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2. Contents
MEKONG CAPITAL 3
Overview 4
Background 6
Active Investor 8
Early Stage Investor 9
Exceptional Local Team 10
Fast Growing Companies 13
Investment Strategy 13
Disciplined Approach 14
Target Industries 16
Focus on a Single Business 17
OUR FUNDS 19
Mekong Enterprise Fund, Ltd 20
Mekong Enterprise Fund II, Ltd 23
Vietnam Azalea Fund Limited 24
HOW WE ADD VALUE 27
Types of Assistance Projects 28
Recruitment 29
Financial Reporting and Management 30
Strategy and Expansion Planning 31
Process Improvement 33
Preparing for Successful Listing 35
PORTFOLIO COMPANIES 37
AA Corporation 38
Duc Thanh Wood Processing 39
Goldsun 40
International Consumption Products 41
Intresco 42
Lac Viet Computing 43
Minh Hoang Garment 44
Minh Phuc Manufacturing and Trading 45
Ngo Han Joint Stock Company 46
Nam Hoa Production and Trading 47
Saigon Gas Holdings 48
Tan Dai Hung Plastic 49
The Gioi Di Dong - Mobileworld 50
Legal Disclaimer
This document provides summary information about
Mekong Capital, Ltd. (“Mekong Capital”) and funds managed by
Mekong Capital, and is not intended to be comprehensive. No
understanding, representation or warranty or other assurance,
express or implied, is made or given by any person to the
accuracy, fairness or completeness of the information or opinions
contained in this presentation and no responsibility or liability is
accepted for any such information or opinions. No recipient of
this document, including, without limitation, investors or potential
investors in any funds managed by Mekong Capital, may rely on
this document in any manner whatsoever.
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3. MEKONG CAPITAL
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4. Overview
Mekong Capital is an employee-owned
investment management company which is the
investment manager of three Vietnam-focused
investment funds:
Mekong Enterprise Fund, Ltd. (2002);
Mekong Enterprise Fund II, Ltd. (2006); and
Vietnam Azalea Fund Limited (2007).
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6. Background
Mekong Capital was established in 2001 by individuals with extensive background in
the investment management industry, both in Vietnam and internationally.
With a team of 40+ full time people in our offices in Ho Chi Minh City and Hanoi,
we have the largest and most experienced private equity team in Vietnam.
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8. Active Investor
Mekong Capital is an active investor which adds significant value to the
companies in which our funds invest. In particular, we help companies to
expand and strengthen their management teams, make improvements to
financial reporting systems, increase operational efficiency, and prepare
for successful listings on a stock exchange.
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9. Early
Stage Investor
We invest in companies at earlier
stages than most institutional investors
in Vietnam. While investments in early-
stage companies usually require more
effort than companies which are nearer
to listing or which have already been
listed, our team of 40+ people on the
ground in Vietnam allows us to deploy
significant resources to implement
investments which require significant
effort, and to add value to those
companies after we invest.
We aim to maintain strong relationships
with other institutional investors active in
Vietnam, and welcome other investors
to make follow-on investments in our
investee companies.
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10. Exceptional
Local Team
The core of our strategy is to continuously
invest in the development of an excellent
Vietnamese team. We believe that an
exceptionally strong Vietnamese team
at the most senior levels provides us a
significant advantage as an investor in
Vietnam.
Almost all of Mekong Capital’s senior
management team are Vietnamese, who
are also shareholders of Mekong Capital.
As of July 2007, current managers and
employees hold approximately 72% of
Mekong Capital’s shares, which helps to
ensure that our managers and employees
are highly committed and motivated.
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13. Fast Growing
Companies
The investee companies of our first
fund, Mekong Enterprise Fund, have
achieved average revenue growth of
34.5% per year, and average net profit
growth of 46.9% per year, during the
period in which the Fund has held those
investments (through the period ending 31
December 2006).
Investment
Strategy
We believe that long-term investment
success is strongly connected to the
development of excellent management
teams in the companies in which we
invest.
In particular, we invest in companies
which we believe have a very strong
commitment to continuously developing
their management teams, as we believe
this is the best predictor of how rapid and
sustainable their future growth will be.
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14. Disciplined
Approach
We are a highly conservative investor - we
aim for each one of our investments to be
successful.
When considering an investment,
we place significant emphasis on the
management teams of potential investee
companies, especially their commitment
to continuously strengthening the
management team, growing the company
at an attractive rate, and achieving a
successful listing on a stock exchange
by improving financial reporting and
corporate governance.
We prefer companies that are focused
on excellence in a single industry instead
of companies that are involved in several
different industries.
We also strongly prefer companies
that are focused on creating long-term
shareholder value, as opposed to short-
term profits.
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16. Target
Industries
We typically focus on companies involved in
some combination of the following:
- Manufacturing, processing and assembly;
- Marketing and branding of physical products;
- Distribution; and
- Retail.
Generally we prefer to invest in well-proven
and scalable business models, where the
key determinant of success is how well the
management team can execute on its strategy
and expansion plans.
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17. Focus On A
Single Business
Mekong Capital’s only business is
investment management, and we
currently have no plans to expand into
other kinds of business, financial services
or consulting work. We do NOT accept
fees from the companies in which our
funds invest.
This means that we always strive for
excellence as an investor, and are
not distracted by other businesses or
objectives.
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19. OUR FUNDS
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20. Mekong
Enterprise
Fund, Ltd.
Mekong Enterprise Fund is a $37
million (1) private equity fund focusing
on investments in fast-growing private
companies in Vietnam. The Fund’s
strategy is to help these companies grow
at the fastest rate possible, and to help
those companies prepare for successful
listings on a stock exchange.
The Fund’s life is expected to be 10
years from the date of its launch in
April 2002. When the Fund makes
an investment, it expects to hold the
investment for 4 to 8 years.
Mekong Enterprise Fund is currently
holding 10 investments, which were
initially made in 2003, 2004 and 2005.
Most of these are expected to be listed on
a stock exchange by the end of 2009.
(1) Based on the Fund’s official Net Asset Value as of 30 June 2007.
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23. Mekong
Enterprise
Fund II, Ltd.
Mekong Enterprise Fund II is a $50
million (2) private equity fund that focuses
on investing in well-managed, fast-
growing private companies in Vietnam.
The Fund’s strategy is to help these
companies grow at the fastest rate
possible, and prepare for successful
listings on a stock exchange.
The Fund’s life is expected to be 10
years from the date of its launch in
June 2006. When the Fund makes
an investment, it expects to hold the
investment for 4 to 8 years.
Although the Fund has a similar
strategy to that of Mekong Enterprise
Fund, it places a greater emphasis
on investing in companies involved in
selling to the domestic consumer market
in Vietnam, such as branded consumer
products, distribution and retail. The
Fund also has a more selective focus
on investing only in companies that
are truly committed to building up an
excellent management team.
(2) Based on the Fund’s Committed Capital.
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24. Vietnam Azalea
Fund Limited
Vietnam Azalea Fund is a $100 million (3)
privatization fund, which was launched in
June 2007.
Vietnam Azalea Fund leverages
Mekong Capital’s strong on-the-ground
presence and investment experience by
investing primarily in pre-listed equitized
(privatized) companies in Vietnam,
especially companies in the early stages
of privatization. Usually these investments
would be made in the form of private
placements or auctions.
Vietnam Azalea Fund, therefore, targets
a different universe of companies than
Mekong Enterprise Fund and Mekong
Enterprise Fund II, which focus primarily
on private companies which were never
under state ownership. The Fund aims
to invest mainly in companies 12-24
months prior to the dates at which they
are expected to be listed.
However, Vietnam Azalea Fund is similar
to Mekong Capital’s other funds insofar
as it aims to invest in companies with
a strong commitment to continuously
developing their management teams,
and which are taking steps to constantly
improve their financial reporting and
corporate governance standards.
(3) Based on the Fund’s Committed Capital.
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27. HOW WE ADD VALUE
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28. Types Of
Assistance Projects
Mekong Capital provides significant levels of support to our investee companies
without directly involving ourselves in the management or making management
decisions.
We focus on projects that will contribute to profit growth and the ability of the investee
companies to achieve successful listings on the stock market at attractive valuations.
Most of our assistance projects involve helping the companies to strengthen the
capacity of specific functions within their management teams.
We do NOT accept any fees from the companies in which we invest, and we do not
provide any fee-based consulting services.
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29. Recruitment
Mekong Capital’s Recruitment Team
helps to fill job openings for managers
at investee companies. In addition
to using our own networks, we help
coordinate with executive search firms
and other sources of job candidates.
On average we have identified and
filled management positions in our
investee companies at a rate of about
one per week. In some of our investee
companies, more than 50% of the senior
management team members were
introduced by Mekong Capital.
We work with our investee companies to
make them more attractive employers
to highly qualified managers with
experience working for multinational
companies in Vietnam. We also try to
support the smooth integration of new
managers into our investee companies.
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30. Financial Reporting
And Management
Mekong Capital’s Accounting and Finance Team consists of at least 6 people who were
former Auditors from international auditing firms such as KPMG and Ernst & Young.
They help our investee companies to improve tax compliance, accounting policies and
procedures, internal controls, presentation of financial reports, and financial planning
and management systems.
This work is an important prerequisite to achieving a successful listing on a stock
exchange, because many investors will pay a premium to invest in companies with
reliable and insightful financial reporting.
By working closely with some of our investee companies to implement Activity Based
Costing, our investee companies have more useful information on their actual profit
according to different products, customers or divisions. This has helped these companies
to improve their overall net profit margins by shifting their priorities towards the more
profitable areas, and pricing their products more accurately.
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31. Strategy
And Expansion
Planning
We work with our investee companies to
set more ambitious targets for expansion
plans, and then work together to solve
the obstacles which could prevent
them from achieving those plans.
Consequently, our investee companies
often grow faster than they might if our
funds had not been an investor.
While we believe that a company’s
strategy should originate from the
company’s Chairman and CEO, as well
as other members of the management
team, we often provide feedback based
on our experience with other companies
in Vietnam, or our knowledge of similar
companies in other countries.
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33. Process
Improvement
Mekong Capital’s Process Improvement
Team works closely with investee
companies to help them implement Lean
Manufacturing, Six Sigma and other
forms of process improvement.
Lean Manufacturing is a set of tools
and methodologies for the continuous
elimination of waste in the production
process. The main benefits of this are
lower production costs, lower inventory
levels, fewer defects, increased
output and shorter production lead
times. Likewise, this method is equally
applicable and effective for non-
manufacturing/servicing processes.
Six sigma is a data-based process
improvement methodology . Six sigma
provides a framework and set of tools
to identify and eliminate the root causes
of inconsistency in business/production
processes. Meanwhile, six sigma helps
to create a culture of systematically and
pro-actively fixing the factors that are
the root causes of product defects and
service errors.
Our process improvement team has
organized Vietnam’s first process
improvement club. More information
available at this website:
http://www.vietnamkaizen.com
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35. Preparing For
Successful Listing
We work closely with our investee
companies to help them prepare for a
successful listing on a stock exchange,
including the development and
implementation of a listing plan.
Mekong Capital’s reputation as a highly
disciplined and selective investor, as
well as the assistance that we provide
to our investee companies, helps these
companies become more attractive to a
broad range of investors.
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37. PORTFOLIO
COMPANIES
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38. AA Corporation
AA Corporation’s (“AA”) manufacturing and export division manufactures high-end
indoor furniture, which is exported as well as sold to domestic furniture retailers in
Vietnam. AA Corporation differentiates itself from other furniture manufacturers in
Vietnam by focusing on high-end indoor furniture that requires advanced finishing
techniques and significant attention to detail. Export customers include international
furniture brands, retail chains, as well as high-end hotels in the U.S. and Middle East.
AA’s retail division, which owns Nha Xinh and DECO retail chains, has 5 furniture
showrooms in Vietnam. Products include all kinds of indoor furniture including sofas,
dining sets, kitchen systems, cabinets, etc.
AA’s interior design division is the leading interior design contractor for large
international standard hotel and building projects in Vietnam, with recent customers
including hotels managed under the Park Hyatt, Sheraton, Intercontinental and Sofitel
brands. Lately this division is becoming more active in overseas projects, such as
hotel renovation projects in the U.S. and Middle East.
AA’s revenues in 2006 were US$16 million.
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39. Duc Thanh Wood Processing
Duc Thanh is the leading professional manufacturer of kitchenware and household
utensils made of rubber-wood and acacia-wood in Vietnam. Duc Thanh
differentiates itself by a very high level of operational excellence and control over the
manufacturing processes, resulting in high quality and consistent on-time delivery.
Duc Thanh’s revenues in 2006 were $6.5 million, an increase of 29% from 2005
levels and an increase of 126% compared to 2004 levels. Duc Thanh has around
800 employees.
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40. Goldsun
Goldsun is a Hanoi-based company with two main business lines - carton packaging
and kitchenware. Production for these two business lines is located in two separate
sites in Hanoi.
Goldsun produces high-quality cardboard cartons, used for the packaging of
consumer products such as consumer electronics, household and food products.
The company also manufactures and distributes metal kitchenware including gas
stoves for retail, stainless steel pans and other kitchen utensils. Its high-end products
are sold under the Goldsun and Kinen brands.
Goldsun’s kitchenware division maintains a network of distributors throughout
Vietnam, with a main focus on the Northern provinces.
Goldsun’s revenues were $10 million in 2006, an increase of 28% compared to
2005 levels.
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41. International
Consumption Products
International Consumption Products (“ICP”) is one of the most successful and fast-
growing Fast Moving Consumer Goods companies in Vietnam. It markets and
distributes well-established brands in Vietnam such as:
- Vegy (food cleaning products)
- OCleen (household cleaning)
- X-Men, Hatrick and Teen-X (men’s personal care)
- Dr. Men (men’s anti-dandruff shampoo)
- L’Ovite (French skin-care and cosmetics)
ICP’s X-Men brand is the market leading brand in the men’s personal care market in Vietnam.
ICP’s rapid growth can be attributed to the company’s unwavering commitment
to meeting international standards of product quality, substantial investment in
brand building and continuous development of an excellent management team.
ICP’s success also reflects the company’s continuous pursuit of sustainable growth
opportunities.
ICP’s revenues in 2006 were $12.9 million.
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42. Investment & Trading of Real
Estate Joint Stock Company
Investment & Trading of Real Estate Joint Stock Company (“Intresco”) is one of the
fastest-growing real estate developers in Vietnam. The Company develops and sells
residential properties and commercial buildings, mainly in the Ho Chi Minh City area.
Formerly owned by the Ho Chi Minh City People’s Committee, the Company’s success
comes from its capability to continuously expand its land bank, as well as its strong
project management capacity. The company’s properties have a reputation for quality
in a market in which many developers meet lower standards.
Intresco’s revenue in 2006 was approximately $25.5 million, a 41.4% increase from 2005.
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43. Lac Viet Computing
Lac Viet distributes a broad range of IT hardware and software products and services
to meet customers’ needs for complete solutions.
Lac Viet also develops a number of pre-packaged software applications, some of
which are the market leaders in their respective product categories in Vietnam, such
as the AccNet accounting software and the Lac Viet MTD dictionary.
Lac Viet’s revenues were $8.2 million in 2006, an increase of 52% compared to
2005 levels. By the end of 2006, Lac Viet had approximately 300 employees in its
three offices in Ho Chi Minh City, Hanoi and Danang.
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44. Minh Hoang Garment
Minh Hoang is one of the largest private garment manufacturing companies in
Vietnam both in terms of workforce and production capacity. As of late 2006, the
company had around 2,000 employees and 39 production lines at their two factories
in Ho Chi Minh City and Quang Nam Province, near Danang.
Minh Hoang manufactures woven and knitted sportswear for leading international
athletic-wear companies, with Nike as its largest customer. Minh Hoang’s products
are mainly shorts, jackets, sports pants and vests. The Company also manufactures
T-shirts, Polo-shirts, children’s jackets, and ladies wear.
Minh Hoang is believed to be the first private company in Vietnam to
comprehensively implement lean manufacturing on its factory floor, resulting in
significant efficiency improvements.
In 2006, Minh Hoang’s revenues were $12.7 million, representing an increase
of 39% compared to 2005 revenues, and more than 130% compared to 2004
revenues.
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45. Minh Phuc
Manufacturing and Trading
Minh Phuc is a Vietnamese package printing company, specializing in printing paper-
based packaging, metal foil, labels and envelopes. Minh Phuc has modern printing
equipment and utilizes both offset and rotogravure printing technologies. Minh
Phuc has a track record of pro-actively identifying and capturing new niche market
opportunities in Vietnam’s fast-growing printing industry.
Minh Phuc’s revenues in 2006 were approximately $7.6 million.
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46. Ngo Han Joint Stock Company
Ngo Han is a leading manufacturer of magnet wire in Vietnam. The company
produces copper rod, as well as round and rectangular magnet wire of various
sizes. Magnet wire is used primarily in motors, transformers, ballasts, voltage
stabilizers, electronic components and other items used to generate or transform
electromagnetic fields.
Ngo Han is believed to be the first private company in Vietnam to implement
six sigma in certain processes, and this has helped the company to maintain high
quality standards while reducing costs. The Ngo Han brand is strongly associated
with consistent quality.
Ngo Han’s revenues in 2006 were $32 million, an increase of 104% compared to
2005. Volumes are expected to increase significantly in 2007 as the company nearly
doubled its production capacity at the end of 2006.
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47. Nam Hoa
Production and Trading
Nam Hoa is a leading Vietnamese manufacturer of children’s wooden toys.
Nam Hoa differentiates itself by a corporate culture of high commitment to toy
quality, safety standards and close attention to detail. Nam Hoa also has a strong
commitment to continuously developing the quality of its management team and
improving its management systems.
Nam Hoa’s products are primarily educational toys and children’s furniture, including
cubic toys, wooden blocks, doll houses with miniature furniture, animal trains,
wooden fruit sets, sorting boxes, miniature roller coasters, baby strollers, children’s
tables, children’s chairs, etc.
Revenues in 2006 were $3.2 million, an 80% increase in compared with 2005. Nam
Hoa has approximately 700 employees.
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48. Saigon Gas Holdings
Saigon Gas Holdings Corporation is a fast growing LPG distribution company, and
is the largest private company operating in this industry in Vietnam. Saigon Gas
supplies Liquefied Petroleum Gas (LPG) in Southern Vietnam for industrial use,
delivered by LPG tank lorries, and for residential and commercial use, delivered
in metal cylinders. The cylinders are filled at Saigon Gas’ own filling stations and
distributed under the Saigon Gas brand. They also provide LPG tank installation and
maintenance services for industrial users.
Saigon Gas also manufactures the gas cylinders used for the residential LPG market
at its factory in Binh Duong province.
Monthly LPG volumes are currently approximately 3,500 – 4,000 MT. Revenues
in 2006 were $28.5 million, an increase of 29% from 2005 levels. Saigon Gas
employs more than 200 employees.
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49. Tan Dai Hung Plastic
Tan Dai Hung manufactures Poly-Propylene (PP) woven bags, typically used to
hold commodities such as fertilizers, rice, sugar, animal feeds, chemicals and other
agricultural products. Other products include shopping bags, landscape fabrics,
Jumbo bags, Container bags, Raschel bags, Leno bags, PP laminated Poly-Ethylene
(PE) bags, High Density Poly-Ethylene (HDPE) and Low Density Poly-Ethylene (LDPE)
bags.
In late 2006, Tan Dai Hung implemented a major relocation to a new and larger
factory in Long An province, around 30 km from Ho Chi Minh City. The new site has
four times the space of the previous site and therefore provides the company with the
opportunity to further accelerate its rate of growth.
Tan Dai Hung plans a listing in the stock market in Ho Chi Minh City at the end
of 2007. Revenues in 2006 were $12.7 million, an increase of 25% compared to
2005. The company has more than 1,000 employees.
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50. The Gioi Di Dong - Mobileworld
Mobileworld is one of the fastest growing and largest mobile phone retailing chains
in Vietnam. The Company operates a chain of branded mobile phone retail outlets,
including one laptop retail outlet, and one service center in Ho Chi Minh City.
Each retail outlet is located at premium location with high traffic, offering a wide
selection of over 250 mobile phone models. The Company functions within the
“modern trade” segment offering value-added services to customers unlike traditional
family-run stores. Customers are serviced by knowledgeable staff that offer well-
informed advice on different models and features.
The company’s website, www.thegioididong.com, is the most popular website in
Vietnam relating to mobile phone retail, and is among the top 30 most frequently
visited websites in Vietnam according to Alexa.com.
Led by a group of young entrepreneurial Vietnamese professionals with extensive
experience and industry expertise, Mobileworld has experienced significant growth
since inception. The company currently employs more than 600 employees and
expects revenues of more than $40 million in 2007.
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52. HO CHI MINH CITY RESIDENT REPRESENTATIVE OFFICE
CAPITAL PLACE, 8TH FLOOR
6 THAI VAN LUNG STREET, DISTRICT 1
HO CHI MINH CITY, VIET NAM
Tel: (84 8) 827 3161 - Fax: (84 8) 827 3162
E-mail: info@mekongcapital.com
HANOI REPRESENTATIVE OFFICE
HAREC BUILDING, 12TH FLOOR
4A LANG HA STREET, BA DINH DISTRICT
HANOI CAPITAL, VIETNAM
Tel: (84 4) 772 4888 - Fax: (84 4) 772 4868
E-mail: info@mekongcapital.com
www.mekongcapital.com
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