Broker: DBS Group Research
Date of Report: 24 April 2026

Excerpt from DBS Group Research report.

Report Summary

• Stock: IFAST Corporation Ltd (Ticker: IFAST SP)
• Action: BUY
• Target Price: SGD12.15 (12-month target)
• Key Highlights:
  • 1Q26 net profit up 47.5% y/y, driven by 44.5% revenue growth from Hong Kong ePension and core wealth platforms.
  • Assets under administration (AUA) reached a record SGD32.6bn (+27.1% y/y).
  • Strong net inflows and balanced growth across Singapore and Hong Kong.
  • Dividend increased to 2.50 Scts per share for 1Q26; FY26 dividend expected at 10.50 Scts per share (~25% payout ratio).
  • IFAST targets SGD100bn AUA by 2030 (c.25.6% CAGR), with Singapore as a core anchor and continued earnings growth expected.
  • Principal risks: market volatility and execution risks in new/regulatory markets.
• Implication for Investors: The report recommends accumulating IFAST shares for growth exposure, supported by strong platform scaling, robust earnings momentum, and a clear path to significant AUA expansion.

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