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ETF Monitor – Hunting for property stocks

Strategy Note 24/11/2021    126

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  • FTSE ETF (FTSE VN Index) and V.N.M ETF (MVIS VN Index) will announce their portfolio review on 3 Dec and 10 Dec 2021, respectively.
  • We expect five new stocks to be added in FTSE VN Index and three in MVIS Index. No one will be removed.
  • KDH, NLG and DXG are the big beneficiaries in this review.

Positive inflow for V.N.M ETF, heavy outflows for FTSE ETF

As at 22 Nov 2021, V.N.M posted US$579m of Asset Under Management (AUM) with net flows of USD38.6mn ytd. Meanwhile, about US$77.1m have run out of FTSE ytd; bringing its AUM to USD455m.

Estimation of 4Q21 rebalancing

  • FTSE ETF

For FTSE Index rebalancing, VND, DGC, NLG, DIG, DXG are likely to be added into the index and it will not remove any stocks in this review. Per this change, we estimate FTSE ETF will buy VND256.4bn/VND160bn/VND159bn/ VND147.4bn/VND143.3bn, respectively, to rebalance the ETF’s portfolio.

  • V.N.M ETF

We estimate that KDH, NLG and DXG will be included into V.N.M ETF in this rebalancing period since they met requirements to be constituents of MVIS Index, which is the based index of V.N.M ETF to track. We expect the country weight of Vietnam to stay at 75% of the index with the total number of Vietnam’s stocks is 31.

For both ETFs changes, KDH is the most beneficiary in this review with the highest net buy value of VND108.2bn. NLG and DXG are the next beneficiary with net buy value of VND74.3bn and VND71.5bn, respectively

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