VietNam Holding Ltd on Wednesday said its annual net asset per share has risen, following a ‘notable increase in interest’ in the fund.
VietNam Holding is an investment trust managed by Dynam Capital Ltd that backs high-growth companies in Vietnam.
Net asset per share for the year to June 30 rose 24% to $5.14 from $4.16 the year before. Total net assets were $140.2 million, up 22% on-year from $115.3 million.
Chair Hiroshi Funaki said: ‘This year has been another watershed moment for VietNam Holding: the fund has outperformed the market and the discount to net asset value has fallen to less than 5%. Over the past twelve months, there has been a notable increase in interest in the fund, as well as a considerable increase in daily liquidity in the company’s shares. We are thrilled that the company became a member of the FTSE All Share and FTSE Small Company indices on June 25. This should help sustain attractive levels of liquidity in the company’s shares.’
Dynam Capital, Vietnam Holding’s investment manager, said: ‘The outlook remains positive. Despite considerable domestic political changes, we do not see any change to the momentum related to policy. We also expect foreign exchange risks to reduce when the US Federal Reserve starts to lower interest rates, and the interest rate differential between the US and Vietnam (and other Asian countries) softens. The stock market growth over the past year has been domestically driven. Once the year of extraordinary global political turbulence is past, and markets are reassessed for relative attractiveness, we believe emerging markets and Vietnam in particular (albeit officially a frontier market) will rally further.’
Shares in VietNam Holding were up 2.6% at 407.50 pence each in London on Wednesday afternoon.
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