VietNam Holding - Introducing redeemable shares

VietNam Holding (VNH) posted a solid net asset value (NAV) per share total return (TR) in 2023 of 15.8% (22.4% in US dollar terms), outperforming the Vietnam All Share index (VNAS), which posted an 11.7% return, and its direct peers. The investment manager remains confident that 2024 will be strong for Vietnamese equities, underpinned by average 20% y-o-y expected earnings per share (EPS) growth. VNH recently introduced a share redemption facility (on top of regular share buybacks), which allows

Vietnam Holding Limited

Vietnam Holding (VNH) has provided both a peer group and benchmark beating performance (it is the top-performing Vietnamese fund in NAV terms over one, three and five years – see pages 18 to 20) and, with the support of Vietnam’s long-term structural growth drivers, its manager continues to see very strong growth runways for its stocks. Despite this, VNH has, until very recently, been hampered by a low double-digit discount that has been persistent and may be unjustified. VNH’s board is proposi

Vietnam Holding Limited

Vietnam Holding (VNH) continues to provide both a peer group and benchmark beating performance (it is the top-performing Vietnamese fund in NAV terms over one, three and five years – see pages 18 to 20) and, aided by Vietnam’s long-term structural growth drivers, its manager continues to see very strong growth runways for its stocks. Despite this, VNH has, until very recently, been hampered by a low double-digit discount that has been persistent and unjustified. VNH’s board is proposing to repl

VietNam Holding - Consistently outperforming the market

VietNam Holding’s (VNH’s) net asset value (NAV) per share increased by 4.2% over the 12 months ending September 2023 in total return (TR) terms in sterling, ahead of the VN Index (8.6% loss) and its direct peers (6.8% loss). In the current environment, the manager favours companies in the financial sector, which represents 42% of the portfolio and should benefit from the revival of stock market activity and increase in global demand for ‘made in Vietnam’ products. Vietnam’s stock market is now e

Vietnam Holding Limited – Building on firmer foundations

Vietnam Holding (VNH) has put in a compelling performance in NAV total return terms versus its emerging Asia peers, but this is not being reflected in its share price. This is despite Vietnam’s long-term structural growth drivers remaining intact and a strong outlook for GDP growth over the next five years (6.7% a year through to 2028). There was a meltdown in the corporate bond market last year, which affected the property sector and, while the Vietnamese government moved to address these issue

Vietnam Holding Limited – Building on firmer foundations

Vietnam Holding (VNH) has put in a decent performance in NAV total return terms versus its emerging Asia peers (see page 24), but this has not been reflected in its share price. The manager says that Vietnam’s long-term structural growth drivers look to be intact (see manger’s view on page 6) and, according to the IMF’s most recent World Economic Outlook, Vietnam’s GDP is expected to grow at 6.7% a year through to 2028. There was a meltdown in the corporate bond market last year, which affected

VietNam Holding - Investing for the long term

VietNam Holding (VNH) seeks to capture the growth of Vietnam through an actively managed, high-conviction portfolio of companies. It has been managed by Dynam Capital (Dynam) since 2018 and has outperformed both the VN All Share and MSCI World indices over five years, with NAV and share price annualised total returns of c 7% and c 5%, respectively, versus c 2% and c 1% for the indices. Vietnamese growth paves the way for the continued expansion of domestic consumption and Dynam’s investment team

Global Macro Commentary & Investment Companies Roundup January 2023

• Performance: Atrato Onsite Roof soars as investors look on the bright side. • Premiums and discounts: Investors deserting Pollen Street following dividend cut. • Money in and out: Funds struggle to attract new funding.

Global Macro Commentary & Investment Companies Roundup January 2023

• Performance: Atrato Onsite Roof soars as investors look on the bright side. • Premiums and discounts: Investors deserting Pollen Street following dividend cut. • Money in and out: Funds struggle to attract new funding.

Vietnam Holding Limited – A real growth story that remains intact

Despite having coped well with COVID and offering very strong growth prospects over the next five years (see page 5), the Vietnamese market has been weighed down by severe negative sentiment towards Asia in recent months. This is likely a function of lockdowns in China, slowing global growth and rising interest rates in the West. Vietnam Holding (VNH) has outperformed local market indices by good margins. Nevertheless, it has lost value during the last twelve months and, reflecting this, its di

Morning Note – 22 April 2024

Benefits of scale set to materialise

Frenkel Topping - Resilient with strong growth potential

FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi

S&U - PBT ahead, encouraging volume trends

S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Foresight Solar Fund - Termination of coverage

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web

International Public Partnerships - Consistently and responsibly delivering

International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from th

Regional REIT - Performing as expected ahead of refinancing

In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.

LIBERUM: PayPoint: On track for £100m of EBITDA in FY 26

LIBERUM: Speedy Hire: Weakness in FY 24 but recovery in FY 25

Hybridan Small Cap Feast - 22 April 2024

22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Witan

Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

H&T Group (HAT): Core franchise build, short-term retail noise

In our 15 March 2023 initiation, 'Pawnbroking royalty, with strong, profitable growth', and subsequent notes, we have highlighted the strong market for pawnbroking and why H&T, as the market leader, is uniquely placed to take advantage of these opportunities. These results reconfirmed both, with the pledge book up 28% and net pawnbroking revenue up 36%. Like many in the retail space, H&T faced the challenge of customers focusing on lower-value, lower-margin items in the key run-up to Christmas 2