Q3 earnings growth might surprise

Vietnamese companies have started to publish their third-quarter results. So far around ten percent of the listed companies have released their results, and based on these numbers, we can be cautiously satisfied.

During the third quarter, the Vietnamese economy was hit by the effects of the fourth wave of the Covid-19 epidemic. Restrictions on mobility caused a very severe setback in the economy and caused an almost full stop for retail business which has therefore recorded extremely poor results.

However, at the same time e.g. banking sector has released reasonably good earnings. Banks booked huge overly cautious provisions in the previous year, which hurt the earnings for 2020. Overall last year’s earnings growth was very weak, and those bottom figures have a significant impact on the 2021 earnings growth.

Here’s a summary of the results that have already been published:
Q3 earnings growth: 28.3% YOY
9M earnings growth: 47.4% YOY


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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.


7th May 2024

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