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A few things to bear in mind
1. Quantum is relatively small for each customer and the cost to service each one is high. Few will go into a pawn shop to pawn/buy a 1kg gold bar.
2. They do hold a fair amount of pawned gold that are not redeemed, the recent run up in gold prices gives them tailwind.
3. I like this biz but market is saturated. Unless they are able to innovate further and offer some new services.
1. Quantum is relatively small for each customer and the cost to service each one is high. Few will go into a pawn shop to pawn/buy a 1kg gold bar.
2. They do hold a fair amount of pawned gold that are not redeemed, the recent run up in gold prices gives them tailwind.
3. I like this biz but market is saturated. Unless they are able to innovate further and offer some new services.