Title: 242362512.pdf URL Source: https://documentscdn.financialexpress.net/Literature/F53364B4A3E07BD0ABE3A0663C24DBE0/242362512.pdf Number of Pages: 2 Markdown Content: 30 April 202 6 Vietnam Holding NAV 1.7% -3.6% 11.8% 6.9% 8.6% 10.8% Vietnam All Share Index (VNAS) 9.4% 0.9% 18.9% 6.1% 10.5% 8.5% Shares Price NAV Discount / Premium Total Net Assets Shares in Issue Portfolio Managers Investment Manager Ticker Website 366 .0 pence 396 .0 pence $5. 346 -7.6% $101.0 m 19 m Vu Quang Thinh Nguyen Hoang Thanh Craig Martin Dynam Capital VNH www.vietnamholding.com Number of Investments Median Portfolio Market Cap Foreign Ownership Limit Stocks* Thematic Exposure Industrialisation Domestic Consumption Urbanisation EPS Growth P/E Ratio Fund Overview Portfolio VietNam Holding Ltd (VNH) is a closed -end fund listed on the London Stock Exchange. VNH aims to achieve long -term capital appreciation by investing in high -growth companies in Vietnam. It has an actively managed, high conviction portfolio with integrated ESG. Core investment themes are domestic consumption, industrialisation and urbanization. > Source: Bloomberg, Dynam Capital Ltd. Data for VNAS Total Return (including dividends) is available after 24 July 2015. For consisten cy, figures reflect the respective simple index and not total return. Total return adds 2 -3% to > annual index performance reflectin g the index dividend yield. Manager Commentary : The heat is on (in Saigon) The dogs of war Fewer snakes, more ladders S’s Manager – Dynam Capital | + 84 28 38277 590 | info@dynamcapital.com | www.dynamcapital.com Corporate Broker – Cavendish Capital Markets Limited | + 44 207 220 0500 | ptribe@cavendish.com Investor Engagement – RMS Partners | + 44 203 735 6551 | simon.courtenay@rmspartners.co.uk 25 $4, 214 m 15.9% 15% 19% 10 % 202 6F 18. 6% 10 .1 202 5 24.8% 12 .4 > *Percentage of portfolio in stocks at their Foreign Ownership Limits Performance USD (%) 1 Month Year -to -date 3 Year (CAGR) 5 Year (CAGR) 10 Year (CAGR) 15 Year (CAGR) April felt like a continuation of the same story, just with the temperature turned up a notch. Not only in the literal sense, but also in the equity markets too. While global uncertainty has inevitably become a normal part of the backdrop, Vietnam’s domestic story continues to hold togethe r. It posted a 7.83% GDP growth in Q1 2026, a strong start of a very volatile year. Trade activity remained robust in April, with exports up 19.7% and imports rising an even hotter 28.7% Year -on -Year (YoY) over the first f our months (4M2026). Even though this has resulted in a trade deficit, it is the kind we have seen before, reflecting high levels of “productive imports” – machinery and intermediate goods coming in ahead of production – that typically feed through into ex port strength in subsequent quarters. In other words, we are talking about a sign of activity than of weakness. At home, demand continues to play its part. Retail sales rose 12.1% YoY in April and 11.1% in 4M2026, underlining the steady rhythm to recovery in consumption. This is a theme we remain particularly constructive on, especially as consolidation in the retail sector begins to favour larger, more efficient operators. Companies such as Mobile World Corp, our top holding, continue to demonstrate how sc ale and operational discipline can translate into margin recovery as the cycle turns. Foreign direct investment (FDI) has been another pillar of confidence. Registered FDI reached USD18. 2bn in 4M2026, up 32% YoY. It is a useful reminder that, despite the global geopolitical issues, companies are still committing capital to Vietnam and its role in global supply chain diversification. That said, the external environment is beginning to come through in the data. Inflation moved up to approximately 5.5% in April, mai nly due to higher energy costs linked to disruptions in the Middle East. Vietnam is not immune to these pressures because it relies on imported crude paralysed by the situation in the Strait of Hormuz. Nonetheless, the country retains important buffe rs, including domestic refining capacity, gas and coal supply for power generation and full self -sufficiency in fertiliser, which help contain the second -order risks and broader economic impact. Equity markets reflected this more complex picture. April saw a recovery in headline indices, but performance was far from broad -based. Gains were heavily concentrated in a handful of large conglomerates, most notably Vingroup, while much of the market rem ained relatively flat. This divergence highlights an important feature of the current market environment: sentiment - driven moves in a small number of stocks can distort index performance in the short term. For VNH, April delivered a positive return, with N AV per share increasing by 1. 7%. However, the Fund underperformed the broader index, which rose more sharply due to its concentration in those same large -cap names that we do not hold because of fundamental grounds. The big reason is our lack of exposure to VIC – where valuation, congl omerate structure and execution timelines remain difficult to assess. More broadly, the Fund continues to lean towards businesses where earnings are clearer and balance sheets stronger. Over time, that has meant a gradual incr ease in exposure to larger -cap names, which now make up roughly three -quarters of the portfolio. This is not a shift in philosophy so much as an adaption of the current environment. Liquidity, resilience and the ability to absorb external shocks are increa singly at a premium, particularly as Vietnam approaches its FTSE upgrade later this year. Underneath the market moves, earnings momentum remains encouraging. Portfolio companies continue to deliver strong growth, with many reporting double -digit or higher earnings expansion in Q12026. Importantly, this underlying performance is not yet fully reflected in valuations, leaving the market attractively positioned on a forward -looking basis. Away from the numbers, April also offered a moment of reflection. Vietnam marked the 51st anniversary of reunification – a quieter milestone than last year’s round number but nonetheless telling of how far the country has come . As we move into May and look ahead to VNH’s 20th anniversary in June, there is a strong sense that the market is entering a more mature phase. Growth remains strong and opportunities are still abundant, but there is no longer a straight line. In that sense , the “heat” in markets is not just a reflection of volatility – it is a test of discipline. And for long -term investors, that is often where the real value is created. 30 April 202 6 Mobile World Corp Hoa Phat Group MB Bank VP Bank Techcom Bank Vietin Bank Vinhomes JSC Asia Commercial Bank Masan Group Phu Nhuan Jewelry Top 10 Investments This factsheet is prepared on behalf of Vietnam Holding Ltd. (the “Fund”) by Dynam Capital Limited, and is solely communicate d to, and directed only at persons who are investment professionals, high net worth companies or others who are entitled to be give n the factsheet under the law of the jurisdiction in which it is given. Persons receiving this factsheet should note that pas t performance is no guide to the future and, in particular, that the past returns of the Vietnamese stock market, or of compani es l isted on it, are no guarantee of the future returns of Vietnam Holding. This factsheet and the information contained herein must not be acted on or relied on for any purpose whatsoever. Th is factsheet is strictly confidential and may not be copied or distr ibuted or passed on by recipient. No understanding representation or warranty or other assurance, express or implied, is made or given by any person to the accuracy, fairness or completeness of the information or opinions contained in this factsheet and no responsibility or liability is accepted for any such information or opinions. It is the responsibility of every person reading this document to satisfy themselves as to the full observance of the laws of any relevant country, including obtainin g any gover nment or other consent which may be required or observing any other formality which needs to be observed in that country. Structure Listed Ticker ISIN BIC Code Launch NAV Frequency Redemption facility Management Fee (w.e.f 1 st Nov 2020) Administrator Custodian Closed -end Fund London Stock Exchange VNH GG00BJQZ9H10 SCBLSGSG 30 June 2006 Daily Annual facility (w.e.f Sep 2024) 1.75% on NAV below $300m 1.50% on NAV $300 -600m 1.00% on NAV above $600m Apex Group (Guernsey) Standard Chartered Bank Disclaimer 10.0 % 9. 5% 9. 2% 6.8 % 6. 7% 5. 5% 4. 7% 3.7 % 3.7 % 3. 4% 2.6% 3.1% -1.6 % -0.8 % 10 .2% 0.9 % 41 .6% -0.3% 1.6 % -6.6% Manager Comment NAV % % +/ - 63.2Total NAV Performance Sector Weights Fund Information MWG’s Q1 2026 revenue grew 29% YoY , and NPAT jumped 76% YoY to US D102mn . 2026PE of 13.5x HPG 1Q2026 revenue reached USD2.0 bn (+40.6% YoY) with NPAT at USD341mn (+168.9% YoY) . 2026PE of 8.1x 1Q26 NPAT increased by 14.4% Y oY, driven by 3.4% YTD loan growth. NIM contracted by 41bps to 3.82%. 2026PB of 1.3 x 1Q26 NPAT grew 59% YoY, driven by 10.3% YTD loan growth . NIM contracted by 47bps to 5.42%. 2026PB of 1.1x 1Q26 NPAT grew 12.2% YoY. Loan s expanded 3.8% YTD, while NIM reduced by 17bps to 3.24%. 2026PB of 1.2x 1Q26 NPAT grew 65% YoY. Loan s inched up 1.8% YTD while NIM slightly increased by 19bps to 2.78%. 2026PB of 1.2x VH M’s 1Q26 NPAT reached USD971mn on the back of bulk sales from Green Paradise and Ocean Park projects. 2026PB of 2.6x 1Q26 NPAT increased 17% YoY, bolstered by 3.2% YTD loan growth. NIM declined by 17bps to 2.79%. 2026PB of 1.1x MSN delivered record 1Q profitability, with NPAT growing at 2.0x YoY and revenue grow 27% YoY. 2026PE of 15.5x 1Q26 net revenue grew 79% YoY, NPAT surged 117% YoY. Retail sales increased 22% YoY. 2026PE of 9.7x -20% 10% 40% 70% 100% 130% 160% 190% Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 NAV per share (USD) Vietnam All Share Index (USD) 38.9% 18.9% 10.6% 9.9% 7.3% 3.7% 2.2% 1.9% 6.7% Banks Retail Industrial Goods and Services Real Estate Financial Services Food and Beverage Energy Telecommunications Cash