As an industry leader, Catalist-listed, Maxi-Cash paved the way in changing the overall image of pawnbroking by allowing customers to enjoy modern, professional and “bank-like” experience to meet their short-term financial needs.
Besides lending money, it also takes a timely step towards diversifying its business by having plans to sell luxury watches. Watch this video to see Maxi-Cash’s CEO’s insights on the resellers’ market on luxury watches like Rolex, Cartier, IWC, Panerai and more.
According to Australian Financial Review, Maxi-Cash has opened its first retail store on Melbourne’s Swanston Street with plans to open up half a dozen more on the east coast. It has leased a 100 square metre store on a long-term lease on the ground floor of the historic Capital Arcade Building and hopes the high-profile location will be a good advertisement for its rather unique business. With plans to open five or six stores over the next few years, including in Sydney and possibly Brisbane, Mr Cheng said Maxi-Cash was able to perform well in a “very competitive” retail market by offering both “buy and sell” services.
Despite its rather uninspiring name, Maxi-Cash will target a different market, those looking to pawn luxury goods such as gold, high-end jewellery, luxury watches and handbags.The retailer has also established strong ties to Melbourne through its property connections, with another string in its bow being secured lending to property developers.
Besides that, The Straits Times also reported that Maxi-Cash has made cash offer to buy back 5.5% notes. The tender offer is part of Maxi-Cash’s “ongoing capital management strategy to improve its debt position and to reduce negative carry”, the company said. Maxi-Cash said issuing the new notes will allow it to extend its debt maturity profile and remain well capitalised for the next few years.
In summary, Maxi-Cash is making good progress in its efforts to expand its businesses while trying to improve its debt position. Would it be a good stock to look at? Could it be the hidden gem? Join the Investor-One Challenge now as ShareInvestor will be providing the Web Pro Plan for 3 months for free exclusively for participants where you will have the opportunity to get more insights about Maxi Cash.
This will be a good chance for you to discover the hidden potential of Maxi-Cash and it may be the stock that you have always been looking for!
Thanks for reading.
InvestingNote is the first and largest social network for investors in Singapore. Find out more about us here.
Download our free app here: