具有清晰利润路径和可选 upside 的可扩展金融科技聚合器

BUY |$4.63PT Scaled FintechAggregator with Clear Margin Path and Optional Upside 02July2025 While this note is not a full initiation, we believe MoneyHero offers an attractive growth profilesupported by favorable fintech market dynamics inGreaterSoutheast Asia. The company’sposition as a leading personal finance aggregator and digital insurance broker underpinsdurable competitive advantages. Our base case is constructive, with optionality skewed to theupside. We highlight five core investmentthemes supporting our view. 1)Reinforcing Regional Market Leadership with Structural Tailwinds: KeyData Operating at scale across ASEAN-6, MoneyHero commands dominant market share, including 59%in Singapore, 49% in Hong Kong, 49% in the Philippines, and 33% in Taiwan. With over 5.7 millionmonthly unique users, the company operates under localized brands (Singsaver, MoneyHero,MoneyMax, Money101), supported by a diversified financial product portfolio. These strong footholdsin key markets are underpinned by favorable fintech adoption trends in Southeast Asia, wherefinancial inclusion and digital services are expected to see continued growth. Closing price ($)1.0352-weekHigh/Low ($)1.88/0.5512MarketCap($mn)44.5Avg 3mDaily Volume103,120 2)Tier-1 Sponsor Group with Proven Strategic Connectivity, and Future Optionality in SME/AI Ecosystem MoneyHero's de-SPAC sponsor Bridgetown, backed by Peter Thiel (PayPal, Palantir) and Richard Li(Pacific Century), offers invaluable strategic connectivity. The PCG ecosystem already demonstratesstrong synergies through FWD Group's extensive regional footprint (10 markets, 30mn+ customers)and bolttech partnership, driving tangible value in digital insurance distribution. The Thiel connection,particularly via Palantir’s growing role in SPAC-backed companies and“Palantir for Builders”presentsunique long-term strategic optionality,particularly in data infrastructure and SME enablement. Source: Capital IQ 3)Structural Revenue Growth and Strengthening Member Loyalty Underpin Monetization Flywheel Despite a 35% YoY revenue decline to US$14.3mn in 1Q25 amid a strategic pivot from credit card-heavy monetization, MoneyHero’s revenue mix is improving, with insurance and wealth products nowcontributing 25% (vs. 14% a year ago). Growth is supported by anexpanding user base (8.1mn,+38% YoY) and stronger engagement. The upcoming Credit Hero Club with TransUnion introducesembedded credit infrastructure, enabling personalized approvals and cross-sell—unlocking higherLTV and providing a strategic entry point into Hong Kong’s HK$160bn consumer credit market. 4)Clear Path to Adjusted EBITDA Profitability: Operating Leverage Emerging Across Core Verticals MoneyHero is approaching breakeven, with adjusted EBITDA loss narrowing to US$3.3mn in 1Q25,supported by improved gross margin (56%, +20ppt YoY) and a 40% YoY reduction in opex. Costdiscipline reflects optimized rewards targeting, stronger partner terms, and rising organic traffic viaimproved SEO and content. Contribution margins are expanding across key verticals, especiallyinsurance and wealth. With acquisition costs declining andconversion rates doubling, unit economicsare positive in core markets, reinforcing 2H25 breakeven guidance and unlocking AI-driven scale. 5)Product & Technology Innovation Enhancing Engagement, Efficiency, and Monetization Optionality Analyst MoneyHero is evolving from a lead-generation platform into a modular fintech utility, leveraging AIand embedded partnerships to drive engagement and monetization. Its Bolttech-backed insurancevertical is showing strong traction with higher conversions and recurring revenue potential. The recentOSL partnership marks its entry into digital asset wealth, positioning it to capture Hong Kong’sgrowing crypto adoption amid supportive regulation. These initiatives broaden long-term optionalityacross insurance,wealth, and embedded finance. Head of TMTResearchChanKwokKeungSFC No：BUL892winson.chan@usmarthk.com ❑Valuation Re-rating Potential on Structural Growth Optionality We believe MoneyHero’s current valuation fails to reflect the platform’s improving uniteconomics,strategic partnerships, and embedded monetization potential.At US44.5mnmarket cap (as ofJuly2),the company is trading at just0.11x EV/Sales on 2024A revenue—a90–98%discount to listed peers such as NerdWallet(~1.1x),MoneySupermarket(~2.7x),LendingTree(~1.1x)and PB Fintech (~16.1x), despite comparable gross margins (~56%) and aclearer path to EBITDA breakeven (guided for 2H25). Importantly,MoneyHero’s cash balance of US$36.6million (1Q25)represents nearly82% of itscurrent market cap, implying thatenterprise value is effectively de minimis.At current levels, webelieveinvestors are essentially acquiring MoneyHero’s 5.7million-user platform and ecosystemoptionality for free—a rare setup for a high-quality asset with proven traction, embedded B2Bchannels, and scalable infrastructure. We view this as aclassic deep value pl