Dragon Capital Vietfund Management (DCVFM) | Fund Factsheet

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VFMVF4 – 05/2016


In May 2016, NAV per share of VF4 has grown by 2.6% with the main contributions from stocks in the sectors such as Banks, Transportation, Utilities, Capital Goods and Real Estate. Notably the blue-chip stocks with strong price increase in the month such as GAS (+ 17.7%), DQC (+ 7.4%), SKG (+8.3%), etc, which all have positive earnings results and strong catalysts for long-term growth. While GAS benefited from the recovery of oil price, SKG has had its first quarter revenue and net profit growing by 36% and 55% respectively compared to last year as a result from increasing amount of Phu Quoc visitors and low price of fuel. It is forecasted that SKG earning will continue to have positive growth in Q2 and Q3, which are the peaks of traveling seasons. After the dividend payment (10% in cash and 40% in stocks), SKG still maintain its growing trend. DQC is currently the leader in lightbulb and lighting equipment manufacturing in Vietnam with 40% market share. DQC also achieved impressive results in Q1 with 40% growth in revenue and 20% in net profit compared to last year.

In May, VF4 has disbursed its cash holding into new investment opportunities, decreasing the cash proportion to 8.8% from the level of 17% since the end of April. From the beginning of the year, VF4 has accumulated 6.4% growth in NAV.