VietNam Holding Limited Edison initiates coverage on VietNam Holding (VNH)
10 October 2019 - 3:00AM
RNS Non-Regulatory
TIDMVNH
VietNam Holding Limited
09 October 2019
London, UK, 9 October 2019
Edison initiates coverage on VietNam Holding (VNH)
VietNam Holding (VNH) aims to deliver long-term capital growth,
primarily through investing in listed companies in Vietnam. The
fund is also permitted to invest in unlisted companies, which in
practice are those that have visible near-term plans to list. The
fund has undergone significant changes since September 2017,
including the appointment of a new board and manager, Dynam Capital
Limited. These changes were implemented to address governance
issues associated with the previous board and manager, which
contributed to VNH's wider-than-peers discount to NAV. Vietnam's
medium- to long-term economic outlook is one of the brightest in
the Asia Pacific region and investors looking for exposure to its
rapid growth may find the restructured VNH of interest.
VNH trades at a 19.0% discount to its NAV, which is the widest
among its Vietnam-focused peers. The new board has implemented
several changes over the past two years aimed at restructuring and
broadening the appeal of the fund. In conjunction with early signs
of improving investment performance, there is scope for the
discount to narrow.
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