Broker Name: Maybank Research Pte Ltd
Date of Report: October 30, 2025
Excerpt from Maybank Research Pte Ltd report.
- iFAST Corporation is initiated with a BUY and a target price of SGD11.95, driven by multi-year growth prospects from its digital banking arm (iGB), the Hong Kong e-Pension (eMPF) rollout, and macro tailwinds boosting asset inflows in Singapore and Hong Kong.
- iGB’s profitability turnaround and rapid deposit growth (expected to double to SGD2bn by 2025) position it as a key near-term catalyst, with interest revenue projected to rise sharply.
- The Hong Kong eMPF contract remains on track, with onboarding expected to complete by 1Q26; revenue contribution from Hong Kong is forecasted to rise significantly, underscoring strong upside for iFAST’s HK division.
- iFAST is set to benefit from safe-haven flows, regulatory reforms, and increasing market activity in both Singapore and Hong Kong, supporting a robust 3-year revenue CAGR of 19-20% in these markets.
- Financial metrics show strong operating cash flow, rising EPS and DPS, stable dividend payout ratios, and healthy ROE, backed by an asset-light, technology-driven business model.
- Risks include execution delays at iGB, cost overruns in HK ePension, adverse market conditions impacting AUA, FX fluctuations, and technology/cybersecurity risks.
- ESG disclosures are improving, with targets to reduce energy and GHG emissions, but more transparency on target achievements is needed.
Report Summary:
- Maybank Research initiates iFAST Corporation with a BUY and SGD11.95 target price, citing strong digital banking growth and Hong Kong pension project momentum.
- iFAST is expected to benefit from macro volatility, regulatory reforms, and recurring revenues in Singapore and Hong Kong, but faces risks from project execution and FX volatility.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website: https://www.maybank.com/investment-banking
