Embed Size (px)
Citation preview
MEKONG CAPITAL – 1Q16 NEWSLETTER for the period ended 31 March 2016
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 INVESTEE COMPANIES
SPOTLIGHT ON INVESTEE COMPANIES
In 1Q16, MobileWorld opened 120 new stores, including a new monthly
record of 54 stores in the month of March alone. As such, MobileWorld’s retail
network has been expanded to 753 stores, including 646 thegioididong.com
stores, 91 DienmayXANH stores and 16 BachhoaXANH stores, which are still
operating on a pilot basis. Net profit in 1Q16 amounted to VND418 billion,
achieving a YoY growth of 79% and substantially ahead of its YTD target.
Sector: Retail of Mobile,
Consumer Electronics and FMCG
www.thegioididong.com
www.dienmayxanh.com
www.bachhoaxanh.com
MOBILEWORLD
120 NEW STORES OPENED IN
1Q16
map it
June 2016 will mark the official launch of VAS’ seventh campus, the Go Vap
mega campus, which will be the most modern campus in VAS’ system. This
campus with its capacity of 2,000 students will increase VAS’ capacity by
30%. The new campus is enjoying great interest from prospective parents
in Go Vap District. It is led by the Executive School Director, Mr. David
McLaughlin, who has more than 10 years of experience serving as Principal/
CEO at GEMS Education in Dubai, one of the best-managed chains of private
schools in the world.
PNJ’s core business, gold jewelry retail, continued its strong growth, achieving
a YoY revenue growth of 24% for the first three months of 2016. It resulted
in the growth of jewelry retail operating profit by 56% by 31 March 2016.
This excellent performance was driven by the company’s focus on improving
customer satisfaction at store level to increase same-store sales growth, and an
increase of goldsmith productivity to sustainably enhance gross margin of gold
jewelry retail.
As of the end of March 2016, PNJ has fully written-off its investment cost in
Dong A Bank which marked the clean-up of 90% of its total non-core investment
portfolio, reducing the non-core assets to VND62 billion.
Traphaco’s 2016 Annual General Meeting of Shareholders was completed on
30 March 2016, resulting in the election of a new Board of Directors in which
six out of the seven directors are non-executive, including one of which is an
international industry expert who can add significant value, Mr. Marcus Pitt.
Marcus was previously the President, Director & CEO of SOHO Global Health, a
large pharmaceutical group in Indonesia. During his time there, Marcus caused
the group to achieve a growth of 20% CAGR over 7 years and established South
East Asia’s largest pharmaceutical joint venture with Fresenius Kabi with a total
turnover of estimated US$90 million.
Sector: Jewelry Retail
www.pnj.com.vn
Sector: Pharmaceutical
www.traphaco.com.vn
PHU NHUAN JEWELRYOPERATING PROFIT OF
CORE BUSINESS GREW BY56%
VIETNAM AUSTRALIA INTERNATIONAL SCHOOL
(“VAS”)NEW CAMPUS WITH BEST
IN-CLASS FACILITIES
TRAPHACONEW BOARD OF DIRECTORS
APPOINTED: 6 OUT OF 7 DIRECTORS ARE
NON-EXECUTIVE
map it
In 1Q16 Nam Long successfully raised VND500 billion via the issuance of
convertible bonds to Keppel Land. The funding will be used mainly to finance
the land acquisition of the 8.5 hectare Hoang Nam project in Binh Tan District,
Ho Chi Minh City.
In addition, following successful partnership to develop the Sakura Flora project,
Nam Long and two Japanese partners, Hankyu Realty Co. Ltd. and Nishi-Nippon
Railroad, reached an agreement to form the joint venture to develop the La
Casa project in the north of Ho Chi Minh City, which is expected to provide
789 apartments and 84 villas, generating the total revenue of approximately
VND1,300 billion.
In April 2016, Vietnam Azalea Fund completed the sale of all of its shares in
FPT Corporation, the leading information technology/telecom conglomerate in
Vietnam, achieving a 1.8x net return multiple and a net IRR of 13.2% in USD.
Sector: Affordable Housing
www.namlongvn.com
Sector: IT & Telecom
www.fpt.com.vn
NAM LONGEXPANSION OF PARTNERSHIPS WITH
KEPPEL LAND AND 2 JAPANESE PARTNERS
FPTCOMPLETED FULL
DIVESTMENT FROM FPT
map it
map it
map it
map it
PERFORMANCE OF LISTED INVESTEE COMPANIES CURRENTLY HELD BY MEKONG CAPITAL’S FUNDS
(1) 2016 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 2015.
Company Name
Trading CodeShare Price(29 Apr 16)
(VND)
2016 YTD Share Price
Performance(against 31
Dec 15)
2016 NetProfit Estimate(VND Billion)(1)
2016P/E ratioEstimate
2016 Net ProfitGrowth Rate
Estimate (%)(2)
Percent held byMekong’s funds
(29 Apr 16)
Traphaco TRA 114,000 29% 230 12.2 27% 24.99%
Phu Nhuan Jewelry PNJ 57,500 34% 580 9.7 263% 6.57%
Intresco ITC 8,900 6% n/a n/a n/a 10.29%
Nam Long NLG 23,400 3% 254 13.0 23% 4.54%
MobileWorld MWG 75,000 -4% 1,678 6.6 57% 10.94%
Note:
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
Sector: K-12 Education
www.vas.edu.vn
CATEGORY PREVIOUS BOARD NEW BOARD COMMENT
Chairperson Ms. Vu Thi Thuan Non-executive Chairwoman
Ms. Vu Thi Thuan Non-executive Chairwoman
No change
CEO Mr. Tran Tuc Ma CEO
Mr. Tran Tuc Ma CEO
No change
Other Executive Directors Ms. Nguyen Thi LanExecutive
No more executive directors other than the CEO
Mr. Nong Huu DucExecutive
State Capital Investment Corp(SCIC) Employees
Mr. Tran Manh HuuNon-executive
Mr. Nguyen Anh TuanNon-executive
Mr. Nguyen Hong HienNon-executive
Mekong Capital Employees Mr. Le TuanNon-executive
Mr. Chad Ryan OvelNon-executive
Higher percentage of the Board is now represented by foreign shareholdersMr. Christopher E. Freund
Non-executive
Independent Value Added Director
Mr. Marcus John Pitt Non-executive, Independent
Extensive background in the pharmaceutical sector at CEO level
In 1Q16, Traphaco reported net profit of VND44 billion at the parent company,
achieving a YoY growth of 36%. This outperformance was driven by the company’s
success in expanding sales of non-core products to existing retail customers, for
which sales from non-core products achieved a YoY growth of 70%.
Contact details MEKONG CAPITAL
Ho Chi Minh City Office
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
Hanoi Office
HAREC Building, 12th Floor
4A Lang Ha St., Ba Dinh District,
Hanoi, Vietnam
Tel.: (84 4) 3772 4888 - Fax: (84 4) 3772 4868
E-mail: [email protected]
www.mekongcapital.com
MEKONG CAPITAL – 1Q16 NEWSLETTER for the period ended 31 March 2016
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 INVESTEE COMPANIES
SPOTLIGHT ON INVESTEE COMPANIES
In 1Q16, MobileWorld opened 120 new stores, including a new monthly
record of 54 stores in the month of March alone. As such, MobileWorld’s retail
network has been expanded to 753 stores, including 646 thegioididong.com
stores, 91 DienmayXANH stores and 16 BachhoaXANH stores, which are still
operating on a pilot basis. Net profit in 1Q16 amounted to VND418 billion,
achieving a YoY growth of 79% and substantially ahead of its YTD target.
Sector: Retail of Mobile,
Consumer Electronics and FMCG
www.thegioididong.com
www.dienmayxanh.com
www.bachhoaxanh.com
MOBILEWORLD
120 NEW STORES OPENED IN
1Q16
map it
June 2016 will mark the official launch of VAS’ seventh campus, the Go Vap
mega campus, which will be the most modern campus in VAS’ system. This
campus with its capacity of 2,000 students will increase VAS’ capacity by
30%. The new campus is enjoying great interest from prospective parents
in Go Vap District. It is led by the Executive School Director, Mr. David
McLaughlin, who has more than 10 years of experience serving as Principal/
CEO at GEMS Education in Dubai, one of the best-managed chains of private
schools in the world.
PNJ’s core business, gold jewelry retail, continued its strong growth, achieving
a YoY revenue growth of 24% for the first three months of 2016. It resulted
in the growth of jewelry retail operating profit by 56% by 31 March 2016.
This excellent performance was driven by the company’s focus on improving
customer satisfaction at store level to increase same-store sales growth, and an
increase of goldsmith productivity to sustainably enhance gross margin of gold
jewelry retail.
As of the end of March 2016, PNJ has fully written-off its investment cost in
Dong A Bank which marked the clean-up of 90% of its total non-core investment
portfolio, reducing the non-core assets to VND62 billion.
Traphaco’s 2016 Annual General Meeting of Shareholders was completed on
30 March 2016, resulting in the election of a new Board of Directors in which
six out of the seven directors are non-executive, including one of which is an
international industry expert who can add significant value, Mr. Marcus Pitt.
Marcus was previously the President, Director & CEO of SOHO Global Health, a
large pharmaceutical group in Indonesia. During his time there, Marcus caused
the group to achieve a growth of 20% CAGR over 7 years and established South
East Asia’s largest pharmaceutical joint venture with Fresenius Kabi with a total
turnover of estimated US$90 million.
Sector: Jewelry Retail
www.pnj.com.vn
Sector: Pharmaceutical
www.traphaco.com.vn
PHU NHUAN JEWELRYOPERATING PROFIT OF
CORE BUSINESS GREW BY56%
VIETNAM AUSTRALIA INTERNATIONAL SCHOOL
(“VAS”)NEW CAMPUS WITH BEST
IN-CLASS FACILITIES
TRAPHACONEW BOARD OF DIRECTORS
APPOINTED: 6 OUT OF 7 DIRECTORS ARE
NON-EXECUTIVE
map it
In 1Q16 Nam Long successfully raised VND500 billion via the issuance of
convertible bonds to Keppel Land. The funding will be used mainly to finance
the land acquisition of the 8.5 hectare Hoang Nam project in Binh Tan District,
Ho Chi Minh City.
In addition, following successful partnership to develop the Sakura Flora project,
Nam Long and two Japanese partners, Hankyu Realty Co. Ltd. and Nishi-Nippon
Railroad, reached an agreement to form the joint venture to develop the La
Casa project in the north of Ho Chi Minh City, which is expected to provide
789 apartments and 84 villas, generating the total revenue of approximately
VND1,300 billion.
In April 2016, Vietnam Azalea Fund completed the sale of all of its shares in
FPT Corporation, the leading information technology/telecom conglomerate in
Vietnam, achieving a 1.8x net return multiple and a net IRR of 13.2% in USD.
Sector: Affordable Housing
www.namlongvn.com
Sector: IT & Telecom
www.fpt.com.vn
NAM LONGEXPANSION OF PARTNERSHIPS WITH
KEPPEL LAND AND 2 JAPANESE PARTNERS
FPTCOMPLETED FULL
DIVESTMENT FROM FPT
map it
map it
map it
map it
PERFORMANCE OF LISTED INVESTEE COMPANIES CURRENTLY HELD BY MEKONG CAPITAL’S FUNDS
(1) 2016 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 2015.
Company Name
Trading CodeShare Price(29 Apr 16)
(VND)
2016 YTD Share Price
Performance(against 31
Dec 15)
2016 NetProfit Estimate(VND Billion)(1)
2016P/E ratioEstimate
2016 Net ProfitGrowth Rate
Estimate (%)(2)
Percent held byMekong’s funds
(29 Apr 16)
Traphaco TRA 114,000 29% 230 12.2 27% 24.99%
Phu Nhuan Jewelry PNJ 57,500 34% 580 9.7 263% 6.57%
Intresco ITC 8,900 6% n/a n/a n/a 10.29%
Nam Long NLG 23,400 3% 254 13.0 23% 4.54%
MobileWorld MWG 75,000 -4% 1,678 6.6 57% 10.94%
Note:
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
Sector: K-12 Education
www.vas.edu.vn
CATEGORY PREVIOUS BOARD NEW BOARD COMMENT
Chairperson Ms. Vu Thi Thuan Non-executive Chairwoman
Ms. Vu Thi Thuan Non-executive Chairwoman
No change
CEO Mr. Tran Tuc Ma CEO
Mr. Tran Tuc Ma CEO
No change
Other Executive Directors Ms. Nguyen Thi LanExecutive
No more executive directors other than the CEO
Mr. Nong Huu DucExecutive
State Capital Investment Corp(SCIC) Employees
Mr. Tran Manh HuuNon-executive
Mr. Nguyen Anh TuanNon-executive
Mr. Nguyen Hong HienNon-executive
Mekong Capital Employees Mr. Le TuanNon-executive
Mr. Chad Ryan OvelNon-executive
Higher percentage of the Board is now represented by foreign shareholdersMr. Christopher E. Freund
Non-executive
Independent Value Added Director
Mr. Marcus John Pitt Non-executive, Independent
Extensive background in the pharmaceutical sector at CEO level
In 1Q16, Traphaco reported net profit of VND44 billion at the parent company,
achieving a YoY growth of 36%. This outperformance was driven by the company’s
success in expanding sales of non-core products to existing retail customers, for
which sales from non-core products achieved a YoY growth of 70%.
Contact details MEKONG CAPITAL
Ho Chi Minh City Office
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
Hanoi Office
HAREC Building, 12th Floor
4A Lang Ha St., Ba Dinh District,
Hanoi, Vietnam
Tel.: (84 4) 3772 4888 - Fax: (84 4) 3772 4868
E-mail: [email protected]
www.mekongcapital.com
MEKONG CAPITAL – 1Q16 NEWSLETTER for the period ended 31 March 2016
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 INVESTEE COMPANIES
SPOTLIGHT ON INVESTEE COMPANIES
In 1Q16, MobileWorld opened 120 new stores, including a new monthly
record of 54 stores in the month of March alone. As such, MobileWorld’s retail
network has been expanded to 753 stores, including 646 thegioididong.com
stores, 91 DienmayXANH stores and 16 BachhoaXANH stores, which are still
operating on a pilot basis. Net profit in 1Q16 amounted to VND418 billion,
achieving a YoY growth of 79% and substantially ahead of its YTD target.
Sector: Retail of Mobile,
Consumer Electronics and FMCG
www.thegioididong.com
www.dienmayxanh.com
www.bachhoaxanh.com
MOBILEWORLD
120 NEW STORES OPENED IN
1Q16
map it
June 2016 will mark the official launch of VAS’ seventh campus, the Go Vap
mega campus, which will be the most modern campus in VAS’ system. This
campus with its capacity of 2,000 students will increase VAS’ capacity by
30%. The new campus is enjoying great interest from prospective parents
in Go Vap District. It is led by the Executive School Director, Mr. David
McLaughlin, who has more than 10 years of experience serving as Principal/
CEO at GEMS Education in Dubai, one of the best-managed chains of private
schools in the world.
PNJ’s core business, gold jewelry retail, continued its strong growth, achieving
a YoY revenue growth of 24% for the first three months of 2016. It resulted
in the growth of jewelry retail operating profit by 56% by 31 March 2016.
This excellent performance was driven by the company’s focus on improving
customer satisfaction at store level to increase same-store sales growth, and an
increase of goldsmith productivity to sustainably enhance gross margin of gold
jewelry retail.
As of the end of March 2016, PNJ has fully written-off its investment cost in
Dong A Bank which marked the clean-up of 90% of its total non-core investment
portfolio, reducing the non-core assets to VND62 billion.
Traphaco’s 2016 Annual General Meeting of Shareholders was completed on
30 March 2016, resulting in the election of a new Board of Directors in which
six out of the seven directors are non-executive, including one of which is an
international industry expert who can add significant value, Mr. Marcus Pitt.
Marcus was previously the President, Director & CEO of SOHO Global Health, a
large pharmaceutical group in Indonesia. During his time there, Marcus caused
the group to achieve a growth of 20% CAGR over 7 years and established South
East Asia’s largest pharmaceutical joint venture with Fresenius Kabi with a total
turnover of estimated US$90 million.
Sector: Jewelry Retail
www.pnj.com.vn
Sector: Pharmaceutical
www.traphaco.com.vn
PHU NHUAN JEWELRYOPERATING PROFIT OF
CORE BUSINESS GREW BY56%
VIETNAM AUSTRALIA INTERNATIONAL SCHOOL
(“VAS”)NEW CAMPUS WITH BEST
IN-CLASS FACILITIES
TRAPHACONEW BOARD OF DIRECTORS
APPOINTED: 6 OUT OF 7 DIRECTORS ARE
NON-EXECUTIVE
map it
In 1Q16 Nam Long successfully raised VND500 billion via the issuance of
convertible bonds to Keppel Land. The funding will be used mainly to finance
the land acquisition of the 8.5 hectare Hoang Nam project in Binh Tan District,
Ho Chi Minh City.
In addition, following successful partnership to develop the Sakura Flora project,
Nam Long and two Japanese partners, Hankyu Realty Co. Ltd. and Nishi-Nippon
Railroad, reached an agreement to form the joint venture to develop the La
Casa project in the north of Ho Chi Minh City, which is expected to provide
789 apartments and 84 villas, generating the total revenue of approximately
VND1,300 billion.
In April 2016, Vietnam Azalea Fund completed the sale of all of its shares in
FPT Corporation, the leading information technology/telecom conglomerate in
Vietnam, achieving a 1.8x net return multiple and a net IRR of 13.2% in USD.
Sector: Affordable Housing
www.namlongvn.com
Sector: IT & Telecom
www.fpt.com.vn
NAM LONGEXPANSION OF PARTNERSHIPS WITH
KEPPEL LAND AND 2 JAPANESE PARTNERS
FPTCOMPLETED FULL
DIVESTMENT FROM FPT
map it
map it
map it
map it
PERFORMANCE OF LISTED INVESTEE COMPANIES CURRENTLY HELD BY MEKONG CAPITAL’S FUNDS
(1) 2016 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 2015.
Company Name
Trading CodeShare Price(29 Apr 16)
(VND)
2016 YTD Share Price
Performance(against 31
Dec 15)
2016 NetProfit Estimate(VND Billion)(1)
2016P/E ratioEstimate
2016 Net ProfitGrowth Rate
Estimate (%)(2)
Percent held byMekong’s funds
(29 Apr 16)
Traphaco TRA 114,000 29% 230 12.2 27% 24.99%
Phu Nhuan Jewelry PNJ 57,500 34% 580 9.7 263% 6.57%
Intresco ITC 8,900 6% n/a n/a n/a 10.29%
Nam Long NLG 23,400 3% 254 13.0 23% 4.54%
MobileWorld MWG 75,000 -4% 1,678 6.6 57% 10.94%
Note:
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
Sector: K-12 Education
www.vas.edu.vn
CATEGORY PREVIOUS BOARD NEW BOARD COMMENT
Chairperson Ms. Vu Thi Thuan Non-executive Chairwoman
Ms. Vu Thi Thuan Non-executive Chairwoman
No change
CEO Mr. Tran Tuc Ma CEO
Mr. Tran Tuc Ma CEO
No change
Other Executive Directors Ms. Nguyen Thi LanExecutive
No more executive directors other than the CEO
Mr. Nong Huu DucExecutive
State Capital Investment Corp(SCIC) Employees
Mr. Tran Manh HuuNon-executive
Mr. Nguyen Anh TuanNon-executive
Mr. Nguyen Hong HienNon-executive
Mekong Capital Employees Mr. Le TuanNon-executive
Mr. Chad Ryan OvelNon-executive
Higher percentage of the Board is now represented by foreign shareholdersMr. Christopher E. Freund
Non-executive
Independent Value Added Director
Mr. Marcus John Pitt Non-executive, Independent
Extensive background in the pharmaceutical sector at CEO level
In 1Q16, Traphaco reported net profit of VND44 billion at the parent company,
achieving a YoY growth of 36%. This outperformance was driven by the company’s
success in expanding sales of non-core products to existing retail customers, for
which sales from non-core products achieved a YoY growth of 70%.
Contact details MEKONG CAPITAL
Ho Chi Minh City Office
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
Hanoi Office
HAREC Building, 12th Floor
4A Lang Ha St., Ba Dinh District,
Hanoi, Vietnam
Tel.: (84 4) 3772 4888 - Fax: (84 4) 3772 4868
E-mail: [email protected]
www.mekongcapital.com
MEKONG CAPITAL – 1Q16 NEWSLETTER for the period ended 31 March 2016
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 INVESTEE COMPANIES
SPOTLIGHT ON INVESTEE COMPANIES
In 1Q16, MobileWorld opened 120 new stores, including a new monthly
record of 54 stores in the month of March alone. As such, MobileWorld’s retail
network has been expanded to 753 stores, including 646 thegioididong.com
stores, 91 DienmayXANH stores and 16 BachhoaXANH stores, which are still
operating on a pilot basis. Net profit in 1Q16 amounted to VND418 billion,
achieving a YoY growth of 79% and substantially ahead of its YTD target.
Sector: Retail of Mobile,
Consumer Electronics and FMCG
www.thegioididong.com
www.dienmayxanh.com
www.bachhoaxanh.com
MOBILEWORLD
120 NEW STORESOPENED IN
1Q16
map it
June 2016 will mark the official launch of VAS’ seventh campus, the Go Vap
mega campus, which will be the most modern campus in VAS’ system. This
campus with its capacity of 2,000 students will increase VAS’ capacity by
30%. The new campus is enjoying great interest from prospective parents
in Go Vap District. It is led by the Executive School Director, Mr. David
McLaughlin, who has more than 10 years of experience serving as Principal/
CEO at GEMS Education in Dubai, one of the best-managed chains of private
schools in the world.
PNJ’s core business, gold jewelry retail, continued its strong growth, achieving
a YoY revenue growth of 24% for the first three months of 2016. It resulted
in the growth of jewelry retail operating profit by 56% by 31 March 2016.
This excellent performance was driven by the company’s focus on improving
customer satisfaction at store level to increase same-store sales growth, and an
increase of goldsmith productivity to sustainably enhance gross margin of gold
jewelry retail.
As of the end of March 2016, PNJ has fully written-off its investment cost in
Dong A Bank which marked the clean-up of 90% of its total non-core investment
portfolio, reducing the non-core assets to VND62 billion.
Traphaco’s 2016 Annual General Meeting of Shareholders was completed on
30 March 2016, resulting in the election of a new Board of Directors in which
six out of the seven directors are non-executive, including one of which is an
international industry expert who can add significant value, Mr. Marcus Pitt.
Marcus was previously the President, Director & CEO of SOHO Global Health, a
large pharmaceutical group in Indonesia. During his time there, Marcus caused
the group to achieve a growth of 20% CAGR over 7 years and established South
East Asia’s largest pharmaceutical joint venture with Fresenius Kabi with a total
turnover of estimated US$90 million.
Sector: Jewelry Retail
www.pnj.com.vn
Sector: Pharmaceutical
www.traphaco.com.vn
PHU NHUAN JEWELRYOPERATING PROFIT OF
CORE BUSINESS GREW BY56%
VIETNAM AUSTRALIA INTERNATIONAL SCHOOL
(“VAS”)NEW CAMPUS WITH BEST
IN-CLASS FACILITIES
TRAPHACONEW BOARD OF DIRECTORS
APPOINTED: 6 OUT OF 7 DIRECTORS ARE
NON-EXECUTIVE
map it
In 1Q16 Nam Long successfully raised VND500 billion via the issuance of
convertible bonds to Keppel Land. The funding will be used mainly to finance
the land acquisition of the 8.5 hectare Hoang Nam project in Binh Tan District,
Ho Chi Minh City.
In addition, following successful partnership to develop the Sakura Flora project,
Nam Long and two Japanese partners, Hankyu Realty Co. Ltd. and Nishi-Nippon
Railroad, reached an agreement to form the joint venture to develop the La
Casa project in the north of Ho Chi Minh City, which is expected to provide
789 apartments and 84 villas, generating the total revenue of approximately
VND1,300 billion.
In April 2016, Vietnam Azalea Fund completed the sale of all of its shares in
FPT Corporation, the leading information technology/telecom conglomerate in
Vietnam, achieving a 1.8x net return multiple and a net IRR of 13.2% in USD.
Sector: Affordable Housing
www.namlongvn.com
Sector: IT & Telecom
www.fpt.com.vn
NAM LONGEXPANSION OF PARTNERSHIPS WITH
KEPPEL LAND AND 2JAPANESE PARTNERS
FPTCOMPLETED FULL
DIVESTMENT FROM FPT
map it
map it
map it
PERFORMANCE OF LISTED INVESTEE COMPANIES CURRENTLY HELD BY MEKONG CAPITAL’S FUNDS
(1) 2016 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 2015.
Company Name
Trading CodeShare Price(29 Apr 16)
(VND)
2016 YTD Share Price
Performance(against 31
Dec 15)
2016 NetProfit Estimate(VND Billion)(1)
2016P/E ratioEstimate
2016 Net ProfitGrowth Rate
Estimate (%)(2)
Percent held byMekong’s funds
(29 Apr 16)
Traphaco TRA 114,000 29% 230 12.2 27% 24.99%
Phu Nhuan Jewelry PNJ 57,500 34% 580 9.7 263% 6.57%
Intresco ITC 8,900 6% n/a n/a n/a 10.29%
Nam Long NLG 23,400 3% 254 13.0 23% 4.54%
MobileWorld MWG 75,000 -4% 1,678 6.6 57% 10.94%
Note:
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
Sector: K-12 Education
www.vas.edu.vn
CATEGORY PREVIOUS BOARD NEW BOARD COMMENT
Chairperson Ms. Vu Thi Thuan Non-executive Chairwoman
Ms. Vu Thi Thuan Non-executive Chairwoman
No change
CEO Mr. Tran Tuc Ma CEO
Mr. Tran Tuc Ma CEO
No change
Other Executive Directors Ms. Nguyen Thi LanExecutive
No more executive directors other than the CEO
Mr. Nong Huu DucExecutive
State Capital Investment Corp(SCIC) Employees
Mr. Tran Manh HuuNon-executive
Mr. Nguyen Anh TuanNon-executive
Mr. Nguyen Hong HienNon-executive
Mekong Capital Employees Mr. Le TuanNon-executive
Mr. Chad Ryan OvelNon-executive
Higher percentage of the Board is now represented by foreign shareholdersMr. Christopher E. Freund
Non-executive
Independent Value Added Director
Mr. Marcus John Pitt Non-executive, Independent
Extensive background in the pharmaceutical sector at CEO level
In 1Q16, Traphaco reported net profit of VND44 billion at the parent company,
achieving a YoY growth of 36%. This outperformance was driven by the company’s
success in expanding sales of non-core products to existing retail customers, for
which sales from non-core products achieved a YoY growth of 70%.
Contact details MEKONG CAPITAL
Ho Chi Minh City Office
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
Hanoi Office
HAREC Building, 12th Floor
4A Lang Ha St., Ba Dinh District,
Hanoi, Vietnam
Tel.: (84 4) 3772 4888 - Fax: (84 4) 3772 4868
E-mail: [email protected]
www.mekongcapital.com
MEKONG CAPITAL – 1Q16 NEWSLETTER for the period ended 31 March 2016
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 INVESTEE COMPANIES
SPOTLIGHT ON INVESTEE COMPANIES
In 1Q16, MobileWorld opened 120 new stores, including a new monthly
record of 54 stores in the month of March alone. As such, MobileWorld’s retail
network has been expanded to 753 stores, including 646 thegioididong.com
stores, 91 DienmayXANH stores and 16 BachhoaXANH stores, which are still
operating on a pilot basis. Net profit in 1Q16 amounted to VND418 billion,
achieving a YoY growth of 79% and substantially ahead of its YTD target.
Sector: Retail of Mobile,
Consumer Electronics and FMCG
www.thegioididong.com
www.dienmayxanh.com
www.bachhoaxanh.com
MOBILEWORLD
120 NEW STORESOPENED IN
1Q16
map it
June 2016 will mark the official launch of VAS’ seventh campus, the Go Vap
mega campus, which will be the most modern campus in VAS’ system. This
campus with its capacity of 2,000 students will increase VAS’ capacity by
30%. The new campus is enjoying great interest from prospective parents
in Go Vap District. It is led by the Executive School Director, Mr. David
McLaughlin, who has more than 10 years of experience serving as Principal/
CEO at GEMS Education in Dubai, one of the best-managed chains of private
schools in the world.
PNJ’s core business, gold jewelry retail, continued its strong growth, achieving
a YoY revenue growth of 24% for the first three months of 2016. It resulted
in the growth of jewelry retail operating profit by 56% by 31 March 2016.
This excellent performance was driven by the company’s focus on improving
customer satisfaction at store level to increase same-store sales growth, and an
increase of goldsmith productivity to sustainably enhance gross margin of gold
jewelry retail.
As of the end of March 2016, PNJ has fully written-off its investment cost in
Dong A Bank which marked the clean-up of 90% of its total non-core investment
portfolio, reducing the non-core assets to VND62 billion.
Traphaco’s 2016 Annual General Meeting of Shareholders was completed on
30 March 2016, resulting in the election of a new Board of Directors in which
six out of the seven directors are non-executive, including one of which is an
international industry expert who can add significant value, Mr. Marcus Pitt.
Marcus was previously the President, Director & CEO of SOHO Global Health, a
large pharmaceutical group in Indonesia. During his time there, Marcus caused
the group to achieve a growth of 20% CAGR over 7 years and established South
East Asia’s largest pharmaceutical joint venture with Fresenius Kabi with a total
turnover of estimated US$90 million.
Sector: Jewelry Retail
www.pnj.com.vn
Sector: Pharmaceutical
www.traphaco.com.vn
PHU NHUAN JEWELRYOPERATING PROFIT OF
CORE BUSINESS GREW BY56%
VIETNAM AUSTRALIA INTERNATIONAL SCHOOL
(“VAS”)NEW CAMPUS WITH BEST
IN-CLASS FACILITIES
TRAPHACONEW BOARD OF DIRECTORS
APPOINTED: 6 OUT OF 7 DIRECTORS ARE
NON-EXECUTIVE
map it
In 1Q16 Nam Long successfully raised VND500 billion via the issuance of
convertible bonds to Keppel Land. The funding will be used mainly to finance
the land acquisition of the 8.5 hectare Hoang Nam project in Binh Tan District,
Ho Chi Minh City.
In addition, following successful partnership to develop the Sakura Flora project,
Nam Long and two Japanese partners, Hankyu Realty Co. Ltd. and Nishi-Nippon
Railroad, reached an agreement to form the joint venture to develop the La
Casa project in the north of Ho Chi Minh City, which is expected to provide
789 apartments and 84 villas, generating the total revenue of approximately
VND1,300 billion.
In April 2016, Vietnam Azalea Fund completed the sale of all of its shares in
FPT Corporation, the leading information technology/telecom conglomerate in
Vietnam, achieving a 1.8x net return multiple and a net IRR of 13.2% in USD.
Sector: Affordable Housing
www.namlongvn.com
Sector: IT & Telecom
www.fpt.com.vn
NAM LONGEXPANSION OF PARTNERSHIPS WITH
KEPPEL LAND AND 2JAPANESE PARTNERS
FPTCOMPLETED FULL
DIVESTMENT FROM FPT
map it
map it
map it
map it
PERFORMANCE OF LISTED INVESTEE COMPANIES CURRENTLY HELD BY MEKONG CAPITAL’S FUNDS
(1) 2016 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 2015.
Company Name
Trading CodeShare Price(6 May 16)
(VND)
2016 YTD Share Price
Performance(against 31
Dec 15)
2016 NetProfit Estimate(VND Billion)(1)
2016P/E ratioEstimate
2016 Net ProfitGrowth Rate
Estimate (%)(2)
Percent held byMekong’s funds
(6 May 16)
Traphaco TRA 117,000 32% 230 12.6 27% 24.99%
Phu Nhuan Jewelry PNJ 57,000 33% 580 9.7 263% 6.57%
Intresco ITC 8,200 -2% n/a n/a n/a 10.29%
Nam Long NLG 24,100 6% 254 13.4 23% 4.54%
MobileWorld MWG 78,500 0% 1,678 6.9 57% 10.94%
Note:
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
Sector: K-12 Education
www.vas.edu.vn
CATEGORY PREVIOUS BOARD NEW BOARD COMMENT
Chairperson Ms. Vu Thi Thuan Non-executive Chairwoman
Ms. Vu Thi Thuan Non-executive Chairwoman
No change
CEO Mr. Tran Tuc Ma CEO
Mr. Tran Tuc Ma CEO
No change
Other Executive Directors Ms. Nguyen Thi LanExecutive
No more executive directors other than the CEO
Mr. Nong Huu DucExecutive
State Capital Investment Corp(SCIC) Employees
Mr. Tran Manh HuuNon-executive
Mr. Nguyen Anh TuanNon-executive
Mr. Nguyen Hong HienNon-executive
Mekong Capital Employees Mr. Le TuanNon-executive
Mr. Chad Ryan OvelNon-executive
Higher percentage of the Board is now represented by foreign shareholdersMr. Christopher E. Freund
Non-executive
Independent Value Added Director
Mr. Marcus John Pitt Non-executive, Independent
Extensive background in the pharmaceutical sector at CEO level
In 1Q16, Traphaco reported net profit of VND44 billion at the parent company,
achieving a YoY growth of 36%. This outperformance was driven by the company’s
success in expanding sales of non-core products to existing retail customers, for
which sales from non-core products achieved a YoY growth of 70%.
Contact details MEKONG CAPITAL
Ho Chi Minh City Office
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
Hanoi Office
HAREC Building, 12th Floor
4A Lang Ha St., Ba Dinh District,
Hanoi, Vietnam
Tel.: (84 4) 3772 4888 - Fax: (84 4) 3772 4868
E-mail: [email protected]
www.mekongcapital.com
