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iFAST Corporation Ltd
(SGX:AIY)
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Rating:62Neutral
Price Target:
S$8.50
▼(-5.56% Downside)
Action:Reiterated
Date:07/26/26
The score is primarily driven by financial performance: strong growth and profitability are offset by a significant red flag in TTM cash flow (operating and free cash flow turning negative) and a rising leverage trend. Technicals are mildly supportive with modest positive momentum, while valuation is only average due to a higher P/E and low dividend yield.
Positive Factors
Strong revenue growth
Strong multi-year revenue expansion indicates that iFAST is scaling its platform and increasing the volume of business it serves. Continued positive TTM growth can broaden the recurring fee base and support operating leverage, provided growth remains supported by sustainable client and asset adoption.
Negative Factors
Negative recent cash flow
The sharp TTM reversal to negative operating and free cash flow weakens financial flexibility despite continued reported earnings growth. If cash conversion does not normalise, iFAST may have less capacity to fund expansion, absorb operational needs, or return capital without relying more heavily on financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth
Strong multi-year revenue expansion indicates that iFAST is scaling its platform and increasing the volume of business it serves. Continued positive TTM growth can broaden the recurring fee base and support operating leverage, provided growth remains supported by sustainable client and asset adoption.
Read all positive factors
iFAST Corporation Ltd (AIY) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$2.48B
Dividend Yield1.27%
Average Volume (3M)958.98K
Price to Earnings (P/E)21.0
Beta (1Y)0.78
Revenue Growth39.83%
EPS Growth48.86%
CountrySG
Employees3,554
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.39
Shares Outstanding306,759,860
10 Day Avg. Volume1,140,170
30 Day Avg. Volume958,983
Financial Highlights & Ratios
PEG Ratio0.58
Price to Book (P/B)7.23
Price to Sales (P/S)6.46
P/FCF Ratio5.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$12.30Price Target Upside36.70% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.42
Revenue Forecast (FY)S$636.62M
iFAST Corporation Ltd Business Overview & Revenue Model
Company Description
iFAST Corporation Ltd., founded in Singapore in 2000, offers investment products and services across Singapore, Hong Kong, Malaysia, and China. The company's operations are structured into Business-to-Business (B2B), Business-to-Consumer (B2C), an...
How the Company Makes Money
iFAST makes money mainly by operating investment and wealth-platform services and earning recurring, transaction-linked, and service-based fees from assets and activity processed on its platforms. Key revenue streams typically include: (1) Platfor...
iFAST Corporation Ltd Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 586.99M | 445.32M | 339.48M | 256.54M | 205.31M | 216.20M |
| Gross Profit | 302.37M | 202.84M | 155.78M | 110.85M | 115.42M | 113.22M |
| EBITDA | 207.30M | 204.00M | 143.24M | 67.12M | 37.94M | 54.08M |
| Net Income | 116.76M | 100.01M | 66.63M | 28.27M | 6.42M | 30.63M |
Balance Sheet | ||||||
| Total Assets | 2.90B | 2.43B | 1.70B | 832.90M | 458.54M | 224.85M |
| Cash, Cash Equivalents and Short-Term Investments | 1.35B | 1.38B | 1.06B | 460.48M | 192.84M | 59.29M |
| Total Debt | 298.55M | 209.61M | 152.56M | 59.41M | 23.41M | 15.18M |
| Total Liabilities | 2.45B | 2.03B | 1.39B | 575.52M | 227.82M | 97.22M |
| Stockholders Equity | 443.81M | 397.99M | 316.79M | 250.20M | 222.49M | 128.65M |
Cash Flow | ||||||
| Free Cash Flow | -71.01M | 520.58M | 645.66M | 251.62M | 32.39M | 26.97M |
| Operating Cash Flow | -44.05M | 551.73M | 671.28M | 273.45M | 47.40M | 46.53M |
| Investing Cash Flow | -225.53M | -415.75M | -465.37M | -66.53M | -16.61M | -20.24M |
| Financing Cash Flow | 79.32M | -40.00M | 51.26M | -1.85M | 90.91M | -18.88M |
iFAST Corporation Ltd Technical Analysis
Negative
9.00
Price Trends
8.86
Negative
8.91
Negative
9.11
Negative
Market Momentum
-0.16
Positive
22.88
Positive
0.94
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:AIY, the sentiment is Negative. The current price of 9 is above the 20-day moving average (MA) of 8.75, above the 50-day MA of 8.86, and below the 200-day MA of 9.11, indicating a bearish trend. The MACD of -0.16 indicates Positive momentum. The RSI at 22.88 is Positive, neither overbought nor oversold. The STOCH value of 0.94 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:AIY.
iFAST Corporation Ltd Peers Comparison
UnderperformOutperform
Sector (61)
SG:AIY
iFAST Corporation Ltd
8.10
-1.06
-11.62%
SG:TVV
OxPay Financial Limited
0.02
-0.02
-50.00%
SG:BBW
Azeus Systems Holdings Ltd.
10.00
-4.42
-30.67%
SG:HBBD
Alibaba Group Holding Ltd UnSp Singapore Depositary Receipt Repr 1/5 Sh
3.42
-2.56
-42.78%
SG:HTCD
Tencent Holdings Ltd UnSp Singapore Depositary Receipt Repr 1/10 Sh
6.90
-4.24
-38.06%
SG:HBUD
Baidu, Inc. Shs UnSp Singapore Depositary Receipt Repr 1/10 Sh
1.36
-0.77
-36.15%
iFAST Corporation Ltd Corporate Events
iFAST debuts first SGX-listed ETFs in tie-up with Xtrackers
Oct 1, 2026
iFAST Corporation Ltd, a Singapore-headquartered digital banking and wealth management platform with a broad fintech ecosystem across several markets, has grown its assets under administration to S$36.13 billion and offers extensive access to fund...
iFAST clinches Singapore Corporate Awards risk management honour as it scales global fintech platform
Sep 22, 2026
iFAST Corporation Ltd, a Singapore-headquartered digital banking and wealth management platform, has grown into a large-cap fintech player with a broad multi-market presence. It connects investors and product providers through an extensive online ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.