Broker: DBS Group Research
Date of Report: 27 July 2026
Ticker: IFAST SP
Excerpt from DBS Group Research report.
Report Summary:
- Actionable Call: BUY rating reaffirmed for IFAST Corporation Ltd.
- Target Price: SGD 12.15 (12-month target).
- Key Highlights:
- 2Q26 revenue up 34.8% year-on-year and 4.9% quarter-on-quarter to SGD 162.0mn; net profit up 35.0% y/y and 6.4% q/q to SGD 29.9mn.
- Group Assets Under Administration (AUA) hit a record SGD 36.13bn (+32.8% y/y, +10.7% q/q) with robust net inflows and positive market performance.
- Earnings growth broadened geographically, with Singapore, Malaysia, and iFAST Global Bank all posting significant improvements.
- Management expects headcount to have peaked in mid-2026, paving the way for sequential margin improvements and operating leverage from 2027 onward.
- Dividend guidance raised: Board declared higher interim dividend of 3 Scts/share (+50% y/y), and FY2026 total dividend guidance lifted to 12 Scts/share or higher (+43% y/y).
- Vision 2030 target reiterated: S\$100bn AUA, implying a 25.6% CAGR over five years, with Singapore as a core growth anchor and iFAST Global Bank as fastest-growing component.
- Implications:
- Ongoing AUA growth, improving earnings quality, and rising dividends reinforce confidence in sustained profitability and shareholder returns.
- Sustained net inflows, monetization of enlarged AUA base, digital bank scaling, and margin expansion are expected to be share price catalysts.
Above is an excerpt from a report by DBS Group Research. Clients of DBS Group Research can access the full research report from the broker’s website.
