It’s not every day that financial stocks outpace a heavyweight like DBS—but in the past year, these five did just that. Backed by strong fundamentals and sector tailwinds, MoneyMax, Credit Bureau Asia, UOB-Kay Hian, ValueMax, and Yangzijiang Financial Holdings each delivered over 30% gains, outperforming Singapore’s largest bank.
The fiscal year 2024 also marked a period of robust earnings growth and strategic positioning for these companies, reporting strong financial results, driven by both sector-specific strengths and broader market dynamics. While each company operates in distinct areas—from pawnbroking and credit data to brokerage and investment holdings—all demonstrated resilience, profitability, and forward momentum.
| Company | Ticker | 1-Year Returns (%) |
|---|---|---|
| ValueMax Group Ltd | T61 | +37.33% |
| Moneymax Financial Services Ltd | 5WJ | +80.00% |
| Credit Bureau Asia Ltd | TCU | +46.45% |
| UOB-Kay Hian Holdings Ltd | U10 | +33.59% |
| Yangzijiang Financial Holdings | YF8 | +121.87% |
ValueMax (T6I): Strong Core Segments and External Catalysts (+37.33%)
ValueMax reported record-high net profit of S$85.4 million on revenue of S$456.2 million. Strong performance across its core operations—pawnbroking, moneylending, and gold/jewellery trading—fueled this growth. A one-time gain of S$10.1 million from the listing of its associate company, Well Chip Group Berhad, also boosted pre-tax profits.
A notable contributor to the company’s performance was the rise in global gold prices, especially amid geopolitical tensions like the Israel-Hamas conflict, enhancing the value of pawn collateral. The company maintained a strong balance sheet with S$517.8 million in equity and a gearing ratio of 58%.
MoneyMax (5WJ): Record Profits and Sustained Growth (+80%)
MoneyMax achieved stellar performance in FY2024, with revenue rising by 36.5% to S$390.1 million, and profit before income tax surging by 64.1% to S$52.6 million. Net profit grew in tandem, reaching S$41.6 million, a 65.4% increase year-on-year. The company also recorded a net margin of 10.7%, up from the previous year. These achievements reflect a consistent upward trend in profitability since FY2020. Similar to ValueMax, the rising gold prices and investors’ turn for physical gold have buoyed business operations.
Credit Bureau Asia (TCU): Defensive Business Model Delivers Stability (+46.45%)
Credit Bureau Asia posted a 10% increase in revenue to S$59.7 million, with net profit before tax rising 14% to S$30.5 million. This growth was underpinned by strong performances across both the Financial Institution (FI) Data Business and Non-FI Data Business. Segmental revenue contributions were S$27.2 million and S$32.6 million respectively, both generating healthy profit before tax of over S$15 million each.
As the company is a market leader in Singapore, Cambodia and Myanmar’s financial institutions data business, the business will have very resilient operations. Furthermore, all banks in Singapore are members of CBS (Credit Bureau Singapore). CBA continued to develop initiatives in key Southeast Asian markets (Singapore, Cambodia, and Myanmar) and announced a five-year renewal of its partnership with Dun & Bradstreet. It is also seeking a joint venture in Vietnam. The business’s search for inorganic expansion opportunities serve as catalysts that could spark further growth and its services are essential.
UOB-Kay Hian (U10): Trading Momentum Lifts Earnings (+33.59%)
UOB-Kay Hian reported impressive FY2024 figures, with revenue reaching S$670.3 million, and profit before income tax at S$254.8 million. Net profit stood at S$223.7 million, underpinned by a surge in commission and trading income (up 32.6%) and overall income growth of 16.3% in 2H24 compared to 2H23. Effective cost management, through lower finance and operating expenses, also contributed to the improved results.
As UOBKH is fundamentally a broker, its earnings will grow with increasing trading volume. Investor sentiment was buoyed by the recovery of major global equity markets, especially in the US and Asia. Increased market volatility and attractive yields spurred significant activity in derivatives and structured products. As Singapore continues to push for development of the Singapore stock market, there will likely be renewed interest as the market continues to mature and draw IPOs.
Looking ahead, UOBKH remains cautiously optimistic, citing several macro drivers: US policy directions, interest rate trends, China’s pro-growth initiatives, and broader tech innovation. The Group plans to continue leveraging these tailwinds while maintaining prudence.
Yangzijiang Financial Holdings (YF8): Strategic Rebalancing Pays Off (+121.87%)
YZJFH achieved a 51% increase in net profit to S$304.6 million, with total income at S$326.2 million. Performance was driven by a well-executed portfolio shift, especially the expansion of maritime fund assets, which grew 150% in size and contributed S$57.2 million in income. This helped offset a decline in traditional debt investments in China, as the Group intentionally reduced exposure to this segment.
The company focuses on the Singapore and China markets. Its strategy of limiting new loan exposure to underperforming sectors and diversifying income sources paid off. Interest and non-interest income were well balanced, and its net asset value per share rose to 116.82 Singapore cents.
Looking forward, YZJFH intends to refine its sector rotation strategy further and sustain its reduced China exposure, enhancing resilience. A 40% dividend payout ratio and a 6.1% yield demonstrate management’s confidence and commitment to rewarding shareholders.
Final Thoughts
Across the board, these companies showcased strong resilience and growth in operations as of FY2024. While their business models span different sectors, several shared themes emerge strategic diversification, operational discipline, and responsiveness to macro trends. We continue to see that geopolitical tensions and uncertainty will shape investment decisions. The pawnshop operators ValueMax and MoneyMax will continue to remain resilient under such a theme. However, given these businesses are all positioned at all-time highs or near all-time highs, we suggest maintaining prudent and accessing their growth potential.
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Dear Qi Yang
You mentioned 2 pawn brokers counters. What about Aspial Lifestyle (5UF) whose share price hasn’t moved a needle? Isn’t Aspial also in pawnbroking? Thanks.
Hi Felix! Sorry for the late reply, been busy with other things. Regarding your question, I realised I was not clear in my write up on the accessibility of trading of gold that the 2 businesses provide. If you look into the financials of the 3 businesses, the 2 that I mentioned have a separate revenue line of “Retail and trading of gold and luxury items” and its their biggest revenue driver which makes their business attractively resilient in the current macro climate. For Aspial, it does have retail and a very small segment on pawnbroking, but theres no mention or credits given in its financial report that gold demand is driving its growth. This could suggest it doesn’t provide much accessibility to gold and silver which doesn’t make it as attractive compared to the other 2.