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EQUITIES COMMENTARY
Aug 29, 2023
688% - Vinfast’s increase in market valuation since its SPAC listing on August 15th
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Vinfast Auto Ltd (VFS UW) has recently become one of the world's hottest stocks as its market valuation has soared. Quantity on loan has been increasing as a result.
Following its recent SPAC listing on August 15th, Vinfast Auto Ltd (VFS UW) has experienced a rapid increase in its share price. The Vietnamese car maker's $190B market valuation means that it is now larger than at least half of the companies within the Dow Jones Industrial Average. The limited free float of the company and its appeal to momentum-focused retail investors have reportedly helped to push market valuations increasingly higher over the last few weeks despite its lack of revenue generation and general market liquidity.
As the share price has increased, so has the associated level of short interest. The quantity of stock on loan has continued to rise. Utilization has now exceeded 92%, pushing lending fees higher as a result.
The sudden movement in share price along with the limited free float has evoked similarities to AMTD which experienced similar market moves last year.
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This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.
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