Last close As at 05/08/2026
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▲ 0.01 (1.09%)
Market capitalisation
USD29m
Research: TMT
MoneyHero has made a promising start to FY24, with robust levels of revenue growth in Q124 across several core markets and all product verticals. Investment in the platform has resulted in improved application conversion rates, while several senior hires have been made, including the new CFO, Hao Qian, and a head of AI. Although the EBITDA loss widened in the quarter, management expects profitability to improve to a break-even run rate by end FY24. Our estimates are unchanged, anticipating sequential quarterly revenue growth as management accelerates investment in its user base and benefits from operational leverage.
Written by
MoneyHero |
Encouraging start to FY24 |
Q124 results |
Media |
28 June 2024 |
Share price performance
Business description
Next events
Analysts
MoneyHero is a research client of Edison Investment Research Limited |
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MoneyHero has made a promising start to FY24, with robust levels of revenue growth in Q124 across several core markets and all product verticals. Investment in the platform has resulted in improved application conversion rates, while several senior hires have been made, including the new CFO, Hao Qian, and a head of AI. Although the EBITDA loss widened in the quarter, management expects profitability to improve to a break-even run rate by end FY24. Our estimates are unchanged, anticipating sequential quarterly revenue growth as management accelerates investment in its user base and benefits from operational leverage.
Year end |
Revenue ($m) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/22 |
68.1 |
(30.2) |
(52.17) |
0.00 |
N/A |
N/A |
12/23 |
80.7 |
(156.5) |
(13.49) |
0.00 |
N/A |
N/A |
12/24e |
104.4 |
(4.2) |
(0.08) |
0.00 |
N/A |
N/A |
12/25e |
125.1 |
1.7 |
0.03 |
0.00 |
58.8 |
N/A |
12/26e |
150.3 |
8.4 |
0.16 |
0.00 |
11.6 |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Good revenue momentum in Q124
In Q124, MoneyHero delivered revenue growth of 24% year-on-year to $22.2m (Q123: $17.9m), with growth across all verticals and channels. Its two core markets, Singapore and Hong Kong, displayed very strong levels of growth, offset by declines in Taiwan and the Philippines as its partner Citibank paused certain offerings. The focus on market share growth lowered profitability, with elevated spend on advertising and marketing costs on better rewards for users. The net cash position remained healthy at $60.0m (end FY23: $68.6m), providing ample resources for investment in organic and potential inorganic opportunities.
Leveraging commercial partnerships
MoneyHero’s broad user base means it continues to be the preferred channel of customer acquisition for many of its financial service partners. This has enabled it to work collaboratively with these partners to co-create products, enhancing its ability to cross-sell and upsell products. While the number of unique monthly users declined in the quarter from end FY23, increased investment in marketing campaigns and the customer experience journey helped to boost the level of approved applications by 72% year-on-year to 206,000, a key driver of revenue. Investment in AI capabilities should help to offer more tailored recommendations for members and ShopHero app users, driving customer loyalty and engagement on its platforms.
Valuation: DCF-based valuation nudged up
MoneyHero’s share price has risen 10% in the year to date, performing well against the peer median of 1%. Despite this, it continues to trade at a notable discount to its peer group at 0.1x EV/sales across FY24 and FY25. Our DCF-based valuation has risen slightly to $5.17, from $4.95, due to a change in the share count methodology, and continues to indicate substantial upside to the current share price.
Q124 results
MoneyHero’s Q124 results demonstrated good progress in the year to date as it pushed ahead with its market expansion strategy. Q1 has historically been a slower quarter for the company due to the Chinese New Year and the shorter month of February. However, revenue grew 24% year-on-year to $22.2m (Q123: $17.9m), with particularly strong growth in Singapore (61%) and Hong Kong (37%). Taiwan declined 40% after paused product offerings, while in the Philippines the 4% dip in revenue followed revised pricing terms for a key client. Both of these markets were affected by Citibank in particular pausing products, having sold its consumer banking business to DBS in August 2023. Citibank is an important partner for MoneyHero, with 22% of revenue in FY23 coming from entities affiliated with or acting on behalf of the bank.
By product vertical, MoneyHero’s strategic focus on the more profitable insurance and personal loan segments was reflected in robust levels of growth of 44% and 41%, respectively. Credit cards, historically the majority of MoneyHero’s revenue, also grew 18% in the quarter to $15.4m (Q123: $13.1m). Credit cards remain an important focus for management, not only because it is the largest product vertical by revenue, but it also acts as a key channel through which MoneyHero can cross-sell or upsell to customers.
Management remains confident of achieving its stated revenue target of $100m by end FY24. We anticipate that FY24 results will be H2 weighted and, consequently, our estimates are unchanged. In addition, we expect the benefits of MoneyHero’s investments into brand and marketing to bear fruit in the second half of the year and provide a further boost to revenue.
Exhibit 1: Q124 revenue breakdown
$m |
Q123 |
Q124 |
Y-o-y growth (%) |
Revenue |
17.9 |
22.2 |
24% |
By geography: |
|||
Singapore |
5.6 |
8.9 |
61% |
Hong Kong |
5.6 |
7.7 |
37% |
Taiwan |
2.3 |
1.4 |
(40)% |
Philippines |
4.1 |
4.0 |
(4)% |
Malaysia |
0.2 |
0.1 |
(46)% |
By product vertical: |
|||
Credit cards |
13.1 |
15.4 |
18% |
Personal loans and mortgages |
2.3 |
3.3 |
41% |
Insurance |
1.3 |
1.8 |
44% |
Other verticals |
1.2 |
1.6 |
33% |
By channel: |
|||
Online financial comparison platforms |
14.8 |
18.1 |
22% |
Creatory |
3.1 |
4.1 |
34% |
Source: MoneyHero
Profitability dipped year-on-year, with the adjusted EBITDA loss growing to $6.4m (Q123: $0.3m). However, this was largely expected given the signalled increase in advertising and marketing costs to develop its customer acquisition strategy, as MoneyHero seeks to take further market share in its geographies. Other general administration costs also increased year-on-year due to the additional expenses of being a publicly listed company.
The net cash (excluding leases) position remained healthy at $60.0m, down $8.6m since the end of FY23 due to continued investment in the business. Given its position as the number one brand in four of its five markets, management remains open to strategic acquisition opportunities and believes there is the potential for consolidation within its industry and geographies.
Turning towards the key performance indicators for the business, despite lower unique monthly users since end FY23 at 8.5 million (FY23: 8.7 million), MoneyHero is converting a higher number of users from clicks to approved applications. This is a key driver of revenue, with 90% of FY23 revenue generated through approved applications. Approved applications grew 72% year-on-year to 206,000 (Q123: 120,000), with the level of approved applications as a proportion of clicks growing from 6% in Q123 to 9% in Q124. Management has implemented a number of initiatives to optimise its conversion rate, including investing in its marketing strategy, developing the customer journey, utilising AI capabilities to provide more relevant content to users and broadening its audience reach through the ShopHero app and the Creatory platform.
|
Exhibit 2: Approved application progression |
|
|
Source: MoneyHero, Edison Investment Research |
Exhibit 3: Financial summary
$m |
2022 |
2023 |
2024e |
2025e |
2026e |
||
Year end 31 December |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
||
INCOME STATEMENT |
|||||||
Revenue |
|
|
68.1 |
80.7 |
104.4 |
125.1 |
150.3 |
Cost of Sales |
(33.9) |
(43.9) |
(60.6) |
(71.3) |
(82.7) |
||
Gross Profit |
34.3 |
36.7 |
43.8 |
53.8 |
67.6 |
||
EBITDA |
|
|
(15.6) |
(6.8) |
(1.9) |
5.0 |
13.7 |
Normalised operating profit |
|
|
(21.5) |
(14.0) |
(6.8) |
(0.8) |
6.5 |
Exceptionals |
(19.5) |
(15.5) |
0.0 |
0.0 |
0.0 |
||
Share-based payments |
0.0 |
(0.5) |
(0.5) |
(0.5) |
(0.5) |
||
Reported operating profit |
(41.0) |
(30.0) |
(7.3) |
(1.3) |
6.0 |
||
Net Interest |
(7.6) |
(18.2) |
2.6 |
2.4 |
1.9 |
||
Change in FV of financial instruments |
(1.1) |
(57.3) |
0.0 |
0.0 |
0.0 |
||
Exceptionals |
0.0 |
(67.0) |
0.0 |
0.0 |
0.0 |
||
Profit Before Tax (norm) |
|
|
(30.2) |
(156.5) |
(4.2) |
1.7 |
8.4 |
Profit Before Tax (reported) |
|
|
(49.7) |
(172.5) |
(4.7) |
1.2 |
7.9 |
Reported tax |
0.3 |
(0.1) |
0.8 |
(0.2) |
(1.3) |
||
Profit After Tax (norm) |
(25.2) |
(129.9) |
(3.5) |
1.4 |
7.0 |
||
Profit After Tax (reported) |
(49.4) |
(172.6) |
(3.9) |
1.0 |
6.6 |
||
Minority interests |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
||
Discontinued operations |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
||
Net income (normalised) |
(25.2) |
(129.9) |
(3.5) |
1.4 |
7.0 |
||
Net income (reported) |
(49.4) |
(172.6) |
(3.9) |
1.0 |
6.6 |
||
Basic average number of shares outstanding (m) |
0.5 |
9.6 |
42.9 |
42.9 |
42.9 |
||
EPS - normalised ($) |
|
|
(52.17) |
(13.49) |
(0.08) |
0.03 |
0.16 |
EPS - normalised fully diluted ($) |
|
|
(52.17) |
(13.49) |
(0.08) |
0.03 |
0.16 |
EPS - basic reported ($) |
|
|
(102.40) |
(17.90) |
(0.09) |
0.02 |
0.15 |
Dividend ($) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
||
Revenue growth (%) |
18.4 |
29.4 |
19.8 |
20.2 |
|||
Gross Margin (%) |
50.3 |
45.5 |
42.0 |
43.0 |
45.0 |
||
EBITDA Margin (%) |
-23.0 |
-8.5 |
-1.9 |
4.0 |
9.1 |
||
Normalised Operating Margin (%) |
-31.5 |
-17.4 |
-6.5 |
-0.6 |
4.3 |
||
BALANCE SHEET |
|||||||
Fixed Assets |
|
|
15.6 |
8.1 |
7.0 |
5.8 |
3.6 |
Intangible Assets |
14.4 |
7.3 |
6.1 |
4.5 |
2.3 |
||
Tangible Assets |
1.1 |
0.8 |
1.0 |
1.2 |
1.3 |
||
Investments & other |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
||
Current Assets |
|
|
48.6 |
106.9 |
112.6 |
119.1 |
133.0 |
Contract assets |
11.1 |
16.0 |
20.9 |
22.5 |
25.6 |
||
Debtors |
13.2 |
22.1 |
28.9 |
32.4 |
34.9 |
||
Cash & cash equivalents |
24.1 |
68.6 |
62.7 |
64.0 |
72.4 |
||
Other |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
||
Current Liabilities |
|
|
(39.0) |
(35.7) |
(44.3) |
(48.5) |
(53.7) |
Creditors |
(23.2) |
(33.2) |
(41.8) |
(46.0) |
(51.2) |
||
Short term borrowings |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
||
Finance leases |
(0.5) |
(0.6) |
(0.6) |
(0.6) |
(0.6) |
||
Other |
(15.3) |
(1.9) |
(1.9) |
(1.9) |
(1.9) |
||
Long Term Liabilities |
|
|
(9.4) |
(0.3) |
(0.3) |
(0.3) |
(0.3) |
Long term borrowings |
(8.7) |
0.0 |
0.0 |
0.0 |
0.0 |
||
Other long term liabilities |
(0.7) |
(0.3) |
(0.3) |
(0.3) |
(0.3) |
||
Net Assets |
|
|
15.8 |
79.1 |
75.1 |
76.1 |
82.7 |
Minority interests |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
||
Shareholders' equity |
|
|
15.8 |
79.1 |
75.1 |
76.1 |
82.7 |
CASH FLOW |
|||||||
Op Cash Flow before WC and tax |
(44.9) |
(172.5) |
(2.3) |
1.2 |
7.9 |
||
Working capital |
1.9 |
(3.7) |
(3.1) |
(0.9) |
(0.4) |
||
Exceptional & other |
28.4 |
159.2 |
(0.1) |
3.3 |
5.2 |
||
Tax |
0.0 |
0.0 |
0.8 |
(0.2) |
(1.3) |
||
Net operating cash flow |
|
|
(14.6) |
(17.0) |
(4.8) |
3.4 |
11.5 |
Capex |
(5.0) |
(2.2) |
(3.5) |
(4.3) |
(4.8) |
||
Net interest |
(7.8) |
(18.2) |
2.6 |
2.4 |
1.9 |
||
Equity financing |
0.0 |
91.5 |
0.0 |
0.0 |
0.0 |
||
Dividends |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
||
Other |
42.6 |
(9.4) |
(0.2) |
(0.2) |
(0.2) |
||
Net Cash Flow |
15.2 |
44.7 |
(6.0) |
1.3 |
8.4 |
||
Opening net debt/(cash) (including leases) |
|
3.6 |
(14.5) |
(68.0) |
(62.1) |
(63.4) |
|
FX |
(0.3) |
(0.1) |
0.0 |
0.0 |
0.0 |
||
Other non-cash movements |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
||
Closing net debt/(cash) (including leases) |
|
(14.5) |
(68.0) |
(62.1) |
(63.4) |
(71.8) |
|
Source: MoneyHero accounts, Edison Investment Research
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Research: Healthcare
Actinogen Medical announced that the prespecified biomarker subset analyses on stored plasma samples (n=72) from its previous Phase IIa XanADu study (n=185) in patients with mild Alzheimer’s disease (AD) has been published in the peer-reviewed Journal of Alzheimer’s Disease (JAD). As reported in Q422, patients with elevated baseline phosphorylated Tau-181 (pTau-181) protein (at least 6.74pg/mL), representing 34 patients (16 on Xanamem 10mg daily, 18 on placebo), showed a 0.6 mean difference (effect size) on the CDR-SB scale at 12 weeks between the placebo and treatment arms, representing a 60% relative reduction in progression. This suggests that Xanamem’s potential cognitive or disease-slowing effects may be sensitively detected by the CDR-SB endpoint, which is one of the critical endpoints in the ongoing XanaMIA Phase IIb trial (planned n=220) enrolling participants with cognitive impairment (CI) in mild to moderate AD as confirmed through elevated baseline p-Tau181. Actinogen’s next milestone will be results, expected in early Q3 CY24, from its Phase IIa XanaCIDD study of Xanamem in patients with CI and major depressive disorder.