ValueMax Group: Counter-Cyclical Gold Play with 35% Upside & 3.6% Dividend Yield (2026 Outlook) 1

Excerpt from DBS report.

Stock: ValueMax Group Ltd
Call to Action: BUY (implied by positive language and significant upside potential)
Target Price: SGD 1.45 per share
Highlights:
- ValueMax is positioned as a counter-cyclical play with earnings growth driven by both organic and inorganic expansion, as well as loan book growth.
- The stock is a beneficiary of higher gold prices, with a 0.95 correlation between gold and share price since 2023.
- Pawnbroking segment provides a hedge against weaker economic outlook; industry saw 52% y/y loan growth in 2025.
- Dividend yield around 3.6% (FY25A).
- Valuation is undemanding, trading at a fair value of 11x FY26F P/E, in line with peers, and offers about 35% potential upside from current levels.
Key Risks: Sharp and prolonged decline in gold prices, rising interest rates, existing litigation suit.

above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website : https://www.dbs.com.sg

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