Monthly Reviews

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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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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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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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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June 2019

June was an eventful month characterized by the MSCI’s market classification, US-China discussion at G20 summit and the signing of free trade pact between Vietnam and EU. Despite growing volatility, PYN Elite fund gained 1.32%, outperforming VNIndex which dropped 1.04%.…

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May 2019

May is the time of the year when market timers start prompting investors to “sell in May and go away”. Indeed, VNIndex fell 2.02% due to the trade war and oil price plunge. However, market timing is for traders, not…

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April 2019

VN Index moved sideways in April – utility stocks surged on rising oil price, banks weakened as investors are yet to fully digest SBV’s new policies. PYN Elite slid -2.8%, due to no energy stock while overweight of financials. S&P…

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March 2019

End of March, PYN Elite’s NAV increased 0.3% primarily supported by VEA, TPB and CII while VN-Index increased 1.6% due to contribution from big banks such as VCB, BID and CTG. Our core companies continue to be attractively priced at…

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