4Q2022 Newsletter

4Q22 Newsletter
for the quarter ended 31 December 2022

4Q22 Newsletter
for the quarter ended 31 December 2022

Some of the data here are the latest available to Mekong Capital at the date of this newsletter to be circulated. It might subject to be changed/updated lately.

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New Exit

New Exit
Completed divestment 
from Pizza 4P’s

In November 2022, Mekong Enterprise Fund III successfully divested its stakes in Pizza 4P’s.

Since MEF III’s investment in 2018, Pizza 4P’s grew from a chain of 8 restaurants to a network of 27 restaurants in Vietnam and Cambodia, representing growth of more than three times. During this rapid growth, Pizza 4P’s has successfully maintained its uniquely high-quality standards and commitment to delivering ‘Wow’ dining experiences to its customers.

Spotlight On Investee Companies

Spotlight On Investee Companies
128% YoY revenue growth

In 2022, Vua Nem achieved 128% YoY revenue growth. The result was driven by the company’s footprint expansion to 158 stores nationwide and a 45% YoY same-store sale growth.

 128% YoY revenue growth
Increased 119% YoY insect meal production volume

Entobel was able to enhance productivity in 4Q22 thanks to the re-organization of the production team and investments into new machinery from the previous quarter. As a result, insect meal production volume increased 119% YoY, while production cost decreased 12% QoQ and 4% YoY.

Increased 119% YoY insect meal production volume
112% YoY revenue growth

In 2022, F88 posted a 112% YoY growth in net revenue which is primarily driven by the strong performance in the insurance business. Particularly, net revenue from insurance grew 221% YoY and accounted for more than 15% of the company’s total net revenue.

 112% YoY revenue growth
105% YoY growth in chain pharmacy Points of Sale

In 2022, LiveSpo expanded its distribution network to more than 2,300 chain pharmaceutical stores, a 105% YoY growth.

 105% YoY growth in chain pharmacy Points of Sale
Doubled new offline enrollments

In 2022, YOLA grew its new offline enrollments by 100% compared to the same period last year, thanks to the year-round campaign “Open Doors to Possibilities” and 30+ school visits in Ho Chi Minh City to bring the YOLA brand into the minds of students and parents.

 Doubled new offline enrollments
Increased 936 active Points of Sale

In 4Q22, by increasing 936 active Points of Sale (POS), Mutosi achieved a total of 3,903 POS across Vietnam.

Increased 936 active Points of Sale
Number of tests increased by 81% YoY

Gene Solutions’ number of tests in 2022 increased by 81% YoY, as a result, revenue rose 104% compared to last year. In 4Q22, Gene Solutions established offices in Indonesia, Thailand, and the Philippines on track with the company’s strategic plan for SEA expansion.

Number of tests increased by 81% YoY
Opened 3 new stores

In the last quarter, HSV Group’s store network has expanded in Ho Chi Minh City with 2 new locations of Reebok in Saigon Center shopping mall (District 1) and Vincom Mega Mall Thao Dien (District 2); and 1 The Face Shop store on Hai Ba Trung street (District 1).

Opened 3 new stores
Opened 2 Maison Marou

In October and December 2022, 2 Maison Marou cafes were opened on Xuan Dieu street (Hanoi) and Hikari Binh Duong shopping mall, bringing the total number of Marou’s retail stores to 8 nationwide. As a result, in 2022, Marou witnessed an 87% YoY growth in revenue.

Opened 2 Maison Marou
The 1st pharmacy opened in an airport 

Pharmacity launched the first pharmacy at a domestic airport in Noi Bai International Airport (Hanoi), bringing the total number of stores to 1,017 nationwide. This demonstrates the company’s ongoing commitment to operating where customers need the most and providing “Sufficient Medicine – Qualified Pharmacists”.

Net revenue increased 21% YoY

Nhat Tin’s net revenue in 2022 increased 21% YoY mainly from 24-48hr delivery and trucking delivery services. The growth was driven by 9% increase in the number of bills, mostly from core B2B customers.

Net revenue increased 21% YoY
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