Wee Kuang Tay, an analyst from CGS-CIMB, reiterated the Buy rating on iFAST Corporation Ltd. The associated price target is S$11.70.
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Wee Kuang Tay has given his Buy rating due to a combination of factors that highlight the strong growth potential of iFAST Corporation Ltd. The company’s core wealth management business has shown significant growth, with a 38% increase year-on-year in FY24 and an expected compound annual growth rate of 33% from FY25F to FY27F. This growth is supported by the strategic acquisition of iFAST Global Bank and the successful implementation of the ePension project in Hong Kong, which are expected to sustain and enhance assets under management.
Additionally, iFAST’s Hong Kong operations have demonstrated robust performance, with a notable increase in profit before tax driven by the ePension business. The company is on track to exceed its profit guidance for FY25F, indicating strong operational execution. Despite a slight reduction in EPS estimates due to an increase in shares outstanding, the analyst maintains a high conviction in iFAST’s ability to deliver double-digit EPS growth supported by a larger asset base. The new sum-of-the-parts valuation approach better reflects the value of iFAST’s diverse business segments, reinforcing the Buy recommendation.
According to TipRanks, Kuang Tay is ranked #4384 out of 10041 analysts.
In another report released today, DBS also maintained a Buy rating on the stock with a S$12.00 price target.