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Latest Forum Topics / IFAST    Last:8.76    +0.05  Post Reply
up and coming

TANPK123
Elite
14-Dec-2022 10:36     
 
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 Alert Admin 		Lost report you mean ? TP $3.20. Will be stable around there. Selling down call for now

tangsookiam1947      ( Date: 14-Dec-2022 10:31) Posted:

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tongphlp
Supreme
14-Dec-2022 10:30     
 
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 Alert Admin 		u mean sell 2 them so they can buy and accumulate?

they call for buy so they can sell and profit at retailers' expense?...............

Joelton      ( Date: 14-Dec-2022 09:42) Posted:

Citi keeps ' sell' call on iFast as it sees ' valuation gap with fundamentals'
Citi Research analyst Tan Yong Hong is keeping his &ldquo sell&rdquo call on iFast after the counter&rsquo s share price rallied around 60% from its trough in November, in line with the news of China&rsquo s reopening.
 
Retaining his target price at $3.80, the analyst adds that the counter&rsquo s average daily value traded (ADV) spiked since mid-Nov following the reopening news.
 
&ldquo Year-to-date (ytd)-2022, iFast' s share price shares a 90% relationship with the MSCI APAC Index which rallied [around] 14% from end-September. This is because we think [iFast&rsquo s] unit trust (68% of [its] assets under administration or AUA) segment has high exposure to the index,&rdquo Tan points out.
 
&ldquo As such, [the] market is pricing in a potential rebound in AUA (after three successive quarterly declines) and hence earnings for 4QFY2022/FY2023 but at a level we believe is excessive,&rdquo he adds.
 
At iFast&rsquo s share price of $5.96 as at Tan&rsquo s report on Dec 6, he believes that the market is pricing in an FY2023 P/E of 50x for iFast&rsquo s core business based on Citi&rsquo s as well as consensus estimates. This is after stripping out $1.20 per share that&rsquo s attributable to the Hong Kong e-Mandatory Provident Fund (MPF) project.
 
&ldquo Our FY2023 numbers already assumed AUA rebounds [around] 25% y-o-y in FY2023, as well as some recovery in net platform margins,&rdquo he says. &ldquo Our FY2023 profits is now broadly in-line with consensus&rsquo FY2022 profits but [around] 10% behind consensus&rsquo FY2023 profits likely on the back of adding HK eMPF earnings contribution using management&rsquo s guidance.&rdquo
 
On the market&rsquo s valuation of 50x P/E for iFast&rsquo s FY2023 earnings, the analyst believes that the market has likely over-estimated the impact of the company&rsquo s higher AUA which is driven by a rebound in the MSCI APAC Index.
 
&ldquo Based on our sensitivity analysis, every 5% increase in AUA would raise [iFast&rsquo s] earnings by [just] 5%,&rdquo says the analyst. &ldquo [This is] assuming net platform margins [remain] flat at 60 basis points (9QFY2022 estimated 57bps after stripping out its [Hong Kong eMPF] project fees), cost-income ratio at 77% for core business (9MFY2022: 83%) and 16% tax rate.&rdquo
 
&ldquo As such, we see a valuation gap with fundamentals,&rdquo says Tan.
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Hector
Veteran
14-Dec-2022 10:21     
 
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 Alert Admin 		strangely, agrees with Citi " SELL" call for ifast
still making losses with hugh PE, omg 
never know when it is crash down 
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Joelton
Supreme
14-Dec-2022 09:42     
 
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 Alert Admin
Citi keeps ' sell' call on iFast as it sees ' valuation gap with fundamentals'
Citi Research analyst Tan Yong Hong is keeping his &ldquo sell&rdquo call on iFast after the counter&rsquo s share price rallied around 60% from its trough in November, in line with the news of China&rsquo s reopening.
 
Retaining his target price at $3.80, the analyst adds that the counter&rsquo s average daily value traded (ADV) spiked since mid-Nov following the reopening news.
 
&ldquo Year-to-date (ytd)-2022, iFast' s share price shares a 90% relationship with the MSCI APAC Index which rallied [around] 14% from end-September. This is because we think [iFast&rsquo s] unit trust (68% of [its] assets under administration or AUA) segment has high exposure to the index,&rdquo Tan points out.
 
&ldquo As such, [the] market is pricing in a potential rebound in AUA (after three successive quarterly declines) and hence earnings for 4QFY2022/FY2023 but at a level we believe is excessive,&rdquo he adds.
 
At iFast&rsquo s share price of $5.96 as at Tan&rsquo s report on Dec 6, he believes that the market is pricing in an FY2023 P/E of 50x for iFast&rsquo s core business based on Citi&rsquo s as well as consensus estimates. This is after stripping out $1.20 per share that&rsquo s attributable to the Hong Kong e-Mandatory Provident Fund (MPF) project.
 
&ldquo Our FY2023 numbers already assumed AUA rebounds [around] 25% y-o-y in FY2023, as well as some recovery in net platform margins,&rdquo he says. &ldquo Our FY2023 profits is now broadly in-line with consensus&rsquo FY2022 profits but [around] 10% behind consensus&rsquo FY2023 profits likely on the back of adding HK eMPF earnings contribution using management&rsquo s guidance.&rdquo
 
On the market&rsquo s valuation of 50x P/E for iFast&rsquo s FY2023 earnings, the analyst believes that the market has likely over-estimated the impact of the company&rsquo s higher AUA which is driven by a rebound in the MSCI APAC Index.
 
&ldquo Based on our sensitivity analysis, every 5% increase in AUA would raise [iFast&rsquo s] earnings by [just] 5%,&rdquo says the analyst. &ldquo [This is] assuming net platform margins [remain] flat at 60 basis points (9QFY2022 estimated 57bps after stripping out its [Hong Kong eMPF] project fees), cost-income ratio at 77% for core business (9MFY2022: 83%) and 16% tax rate.&rdquo
 
&ldquo As such, we see a valuation gap with fundamentals,&rdquo says Tan.
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TANPK123
Elite
14-Dec-2022 07:37     
 
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 Alert Admin 		Keep selling. Target price at ?$3.20. Data chart shown won't lie.

tangsookiam1947      ( Date: 13-Dec-2022 23:49) Posted:

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simpleguy123
Elite
13-Dec-2022 21:42     
 
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 Alert Admin 		Probably somewhere in 2023, God-Willing. Its definitely not tomorrow hahahas

TANPK123      ( Date: 13-Dec-2022 17:17) Posted:

＄ 3 coming by 2023. Data wont cheat.
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TANPK123
Elite
13-Dec-2022 17:17     
 
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 Alert Admin 		＄ 3 coming by 2023. Data wont cheat.
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simpleguy123
Elite
13-Dec-2022 16:54     
 
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 Alert Admin 		Not today. Must see the inflation CPI Data. If inflation is still rising, then likely tomorrow everything is red red.

Heerbrugg      ( Date: 13-Dec-2022 11:02) Posted:

No worry...slow and steady

simpleguy123      ( Date: 13-Dec-2022 10:59) Posted:

Steep mountain to climb
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Ovywind
Veteran
13-Dec-2022 11:50     
 
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 Alert Admin 		wake upppp 

TANPK123      ( Date: 13-Dec-2022 11:43) Posted:

Nice.. $3 coming.. let's wait

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TANPK123
Elite
13-Dec-2022 11:43     
 
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 Alert Admin 		Nice.. $3 coming.. let's wait
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Heerbrugg
Veteran
13-Dec-2022 11:02     
 
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 Alert Admin 		No worry...slow and steady

simpleguy123      ( Date: 13-Dec-2022 10:59) Posted:

Steep mountain to climb.

Heerbrugg      ( Date: 13-Dec-2022 09:25) Posted:

Should be able to cross $6.10 toda
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simpleguy123
Elite
13-Dec-2022 10:59     
 
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 Alert Admin 		Steep mountain to climb.

Heerbrugg      ( Date: 13-Dec-2022 09:25) Posted:

Should be able to cross $6.10 today

tangsookiam1947      ( Date: 13-Dec-2022 09:11) Posted:

will it cross the recent $6.23 later?
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Heerbrugg
Veteran
13-Dec-2022 09:25     
 
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 Alert Admin 		Should be able to cross $6.10 today

tangsookiam1947      ( Date: 13-Dec-2022 09:11) Posted:

will it cross the recent $6.23 later?

Heerbrugg      ( Date: 13-Dec-2022 08:17) Posted:

Today will go back $6
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tangsookiam1947
Master
13-Dec-2022 09:11     
 
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 Alert Admin 		will it cross the recent $6.23 later?

Heerbrugg      ( Date: 13-Dec-2022 08:17) Posted:

Today will go back $6.

simpleguy123      ( Date: 13-Dec-2022 08:05) Posted:

Cheaper means I can buy more. Haha
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Heerbrugg
Veteran
13-Dec-2022 08:17     
 
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 Alert Admin 		Today will go back $6.

simpleguy123      ( Date: 13-Dec-2022 08:05) Posted:

Cheaper means I can buy more. Hahas

ninjawarrior      ( Date: 13-Dec-2022 00:13) Posted:

Hahahahaha....I like your target. But I am waiting at $4.....not going to be greedy. But if it goes down below $4.....I will come in and get some. Hehehehe...
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simpleguy123
Elite
13-Dec-2022 08:05     
 
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 Alert Admin 		Cheaper means I can buy more. Hahas

ninjawarrior      ( Date: 13-Dec-2022 00:13) Posted:

Hahahahaha....I like your target. But I am waiting at $4.....not going to be greedy. But if it goes down below $4.....I will come in and get some. Hehehehe....

tangsookiam1947      ( Date: 12-Dec-2022 17:32) Posted:

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ninjawarrior
Member
13-Dec-2022 00:13     
 
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 Alert Admin 		Hahahahaha....I like your target. But I am waiting at $4.....not going to be greedy. But if it goes down below $4.....I will come in and get some. Hehehehe....

tangsookiam1947      ( Date: 12-Dec-2022 17:32) Posted:

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simpleguy123
Elite
12-Dec-2022 23:29     
 
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 Alert Admin 		But fees are expected to be reduced, isn't it abit negative for ifast?

tangsookiam1947      ( Date: 12-Dec-2022 22:34) Posted:

eMPF expected to cut administration fees by 55% | Asia Asset Management
 

Hong Kong&rsquo s Mandatory Provident Fund administration fees will be slashed by as much as 55% once the centralised digital platform is operational, according to Ayesha Macpherson Lau, chairman of Mandatory Provident Fund Schemes Authority, the government entity that supervises the MPF industry.

 

Construction of the eMPF platform began in 2020 and is scheduled to be completed by the end of this year at the earliest. It&rsquo s expected to become fully operational in early 2025.

 

Lau says lower fees are a top priority for the MPFA, and that the fund expense ratio or FER has dropped from 2.1% in 2007 to the current 1.37%, thanks to its joint efforts with the MPF industry.

 

Noting that administration fees account for the largest share of the FER at over 40%, she expects it to decline when the administration process of some 450 MPF funds are streamlined under the eMPF.

 

&ldquo Regarding administration fees, the eMPF Platform, which the MPFA is currently constructing at full steam, will standardise, streamline and automate the administration processes, aiming for as much as a 55% reduction in the administration fees of MPF funds,&rdquo Lau writes in a blog post published on the MPFA website on September 25. &ldquo As for other fees, the MPFA will continue to enhance the transparency of the MPF to foster market competition, leading to fee reductions.&rdquo

Investment management fees represent the second largest share of the FER at over 33%. Lau called on MPF trustees to report on their schemes to members to help them understand whether their fund choice offers value for money.

Starting from the second quarter of next year, the 13 trustees will have to submit investment governance reports to the MPFA and also upload them to their websites.

The MPF, Hong Kong&rsquo s largest retirement scheme, had HK$1.06 trillion (US$135.8 billion) of total assets and over 4.5 million members as of June 2022.

----

iFAST' s Hong Kong Profit May Multiply Seven-Fold by 2025: 5 Things You Should Know About Its Latest Earnings - The Smart Investor


the profit forecast for eMPF should be much higher now, based on the latest guidance from company.

 

FearValueGreed      ( Date: 12-Dec-2022 13:02) Posted:

Looks like Q1 2023 will be the last time we see ifast hit $4 plus.

The market is at least 6months ahead of future earnings.
From their HK epension system, they mentioned the earnings will come in Q3 2023., which means the stock will start to move north leading to Q3 Announcement in Q4 2023.

However, whatever pro forma earnings they have announced previously are all but rojections till the report card is shown.

Hence ifast will still follow the US market at least for 1st Q of next year, before climbing on its own , if their earnings projection is materialised.

Any HK investors that could share their 1st hand experience development of their HK epension in Q1 2023 would be good.

I will not be surprised that the stock will hit $10 if their earnings projection comes in above their own consensus.

Will be adding as stock goes below $5.
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tangsookiam1947
Master
12-Dec-2022 22:34     
 
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 Alert Admin 		eMPF expected to cut administration fees by 55% | Asia Asset Management
 

Hong Kong&rsquo s Mandatory Provident Fund administration fees will be slashed by as much as 55% once the centralised digital platform is operational, according to Ayesha Macpherson Lau, chairman of Mandatory Provident Fund Schemes Authority, the government entity that supervises the MPF industry.

 

Construction of the eMPF platform began in 2020 and is scheduled to be completed by the end of this year at the earliest. It&rsquo s expected to become fully operational in early 2025.

 

Lau says lower fees are a top priority for the MPFA, and that the fund expense ratio or FER has dropped from 2.1% in 2007 to the current 1.37%, thanks to its joint efforts with the MPF industry.

 

Noting that administration fees account for the largest share of the FER at over 40%, she expects it to decline when the administration process of some 450 MPF funds are streamlined under the eMPF.

 

&ldquo Regarding administration fees, the eMPF Platform, which the MPFA is currently constructing at full steam, will standardise, streamline and automate the administration processes, aiming for as much as a 55% reduction in the administration fees of MPF funds,&rdquo Lau writes in a blog post published on the MPFA website on September 25. &ldquo As for other fees, the MPFA will continue to enhance the transparency of the MPF to foster market competition, leading to fee reductions.&rdquo

Investment management fees represent the second largest share of the FER at over 33%. Lau called on MPF trustees to report on their schemes to members to help them understand whether their fund choice offers value for money.

Starting from the second quarter of next year, the 13 trustees will have to submit investment governance reports to the MPFA and also upload them to their websites.

The MPF, Hong Kong&rsquo s largest retirement scheme, had HK$1.06 trillion (US$135.8 billion) of total assets and over 4.5 million members as of June 2022.

----

iFAST' s Hong Kong Profit May Multiply Seven-Fold by 2025: 5 Things You Should Know About Its Latest Earnings - The Smart Investor


the profit forecast for eMPF should be much higher now, based on the latest guidance from company.

 

FearValueGreed      ( Date: 12-Dec-2022 13:02) Posted:

Looks like Q1 2023 will be the last time we see ifast hit $4 plus.

The market is at least 6months ahead of future earnings.
From their HK epension system, they mentioned the earnings will come in Q3 2023., which means the stock will start to move north leading to Q3 Announcement in Q4 2023.

However, whatever pro forma earnings they have announced previously are all but rojections till the report card is shown.

Hence ifast will still follow the US market at least for 1st Q of next year, before climbing on its own , if their earnings projection is materialised.

Any HK investors that could share their 1st hand experience development of their HK epension in Q1 2023 would be good.

I will not be surprised that the stock will hit $10 if their earnings projection comes in above their own consensus.

Will be adding as stock goes below $5.
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Nippon72
Veteran
12-Dec-2022 21:12     
 
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Yells: "Dude, is ALWAYS Time in the market than Timing the market! "
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 Alert Admin 		When it drops to $2.50 - 3.00, we will say $1-1.50. Will nibble some on the way down. Vested. 
Buying into its biz model, hk uk operations.

 
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