[SINGAPORE] Shares of pawnbroker ValueMax have been on a tear.
After a 33 per cent jump in 2024, the counter has climbed another 94.2 per cent so far this year to hit an all-time high.
Did ValueMax get lucky? Or is it merely a beneficiary of wider macroeconomic trends?
ValueMax’s success, the group believes, is due to its commitment to transparency and prudence. And for this, chief financial officer (CFO) Carol Liew has played a pivotal role – having gradually cultivated these values since taking office in 2012.
Liew was awarded the Best CFO for mid-cap companies in 2024 for playing a significant role in supporting, advocating and promoting good corporate governance, disclosure and transparency.
Liew told The Business Times that transparency with shareholders and creditors is a core part of the company’s strategy.
Shareholders need to understand what is going on through financial statements, she said.
“When we do rights issues and capital exercises, we are very well supported by our shareholders,” she added.
But ValueMax needs to look to its creditors too, which Liew acknowledged was “equally as important”.
“When they’re comfortable with us, they know where we are at, how we handle things and they see how we prudently manage our finances. Creditors will be comfortable in supporting our growth through extending to us more facilities,” she noted.
According to their financial report, over 95 per cent of ValueMax’s loan book is backed by tangible assets such as gold, diamonds and properties.
“We monitor the gold price movement very closely, and we also apply prudent loan-to-value ratios,” she said, noting that the assets are not just for converting, but also for its money-lending business.
ValueMax has a relatively prudent debt-to-equity ratio of 1.3, which is “conservatively leveraged” within the pawnbroking industry, noted the FY2024 report. However, the loan-to-value ratio was not explicitly stated in their financial reports.
Retail and trading of jewellery and gold was a very significant growth driver for ValueMax in H1 2025, contributing around S$204.8 million in revenue, up 17.5 per cent from a year ago. It only accounts for one out of three of its core business segments, with the others being its pawnbroking and money-lending segments.
The company’s pawnbroking segment was up 20.2 per cent to S$28.1 million, while revenue from the money-lending segment rose 10.7 per cent to S$35.4 million. Overall, its H1 2025 revenue was up 16.8 per cent to S$268.3 million, compared with S$229.8 million a year ago.
Not a sunset industry
“Pawnbroking, compared to 15 years ago, is very different,” Liew said.
In the past, pawnshops were associated with dimly lit premises and counters with metal bars to prevent theft – it was slightly daunting, she said.
“You did not want to be caught outside a pawnshop, as it was not a very good image,” she added.
But times have changed and now pawnshops have changed their focus to look more “retail”, she said, noting that they should no longer be seen as a “last resort”.
“Every pawner is actually an asset owner,” she said.
ValueMax’s finance team includes a financial controller, group accountant and business analysts, with people from different age groups. Liew emphasises the need to hire young talents and train them, while also hiring people with experience in the pawnbroking industry.
Beyond just hiring, she also seeks to empower the team by giving them a good working environment, which includes encouraging them to come up with new ideas for improvement and voicing their concerns.
More acquisitions in a volatile world
“We will continue to look for opportunities to grow organically, as well as through acquisitions,” she said.
She notes that it is also important to keep track of their competitors. This ensures that ValueMax knows what its strengths are and how to grow accordingly. She acknowledges that it can be distracting to be overfocused on competitors, but emphasises the need to “take surveys of the land”.
The group acquired Heng Heng Pawnshop and Ban Fook Pawnshop in March 2025 as part of its expansion plans within Singapore.
Liew added that ValueMax is “not adverse” to exploring complementary businesses. Without going into the specifics, she hinted that it is looking into micro-financing and scaling up its money-lending business.
