VietNam Holding Limited · LSE:VNH
VietNam — Non-Deal Roadshow (October 2020)
23 slides from VietNam's roadshow presentation, October 2020
Slide 1: Vietnam: Powering ahead into 2021
Vietnam: Powering ahead into 2021
Slide 2: Vietnam Holding Ltd (LSE: VNH)
Vietnam Holding Ltd (LSE: VNH) NAV c. £105m Closed-end fund Partner owned +9.3%* p.a. over 10 years £77m listed on LSE Manager with Market cap Main Market locally based team Vietnam All Share +6.6% ** p.a. Nimble stock selection, actively managed, high-conviction portfolio with integrated ESG
Slide 3: Vietnam
Vietnam Population 97mn 30.5 years 85% Population Median age Ethnic Kinh Economy 7.0% USD20.4bn 200% of GDP 2019 GDP growth 2019 FDI influx Total trade USD2,800 2.7% 13 2019 GDP per 2019 Inflation FTAs concluded capita Key export products • • • • • • •
Slide 4: Content
Content Vietnam: Powering ahead into 2021 DYNAM 1. Vietnam Macro Review: Strong recovery in Q3 2020-Getting ready for 2021 2. Vietnam Equity Market: Reasonable valuation and the strong earnings growth of 2021 3. VNH Portfolio: A worthy proxy for the Vietnam market 4. Q&A
Slide 5: Vietnam Macro
Vietnam Macro Vietnam is one of a few countries achieving positive GDP growth in 2020 GDP forecast to grow at 6-8% in 2021
Slide 6: Vietnam Macro
Vietnam Macro Leading the pack in Export growth Q3 2020 Diversified export markets
Slide 7: Vietnam Macro
Vietnam Macro Vietnam manufacturing PMI above 50 level • • •
Slide 8: Vietnam Macro
Vietnam Macro Strong recovery of retail sales (%) The economy is getting back to pre Covid-19 level • • •
Slide 9: Vietnam Macro
Vietnam Macro FDI disbursement remained strong in 9M2020 (USD bn) Public investment to be accelerated in the next five years (USD bn) • •
Slide 10: Vietnam Macro
Vietnam Macro Record high trade surplus YTD (USD bn)
Slide 11: Vietnam Macro
Vietnam Macro VND has been stable against USD Record high FX reserve (USD bn) • •
Slide 12: Content
Content Vietnam: Powering ahead into 2021 DYNAM 1. Vietnam Macro Review: Strong recovery in Q3 2020- Getting ready for 2021 2. Vietnam Equity Market: Reasonable valuation for the strong earnings growth of 2021 3. VNH Portfolio: A worthy proxy for the Vietnam market 4. Q&A 12
Slide 13: Vietnam Equity Market
Vietnam Equity Market The main domestic index (VNIndex) recovered to last year’s level Long-term growth trend with reasonable valuation
Slide 14: Vietnam Equity Market
Vietnam Equity Market Reasonable valuation Good profitability
Slide 15: Content
Content Vietnam: Powering ahead into 2021 1. Vietnam Macro Review: Recovering strongly in Q3 2020- Getting ready for 2021 2. Vietnam Equity Market: Reasonable valuation for the strong earnings growth of 2021 3. VNH Portfolio: A worthy proxy for the Vietnam market 4. Q&A DYNAM 15
Slide 16: Dynam Capital's active stock selection – conviction driven
Dynam Capital’s active stock selection – conviction driven Valuation (P/E Ratio) Investment Criteria • • • Portfolio EPS Growth (2017-2021) • • •
Slide 17: VNH Portfolio
VNH Portfolio Consumer • Industrialization • • • • • Urbanization Banks and Others • • • • • •
Slide 18: VNH Portfolio
VNH Portfolio INCREASE • • DECREASE • • •
Slide 19: VNH Portfolio: HPG increasing market share
VNH Portfolio HPG increasing market share in a high growth sector • • • • • • •
Slide 20: VNH Portfolio: selected banking positions valuation
VNH Portfolio Valuation of a few selected banking positions in the portfolio • • • • • • •
Slide 21: VNH Portfolio Top Ten Holdings
VNH Portfolio Top Ten Holdings As of 31 Dec 2019 Top Ten Holdings As of 30 Sep 2020 Company Sector % NAV Company Sector % NAV FPT Telecoms FPT Telecoms Phu Nhuan Jewelry Retail Hoa Phat Group Industrials Mobile World Retail Mobile World Retail MB Bank Banks Vinhomes Real Estate Khang Dien House Real
Slide 22: VNH Portfolio: 10-year NAV per share performance
VNH Portfolio % 10-year NAV per share performance vs. VNAS Index (Sep 2010-Sep 2020) DYNAM 170% —NAV per share (USD) 150% —Vietnam All Share Index (USD) 130% 110% 90% 70% 50% 30% 10% -10% -30% 50% Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 22 Source: Dynam Capital,
Slide 23: Disclaimer
Disclaimer DYNAM This presentation relates to Vietnam Holding Limited (the Company’) and has been prepared by Dynam Copital, Ltd. ("Dynam'"). This presentation is for information and discussion purposes only and should not be consideredto be an offer or solicitation of an offer to buy or sell shares