<ul><li>January saw over 90 Singapore‑listed Consumer Cyclical stocks post S$17 million in net institutional outflows, however three SMID gold‑linked financial retailers stood out, drawing S$8.5 million in inflows, the sector’s strongest showing. All three have also seen step ups in ADT from 2024 to 2025 to January 2026.  </li><li>MoneyMax led the group, with S$4.0 million (0.65% of its S$624 million market cap) of net institutional inflow while its share price surged 53% on the back of the global gold rally. ValueMax and Aspial Lifestyle and followed with S$2.7 million and  S$1.8 million of respective net inflow, and 18% and 30% price gains on the month. </li><li>MoneyMax has applied to transfer from Catalist to the Mainboard. On February 2, it also issued a profit guidance flagging a significantly stronger 2H/FY25 performance, driven by robust pawnbroking demand and higher gold prices. Its ADT in January also surged, more than 10× 2025 levels and over 100× 2024 levels.</li></ul>In January, the trio of MoneyMax Financial Services (MoneyMax), ValueMax Group and Aspial Lifestyle recorded the highest net institutional inflows across Singapore’s Consumer Cyclical stocks. This was by both measures of absolute net inflow and net inflow proportionate to market capitalisation. The three companies, MoneyMax, ValueMax Group and Aspial Lifestyle operate diversified business models centred on pawnbroking and the retail or trading of gold and jewellery, with lending activities forming a key complementary revenue stream. Each company also maintains a substantial physical presence in Singapore and Malaysia, either directly or through associates, supporting their reach across both markets. Together these three Small-to-Mid Cap (SMID) stocks maintained a combined market capitalisation of S$2.2 billion end-January.  All three have also seen step ups in Average Daily Trading Turnover (ADT) from 2024 to 2025 to January 2026.<table><tbody><tr><td>10 Singapore Consumer Cyclical stocks ranked by highest Net Institutional Inflow in January </td><td>Code</td><td>CY ADT S$M </td><td> 2025 ADT S$M </td><td> Mkt Cap S$M </td><td> YTD NIF S$M </td><td> YTD NIF/Cap  </td><td> Jan TR % </td><td> 2025 NIF S$M </td><td> 1H25 TR % </td><td> 2H25 TR % </td></tr><tr><td>MoneyMax Fin</td><td>5WJ</td><td>        0.99 </td><td>      0.08  </td><td>          624  </td><td>4.0</td><td>0.6%</td><td>53</td><td>0.99</td><td>84</td><td>64</td></tr><tr><td>ValueMax</td><td>T6I</td><td>        0.66 </td><td>      0.19  </td><td>       1,101  </td><td>2.7</td><td>0.2%</td><td>18</td><td>9.24</td><td>45</td><td>66</td></tr><tr><td>Aspial Lifestyle</td><td>5UF</td><td>        0.71 </td><td>      0.25  </td><td>          518  </td><td>1.8</td><td>0.4%</td><td>30</td><td>6.60</td><td>12</td><td>71</td></tr><tr><td>HPL</td><td>H15</td><td>        0.24 </td><td>      0.19  </td><td>       2,575  </td><td>1.3</td><td>0.1%</td><td>5</td><td>-1.21</td><td>28</td><td>3</td></tr><tr><td>Far East Orchard</td><td>O10</td><td>        0.19 </td><td>      0.13  </td><td>          638  </td><td>0.5</td><td>0.1%</td><td>5</td><td>5.60</td><td>3</td><td>22</td></tr><tr><td>Kimly</td><td>1D0</td><td>        0.39 </td><td>      0.15  </td><td>          535  </td><td>0.4</td><td>0.1%</td><td>10</td><td>3.82</td><td>6</td><td>20</td></tr><tr><td>Attika Group</td><td>53W</td><td>        0.31 </td><td>      0.02  </td><td>            57  </td><td>0.3</td><td>0.5%</td><td>-7</td><td>0.00</td><td>16</td><td>25</td></tr><tr><td>Old Chang Kee</td><td>5ML</td><td>        0.02 </td><td>      0.02  </td><td>          142  </td><td>0.2</td><td>0.2%</td><td>4</td><td>0.19</td><td>28</td><td>14</td></tr><tr><td>Taka Jewellery</td><td>42L</td><td>        0.38 </td><td>      0.02  </td><td>          103  </td><td>0.2</td><td>0.2%</td><td>46</td><td>0.09</td><td>24</td><td>13</td></tr><tr><td>The Hour Glass</td><td>AGS</td><td>        0.21 </td><td>      0.15  </td><td>       1,443  </td><td>0.2</td><td>0.0%</td><td>0</td><td>8.48</td><td>25</td><td>21</td></tr></tbody></table>Note ADT refers to Average Daily Trading Turnover, NIF refers to Net Institutional Flow, TR refers to Total Return. Data as of January, 30 , 2026. Consumer Tech Growth EnginesConsumer Tech adoption has become a regional catalyst for corporate scale. Enthusiasts might say that the faster firms digitalise customer touchpoints, the faster investors take notice. All three of the aforementioned companies have been digitalising customer touchpoints, with online renewals, valuation tools and electronic payment options across their pawnbroking and retail services. ValueMax has taken this a step further with its ValueMax eServices mobile app, which supports secure loan and interest‑payment transactions and includes biometric login such as Face ID and fingerprint authentication. For Aspial Lifestyle’s Maxi-Cash, and MoneyMax, their digital offerings focus on mobile‑enabled renewals, online valuations and cashless payments, although no verified sources indicate the use of biometric login in their current apps or platforms.  Gold‑Fuelled Momentum Led MoneyMax to Sector‑Leading InflowsMoneyMax booked S$4.0 million of net inflow in January, representing 0.65% of its S$624 million market capitalisation as of end-January. MoneyMax also rallied 53% in January, largely attributed to the global gold price rally. On January 23, it also obtained the approval in-principle for the transfer from the SGX-ST announced back on January 14. More recently on Feb 2, MoneyMax provided profit guidance announcing that it expects a significant improvement in net profit for its 2HFY25 and FY25, driven mainly by stronger pawnbroking performance and higher gold prices boosting retail and trading sales. The improvement reflects higher interest income and increased sales volumes in gold and luxury items. For its 1HFY25, it delivered record profits driven by strong revenue growth across its pawnbroking, as well as gold and luxury retail and trading segments. It also highlighted its strategic expansion in Singapore and Malaysia had continued to gain momentum. Since its Catalist listing in 2013, through to end-January, MoneyMax has delivered sustained growth, a strong operating track record and increasing scale, achieving an average annualised total return of 15%. Price gains in 2025 and January, significantly boosted long‑term returns, while ADT surged from ~S$9k in 2024 to ~S$81k in 2025 and ~S$986k in January. Tickrs research on the stock can be found here.  ValueMax Built Momentum with Robust Earnings and Network ExpansionValueMax Group booked S$2.7 million of net inflow in January, representing 0.24% of its S$1.1 billion market capitalisation as of end-January. The Group is one of Singapore’s largest pawnbroking and jewellery retail chains, complemented by a substantial secured and unsecured moneylending business and gold trading operations across Singapore and Malaysia. The Group delivered record financial performance in FY24, and followed up with net profit rising 35.7% to S$48.8 million and revenue increasing 16.8% to S$268.3 million in 1HFY25 (ended June 30). This was driven by broad‑based growth across pawnbroking, moneylending, and gold and jewellery retail and trading. ValueMax continues to strengthen its network through acquisitions in both Singapore and Malaysia, while enhancing operational efficiency and funding flexibility through initiatives such as digital commercial papers. Its ADT has increased from ~S$39k in 2024, to ~S$190k in 2025 to ~S$660k in January. Research on the stock is available from FPA Financial here and Tickrs here.  Aspial Lifestyle Scaled Its Omni‑Channel Jewellery and Pawnbroking EcosystemAspial Lifestyle operates an integrated retail‑financial model built around three reinforcing engines: jewellery retail, pawnbroking (via Maxi‑Cash), and secured lending, positioning the group as a leading consumer‑lifestyle and financing player across Singapore and Malaysia. Its retail portfolio spans established brands such as Lee Hwa, Goldheart and Niessing, supported by a network of more than 70 boutiques, while Maxi‑Cash continues to scale its regional footprint and enhance convenience through digital tools such as the Maxi‑Cash App and PayNow payouts. The Group’s strategy centres on expanding recurring, collateral‑backed revenue streams, deepening digitalisation, and broadening its fintech‑driven lending platform. These initiatives contributed to its 1HFY25 (ended June 30) momentum, with higher revenue, improved margins, and an increasingly diversified earnings base as the Group advances toward a more digital and regionally scaled consumer‑finance ecosystem Its ADT has increased from ~S$19k in 2024, to ~S$250k in 2025 to ~S$710k in January.  Tickrs research on the stock can be found here.  Enjoying this read?<ul><li>Subscribe now to our SGX My Gateway newsletter for a compilation of latest market news, sector performances, new product release updates, and research reports on SGX-listed companies.</li><li>Stay up-to-date with our SGX Invest Telegram channel. </li></ul>

In January, three gold-linked financial retailers in Singapore, MoneyMax, ValueMax, and Aspial Lifestyle, attracted S$8.5 million in net institutional inflows, despite the broader Consumer Cyclical sector experiencing S$17 million in outflows. MoneyMax led with S$4 million inflow and a 53% share price increase, driven by a global gold rally. All three companies reported significant growth in Average Daily Trading Turnover (ADT) and are expanding their digital services. MoneyMax is also set to transfer to the Mainboard and anticipates strong performance in the second half of FY25 due to increased pawnbroking demand and higher gold prices.

Trio of Gold‑Linked Financial Retailers Topped January Consumer‑Cyclical Inflows