VinaCapital Vietnam Opportunity Fund - Continues to outperform its benchmark

VinaCapital Vietnam Opportunity Fund (VOF) posted a one-year NAV TR in US dollars to end-October 2023 of 13.1%, versus 2.8% for the VN Index, as a result of the rebound from last year’s market trough. VOF’s NAV TR since end-2022 of 9.1% was driven by financials and materials investments. Given the improving outlook for real estate and several of VOF’s portfolio companies in the sector, VOF reversed US$26.8m of the US$52.9m in write-downs recognised in the December 2022 interim report. VOF contin

VinaCapital Vietnam Opportunity Fund - A specialist investor in the frontier market

VinaCapital Vietnam Opportunity Fund’s (VOF’s) sterling net asset value (NAV) per share decreased by 8.8% over the year ending June 2023 in total return (TR) terms, outperforming the Vietnam VN Index and its direct peers in a tough environment. The Vietnamese economy recently experienced headwinds from a liquidity crunch in the real estate industry, which represents roughly a fifth of Vietnam’s equity market capitalisation and a fourth of VOF’s NAV, as well as from slowing exports. That said, th

VinaCapital Vietnam Opportunity Fund - Private holdings provide resilience

VinaCapital Vietnam Opportunity Fund (VOF) posted a -17.1% sterling NAV total return (TR) over the 12 months to end-November, outperforming the Vietnam VN Index (-28.0% TR in sterling and -29.0% in local currency), and its two London-listed peers, amid an increase in global market volatility. The manager, VinaCapital, believes that in 2022 Vietnam’s stock market has sold off consistently with global markets. Recent volatility and selling pressure has been exacerbated by margin calls triggered fo

VinaCapital Vietnam Opportunity Fund - Vietnam carves its own post-COVID niche

VinaCapital Vietnam Opportunity Fund (VOF) has continued to perform well in NAV terms amid an increase in global market volatility, building on strong returns in 2021 (sterling NAV total return of 37.9% in 2021, ahead of the 32.6% return by the benchmark VN Index), although its share price has lagged the market as geopolitical fears have weighed on sentiment, causing the discount to NAV to widen materially. Although many commentators expect high energy prices, US monetary tightening and a potent

VinaCapital Vietnam Opportunity Fund - Riding the new Asian tiger

VinaCapital Vietnam Opportunity Fund (VOF) has benefited from its differentiated mix of listed and private investments during a volatile year for global stock markets. The authorities’ strong response to the COVID-19 pandemic has meant the human impact on Vietnam has been limited, and the main stock market index is up 11.3% year-to-date (to 16 December) as foreign investors have begun to return. However, VOF’s NAV total return is up 21.3% over the same period (all in GBP), thanks to the greater

VinaCapital Vietnam Opportunity Fund - Strong deal flow underlines private markets focus

VinaCapital Vietnam Opportunity Fund (VOF) is a well-established, FTSE 250 Vietnam specialist fund that invests primarily via privately negotiated deals, with four major deals recently signed or close to completion. The manager takes a fundamental, bottom-up approach and invests on a medium-term view, which leads to many holdings becoming listed while in the portfolio. Longer-term NAV total returns have been good; VOF’s 10.9% pa return over 10 years compares favourably with the VN Index’s 10.5%

VinaCapital Vietnam Opportunity Fund - Fundamentals suggest promising outlook

VinaCapital Vietnam Opportunity Fund (VOF) is a large, well-established Vietnam specialist investment fund, differentiated by its focus on private deal sourcing. NAV total returns have been particularly strong over the last three years, and are ahead of VN Index and peer returns over the last 12 months, when markets have been volatile. VOF’s share price discount to NAV has narrowed, but it remains wider than the peer group average. The board has taken steps to address the discount, moving VOF’s

VinaCapital Vietnam Opportunity Fund - Strong market fundamentals expected to prevail

VinaCapital Vietnam Opportunity Fund (VOF) is one of the oldest and largest Vietnam specialist investment companies and is now a FTSE 250 index constituent. Investing across asset classes – listed and unlisted equity, private equity and real estate – VOF’s approach is differentiated by its focus on private deal sourcing, where its investment team has extensive experience. In sterling terms, VOF’s NAV total returns have been strong over the last three years. While lagging the Vietnamese stock mar

VinaCapital Vietnam Opportunity Fund - Targeting Vietnam’s growth potential

VinaCapital Vietnam Opportunity Fund (VOF) is one of the largest specialist Vietnam funds. VOF invests primarily in public and private equity, with a smaller percentage in real estate. Management believes the fund’s key differentiator to be the access it offers to off-market deals. VOF provides broad exposure to Vietnam’s economic growth prospects. It focuses on domestic sectors that are well positioned to benefit from continued urbanisation and investment-led economic development, most notably

Small Cap Breakfast

Avingtrans (AVG.L) Sch1 on its Reverse Takeover of Hayward Tyler (HAYT). Combined market cap of c.£75m. Expected 01 September 2017 OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. Kosmos Energy—. Secondary listing, currently on NYSE. Oil and gas exploration and production company focused on frontier and emerging areas a

Small Cap Breakfast

OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. | Wilmcote Holdings plc—Sch1 from the Company established with the objective of creating value for its investors through the acquisition and subsequent development of target businesses in the downstream and specialty chemicals sector. Offer raising £15m at 120p with market

Small Cap Lunch

Wilmcote Holdings plc—Sch1 from the Company established with the objective of creating value for its investors through the acquisition and subsequent development of target businesses in the downstream and specialty chemicals sector. Offer raising £15m at 120p with market cap of £25m. Expected 17 August 2017 Andes Energia PLC—Sch1 on admission the Company will change its name to Phoenix Global Resources plc will be an Argentinian independent oil & gas exploration and production company, offer TB

VOF.L - Vietnamese Play that Outperforms the Market

VinaCapital Opportunity Fund (VOF) is a closed end fund domiciled in Guernsey, and provides exposure to the attractive growth market of Vietnam. We believe it is a very efficient way to gain exposure, and the quality of the fund is underpinned by its strong management team which has international experience, but importantly are Vietnamese who have deep understanding of the markets the fund invests in. Meanwhile, we believe the fund has advantages over directly investing in the Index or listed eq

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

Bluefield Solar Income Fund – Fundamentals shine despite discount

The manger comments that, in common with the other trusts in the renewable energy sector, the last six months have continued what has been a challenging period for the Bluefield Solar Income Fund (BSIF). It adds that the trust’s ongoing fundamental performance has failed to reverse a steady slide in its share price which began back in May 2023. Despite this, it says the company has continued to deliver solid NAV growth and market-leading shareholder distributions thanks to a range of contractual

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

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

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

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