Digital Infrastructure
Compute, connectivity and the physical substrate the rest of the portfolio runs on.
The position
Vietnam registered USD 15.2bn of foreign direct investment in the first quarter of 2026 alone, up 42.9 per cent year on year, much of it in high-tech manufacturing and data infrastructure. Racks are being installed into corridors whose feeders were planned for a different decade.
EVMSI Infrastructure provisions compute, network and facility capacity for the rest of the group. Its customers cannot take their business elsewhere, and that is a governance problem before it is a commercial advantage — a captive customer is how internal businesses stop being disciplined.
So it is priced as though they could leave. Internal transfer pricing is benchmarked against external market rates once a year, and the benchmark is documented and reviewable. This is the sector where the group is most at risk of quietly subsidising itself, and it is treated that way.
Where this sits
- Conviction band
- 05 · Divergence
- Holding horizon
- 15–25 yr
- Held by
- Infrastructure
Registered FDI ran USD 15.2bn in Q1 2026, up 42.9% year on year. Racks arrive faster than the feeders that serve them.
On this page
A lattice receding to a horizon, with capacity coming up in it one rack at a time.