VinaCapital Vietnam Opportunity Fund Limited AccumUSD · LSE:VOF
VinaCapital Vietnam Opportunity Fund Limited AccumUSD — VinaCapital Vietnam Opportunity Fund — Investor Presentation (April 2024)
27 slides from VinaCapital Vietnam Opportunity Fund Limited AccumUSD's investor presentation, Apr 17, 2024
Slide 1: VinaCapital Vietnam Opportunity Fund Investor Update
ké VinaCapital VinaCapital Vietnam Opportunity Fund (LSE: VOF.LN) Investor Update
Slide 2: Dividend yield, share buybacks, independent board
% >$350 M BOARD DIVIDEND YIELD SHARE BUYBACKS FULLY INDEPENDENT SINCE 2016 SINCE 2011 BOARD Classified: Public
Slide 3: Macroeconomic Update
Macroeconomic Update 31 March 2024
Slide 4: Modest GDP Growth in Q1
y \/ VinaCapital Modest GDP Growth in Q1 Classified: Public GDP 5.1% 5.7% 6.5% Real Retail Sales TA% | 51% 7.5% Manufacturing 3.6% | 7.0% 8.0% Export Growth 44% \20%/ 7.0% Source: GSO, Bloomberg, VinaCapital
Slide 5: Vietnam Export Recovery - Driven by Tech
y \/ VinaCapital Vietnam Export Recovery - Driven by Tech Exports (% yoy) PC & Electronics Exports (% yoy) 60% fF 40% - 50% 30% hb 40% 30% 20% 20% 10% | 10% 0% LLL, LY -10% 10% 4 -20% b escoooy RT Rpkwannnano -20% + gqqqYGYYaaqgqgaa a a a a ~ WYN A OO MO MO MO + eSSSBEBSS ESF RES EB yqrgqg ye egy sg
Slide 6: Vietnam's Real Estate Market is Heating Up
y \/ VinaCapital Vietnam’s Real Estate Market is Heating Up Classified: Public VN|Ee XPRESS INTERNATIONAL Buyers snap up apartments on fear of rising prices April 12, 2024
Slide 7: VN Dong Depreciated ~3-4% YTD
y \/ VinaCapital VN Dong Depreciated ~3-4% YTD gy Vietnamese Savers Aggressively Buying Gold gy US Dollar/DXY Index Up ~5% YTD t Trade Surplus (8%/GDP) and FDI (~5%/GDP) Interest Rates in VN Headed Slightly Higher Classified: Public
Slide 8: Vietnam's FDI Story Keeps Getting Better
y \/ VinaCapital Vietnam’s FDI Story Keeps Getting Better-and-Better Classified: Public 1) Vietnam is a Clear Winner From Geopolitics THE WALL STREET JOURNAL. Why Everyone Wants to Be Vietnam’s Friend Bloomberg Everyone Is Wooing Vietnam. Why Hanoi’s ‘Bamboo Policy’ Works 2) Vietnam Continues to Mov
Slide 9: Stock Market Update
Stock Market Update 31 March 2024
Slide 10: VN-Index: Key Events
\/ VinaCapital VN-Index: Key Events VN best performing in SE Asia 11.3% (STR) in Q124 1400 Sep 10 Nov 28: Jan 2024: = Signed = Signed = Land law comprehensive comprehensive approval strategic partnership strategic = Law on credit 1300 with the US partnership with institutions Japan * VAT cut until e
Slide 11: Earnings Growth Is Key Determinant Of Market
y \d VinaCapital Earnings Growth is Key Determinant Of Market In The Long Run: 15-20% Earnings Growth Forecast In 2024-2025, faster than the ASEAN avg. Forecast earnings growth - VN Index (% y/y) ASEAN - Net profit growth? 0% 60.0 1.6% 36.0 0% ~ | || ll 5% = r] - 15.0 0% if 5% -40.0 ov 44% VN ID My
Slide 12: VN-Index 12M forward PE
22 20 18.8 18 16.5 16 14 12 12.1 10 9.7 8 -2std -1std 12M fwd PE +1std +2std Mean Classified: Public
Slide 13: VinaCapital Vietnam Opportunity Fund (VOF)
VinaCapital Vietnam Opportunity Fund (VOF) FTSE250 Investment Company with 20 years' experience in Private Equity opportunities
Slide 14: VOF invests growth equity in privately negotiated opportunities
y \d VinaCapital VOF invests growth equity in privately negotiated opportunities across listed and private equity. We are long-term, active investors who take significant minority stakes in leading companies in Vietnam. Classified: Public
Slide 15: Investment Criteria: What we look for in businesses
y \d VinaCapital Investment Criteria. What we look for in businesses Scale GGG Management Alignment Classified: Public T¢l THUGUC ACB Competitive Advantage K@ KHANG DIEN Distribution ~ 4 PNJ Sustainability AN CUONG Wood - Working Materials 15
Slide 16: Portfolio Update
3.1 PORTFOLIO UPDATE 31 March 2024
Slide 17: VOF Portfolio: Dashboard (31 March 2024)
Asset Class VOF NAV by Asset Class (%) 2.7% 19.6% 3.0% im 74.8% m Listed Equity (74.8%) 1 Public Equity with Private Terms (3.0%) m Private Equity (19.6%) Cash & Others (2.7%) Source: VinaCapital. The unaudited NAV breakdown as of 31 Mar 2024, Classified: Internal \d VinaCapital VOF Portfolio: Dashb
Slide 18: Portfolio Performance
3.2. Portfolio Performance 31 DECEMBER 2023
Slide 19: VOF NAV and Public Equity continue to outperform VNI and peers
y \/ VinaCapital VOF NAV and Public Equity portfolio continues to outperform VNI and Peers over the long-term, particularly during periods of volatility 30% 25% 20% 15% 10% 5% 0% 5% -10% Mar 23 Classified: Public Jun 23 1-year performance Sep 23 Dec 23 Mar 24 VOF Public Equity * 27.3% 21.2% 16.1% 16
Slide 20: VOF continues to outperform VNI and Peers over the long-term
\d VinaCapital VOF continues to outperform VNI and Peers over the long-term, particularly during periods of volatility 20% | f : VNH ($135m) 2 15% | STR: 13.6%, SD: 26% I : VOF ($1,165) | $TR: 9.8%, SD: 18% PYN ELITE ($848m) 10% | VEIL ($1,863m) $7R'8.7%, SD: 28% f $TR: 7.5%, SD: 27% = f VN Index E
Slide 21: Investment holdings update
3.3. Investment holdings update 31 DECEMBER 2023
Slide 22: Top 10 Listed Public Equity and Private Equity holdings
NAV1 Private Equity and Public Equity NAV1 Top 10 Listed Public Equity2 %NAV1 %NAV1 with Private terms3 USDm USDm 1 Asia Commercial Bank (ACB) 150.1 13.6% 1 Thu Cuc Medical 47.3 4.3% 2 Khang Dien House (KDH) 109.4 9.9% 2 Tam Tri Medical 46.8 4.2% 3 Hoa Phat Group (HPG) 99.7 9.0% 3 IN Holdings (Twins
Slide 23: Target Sector Allocation
\d VinaCapital Target Sector Allocation *Sector weight on AUM (ie., excluding receivables, payables, others) (Target @ 31-Mar-24 Consumer Energy Utilities Cash Industrials Information Health Care Financials Materials |» Consumer Real Estate Staples Discretionary Technology 23 Classified: Internal
Slide 24: VOF: 200+ Investments
y \/ VinaCapital VOF: 200+ Investments 2 ¢ > PNJ HOA PHAT HoanMy © “< ®D 5S o Ah .25 YEARS / — () CRAN CUONG' Ge neoencna z N A N@va ‘a Sn a (5 MR ue tHONc Te YG LAND en IF ; THUCUC W = vent DHS PHARMA = @ KHANGDIEN u sescue ci M-=— AIRPORTS Vi m6t cuéc séng khée dep hon OF VIETNAM KHONG VIET NAM cT
Slide 25: Classified: Internal
Classified: Internal
Slide 26: o o Classified: Internal
▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ o ▪ o Classified: Internal
Slide 27: MSCI EM inclusion holds greater significance than FTSE
y \d VinaCapital MSCI EM inclusion holds greater significance than FTSE But the hurdles are much higher and more challenging Index No of funds NAV (US$bn) FTSE (secondary) EM 16 90 MSCI EM 844 615 Total 860 705 Weight of Vietnam in the 2 indices (MSCI and FTSE EM) is anticipated to be 0.7- 1.2% Fore
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