VinFast通过重组计划获得扩大业务的资金

VinFast (NASDAQ:VFS) locked up funding for the next 12 to 18 months with the sale of R&D assets to its founder.

The Vietnamese electric vehicle maker announced a restructuring plan involving the creation of a new entity and changes to its share exchange agreements. The company will spin off certain research and development assets from its subsidiary VinFast Trading and Production JSC into a new Vietnam-based entity called Novatech Research and Development. Initially, VinFast (NASDAQ:VFS) will retain a controlling stake in Novatech, although it intends to transfer all its shares in the new company to founder and CEO Pham Nhat Vuong for about VND39.8 trillion ($1.6 billion). After the transfer, VinFast will continue leasing back intellectual property as needed for its vehicle production.

At the same time, Vingroup, one of VinFast's (VFS) key stakeholders, will see its preference shareholdings in VFTP reallocated between VFTP and Novatech. Following the spin-off, Vingroup will hold over 4.1 billion preference shares in VFTP, of which approximately 1.6 billion will remain exchangeable into VinFast's (VFS) ordinary shares, and nearly 6.6 billion preference shares in Novatech. The restructuring remains subject to required approvals, and VinFast (VFS) said the restructuring plan reflects its ongoing efforts to streamline the business and strengthen the capital structure.

Chardan Research analyst called the restructuring a creative way to address the company’s financial needs and reduce a stress point for the stock. 

"Our focus for the second half is on scaling the business, as the company has an ambitious goal of doubling deliveries this year and opening factories in Vietnam, Indonesia, and India to serve that goal," he noted.

The firm expects a sharp increase in VinFast (VFS) deliveries in the second half of the year fromthe introduction of the new models targeting the transportation services industry and the increase in sales outside of Vietnam. Of note, VinFast (VFS) continues to expect to double deliveries of EVs this year, which equals unit sales of almost 195,000. This projection is supported by strong growth in the company’s home nation of Vietnam, where it is the overall market shareleader in passenger vehicles and dominates the EV space. 

Chardan Research has a Buy rating on VinFast (VFS) and a price target of $5.50.