Vietnam Holding Limited - Update from QuotedData
12th June 2024
Stellar performance with plenty of potential
Vietnam Holding (VNH) has provided strong absolute and relative returns during the last 12 months, expanding its record of outperformance of both peers and relevant benchmarks.
The introduction of a share redemption opportunity at net asset value (NAV) less associated costs (the first of which is on 30 September this year - see page 21) has significantly narrowed VNH's share price discount to NAV so that a 25.7% NAV return translated into a 48.2% share price return over the 12-month period ended 31 May 2024.
However, with strong growth drivers still in place (see page 5) and attractive valuations, there could be lots more to come. We think that as current headwinds abate and become supportive tailwinds, VNH could shift to trade at a premium to NAV and be in a position to issue stock, with the benefits of increased efficiency (this should put downward pressure on its ongoing charges ratio) and liquidity that would bring.Full Research:
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