External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We participated in VinFast’s (Nasdaq: VFS) Q2 2024 earnings call held on September 20.</li><li>The main updates include a recap of H1 2024 results and the business outlook for H2 2024.</li><li>Management reaffirmed its 2024G delivery guidance of 80,000 EVs, citing the company’s diverse EV product portfolio, access to multiple markets, and ongoing execution plans as supporting factors.</li></ul>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.

We participated in VinFast’s (Nasdaq: VFS) Q2 2024 earnings call held on September 20.The main updates include a recap of H1 2024 results and the business outlook for H2 2024.Management reaffirmed its 2024G delivery guidance of 80,000 EVs, citing the company’s diverse EV product portfolio, access to multiple markets, and ongoing execution plans as supporting factors.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.

VinFast's (Nasdaq: VFS) - Key Takeaways from Q2 2024 Earnings Call

<ul><li>We participated in VinFast’s (Nasdaq: VFS) Q2 2024 earnings call held on September 20.</li><li>The main updates include a recap of H1 2024 results and the business outlook for H2 2024.</li><li>Management reaffirmed its 2024G delivery guidance of 80,000 EVs, citing the company’s diverse EV product portfolio, access to multiple markets, and ongoing execution plans as supporting factors. </li></ul>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.

We participated in VinFast’s (Nasdaq: VFS) Q2 2024 earnings call held on September 20.The main updates include a recap of H1 2024 results and the business outlook for H2 2024.Management reaffirmed its 2024G delivery guidance of 80,000 EVs, citing the company’s diverse EV product portfolio, access to multiple markets, and ongoing execution plans as supporting factors. 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.

VinFast Auto Ltd - Key Takeaways from Q2 2024 Earnings Call

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.

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<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>, a Vietnamese EV 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>, completed its merger with Black Spade on 14 August. </li>
<li>Due to the low float, the shares have been on a wild ride, with the last close of US$6.56 materially below the high of US$82.35 per share.</li>
<li>VinFast remains an avoid due to related party-driven EV sales, declining customer traction, operating losses, cash burn, equity raise overhang and frothy valuation.  </li>
</ul>



Vinfast (VFS US), a Vietnamese EV manufacturer and a majority-owned affiliate of Vingroup Jsc (VIC VN), completed its merger with Black Spade on 14 August. 
Due to the low float, the shares have been on a wild ride, with the last close of US$6.56 materially below the high of US$82.35 per share.
VinFast remains an avoid due to related party-driven EV sales, declining customer traction, operating losses, cash burn, equity raise overhang and frothy valuation.  


2024 High Conviction: VinFast (VFS US) – Heading for Trouble

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<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>, completed its merger with Black Spade. </li>
<li>The shares closed 3.7x up on the first day with a market cap of US$86bn. The pop is partly due to low float resulting from the controlling shareholder's 99.0% stake. </li>
<li>VinFast faces headwinds of poor reviews, declining customer traction, ongoing losses and cash burn. VinFast is trading at a material premium to peers on growth-adjusted multiples.  </li>
</ul>



VinFast (1905332D VN), a Vietnamese EV (electric vehicle) manufacturer and a majority-owned affiliate of Vingroup Jsc (VIC VN), completed its merger with Black Spade. 
The shares closed 3.7x up on the first day with a market cap of US$86bn. The pop is partly due to low float resulting from the controlling shareholder's 99.0% stake. 
VinFast faces headwinds of poor reviews, declining customer traction, ongoing losses and cash burn. VinFast is trading at a material premium to peers on growth-adjusted multiples.  


ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

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<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> released 1Q2023 results, with its revenues increasing three-fold YoY but falling QoQ due to the seasonal impact of Lunar New Year on both EVs and EV motorbikes.</li>
<li>The company saw a significant pick up in its sales to the US and continued to increase its dealer network which should drive future sales along with new models.</li>
<li>More than half of Vinfast sales were to related parties, which is an overhang in terms of the sustainability of its business models, whilst valuations remain above peers.</li>
</ul>



Vinfast (VFS US) released 1Q2023 results, with its revenues increasing three-fold YoY but falling QoQ due to the seasonal impact of Lunar New Year on both EVs and EV motorbikes.
The company saw a significant pick up in its sales to the US and continued to increase its dealer network which should drive future sales along with new models.
More than half of Vinfast sales were to related parties, which is an overhang in terms of the sustainability of its business models, whilst valuations remain above peers.


Vinfast (VFS US) - Some Respite from the US

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)

VinFast's (Nasdaq: VFS) - Key Takeaways from Q2 2024 Earnings Call

We participated in VinFast’s (Nasdaq: VFS) Q2 2024 earnings call held on September 20.The main updates include a recap of H1 2024 results and the...

Vietcap

VinFast Auto Ltd - Key Takeaways from Q2 2024 Earnings Call

We participated in VinFast’s (Nasdaq: VFS) Q2 2024 earnings call held on September 20. The main updates include a recap of H1 2024 results and the...

Vietcap

2024 High Conviction: VinFast (VFS US) – Heading for Trouble

VinFast remains an avoid due to related party-driven EV sales, declining customer traction, operating losses, cash burn, equity raise overhang and...

Arun George

VinFast: Inexplicable Valuation

VinFast faces headwinds of poor reviews, declining customer traction, ongoing losses and cash burn. VinFast is trading at a material premium to...

Arun George

Vinfast (VFS US) - Some Respite from the US

More than half of Vinfast sales were to related parties, which is an overhang in terms of the sustainability of its business models, whilst...

Angus Mackintosh

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