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Moneymax Financial Services
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guoyanyunyan
Elite |
29-Nov-2013 12:38
Yells: "uncertainty always exist" |
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MoneyMax Financial Services - Focus on Retail ExpansionAuthor: kimeng | Publish date: Fri, 29 Nov 12:09 What is the News?We recently attended MoneyMax?s 3Q results briefing. MoneyMax reported a decline of 36.5% y-y in revenue at S$16.2 million. This is mainly due to lower revenue from retail & trading segment, resulting from lower gold prices and deliberate decision to increase inventory of pre-owned jewellery and watches in its retail outlets. Despite lower revenue, gross profit was higher 7.7% y-y due to a shift from trading to retail sales of pre-owned jewellery. Retail sales provide higher margin of 6-10%, compared to 1-3% margin from trading. Net loss of $0.9 million was reported for 3Q. This was mainly attributed to the one-time, non-recurring IPO expense of S$1.2 million, higher advertising and promotion spending, and increase in rental costs for new outlets on Serangoon Road, opened in August 13. How do we view this?We believe the strategic shift from trading to retail sales of pre-owned jewellery would yield better results in the long term. This was due to higher margins offered from retail sales as compared to trading sales. MoneyMax continues to improve its branding through its marketing campaign launched in July 2013, in conjunction with IPO. Investment Actions?We adjusted our forecast to reflect 3Q13 results and revised our TP to S$0.425, based on DCF valuation. TP was lowered as we have under-estimated advertising and promo expenses for FY13E in our previous report. We continue to be positive on the pawnbroking and the retail and trading of pre-owned jewellery businesses and maintain our ?Buy? rating. ...last: $0.330... Source: PhillipCapital Research |
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New123
Elite |
28-Nov-2013 21:06
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Q3-2013 Results Briefing - seems quite good going forward. Can expect to declare CD by 4 Qtr. Price quite close to IPO price, think will move up soon. some passive $ - http://mmm959.wix.com/phua |
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FearValueGreed
Master |
21-Nov-2013 13:56
Yells: "Long Term Timing X Capital = Well Deserved Payout" |
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Will go back 40 cents but maybe during CNY.
Need to show lossess are halted. Thereafter shd sell cos sti looks vulnerable after 6 years of bear trap in the making. |
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Rosesyrup
Veteran |
20-Nov-2013 15:33
Yells: "Get your own opinion, don't follow blindly." |
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Hard. Especially when economy is recovering.
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Octavia
Elite |
20-Nov-2013 15:31
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MoneyMax Financial Services Ltd. has been included in the listing of the MSCI Singapore Micro Cap Index. MoneyMax is among the 19 companies added to the MSCI Singapore Micro Cap Index following an announcement by MSCI Inc. on the November 2013 Semi-Annual Index Review for the MSCI Equity Indices, made on 7 November 2013... | ||||
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Hockey
Member |
20-Nov-2013 10:19
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U think no chance to go back to 0.4 level??? | ||||
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halleluyah
Elite |
16-Nov-2013 00:24
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Volumme vry vry low...boh ho play lah
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FearValueGreed
Master |
16-Nov-2013 00:21
Yells: "Long Term Timing X Capital = Well Deserved Payout" |
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Never tell me . but there is a a gap at 355. May sell at that point around 35.
Meantime. Just pray some ass come and conduct acquisitions.
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YEAHINVESTMENT
Member |
15-Nov-2013 22:59
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I already sold all my moneymax shares. cutting losses. | ||||
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FearValueGreed
Master |
15-Nov-2013 18:56
Yells: "Long Term Timing X Capital = Well Deserved Payout" |
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The ceo keeps saying holding on to exisitng pawn items so that it cam be sold when new shops opens.
Doesn't sound logical and still says strategy working when all in red. And never reinstate when the glory days will be back. Looks like boarded a pirate ship not a pawn ship |
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Hockey
Member |
15-Nov-2013 18:25
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Sian. Was hoping I can sell off at small kopi money. Had been holding that moneymax for a long time. :( |
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YEAHINVESTMENT
Member |
15-Nov-2013 09:10
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going up after mass selling............................... | ||||
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FearValueGreed
Master |
15-Nov-2013 08:50
Yells: "Long Term Timing X Capital = Well Deserved Payout" |
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Still dun undersrand why it reported lower profit .
Market still bidding up. Strange as it sounds , my troops are awaiting Supreme commander decision. |
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FearValueGreed
Master |
14-Nov-2013 00:22
Yells: "Long Term Timing X Capital = Well Deserved Payout" |
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D day lai liao. | ||||
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YEAHINVESTMENT
Member |
11-Nov-2013 15:43
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looking forward for the financial result. | ||||
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YEAHINVESTMENT
Member |
08-Nov-2013 19:54
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Financial results. see company earning. | ||||
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Hockey
Member |
08-Nov-2013 19:06
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What is going on on the 15th?? What results out?? | ||||
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YEAHINVESTMENT
Member |
08-Nov-2013 14:50
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Phillip Securities Research Pte Ltd 28 October 2013 MoneyMax Financial Service Limited Rating 1 Buy - Previous Rating 0 Not Rated Target Price (SGD) 0.480 - Previous Target Price (SGD) NA Closing Price (SGD) 0.400 Expected Capital Gains (%) 20.0% Expected Dividend Yield (%) 0.0% Expected Total Return (%) 20.0% Raw Beta (Past 2yrs w eekly data) NA Market Cap. (USD mn / SGD mn) 114 / 142 Enterprise Value (USD mn / SGD mn) 180 / 222 3M Average Daily T/O (mn) NA 52 w eek range (SGD) 0.35 - 0.5 Closing Price in 52 w eek range Company Overview MoneyMax is one of Singapore?s largest pawnbroking chains with 29 outlets located island-wide, operating under the brands of ?MoneyMax? and ?Cash Online?. MoneyMax also provides retail and trading business of pre-owned gold, jewellery and watches. Two sources of revenue Earns from interest income from providing short-term collateralized loans to customers. Profit from sales of pre-owned gold, jewellery and/or watches. Investment Merits Expect increasing demand for pawnshops: - Higher cash needs from tighter loan regulations - Reducing social stigma on stronger branding and better quality of service - Cheaper and quicker source of borrowing - Wide reach with convenient stops in the heartlands - Rising costs likely to boost business Low-risk business model Stronger holding, of interest in jewellery & watches Experienced management team Peer Comparison ? Maxi-Cash and ValueMax All three pawnshop chains are expected to experience increase in their pawnbroking profits MoneyMax may have a higher growth potential from existing outlets as compared to ValueMax. MoneyMax?s current P/E valuations lower, more attractive than Maxi-cash MoneyMax does not currently give dividends All three pawnshop chains may continue to grow partly through the acquisition of older pawnshops Key Risks Current gold price volatility increases the risk and impacts profit margin Increase in interest rates lowers profitability of pawnbroking business Licences may fail to be renewed or obtained Regulatory risks Investment Actions Based on our DCF valuations, assuming WACC of 8.0%, and terminal growth of 1.0%, we derive a target price of S$0.48. This gives an implied FY13E P/E multiple of 21.8X, and P/B multiple of 2.7X. While both multiples are high, we note the growth potential for MoneyMax and the pawnbroking industry. Based on the investment merits highlighted above, and current share price, we initiate coverage of MoneyMax with a BUY recommendation | ||||
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YEAHINVESTMENT
Member |
08-Nov-2013 09:25
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Past few day transacted at 0.36/0.365 cents,I think some investor collecting this stock for the result. hope this counter is has strong sentiment itself as price was not boosted by valuemax ipo. Current market sentiment is not clear too,look like wait an see attitude for investors. |
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FearValueGreed
Master |
07-Nov-2013 23:25
Yells: "Long Term Timing X Capital = Well Deserved Payout" |
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ok we are D-7 days to result release. HOld on to your seat, it will be choppy I mean upwards!!!! |
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