Vinaland - Vietnam Real Estate - 500 Beiträge pro Seite

[aitutaki2009]

Vinaland hat in London bei passablen Umsätzen kräftig zugelegt. Eine nette Ergänzung* für ein Vietnam-Portfolio (sofern man nicht in Deutschland wohnt). Ob man jetzt aktuell noch auf den Zug aufspringen sollte weiss ich nicht, aber der satte Discount zum NAV lässt nicht vermuten dass der Kurs zurückkommt solange Vietnam weiter läuft.

* Der Fonds als solcher zählt in Deutschland als „Schwarzer Fonds“.
"schwarzer Fonds" ist eine hahnebüchene Unsitte, die es so nur in Deutschland gibt. Früher wurde das damit begründet, dass das deutsche Finanzamt bei einem schwarzen Fonds nicht weiss, wie viel auf steuerpflichtige Dividenden und wie viel auf Kursgewinne zurückgeht. Mit Einführung der pauschalen Abgeltungssteuer entfällt diese Begründung vollständig. Trotzdem behält man die Steuer bei. Verstösst aus meiner Sicht klar gegen EU-Recht. Aber die Beamten bei der BaFin wollen halt ihren Arbeitsplatz behalten…..
Ausweg bieten diverse Zertifikate auf solche Fonds. Die Logik dahinter ist geradezu bestechend: Verpackt ein deutsches Institut einen "schwarzen Fonds" in ein Zertifikat (gegen Extra Gebühren die dann noch "on top" kommen) ist der deutsche Michel "geschützt" und hat ein "weisses" Produkt. So schützt die BaFin kleine Anleger – völlig logisch, oder?!

Das hier kam grade von Numis, einem der Market Maker für diesen Fonds an der Londoner Börse:

Vietnam - Property

VinaLand - Hotel sale generates net proceeds of $16.1m

 Movenpick Saigon: VinaLand has divested its stake in Vina Properties Pte which owns the Movenpick Saigon, a 5-star hotel situated in Ho Chi Minh City (HCMC) between the city centre and the airport. VinaLand’s stake in the project resulted in net proceeds of $16.1m (3.7% of net assets), 19% above carrying value as at 31 December 2013. As a result of the sale, VinaLand’s underlying debt has been reduced by $1.7m. VinaLand held a stake of 52.5%, with 17.5% owned by VOF, the sister fund.
 The Movenpick Saigon Hotel was acquired by VinaLand in 2007 and refurbished in 2010 (it was formerly the Omni Saigon Hotel). There are 278 rooms, with 4 restaurants, a bar, banquet facilities, spa, pool, fitness centre and electronic gaming club. Since the reopening of the hotel, the 4-5 star hotel segments in HCMC have suffered significant overcapacity which has impacted the hotel's performance. No details were provided on the cost of the investment, although we note that VinaLand’s stake was valued at $25m in mid-2011, and $14.9m at the time of the continuation vote EGM in November 2012.
 Mercure Hanoi La Gare: In late December, Vinaland announced the disposal of its entire 100% stake in Prodigy Pacific, which owns the Mercure La Gare, a boutique 3-4 star hotel located in the Hoan Kiem District in central Hanoi. VinaLand received net proceeds of $1.7m, representing a 5.5% discount to carrying value in the NAV. The sale also reduced the company's underlying debt by $4.0m, and released VinaLand from future funding commitments. No details were provided on the cost of the investment, although we note that it was valued at $2.5m at the time of the continuation vote EGM in November 2012.
 Background: There have now been six exits from VinaLand’s portfolio since November 2012, when VinaLand adopted a focus on realising assets over a three year period in a “controlled, orderly and timely manner”. Furthermore, the Movenpick Saigon ($16.1m) is by far the largest of these realisations in terms of value, bringing the total to $31.4m. The proceeds will be utilised “to fund future distributions to shareholders and ongoing operating costs".
 The sale of these hotels is consistent with the company's strategy to divest its hospitality assets over the next two years. Hotels formed a core part of VinaLand’s original investment strategy, and the company was active in acquiring and refurbishing existing hotels, while it also built the Sheraton in Nha Trang. However, performance of the hotels was hit by over capacity and high debt costs, leading to a significant reduction in portfolio value in H2 2011. Since then, the emphasis has been improving operating performance, and making the hotels attractive to potential buyers. We understand that the recent buyers of the hotels from VinaLand have been foreign offshore companies interested in the hospitality sector in Vietnam.
 Following the latest exit, VinaLand now has 30 projects, including Residential, Hospitality and Mixed Use projects, primarily in the Ho Chi Minh City region (representing 65% of assets) or in central Vietnam (Danang / Nha Trang). There are now nine hospitality assets (six operating), including the Movenpick Hanoi, and we estimate that they represent c.5.3% of net assets.
 In mid December, VinaLand issued $15m Zero Dividend Preference shares (ZDPs) with a gross redemption yield of 8% pa and a three year life. These represent gearing of 5.6% of net assets, and we estimate that there is a further 15.5% of underlying project debt. If VinaLand makes a distribution to Ordinary shareholders, it will deposit an amount equivalent to 25% of this distribution into a reserve account for the ZDPs. However, share buybacks of up to of $1m per month are not be considered distributions in this context.
 Numis views: After a long period of decline, VinaLand’s share price has risen 24% over the past three months as investors have begun to anticipate a bottoming of the Vietnamese real estate market. Despite this, the current share price of $0.51 still represents a discount of 45% to the NAV at 31 December. The timing of realisations remains difficult to predict, but we believe that there is further upside for shareholders this year.
 Sentiment towards Vietnam, in general, is improving as reflected by a 11% rise in equity markets in 2014 YtD (boosted by a the expected relaxation of foreign ownership limits). According to VinaCapital, there was also a notable pick-up in interest in the Real Estate sector from Asian based investors during Q4 2013. These are looking at operating assets, as well as development opportunities for the Retail, Warehousing/ Assembly, and Residential sectors. In November 2013, David Blackhall, estimated that VinaLand could make distributions to shareholders of $125.3m by the end of 2015. The managers are heavily incentivised to meet this schedule in order to “earn back” an accrued performance fee of up to $28.2m.

[bmann025]

Der Spread von 10% in Deutschland ist natuerlich eine absolute Frechheit.

[aitutaki2009]

Ja, in D ordert man sowas auch nicht. Spread in London meist exakt 1 pence - weniger geht nicht:

http://www.londonstockexchange.com/exchange/prices-and-marke…

[aitutaki2009]

Dear Shareholders,

We are pleased to present the January 2014 update for VinaCapital Vietnam Opportunity Fund Limited (VOF), VinaLand Limited (VNL) and Vietnam Infrastructure Limited (VNI).

As at 31 January 2014, VOF’s net asset value was USD781.7 million or USD3.16 per share, representing a 5.0 percent increase from a net asset value per share of USD3.01 as at 31 December 2013. During the month, the capital markets component of VOF’s portfolio increased 8.0 percent while the VN Index increased 10.4 percent in USD terms, as major listed investee companies such as Vinamilk (VNM), Hoa Phat Group (HPG), Kinh Do Corporation (KDC), PetroVietnam Services (PVS) and PetroVietnam Drilling (PVD) increased 4.4, 10.9, 10.8, 39.2 and 17.9 percent, respectively. We believe that the market is finally realizing that Vietnam’s economy is stabilizing and the valuations of growing companies remain attractive relative to other emerging and frontier markets. Additionally, one of VOF’s largest holdings, the Sofitel Metropole in Hanoi, finished the year strongly, exceeding full year 2013’s budget set by management. The hotel’s occupancy rate and average room rate were 69.6 percent and USD221, an increase of 3.1 and 4.9 percent year-on-year, respectively.

VNL’s share price increased 8.5 percent to USD0.51 as at 31 January 2014, from a closing price of USD0.47 as at 31 December 2013. As a result, the company’s share price to NAV discount is currently 44.8 percent compared to 49.2 percent in December 2013.

As at 31 January 2014, VNI’s unaudited net asset value was USD210.9 million or USD0.59 per share. This represents a 5.8 percent increase from a net asset value per share of USD0.56 from its close of business on 31 December 2013. During January 2014, the capital markets component of VNI’s portfolio increased 15.6 percent compared to a 10.4 percent rise in the VN Index in USD terms driven by the outperformance of Petro Vietnam Technical Services JSC (PVS) and Petro Vietnam Drilling JSC (PVD) which were up 37.2 and 18.2 percent, respectively.

Enclosed below are the links to the fund updates.

http://www.vinacapital.com/userfiles/data/VNL%20monthly%20up…