VN Index -7.8% in Feb on a broad market sell-off fueled by real estate companies. PYN Elite -11.2% on VHM, CTG and STB. A prominent developer (not our portfolio company) postponed bond coupon payments due to financial constraints. Although the…
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 market is off to a strong start in 2023, as VN-Index +10.3% and PYN Elite +10.3% in Jan, both driven by the stellar rally of the banking stocks. In the middle of the market storm in 4Q22, we made…
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…
In December, VN-Index down -3.9% and PYN Elite up +1.1%. Foreign investors continued to net buy 540 million USD, focusing on HPG, STB and VHM. HOSE’s average trading liquidity improved to about 600 million USD. VN-Index had a volatile year,…
Lan Nguyen, member of PYN Elite’s portfolio team was interviewed by Antti Järvenpää from Inderes. You can see the interview from here. Timeline: 2:24 Disciplinary measures in the Vietnamese market 06:52 Vinhomes and real estate 11:51 Retail market & VRE…
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.…
PYN Elite gained +11% in November, driven by VHM, VRE and CTG. VN Index (+2%) was volatile: it first dived -15% before a strong rebound. Two real estate developers suffered margin call as their shares were used as collateral for…
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…
In October, the arrest of unlisted real estate (RE) developer Van Thinh Phat (VTP) Chairwoman and unlisted bank SCB’s involvement in its illegal issuance of multi-billion dollar worth of corporate bonds cast a shadow on Vietnam’s stock market. VN-Index tumbled…