Thursday, February 26, 2015

MoneyMax kept at 'neutral' with lower 30 cents target price by OSK DMG

Stock Name: MoneyMax Fin
Company Name: MONEYMAX FINANCIAL SERVICESLTD
Research House: OSK-DMGPrice Call: HOLDTarget Price: 0.30



SINGAPORE (Feb 26): OSK DMG has lowered its target price for MoneyMax Financial Services, the pawnbroking chain, to 30 cents, from 31 cents previously and maintaining its "neutral" rating as its FY14 results missed estimates by 37%.

MoneyMax's aggressive new outlet opening in Singapore and Malaysia had resulted in operating costs rising significantly while earnings were unable to keep pace, wrote OSK DMG analysts Jarick Seet and Terence Wong in a note on Feb 26.

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