当铺行业有著悠久的历史，可以追溯到古代文明。当铺各个文化中都有存在，作为一种应对紧急财务需求的方式。
典当英文词汇“pawn”源自拉丁词“patinum”，在古罗马时代，意为布料或衣物。对于工薪阶层来说，衣物通常是他们拥有的最有价值物品，可以典当以满足日常需求。
在中国，最早的当铺可以追溯到大约3000年前。典当商通常独立经营，向农民提供短期信贷。这种商业模式在1500年前的佛教寺院中也存在，与今天没有太大区别，经过世代严格受到帝国或其他当局的监管。即使在现代，当铺仍然扮演著类似的角色，帮助人们解决短期资金需求。
在本地，于本周二（26日）大马股市交易所上市的苌菁资本（Evergreen Max Cash Capital），也印证了当铺行业的活跃度，典当行业不是夕阳行业。
值得投资者注意的是苌菁资本创下了3料第二，该公司是继2022年4月后第二家上市的当铺企业。此外，该公司也是本年度第二家上市在金融服务板块的公司。无独有偶，该公司与上周二上市的Mercury证券是今年仅有的2家金融服务新股，同样也是9月份上市的两家公司。
Mercury证券也是苌菁资本的包销商。前者上市时表现亮眼，这个势头令投资者憧憬后者可以再下一城。从超额认购额来看，两家公司都不相伯仲，苌菁资本也获得53.06倍的超额认购，显示投资者对金融服务新股的青睐。
对于基本面投资者而言，同行估值的比较是首要考量。在去年4月份上市的当铺公司Papajack同样在创业板挂牌，其发行价为30仙，上市首日的溢价高达30%。然而，投资讲求的不是一夜致富，也无需孤注一掷。从事后看来，从上市一直耐心持有该公司股票的投资者可谓守得云开，见月明。
经历了约17个月后，当初以发行价持有第一家上市当铺公司迄今的回报率可达233%。另一项投资者关注的是本益比，苌菁资本截至2022年财年的是13.3倍，而净利率约为Papajack的1倍（Papajack的营业额比苌菁资本多270万令吉）。有了苹果对苹果的比较，投资者可以更现实地为苌菁资本估值。投资者需注意的是，即使是同行，过往的表现只可以是参考，要避免刻舟求剑的思维。
金融和科技元素
从Papajack的表现，以及时隔一年后又一家当铺企业上市，投资者可以厘清的一点是，当铺并非夕阳行业。尽管其可能被认为是传统行业，但在某种程度上，它包含了金融和科技的元素。苌菁资本正是充分利用了这些元素，通过科技实时记录抵押品和监测现金流，提高了业务的效率。这不仅提供了更好的风险管理，还使客户能够更快速地获得所需的资金，这在当铺业中至关重要。
对照一海之隔的新加坡，当地上市的当铺公司数量有3家，但服务的群众数量比率低于大马。按照截至去年一项统计显示，新加坡一家当铺服务的人口约为2万6000人；马来西亚则为4万6000人。这显示出大马在当铺业方面有更大的市场空间。在这方面，苌菁资本已经展现出了强大的扩充计划，将有助于进一步占领市场份额并实现更多利润。
客户关系在典当行业也是非常重要的一环。当铺通常是邻里的去处，因此，越多靠近客户的店面可以提供更大的便利。在现有的市场中分一杯羹需要更多的定位和接触，这正是苌菁资本所做的。该公司打算把筹集资金中的2000万令吉或31.1%用于把现有的22家门店拓展至27家，并放眼在2024年底达到目标。当然，在没有物色到适合地点时，该公司也不排除采用收购方式扩充业务。
近年来，全球各地的政府都加大了打击洗黑钱活动的力度，这也使得金融机构，包括当铺，必须更加谨慎地处理客户的交易和资金流动。然而，有了良好的数据库和现代科技工具的支持，当铺可以更好地履行监管职责，确保业务的合规性。
科技工具可以帮助当铺更加有效地了解客户，通过数据分析和实时监测，当铺能够迅速识别潜在的高风险交易和客户，从而降低了洗黑钱的风险。这不仅有助于保护当铺自身的声誉，还有助于整个金融系统的健康运行。这不仅符合政府的监管要求，还有助于当铺业更好地适应不断变化的金融环境。这是一种赢得客户信任和保持业务稳健发展的重要方式。
当铺行业尽管有著悠久的历史，但通过科技的不断创新和发展，它依然具备巨大的潜力。当铺业不再是传统行业，而是结合了金融和科技的领域，有望在未来继续发展壮大，赢得客户信任，并实现业务的稳健发展。无论如何，个人的投资决策都须基于了解自身可承担的风险和充分的研究与专业咨询，本文仅为信息分享而非投资建议。
郑荣信《当铺行业商机勃勃》英文版：Thriving Business Opportunities in the Pawnshop Industry
The pawnshop industry has a long and storied history, dating back to ancient civilizations. Pawnshops have been present in various cultures, serving as a means to meet emergency financial needs.
The English term "pawn" originates from the Latin word "patinum," which in ancient Rome referred to fabrics or clothing. For the working class, clothing was often their most valuable possession and could be pawned to meet daily needs.
In China, the earliest pawnshops can be traced back to approximately 3,000 years ago. Pawnbrokers typically operated independently, providing short-term loans to farmers. This business model was also prevalent in Buddhist temples around 1,500 years ago, with little difference from what we see today, subject to strict regulations by empires or other authorities. Even in modern times, pawnshops continue to play a similar role, assisting people in resolving short-term financial requirements.
Domestically, Evergreen Max Cash Capital, which will go public on Bursa Malaysia on 26th (this Tuesday) has reaffirmed the vitality of the pawnshop industry, proving that it is far from being a sunset industry.
It is worth noting that Evergreen Max Cash Capital has secured three second places, becoming the second pawnshop company to go public since April 2022. Furthermore, it is the second company in the financial services sector to be listed this year. Interestingly, it shares the stage with Mercury Securities, which went public just last Tuesday. Mercury Securities is also the underwriter for Evergreen Max Cash Capital. The former made an impressive debut, leaving investors hopeful that the latter could follow suit. Looking at the oversubscription rate, both companies received considerable investor interest, with Evergreen Max Cash Capital achieving a subscription rate of 53.06 times. This demonstrates investors' favor for new IPOs in the financial services sector.
For fundamental investors, comparing valuations with peers is a primary consideration. Papajack, another pawnshop company that went public on the ACE Market in April last year with an issue price of 30 sen, witnessed a premium of up to 30% on its debut. However, investing is not about getting rich overnight, nor is it about risking everything on a single bet. In the hindsight, investors who patiently held the stock from its listing date have seen impressive returns, reaching as high as 233% over the past 17 months. Another aspect investors are interested in is the price-to-earnings ratio (P/E ratio). Evergreen Max Cash Capital's P/E ratio as of the 2022 fiscal year is 13.3 times, while its net profit margin is approximately one time that of Papajack (Papajack's revenue is RM2.7 million higher than Evergreen Max Cash Capital). With this apple-to-apple comparison, investors can make a more realistic valuation of Evergreen Max Cash Capital. However, investors should bear in mind that even within the same industry, past performance should serve as a reference and not a sole determinant.
From the performance of Papajack and the listing of yet another pawnshop company after a year, investors can clearly see that the pawnshop industry is far from being a sunset industry. While it may be considered a traditional sector, it has, to some extent, integrated elements of finance and technology. Evergreen Max Cash Capital has harnessed these elements effectively by using technology for real-time tracking of collateral and monitoring cash flows, significantly enhancing operational efficiency. This not only bolsters risk management but also enables customers to access the required funds more swiftly, a crucial aspect in the pawnshop industry.
Additionally, investors can observe that Malaysia's pawnshop market offers more significant room for growth compared to Singapore, despite the latter having three pawnshop companies listed. According to statistics as of last year, a single pawnshop in Singapore serves around 26,000 people, whereas in Malaysia, it is 46,000. This indicates that Malaysia has a more extensive market for pawnshops. Evergreen Max Cash Capital has demonstrated its robust expansion plans, aiming to capture more market share.
Customer relations are pivotal in this industry, and proximity to customers' locations provides greater convenience. In the existing market, achieving a larger slice of the pie necessitates strategic positioning and outreach, precisely what Evergreen Max Cash Capital is doing. The company intends to allocate RM20 million or 31.1% of the raised funds to expand its existing 22 branches to 27, with a target set for the end of 2024. Certainly, in the event of no suitable locations are found, the company does not rule out acquisitions as a means to expand its operations.
In recent years, governments worldwide have intensified their efforts to combat money laundering, necessitating more cautious handling of customer transactions and fund flows by financial institutions, including pawnshops. However, with the support of robust databases and modern technological tools, pawnshops can better fulfill their regulatory duties and ensure business compliance.
Technological tools aid pawnshops in more efficiently understanding their customers. Through data analysis and real-time monitoring, they can swiftly identify potential high-risk transactions and clients, thereby reducing the risk of money laundering. This not only serves to safeguard the pawnshop's reputation but also contributes to the overall health of the financial system. It aligns with government regulatory requirements and helps the pawnshop industry adapt to the ever-changing financial landscape. This is a crucial way to win customer trust and maintain steady business growth.
In conclusion, the pawnshop industry, despite its long history, continues to hold significant potential through constant innovation and development fueled by technology. It is no longer a traditional sector but one that integrates elements of finance and technology. Evergreen Max Cash Capital's successful listing will serve as a testament to the industry's vitality. However, individual investment decisions should be based on an understanding of one's risk tolerance and thorough research, coupled with professional advice. This article serves as information sharing rather than investment advice.
