Daily Brief Singapore: MoneyHero , SGX Rubber Future TSR20, Ohmyhome , Scilex Holding , Singtel and more

• This is a follow-up research note on MoneyHero Group, a company that has firmly positioned itself as a rising star in Southeast Asia’s fintech landscape.
• The company boasts of remarkable results in Q2 2024.
• With revenue surging by 24% year-over-year (YoY) to $20.7 million, driven largely by a massive 68% revenue growth in its Singapore market, MoneyHero is rapidly emerging as a dominant force in the personal finance and digital insurance aggregation space.

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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.

• On higher revenue & cost constraint initiatives, the company’s 1H 2024 EBITDA loss margin narrowed compared to 1H 2023 and OMH expects 2H24 cost containment measures, anticipated revenue growth – supported by a higher total value of contracts signed in 3Q24 – to drive further margin improvement.
• As a result, OMH anticipates further reduction in EBITDA loss in 2H 2024 as it maintains measures to optimize its cost structure and operational efficiency.

• SCLX is filling a much-needed area of the health care sector, that of developing non-opioid pain relief products.
• The company already has commercialized products that are proven to improve patients’ lives.
• The company announced a financing deal that helps to pay off debt and adds cash at good terms.

• Since late August, institutional investors net bought S$1.4 billion in Singapore stocks, marking a significant turnaround from the S$1.3 billion net outflow earlier in the year.
• The 10 stocks with the most net institutional inflow included the STI banks and Singtel, averaging 5.2% total returns, while the remaining six stocks averaged 14.9% total returns.
• On 9 Oct, Singapore’s Structured Warrants market saw its highest trading turnover since Jan 2019, driven by significant moves in the Hang Seng Index-tracking markets, while the 20 most traded Singapore stocks with significant Greater China revenue have averaged 22% total returns since Sep 20, paralleling the FTSE China A50 & CSI 300.