Maybank initiates MoneyMax coverage with ‘buy’ call, S$0.69 target price

Résumé détaillé

The brokerage expects Malaysia expansion and higher-margin pawn loans to drive earnings growth

The brokerage expects Malaysia expansion and higher-margin pawn loans to drive earnings growth

[SINGAPORE] Maybank Research has initiated coverage on MoneyMax Financial Services with a “buy” rating and a target price of S$0.69, representing a potential upside of 38 per cent from the stock’s previous close of S$0.50 on Friday (Nov 6).

In a report on Nov 9, analyst Toh Xuan Hao identified three key growth drivers for the Singapore-listed pawnbroker:

Despite having the highest return on equity among its listed peers, MoneyMax trades at just 4.8 times estimated FY2027 earnings, Maybank noted.

The brokerage’s S$0.69 target price is based on a valuation of 7.9 times estimated FY2027 earnings, in line with the market-capitalisation-weighted average of its peers.

Maybank forecasts MoneyMax’s core net profit to rise from S$72 million in FY2025 to S$103 million in FY2026, before reaching S$112 million in FY2027.

The group reported a 77.3 per cent rise in net profit to S$52.5 million for H1 2026, while revenue grew 34.1 per cent to S$325.7 million, driven by its core businesses.

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The brokerage highlighted MoneyMax’s expanding physical network as a key competitive advantage, particularly in Malaysia, where the pawnbroking market remains fragmented.

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