IES Holdings Ltd.

Fund Information / Factsheet • Jun 22, 2023

National Storage Mechanism | Additional information

RNS Number : 5953D

VietNam Holding Limited

22 June 2023

Vietnam Holding Limited - Update from QuotedData

22nd June 2023

Building on firmer foundations

Vietnam Holding (VNH) has put in a compelling performance in net asset value (NAV) total return terms versus competing funds investing in emerging Asia (see page 24), but this is not being reflected in its share price. Presently, its share price is at a 13.5% discount to its NAV.

This is despite Vietnam's long-term structural growth drivers remaining intact (see page 7) and a strong outlook for GDP growth over the next five years (the forecast is for an average of 6.7% a year through to 2028).

Within Vietnam, there was a meltdown in the corporate bond market last year, which affected its property sector and, while the Vietnamese government moved to address these issues and stabilised the currency, poor sentiment continues to weigh on the market, which does not seem justified.

VNH's board has been authorising modest share repurchases to provide liquidity to shareholders, taking advantage of the recent high-teens discount (see page 29).

Full Research:

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