Good results from challenging year

— 04.02.2022

All our core companies recorded profits for the challenging corona year of 2021, although the earnings of ACV (airports) and VRE (mall operator) dropped. The Vietnamese brokers doubled their earnings, but we took our profits from them already last year.

In 2021 we increased our positions especially in companies where we expect good results in 2022. CTG’s (Vietinbank) earnings grew by only 2.9% in 2021, but this year we expect it will have a 47% profit growth. CTG achieved good operational results also last year, but due to covid situation the State Bank of Vietnam required banks to make extra provisions, which ruined the official earnings growth.

Earnings data included. Our core companies are in two groups. First the ones that were hurt by lockdowns and will report turn-around earnings in 2022 and 2023. We have accumulated stocks against weak earnings.

SectorProfit Growth
VREshopping centers-45.0%
VEAcar and mopeds+ 3.6%
CTGlarge bank+ 2.9%


Good results, although many would have had even better earnings growth without the Covid-19.

CompanySectorProfit growth
MBBcommercial bank54.0%
TPBcommercial bank38.0%
HDBcommercial bank42.5%
TLGschool equipments15.4%
SCSair cargo21.6%
CMGIT company44.0%


VHM and MBB reported excellent earnings from 2021. We have increased our positions in those two during last year. Here are some other significant changes in the weighting in our portfolio in April-October.

VHM 21 M shares > 46 M shares
MBB 50 M shares > 62 M shares
VRE 38 M shares > 60 M shares
CTG 37 M shares > 62 M shares


Important information regarding the text and 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.


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