Broker: CGS International
Date of Report: April 27, 2026
Excerpt from CGS International report.
Report Summary
- Stock: iFAST Corporation Ltd (IFAST SP)
- Action: Add (Buy)
- Target Price: S\$13.45
- Current Price: S\$9.00
- Key Idea: Strong asset under administration (AUA) growth supports a positive outlook. Despite transient cost pressures in 1Q26, management expects operating expenses to stabilise by 3Q26F, driving profitability and EPS growth from FY27F onwards.
- Highlights:
- 1Q26 net profit of S\$28.0m (+47.3% yoy) considered in line with expectations, despite a 14.7% qoq decline due to higher operating expenses (ePension project, advertising, IT costs).
- AUA grew 27.1% yoy/2.1% qoq to S\$32.6bn, with net new inflow outpacing mark-to-market declines.
- Management targets S\$100bn AUA by FY30F, implying net revenue growth to S\$600m (0.60% margin).
- FY26F-28F EPS lifted by 2.9-4.8%; 3-year EPS CAGR forecasted at 21.8%.
- Potential re-rating catalysts: higher dividend payout ratio (currently 25-30%), stronger-than-expected AUA growth.
- Risks: Delays in Hong Kong ePension platform (ORSO) and weaker investor sentiment could slow AUA growth.
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
