Broker: CGS International
Date of Report: April 27, 2026
Excerpt from CGS International report.
Report Summary
- Stock Focus: iFAST Corporation Ltd (Ticker: IFAST SP)
- Action: ADD (Buy) — CGS International reiterates a positive rating.
- Target Price: S\$13.45 (previous: S\$13.30), representing an upside of 49.4% from current price S\$9.00.
- Key Idea: iFAST’s 1Q26 net profit of S\$28.0m (+47.3% yoy) is in line with expectations, with strong asset under administration (AUA) growth and scalable revenue. Costs are expected to stabilise from 3Q26F, and profitability to improve from FY27F.
- Highlights:
- 1Q26 AUA grew 27.1% yoy to S\$32.6bn, supporting net revenue growth of 54.9% yoy.
- Management targets S\$100bn AUA by FY30F, projecting S\$600m net revenue at 0.60% margin.
- EPS forecasts for FY26F-28F raised by 2.9-4.8% on stronger AUA growth assumptions.
- Re-rating catalysts: potential increase in dividend payout ratio and stronger-than-expected AUA growth.
- Downside risks: delays in Hong Kong ePension platform launches and weaker investor sentiment.
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
