News

December 2019

VN Index declined 1% in December, while PYN Elite stayed rather flat -0.1%. Some observations on market: Banks deliver strong results: Following September review in which we described banks’ strong bargaining power on bancassurance contract, TPB in November announced a…

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Investor Letter 4/2019

During the last three years, PYN Elite showed excellent performance compared with the VN Index for the first 10 months, outperforming the index return by roughly 100%, but for the last two years after that, the index return has outperformed…

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November 2019

The market experienced a difficult month in November, VN-Index declined 2.8% MoM because of SAB (-13.2% MoM), VNM (-6.5% MoM) and VIC (-2.8% MoM) while PYN Elite’s NAV declined 2.0% MoM because of MWG (-12.5% MoM), HDB (-10.0% MoM) and…

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October 2019

VN Index has attempted to break the psychological level of 1,000 points in October, ended with a marginal gain of 0.9% MoM, led by banking stocks (VCB, BID, HDB). PYN Elite declined 0.9% MoM, supported by HDB, CII, KDH but…

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Value back to glory

Global stock markets have witnessed a strong outperformance favoring growth stocks for a longer period of time, during this period the valuation gap between growth and value stocks has risen unequally. This same development has also affected the market performance…

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Investor Letter 3/2019

Vietnam Solid Data, No Tense, No Jittery • PYN Elite’s key holdings (82% of the portfolio) valued at P/E 7.1 for 2021. • Vietnam has the highest number of free trade agreements. • Vietnam’s official GDP adjustment will result in…

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September 2019

In September, PYN Elite gained 1.9% on MWG, HDB, KDH and CII. VN Index +1.3% supported by banking sector. Q3 GDP growth came strong at 7.3%, well above consensus of 6.7%, despite a lagging government disbursement. State Bank of Vietnam…

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Vietnam GDP +7.3%

The good pace of industrial production in Vietnam keeps GDP growth up to speed. General Statistics Office of Vietnam just released preliminary third-quarter growth figures, which were surprisingly good; growth of 7.31% from last year and thus a nine-month GDP…

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August 2019

PYN Elite’s NAV in August increased 1.27%, led by MWG (+ 9.5% MoM), TPB (+2.0% MoM) and KDH (+8.3% MoM) while VN-Index declined 0.77%, caused by laggards GAS (-5.7% MoM), VCB (-3.1% MoM) and HVN (-13.0% MoM). General Statistics Office…

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July 2019

In July, stock market has been approaching towards 1000 level with slightly improved liquidity. Daily trading value recovered +4.2% MoM to USD 178mn. VN-Index increased 4.4% MoM while our portfolio increased 2.2% thanks to MWG (+15.1% MoM), VEA (+5.5% MoM),…

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