VietNam Holding Limited Monthly Investor Report (8907V)
11 April 2019 - 6:30PM
UK Regulatory
TIDMVNH
RNS Number : 8907V
VietNam Holding Limited
11 April 2019
VietNam Holding Limited ("VNH" or the "Company")
Monthly Investor Report
A report detailing the activities of the Company for the month
March 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
http://www.vietnamholding.com/publications/investor-reports and a
summary of the report is included below.
Investor Report Summary
The Fund's NAV per share declined 2.3% during March,
underperforming the domestic indices. The main positive
contributors were Saigon Cargo Services (+9.6%, 8.2% of NAV) and
Phu Nhuan Jewellery (+3.2%, 10.7% of NAV). The main detractors were
Yeah1 (-58.4%, 0.9% of NAV) and Viet Capital Securities (-14.1%,
5.4% of NAV). The sharp and sudden decline in Yeah1 was due to
investors re-evaluating the stock on the news of a significant
contract loss with YouTube over content violations. Despite
management's efforts at meeting with YouTube officials in the US,
buying back shares and exiting the Thai business thought initially
to be at the heart of the controversy with YouTube, the damage was
done. A stock which already had domestic investors confused or
uncertain on its business model was punished heavily in the wake of
management's inability to put in the necessary disciplines and
controls. The stock is in the intensive care section of the
portfolio, and we reduced the position as the issues unfolded and
faith in management weakened. The Fund is looking to add a few new
positions in the months ahead.
The macro picture remains bright: the trade surplus returned
during the month (USD 0.6 billion YTD), inflation is under control
at 2.7% and the Vietnam Dong stable. FDI commitment levels are
strong as Vietnam continues to attract global manufacturers.
During the month the Fund moved its listing to the Premium
Segment of the main market of the London Stock Exchange and
migrated its domicile from Cayman to Guernsey. The Board's share
buy-back mandate is still in place, and during the month the
discount to NAV narrowed slightly. The Fund's share price rose 2.2%
during the month on a USD basis and 4.4% on a GBP basis (the Fund's
shares are now quoted in GBP).
The Manager met with several investors during the month in Ho
Chi Minh City and the UK and will visit more investors in the UK in
mid-May and in Switzerland in October. Please do get in contact if
you would like to schedule a meeting.
For more information please contact:
Dynam Capital Limited
Craig Martin Tel: +84 28 3827 7590
info@dynamcapital.com |www.dynamcapital.com
www.vietnamholding.com
finnCap
Nominated Adviser and Corporate Broker Tel: +44 20 7220 0500
William Marle / Giles Rolls
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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