VinFast, a leading Vietnamese electric car manufacturer is grabbing recent headlines with their affordable and luxury electric vehicles sold in major developed markets of

North America and Europe. Because of a lack of competitors in their niche market, they are expected to have annual growth of $18\%$ in the next $3$ years, followed by $12\%$ for

the following $2$ years, another $10\%$ in the next $3$ years before slowing down to $4\%$ per year, indefinitely, as rival firms scale up their electric vehicle production capacity. As a

leading analyst of Novice Hedge Fund, you believe VinFast has a beta of $1\mathrm{.}12$ and the risk$-$free rate of return and the Dow Jones Industrial Average index rates to be $3\mathrm{.}2\%$ and

$6\mathrm{.}25\%,$ respectively. VinFast followed a $25\%$ dividend retention rate and had an EPS of $$2\mathrm{.}5$ last year.

Calculate the intrinsic value of VinFast stock today. $[10$ marks$]$

Explain why the Temporary Supernormal Growth model is more appropriate for VinFast equity valuation, compared to constant growth model or the relative valuation

approach? $[5$ marks$]$

As an informed investor, how do you think the market efficiency level vary between Vietnam and North America? What are the implications of Efficient Market

Hypothesis in the context of VinFast cross$-$listing in these two markets? $[5$ marks$]$