MattK personal page - To The Moon

MattK

MattK

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2023-01-02

Apple will still do well long term, it has the fundamentals. Tesla on the other hand.. distracted CEO, facing increased competition as others catch up. It will continue to be propped up by the Musk fans, but their numbers will start to dwindle

2023-06-25

Does anyone need any letters sent to them?

2023-04-11

We need to invite friend and make deposit to get Disney share?

2023-07-26

What are the warning signs in Tesla's latest annual report? @TigerGpt TigerGPT，your new investing superpower Click to learn more

2023-06-12

This is harder than it looks

2023-11-05

Leaving a valid post

2023-06-21

Counting down the days now

2023-06-13

Slowly getting better at this

2023-11-08

Leaving a valid post

2023-11-07

Leaving a valid post

2023-11-06

Another comment valid

2023-11-01

Daily prize is always gone

2023-10-30

Tough game to get a high score!

2023-10-30

Great ariticle, would you like to share it?

@TigerEvents:Join Tiger's Halloween Fun! Win Big!

2023-08-25

Just crazy, still people buying into hype no matter the fundamentals. This will crash.

VinFast: Significantly Overvalued

2023-07-28

Has anyone else's growth campaign reset?

2023-07-26

2023-06-27

I just keep getting more cards

2023-06-27

I keep just getting more letters

2023-06-26

Not sure anyone will win the 999

Go to Tiger App to see more news

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gone","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/236505056587936","isVote":1,"tweetType":1,"viewCount":355,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":236122713104592,"gmtCreate":1698679846286,"gmtModify":1698679850379,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4134355335802692","idStr":"4134355335802692"},"themes":[],"htmlText":"Tough game to get a high score!","listText":"Tough game to get a high score!","text":"Tough game to get a high score!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/236122713104592","isVote":1,"tweetType":1,"viewCount":303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":236122655629480,"gmtCreate":1698679827720,"gmtModify":1698679831308,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4134355335802692","idStr":"4134355335802692"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/236122655629480","repostId":"234642917355536","repostType":1,"repost":{"id":234642917355536,"gmtCreate":1698311957424,"gmtModify":1698656041037,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/c266ef25181ace18bec1262357bbe1a8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667667103859","idStr":"3527667667103859"},"themes":[],"title":"Join Tiger's Halloween Fun! Win Big!","htmlText":"This Halloween, join Tiger for a game and have the chance to win a USD100 stock voucher and AAPL stock!*In the game, each player faces a 60-second challenge, where they must fend off four types of little ghosts👻 while avoiding spiders🕷️ and bombs💣 to collect candy points. These points can unlock incredible rewards, and there are daily surprises waiting for you to unwrap!Don't miss out on the spooktacular fun—come play with Tiger now!Click here to start the game👉 [<a href=\"https://www.tigerbrokers.nz/activity/market/2023/halloween?adcode=20231017114222\">Trick Or Trade</a>] 👈<a href=\"https://www.tigerbrokers.nz/activity/forapp/rules?id=Trickortrade03\" target=\"_blank\">*Promotion T&amp;Cs apply.</a>DisclaimerTFNZ shall have the right to determine whether a participant is entitled to receive th","listText":"This Halloween, join Tiger for a game and have the chance to win a USD100 stock voucher and AAPL stock!*In the game, each player faces a 60-second challenge, where they must fend off four types of little ghosts👻 while avoiding spiders🕷️ and bombs💣 to collect candy points. These points can unlock incredible rewards, and there are daily surprises waiting for you to unwrap!Don't miss out on the spooktacular fun—come play with Tiger now!Click here to start the game👉 [<a href=\"https://www.tigerbrokers.nz/activity/market/2023/halloween?adcode=20231017114222\">Trick Or Trade</a>] 👈<a href=\"https://www.tigerbrokers.nz/activity/forapp/rules?id=Trickortrade03\" target=\"_blank\">*Promotion T&amp;Cs apply.</a>DisclaimerTFNZ shall have the right to determine whether a participant is entitled to receive th","text":"This Halloween, join Tiger for a game and have the chance to win a USD100 stock voucher and AAPL stock!*In the game, each player faces a 60-second challenge, where they must fend off four types of little ghosts👻 while avoiding spiders🕷️ and bombs💣 to collect candy points. These points can unlock incredible rewards, and there are daily surprises waiting for you to unwrap!Don't miss out on the spooktacular fun—come play with Tiger now!Click here to start the game👉 [Trick Or Trade] 👈*Promotion T&Cs apply.DisclaimerTFNZ shall have the right to determine whether a participant is entitled to receive th","images":[{"img":"https://community-static.tradeup.com/news/645dfe9e869e87e7b1a7e0ffade4ebc8","width":"1200","height":"630"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234642917355536","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":1,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":309,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":212573860475016,"gmtCreate":1692937755124,"gmtModify":1692937760788,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4134355335802692","idStr":"4134355335802692"},"themes":[],"htmlText":"Just crazy, still people buying into hype no matter the fundamentals. This will crash.","listText":"Just crazy, still people buying into hype no matter the fundamentals. This will crash.","text":"Just crazy, still people buying into hype no matter the fundamentals. This will crash.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/212573860475016","repostId":"2362399814","repostType":2,"repost":{"id":"2362399814","kind":"highlight","pubTimestamp":1692934288,"share":"https://ttm.financial/m/news/2362399814?lang=&edition=fundamental","pubTime":"2023-08-25 11:31","market":"us","language":"en","title":"VinFast: Significantly Overvalued","url":"https://stock-news.laohu8.com/highlight/detail?id=2362399814","media":"Seeking Alpha","summary":"VinFast's market cap of over $85 billion is likely the result of a small float.The company's financials are abysmal, with low revenue, deeply negative gross margins, a large debt load, and a negative ","content":"<html><head></head><body><ul><li><p>VinFast&#39;s market cap of over $85 billion is likely the result of a small float.</p></li><li><p>The company&#39;s financials are abysmal, with low revenue, deeply negative gross margins, a large debt load, and a negative book value.</p></li><li><p>The competitive nature of the EV market and the need for capex funding further add to the risks of investing in VinFast.</p></li><li><p>We believe the company is extremely overvalued and that investors should stay far away.</p></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5dfb2ba49a2e609c3afec44582aa4200\" alt=\"Alex Wong\" title=\"Alex Wong\" tg-width=\"750\" tg-height=\"500\"/><span>Alex Wong</span></p><h2 id=\"id_311020855\">Thesis</h2><p>After their post-IPO surge, VinFast (NASDAQ:VFS) now has a market cap of over $85 billion. This appears to be an overly optimistic valuation and is likely the result of a small float which will eventually get much larger. The company is in a terrible financial position and future dilution is likely. Even in a highly optimistic scenario the company will have difficulty growing into their current valuation. In our opinion, the company is overvalued and investors should stay far away from this stock.</p><h2 id=\"id_1754247175\">Meteoric Rise</h2><p>For those of you unfamiliar with the company, VinFast is a Vietnamese EV startup founded in 2017 that is seeking to expand into North America as well as continue to sell in Southeast Asia. The company currently has a limited lineup of EV models and is seeking to expand their offerings over the coming years. Their goal of expanding in both geographies served and available models will require a significant amount of capex.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/83ba4be717c840ef853ca71aabff487d\" alt=\"VinFast Company Presentation August 2023\" title=\"VinFast Company Presentation August 2023\" tg-width=\"640\" tg-height=\"318\"/><span>VinFast Company Presentation August 2023</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5352fca158f8ca4979e305004bd5bf3d\" alt=\"VinFast Company Presentation August 2023\" title=\"VinFast Company Presentation August 2023\" tg-width=\"640\" tg-height=\"304\"/><span>VinFast Company Presentation August 2023</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5789a6f5ccd37449b514d5d01c3f771c\" alt=\"VinFast Company Presentation August 2023\" title=\"VinFast Company Presentation August 2023\" tg-width=\"640\" tg-height=\"255\"/><span>VinFast Company Presentation August 2023</span></p><p>VinFast went public via a SPAC merger on August 14. Since then, the stock has rocketed up from the roughly $10 a share SPAC price to over $36. This puts their current market cap at over $85 billion, a value which is well above many of their EV startup peers as well as legacy auto. On the surface, this is an impressive feat for a startup competing in a highly competitive market. Unfortunately for investors, what&#39;s under the hood is ugly.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/25156316ffebd1645e1131a3e8e3f701\" alt=\"Data by YCharts\" title=\"Data by YCharts\" tg-width=\"635\" tg-height=\"417\"/><span>Data by YCharts</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b14cc49bd8e71032a4be7b46b83f18cd\" alt=\"Data by YCharts\" title=\"Data by YCharts\" tg-width=\"635\" tg-height=\"501\"/><span>Data by YCharts</span></p><h2 id=\"id_3190688647\">House of Cards</h2><p>Many investors are probably wondering why VinFast is valued so highly. In our opinion, the major reason is likely due to a low float. According to Forbes, &#34;<em>Pham Nhat Vuong, chairman of VinFast’s parent company in Vietnam, controlled at a minimum 99.1% of the company’s shares before it merged with Black Spade. The company declined to say what exact percentage of shares outstanding are currently publicly traded</em>&#34;. On top of this, shareholders of Black Spade Acquisition redeemed over 80% of the shares in the SPAC vehicle before the merger took place. The end result of these factors is an insanely small float available for trade, and a stock that is highly volatile and easy to move.</p><p>This would be fine if the company was an established business that could justify their valuation with fundamentals, however, this is not the case. In the quarter ended March 31, 2023 the company had revenue of just $83 million, gross margins of -193%, and a net loss of $597 million. The company is drowning in both hard debt (short and long term conventional debt) and soft debt (payables, etc). As of March 31 they had a book value of -$2.1 billion. On top of weak fundamentals and an unproven business, the company will likely need to dilute shareholders to fund capex.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7efd667094293535407e2add4e464553\" alt=\"Income Statement (VinFast Form 20-F)\" title=\"Income Statement (VinFast Form 20-F)\" tg-width=\"640\" tg-height=\"502\"/><span>Income Statement (VinFast Form 20-F)</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa532431ca6af8f9201c3f02aece6908\" alt=\"Balance Sheet (VinFast Form 20-F)\" title=\"Balance Sheet (VinFast Form 20-F)\" tg-width=\"640\" tg-height=\"502\"/><span>Balance Sheet (VinFast Form 20-F)</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b1b843b8e5129dd07818f397884ee3c9\" alt=\"Balance Sheet (VinFast Form 20-F)\" title=\"Balance Sheet (VinFast Form 20-F)\" tg-width=\"640\" tg-height=\"546\"/><span>Balance Sheet (VinFast Form 20-F)</span></p><p>On a PS basis, the company is currently trading at an eye watering multiple of over 256 (extrapolating their March quarter forward). The company will likely grow so this PS is overstated, however the main issue is that they are still wildly overvalued with poor financials and an impaired ability to spend money on capex and expand. Their PE and BV ratios are both negative. Their debt load far exceeds their available liquidity.</p><p>Estimating a fair value for the company is difficult in this case. Given the company&#39;s challenged financials (specifically their high debt load relative to liquidity and negative book value) we don&#39;t view any price as being worth paying at this time. The operations have negative gross margins and the company has a negative book value, so both their operations and financial assets currently hold a negative value. In every respect, this remains a bottomless money pit until proven otherwise. We certainly don&#39;t think the company is worth nothing, however this is to say that the value of the company has a lot to do with the unavoidable dilution that is coming and how much money the company can raise rather than their current fundamentals.</p><p>While VinFast may very well end up being a successful company, the current valuation is a house of cards that is not supported by the fundamentals. Dilution of some form is likely on the way as the company is already burdened with a large debt load relative to their asset base and would have difficulty securing additional debt financing.</p><p>Of importance is the sheer amount of EV startups entering the ring. VinFast is one of many. If they are unable to both fund the necessary capex and produce high quality vehicles, the company will undoubtably see their valuation incinerated in due time. Even with flawless execution, it appears unlikely that VinFast can sustain their current valuation given the fundamentals at play as well as the competitiveness of the market they are in.</p><h2 id=\"id_1989168447\">Risks</h2><p>The main risk to this bearish view on VinFast is the potential for them to raise large amounts of equity capital thanks to their elevated valuation, essentially becoming a self-fulfilling prophecy. This is certainly possible, and the company could get funding from Vingroup themselves. In such a scenario, we still believe that this dilution would cause the share price to decline, as the valuation is simply too extreme at these levels.</p><p>Another risk to this bearish view is the potential for VinFast to produce cars that outcompete the alternatives and rapidly gain market share and notoriety. While this is possible, the sheer amount of competition in the auto market makes this a difficult proposition. This is especially true for an EV startup, of which there are many.</p><p>We view the current risk/reward to be atrocious and wouldn&#39;t consider touching this stock until they fix their seriously damaged financials and the valuation falls substantially.</p><h2 id=\"id_26140562\">Key Takeaway</h2><p>VinFast is a stock that investors should stay far away from. The company is unproven and their financials are abysmal. The market they are entering is exceedingly competitive. The company is vastly overvalued at these levels. Don&#39;t be lured in by short-term share price moves that are facilitated by a very low float.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>VinFast: Significantly Overvalued</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVinFast: Significantly Overvalued\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-08-25 11:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4630929-vinfast-significantly-overvalued><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>VinFast's market cap of over $85 billion is likely the result of a small float.The company's financials are abysmal, with low revenue, deeply negative gross margins, a large debt load, and a negative ...</p>\n\n<a href=\"https://seekingalpha.com/article/4630929-vinfast-significantly-overvalued\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VFS":"VinFast Auto"},"source_url":"https://seekingalpha.com/article/4630929-vinfast-significantly-overvalued","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2362399814","content_text":"VinFast's market cap of over $85 billion is likely the result of a small float.The company's financials are abysmal, with low revenue, deeply negative gross margins, a large debt load, and a negative book value.The competitive nature of the EV market and the need for capex funding further add to the risks of investing in VinFast.We believe the company is extremely overvalued and that investors should stay far away.Alex WongThesisAfter their post-IPO surge, VinFast (NASDAQ:VFS) now has a market cap of over $85 billion. This appears to be an overly optimistic valuation and is likely the result of a small float which will eventually get much larger. The company is in a terrible financial position and future dilution is likely. Even in a highly optimistic scenario the company will have difficulty growing into their current valuation. In our opinion, the company is overvalued and investors should stay far away from this stock.Meteoric RiseFor those of you unfamiliar with the company, VinFast is a Vietnamese EV startup founded in 2017 that is seeking to expand into North America as well as continue to sell in Southeast Asia. The company currently has a limited lineup of EV models and is seeking to expand their offerings over the coming years. Their goal of expanding in both geographies served and available models will require a significant amount of capex.VinFast Company Presentation August 2023VinFast Company Presentation August 2023VinFast Company Presentation August 2023VinFast went public via a SPAC merger on August 14. Since then, the stock has rocketed up from the roughly $10 a share SPAC price to over $36. This puts their current market cap at over $85 billion, a value which is well above many of their EV startup peers as well as legacy auto. On the surface, this is an impressive feat for a startup competing in a highly competitive market. Unfortunately for investors, what's under the hood is ugly.Data by YChartsData by YChartsHouse of CardsMany investors are probably wondering why VinFast is valued so highly. In our opinion, the major reason is likely due to a low float. According to Forbes, \"Pham Nhat Vuong, chairman of VinFast’s parent company in Vietnam, controlled at a minimum 99.1% of the company’s shares before it merged with Black Spade. The company declined to say what exact percentage of shares outstanding are currently publicly traded\". On top of this, shareholders of Black Spade Acquisition redeemed over 80% of the shares in the SPAC vehicle before the merger took place. The end result of these factors is an insanely small float available for trade, and a stock that is highly volatile and easy to move.This would be fine if the company was an established business that could justify their valuation with fundamentals, however, this is not the case. In the quarter ended March 31, 2023 the company had revenue of just $83 million, gross margins of -193%, and a net loss of $597 million. The company is drowning in both hard debt (short and long term conventional debt) and soft debt (payables, etc). As of March 31 they had a book value of -$2.1 billion. On top of weak fundamentals and an unproven business, the company will likely need to dilute shareholders to fund capex.Income Statement (VinFast Form 20-F)Balance Sheet (VinFast Form 20-F)Balance Sheet (VinFast Form 20-F)On a PS basis, the company is currently trading at an eye watering multiple of over 256 (extrapolating their March quarter forward). The company will likely grow so this PS is overstated, however the main issue is that they are still wildly overvalued with poor financials and an impaired ability to spend money on capex and expand. Their PE and BV ratios are both negative. Their debt load far exceeds their available liquidity.Estimating a fair value for the company is difficult in this case. Given the company's challenged financials (specifically their high debt load relative to liquidity and negative book value) we don't view any price as being worth paying at this time. The operations have negative gross margins and the company has a negative book value, so both their operations and financial assets currently hold a negative value. In every respect, this remains a bottomless money pit until proven otherwise. We certainly don't think the company is worth nothing, however this is to say that the value of the company has a lot to do with the unavoidable dilution that is coming and how much money the company can raise rather than their current fundamentals.While VinFast may very well end up being a successful company, the current valuation is a house of cards that is not supported by the fundamentals. Dilution of some form is likely on the way as the company is already burdened with a large debt load relative to their asset base and would have difficulty securing additional debt financing.Of importance is the sheer amount of EV startups entering the ring. VinFast is one of many. If they are unable to both fund the necessary capex and produce high quality vehicles, the company will undoubtably see their valuation incinerated in due time. Even with flawless execution, it appears unlikely that VinFast can sustain their current valuation given the fundamentals at play as well as the competitiveness of the market they are in.RisksThe main risk to this bearish view on VinFast is the potential for them to raise large amounts of equity capital thanks to their elevated valuation, essentially becoming a self-fulfilling prophecy. This is certainly possible, and the company could get funding from Vingroup themselves. In such a scenario, we still believe that this dilution would cause the share price to decline, as the valuation is simply too extreme at these levels.Another risk to this bearish view is the potential for VinFast to produce cars that outcompete the alternatives and rapidly gain market share and notoriety. While this is possible, the sheer amount of competition in the auto market makes this a difficult proposition. This is especially true for an EV startup, of which there are many.We view the current risk/reward to be atrocious and wouldn't consider touching this stock until they fix their seriously damaged financials and the valuation falls substantially.Key TakeawayVinFast is a stock that investors should stay far away from. The company is unproven and their financials are abysmal. The market they are entering is exceedingly competitive. The company is vastly overvalued at these levels. Don't be lured in by short-term share price moves that are facilitated by a very low float.","news_type":1},"isVote":1,"tweetType":1,"viewCount":185,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":202520501129216,"gmtCreate":1690482003447,"gmtModify":1690482007520,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4134355335802692","idStr":"4134355335802692"},"themes":[],"htmlText":"Has anyone else's growth campaign reset?","listText":"Has anyone else's growth campaign reset?","text":"Has anyone else's growth campaign reset?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/202520501129216","isVote":1,"tweetType":1,"viewCount":200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":202116905992328,"gmtCreate":1690351547402,"gmtModify":1690351552163,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4134355335802692","idStr":"4134355335802692"},"themes":[],"htmlText":"What are the warning signs in Tesla's latest annual report?&nbsp;<a href=\"https://ttm.financial/U/4141429963588842/\">@TigerGpt&nbsp;</a>TigerGPT，your new investing superpower&nbsp;<a href=\"https://www.tigerbrokers.com.sg/activity/market/2023/tigerGPT-promotion\">Click to learn more&nbsp;</a>","listText":"What are the warning signs in Tesla's latest annual report?&nbsp;<a href=\"https://ttm.financial/U/4141429963588842/\">@TigerGpt&nbsp;</a>TigerGPT，your new investing superpower&nbsp;<a href=\"https://www.tigerbrokers.com.sg/activity/market/2023/tigerGPT-promotion\">Click to learn more&nbsp;</a>","text":"What are the warning signs in Tesla's latest annual report? @TigerGpt TigerGPT，your new investing superpower Click to learn more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/202116905992328","isVote":1,"tweetType":1,"viewCount":452,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4141429963588842","authorId":"4141429963588842","name":"TigerGPT","avatar":"https://community-static.tradeup.com/news/5b82af1deb17dfa8f94b4741b9ea2738","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"4141429963588842","idStr":"4141429963588842"},"content":"Based on the information in the context, the warning signs in Tesla's latest annual report are the decrease in net income for the six months ended June 30, 2023, and the decrease in total gross margin from 25.0% to 18.2% in Q2 2023 compared to Q2 2022, mainly due to lower average selling price on vehicles and margin headwinds from underutilization of new factories. Furthermore, Tesla faces several legal proceedings and proposed class actions with uncertain outcomes. Reference articles： Tesla Posts Earnings Beat, but Investors Want More Tesla Q2 Earnings: We Were Early, But Not Wrong, As Operating Margins Contract With EPS Growth And More, Tesla (NASDAQ:TSLA) Makes An Interesting Case Trouble for Tesla? Government Investigations, Analyst Fears Rise Tesla Skeptics Push Back After Sizzling $500 Billion Rally","text":"Based on the information in the context, the warning signs in Tesla's latest annual report are the decrease in net income for the six months ended June 30, 2023, and the decrease in total gross margin from 25.0% to 18.2% in Q2 2023 compared to Q2 2022, mainly due to lower average selling price on vehicles and margin headwinds from underutilization of new factories. Furthermore, Tesla faces several legal proceedings and proposed class actions with uncertain outcomes. Reference articles： Tesla Posts Earnings Beat, but Investors Want More Tesla Q2 Earnings: We Were Early, But Not Wrong, As Operating Margins Contract With EPS Growth And More, Tesla (NASDAQ:TSLA) Makes An Interesting Case Trouble for Tesla? Government Investigations, Analyst Fears Rise Tesla Skeptics Push Back After Sizzling $500 Billion Rally","html":"Based on the information in the context, the warning signs in Tesla's latest annual report are the decrease in net income for the six months ended June 30, 2023, and the decrease in total gross margin from 25.0% to 18.2% in Q2 2023 compared to Q2 2022, mainly due to lower average selling price on vehicles and margin headwinds from underutilization of new factories. Furthermore, Tesla faces several legal proceedings and proposed class actions with uncertain outcomes. Reference articles： Tesla Posts Earnings Beat, but Investors Want More Tesla Q2 Earnings: We Were Early, But Not Wrong, As Operating Margins Contract With EPS Growth And More, Tesla (NASDAQ:TSLA) Makes An Interesting Case Trouble for Tesla? Government Investigations, Analyst Fears Rise Tesla Skeptics Push Back After Sizzling $500 Billion Rally"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":201793474437304,"gmtCreate":1690302434605,"gmtModify":1690302438428,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4134355335802692","idStr":"4134355335802692"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GRMN\">$Garmin(GRMN)$ &nbsp;</a>","listText":"<a href=\"https://ttm.financial/S/GRMN\">$Garmin(GRMN)$ &nbsp;</a>","text":"$Garmin(GRMN)$","images":[{"img":"https://community-static.tradeup.com/news/5c42df74c6265ac803d416842583f788","width":"1080","height":"1970"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/201793474437304","isVote":1,"tweetType":1,"viewCount":358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":191687301054736,"gmtCreate":1687807312666,"gmtModify":1687807317386,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4134355335802692","idStr":"4134355335802692"},"themes":[],"htmlText":"I just keep getting more cards","listText":"I just keep getting more cards","text":"I just keep getting more cards","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/191687301054736","isVote":1,"tweetType":1,"viewCount":251,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":766195571556672,"gmtCreate":1687807254243,"gmtModify":1687807258878,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4134355335802692","idStr":"4134355335802692"},"themes":[],"htmlText":"I keep just getting more letters","listText":"I keep just getting more letters","text":"I keep just getting more letters","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/766195571556672","isVote":1,"tweetType":1,"viewCount":110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191477064937496,"gmtCreate":1687756125493,"gmtModify":1687756129215,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4134355335802692","idStr":"4134355335802692"},"themes":[],"htmlText":"Not sure anyone will win the 999","listText":"Not sure anyone will win the 999","text":"Not sure anyone will win the 999","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/191477064937496","isVote":1,"tweetType":1,"viewCount":219,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191073309606032,"gmtCreate":1687674280624,"gmtModify":1687674284513,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4134355335802692","idStr":"4134355335802692"},"themes":[],"htmlText":"Does anyone need any letters sent to them?","listText":"Does anyone need any letters sent to them?","text":"Does anyone need any letters sent to them?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/191073309606032","isVote":1,"tweetType":1,"viewCount":173,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3570103090255456","authorId":"3570103090255456","name":"JC888","avatar":"https://community-static.tradeup.com/news/f3e3c0218599fca5c4e265ddbee1fb32","crmLevel":4,"crmLevelSwitch":1,"authorIdStr":"3570103090255456","idStr":"3570103090255456"},"content":"Hi do you happen to have \"T\", \"G\" & \"E\". I only have 3\"R\"s to offer. My I'd is JC888.... Tks in adv.","text":"Hi do you happen to have \"T\", \"G\" & \"E\". I only have 3\"R\"s to offer. My I'd is JC888.... Tks in adv.","html":"Hi do you happen to have \"T\", \"G\" & \"E\". I only have 3\"R\"s to offer. My I'd is JC888.... Tks in adv."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190559674376344,"gmtCreate":1687548881646,"gmtModify":1687548885875,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4134355335802692","idStr":"4134355335802692"},"themes":[],"htmlText":"I'm just doing australia now to get points","listText":"I'm just doing australia now to get points","text":"I'm just doing australia now to get points","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190559674376344","isVote":1,"tweetType":1,"viewCount":135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190205944500272,"gmtCreate":1687462699484,"gmtModify":1687462703909,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4134355335802692","idStr":"4134355335802692"},"themes":[],"htmlText":"A few days without points now","listText":"A few days without points now","text":"A few days without points now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190205944500272","isVote":1,"tweetType":1,"viewCount":130,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189864773402888,"gmtCreate":1687379437361,"gmtModify":1687379440785,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4134355335802692","idStr":"4134355335802692"},"themes":[],"htmlText":"Ive got so many letters now","listText":"Ive got so many letters now","text":"Ive got so many letters now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/189864773402888","isVote":1,"tweetType":1,"viewCount":104,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189643921567776,"gmtCreate":1687325485153,"gmtModify":1687325488540,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4134355335802692","idStr":"4134355335802692"},"themes":[],"htmlText":"Counting down the days now","listText":"Counting down the days now","text":"Counting down the days now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/189643921567776","isVote":1,"tweetType":1,"viewCount":157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189126318862480,"gmtCreate":1687198941088,"gmtModify":1687198945194,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4134355335802692","idStr":"4134355335802692"},"themes":[],"htmlText":"What do we do with extra letters?","listText":"What do we do with extra letters?","text":"What do we do with extra letters?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/189126318862480","isVote":1,"tweetType":1,"viewCount":132,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9950054291,"gmtCreate":1672626491614,"gmtModify":1676538712734,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"Apple will still do well long term, it has the fundamentals. Tesla on the other hand.. distracted CEO, facing increased competition as others catch up. It will continue to be propped up by the Musk fans, but their numbers will start to dwindle","listText":"Apple will still do well long term, it has the fundamentals. Tesla on the other hand.. distracted CEO, facing increased competition as others catch up. It will continue to be propped up by the Musk fans, but their numbers will start to dwindle","text":"Apple will still do well long term, it has the fundamentals. Tesla on the other hand.. distracted CEO, facing increased competition as others catch up. It will continue to be propped up by the Musk fans, but their numbers will start to dwindle","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9950054291","isVote":1,"tweetType":1,"viewCount":99,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191073309606032,"gmtCreate":1687674280624,"gmtModify":1687674284513,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"Does anyone need any letters sent to them?","listText":"Does anyone need any letters sent to them?","text":"Does anyone need any letters sent to them?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/191073309606032","isVote":1,"tweetType":1,"viewCount":173,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3570103090255456","authorId":"3570103090255456","name":"JC888","avatar":"https://community-static.tradeup.com/news/f3e3c0218599fca5c4e265ddbee1fb32","crmLevel":4,"crmLevelSwitch":1,"idStr":"3570103090255456","authorIdStr":"3570103090255456"},"content":"Hi do you happen to have \"T\", \"G\" & \"E\". I only have 3\"R\"s to offer. My I'd is JC888.... Tks in adv.","text":"Hi do you happen to have \"T\", \"G\" & \"E\". I only have 3\"R\"s to offer. My I'd is JC888.... Tks in adv.","html":"Hi do you happen to have \"T\", \"G\" & \"E\". I only have 3\"R\"s to offer. My I'd is JC888.... Tks in adv."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9942114409,"gmtCreate":1681160285501,"gmtModify":1681162322808,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"We need to invite friend and make deposit to get Disney share?","listText":"We need to invite friend and make deposit to get Disney share?","text":"We need to invite friend and make deposit to get Disney share?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/9942114409","isVote":1,"tweetType":1,"viewCount":82,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4113904591642392","authorId":"4113904591642392","name":"LMSunshine","avatar":"https://community-static.tradeup.com/news/0ad636f2490d8428fcee9da6d669e46c","crmLevel":1,"crmLevelSwitch":0,"idStr":"4113904591642392","authorIdStr":"4113904591642392"},"content":"Yes unfortunately…if not we wont have enough redemption chances to have 1 share to redeem. Need any help to cheer for extra 0.5 attempt? If so reply me with the link.","text":"Yes unfortunately…if not we wont have enough redemption chances to have 1 share to redeem. Need any help to cheer for extra 0.5 attempt? If so reply me with the link.","html":"Yes unfortunately…if not we wont have enough redemption chances to have 1 share to redeem. Need any help to cheer for extra 0.5 attempt? If so reply me with the link."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":202116905992328,"gmtCreate":1690351547402,"gmtModify":1690351552163,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"What are the warning signs in Tesla's latest annual report?&nbsp;<a href=\"https://ttm.financial/U/4141429963588842/\">@TigerGpt&nbsp;</a>TigerGPT，your new investing superpower&nbsp;<a href=\"https://www.tigerbrokers.com.sg/activity/market/2023/tigerGPT-promotion\">Click to learn more&nbsp;</a>","listText":"What are the warning signs in Tesla's latest annual report?&nbsp;<a href=\"https://ttm.financial/U/4141429963588842/\">@TigerGpt&nbsp;</a>TigerGPT，your new investing superpower&nbsp;<a href=\"https://www.tigerbrokers.com.sg/activity/market/2023/tigerGPT-promotion\">Click to learn more&nbsp;</a>","text":"What are the warning signs in Tesla's latest annual report? @TigerGpt TigerGPT，your new investing superpower Click to learn more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/202116905992328","isVote":1,"tweetType":1,"viewCount":452,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4141429963588842","authorId":"4141429963588842","name":"TigerGPT","avatar":"https://community-static.tradeup.com/news/5b82af1deb17dfa8f94b4741b9ea2738","crmLevel":1,"crmLevelSwitch":0,"idStr":"4141429963588842","authorIdStr":"4141429963588842"},"content":"Based on the information in the context, the warning signs in Tesla's latest annual report are the decrease in net income for the six months ended June 30, 2023, and the decrease in total gross margin from 25.0% to 18.2% in Q2 2023 compared to Q2 2022, mainly due to lower average selling price on vehicles and margin headwinds from underutilization of new factories. Furthermore, Tesla faces several legal proceedings and proposed class actions with uncertain outcomes. Reference articles： Tesla Posts Earnings Beat, but Investors Want More Tesla Q2 Earnings: We Were Early, But Not Wrong, As Operating Margins Contract With EPS Growth And More, Tesla (NASDAQ:TSLA) Makes An Interesting Case Trouble for Tesla? Government Investigations, Analyst Fears Rise Tesla Skeptics Push Back After Sizzling $500 Billion Rally","text":"Based on the information in the context, the warning signs in Tesla's latest annual report are the decrease in net income for the six months ended June 30, 2023, and the decrease in total gross margin from 25.0% to 18.2% in Q2 2023 compared to Q2 2022, mainly due to lower average selling price on vehicles and margin headwinds from underutilization of new factories. Furthermore, Tesla faces several legal proceedings and proposed class actions with uncertain outcomes. Reference articles： Tesla Posts Earnings Beat, but Investors Want More Tesla Q2 Earnings: We Were Early, But Not Wrong, As Operating Margins Contract With EPS Growth And More, Tesla (NASDAQ:TSLA) Makes An Interesting Case Trouble for Tesla? Government Investigations, Analyst Fears Rise Tesla Skeptics Push Back After Sizzling $500 Billion Rally","html":"Based on the information in the context, the warning signs in Tesla's latest annual report are the decrease in net income for the six months ended June 30, 2023, and the decrease in total gross margin from 25.0% to 18.2% in Q2 2023 compared to Q2 2022, mainly due to lower average selling price on vehicles and margin headwinds from underutilization of new factories. Furthermore, Tesla faces several legal proceedings and proposed class actions with uncertain outcomes. Reference articles： Tesla Posts Earnings Beat, but Investors Want More Tesla Q2 Earnings: We Were Early, But Not Wrong, As Operating Margins Contract With EPS Growth And More, Tesla (NASDAQ:TSLA) Makes An Interesting Case Trouble for Tesla? Government Investigations, Analyst Fears Rise Tesla Skeptics Push Back After Sizzling $500 Billion Rally"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186379900711016,"gmtCreate":1686542185253,"gmtModify":1686542189463,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"This is harder than it looks","listText":"This is harder than it looks","text":"This is harder than it looks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/186379900711016","isVote":1,"tweetType":1,"viewCount":24,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":237924839280696,"gmtCreate":1699122668587,"gmtModify":1699122672830,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"Leaving a valid post","listText":"Leaving a valid post","text":"Leaving a valid post","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/237924839280696","isVote":1,"tweetType":1,"viewCount":407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189643921567776,"gmtCreate":1687325485153,"gmtModify":1687325488540,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"Counting down the days now","listText":"Counting down the days now","text":"Counting down the days now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/189643921567776","isVote":1,"tweetType":1,"viewCount":157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186602727256216,"gmtCreate":1686596740157,"gmtModify":1686596745446,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"Slowly getting better at this&nbsp;","listText":"Slowly getting better at this&nbsp;","text":"Slowly getting better at this","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/186602727256216","isVote":1,"tweetType":1,"viewCount":124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":239014167572536,"gmtCreate":1699390491850,"gmtModify":1699390495974,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"Leaving a valid post","listText":"Leaving a valid post","text":"Leaving a valid post","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/239014167572536","isVote":1,"tweetType":1,"viewCount":315,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":238693415108896,"gmtCreate":1699304238639,"gmtModify":1699304242932,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"Leaving a valid post","listText":"Leaving a valid post","text":"Leaving a valid post","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/238693415108896","isVote":1,"tweetType":1,"viewCount":186,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":238252600402120,"gmtCreate":1699202835223,"gmtModify":1699202839240,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"Another comment valid","listText":"Another comment valid","text":"Another comment valid","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/238252600402120","isVote":1,"tweetType":1,"viewCount":293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":236505056587936,"gmtCreate":1698776181094,"gmtModify":1698776185317,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"Daily prize is always gone","listText":"Daily prize is always gone","text":"Daily prize is always gone","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/236505056587936","isVote":1,"tweetType":1,"viewCount":355,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":236122713104592,"gmtCreate":1698679846286,"gmtModify":1698679850379,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"Tough game to get a high score!","listText":"Tough game to get a high score!","text":"Tough game to get a high score!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/236122713104592","isVote":1,"tweetType":1,"viewCount":303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":236122655629480,"gmtCreate":1698679827720,"gmtModify":1698679831308,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/236122655629480","repostId":"234642917355536","repostType":1,"repost":{"id":234642917355536,"gmtCreate":1698311957424,"gmtModify":1698656041037,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/c266ef25181ace18bec1262357bbe1a8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667667103859","authorIdStr":"3527667667103859"},"themes":[],"title":"Join Tiger's Halloween Fun! Win Big!","htmlText":"This Halloween, join Tiger for a game and have the chance to win a USD100 stock voucher and AAPL stock!*In the game, each player faces a 60-second challenge, where they must fend off four types of little ghosts👻 while avoiding spiders🕷️ and bombs💣 to collect candy points. These points can unlock incredible rewards, and there are daily surprises waiting for you to unwrap!Don't miss out on the spooktacular fun—come play with Tiger now!Click here to start the game👉 [<a href=\"https://www.tigerbrokers.nz/activity/market/2023/halloween?adcode=20231017114222\">Trick Or Trade</a>] 👈<a href=\"https://www.tigerbrokers.nz/activity/forapp/rules?id=Trickortrade03\" target=\"_blank\">*Promotion T&amp;Cs apply.</a>DisclaimerTFNZ shall have the right to determine whether a participant is entitled to receive th","listText":"This Halloween, join Tiger for a game and have the chance to win a USD100 stock voucher and AAPL stock!*In the game, each player faces a 60-second challenge, where they must fend off four types of little ghosts👻 while avoiding spiders🕷️ and bombs💣 to collect candy points. These points can unlock incredible rewards, and there are daily surprises waiting for you to unwrap!Don't miss out on the spooktacular fun—come play with Tiger now!Click here to start the game👉 [<a href=\"https://www.tigerbrokers.nz/activity/market/2023/halloween?adcode=20231017114222\">Trick Or Trade</a>] 👈<a href=\"https://www.tigerbrokers.nz/activity/forapp/rules?id=Trickortrade03\" target=\"_blank\">*Promotion T&amp;Cs apply.</a>DisclaimerTFNZ shall have the right to determine whether a participant is entitled to receive th","text":"This Halloween, join Tiger for a game and have the chance to win a USD100 stock voucher and AAPL stock!*In the game, each player faces a 60-second challenge, where they must fend off four types of little ghosts👻 while avoiding spiders🕷️ and bombs💣 to collect candy points. These points can unlock incredible rewards, and there are daily surprises waiting for you to unwrap!Don't miss out on the spooktacular fun—come play with Tiger now!Click here to start the game👉 [Trick Or Trade] 👈*Promotion T&Cs apply.DisclaimerTFNZ shall have the right to determine whether a participant is entitled to receive th","images":[{"img":"https://community-static.tradeup.com/news/645dfe9e869e87e7b1a7e0ffade4ebc8","width":"1200","height":"630"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/234642917355536","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":1,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":309,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":212573860475016,"gmtCreate":1692937755124,"gmtModify":1692937760788,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"Just crazy, still people buying into hype no matter the fundamentals. This will crash.","listText":"Just crazy, still people buying into hype no matter the fundamentals. This will crash.","text":"Just crazy, still people buying into hype no matter the fundamentals. This will crash.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/212573860475016","repostId":"2362399814","repostType":2,"repost":{"id":"2362399814","kind":"highlight","pubTimestamp":1692934288,"share":"https://ttm.financial/m/news/2362399814?lang=&edition=fundamental","pubTime":"2023-08-25 11:31","market":"us","language":"en","title":"VinFast: Significantly Overvalued","url":"https://stock-news.laohu8.com/highlight/detail?id=2362399814","media":"Seeking Alpha","summary":"VinFast's market cap of over $85 billion is likely the result of a small float.The company's financials are abysmal, with low revenue, deeply negative gross margins, a large debt load, and a negative ","content":"<html><head></head><body><ul><li><p>VinFast&#39;s market cap of over $85 billion is likely the result of a small float.</p></li><li><p>The company&#39;s financials are abysmal, with low revenue, deeply negative gross margins, a large debt load, and a negative book value.</p></li><li><p>The competitive nature of the EV market and the need for capex funding further add to the risks of investing in VinFast.</p></li><li><p>We believe the company is extremely overvalued and that investors should stay far away.</p></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5dfb2ba49a2e609c3afec44582aa4200\" alt=\"Alex Wong\" title=\"Alex Wong\" tg-width=\"750\" tg-height=\"500\"/><span>Alex Wong</span></p><h2 id=\"id_311020855\">Thesis</h2><p>After their post-IPO surge, VinFast (NASDAQ:VFS) now has a market cap of over $85 billion. This appears to be an overly optimistic valuation and is likely the result of a small float which will eventually get much larger. The company is in a terrible financial position and future dilution is likely. Even in a highly optimistic scenario the company will have difficulty growing into their current valuation. In our opinion, the company is overvalued and investors should stay far away from this stock.</p><h2 id=\"id_1754247175\">Meteoric Rise</h2><p>For those of you unfamiliar with the company, VinFast is a Vietnamese EV startup founded in 2017 that is seeking to expand into North America as well as continue to sell in Southeast Asia. The company currently has a limited lineup of EV models and is seeking to expand their offerings over the coming years. Their goal of expanding in both geographies served and available models will require a significant amount of capex.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/83ba4be717c840ef853ca71aabff487d\" alt=\"VinFast Company Presentation August 2023\" title=\"VinFast Company Presentation August 2023\" tg-width=\"640\" tg-height=\"318\"/><span>VinFast Company Presentation August 2023</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5352fca158f8ca4979e305004bd5bf3d\" alt=\"VinFast Company Presentation August 2023\" title=\"VinFast Company Presentation August 2023\" tg-width=\"640\" tg-height=\"304\"/><span>VinFast Company Presentation August 2023</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5789a6f5ccd37449b514d5d01c3f771c\" alt=\"VinFast Company Presentation August 2023\" title=\"VinFast Company Presentation August 2023\" tg-width=\"640\" tg-height=\"255\"/><span>VinFast Company Presentation August 2023</span></p><p>VinFast went public via a SPAC merger on August 14. Since then, the stock has rocketed up from the roughly $10 a share SPAC price to over $36. This puts their current market cap at over $85 billion, a value which is well above many of their EV startup peers as well as legacy auto. On the surface, this is an impressive feat for a startup competing in a highly competitive market. Unfortunately for investors, what&#39;s under the hood is ugly.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/25156316ffebd1645e1131a3e8e3f701\" alt=\"Data by YCharts\" title=\"Data by YCharts\" tg-width=\"635\" tg-height=\"417\"/><span>Data by YCharts</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b14cc49bd8e71032a4be7b46b83f18cd\" alt=\"Data by YCharts\" title=\"Data by YCharts\" tg-width=\"635\" tg-height=\"501\"/><span>Data by YCharts</span></p><h2 id=\"id_3190688647\">House of Cards</h2><p>Many investors are probably wondering why VinFast is valued so highly. In our opinion, the major reason is likely due to a low float. According to Forbes, &#34;<em>Pham Nhat Vuong, chairman of VinFast’s parent company in Vietnam, controlled at a minimum 99.1% of the company’s shares before it merged with Black Spade. The company declined to say what exact percentage of shares outstanding are currently publicly traded</em>&#34;. On top of this, shareholders of Black Spade Acquisition redeemed over 80% of the shares in the SPAC vehicle before the merger took place. The end result of these factors is an insanely small float available for trade, and a stock that is highly volatile and easy to move.</p><p>This would be fine if the company was an established business that could justify their valuation with fundamentals, however, this is not the case. In the quarter ended March 31, 2023 the company had revenue of just $83 million, gross margins of -193%, and a net loss of $597 million. The company is drowning in both hard debt (short and long term conventional debt) and soft debt (payables, etc). As of March 31 they had a book value of -$2.1 billion. On top of weak fundamentals and an unproven business, the company will likely need to dilute shareholders to fund capex.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7efd667094293535407e2add4e464553\" alt=\"Income Statement (VinFast Form 20-F)\" title=\"Income Statement (VinFast Form 20-F)\" tg-width=\"640\" tg-height=\"502\"/><span>Income Statement (VinFast Form 20-F)</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa532431ca6af8f9201c3f02aece6908\" alt=\"Balance Sheet (VinFast Form 20-F)\" title=\"Balance Sheet (VinFast Form 20-F)\" tg-width=\"640\" tg-height=\"502\"/><span>Balance Sheet (VinFast Form 20-F)</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b1b843b8e5129dd07818f397884ee3c9\" alt=\"Balance Sheet (VinFast Form 20-F)\" title=\"Balance Sheet (VinFast Form 20-F)\" tg-width=\"640\" tg-height=\"546\"/><span>Balance Sheet (VinFast Form 20-F)</span></p><p>On a PS basis, the company is currently trading at an eye watering multiple of over 256 (extrapolating their March quarter forward). The company will likely grow so this PS is overstated, however the main issue is that they are still wildly overvalued with poor financials and an impaired ability to spend money on capex and expand. Their PE and BV ratios are both negative. Their debt load far exceeds their available liquidity.</p><p>Estimating a fair value for the company is difficult in this case. Given the company&#39;s challenged financials (specifically their high debt load relative to liquidity and negative book value) we don&#39;t view any price as being worth paying at this time. The operations have negative gross margins and the company has a negative book value, so both their operations and financial assets currently hold a negative value. In every respect, this remains a bottomless money pit until proven otherwise. We certainly don&#39;t think the company is worth nothing, however this is to say that the value of the company has a lot to do with the unavoidable dilution that is coming and how much money the company can raise rather than their current fundamentals.</p><p>While VinFast may very well end up being a successful company, the current valuation is a house of cards that is not supported by the fundamentals. Dilution of some form is likely on the way as the company is already burdened with a large debt load relative to their asset base and would have difficulty securing additional debt financing.</p><p>Of importance is the sheer amount of EV startups entering the ring. VinFast is one of many. If they are unable to both fund the necessary capex and produce high quality vehicles, the company will undoubtably see their valuation incinerated in due time. Even with flawless execution, it appears unlikely that VinFast can sustain their current valuation given the fundamentals at play as well as the competitiveness of the market they are in.</p><h2 id=\"id_1989168447\">Risks</h2><p>The main risk to this bearish view on VinFast is the potential for them to raise large amounts of equity capital thanks to their elevated valuation, essentially becoming a self-fulfilling prophecy. This is certainly possible, and the company could get funding from Vingroup themselves. In such a scenario, we still believe that this dilution would cause the share price to decline, as the valuation is simply too extreme at these levels.</p><p>Another risk to this bearish view is the potential for VinFast to produce cars that outcompete the alternatives and rapidly gain market share and notoriety. While this is possible, the sheer amount of competition in the auto market makes this a difficult proposition. This is especially true for an EV startup, of which there are many.</p><p>We view the current risk/reward to be atrocious and wouldn&#39;t consider touching this stock until they fix their seriously damaged financials and the valuation falls substantially.</p><h2 id=\"id_26140562\">Key Takeaway</h2><p>VinFast is a stock that investors should stay far away from. The company is unproven and their financials are abysmal. The market they are entering is exceedingly competitive. The company is vastly overvalued at these levels. Don&#39;t be lured in by short-term share price moves that are facilitated by a very low float.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>VinFast: Significantly Overvalued</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVinFast: Significantly Overvalued\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-08-25 11:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4630929-vinfast-significantly-overvalued><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>VinFast's market cap of over $85 billion is likely the result of a small float.The company's financials are abysmal, with low revenue, deeply negative gross margins, a large debt load, and a negative ...</p>\n\n<a href=\"https://seekingalpha.com/article/4630929-vinfast-significantly-overvalued\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VFS":"VinFast Auto"},"source_url":"https://seekingalpha.com/article/4630929-vinfast-significantly-overvalued","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2362399814","content_text":"VinFast's market cap of over $85 billion is likely the result of a small float.The company's financials are abysmal, with low revenue, deeply negative gross margins, a large debt load, and a negative book value.The competitive nature of the EV market and the need for capex funding further add to the risks of investing in VinFast.We believe the company is extremely overvalued and that investors should stay far away.Alex WongThesisAfter their post-IPO surge, VinFast (NASDAQ:VFS) now has a market cap of over $85 billion. This appears to be an overly optimistic valuation and is likely the result of a small float which will eventually get much larger. The company is in a terrible financial position and future dilution is likely. Even in a highly optimistic scenario the company will have difficulty growing into their current valuation. In our opinion, the company is overvalued and investors should stay far away from this stock.Meteoric RiseFor those of you unfamiliar with the company, VinFast is a Vietnamese EV startup founded in 2017 that is seeking to expand into North America as well as continue to sell in Southeast Asia. The company currently has a limited lineup of EV models and is seeking to expand their offerings over the coming years. Their goal of expanding in both geographies served and available models will require a significant amount of capex.VinFast Company Presentation August 2023VinFast Company Presentation August 2023VinFast Company Presentation August 2023VinFast went public via a SPAC merger on August 14. Since then, the stock has rocketed up from the roughly $10 a share SPAC price to over $36. This puts their current market cap at over $85 billion, a value which is well above many of their EV startup peers as well as legacy auto. On the surface, this is an impressive feat for a startup competing in a highly competitive market. Unfortunately for investors, what's under the hood is ugly.Data by YChartsData by YChartsHouse of CardsMany investors are probably wondering why VinFast is valued so highly. In our opinion, the major reason is likely due to a low float. According to Forbes, \"Pham Nhat Vuong, chairman of VinFast’s parent company in Vietnam, controlled at a minimum 99.1% of the company’s shares before it merged with Black Spade. The company declined to say what exact percentage of shares outstanding are currently publicly traded\". On top of this, shareholders of Black Spade Acquisition redeemed over 80% of the shares in the SPAC vehicle before the merger took place. The end result of these factors is an insanely small float available for trade, and a stock that is highly volatile and easy to move.This would be fine if the company was an established business that could justify their valuation with fundamentals, however, this is not the case. In the quarter ended March 31, 2023 the company had revenue of just $83 million, gross margins of -193%, and a net loss of $597 million. The company is drowning in both hard debt (short and long term conventional debt) and soft debt (payables, etc). As of March 31 they had a book value of -$2.1 billion. On top of weak fundamentals and an unproven business, the company will likely need to dilute shareholders to fund capex.Income Statement (VinFast Form 20-F)Balance Sheet (VinFast Form 20-F)Balance Sheet (VinFast Form 20-F)On a PS basis, the company is currently trading at an eye watering multiple of over 256 (extrapolating their March quarter forward). The company will likely grow so this PS is overstated, however the main issue is that they are still wildly overvalued with poor financials and an impaired ability to spend money on capex and expand. Their PE and BV ratios are both negative. Their debt load far exceeds their available liquidity.Estimating a fair value for the company is difficult in this case. Given the company's challenged financials (specifically their high debt load relative to liquidity and negative book value) we don't view any price as being worth paying at this time. The operations have negative gross margins and the company has a negative book value, so both their operations and financial assets currently hold a negative value. In every respect, this remains a bottomless money pit until proven otherwise. We certainly don't think the company is worth nothing, however this is to say that the value of the company has a lot to do with the unavoidable dilution that is coming and how much money the company can raise rather than their current fundamentals.While VinFast may very well end up being a successful company, the current valuation is a house of cards that is not supported by the fundamentals. Dilution of some form is likely on the way as the company is already burdened with a large debt load relative to their asset base and would have difficulty securing additional debt financing.Of importance is the sheer amount of EV startups entering the ring. VinFast is one of many. If they are unable to both fund the necessary capex and produce high quality vehicles, the company will undoubtably see their valuation incinerated in due time. Even with flawless execution, it appears unlikely that VinFast can sustain their current valuation given the fundamentals at play as well as the competitiveness of the market they are in.RisksThe main risk to this bearish view on VinFast is the potential for them to raise large amounts of equity capital thanks to their elevated valuation, essentially becoming a self-fulfilling prophecy. This is certainly possible, and the company could get funding from Vingroup themselves. In such a scenario, we still believe that this dilution would cause the share price to decline, as the valuation is simply too extreme at these levels.Another risk to this bearish view is the potential for VinFast to produce cars that outcompete the alternatives and rapidly gain market share and notoriety. While this is possible, the sheer amount of competition in the auto market makes this a difficult proposition. This is especially true for an EV startup, of which there are many.We view the current risk/reward to be atrocious and wouldn't consider touching this stock until they fix their seriously damaged financials and the valuation falls substantially.Key TakeawayVinFast is a stock that investors should stay far away from. The company is unproven and their financials are abysmal. The market they are entering is exceedingly competitive. The company is vastly overvalued at these levels. Don't be lured in by short-term share price moves that are facilitated by a very low float.","news_type":1},"isVote":1,"tweetType":1,"viewCount":185,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":202520501129216,"gmtCreate":1690482003447,"gmtModify":1690482007520,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"Has anyone else's growth campaign reset?","listText":"Has anyone else's growth campaign reset?","text":"Has anyone else's growth campaign reset?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/202520501129216","isVote":1,"tweetType":1,"viewCount":200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":201793474437304,"gmtCreate":1690302434605,"gmtModify":1690302438428,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GRMN\">$Garmin(GRMN)$ &nbsp;</a>","listText":"<a href=\"https://ttm.financial/S/GRMN\">$Garmin(GRMN)$ &nbsp;</a>","text":"$Garmin(GRMN)$","images":[{"img":"https://community-static.tradeup.com/news/5c42df74c6265ac803d416842583f788","width":"1080","height":"1970"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/201793474437304","isVote":1,"tweetType":1,"viewCount":358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":191687301054736,"gmtCreate":1687807312666,"gmtModify":1687807317386,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"I just keep getting more cards","listText":"I just keep getting more cards","text":"I just keep getting more cards","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/191687301054736","isVote":1,"tweetType":1,"viewCount":251,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":766195571556672,"gmtCreate":1687807254243,"gmtModify":1687807258878,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"I keep just getting more letters","listText":"I keep just getting more letters","text":"I keep just getting more letters","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/766195571556672","isVote":1,"tweetType":1,"viewCount":110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191477064937496,"gmtCreate":1687756125493,"gmtModify":1687756129215,"author":{"id":"4134355335802692","authorId":"4134355335802692","name":"MattK","avatar":"https://community-static.tradeup.com/news/86244e7277b2df0d3b8f9307f816d030","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4134355335802692","authorIdStr":"4134355335802692"},"themes":[],"htmlText":"Not sure anyone will win the 999","listText":"Not sure anyone will win the 999","text":"Not sure anyone will win the 999","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/191477064937496","isVote":1,"tweetType":1,"viewCount":219,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}