Vriddhi Consulting

Punit Khanna

Independent Insight Provider

Equity Bottom-Up

<ul>
<li>Reasonably stable ROE business which is well collateralised against downturn</li>
<li>Earnings growth seems to be sustainable, though partly getting benefit of higher gold prices</li>
<li>Plotting on ROE and ROA basis, it looks like one of the stocks in the Singapore market offering reasonable value</li>
</ul>
    <div class="content-highlight">
    <h2>Raising Money for Persons with Disabilities in Singapore</h2>
    <p><strong><em>For your kind consideration</em></strong></p>
    <p><em>This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.</em></p>
    <p><em>All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.</em></p>
    <p data-start="635" data-end="669">To contribute, <a href="https://www.giving.sg/donate/campaign/raising-money-for-special-needs-persons-in-singapore" target="_blank" rel="noopener">please visit this URL.</a> </p>
    </div>
    


Reasonably stable ROE business which is well collateralised against downturn
Earnings growth seems to be sustainable, though partly getting benefit of higher gold prices
Plotting on ROE and ROA basis, it looks like one of the stocks in the Singapore market offering reasonable value

    
    Raising Money for Persons with Disabilities in Singapore
    For your kind consideration
    This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
    All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
    To contribute, please visit this URL. 
    
    

ValueMax Group: Largest Listed Moneylender & Pawnshop

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>ValueMax Group Limited (“ValueMax”) provides pawnbroking and moneylending services, as well as retail &amp; trading of jewellery &amp; gold.</li><li>The Group operates 50 pawnbroking and retail outlets in Singapore and 32 outlets in Malaysia through its associated company, Well Chip Group Berhad (“Well Chip Group”), which is listed on the Malaysian stock exchange.</li><li>For FY2025 ended 31 December 2025, ValueMax’s revenue rose by 21.3% to S$553.1 million in FY2025 from S$456.2 million in FY2024.</li></ul>

ValueMax Group Limited (“ValueMax”) provides pawnbroking and moneylending services, as well as retail &amp; trading of jewellery &amp; gold.The Group operates 50 pawnbroking and retail outlets in Singapore and 32 outlets in Malaysia through its associated company, Well Chip Group Berhad (“Well Chip Group”), which is listed on the Malaysian stock exchange.For FY2025 ended 31 December 2025, ValueMax’s revenue rose by 21.3% to S$553.1 million in FY2025 from S$456.2 million in FY2024.

Valuemax Group Limited: Company Update (10 April 2026)

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.

<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.

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>Structural Gold Tailwind at Full Velocity Gold surged from approximately US$2,600/oz at end-2024 to approximately US$4,500–4,800/oz by end-2025, and has continued to rally above US$5,000/oz in early 2026, trading at approximately US$5,150/oz as of late February 2026.</li><li>The macro drivers — geopolitical instability, fiscal concerns, persistent dollar weakness, and central bank accumulation — remain firmly in place.</li><li>For ValueMax, every incremental rise in gold amplifies earnings through three channels: (a) higher retail sales volumes and mark-ups; (b) larger pawn loan ticket sizes (since collateral values are higher); and (c) inventory revaluation gains on existing gold holdings (S$10.0 million in FY2025 alone).</li></ul>

Structural Gold Tailwind at Full Velocity Gold surged from approximately US$2,600/oz at end-2024 to approximately US$4,500–4,800/oz by end-2025, and has continued to rally above US$5,000/oz in early 2026, trading at approximately US$5,150/oz as of late February 2026.The macro drivers — geopolitical instability, fiscal concerns, persistent dollar weakness, and central bank accumulation — remain firmly in place.For ValueMax, every incremental rise in gold amplifies earnings through three channels: (a) higher retail sales volumes and mark-ups; (b) larger pawn loan ticket sizes (since collateral values are higher); and (c) inventory revaluation gains on existing gold holdings (S$10.0 million in FY2025 alone).

ValueMax Group Update : Golden Century: The S$100 Million Milestone

<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: Largest Listed Moneylender & Pawnshop

Stock in Singapore market offer reasonable value with sustainable earnings growth and stable ROE, collateralised against downturn and benefiting...

Punit Khanna

Valuemax Group Limited: Company Update (10 April 2026)

ValueMax Group Limited (“ValueMax”) provides pawnbroking and moneylending services, as well as retail & trading of jewellery & gold. The...

FPA Financial

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 Update : Golden Century: The S$100 Million Milestone

Structural Gold Tailwind at Full Velocity Gold surged from approximately US$2,600/oz at end-2024 to approximately US$4,500–4,800/oz by end-2025,...

Tickrs

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ValueMax Group: Largest Listed Moneylender & Pawnshop

​Stock in Singapore market offer reasonable value with sustainable earnings growth and stable ROE, collateralised against downturn and benefiting...

Punit Khanna

Valuemax Group Limited: Company Update (10 April 2026)

ValueMax Group Limited (“ValueMax”) provides pawnbroking and moneylending services, as well as retail & trading of jewellery & gold. The...

FPA Financial

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 Update : Golden Century: The S$100 Million Milestone

Structural Gold Tailwind at Full Velocity Gold surged from approximately US$2,600/oz at end-2024 to approximately US$4,500–4,800/oz by end-2025,...

Tickrs

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

Stock in Singapore market offer reasonable value with sustainable earnings growth and stable ROE, collateralised against downturn and benefiting...