Vietnam’s GDP growth slowed to 3.3% during Q1. The country’s exports have recorded weak numbers since autumn, alike other Asian exporting countries, but the weakness of exports is not the key reason for the slowdown in Vietnam’s GDP growth. In…
We have experienced a lot of headwinds in Vietnam during the last 12 months. However, we expect things will be turning during the next 12 months. From now on, the recovery rate will be determined by the Vietnamese market earnings…
The ten percent jump in the PYN Elite NAV in January was wiped out during February, and now the NAV is back to the year-end level. Uncertainty still prevails in the market, but we believe that several factors will guide…
The portfolio manager’s main thoughts about the fund and the market: 1) The discount caused by disciplinary measures will disappear. 2) Earnings growth remains decent. 3) The decline in deposit rates will support the stock market valuation multiples. The index…
Below is one paragraph from the last Investor Letter of the year. We have summarized here what happened in the Vietnamese stock market this fall, and what we think will follow. “Vietnam’s stock market’s weak performance this year is extraordinary.…
We have experienced an unexpected and very peculiar year in Vietnam. In 2022 the stock market of Asia’s fastest-growing, most competitive, and the least-indebted country has faced a total crash. In a year of excellent earnings growth, the Vietnam stock…
VN Index -31.9% YTD VND Forex -8.1% YTD PYN Elite -37.3% YTD (21.10.2022) What is going on in the markets? Vietnam’s stock market has been globally one of the worst performers this year. In recent months, the value of Vietnam’s…
TPB was among the first ones from our portfolio to come out with the Q3/2022 results. The bank continued its strong performance. In Q3 its earnings growth was 54% YOY, partly because of weak numbers from the previous Covid year.…
The NAV of PYN Elite plummeted last spring. At the time, the most significant reason seemed to be the disciplinary measures at the Vietnamese bond market and stock exchange, when the market’s best-known manipulator, a billionaire businessman was arrested. It…
Interest rate hikes by the Fed and the ECB are keeping equity investors on edge. The Vietnamese economy and stock markets are bending but will not break. Here are a few highlights from our latest Investor Letter: • Interest rates…