We thought PYN Elite’s previous Investor Letter on March 15 was so good in content, that now we ended up sending it again – with fresh comments. In addition to the letter, a few essential charts from PYN Elite’s Investor…
VN index -5.4% in May dragged down by steelmaker HPG and banks. PYN Elite (-1.6% MoM) fared better as VHM rose 10% on a successful project launch. In May, the index plunged -14%, then recovered 10% from its low. We…
The Vietnamese government’s sudden move to clean up stock manipulation caused the crash in the Vietnamese stock market this April and May. Investors who had manipulated stocks of their own companies were arrested. In the sell-off, the VN-Index plummeted 20…
Vietnam’s continued crackdowns on bond market irregularities and stock market manipulation with several arrests have sent the VN-Index down by 8.4% in April. PYN Elite -10.2%, led by the declines of VHM, CTG, TPB and MBB. Despite the short-term damage,…
The news of the joint military exercises between Russia and Vietnam, published by the Russian state newspaper Ria Novosti on the 19th of April, has proved to be a hoax, as we had already assumed. This was Russian propaganda, with…
In recent weeks, the Vietnamese stock market has fallen, and the VN-index is now -6.1% YTD. PYN Elite NAV is -8.1% YTD. For the six months, the VN-Index is +0.8% while PYN Elite NAV is up +7.7%. In this post,…
VN market (+0.14%) was peaceful compared with the world. PYN Elite dipped slightly by -1.5%. Local investors take a cautious stance toward geopolitical events and the current margin lending balance is estimated to be 20% off from its recent peak.…
Greetings from Vietnam, where I have been for two weeks visiting companies in Ho Chi Minh City and Hanoi. I have spent my days meeting numerous CEOs and evenings working on this Investor Letter. We decided to make it this…
Russian invasion of Ukraine in the last week of February as well as the built-up tensions before the event have created a large divergence in Vietnam’s stock market throughout the month, as witnessed in the rallies of the Energy sector (+10%)…
The human tragedy rises above everything in the Russian invasion of Ukraine. The absurd violence and the fact that innocent people are getting killed fulfils our minds and cannot be ignored. However, even with all the ongoing horrors, I summarize…