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.

Equity Bottom-Up

<ul><li>MoneyMax's group revenue rose 31.2% year-on-year to S$243.0 million, with net profits increasing 76.4% to S$31.8 million in H1 FY2025.</li><li>The company's five-year plan includes expanding in Singapore and Malaysia and exploring Southeast Asian markets with similar demographics.</li><li>MoneyMax maintains a robust balance sheet, holding cash and cash equivalents of approximately S$18.9 million as of 30 June 2025.</li></ul>

MoneyMax's group revenue rose 31.2% year-on-year to S$243.0 million, with net profits increasing 76.4% to S$31.8 million in H1 FY2025.The company's five-year plan includes expanding in Singapore and Malaysia and exploring Southeast Asian markets with similar demographics.MoneyMax maintains a robust balance sheet, holding cash and cash equivalents of approximately S$18.9 million as of 30 June 2025.

kopi-C with MoneyMax Financial Services Ltd - How MoneyMax is taking the pawnbroking industry into the future

Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

<ul><li>The Group’s FY2024 net profit surged 68.6% to S$38.2 million, and FY2025 is on track for another year of explosive growth.</li><li>Yet, the stock trades at ~5×–6× forward P/E, a steep discount to both the market (~14×) and direct peers, despite ROE now exceeding 20%.</li><li>ur target price of S$0.68 implies a still-modest ~8× FY2025e P/E, which we deem conservative given MoneyMax’s superior earnings trajectory and asset-backed business model.</li></ul>

The Group’s FY2024 net profit surged 68.6% to S$38.2 million, and FY2025 is on track for another year of explosive growth.Yet, the stock trades at ~5×–6× forward P/E, a steep discount to both the market (~14×) and direct peers, despite ROE now exceeding 20%.ur target price of S$0.68 implies a still-modest ~8× FY2025e P/E, which we deem conservative given MoneyMax’s superior earnings trajectory and asset-backed business model.

MoneyMax Financial Services Update : 1H FY2025 Results – “Firing on All Cylinders”

<ul><li>Following a recent meeting with the senior management team of MoneyMax Financial Services Ltd (‘MoneyMax’), we reiterate our BUY recommendation with a 12-month target price of S$0.60, implying modest upside from the current all-time high of S$0.535.</li><li>The meeting provided further confidence in MoneyMax’s medium-term scalability, particularly through its expansion strategy in Malaysia, innovation in product retailing, and investment in digital infrastructure.</li><li>Management emphasized that growth will remain focused within its current geographies, with a particular push into Malaysia — a market where MoneyMax’s share remains under 10%.</li></ul>

Following a recent meeting with the senior management team of MoneyMax Financial Services Ltd (‘MoneyMax’), we reiterate our BUY recommendation with a 12-month target price of S$0.60, implying modest upside from the current all-time high of S$0.535.The meeting provided further confidence in MoneyMax’s medium-term scalability, particularly through its expansion strategy in Malaysia, innovation in product retailing, and investment in digital infrastructure.Management emphasized that growth will remain focused within its current geographies, with a particular push into Malaysia — a market where MoneyMax’s share remains under 10%.

MoneyMax Financial Services Update : Reinforcing Scalability Amid Strategic Clarity

<ul><li>MoneyMax Financial Services achieved a record profit after tax of S$41.6 million in FY24, a 65.4% increase.</li><li>Revenue grew 36.5% to S$390.1 million, driven by a 36.0% increase in gold and luxury items sales.</li><li>Pawnbroking revenue rose 47.3% to S$94.3 million, attributed to higher interest income from increased receivables.</li></ul>

MoneyMax Financial Services achieved a record profit after tax of S$41.6 million in FY24, a 65.4% increase.Revenue grew 36.5% to S$390.1 million, driven by a 36.0% increase in gold and luxury items sales.Pawnbroking revenue rose 47.3% to S$94.3 million, attributed to higher interest income from increased receivables.

10 in 10 with MoneyMax Financial Services - Modernising an old trade

<ul><li>MoneyMax Financial Services Ltd (“MoneyMax”) stands at the confluence of rising gold prices, resilient consumer demand for short-term liquidity, and a proven omnichannel retail-lending model.</li><li>With strategic exposure across pawnbroking, secured lending, and luxury retail — including its own branded outlets and e-commerce platform — MoneyMax is well-positioned to capitalize on demographic shifts, elevated inflationary pressures, and a growing appetite for pre-owned luxury goods.</li><li>Recent earnings strength, prudent cost control, and a scalable footprint across Singapore and Malaysia provide a compelling case for multiple expansion.</li></ul>

MoneyMax Financial Services Ltd (“MoneyMax”) stands at the confluence of rising gold prices, resilient consumer demand for short-term liquidity, and a proven omnichannel retail-lending model.With strategic exposure across pawnbroking, secured lending, and luxury retail — including its own branded outlets and e-commerce platform — MoneyMax is well-positioned to capitalize on demographic shifts, elevated inflationary pressures, and a growing appetite for pre-owned luxury goods.Recent earnings strength, prudent cost control, and a scalable footprint across Singapore and Malaysia provide a compelling case for multiple expansion.

MoneyMax Financial Services Initiation : Gold, Growth, and Grit

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

MoneyMax (MMFS SP)

kopi-C with MoneyMax Financial Services Ltd - How MoneyMax is taking the pawnbroking industry into the future

MoneyMax's group revenue rose 31.2% year-on-year to S$243.0 million, with net profits increasing 76.4% to S$31.8 million in H1 FY2025. The...

Singapore Exchange Ltd (SGX)

MoneyMax Financial Services Update : 1H FY2025 Results – “Firing on All Cylinders”

The Group’s FY2024 net profit surged 68.6% to S$38.2 million, and FY2025 is on track for another year of explosive growth.

Tickrs

MoneyMax Financial Services Update : Reinforcing Scalability Amid Strategic Clarity

Following a recent meeting with the senior management team of MoneyMax Financial Services Ltd (‘MoneyMax’), we reiterate our BUY recommendation...

Tickrs

10 in 10 with MoneyMax Financial Services - Modernising an old trade

MoneyMax Financial Services achieved a record profit after tax of S$41.6 million in FY24, a 65.4% increase. Revenue grew 36.5% to S$390.1 million,...

Singapore Exchange Ltd (SGX)

MoneyMax Financial Services Initiation : Gold, Growth, and Grit

MoneyMax Financial Services Ltd (“MoneyMax”) stands at the confluence of rising gold prices, resilient consumer demand for short-term liquidity,...

Tickrs

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)