Broker: CGS International
Date of report: July 28, 2026
Ticker: IFAST SP

Excerpt from CGS International report.

Report Summary

Stock Focus: iFAST Corporation Ltd
Action: ADD (Buy) – High conviction
Target Price: S\$13.00 (Down from S\$13.45)
Current Price: S\$9.03
Up/Downside: +44.0%
Consensus Ratings: 8 Buy, 0 Hold, 0 Sell

• Key Idea: iFAST’s high operating leverage from AUA (Assets Under Administration) growth supports an EPS CAGR of ~21.2% from FY25-28.
• Highlights:
  • 2Q26 net profit was S\$29.8m, +35% YoY, in line with expectations.
  • Growth was driven by Hong Kong ePension (eMPF) operations and record profit from its UK banking arm (iFAST Global Bank).
  • AUA rose strongly, up 10.7% QoQ to S\$36.1bn.
  • ORSO rollout in Hong Kong delayed to end FY26/start FY27, impacting near-term EPS. FY26F EPS trimmed by 2.7%, FY27F/28F by 2.2%/1.9%.
  • Dividend payout guidance raised: FY26F DPS increased from 10.5 Scts to 12.0 Scts (payout ratio 28.9%), with a longer-term aim for 40% payout.
• Implications:
  • Scale-driven recurring income growth, with the business leveraging AUA expansion.
  • Potential re-rating catalysts: further DPS enhancement, lower operating expenses via efficiency tools, and manpower rationalisation.
  • Main risks: slower AUA growth, steeper decline in Hong Kong eMPF revenue, and UK banking losses.

Call to Action: Investors should consider iFAST Corporation Ltd for its high growth potential, improved dividend payout, and strong upside to the revised target price of S\$13.00.

Above is an excerpt from a report by CGS International. Clients of CGS International can access the full research report from the broker’s website.
CGS International research website