Portfolio

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.

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 logo

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

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

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