Portfolio

Here you can find information about the top holdings in the PYN Elite portfolio. The numbers are updated on 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 10th of November 2022.

CTG – Vietinbank

Portfolio weight 18.3%

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 2022.

Revenue growth

15.1%

Market cap, MEUR

4 333

Net profit growth

15.6%

Market cap target, MEUR

13 000

Revenue 2021, MEUR

2 051

Target valuation

P/B 2.2

Net profit 2021, MEUR

544

Upside potential

200%

Vinhomes

Portfolio weight 17.0%

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 2022-2024 to stimulate growth.

 

Revenue growth

49.9%

Market cap, MEUR

7 585

Net profit growth

88.1%

Market cap target, MEUR

34 000

Revenue 2021, MEUR

3 280

Target valuation

P/E 14

Net profit 2021, MEUR

1 498

Upside potential

348%

VRE – Vincom Retail

Portfolio weight 9.7%

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 2022. Currently all ratios here under the Vietnamese accounting standards (VAS).

Revenue growth

-1.6%

Market cap, MEUR

2 234

Net profit growth

-11.6%

Market cap target

5 500

Revenue 2021, MEUR

227

Target valuation

P/E 16*

Net profit 2021, MEUR

51

Upside potential

146%

ACV – Airports of Vietnam

Portfolio weight 9.3%

ACV manages eight 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 2023 ACV will apply for HOSE listing, and the Covid burden will ease with the reopening of international flights in 2022.

 

 

Revenue growth

-20.2%

Market cap

6 385

Net profit growth

-37.7%

Market cap target

14 000

Revenue 2021, MEUR

183

Target valuation

P/RNAV 1.5

Net profit 2021, MEUR

19

Upside potential

119%

TPB – TP Bank

Portfolio weight 8.1%

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

42.4%

Market cap

1 248

Net profit growth

53.6%

Market cap target

4 400

Revenue 2021, MEUR

522

Target valuation

P/B 2.2

Net profit 2021, MEUR

186

Upside potential

253%

VEA

VEA – Vietnam Engine and Agricultural Machinery

Portfolio weight 7.9%

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**

2.7%

Market cap, MEUR

1 943

Net profit growth**

5.0%

Market cap target

3 800

Revenue 2021, MEUR**

5 764

Target valuation

P/E 12

Net profit 2021, MEUR

222

Upside potential

96%

MBB

Portfolio weight 6.5%

MBB is the 5th largest bank by balance sheet and has a full-fledged banking platform including retail/SME lending, insurance, and brokerage. MBB launched creative marketing campaigns that expand its retail market share rapidly this year. It also witnessed success in insurance and recovery from consumer finance. All this success leads to the outperformance of the bank this year. The bank is rather conservative, therefore the biggest challenge is to strive for satisfying loan growth.

 

Revenue growth

30.2%

Market cap

2 839

Net profit growth

34.2%

Market cap target

8 500

Revenue 2021, MEUR

1 425

Target valuation

P/B 2.0

Net profit 2021, MEUR

490

Upside potential

199%

HDB logo

HDB – HD Bank

Portfolio weight 3.7%

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

25.3%

Market cap

1 455

Net profit growth

52.3%

Market cap target

4 500

Revenue 2021, MEUR

647

Target valuation

P/B 2.0

Net profit 2021, MEUR

234

Upside potential

209%

VNFIN Lead

Portfolio weight 3.1%

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

7.3

2023 P/E

6.1

2024 P/E

5.2

2025 P/E

4.5

SCS – Saigon Cargo

Portfolio weight 2.9%

Saigon Cargo Service Corporation is one of Vietnam’s leading air freight companies. Even during a pandemic, the company has been able to make a reasonably good result. We bought the stock in the first wave of Covid-19 after the price drop. In terms of expansion, it is challenging to find suitable acquisition candidates.

 

Revenue growth

11.1%

Market cap

264

Net profit growth

18.1%

Market cap target

535

Revenue 2021, MEUR

32

Target valuation

P/E 18

Net profit 2021

22

Upside potential

103%

All revenue and net profit growth figures CAGR % 2016-2021
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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