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up and coming

Joelton
Supreme
04-Jun-2024 10:52     
 
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 Alert Admin
iFast prices S$100 million notes due 2029 at 4.328%
Coupon payments will be made semi-annually in arrears on Jun 11 and Dec 11 each year
 
DIGITAL banking and wealth management platform iFast Corporation : AIY +0.15% has priced its inaugural issue of S$100 million of fixed-rate notes to be issued under its S$300 million multi-currency debt issuance programme established on May 29.
 
The notes are expected to be issued on Jun 11, in denominations of S$10,000 and integral multiples of S$5,000 in excess thereof.
 
Priced at 100 per cent, the notes will bear an annual coupon rate of 4.328 per cent.
 
Coupon payments will be made semi-annually in arrears on Jun 11 and Dec 11 each year, beginning on Dec 11 this year.
 
Unless previously redeemed or purchased and cancelled, these notes will mature on Jun 11, 2029.
 
Net proceeds from the issue of the notes will be used for general corporate purposes, which may include refinancing existing borrowings, financing capital expenditure, investments including capital injections into the group&rsquo s UK-based digital bank, iFast Global Bank Limited, and general working capital of the group.
 
OCBC has been appointed as the sole dealer for the issue.
 
Lim Chung Chun, chairman and chief executive officer of iFast Corp, said that the issuance of the notes under the newly established programme &ldquo will enable the group to diversify its funding sources and access medium-term funding in addition to equity and bank loans&rdquo .
 
He added that the issuance, which was &ldquo well-received by both institutional and accredited investors&rdquo , was around 2.5 times over-subscribed.
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tangsookiam1947
Master
03-Jun-2024 23:06     
 
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 Alert Admin 		if so profitable, why need to even raise funding via NOTE Issurance?

Newcomer19707016      ( Date: 23-May-2024 18:24) Posted:

Ifast dropping though profitable. Hopefully can go below $6
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tangsookiam1947
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23-May-2024 19:11     
 
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 Alert Admin 		maybe go back to $1....dydd....Mr market is irrational..

Newcomer19707016      ( Date: 23-May-2024 18:24) Posted:

Ifast dropping though profitable. Hopefully can go below $6
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Newcomer19707016
Veteran
23-May-2024 18:24     
 
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 Alert Admin 		Ifast dropping though profitable. Hopefully can go below $6
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tangsookiam1947
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05-May-2024 22:16     
 
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 Alert Admin 		To Gupta, its wealth management books improved as its customers were beginning to put their money into investment products. The growth was also partly from the low base in the 1QFY2023 from the Credit Suisse impact.

Net new money, which stood at around $6 billion for the quarter, also remained on track to see the same amount of close to $24 billion in FY2022 and FY2023.

&ldquo A lot of the money, when they first come in, is through fixed deposits. When the market improves and people&rsquo s animal spirits come up, they&rsquo re putting their money to work,&rdquo Gupta explains.

DBS likely to beat $10 bil earnings record for FY2024, says CEO (theedgesingapore.com)
========


In comparison, iFast net inflow (' net new money" ) was about ~10% that of DBS at $688mil!
DBS' s MC was ~$100bil
iFast MC was ~$2.3bil

Joelton      ( Date: 01-May-2024 14:12) Posted:

Analysts upgrade iFast&rsquo s rating on higher growth expectations
They view the group&rsquo s ePension division as a key growth driver
 
ANALYSTS have upgraded their ratings on iFast Corporation : AIY -2.38% as they project the financial services company to deliver stronger growth in the fiscal years ahead. 
 
In a report on Monday (Apr 29), CGS International upgraded its call on the stock to &ldquo add&rdquo from &ldquo hold&rdquo with an unchanged price target of S$9.10. 
 
CGS analyst Andrea Choong said she liked the group&rsquo s consistency in executing its ePension project, especially given the company&rsquo s recent move to publish the tentative onboarding schedule for all 12 trustees for the project. Such a move &ldquo removes the overhang of these earnings contributions&rdquo from the projects.
 
She also projected improving sequential net profit growth for the group in FY2024 to FY2025. 
 
Subsequently, her dividend per share estimate for FY2024 rose to S$0.054, from S$0.048 previously, after factoring in iFast&rsquo s interim dividend of S$0.013 for Q1.
 
Separately, on Friday, DBS Group Research had upgraded its rating on iFast to &ldquo buy&rdquo from &ldquo hold&rdquo , while raising its price target to S$9.57 from S$8.33.
 
While the research house left its earnings and assets under administration forecasts unchanged, the new price target implies a lower weighted average cost of capital (WACC).
 
WACC refers to the average rate that a company expects to pay to finance its operations and assets. A lower WACC is typically viewed as a reflection of a lower risk profile.
 
DBS&rsquo reduction in WACC comes with adjustments of the company&rsquo s capital structure with a higher level of debt, which is lower than its cost of equity. 
 
DBS analyst Ling Lee Keng noted that the group&rsquo s return on equity ratio has improved in the latest quarter, and is now at 21.9 per cent in Q1 FY2024 &ndash &ldquo closer to its peak&rdquo of 25.8 per cent in FY2021, and up from 12.2 per cent in FY2023.
 
In Ling&rsquo s view, the outlook for iFast is improving as its key growth driver for 2024 and 2025 &ndash the ePension division &ndash is &ldquo progressing well&rdquo such that the group is &ldquo on track for stronger growth ahead&rdquo .
 
&ldquo Furthermore, the core wealth management platform is also steadily advancing while the net margin continues to improve,&rdquo observed the analyst. Shares of iFast were trading 2.5 per cent or S$0.19 lower at S$7.36, as at 3.50 pm on Apr 30.
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Joelton
Supreme
01-May-2024 14:12     
 
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Analysts upgrade iFast&rsquo s rating on higher growth expectations
They view the group&rsquo s ePension division as a key growth driver
 
ANALYSTS have upgraded their ratings on iFast Corporation : AIY -2.38% as they project the financial services company to deliver stronger growth in the fiscal years ahead. 
 
In a report on Monday (Apr 29), CGS International upgraded its call on the stock to &ldquo add&rdquo from &ldquo hold&rdquo with an unchanged price target of S$9.10. 
 
CGS analyst Andrea Choong said she liked the group&rsquo s consistency in executing its ePension project, especially given the company&rsquo s recent move to publish the tentative onboarding schedule for all 12 trustees for the project. Such a move &ldquo removes the overhang of these earnings contributions&rdquo from the projects.
 
She also projected improving sequential net profit growth for the group in FY2024 to FY2025. 
 
Subsequently, her dividend per share estimate for FY2024 rose to S$0.054, from S$0.048 previously, after factoring in iFast&rsquo s interim dividend of S$0.013 for Q1.
 
Separately, on Friday, DBS Group Research had upgraded its rating on iFast to &ldquo buy&rdquo from &ldquo hold&rdquo , while raising its price target to S$9.57 from S$8.33.
 
While the research house left its earnings and assets under administration forecasts unchanged, the new price target implies a lower weighted average cost of capital (WACC).
 
WACC refers to the average rate that a company expects to pay to finance its operations and assets. A lower WACC is typically viewed as a reflection of a lower risk profile.
 
DBS&rsquo reduction in WACC comes with adjustments of the company&rsquo s capital structure with a higher level of debt, which is lower than its cost of equity. 
 
DBS analyst Ling Lee Keng noted that the group&rsquo s return on equity ratio has improved in the latest quarter, and is now at 21.9 per cent in Q1 FY2024 &ndash &ldquo closer to its peak&rdquo of 25.8 per cent in FY2021, and up from 12.2 per cent in FY2023.
 
In Ling&rsquo s view, the outlook for iFast is improving as its key growth driver for 2024 and 2025 &ndash the ePension division &ndash is &ldquo progressing well&rdquo such that the group is &ldquo on track for stronger growth ahead&rdquo .
 
&ldquo Furthermore, the core wealth management platform is also steadily advancing while the net margin continues to improve,&rdquo observed the analyst. Shares of iFast were trading 2.5 per cent or S$0.19 lower at S$7.36, as at 3.50 pm on Apr 30.
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tangsookiam1947
Master
29-Apr-2024 18:33     
 
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 Alert Admin 		iFast shall take the world by storm if its banking segment breaks even in Q4 2024....No digital banks have achieved profitability so rapidly on this planet Earth!

turtletrader      ( Date: 29-Apr-2024 15:50) Posted:

Think it does not matter so much currently with the positive vibe surround iFAST...think it is likely to cross 8 in the next few months, consolidate,  and then move towards double digit by year end,, if 2nd and 3rd quarters results conrinue to show improvement. Huat Ah ! :)
 

tangsookiam1947      ( Date: 28-Apr-2024 10:28) Posted:

I dont have lei...
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turtletrader
Senior
29-Apr-2024 15:50     
 
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 Alert Admin 		Think it does not matter so much currently with the positive vibe surround iFAST...think it is likely to cross 8 in the next few months, consolidate,  and then move towards double digit by year end,, if 2nd and 3rd quarters results conrinue to show improvement. Huat Ah ! :)
 

tangsookiam1947      ( Date: 28-Apr-2024 10:28) Posted:

I dont have lei...

turtletrader      ( Date: 28-Apr-2024 09:50) Posted:

UBS' s Feb TP for iFAST was at 10.50. You have the latest TP by UBS? Please share if you have the latest UBS' s update. 
 
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tangsookiam1947
Master
29-Apr-2024 09:34     
 
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 Alert Admin 		Look like iFast new banking segment is really helping to accelerate the AUA growth.. Customer deposit is coming in at an accelerated pace!!!

Huataarrhh      ( Date: 29-Apr-2024 08:47) Posted:

Upgrade report by CIMB
$Bcv(B       1Q24 HK business contributions (incl. ePension) were steady qoq. Two MPF trustees will be onboarded in mid-24, three in 4Q24F, and seven in FY25F. 
$Bcv(B       Underlying AUA growth and platform volumes are improving, albeit gradually.  
$Bcv(B       We upgrade iFAST to Add due to the removal of the overhang from the trustees$Bc`!& (Bonboarding schedule. Our DCF-based TP is unchanged at S$9.10.      
1Q24 PATMI was in line with our expectations
iFAST recorded PATMI of S$14.5m in 1Q24 (+10% qoq, +387% yoy from S$3m in 1Q23), in line with our and Bloomberg consensus forecasts. 1Q24 net profit formed 26% of our and consensus FY24F estimates. Net revenues were broadly stable qoq as platform trading volumes largely held up across the region. Notably, this was iFAST$Bc`QT(B second full quarter of recording ePension contributions, which we estimate were stable qoq in 1Q24. iFAST declared an interim 1.3Scts DPS in 1Q24 (1Q23: 1Scts). We raise our DPS expectation to c.5.4Scts in FY24F (from c.4.8Scts previously).
 
ePension contributions consistent for the second quarter
After recording c.7 months of consistent ePension contributions, we believe that iFAST is on course towards its c.HK$250m pre-tax profit guidance for its Hong Kong business in FY24F. On this end, the Legislative Council Panel on Financial Affairs of Hong Kong (Legco) has assessed the progress of this project and consequently outlined the targeted onboarding schedule of the 12 Mandatory Provident Fund (MPF) trustees onto the ePension platform in ascending order of AUM. The first two trustee adopters of the platform will be YF Life Trustees Limited and China Life Trustees limited, which are to be onboarded by 26 Jun 24 and 29 Jul 24, respectively. Three more trustees are scheduled to commence onboarding in 4Q24F, and the remaining seven in FY25F (Figure 2).
 
iFAST Global Bank gaining traction in customer deposits
iFAST announced that it has made an additional capital injection of GBP10m in iFAST Global Bank. Consequently, its effective interest in the bank increased from 89.5% to 91.3%. The capital injection will be funded via bank borrowings and internal resources. The bank$Bc`QT(B take-up rate has been encouraging, in our view, with customer deposits rising to c.GBP303m (c.S$515m, +47% qoq) in 1Q24. These deposits were largely deployed into low risk debt securities or held with the UK$Bc`QT(B central bank. iFAST expects the bank to break even by 4Q24F. Its banking division recorded c.S$2.3m in pre-tax losses in 1Q24.
 
Upgrade to Add net profit growth in FY24-25F is attractive
We upgrade iFAST to Add with TP of S$9.10 (implying 28x FY25F P/E). iFAST has so far been consistent in executing its ePension project its published onboarding schedule removes the overhang of these earnings contributions, in our view. Further, we project improving sequential net profit growth in FY24-25F. Swifter onboarding is a potential re-rating catalyst. Delays in implementation of the project are a downside risk for the stock.

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Huataarrhh
Senior
29-Apr-2024 08:47     
 
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 Alert Admin 		Upgrade report by CIMB
$Bcv(B       1Q24 HK business contributions (incl. ePension) were steady qoq. Two MPF trustees will be onboarded in mid-24, three in 4Q24F, and seven in FY25F. 
$Bcv(B       Underlying AUA growth and platform volumes are improving, albeit gradually.  
$Bcv(B       We upgrade iFAST to Add due to the removal of the overhang from the trustees$Bc`!& (Bonboarding schedule. Our DCF-based TP is unchanged at S$9.10.      
1Q24 PATMI was in line with our expectations
iFAST recorded PATMI of S$14.5m in 1Q24 (+10% qoq, +387% yoy from S$3m in 1Q23), in line with our and Bloomberg consensus forecasts. 1Q24 net profit formed 26% of our and consensus FY24F estimates. Net revenues were broadly stable qoq as platform trading volumes largely held up across the region. Notably, this was iFAST$Bc`QT(B second full quarter of recording ePension contributions, which we estimate were stable qoq in 1Q24. iFAST declared an interim 1.3Scts DPS in 1Q24 (1Q23: 1Scts). We raise our DPS expectation to c.5.4Scts in FY24F (from c.4.8Scts previously).
 
ePension contributions consistent for the second quarter
After recording c.7 months of consistent ePension contributions, we believe that iFAST is on course towards its c.HK$250m pre-tax profit guidance for its Hong Kong business in FY24F. On this end, the Legislative Council Panel on Financial Affairs of Hong Kong (Legco) has assessed the progress of this project and consequently outlined the targeted onboarding schedule of the 12 Mandatory Provident Fund (MPF) trustees onto the ePension platform in ascending order of AUM. The first two trustee adopters of the platform will be YF Life Trustees Limited and China Life Trustees limited, which are to be onboarded by 26 Jun 24 and 29 Jul 24, respectively. Three more trustees are scheduled to commence onboarding in 4Q24F, and the remaining seven in FY25F (Figure 2).
 
iFAST Global Bank gaining traction in customer deposits
iFAST announced that it has made an additional capital injection of GBP10m in iFAST Global Bank. Consequently, its effective interest in the bank increased from 89.5% to 91.3%. The capital injection will be funded via bank borrowings and internal resources. The bank$Bc`QT(B take-up rate has been encouraging, in our view, with customer deposits rising to c.GBP303m (c.S$515m, +47% qoq) in 1Q24. These deposits were largely deployed into low risk debt securities or held with the UK$Bc`QT(B central bank. iFAST expects the bank to break even by 4Q24F. Its banking division recorded c.S$2.3m in pre-tax losses in 1Q24.
 
Upgrade to Add net profit growth in FY24-25F is attractive
We upgrade iFAST to Add with TP of S$9.10 (implying 28x FY25F P/E). iFAST has so far been consistent in executing its ePension project its published onboarding schedule removes the overhang of these earnings contributions, in our view. Further, we project improving sequential net profit growth in FY24-25F. Swifter onboarding is a potential re-rating catalyst. Delays in implementation of the project are a downside risk for the stock.
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tangsookiam1947
Master
28-Apr-2024 10:28     
 
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 Alert Admin 		I dont have lei...

turtletrader      ( Date: 28-Apr-2024 09:50) Posted:

UBS' s Feb TP for iFAST was at 10.50. You have the latest TP by UBS? Please share if you have the latest UBS' s update. 
 

tangsookiam1947      ( Date: 27-Apr-2024 22:34) Posted:

U have UBS latest TP for iFast?
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turtletrader
Senior
28-Apr-2024 09:50     
 
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 Alert Admin 		UBS' s Feb TP for iFAST was at 10.50. You have the latest TP by UBS? Please share if you have the latest UBS' s update. 
 

tangsookiam1947      ( Date: 27-Apr-2024 22:34) Posted:

U have UBS latest TP for iFast?

turtletrader      ( Date: 26-Apr-2024 16:43) Posted:

Hopefully there is ang mo investment house issuing upgrade over the weekend....today no energy. Not enough new investors/funds to absorve distribution for sharper price movement
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tangsookiam1947
Master
27-Apr-2024 22:34     
 
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 Alert Admin 		U have UBS latest TP for iFast?

turtletrader      ( Date: 26-Apr-2024 16:43) Posted:

Hopefully there is ang mo investment house issuing upgrade over the weekend....today no energy. Not enough new investors/funds to absorve distribution for sharper price movement.

Huataarrhh      ( Date: 26-Apr-2024 09:24) Posted:



DBS upgrade ifast 

26 Apr 2024
Results Analysis: ePension business progressing well
  • Upgrade to BUY with higher TP of S$9.57 key growth driver, ePension business, reports strong progress    
  •   Strong set of 1Q24 results with significant contribution from ePension division, within expectations
  • Record high AUA of S$21.05bn, +16% y-o-y, outperformed the 4.3% gain for the broader market
  • Increasing recurring revenue boosted by higher AUA and contribution from ePension division 


 

Strong set of 1Q24 results with significant contribution from ePension division, within expectations.  Net profit for 1Q24 surged 387% y-o-y (+10.1% q-o-q) to $14.5m, on the back of a 59.4% increase (+1.8% q-o-q) in gross revenue to $86.0m, driven by contributions from the ePension division, as well as improvements in the group&rsquo s core wealth management platform business. 1Q24 revenue and net profit accounted for 21% and 24% of our forecasts respectively, within expectations as we are expecting growing contribution from the ePension division. An interim DPS of 1.30Scts was proposed, vs 1.00Scts for 1Q23.

 

China and UK bank still loss making.  China continues to incur pretax loss of S$1.71m in 1Q24 (vs S$1.75m in 1Q23) while its UK banking operation&rsquo s pretax loss widened to S$2.28m as compared to S$1.71m in 1Q23.

 

Further improvement in net margins, moving towards obtaining operational leverage.  Net margin for the group improved to 18.4% in 1Q24 from 17.0% in 4Q23 and 11.0% in FY23, as the group moves towards obtaining operational leverage with higher revenue.

 

Increasing recurring revenue boosted by higher AUA and contribution from ePension division.  Recurring net revenue in 1Q24 increased to 84.2%, from 81.6% in FY23. The y-o-y increase in recurring net revenue in 1Q24 was boosted by higher recurring fee income from an increase in AUA, including fee income from portfolio service management services and higher interest commission income from clients&rsquo AUA and cash management solution services provided to clients due to the high interest rate environment during the period. In addition, the group&rsquo s ePension division also contributed significantly to the total recurring net revenue in 1Q24.

 

1Q24 geographical net revenue breakdown
Net revenue (S$m) 1Q24 y-o-y (%)
Singapore 22.3 +22.4
Hong Kong 27.7 +351.9
Malaysia 3.6 +10.3
China 0.3 -39.1
UK 4.2 +43.8
Total 58.1 +87.4


  Source: DBS Bank, company

 

Record high AUA of S$21.05bn, +16.0% y-o-y, outperformed the 4.3% gain for the broader market.  At the end of 1Q24, AUA for the group increased to a record high of S$21.05 bn (+16.0% y-o-y, +6.2% q-o-q), driven by net inflows of S$0.69bn during the quarter, which doubled vs 1Q23. In contrast, the MSCI AC Asia ex Japan index increased 4.3% y-o-y as at end March 2024.

 

Hong Kong registered the strongest growth in net revenue ePension business progressing well.  Net revenue for the Hong Kong operation increased by 351.9% y-o-y to S$27.7m in 1Q24. The Hong Kong operation&rsquo s AUA increased 4.6% q-o-q and 1.1% y-o-y to S$2.46bn as at 31 March 2024. The ePension division was the main revenue driver. As the onboarding schedule for selected trustees has been finalised, the ePension division is now in the final preparation stages to ensure smooth onboarding and operations.

 

AUA breakdown
AUA 1Q23 2Q23 3Q23 4Q23 1Q24
By market          
Singapore 72.8% 73.3% 72.8% 72.9% 72.5%
Hong Kong 13.4% 13.1% 12.3% 11.8% 11.7%
Malaysia 11.3% 11.0% 11.9% 11.7% 11.6%
Others 2.5% 2.6% 3.0% 3.6% 4.2%
By product          
Unit Trusts 66.8% 65.9% 63.5% 63.0% 62.3%
Stocks & ETFs 20.6% 20.8% 21.4% 20.0% 19.8%
Bonds 7.2% 7.9% 9.9% 11.0% 11.6%
Cash Account 5.4% 5.4% 5.2% 6.0% 6.3%


Source: DBS Bank Company

 

Upgrade to BUY with higher TP of S$9.57.The outlook for the group is improving as the key growth driver for 2024 and 2025 - the ePension division - is progressing well. The group is on track for stronger growth ahead. Furthermore, the core wealth management platform is also seeing healthy progress while net margin continues to improve. Hence, we upgrade the stock to BUY from Hold. Our target price based on DCF valuation method is raised to S$9.57 (previously S$8.33) on lower WACC of 8.8% from 9.3% as we adjust the capital structure with higher level of debt,  which is lower than the cost of equity.   The group&rsquo s return on equity ratio (ROE) has also improved to 21.9% in 1Q24, vs 12.2% in FY23, and is closer to its peak of 25.8% in FY21. There is no change in our earnings forecasts and projection of 15% y-o-y growth in AUA for FY24F and FY25F. Upgrade to BUY.


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tangsookiam1947
Master
27-Apr-2024 22:29     
 
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 Alert Admin 		all news are out...No further positive catalysts to share price?

Joelton      ( Date: 27-Apr-2024 00:52) Posted:

iFast Q1 net profit surges on ePension unit performance
The group expects to see &lsquo robust&rsquo growth rates in revenues and profitability overall in 2024
 
FINANCIAL services company iFast Corp : AIY -1.28% on Thursday (Apr 25) posted a 387.4 per cent spike in net profit to S$14.5 million for its first quarter ended Mar 31, 2024, up from S$3 million previously.
 
This was driven by contributions from iFast&rsquo s ePension business unit, as well as improvements in its core wealth management platform business, the group said in a bourse filing.
 
Revenue for the quarter rose 53.1 per cent to S$78.8 million, from S$51.5 million a year earlier.
 
Earnings per share stood at 4.89 Singapore cents for the quarter, up from 1.02 cents previously.
 
An interim dividend of 1.3 Singapore cents per ordinary share was declared for the quarter, up from one cent the year before. The dividend will be paid on Jun 7, 2024.
 
The group&rsquo s assets under administration also rose to a record high of S$21.1 billion at the end of Q1 FY2024. This was driven by net inflows of S$690 million during the quarter.
 
Barring unforeseen circumstances, iFast said it expects to see &ldquo robust&rdquo growth rates in revenues and profitability overall in 2024, as compared to 2023.
 
The group noted that it has been &ldquo steadily increasing&rdquo its capability and presence as a global digital banking and wealth management group, now that United Kingdom-based subsidiary iFast Global Bank is part of its fintech ecosystem.
 
iFast Global Bank arose from iFast&rsquo s acquisition of an 85 per cent stake in UK-based BFC Bank for £ 40 million (S$73.4 million). The acquisition was completed in April 2023.
 
The group expects the ePension division in Hong Kong as well as iFast Global Bank to be important growth drivers in 2024 and 2025, and also expects its overall wealth management platform &ldquo to continue to show healthy progress&rdquo .
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Joelton
Supreme
27-Apr-2024 00:52     
 
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 Alert Admin
iFast Q1 net profit surges on ePension unit performance
The group expects to see &lsquo robust&rsquo growth rates in revenues and profitability overall in 2024
 
FINANCIAL services company iFast Corp : AIY -1.28% on Thursday (Apr 25) posted a 387.4 per cent spike in net profit to S$14.5 million for its first quarter ended Mar 31, 2024, up from S$3 million previously.
 
This was driven by contributions from iFast&rsquo s ePension business unit, as well as improvements in its core wealth management platform business, the group said in a bourse filing.
 
Revenue for the quarter rose 53.1 per cent to S$78.8 million, from S$51.5 million a year earlier.
 
Earnings per share stood at 4.89 Singapore cents for the quarter, up from 1.02 cents previously.
 
An interim dividend of 1.3 Singapore cents per ordinary share was declared for the quarter, up from one cent the year before. The dividend will be paid on Jun 7, 2024.
 
The group&rsquo s assets under administration also rose to a record high of S$21.1 billion at the end of Q1 FY2024. This was driven by net inflows of S$690 million during the quarter.
 
Barring unforeseen circumstances, iFast said it expects to see &ldquo robust&rdquo growth rates in revenues and profitability overall in 2024, as compared to 2023.
 
The group noted that it has been &ldquo steadily increasing&rdquo its capability and presence as a global digital banking and wealth management group, now that United Kingdom-based subsidiary iFast Global Bank is part of its fintech ecosystem.
 
iFast Global Bank arose from iFast&rsquo s acquisition of an 85 per cent stake in UK-based BFC Bank for £ 40 million (S$73.4 million). The acquisition was completed in April 2023.
 
The group expects the ePension division in Hong Kong as well as iFast Global Bank to be important growth drivers in 2024 and 2025, and also expects its overall wealth management platform &ldquo to continue to show healthy progress&rdquo .
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tangsookiam1947
Master
26-Apr-2024 17:59     
 
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 Alert Admin 		all these Target Price level pointless lei.... A lot of traders just sold on news... a lot of lower level gaps at $5, $5.5, $6.94, etc.....Once market conditions turn, a lot of the downside gaps may be covered...DYDD

turtletrader      ( Date: 26-Apr-2024 16:43) Posted:

Hopefully there is ang mo investment house issuing upgrade over the weekend....today no energy. Not enough new investors/funds to absorve distribution for sharper price movement.

Huataarrhh      ( Date: 26-Apr-2024 09:24) Posted:



DBS upgrade ifast 

26 Apr 2024
Results Analysis: ePension business progressing well
  • Upgrade to BUY with higher TP of S$9.57 key growth driver, ePension business, reports strong progress    
  •   Strong set of 1Q24 results with significant contribution from ePension division, within expectations
  • Record high AUA of S$21.05bn, +16% y-o-y, outperformed the 4.3% gain for the broader market
  • Increasing recurring revenue boosted by higher AUA and contribution from ePension division 


 

Strong set of 1Q24 results with significant contribution from ePension division, within expectations.  Net profit for 1Q24 surged 387% y-o-y (+10.1% q-o-q) to $14.5m, on the back of a 59.4% increase (+1.8% q-o-q) in gross revenue to $86.0m, driven by contributions from the ePension division, as well as improvements in the group&rsquo s core wealth management platform business. 1Q24 revenue and net profit accounted for 21% and 24% of our forecasts respectively, within expectations as we are expecting growing contribution from the ePension division. An interim DPS of 1.30Scts was proposed, vs 1.00Scts for 1Q23.

 

China and UK bank still loss making.  China continues to incur pretax loss of S$1.71m in 1Q24 (vs S$1.75m in 1Q23) while its UK banking operation&rsquo s pretax loss widened to S$2.28m as compared to S$1.71m in 1Q23.

 

Further improvement in net margins, moving towards obtaining operational leverage.  Net margin for the group improved to 18.4% in 1Q24 from 17.0% in 4Q23 and 11.0% in FY23, as the group moves towards obtaining operational leverage with higher revenue.

 

Increasing recurring revenue boosted by higher AUA and contribution from ePension division.  Recurring net revenue in 1Q24 increased to 84.2%, from 81.6% in FY23. The y-o-y increase in recurring net revenue in 1Q24 was boosted by higher recurring fee income from an increase in AUA, including fee income from portfolio service management services and higher interest commission income from clients&rsquo AUA and cash management solution services provided to clients due to the high interest rate environment during the period. In addition, the group&rsquo s ePension division also contributed significantly to the total recurring net revenue in 1Q24.

 

1Q24 geographical net revenue breakdown
Net revenue (S$m) 1Q24 y-o-y (%)
Singapore 22.3 +22.4
Hong Kong 27.7 +351.9
Malaysia 3.6 +10.3
China 0.3 -39.1
UK 4.2 +43.8
Total 58.1 +87.4


  Source: DBS Bank, company

 

Record high AUA of S$21.05bn, +16.0% y-o-y, outperformed the 4.3% gain for the broader market.  At the end of 1Q24, AUA for the group increased to a record high of S$21.05 bn (+16.0% y-o-y, +6.2% q-o-q), driven by net inflows of S$0.69bn during the quarter, which doubled vs 1Q23. In contrast, the MSCI AC Asia ex Japan index increased 4.3% y-o-y as at end March 2024.

 

Hong Kong registered the strongest growth in net revenue ePension business progressing well.  Net revenue for the Hong Kong operation increased by 351.9% y-o-y to S$27.7m in 1Q24. The Hong Kong operation&rsquo s AUA increased 4.6% q-o-q and 1.1% y-o-y to S$2.46bn as at 31 March 2024. The ePension division was the main revenue driver. As the onboarding schedule for selected trustees has been finalised, the ePension division is now in the final preparation stages to ensure smooth onboarding and operations.

 

AUA breakdown
AUA 1Q23 2Q23 3Q23 4Q23 1Q24
By market          
Singapore 72.8% 73.3% 72.8% 72.9% 72.5%
Hong Kong 13.4% 13.1% 12.3% 11.8% 11.7%
Malaysia 11.3% 11.0% 11.9% 11.7% 11.6%
Others 2.5% 2.6% 3.0% 3.6% 4.2%
By product          
Unit Trusts 66.8% 65.9% 63.5% 63.0% 62.3%
Stocks & ETFs 20.6% 20.8% 21.4% 20.0% 19.8%
Bonds 7.2% 7.9% 9.9% 11.0% 11.6%
Cash Account 5.4% 5.4% 5.2% 6.0% 6.3%


Source: DBS Bank Company

 

Upgrade to BUY with higher TP of S$9.57.The outlook for the group is improving as the key growth driver for 2024 and 2025 - the ePension division - is progressing well. The group is on track for stronger growth ahead. Furthermore, the core wealth management platform is also seeing healthy progress while net margin continues to improve. Hence, we upgrade the stock to BUY from Hold. Our target price based on DCF valuation method is raised to S$9.57 (previously S$8.33) on lower WACC of 8.8% from 9.3% as we adjust the capital structure with higher level of debt,  which is lower than the cost of equity.   The group&rsquo s return on equity ratio (ROE) has also improved to 21.9% in 1Q24, vs 12.2% in FY23, and is closer to its peak of 25.8% in FY21. There is no change in our earnings forecasts and projection of 15% y-o-y growth in AUA for FY24F and FY25F. Upgrade to BUY.


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turtletrader
Senior
26-Apr-2024 16:43     
 
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 Alert Admin 		Hopefully there is ang mo investment house issuing upgrade over the weekend....today no energy. Not enough new investors/funds to absorve distribution for sharper price movement.

Huataarrhh      ( Date: 26-Apr-2024 09:24) Posted:



DBS upgrade ifast 

26 Apr 2024
Results Analysis: ePension business progressing well
  • Upgrade to BUY with higher TP of S$9.57 key growth driver, ePension business, reports strong progress    
  •   Strong set of 1Q24 results with significant contribution from ePension division, within expectations
  • Record high AUA of S$21.05bn, +16% y-o-y, outperformed the 4.3% gain for the broader market
  • Increasing recurring revenue boosted by higher AUA and contribution from ePension division 


 

Strong set of 1Q24 results with significant contribution from ePension division, within expectations.  Net profit for 1Q24 surged 387% y-o-y (+10.1% q-o-q) to $14.5m, on the back of a 59.4% increase (+1.8% q-o-q) in gross revenue to $86.0m, driven by contributions from the ePension division, as well as improvements in the group&rsquo s core wealth management platform business. 1Q24 revenue and net profit accounted for 21% and 24% of our forecasts respectively, within expectations as we are expecting growing contribution from the ePension division. An interim DPS of 1.30Scts was proposed, vs 1.00Scts for 1Q23.

 

China and UK bank still loss making.  China continues to incur pretax loss of S$1.71m in 1Q24 (vs S$1.75m in 1Q23) while its UK banking operation&rsquo s pretax loss widened to S$2.28m as compared to S$1.71m in 1Q23.

 

Further improvement in net margins, moving towards obtaining operational leverage.  Net margin for the group improved to 18.4% in 1Q24 from 17.0% in 4Q23 and 11.0% in FY23, as the group moves towards obtaining operational leverage with higher revenue.

 

Increasing recurring revenue boosted by higher AUA and contribution from ePension division.  Recurring net revenue in 1Q24 increased to 84.2%, from 81.6% in FY23. The y-o-y increase in recurring net revenue in 1Q24 was boosted by higher recurring fee income from an increase in AUA, including fee income from portfolio service management services and higher interest commission income from clients&rsquo AUA and cash management solution services provided to clients due to the high interest rate environment during the period. In addition, the group&rsquo s ePension division also contributed significantly to the total recurring net revenue in 1Q24.

 

1Q24 geographical net revenue breakdown
Net revenue (S$m) 1Q24 y-o-y (%)
Singapore 22.3 +22.4
Hong Kong 27.7 +351.9
Malaysia 3.6 +10.3
China 0.3 -39.1
UK 4.2 +43.8
Total 58.1 +87.4


  Source: DBS Bank, company

 

Record high AUA of S$21.05bn, +16.0% y-o-y, outperformed the 4.3% gain for the broader market.  At the end of 1Q24, AUA for the group increased to a record high of S$21.05 bn (+16.0% y-o-y, +6.2% q-o-q), driven by net inflows of S$0.69bn during the quarter, which doubled vs 1Q23. In contrast, the MSCI AC Asia ex Japan index increased 4.3% y-o-y as at end March 2024.

 

Hong Kong registered the strongest growth in net revenue ePension business progressing well.  Net revenue for the Hong Kong operation increased by 351.9% y-o-y to S$27.7m in 1Q24. The Hong Kong operation&rsquo s AUA increased 4.6% q-o-q and 1.1% y-o-y to S$2.46bn as at 31 March 2024. The ePension division was the main revenue driver. As the onboarding schedule for selected trustees has been finalised, the ePension division is now in the final preparation stages to ensure smooth onboarding and operations.

 

AUA breakdown
AUA 1Q23 2Q23 3Q23 4Q23 1Q24
By market          
Singapore 72.8% 73.3% 72.8% 72.9% 72.5%
Hong Kong 13.4% 13.1% 12.3% 11.8% 11.7%
Malaysia 11.3% 11.0% 11.9% 11.7% 11.6%
Others 2.5% 2.6% 3.0% 3.6% 4.2%
By product          
Unit Trusts 66.8% 65.9% 63.5% 63.0% 62.3%
Stocks & ETFs 20.6% 20.8% 21.4% 20.0% 19.8%
Bonds 7.2% 7.9% 9.9% 11.0% 11.6%
Cash Account 5.4% 5.4% 5.2% 6.0% 6.3%


Source: DBS Bank Company

 

Upgrade to BUY with higher TP of S$9.57.The outlook for the group is improving as the key growth driver for 2024 and 2025 - the ePension division - is progressing well. The group is on track for stronger growth ahead. Furthermore, the core wealth management platform is also seeing healthy progress while net margin continues to improve. Hence, we upgrade the stock to BUY from Hold. Our target price based on DCF valuation method is raised to S$9.57 (previously S$8.33) on lower WACC of 8.8% from 9.3% as we adjust the capital structure with higher level of debt,  which is lower than the cost of equity.   The group&rsquo s return on equity ratio (ROE) has also improved to 21.9% in 1Q24, vs 12.2% in FY23, and is closer to its peak of 25.8% in FY21. There is no change in our earnings forecasts and projection of 15% y-o-y growth in AUA for FY24F and FY25F. Upgrade to BUY.

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leroy55
Veteran
26-Apr-2024 11:09     
 
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 Alert Admin 		vanguard buy share yesterday. black rock buy not so much yesterday. dimensional funds sold abit yesterday
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latentalent
Member
26-Apr-2024 09:46     
 
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 Alert Admin 		Be careful. Looks like a distribution day with super high volume but no higher highs. It cannot break the resistance of $7.30. Looks like a shooting star candlestick is forming.

 
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msksmsks
Supreme
26-Apr-2024 09:40     
 
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 Alert Admin 		In terms of % growth for profitability, looks impressive
but in absolute numbers, juz mah mah tie ...
especially commanding such an exorbitant valuation
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