Singapore Stock Market News
ValueMax Group - Turnaround Firmly In Place
StockFanatic
Publish date: Sat, 16 Aug 2014, 09:22 AM
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2Q14 has proven to be an inflection point for Valuemax, with its 2Q14 net profit surging 36.7% y-o-y to SGD2.5m. Revenue climbed steadily by 18% y-o-y to SGD82.8m as the retail segment improved. Going forward, we continue to expect strong a 3Q and 4Q. Factoring in higher costs from the opening of its three new pawnshops in June-July, we lower our FY14 net profit estimate by 8% to SGD12.3m.
Maintain BUY and SGD0.56 TP.
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