In today’s briefing:
- Defensive Pawn Business Scaling to $1bn; Free Retail Business & Embedded Gold Option
Defensive Pawn Business Scaling to $1bn; Free Retail Business & Embedded Gold Option
- 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 & 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 & M’sia) that is capital intensive (competitive moat against new entrants).

