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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities</li>
<li>We looked at the company’s past performance in our earlier notes. In this note, we undertake a comparison versus its local competitors.</li>
</ul>



VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
We looked at the company’s past performance in our earlier notes. In this note, we undertake a comparison versus its local competitors.


Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Vietnamese automaker <a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast (VFS US)</a> made its public debut on 15th August via a SPAC deal which valued the company approx. US$23bn.</li>
<li>Shares opened US$22 per share and went up to $37.06 at the end of first-day. Share price hit a peak of $82.35, however, shares closed last at $34.71 per share.</li>
<li>Our forecasts and valuation for Vinfast suggest that the company’s shares are still overvalued even after falling more than 50% from its peak over the last few days.</li>
</ul>


Vietnamese automaker Vinfast (VFS US) made its public debut on 15th August via a SPAC deal which valued the company approx. US$23bn.
Shares opened US$22 per share and went up to $37.06 at the end of first-day. Share price hit a peak of $82.35, however, shares closed last at $34.71 per share.
Our forecasts and valuation for Vinfast suggest that the company’s shares are still overvalued even after falling more than 50% from its peak over the last few days.


Vinfast: Stock Is in Free Fall; Still Expensive

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
In this note, we talk about the not-so-positive aspects of the deal.


VNG Pre-IPO - The Negatives - Vietnam’s Mini-Tencent

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">Vng (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
In this note, we talk about the positive aspects of the deal.


VNG Pre-IPO - The Positives - Vietnam's Mini-Tencent

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast (VFS US)</a>, the EV arm of Vietnamese conglomerate <a href="https://www.smartkarma.com/entities/vingroup-jsc" target="_blank" data-smartkarma-citation="entities:13213:1" rel="noopener">Vingroup Jsc (VIC VN)</a>, commenced trading on the 14 August. And promptly took off. </li>
<li>VinFast's current market cap is ~4x <a href="https://www.smartkarma.com/entities/general-motors-co" target="_blank" data-smartkarma-citation="entities:18811:1" rel="noopener">General Motors (GM US)</a>'s, twice that of <a href="https://www.smartkarma.com/entities/mercedes-benz-group-ag" target="_blank" data-smartkarma-citation="entities:21602:1" rel="noopener">Mercedes-Benz (MBG GR)</a>'s, and the second-largest pure-play EV-maker after <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla  (TSLA US)</a>.</li>
<li>Vingroup's holding in VinFast is worth 13x its market cap. This is not sustainable. </li>
</ul>



VinFast (VFS US), the EV arm of Vietnamese conglomerate Vingroup Jsc (VIC VN), commenced trading on the 14 August. And promptly took off. 
VinFast's current market cap is ~4x General Motors (GM US)'s, twice that of Mercedes-Benz (MBG GR)'s, and the second-largest pure-play EV-maker after Tesla  (TSLA US).
Vingroup's holding in VinFast is worth 13x its market cap. This is not sustainable. 


Vingroup: VinFast's Valuation Makes No Sense

Vietnam

Vinfast Auto Ltd. operates electric vehicle intelligent platform. The Company offers full-scale mobility platform focused primarily on designing and manufacturing premium EVs, electric scooter, and electric buses. Vinfast Auto serves customers worldwide.

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Vinfast (VFS US)

VNG Pre-IPO - Local Peers Comparison

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about local...

Sumeet Singh

Vinfast: Stock Is in Free Fall; Still Expensive

After making a stellar debut, Vinfast's share price has dropped more than 50% over the last few days from its peak. Our forecasts and valuation...

Shifara Samsudeen, ACMA, CGMA

VNG Pre-IPO - The Negatives - Vietnam’s Mini-Tencent

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about the not-so...

Sumeet Singh

VNG Pre-IPO - The Positives - Vietnam's Mini-Tencent

Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note we talk about the positive aspects of...

Sumeet Singh

Vingroup: VinFast's Valuation Makes No Sense

Vingroup has undeniable scale advantages to maintain its property sector leadership. Yet a property recovery in what has been a largely unregulated...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

VNG Pre-IPO - Local Peers Comparison

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about local...

Sumeet Singh

Vinfast: Stock Is in Free Fall; Still Expensive

​After making a stellar debut, Vinfast's share price has dropped more than 50% over the last few days from its peak. Our forecasts and valuation...

Shifara Samsudeen, ACMA, CGMA

VNG Pre-IPO - The Negatives - Vietnam’s Mini-Tencent

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about the not-so...

Sumeet Singh

VNG Pre-IPO - The Positives - Vietnam's Mini-Tencent

Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note we talk about the positive aspects of...

Sumeet Singh

Vingroup: VinFast's Valuation Makes No Sense

Vingroup has undeniable scale advantages to maintain its property sector leadership. Yet a property recovery in what has been a largely unregulated...

David Blennerhassett

After making a stellar debut, Vinfast's share price has dropped more than 50% over the last few days from its peak. Our forecasts and valuation...