		US$1.5 billion and further reducing to 1.50% per annum for
		NAV above US$1.5 billion.
Administrator & Custodian	Standard Chartered Bank
ISIN		KYG9361H1092
SEDOL		BD9X204
CUSIP		G9361H109
Bloomberg		VEIL LN
Reuters		LP60078461
Legal Entity Identifier (LEI)	213800SYT3T4AGEVW864
DEALING
Trading		Traded on the London Stock Exchange
Clearing		CREST
		Jefferies International Limited
Settlement		CREST Participant ID: 393 (UK Equity)
		BIC Code: JEFFGB2X
Quotation	Daily in Financial Times/LSE direct feed VEIL LN

Information specific to UK investors in VEIL: Based on analysis undertaken on behalf of the fund by KPMG, they state that they consider that VEIL does not meet the definition of an "offshore fund" for the purposes of the Offshore Fund Regulations in the UK. On the basis of the Offshore Fund Regulations do not apply to VEIL and therefore the reporting fund status regime is not relevant to the fund or its UK investors. Please contact a member of the Marketing/ Investor Relations if you require the full report from KPMG.

60
50				VEIL - USD (NAV)	VN Index - USD	VN30 - USD
40
30
20
10
0
-10
-20
Dec-20	Jun-21	Dec-21	Jun-22	Dec-22	Jun-23	Dec-23
ENQUIRIES				PRICE PROVIDER
Dragon Capital				Jefferies
[e-mail]	[phone]			Michele White/ Trevor Hunt [phone]

This document has been prepared and is distributed by Dragon Capital Management (HK) Limited for the information of existing investors, and other eligible recipients. This update has been provided to you following your express request to be included in such distributions, and your confirmation of eligibility. If you wish to unsubscribe from future updates at any time, please email [e-mail].

This document does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to purchase, subscribe to or acquire, securities of any entity, or any vehicle to be incorporated in connection with any possible transaction, or an inducement to enter into investment activity in any country, or in any other jurisdiction in which such offer, solicitation, inducement or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction. No part of the document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.

No disclosure, reference or other information included in this document shall be considered as offering or solicitation of any product or service. Nothing in this document shall be construed as investment advice or a recommendation to acquire or invest in any securities or other instrument or financial product. Any investment performance and market information provided in this presentation, including information about any particular companies, are provided for illustrative purposes only and are not investment recommendations.

No person is promulgating or providing any financial or other advice to any person, and is not making and does not intend to make an offer or solicitation in relation to any product, whether referred to in this document or otherwise. Any person requiring investment advice should consult a suitably qualified professional adviser prior to taking any investment decision.

The information contained in this document is subject to updating, and the accuracy, certainty or completeness of such information is not guaranteed. No representation or warranty, express or implied, is made, and no liability whatsoever is accepted by any other person, in relation thereto.

This document must not be distributed or otherwise made available to third parties without the consent of Dragon Capital, and then only to such recipients who have confirmed that distribution of such information is in compliance with all securities laws and regulations which apply to them.

For UK investors in VEIL: According to an analysis performed on behalf of VEIL by KPMG, VEIL does not meet the definition of an "offshore fund" for the purposes of the Offshore Fund Regulations in the UK. On the basis of this analysis, the

Offshore Fund Regulations do not apply to VEIL, and therefore the reporting fund status regime is not relevant to VEIL or its UK investors. Please contact us if you require the full analysis from KPMG.

© Dragon Capital 2023

DRAGON CAPITAL MARKETS LIMITED

c/o 1501 Me Linh Point,

2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam

T [phone]

F [phone]

www.veil-dragoncapital.com

2