Conversation with Pawnbroker: Soaring Gold Price and Pawnbrokers

Myth and facts for the pawnbroking business; I walked away feeling bright about the prospects of the industry after understanding the catalyst and risk

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DoitDuit | Your Investing Friend
February 24, 2026

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In our 2026 outlook analysis, we shared that we are positive on pawnbrokers prospects in Malaysia. If you haven’t read that yet, I highly suggest you to read it first.

There are only 3 public listed pawnbroking business on Bursa Malaysia:

Company

Pawnbroker Brand

Gold Retailer Brand

Well Chip Group

1) Well Chip
2) Lian Foh
3) Fook Foh
4) Koong Sing

Well Chip

Evergreen Max Cash Capital

1) Pajaking
2) Ar Rahnu Cahaya
3) Pajak-Ku Islamic

Cahaya Gold

Pappajack

Pappajack

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Low Kai Loon, Executive Director of EMCC

On 11 February 2026, I had the chance to meet Low Kai Loon, the executive director (and son of the founder) of EMCC. This is my first time meeting him, and he left me a very good impression, transparent, honest and knowledgeable.

We had an in-depth conversation about the pawnbroking business in Malaysia, and I will breakdown the business in this analysis. The end of the analysis will cover:

  • How the pawnbroking business operates;

  • The unit economics of pawnbroking business;

  • What metrics we should observe to measure success/failure for a pawnbroking business;

  • The catalyst for this industry; and

  • The risk of operating a pawnbroking business.

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