MEKONG CAPITAL – 3Q15 NEWSLETTER for the period ended 30 September 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 unsubscribe@mekongcapital.com.

SPOTLIGHT ON MEKONG CAPITALSPOTLIGHT ON INVESTEE COMPANIES

SPOTLIGHT ON MEKONG CAPITAL

Mekong Capital was awarded Private Equity International (PEI)’s 2015

Operational Excellence Award in the Asia-Pacific Small Cap Category based

on the success of its investment in Golden Gate Joint Stock company.

This is the third consecutive year Mekong Capital won a PEI award, and the

second time Mekong Capital won the Operational Excellence Award. Mekong

Capital won the Operational Excellence Award for the Asia Small Cap

category in 2013 in relation to its investment in MobileWorld Investment

Corp., and won Frontier Market Firm of the Year for 2014.

Discover our unique corporate culture through this story of our children’s

journey at Mekong Capital’s YouTube and Facebook channel.

PEI OPERATIONAL EXCELLENCE AWARD 2015

MEKONG CAPITAL’S MOVIE

SPOTLIGHT ON INVESTEE COMPANIES

During the third quarter, MobileWorld opened 60 new stores, bringing the

total to 482 Thegioididong.com stores and 39 DienmayXANH.com stores

nationwide by the end of the third quarter. MobileWorld achieved net profit

of VND 744 billion in the first 9 months of 2015, representing a growth

rate of 52% compared to the same period last year. The company has

approximately 36% market share in mobile phones, 39% in tablets, and

approximately 5-7% in consumer electronics and household appliances.

MobileWorld was #2 out of the top 10 Vietnamese retailers in the Retail

Asia-Pacific Top 500 2015 selected by Retail Asia magazine and market

research firm Euromonitor.

Sector: Retail of Mobile,

Consumer Electronics and FMCG

www.thegioididong.com

www.dienmayxanh.com

www.bachhoaxanh.com

MOBILEWORLD OPENED 60

NEW STORES IN 3Q15

LOC TROI GROUP NEW CORPORATE VISION

FPTFPT WINS $33.6 MILLION

CONTRACT IN BANGLADESH

map it

On August 23, Loc Troi Group (LT Group) came to life in Cao Lanh City,

Dong Thap Province, when An Giang Plant Protection (AGPPS) renamed

itself, and launched the new corporate vision to become a world-class

knowledge-based agriculture corporation with a sustainable value chain.

The company has started to restructure the distribution system which aims

to reduce the cost of sales and increase market share.

In September, FPT Information System (FIS), a subsidiary of FPT involved

in system integration, software solutions and IT services won a contract

with the Tax Department of Bangladesh valued at $33.6 million, which is

the biggest turnkey contract in Bangladesh, and also the biggest contract

for FPT. This, together with a number of other contracts that FIS has won

in Bangladesh, Cambodia, Philippines, Myanmar in the last two years, has

opened up opportunities for FPT in developing countries, together with the

success of FPT’s outsourcing service in developed countries such as Japan,

Western Europe and the United States.

FPT retail was also in top 10 Vietnamese retailers in the Retail Asia-Pacific Top

500 2015 selected by Retail Asia magazine and market research firm Euromonitor.

Sector: Agriculture

www.agpps.com

Sector: IT & Telecom

www.fpt.com.vn

PNJ’s gold jewelry retail continued to grow strong and achieved gross

profit of VND179 billion in the third quarter. It led the jewelry retail gross

profit to grow by 45% by end of September. This strong performance was

driven by an aggressive network expansion with 35 new stores opened

during the nine months, bringing the total to 189 stores nationwide.

Being consistent with the company’s commitment to focus on their core

business, PNJ completed the sixth divestment of a non-core investment,

Saigon M&C Real Estate JSC.

PNJ was #6 out of the top 10 Vietnamese retailers in the Retail Asia-Pacific

Top 500 2015 selected by Retail Asia magazine and market research firm

Euromonitor. In September, PNJ was also crowned “Employer of The Year”

at JNA Awards 2015.

For the new school year of 2015-2016, VAS welcomed more than 1,300 new

students into the system from K through 12 at 6 campuses in Ho Chi Minh City.

A new Mega Campus designed best-in-class facilities with a capacity of

2,000 students, located in Go Vap District is expected to operate in the

2016-2017 academic year.

Traphaco continued to expand its new sales policies with a further 1,100

retail customers (pharmacies) in 3Q15, bringing the total number of retail

customers under contracts to 21,700 by end of September. As such, Traphaco

has direct sales relationship with almost 54% of the total pharmaceutical

retailers in Vietnam.

Sector: Jewelry Retail

www.pnj.com.vn

Sector: K-12 Education

www.vas.edu.vn

Sector: Pharmaceuticals

www.traphaco.com.vn

PHU NHUAN JEWELRYGOLD JEWELRY RETAIL BLOSSOMED WITH

YTD GROSS PROFIT GROWTH OF 45%

VIETNAM AUSTRALIA INTERNATIONAL SCHOOLS

(“VAS”)1.300 NEW STUDENTS

TRAPHACODIRECT CONTRACTS WITH RETAILERS INCREASED TO 21,700

map it

map it

Nam Long continued to accelerate its strong sales with 655 units sold in

3Q15, bringing the total to 1,278 units sold by end of September.

In July, Nam Long sold 7.1 million shares to Ibeworth Pte., Ltd, which is

fully owned by giant Singaporean developer Keppel Land. Nam Long and

Keppel Land will explore opportunities to collaborate in future projects as

strategic partners.

Sector: Affordable Housing

www.namlongvn.com

NAM LONGSOLD 655

UNITS IN 3Q15

map it

map it

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.

Company Name

Trading CodeShare Price(5 Nov 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

(5 Nov 15)

Traphaco TRA 81,500 12% 180 11.2 10% 24.99%

FPT Corporation FPT 53,500 28% 1,902 11.2 17% 0.86%

Phu Nhuan Jewelry PNJ 32,000 4% 179 17.6 -30% 6.57%

Intresco ITC 8,800 17% 20 30.2 186% 10.29%

Nam Long NLG 21,200 20% 163 18.4 70% 4.54%

MobileWorld MWG 75,000 -11% 1,062 9.9 59% 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: info@mekongcapital.com

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 – 3Q15 NEWSLETTER for the period ended 30 September 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 unsubscribe@mekongcapital.com.

SPOTLIGHT ON MEKONG CAPITALSPOTLIGHT ON INVESTEE COMPANIES

SPOTLIGHT ON MEKONG CAPITAL

Mekong Capital was awarded Private Equity International (PEI)’s 2015

Operational Excellence Award in the Asia-Pacific Small Cap Category based

on the success of its investment in Golden Gate Joint Stock company.

This is the third consecutive year Mekong Capital won a PEI award, and the

second time Mekong Capital won the Operational Excellence Award. Mekong

Capital won the Operational Excellence Award for the Asia Small Cap

category in 2013 in relation to its investment in MobileWorld Investment

Corp., and won Frontier Market Firm of the Year for 2014.

Discover our unique corporate culture through this story of our children’s

journey at Mekong Capital’s YouTube and Facebook channel.

PEI OPERATIONAL EXCELLENCE AWARD 2015

MEKONG CAPITAL’S MOVIE

SPOTLIGHT ON INVESTEE COMPANIES

During the third quarter, MobileWorld opened 60 new stores, bringing the

total to 482 Thegioididong.com stores and 39 DienmayXANH.com stores

nationwide by the end of the third quarter. MobileWorld achieved net profit

of VND 744 billion in the first 9 months of 2015, representing a growth

rate of 52% compared to the same period last year. The company has

approximately 36% market share in mobile phones, 39% in tablets, and

approximately 5-7% in consumer electronics and household appliances.

MobileWorld was #2 out of the top 10 Vietnamese retailers in the Retail

Asia-Pacific Top 500 2015 selected by Retail Asia magazine and market

research firm Euromonitor.

Sector: Retail of Mobile,

Consumer Electronics and FMCG

www.thegioididong.com

www.dienmayxanh.com

www.bachhoaxanh.com

MOBILEWORLD OPENED 60

NEW STORES IN 3Q15

LOC TROI GROUP NEW CORPORATE VISION

FPTFPT WINS $33.6 MILLION

CONTRACT IN BANGLADESH

map it

On August 23, Loc Troi Group (LT Group) came to life in Cao Lanh City,

Dong Thap Province, when An Giang Plant Protection (AGPPS) renamed

itself, and launched the new corporate vision to become a world-class

knowledge-based agriculture corporation with a sustainable value chain.

The company has started to restructure the distribution system which aims

to reduce the cost of sales and increase market share.

In September, FPT Information System (FIS), a subsidiary of FPT involved

in system integration, software solutions and IT services won a contract

with the Tax Department of Bangladesh valued at $33.6 million, which is

the biggest turnkey contract in Bangladesh, and also the biggest contract

for FPT. This, together with a number of other contracts that FIS has won

in Bangladesh, Cambodia, Philippines, Myanmar in the last two years, has

opened up opportunities for FPT in developing countries, together with the

success of FPT’s outsourcing service in developed countries such as Japan,

Western Europe and the United States.

FPT retail was also in top 10 Vietnamese retailers in the Retail Asia-Pacific Top

500 2015 selected by Retail Asia magazine and market research firm Euromonitor.

Sector: Agriculture

www.agpps.com

Sector: IT & Telecom

www.fpt.com.vn

PNJ’s gold jewelry retail continued to grow strong and achieved gross

profit of VND179 billion in the third quarter. It led the jewelry retail gross

profit to grow by 45% by end of September. This strong performance was

driven by an aggressive network expansion with 35 new stores opened

during the nine months, bringing the total to 189 stores nationwide.

Being consistent with the company’s commitment to focus on their core

business, PNJ completed the sixth divestment of a non-core investment,

Saigon M&C Real Estate JSC.

PNJ was #6 out of the top 10 Vietnamese retailers in the Retail Asia-Pacific

Top 500 2015 selected by Retail Asia magazine and market research firm

Euromonitor. In September, PNJ was also crowned “Employer of The Year”

at JNA Awards 2015.

For the new school year of 2015-2016, VAS welcomed more than 1,300 new

students into the system from K through 12 at 6 campuses in Ho Chi Minh City.

A new Mega Campus designed best-in-class facilities with a capacity of

2,000 students, located in Go Vap District is expected to operate in the

2016-2017 academic year.

Traphaco continued to expand its new sales policies with a further 1,100

retail customers (pharmacies) in 3Q15, bringing the total number of retail

customers under contracts to 21,700 by end of September. As such, Traphaco

has direct sales relationship with almost 54% of the total pharmaceutical

retailers in Vietnam.

Sector: Jewelry Retail

www.pnj.com.vn

Sector: K-12 Education

www.vas.edu.vn

Sector: Pharmaceuticals

www.traphaco.com.vn

PHU NHUAN JEWELRYGOLD JEWELRY RETAIL BLOSSOMED WITH

YTD GROSS PROFIT GROWTH OF 45%

VIETNAM AUSTRALIA INTERNATIONAL SCHOOLS

(“VAS”)1.300 NEW STUDENTS

TRAPHACODIRECT CONTRACTS WITH RETAILERS INCREASED TO 21,700

map it

map it

Nam Long continued to accelerate its strong sales with 655 units sold in

3Q15, bringing the total to 1,278 units sold by end of September.

In July, Nam Long sold 7.1 million shares to Ibeworth Pte., Ltd, which is

fully owned by giant Singaporean developer Keppel Land. Nam Long and

Keppel Land will explore opportunities to collaborate in future projects as

strategic partners.

Sector: Affordable Housing

www.namlongvn.com

NAM LONGSOLD 655

UNITS IN 3Q15

map it

map it

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.

Company Name

Trading CodeShare Price(5 Nov 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

(5 Nov 15)

Traphaco TRA 81,500 12% 180 11.2 10% 24.99%

FPT Corporation FPT 53,500 28% 1,902 11.2 17% 0.86%

Phu Nhuan Jewelry PNJ 32,000 4% 179 17.6 -30% 6.57%

Intresco ITC 8,800 17% 20 30.2 186% 10.29%

Nam Long NLG 21,200 20% 163 18.4 70% 4.54%

MobileWorld MWG 75,000 -11% 1,062 9.9 59% 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: info@mekongcapital.com

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 – 3Q15 NEWSLETTER for the period ended 30 September 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 unsubscribe@mekongcapital.com.

SPOTLIGHT ON MEKONG CAPITALSPOTLIGHT ON INVESTEE COMPANIES

SPOTLIGHT ON MEKONG CAPITAL

Mekong Capital was awarded Private Equity International (PEI)’s 2015

Operational Excellence Award in the Asia-Pacific Small Cap Category based

on the success of its investment in Golden Gate Joint Stock company.

This is the third consecutive year Mekong Capital won a PEI award, and the

second time Mekong Capital won the Operational Excellence Award. Mekong

Capital won the Operational Excellence Award for the Asia Small Cap

category in 2013 in relation to its investment in MobileWorld Investment

Corp., and won Frontier Market Firm of the Year for 2014.

Discover our unique corporate culture through this story of our children’s

journey at Mekong Capital’s YouTube and Facebook channel.

PEI OPERATIONALEXCELLENCEAWARD 2015

MEKONG CAPITAL’SMOVIE

SPOTLIGHT ON INVESTEE COMPANIES

During the third quarter, MobileWorld opened 60 new stores, bringing the

total to 482 Thegioididong.com stores and 39 DienmayXANH.com stores

nationwide by the end of the third quarter. MobileWorld achieved net profit

of VND 744 billion in the first 9 months of 2015, representing a growth

rate of 52% compared to the same period last year. The company has

approximately 36% market share in mobile phones, 39% in tablets, and

approximately 5-7% in consumer electronics and household appliances.

MobileWorld was #2 out of the top 10 Vietnamese retailers in the Retail

Asia-Pacific Top 500 2015 selected by Retail Asia magazine and market

research firm Euromonitor.

Sector: Retail of Mobile,

Consumer Electronics and FMCG

www.thegioididong.com

www.dienmayxanh.com

www.bachhoaxanh.com

MOBILEWORLDOPENED 60

NEW STORES IN 3Q15

LOC TROI GROUP NEW CORPORATE VISION

FPTFPT WINS $33.6 MILLION

CONTRACT IN BANGLADESH

map it

On August 23, Loc Troi Group (LT Group) came to life in Cao Lanh City,

Dong Thap Province, when An Giang Plant Protection (AGPPS) renamed

itself, and launched the new corporate vision to become a world-class

knowledge-based agriculture corporation with a sustainable value chain.

The company has started to restructure the distribution system which aims

to reduce the cost of sales and increase market share.

In September, FPT Information System (FIS), a subsidiary of FPT involved

in system integration, software solutions and IT services won a contract

with the Tax Department of Bangladesh valued at $33.6 million, which is

the biggest turnkey contract in Bangladesh, and also the biggest contract

for FPT. This, together with a number of other contracts that FIS has won

in Bangladesh, Cambodia, Philippines, Myanmar in the last two years, has

opened up opportunities for FPT in developing countries, together with the

success of FPT’s outsourcing service in developed countries such as Japan,

Western Europe and the United States.

FPT retail was also in top 10 Vietnamese retailers in the Retail Asia-Pacific Top

500 2015 selected by Retail Asia magazine and market research firm Euromonitor.

Sector: Agriculture

www.agpps.com

Sector: IT & Telecom

www.fpt.com.vn

PNJ’s gold jewelry retail continued to grow strong and achieved gross

profit of VND179 billion in the third quarter. It led the jewelry retail gross

profit to grow by 45% by end of September. This strong performance was

driven by an aggressive network expansion with 35 new stores opened

during the nine months, bringing the total to 189 stores nationwide.

Being consistent with the company’s commitment to focus on their core

business, PNJ completed the sixth divestment of a non-core investment,

Saigon M&C Real Estate JSC.

PNJ was #6 out of the top 10 Vietnamese retailers in the Retail Asia-Pacific

Top 500 2015 selected by Retail Asia magazine and market research firm

Euromonitor. In September, PNJ was also crowned “Employer of The Year”

at JNA Awards 2015.

For the new school year of 2015-2016, VAS welcomed more than 1,300 new

students into the system from K through 12 at 6 campuses in Ho Chi Minh City.

A new Mega Campus designed best-in-class facilities with a capacity of

2,000 students, located in Go Vap District is expected to operate in the

2016-2017 academic year.

Traphaco continued to expand its new sales policies with a further 1,100

retail customers (pharmacies) in 3Q15, bringing the total number of retail

customers under contracts to 21,700 by end of September. As such, Traphaco

has direct sales relationship with almost 54% of the total pharmaceutical

retailers in Vietnam.

Sector: Jewelry Retail

www.pnj.com.vn

Sector: K-12 Education

www.vas.edu.vn

Sector: Pharmaceuticals

www.traphaco.com.vn

PHU NHUAN JEWELRYGOLD JEWELRY RETAIL BLOSSOMED WITH

YTD GROSS PROFIT GROWTH OF 45%

VIETNAM AUSTRALIA INTERNATIONAL SCHOOLS

(“VAS”)1.300 NEW STUDENTS

TRAPHACODIRECT CONTRACTS WITH RETAILERSINCREASED TO 21,700

Nam Long continued to accelerate its strong sales with 655 units sold in

3Q15, bringing the total to 1,278 units sold by end of September.

In July, Nam Long sold 7.1 million shares to Ibeworth Pte., Ltd, which is

fully owned by giant Singaporean developer Keppel Land. Nam Long and

Keppel Land will explore opportunities to collaborate in future projects as

strategic partners.

Sector: Affordable Housing

www.namlongvn.com

NAM LONGSOLD 655

UNITS IN 3Q15

map it

map it

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.

Company Name

Trading CodeShare Price(5 Nov 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

(5 Nov 15)

Traphaco TRA 81,500 12% 180 11.2 10% 24.99%

FPT Corporation FPT 53,500 28% 1,902 11.2 17% 0.86%

Phu Nhuan Jewelry PNJ 32,000 4% 179 17.6 -30% 6.57%

Intresco ITC 8,800 17% 20 30.2 186% 10.29%

Nam Long NLG 21,200 20% 163 18.4 70% 4.54%

MobileWorld MWG 75,000 -11% 1,062 9.9 59% 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: info@mekongcapital.com

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 – 3Q15 NEWSLETTER for the period ended 30 September 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 unsubscribe@mekongcapital.com.

SPOTLIGHT ON MEKONG CAPITALSPOTLIGHT ON INVESTEE COMPANIES

SPOTLIGHT ON MEKONG CAPITAL

Mekong Capital was awarded Private Equity International (PEI)’s 2015

Operational Excellence Award in the Asia-Pacific Small Cap Category based

on the success of its investment in Golden Gate Joint Stock company.

This is the third consecutive year Mekong Capital won a PEI award, and the

second time Mekong Capital won the Operational Excellence Award. Mekong

Capital won the Operational Excellence Award for the Asia Small Cap

category in 2013 in relation to its investment in MobileWorld Investment

Corp., and won Frontier Market Firm of the Year for 2014.

Discover our unique corporate culture through this story of our children’s

journey at Mekong Capital’s YouTube and Facebook channel.

PEI OPERATIONALEXCELLENCEAWARD 2015

MEKONG CAPITAL’SMOVIE

SPOTLIGHT ON INVESTEE COMPANIES

During the third quarter, MobileWorld opened 60 new stores, bringing the

total to 482 Thegioididong.com stores and 39 DienmayXANH.com stores

nationwide by the end of the third quarter. MobileWorld achieved net profit

of VND 744 billion in the first 9 months of 2015, representing a growth

rate of 52% compared to the same period last year. The company has

approximately 36% market share in mobile phones, 39% in tablets, and

approximately 5-7% in consumer electronics and household appliances.

MobileWorld was #2 out of the top 10 Vietnamese retailers in the Retail

Asia-Pacific Top 500 2015 selected by Retail Asia magazine and market

research firm Euromonitor.

Sector: Retail of Mobile,

Consumer Electronics and FMCG

www.thegioididong.com

www.dienmayxanh.com

www.bachhoaxanh.com

MOBILEWORLDOPENED 60

NEW STORES IN 3Q15

LOC TROI GROUP NEW CORPORATE VISION

FPTFPT WINS $33.6 MILLION

CONTRACT IN BANGLADESH

map it

On August 23, Loc Troi Group (LT Group) came to life in Cao Lanh City,

Dong Thap Province, when An Giang Plant Protection (AGPPS) renamed

itself, and launched the new corporate vision to become a world-class

knowledge-based agriculture corporation with a sustainable value chain.

The company has started to restructure the distribution system which aims

to reduce the cost of sales and increase market share.

In September, FPT Information System (FIS), a subsidiary of FPT involved

in system integration, software solutions and IT services won a contract

with the Tax Department of Bangladesh valued at $33.6 million, which is

the biggest turnkey contract in Bangladesh, and also the biggest contract

for FPT. This, together with a number of other contracts that FIS has won

in Bangladesh, Cambodia, Philippines, Myanmar in the last two years, has

opened up opportunities for FPT in developing countries, together with the

success of FPT’s outsourcing service in developed countries such as Japan,

Western Europe and the United States.

FPT retail was also in top 10 Vietnamese retailers in the Retail Asia-Pacific Top

500 2015 selected by Retail Asia magazine and market research firm Euromonitor.

Sector: Agriculture

www.agpps.com

Sector: IT & Telecom

www.fpt.com.vn

PNJ’s gold jewelry retail continued to grow strong and achieved gross

profit of VND179 billion in the third quarter. It led the jewelry retail gross

profit to grow by 45% by end of September. This strong performance was

driven by an aggressive network expansion with 35 new stores opened

during the nine months, bringing the total to 189 stores nationwide.

Being consistent with the company’s commitment to focus on their core

business, PNJ completed the sixth divestment of a non-core investment,

Saigon M&C Real Estate JSC.

PNJ was #6 out of the top 10 Vietnamese retailers in the Retail Asia-Pacific

Top 500 2015 selected by Retail Asia magazine and market research firm

Euromonitor. In September, PNJ was also crowned “Employer of The Year”

at JNA Awards 2015.

For the new school year of 2015-2016, VAS welcomed more than 1,300 new

students into the system from K through 12 at 6 campuses in Ho Chi Minh City.

A new Mega Campus designed best-in-class facilities with a capacity of

2,000 students, located in Go Vap District is expected to operate in the

2016-2017 academic year.

Traphaco continued to expand its new sales policies with a further 1,100

retail customers (pharmacies) in 3Q15, bringing the total number of retail

customers under contracts to 21,700 by end of September. As such, Traphaco

has direct sales relationship with almost 54% of the total pharmaceutical

retailers in Vietnam.

Sector: Jewelry Retail

www.pnj.com.vn

Sector: K-12 Education

www.vas.edu.vn

Sector: Pharmaceuticals

www.traphaco.com.vn

PHU NHUAN JEWELRYGOLD JEWELRY RETAIL BLOSSOMED WITH

YTD GROSS PROFIT GROWTH OF 45%

VIETNAM AUSTRALIA INTERNATIONAL SCHOOLS

(“VAS”)1,300 NEW STUDENTS

TRAPHACODIRECT CONTRACTS WITH RETAILERSINCREASED TO 21,700

map it

map it

Nam Long continued to accelerate its strong sales with 655 units sold in

3Q15, bringing the total to 1,278 units sold by end of September.

In July, Nam Long sold 7.1 million shares to Ibeworth Pte., Ltd, which is

fully owned by giant Singaporean developer Keppel Land. Nam Long and

Keppel Land will explore opportunities to collaborate in future projects as

strategic partners.

Sector: Affordable Housing

www.namlongvn.com

NAM LONGSOLD 655

UNITS IN 3Q15

map it

map it

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.

Company Name

Trading CodeShare Price(5 Nov 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

(5 Nov 15)

Traphaco TRA 81,500 12% 180 11.2 10% 24.99%

FPT Corporation FPT 53,500 28% 1,902 11.2 17% 0.86%

Phu Nhuan Jewelry PNJ 32,000 4% 179 17.6 -30% 6.57%

Intresco ITC 8,800 17% 20 30.2 186% 10.29%

Nam Long NLG 21,200 20% 163 18.4 70% 4.54%

MobileWorld MWG 75,000 -11% 1,062 9.9 59% 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: info@mekongcapital.com

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 – 3Q15 NEWSLETTER for the period ended 30 September 2015

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SPOTLIGHT ON MEKONG CAPITALSPOTLIGHT ON INVESTEE COMPANIES

SPOTLIGHT ON MEKONG CAPITAL

Mekong Capital was awarded Private Equity International (PEI)’s 2015

Operational Excellence Award in the Asia-Pacific Small Cap Category based

on the success of its investment in Golden Gate Joint Stock company.

This is the third consecutive year Mekong Capital won a PEI award, and the

second time Mekong Capital won the Operational Excellence Award. Mekong

Capital won the Operational Excellence Award for the Asia Small Cap

category in 2013 in relation to its investment in MobileWorld Investment

Corp., and won Frontier Market Firm of the Year for 2014.

Discover our unique corporate culture through this story of our children’s

journey at Mekong Capital’s YouTube and Facebook channel.

PEI OPERATIONAL EXCELLENCE AWARD 2015

MEKONG CAPITAL’S MOVIE

SPOTLIGHT ON INVESTEE COMPANIES

During the third quarter, MobileWorld opened 60 new stores, bringing the

total to 482 Thegioididong.com stores and 39 DienmayXANH.com stores

nationwide by the end of the third quarter. MobileWorld achieved net profit

of VND 744 billion in the first 9 months of 2015, representing a growth

rate of 52% compared to the same period last year. The company has

approximately 36% market share in mobile phones, 39% in tablets, and

approximately 5-7% in consumer electronics and household appliances.

MobileWorld was #2 out of the top 10 Vietnamese retailers in the Retail

Asia-Pacific Top 500 2015 selected by Retail Asia magazine and market

research firm Euromonitor.

Sector: Retail of Mobile,

Consumer Electronics and FMCG

www.thegioididong.com

www.dienmayxanh.com

www.bachhoaxanh.com

MOBILEWORLD OPENED 60

NEW STORES IN 3Q15

LOC TROI GROUP NEW CORPORATE VISION

FPTFPT WINS $33.6 MILLION

CONTRACT IN BANGLADESH

map it

On August 23, Loc Troi Group (LT Group) came to life in Cao Lanh City,

Dong Thap Province, when An Giang Plant Protection (AGPPS) renamed

itself, and launched the new corporate vision to become a world-class

knowledge-based agriculture corporation with a sustainable value chain.

The company has started to restructure the distribution system which aims

to reduce the cost of sales and increase market share.

In September, FPT Information System (FIS), a subsidiary of FPT involved

in system integration, software solutions and IT services won a contract

with the Tax Department of Bangladesh valued at $33.6 million, which is

the biggest turnkey contract in Bangladesh, and also the biggest contract

for FPT. This, together with a number of other contracts that FIS has won

in Bangladesh, Cambodia, Philippines, Myanmar in the last two years, has

opened up opportunities for FPT in developing countries, together with the

success of FPT’s outsourcing service in developed countries such as Japan,

Western Europe and the United States.

FPT retail was also in top 10 Vietnamese retailers in the Retail Asia-Pacific Top

500 2015 selected by Retail Asia magazine and market research firm Euromonitor.

Sector: Agriculture

www.agpps.com

Sector: IT & Telecom

www.fpt.com.vn

PNJ’s gold jewelry retail continued to grow strong and achieved gross

profit of VND179 billion in the third quarter. It led the jewelry retail gross

profit to grow by 45% by end of September. This strong performance was

driven by an aggressive network expansion with 35 new stores opened

during the nine months, bringing the total to 189 stores nationwide.

Being consistent with the company’s commitment to focus on their core

business, PNJ completed the sixth divestment of a non-core investment,

Saigon M&C Real Estate JSC.

PNJ was #6 out of the top 10 Vietnamese retailers in the Retail Asia-Pacific

Top 500 2015 selected by Retail Asia magazine and market research firm

Euromonitor. In September, PNJ was also crowned “Employer of The Year”

at JNA Awards 2015.

For the new school year of 2015-2016, VAS welcomed more than 1,300 new

students into the system from K through 12 at 6 campuses in Ho Chi Minh City.

A new Mega Campus designed best-in-class facilities with a capacity of

2,000 students, located in Go Vap District is expected to operate in the

2016-2017 academic year.

Traphaco continued to expand its new sales policies with a further 1,100

retail customers (pharmacies) in 3Q15, bringing the total number of retail

customers under contracts to 21,700 by end of September. As such, Traphaco

has direct sales relationship with almost 54% of the total pharmaceutical

retailers in Vietnam.

Sector: Jewelry Retail

www.pnj.com.vn

Sector: K-12 Education

www.vas.edu.vn

Sector: Pharmaceuticals

www.traphaco.com.vn

PHU NHUAN JEWELRYGOLD JEWELRY RETAIL BLOSSOMED WITH

YTD GROSS PROFIT GROWTH OF 45%

VIETNAM AUSTRALIA INTERNATIONAL SCHOOLS

(“VAS”)1.300 NEW STUDENTS

TRAPHACODIRECT CONTRACTS WITH RETAILERS INCREASED TO 21,700

map it

map it

Nam Long continued to accelerate its strong sales with 655 units sold in

3Q15, bringing the total to 1,278 units sold by end of September.

In July, Nam Long sold 7.1 million shares to Ibeworth Pte., Ltd, which is

fully owned by giant Singaporean developer Keppel Land. Nam Long and

Keppel Land will explore opportunities to collaborate in future projects as

strategic partners.

Sector: Affordable Housing

www.namlongvn.com

NAM LONGSOLD 655

UNITS IN 3Q15

map it

map it

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.

Company Name

Trading CodeShare Price(5 Nov 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

(5 Nov 15)

Traphaco TRA 81,500 12% 180 11.2 10% 24.99%

FPT Corporation FPT 53,500 28% 1,902 11.2 17% 0.86%

Phu Nhuan Jewelry PNJ 32,000 4% 179 17.6 -30% 6.57%

Intresco ITC 8,800 17% 20 30.2 186% 10.29%

Nam Long NLG 21,200 20% 163 18.4 70% 4.54%

MobileWorld MWG 75,000 -11% 1,062 9.9 59% 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: info@mekongcapital.com

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 – 3Q15 NEWSLETTER for the period ended 30 September 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 unsubscribe@mekongcapital.com.

SPOTLIGHT ON MEKONG CAPITALSPOTLIGHT ON INVESTEE COMPANIES

SPOTLIGHT ON MEKONG CAPITAL

Mekong Capital was awarded Private Equity International (PEI)’s 2015

Operational Excellence Award in the Asia-Pacific Small Cap Category based

on the success of its investment in Golden Gate Joint Stock company.

This is the third consecutive year Mekong Capital won a PEI award, and the

second time Mekong Capital won the Operational Excellence Award. Mekong

Capital won the Operational Excellence Award for the Asia Small Cap

category in 2013 in relation to its investment in MobileWorld Investment

Corp., and won Frontier Market Firm of the Year for 2014.

Discover our unique corporate culture through this story of our children’s

journey at Mekong Capital’s YouTube and Facebook channel.

PEI OPERATIONALEXCELLENCEAWARD 2015

MEKONG CAPITAL’SMOVIE

SPOTLIGHT ON INVESTEE COMPANIES

During the third quarter, MobileWorld opened 60 new stores, bringing the

total to 482 Thegioididong.com stores and 39 DienmayXANH.com stores

nationwide by the end of the third quarter. MobileWorld achieved net profit

of VND 744 billion in the first 9 months of 2015, representing a growth

rate of 52% compared to the same period last year. The company has

approximately 36% market share in mobile phones, 39% in tablets, and

approximately 5-7% in consumer electronics and household appliances.

MobileWorld was #2 out of the top 10 Vietnamese retailers in the Retail

Asia-Pacific Top 500 2015 selected by Retail Asia magazine and market

research firm Euromonitor.

Sector: Retail of Mobile,

Consumer Electronics and FMCG

www.thegioididong.com

www.dienmayxanh.com

www.bachhoaxanh.com

MOBILEWORLDOPENED 60

NEW STORES IN 3Q15

LOC TROI GROUP NEW CORPORATE VISION

FPTFPT WINS $33.6 MILLION

CONTRACT IN BANGLADESH

map it

On August 23, Loc Troi Group (LT Group) came to life in Cao Lanh City,

Dong Thap Province, when An Giang Plant Protection (AGPPS) renamed

itself, and launched the new corporate vision to become a world-class

knowledge-based agriculture corporation with a sustainable value chain.

The company has started to restructure the distribution system which aims

to reduce the cost of sales and increase market share.

In September, FPT Information System (FIS), a subsidiary of FPT involved

in system integration, software solutions and IT services won a contract

with the Tax Department of Bangladesh valued at $33.6 million, which is

the biggest turnkey contract in Bangladesh, and also the biggest contract

for FPT. This, together with a number of other contracts that FIS has won

in Bangladesh, Cambodia, Philippines, Myanmar in the last two years, has

opened up opportunities for FPT in developing countries, together with the

success of FPT’s outsourcing service in developed countries such as Japan,

Western Europe and the United States.

FPT retail was also in top 10 Vietnamese retailers in the Retail Asia-Pacific Top

500 2015 selected by Retail Asia magazine and market research firm Euromonitor.

Sector: Agriculture

www.agpps.com

Sector: IT & Telecom

www.fpt.com.vn

PNJ’s gold jewelry retail continued to grow strong and achieved gross

profit of VND179 billion in the third quarter. It led the jewelry retail gross

profit to grow by 45% by end of September. This strong performance was

driven by an aggressive network expansion with 35 new stores opened

during the nine months, bringing the total to 189 stores nationwide.

Being consistent with the company’s commitment to focus on their core

business, PNJ completed the sixth divestment of a non-core investment,

Saigon M&C Real Estate JSC.

PNJ was #6 out of the top 10 Vietnamese retailers in the Retail Asia-Pacific

Top 500 2015 selected by Retail Asia magazine and market research firm

Euromonitor. In September, PNJ was also crowned “Employer of The Year”

at JNA Awards 2015.

For the new school year of 2015-2016, VAS welcomed more than 1,300 new

students into the system from K through 12 at 6 campuses in Ho Chi Minh City.

A new Mega Campus designed best-in-class facilities with a capacity of

2,000 students, located in Go Vap District is expected to operate in the

2016-2017 academic year.

Traphaco continued to expand its new sales policies with a further 1,100

retail customers (pharmacies) in 3Q15, bringing the total number of retail

customers under contracts to 21,700 by end of September. As such, Traphaco

has direct sales relationship with almost 54% of the total pharmaceutical

retailers in Vietnam.

Sector: Jewelry Retail

www.pnj.com.vn

Sector: K-12 Education

www.vas.edu.vn

Sector: Pharmaceuticals

www.traphaco.com.vn

PHU NHUAN JEWELRYGOLD JEWELRY RETAIL BLOSSOMED WITH

YTD GROSS PROFIT GROWTH OF 45%

VIETNAM AUSTRALIA INTERNATIONAL SCHOOLS

(“VAS”)1.300 NEW STUDENTS

TRAPHACODIRECT CONTRACTS WITH RETAILERSINCREASED TO 21,700

map it

map it

Nam Long continued to accelerate its strong sales with 655 units sold in

3Q15, bringing the total to 1,278 units sold by end of September.

In July, Nam Long sold 7.1 million shares to Ibeworth Pte., Ltd, which is

fully owned by giant Singaporean developer Keppel Land. Nam Long and

Keppel Land will explore opportunities to collaborate in future projects as

strategic partners.

Sector: Affordable Housing

www.namlongvn.com

NAM LONGSOLD 655

UNITS IN 3Q15

map it

map it

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.

Company Name

Trading CodeShare Price(6 Nov 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

(6 Nov 15)

Traphaco TRA 82,000 12% 180 11.2 10% 24.99%

FPT Corporation FPT 52,500 26% 1,902 11.0 17% 0.86%

Phu Nhuan Jewelry PNJ 32,000 4% 179 17.6 -30% 6.57%

Intresco ITC 8,700 16% 20 29.9 186% 10.29%

Nam Long NLG 21,200 20% 163 18.4 70% 4.54%

MobileWorld MWG 73,000 -13% 1,062 9.6 59% 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: info@mekongcapital.com

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