Singapore Stock Market News

ValueMax Group - A New Growth Driver

StockFanatic
Publish date: Wed, 03 Sep 2014, 11:17 AM
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Valuemax has acquired VM Credit Pte Ltd for SGD1m. It has net assets of SGD1m with a moneylender's license and is mainly engaged in a moneylending business. It is effectively acquiring the moneylender's license for free and will be targeting secured loans against collaterals eg properties in Singapore, along the same structure of a mortgage loan. We foresee a lot of growth potential in this area.

Maintain BUY with a FY14F 1.9x P/BV TP of SGD0.56.
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