VinFast: High cash burn rate raises questions about the required CAPEX for production expansion; continued growth in EV deliveries remains a key focus. UniCredit–Commerzbank bid: Complementary regional footprints and client mix; but Momentum 2028 goals may be too ambitious. JD Wetherspoon: Trading conditions remain challenging but Wetherspoon remains relatively well positioned; Government relief not enough to offset elevating costs


After speaking with several executives in the EV space,Ollie Coughlin, Analyst at Third Bridge made a series of remarks regarding VinFast, informed by the insights from industry experts:

Despite backing from Vingroup, VinFast’s high cash burn rate raises questions regarding its ability to fund the required CAPEX. Ultimately, execution is the primary de-risking mechanism: if VinFast hits its 2026 300,000 EV deliveries target, our expert expects no issues in raising capital. Continued growth in EV deliveries remains in focus moving forwards.

Our expert believes VinFast's target of 300,000 EV deliveries in 2026 is achievable, underpinned by strong EV adoption in Vinfast's home market and expansion of local production in Indonesia and India.

Of the two markets, our experts believe Indian is most ripe for growth due to the larger market size and supportive government policies. The initial 50,000 unit capacity in both India and Indonesia is expected to be fully utilised within 1-2 years, prompting a need to scale to the projected 150,000 and 350,000 units respectively.



In the financial space, Max Harper, Senior Analyst at Third Bridge comments on UniCredit–Commerzbank bid.

Our experts believe that the UniCredit takeover of Commerzbank makes sense, given their complementary regional footprints and client mix, with minimal overlap. Commerzbank, in its present state, is well placed to benefit from tailwinds such as Germany's fiscal stimulus due to its Mittelstand client base, similar to UniCredit's.

Despite this, our experts highlight issues with the current strategy, believing that the Momentum 2028 goals are too ambitious. This is compounded by a lack of scale, which may require a merger or takeover, further supporting the rationale for the bid.



In the UK pub market, Alex Smith, Global Sector Lead - Consumer at Third Bridge, made a series of remarks regarding JD Wetherspoon.

Our experts say trading conditions for the UK pub sector are likely to remain challenging through 2026, with volume growth under pressure despite a potential boost from the World Cup. Operators are expected to continue pushing through price increases slightly ahead of inflation, as cost-cutting opportunities from previous years have largely been exhausted.

JD Wetherspoon remains relatively well positioned given its strong value proposition. The company has been able to maintain competitive pricing by accepting lower margins and negotiating effectively with suppliers. This leaves it with greater flexibility than many peers, as its base pricing remains structurally lower across much of its estate.

Our experts say government support, including the 15 percent business rates relief, provides some near-term cost relief for pub operators but may not be sufficient to offset ongoing pressure from wages, utilities and other input costs.

JD Wetherspoon could rationalise its estate to around 700 to 800 sites, focusing on higher-performing locations such as prime London sites.