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…
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…
Credit rating agency Moody’s upgraded the Government of Vietnam’s Bond ratings to Ba2 from Ba3. The outlook is stable. The upgrade reflects the assessment by Moody’s that Vietnam’s economy has growing strengths and greater resilience to external macroeconomic shocks. Moody’s…
Credit rating agency Moody’s and the World Bank have recently raised their forecasts for Vietnam’s GDP growth for 2022. Moody’s expects 8.5 percent growth and the World Bank 7.7 percent. Great numbers! It is not relevant, which one will eventually…
The Vietnamese government’s sudden move to clean up stock manipulation caused the crash in the Vietnamese stock market this April and May. Investors who had manipulated stocks of their own companies were arrested. In the sell-off, the VN-Index plummeted 20…
The news of the joint military exercises between Russia and Vietnam, published by the Russian state newspaper Ria Novosti on the 19th of April, has proved to be a hoax, as we had already assumed. This was Russian propaganda, with…