Mekong Capital - 2Q15 · PDF fileaffordable housing units sold in Ho Chi Minh City during the...
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MEKONG CAPITAL – 2Q15 NEWSLETTER for the period ended 30 June 2015 Please click here if you cannot view this e-mail in HTML. If you wish to unsubscribe from our mailing list, please reply to [email protected]. SPOTLIGHT ON MEKONG CAPITAL SPOTLIGHT ON INVESTEE COMPANIES SPOTLIGHT ON MEKONG CAPITAL The Mekong Enterprise Fund III (“MEF III”) was launched in May 2015. MEF III’s “First Closing” was $87.4 million in capital, and it expects to have a Final Closing of $150 million in the coming months. MEF III focuses on consumer-driven private equity investments in Vietnam with an expected average investment size from $8-15 million. MEF III can make both minority and buy-out investment. MEF III applies Mekong Capital’s well proven approach towards adding value as a shareholder, which is grounded in the Vision Driven Investing framework and Mekong Capital’s extensive network of international experts and resources. MEKONG ENTERPRISE FUND III COMMENCES OPERATIONS
Transcript of Mekong Capital - 2Q15 · PDF fileaffordable housing units sold in Ho Chi Minh City during the...
MEKONG CAPITAL – 2Q15 NEWSLETTER for the period ended 30 June 2015
Please click here if you cannot view this e-mail in HTML. If you wish to unsubscribe from our mailing list, please reply to [email protected].
SPOTLIGHT ON MEKONG CAPITALSPOTLIGHT ON INVESTEE COMPANIES
SPOTLIGHT ON MEKONG CAPITAL
The Mekong Enterprise Fund III (“MEF III”) was launched in May 2015.
MEF III’s “First Closing” was $87.4 million in capital, and it expects to have
a Final Closing of $150 million in the coming months.
MEF III focuses on consumer-driven private equity investments in Vietnam
with an expected average investment size from $8-15 million. MEF III can
make both minority and buy-out investment.
MEF III applies Mekong Capital’s well proven approach towards adding
value as a shareholder, which is grounded in the Vision Driven Investing
framework and Mekong Capital’s extensive network of international experts
and resources.
MEKONG ENTERPRISE FUND III
COMMENCES OPERATIONS
SPOTLIGHT ON INVESTEE COMPANIES
MobileWorld opened 59 new stores during the second quarter, bringing the
total to 430 Thegioididong.com stores and 31 DienmayXANH.com stores
nationwide by the end of the second quarter. MobileWorld achieved net
profit of VND455.8 billion in the first half, representing a growth rate of
46% compared to the same period last year. Meanwhile, online revenues
during the first half of 2015 were VND676 billion, making MobileWorld
Vietnam’s largest online electronics retailer, and one of Vietnam’s two
largest B2C online retailers, together with Vietnam Airlines.
Sector: Retail of Mobile & Consumer Electronics
www.thegioididong.com
www.dienmayxanh.com
MOBILEWORLDOPENED 59
NEW STORES DURING 2Q15
TRAPHACOEXCLUSIVE DISTRIBUTOR FOR
SANDOZ IN VIETNAM
map it
Traphaco and Sandoz reached an agreement in which Traphaco will be the
exclusive distributor for Sandoz in Vietnam’s OTC market for Sandoz’ entire
portfolio of 41 products.
The two companies set a revenue target for the distribution partnership of
$4.5 million for 2H15, $10 million for 2016 and $13 million for 2017.
The arrangement will commence August 2015. This is a big win for Traphaco
in leveraging the value of its network of direct distribution to 20,000
pharmacies nationwide.
Sector: Pharmaceuticals
www.traphaco.com.vn
PNJ’s core business, gold jewelry retail, continued its strong growth,
achieving y-o-y revenue growth of 45% by the end of 30 June 2015. It
led the jewelry retail operating profit to grow by 57% in the first half.
This strong performance was driven both by strong same-store-sales
growth of 27% during the period as a continuous outcome of organizing
around customer satisfaction at store level, and an increase of 21% in
retail space during the period by adding new store locations.
Sector: Jewelry Retail
www.pnj.com. vn
PHU NHUAN JEWELRY1H JEWELRY RETAIL OPERATING
PROFIT GREW BY 57%
map it
Nam Long continued to strengthen their strong foundation in affordable
housing segment with 387 units sold in 2Q15. This comprised 14% of all
affordable housing units sold in Ho Chi Minh City during the period according
to CBRE.
Sector: Affordable Housing
www.namlongvn.com
NAM LONGSOLD 387
HOMES IN 2Q15
map it
map it
PERFORMANCE OF LISTED INVESTEE COMPANIES CURRENTLY HELD BY MEKONG CAPITAL’S FUNDS
(1) 2015 net profit estimate is Mekong Capital’s internal estimate that does not represent the official targets of investee companies or estimates
from the management teams of those companies. Mekong Capital’s estimate is subject to frequent changes as new information becomes public.
(2) This is calculated based on the audited net profit data of the investee companies for the year ended 31 December 2014.
(3) The share price performance of FPT, PNJ and MWG are calculated against the adjusted prices based on the companies’ corporate actions
(e.g. share dividend, share split).
Company Name
Trading CodeShare Price(10 Aug 15)
(VND)
2015 YTD Share Price
Performance(against 31
Dec 14)
2015 NetProfit Estimate(VND Billion) (1)
2015P/E ratioEstimate
2015 Net ProfitGrowth Rate
Estimate (%)(2)
Percent held byMekong’s funds
(10 Aug 15)
Traphaco TRA 81,000 11% 211 9.5 29% 24.99%
FPT Corporation FPT 48,500 16%(3) 1,902 10.1 17% 0.86%
Phu Nhuan Jewelry PNJ 34,800 14%(3) 258 13.3 0% 6.57%
Intresco ITC 9,000 20% 20 30.9 186% 10.29%
Nam Long NLG 19,800 13% 163 17.2 70% 4.54%
MobileWorld MWG 72,000 -15%(3) 1,028 9.8 54% 11.48%
Note:
Contact details MEKONG CAPITAL
Capital Place, 8th floor
6 Thai Van Lung, District 1, Ho Chi Minh City, Vietnam
Tel: (84 8) 3827 3161 - Fax: (84 8) 3827 3162
E-mail: [email protected]
www.mekongcapital.com
Some of data herein is the latest available to Mekong Capital at the date of this newsletter to be circulated. It might subject to be changed/updated lately
MEKONG CAPITAL – 2Q15 NEWSLETTER for the period ended 31 June 2015
Please click here if you cannot view this e-mail in HTML. If you wish to unsubscribe from our mailing list, please reply to [email protected].
SPOTLIGHT ON MEKONG CAPITALSPOTLIGHT ON INVESTEE COMPANIES
SPOTLIGHT ON MEKONG CAPITAL
The Mekong Enterprise Fund III (“MEF III”) was launched in May 2015.
MEF III’s “First Closing” was $87.4 million in capital, and it expects to have
a Final Closing of $150 million in the coming months.
MEF III focuses on consumer-driven private equity investments in Vietnam
with an expected average investment size from $8-15 million. MEF III can
make both minority and buy-out investment.
MEF III applies Mekong Capital’s well proven approach towards adding
value as a shareholder, which is grounded in the Vision Driven Investing
framework and Mekong Capital’s extensive network of international experts
and resources.
MEKONGENTERPRISE FUND III
COMMENCES OPERATIONS
SPOTLIGHT ON INVESTEE COMPANIES
MobileWorld opened 59 new stores during the second quarter, bringing the
total to 430 Thegioididong.com stores and 31 DienmayXANH.com stores
nationwide by the end of the second quarter. MobileWorld achieved net
profit of VND455.8 billion in the first half, representing a growth rate of
46% compared to the same period last year. Meanwhile, online revenues
during the first half of 2015 were VND676 billion, making MobileWorld
Vietnam’s largest online electronics retailer, and one of Vietnam’s two
largest B2C online retailers, together with Vietnam Airlines.
Sector: Retail of Mobile & Consumer Electronics
www.thegioididong.com
www.dienmayxanh.com
MOBILEWORLD OPENED 59
NEW STORES DURING 2Q15
TRAPHACOEXCLUSIVE DISTRIBUTOR FOR
SANDOZ IN VIETNAM
map it
Traphaco and Sandoz reached an agreement in which Traphaco will be the
exclusive distributor for Sandoz in Vietnam’s OTC market for Sandoz’ entire
portfolio of 41 products.
The two companies set a revenue target for the distribution partnership of
$4.5 million for 2H15, $10 million for 2016 and $13 million for 2017.
The arrangement will commence August 2015. This is a big win for Traphaco
in leveraging the value of its network of direct distribution to 20,000
pharmacies nationwide.
Sector: Pharmaceuticals
www.traphaco.com.vn
PNJ’s core business, gold jewelry retail, continued its strong growth,
achieving y-o-y revenue growth of 45% by the end of 30 June 2015. It
led the jewelry retail operating profit to grow by 57% in the first half.
This strong performance was driven both by strong same-store-sales
growth of 27% during the period as a continuous outcome of organizing
around customer satisfaction at store level, and an increase of 21% in
retail space during the period by adding new store locations.
Sector: Jewelry Retail
www.pnj.com. vn
PHU NHUAN JEWELRY1H JEWELRY RETAIL OPERATING
PROFIT GREW BY 57%
map it
Nam Long continued to strengthen their strong foundation in affordable
housing segment with 387 units sold in 2Q15. This comprised 14% of all
affordable housing units sold in Ho Chi Minh City during the period according
to CBRE.
Sector: Affordable Housing
www.namlongvn.com
NAM LONGSOLD 387
HOMES IN 2Q15
map it
map it
PERFORMANCE OF LISTED INVESTEE COMPANIES CURRENTLY HELD BY MEKONG CAPITAL’S FUNDS
(1) 2015 net profit estimate is Mekong Capital’s internal estimate that does not represent the official targets of investee companies or estimates
from the management teams of those companies. Mekong Capital’s estimate is subject to frequent changes as new information becomes public.
(2) This is calculated based on the audited net profit data of the investee companies for the year ended 31 December 2014.
(3) The share price performance of FPT, PNJ and MWG are calculated against the adjusted prices based on the companies’ corporate actions
(e.g. share dividend, share split).
Company Name
Trading CodeShare Price(10 Aug 15)
(VND)
2015 YTD Share Price
Performance(against 31
Dec 14)
2015 NetProfit Estimate(VND Billion) (1)
2015P/E ratioEstimate
2015 Net ProfitGrowth Rate
Estimate (%)(2)
Percent held byMekong’s funds
(10 Aug 15)
Traphaco TRA 81,000 11% 211 9.5 29% 24.99%
FPT Corporation FPT 48,500 16%(3) 1,902 10.1 17% 0.86%
Phu Nhuan Jewelry PNJ 34,800 14%(3) 258 13.3 0% 6.57%
Intresco ITC 9,000 20% 20 30.9 186% 10.29%
Nam Long NLG 19,800 13% 163 17.2 70% 4.54%
MobileWorld MWG 72,000 -15%(3) 1,028 9.8 54% 11.48%
Note:
Contact details MEKONG CAPITAL
Capital Place, 8th floor
6 Thai Van Lung, District 1, Ho Chi Minh City, Vietnam
Tel: (84 8) 3827 3161 - Fax: (84 8) 3827 3162
E-mail: [email protected]
www.mekongcapital.com
Some of data herein is the latest available to Mekong Capital at the date of this newsletter to be circulated. It might subject to be changed/updated lately
MEKONG CAPITAL – 2Q15 NEWSLETTER for the period ended 31 June 2015
Please click here if you cannot view this e-mail in HTML. If you wish to unsubscribe from our mailing list, please reply to [email protected].
SPOTLIGHT ON MEKONG CAPITALSPOTLIGHT ON INVESTEE COMPANIES
SPOTLIGHT ON MEKONG CAPITAL
The Mekong Enterprise Fund III (“MEF III”) was launched in May 2015.
MEF III’s “First Closing” was $87.4 million in capital, and it expects to have
a Final Closing of $150 million in the coming months.
MEF III focuses on consumer-driven private equity investments in Vietnam
with an expected average investment size from $8-15 million. MEF III can
make both minority and buy-out investment.
MEF III applies Mekong Capital’s well proven approach towards adding
value as a shareholder, which is grounded in the Vision Driven Investing
framework and Mekong Capital’s extensive network of international experts
and resources.
MEKONG ENTERPRISE FUND III
COMMENCES OPERATIONS
SPOTLIGHT ON INVESTEE COMPANIES
MobileWorld opened 59 new stores during the second quarter, bringing the
total to 430 Thegioididong.com stores and 31 DienmayXANH.com stores
nationwide by the end of the second quarter. MobileWorld achieved net
profit of VND455.8 billion in the first half, representing a growth rate of
46% compared to the same period last year. Meanwhile, online revenues
during the first half of 2015 were VND676 billion, making MobileWorld
Vietnam’s largest online electronics retailer, and one of Vietnam’s two
largest B2C online retailers, together with Vietnam Airlines.
Sector: Retail of Mobile & Consumer Electronics
www.thegioididong.com
www.dienmayxanh.com
MOBILEWORLD OPENED 59
NEW STORES DURING 2Q15
TRAPHACOEXCLUSIVE DISTRIBUTOR FOR
SANDOZ IN VIETNAM
map it
Traphaco and Sandoz reached an agreement in which Traphaco will be the
exclusive distributor for Sandoz in Vietnam’s OTC market for Sandoz’ entire
portfolio of 41 products.
The two companies set a revenue target for the distribution partnership of
$4.5 million for 2H15, $10 million for 2016 and $13 million for 2017.
The arrangement will commence August 2015. This is a big win for Traphaco
in leveraging the value of its network of direct distribution to 20,000
pharmacies nationwide.
Sector: Pharmaceuticals
www.traphaco.com.vn
PNJ’s core business, gold jewelry retail, continued its strong growth,
achieving y-o-y revenue growth of 45% by the end of 30 June 2015. It
led the jewelry retail operating profit to grow by 57% in the first half.
This strong performance was driven both by strong same-store-sales
growth of 27% during the period as a continuous outcome of organizing
around customer satisfaction at store level, and an increase of 21% in
retail space during the period by adding new store locations.
Sector: Jewelry Retail
www.pnj.com. vn
PHU NHUAN JEWELRY1H JEWELRY RETAIL OPERATING
PROFIT GREW BY 57%
map it
Nam Long continued to strengthen their strong foundation in affordable
housing segment with 387 units sold in 2Q15. This comprised 14% of all
affordable housing units sold in Ho Chi Minh City during the period according
to CBRE.
Sector: Affordable Housing
www.namlongvn.com
NAM LONGSOLD 387
HOMES IN 2Q15
map it
map it
PERFORMANCE OF LISTED INVESTEE COMPANIES CURRENTLY HELD BY MEKONG CAPITAL’S FUNDS
(1) 2015 net profit estimate is Mekong Capital’s internal estimate that does not represent the official targets of investee companies or estimates
from the management teams of those companies. Mekong Capital’s estimate is subject to frequent changes as new information becomes public.
(2) This is calculated based on the audited net profit data of the investee companies for the year ended 31 December 2014.
(3) The share price performance of FPT, PNJ and MWG are calculated against the adjusted prices based on the companies’ corporate actions
(e.g. share dividend, share split).
Company Name
Trading CodeShare Price(10 Aug 15)
(VND)
2015 YTD Share Price
Performance(against 31
Dec 14)
2015 NetProfit Estimate(VND Billion) (1)
2015P/E ratioEstimate
2015 Net ProfitGrowth Rate
Estimate (%)(2)
Percent held byMekong’s funds
(10 Aug 15)
Traphaco TRA 81,000 11% 211 9.5 29% 24.99%
FPT Corporation FPT 48,500 16%(3) 1,902 10.1 17% 0.86%
Phu Nhuan Jewelry PNJ 34,800 14%(3) 258 13.3 0% 6.57%
Intresco ITC 9,000 20% 20 30.9 186% 10.29%
Nam Long NLG 19,800 13% 163 17.2 70% 4.54%
MobileWorld MWG 72,000 -15%(3) 1,028 9.8 54% 11.48%
Note:
Contact details MEKONG CAPITAL
Capital Place, 8th floor
6 Thai Van Lung, District 1, Ho Chi Minh City, Vietnam
Tel: (84 8) 3827 3161 - Fax: (84 8) 3827 3162
E-mail: [email protected]
www.mekongcapital.com
Some of data herein is the latest available to Mekong Capital at the date of this newsletter to be circulated. It might subject to be changed/updated lately
MEKONG CAPITAL – 2Q15 NEWSLETTER for the period ended 31 June 2015
Please click here if you cannot view this e-mail in HTML. If you wish to unsubscribe from our mailing list, please reply to [email protected].
SPOTLIGHT ON MEKONG CAPITALSPOTLIGHT ON INVESTEE COMPANIES
SPOTLIGHT ON MEKONG CAPITAL
The Mekong Enterprise Fund III (“MEF III”) was launched in May 2015.
MEF III’s “First Closing” was $87.4 million in capital, and it expects to have
a Final Closing of $150 million in the coming months.
MEF III focuses on consumer-driven private equity investments in Vietnam
with an expected average investment size from $8-15 million. MEF III can
make both minority and buy-out investment.
MEF III applies Mekong Capital’s well proven approach towards adding
value as a shareholder, which is grounded in the Vision Driven Investing
framework and Mekong Capital’s extensive network of international experts
and resources.
MEKONGENTERPRISE FUND III
COMMENCES OPERATIONS
SPOTLIGHT ON INVESTEE COMPANIES
MobileWorld opened 59 new stores during the second quarter, bringing the
total to 430 Thegioididong.com stores and 31 DienmayXANH.com stores
nationwide by the end of the second quarter. MobileWorld achieved net
profit of VND455.8 billion in the first half, representing a growth rate of
46% compared to the same period last year. Meanwhile, online revenues
during the first half of 2015 were VND676 billion, making MobileWorld
Vietnam’s largest online electronics retailer, and one of Vietnam’s two
largest B2C online retailers, together with Vietnam Airlines.
Sector: Retail of Mobile & Consumer Electronics
www.thegioididong.com
www.dienmayxanh.com
MOBILEWORLDOPENED 59
NEW STORES DURING 2Q15
TRAPHACOEXCLUSIVE DISTRIBUTOR FOR
SANDOZ IN VIETNAM
map it
Traphaco and Sandoz reached an agreement in which Traphaco will be the
exclusive distributor for Sandoz in Vietnam’s OTC market for Sandoz’ entire
portfolio of 41 products.
The two companies set a revenue target for the distribution partnership of
$4.5 million for 2H15, $10 million for 2016 and $13 million for 2017.
The arrangement will commence August 2015. This is a big win for Traphaco
in leveraging the value of its network of direct distribution to 20,000
pharmacies nationwide.
Sector: Pharmaceuticals
www.traphaco.com.vn
PNJ’s core business, gold jewelry retail, continued its strong growth,
achieving y-o-y revenue growth of 45% by the end of 30 June 2015. It
led the jewelry retail operating profit to grow by 57% in the first half.
This strong performance was driven both by strong same-store-sales
growth of 27% during the period as a continuous outcome of organizing
around customer satisfaction at store level, and an increase of 21% in
retail space during the period by adding new store locations.
Sector: Jewelry Retail
www.pnj.com. vn
PHU NHUAN JEWELRY1H JEWELRY RETAIL OPERATING
PROFIT GREW BY 57%
map it
Nam Long continued to strengthen their strong foundation in affordable
housing segment with 387 units sold in 2Q15. This comprised 14% of all
affordable housing units sold in Ho Chi Minh City during the period according
to CBRE.
Sector: Affordable Housing
www.namlongvn.com
NAM LONGSOLD 387
HOMES IN 2Q15
map it
map it
PERFORMANCE OF LISTED INVESTEE COMPANIES CURRENTLY HELD BY MEKONG CAPITAL’S FUNDS
(1) 2015 net profit estimate is Mekong Capital’s internal estimate that does not represent the official targets of investee companies or estimates
from the management teams of those companies. Mekong Capital’s estimate is subject to frequent changes as new information becomes public.
(2) This is calculated based on the audited net profit data of the investee companies for the year ended 31 December 2014.
(3) The share price performance of FPT, PNJ and MWG are calculated against the adjusted prices based on the companies’ corporate actions
(e.g. share dividend, share split).
Company Name
Trading CodeShare Price(12 Aug 15)
(VND)
2015 YTD Share Price
Performance(against 31
Dec 14)
2015 NetProfit Estimate(VND Billion) (1)
2015P/E ratioEstimate
2015 Net ProfitGrowth Rate
Estimate (%)(2)
Percent held by Mekong’s funds
(12 Aug 15)
Traphaco TRA 82,000 12% 211 9.6 29% 24.99%
FPT Corporation FPT 47,600 14%(3) 1,902 9.9 17% 0.86%
Phu Nhuan Jewelry PNJ 34,500 13%(3) 258 13.1 0% 6.57%
Intresco ITC 8,700 16% 20 29.9 186% 10.29%
Nam Long NLG 19,400 10% 163 16.8 70% 4.54%
MobileWorld MWG 71,000 -16%(3) 1,028 9.6 54% 11.48%
Note:
Contact details MEKONG CAPITAL
Capital Place, 8th floor
6 Thai Van Lung, District 1, Ho Chi Minh City, Vietnam
Tel: (84 8) 3827 3161 - Fax: (84 8) 3827 3162
E-mail: [email protected]
www.mekongcapital.com
Some of data herein is the latest available to Mekong Capital at the date of this newsletter to be circulated. It might subject to be changed/updated lately
