Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

MoneyHero is a leading South-East Asian personal finance aggregator and comparison platform, covering the full suite of personal finance products. Its goal is to educate and empower consumers on personal finance through engaging content and rewards on financial products. The company partners with leading local and global financial institutions to ensure it has the most attractive products and offers for its user base. Management has ambitious plans to grow market share and attractive product verticals, such as insurance. Having raised c $87m in net proceeds from a deSPAC transaction in October 2023, the company paid down all debt and had a net cash position of $68.6m at end FY23, meaning it is well capitalised to fund the acceleration in growth.

MoneyHero is a leading South-East Asian personal finance aggregator and comparison platform, covering the full suite of personal finance products. Its goal is to educate and empower consumers on personal finance through engaging content and rewards on financial products. The company partners with leading local and global financial institutions to ensure it has the most attractive products and offers for its user base. Management has ambitious plans to grow market share and attractive product verticals, such as insurance. Having raised c $87m in net proceeds from a deSPAC transaction in October 2023, the company paid down all debt and had a net cash position of $68.6m at end FY23, meaning it is well capitalised to fund the acceleration in growth.

MoneyHero - Money saver in South-East Asia

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul>
<li>This is our first report on MoneyHero Group and we look to provide a detailed account of the various assets owned by the company and the drivers that will be responsible for the company’s growth in the coming years.</li>
<li>MoneyHero Group stands out as a compelling investment opportunity in the burgeoning financial services sector of Greater Southeast Asia.</li>
<li>The company's core competency lies in its sophisticated digital platforms that connect consumers with an extensive range of financial products, including credit cards, loans, and insurance, through seamless and user-friendly interfaces.</li>
</ul>


This is our first report on MoneyHero Group and we look to provide a detailed account of the various assets owned by the company and the drivers that will be responsible for the company’s growth in the coming years.
MoneyHero Group stands out as a compelling investment opportunity in the burgeoning financial services sector of Greater Southeast Asia.
The company's core competency lies in its sophisticated digital platforms that connect consumers with an extensive range of financial products, including credit cards, loans, and insurance, through seamless and user-friendly interfaces.


MoneyHero Group: The Small-Cap To Watch Out For In The Asia-Pacific Fintech Sector!

<ul>
<li>This is a follow-up research note on MoneyHero Group, a leading personal finance and digital insurance aggregation platform in Greater Southeast Asia.</li>
<li>The company delivered a strong Q3 2024 performance, signaling a strategic shift towards efficiency and high-margin products.</li>
<li>Revenue rose 6% YoY to $20.9M, with personal loans, wealth/investment offerings, and insurance driving significant growth.</li>
</ul>


This is a follow-up research note on MoneyHero Group, a leading personal finance and digital insurance aggregation platform in Greater Southeast Asia.
The company delivered a strong Q3 2024 performance, signaling a strategic shift towards efficiency and high-margin products.
Revenue rose 6% YoY to $20.9M, with personal loans, wealth/investment offerings, and insurance driving significant growth.


MoneyHero Group's Q3 Blowout! 6% Revenue Surge & $3.8M EBITDA Gain

MoneyHero’s Q324 results show revenues up 6% y-o-y (9M24 +18%) and a smaller adjusted EBITDA loss, as expected. The important element of the narrative, though, is the emphasis on driving revenues in higher-margin product areas and increasing operating efficiency within the business. Group CFO Hao Qian has resigned to return to China, with the group FD, Danny Leung, stepping up on an interim basis. The market opportunity remains substantial, and with customer data now on a unified platform, MoneyHero is well placed to deliver improved outcomes for both providers and end consumers. Our forecasts are updated to show more moderate top-line growth through FY26e, generating stronger margins.

MoneyHero’s Q324 results show revenues up 6% y-o-y (9M24 +18%) and a smaller adjusted EBITDA loss, as expected. The important element of the narrative, though, is the emphasis on driving revenues in higher-margin product areas and increasing operating efficiency within the business. Group CFO Hao Qian has resigned to return to China, with the group FD, Danny Leung, stepping up on an interim basis. The market opportunity remains substantial, and with customer data now on a unified platform, MoneyHero is well placed to deliver improved outcomes for both providers and end consumers. Our forecasts are updated to show more moderate top-line growth through FY26e, generating stronger margins.

MoneyHero’s Q224 results reflect management’s strategy of growing market share in its core geographies, as it invests in advertising, customer rewards and its platforms. Approved application conversion, a key driver of revenue, continues to improve as MoneyHero upgrades the customer experience and broadens its product range. Given the elevated investment, we have lowered our adjusted EBITDA expectations for FY24 through to FY26, which lowers our DCF valuation ($2.86/share versus $5.17/share previously). Management expects to achieve monthly positive adjusted EBITDA during Q424. We expect profitability to subsequently improve as the group benefits from operational leverage and continues to grow market share.

MoneyHero’s Q224 results reflect management’s strategy of growing market share in its core geographies, as it invests in advertising, customer rewards and its platforms. Approved application conversion, a key driver of revenue, continues to improve as MoneyHero upgrades the customer experience and broadens its product range. Given the elevated investment, we have lowered our adjusted EBITDA expectations for FY24 through to FY26, which lowers our DCF valuation ($2.86/share versus $5.17/share previously). Management expects to achieve monthly positive adjusted EBITDA during Q424. We expect profitability to subsequently improve as the group benefits from operational leverage and continues to grow market share.

Singapore

MoneyHero Limited operates as a personal finance company. The company was founded in 2014 and is headquartered in Singapore.

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MoneyHero (MNY US)

MoneyHero - Money saver in South-East Asia

MoneyHero is a leading South-East Asian personal finance aggregator and comparison platform, covering the full suite of personal finance products....

Edison Investment Research

MoneyHero Group: The Small-Cap To Watch Out For In The Asia-Pacific Fintech Sector!

This is our first report on MoneyHero Group and we look to provide a detailed account of the various assets owned by the company and the drivers...

Baptista Research

MoneyHero Group's Q3 Blowout! 6% Revenue Surge & $3.8M EBITDA Gain

This is a follow-up research note on MoneyHero Group, a leading personal finance and digital insurance aggregation platform in Greater Southeast Asia.

Baptista Research

MoneyHero - Emphasis on driving margin

MoneyHero’s Q324 results show revenues up 6% y-o-y (9M24 +18%) and a smaller adjusted EBITDA loss, as expected. The important element of the...

Edison Investment Research

MoneyHero - Investing for the long term

MoneyHero’s Q224 results reflect management’s strategy of growing market share in its core geographies, as it invests in advertising, customer...

Edison Investment Research

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