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8/12/2019 140224 Vietnam Quant Weekly
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24 Feb 2014Tuan Nguyentuan.nguyen@miraeasset.com
Hoang Phanhoang.phan@miraeasset.com
Vietnam equity fund flows weekly (US$, mn)
Source: Bloomberg
Vietnam market enjoyed its 8thconsecutive week of net inflows,regarding that EMs posted
their 17thweek of net outflows. We believe that EMs funds outflows were mainly driven by QE
tapering movements of Fed since May 2013. According to Bloomberg data, funds that buy
shares from less developed countries have witnessed an inflows of US$407 mn while US$21 bn
was pulled out of emerging markets in the first 6 weeks of 2014. Theinflow reflected benchmark
stock indexes in the United Arab Emirates, Qatar and Vietnam, whose central banks control local
currencies, are among the 10 best performers this year within global equity gauges tracked by
Bloomberg,said Maria Levitov in her article Front ier-Market Funds Pour in Boosted b y Fixed
Currencies(Feb 21 2014).
Vietnam continues seeing net inflows of US$20 million in the previous week, accumulating the
year-to-date inflows to US$135 million. The strong inflows to Vietnam market were led by foreign
investorsbetting on easing Foreign Ownership Limit (FOL). And the two ETFs remains as key
drivers when they increased their outstanding shares by 8-10% year-to-date. The mass media
reported that the authorities may ease the FOL to 100% for non-state control sectors or apply
non-voting depository receipt (NVDR) to attract more capital inflows. Banking, Property and
Utilities sector were top inflows while Consumer goods and Healthcare sector suffered marginal
outflow.
Vietnam bond market posted it 2ndweek of inflows. Foreign funds uploaded US$44 mn of G-
bond via secondary market. Vietnam bond yield resumed downward trend after long sideway.
Lower bond yield may indicate a more stable macro condition, a background for further economic
growth in the future.
Vietnam ETF Tracker: Divergence. VNM increased its outstanding shares by 400,000 units to
22 million share. Meanwhile, XVFT redeemed 180,000 units to lower its outstanding shares to 13
million but still increase 8% year-to-date. XFVT and VNM will released their 1Q14 rebalancing
results in 07 March and 14 March respectively.
| Summary |
Vietnam market enjoyed its 8 thconsecutive week of net inflows since foreign investors bet on easing
Foreign Ownership Limit (FOL).
Vietnam bond market posted its second week of inflows as lower yield.
Vietnam ETF Tracker: Divergence Vietnam Market Victor ETF (VNM) increased its outstanding
share, DB x-Tracker ETF redeemed before their f irst quarterly rebalancing day of FY2014.
8
10
12
14
16
18
20
22
24
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
XFVT
VNM
ETFs Outstanding shares (Units, mn)
Source: Bloomberg
21
8
28
34
13
-
12
20
1-Jan
8-Jan
15-Jan
22-Jan
29-Jan
5-Feb
12-Feb
19-Feb
mailto:tuan.nguyen@miraeasset.commailto:hoang.phan@miraeasset.commailto:hoang.phan@miraeasset.commailto:tuan.nguyen@miraeasset.com8/12/2019 140224 Vietnam Quant Weekly
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Foreign investors net purchase by country (US$ m)
Source: MAS Research, Bloomberg
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Weekly key table
Country1 week net inflow
4 weektotal
YTD2014
Annual net inflow
19-Feb 12-Feb 05-Feb 2013 2012 2011 2010 2009
India 175 -130 -265 -549 -124 20,100 24,548 -512 29,321 17,639
Indonesia 257 222 -65 324 625 -1,721 1,713 1,315 2,183 1,377
Philippines 27 34 -82 -78 -108 729 2,548 1,329 1,224 420
Korea -103 56 -1,261 -2,253 -2,504 5,859 15,044 -7,196 18,986 24,808
Taiwan 918 -882 -1,477 -1,921 -636 9,284 4,915 -9,479 9,246 14,742
Thailand -40 -151 -515 -872 -948 -6,089 2,503 -164 2,689 1,136
Vietnam 20 12 0 45 135 318 160 55 725 166
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Vietnam foreign net inflow by sectors (US$ m)
Source: MAS Research
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Weekly key table
Sector1 week net inflow
4 weektotal
YTD2014
Net flow2013
Net Asset Value
19-Feb 12-Feb 05-Feb
21-Feb
2014 2013 2012
Banking 5.1 2.8 0.0 10.7 28.8 1.5 2,126 1,986 1,499
Basic Materials 0.5 -0.3 0.0 -0.4 14.7 74.5 927 820 516
Consumer goods 4.4 2.3 0.0 8.3 -2.2 124.0 4,483 4,200 2,282
Consumer services 0.0 -0.7 0.0 -0.6 -1.1 14.9 52 50 16
Finance & Real Estate 1.6 6.3 0.0 14.0 36.8 -6.2 1,982 1,606 1,401
Health Care 0.1 -0.7 0.0 -0.8 -0.4 3.3 337 296 185
Industrials 3.4 0.8 0.0 5.5 11.3 26.0 817 700 388
IT -0.1 0.0 0.0 -0.2 0.0 1.5 388 317 240
Oil and Gas 3.0 -0.8 0.0 1.9 17.6 37.8 575 427 182
Utilities 2.2 2.7 0.0 6.8 29.8 41.0 340 262 127
Total 20.3 12.4 0.0 45.3 135.3 318.3 12,029 10,665 6,839
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Inflow by sectors (US$ m)
Source: MAS Research
Oil and Gas
Health Care
Basic Materials
Utilities
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Weekly key table
(1)
9
19
29
39
49
59
69
79
89
99
(15)
(10)
(5)
-
5
10
20-Feb
13-Mar
3-Apr
1-May
22-May
12-Jun
3-Jul
24-Jul
14-Aug
4-Sep
25-Sep
16-Oct
6-Nov
27-Nov
18-Dec
8-Jan
29-Jan
19-Feb
Weekly Flow (LHS) Accumulated net Flow (RHS)
-
10
20
30
40
50
60
70
(8)
(6)
(4)
(2)-
2
4
6
8
10
12
20-Feb
13-Mar
3-Apr
1-May
22-May
12-Jun
3-Jul
24-Jul
14-Aug
4-Sep
25-Sep
16-Oct
6-Nov
27-Nov
18-Dec
8-Jan
29-Jan
19-Feb
Weekly Flow (LHS) Accumulated net Flow (RHS)
-
10
20
30
40
50
60
(6)
(4)
(2)
-
2
4
6
8
2
0-Feb
1
3-Mar
3-Apr
1-May
2
2-May
12-Jun
3-Jul
24-Jul
1
4-Aug
4-Sep
2
5-Sep
16-Oct
6-Nov
2
7-Nov
1
8-Dec
8-Jan
29-Jan
1
9-Feb
Weekly Flow (LHS) Accumulated net Flow (RHS)
-
1
1
2
2
3
3
4
4
(1)
(1)
(0)
(0)
-
0
0
1
20-Feb
13-Mar
3-Apr
1-May
22-May
12-Jun
3-Jul
24-Jul
14-Aug
4-Sep
25-Sep
16-Oct
6-Nov
27-Nov
18-Dec
8-Jan
29-Jan
19-Feb
Weekly Flow (LHS) Accumulated net Flow (RHS)
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Weekly key table
Inflow by sectors (US$ m)
Source: MAS Research
Industrials
Banking
Consumer goods
Finance and Real Estate
5
(30)
(10)
10
30
50
7090
110
130
(20)
(10)
-
10
20
3040
50
60
20-Feb
13-Mar
3-Apr
1-May
2
2-May
12-Jun
3-Jul
24-Jul
14-Aug
4-Sep
25-Sep
16-Oct
6-Nov
27-Nov
18-Dec
8-Jan
29-Jan
19-Feb
Weekly Flow (LHS) Accumulated net Flow (RHS)
(30)
(20)
(10)
-10
20
30
40
50
60
70
(30)
(20)
(10)
-
10
20
30
40
50
20-Feb
13-Mar
3-Apr
1-May
22-May
12-Jun
3-Jul
24-Jul
14-Aug
4-Sep
25-Sep
16-Oct
6-Nov
27-Nov
18-Dec
8-Jan
29-Jan
19-Feb
Weekly Flow (LHS) Accumulated net Flow (RHS)
-
5
10
15
20
25
30
35
(8)
(6)
(4)
(2)
-
2
4
6
8
10
12
2
0-Feb
1
3-Mar
3-Apr
1-May
2
2-May
12-Jun
3-Jul
24-Jul
1
4-Aug
4-Sep
2
5-Sep
16-Oct
6-Nov
2
7-Nov
1
8-Dec
8-Jan
29-Jan
1
9-Feb
Weekly Flow (LHS) Accumulated net Flow (RHS)
(50)
(40)
(30)
(20)
(10)
-
10
20
30
40
(20)
(15)
(10)
(5)
-
5
10
15
20
20-Feb
13-Mar
3-Apr
1-May
22-May
12-Jun
3-Jul
24-Jul
14-Aug
4-Sep
25-Sep
16-Oct
6-Nov
27-Nov
18-Dec
8-Jan
29-Jan
19-Feb
Weekly Flow (LHS) Accumulated net Flow (RHS)
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Weekly key table
Foreign investors net purchase (US$ m)
Source: MAS Research
6
-
50
100
150
200
250
300
350
400
(50)
(40)
(30)
(20)
(10)
-
10
20
30
40
27-Feb-13
13-Mar-13
27-Mar-13
10-Apr-13
1-May-13
15-May-13
29-May-13
12-Jun-13
26-Jun-13
10-Jul-13
24-Jul-13
7-Aug-13
21-Aug-13
4-Sep-13
18-Sep-13
2-Oct-13
16-Oct-13
30-Oct-13
13-Nov-13
27-Nov-13
11-Dec-13
25-Dec-13
8-Jan-14
22-Jan-14
5-Feb-14
19-Feb-14
Weekly Flow (LHS) Accumulated net Flow (RHS) 4 per. Mov. Avg. (Weekly Flow (LHS))
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Top holdings: Market Vectors Vietnam ETF
Source: MAS Research
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Code Company % /Nav Value US$ m Code Company % /Nav Value US$ m
PVS Petrovietnam Tec 8.6% 39,2 SHB SG-HN Bank 3.8% 17,5
VIC VINGROUP 7.7% 35,3 MIN Minor Inter-Nvdr 3.8% 17,2
VCB Vietcombank 7.6% 34,5 ONG Oil & Natural Ga 3.7% 17,1
BVH Bao viet Holdings 6.8% 31,1 ITA Tan Tao Group 3.7% 17,0
DPM Petrovietnam Fer 6.8% 30,9 SIA Soco Intl Plc 3.6% 16,4
STB Sacombank 5.9% 27,0 PPC Pha Lai Thermal 3.2% 14,8
PVD Petrovietnam Dri 5.2% 23,8 OGC Ocean Group Jsc 2.8% 13,0
PMO Premier Oil Plc 4.1% 18,6 GMD Gemadept Corp 2.7% 12,2
GAM Gamuda Bhd 4.0% 18,2 HPG Hoa Phat Group 2.5% 11,4
CPF Charoen Pok-Nvdr 3.9% 17,8 HAG HAGL 2.2% 10,2
Date: 21 Feb 2014
Market Vectors Vietnam ETF
Total Net Assets US$457.2 m
Shares Outstanding 22,000,000
NAV/share US$20.78
Last Price (21-Feb) US$21.75
Premium/Discount 4.67%
Weekly key table
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Top holdings: DB x-trackers FTSE Vietnam ETF
Source: MAS Research
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Code Company % /Nav Value US$ m Code Company % /Nav Value US$ m
MSN Masan Group 15.0% 55,2 ITA Tan Tao Group 2.7% 9,8
VIC VINGROUP 14.2% 52,1 GMD Gemadept Corp 2.2% 8,0
HPG Hoa Phat Group 11.3% 41,4 PPC Pha Lai Thermal 2.0% 7,4
HAG HAGL 9.1% 33,3 VSH Vinh Son-Song 1.7% 6,1
PVD Petrovietnam Dri 9.0% 32,9 CSM South Rubber In. 1.6% 5,8
DPM Petroviet Fertlz 7.9% 28,9 KBC KinhBac City 1.6% 5,8
VCB Vietcombank 6.1% 22,4 DRC DaNang Rubber 1.4% 5,1
STB Sacombank 3.9% 14,3 PVT PVTrans Corp 1.2% 4,6
BVH Bao Viet Holdings 3.0% 10,9 DIG DIC Corp 1.1% 4,0
HSG Hoa Sen Group 2.7% 9,9 OGC Ocean Group Jsc 1.0% 3,6
Date: 18 Feb 2014
DB x-trackers FTSE Vietnam ETF
Total Net Assets US$365.9 m
Shares Outstanding 13,016,397
NAV/share US$28.11
Last Price (20-Feb) US$27.91
Premium/Discount -0.73%
Weekly key table
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Top holdings: VinaCapital fund
Source: MAS Research
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Code Company % /Nav Value US$ m Code Company % /Nav Value US$ m
VNM Vinamilk 14.2% 111,0 Unlisted SEATH 30.2% 63,7
Unlisted Sofitel Metropole 8.2% 64,1 Unlisted Ba Thien IP 12.3% 26,0
HPG Hoa Phat Group 5.5% 43,0 PVD PV Drilling 7.3% 15,4
KDC Kinh Do Corp 5.4% 42,2 Unlisted VALC 5.5% 11,6
Unlisted AGPPS 5.1% 39,9 PVS PTSC 4.7% 9,9
EIB Eximbank 5.0% 39,1 HPG Hoa Phat Group 4.3% 9,1
DHG Hau Giang Phar 3.6% 28,1 CII CII 3.4% 7,2
Unlisted Century 21 3.0% 23,5 GAS Petro Vietnam GAS 3.3% 7,0
Unlisted Danang Resort 2.3% 18,0 VSC Viiconship 2.8% 5,9
Unlisted Dai Phuoc Lotus 1.8% 14,1 SJD Can Don Hydr. 2.8% 5,9
Date: 31 Jan 2014
VinaCapital Vietnam Opportunities Fund
Total Net Assets US$781.7 m
Shares Outstanding (17 Feb) 246,751,193
NAV/share US$3.16
Last Price (31 Jan) US$2.36
Premium/Discount -25.2%
Weekly key table
Vietnam Infrastructure Ltd
Total Net Assets US$210.9m
Shares Outstanding (06 Jan) 359,227,504
NAV/share US$0.59
Last Price (31 Jan) US$0.39
Premium/Discount -34.0%
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Major Foreign funds investing in Vietnam: EQUITY
Source: MAS Research
11
Fund Name Fund Type Bloomberg CodeNAV
(US$ m)As of
DB x-trackers FTSE Vietnam ETF Exchange - traded fund XFVT SP 365.9 20-Feb
Market Vectors Vietnam ETF Exchange - traded fund VNM US 457.2 21-Feb
Vina Capital Vietnam Opportunity Fund Close - end fund VOF LN 781.7 31-Jan
Vietnam Infrastructure Ltd Close - end fund VNI LN 210.9 31-Jan
Vietnam Enterprise Inv'ts Ltd Close - end fund VIETENI KY 525.5 13-Feb
Vietnam Growth Fund Close - end fund VIETNGF KY 296.5 13-Feb
DWS Vietnam Fund Close - end fund DWSVIET KY 325.9 31-Jan
JF Vietnam Opportunities Fund Mutual fund JFVNOPP HK 127.8 27-Jan
Vietnam Holding Ltd Close - end fund VNH LN 124.7 14-Feb
PXP Vietnam Fund Close - end fund VNF LN 81.2 27-Jan
Weekly key table
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Secondary bond market: Foreign investors net purchase (US$ m)
Source: MAS Research
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Weekly key table
(300)
(200)
(100)
-
100
200
300
400
(150)
(100)
(50)
-
50
100
1-Mar-13
15-Mar-13
29-Mar-13
12-Apr-13
3-May-13
17-May-13
31-May-13
14-Jun-13
28-Jun-13
12-Jul-13
26-Jul-13
9-Aug-13
23-Aug-13
6-Sep-13
20-Sep-13
4-Oct-13
18-Oct-13
1-Nov-13
15-Nov-13
29-Nov-13
13-Dec-13
27-Dec-13
10-Jan-14
24-Jan-14
7-Feb-14
21-Feb-14
Weekly Flow (LHS) Accomulated Net Flow (RHS) 4 per. Mov. Avg. (Weekly Flow (LHS))
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