Comprehensive and Data-Driven Reports, RHT Capital

RHT Capital

RHT Capital Equity Research delivers comprehensive and data-driven reports to help investors navigate complex financial markets with clarity. Each publication combines rigorous fundamental research, proprietary financial modeling, and deep sector expertise.

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