Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Equity Bottom-Up

<ul><li>ValueMax is a secured lender that also retails gold.</li><li>Three engines of business: Pawnbroking, property-backed moneylending, retail &amp; trading of jewellery and gold.</li><li>The receivables on its balance sheet are its loan book, not trade debtors, so money lent runs through operating cash flow, and a growing book reports a cash outflow by its design.</li></ul>

ValueMax is a secured lender that also retails gold.Three engines of business: Pawnbroking, property-backed moneylending, retail &amp; trading of jewellery and gold.The receivables on its balance sheet are its loan book, not trade debtors, so money lent runs through operating cash flow, and a growing book reports a cash outflow by its design.

Valuemax Group Limited 1HFY2026 Results Update

<ul><li>Valuemax remains a secured credit and gold-linked turnover business built around three main engines: Pawnbroking, moneylending, and retail and trading of jewellery and gold.</li><li>The balance sheet is part of the operating model. Thus, the right question after FY2025 is not whether profit grew.</li><li>The harder question is whether growth is becoming easier to carry in cash terms, or whether it still depends on receivables growth, inventory absorption, and continued access to external funding.</li></ul>

Valuemax remains a secured credit and gold-linked turnover business built around three main engines: Pawnbroking, moneylending, and retail and trading of jewellery and gold.The balance sheet is part of the operating model. Thus, the right question after FY2025 is not whether profit grew.The harder question is whether growth is becoming easier to carry in cash terms, or whether it still depends on receivables growth, inventory absorption, and continued access to external funding.

<ul><li>Valuemax is a secured credit and gold turnover business with four main engines: Pawnbroking, moneylending, and retail.</li><li>While trading of jewelry and gold is a small part of the business. The balance sheet is part of the product, so cash conversion and refinancing capacity matter as much as reported margins.</li><li>The report’s core question is: Can the group scale without turning receivables, inventory, and short-tenor funding into a stress loop?</li></ul>

Valuemax is a secured credit and gold turnover business with four main engines: Pawnbroking, moneylending, and retail.While trading of jewelry and gold is a small part of the business. The balance sheet is part of the product, so cash conversion and refinancing capacity matter as much as reported margins.The report’s core question is: Can the group scale without turning receivables, inventory, and short-tenor funding into a stress loop?

Valuemax Group Limited Initiating Coverage

Singapore

ValueMax Group provides pawnbroking and moneylending services, alongside the retail and trading of pre-owned jewelry and gold. They offer collateralized loans against valuables like jewelry, gold, and watches, as well as secured and unsecured loans for businesses and the automotive industry. The company also sells new and pre-owned jewelry, gold, watches, and luxury bags. Headquartered in Singapore, the group established its first pawnbroking outlet in 1988.

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ValueMax Group (VMAX SP)

Valuemax Group Limited 1HFY2026 Results Update

ValueMax is a secured lender that also retails gold. Three engines of business: Pawnbroking, property-backed moneylending, retail & trading of...

ICAM

Valuemax Group Limited Results Update

Valuemax remains a secured credit and gold-linked turnover business built around three main engines: Pawnbroking, moneylending, and retail and...

ICAM

Valuemax Group Limited Initiating Coverage

Valuemax is a secured credit and gold turnover business with four main engines: Pawnbroking, moneylending, and retail. While trading of jewelry...

ICAM

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