Valuemax

Valuemax: Met with DMG's institutional shareholders at its ASean HK Corporate Day. Key takeaways from the meetings are i) Expansion plans are on track with 20 outlets in Singapore and 8 in Malaysia by end of FY14. They are still sourcing for the high-end pawnbroking outlet location which will be targeted to open by the end of the year. ii) Earnings turnaround are on track with management seeing an increase in total general loans given out. 2H14 results will be expected to release in August 2014. iii) Key concerns remains mainly with liquidity and the stability of gold prices. The house reiterates BUY with a 1.9x FY14F P/BV of TP0.56.