Singapore Stock Market News
MoneyMax Financial Services - Turnaround In Place
StockFanatic
Publish date: Wed, 13 Aug 2014, 07:52 AM
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MoneyMax's 2Q14 core PATMI of SGD0.3m (+62.6% y-o-y), made on the back of SGD15.2m in revenue (+7.3% y-o-y), shows that a turnaround is in place. However, higher operating costs from its three new Singapore outlets and its Malaysian JV continued to crimp its profit. We cut our FY14 earnings estimate by 33% and lower our TP to SGD0.32 (from SGD0.34), pegged to 1.9x FY14 P/BV.
Maintain NEUTRAL, with Valuemax still our Top Buy among the pawnbroking stocks we cover.
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