MoneyHero

Overview
Price performance
Financials
Research
Thematics

MoneyHero is a leading personal finance and digital insurance comparison platform in South-East Asia. The group operates online through both its DTC platforms and its B2B channel, Creatory. It offers users financial products including credit cards, personal loans, mortgages and insurance.

MoneyHero is well positioned to benefit from South-East Asia’s growing affluence, increasing adoption of digital services and internet penetration. Furthermore, management’s focus on the more profitable insurance vertical means the company is primed to capitalise on the expected growth in non-life insurance across the medium term. The company has strong brand recognition and a market-leading position in four of its five geographies.

Latest Insights

Consumer |
Update

10.10.24

MoneyHero — Investing for the long term

TMT |
Update

28.06.24

MoneyHero — Encouraging start to FY24

TMT |
Initiation

13.05.24

MoneyHero — Money saver in South-East Asia

TMT |
edison tv

10.05.24

MoneyHero – executive interview

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Sector

Consumer

Equity Analyst

Milo Bussell

Analyst, Consumer and TMT

Key Management

Hao Qian

CFO
Rohith Murthy

CEO

Balance Sheet

Forecast net debt (US$m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(6.0)	(31.9)	(43.8)
Relative	(7.3)	(36.4)	(58.9)
52 week high/low	US$4.0/US$0.8

Financials

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.