IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vinfast" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast (1905332D VN)</a>, a Vietnamese EV (electric vehicle) manufacturer and a majority-owned affiliate of <a href="https://www.smartkarma.com/entities/vingroup-jsc" target="_blank" data-smartkarma-citation="entities:13213:1" rel="noopener">Vingroup Jsc (VIC VN)</a>, has filed for a US$1.0 billion IPO to list on Nasdaq.</li>
<li>VinFast is in the middle of a transition from an ICE to a pure-play EV manufacturer. VF 8, its second EV SUV, will be delivered in the US in 4Q22. </li>
<li>The key elements of the bull case rest on a credible EV roadmap, speed-to-market, solid consumer interest and models with attractive range-to-price ratios and total cost of ownership.</li>
</ul>



VinFast (1905332D VN), a Vietnamese EV (electric vehicle) manufacturer and a majority-owned affiliate of Vingroup Jsc (VIC VN), has filed for a US$1.0 billion IPO to list on Nasdaq.
VinFast is in the middle of a transition from an ICE to a pure-play EV manufacturer. VF 8, its second EV SUV, will be delivered in the US in 4Q22. 
The key elements of the bull case rest on a credible EV roadmap, speed-to-market, solid consumer interest and models with attractive range-to-price ratios and total cost of ownership.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vinfast" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast Auto (1905332D VN)</a>  is looking to raise up to US$1bn in its upcoming US IPO.</li>
<li>VinFast is a full-scale mobility platform focused primarily on designing and manufacturing premium EVs, electric scooters and electric buses.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



VinFast Auto (1905332D VN)  is looking to raise up to US$1bn in its upcoming US IPO.
VinFast is a full-scale mobility platform focused primarily on designing and manufacturing premium EVs, electric scooters and electric buses.
In this note, we talk about the positive aspects of the deal.


VinFast Auto Pre-IPO - The Positives - Aiming High...

China Specialist, Auto and Industrial Specialist

Victoria Li

Thematic (Sector/Industry)

<ul>
<li>Despite the remaining EV subsidies finishing next year, we expect demand to be relatively unimpacted</li>
<li>Battery supply issues should be eased with Covid lockdowns easing and new capacity expansions</li>
<li>&gt;100 new models due for launch in 2023E vs ~70 in 2022 and will keep potential customers and market excited in the sector</li>
</ul>


Despite the remaining EV subsidies finishing next year, we expect demand to be relatively unimpacted
Battery supply issues should be eased with Covid lockdowns easing and new capacity expansions
&gt;100 new models due for launch in 2023E vs ~70 in 2022 and will keep potential customers and market excited in the sector


China NEV Outlook: Life After Subsidies Is Still Beautiful

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<div><div><div><div><ul><li>China’s passenger-vehicle (PV) retail sales volume, based on insurance data, rose 9% YoY to 1.86mn units in Sep 2022, 3% lower than our prior forecast.</li><li>Wholesale volume surged 33% YoY to 2.33mn units, 8% higher than our prior projection due to more inventories pushed to dealers than expected.</li><li>Almost 260,000 units of inventories were added into dealers in Sep 2022, the most in any Sep in history. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

China’s passenger-vehicle (PV) retail sales volume, based on insurance data, rose 9% YoY to 1.86mn units in Sep 2022, 3% lower than our prior forecast.Wholesale volume surged 33% YoY to 2.33mn units, 8% higher than our prior projection due to more inventories pushed to dealers than expected.Almost 260,000 units of inventories were added into dealers in Sep 2022, the most in any Sep in history. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Auto Sector – 2H22E likely beat; FY23E consensus overstated

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>In our next Webinar, we welcome Analysts <a href="https://www.smartkarma.com/profiles/sc-capital/analysis" target="_blank" rel="noopener">Chris Redl (SC Capital)</a> and <a href="https://www.smartkarma.com/profiles/sameer-taneja-a0539e0c-84dd-4e66-9c40-6e598edfb4c5/analysis" target="_blank" rel="noopener">Sameer Taneja (Investics Research)</a>, who will be joined by Smartkarma CEO Raghav Kapoor in an exciting discussion on the EV landscape in China.</p>
<h3>The webinar will be hosted on Friday, 21 October 2022, 11:00 SGT/HKT.</h3>
<div>
<div>
<div class="content-highlight">
<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=86304030271" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
</div>
</div>
</div>
<p>Chris Redl has over 20 years' experience covering the global automotive industry both on the Sell-side (UBS &amp; Morgan Stanley) and Buy-side (Och-Ziff). His current focus is on electric vehicle stocks &amp; their supply chains, aiming is to identify the winners and losers from a long/short perspective. This includes close coverage of legacy automakers as well.<br><br>Sameer Taneja is the founder of Investics Research, a firm that engages in bottom-up sectoral research, fundamental research of publicly listed companies as well as forensic analysis. He started his career as a sell-side analyst in a stockbroking firm called B&amp;K Securities (India) from 2004-07, covering the ferrous sector. From 2007-16 he worked as an investment analyst in a hedge fund called Kelusa Capital, covering the materials, utilities, construction &amp; heavy machinery, and the auto sector. He continued to work on the buy-side from 2017-19 in a firm called Skale Investments (with similar sectoral coverage), before founding Investics Research in 2019.</p>
<p>Raghav is the co-founder and CEO of Smartkarma.</p>

In our next Webinar, we welcome Analysts Chris Redl (SC Capital) and Sameer Taneja (Investics Research), who will be joined by Smartkarma CEO Raghav Kapoor in an exciting discussion on the EV landscape in China.
The webinar will be hosted on Friday, 21 October 2022, 11:00 SGT/HKT.



Register for the Webinar here



Chris Redl has over 20 years' experience covering the global automotive industry both on the Sell-side (UBS &amp; Morgan Stanley) and Buy-side (Och-Ziff). His current focus is on electric vehicle stocks &amp; their supply chains, aiming is to identify the winners and losers from a long/short perspective. This includes close coverage of legacy automakers as well.  Sameer Taneja is the founder of Investics Research, a firm that engages in bottom-up sectoral research, fundamental research of publicly listed companies as well as forensic analysis. He started his career as a sell-side analyst in a stockbroking firm called B&amp;K Securities (India) from 2004-07, covering the ferrous sector. From 2007-16 he worked as an investment analyst in a hedge fund called Kelusa Capital, covering the materials, utilities, construction &amp; heavy machinery, and the auto sector. He continued to work on the buy-side from 2017-19 in a firm called Skale Investments (with similar sectoral coverage), before founding Investics Research in 2019.
Raghav is the co-founder and CEO of Smartkarma.

Smartkarma Webinar | China EVs: Sales Strong, Stocks Weak?! 🤨

China

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Li Auto (LI US)

VinFast Auto IPO: The Bull Case

The key elements of the bull case rest on a credible EV roadmap, speed-to-market, solid consumer interest and models with attractive range-to-price...

Arun George

VinFast Auto Pre-IPO - The Positives - Aiming High...

VinFast Auto (1905332D VN) is looking to raise up to US$1bn in its upcoming US IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

China NEV Outlook: Life After Subsidies Is Still Beautiful

Despite the remaining EV subsidies finishing next year, we expect demand to be relatively unimpacted. Battery supply issues should be eased with...

Victoria Li

China Auto Sector – 2H22E likely beat; FY23E consensus overstated

China’s passenger-vehicle (PV) retail sales volume, based on insurance data, rose 9% YoY to 1.86mn units in Sep 2022, 3% lower than our prior...

CMB International

Smartkarma Webinar | China EVs: Sales Strong, Stocks Weak?! 🤨

On 21 October 11am SGT, Smartkarma CEO Raghav Kapoor will be joined Analysts Chris Redl and Sameer Taneja in an exciting discussion on the EV...

Smartkarma Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)