In today’s briefing:
- Vinfast: Stock Is in Free Fall; Still Expensive
- Ventia Services Group Placement – Well Flagged and All past Deals Have Done Well
Vinfast: Stock Is in Free Fall; Still Expensive
- 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.
Ventia Services Group Placement – Well Flagged and All past Deals Have Done Well
- Ventia Services Group Pty (VNT AU) (VSG)’s two largest shareholders, Apollo Global Management and CIMIC Group, aim to raise around US$214m via selling 14% of the company.
- The two largest shareholders together owned nearly 30% of the company and have pared their stake twice this year.
- In this note, we will talk about the deal dynamics.
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