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ASSET MANAGEMENT CORPORATE FINANCE

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  • 1. ASSET MANAGEMENT CORPORATE FINANCE
  • 2. “I think they [Vietnam] are the next China.” Michael R. P. Smith, CEO HSBC
  • 3. Vietnam: Asia’s Rising Star We at Vietnam Asset Management Ltd. (VAM) would like to introduce you to Vietnam, truly a land of opportunities. In the past 30 years, Vietnam has rewritten its history to become a rising economic star of Asia. Thirty years of stable government, sound economic policy, and a determined and entrepreneurial populace mean that today, Vietnam is poised to become a major player in the regional economy. The Economy - Vietnam consistently ranks as one of the top investment prospects for the world, driven by an economy experiencing tremendous growth in this new millennium. 2000-2008 saw GDP growth average over 7.5% per annum, second only to China in the Asia-Pacific region. In 2009, GDP growth reached 5.3% amidst the world recession. The government and independent analysts alike predict GDP growth will get back to 7-8% in the foreseeable future. Enthusiasm in Vietnam’s economy abounds as witnessed by foreign direct investment nearly tripling between 2007 and 2008. The secret is out, the world believes in Vietnam! Economic growth is driven by strong consumer demand for Vietnamese products and services internally and globally, and owners of Small and Medium Enterprises (SMEs) have a higher confidence rating about their prospects than in any other Asian nation. The Government - 1986, Vietnam’s Communist government set the stage for today’s prosperity by embarking upon broad sweeping economic reforms known as “Doi Moi”. Influence of the state sector has been remarkably reduced with over 14,000 State-Owned Enterprises (SOEs) in 1990 down to roughly 1,700 SOEs in 2008, employing only 3.5% of the workforce. Not only are foreign investors encouraged by the government’s proactive role in privatisation and economic liberalisation, but also by Vietnam’s high political stability, ranked third amongst ASEAN members by the World Bank in 2008. Furthermore, Vietnam’s accession into the World Trade Organisation in January 2007 as its 150th member and their appointment to the UN Security Council in 2008 as a non-permanent member prove that the world views Vietnam’s government as stable and capable. The People - The Vietnamese people are the heroes of this incredible economic miracle; from war and poverty 30 years ago to one of the most vibrant and dynamic economies globally. A literacy rate of 93% and labour costs less than India, China, and the Philippines rank Vietnam’s labour force as one of the most attractive in the world. With a very large population of 89 million people, 60% of which are below the age of 35 years old, economic growth will continue to excel. Whatever your investment criteria are, all indications point to a very bright future indeed. With our focus on people, process and performance, VAM leads the way in exceeding financial expectations, allowing you the opportunity to invest in Asia’s rising star. Timing is everything, and our time is NOW ! - Vietnam
  • 4. Why Vietnam Asset Management? Proven Investment Landscape - Proven Management - Proven Results Our Place - Our focus is Vietnam One of the most robust and high growth economies globally- from a macroeconomic standpoint, we have demonstrated the dynamic and exciting opportunities investing in Vietnam brings. There is no doubt about the significant growth opportunities Vietnam offers, but as in any emerging market, one must carefully consider the challenges inherent to a developing system. At VAM, we have the experience and resources necessary to navigate your investment through the potential risks inherent to an emerging market. Our People - Experienced and highly knowledgeable Vietnamese nationals VAM’s investment management team is comprised entirely of Vietnamese nationals who account for over 30 years of combined international investment experience, and draws on many more years of investment experience through our Board of Directors. In a country where local expertise is not just recommended but is requisite, VAM is uniquely poised to combine our international standards of excellence with our deep local knowledge. Through vast personal and professional networks, we have arms that span across the whole of Vietnam. Our Performance - It’s all about results! VAM feels above all else, results must speak for themselves. VAM has been operational for over three years, and funds managed by VAM have signifi- cantly outperformed the VN-Index and their peers. This impressive track record is a testament to our strong investment process, our high standards of integrity, our premier levels of service, and our strong corporate governance. The right time, the right place, the right company - Vietnam Asset Management Ltd.
  • 5. Introduction to VAM VAM is a fund management company that primarily engages in public and private equity investment and advisory services in Vietnam. By making astute investments in Vietnamese companies, our objective is to achieve superior long-term financial returns through capital appreciation and dividend disbursement for our clients and investors. VAM enhances investor returns through rigorous fundamental analysis and due diligence practices coupled with an active bottom-up fund management style. Our philosophy is to value companies based on their cash flow. We believe that day trading or investing in ‘hot’ picks of the month is not sustainable in a highly volatile market, thus we make long-term investments in companies with long-term positive growth prospects. VAM uses proprietary in-house systems that are amongst the very first analysis and database systems to be developed by a Vietnam-based asset manager. Our VAM Company Analysis System (VCAS) and VAM Portfolio Management System (VPMS) provide a competitive advantage to VAM’s analysis capability and fund management. VAM was founded in 2006 by globally experienced investment professionals who are currently key managers of VAM. They left high profile positions with major investment multinationals throughout Asia because they realized the potential Vietnam has to offer. Their vision in founding VAM was to create the foundation of an organization that would combine the knowledge, expertise and talent necessary to realise the superior investment opportunities that Vietnam offers. Today, the founders’ vision is realised as VAM is fully operational and producing superior results. Timing is everything, and our time is NOW ! - Vietnam
  • 6. Our Strategic Shareholders In September 2007, VAM welcomed Dubai Investment Group (“DIG”) and UOB Kay Hian (“UOBKH”) to the family. Senior Executives from DIG and UOBKH joined VAM’s Board of Directors, thus enabling them to become active participants in VAM exponentially increase VAM’s access to resources and experience that will further promote the successful performance of VAM. Dubai Investment Group is a company of Dubai Group, the global financial investor of Dubai Holding. Headquartered in Dubai, UAE, with local offices in New York, London, Hong Kong and Kuala Lumpur, the Group focuses on long and short term investments with the potential to deliver exceptional and sustainable returns. DIG is structured as a conglomerate of investment companies with core investment expertise in the Global Securities, Industry, Finance, Real Estate and Hospitality sectors. The Group creates and manages a diversified and rapidly expanding portfolio of direct and indirect investments. DIG’s direct investment portfolio includes Bharat Hotels, Tunisia Telecom, DLF, Sing Holdings and Essex House Hotel. UOB Kay Hian Holdings, formed from the merger in 2000 of Kay Hian Holdings and UOB Securities, the stock brok ing . arm of Singapore’s banking giant United Overseas Bank, is a regional broking and corporate finance services Group he- adquartered in Singapore. UOBKH’s regional distribution foot print now spans regional financial centers such as Hong Kong, Thailand, Indonesia, London and New York. In addition, it maintains research offices in Shanghai, Kuala Lumpur and an execution presence in Philippines. In Singapore, UOBKH is the largest brokerage firm. Group wide, UOBKH employs approximately 1,922 professional and support staff globally. UOBKH is a widely recogni- sed brand in every country it operates, a reputation built on its responsive and discreet services. The right time, the right place, the right company - Vietnam Asset Management Ltd.
  • 7. Our Services *Proprietary VAM Company Analysis System (VCAS) Asset Management We are confident we have the most competent investment team in town. Empowered by a strong investment process, powerful proprietary in-house analysis and database systems, high integrity and strong corporate governance, VAM provides premier fund management services in Vietnam. To prove this point, VAM’s Funds have significantly outperformed their peers and the VN-Index since inception. VAM manages a number of private and public funds, such as Vietnam Emerging Market Fund, VAM Vietnam Strategic Fund, Hong Leong Vietnam Fund and HS-VAM Vietnam Index Linked Fund. Corporate Finance With profound knowledge of capital markets, rich global experience and broad access to domestic and international investors, bankers and companies, VAM is well positioned to serve all your sophisticated needs. We seek to add value to your business through: • Capital structure optimization; • Advisory in corporate finance such as privatization, IPOs, mergers & acquisitions, and divestitures; • Advisory in strategic business formulation and financing; and • Advisory in financial investments for optimal returns. Timing is everything, and our time is NOW ! - Vietnam
  • 8. VAM Investment Process We follow a thorough investment process comprising of comprehensive qualitative assessments and quantitative valuations based on our in-house methodology and models. Qualitatively, we place emphasis on quality of management. We look at the business model of the company, the industry dynamics and all other aspects surrounding its operations. We add value by identifying companies that are experiencing or benefiting from structural improvements in the economy, industry as well as at a company specific level. We are in constant dialogues with our investee companies to stay abreast with their developments and will provide input into their strategic decisions as an active shareholder. We also talk to our investee companies’ stakeholders such as suppliers, customers and competitors to cross-check information to better create a complete picture on their performance and its sustainability. On the quantitative side, we analyze our investment ideas thoroughly using our in-house financial model and various valuation techniques. Analysts at VAM use, at the minimum, the following steps of the investment process: • Initial screening on privatization, OTC and listed markets; • Analysing all aspects of a company’s business: in-house checklist, • Sourcing investment opportunities through market nancial modeling using an in-house Financial Template; research, nancial brokers, personal and professional • Valuating replacement values for tangible and intangible assets; network , and other local sources. • Company visits and management interviews. Post-investment Monitoring & Management • Investment Committee to review and approve; • Regularly meeting with management , Board participation if possible; • Additional accounting and legal due diligence if needed; • Monitoring valuation through internal company database; • Final approval of pricing and investment allocation. • Regularly updating the nancial models. The right time, the right place, the right company - Vietnam Asset Management Ltd.
  • 9. Funds managed by VAM Vietnam Emerging Market Fund (“VEMF”) : closed-end fund VAM Vietnam Strategic Fund (“VVSF”) : closed-end fund Funds Hong Leong Vietnam Fund (“HLGVF”) : open-ended unit trust, weekly subscription & redemption HS-VAM Vietnam Index Linked Fund (”VILF”) : open-ended unit trust, weekly subscription & redemption To achieve superior and sustainable long-term financial returns from capital appreciation and Investment Objective dividend income for investors via investments in companies that are based in Vietnam or that have substantial operations, sales or asset exposure to the economy, assets or currency of Vietnam. VEMF, VVSF and HLGVF have significantly outperformed their peers and the VN-Index since inception, Performance Track Record amidst a market going through deep corrections and high volatility. VEMF Performance vs. VN-Index (Since inception - Mar 10) VVSF Performance vs. VN-Index (Since inception - Mar 10) HLGVF Performance vs. VN-Index (Since inception - Mar 10) 14.00 12.00 1.00 0.90 12.00 10.00 0.80 10.00 0.70 8.00 0.60 8.00 6.00 0.50 6.00 0.40 4.00 4.00 0.30 0.20 2.00 2.00 0.10 0.00 0.00 0.00 VEMF VN-Index (USD) VVSF VN-Index (USD) HLVF VN-Index (MYR) Source: HoSE, VAM Timing is everything, and our time is NOW ! - Vietnam
  • 10. Our Management Our strong team of investment professionals combines over 30 years of global and domestic financial experience. The team members have vast experience ranging over a variety of financial sectors including investment banking, private and public equity fund management, real estate investment, and auditing. They were trained by the likes of Franklin Templeton Investments, BankInvest Group, J.P. Morgan, Citigroup, HSBC, PricewaterhouseCoopers, DBS Group, and Schroders. Nguyen Xuan Minh, CFA CEO & CIO Minh has 13 years of investment and fund management experience. Before co-founding VAM, Minh was with Franklin Templeton Investments for more than 9 years. Minh joined Templeton Emerging Market Group led by Dr. Mark Mobius in 1997 as an Investment Analyst and subsequently, Chief of Representative Office for Templeton in Vietnam. In 1998, Minh was relocated to Singapore and was, until December 2006, Senior Vice President of the Group. During his time at Franklin Templeton Investments, Minh was involved in co-managing a number of public and private equity funds. He was also involved in analyzing and evaluating many private and public investment opportunities in Taiwan, Korea and Vietnam. Minh was also a member of the Group's South East Asian Review team, which reviews investment recommendations by the analysts in the region. Minh holds a Master of Science in Petroleum Engineering from Gubkin Russian State University of Oil & Gas in Moscow under the State’s full scholarship award and a Masters degree in Applied Finance and Investment from the Securities Institute of Australia. He is a Chartered Financial Analyst (CFA) Charterholder and a licensed fund manager in Vietnam. He speaks Vietnamese, English and Russian. Nguyen Hoai Thu, CFA Investment Director & Head of Research Thu has 7 years of investment and fund management experience. Prior to joining VAM, Thu worked in consultancy, investment bank- ing and asset management in Singapore. Thu started her career in finance at DBS Bank, where she worked as an analyst in the Asset Securitisation team, contributing to some of the first Real Estate Investment Trust IPOs and secondary offerings in Singapore. Subse- quently, Thu transferred to DBS Asset Management, where she covered the real estate sector for Asian equity portfolios and oversaw a global property securities fund. Thu’s last position in Singapore was Portfolio Manager at BankInvest - a leading Scandinavian asset manager, where she co-managed Asian ex-Japan equities, with primary coverage of real estate, utilities, industrial, and consumer sectors. Thu holds a Bachelor of Business Administration (1st class Honours) from the National University of Singapore and partly the Univer- sity of Texas at Austin (USA) under the prestigious Dr. Goh Keng Swee Scholarship, awarded by the Association of Banks in Singa- pore, for which she was the first Vietnamese recipient. As a student, Thu won numerous prizes and awards, and represented both Vietnam and Singapore in a number of international competitions and student events. Thu is a Chartered Financial Analyst (CFA) Char- terholder and a licensed fund manager in Vietnam. Thu speaks English and Vietnamese. The right time, the right place, the right company - Vietnam Asset Management Ltd.
  • 11. Our Management Peter Walsh Head of Business Development Peter has 6 years of experience in finance. Peter joins VAM with a diverse background ranging from options trading and private equity to childcare services and travel guide. For 2 years as an options’ trader, Peter worked in a fully autonomous role trading a volatility strat- egy in equity options in a universe of about 4,000 companies. The absolute value of Peter’s daily trades averaged around $500,000 per day, but could peak as high as $2,000,000 on an active day. Having travelled the world extensively, visiting 23 countries on 4 conti- nents, Peter’s financial background combined with understanding of global markets and cultures are vital to his role in business devel- opment at VAM. Peter obtained a Bachelor of Science in Economics (Magna cum Laude, 3.83 GPA) from the Stern School of Business at New York University and partly from the London School of Economics having completed a 4 year program in 3 and half years. As a student, Peter won numerous academic scholarships and awards for his academic performance. Thieu Thi Nhat Le Head of Corporate Communications Le has 7 years of corporate communication experience. Prior to joining VAM, Le worked as an Interpreter/ Project Coordinator at Ho Chi Minh City University of Technology (HUT), one of the largest universities in Vietnam, for 5 years where she was in charge of inter- preting meetings, seminars, workshops as well as coordinating joint projects between HUT and its foreign partners. She also accompa- nied the Rectorate Board in overseas business trips to explore collaborative opportunities for HUT. During her time at HUT, Le devel- oped expertise in interpretation, communications as well as project coordination. Subsequently, Le joined the television station of Ba Ria – Vung Tau province as an interpreter for nearly 5 years where she consolidated her advanced translation skills by translating docu- mentary, educational and entertainment TV programs from English to Vietnamese. Le obtained a B.A. (English Literature and Linguistics) from Ho Chi Minh City University of Social Sciences and Humanities and a Bachelor of Economics from Vietnam University of Commerce. Le speaks Vietnamese and English. The right time, the right place, the right company - Vietnam Asset Management Ltd.
  • 12. Our Board of Directors John Lyn, MBA Executive Chairman John has 22 years of experience in investment banking and private equity business. In his career, he has held senior management position at many bulge-bracket firms including JP Morgan Chase (New York, Kuala Lumpur, Singapore and Hong Kong), Citigroup (Australia), Schroders Securities (Singapore) and HSBC Securities (Singapore). John currently sits on various Boards of Directors for listed and unlisted companies in Malaysia and Singapore. He is the Chairman of Audit Committee for Etika Dairies Ltd. John has a Degree in Engineering from the University of Leeds (UK) and an MBA from Washington State University (USA). He speaks English, Mandarin and Malay. For leisure, John enjoys playing golf. Esmond Choo Director Esmond has 22 years of experience managing insurance and securities businesses in Asia-Pacific. He is currently an Executive Director of UOB Kay Hian with the direct responsibility of the Equity Capital Markets operations and business development. Prior to joining UOB Kay Hian, Esmond was the Executive Director of RHB-Cathay Securities where he oversaw the finance, dealing and risk management functions of the company. Prior to that, Esmond was the Director for Sedgwick Management Services (Singapore) Pte. As the developer and manager of Sedgwick Captive Insurance resources in Asia, Esmond had extensive deal- ings with government authorities such as the Monetary Authority of Singapore, Inland Revenue Authority of Singapore and The Australia Tax Office. Esmond holds a Bachelor of Commerce (Second Class Honours) from the University of Melbourne, and was admitted as an Associated Member (by examination) into the Institute of Chartered Accountants in Australia. He was articled with Coopers & Lybrand, Singapore and Melbourne, and was a former Chairman of the Singapore Insurance Brokers Association Committee for Trust Accounting Rules. Timing is everything, and our time is NOW ! - Vietnam
  • 13. Fevzi Timucin Engin, MBA Director Fevzi Timucin has 10 years of experience in financial institutions. He is currently a Senior Vice President of Dubai Capital Group, a wholly owned subsidiary of Dubai Group. He provides the Dubai Group with investment advice and recommendations relating to the Middle East and North African region, in addition to other economic regions. Prior to joining Dubai Capital Group, Fevzi Timucin was a Senior Banking Analyst at Lusight Research in Canada. Lusight Research forms part of Goldman Sachs and has research coverage of over 800 global emerging market stocks. Prior to this, Fevzi Timucin was a Manager at the Global Risk Management division at Scotiabank, the second largest banking group in Canada. Fevzi Timucin holds a Bachelor Degree in International Finance and Economics from Bilkent University in Ankara, Turkey and a Master of Business Administration in Finance from the University of Ottawa, Canada. Our Advisor Mikiko Koga, CFA Senior Advisor - Risk Management and Compliance Mikiko joined VAM with 19 years of experience in business management, strategic development, investment banking and auditing in Asia-Pacific. Her former employers include JP Morgan (Singapore), UBS (Singapore), Merrill Lynch (Japan) and KPMG (New Zealand). Mikiko has extensive experience in business reviews and product rollouts for both listed and over-the-counter products across asset classes. In her capacity as a regional business manager (Asia ex Japan) for the Credit & Rates products, she chaired governance committees and ensured business compliance for internal and external regulatory rules. Mikiko holds a Bachelor of Commerce degree from University of Canterbury and is a Chartered Financial Analyst (CFA) Charterholder. She is also an Associate Chartered Accountant under the New Zealand Institute of Chartered Accountants. Mikiko speaks English and Japanese. The right time, the right place, the right company - Vietnam Asset Management Ltd.
  • 14. Ho Chi Minh City Representative Office Contact us Unit 11-08, Saigon Trade Centre 37 Ton Duc Thang Street, District 1, Ho Chi Minh City, Vietnam Phone: (+848) 3910 3757 – 3910 3787 Fax:(+848) 3910 3794 www.vietnamam.com enquiry@vietnamam.com
  • 15. Harnessing Growth. Harvesting Wealth.

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