Liechtenstein-domiciled Lumen Vietnam Fund sees NAV up 6.73%
The Lumen Vietnam Fund, an open-end investment fund incorporated in Liechtenstein, reported a performance of 4.49% from May 1-16 in U.S. dollars, bringing its year-to-date to 6.73%.
For comparison reasons, the MSCI Frontier Markets Index was positive at 2.7% month to date and yielded +1.6% year to date in the same period, according to VietNam Holding Asset Management (VNHAM), the advisor of the fund.
As of May 16, the fund’s net asset value (NAV) was $317.36 million.
In the first half of May 2024, the Lumen Vietnam Fund attributed its performance to its strategic allocation in small- and mid-cap stocks and stock picking in various sectors, including consumer discretionary, industrials, energy, information technology, materials, and consumer staples.
The 10 largest invested companies are FPT Corp (FPT), Vinamilk (VNM), Masan Group (MSN), Mobile World (MWG), Petrolimex (PLX), Sacombank (STB), Hoa Phat Group (HPG), VietinBank (CTG), Baoviet Holdings (BVH), and Vincom Retail (VRE), all listed on the Ho Chi Minh Stock Exchange. They account for a combined 44.6% of the fund’s NAV.
In terms of sectors, financials account for the largest weight, at 20.73%, followed by liquidity (18.15%), consumer (non-cyclical, 13.2%), and real estate (11.97%).
As of May 16, equities made up 81.85% of the fund’s NAV and cash the rest at 18.15%.
In its monthly report, VNHAM forecasts banking earnings to grow 12-16% year-on-year in 2024, driven by 12-14% credit growth and a slight improvement in both net interest margin (NIM) and provision expense.
Banking earnings are forecast to increase single-digit quarter-on-quarter on the back of stronger credit growth and NIM improvement, implying earnings growth of 15-20% year-on-year in Q2/2024 and Q3/2024, and given the low base of 2023.
Regarding the real estate market, VNHAM anticipates that this year will continue to experience limited supply in the residential property sector, mainly due to supply-side factors.
The land bank for the affordable segment, which is expected to recover first, remains limited. Meanwhile, inventories in other segments, such as hospitality and high-end properties, have struggled to attract buyers. The mismatch between supply and demand is still happening, but is expected to be softer than last year.
It expects most companies to register positive earnings growth in 2024, primarily due to the low base of 2023. However, these earnings will still be modest compared with last year, indicating a gradual recovery in the property market.
- Read More
Liechtenstein-based Lumen Vietnam Fund maintains positive outlook for Vietnamese stock market
Liechtenstein-domiciled Lumen Vietnam Fund has said it maintains a “positive outlook” for the Vietnamese stock market in the last months of 2024 and into 2025, given both external and internal driving factors.
Finance - Mon, October 14, 2024 | 6:13 pm GMT+7
S Korean group eyes resort, golf course project in south-central Vietnam
South Korean group RAMID Hotel & Resort is surveying a golf academy, resort and golf course project in the south-central province of Binh Dinh, according to the provincial Department of Planning and Investment.
Real Estate - Mon, October 14, 2024 | 5:54 pm GMT+7
Property developers Novaland, litigation-embroiled Van Thinh Phat have close ties
Real estate developers Novaland and litigation-embroiled Van Thinh Phat Group have a close relationship that extends beyond the projects of Tizco JSC in the Mekong Delta province of Long An to many high-profile deals in the Ho Chi Minh City market.
Companies - Mon, October 14, 2024 | 5:33 pm GMT+7
Vietnam shipbuilder launches first commissioning service operation vessel per Damen’s order
Ha Long Shipbuilding Company, a shipbuilder based in Vietnam’s northern province of Quang Ninh, last weekend launched a commissioning service operation vessel (CSOV) per order from Dutch firm Damen.
Companies - Mon, October 14, 2024 | 5:04 pm GMT+7
S Korean confectioner Orion uses locally developed solutions to digitize, upgrade Vietnam factory: exec
South Korea-invested confectioner Orion Vina Food has used locally developed solutions to digitize and upgrade its factory, says general director Park Se Yeol.
Companies - Mon, October 14, 2024 | 4:46 pm GMT+7
PYN Elite raises holding in Hanoi-based TPBank, IFC quits
Finland-domiciled PYN Elite Fund has increased its holdings in Hanoi-based TPBank to 104.1 million shares, or a 4.73% stake, as the former is upbeat about Vietnamese bank stocks.
Banking - Mon, October 14, 2024 | 3:41 pm GMT+7
Masan Group's journey is the consumer’s journey: deputy CEO
Vietnamese consumer-focused corporation Masan Group is developing a retail-consumer platform that caters to everyday essential needs of consumers in the country, says deputy CEO Michael Hung Nguyen.
Companies - Mon, October 14, 2024 | 3:26 pm GMT+7
South Korea’s Hyosung fined for environmental violations in southern Vietnam
Dong Nai has imposed a fine of VND300 million ($12,075) on Hyosung Vietnam Co. Ltd., wholly invested by South Korean chaebol Hyosung, for environmental violations committed in the southern province.
Companies - Mon, October 14, 2024 | 1:17 pm GMT+7
China companies keen on high-speed railway, energy projects in Vietnam
Chinese companies expressed their interest in infrastructure, energy and banking projects in Vietnam at a Sunday business forum in Hanoi, with the participation of Chinese Premier Li Qiang.
Economy - Mon, October 14, 2024 | 12:07 pm GMT+7
MSG maker Vedan Vietnam earns $79.5 mln in H1, down 3.4%
Taiwan-invested food seasoning maker Vedan, known for its MSG products, earned a revenue of $79.5 million in Vietnam in the first half of this year, down 3.4% year-on-year.
Companies - Mon, October 14, 2024 | 10:29 am GMT+7
Northern Vietnam province Ha Nam to have $193 mln new urban area
A consortium of Taseco Land and Ha Nam Construction and Equipment JSC is building a nearly VND4.8 trillion ($193.4 million) new urban area in Ha Nam province.
Real Estate - Mon, October 14, 2024 | 8:13 am GMT+7
Unfairness still a feature of Vietnam business environment: expert
On occasion of the Vietnamese Entrepreneurs’ Day (October 13), The Investor talks with Nguyen Dinh Cung, former head of the Central Institute for Economic Management (CIEM) and one of the compilers of the Law on Enterprises, about how to make the private economic sector in Vietnam stronger.
Economy - Sun, October 13, 2024 | 9:50 pm GMT+7
Hanoi project cancelled, Japanese retailer Aeon incurs $7.4 mln loss
Japan’s Aeon recorded an “impairment loss” of JPY1,104 million ($7.4 million) due to the cancellation of its Hoang Mai property development in Hanoi, the retail giant said in its quarterly performance review.
Companies - Sun, October 13, 2024 | 3:05 pm GMT+7
Vietnam gold major SJC charts new path with diverse products
Vietnam gold major Saigon Jewelry Company (SJC) has charted a new growth path by diversifying its product line to include agarwood products, handicraft items, watches and eyewear.
Companies - Sun, October 13, 2024 | 11:46 am GMT+7
Vietnam real estate businesses recovering after ‘life and death’ phase
Many real estate enterprises in Vietnam are recovering after overcoming a critical “life-and-death” phase, says Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association (HoREA).
Real Estate - Sun, October 13, 2024 | 9:00 am GMT+7
AI can boost Vietnam’s international tourist revisit rate
From real-time translation to culturally aware digital assistants and personalized tourism experiences, AI technologies can make Vietnam more accessible, engaging, and memorable for international visitors, writes Dr. Nuno Ribeiro, a senior lecturer in tourism and hospitality management at RMIT University Vietnam.
Travel - Sun, October 13, 2024 | 8:00 am GMT+7
- Consulting
-
Remove roadblocks to lure foreign investment into Vietnam: HSBC exec
-
Rethinking resilience: How typhoon Yagi redefines supply chain strategies in northern Vietnam
-
In trade and investment, ASEAN and China are better together
-
AI can be a game changer for Vietnam tourism
-
Investment opportunities in LNG-to-power projects in Vietnam
-
Pepper prices 2024: will the dream of 'black gold' repeat?