Broker: DBS Group Research
Date of Report: 24 April 2026
Ticker: IFAST SP
Excerpt from DBS Group Research report.
Report Summary
- Action: BUY
- Target Price: SGD12.15
- Current Price (as of 23/04/2026): SGD9.49
- Key Idea: iFAST delivered strong 1Q26 results, with net profit rising 47.5% year-on-year and revenues up 44.5% year-on-year, driven by robust growth in assets under administration (AUA) to a record SGD32.6bn (+27.1% y/y). Growth was supported by the Hong Kong ePension business and the core wealth platform. Double-digit earnings growth is expected to continue as AUA scales, with the group targeting SGD100bn AUA by 2030 (implied CAGR of 25.6%).
- Highlights:
- Strong net inflows of SGD1.25bn in 1Q26; Singapore continues to anchor platform expansion.
- Hong Kong and Singapore delivered profit growth of ~45.9% y/y and ~44.0% y/y respectively.
- Dividend raised: Interim dividend of 2.50 Scts per share (up from 1.60 Scts), with FY26 total dividends expected at 10.50 Scts (payout ratio of at least 25%).
- Principal risks: Market volatility and regulatory/execution risks in new markets.
above is an excerpt from a report by DBS Group Research. Clients of DBS Group Research can be the first to access the full report from the DBS Group Research website : https://www.dbs.com/research
