30/11/2020 16:35 GMT+7 Email Print Like 0

Foreign fund continuously divests from Mobile World

 Pyn Elite Fund has divested capital from Mobile World Investment Joint Stock Company (MWG), said Vietnam Securities Depository (VSD).

Pyn Elite Fund, a Finnish fund which focuses on Vietnamese shares, has transferred more than 6.45 million MWG shares to JP Morgan Securities PLC.

With MWG now being traded at a market price of over 110,000 VND (4.77 USD) per share, the above transfer deal is worth more than 700 billion VND (30.35 million USD).

MWG was previously Pyn Elite’s largest investment for many years, but the foreign fund has continuously sold a large amount of MWG shares since the end of 2019. Particularly at the end of 2019, the fund sold nearly half of the MWG shares they were holding, earning trillions of VND.

According to the September portfolio report, the investment proportion at MWG still accounted for 5.56 percent of Pyn Elite’s net asset value, equivalent to 24.8 million euros (29.7 million USD). However, by October, this investment was no longer in the fund’s 10 largest portfolios.

To replace the investment at MWG, this foreign fund has continuously increased the proportion of investments in banking stocks such as VietinBank (CTG) and MBBank (MBB).

The current largest investment of Pyn Elite in Vietnam’s market is into the Vietnam Engine and Agricultural Machinery Corporation (VEAM), accounting for 10.4 percent of the fund’s total net asset value.

Followed by three investments in three domestic commercial banks including VietinBank (9.6 percent); HDBank (9.3 percent) and TPBank (8.7 percent).

In the fund’s 10 largest portfolios, there are currently five investments in the financial and banking sector. In addition to the three above banks, the fund also invests in Military Bank (MBB) (4.7 percent) and Viet Capital Securities Company (VCI) (3.5 percent).

MWG reported net revenue in the third quarter of over 25.7 trillion VND, up 3 percent over the same period last year. The after-tax profit earned in the quarter was 951 billion VND, also up by 11 percent.

In the first nine months of the year, the company recorded over 81.3 trillion VND in revenue, up 6 percent and after-tax profit reached nearly 3 trillion VND.

Compared to the plan for the whole of 2020, the group has completed 74 percent of the revenue target and 86 percent of the profit target.

MWG is among the fastest growing stock group in the past three months with an increase of nearly 60 percent. Each MWG share is currently being traded at around 115,500 VND./.
VNA/VNP