Broker Name: CGS International
Date of Report: October 28, 2025
Excerpt from CGS International report.
Report Summary
- iFAST Corporation is seen as a value compounder, with its wealth management business underappreciated; the company’s diversified segments (wealth management, global banking, and Hong Kong ePension) are now valued separately using a sum-of-parts (SOP) approach.
- The core wealth management business achieved 38% year-on-year growth in FY24 and is projected to grow at a 33% CAGR from FY25F to FY27F, driven by strong AUA (Assets Under Administration) inflows and strategic initiatives like the iFAST Bridge strategy.
- iFAST’s Hong Kong business, especially the ePension segment, is outperforming targets, with expectations to exceed FY25F profit guidance and continued growth from the eMPF (Mandatory Provident Fund) project.
- The report reiterates a high-conviction “Add” rating with an increased target price of S\$11.70, and outlines bull (S\$15.20) and bear (S\$8.20) case scenarios, citing strong recurring income, robust operational execution, and double-digit EPS growth potential as key drivers.
- Main risks highlighted are lower revenue from the Hong Kong ePension and stagnant AUA growth.
- iFAST is recognized for its ESG initiatives, strong governance, and sustainability efforts, potentially supporting a premium valuation among ESG-focused investors.
- Financially, iFAST is posting record profits and revenue growth, with substantial increases in AUA, improved margins, rising dividends, and healthy balance sheet metrics.
above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website :
https://www.cgs-cimb.com/en
