PYN Elite portfolio manager’s Q&A: Are the Vietnamese stocks already too high?

It is time for the last Investor Letter of the year. Portfolio Manager Petri Deryng has lot of questions to go through, starting from this: Has the surge in prices seen this past autumn pushed Vietnamese stocks too high?

“The VN Index is now 9 per cent below its all-time high (1,204 points), which it reached in April 2018. After the spike seen in early 2018, the index corrected which was followed by a prolonged sideways trend, during which the valuation multiples of the companies in the index adjusted to moderate levels helped by earnings growth. After the difficult spring of this year tainted by COVID-19, the VN Index has now found a new strength to perform. During the autumn, the Vietnamese stock market has also shown signs of more sustainable bull market supported by technical analysis by trading above the 50-day moving average”, Deryng writes.

There is also talk about the huge number of new investment accounts in Vietnam, PYN Elite’s portfolio and of course, Mr. Elon Musk.

Portfolio manager’s Q&A.pdf