Broker: Lim & Tan Securities
Date of Report: 24 April 2026
Excerpt from Lim & Tan Securities report.
Report Summary
- Suntec REIT (S\$1.49): Accumulate rating. Suntec REIT reported strong operational performance for 1Q26, with distributable income rising 24.8% year-on-year to S\$57.3 million and DPU up 23.9% to 1.936 cents. The REIT’s portfolio delivered robust results, driven by strong Singapore office and retail performance, lower financing costs, and lower Australia tax provisions. Suntec trades at a 16.3% discount to its S\$2.03 NAV/unit and offers a yield of 5.2%. Recent block purchase by HK Land at S\$1.70 is above current market price, reinforcing the value proposition.
- iFAST Corporation (S\$9.49): Accumulate rating. iFAST delivered a strong 1Q26 with net profit up 47.5% YoY to S\$28.0 million and revenue up 44.5% to S\$154.5 million. Assets under administration reached S\$32.64 billion (+27.1% YoY). The group targets S\$100 billion AUA by 2030 and S\$600 million potential annual net revenue. iFAST is trading at 21.7x forward PE and 6.8x PB, with a consensus target price of S\$12.21 (28.7% upside). Dividend outlook is positive with at least a 25% increase expected in FY2026. The company’s partnership with Ant International to roll out cross-border payment functionality further strengthens its fintech positioning.
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