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Vietnam Infrastructure Limited Quarterly report 31 March 2012 Fund update Manager comment Portfolio data 2 Market update 4 Select company and project updates 5 Note on valuation methodology 7 Historical financial information 8 Manager information 9 Vietnam Infrastructure Limited AIM: VNI Quarterly report 31 March 2012 Fund background Manager comment Vietnam Infrastructure Limited (‘VNI’) is a closed-end fund launched in July 2007 and traded on the London Stock Exchange’s Alternative Investment Market (AIM). ISIN KYG936121022 Bloomberg VNI LN Reuters VNI.L VNI’s net asset value was USD191.0 million or USD0.48 per share at 31 March 2012, an increase of 4.6 percent from the auditor reviewed net asset value of USD182.6 million or USD0.46 per share at 31December 2011. The fund’s share price rose to USD0.27 per share at the end of the quarter, up 35.6 percent from USD0.20 in December 2011. As a result the share price to NAV per share discount decreased significantly to 43.8 percent in March from 56.1 percent at the end of last year. Investment objective Medium to long-term capital gains with some recurring income and short-term profit taking. Investment areas include energy, transport, industrial park development, telecommunications infrastructure and water utilities. VNI invests primarily in private companies, including operating companies, and brown- and greenfield projects. View VNI details. Download VNI factsheet. Fund managing director Tony Hsun Manager VNI is managed by VinaCapital Investment Management Ltd (VCIM) and requires investment approvals from an Investment Committee. More information about VCIM is available here. During the quarter, listed investee company Phuoc Hoa Rubber JSC (PHR) held its annual shareholder meeting and agreed to pay a cash dividend of 11 percent yield of par value. The company reported audited FY2011 revenue of USD124.0 million and a net profit of USD40.0 million, an increase of 27 and 65 percent respectively from a year ago. Additionally, PHR has already achieved USD10.9 million in pre-tax profit in the first three months of the year, which represents 44 percent of its annual target of USD24.5 million for the year ended 31 December 2012. In addition, PetroVietnam Fertilizer and Chemicals (DPM) announced during the quarter consolidated FY 2011 revenue and net profit growth of 39.6 and 82.2 percent respectively. Shares of DPM closed at VND29,200 as of 30 March 2012, up 22.7 percent for the year and at a trailing P/E ratio of 3.6x. In February, VNI announced that it had purchased the remaining 60 percent in VNC-55 Infrastructure Investment JSC (VNC-55), increasing its stake to 100 percent. The company, which specializes in building and leasing Base Transceiver Station (BTS) towers to mobile service providers, was valued at USD21.7 million. When combined with VNI’s other investments in this sector, the fund currently owns approximately 2,000 BTS towers nationwide. Given Vietnam’s high mobile phone penetration rate over the past few years and expected five year subscriber growth, VNI management considered that full control of VNC-55 is important to the fund’s strategic investment goals. This transaction helped increase VNI’s holdings in the telecommunications sector to USD39.5 million or 20.7 percent of total NAV. VNI also announced the resignation of two of its Directors, Mr. Horst Geicke and Mr. Albert Theodore (‘Ted’) Powers following a change of ownership in its investment manager, VinaCapital Investment Management Ltd (VCIM). The Board will consult with VCIM to appoint another representative of VinaCapital at the next Board meeting. The manager presented at this year’s LCF Rothschild Emerging market conference in London on 29 February 2012. The webcast of the presentation is now available on our website here. Please think before printing. This report is designed to be view ‘full screen’ without the need to print on paper. Jump to: Fund update Market update Company and project updates Valuation notes 31 March 2011 NAV 0.48 per share (↑ 4.6% q-o-q) Total NAV: USD191.0 million Performance summary 31 Mar 12 Cumulative change: 3mth 1yr 3yr NAV per share 0.48 4.6% -10.9% -24.0% Share price 0.27 35.6% -20.4% 47.1% Premium/ (Discount) (43.8%) Market cap 113.3m Total NAV 191.0m Performance history (% change on NAV) YTD VN Index 2012 2011 2010 4.6% -20.2% -14.3% 2009 5.5% 26.8% -25.6% -7.2% 47.7% NAV and share price performance (31 Mar 2012) 1.20 1.00 0.80 0.60 NAV 0.48 0.40 0.20 SP 0.28 0.00 Historical financial information Manager information 2 Vietnam Infrastructure Limited AIM: VNI Quarterly report 31 March 2012 Portfolio by sector By sector Top holdings at 31 Mar 2012 No. of holdings NAV (USDm) % NAV Agribusiness 2 4.5 2.4% General Infrastructure 4 11.5 6.0% IP and township 7 42.6 22.3% Oil and gas 4 23.0 Power 6 Telecommunications Investee Asset class Sector % NAV Book value (USD’000) SEATH PE Telecommunications Ba Thien IP PE IP and township 9.6% 18,350 308ha IP project in Vinh Phuc province, near Hanoi Long An IP PE IP and township 8.9% 17,000 Major IP and port project in Long An province. 12.1% NVO OTC Oil and gas 4.7% 8,914 Owner of Vietnam’s first operating private oil refinery 9.3 4.9% PVD Listed Oil and gas 4.1% 7,908 PetroVietnam subsidiary; oil and gas drilling services 6 39.5 20.7% CII Listed General infrastructure 3.9% 7,431 Vietnam’s top infrastructure investment company Transport & logistics 6 14.4 7.5% PVS Listed Oil and gas 2.5% 4,842 A leading oil and gas technical services company Others 2 3.3 1.7% DIG Listed IP and township 1.7% 3,242 A leading real estate developer 42.8 22.4% HNEM PE Power 1.6% 3,012 191.0 100.0% SJD Listed Power 1.4% 2,747 A profitable hydro power plant with capacity of 77.8MW Cash TOTAL 37 Power company in northern Vietnam developing 3 hydropower plants % NAV 100% No. of holdings NAV (USDm) 23 46.7 24.5% OTC 5 20.7 10.8% Private Equity 8 77.5 40.6% Bonds 1 3.3 1.7% 40% 42.8 22.4% 20% 191.0 100.0% Listed 32,000 Vietnam’s largest private BTS holding company. Invested funds and cash balance Portfolio by class By asset class 16.8% Description 61% 66% Cash committed and under DD (USD) 78% 80% 60% Cash TOTAL 37 39% 34% 22% 0% Mar-10 Mar-11 Cash Please think before printing. This report is designed to be view ‘full screen’ without the need to print on paper. Jump to: Fund update Market update Mar-12 Invested Company and project updates Committed 5% 5% 12% Due diligence Free cash Cash allocation (Mar 2012) Valuation notes Approved and committed cash 9.2m General infrastructure 0.5m IP & township development 8.0m Oil & gas 0.7m Under due diligence 10.5m Power 3.0m IP & township development 7.5m Historical financial information Manager information 3 Vietnam Infrastructure Limited AIM: VNI Quarterly report 31 March 2012 Macro economy Please think before printing. This report is designed to be view ‘full screen’ without the need to print on paper. Jump to: Fund update Market update Company and project updates Valuation notes Inflation FDI (USDbn) Imports (USDbn) Exports2 (USDbn) Trade deficit (USDbn) Exchange rate3 (USD/VND) Bank deposit rate (VND %) Y-o-Y change YTD 4.0% 18.1% 0.16% 2.6% 14.2% 14.7 1.4 2.6 9.7% 105.8 9.3 24.8 6.9% 96.3 9.1 24.5 23.6% 9.5 0.2 0.3 -91.9% 21,036 20,860 -0.8% 0.0% 12.0-14.0% 13.0% -7.1% -7.1% Note: GDP figure updated quarterly. Exchange rate is Vietcombank ask rate at end of period. Sources: GSO, SBV, VCB. 1 Annualised rate. 2 Includes gold. 3 State Bank central rate. Vietnam GDP quarterly growth 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 Historical financial information Manager information Mar-12 Dec-11 Sep-11 Jun-11 Mar-11 Dec-10 Sep-10 Jun-10 0.00 Mar-10 However, interest rates remain very high at between 15.0 and 20.0 percent for business loans, higher for non-performing sectors of the economy. Throughout the first quarter of 2012, there have been widespread shortages of capital and an inability for businesses to access bank credit. The government has identified the potential for the economy to enter stagflation and have removed some restrictions on bank lending, specifically within the real estate sector, as well as a 1.0 percent reduction in policy rates and deposit caps. Also, the government has liberalized bank loans for the basis of consumption. An estimated 60 to 70 percent of total consumption comes from the private sector, a major driver of GDP growth. Mar-12 5.9% Dec-09 Interest rates remain high, but should decrease in the nearterm as the government has lowered policy rates and deposit caps. During March, the inflation rate was 0.16 percent, equivalent to 14.2 percent year-on-year and 2.6 percent for the first quarter. The reduction in CPI has come primarily from a weakness in aggregate consumer demand as purchasing power fell as a result of the high levels of inflation throughout 2011. The removal of subsidies in major utility and transport sectors such as electricity and gasoline, as well as an expected increase in the minimum wage due in May, will continue to impose added pressure for inflation throughout 2012. However, we project CPI to continue its descent, reaching 10.0 percent for the year, down substantially from 18.1 percent in 2011. GDP growth1 Sep-09 Inflation fell to just 2.6 percent for the first quarter of 2012 The VND closed the month of March at a reference rate of approximately VND20,830 versus the USD from the end of December 2011. Stabilizing efforts have clearly been working during the first quarter of 2012 as the VND has actually appreciated 0.8 percent, primarily due to the trade deficit reaching only USD300 million year to date. For all of 2011, the deficit nearly reached USD10 billion, placing huge pressure on the government to devalue the VND last year. Additionally, the spread between the free market exchange rate and the official bank rate has effectively gone to zero, indicating that there is very little pressure for the VND to devalue more in the near-term. Exporters are willing to sell their USD to the SBV or other commercial banks providing an ample supply in the foreign exchange market. We continue to estimate an interbank rate of VND22,000 per USD by the end of 2012. 2011 Jun-09 The VND appreciated 0.8 percent against the USD in the first quarter. Macroeconomic indicators and forecast The macroeconomic headlines were dominated in the first quarter of 2012 by Vietnam’s GDP growth of 4.0 percent versus 5.6 during the same period a year ago and the lowest since June 2009. The industry and construction sector grew 2.9 percent, while agriculture, forestry, and fishery production increased 2.8 percent from the same period last year. Contributing the most towards first quarter GDP growth was the services sector, which grew 5.3 percent. As a result of the lower inflation and the deceleration of GDP growth, the State Bank of Vietnam (SBV) lowered policy rates and the deposit rate cap by 1 percent. Mar-09 GDP growth fell to 4.0 percent in the first quarter, compared to 5.6 percent last year. 4 Vietnam Infrastructure Limited AIM: VNI Quarterly report 31 March 2012 Select company and project updates VNI held a 60 percent stake in GII valued at USD5.4 million Global Infrastructure Investment JSC – GII Financial highlights Global Infrastructure Investment JSC (GII) is a private operator of BTS towers in Vietnam. Set up in 2008, the company is a joint venture between VNI and local partners. GII currently owns 460 BTS towers with a tenancy ratio (number of tenants to each tower) of 1.33. Profit and loss (VND bn) Revenue Gross profit Gross margin (%) Net income Net margin (%) EPS (VND) Balance sheet (VND bn) Total assets Shareholders’ equity ROE (%) FY10A 63.3 27.0 43% 11.0 17% 1,576 FY10A 170.2 89.8 12% FY11A 70.9 27.9 39% 13.8 20% 1,768 FY11A 147.6 103.5 13% FY12E 76.3 29.5 39% 14.5 19% 1,857 FY12E 153.0 117.6 12% Book value per share (VND) 12,831 14,785 16,801 FY10A FY11A FY12E Throughout the last few years, the company has been expanding to establish its presence in key development areas from the central to southern provinces of Vietnam. Key revenue streams come from leasing towers and ground equipment, as well as provision of on-call services for operators during network downtime. Going forward, GII’s strategy is to improve margins and scale business by bringing second and third tenants under contract on its existing network of towers. In an effort to offer more services and increase revenue streams, the company is exploring new business models in both the InBuilding System (IBS) and Distributed Antenna System (DAS) sectors. VNI held a 1.6 percent stake in VSH valued at USD1.7 million Vinh Son - Song Hinh Hydropower JSC (HSX:VSH) Financial highlights Vinh Son- Song Hinh Hydropower JSC (VSH) is the largest hydropower company in terms of market capitalization in Vietnam. The company owns two operating hydropower plants with a combined capacity of 136MW. For the past seven years, the company has consistently surpassed its designed capacity of 677 million kWh annually, based solely on a number of expansion projects that enlarged the reservoirs connected to its plants. In total for 2011, its plants generated 903.2 million kWh of electricity. Profit and loss (VND bn) Electricity of Vietnam (EVN), a State-owned company that holds a 31 percent stake in VSH, is the sole purchaser of the company’s electricity output. The company has been in an ongoing discussion with EVN regarding its power purchase agreement (PPA) since 2010, which is expected to conclude in 1H 2012, offering the company more favorable terms in accordance to the government’s recent deregulation directives for the power industry. Revenue 424.5 447.8 478.6 Gross profit 240.7 286.7 315.8 Gross margin (%) 56.7% 64.0% 66.0% Net income 304.0 345.0 382.8 Net margin (%) 71.6% 77.0% 80.0% EPS (VND) 1,503 1,706 1,893 DPS (VND) 1,000 1,000 1,000 Balance sheet (VND bn) FY10A FY11A FY12E Total assets 3,028.8 3,345.7 3,768.8 VSH recorded revenue and net profit growth for FY 2011 of 5.5 percent and 13.5 percent, respectively, largely attributable to the completion of asset depreciation during the year. Stable growth is expected for FY 2012 with the anticipated upward adjustment in off-take pricing. For Q1 2012, VSH reported an electricity output of 283.4 million kWh, 16.6 percent higher than the same period a year ago. Shareholders’ equity 2,430.0 2,343.1 2,535.0 12.5% 14.7% 15.1% 12,535 The company is expected to increase its electricity generation capacity significantly over the next several years by developing new hydropower plants, most notably, the Thuong Kontum, which is expected to begin operations in 2015 with a total capacity of 220MW. PER (x) 7.4 6.8 5.9 P/B (x) 0.9 1.0 0.9 Dividend yield (%) 9% 9% 9% Please think before printing. This report is designed to be view ‘full screen’ without the need to print on paper. Jump to: Fund update Market update Company and project updates Valuation notes ROE (%) Book value per share (VND) 12,015 11,642 Valuation FY10A FY11A Historical financial information Manager information FY12E 5 Vietnam Infrastructure Limited AIM: VNI Quarterly report 31 March 2012 VNI held a 2.0 percent stake in PVS valued at USD4.8 million PetroVietnam Technical Services Corporation (HNX:PVS) Financial highlights PetroVietnam Technical Services (PVS) is an oil and gas service provider in Vietnam, with multiple business lines that include oil platform construction and transportation, petro port operations, and providing maintenance services for offshore vessels. PVS holds a significant market share in the industry, with approximately 80 percent market share of platform service ships and three (23.1 percent) of the floating production storage and offloading (FPSO) facilities operating in Vietnam. Profit and loss (VND bn) Net margin (%) 5.5% 5.1% 4.0% The company is majority-owned by PetroVietnam, Vietnam’s State-owned oil and gas company. For the past three years, PVS’s revenue and net profit grew an average 41 and 33 percent respectively. For FY 2011, revenue increased 43.9 percent and net profit by 35.9 percent yearon-year, as core business unit growth remained stable and a one-time recorded sale of a FPSO unit to Vietsovpetro in Q4 2011. EPS (VND) 4,631 4,198 3,765 DPS (VND) 1,500 FY10A 1,500 FY11A 1,500 FY12E 17,513.2 22,630.3 22,472.5 3,535.4 5,754.8 6,042.5 ROE (%) 26.0% 21.7% 17.4% Book value per share (VND) 17,783 FY10A 19,324 FY11A 20,290 FY12E PER (x) 3.5 3.8 4.3 P/B (x) 0.9 0.8 0.8 9.3% 9.3% 9.3% FY10A 198.0 174.0 87.9% 377.0 190.4% 5,021 1,800 FY10A 3,538.5 1,403.0 26.9% 18,686 FY10A 3.2x 1.6 5.9% FY11A 198.8 167.9 84.5% 163.6 82.3% 2,179 1,800 FY11A 5,016.8 1,231.5 13.3% 16,402 FY11A 7.4x 1.9 5.9% As at 31 March 2012, PVS was trading at VND16,100, a trailing 12-month P/E of 2.3x and P/B of 0.8x. Revenue Gross profit 8.0% 7.8% Net income 920.6 1,250.3 1,121.3 Balance sheet (VND bn) Total assets Shareholders’ equity Valuation Profit and loss (VND bn) Revenue Gross profit Gross margin (%) Net income Net margin (%) EPS (VND) DPS (VND) Balance sheet (VND bn) Total assets Shareholders’ equity ROE (%) Book value per share (VND) Valuation PE (x) P/B (x) Dividend yield (%) Jump to: Fund update Market update Company and project updates Valuation notes 2,179.6 1,955.9 Ho Chi Minh City Infrastructure Investment JSC (CII) is one of Vietnam’s leading infrastructure companies, that invests in projects under build operate-transfer (BOT), build-transfer (BT) and build own-operate (BOO) contracts, real estate projects as well as providing traffic toll collection equipment and services. Its diverse portfolio includes seven traffic toll projects, three water treatment plants, two industrial parks and seven real estate projects. Please think before printing. This report is designed to be view ‘full screen’ without the need to print on paper. FY12E 6.9% Financial highlights On 14 April 2012, CII held its ground-breaking ceremony for the Saigon 2 Bridge BT project adjacent to the current Saigon Bridge, with estimated total investment capital of USD75 million. The company also announced plans to pay a cash dividend of six percent yield for FY 2011. 27,943.4 1,168.1 Hochiminh Infrastructure Investment JSC (HSX:CII) We continue to believe CII will rebound in 2012, with a reversal of the provision for potential financial losses set aside in 2011, higher toll fees approved in July 2011, commencement of the toll collection station for the Phan Rang –Thap Cham route and the expected divestments of Kinh Dong and Dong Tam water plants. For Q1 2012, CII reported unconsolidated net profit growth of 34 percent year-on-year. FY11A 24,298.6 Gross margin (%) Dividend yield (%) VNI held a 6.7 percent stake in CII valued at USD7.4 million FY10A 16,879.6 Historical financial information FY12E 218.7 188.4 86.2% 392.6 179.6% 5,230 1,800 FY12E 3,454.0 1,489.0 26.4% 19,832 FY12E 3.1x 1.5 5.9% Manager information 6 Vietnam Infrastructure Limited AIM: VNI Quarterly report 31 March 2012 The manager update section provides investors with information on the policies and practices of VinaCapital Investment Management Ltd (VCIM), as well as updates on VinaCapital relevant to the performance of our investment funds. Valuation and NAV calculation The accurate and fair valuation of assets held in fund portfolios is a central component of successful fund management. VCIM follows international best practice whenever possible in its valuation process. Private equities Unquoted securities will initially be valued at cost. Revaluations of unquoted investments are conducted at 30 June annually in accordance with the guidelines issued by the British Investment Fund Association. Relevant dates VNI’s financial year-end is 30 June. Audited annual results must be announced within six months of this date. Interim results at 31 December receive an auditor review and must be announced within three months of this date. VNI calculates its unaudited NAVs monthly and this is normally announced within ten days of month-end. Update reports are issued on a monthly and quarterly basis, in addition to an annual report with the audited final results. All other assets and liabilities are recorded at their respective fair values or cost, as required by the International Financial Reporting Standards and as set out in the Notes to the Consolidated Financial Statements as at 31 December 2011. The methods used to value different assets: Listed equities The value of listed securities is based on the last traded price of the security on the stock exchange where it trades, or if there is more than one stock exchange on which the security trades, that which is considered the principal stock exchange for that security. More information on valuation is available on the Investing policy page of the VNI website: VNI Investing policy. Audit and valuation committee VNI has an audit and valuation committee composed of independent non-executive members of the board of directors of the fund, and chaired by an independent director. The committee meets quarterly. VNI Audit and Valuation Committee Ekkehard Goetting (Chair) Luong Van Ly Paul Cheng OTC equities The market price of OTC equities is determined based on a sample of closing prices obtained from a minimum of three leading securities companies in Vietnam. The price used is normally the average of the sample, with outlying prices removed to avoid bias. Please think before printing. This report is designed to be view ‘full screen’ without the need to print on paper. Jump to: Fund update Market update Company and project updates Valuation notes Historical financial information Manager information 7 Vietnam Infrastructure Limited AIM: VNI Quarterly report 31 March 2012 Historical financial information Years ended 30 June Fund summary 2007 2008 2009 2010 2011 - (43,732) (25,715) 3,143 (47,620) Total expenses from ordinary activities (851) (9,750) (8,223) (7,313) (7,066) Operating profit before income tax (851) (53,482) (33,938) (4,170) (54,686) - - - - (32) Profit for the year (851) (53,482) (33,938) (4,170) (54,718) Minority interests - - (124) (95) 1,483 (851) (53,482) (33,814) (4,075) (56,201) Total assets 402,100 337,748 263,871 262,050 213,458 Total liabilities (12,563) (1,510) (1,723) (4,417) (9,377) Net assets 389,537 336,238 262,148 257,633 204,081 - - 10 - - Basic earnings per share (cents per share) (0.2) (13) (8) (1) (14) Share price as 30 June 1.03 0.60 0.33 0.34 0.31 Ordinary share capital (thousand shares) 402,100 402,100 402,100 402,100 402,100 Market capitalization at 30 June (USD’000) 414,163 239,250 131,688 136,714 122,641 0.97 0.84 0.65 0.64 0.50 -0.2% -14% -9% -1% -14% N/A 22% 32% 233% -15% Statement of Income (USD’000) Total income from ordinary activities Income tax expense Profit attributable to ordinary equity holders Statement of financial position (USD’000) Share information Capital distribution (cents per share) Net asset value per ordinary share (USD) Ratio Return on average ordinary share holder’s funds Expense/income ratio Please think before printing. This report is designed to be view ‘full screen’ without the need to print on paper. Jump to: Fund update Market update Company and project updates Valuation notes Vietnam Infrastructure Limited (“VNI”) is a closed-end fund trading on the AIM Market of the London Stock Exchange. Download the VNI Factsheet at www.vinacapital.com Fund launch 5 July 2007 Term of fund Ten years and then subject to shareholder vote for continuation Fund domicile Cayman Islands Legal form Exempted company limited by shares Structure Single class of ordinary shares trading on the AIM market of the London Stock Exchange plc. Auditor PricewaterhouseCoopers (Hong Kong) Nominated adviser (Nomad) Grant Thornton Corporate Finance Custodian and Administrator Standard Chartered (Singapore) Brokers LCF Edmond de Rothschild Securities (Bloomberg: LCFR) Numis Securities (Bloomberg: NUMI) Lawyers Lawrence Graham (UK) Maples and Calder (Cayman Islands) Management and performance fee Management fee of 2 percent of NAV. Performance fee of 20 percent of total NAV increase after achieving the higher of an 8 percent compound annual return and the high watermark Investment manager: VinaCapital Investment Management Ltd Investment focus: Medium to long term capital gains with some recurring income through investment in the following infrastructure and infrastructure-related sectors: Energy; Transportation; Industrial Parks; Telecommunication; and Water and environmental utilities Investment focus by geography: Greater Indochina comprising: Vietnam (minimum of 70 percent), Cambodia, Laos, and southern China. Historical financial information Manager information 8 Vietnam Infrastructure Limited AIM: VNI Quarterly report 31 March 2012 Important Information VNI Board of Directors This document, and the material contained therein, is not intended as an offer or solicitation for the subscription, purchase or sale of securities in Vietnam Opportunity Fund Limited, VinaLand Limited or Vietnam Infrastructure Limited (each a “Company”). Any investment in any of the Companies must be based solely on the Admission Document of that Company or other offering document issued from time to time by that Company, in accordance with applicable laws. Vietnam Infrastructure Ltd (VNI) is led by a Board of Directors composed of a majority of independent non-executive directors. Paul Cheng Ekkehard Goetting Luong Van Ly The material in this document is not intended to provide, and should not be relied on for accounting, legal or tax advice or investment recommendations. Potential investors are advised to independently review and/or obtain independent professional advice and draw their own conclusions regarding the economic benefit and risks of investment in either of the Companies and legal, regulatory, credit, tax and accounting aspects in relation to their particular circumstances. VinaCapital The securities of the Companies have not been and will not be registered under any securities laws of the United States of America nor any of its territories or possessions or areas subject to its jurisdiction and, absent an exemption, may not be offered for sale or sold to nationals or residents thereof. Don Lam Brook Taylor Tony Hsun Luong Doan No undertaking, representation, warranty or other assurance, express or implied, is given by or on behalf of either of the Companies or VinaCapital Investment Management Limited or any of their respective directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in this document and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise. Contact David Dropsey No warranty is given, in whole or in part, regarding the performance of either of the Companies. There is no guarantee that investment objectives of any of the three Companies will be achieved. Potential investors should be aware that past performance may not necessarily be repeated in the future. The price of shares and the income from them may fluctuate upwards or downwards and cannot be guaranteed. Brokers This document is intended for the use of the addressee and recipient only and should not be relied upon by any persons and may not be reproduced, redistributed, passed on or published, in whole or in part, for any purposes, without the prior written consent of VinaCapital Investment Management Limited. Nominated advisor Auditor Internal auditor Custodian and Admin Please think before printing. This report is designed to be view ‘full screen’ without the need to print on paper. Jump to: Fund update Market update Company and project updates Valuation notes Chairman (Independent) Director (Independent) Director (Independent) VinaCapital Investment Management Ltd (VCIM) is the BVIregistered investment manager of Vietnam Infrastructure Ltd (VNI). Chief Executive Officer Chief Operating Officer Managing Director, Infrastructure Director, Infrastructure Investor Relations/Communications [email protected] +848-3821-9930 www.vinacapital.com Vietnam Infrastructure Ltd (VNI) LCF Edmond de Rothschild Securities +44 (0)20 7845 5960, [email protected] Numis Securities + 44 (0)20 7260 1327, www.numiscorp.com Grant Thornton Corporate Finance PricewaterhouseCoopers (Hong Kong) KPMG (Vietnam) Standard Chartered (VNI) Historical financial information Manager information 9