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.

Equity Bottom-Up

<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

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.

<p>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.</p>

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.

<p>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.</p>

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.

<ul>
<li>This is a follow-up research note on MoneyHero Group, a company that has firmly positioned itself as a rising star in Southeast Asia’s fintech landscape.</li>
<li>The company boasts of remarkable results in Q2 2024.</li>
<li>With revenue surging by 24% year-over-year (YoY) to $20.7 million, driven largely by a massive 68% revenue growth in its Singapore market, MoneyHero is rapidly emerging as a dominant force in the personal finance and digital insurance aggregation space.</li>
</ul>


This is a follow-up research note on MoneyHero Group, a company that has firmly positioned itself as a rising star in Southeast Asia’s fintech landscape.
The company boasts of remarkable results in Q2 2024.
With revenue surging by 24% year-over-year (YoY) to $20.7 million, driven largely by a massive 68% revenue growth in its Singapore market, MoneyHero is rapidly emerging as a dominant force in the personal finance and digital insurance aggregation space.


MoneyHero Group: A Solid Performance In Q2 2024 & Why It’s Just the Beginning!

<ul>
<li>This is a follow-up research note on MoneyHero Group, a leading personal finance aggregation and comparison entity in Greater Southeast Asia.</li>
<li>In its most recent Q1 2024 result, the company continues to demonstrate exceptional growth and strategic agility.</li>
<li>MoneyHero Group has seen a significant uptick in revenues and improved margins and was also in the news for an important strategic sale of CompareHero in Malaysia that could prove to be another game changer.</li>
</ul>


This is a follow-up research note on MoneyHero Group, a leading personal finance aggregation and comparison entity in Greater Southeast Asia.
In its most recent Q1 2024 result, the company continues to demonstrate exceptional growth and strategic agility.
MoneyHero Group has seen a significant uptick in revenues and improved margins and was also in the news for an important strategic sale of CompareHero in Malaysia that could prove to be another game changer.


MoneyHero Group: A Promising Q1 2024 Result With Lots To Look Forward To!!

Singapore

MoneyHero is a leading fintech company in Greater Southeast Asia, operating personal finance aggregation and comparison platforms and providing digital insurance brokerage services. The company offers financial guidance, product comparison tools, and marketplaces for credit cards, personal loans, mortgages, wealth, insurance, and other financial products. It also operates Creatory, a B2B platform. MoneyHero is dual-headquartered in Singapore and Hong Kong SAR and was founded in 2014.

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MoneyHero (MNY US)

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

MoneyHero Group: A Solid Performance In Q2 2024 & Why It’s Just the Beginning!

This is a follow-up research note on MoneyHero Group, a company that has firmly positioned itself as a rising star in Southeast Asia’s fintech...

Baptista Research

MoneyHero Group: A Promising Q1 2024 Result With Lots To Look Forward To!!

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

Baptista Research

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