Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Thematic (Sector/Industry)

The Rise of Vietnam's UPCoM Vietnam's UPCoM (Unlisted Public Company Market at the Hanoi Stock Exchange) is a relatively overlooked area of Vietnam's stock market at the moment, and this market should be further observed for the following reasons:<ul>
<li>Vietnam's stock market valuation is on the rise, trading at over 16X PE, which creates a necessity to look deeper for undervalued stocks</li>
<li>Despite the perceived low quality of this market, there are actually some decent companies on this market</li>
<li>The  UPCoM…</li>
</ul>

The Rise of Vietnam's UPCoM  Vietnam's UPCoM (Unlisted Public Company Market at the Hanoi Stock Exchange) is a relatively overlooked area of Vietnam's stock market at the moment, and this market should be further observed for the following reasons:
Vietnam's stock market valuation is on the rise, trading at over 16X PE, which creates a necessity to look deeper for undervalued stocks
Despite the perceived low quality of this market, there are actually some decent companies on this market
The  UPCoM…


This insight outlines which frontier and emerging markets in Asia offer the best opportunities for investors and outlines multiple investment themes that are able to capture the growth of the bottom of the pyramid in the future.

This insight outlines which frontier and emerging markets in Asia offer the best opportunities for investors and outlines multiple investment themes that are able to capture the growth of the bottom of the pyramid in the future.

The Fortune at the Bottom of the Pyramid(Part 2): Investment Implications for Frontier/Emerging Asia

The concept of the "Fortune at the Bottom of the Pyramid" was introduced by CK Prahalad, and it describes business strategies used to profit from selling products to the poorest populations in the world.  This approach can also be applied to frontier market investing.  Frontier market investing often requires an asset-based approach (viewing opportunities presented from less developed populations/countries/industries, rather than focusing on the  challenges), as well as a futuristic view of growth trends.  Select frontier markets have the potential to economically be on par with other emerging markets in the next 20-30 years.

The concept of the "Fortune at the Bottom of the Pyramid" was introduced by CK Prahalad, and it describes business strategies used to profit from selling products to the poorest populations in the world.  This approach can also be applied to frontier market investing.  Frontier market investing often requires an asset-based approach (viewing opportunities presented from less developed populations/countries/industries, rather than focusing on the  challenges), as well as a futuristic view of growth trends.  Select frontier markets have the potential to economically be on par with other emerging markets in the next 20-30 years.

The Fortune at the Bottom of the Pyramid(Part 1): Golden Opportunity for Frontier Asia

Economist, Centennial Asia Advisors

Jason Tan

Economist

Centennial Asia Advisors

At Centennial Asia Advisors, we tell it like it is. We have no vested interests, no need for a China wall, and no reason to skew our outlook any other way. With over 30 years experience covering Asia’s political economy, you can be sure our conclusions and analyses are based on the unadulterated facts. Through years of fine-tuning our research methodologies, we deliver a quality of macroeconomic analysis few other houses can match.

Centennial Asia Advisors is an independent research and advisory firm that works with governments, multilateral institutions, financial firms and leading MNCs.

Economic Policy and Strategic Advisors

Macroeconomics

<ul>
<li>
Economic growth remains robust: GDP increased 6.4% y/y in 3Q16, up from 5.8% in 2Q16, fuelled by solid export expansion – with electronics surging - and buoyant bank lending.</li>
<li>
Other activity indicators also up: Retail sales rose 9.5% y/y year-to-date in Sep 16, up from 9.3% in Aug 16. Industrial production grew 7.6% y/y in Sep 16, up from 7.3% in Aug 16.</li>
<li>
Upbeat exports add to the good news: Exports for the year to date rose 6.7% y/y in Sep 16, up from a 5.5% y/y increase in Aug 16. Imports for the…</li>
</ul>



Economic growth remains robust: GDP increased 6.4% y/y in 3Q16, up from 5.8% in 2Q16, fuelled by solid export expansion – with electronics surging - and buoyant bank lending.

Other activity indicators also up: Retail sales rose 9.5% y/y year-to-date in Sep 16, up from 9.3% in Aug 16. Industrial production grew 7.6% y/y in Sep 16, up from 7.3% in Aug 16.

Upbeat exports add to the good news: Exports for the year to date rose 6.7% y/y in Sep 16, up from a 5.5% y/y increase in Aug 16. Imports for the…


EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Senate and Congress have overridden President Obama's veto on the Justice Against Sponsors of Terrorism (JASTA) legislation, designed to allow families of victims of terror attacks on US soil to sue any member of foreign governments (specifically the Saudi government) for support of these acts.The stripping of sovereign immunity will have profound implications for global geopolitics and the increasingly strained relationship of Gulf states and their traditional Western allies, particularly at a time when the USA is pivoting away from the Middle East towards the perceived increasing threat in Asia.

Senate and Congress have overridden President Obama's veto on the Justice Against Sponsors of Terrorism (JASTA) legislation, designed to allow families of victims of terror attacks on US soil to sue any member of foreign governments (specifically the Saudi government) for support of these acts.The stripping of sovereign immunity will have profound implications for global geopolitics and the increasingly strained relationship of Gulf states and their traditional Western allies, particularly at a time when the USA is pivoting away from the Middle East towards the perceived increasing threat in Asia.

Vietnam

VinaCapital Vietnam Opportunity Fund Limited is a close-ended investment company incorporated in the Cayman Islands. The aim of the Company is to achieve medium to longer-term capital appreciation and providing an attractive level of income. The Company invests in listed and unlisted companies, debt, assets and other investment opportunities in Vietnam and surrounding Asian countries.

VinaCapital Vietnam Opportunity Fund (VOF LN)

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VinaCapital Vietnam Opportunity Fund (VOF LN)

Vietnam's UPCoM Stocks

The Rise of Vietnam's UPCoMVietnam's UPCoM (Unlisted Public Company Market at the Hanoi Stock Exchange) is a relatively overlooked area of...

Nomadic Equity

The Fortune at the Bottom of the Pyramid(Part 2): Investment Implications for Frontier/Emerging Asia

This insight outlines which frontier and emerging markets in Asia offer the best opportunities for investors and outlines multiple investment...

Nomadic Equity

The Fortune at the Bottom of the Pyramid(Part 1): Golden Opportunity for Frontier Asia

The concept of the "Fortune at the Bottom of the Pyramid" was introduced by CK Prahalad, and it describes business strategies used to profit from...

Nomadic Equity

Vietnam: Positives All Around

Economic growth remains robust: GDP increased 6.4% y/y in 3Q16, up from 5.8% in 2Q16, fuelled by solid export expansion – with electronics...

Jason Tan

JASTA Will Push Saudi East

Senate and Congress have overridden President Obama's veto on the Justice Against Sponsors of Terrorism (JASTA) legislation, designed to allow...

Emad Mostaque

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52-week Range

Market Cap (USDm)

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