BUSINESS NEWS OCTOBER 11

Vietnam’s mid-cap stocks become more attractive to investors: Dragon Capital There is real value to be found in the mid- to small-cap selections in the benchmark VN- Index, many of which carry amazing growth stories, said Dragon Capital’s executive. HSBC revises up Vietnam’s growth forecast for 2019 to 6.9% Vietnam’s biggest fund manager says a growing divergence between the valuations of larger-cap stocks and mid- and small-cap stocks has made the latter group more attractive, Bloomberg reported. Vu Huu Dien, the Ho Chi Minh City-based deputy chief investment officer at Dragon Capital, told Bloomberg inflows from passive money have poured into large-cap stocks, driving up their valuations. The VN30 index, which tracks large caps, rose 6.8% in the third quarter and currently trades at 11.5 times forward earnings. The mid-cap VN70 index gained 2% and has a 7.9-time multiple, according to data compiled by Bloomberg. “There is real value to be found in the mid- to small-cap selections in the VN-Index, many of which carry amazing growth stories,” Dien was quoted by Bloomberg as saying. “This is where we are excited about investing in Vietnam.” He didn’t name companies or sectors. The benchmark VN Index rose 4.9% in the third… Read full this story

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