MVP is mostly known as the organizer of Thailand Mobile Expo, a triannual event. The company has over 11 years of experience in event organizer business and a strong diversification strategy. To elaborate, MVP has diversified to event-related business. First, the company also organizes events for smartphone companies and sports events, e.g. marathons which are being supported by health-conscious consumer trend. Second, it provides caravan rental, a service which will grow in line with the tourism industry. Third, MVP is in an e-commerce business. In particular, the company sells products for Samsung, which has the largest smartphone market share in Thailand. In 2015-2017, MVPs net profit grows by 188% CAGR. Given the companys well-diversified strategy, its quarterly earnings are less volatile than other event organizers in the market, e.g. ARIP, CMO, GPI, and K. In 2018, our forecast calls for MVPs net profit to jump 14% Y-Y to Bt33mn. In 2019-2020, we expect the company’s net profit to grow at an average annual rate of 16% thanks to a rise in TME space, number of sports events (marathons), and its caravan fleet size. We value our 2018 TP at Bt2.5 (PE multiplier 15x). It’s equal to implied PEG of 1x. Note FSS might become an underwriter of MVPs IPO.