Here you can find information about the top holdings in the PYN Elite portfolio. The numbers are updated on a monthly basis. Altogether, we hold approximately 20 names in PYN Elite Portfolio. More information about the top holdings can be found in the PYN Elite Presentation. The following portfolio data was updated on the 8th of September 2023.
Portfolio

Sacombank
Portfolio weight 15.1%
Sacombank is the 6th largest bank by loans, and 4th largest by branches. Thanks to its large network and affluent customer base, its bancassurance performance ranks top 3. Sacombank has been bearing a large burden of non-performing assets (NPA) inherited from the financial crisis a decade ago. Each year, Sacombank set aside revenue and profit to make provisions for the NPAs, therefore its growth and profitability appear weaker than they actually are. We expect all NPA to be cleared during 2023E.
Revenue growth
24.8%
Market cap, MEUR
2 372
Net profit growth
33.7%
Market cap target, MEUR
4 500
Revenue 2022, MEUR
1 036
Target valuation
P/B 2.0
Net profit 2022, MEUR
200
Upside potential
90%

Vinhomes
Portfolio weight 13.1%
Vinhomes is the No. 1 housing developer in Vietnam with the vast and unrivalled land bank of 164 million square meters in residential GFA. Two key cities Hanoi and HCMC will be the company’s main growth drivers in the next 10 years. Additional growth from industrial real estate. Construction permitting processes are likely to ease in 2023-2025 to stimulate growth.
Revenue growth
32.5%
Market cap, MEUR
9 102
Net profit growth
82.9%
Market cap target, MEUR
34 000
Revenue 2022, MEUR
2 472
Target valuation
P/E 14
Net profit 2022, MEUR
1 142
Upside potential
274%

VRE – Vincom Retail
Portfolio weight 9.9%
VRE is Vietnam’s biggest mall operator. Huge potential still ahead because retail and services businesses are still behind to be modernized. In the next 5-10 years much bigger share of those revenues will take place thru modern malls. IFRS implementation will bring VRE’s valuation ratios much lower once it becomes a standard in Vietnam. MoF plans to do so in 2025. Currently all ratios here are under the Vietnamese accounting standards (VAS).
Revenue growth
5.9%
Market cap, MEUR
2 604
Net profit growth
6.5%
Market cap target
5 500
Revenue 2022, MEUR
292
Target valuation
P/E 16*
Net profit 2022, MEUR
110
Upside potential
111%

CTG – Vietinbank
Portfolio weight 9.2%
CTG is the largest bank when measured by the number of branches and the second-largest by balance sheet in Vietnam. The major shareholders are the State Bank of Vietnam and MUFG Bank, the largest bank in Japan. Stock’s rerating is on its way and will continue to boost the valuation. Bank-assurance fees will add also profitability in 2023.
Revenue growth
14.5%
Market cap, MEUR
6 009
Net profit growth
17.7%
Market cap target, MEUR
13 000
Revenue 2022, MEUR
2 541
Target valuation
P/B 2.2
Net profit 2022, MEUR
665
Upside potential
116%

TPB – TP Bank
Portfolio weight 8.6%
A small-sized bank, a pioneer in digital services. A key market share in car financing. Very popular among young customers. Major shareholders also include Japan’s Softbank and Vietnam’s leading information technology company FPT. Can grow loan and fee income fast. The biggest challenge for the bank is the risk of unpredictable events.
Revenue growth
34.0%
Market cap
1 653
Net profit growth
45.4%
Market cap target
4 400
Revenue 2022, MEUR
619
Target valuation
P/B 2.2
Net profit 2022, MEUR
248
Upside potential
166%

MBB
Portfolio weight 7.6%
MBB is the 5th largest bank by balance sheet and has a full-fledged banking platform including retail/SME lending, insurance, and brokerage. MBB gained 16m new customers in the past 2 years, the fastest in Vietnam and other ASEAN countries, thanks to its superior digital platform and creative marketing campaigns. It is on track to be the No. 1 bank in Vietnam by the number of customers.
Revenue growth
26.9%
Market cap
3 855
Net profit growth
37.8%
Market cap target
8 500
Revenue 2022, MEUR
1 807
Target valuation
P/B 2.0
Net profit 2022, MEUR
693
Upside potential
120%

ACV – Airports of Vietnam
Portfolio weight 7.1%
ACV manages nine international and thirteen domestic airports in Vietnam. In the balance sheet, there is a huge valuation difference, because the investments made by the company are still at the acquisition prices. The Covid-19 crisis enabled us to enter the stock at low levels. In upcoming years will apply for HOSE-listing, and the Covid burden eased with the reopening of international flights in 2022.
Revenue growth
0.0%
Market cap
6 328
Net profit growth
8.6%
Market cap target
14 000
Revenue 2022, MEUR
547
Target valuation
P/RNAV 1.5
Net profit 2022, MEUR
245
Upside potential
121%

HDB – HD Bank
Portfolio weight 6.8%
A medium-sized bank focusing on general banking, consumer credit, and SME-financing. In steering position is Madam Thao, the richest Lady in Vietnam, the founder of the airline company VietJet. High-quality bank and modest valuation. Prudent style to manage risks. Whether it can keep up the fast growth is the biggest challenge as well as consumer credit company’s client risks.
Revenue growth
24.0%
Market cap
1 943
Net profit growth
34.7%
Market cap target
4 500
Revenue 2021, MEUR
870
Target valuation
P/B 2.0
Net profit 2021, MEUR
307
Upside potential
132%

VEA – Vietnam Engine and Agricultural Machinery
Portfolio weight 4.5%
Listed holding company. The business consists of the manufacture of cars and mopeds with joint ventures of Ford, Toyota, and Honda. The company is net cash and pays an excellent dividend, the dividend yield is now 10 percent. Maintaining growth is the biggest challenge. Car penetration is still very low in Vietnam and offers potential, but the moped business has limitations.
Revenue growth**
6.3%
Market cap, MEUR
1 991
Net profit growth**
8.5%
Market cap target
3 800
Revenue 2022, MEUR**
7 156
Target valuation
P/E 12
Net profit 2022, MEUR
301
Upside potential
91%

VNFIN Lead
Portfolio weight 4.5%
FIN LEAD fund value tracks the movement of VN Finlead Index, which is comprised of 20+ stocks in the financial industry selected by HOSE stock exchange. 90% of the portfolio is banks and the rest brokerages and insurance companies. 10 banks, which represent more than 60% of Finlead, are full FOL companies and are practically almost impossible to accumulate.
P/E forecasts
Target valuation
P/E 12
2022 P/E
7.9
2023 P/E
10.6
2024 P/E
8.8
2025 P/E
7.8
All revenue and net profit growth figures CAGR % 2017-2022
All revenue, net profit and market value figures in millions of EUR
*IFRS based P/E
**VEAM growth and revenue figures are from 3 associate companies’ combined revenue