Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

A chartered management accountant with more than 10 years of rich experience in investment research and financial analysis. Worked as an equity analyst for one of the world's largest asset managers with USD2.5trn in AUM covering numerous sectors including chemicals, retail, tech, autos, telco, real-estate and banks, globally. Experienced in fundamental equity research, industry research, commodity studies, forensic accounting, and due diligence reviews.

Equity Analyst

ASEAN EV Ecosystem Update: Progressing Towards a Robust EV Ecosystem

WuXi XDC Cayman IPO: Robust Top Line Growth but Margins Remain Under Pressure

Vinfast: Stock Is in Free Fall; Still Expensive

Vinfast: Ambitious EV Plan Seems Unrealistic; Share Price Down More than 50%

J&T Global Express IPO: Peer Comparison and Valuation

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Lalatech IPO: 1H2023 Numbers Point to Strong Improvement in Financials

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.

Equity Capital Markets

<ul>
<li>Vinfast’s shares have fallen more than 80% since its IPO in August. Shares are currently trading at $4.93 per share compared to IPO open price of $22 per share.</li>
<li>On 20th October, Vinfast announced that the company has entered into a standby equity subscription agreement of up to $1.0bn with Yorkville Advisors which has a term of 36 months.</li>
<li>A majority of Vinfast’s EV sales in 9M2023 were to related parties or affiliates of its parent, raising serious concerns over the company’s ability to establish a market presence.  </li>
</ul>


Vinfast’s shares have fallen more than 80% since its IPO in August. Shares are currently trading at $4.93 per share compared to IPO open price of $22 per share.
On 20th October, Vinfast announced that the company has entered into a standby equity subscription agreement of up to $1.0bn with Yorkville Advisors which has a term of 36 months.
A majority of Vinfast’s EV sales in 9M2023 were to related parties or affiliates of its parent, raising serious concerns over the company’s ability to establish a market presence.  


Vinfast: New Funding to Support Growth Plans Despite Struggling to Sell EVs