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ValueMax Group Ltd. (SG:T6I)
SGX:T6I
Singapore Market

ValueMax Group Ltd. (T6I) AI Stock Analysis

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SG:T6I

ValueMax Group Ltd.

(SGX:T6I)

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Neutral 62 (OpenAI - 5.2)
Rating:62Neutral
Price Target:
S$1.00
â–²(6.38% Upside)
Action:ReiteratedDate:02/28/26
The score is held back primarily by weak cash-flow conversion and elevated leverage despite strong reported profitability. Technicals are modestly positive overall, and valuation (P/E ~11.5 with ~3.1% yield) is supportive, resulting in a mid-range overall score.
Positive Factors
Strong Margins
Sustained high gross and operating margins indicate durable pricing power and efficient operations in a pawnbroking model. Healthy margins provide a cushion against credit losses and support return on equity, enabling reinvestment or strategic initiatives over the medium term.
Material Revenue Growth
Meaningful top-line expansion across two years signals improving customer acquisition, higher loan originations or outlet productivity. Increased scale supports fixed-cost leverage, strengthens competitive position, and provides a base to sustain earnings growth over the next several quarters.
Secured, Collateral-Backed Business Model
A collateralised, short-tenor lending model inherently limits unsecured credit losses and allows rapid repricing. The ability to monetise forfeited collateral creates a secondary revenue stream and reduces credit tail risk versus unsecured lenders, supporting long-term cash generation potential.
Negative Factors
Negative Operating and Free Cash Flow
Persistent negative OCF and FCF despite reported profits show earnings are not converting to cash. This increases reliance on external funding, raises refinancing risk, limits organic funding for growth or dividends, and weakens resilience to funding stress over the medium term.
Elevated Leverage
Significantly higher debt levels versus earlier years increase interest and refinancing exposure. Elevated leverage reduces financial flexibility, amplifies downside in revenue or margin shocks, and raises the company's vulnerability to rising funding costs or adverse liquidity conditions.
Growth Volatility and External Sensitivities
History of uneven revenue growth highlights demand and operational variability. Coupled with sensitivity to gold/jewellery prices, loan renewal rates and regulatory fee caps, this makes earnings less predictable and increases the risk that profits may swing with market or policy shifts.

ValueMax Group Ltd. (T6I) vs. iShares MSCI Singapore ETF (EWS)

ValueMax Group Ltd. Business Overview & Revenue Model

Company DescriptionValueMax Group Limited, an investment holding company, engages in the pawnbroking, moneylending, jewelry and watches retailing, and gold trading businesses primarily in Singapore. It offers pawn broking services through pledging jewelry in yellow or white gold, diamond jewelry, and branded timepieces, as well as gold, platinum, or silver bars and coins. The company also provides secured and unsecured term loans for businessmen and corporates; and hire purchase and floor stock financing services for automotive industry. In addition, it sells new and pre-owned jewelry, such as gold and diamond jewelry, gold bars and coins, branded watches, and Hermès bags in its outlets; purchases scrap gold from other pawnbrokers and jewelry traders; and sells fine gold bars to jewelry factories, wholesalers, and retailers. The company operates pawn and retail outlets in Singapore and Malaysia. Further, it is involved in the provision of management and IT, and business management and consultancy services, as well as in the property holding activities. The company was founded in 1988 and is based in Singapore. ValueMax Group Limited is a subsidiary of Yeah Holdings Pte. Ltd.
How the Company Makes MoneyValueMax Group Ltd. generates revenue through multiple streams, primarily from its retail operations and financial services. The retail segment earns income from the sale of pre-owned items, including electronics, jewelry, and other goods, which are sourced through customer consignments and purchases. The financial services division contributes significantly to the company's earnings by offering secured loans and pawn services, where customers can obtain cash by pledging personal items as collateral. Additionally, the company may engage in partnerships with financial institutions to expand its service offerings, enhance customer acquisition, and drive revenue growth. The combination of retail sales and financial services allows ValueMax to create a robust revenue model that capitalizes on consumer demand for both products and financial solutions.

ValueMax Group Ltd. Financial Statement Overview

Summary
Profitability is strong with healthy 2025 margins (gross ~30%, EBIT ~21%, net ~18%) and revenue up versus 2023, but persistently negative operating/free cash flow (2025 OCF about -165.5m; FCF about -169.3m) is a major weakness. Leverage is elevated (2025 debt-to-equity ~1.49x), increasing funding risk.
Income Statement
78
Positive
ValueMax Group Ltd. shows strong profitability and improving scale. Revenue rose materially from 2023 to 2025 (2025: 553.1m vs 331.0m in 2023), and margins are healthy: 2025 gross margin ~30.3%, EBIT margin ~20.7%, and net margin ~18.5%. Profitability has also improved versus earlier years (net margin ~12.3% in 2020), supporting a solid earnings profile. The main weakness is growth volatility—2024 revenue growth was essentially flat (~0.4%) before re-accelerating in 2025 (~11.8%).
Balance Sheet
60
Neutral
The balance sheet is functional but leveraged. Total debt increased to ~902.5m in 2025 (from ~319.4m in 2020), with debt-to-equity at ~1.49x in 2025 (generally elevated across the period, peaking around ~1.70x in 2022). Equity has grown to ~605.4m, and returns on equity are solid and improving (2025 ~16.9% vs 2022 ~12.2%), but the higher leverage raises refinancing and downturn sensitivity risk.
Cash Flow
28
Negative
Cash flow quality is the key concern. Operating cash flow is negative in most years and worsened in 2025 (about -165.5m) versus 2024 (about -55.9m), while free cash flow is also consistently negative (2025 about -169.3m). This indicates profits are not consistently translating into cash generation, increasing reliance on funding and balance-sheet flexibility. A positive outlier year exists (2020 positive operating and free cash flow), but the more recent pattern is weak.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue494.76M553.13M456.18M331.04M287.06M275.51M
Gross Profit147.41M167.58M129.81M100.22M76.79M70.03M
EBITDA106.26M122.58M107.72M65.89M59.27M54.84M
Net Income95.43M102.08M82.83M52.85M44.42M41.51M
Balance Sheet
Total Assets1.37B1.56B1.25B1.08B1.01B799.12M
Cash, Cash Equivalents and Short-Term Investments46.53M22.42M16.80M16.03M10.99M14.60M
Total Debt767.56M897.16M698.34M624.66M618.93M453.60M
Total Liabilities803.03M948.36M729.31M647.67M641.37M471.72M
Stockholders Equity557.61M605.41M512.06M423.44M363.89M322.32M
Cash Flow
Free Cash Flow-63.86M-169.28M-67.27M-1.69M-163.83M-156.09M
Operating Cash Flow-49.35M-165.46M-55.86M3.53M-163.36M-153.73M
Investing Cash Flow-19.05M-8.54M-11.28M-5.07M246.00K-2.62M
Financing Cash Flow91.55M184.02M64.42M5.99M155.63M159.77M

ValueMax Group Ltd. Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price0.94
Price Trends
50DMA
1.09
Negative
100DMA
1.03
Positive
200DMA
0.89
Positive
Market Momentum
MACD
-0.02
Positive
RSI
40.72
Neutral
STOCH
27.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:T6I, the sentiment is Neutral. The current price of 0.94 is below the 20-day moving average (MA) of 1.15, below the 50-day MA of 1.09, and above the 200-day MA of 0.89, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 40.72 is Neutral, neither overbought nor oversold. The STOCH value of 27.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:T6I.

ValueMax Group Ltd. Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
75
Outperform
S$111.32M5.089.26%1.99%21.59%21.74%
75
Outperform
S$1.47B4.3615.81%2.60%11.37%7.17%
73
Outperform
S$631.11M4.2722.53%5.76%42.42%53.37%
62
Neutral
S$981.37M8.8718.70%3.92%20.97%37.69%
61
Neutral
$18.38B12.79-2.54%3.03%1.52%-15.83%
* Consumer Cyclical Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SG:T6I
ValueMax Group Ltd.
1.04
0.58
126.09%
SG:5UF
Maxi-Cash Financial Services Corp. Ltd.
0.34
0.23
206.31%
SG:42L
Taka Jewellery Holdings Ltd.
0.20
0.11
116.30%
SG:5WJ
MoneyMax Financial Services Ltd.
0.79
0.60
313.61%
SG:AGS
Hour Glass Ltd.
2.28
0.75
49.02%
SG:C41
Cortina Holdings Limited
3.47
0.87
33.46%

ValueMax Group Ltd. Corporate Events

ValueMax Founders Sell Stake to Institutions to Boost Free Float
Feb 26, 2026

ValueMax Group’s executive chairman, Yeah Hiang Nam, and his spouse have sold 34.8 million shares via a block trade at S$1.16 per share, a 6.5% discount to the last close, to a pool of long-only institutional investors. Despite the sale, the couple still controls 81.53% of the company’s share capital and has agreed to a 90-day lock-up, underscoring their stated commitment and confidence in the business.

The transaction aims to diversify and institutionalise ValueMax’s shareholder base, broaden minority representation, and improve trading liquidity and free float, which may help the stock qualify for benchmarks such as the iEdge Singapore Next 50 Index. As the deal involves only existing vendor shares, it does not dilute current shareholders, while also reinforcing governance clarity around related-party interests within the controlling family and associated entities.

The most recent analyst rating on (SG:T6I) stock is a Buy with a S$1.50 price target. To see the full list of analyst forecasts on ValueMax Group Ltd. stock, see the SG:T6I Stock Forecast page.

ValueMax Subsidiary Settles Louis Vuitton IP Lawsuit Without Financial Hit
Feb 23, 2026

ValueMax Group Limited, a pawnbroking and retail value operator in Singapore, conducts its business through subsidiaries including ValueMax Retail Pte Ltd, which trades in jewellery and luxury goods. The group serves customers looking for asset-backed financing and access to pre-owned branded items, anchoring its position in the local second-hand luxury and collateralised lending market.

The company announced that its subsidiary, ValueMax Retail, has reached an amicable settlement with Louis Vuitton Malletier over an intellectual property infringement lawsuit. The suit has been discontinued without any admission of liability by ValueMax Retail, and the board stated that the resolution will not have a material impact on the group’s financial results for the current financial year.

The most recent analyst rating on (SG:T6I) stock is a Buy with a S$1.50 price target. To see the full list of analyst forecasts on ValueMax Group Ltd. stock, see the SG:T6I Stock Forecast page.

ValueMax Highlights 2025 Financial Results Release of Malaysian Associate Well Chip Group
Feb 21, 2026

ValueMax Group Limited has announced that its Malaysian associated company, Well Chip Group Berhad, has published its financial results for the year ended 31 December 2025. The disclosure of these results on Bursa Securities Malaysia Berhad’s platform provides transparency on the performance of a key associate, which may influence how investors assess ValueMax’s indirect exposure to the Malaysian market and its broader regional footprint.

The announcement underscores the importance of Well Chip Group Berhad to ValueMax’s overall corporate structure and financial ecosystem. Stakeholders tracking ValueMax’s regional strategy and associated earnings may view these released figures as an indicator of the health and prospects of its Malaysian investments, even though detailed financial metrics were not included in this brief statement.

The most recent analyst rating on (SG:T6I) stock is a Buy with a S$1.50 price target. To see the full list of analyst forecasts on ValueMax Group Ltd. stock, see the SG:T6I Stock Forecast page.

ValueMax Expands Share Capital Following Warrant Exercise
Feb 16, 2026

ValueMax Group Ltd. has increased its issued share capital to 943,476,139 ordinary shares following the allotment of 1,686,800 new shares arising from the exercise of an equivalent number of warrants at an exercise price of S$0.36 each on 13 February 2026. The newly issued shares will rank pari passu with existing shares and are scheduled to be listed and quoted on the Singapore Exchange Securities Trading Limited on 19 February 2026, while 4,329,170 warrants remain outstanding with the same exercise price and an expiry on 14 September 2026.

The share issuance modestly expands ValueMax’s equity base and reflects ongoing warrant conversion activity, which can provide additional capital to the company and potentially increase its free float in the market. The remaining outstanding warrants represent a further potential source of equity funding and dilution, and their eventual exercise or lapse will influence future share capital structure and investor holdings.

The most recent analyst rating on (SG:T6I) stock is a Buy with a S$1.50 price target. To see the full list of analyst forecasts on ValueMax Group Ltd. stock, see the SG:T6I Stock Forecast page.

ValueMax Expands Share Base After Warrant Exercise
Feb 10, 2026

ValueMax Group Limited has expanded its share capital through the allotment and issuance of 584,000 new ordinary shares, following the exercise of an equal number of warrants at an exercise price of S$0.36 each on 10 February 2026. The enlarged share base, rising from 941,205,339 to 941,789,339 issued ordinary shares, reflects incremental equity funding and a slight dilution for existing shareholders.

The newly issued shares will rank pari passu with existing shares and are scheduled to begin trading on the Singapore Exchange on 12 February 2026, maintaining uniform rights across the shareholder base. Following this warrant conversion, 6,015,970 warrants remain outstanding, preserving additional potential for future share issuance and signaling continued flexibility in the company’s capital management strategy.

The most recent analyst rating on (SG:T6I) stock is a Buy with a S$1.50 price target. To see the full list of analyst forecasts on ValueMax Group Ltd. stock, see the SG:T6I Stock Forecast page.

ValueMax Expands Share Capital Following Exercise of Warrants
Jan 29, 2026

ValueMax Group Limited has increased its issued share capital from 940,883,339 to 941,205,339 ordinary shares following the allotment and issuance of 322,000 new ordinary shares arising from the exercise of warrants at an exercise price of S$0.36 per share on 29 January 2026. The new shares, which rank pari passu with existing shares, will commence trading on the Singapore Exchange on 2 February 2026, while 6,599,970 warrants remain outstanding at the same exercise price and are set to expire on 14 September 2026, indicating continued potential for further equity dilution and capital inflows depending on future warrant conversions.

The most recent analyst rating on (SG:T6I) stock is a Buy with a S$1.50 price target. To see the full list of analyst forecasts on ValueMax Group Ltd. stock, see the SG:T6I Stock Forecast page.

ValueMax Issues New Shares Following Warrant Exercise
Jan 22, 2026

ValueMax Group Limited has increased its issued share capital from 940,868,539 to 940,883,339 ordinary shares after the exercise of 14,800 warrants at an exercise price of S$0.36 per share on 22 January 2026. The newly issued shares, which rank pari passu with existing shares, will be listed and quoted on the Singapore Exchange on 26 January 2026, while 6,921,970 warrants remain outstanding and exercisable at S$0.36 until their expiry on 14 September 2026, indicating only a marginal dilution for existing shareholders at this stage and leaving room for further capital inflows if more warrants are exercised before expiry.

The most recent analyst rating on (SG:T6I) stock is a Buy with a S$1.00 price target. To see the full list of analyst forecasts on ValueMax Group Ltd. stock, see the SG:T6I Stock Forecast page.

ValueMax Issues 400,000 New Shares Following Warrant Exercise
Jan 13, 2026

ValueMax Group Limited has expanded its issued share capital from 940,468,539 to 940,868,539 ordinary shares following the allotment of 400,000 new shares arising from the exercise of an equivalent number of warrants at an exercise price of S$0.36 per share on 13 January 2026. The newly issued shares, which rank pari passu with existing shares, will begin trading on the Singapore Exchange on 15 January 2026, while 6,936,770 warrants remain outstanding and exercisable at S$0.36 until their expiry on 14 September 2026, signalling ongoing potential for further equity dilution and capital inflows for the company.

The most recent analyst rating on (SG:T6I) stock is a Buy with a S$1.00 price target. To see the full list of analyst forecasts on ValueMax Group Ltd. stock, see the SG:T6I Stock Forecast page.

ValueMax Expands Share Capital After Warrant Exercise
Jan 6, 2026

ValueMax Group Limited has increased its issued ordinary share capital from 940,103,259 to 940,468,539 shares following the allotment and issuance of 365,280 new shares arising from the exercise of an equal number of warrants at an exercise price of S$0.36 per share on 6 January 2026. The newly issued shares, which will rank pari passu with existing shares, are scheduled to be listed and quoted on the Singapore Exchange on 8 January 2026, while 7,336,770 warrants remain outstanding at the same exercise price and are set to expire on 14 September 2026, reflecting ongoing potential for further equity dilution and additional capital inflows for the company.

The most recent analyst rating on (SG:T6I) stock is a Buy with a S$1.00 price target. To see the full list of analyst forecasts on ValueMax Group Ltd. stock, see the SG:T6I Stock Forecast page.

ValueMax Raises S$26.64 Million in Strongly Subscribed Digital Commercial Paper Issue
Dec 30, 2025

ValueMax Group Limited has successfully closed its 3‑month Series 017 digital securities commercial paper issuance, launched on 16 December 2025, raising S$26.64 million following strong investor demand. The digital securities from this tranche will be listed on the ADDX digital platform on 31 December 2025, underscoring the group’s continued use of digital capital-market channels to diversify funding and support its lending activities; insiders including an independent director, a key executive and a controlling shareholder collectively subscribed to about 13.5% of the issue, signalling management confidence and aligning interests with external investors, while the company indicated it will provide further updates on developments under its broader commercial paper facility.

The most recent analyst rating on (SG:T6I) stock is a Buy with a S$1.00 price target. To see the full list of analyst forecasts on ValueMax Group Ltd. stock, see the SG:T6I Stock Forecast page.

ValueMax Raises S$46.76 Million in Latest SDAX Digital Commercial Paper
Dec 30, 2025

ValueMax Group Limited has successfully closed its three-month Series 011 digital securities commercial paper issuance on the SDAX platform, raising gross proceeds of S$46.76 million after strong investor demand. The issuance, which closes out on 30 December 2025 when the digital securities are delivered to subscribers, included a S$0.8 million subscription from executive director Ms Yeah Lee Ching, underscoring insider confidence as the group continues to tap the SDAX commercial paper facility for short-term funding and to diversify its capital sources.

The most recent analyst rating on (SG:T6I) stock is a Buy with a S$1.00 price target. To see the full list of analyst forecasts on ValueMax Group Ltd. stock, see the SG:T6I Stock Forecast page.

ValueMax Issues New Shares Following Warrant Exercise
Dec 19, 2025

ValueMax Group Limited has expanded its share capital through the allotment and issuance of 40,000 new ordinary shares following the exercise of an equivalent number of warrants at an exercise price of S$0.36 per share on 19 December 2025, increasing its issued share base from 940,063,259 to 940,103,259 shares, excluding treasury shares. The new shares, which are fully fungible with existing stock, will commence trading on the Singapore Exchange on 23 December 2025, while 7,702,050 warrants remain outstanding until their expiry in September 2026, a development that modestly increases the company’s equity base and leaves further potential for future dilution should remaining warrants be exercised.

The most recent analyst rating on (SG:T6I) stock is a Buy with a S$1.00 price target. To see the full list of analyst forecasts on ValueMax Group Ltd. stock, see the SG:T6I Stock Forecast page.

ValueMax Faces Louis Vuitton Trademark Suit, Expects No Material Business Impact
Dec 18, 2025

ValueMax Group has disclosed that its wholly owned subsidiary, ValueMax Retail Pte Ltd, is being sued in the Singapore High Court by Louis Vuitton Malletier for alleged trademark infringement and passing off, relating to a gold charm and a pair of gold earrings said to have been sold or offered for sale at one of its stores. The company maintains that the items in question were unredeemed pawned goods obtained through separate sources, says it will vigorously defend the claims at every legal stage, regrets that the dispute could not be resolved amicably, and asserts that, based on current facts, the case is not expected to have a material impact on the group’s business or its financial statements for the year ending 31 December 2025, while committing to provide further updates on any material developments.

The most recent analyst rating on (SG:T6I) stock is a Buy with a S$1.00 price target. To see the full list of analyst forecasts on ValueMax Group Ltd. stock, see the SG:T6I Stock Forecast page.

ValueMax Group Ltd. Increases Share Capital Through Warrant Exercise
Dec 11, 2025

ValueMax Group Ltd. has announced an increase in its issued ordinary shares from 940,023,259 to 940,063,259 through the allotment and issuance of 40,000 new shares following the exercise of warrants priced at S$0.36 each. These new shares will be listed on the Singapore Exchange on December 15, 2025, and there remain 7,742,050 outstanding warrants set to expire on September 14, 2026.

The most recent analyst rating on (SG:T6I) stock is a Buy with a S$1.00 price target. To see the full list of analyst forecasts on ValueMax Group Ltd. stock, see the SG:T6I Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Feb 28, 2026