Rating C-
52 / 100
Wawasan Cojaya Sdn Bhd, which operates under the Tambadana brand, is a Malaysian financial company founded in 2014 and listed on Loanch. It offers personal loans of up to 10,000 RM (approximately 2,100 €) with terms ranging from 91 to 180 days, and positions itself as one of the pioneers of fully online digital lending in Malaysia.
Tambadana is registered as a Private Limited Company with the Malaysian Companies Commission (SSM) under registration number 201401047621 (1123810-P). It is 100% owned by Fingular (Singapore) and is headed by CEO Harold Chen. The company holds digital lending license WL6646/14/01 issued by the KPKT.
For this analysis, I relied on their two latest annual reports (2023, 2024), which were duly audited, as well as several management reports: 2023, 2024 and 2025 (January – May). All amounts in Malaysian Ringgit (RM) or dollars (USD) have been converted to euros for greater clarity.
Growth : A-
Exceptional performance with an annualized growth between 2024 and 2025 estimated at +356% and a spectacular EBIT surge (+4,822%). These metrics demonstrate a successful operational transformation since the acquisition by Fingular PTE Ltd in 2024.
This trajectory stands in stark contrast with the 2022-2023 period where explosive revenue growth (+1,193%) was accompanied by massive losses. Tambadana now demonstrates controlled and value-creating growth, with a clear acceleration observed in 2025.
Profitability : A-
Spectacular transformation with operating and EBIT margins reaching 37.1% and 34.8% respectively in May 2025. These exceptional levels for the micro-credit sector demonstrate total cost control and successful optimization of the business model.
This performance stands in stark contrast to the 2022-2023 period where the net margin reached -89.4% (2023). The consistent progression since January 2025 confirms the structural strength of this improvement under the new management of Fingular PTE Ltd.
Liquidity : B
The liquidity position is acceptable in 2024: short-term debt coverage is solid at 2.63, and the cash-to-total assets ratio is satisfactory (7.93%). However, the immediate liquidity ratio (0.21) indicates limited cash available to cover current liabilities, reflecting the company’s strong growth and the resulting increase in short-term obligations.
Credit Quality : F
Tambadana’s 2024-2025 evaluation reveals a situation that remains challenging but shows significant improvement compared to 2022-2023. The provision rate of 9.7% remains high but represents a drastic improvement compared to the massive credit losses during that critical period.
The evolution of provisions (+140%) remains significant and requires continuous monitoring. However, it demonstrates efforts to regularize the inherited portfolio. This trend indicates proactive credit risk management under the new leadership of Tambadana.
Solvency : E+
The 2024 data shows a mixed picture : absorption capacity reaches an excellent level of 41%, and doubtful receivables are fully provisioned. Despite general improvement compared to 2023, the financial structure remains fragile, with equity representing only 2.5% of the balance sheet and a solvency ratio of 2.6%, reflecting very high leverage.
Strengths
âś… Remarkable profitability (2024-2025)
âś… Controlled profitable growth
âś… Historically solid liquidity
âś… Improving credit quality
Weaknesses
⚠️ Credit quality still fragile
⚠️ Weak capital structure
⚠️ Limited immediate liquidity
⚠️ Very high leverage
Review 2025 Tambadana
My hybrid analysis reveals a company that has achieved a spectacular operational turnaround during the Tambadana era, transitioning from a critical situation (Wawasan) to a profitable and rapidly growing model. The 2024-2025 data demonstrates renewed control over operations with exceptional profitability.
The updated 2024 data confirms gradual improvement in the financial structure, although it remains fragile with equity representing 2.5% of the balance sheet and very high leverage. The immediate liquidity position has tightened due to the company’s rapid growth. Credit quality remains a concern and requires continuous monitoring.
For investors wishing to invest alongside Tambadana, they can do so through the crowdlending platform Loanch.
Investor Comments
Hello,
the 2024 tambadana figures got published this week – any motivation to adjust your review based on that?
Thanks and cheers
Alex
Hello Alex,
Let me see what I can do this week-end 🙂
I have also started the work on Ammana and would like to publish it by next week.
I’ll put you an answer here in the comments when the update is done.
Silvère
Hello Alex,
Review of Tambadana has been updated. IN the end, no change on the global score, still at 52/100. But I could observe some small changes in 2024 compared to 2023. FIrst, we have more metrics in 2024 which is a good thing for tansparency and metriucs/ratios calculation. Especially, we have a metric on “Doubtful receivables coverage” in 2024 which we did not have in 2023. And this metric is very good.
Roughly, in terms of liquidity, no change on the note. All metrics are still good except the ratio of immediate liquidity which is much lower in 2024 compared to 2023. But this can be explained in case of strong growth, and therefore, I don’t think there is anything to worry. The note on the liquidity decreased from 15/20 to 14/20, but still means B in my methodology.
Solvency has improved but still remain quite low for some metrics when some others are ok. Absorption capacity and Doubtful receivables coverage are quite good, but the 4 others I use are still very low, although better than in 2023 whene they were at the lowest level possible (0/20).
Globally, I would say that the situation in 2024 has slightly improved compared to 2023.
I have also slightly changed the final opinion to include this new information.
Have a great day.
Silvère