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

Equity Bottom-Up

<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> 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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Tesla Motors (TSLA US) sold one car in January 2024 in South Korea. In comparison, Tesla sold 1,022 vehicles in December 2023 and 13,885 units in 2023.</li>
<li>The key reason for the sharp plunge in vehicle sales in January has been due to the government's slashing EV subsidies for vehicles with Chinese LFP based batteries.</li>
<li>Furthermore, many consumers avoided buying Tesla vehicles in January as they waited for the government's announcements of new EV subsidies. </li>
</ul>


Tesla Motors (TSLA US) sold one car in January 2024 in South Korea. In comparison, Tesla sold 1,022 vehicles in December 2023 and 13,885 units in 2023.
The key reason for the sharp plunge in vehicle sales in January has been due to the government's slashing EV subsidies for vehicles with Chinese LFP based batteries.
Furthermore, many consumers avoided buying Tesla vehicles in January as they waited for the government's announcements of new EV subsidies. 


Tesla Sold A Whopping One Car in January in South Korea

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Apple supply chain names are falling due concerns about weak iPhone shipments. Global PC shipments returned to growth as per IDC data.</li>
<li>TSMC and ASML results this week and will be cruical for the market. Can TSMC rally again to achieve new highs or will it continue trading lower?</li>
<li>Nanya Technology sees DRAM Industry pricing rising through 2024E; but is underperforming financially.</li>
</ul>


Apple supply chain names are falling due concerns about weak iPhone shipments. Global PC shipments returned to growth as per IDC data.
TSMC and ASML results this week and will be cruical for the market. Can TSMC rally again to achieve new highs or will it continue trading lower?
Nanya Technology sees DRAM Industry pricing rising through 2024E; but is underperforming financially.


Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

<ul>
<li>Q1 Deliveries trailed plunging market consensus, my even lower number, and Tesla's expectations as sales crashed while it overproduced to a new record cumulative excess inventory which jumped 70% y/y</li>
<li>This doesn't square with Tesla's explanation that sales were hurt by ongoing production issues—much like when the company used the same excuse for the disappointing Q3 2023. </li>
<li>This time deliveries were much lower, the miss versus market expectations much worse, and the deep well of unsold inventories even more formidable.</li>
</ul>


Q1 Deliveries trailed plunging market consensus, my even lower number, and Tesla's expectations as sales crashed while it overproduced to a new record cumulative excess inventory which jumped 70% y/y
This doesn't square with Tesla's explanation that sales were hurt by ongoing production issues—much like when the company used the same excuse for the disappointing Q3 2023. 
This time deliveries were much lower, the miss versus market expectations much worse, and the deep well of unsold inventories even more formidable.


<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> is large on promise but low on delivery, with sales in FY2023 coming in well below expectations, and the vast majority being to related companies. </li>
<li>The company is building huge capacity in Vietnam, India, and Indonesia in the region, and in the US, where sales have been slow but where capex is required.</li>
<li>Vingroup has set up ride-hailing company GSM, using Vinfast vehicles for its fleet, making up 50% of its sales in 2023, leaving question marks over the sustainability of its model.</li>
</ul>



Vinfast (VFS US) is large on promise but low on delivery, with sales in FY2023 coming in well below expectations, and the vast majority being to related companies. 
The company is building huge capacity in Vietnam, India, and Indonesia in the region, and in the US, where sales have been slow but where capex is required.
Vingroup has set up ride-hailing company GSM, using Vinfast vehicles for its fleet, making up 50% of its sales in 2023, leaving question marks over the sustainability of its model.


Vinfast (VFS US) - An EV Accident Waiting to Happen?

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

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

Tesla Sold A Whopping One Car in January in South Korea

Tesla's laying off more than 10% of its global workforce is likely to further negatively impact the major rechargeable battery names in Korea...

Douglas Kim

Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...

Vincent Fernando, CFA

Tesla Q1 Deliveries: Look Out Below

Severe job cuts coming at Tesla Inc after wildly overproducing Elon’s “appreciating assets” even as a year of drastic price cutting + expensive...

Vicki Bryan

Vinfast (VFS US) - An EV Accident Waiting to Happen?

Vinfast is big on promise but low on delivery, with sales in FY2023 below expectations, and the majority being to related companies. There are...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Tesla Sold A Whopping One Car in January in South Korea

Tesla's laying off more than 10% of its global workforce is likely to further negatively impact the major rechargeable battery names in Korea...

Douglas Kim

Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

​Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...

Vincent Fernando, CFA

Tesla Q1 Deliveries: Look Out Below

Severe job cuts coming at Tesla Inc after wildly overproducing Elon’s “appreciating assets” even as a year of drastic price cutting + expensive...

Vicki Bryan

Vinfast (VFS US) - An EV Accident Waiting to Happen?

Vinfast is big on promise but low on delivery, with sales in FY2023 below expectations, and the majority being to related companies. There are...

Angus Mackintosh

Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...