The 3 Max(Pawnshops)

[Behappyalways]

The 3 Max... Aspial Lifestyle(Maxicash), Moneymax and Valuemax.

I think there are about 240 licensed pawnshops in Singapore and these 3 represented about 60% of the pawnshops.

When gold prices are up, this is one of the sectors that benefit from the rising gold price.... 


https://www.cgsi.com.sg/insights/gold-an...le?lang=EN


Aspial Lifestyle 

https://links.sgx.com/1.0.0/corporate-an...868b6363d5

https://links.sgx.com/1.0.0/corporate-an...8d0cdc9d4d


MoneyMax

https://links.sgx.com/1.0.0/corporate-an...d66f4b7784

https://links.sgx.com/1.0.0/corporate-an...472474986b


https://www.theedgesingapore.com/news/ko...try-future


Valuemax

https://links.sgx.com/1.0.0/corporate-an...c5aa1f0dce


https://m.youtube.com/watch?v=ju_Kut_9O_...1heA%3D%3D

Owned 37% in Malaysia listed Well Chip Berhad. Valued at NTA which is 0.73 ringgit. Currently trading at 1.60 ringgit.


To add, I can see more customers in the 3 pawnshops lately... Could be due to the record gold prices... Will not be surprised if their 2nd half is better than their 1st.

[weijian]

Hi Behappyalways,

Thanks for the instructive post. I was looking at MoneyMax a while ago and so I will probably chip in a little below:

FY23
Net Interest income = income/avg receivables of 2years = 67/535 = 12.5%
Net Interest cost = Cost/(avg liabilities+payables) = 23.6/517=4.6%
NIM = 12.5-4.6 = 7.9%

FY20
Net Interest income  = income/avg receivables of 2years = 31.5/254=12.4%
Net Interest cost = Cost/(avg liabilities+payables) = 8.2/263=3.1%
NIM = 12.4-3.1=8.3%

In general, banks' NIM tend to expand in a rising interest environment as interest income rates reset faster than the deposit rates we get. Since MoneyMax (or pawnshops) get most of their capital from bank loans, the pawnshop's cost will be the bank's income and so there is a countercyclicality between banks and pawnshops.

It seems to be that pawnshops' net interest income (NII) are relatively fixed at ~12.5% while its interest cost fluctuates. With the expected drop in interest rates, there is a good chance that the "Max" shops will also enjoy a tailwind in terms of rising NIM (while banks are trending towards lower NIM)

Another way to look at the trend - MoneyMax issues short term commercial paper on ADDX and announces the interest rate it pays on those CP. The latest one (Series 014 Token) issued in late May2025 is 4.5%, compared to 5% (Aug2024) and 5.25% (Nov2023)

P.S. These "Max" businesses also do non pawn broking loans like auto or home loans but they are relatively on a smaller scale.

[Behappyalways]

The 3 pawnshops listed in Singapore does not report interim results.

Valuemax's associate Wellchip just posted 3q2025 result. The 3 pawnshops should do well especially present gold price is much higher than in1st half

https://www.bursamalaysia.com/bm/market_...id=3610858

[Behappyalways]

Singapore pawnshops disbursed more than S$5b in loans in H1 2025, highest in a decade
https://m.youtube.com/watch?v=YKAxn-CJun...0KAYcqIYzv

[Behappyalways]

Gold Is Booming But These Businesses Quietly Make More Money
https://m.youtube.com/watch?v=DHwTaSrDMic

[Behappyalways]

Profit Guidance
https://links.sgx.com/1.0.0/corporate-an...fdf5c518c4

[Behappyalways]

From the 2 US gold miners that i am vested in, one had an average selling gold price of US$3432 while another had an average selling gold price of US$3498 for FY2025. With gold now trading above US$5000, the miners will continue to do well if price hold.

Same for pawnshops. Probably another high growth year for the pawnshops.

[Behappyalways]

S’pore gold sellers bring in more stock, build vaults to meet higher demand amid Mid-East crisis
https://www.straitstimes.com/business/co...ast-crisis

[Behappyalways]

Pawnshops doing well due to gold price...


Business update
https://links.sgx.com/1.0.0/corporate-an...d0c54fd132

[Behappyalways]

Personally I feel that Malaysian pawnshops have more room of growth. The listed pawnshops in Singapore have stakes thru their subsidiaries and associates


Well Chip 1Q2026
https://www.bursamalaysia.com/bm/market_...id=3668850

https://disclosure.bursamalaysia.com/Fil...TTACHMENTS

The 3 pawnshops listed in Singapore does not report interim results.

Valuemax's associate Wellchip just posted 3q2025 result. The 3 pawnshops should do well especially present gold price is much higher than in1st half

https://www.bursamalaysia.com/bm/market_...id=3610858

Profit Guidance
https://links.sgx.com/1.0.0/corporate-an...fdf5c518c4