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Confidential
2017 INVESTOR CONFERENCEVinaCapital Vietnam Opportunity Fund
12-14 October 2017Park Hyatt Saigon, Ho Chi Minh
Andy HoManaging Director
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Disclaimer
The information contained herein has been prepared by VinaCapital Group Limited (the “Company") and is subject to updating, completion, revision, further verification and amendment without notice.
The information contained herein has not been approved by any listing authority or any investment regulator. The information does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall they or any part of them form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever.
No undertaking, representation, warranty or other assurance, expressed or implied, is made or given by or on behalf of the Company or any of its directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained herein and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise for any other communication written or otherwise.
The information herein may not be reproduced, re-distributed or passed to any other person or published in whole or in part for any purpose. By accepting receipt of this document, you agree to be bound by the limitations and restrictions set out above.
Neither these pages nor any copy of them may be taken or transmitted into or distributed in any jurisdiction where the distribution of such material would be prohibited under the jurisdiction’s applicable securities laws. Any failure to comply with this restriction may constitute a violation of national securities laws.
Past performance is not a guarantee of future returns.
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A look at some of our investments,before… and after
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Before………… …………. and After1
VinaMilk (circa. 2003) VinaMilk (2017, 12.5% of NAV)
Hoa Phat Group (circa. 2007) Hoa Phat Group (2017, 12.6% of NAV)
1. As of FY2018 YTD Sep. Figures are unaudited.
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Before………… …………. and After1
Airports Corp. of Vietnam (circa. 2005) Airports Corp. of Vietnam (2017, 6.7% of NAV)
Thai Hoa Hospital (circa. 2016) Thai Hoa Hospital (2017, 1.2% of NAV)
1. As of FY2018 YTD Sep. Figures are unaudited.
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It’s been a rewarding year…
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2.00
3.00
4.00
5.00
Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17
Share price NAV per share
7 |1. For the fiscal year from 30 June 2016 to 30 June 2017, unaudited, USD terms. FY2018 YTD Sep figures are unaudited.
VOF – a repeat of strong performance1
26%increase inNAV/shareFY2017
36%increase inshare priceFY2017
30 June 2016:NAV: USD787mNAV / share: USD3.77Discount: 25.2%Share price: USD2.85
30 June 2017:NAV: USD952mNAV / share: USD4.75Discount: 19.5%Share price: USD3.82
30 Sep 2017:NAV: USD968mNAV / share: USD4.87Discount: 18.3%Share price: USD3.98
USD
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VOF share price – a history of strong performance
1.51
1.88
1.27
1.84
2.26
2.50
2.39
3.39
1.88
1.27
1.84
2.26
2.50
2.39
3.39
3.82
1.00
2.00
3.00
4.00
2010 2011 2012 2013 2014 2015 2016 2017
VOF share price annual absolute change (USD)2010 – 20171
1. From 1 January 2010 to 30 June 2017.
Up years – Closing price above opening price Down years – Closing price below opening price
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Performance has been driven by1…
$100m
$126m
$220m
Cash received from exits in listed, unlisted equities2, and overseas equities. Plus USD4.5m received FY2018 YTD
Deployed into new investments, including private and public equity, privately negotiated deals, and bonds
Cash received from direct real estate and operating asset exits. 8 property projects remain, 5% NAV3
1. For the fiscal year ending 30 June 2017, unaudited, USD terms.2. Unlisted equities includes over-the-counter (OTC) traded securities, and unlisted equities that are traded on
UPCoM (Unlisted Public Company Market) of the Hanoi Stock Exchange.3. NAV as at 30 September 2017.
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How have we done it…
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Since launch in 2003, what have we invested in1?
• USD1.4bn invested into 172 opportunities since inception. Of these, 137 investments have been realized with total proceeds of USD975.0m.
• Our focus remains in equitisations, private equity and privately negotiated opportunities.
• Our top 2 sectors: Consumer (staples and discretionary) account for 33% of investments, while industrials and materials account for 28%.
By transaction type2 By sector2
Consumer Staples , 20.3%
Industrials ,17.4%
Consumer discretionary ,
12.2%
Materials , 11.0%
Financials , 9.9%
Real Estate ,8.1%
Utilities ,7.0%
Energy , 5.8%
Healthcare , 2.3%
Private Companies ,
13.4%
PIPE , 11.0%
SOE Equitizations ,
37.8%
Pre-IPO 4.7%
Listed & OTC (Passive,
purchased over the exchange) ,
33.1%
1 Track record is from the VinaCapital Vietnam Opportunity Fund (“VOF”). Figures as of 30 June 2017.2 Percent of total number of deals done by VOF.
172 deals172 deals
USD1.4b invested
Non-restricted12 |1. NAV as of 30 June 2017 (unaudited), compared to 30 June 2016 (audited).2. Unlisted equities includes over-the-counter (OTC) traded securities, and unlisted equities that are traded on
UPCoM (Unlisted Public Company Market) of the Hanoi Stock Exchange.
How has the portfolio changed over the past 12 months1?
Listed equities Unlisted equities2 Private equity Direct real estate
58.2% (vs 2016: 50.9%) 11.8% (vs 2016: 8.4%) 6.5% (vs 2016: 11.4%) 6% (vs 2016: 17.4%)
Strong performers:• Vinamilk (up 39%)• Hoa Phat (up 53%)
Strong performers:• ACV (up 45%)
PE investments listed:• Novaland
9 direct property projects1 operating asset
New investments:• VJC• Coteccons• Tasco• Viglacera
New investments:• Bank (recent)
New investments:• FPT Retail (recent)
• No new project• 4 projects sold during this
year
Listed equity, 50.9%
Unlisted Equities,
8.4%
Private equity, 11.4%
Real estate projects, 8.2%
Operating assets, 9.2%
Cash,7.0%
Receivables4.8%
30 June 2016NAV USD787m
Listed equity, 58.2%
Unlisted Equities, 11.8%
Private equity, 6.5%
Real estate projects, 4.8%
Operating assets, 1.2%
Bonds,4.2%
Cash,9.1%
Listed equity4.1%
30 June 2017NAV USD952m
Non-restricted13 |1. Source: Numis Securities Country Funds Parity report as of 30 June 2017. Fiscal year to date performance
based on NAV per share in USD terms.2. Capital Market peers include VNH, VGF, VEIL, and VEH .
Performance – 3 year and 5 year comparisons1
VOF CAPM Peers Average2 VN index VNM ETF
23.42%
14.69%
8.03%
-7.72%
26.02%
17.61%
11.09%
-1.08%
3-year annualised returns 5-year annualised returns
A private approach to public markets
• Over the longer term, VOF CAPM consistently outperforms the VN Index because of our strategy.
• The Capital Markets portfolio which makes up 70% of NAV is concentrated in 30 positions, most of which have been entered through PIPE or pre-IPO means.
• VOF’s Capital Markets portfolio delivered 23.4% and 26.0% over a rolling 3-year and 5-year annualized return, much higher than its peers, the VN Index (USD terms), ETFs and MSCI EM.
Annualised returns to 30 June 2017
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VOF – The most diversified fund in Vietnam
• Launched 2003, migrated to the LSE Main Market on 30th March 2016.
• A closed-end investment company, domiciled in Guernsey.
• Fully independent, non-executive board with deep experience in Vietnam and other emerging markets.
Focused on private equity & privatisation opportunities
Diversified assets Strong conviction to specific sectors Unique deal sourcing
• Private equity • Consumer • Privately negotiated
• Public equity • Construction • SOE privatisations
• Unlisted securities • Infrastructure • Pre-IPO
• Real estate • Real estate • PIPEs
Managed by an experienced, institutionalized investment team
• 145 years if cumulative private and public equity investment experience across the portfolio team.
• Supported by a research team with more qualified CFA charter holders than any other company in Vietnam.
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In Vietnam, everything is private equity(… ok, maybe most things)
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Private equity investment summary1
Since 2003, VOF has invested USD548.1m in 35 private equity-related deals.
USD225.1m of this invested capital was deployed into 18 pure private companies.
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Private equity investments by transaction type3
1 Track record is from the VinaCapital Vietnam Opportunity Fund (“VOF”). Figures are from June 2003 to June 2017.3 Breakdown of invested capital put to work by VOF in private equity-related deals by transaction type.
225.1
136.0
131.8 55.2 548.1
$0
$100
$200
$300
$400
$500
$600
$700
Private Companies Pre-IPO PIPE SOE Equitizations Total
US
Dm
2003 - June 2017
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Private equity investment track record1
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Private equity investments vs. General benchmarks2
1 Track record is from the VinaCapital Vietnam Opportunity Fund (“VOF”). Figures are from 2003 to June 2017.2 Source for benchmark performance: Bloomberg. Performance are on a gross basis. VOF’s gross returns are non-weighted and are onlyfor fully realized private equity-related investments.
VOF’s private equity-related investment returns have outperformed the various benchmarks.
Gross IRR 20.1%, outperforming benchmarks (10.9% above VN Index, 16.3% above MSCI Frontier Markets).
VOF Fully Realized Private Equity-Related Investments Gross IRR
20.1%
VN Index9.3%
MSCI Emerging Markets Asia9%
MSCI Frontier Markets3.8%
vs. VN Index10.8%
vs. MSCI Emerging Markets Asia…
vs. MSCI Frontier Markets, 16.3%
0%
5%
10%
15%
20%
25%Outperformance vs. Benchmarks
2003 - June 2017
Non-restricted18|1 Track record is from the VinaCapital Vietnam Opportunity Fund (“VOF”). Valuation as of 30 September 2017.IRR: Internal Rate of Return, MOIC: Multiple on Invested Capital
Private equity – investing in quality, brand, scale and distribution1
A legacy of successful private equity investments
International SchoolHo Chi Minh city
USD4.4 million
IRR: 54.9%, MOIC 4.4x
Exited via trade sale to Cognita
Hoan My - Healthcare
USD10.1 million
2009 – 2013
Prime Construction Group
USD15.2 million
2010 - 2013
Fully Realized
Novaland
USD22.2 million
2015 - Present
Partially Realized
PNJ – Phu Nhuan Jewelry
USD21.3 million
2007 - Present
Partially Realized
Thai Hoa International Hospital
2016 - Present
USD9.0 million
Unrealized
Hoa Phat Group
2007 - Present
USD 79.5 million
Partially Realized
Kido Group
USD46.1 million
2005 - 2015
Fully Realized
ACW – An Cuong Wood– Working Materials
USD17.7million
2016 - Present
Unrealized
Fully Realized
2004 - 2013
Sold to Siam Cement Group
IRR: 33.3%, MOIC: 2.4x
Management buyout. Sold to Fortis Healthcare
IRR: 38.3%, MOIC:2.3x
Exited via IPO and selling shares over the exchange
Fully realized
IRR: 38.2%, MOIC: 2.1x IRR: 13.1%, MOIC: 3.0x
IDP – International DairyProducts
USD35.2 million
2014 - Present
Unrealized
IRR: 29.7%, MOIC: 1.6x IRR: 13.9%, MOIC: 2.2x
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Private equity – recent investments
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Company: An Cuong WoodworkingMarket Cap: USD189mWhen: March 2016
Company: FTP RetailWhen: August 2017
FPT Retail is the second largest mobile phoneoffline retailer in Vietnam with 14% market sharenationwide with over 433 stores covering all 63provinces across Vietnam
Transaction summary• August 2018, VOF alongside with other institutional investors
acquired 30% stake in FPT Retail
Return drivers and investment rationale• FPT Retail has strong profit growth outlook in 2017 (+30%)
and 2018 (+28%) as a result of continuous improvement in profit margins and revenue.
• 150 newly opened stores in provinces where penetration rate of smart phones is still low (53% vs urban cities of 73%)
A leading wood-working and decorative materialscompany based in Ho Chi Minh City, which servesthe domestic market and exports to Japan,Southeast Asia, North America and Europe
Transaction summary• March 2016, VOF alongside DEG invested USD30 million into
An Cuong Joint Stock Company
Return drivers and investment rationale• Consistent growth rate of 30 – 35% over the past several
years, annual turnover of over USD70 million in 2015• The company has dominant market share in branded MFC
panels (50%) and laminate panels (70%)• Opportunity for value creation through professionalising
management, financial reporting & systems, corporate governance and E&S matters
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Private equity investment pipeline1,2
This calendar year, we have reviewed 25 private equity-related deals, totaling USD476.3 million in investment size.
Consumer discretionary remains our primary area of interest given strong fundaments, rising middle-income levels.
Private company opportunities outweigh other deal types such as SOE equitisations which have been slow.
Pipeline by sector3
1 Track record is from the VinaCapital Vietnam Opportunity Fund (“VOF”).2 Private equity-related investments in the pipeline are from 1 January 2017 to 22 September 2017.3 Percent of total number of private equity-related deals that are in the pipeline from 1 January 2017 to 22 September 2017.
Pipeline by transaction type3
Consumer discretionary ,
44.0%
Real Estate ,8.0%
Financials , 8.0%
Consumer Staples , 12.0%
Energy , 4.0%
Materials , 8.0%
Industrials , 16.0%
25 Deals
Private Companies ,
64.0%
PIPE , 12.0%
SOE Equitisations , 12.0%
Pre- IPO , 12.0%
25 Deals
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Specific PE and privately negotiated opportunities
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Project name Sector Market cap(USD m)
Transaction type Investmentsize (%)
InvestmentAmount(USD m)
Tokyo Industrials 100 Pre-IPO 15% 15
Dalat Consumer Staples 50 Quasi-Equity 30% 15
Valencia Consumer Discretionary 80 PE 25% 20
Busan Consumer Staples 80 PE 50% 40
Rio Real Estate 100 PE 15% 15
Total 105
Deals under review, due diligence and term sheet negotiations
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Privately negotiated deals – our process and principles
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Private equity and privately negotiated deals follow a structured, institutionalized investment process and terms
IRR 20%- 25%
Performance commitment
Corporate governance
Downside protection
Exit plan
Milestone disbursements
Management involvement
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So, what about privatisation?(or “equitisation” as they call it in Vietnam)
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VOF SOE equitisation investment summary1
In total, VOF has invested USD366.9 million across 65 SOE equitisation investments since 2003 (of which 5 were classified as private equity-related investments).
SOE equitisation investments by sector3
1 Track record is from the VinaCapital Vietnam Opportunity Fund (“VOF”). Figures as of 30 June 2017.2 Gross returns are calculated based on a non-weighted basis. Gross XIRR is calculated based on the combined total outflows and inflows of cash (all cashflows) for fully realized SOE equitisation deals.3 Percent of total number of SOE equitisation deals done by VOF.
SOE equitisation investments by entry method and Seller type3
0
10
20
30
40
50
60
70
80
90
100
By entry method By Seller type
Consumer Staples , 18.5%
Materials , 16.9%
Consumer Discretionary ,
15.4%Industrials , 13.8%
Health Care , 9.2%
Energy , 7.7%
Utilities ,7.7%
Real Estate , 4.6%
Financials , 4.6%
Information Technology , 1.5%
65 Deals95.4%Public Auction
%
95.4%Existing government stake
4.6%New issuances of company shares
4.6%Strategic Investor
Non-restricted25|1 Track record is from the VinaCapital Vietnam Opportunity Fund (“VOF”). Valuation as of 30 September 2017.IRR: Internal Rate of Return, MOIC: Multiple on Invested Capital
Selective SOE equitisation investment experience1
Acquiring large, meaningful stakes pre-listing is part of our strategy, and finding exits to strategic investors.
Airport Corporation ofVietnam
USD18.9 million
2015 – Present
Unrealized
South Basic Chemicals JSC
USD4.4 million
2013 – Present
Partially Realized
Vietnam NationalTextile & Garment Group
USD7.8 million
2014 – Present
Unrealized
Baominh Insurance Corp
USD4.6 million
2004 – 2012
Fully Realized
DHG PharmaceuticalSold to Taisho Pharmaceutical
USD17.3 million
2004 – 2016
Fully Realized
PetroVietnam Fertilizer & Chemicals
USD39.6 million
2007 – 2014
Fully Realized
Hanoi Liquor JSC
Sold to Diageostrategic buyer
2006 – 2012
USD9.8 million
Fully Realized
Vietnam Dairy Products Joint Stock Company
(Vinamilk)
2003 – Present
USD51.1 million
Partially Realized
Lam Thao Fertilizers &Chemicals JSC
USD5.2 million
2009 – Present
Partially Realized
Cau Tre Enterprise
USD4.5 million
2006 – 2016Fully Realized
Sold to CJ CheiljedangCorporation
IRR: 34.8%, MOIC: 3.1x IRR: 29.0%, MOIC: 2.9x IRR: -2.8%, MOIC: 0.9x
IRR: 16.9%, MOIC: 2.8x IRR: 56.8%, MOIC: 5.8x IRR: 81.5%, MOIC: 3.1x IRR: 43.6%%, MOIC: 2.8x IRR: 48.5%, MOIC: 5.7x
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Equitisation case study
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Viglacera (VGC) is a pioneer and a leader in thebuilding materials industry, producing industrialand commercial glass, ceramics, and operateseveral industrial parks
Transaction summaryVOF acquired a 5.0% stake in Viglacera in a public auction.
Return drivers and investment rationale• VGC will use the proceeds of this issuance to finance 4 new
projects: Ultra White Glass factory in Vung Tau, My Xuan Sanitary ware factory and 2 IPs of Dong Van 4 and Expanded Yen Phong.
• Strong profit growth outlook in 2017 (+35%) and 2018 (+18%) thanks to continuous improvement of profit margin in the material segment and significant contribution of industrial parks
Company: ViglaceraTicker: VGCMarket Cap: USD421mWhen: 2017 - Present
Company: Airports Corporation of VietnamTicker: ACVMarket Cap: USD6,512mWhen: 2015 - Present
Headquartered in Ho Chi Minh, AirportsCorporation of Vietnam engages in the investment,construction. It manages 22 airports nationwide, 7of which are international airports.
Transaction summaryVOF acquired 1% stake of the Airport Corporation Vietnam’sIPO.
Return drivers and investment rationale• Passenger volume in Vietnam is expected to increase 53%
from 51m in 2014 to 78m in 2018. Growth coming from tourism as well as the development of cheaper air travel.
• Potential for ACV to increase fees charged in the next 5 years is high.
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Crystal ball gazing…
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Looking forward
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• Effectively deploying cash (9% as of FY2018 YTD Sep) into privately negotiated deals and privatisations.
• Targeting sectors in the Consumer and Financial industries with companies that have a strong growth outlook in the next 3-5 years.
Current focus
• Capital market and privatizations: 15% - 20%• Privately negotiated deals: 20% - 25%
Targeted IRR
• Privatisations are gaining a great deal of attention from international investors.
• Private company owners are asking for higher valuations than 1-2 years ago.
• Competition for deals in general is intense from other funds and PE firms.
Risks
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Appendices(… ie some light reading for your flight back)
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Non-restricted30|Source: Bloomberg, FinPro.1 Includes strategic investors.
Historical SOE equitisations● 206 SOEs were equitized via IPO during 2014-2016, out of the 430 SOEs announced to be equitized during this period.
● The top 10 largest SOE equitisations via IPO raised ~USD760 million.
Company nameDate
equitized
Stake equitized
(%)1
Value equitized
(USD)1
Market capitalization at
equitisation(USD)
Description
Vietnam Airlines Nov-2014 12.3% 158 million 1.3 billion• National flag carrier• 1x subscribed
Airport Corporation of Vietnam
Dec-2015 3.5% 50 million 1.4 billion• Operator of Vietnam civilian airports• 1.5x oversubscribed
Vietnam Engine and Agricultural Machinery Corporation
Aug-2016 12.6% 107 million 857 million• Auto manufacturer with stakes in Honda, Ford
and Toyota Vietnam• 11% undersubscribed
Tin Nghia Corporation Feb-2016 44.2% 33 million 75 million• Developer and operator of industrial parks• 2x oversubscribed
Vissan Mar-2016 28% 104 million 371 million• Meat processor, 20% market share in pork• 5.6x oversubscribed
Vietnam NationalTextile & Garment Group
Sep-2014 48% 116 million 242 million• Textiles and garments company• 9.4% undersubscribed
Southern Airport Services Company
Sep-2014 47.2% 39 million 83 million• Operators of duty free and department stores • 2.1x oversubscribed
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Upcoming SOE equitisations 2017 – 2020 (1/3)
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Company name Company descriptionEst. equitized
stake (%)
Est. market capitalization/
charter capital (USD)
1
Trailing 12 month
Earnings (USD)
Hanoi Bzeer Alcohol and Beverage Joint Stock Corporation (Habeco)
One of the largest companies in beer, alcohol, and beverages production and trading in Northern Vietnam
Unknown ~5.4 billion* 36.1 million
Saigon Beer Alcohol and Beverage Joint Stock Corporation (Sabeco)
A leading local brewery involved in manufacturing and distributing beer packaging materials, beverages, and related products
Unknown ~830 million* 196 million
Vietnam Bank for Agriculture and Rural Development (Agribank)
The largest commercial bank mainly focused on providing credit to the agricultural sector in Vietnam
35% ~1.3 billion -
Vietnam National Coal and Mineral Industries Group (Vinacomin)
An industrial conglomerate involved in coal and mineral mining, explosive and cement production, and other coal and mineral-based industries
65% ~1.5 billion -
Vietnam National Tobacco Corporation (Vinataba)
A leading company in tobacco leaf and cigarettes production and cigarettes trading
30% - 49% ~307 million -
Vietnam Mobile Telecom Services One Member Limited Liability Company (Mobifone)
A major Vietnamese mobile network operator and telecommunications provider in Vietnam
30% - 49% ~730 million -
Vietnam Posts and Telecommunications Group (VNPT)
A telecommunications company and operator of the national post office of Vietnam
30% - 49% ~2.9 billion -
Vietnam National Chemical Group (Vinachem)
One of the largest companies involved in producing and trading phosphate and NPK fertilizers, basic chemicals, detergents, tires and tubes
30% - 49% ~900 million 19.4 million
1 Figures without * are estimated market capitalization figures. Figures with * are estimated charter capital figures.
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Upcoming SOE equitisations 2017 – 2020 (2/3)
32|1 Figures without * are estimated market capitalization figures. Figures with * are estimated charter capital figures.2 At the parent company level.
Company name Company descriptionEst.
equitized stake (%)
Est. market capitalization/charter capital
(USD)1
Trailing 12 month
Earnings (USD)
Dongnai Import Export Processing Agricultural Product & Food Company (DonaFood)
A provincial company producing, processing, trading, importing/exporting agricultural products, and providing support activities for the agricultural industry
30% - 49% ~10 million -
Vietnam Cement Industry Corporation (Vicem)
A leading company involved in producing and trading cement and made-by-cement products
>50% ~585 million2
-
Saigon Trading Group (Satra Group)
A diversified company mainly focused on service and trade activities
>50% ~308 million2
-
Vietnam Television Cable Corporation Limited Company (VTV Cab)
The only and leading pay television provider in Vietnam, directly controlled by Vietnam Television Corporation
>50% ~21 million -
Saigon Jewelry Company Limited (SJC Jewelry)
A national multi-sector conglomerate mainly focused on producing and trading gold, precious gems and jewelry
>50% ~60 million -
Ben Thanh GroupA diversified corporation operating in tourism, commerce, real estate, and industrial manufacturing sectors
>50% ~80 million2
-
Saigontourist Travel Service Company (Saigon Tourist)
One of the leading tourism providers with a wide range of service models across Vietnam: hotels and resorts, restaurants, travel booking services, and entertainment
>50% ~275 million -
Saigon Transportation Mechanical Corporation (Samco)
A company involved in manufacturing products and supplying high quality services for mechanical transportation, particularly for the auto sector
>50% ~76 million -
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Upcoming SOE equitisations 2017 – 2020 (3/3)
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Company name Company descriptionEst.
equitized stake (%)
Est. market capitalization/charter capital
(USD)1
Trailing 12 month
Earnings (USD)
Liksin PackagingA company involved in printing, packaging, ink and chemicals, paper and paper materials, and other general office services
>50% ~37 million -
Vietnam Rubber GroupA company involved in planting, processing, trading rubber, wood processing, and investing in industrial parks
25% ~1.4 billion2
-
Song Da Corporation (Song Da)
The main contractor for Vietnam’s hydropower projects, as well as leading contractor in the construction of underground and transportation works across Vietnam
51% ~201 million -
PetroVietnam Exploration Production Corporation (PVEP)
The upstream business of Vietnam Oil & Gas Group (PetroVietnam) involved in oil and gas exploration and production
35% Unknown -
1 Figures without * are estimated market capitalization figures. Figures with * are estimated charter capital figures.2 At the parent company level.
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Supported by a 10 member research team, including CFA charter holders or MBA qualified
VOF investment team
• 10 years at VinaCapital, Portfolio Manager of VOF and Chief Investment Officer of VinaCapital.
• Former Director of Investments at Prudential Vietnam, management positions at Dell Ventures and Ernst & Young in both the US and Vietnam.
• MBA from MIT Sloan School of Management, BS from the University of Colorado, USA; Certified Public Accountant.
Andy Ho, MBAChief Investment Officer and Managing Director
• 3 years at VinaCapital, currently responsible for VOF’s capital market and PIPE investments.
• 20 years of experience including the last 10 years in Vietnam.
• Former Research Head at PXP Vietnam Asset Management, Senior Investment Analyst at ADIA in Abu Dhabi and Banks Analyst for Merrill Lynch in London.
Duong Vuong, CFADeputy Managing Director, Capital Markets
• 12 years at VinaCapital, responsible for private equity investments and sourcing.
• Former Audit Manager for KPMG Vietnam and on the Management and Financial Accounting team at Unilever Vietnam.
• MBA from University of Hawaii; Vietnamese Certified Public Accountant and UK ACCA member.
Loan Minh Dang, MBADeputy Managing Director, Private Equity
• 7 years at VinaCapital, currently investment director and member of VOF’s investment committee.
• Over 15 years of managerial experience in corporate finance, asset management, investment banking, and risk and compliance.
• Previously at Macquarie Bank based in New York and Sydney. Prior to that, he was with Deloitte and Arthur Andersen based in Sydney.
• Masters degree from University of New South Wales, Sydney.
Khanh Vu, M.ComInvestment Director
Comprehensive analysis of 60 companies across 11 different sectors, accounting for about 65% of the total market capitalisation.
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VOF overview as at 30 September 2017
NAV: USD967.7m
NAV/share return1: FY2017 +25.9%; FY2018 YTD +2.7%
Share price return1: FY2017 +35.5%; FY2018 YTD +4.2%(or +37.7% and 1% in GBP terms)
VN Index return1: FY2017 +20.6%; FY2018 YTD +3.5%
Discount to NAV: 30 Jun 2017: 19.5%; 30 Sep 2017: 18.3%
Fund type: Closed-end listed fund
Focus: Vietnam, consumer, high-growth focus
Investments: Privately negotiated, pre-IPO, off-market opportunities
Asset class: Multi-asset portfolio, 64.2% listed, remainder unlisted
5 year portfolio return1: +14.8% VOF total return, +29.1% Capital Market return (vs VNIndex +13.2%)
Fees: 1.5% management fee, 15% performance fee over a 8% hurdle
Portfolio Manager: Andy Ho, 10 years VinaCapital, 17 years investment
Key investors: Global institutions (Lazard Asset Management ~14%), family offices,pension funds, private wealth managers, retail investors
Source: Bloomberg, VinaCapital research1. Fiscal year from 30 June 2016 to 30 June 2017. 2. Five year return based on last 5 financial years, between 2012 to 2017, unaudited.
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VinaCapital17th Floor, Sun Wah Tower115 Nguyen Hue, District 1, Ho Chi Minh City, VietnamTel: +84 28 3821 9930Fax: +84 28 3821 9931Email: [email protected]: www.vinacapital.com
Ho Chi Minh City | Hanoi | Danang | Singapore
