Vietnamese listed companies are heading for an excellent year of earnings growth in 2026. The broad market trades at a P/E of 8.8 on Bloomberg’s 2027 consensus estimates. Given Vietnam’s strong economic growth this year, valuations have slipped to historically unbelievable lows. The market has behaved almost irrationally in 2026, as shares of many blue chip companies reporting excellent results have mostly declined.
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The attached publication is marketing material and should not be regarded as a recommendation to subscribe or redeem units of the PYN Elite Fund. Before subscribing please familiarize yourself with the Key Information Document, the Prospectus and the Rules of the Fund. The material presented in this text is based on PYN Fund Management’s view of markets and investment opportunities. PYN Elite Fund (non-UCITS) invests its assets in a highly allocated manner in frontier markets and in a small number of companies. This investment approach involves a larger risk of volatility compared to ordinary broadly diversified equity investments. The value of an investment may decline substantially in unfavorable market conditions or due to an individual unsuccessful investment. It is entirely possible that the estimates of economic development or a company’s business performance presented in this presentation will not be realized as presented and they involve material uncertainties. This publication is not meant to be read or distributed in Vietnam.