Maybank initiates MoneyMax coverage with ‘buy’ call, S$0.69 target price
The brokerage expects Malaysian expansion and higher-margin pawn loans to drive earnings growth
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. The brokerage identifies three key growth drivers for the Singapore-listed pawnbroker: Malaysian expansion, higher-margin pawn loans, and the drive-through pawnshop format.
Maybank forecasts MoneyMax's core net profit to increase from S$72 million in FY2025 to S$112 million in FY2027, while its pawnbroking revenue is expected to grow at a compound annual growth rate of 22.5 per cent between FY2025 and FY2028, reaching S$178.7 million.
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