Comprehensive and Data-Driven Reports, RHT Capital

RHT Capital

Comprehensive and Data-Driven Reports

We are a boutique corporate finance advisory firm based in Singapore, with a focused team of experienced professionals. We advise listed companies and growing enterprises on corporate finance transactions and regulatory matters, providing practical and considered advice tailored to each client’s circumstances. We are a Capital Market Services (“CMS”) license holder from the Monetary Authority of Singapore (“MAS”), and a Full Sponsor approved by the Singapore Exchange (“SGX”).

Equity Bottom-Up

<ul>
<li>Since its founding in 2008, MoneyMax (MM) has transformed itself to become a dominant pawnbroker and jeweller in Singapore (SG).</li>
<li>Recently upgraded to SGX Mainboard, RHTC believes MM is on track to achieve $1bn sales over the next 3 years on the back of its strategic growth execution in both SG &amp; Malaysia.</li>
<li>MM’s high margin (43% PBT FY25) pawnbroking business provides sufficient downside buffer for investors as it operates in a highly regulated industry (SG &amp; M’sia) that is capital intensive (competitive moat against new entrants).</li>
</ul>


Since its founding in 2008, MoneyMax (MM) has transformed itself to become a dominant pawnbroker and jeweller in Singapore (SG).
Recently upgraded to SGX Mainboard, RHTC believes MM is on track to achieve $1bn sales over the next 3 years on the back of its strategic growth execution in both SG &amp; Malaysia.
MM’s high margin (43% PBT FY25) pawnbroking business provides sufficient downside buffer for investors as it operates in a highly regulated industry (SG &amp; M’sia) that is capital intensive (competitive moat against new entrants).


Defensive Pawn Business Scaling to $1bn; Free Retail Business & Embedded Gold Option

<ul>
<li>
<p>MoneyMax (MM) announced a strong set of 1H26 results, with revenue growing by 34.1% yoy to $326mil (accounting for 44.7% FY26F1) while its net profit was $52.5mil (+77.3% yoy) accounted for 53% of FY26F estimates.</p>
</li>
<li>
<p>Robust margin performance across all segments, which translated into improved net margin of 17% (1H26) vs our forecasts of 15.7% for FY26F.</p>
</li>
<li>
<p>We are positively surprised by MM’s network expansion, having opened 26 stores YTD with another 10 in the pipeline by year end, implying branch expansion of nearly 1/3.</p>
</li>
</ul>



MoneyMax (MM) announced a strong set of 1H26 results, with revenue growing by 34.1% yoy to $326mil (accounting for 44.7% FY26F1) while its net profit was $52.5mil (+77.3% yoy) accounted for 53% of FY26F estimates.


Robust margin performance across all segments, which translated into improved net margin of 17% (1H26) vs our forecasts of 15.7% for FY26F.


We are positively surprised by MM’s network expansion, having opened 26 stores YTD with another 10 in the pipeline by year end, implying branch expansion of nearly 1/3.



MoneyMax (SGX: 5WJ): Strong 1H26 Results In-Line with Expectations

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Median P/B increased from 0.55x to 2.25x across ROE quartiles, with a Spearman rank correlation of 0.62.  </li><li>Non-REIT SMIDs with ROEs above 10% showed a median ROE of 29.8% and median P/B of 2.9x.  </li><li>S-REITs had lower ROEs, with Alpha Integrated REIT at 13.2%, influenced by distribution yields and asset quality.</li></ul>

Median P/B increased from 0.55x to 2.25x across ROE quartiles, with a Spearman rank correlation of 0.62.  Non-REIT SMIDs with ROEs above 10% showed a median ROE of 29.8% and median P/B of 2.9x.  S-REITs had lower ROEs, with Alpha Integrated REIT at 13.2%, influenced by distribution yields and asset quality.

Capital Efficiency Continued to Support SGX SMID Valuations 

Investment Management, 8VantEdge

8VantEdge

Investment Management

8VantEdge offers a hybrid fundamental stock picking combined with algorithmic rules based on human psychology.

Thematic (Sector/Industry)

<ul>
<li>Singapore’s listed secured lenders (two deposit-funded finance companies and two pawnbrokers) provide a complementary source of credit to SMEs and to individuals who borrow against property, vehicles, jewellery and gold, and whose financing needs may be smaller, less standardised or more time-sensitive than those typically prioritised by conventional banks.</li>
<li>This role rests on three things: (1) banks’ underwriting appetite and execution speed differ enough to leave openings in smaller, more bespoke credit; (2) borrowing costs remain supportive of specialty-lending economics; and (3) financing gaps persist that favour alternative underwriting models, particularly asset-backed lending built on collateral value and recoverability.</li>
<li>Demand for specialised financing should hold up alongside Singapore’s established banking system as a result.</li>
</ul>


Singapore’s listed secured lenders (two deposit-funded finance companies and two pawnbrokers) provide a complementary source of credit to SMEs and to individuals who borrow against property, vehicles, jewellery and gold, and whose financing needs may be smaller, less standardised or more time-sensitive than those typically prioritised by conventional banks.
This role rests on three things: (1) banks’ underwriting appetite and execution speed differ enough to leave openings in smaller, more bespoke credit; (2) borrowing costs remain supportive of specialty-lending economics; and (3) financing gaps persist that favour alternative underwriting models, particularly asset-backed lending built on collateral value and recoverability.
Demand for specialised financing should hold up alongside Singapore’s established banking system as a result.


Singapore’s Secured Lenders: Filling the Credit Gap

Private Wealth Management and Asset Management., FPA Financial

FPA Financial

Private Wealth Management and Asset Management.

FPA Financial is an independent and boutique financial firm specializing in private wealth management and asset management.

<ul><li>MoneyMax Financial Services Ltd. (“MoneyMax”) is a financial services provider, retailer and trader of luxury products in Southeast Asia.</li><li><div>The Group provides both pawnbroking services as well as secured financing services to its customers.</div></li><li><div>Headquartered in Singapore and listed on the Mainboard of the Singapore Exchange (“SGX”), the Group currently has a network of over 110 outlets across Singapore and Malaysia, making it one of the largest pawnbroking and retail chains in the region.</div></li></ul>

MoneyMax Financial Services Ltd. (“MoneyMax”) is a financial services provider, retailer and trader of luxury products in Southeast Asia.The Group provides both pawnbroking services as well as secured financing services to its customers.Headquartered in Singapore and listed on the Mainboard of the Singapore Exchange (“SGX”), the Group currently has a network of over 110 outlets across Singapore and Malaysia, making it one of the largest pawnbroking and retail chains in the region.

MoneyMax Financial Services - Initiating Coverage (24 July 2026)

Singapore

MoneyMax Financial Services is a leading financial services provider, retailer, and trader of luxury products in Southeast Asia. The company's core business segments include pawnbroking, retail and trading of gold and luxury items, and secured lending for automotive and property financing. It also offers general insurance and operates an online platform for shopping, selling, and appraising valuables. Headquartered in Singapore, the company was founded in 2008.

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MoneyMax (MMFS SP)

Defensive Pawn Business Scaling to $1bn; Free Retail Business & Embedded Gold Option

RHTC believes MM is on track to achieve $1bn sales over the next 3 years on the back of its strategic growth execution in both SG & Malaysia.

RHT Capital

MoneyMax (SGX: 5WJ): Strong 1H26 Results In-Line with Expectations

MoneyMax (MM) announced a strong set of 1H26 results, with revenue growing by 34.1% yoy to $326mil (accounting for 44.7% FY26F1) while its net...

RHT Capital

Capital Efficiency Continued to Support SGX SMID Valuations

Median P/B increased from 0.55x to 2.25x across ROE quartiles, with a Spearman rank correlation of 0.62. Non-REIT SMIDs with ROEs above 10%...

Singapore Exchange Ltd (SGX)

Singapore’s Secured Lenders: Filling the Credit Gap

Singapore’s listed secured lenders (two deposit-funded finance companies and two pawnbrokers) provide a complementary source of credit to SMEs and...

8VantEdge

MoneyMax Financial Services - Initiating Coverage (24 July 2026)

MoneyMax Financial Services Ltd. (“MoneyMax”) is a financial services provider, retailer and trader of luxury products in Southeast Asia.

FPA Financial

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