LONDON (ShareCast) - (ShareCast News) - Vietnam Enterprise Investments reported a 26.5% improvement in its net asset value per share for its first half on Wednesday, to $5.58, which it said outperformed the VN index by 7.9%.
The FTSE 250 newcomer said that in sterling terms, its net asset value per share was up 20.5% to £4.30 for the six month period to 30 June.

Its share price rose 35.0% in dollar terms and 28.5% in sterling terms, while its share price discount to NAV at the end of the period narrowed to 11.6%, from 17.1% at the end of 2016, which the board said reflected its "strong" portfolio performance.

"I am pleased to report that VEIL's portfolio performed exceptionally well during the period," said chairman Wolfgang Bertelsmeier.

"The company outperformed its benchmark, the VN Index, by 7.9% over the period and we believe VEIL is very well positioned to continue to benefit from Vietnam's long-term growth and stock market development, generating attractive returns for shareholders."

Looking at its investments, VEIL said it continued to hold the majority of its portfolio in listed equities, with 3.6% in OTC or pre-listing equities.

It said it maintained its strategy of "fundamental stock picking" rather than specific sector weighting, with a particular focus on the privatisation of state-owned companies and IPOs of private companies.

During the period, VEIL participated in the IPOs of Vietjet Air and Viet Capital Securities.

On the privatisation front, VEIL also took part in the auction of Viglacera, which diluted state ownership from 78.8% to 56.7%.

"Favourable market conditions helped the company's portfolio deliver very strong returns over the period," said the company's portfolio manager Vu Huu Dien.

"VEIL remained focused on its fundamental-driven stock picking approach, with a particular emphasis on participation in the state privatisation program and IPOs of private companies.

"Given the strong pipeline of privatisation and IPO offerings in the coming months, we believe our investment strategy will continue to contribute to VEIL's success."

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