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VIETNAM EQUITY HOLDING Table of Contents ANNUAL REPORT 2012 VIETNAM EQUITY HOLDING Table of Contents 02 Company Overview 03 Chairman’s Statement 04 Financial Highlights 07 Equity Market Overview 10 Top Portfolio Holdings 20 Board of Directors 24 Report of the Board of Directors 26 Independent Auditors’ Report 27 Statement of Financial Position 28 Statement of Comprehensive Income 29 Statement of Changes in Equity 30 Statement of Cash Flows 31 Notes to Financial Statements VIETNAM EQUITY HOLDING 2012 ANNUAL REPORT 01 Company Overview ABOUT THE COMPANY CORPORATE INFORMATION Structure Cayman Islands registered Vietnam Equity Holding (“VEH” or the “Company”) is an exempted closed-end investment company company incorporated in the Cayman Islands on August 9, 2007. Incorporation Date August 9, 2007 Its shares are currently listed on the Stuttgart Stock Exchange; Total Net Asset Value €45.3mn (as of 31 December 2012) they were previously listed on the Frankfurt Stock Exchange Duration 5 years; extended by shareholder vote between 2007-2012. The Company is managed by Saigon Asset for 3 years on October 3, 2012 Management Corporation (“SAM” or the “Investment Manager”), an Listed Stuttgart Stock Exchange exempted company incorporated under the laws of the Cayman NAV Frequency Monthly Islands. For more information please visit www.saigonam.com Management Fee 2% of NAV Performance Fee 20% of gains over 8% hurdle rate with a high water mark INVESTMENT OBJECTIVES Investment Manager Saigon Asset Management Auditor Grant Thornton (Vietnam) Company The principal investment objective of VEH is to seek capital Ltd. appreciation of its assets by making equity investments in Legal Counsel Reed Smith & Appleby companies with significant exposure to Vietnam. Specifically, Administrator Deutsche Bank (Cayman) Ltd. the Company has invested in and will continue to invest in Custodian Deutsche Bank AG (Ho Chi Minh City equity of listed and private companies, over-the-counter (“OTC”) Branch, Vietnam) companies, and/or in debt securities. The Company seeks to invest in a diversified and balanced portfolio that will achieve TRADING above average returns at an acceptable level of risk, give rise Market Stuttgart Stock Exchange to long-term and short-term returns, and be capable of yielding Clearing/Settlement Euroclear or Clearstream recurring earnings and/or capital gains. ISIN KYG936251043 German Securities Code A0M12V Bloomberg Symbol 3MS:GR Reuters Symbol 3MS.DE Designated Sponsor/ 886 AG (www.886ag.de) Market Maker Edmond de Rothschild Securities (www.lcfr.co.uk) Numis Securities Ltd. (www.numiscorp.com) Enquiries [email protected] VIETNAM EQUITY HOLDING 2012 ANNUAL REPORT 02 VEH Chairman’s Statement Dear Shareholders, We are pleased to present the 2012 annual report of Vietnam Equity Holding (“the Company”). Over the year, the Company’s Net Asset Value (NAV) per share macroeconomic situation as well as continued foreign inflows into increased 15.4% to €2.10 from €1.82 at the end of 2011. Over the stock market should support the continued rally of the VNI and the same period, the Vietnam Index (VNI) gained 16.8% in EUR result in the appreciation of the Company’s NAV. terms (17.7% in VND terms). Since inception, the Company’s NAV has decreased 10.4% in EUR terms, outperforming the VNI which Although volume of the Company’s shares remained low, the share has decreased 63.1% in EUR terms over the same period. price increased 25.0% throughout the year, leading to a relatively minimal narrowing of the share price discount to NAV to 38.0% Vietnam experienced an improvement in several macroeconomic from 42.8% at the end of 2011. Following the approval of the indicators in 2012 stemming from the tightening of monetary share buyback program at the Extraordinary General Meeting policies and reforms enacted in 2011, resulting in a significant (EGM) in June 2012, the Company began repurchasing its own slowing of inflation, the first trade surplus since the early 1990’s, shares in July and accumulated a total of 156,200 shares by the a much more stable currency that held its value throughout the end of the year. year, and much higher foreign exchange reserves to help the State Bank of Vietnam support the Vietnam Dong. Due to these On December 15th, 2012, the Frankfurt Stock Exchange (FSE) improvements, the VNI performed well despite the fact that restructured its listing options and closed the First Quotation the health of the banking system was worsening and that the Board, the trading board where the Company was listed throughout polices and reforms enacted in 2011 caused domestic demand to the previous five years. The Company applied to, and was granted weaken and GDP growth to slow to “only” 5.03% from 5.89% in a listing on, the Stuttgart Stock Exchange on April 3rd, 2013. The the previous year. Company has the same trading codes as it did when it was listed in Frankfurt and it opened at a bid price of €1.47. The government continues to focus on restructuring the banking system through a series of bank consolidations and by creating At the Extraordinary General Meeting for the Continuation Vote an asset management company run by the central bank to held on October 3rd, 2012, the shareholders voted to approve remove the nonperforming loans from bank balance sheets. the Board’s proposal to extend the life of the Company for an Ideally, these actions will strengthen the financial system in additional three years with the commitment from the Board that Vietnam and will set the stage for future growth of the economy. it would put forth a proposal to open-end the Company at the subsequent Annual General Meeting. The Board and the Investment The VNI performed well during 2012 primarily due to heavy Manager have completed drafts of the documents required to foreign inflows into Vietnam’s stock markets which generally make the conversion to open-end format and we are confident that favoured large caps, particularly those stocks held by ETFs. you will be satisfied and that the new company documents are in Domestic investors were active during the rally at the beginning keeping with our original proposal. of the year and this propelled the valuations of the Company’s small and mid-cap holdings upwards, but these investors quickly Vietnam’s outlook continues to improve as government actions lost interest and did not rejoin the market through the rest of are helping the country attain economic stability. We anticipate the year. economic growth in 2013 to continue to be low, around 5.0%-5.5%. However, we believe that it is trending upwards and that the Just as the year was ending, another rally started to form period of declining growth is behind us, as such, we are confident and strengthened during the first quarter of 2013 with the VNI that the Company is well positioned to benefit from the improving gaining 21.5% by the end of the quarter. Though this gain was conditions. largely attributed to foreign investors’ buying activities and gains in large cap companies (a continuation of the pattern from the prior year), the Board and the Investment Manager remain convinced in the viability of the Company’s strategy of investing Dr. Lee G. Lam in high-quality small and mid-cap growth stocks. The improving Chairman & Independent Non-executive Director VIETNAM EQUITY HOLDING 2012 ANNUAL REPORT 03 Financial Highlights 2012 Snapshot C B 2012 Net Asset Value: A Listed Investments 94% €45,268,238 B Unlisted Investments 3% C Cash & Other Assets 2% A 100.0% NAV PER SHARE FLUCTUATION LISTED INVESTMENTS UNLISTED INVESTMENTS CASH AND OTHER ASSETS DURING 2012: VALUED AT: VALUED AT: VALUED AT: €1.82 > €2.10 €42,702,853 €1,441,164 €1,124,221 FINANCIAL DATA As of Dec 31, 2012 As of Dec 31, 2011 % Change VEH Net Asset Value €45,268,238 €39,509,486 14.6% Outstanding Shares 21,589,310 21,745,510 -0.7% Net Asset Value per Share €2.10 €1.82 15.4% Share Price €1.30 €1.04 25.0% Share Price Premium/Discount to NAV 38.0% 42.8% CAPITAL STRUCTURE Ordinary Shares Share Capital Outstanding shares number as of November 30, 2007 (Inception) 21,745,510 €43,491,020 Outstanding shares number as of December 31, 2009 21,745,510 €43,491,020 Outstanding shares number as of December 31, 2010 21,745,510 €43,491,020 Outstanding shares number as of December 31, 2011 21,745,510 €43,491,020 Outstanding shares number as of December 31, 2012 21,589,310 €43,280,047 VIETNAM EQUITY HOLDING 2012 ANNUAL REPORT 4 Financial Highlights VIETNAM EQUITY HOLDING 2012 ANNUAL REPORT 5 Financial Highlights TOP PORTFOLIO HOLDINGS Type Sector % of NAV Vinamilk Corporation (VNM) Listed Food & Beverage 25.7% FPT Corporation (FPT) Listed Technology 12.9% Phu Nhuan Jewelry JSC (PNJ) Listed Luxury Goods 6.9% Dabaco Group JSC (DBC) Listed Agricultural Products 6.0% Development Investment Construction Corporation (DIG) Listed Real Estate & Infrastructure 5.3% Japan Vietnam Medical Instrument JSC (JVC) Listed Pharmaceuticals 4.5% Elcom Corporation (ELC) Listed Technology 4.4% PetroVietnam Fertilizer & Chemicals Corporation (DPM) Listed Chemicals 3.9% PetroVietnam Drilling & Well Services JSC (PVD) Listed Oil & Gas Services 3.7% Bank for Foreign Trade of Vietnam “Vietcombank” (VCB) Listed Financial 3.4% VIETNAM EQUITY HOLDING 2012 ANNUAL REPORT 6 Annual Reports 2012 Equity Market Overview Equity Market Overview During 2012, Vietnam’s government continued other currencies or to purchase gold bullion. These efforts on the path towards economic stabilization succeeded in maintaining the stability of the banking system while that it started in the previous year. the SBV conducted reviews to ascertain its health. It is generally observed that one of the most positive changes during the year was the SBV’s significantly increased involvement in the oversight At the expense of economic growth, many macroeconomic and control of the banking system.
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