Thiet ke Brochure - Mekong Capital 2009


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Thiet ke Brochure - Mekong Capital 2009

  1. 1. Disclaimer This document (the “Brochure”) does not constitute an offer to sell (or the solicitation of an offer to buy) any securities or other financial instruments, nor does it constitute an offer to provide any investment management services. This Brochure is not intended to provide the sole basis of an evaluation by potential investors of any investment or investment service and should not be considered a recommendation by Mekong Capital Ltd that any investment or investment service mentioned is suitable for every recipient of a copy of this Brochure. Prospective investors in any investment fund managed or raised by Mekong Capital Ltd or any other Mekong Capital Ltd investment products, or persons wishing to engage Mekong Capital Ltd to provide any Contents investment service, should contact Chris Freund – Managing Partner. Any such transaction or engagement will only be entered into in compliance with applicable laws and on the basis of appropriate legal documentation. In particular Mekong Capital Ltd is required by applicable law to carry out certain procedures on, and to request ABOUT MEKONG CAPITAL 4 specific information from, all potential investors or clients in order to Who We Are and What We Do 6 verify their identity. Private Equity 6 Some of the economic and financial market information in this The Private Equity Leader in Vietnam 8 Brochure (including certain forward looking statements and Track Record in Post-Investment Value Creation 10 information) has been obtained from published sources and/ or prepared by other parties. While such information is believed Our Vision 13 to be reliable for the purpose for which it is used in this Brochure, Mekong Capital Ltd, and its affiliates and their respective directors, A Culture that Produces Results 14 officers, employees, partners and shareholders, do not assume any Powerful and Cohesive Team 17 responsibility for the accuracy of such information. Proactive Post-Investment Value Creation 19 Certain information in this Brochure constitutes “forward looking Building Powerful Management Teams 21 statements,” which can be identified by the use of forward looking Inspiring Excellence in Leadership and Corporate Culture 22 terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “intend,” “continue,” or “believe”, their respective Enhancing Financial Management 23 negatives and other comparable terminology. Due to various risks Our Investment Criteria 24 and uncertainties (including those mentioned below) actual events or results or the actual performance of any investment may differ Track Record of Consistent Results and Achievements 25 materially from those reflected or contemplated in such forward looking statements. PORTFOLIO HIGHLIGHTS 26 When considering the prior performance information contained Aa Corporation 28 herein, prospective investors and clients should bear in mind that past performance is not necessarily indicative of future results and Ngo Han 30 there can be no guarantee or assurance that Mekong Capital Ltd will Icp 32 achieve comparable results to those quoted in relation to previous The Gioi Di Dong 34 returns or to projected future returns. Prospective investors and clients should also note that market and macro economic conditions Golden Gate 36 and the prevailing regulatory and tax constraints affecting Mekong Mk Smart 38 Capital Ltd in the future may differ substantially from those applicable to the previous Mekong Capital Ltd funds referred to in this Brochure Phu Nhuan Jewelry 40 and that in the future Mekong Capital Ltd may operate with different Masan Food 42 investment and gearing strategies than those deployed in the funds referred to in this Brochure.6 7
  3. 3. Private Equity We focus on companies that are committed companies’ net profit growth over the Mekong Capital makes private equity to excellence in management, leadership period in which we are an investor. investments in fast-growing Vietnamese and corporate culture, as we believe these are typically the most significant We are responsible for adding value to companies. Our approach is to invest determinants of the growth and sustainability each of our investments, beyond what in companies whose shareholders and of Vietnamese companies. would be expected from a passive investor. senior management are committed to Therefore we work closely with our investee We have a longer investment time-horizon companies to empower their management, rapid net profit growth and significant than most other investors active in Vietnam, leadership and corporate cultures in ways shareholder value creation. and therefore most of the upside we expect that lead to sustainable net profit growth from our investments is derived from those and long-term shareholder value creation.10 11
  4. 4. The Private Equity Leader in Vietnam We have always stayed focused on private equity, and we are committed to being the most consistently successful private equity investor in Vietnam. We have no plans to expand into other areas. Established in 2001 as the first investor in Vietnam to focus specifically on private equity, Mekong Capital is at the forefront of private equity in Vietnam. Over the course of the last eight years, Mekong Capital has maintained our singular focus on private equity and has gained extensive experience as an investor in Vietnam. We have successfully: • Launched three investment funds with a total of $168.5 million in committed capital from over 50 shareholders. • Invested in more than 25 fast-growing companies in Vietnam. • Achieved attractive net profit growth rates at most of our investee companies. Many of our investee companies are among the most well-managed and fastest growing companies in Vietnam.12 13
  5. 5. Track Record in Post-Investment Value Creation Mekong Capital’s post-investment value creation program began with the launch of our first fund, Mekong Enterprise Fund, Ltd., in 2002. As the first investment fund established in Vietnam after the Asian financial crisis, Mekong Enterprise Fund was also the first private equity investor in Vietnam to employ a comprehensive post-investment value creation program. During the course of working closely with around 25 investee companies on post-investment value creation projects, we have continuously refined our approach by identifying what was working, what was not working, and what was missing. Consequently, we have shifted our involvement towards the areas where we have the biggest impact on long-term shareholder value creation, while developing our team in such a way that empowers them to make the largest possible impact on the long-term value of the companies for which they are responsible.14 15
  6. 6. Our Vision Mekong Capital’s vision is to be the most consistently successful private equity investor in Asia, consistently generating exceptional investment returns (measured as net IRRs) for our funds. We achieve this through our effectiveness at inspiring, empowering, holding accountable, and otherwise causing our investee companies to achieve consistently high net profit growth and create significant shareholder value. Our investee companies are Vietnam’s fastest- growing, most well-managed, well-respected and most value-generating companies, companies which consistently set new standards for what is possible for Vietnamese companies. Mekong Capital’s unique advantage is our results-oriented culture, a culture which brings out the best in our people, and provides a foundation for our team to consistently produce extraordinary results.16 17
  7. 7. A Culture that Produces Results Mekong Capital is fundamentally organised around results. Mekong Capital has developed a corporate culture as the foundation on which our team produces consistent and extraordinary results. We have invested substantial time and resources in developing this culture, and it has had a sizeable positive impact on the results that we are producing. We are committed to continuously strengthening this culture as a source of inspiration and support that our team members can draw upon to produce results effectively. The foundations of our corporate culture include the following: • Communication – We create a safe space for all employees to be self-expressed, to communicate directly, authentically and completely so that there is nothing in the way of producing results. Through complete communication, our team members take ownership and empower our objectives; • Integrity – We honor our word, we make clear commitments and we can be relied on to do what we commited to do, and do it on time; • Responsibility – We choose to be 100% responsible for everything involved in our work, including full responsibility to produce results; • Results – We are organized around results and do whatever is necessary to produce results, but always in a way that is consistent with our core values. We empower people to produce results, while also holding them accountable to deliver the results to which they have committed; • Leadership – We are committed that each of our team members is a leader who takes a strong stand for what is possible, inspires others, aligns people around a common objective, and causes them to take actions to turn that possibility into reality.18 19
  8. 8. Powerful and Cohesive Team At Mekong Capital, we are a cohesive and effective team of around 40 carefully- selected professionals with complimentary expertise and skills compatible to the local business environment. Each of our team members is committed to producing extraordinary results. We work as a team and empower each other to be successful, while each of us is also responsible for producing results in specific areas. We provide substantial training and coaching to each of our team members to ensure that they are empowered to produce the results for which they are accountable. Employees move up in our organization based on the results they produce, and the leadership they provide.20 21
  9. 9. Proactive Post-Investment Value Creation We are committed to making a significant positive impact on the long-term value of each of our investee companies. Culture Inspire companies to develop cultures that lead to extraordinary results Strategy Finance Objectives Execution Shareholder Value Develop strategies Enhance financial Create clear long-term Successfully execute on Achieve long-term and plans to execute management, reporting value-creation targets annual targets value-creation targets on targets and corporate governance Management Work with companies to recruit and develop excellent management teams We work closely with our investee companies to increase the long-term value by: • Setting long-term targets and formulating clear strategies to achieve those targets; • Recruiting and developing extraordinary management teams; • Empowering corporate culture transformation and leadership development; • Promoting excellence in financial reporting and corporate governance; • Empowering companies to achieve their targets, and working with them to eliminate anything standing in the way of achieving those targets; • Working closely with them in IPO preparation, investor communication, equity capital raising, merger and acquisition, etc.22 23
  10. 10. Building Powerful Management Teams We work closely with our investee companies to develop management teams that can successfully execute the companies’ business plan. In addition to working together with our companies to enhance their effectiveness at recruiting, integrating, maintaining and motivating an extraordinary management team, we also introduce candidates for senior management positions. We have an extensive track record of successfully filling senior management positions at our investee companies. Senior positions filled in investee companies by the Mekong Capital recruitment team (2H05 – 2008) (Source: Mekong Capital’s Internal Report) 2H05 13 2006 20 2007 38 2008 35 0 5 10 15 20 25 30 35 40 Unit: people24 25
  11. 11. Enhancing Financial Management Mekong Capital has a track record of having worked closely with around 25 Vietnamese companies to substantially enhance accounting practices. 100% of our investee companies in Mekong Enterprise Fund and Mekong Enterprise Fund II have transitioned to Big Four Auditing Firms. Almost all of our investee companies meet substantially higher financial reporting standards than what is typical in Vietnam. More specifically, we work closely with our investee companies to build their internal capacity in: Inspiring Excellence in Leadership and Corporate Culture • Management Reporting - Prepare • Budgeting - Implement budgets, insightful monthly management reports and ensure compliance with budgets, We often work closely with our investee companies to identify so management can make well-informed to enable companies to achieve their opportunities to transform their corporate cultures in ways that will decisions; annual net profit targets; lead to greater business results. Having successfully transformed • Shareholder Reporting - Prepare • Accounting Policies - Implement our own culture into one that is a foundation for extraordinary standardized, timely and accurate clear accounting policies based on results, Mekong Capital is often effective at inspiring our investee financial reports for shareholders that best practices; companies by sharing our own experience in corporate culture comply with applicable accounting transformation. • Full Transparency - Resolve any standards, and exceed the expectations issues in the way of full transparency to of shareholders and regulatory agencies Likewise, we are also committed to inspiring and empowering increase the company’s attractiveness to in Vietnam. This is important to prepare extraordinary leadership in our investee companies – leadership shareholders. for a successful listing; that opens up a bigger future for those companies than what previously seemed possible. All of these give greater confidence to • Accuracy - Implement internal controls shareholders, therefore increasing the and internal auditing functions to ensure Our fastest growing investee companies are the ones that are the company’s attractiveness and increasing the accuracy of the company’s most proactive about developing extraordinary leadership and the valuations that institutional investors will financial data; corporate cultures. accept when investing in the company.26 27
  12. 12. Track Record of Consistent Results and Achievements Our investment portfolios include many of the fastest growing companies in their sectors in Vietnam. Median revenue growth rate has been 35% per year on average, while one third of our companies have achieved annual revenue growth rates of more than 50% since we invested. (1) Some of our investee companies’ achievements include: • Having launched the X-Men brand in 2003, • Over the past two years, Traphaco has ICP quickly developed it into the leading solidified its position as the Number 1 traditional brand for men’s personal care products medicine manufacturer in Vietnam, with over in Vietnam by 2004. More recently, ICP 50% of the market share (3). The firm has deeply successfully expanded into cosmetics, with penetrated new markets, with successful product the L’OvitEÙ cosmetics brand, and into the launches such as Hoat Huyet Duong Nao beverage market, with brands including and Boganic. Consequently, net profit CAGR Orangina soft drink, TeaFres herbal tea and reached approximately 70% for the two years Our Investment Criteria Xtra energy drink. • With two initial stores opened by mid-2005, ending 2008. • Since its first restaurant opened in late 2005, The Gioi Di Dong had rapidly expanded Golden Gate has grown rapidly to 12 outlets Mekong Capital adheres to rigid investment criteria to ensure to 26 crowded stores throughout Vietnam by mid 2009, positioned as the leading hotpot that each of our investments is successful. by mid-2009 due to effective branding restaurant chain in Vietnam under the two and marketing, as well as finding good brands: Ashima and Kichi-Kichi. Some of our investment criteria include: locations and managing the stores with high • Fast growing companies with business models proven to be • As of mid-2009, Phu Nhuan Jewelry ("PNJ") efficiency. The Gioi Di Dong now represents scalable in Vietnam and similar countries; had the largest jewelry distribution network approximately 10% of total mobile phone in Vietnam with 19 branches, 97 retail stores • Companies with strong track records of net profit growth and sales in Vietnam. (2) and more than 3,000 wholesalers across successful execution of expansion plans; • With a strong ability to identify and launch the nation. This makes it one of the country’s • Companies led by an outstanding management and leadership new products and services complementary largest retail networks. team who are committed to strengthening management and to its existing products to meet the needs of • In 2008, Masan’s revenue and net profit leadership on an ongoing basis; its customers, MK Smart’s revenue and net rose 194% and 342% y-o-y, respectively, via profit grew 115% and 198%, respectively, • Companies whose key shareholders and senior management have the successful expansion of the market share annualized for the two years ending in 2008. a strong commitment to maximizing long-term shareholder value; of its soy sauce brand, Chin-Su, to 75% of • Companies focused on a single business, or closely related the high-end sauce segment (4). At the same (1) The average revenue growth rate is the annualized businesses. growth rate of 2008 revenue as compared to time, the Company successfully executed an revenue of the year prior to the year in which our expansion into the instant noodles market, fund made its initial investment. with the Tien Vua and Omachi brands. (2) (3) (4) Company estimates28 29
  13. 13. PORTFOLIO HIGHLIGHTS Our investee companies operate in scalable industries and have management teams that execute well on their Mekong Capital’s existing portfolio includes around 25 expansion plans to capture the growth opportunities in companies operating across various industries, from Vietnam’s fast growing markets. personal care products, food & beverage, retail, IT Our investee companies have track records of notable distribution to industrial products. Our companies are achievements. Mekong Capital has contributed often the market leaders among Vietnamese companies towards many of those achievements through our close in their respective sectors. involvement with our investee companies.30 31
  14. 14. AA Corporation Established in 1993 as a construction company specializing in interior decoration, AA Corporation has progressively developed into one of the leading interior contracting companies and high quality indoor furniture manufacturers in Vietnam. AA Corporation is structured around three divisions: • AA Interior for domestic projects: provides fabrication and fit-out services for top hotels, residences, spas, retail shops, restaurants and offices for the domestic market in Vietnam – including Intercontinental, Sheraton, Park Hyatt, and Sofitel. • AA Furniture for export: manufactures and exports furniture for international furniture brands and leading international hotel brands. • AA Deùcor for retail: owns three major furniture brands namely Nha Xinh, AA Deco and Bellavita. Together, AA Deùcor has 10 shops and showrooms nation-wide, targeting mid-to-high end Vietnamese customers. Since our investment in the Company, through close co-operation between Mekong Capital and AA Corporation, AA Corporation has recruited a number of key management positions such as Chief Executive Officer for AA Furniture, HR Manager for AA Furniture, Financial Controller, Marketing Director, etc. and built up the management team in key functions to strengthen the Company’s overall management capabilities. As a result, the Company executed well on its sales and marketing plan, which contributed to an 85% increase in gross profit in 2008, despite the global financial crisis. www.aacorporation.com32 33
  15. 15. Ngo Han Ngo Han Joint Stock Company is a leading manufacturer of magnet wire in Vietnam. Ngo Han’s production of magnet wire involves melting copper cathodes into copper rods, drawing (stretching) copper rods into thin wires and coating the wires with enamel or taping the wires with adhesive paper. Their products are used primarily in motors, transformers, ballasts, voltage stabilizers, electronic components and other items used to generate or transform electromagnetic fields. Since its establishment in 1987, the Company has grown to achieve revenue of $48.5 million in 2008 and commanded a 25% market share as of mid-2009.(5) Ngo Han’s focus on continuous improvement - being the only magnet wire company in Vietnam with Six Sigma, a data-driven methodology that helps reduce defects and errors - has enabled Ngo Han to manufacture superior quality, and technologically advanced products. Ngo Han is the local supplier of choice for many foreign-controlled manufacturers operating in Vietnam, particularly for those that have strict quality requirements. Recently, the Company began expanding business downstream in the value chain by developing and distributing bus-bars, thick strips of copper or aluminum that conduct electricity within switchboards or distribution boards in electrical power distribution. As part of Mekong Capital’s long-term value creation plan for Ngo Han, we facilitated Ngo Han’s transition from a family-owned business to a joint-stock company managed by a team of professional managers. We worked with the Company to recruit various senior management positions, including Chief Executive Officer, HR Manager, Chief Accountant, Account Manager to expand to the North, and Sales Manager to shift the sales mix to higher value added products. (5) Company estimates.34 35
  16. 16. International Consumer Products Founded in 2001, International Consumer Products Corporation (“ICP”) is the leading Vietnamese company in personal care and cosmetic products in Vietnam. ICP also recently expanded into the food and beverage industry. ICP’s core business focuses on several strong brands for household and personal care products: • Vegy for cleansing liquid for vegetables and fruits; • Ocleen for household cleansing products; • X-Men, Dr. Men and Teen-X for men’s personal care; • L’OVITEÙ and QGirl for women cosmetics. ICP is licensed by Schweppes International Limited to manufacture, market and distribute Orangina soft drinks in Vietnam and to market and distribute this product to nine other countries in the region. The Company subsequently introduced TeaFres and Xtra beverage brands shortly after launching Orangina on the local market. ICP owns an intensive distribution system nationwide, distributing directly to a majority of groceries stores, supermarkets and hypermarkets all over the country. During the second quarter of 2009, ICP acquired a controlling stake in Thuan Phat Foodstuff Joint Stock Company, a local FMCG company that produces and distributes packaged sauces, including fish sauce, soy sauce, chili sauce, and other local specialties. Mekong Capital worked closely with ICP to successfully identify and implement ICP’s acquisition of Thuan Phat, which created a foundation to leverage the Company’s strengths in marketing and distribution to expand into new product categories. ICP has been implementing a leadership development and corporate culture transformation program since 2008, which has provided a foundation for the Company to deliver extraordinary financial results. The percentage of sales staff that met and exceeded monthly sales targets increased from 35% to 65% as a result of the corporate culture transformation process. (6) ICP achieved an annualized revenue growth rate of 37% for the period from 2006 to 2008 due to an extraordinary senior management team that effectively implemented its expansion plans. ICP successfully implemented SAP an ERP system in June 2008, substantially , strengthening the Company’s capacity for excellent financial reporting. (6) 35% was for the first 8 months of 2008, while 65% was for the last 4 months of 2008. The initial roll-out of their new culture occurred around August 2008.36 37
  17. 17. The Gioi Di Dong Founded in 2004, at a time when the consumer electronics retail market was highly fragmented, The Gioi Di Dong has quickly established its market leadership position and became the most prominent mobile phone retailer in Vietnam, specializing in mobile phones and related products including SIM cards, phone accessories, laptops, digital cameras, and other electronic gadgets. The Company also provides a range of relevant value-added services. The Gioi Di Dong is led by a highly capable team with an impressive track record of expansion and exceptional financial performance. Quickly upon its establishment, The Gioi Di Dong’s management took proactive steps in building up an extensive coverage network across the country. With two stores by mid-2005, The Gioi Di Dong was operating a chain of 26 branded outlets throughout Vietnam by mid-2009. The Gioi Di Dong achieved an annualized net revenue growth rate of 110% for the two years ending 2008, due to their strong branding and marketing, as well as effective working capital management, two key success drivers for the consumer electronics retail industry. Mekong Capital worked closely with The Gioi Di Dong to restructure its online reporting system into one that generates timely and systematic reports in order for managers to make strategic decisions based on real- time data. The Gioi Di Dong also implemented Oracle ERP in 2008, which has empowered The Gioi Di Dong to identify and close under-performing stores, while shifting its network towards stores that consistently meet or exceed their targets. www.thegioididong.com38 39
  18. 18. Golden Gate Founded in 2005, and renamed Golden Gate in July 2008, the Company currently operates two restaurant chains, under the brands Ashima and Kichi-Kichi. Ashima is the first and leading mushroom hotpot restaurant chain in Vietnam. Its unique selling points are reflected by a new cuisine concept together with a distinguished service standard, aiming at the emerging middle class in Vietnam. Kichi-Kichi is a hot- pot counter concept, targeting fast-food and casual customers. As of June 2009, the Company had a total of 8 Ashima restaurants in Hanoi, Ho Chi Minh City, Hai Phong and Da Nang and 4 Kichi-Kichi outlets throughout the country. The leadership team at Golden Gate has been very effective in implementing systematic processes in areas such as standardized service and supply chain management. This enables the Company to expand quickly with consistent quality. As a result, revenue doubled in 2008. As of mid-2009, the Company has rapidly and successfully built up a total of 12 hotpot restaurants from a total of 4 restaurants at the time Mekong Enterprise Fund II made its investment in the Company. To keep the growth momentum, Mekong Capital has worked closely with the Company to recruit a number of highly capable candidates for senior management positions, including the Chief Operating Officer and Chief Executive Officer positions. Mekong Capital also proactively worked with the Company to implement several post investment value creation projects, such as reducing cost of goods sold, improving service quality and providing advice on the roll out of the Kichi-Kichi chain to ensure it is implemented on schedule and successfully. 41
  19. 19. MK Smart MK Smart Joint Stock Company (“MK Smart”) is a world-class manufacturer and service provider for bank cards, loyalty cards, SIM cards, scratch-off cards, and other value added services for loyalty and ID card clients. Its main clients are corporate customers, such as telecom operators, banks, insurance companies, and loyalty and ID market companies. MK Smart has a complete and large-scale, modern production line - from printing, chip embedding, personalization to packaging. MK Smart offers a high quality, secure, competitive, and fast turn-around solution with a wide range of products and services. MK Smart has been effective in identifying and launching new products and services that are complementary to its existing products and meet the needs of its existing customers. The Company has recently expanded to provide pre-printed business forms and direct mailing services for the Vietnam market. Since its establishment in 2003, MK Smart has quickly become the Number 1 local card manufacturer in the Vietnam market. Annualized revenue grew over 115% for the two-year period ending in 2008. To continuously and rapidly expand, MK Smart has been cooperating with Mekong Capital to fill key positions and develop its senior management team. We worked with the Company to recruit a Chief Financial Officer, a Compliance Manager, a Business Development Manager, and a Chief Operating Officer. Mekong Capital also provided consultancy to improve MK Smart’s accounting systems and implement new accounting software, which created a foundation for accurate and timely management reports. In addition, we worked closely with the Company to develop a detailed and workable costing system and insightful monthly management reporting in order to effectively meet profit targets. 43
  20. 20. Phu Nhuan Jewelry Phu Nhuan Jewelry Joint Stock Company (“PNJ”) is engaged primarily in manufacturing and retail of gold and silver jewelries and the trading of physical gold under the well-established brand names PNJGold, PNJSilver, CAO Fine Jewelry and Phoenix PNJ – DongA Bank Gold Tale. PNJ was the first Vietnamese company to invest in advanced jewelry production technology. Since its establishment, PNJ has emerged as the largest jewelry retailer in Vietnam, and has one of the largest retail networks in any category in Vietnam. PNJ’s distribution and retail network includes 19 branches, 97 retail stores and more than 3,000 wholesalers across the nation. In addition, a labor force of well-trained technicians and almost 1,000 skilled goldsmiths provide a strong competitive advantage to PNJ in the local and overseas markets. PNJ successfully completed its listing on the Ho Chi Minh Stock Exchange in March 2009. Due to various communication activities, the Company is now well- received by the market. As the Company prepared to list, Mekong Capital coordinated to develop a sound investor relations campaign to communicate the Company’s key messages to the regional investment community. PNJ’s revenue and net profit growth were 53% and 96%, respectively, annualized for the two years ending 2008. 45
  21. 21. Masan Food Masan Food Corporation is the market leader in the sauces and condiments segment of Vietnam’s packaged foods industry. Masan Food’s most well-known brands are Chin-Su, Tam Thai Tu and Nam Ngu for soy sauce, fish sauce, chili sauce and granules. The Company recently expanded its offering to include instant noodles under the Tien Vua and Omachi brands and aims to capture over 20% of the instant noodles market by the end of 2009. Masan Food’s success is attributable to its management team, brand building expertise and extensive distribution network. The Company is led by a team of professionals with backgrounds as senior managers at major international consumer product companies in Vietnam and in the region, including Procter & Gamble, Unilever, and Nestleù. Its marketing-driven strategy has allowed it to dominate both the premium and mainstream segments in all of the categories where it competes. Masan Food’s distribution network and sales team directly reaches over 110,000 points of sales, covering all major cities and provinces in Vietnam. Masan aims to leverage its existing strengths to successfully launch new products in other food and beverage categories. In 2008, the Company reported revenue of VND1,943 billion and net profit of VND361 billion, a y-o-y increase of 194% and 342% respectively. The key revenue contributors were fish sauce and soy sauce, which together accounted for 68% of the Company’s 2008 revenue. www.masanfood.com46 47
  22. 22. MEKONG CAPITAL 49