Gold, as commonly known, is one of the primary collateral used to secure a loan from pawnshops. With rising gold prices, customers can obtain a larger loan amount as the gold jewellery they have pledged is deemed more valuable. This also resulted in higher interest income for these pawnbrokers, driven by the larger quantum, which contributed positively to their overall financials.
According to recent data from the Singapore Department of Statistics, Singapore pawnshop loan books surged 29% y-o-y to $884 million in June. This figure is nearly double the amount recorded back in June 2020, which was around $467 million.
Given limited broker coverage, all three listed pawnbrokers, despite owning their respective household brands, are not precisely the most actively traded stocks, even though they have been reporting stronger earnings. Their respective share prices have also gained between more than 60% and 150% year to date.
Aspial Lifestyle
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Previously listed in 2012 as Maxi-Cash Financial, the company changed its name to Aspial Lifestyle after acquiring the jewellery businesses from its parent company, Aspial Corporation, in 2024.
Aspial Lifestyle’s businesses are primarily in the financial services and retail sectors. Its business segments are retail, pawnbroking, and secured lending.
The retail segment comprises retailing of brand-new jewellery under household brands such as Lee Hwa and Gold Heart. It sells pre-owned jewellery, as well as branded merchandise such as timepieces, bags and wallets under the Maxi-Cash brand. The pawnbroking segment, also under Maxi-Cash, provides customers quick access to collateralised microloans and typically accepts jewellery such as gold and diamonds, as well as branded bags and timepieces. Across the Causeway, Aspial Lifestyle owns a stake in a Malaysian pawnbroking chain, Dr Pajak.
For the secured lending segment, the company provides secured lending overseas and offers retail investors in Singapore access to real estate-backed loans through investment platform BigFundr.
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According to Aspial Lifestyle’s latest annual report, Koh Wee Seng is the largest shareholder, holding a 71.2% stake. He is the non-executive chairman of the company.
Interestingly, his elder brother is the well-known hotelier and property magnate, Koh Wee Meng. He is the founder and CEO of Fragrance Group, which is also listed on the SGX. On Oct 8, Koh Wee Meng, together with Aspial Corporation, launched a bid to privatise mainboard-listed AF Global, which operates three hotels and develops properties, at 11 cents per share via a scheme of arrangement.
Aspial Lifestyle’s revenue in 1HFY2025 ended June 30 improved 46% y-o-y to $367.2 million. The increase was boosted by higher revenue from the retail business, partly driven by the newly acquired jewellery business in FY2024, higher interest income from the pawnbroking business, and higher revenue from the secured lending business. At the same time, profit after tax doubled to $29.2 million, attributable to higher revenue, gross profit and higher other income, although this was offset by higher operating expenses and finance costs.
Aspial Lifestyle expects demand for its pawnbroking services to remain steady, supported by ongoing consumer liquidity needs. Meanwhile, the company’s retail segment faces competition and evolving consumer preferences. Elevated gold prices have moderated retail sales, as consumers adopt a more cautious approach to their purchases.
Barring any unexpected developments, Aspial Lifestyle expects to achieve continued business growth and maintain profitability this year.
MoneyMax Financial
Listed on the Catalist Board in August 2013, MoneyMax Financial offers pawnbroking and secured retailing and trading of luxury products in Southeast Asia. The company provides pawnbroking and secured financing services, operating over 100 stores across Singapore and Malaysia, making it one of the region’s largest pawnbroking and retail chains.
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According to their latest annual report, Lim Yong Guan is the largest shareholder in MoneyMax Financial, holding a 62.1% stake. He is the co-founder, executive chairman and CEO of the company.
In its most recent 1HFY2025 results, MoneyMax Financial’s revenue surged by 31.2% y-o-y to $243.0 million, on the back of increased revenue from the retail and trading of gold and luxury items segment and the pawnbroking segment. With the higher revenue, MoneyMax Financial’s profit after tax jumped by 76.4% y-o-y to $31.8 million.
Lim highlighted that MoneyMax Financial’s consistent focus on innovation and strengthening of its services across both markets (Singapore and Malaysia) continues to drive strong momentum.
“While we remain mindful of the current and evolving macroeconomic environment, we are staying agile in navigating challenges. At the same time, we are excited about our growth trajectory and remain committed to our disciplined approach and customer-centric mindset to deliver excellence and create long-term value for all stakeholders,” adds Lim.
Looking ahead, MoneyMax is committed to sustaining its positive momentum through a multi-pronged approach, focusing on continued organic expansion, complemented by strategic acquisitions. Alongside these initiatives, the company remains dedicated to enhancing productivity and driving cost efficiency across all business segments. Additionally, the widely expected interest rate reductions will continue to impact the company’s financial performance positively.
On Sept 17, MoneyMax Financial completed a one-for-one bonus issue to reflect the growth and expansion of MoneyMax’s business and to reward shareholders for their loyalty and support.
The bonus issue will enable greater investor participation, encourage trading liquidity and broaden its shareholder base.
At the recent The Edge Singapore Centurion Club 2025 in November, MoneyMax was awarded the “Overall Sector Award” under the Consumer Cyclical Industry. The “Overall Sector Award” for each industry recognises companies based on a three-year assessment of returns to shareholders, profit after tax growth, weighted return on equity and environmental, social and governance performance.
ValueMax Group
Incorporated in 2003 and listed in 2013, ValueMax Group is a leading pawnbroking chain and a retailer and trader of pre-owned and new jewellery and gold in Singapore. ValueMax also operates a moneylending business through its subsidiaries.
ValueMax’s largest shareholder is Yeah Hiang Nam, the executive chairman, who owns an 85.1% stake in the company.
In 1HFY2025 ended June 30, ValueMax recorded a revenue growth of 16.8% y-o-y to $268.3 million, thanks to an increase in revenue from retail and trading of jewellery and gold, pawnbroking and moneylending businesses.
Meanwhile, with the robust business performance, net profit after tax jumped 35.7% y-o-y to $48.8 million. The strong performance for 1HFY2025 reflects the resiliency of the company’s business model and expansion strategy. “We remain committed to building long-term value through steady growth and prudent management,” adds Yeah.
In March, ValueMax completed the acquisition of Heng Heng Pawnshop and Ban Fook Pawnshop, further expanding its network in Singapore. Valuemax highlighted that the acquisitions are in line with its strategy to strengthen its leadership position in the pawnbroking and jewellery retailing.
Market-watchers might notice that ValueMax has been raising operating funds via a regular series of commercial papers issued on digital financing platforms SDAX and ADDX, which, as Yeah notes in the annual report, has garnered “strong investor support”.
In addition, the company has in place a $300 million multicurrency medium-term note programme that it can tap when needed. “With these resources in place, we are strategically positioned to capitalise on market opportunities and continue growing our loan book prudently,” says Yeah.
