Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

Private Capital Markets

For an investment in MoMo, which is a leading e-wallet in Vietnam, our analysis shows that the most sensitive factor that would impact a potential investor's return is the company's take rate.Hence, even if the digital payments and e-wallets sector in Vietnam could present significant growth, the return from investing in MoMo could still be unattractive if its take rate drops in the future, given the sector's intensifying competition.The key to defending its future take rate is diversifying away from e-wallets and payments to become a financial facilitator with a complete ecosystem in the coming 3 – 5 years, like Ant Group in China. This is also the strategy Grab Financial Group is going after.

For an investment in MoMo, which is a leading e-wallet in Vietnam, our analysis shows that the most sensitive factor that would impact a potential investor's return is the company's take rate.Hence, even if the digital payments and e-wallets sector in Vietnam could present significant growth, the return from investing in MoMo could still be unattractive if its take rate drops in the future, given the sector's intensifying competition.The key to defending its future take rate is diversifying away from e-wallets and payments to become a financial facilitator with a complete ecosystem in the coming 3 – 5 years, like Ant Group in China. This is also the strategy Grab Financial Group is going after.  

Vietnam's MoMo: A Venture Capital Investment With Private Equity Return?

Vietnam

M_Services JSC, doing business as Momo, provides software solutions. The Company designs and develops mobile e-wallet and over-the-counter remittance and payment platform. Momo serves customers in Vietnam.

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M_Services JSC (1390888D VN)

Vietnam's MoMo: A Venture Capital Investment With Private Equity Return?

Take rate is the most critical factor that determines the return MoMo could bring to investors. The key to defending its take rate amid intense...

Alec Tseung

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)