Summary:
MoneyMax Initiation: Buy $1.44 (+74%)
- Defensive Pawn Business (SG + Msia) scaling to $1bn revenue by 2028F
- MoneyMax’s 70% gold exposure within its portfolio (jewellery-retail and high margin pawnbroking) implies an embedded call option on Gold
- SOTP Target Price $1.44 (potential +74% upside). Current mkt cap at $778mil implies getting Retail-Jewellery Business for free.
George.Koh@rhtgoc.com
Paul.Schymyck@rhtgoc.com
