ANALYSTS SAY: Buy, Sell, Hold (23 Sept)

OCBC GROUP RESEARCH

MoneyMax Financial Services

Scaling a pawn powerhouse

Rating BUY (as at 22 September 2026)

Last Close SGD0.78

Fair Value SGD1.37

• MMFS has built one of SE Asia’s largest integrated pawnbroking and secured lending platforms with strong profit and dividend growth potential

• Our bullish call is predicated on 20.5% PATMI CAGR over the FY2025-28E period and margin expansion driven by outlet expansion and Malaysia growth

• Initiate with a BUY rating and a target price of SGD1.37 based on a target P/E multiple of 9.6x. We forecast a FY2026E yield of 4.4%.

Investment thesis

Starting out in gold and jewellery retailing, MoneyMax Financial Services (MMFS) has since expanded into pawnbroking and other related financial services such as automotive and property financing and insurance. We like the countercyclical and defensive nature of its businesses and estimate a 20.5% PATMI CAGR over FY2025-28E supported by stable gross margins of 40-41% and average ROE of 27-

35%.

ValueMax Group

Lending hard, earning harder

Rating BUY (as at 22 September 2026)

Last Close SGD0.995

Fair Value SGD1.21

• Resilient earnings growth from diversified pawnbroking, lending and retail operations, with 1H26 PBT up 30.5% and associate contributions accelerating

• Expanding loan book and manageable 1.61x gearing for FY2026E support earnings growth, while rising dividends and SGD432m retained earnings underpin shareholder returns

• Initiate with a BUY rating and a target price of SGD1.21 based on a target P/E multiple of 7.3x. We forecast a FY2026E yield of 4.5%

Investment thesis

ValueMax Group Limited (VMAX) is involved in the pawnbroking, moneylending, and the retail and trading of gold and jewellery in Singapore and Malaysia. We like the counter cyclical and defensive nature of its businesses and estimate net profit CAGR of 14.1% over FY2025-28F with stable gross margins of 30% and delivering an average ROE of 17-18% over the same period.

Aspial Lifestyle Limited

Gold digging, profitably

Rating BUY (as at 22 September 2026)

Last Close SGD0.35

Fair Value SGD0.46

• We like ASPL for its resilient collateral-backed pawnbroking income together with its rapidly scaling BigFundr earnings thus creating a diversified platform for sustained profit growth

• Strengthened by SGD84.8m of fresh equity in 2Q26, ASPL is well-positioned to accelerate pledge book, Malaysia and BigFundr expansion

• Initiate with a BUY rating and a target price of SGD0.46 based on a Dividend Discount Model (DDM)

Investment thesis

Aspial Lifestyle (ASPL) is involved in pawnbroking, secured lending and, via highly recognisable brands in Singapore, the retailing of gold and luxury items. All three segments delivered material revenue and net profit growth in its 2025 and 1H26 results with notable improvement in earnings quality as operating leverage led to expanded margins. Importantly, its high margin pawnbroking business provides a resilient earnings foundation. Strengthening balance sheet metrics, rising dividends, the successful integration of the 2024 acquisition of Niessing and the rapid growth of BigFundr in real estate-based lending positions ASPL strongly for further growth over the next few years.

Food Empire Holdings (FEH SP)

Business As Usual In Russia; Share Price Weakness, Potential Market Share Gain And High Short Position Present Buying Opportunities

Highlights

• FEH clarified that its operations and investments in Russia remain unaffected by the recent measures against one of its peers.

• The disruption to its peer’s coffee business could allow FEH to gain market share, while FEH’s Singapore base reduces the risk of asset confiscation.

• A short covering of its huge short position of >10m shares and more aggressive share buyback are near-term catalysts. FEH trades at an attractive 12.5x 2027F PE, below peers’ 20x. Maintain BUY and target price of S$3.49.

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LHN (LHN SP)

Resilient Core Operations; Growth Pipeline Intact

Highlights

• LHN’s 3QFY26 operating performance remained resilient, with industrial and Work+Store occupancy improving, while softer Coliwoo occupancy reflected the ramp-up of Midtown.

• Coliwoo’s expansion pipeline remains intact, while facilities management and Work+Store continue to support recurring income growth.

• Maintain BUY with a 17% lower target price of S$0.591, pegged to 8.6x FY27F PE.

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The Business Times reported that Property firm New World Development is in talks to sell its 50 per cent stake in a Hong Kong hotel to Singapore’s UOL Group ($8.56, up 4 cent), according to people familiar with the matter. The potential transaction would value the Hyatt Regency hotel in Kowloon at around HK$3 billion (US$382 million), the people said, asking not to be identified because the talks are confidential. Abu Dhabi Investment Authority (ADIA), which owns the other half of the hotel, is also in discussions to sell its stake to UOL, the people added.

UOL’s market cap stands at S$7.3bln and currently trades at forward PE of 15.2x and PB of 0.6x, with a dividend yield of 2.1%. Consensus target price stands at $12.09, representing 41.2% upside to current share price. UOL is in the midst of restructuring its portfolio of assets to focus on increasing its recurring income streams vs more lumpy development assets. And buying hospitality assets would help in this aspect. We maintain an Accumulate on Weakness rating.