Broker Name: Maybank Research Pte Ltd
Date of Report: February 15, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- iFAST Corporation’s FY25 net profit exceeded expectations, driven by strong performance in wealth management and Hong Kong e-Pension businesses, with its digital bank iGB returning to profitability.
- Assets under Administration (AUA) hit a record SGD31.98bn (+27.9% YoY), and are projected to grow 33% to SGD42.6bn in FY26E, supported by Singapore and Hong Kong initiatives.
- Hong Kong e-Pension (eMPF) business continues to scale, with ORSO and Macau pension businesses expected to further boost growth; Hong Kong AUA projected to rise 25% YoY in FY26E.
- Maybank raises FY26-27 earnings forecasts by 4-10% and lifts target price to SGD12.04, reiterating a BUY rating on iFAST due to its scalable model and exposure to capital market activity.
- The company maintains strong profitability metrics, robust recurring revenue streams, and healthy expansion in operating cash flow and ROE, while balancing reinvestment and dividend payouts.
- iFAST is recognized for its niche position as an ASEAN digital wealth management platform with global reach and innovative pension and banking arms, deserving a premium valuation over peers.
- Risks to the outlook include execution, cost overruns in ePension projects, and adverse FX/market conditions; however, upside catalysts include faster ePension revenue and regulatory reforms boosting flows.
- ESG considerations highlight a continued commitment to digitalization and governance, though group-wide sustainability reporting and diversity practices have room for improvement.
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 Research Pte Ltd website: https://www.maybank.com/investment-banking
