VinaLand

Termination of coverage

24 May 2017

Edison Investment Research is terminating coverage on VinaLand (VNL). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. MORE »

Considering options for future strategy

5 September 2016

VinaLand (VNL) is a closed-end fund set up in 2006 to invest in property development in Vietnam. Following a difficult period for the country’s real estate market, an extraordinary general meeting (EGM) in November 2012 saw shareholders vote in favour of a three-year programme of divestment and realisation, which was extended by a further year at an EGM in November 2015. With the Vietnamese property market now more buoyant, VNL is well advanced towards its 12-month target of $165m of realisations and has recently made a capital distribution of $35m. The fund’s board, in consultation with shareholders and the manager, is continuing to develop options for a new strategy for a new term that would commence at the EGM likely to be held in November 2016. MORE »

Property market beginning to improve

17 August 2015

Vietnam’s property market is now showing signs of emerging from several years of weakness, as the economy stabilises and the availability of credit from the banking system increases. VinaLand (VNL) adopted a three-year realisation and distribution policy in 2012 that has been held back by market conditions, but the company believes there is scope to get back on track. VNL is set to hold an EGM by November 2015, and we would expect the company to consult shareholders on a new investment strategy prior to this. In the meantime, the near 40% discount to NAV provides a substantial valuation cushion. MORE »

Realisations set to increase

1 October 2014

The property market in Vietnam has been weak for several years and in late 2012 VinaLand (VNL) introduced a realisation-focused investment strategy. This year, despite a brief spike in tensions with China, the economic background seems more stable and there are tentative signs of improvement in the property market. This should increase the chances of a faster pace of realisations at close to or above NAV. In this context, while uncertainties remain, the scope for a narrowing of the current c 40% discount to NAV seems significant. MORE »