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Why is Vinaland so pedestrian?

lse:vnl

#1

Gotta ask yourself about these guys 'cos they just don't seem to be participating in the RE success in VietNam (see earlier post about RE's bullish prospects and 2007's success).

Since March '06 Vinaland's NAV has risen a paltry 31%. They managed to excite enough investors to palm off shares at $1.38 in March '07, several percent above NAV and raising twice the target, but what are they doing with the money? Even if the local market had done nothing, the dollar conversion should have brought more of a lift to the share price.

Valuations are supposedly twice a year (though monthly unaudited figures appear) and are hopefully conservative though by any measure the present performance seems pedestrian. I hold VNL and would be keen to anyone's views or information.

Incidentally, the quarterly report published on 24 December for figures to 30/9 seems to have disappeared from the website. It's still referred to http://www.vinacapital.com/upload/files/VNL.Quarterly.Report.300907.Announcement.pdf

but fails to display. Wonder why?