ValueMax

ValueMax: OSK-DMG reiterates Buy with TP $0.56, pegged to 1.9x FY14e P/B. Notes that the govt's plan to further tighten the moneylending industry is positive for pawnbrokers, as more people are expected to turn to pawnbrokers given fewer loans available, as well as the decrease in the number of money lenders. The gradual improvement in loans given out by pawnbrokers from $431.5m in Jan to $441.1m in Mar, reaffirms the house's belief in a 2014 turnaround. DMG believes 2Q14 could be an inflection point for pawnbrokers, especially ValueMax.