VinaCapital Vietnam Opportunity Fund Limited AccumUSD · LSE:VOF
VinaCapital Vietnam Opportunity Fund Limited AccumUSD — VinaCapital Vietnam Opportunity Fund — Q4 2023 Earnings Presentation
26 slides from VinaCapital Vietnam Opportunity Fund Limited AccumUSD's earnings presentation, Feb 20, 2024
Slide 1: VinaCapital Vietnam Opportunity Fund Investor Update
ké VinaCapital VinaCapital Vietnam Opportunity Fund (LSE: VOF.LN) Investor Update =2 ; Bo FBruary 2024
Slide 2: Macroeconomic Update
Macroeconomic Update 31 DECEMBER 2023
Slide 3: Vietnam's 3 Key Growth Drivers
y \/ VinaCapital Vietnam’s 3 Key Growth Drivers Classified: Internal Geopolitics / Friendshoring Industrialization, Driven by FDI These 3 Drivers are Interrelated / Connected Rapidly Growing Middle Class Rising Incomes Urbanization Demographics
Slide 4: Vietnam's Exports & Manufacturing are Recovering
y \/ VinaCapital Vietnam’s Exports & Manufacturing are Recovering Strong 4Q23 points to improved outlook for specific sectors 35% 30% } Exports (yoy) by Month 25% |} 20% 15% F 10% F 5% + 0% 5% fb 10% F 15% fF Source: GSO -20% |b xn vw a a wa a Aw WN A A AO 29 9 MO 9 OM OM M9 M9 O Aa vv Wan vw uw aa
Slide 5: Manufacturing Recovery Driven by PCs & Consumer Electronics
y \d VinaCapital Manufacturing Recovery Driven by PCs & Consumer Electronics Mobile, PC, electronics improving, but textiles, garments struggling Global PC Sales are Recovering... ... So are Vietnam’s PC Exports 60% 25% 50% 20% 40% 30% 15% Bottom Bottom 20% inQi 10% in Qi a 10% rf ” 5% J 0% LT va U
Slide 6: Interest Rates in Vietnam to Remain Stable in 2024
\d VinaCapital Interest Rates in Vietnam to Remain Stable in 2024 Rates now below pre-Covid levels at 4-5 Y% Lower Interest Rates* 9.0% The 2022-23 Surge is Over 8.0% 7.0% Rates are below pre-Covid levels 6.0% 5.0% * Average 1Y Deposit Rates 4.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% Higher Credit Grow
Slide 7: Key Forecasts for 2024
y \d VinaCapital Key Forecasts for 2024 Manufacturing and Export recovery 2023 2024F Pre-COVID Average* GDP 51% 6.0 -6.5% 70% Real Retail Sales 71% 75% 9.0% Manufacturing 88% 8.0% \ 12.0% Export Growth \asa% 47.0% 412.0% VN Dong 27% 0.0% -2.0% Classified: Internal Depreciation Source: GSO, Bloomberg
Slide 8: Classified: Internal
Classified: Internal
Slide 9: VN-Index: Key Events During the Year
y Classified: Internal 1300 1250 1200 1150 1100 1050 1000 Jan-23 Source: Bloomberg, data as of 31 Dec 2023. \/ VinaCapital VN-Index: Key Events During the Year Despite volatility, VN best performing in SE Asia 11.1% (STR) Aug 18: -4.4%, profit- taking on VIC and Properties stock 16-20/10: -4.5% Call
Slide 10: VN Index Earnings Growth Outlook: increase 10-15% in 2024
y \/ VinaCapital y VN Index Earnings! Growth Outlook: increase 10-15% in 2024 Flat EPS for 2028, while 2024F growth may be challenging Earnings growth YoY 35% 31.6% 30% 25% 20% 15% “~ 13.0% Seite "0% Bechet 5% 9 Seen 0.4% 0.6% ems OY pc ee REESE arr See 6% oS 10% 8.0% 159 18% 13.5% -20% Q1-23 Q2-23
Slide 11: VN Index: Sector Performance CY2023
y \d VinaCapital VN Index: Sector Performance CY2023 Financials, Materials, Industrials, and IT were top contributors Sector performance (%) Information Technology Materials Industrials Financials Energy Health Care VN Index Consumer Discretionary Utilities Communication Services Real Estate Consume
Slide 12: o o Classified: Internal
▪ ▪ o o ▪ ▪ ▪ Classified: Internal
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: Interna H
Slide 15: >$350 M BOARD
% >$350 M BOARD DIVIDEND YIELD SHARE BUYBACKS FULLY INDEPENDENT SINCE 2016 SINCE 2011 BOARD Classified: Internal
Slide 16: Investment Criteria. What we look for in businesses
y \d VinaCapital Investment Criteria. What we look for in businesses Scale GGG Management Alignment Classified: Internal T¢l THUGUC ACB Competitive Advantage K@ KHANG DIEN Distribution ~ 4 PNJ Sustainability AN CUONG Wood - Working Materials
Slide 17: Portfolio Update December 2023
3. PORTFOLIO UPDATE 31 DECEMBER 2023
Slide 18: VOF Portfolio: Dashboard (31 December 2023)
\d VinaCapital VOF Portfolio: Dashboard (31 December 2023) Asset Class Sector VOF NAV by Asset Class (%) 3.3% m Listed Equity (72.8%) m Public Equity with Private Terms (4.8%) m Private Equity (19.1%) Cash & Others (3.3%) Source: VinaCapital. The unaudited NAV breakdown as of 31 Dec 2028, Classified
Slide 19: Portfolio Performance December 2023
3.2. Portfolio Performance 31 DECEMBER 2023
Slide 20: VOF NAV continues to outperform VNI and Peers
y Long-term performance over periods of volatility \/ VinaCapital VOF NAV continues to outperform VNI and Peers over both short- and long-term 1-year performance 30% 25% 20% 15% 10% 5% 0% 5% Dec 22 Mar 23 Jun £3 Sep 23 Dec 23 VOF Public Equity 7 1 Assuming the TER of approximately 1.3% per annum 2 N
Slide 21: Risk-Reward over the Long-term
\d VinaCapital Risk-Reward over the Long-term VOF remains a top performer with the lowest level of NAV volatility 4% ; f am | VNH ($105m) 2% | $TR: 10.5%, SD: 26% : VOF ($1,107m) = 10% | $TR:8.9%, SD: 18% H at | f : VN Index VEIL ($1,741m) ae ! $TR:5.6%, SD: 25% — $TR:5.7%,SD:27% STR 6.4%, SD: 28% o
Slide 22: Investment holdings update December 2023
3.3. Investment holdings update 31 DECEMBER 2023
Slide 23: 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 24: Target Sector Allocation
y \/ VinaCapital y Target Sector Allocation’ Divesting / trimming RE and Financials, while focusing on IT, Healthcare and Consumers Sectors = & *Sector weight on AUM (i.e., excluding receivables, payables, others, ° ru iu s for) - © rey = @ 31-Dec-23 1 Target 14 = 14 cy se toa ro x 14 toy XN. 1 1 ar
Slide 25: VOF: 200+ Investments
y \/ VinaCapital VOF: 200+ Investments 2 ¢ > PNJ HOA PHAT HoanMy © “< ®D 5S o Ah .25 YEARS / — () CRAN CUONG’ Ge neoeneina z N A NY vA ‘a Sn a (5 MR ue tHONc Te YG LAND en IF ; THucUC W = vet DHS PHARMA = @ KHANGDIEN u seven M-=— AIRPORTS Vi m6t cuéc séng khée dep hon OF VIETNAM KHONG VIET NAM -cTCP
Slide 26: Contact details
ANDY HO KHANH VU Managing Director and Deputy Managing Director Chief Investment Officer Portfolio Manager - VOF andy.ho@vinacapital.com khanh.vu@vinacapital.com Classified: Internal
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