VietNam Holding — Introducing redeemable shares

VietNam Holding (LSE: VNH)

Last close As at 22/05/2024

GBP3.84

1.00 (0.26%)

Market capitalisation

GBP105m

More on this equity

Research: Investment Companies

VietNam Holding — Introducing redeemable shares

VietNam Holding (VNH) posted a solid net asset value (NAV) per share total return (TR) in 2023 of 15.8% (22.4% in US dollar terms), outperforming the Vietnam All Share index (VNAS), which posted an 11.7% return, and its direct peers. The investment manager remains confident that 2024 will be strong for Vietnamese equities, underpinned by average 20% y-o-y expected earnings per share (EPS) growth. VNH recently introduced a share redemption facility (on top of regular share buybacks), which allows shareholders to redeem their shares at NAV each September. We believe that this has contributed to the recent narrowing of VNH’s share discount to NAV to 3.0% compared to its three-year average of 14.1%.

Milosz Papst

Written by

Milosz Papst

Director, Financials

Investment Companies

VietNam Holding

Introducing redeemable shares

Investment companies
Vietnam

12 April 2024

Price

380.0p

Market cap

£103.7m

NAV*

£106.9m

NAV per share*

391.9p

Discount to NAV

3.0%

*As at 28 February 2024.

Yield

0.0%

Ordinary shares in issue

27.3m

Code/ISIN

VNH/GG00BJQZ9H10

Primary exchange

LSE

AIC sector

Country Specialists

52-week high/low

380.0p

252.0p

391.9p

300.4p

Gearing

Net cash at 28 February 2024

1%

Fund objective

VietNam Holding’s investment objective is to achieve long-term capital appreciation by investing in a diversified portfolio of companies that have high growth potential and an attractive valuation. The fund has been managed by Dynam Capital since July 2018.

Bull points

Portfolio size allows manager to be nimble and swift with reallocations, resulting in meaningful alpha.

Shareholders have an option to redeem their shares at NAV.

ESG considerations are a key part of the manager’s approach.

Bear points

The relatively small market cap limits liquidity and the pool of potential investors.

Investments in frontier markets are inherently risky.

The trust has relatively high fees for an LSE-listed trust. Nevertheless, it delivers above-average returns post fees.

Analysts

Milosz Papst

+44 (0)20 3077 5700

Michal Mordel

+44 (0)20 3077 5700

VietNam Holding is a research client of Edison Investment Research Limited

VietNam Holding (VNH) posted a solid net asset value (NAV) per share total return (TR) in 2023 of 15.8% (22.4% in US dollar terms), outperforming the Vietnam All Share index (VNAS), which posted an 11.7% return, and its direct peers. The investment manager remains confident that 2024 will be strong for Vietnamese equities, underpinned by average 20% y-o-y expected earnings per share (EPS) growth. VNH recently introduced a share redemption facility (on top of regular share buybacks), which allows shareholders to redeem their shares at NAV each September. We believe that this has contributed to the recent narrowing of VNH’s share discount to NAV to 3.0% compared to its three-year average of 14.1%.

VNH 2023 performance against VNAS, MSCI Frontier, MSCI Emerging

Source: LSEG, Edison Investment Research. Total returns in sterling.

Why invest in Vietnam?

Vietnam is attracting significant foreign direct investment (FDI) inflows, predominantly into manufacturing as global giants are diversifying their supply chains. Vietnam is also a ‘young’ country, with a median population age of 32.5 years and a 73% employment to population ratio (the global average is 55%). Strong economic growth paired with favourable demographics translates into rapidly growing domestic spending. Vietnam is currently categorised as a frontier market by both the London Stock Exchange Group (LSEG) and MSCI and its government is actively addressing regulatory constraints for its potential upgrade to emerging markets status. We anticipate that an upgrade could result in a meaningful influx of new capital and investors to the market and a re-rating in the valuations on the Ho Chi Minh City Stock Exchange (HOSE).

VNH continues to outperform benchmark

VNH’s portfolio had a good start to 2024, posting a 10.5% NAV TR in the first two months (VNAS at 9.2%), continuing its long-term outperformance with an average annual return of 13.2% (five-year) compared to the index’s 8.9%. The shareholders’ return is higher, given recent narrowing of the discount following the announcement of the share redemption facility. Redemption for long-time holders (over two years) will be free of charge, while shares held for less than two years will be subject to a 2–3% redemption fee paid to the fund, benefiting the remaining shareholders. Shares held for less than six months will not be eligible for redemption.

Outperforming in a bull market

VNH delivered strong NAV development…

VNH’s NAV in 2023 rose by 15.8% in sterling TR terms and increased further by 10.5% since beginning of 2024 until end-February (22.4% and 10.4% in VNH’s reporting currency, the US dollar). While performance was driven by a supportive environment for Vietnamese equities (VNAS up in sterling 11.7% in 2023 and 9.2% year-to-date), we highlight that VNH’s portfolio positioning delivers outperformance against VNAS (see Exhibit 1) and its direct peers (Exhibit 2) over one-, three- and five-year periods. However, we note that the private part of VinaCapital Vietnam Opportunity Fund’s portfolio is valued periodically and tends to lag short-term public market developments.

Exhibit 1: VNH performance to 28 February 2024

Price, NAV and index total return performance, three-year rebased

Price, NAV and comparative index* total return performance (%)

Source: LSEG, Edison Investment Research. Note: Three-, five- and 10-year performance figures annualised. *Vietnam VN Index.

Exhibit 2: Selected peer group* as at 12 April 2024**

% unless stated

Market cap £m

NAV TR
1 year

NAV TR
3 year

NAV TR
5 year

NAV TR
10 year

Discount
(cum-fair)

Ongoing
charge

Perf.
fee

Net
gearing

Dividend
yield

VietNam Holding

103.7

27.9

55.0

85.8

222.5

(3.0)

3.07

No

100

0.0

VinaCapital Vietnam Opp Fund

725.5

14.9

32.3

66.4

243.6

(19.8)

1.77

Yes

100

2.6

Vietnam Enterprise Investments

1,177.3

14.2

9.8

49.8***

248.8

(19.5)

1.91

No

100

0.0

Vietnam funds average (excl. VNH)

951.4

14.5

21.1

58.1

246.2

(19.7)

1.8

-

100.0

1.3

VNH rank in subgroup****

3

1

1

1

3

1

1

-

1

2

Ashoka India Equity Investment Ord

379.3

36.6

83.2

178.7

N/A

5.9

0.47

Yes

101

0.0

Baillie Gifford China Growth Trust Ord

120.5

(28.9)

(54.0)

(35.5)

1.3

(10.9)

0.94

No

103

1.0

Fidelity China Special Ord

1,086.7

(19.4)

(46.0)

1.6

125.2

(10.8)

0.98

Yes

123

3.0

India Capital Growth Ord

141.9

39.1

73.4

101.1

302.5

(10.6)

0.42

No

100

0.0

JPMorgan China Growth & Income Ord

180.1

(32.4)

(60.9)

(9.6)

68.8

(11.1)

1.12

No

105

6.3

JPMorgan Indian Ord

653.8

16.5

41.1

58.4

194.3

(20.5)

0.81

No

103

0.0

Weiss Korea Opportunity Ord

122.3

2.7

(23.1)

45.8

105.7

0.3

2.09

No

100

3.0

Full peer group average (excl. VNH)

509.7

4.8

6.2

50.7

161.3

(10.8)

1.2

-

103.9

1.8

VNH rank in peer group****

10

3

3

3

4

3

1

-

6

6

Source: Morningstar, Edison Investment Research. Note: *Country Specialist funds focused on Asian markets (ex-Japan). **Performance in sterling as at 28 February 2024 based on cum-fair NAV. ***Performance since end-January 2019 due to NAV availability. ****Rank based on arithmetic value: 1 = the highest. TR = total return. Net gearing is total assets less cash and equivalents as a percentage of net assets. 100 = ungeared.

…supported by a benign macro environment…

Vietnam enjoyed a strong year in terms of macroeconomics with 5.1% GDP growth, among the highest in the region, and at the same time is expected to outperform its neighbours in 2024 according to LSEG consensus (expected growth of 5.8%). Growth was driven by returning demand for ‘made in Vietnam’ products, as well as increased consumer spending. Vietnam has seen a record-high trade surplus (US$28bn) and record level of disbursed FDI (US$23bn) in 2023. Furthermore, its government has accelerated public investments (which stood at US$26.1bn, up 27% y-o-y) and made progress on some of the flagship infrastructure projects in Vietnam, such as the international airport in Long Thanh and subway systems in Hanoi and Ho Chi Minh City. Dynam Capital anticipates a further increase in public spending in 2024 up to US$30bn.

…and Dynam Capital expects a good year ahead

The State Bank of Vietnam (SBV) is able to keep record-low interest rates thanks to limited inflationary pressure (3.8% in 2023), and at the same time the high trade surplus is bolstering SBV’s FX reserves, providing good headroom for potential currency market interventions if required. This translates into record-low sovereign bond yields and in turn increases demand for local equities. Individual investors, which are currently the main contributors to HOSE’s trading activity, have returned to the equity market after a relatively calm 2022 and as a result daily liquidity doubled over the course of 2023. This trend continued into 2024, with an average daily volume in February 2024 of US$758m, 23% higher than in January 2024. Together with good outlook for corporate earnings growth (Dynam Capital expects a weighted average EPS increase of 20%, below current consensus), this provides encouraging prospects for local equities, according to Dynam Capital.

Vietnam’s stock market should benefit from potential index reclassifications

Vietnam is currently recognized as a frontier market by both LSEG and the MSCI, and potential upgrades to emerging markets are widely discussed by the media. We anticipate that potential upgrades could result in a meaningful influx of new capital and investors to the market and a re-rating in the valuations on HOSE. Dynam Capital expects that LSEG's reclassification could happen as soon as H224. However, opinions on this subject vary, as for instance representatives of Vietnam’s leading broker (and one of VNH’s top holdings) SSI Securities see a possible upgrade by September 2025. According to Reuters, an upgrade at the much larger MSCI indices is less likely, due to its stricter requirements, and expected no sooner than 2025 in the most optimistic views. It is important to note that Vietnam’s government is devoted to eliminating any regulatory hurdles preventing the upgrades.

Exhibit 3: VNH’s discrete performance versus public markets (%)

12 months ending

VNI

VNH (NAV)

VNAS

MSCI World

MSCI EM

MSCI Frontier Markets

29/02/20

(9.8)

(6.1)

(4.8)

(5.6)

8.8

2.6

28/02/21

30.8

27.7

33.2

23.0

19.6

24.7

28/02/22

51.0

56.6

44.2

33.6

12.8

(6.6)

28/02/23

(11.7)

(22.6)

(32.0)

(26.8)

2.2

(5.7)

29/02/24

34.9

27.9

23.2

13.0

17.9

4.2

Source: LSEG, VNH, Edison Investment Research

VNH continues to favour its three core themes

VNH’s portfolio remains highly concentrated, comprising around 24 names, with the top 10 holdings representing 65% of its NAV at end-February 2024 (see Exhibit 6). Compared to VNAS, the company is overweight telecommunications (15% versus combined VNAS exposure to IT and communication services at 3.2%) and underweight financials, even if banks and financial services make up c 40% of its portfolio value. Most of its portfolio is allocated to companies expected to benefit from three core themes: industrialisation, an increase in domestic consumption and urbanisation, as well as banks, which are expected to benefit from all three themes (see Exhibit 4).

Exhibit 4: Portfolio split by theme (November 2023)

Exhibit 5: Portfolio split by sector (February 2024)

Source: VNH

Source: VNH. Note: Numbers do not add up to 100% due to rounding.

Exhibit 4: Portfolio split by theme (November 2023)

Source: VNH

Exhibit 5: Portfolio split by sector (February 2024)

Source: VNH. Note: Numbers do not add up to 100% due to rounding.

1) Urbanisation, with increasing access to the internet

FPT Corporation is VNH’s largest portfolio company (15% of NAV at end-February 2024) and delivered a 36% share price TR in 2023 in sterling). The company has three operating segments: software technology (with 28k engineers supporting more than 100 of the Fortune Global 500 companies), telecoms (as a leading provider of broadband, data service and pay TV in Vietnam, with nationwide telecommunication infrastructure) and education (with 140k students focusing on science, technology, engineering, and mathematics subjects). FPT recorded 20% y-o-y net profit growth in 2023. At the same time, global IT services’ revenue and profits increased by 29% and 28% y-o-y respectively, and FPT targets to quintuple the former by 2028. While the objective is ambitious, VNH underlines that outsourcing companies from India like Infosys that have opened up to global markets earlier than Vietnam reached a scale far beyond FPT’s ambitions.

Another notable growth driver was Viettel Construction (1.7% of NAV at end-December 2023), which recorded a 71% total return in 2023. The company is the construction arm of the state-owned telecommunication company Viettel, which holds a 66% stake in the company. It is recognised within construction and materials in VNH’s sector split. In December 2023, the Ministry of Information and Telecommunications announced that 2G bandwidth would be discontinued in Vietnam in September 2024, which should translate into high demand for 4G tower construction services across the country, supporting Viettel Construction.

Exhibit 6: VNH’s top 10 holdings

Company

Sector

Feb-24

Feb-23

Change*

2023 share price TR GBP

FPT Corporation

Telecommunications

15.0%

13.0%

2.0pp

35.7%

MB Bank

Banks

6.4%

5.4%

1.0pp

18.7%

Gemadept

Industrial Goods and Services

6.3%

8.4%

(2.1pp)

47.7%

Vietcombank

Banks

5.9%

4.1%

1.8pp

(8.6%)

Sacombank

Banks

5.8%

8.9%

(3.1pp)

36.6%

IDICO

Real Estate

5.6%

N/A

N/A

66.3%

Phu Nhuan Jewelry

Retail

5.2%

9.3%

(4.1pp)

(9.4%)

Asia Commercial Bank

Banks

5.1%

N/A

N/A

20.5%

FPT Digital Retail

Retail

4.8%

N/A

N/A

65.9%

SSI Securities

Financial Services

4.5%

N/A

N/A

77.7%

Top 10 holdings

64.6%

66.6%

(2.0pp)

-

Source: VNH. Note: *N/A where not in February 2023 top 10 holdings.

2) Industrialisation, fuelled by increase in demand for ‘made in Vietnam’ products

The revival in exports and manufacturing was beneficial for stocks forming the ecosystem around Vietnam’s manufacturing base. VNH’s third largest holding, Gemadept (6.3% of NAV at end-February), which is a port operator, recorded a 48% share price increase in sterling over 2023, with its record profits supported by the sale of one of its older ports. In 2024, the company plans to divest its non-core rubber plantation. The industrial parks developer IDICO gained 52% over the year (in sterling), as its core projects continue to attract FDI.

3) Consumer spending from increasing disposable income

In 2023, VNH portfolio was expanded to include FPT Digital Retail, which is a subsidiary of VNH’s largest and long-lasting holding FPT (47% ownership) and represents 4.8% of VNH’s NAV at end-February 2024. FPT Digital Retail’s share price increased by 66% in 2023, predominantly due to the rapid expansion of its new pharmacy business. In 2023 the company opened 560 pharmacies, taking its total store count to 1,497 (whereas its traditional digital goods retailing segment was affected by deteriorating consumer sentiment).

Retaining exposure to banking as a litmus test of the whole economy

VNH retains meaningful exposure to banks and financial services as it considers the banking sector an attractive play on the broad economic growth of Vietnam, with banks increasing their loan books in parallel to growing investments and customer spending. In the second part of 2023, VNH’s exposure to banks underperformed the VNAS Index (VNH recorded a 3.6% loss on exposure to banks in total), offsetting part of its H123 gains, but overall contributed positively to FY23 results. The manager continues to see good prospects for several Vietnamese banks (four of its top 10 holdings are banks) and increased its weighting to financials from 35% at December 2023 to 40% at February 2024.

VNH remains focused on ESG

VNH integrates ESG in its investment process, as well as in the day-to-day management of its portfolio. In 2023, it received the highest score (five stars) from the United Nations’ Principles for Responsible Investing, and a third-party evaluator confirmed that its portfolio had a c 40% lower carbon footprint than VNAS on average over the last three years. Despite being a minority holder in its portfolio companies, the manager is involved in improving ESG criteria across its holdings (and broader Vietnam corporate environment) through a variety of initiatives. The CIO of Dynam Capital is co-founder of the Vietnam Institute of Directors (VIOD) and representatives of VNH, VIOD and Dynam Capital regularly advise VNH’s portfolio companies on investor relations. In 2023, VNH sponsored and supported the inaugural ESG investor conference in Vietnam and will be supporting this year’s edition in May 2024.

In March 2024, VNH appointed Connie Hoang Mi Vu as an independent non-executive director, following the retirement of Sean Hurst and Damien Pierron at the December AGM. Ms Vu will expand VNH’s ESG expertise with her vast experience in the field. She is a partner at Raise Partners, a consultancy that advises clients on ESG strategy and partnerships. She has over 20 years of experience in ESG and international development and is one of Vietnam's leading experts on human trafficking, modern slavery and labour migration. Ms Vu is a board member of the Belgium Luxembourg Chamber of Commerce Vietnam and has been based in Vietnam since 2006.

While VNH focuses on ESG’s value-unlocking capabilities, we note that close cooperation and insight into companies’ corporate culture also provides VNH with risk mitigation tools. This is especially important in Vietnam, an economy with still emerging governing structures. VNH’s capabilities were highlighted in 2022 amid the real estate crisis (as described in our earlier note). The manager highlights that the recent resignation of President Vo Van Thuong is unlikely to affect the real economy and business, despite media turmoil around the topic.

General disclaimer and copyright

This report has been commissioned by VietNam Holding and prepared and issued by Edison, in consideration of a fee payable by VietNam Holding. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2024 Edison Investment Research Limited (Edison).

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General disclaimer and copyright

This report has been commissioned by VietNam Holding and prepared and issued by Edison, in consideration of a fee payable by VietNam Holding. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2024 Edison Investment Research Limited (Edison).

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Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

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London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

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Research: Healthcare

OSE Immunotherapeutics — Funding accelerates Tedopi clinical development

Despite the challenging macroeconomic environment, OSE announced an encouraging funding win with the receipt of €8.4m in non-dilutive public funding from Bpifrance (a French public sector financing institution). Proceeds will be directed to support the upcoming registrational Phase III study of lead asset Tedopi, in second-line treatment in HLA-A2 positive non-small cell lung cancer (NSCLC) patients with secondary (acquired) resistance to anti-PD-(L)1 immunotherapy. This announcement follows the company’s $713m deal with AbbVie, reported in February, for preclinical asset OSE-230 (in chronic inflammation). Bpifrance in Q223 had granted €1.5m in non-dilutive funding to support the development of a companion diagnostic screening test to help identify HLA-A2 positive NSCLC patients, who have a higher likelihood of responding to Tedopi.

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