I don know how to attach the file so I juz copy and paste the contents here. I'm sori if the alignment is out.
? Initiate coverage with a BUY and SGD12.20 TP, 37% upside. iFAST Corp is a wealth management and digital banking firm, and we see this group a key
beneficiary of the growing Asia-Pacific (APAC) wealth management market.
Earnings growth is braced by the scaling up of iFAST Global Bank (iGB), stable recurring income from the ePension division, and its well-established wealth
management platform business. Against this backdrop, we forecast a 3-year core earnings CAGR of 19%.
? Beneficiary of APAC?s growing wealth management market. The region?s wealth management market was valued at USD27.6trn in assets under management (AUM) in 2025 and, according to Mordor Intelligence, is
expected to grow to USD41.8trn by 2031 from USD29.6trn in 2026. This represents a CAGR of 7.2%, underpinned by sustained urbanisation and rising standards of living across emerging markets. Considering iFAST?s asset-light
model, we believe group?s PBT margins will further expand as business scales up, which we estimate at c.39-42% over the forecast horizon ? this is as assets
under administration (AUA) is set to grow at a 3-year CAGR of 22%.
? Room for growth for the digital banking arm. Recent profitability achieved by iGB, iFAST's UK-based digital bank, marks the group?s next phase of growth.
Deposits surged 55% YoY to SGD1.57bn in FY25, and we forecast the uptrend to continue. This deposit base expansion is translating into higher net revenue,
thanks to the group?s strategy to redeploy deposits into short-duration sovereign bonds and investment-grade corporate bonds. We believe iFAST?s digital banking arm will continue to see deposit growth over the forecast
horizon, which we estimate a 3-year CAGR of 23%, supported by new customers and increased contributions from existing depositors. We also estimate iGB?s net revenue to grow 28%, 25%, and 16% in FY26-28, while PBT
expands at a 3-year CAGR of 56%.
? ePension division continues to make strides. For iFAST?s Hong Kong division, we are guiding PBT margins accretion to 43-45% in FY26-28, mainly on higher contributions from the better-margin electronic Mandatory Provident Fund
(eMPF) business, which we expect to hover around 46-49%. Conversely, AUA- linked contributions are expected to grow at a 3-year CAGR of 42%, supported steady growth from the wealth management platform and meaningful contributions from the Occupational Retirement Scheme
Ordinance (ORSO) segment.
? Forecasting 3-year (FY26-28) net core earnings CAGR of 19%. We forecast healthy core earnings growth of 23%, 18%, and 15% in FY26-28 on higher contributions from wherever iFAST operates. This is further supported by
increasing operating leverage on scalability of its wealth management platform and digital banking businesses, as revenue is set to grow at a 3-year CAGR of 15%. Key risks include earnings dependence on AUA, regulatory
risks, and exposure to FX currencies.
Source: Company data, RHB
tangsookiam1947 ( Date: 28-Mar-2026 15:48) Posted:
grateful if you could share the RHB report on iFast. tks.
msksmsks ( Date: 28-Mar-2026 13:40) Posted:
I'll opened a bottle of Dom Perignon for u
Be my guest.
Apart rubbing in glee. |
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grateful if you could share the RHB report on iFast. tks.
msksmsks ( Date: 28-Mar-2026 13:40) Posted:
I'll opened a bottle of Dom Perignon for u
Be my guest.
Apart rubbing in glee..
JurongW ( Date: 28-Mar-2026 13:30) Posted:
Excluding dividends, Potential return of ~30% if it were to reach $12.20! Can visualise u look like this guy when it reaches there.
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I'll opened a bottle of Dom Perignon for u
Be my guest.
Apart rubbing in glee..
JurongW ( Date: 28-Mar-2026 13:30) Posted:
Excluding dividends, Potential return of ~30% if it were to reach $12.20! Can visualise u look like this guy when it reaches there.
msksmsks ( Date: 28-Mar-2026 13:22) Posted:
With Middle East situation still unsettled, more funds are fleeing and diverted their resources twds other financial hubs like Sin, Hkg and UK for its stability and safer haven.
All these agurs well for IFast as it had its presence over these areas.
The funds hv to park it somewhere thus IFast platform offers diversity for them to invest besides the banks
Opined IFast AUA wl grow , perhaps a blessing in disguise.
As mgmt had guided a higher dividend payout for FY26 , a growing dividend usually shows mgmt is optimistic abt what lies ahead.
Last but not least, RHB initiate a Buy call yesterday with TP $12.20 |
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With Middle East situation still unsettled, more funds are fleeing and diverted their resources twds other financial hubs like Sin, Hkg and UK for its stability and safer haven.
All these agurs well for IFast as it had its presence over these areas.
The funds hv to park it somewhere thus IFast platform offers diversity for them to invest besides the banks
Opined IFast AUA wl grow , perhaps a blessing in disguise.
As mgmt had guided a higher dividend payout for FY26 , a growing dividend usually shows mgmt is optimistic abt what lies ahead.
Last but not least, RHB initiate a Buy call yesterday with TP $12.20
Nice...
Bulls also need a rest b4 charging further...
JurongW ( Date: 27-Mar-2026 14:26) Posted:
With the deadline extened, this MIGA BULL will be happy to continue running for you.
msksmsks ( Date: 27-Mar-2026 14:19) Posted:
Roger over.
I thinked there wl be short covering too...
Analysts target btwn 12- 13 for FY26
1st target of 10 for Apr shld be achievable
Cheer |
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Roger over.
I thinked there wl be short covering too...
Analysts target btwn 12- 13 for FY26
1st target of 10 for Apr shld be achievable
Cheerz
JurongW ( Date: 27-Mar-2026 14:10) Posted:
Dont let the bull do too much running to reach $10 with 2 trading days left in 1st Quarter 2026
Extend the finishing line to April, else it might say bull shit. 
msksmsks ( Date: 27-Mar-2026 14:05) Posted:
Swee la...
The Raging Bull
1st target for 1Q26 is $10
If HKG ppty prices on the rise, one can imagine
HSI wl turn into Raging Bull too..
Very good for IFast as more money wl be plough
into the mkt
Cheer |
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Dont let the bull do too much running to reach $10 with 2 trading days left in 1st Quarter 2026
Extend the finishing line to April, else it might say bull shit.
msksmsks ( Date: 27-Mar-2026 14:05) Posted:
Swee la...
The Raging Bull
1st target for 1Q26 is $10
If HKG ppty prices on the rise, one can imagine
HSI wl turn into Raging Bull too..
Very good for IFast as more money wl be plough
into the mkt
Cheerz
JurongW ( Date: 27-Mar-2026 13:41) Posted:
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Swee la...
The Raging Bull
1st target for 1Q26 is $10
If HKG ppty prices on the rise, one can imagine
HSI wl turn into Raging Bull too..
Very good for IFast as more money wl be plough
into the mkt
Cheerz
JurongW ( Date: 27-Mar-2026 13:41) Posted:
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Bullish engulfing candlestick (long green candle coveering yesterday' s red candle)
5MA cross over 20MA (short term golden cross) - Short term momentum turning positive.
I think got potential to continue its uptrend.
Dear beloved JW san,
Kindly update us later on the technnical part.
In addition, attach a pic for MIGA.
Kamsahamida
JurongW ( Date: 26-Mar-2026 17:20) Posted:
Today closing price of 8.93 just touch 20 EMA. Yet to form the golden cross.
msksmsks ( Date: 26-Mar-2026 10:05) Posted:
Price actions suggest bullish signals
Continuation of uptrend....
Reporting season coming soon....
With HSi hitting with high notes, agurs well for IFast
As mentioned b4, foreign funds is coming to Sin being a safe haven
and stability......IFast wl benefit too.
IFast wl rise and shine again
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The Hkg property mkt is experiencing a significant rebound driven by influx of capital and other factors..
With this catalyst, HSi wl hv the impetus to surge higher .
Opined IFast wl benefit fm the influx of capital and appreciation of ppty fm HKG...
Likewise, we may also see similar scenario in Sin
Cheers
Today closing price of 8.93 just touch 20 EMA. Yet to form the golden cross.
msksmsks ( Date: 26-Mar-2026 10:05) Posted:
Price actions suggest bullish signals
Continuation of uptrend....
Reporting season coming soon....
With HSi hitting with high notes, agurs well for IFast
As mentioned b4, foreign funds is coming to Sin being a safe haven
and stability......IFast wl benefit too.
IFast wl rise and shine again
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