VietNam Holding Limited · LSE:VNH
VietNam — Investor Presentation (January 2017)
21 slides from VietNam's investor presentation, January 2017
Slide 1: Investor Presentation January 2017
Responsible Investment since 2006 Investor Presentation January 2017
Slide 2: VietNam Holding (VNH)
VietNam Holding (VNH) Value investment approach Fund Information Long-term growth: focus on megatrends Launch 15 June 2006 Conviction portfolio: mid-cap centric Listing London Stock Exchange: AIM Dynamic portfolio management Sustainability ESG Integration 10 year track record of top-performance Agri
Slide 3: Performance vs. Peers and ETFs
Performance vs. Peers and ETFs 5 Years Performance 240% VNH Share Price VNH NAV per Share Peer Group (NAV weighted average) VNAS USD adjusted 200% ETFs (NAV weighted average) 160% 120% 80% 40% 0% -40% Sources: Bloomberg, VNHAM / 30 December 2016; Peer Group: VEIL, VOF, Phoenix Vietnam Fund, PXP Viet
Slide 4: VietNam Holding Asset Management (VNHAM)
VietNam Holding Asset Management (VNHAM) BOARD OF DIRECTORS Jean-Christophe Ganz, Chairman since 2009 Vu Quang Thinh, Vice-Chairman since 2015 A former ING general manager in Slovakia and After more than 20 years in senior positions in Switzerland, Vice President of Banque Paribas investment managem
Slide 5: Vietnam Market Drivers
Vietnam Market Drivers Macro Factors Foreign direct investments: clear long-term growth trend Domestic consumption: emerging urban middle class Global factors: China, oil, Trump, Fed Stock Market Accelerated privatizations: IPOs and restructuring of State-owned Enterprises gaining momentum Foreign o
Slide 6: Steady Foreign Direct Investments (FDI) Inflow
Steady Foreign Direct Investments (FDI) Inflow Source: Viet Capital Securities. January 2017. 6
Slide 7: Top Sentiment among Consumers in the Region
Top Sentiment among Consumers in the Region Source: Viet Capital Securities. January 2017. 7
Slide 8: Accelerating Privatizations and new Listings
Accelerating Privatizations and new Listings Source: Viet Capital Securities. January 2017. 8
Slide 9: Stock Market Performance
Stock Market Performance 5 Years Comparison: 31 Dec 2011 to 30 Dec 2016 100% 80% 78.2% 72.3% 64.7% 60% 56.5% 50.5% 38.3% 41.1% 38.6% 40% 34.6% 32.5% 27.9% 20% 9.3% 0% -6.7% -20% -22.8% -40% Vietnam: India Philippines Thailand China Indonesia Malaysia VNAS Local Currency USD adjusted Source: Bloomber
Slide 10: Stock Market Valuation
Stock Market Valuation Regional Comparison 3.5 3.0 Thailand (3.2%) Indonesia (1.6%) 2.5 India (1.6%) Price to Book 2.0 Philippines (1.9%) China (1.8%) 1.5 Malaysia (3.1%) Vietnam (2.8%) 1.0 0.5 0.0 7.5 12.5 17.5 22.5 27.5 Price to Earnings per Share Note: Vietnam: VN All Share Index (VNAS); Main bou
Slide 11: VNHAM Investment Process
VNHAM Investment Process Investment Investment ESG Analysis Universe Proposal Policy & Risk Mgmt Portfolio Portfolio Selection & & HOSE 320 Construction HNX 376 & Decision Management Compliance UpCom 319 Valuation 20-35 stocks • Investment Target Screening • Company visits • Asset • Economic Cycle •
Slide 12: Investment Approach
Investment Approach Large Caps vs. Small/Mid Caps P/E Comparison Large caps underweighted VNH Portfolio VNAS Index Large Caps 8.7x 14.5x Mid cap centric portfolio Mid Caps 12.7x 12.3x Turnaround investments in small caps Small Caps 14.2x 8.7x Overall 11.4x 13.3x Market Segment Weightings VNH Portfol
Slide 13: VNH Portfolio Composition
VNH Portfolio Composition Investment Themes Allocation: % of NAV Top 10 Companies: % NAV 5.9% 2.7% 1 Traphaco JSC 12.4% 2 FPT Corp 6.9% 3 Binh Minh Plastics JSC 6.9% Consumer 4 Thien Long Group Corp 6.7% 36.3% Urbanization 5 Phu Nhuan Jewelry JSC 6.7% 28.7% Other 6 Hoa Phat Group JSC 6.7% Agri-Busin
Slide 14: Phu Nhuan Jewelry (PNJ)
Phu Nhuan Jewelry (PNJ) Shareholding Equitized 2004 / Listed 2009 Year 2012 2013 2014 2015 2016E Market Capitalization USD 299.9 M P/E 9.8x 13.7 13.4x 31.9x 13.5x Free Float 68% Foreign Ownership 49% Investment Performance EPS CAGR (2012-2016E) Annualized TWRR 27.4% 16% 420% Investment Case 320% Lea
Slide 15: Hoa Phat Group (HPG)
Hoa Phat Group (HPG) Shareholding Established 1992 / Listed 2007 Earnings 2012 2013 2014 2015 2016E Market Capitalization USD 1,580M P/E 8.8 8.8 8.2 5.7 6.2 Free Float 47.8% Foreign Ownership 35.5% Investment Performance EPS Growth (5 yrs) Annualized TWRR 39.9% 54% 270% Investment Case 220% No 1 pos
Slide 16: Viconship (VSC)
Viconship (VSC) Shareholding Equitized 2002 / Listed 2008 Earnings 2012 2013 2014 2015 2016E Market Capitalization USD 115.8 M P/E 3.5 6.3 6.9 11.4 9.6 Free Float 85.1% Foreign Ownership 49% Investment Performance EPS Growth (5 yrs) Annualized TWRR 23.7% 4% Investment Case 800% 700% One of Vietnam’s
Slide 17: Vietnam Fund Universe: Top Performers
Vietnam Fund Universe: Top Performers NAV Performance over different periods Period Rank 1 Rank 2 Rank 3 1 year VOF: 28.4% VEIL: 22.8% VNH: 19.0% 2 years VEIL: 33.1% VNH: 29.1% VOF: 26.8% 3 years VNH: 52.4% VEIL: 43.6% VOF: 38.2% 4 years VNH: 115.6% VEIL: 85.2% VEEF: 76.2% 5 years VNH: 159.5% VEIL:
Slide 18: Discount Management
Discount Management 0% VNH – undiluted VNH – diluted VEIL VOF -5% -10% -15% -20% -25% -30% -35% Share buyback program costs: USD 7.3m in 2016 Pro-active investor relations Potential reissue of 9.5 million treasury shares Improving shareholder transparency Sources: Bloomberg, VNHAM / 30 December 2016
Slide 19: Investment Case
Investment Case Vietnam Fundamentals remain strong amid regional slowdown Government policy achieved growth with stability Market supported by lifting of foreign ownerships FTAs and strong inflow of FDIs create long term benefits VNH 10 year track record of consistent top-performance Value investmen
Slide 20: Contact
Contact VietNam Holding Asset Management Ltd. Cayman Islands Collas Crill Corp. Services Willow House, Cricket Square Grand Cayman, KY1-1107 +1 215 325 1334 info@vnham.com Ho Chi Minh City - Representative Office Floor 8, Nam A Bank 201-203 CMT8, Dist. 3 Vietnam +848 3929 1511 VietNam Holding Asset
Slide 21: Disclaimer
Disclaimer This presentation ("Update") is for information only and does not constitute or form part of any offer, inducement or an invitation to sell, acquire or issue, or any solicitation of any offer to purchase or subscribe for, any shares or securities including any ordinary shares (“Ordinary S
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