Broker Name: Maybank Research Pte Ltd
Date of Report: April 8, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Stock Focus: MoneyMax Financial Services (MMFS SP)
- Action: Not Rated (No explicit BUY or SELL call or target price in this report)
- Key Highlights:
- MoneyMax is positioned for defensive growth, benefiting from elevated gold prices which have surged about 205% since 2022. This supports higher collateral values and robust pawnbroking and retail/trading revenues.
- Revenue mix: Pawnbroking (~18%), Retail & Trading (~78%), Secured Lending (~4%)—providing diversified income.
- MMFS’s revenue grew at a ~29% CAGR from 2022 to 2025, with FY25 revenue up 38.9% YoY and profit up 87.6% YoY.
- Trading at 9.3x trailing P/E, about 20% below industry average (11.3x), but at a 37% premium on price-to-book (2.6x vs 1.9x) due to strong profitability and ROE.
- Solid balance sheet with stable gearing (~4.5x), expanding funding sources, and strong retained earnings.
- Growth strategy focused on outlet expansion in Singapore and Malaysia, with product innovation (lighter, affordable gold items) to sustain demand despite high gold prices.
- Risks include gold price volatility, regulatory changes, operational risks, and competition.
above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website : https://www.maybank.com/investment-banking
