<p>[新加坡] 當黃金突破心理價位 5000 美元並創下新紀錄時，典當商成為了黃金歷史性上漲的受益者。</p>
<p>在過去一年多的時間裏，黃金價格已經上漲，近期在地緣政治緊張局勢的影響下仍在急劇上升。</p>
<p>在新加坡交易所（SGX），上市的典當商和其他黃金相關股票在週一大幅上漲。今年以來，它們也穩步上漲，過去一年表現良好。</p>
<p>典當商、金融機構和奢侈品零售商 MoneyMax Financial 是最大的受益者，股價上漲了 13.2%。今年以來上漲了 40.2%，過去一年上漲近 330%。</p>
<p>這正值 Catalist 上市的典當商於 1 月 23 日提出的轉板主板的提案獲得 SGX 原則性批准。轉板主板將吸引更大規模的公司，預計將提升股東價值，併為 MoneyMax 提供與其規模和市場地位相稱的平台，考慮到其近年來在網絡和收益方面的增長。</p>
<p>黃金生產商 CNMC Goldmine 的漲幅也不小，截至午間交易休息時上漲了 11.9%，過去一年更是上漲了約 404%。</p>
<p>MoneyMax 的競爭對手 ValueMax 在週一午間休息時上漲了 10.5%，今年以來上漲了 6.1%，過去一年上漲約 158%。</p>
<p>Aspial Lifestyle 擁有珠寶連鎖店 Lee Hwa 和 Goldheart 以及典當商 Maxi-Cash，截至午間上漲了 11.1%，今年以來上漲了 25.6%，過去一年上漲約 93%。</p>
<p>與此同時，SPDR 黃金股票交易所交易基金（ETF）截至新加坡時間 12:55 上漲了 3.3%，過去一年上漲約 78%。</p>
<p>典當公司被視為黃金價格上漲的代理，因為它們持有大量黃金庫存，這些黃金被用作貸款的抵押品。</p>
<p>OCBC 的股票研究負責人 Carmen Lee 指出，大多數放貸公司通常接受黃金珠寶作為現金的抵押，並且通常持有相對於其他資產（如鑽石）更大比例的黃金庫存。</p>
<p>“黃金價格在 2025 年上漲了 65%，今年迄今上漲了 15%。因此，這些放貸公司持有的大部分庫存可能以遠低於當前價格的價格進行抵押，” 她説。</p>
<p>這可能意味着這些公司的潛在收益，Lee 表示。</p>
<p>RHB 新加坡的高級研究分析師 Alfie Yeo 同意，較高的黃金價格可以使典當商的抵押黃金庫存更有價值，從而使它們受益於更有價值的黃金庫存。</p>
<p>“貸款的價值與黃金價格歷史上呈正相關。隨着黃金價格的上漲，典當商能夠提供更多的貸款（更好的貸款價值比），從而獲得更高的利息收入，” 他説。</p>
<p>由於較高的黃金價格往往推動更多的貸款，而這又推動利息收入和收益，較高的黃金價格在某種程度上應該與股價呈正相關，他説。</p>
<p>“根據我們的分析，典當商的股價與黃金價格的相關性範圍為 0.5-0.8，純粹的典當商則相對較強，達到 0.8，” Yeo 表示。</p>
<p>在 2025 年享受強勁漲幅後，SGX 上市的典當商可能在 2026 年繼續保持勢頭，OCBC 的 Lee 表示。</p>
<p>“正如在第一季度所分享的，由於它們持有黃金資產，並且在過去一年中黃金價格急劇上漲，這些公司正在根據其黃金庫存進行重新評估，” 她説。</p>
<p>這正值黃金價格有望進一步上漲。</p>
<p>William Blair 新興市場債務（EMD）團隊的高級企業信用與可持續性分析師 Alexandra Symeonidi 指出，市場參與者之間 “對美元可能保持疲軟的共識不斷增強”，這可能促成黃金價格的持續上漲。</p>
<p>由於黃金仍然是最容易且傳統上最受歡迎的現金抵押資產，其強勁表現將繼續使 SGX 上市的典當商受益，OCBC 的 Lee 表示。</p>
<p><em>-BT 的 Shikhar Gupta 對此報告做出了貢獻。</em></p>

銀豐當

方圓集團

大興當

<p>新加坡的典當行正受益於黃金價格的飆升，最近黃金價格超過了 5000 美元。上市典當行如 MoneyMax Financial 的股票大幅上漲，MoneyMax 上漲了 13.2%，年初至今上漲了 40.2%。該公司獲得了將其上市轉移至主板的批准，從而提升了股東價值。其他典當行如 ValueMax 和 Aspial Lifestyle 也實現了顯著的漲幅。分析師指出，較高的黃金價格提高了典當行抵押黃金庫存的價值，從而導致更高的貸款價值和利息收入，積極影響了股價</p>

<p>[SINGAPORE] Pawnbrokers have emerged as beneficiaries of gold’s historic rally, as the yellow metal crossed the psychological US$5,000 mark and set yet another record.</p>
<div class="lb-trans"><p>[新加坡] 當黃金突破心理價位 5000 美元並創下新紀錄時，典當商成為了黃金歷史性上漲的受益者。</p>
</div><p>After already gaining much in the past year or so, gold prices are still rising on a steep trajectory recently amid geopolitical tensions.</p>
<div class="lb-trans"><p>在過去一年多的時間裏，黃金價格已經上漲，近期在地緣政治緊張局勢的影響下仍在急劇上升。</p>
</div><p>On the Singapore Exchange (SGX), shares of listed pawnbrokers and other gold plays soared on Monday. They have also made steady gains year-to-date, and in the past year.</p>
<div class="lb-trans"><p>在新加坡交易所（SGX），上市的典當商和其他黃金相關股票在週一大幅上漲。今年以來，它們也穩步上漲，過去一年表現良好。</p>
</div><p>Pawnbroker, financier and luxury retailer MoneyMax Financial was the biggest beneficiary, soaring 13.2 per cent. It has surged 40.2 per cent year to date, It’s up nearlyy 330 per cent in the past one year.</p>
<div class="lb-trans"><p>典當商、金融機構和奢侈品零售商 MoneyMax Financial 是最大的受益者，股價上漲了 13.2%。今年以來上漲了 40.2%，過去一年上漲近 330%。</p>
</div><p>This comes as the Catalist-listed pawnbroker’s proposal to transfer its listing to the mainboard on Jan 23 received in-principle approval from the SGX. The move to the mainboard, which draws larger companies, is set to enhance shareholder value and provide MoneyMax a platform commensurate with its scale and market position, given its growth in both network and earnings over recent years.</p>
<div class="lb-trans"><p>這正值 Catalist 上市的典當商於 1 月 23 日提出的轉板主板的提案獲得 SGX 原則性批准。轉板主板將吸引更大規模的公司，預計將提升股東價值，併為 MoneyMax 提供與其規模和市場地位相稱的平台，考慮到其近年來在網絡和收益方面的增長。</p>
</div><p>Gold producer CNMC Goldmine was not far behind with an 11.9 per cent gain as at the mid-day trading break, having booked even bigger gains over the past year at about 404 per cent.</p>
<div class="lb-trans"><p>黃金生產商 CNMC Goldmine 的漲幅也不小，截至午間交易休息時上漲了 11.9%，過去一年更是上漲了約 404%。</p>
</div><p>MoneyMax competitor ValueMax shot up 10.5 per cent as at the mid-day break on Monday, up 6.1 per cent year to date, and has spiked about 158 per cent in the past one year.</p>
<div class="lb-trans"><p>MoneyMax 的競爭對手 ValueMax 在週一午間休息時上漲了 10.5%，今年以來上漲了 6.1%，過去一年上漲約 158%。</p>
</div><p>Aspial Lifestyle, which owns jewellery chains Lee Hwa and Goldheart and pawnbroker Maxi-Cash, was up 11.1 per cent at mid-day, has jumped 25.6 per cent in the year to date and about 93 per cent in the past year.</p>
<div class="lb-trans"><p>Aspial Lifestyle 擁有珠寶連鎖店 Lee Hwa 和 Goldheart 以及典當商 Maxi-Cash，截至午間上漲了 11.1%，今年以來上漲了 25.6%，過去一年上漲約 93%。</p>
</div><p>Meanwhile, the SPDR Gold Shares exchange-traded fund (ETF) was up 3.3 per cent as at 12.55pm in Singapore, having booked about 78 per cent gains in the past one year.</p>
<div class="lb-trans"><p>與此同時，SPDR 黃金股票交易所交易基金（ETF）截至新加坡時間 12:55 上漲了 3.3%，過去一年上漲約 78%。</p>
</div><p>Pawnbroking firms are regarded as proxies to the increase in gold prices, as they hold large inventories of the yellow metal, which is used as collateral for loans.</p>
<div class="lb-trans"><p>典當公司被視為黃金價格上漲的代理，因為它們持有大量黃金庫存，這些黃金被用作貸款的抵押品。</p>
</div><p>Carmen Lee, OCBC head of equity research noted that most moneylending companies usually accept gold jewellery as pledges for cash and usually hold a large percentage of gold inventories versus other assets, such as diamonds.</p>
<div class="lb-trans"><p>OCBC 的股票研究負責人 Carmen Lee 指出，大多數放貸公司通常接受黃金珠寶作為現金的抵押，並且通常持有相對於其他資產（如鑽石）更大比例的黃金庫存。</p>
</div><p>“Gold prices have risen 65 per cent in 2025 and is up 15 per cent so far this year. As such, most of these inventories held by the moneylenders are likely to be at prices which are significantly lower than current prices,” she said.</p>
<div class="lb-trans"><p>“黃金價格在 2025 年上漲了 65%，今年迄今上漲了 15%。因此，這些放貸公司持有的大部分庫存可能以遠低於當前價格的價格進行抵押，” 她説。</p>
</div><p>This could imply potential gains for these companies, Lee said.</p>
<div class="lb-trans"><p>這可能意味着這些公司的潛在收益，Lee 表示。</p>
</div><p>Alfie Yeo, senior research analyst, RHB Singapore, concurred that higher gold prices can cause pawnbrokers’ collateralised gold inventory to be more valuable – allowing them to benefit from a more valuable gold inventory.</p>
<div class="lb-trans"><p>RHB 新加坡的高級研究分析師 Alfie Yeo 同意，較高的黃金價格可以使典當商的抵押黃金庫存更有價值，從而使它們受益於更有價值的黃金庫存。</p>
</div><p>“The value of loans has historically been positively correlated with gold prices. Pawnbrokers get to lend more (better loan to value) for higher interest income as gold prices increase,” he said.</p>
<div class="lb-trans"><p>“貸款的價值與黃金價格歷史上呈正相關。隨着黃金價格的上漲，典當商能夠提供更多的貸款（更好的貸款價值比），從而獲得更高的利息收入，” 他説。</p>
</div><p>As higher gold prices tend to drive more loans and which in turn, drives interest income and earnings, higher gold prices should be positively correlated with share prices to some extent, he said.</p>
<div class="lb-trans"><p>由於較高的黃金價格往往推動更多的貸款，而這又推動利息收入和收益，較高的黃金價格在某種程度上應該與股價呈正相關，他説。</p>
</div><p>“Based on our analysis, the correlation of pawnbrokers’ share price to gold price ranges from 0.5-0.8, with pure play pawnbrokers at a relatively strong 0.8,” Yeo said.</p>
<div class="lb-trans"><p>“根據我們的分析，典當商的股價與黃金價格的相關性範圍為 0.5-0.8，純粹的典當商則相對較強，達到 0.8，” Yeo 表示。</p>
</div><p>Having enjoyed strong gains in 2025, SGX-listed pawnbrokers could see continued momentum into 2026, said OCBC’s Lee.</p>
<div class="lb-trans"><p>在 2025 年享受強勁漲幅後，SGX 上市的典當商可能在 2026 年繼續保持勢頭，OCBC 的 Lee 表示。</p>
</div><p>“As shared in Q1, due to their holdings of gold assets and with the sharp appreciation in gold prices in the last 1 year, these companies are being re-assessed based on their gold inventories,” she said.</p>
<div class="lb-trans"><p>“正如在第一季度所分享的，由於它們持有黃金資產，並且在過去一年中黃金價格急劇上漲，這些公司正在根據其黃金庫存進行重新評估，” 她説。</p>
</div><p>This comes as the price of gold is set to rise further.</p>
<div class="lb-trans"><p>這正值黃金價格有望進一步上漲。</p>
</div><p>Alexandra Symeonidi, Senior Corporate Credit and Sustainability Analyst on William Blair’s emerging markets debt (EMD) team, noted that a “growing consensus among market participants that the dollar might remain weak” could contribute to the continued rise in gold prices.</p>
<div class="lb-trans"><p>William Blair 新興市場債務（EMD）團隊的高級企業信用與可持續性分析師 Alexandra Symeonidi 指出，市場參與者之間 “對美元可能保持疲軟的共識不斷增強”，這可能促成黃金價格的持續上漲。</p>
</div><p>With gold remaining as the easiest and traditionally the preferred form of asset to pledge for cash, its strong performance will continue to benefit SGX-listed pawnbrokers, OCBC’s Lee said.</p>
<div class="lb-trans"><p>由於黃金仍然是最容易且傳統上最受歡迎的現金抵押資產，其強勁表現將繼續使 SGX 上市的典當商受益，OCBC 的 Lee 表示。</p>
</div><p><em>-BT’s Shikhar Gupta contributed to this report.</em></p>
<div class="lb-trans"><p><em>-BT 的 Shikhar Gupta 對此報告做出了貢獻。</em></p>
</div>

在新加坡交易所上市的典當商，隨着貴金屬突破 5000 美元大關，股票隨黃金的上漲而受益