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.

Equity Bottom-Up

<ul>
<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.  


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Almac announced its IPO price of 50,000 won, which is 11% higher than the high end of the IPO price range. Demand ratio was very high at 1,697 to 1.</li>
<li>A 98.7% of the IPO shares applied thought that the company's value is more than 45,000 won</li>
<li>Given the exceptional demand for IPO shares, it is likely that the IPO share price is likely to trade at higher end of the IPO range in our sensitivity analysis.</li>
</ul>


Almac announced its IPO price of 50,000 won, which is 11% higher than the high end of the IPO price range. Demand ratio was very high at 1,697 to 1.
A 98.7% of the IPO shares applied thought that the company's value is more than 45,000 won
Given the exceptional demand for IPO shares, it is likely that the IPO share price is likely to trade at higher end of the IPO range in our sensitivity analysis.


<ul>
<li>Our target price of Almac is 58,573 won per share, which is 30% higher than the high end of the IPO price range of 45,000 won. </li>
<li>Our target price is based on 14.8x P/E using our estimated net profit of 25.4 billion won in 2024. </li>
<li>Almac ranks first in domestic market share (Korea) in the aluminum extruded module cases that protect batteries from external shocks.</li>
</ul>


Our target price of Almac is 58,573 won per share, which is 30% higher than the high end of the IPO price range of 45,000 won. 
Our target price is based on 14.8x P/E using our estimated net profit of 25.4 billion won in 2024. 
Almac ranks first in domestic market share (Korea) in the aluminum extruded module cases that protect batteries from external shocks.


<ul>
<li>Almac is getting ready to complete its IPO on KOSDAQ in June. Almac is one of the leading aluminum parts company for the electric vehicles. </li>
<li>The company ranks first in domestic market share in the aluminum extruded module cases that protect batteries from external shocks.</li>
<li>The company is offering 1 million new shares in this IPO. The IPO price range is from 40,000 won to 45,000 won.</li>
</ul>


Almac is getting ready to complete its IPO on KOSDAQ in June. Almac is one of the leading aluminum parts company for the electric vehicles. 
The company ranks first in domestic market share in the aluminum extruded module cases that protect batteries from external shocks.
The company is offering 1 million new shares in this IPO. The IPO price range is from 40,000 won to 45,000 won.


SPAC Deep Dive, subSPAC

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SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

<ul><li>Last week, Vietnamese Electric Vehicle maker Vinfast announced plans to go through a colossal $27 billion SPAC merger with Spade Acquisition Corp, putting it firmly amongst the likes of EV upstarts Lucid Motors and Polestar Electric.</li><li>Luxury EV maker Lucid debuted through a $24 billion deal in 2021, while Swedish EV maker Polestar previously went public in 2022 through a $20 billion merger.</li><li>However, while both deals were characterized by initial excitement, the enthusiasm has given way to the sobering realities of the growing pains of being an EV upstart.</li></ul>

Last week, Vietnamese Electric Vehicle maker Vinfast announced plans to go through a colossal $27 billion SPAC merger with Spade Acquisition Corp, putting it firmly amongst the likes of EV upstarts Lucid Motors and Polestar Electric.Luxury EV maker Lucid debuted through a $24 billion deal in 2021, while Swedish EV maker Polestar previously went public in 2022 through a $20 billion merger.However, while both deals were characterized by initial excitement, the enthusiasm has given way to the sobering realities of the growing pains of being an EV upstart.

United States

Lucid Group Inc. operates as an automotive company. The Company manufactures luxury electric cars, as well as provides energy storage and original equipment solutions. Lucid Group serves customers in the United States and Canada.

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Lucid Group (LCID US)

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

Almac IPO Bookbuilding Results Analysis

Almac announced its IPO price of 50,000 won, which is 11% higher than the high end of the IPO price range. Demand ratio was very high at 1,697 to 1.

Douglas Kim

Almac IPO Valuation Analysis

Our target price of Almac is 58,573 won per share, which is 30% higher than the high end of the IPO price range of 45,000 won.

Douglas Kim

Almac IPO Preview

Almac is getting ready to complete its IPO on KOSDAQ in June. Almac is one of the leading aluminum parts company for the electric vehicles.

Douglas Kim

On The Fast Track

Last week, Vietnamese Electric Vehicle maker Vinfast announced plans to go through a colossal $27 billion SPAC merger with Spade Acquisition Corp

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