Broker: DBS Group Research
Date of Report: 24 April 2026
Excerpt from DBS Group Research report.
Report Summary
- Stock: IFAST Corporation Ltd
- Ticker: IFAST SP
- Action: BUY
- Target Price: SGD 12.15
- Key Idea: IFAST delivered strong 1Q26 results, with net profit up 47.5% year-on-year and revenue up 44.5% year-on-year. Growth was driven by the Hong Kong ePension franchise and its core wealth platform, with Assets Under Administration (AUA) reaching a record SGD 32.6bn (+27.1% y/y). The outlook remains constructive, with double-digit earnings growth expected as AUA scales. Principal risks include market volatility and execution around regulatory approvals and expansion. The SGD 100bn AUA target by 2030 remains on track, implying a 25.6% CAGR.
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