【盈立证券】Scaled Fintech Aggregator with Clear Margin Path and Optional Upside-250702（20页）.pdf

1、 Equity Research Report|Company Research TMT|Fintech BUY|$4.63 PT MoneyHero(MNY.US)02 July 2025 Scaled Fintech Aggregator with Clear Margin Path and Optional Upside SPX 6246.42 NDX 22866.97 IXIC 20393.13 BTC($)109699.17 Key Data Closing price($)1.03 52-week High/Low($)1.88/0.551Market Cap($mn)44.5 A

2、vg 3m Daily Volume 103,120 Source:Capital IQ Analyst Head of TMT Research Chan Kwok Keung SFC No：BUL892 While this note is not a full initiation,we believe MoneyHero offers an attractive growth profile supported by favorable fintech market dynamics in Greater Southeast Asia.The companys position as

3、a leading personal finance aggregator and digital insurance broker underpins durable competitive advantages.Our base case is constructive,with optionality skewed to the upside.We highlight five core investment themes supporting our view.1)Reinforcing Regional Market Leadership with Structural Tailwi

4、nds: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 million monthly unique users,the company operates under localized brands(Singsaver,MoneyHero,MoneyMax,Money101),supported by a

5、 diversified financial product portfolio.These strong footholds in key markets are underpinned by favorable fintech adoption trends in Southeast Asia,where financial inclusion and digital services are expected to see continued growth.2)Tier-1 Sponsor Group with Proven Strategic Connectivity,and Futu

6、re Optionality in SME/AI Ecosystem MoneyHeros de-SPAC sponsor Bridgetown,backed by Peter Thiel(PayPal,Palantir)and Richard Li(Pacific Century),offers invaluable strategic connectivity.The PCG ecosystem already demonstrates strong synergies through FWD Groups extensive regional footprint(10 markets,3