Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

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> is in severe financial distress, with negative gross margins (-57.4%), a $4.3B liquidity crisis, and total dependence on its parent for funding.</li>
<li>The company has significant operational risks, including reliance on related-party sales for 27.6% of deliveries and material weaknesses in its internal financial controls.</li>
<li>Despite its instability, VinFast is pursuing a high-risk, debt-funded $2 billion expansion into India, launching two SUVs and inaugurating a new manufacturing facility.</li>
</ul>



Vinfast (VFS US) is in severe financial distress, with negative gross margins (-57.4%), a $4.3B liquidity crisis, and total dependence on its parent for funding.
The company has significant operational risks, including reliance on related-party sales for 27.6% of deliveries and material weaknesses in its internal financial controls.
Despite its instability, VinFast is pursuing a high-risk, debt-funded $2 billion expansion into India, launching two SUVs and inaugurating a new manufacturing facility.


Vinfast (VFS US) | The Day that Never Comes

External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li>We participated in VinFast’s (Nasdaq: VFS) Q1 2025 earnings call held on June 9.</li><li>The main updates include a recap of the company’s Q1 2025 results and 2025 outlook.</li><li>In Q1 2025, VFS’s global deliveries were 36,300 EV units (-32% QoQ and +296% YoY; of which 21% were sold to VinFast’s related parties).</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) Q1 2025 earnings call held on June 9.The main updates include a recap of the company’s Q1 2025 results and 2025 outlook.In Q1 2025, VFS’s global deliveries were 36,300 EV units (-32% QoQ and +296% YoY; of which 21% were sold to VinFast’s related parties).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 - Key Takeaways from Q1 2025 Earnings Call

Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

Accuracy | Clarity | Foresight

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

GreenRoc Strategic Materials / Equity Bottom-Up

<ul>
<li>GreenRoc Strategic Materials Plc (AIM: GROC.L) is unusually well positioned to become a key supplier of high-purity, battery-grade graphite into Western markets increasingly focused on critical material security.</li>
<li>GROC’s flagship Greenland Amitsoq Graphite Project, has amongst the highest known in-situ graphite grades globally at 20.41% TGC, potential purity is 99.95% (a purity essential to the EV battery value chain looking for lower cost natural graphite vs. synthetic graphite).</li>
<li>GROC.L’s Thule Black Sands Project (TiO2) aligns with green energy transition trends.</li>
</ul>


GreenRoc Strategic Materials Plc (AIM: GROC.L) is unusually well positioned to become a key supplier of high-purity, battery-grade graphite into Western markets increasingly focused on critical material security.
GROC’s flagship Greenland Amitsoq Graphite Project, has amongst the highest known in-situ graphite grades globally at 20.41% TGC, potential purity is 99.95% (a purity essential to the EV battery value chain looking for lower cost natural graphite vs. synthetic graphite).
GROC.L’s Thule Black Sands Project (TiO2) aligns with green energy transition trends.


GreenRoc Strategic Materials Plc (GROC.L) - Core Investment Case – Graphite to Drive For

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> hosted "GrabX" in Singapore and online to showcase a range of AI-driven product offerings that promise to be future growth drivers for the company.</li>
<li>GrabFood For One and Shared Saver both have the potential to attract significant new business, but there was also the launch of AI-assistant Maya for Merchants to drive orders. </li>
<li>Additionally, Grab Unlimited continues to grow and be transformed into a fully-fledged loyalty program. Valuations are attractive, and <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> is set to make a net profit this year.</li>
</ul>



Grab hosted "GrabX" in Singapore and online to showcase a range of AI-driven product offerings that promise to be future growth drivers for the company.
GrabFood For One and Shared Saver both have the potential to attract significant new business, but there was also the launch of AI-assistant Maya for Merchants to drive orders. 
Additionally, Grab Unlimited continues to grow and be transformed into a fully-fledged loyalty program. Valuations are attractive, and Grab is set to make a net profit this year.


Grab Holdings (GRAB US) - New Products with a Heavy Hint of AI

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia</a>'s 4Q2024 is likely just the start of the positive impact of its barbell strategy of enticing new users through affordable products before monetising through premium offerings.</li>
<li>The rapid turnaround of the fintech business as it booked its first quarterly positive adjusted EBITDA was a key standout and was front and centre of management results comments.</li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GOTO</a> remains upbeat in its prospects for 2025, providing its first guidance for adjusted EBITDA, and highlighting the positive contribution from fintech and mid-teens growth for ODS. </li>
</ul>



GoTo Gojek Tokopedia's 4Q2024 is likely just the start of the positive impact of its barbell strategy of enticing new users through affordable products before monetising through premium offerings.
The rapid turnaround of the fintech business as it booked its first quarterly positive adjusted EBITDA was a key standout and was front and centre of management results comments.

GOTO remains upbeat in its prospects for 2025, providing its first guidance for adjusted EBITDA, and highlighting the positive contribution from fintech and mid-teens growth for ODS. 


GoTo Gojek Tokopedia (GOTO IJ) - Entering New Territory

Vietnam

VinFast is a Vietnamese multinational automotive company specializing in the design and manufacture of electric vehicles (EVs), e-scooters, and e-buses. The company offers a range of electric cars and provides related battery lease and charging services. VinFast was founded in June 2017 and is headquartered in Hai Phong, Vietnam.

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VinFast (VFS US)

Vinfast (VFS US) | The Day that Never Comes

Vinfast (VFS US) faces severe financial distress, negative gross margins, a liquidity crisis, and operational risks, yet is pursuing a high-risk...

Pranav Bhavsar

VinFast's - Key Takeaways from Q1 2025 Earnings Call

We participated in VinFast’s (Nasdaq: VFS) Q1 2025 earnings call held on June 9. The main updates include a recap of the company’s Q1 2025 results...

Vietcap

GreenRoc Strategic Materials Plc (GROC.L) - Core Investment Case – Graphite to Drive For

GROC’s flagship Greenland Amitsoq Graphite Project, has amongst the highest known in-situ graphite grades globally at 20.41% TGC, potential purity...

ACF Equity Research

Grab Holdings (GRAB US) - New Products with a Heavy Hint of AI

Grab hosted "GrabX" in Singapore and online to showcase a range of AI-driven product offerings that promise to be future growth drivers for the...

Angus Mackintosh

GoTo Gojek Tokopedia (GOTO IJ) - Entering New Territory

GOTO remains upbeat in its prospects for 2025, providing its first guidance for adjusted EBITDA, and highlighting the positive contribution from...

Angus Mackintosh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vinfast (VFS US) | The Day that Never Comes

​Vinfast (VFS US) faces severe financial distress, negative gross margins, a liquidity crisis, and operational risks, yet is pursuing a high-risk...

Pranav Bhavsar

VinFast's - Key Takeaways from Q1 2025 Earnings Call

We participated in VinFast’s (Nasdaq: VFS) Q1 2025 earnings call held on June 9. The main updates include a recap of the company’s Q1 2025 results...

Vietcap

GreenRoc Strategic Materials Plc (GROC.L) - Core Investment Case – Graphite to Drive For

GROC’s flagship Greenland Amitsoq Graphite Project, has amongst the highest known in-situ graphite grades globally at 20.41% TGC, potential purity...

ACF Equity Research

Grab Holdings (GRAB US) - New Products with a Heavy Hint of AI

Grab hosted "GrabX" in Singapore and online to showcase a range of AI-driven product offerings that promise to be future growth drivers for the...

Angus Mackintosh

GoTo Gojek Tokopedia (GOTO IJ) - Entering New Territory

GOTO remains upbeat in its prospects for 2025, providing its first guidance for adjusted EBITDA, and highlighting the positive contribution from...

Angus Mackintosh

Vinfast (VFS US) faces severe financial distress, negative gross margins, a liquidity crisis, and operational risks, yet is pursuing a high-risk...