Monthly Investor Report

RNS Number : 3833V

VietNam Holding Limited

15 April 2016

 

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

Monthly Investor Report

A report detailing the activities of the Company for the month of March 2016 has been issued by VietNam Holding Asset 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 http://www.vietnamholding.com/publications/investor-reports and a summary of the report is included below.

Investor Report Summary

Vietnam News

March was a month of continued relief rally - driven by US Federal Reserve dovishness, bouncing oil, and renminbi stability - among emerging market assets, but on low volumes that suggest a lack of investor conviction. We are staying focused on the longer term fundamentals for most emerging markets, which continue to look poor, and contrast this with Vietnam, which has strong reasons to count as a clear exception to the general trend.

Stock market valuations in Vietnam at less than 12x trailing earnings remain attractive and reform progress is quietly proceeding in a helpful direction. The country is set to continue its recent-years' record of emerging and frontier stock market outperformance - which exceeds 30% over the past five years - over the coming few years.

VNH Insights

Last month was rather flat for Vietnam, with the VNAS index up just 1% at 570.5, having traded in a narrow range of 564-582. This made Vietnam a distinctly dull market in the month, with the MSCI emerging markets index contrastingly having gained a sizzling 13%. VNH's NAV per share was up 2.5% in March to USD 2.306, to stand 3.3% up year-to-date as against a flat year-to-date index performance in dollars.

We see Vietnam as an exception to the poor global picture. Recently, headline first quarter GDP growth disappointed, at 5.5% year on year, but this was driven down by a 1.2% drought-induced fall in the agricultural/forestry/fishing segment, and in this context is a good number - one that very few countries will reach this year.

For more information please contact:

VietNam Holding Asset Management Limited	Tel: [phone]
Investor Relations Gyentsen Zatul [e-mail] www.vietnamholding.com
Smith & Williamson Corporate Finance Limited Nominated Adviser	Tel: [phone]
Azhic Basirov / Ben Jeynes
Winterflood Investment Trusts Broker	Tel: [phone]
Joe Winkley / Neil Langford
Buchanan Communications Financial Public Relations	Tel: [phone]
Charles Ryland / Vicky Watkins

 

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