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Mekong Enterprise Fund divested 100% of its investment in AA
Corporation. This divestment resulted in a gross return multiple of
2.12x. The Fund originally invested $1.67 million in AA - between
March 2003 to July 2005.
This is the fifth full exit by the Mekong Enterprise Fund, and the
eighth full exit among funds managed by Mekong Capital.
www.aacorporation.com
www.thegioididong.com
Mekong Capital successfully completed the 8th
full exit of its funds*
DivestmentSpotlight on Investee CompaniesSpotlight on Mekong Capital
MEKONG CAPITAL - 3Q11 NEWSLETTER for the period ending 30 September 2011
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DIVESTMENT
SPOTLIGHT ON INVESTEE COMPANIES
The Gioi Di Dong (“Mobile World”) – Opened 41 new stores in 3Q11, bringing total group stores to 161Sector: Electronics Retail
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third quarter. The company opened an additional 40 thegioididong.com
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with much of the expansion happening in the provinces outside of Ho Chi
Minh City and Hanoi. Mobile World is the leading mobile phone retailer in
Vietnam, controlling close to 30% of the national market share by the end
of the third quarter.
The company also opened one new dienmay.com store, the larger retail
format for consumer electronics and household appliances, during the
third quarter, increasing the total number to 3 stores.
To see a map of all of Mobile World’s store locations, please click here.
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third quarter, attributable to the outstanding performance of its restaurants
in the North, and the successful implementation of the company’s third
restaurant concept - Sumo-BBQ.
In 3Q11, Golden Gate opened one new Sumo-BBQ restaurant in Hanoi,
increasing the total number of Sumo-BBQ stores to 6 outlets nationwide.
The company currently operates 5 Ashima, 22 Kichi-Kichi, and 6 Sumo-
BBQ restaurants.
To see a map of all of Golden Gate’s restaurant locations, please click here.
Digiworld achieved a YTD net profit growth of 71% for the first nine months of
2011 due to successfully shifting its revenue mix towards the more profitable
products and the implementation of effective inventory and receivable management
systems.
An Giang achieved a YTD net profit growth of 32% for the first three
quarters of 2011, driven by rising rice prices in Vietnam, and a shift in
demand towards higher value-added crop protection chemical products.
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its vertically-integrated rice processing business, and commenced
construction of 2 additional rice mills in the third quarter. The company is
on track to have 4 rice mills in operation by the year-end with a combined
annual capacity of 400,000 tons of rice paddy.
Venture International (Vietnam) achieved a YTD net profit growth of 110% as of
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China to Vietnam, which is correlated with rising garment manufacturing costs in
China relative to Vietnam. The company’s management has done an exceptional
job at creating value from this opportunity by maintaining a stable and well-trained
workforce, high standards of quality control, and a culture of accountability and
results.
ACC achieved a YTD net profit growth of 54% for the first three quarters of
2011. The excellent performance was driven by the company implementing more
comprehensive KPIs while shifting its focus from revenue targets to profit targets.
Meanwhile, ACC’s food ingredient manufacturing affiliate, a joint venture between
ACC and Vinamilk, successfully closed a large contract with a leading coffee maker
in Vietnam.
www.ggg.com.vn
www.digiworld.com.vn
www.agpps.com.vn
www.vijsc.com
www.asia-chemical.com
Golden Gate – YTD net profit growth of 99%
Sector: Restaurant Chains
Digiworld – YTD net profit growth of 71%
Sector: IT Hardware Distribution
An Giang Plant Protection – YTD net profit growth of 32%Sector: Agriculture
Venture International (Vietnam) – YTD net profit growth of 110%
Sector: Garment Manufacturing
Asia Chemical Corporation (“ACC”) – YTD net profit growth of 54%Sector: Chemical Distribution
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Investing strongly in relationships with their Japanese clients, their orders from
Japan increased after the earthquake in early 2011. Japanese clients now account
for 50% of the company’s revenue. Meanwhile, the Vietnam Azalea Fund agreed
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2011 to support FPT’s “One-FPT” strategy.
����*'#'=##�L����@����(�!���?�R�����S������L!�������( ����������������������� ������!�����������U�Mekong Capital: The
Importance of Corporate Culture in Emerging Markets Private Equity, written by Adolfo Vinatea and Richard Turner, under the
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TRAPHACO achieved a YTD net profit growth of 35% for the first nine months of
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TRAPHACO has 11 company-owned branches nationwide, compared to 6 branches
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To see a map of all of TRAPHACO’s distribution branches, please click here.
www.fpt-software.com
www.traphaco.com.vn
FPT Software (“F-Soft”) – YTD net profit growth of 44%Sector: Software outsourcing
Best Case Study Prize at London Business School
TRAPHACO – YTD net profit growth of 35%Sector: Pharmaceuticals
Contact details MEKONG CAPITAL
Capital Place, 8th floor,
6 Thai Van Lung, District 1, Ho Chi Minh City, Vietnam
Tel: (84 8) 3827 3161 - Fax: (84 8) 3827 3162
E-mail: [email protected]
www.mekongcapital.com
*This includes only companies that were unlisted at the time of the original investment.
SPOTLIGHT ON MEKONG CAPITAL