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801-820 of 5469
It' s too late. We kena play out by despicable BB Dimensional Fund Advisor sold 663,577 shares and BlackRock sold 1493 share yesterday .
UOB Kay Hian analyst report just out. Anyone have?
iFast Global Bank should not be compared to local banks, says group&rsquo s CEO
IGB&rsquo s losses have been narrowing quarter on quarter, and is expected to turn profitable in Q4 2024
THE iFast Global Bank (IGB) should not be compared to local lenders, said Lim Chung Chun, the chief executive officer of wealth management platform iFast Corporation, at a briefing on Monday (Oct 28).
IGB&rsquo s regulatory ratios are well in excess of both official requirements and those of the three local banks &ndash DBS, OCBC and UOB. Lim intends to keep iFast&rsquo s banking business &ldquo simple&rdquo compared with the local lenders.
&ldquo &lsquo Simple&rsquo means collecting deposits, deploying the deposits in a safe and conservative manner, and earning net interest margin,&rdquo he said.
IGB&rsquo s losses have been narrowing quarter on quarter, reflecting progress. Its losses stood at S$820,000 in the third quarter of this year, down from S$1.6 million in Q2 and S$2.3 million in Q1.
Its revenue has also been growing quarter on quarter, to S$13.9 million in Q3 2024 from S$11.4 million in Q2 and S$9.5 million in Q1.
The bank is expected to turn profitable by Q4 this year, but Lim has no projections to share for 2025 yet. He noted that a good simple retail business with controls on pricing and margins, and not taking too many balance sheet risks can build profitability in a stable manner.
&ldquo We have been very keen to have a bank to help our overall business quite a bit, &ldquo he added.
The company will continue to build on IGB&rsquo s remittance business, as well as digital personal banking and digital transaction banking businesses, which have driven growth in deposits. As of Sep 30, deposits were S$805.6 million, up from S$358.6 million as at Dec 31, 2023.
Currently, 70 per cent of deposits come from non-UK residents, with a number of Asian countries contributing to the bulk of the non-UK deposits. The majority of the deposit growth is driven by new customers, who go on to open iFast accounts this has a positive effect on the wider group, said Lim.
&ldquo We&rsquo ve been talking about a truly global business model, (where) we can operate from a few financial centres and cater to customers from different parts of the world,&rdquo he said.
IGB&rsquo s popularity has been attributed to the need many people have to open a bank account outside of their home country. Lim noted that nearly all banks are interested in serving only domestic retail customers.
&ldquo There are many people who want to open a bank account outside of their home country, and that is a segment that most banks are not putting much effort into,&rdquo he said.
While iFast may have lost out on the bid for a digital bank licence in Singapore, Lim has not given up hope on acquiring a banking licence closer to home. Although obtaining such a licence is unlikely in Singapore, given the protected nature of its retail banking sector, the CEO believes that there are still opportunities in the Republic.
&ldquo For instance, there are many private banks in Singapore. While they have a more limited banking licence, they (still present an) opportunity. In time to come, we would like to look at this particular opportunity, if the Monetary Authority of Singapore gives us that chance.&rdquo
iFast hits 8-month high after surge in Q3 net profit
The counter rises 4.8% or S$0.37 to S$8.12 after the market opened
SHARES of digital bank and wealth management platform iFast : AIY -1.29% rose in early trading on Monday (Oct 28), after the company released its third-quarter financials last week.
The counter gained 4.8 per cent or S$0.37 to S$8.12 shortly after the market opened. The last time it traded at such levels was in February this year.
No married deals were recorded in early trade, based on ShareInvestor data.
After the market closed last Friday, iFast announced that its net profit for the third quarter ended Sep 30 rose 97.3 per cent to S$16.8 million, from S$8.5 million in the previous corresponding period.
This translates to an earnings per share of S$0.0564, up from S$0.0288 the previous year.
Revenue for Q3 rose 49.7 per cent to S$99.1 million, from S$66.2 million a year earlier.
The increase in its bottom line was buoyed by contributions from its ePension division, as well as improvements across its core wealth management platform business, which includes its banking operations, said the company.
A third interim dividend of S$0.015 per share was declared for the quarter, up from S$0.013 the year before. The dividend will be paid on Nov 19, after the record date on Nov 6.
autumn/winter is coming, flower wither..
movmnt seemed to suggest flower gang capitulating..
movmnt seemed to suggest flower gang capitulating..
moneynoenough ( Date: 25-Oct-2024 16:49) Posted:
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After Q1 and Q2 reporting, Several analysts who cover iFAST Corporation have their performance outlook on ifast right. They must be disappointed by the price movement despite several quarters of good results.
Now, ifast investors just have to collect higher dividend than last year and wait for their target price to materialised. Too many investors take short term views and take profit. Hope they won' t regret it. 🤣
1. UBS has a positive outlook on iFAST, recently raising its target price to SGD 10.50, reflecting confidence in growth prospects driven by strong performance from iFAST&rsquo s Hong Kong ePension division .
2. DBS Group Research recently upgraded iFAST to a &ldquo buy&rdquo with a target price of SGD 9.57, supported by the consistent growth in assets under administration (AUA) and improved profitability, particularly through its scalable ePension platform .
3. CGS International also holds a favorable view, maintaining an &ldquo add&rdquo rating with a target price of SGD 9.50, citing strong contributions from the ePension division and steady dividend growth. CGS expects continued profitability from the Hong Kong operations as the division ramps up
Event passed.... till the next reporting.....!!! 😉
st3p178 ( Date: 27-Oct-2024 11:36) Posted:
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Yes agree... ifast is paying out at least 20m of dividends every year going forward. And it may double next year... cannot imagine people saying that they are facing cash flow issues.... 🤣 🤣 🤣
maybe, they should go back take principal of accounting or LCCI level 1. 🤣 🤣 🤣
maybe, they should start buying back shares like standard chartered bank recently... that will also help support the stock prices going forward...
can' t wait to see the first surge in profit to reflect the higher guidance for next year. Last surge, stock went up 40% plus to $8.39. Next surge should bring it to between $10.50-$11.50. finger cross. 🤞
vested.
maybe, they should go back take principal of accounting or LCCI level 1. 🤣 🤣 🤣
maybe, they should start buying back shares like standard chartered bank recently... that will also help support the stock prices going forward...
can' t wait to see the first surge in profit to reflect the higher guidance for next year. Last surge, stock went up 40% plus to $8.39. Next surge should bring it to between $10.50-$11.50. finger cross. 🤞
vested.
tangsookiam1947 ( Date: 27-Oct-2024 10:48) Posted:
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If it happened, we should meet for a jumbo dinner mid or end next year...!!!! 🤣 🤣 🤣
tangsookiam1947 ( Date: 27-Oct-2024 10:38) Posted:
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iFast Corporation: Refuting Short-Seller Claims - Minichart
iFAST has refuted the claims made by the short-seller report from Sakura Research, which questioned the sustainability of its Hong Kong ePension division&rsquo s revenue, the profitability of its UK digital bank, and its overall growth strategy.
In response, iFAST emphasized that its ePension division in Hong Kong will maintain steady revenue over a seven-year contract period, contrary to Sakura' s claim that revenue would drop significantly after 2025. Regarding the UK digital bank, iFAST highlighted its focus on breaking even by Q4 2024 and noted that comparisons to other digital banks were misleading, as iFAST operates on a broader strategy, integrating personal banking with wealth management.
Analysts from CGS International and UOB Kay Hian also supported iFAST' s rebuttal, pointing out its solid financial position and growth prospects through continued expansion in pensions and banking.
iFAST has refuted the claims made by the short-seller report from Sakura Research, which questioned the sustainability of its Hong Kong ePension division&rsquo s revenue, the profitability of its UK digital bank, and its overall growth strategy.
In response, iFAST emphasized that its ePension division in Hong Kong will maintain steady revenue over a seven-year contract period, contrary to Sakura' s claim that revenue would drop significantly after 2025. Regarding the UK digital bank, iFAST highlighted its focus on breaking even by Q4 2024 and noted that comparisons to other digital banks were misleading, as iFAST operates on a broader strategy, integrating personal banking with wealth management.
Analysts from CGS International and UOB Kay Hian also supported iFAST' s rebuttal, pointing out its solid financial position and growth prospects through continued expansion in pensions and banking.
tangsookiam1947 ( Date: 25-Oct-2024 23:53) Posted:
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iFAST: Set to Take the World by Storm
If iFAST&rsquo s banking segment breaks even in Q4 2024, it will achieve what no digital bank has done this quickly on planet Earth!
With rapid deposit growth, cross-border services, and synergies between banking and wealth management, iFAST is poised to become a global powerhouse. This milestone would solidify its position as a trailblazer in fintech, paving the way for exponential growth and higher valuations.
st3p178 ( Date: 27-Oct-2024 09:44) Posted:
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👍 on target to more than double last year net profit.
iFast global bank also reduce losses from $1.6m to $0.8m this quarter.
look like they will hit their target to breakeven by Q4, 2024
market will react to the next surge in revenue if iFast deliver their projection for 2025. Ie, net profit to double that of 2024. That is, if we are looking at 62-63m in 2024. We are looking at 120-130m in 2025.
difficult for herd mentality not to set in.... let bite our teeth and sit tight and enjoy the market ride.
vested. 🥰 🙏
iFast global bank also reduce losses from $1.6m to $0.8m this quarter.
look like they will hit their target to breakeven by Q4, 2024
market will react to the next surge in revenue if iFast deliver their projection for 2025. Ie, net profit to double that of 2024. That is, if we are looking at 62-63m in 2024. We are looking at 120-130m in 2025.
difficult for herd mentality not to set in.... let bite our teeth and sit tight and enjoy the market ride.
vested. 🥰 🙏
Joelton ( Date: 26-Oct-2024 14:23) Posted:
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iFast Q3 net profit rises 97.3% to S$16.8 million on overall revenue growth
Revenue rises 49.7 per cent to S$99.1 million, earnings per share stand at S$0.0564 for the quarter
DIGITAL bank and wealth management platform iFast posted a 97.3 per cent rise in net profit to S$16.8 million for its third quarter ended Sep 30, 2024, from S$8.5 million in the previous corresponding period.
Earnings per share stood at S$0.0564 for the quarter, up from S$0.0288 the previous year.
Revenue for Q3 rose 49.7 per cent to S$99.1 million, from S$66.2 million a year earlier.
The increase in profitability was driven by contributions from its ePension division, as well as improvements across its core wealth management platform business, which includes its banking operations, iFast said on Friday (Oct 25).
In the quarter, investor sentiments improved further amid rate cuts in the US and the easing of inflation concerns. The rally in both equity and fixed income markets benefited its wealth management platform business, the company said.
The group&rsquo s assets under administration grew 23.6 per cent on the year to reach a record S$23.6 billion, driven by net inflows of S$813 million in the quarter.
The company noted that revenue for its non-banking operations increased 41.1 per cent on the year S$85.3 million in the quarter, while net profit for the segment grew 66 per cent to S$17.6 million.
Meanwhile, its iFast Global Bank (iGB) segment saw revenue rise 139.9 per cent on the year to S$13.9 million, while losses declined 61 per cent to S$0.8 million.
iFast noted that the Digital Personal Banking division was the key contributor to growth in customer deposits.
As for the bank&rsquo s regulatory ratios, liquidity coverage ratio was 1,048 per cent, net stable funding ratio stood at 272 per cent, and total capital ratio was 34 per cent as at Sep 30, 2024, above minimum regulatory requirements.
The bank intends to maintain capital and liquidity ratios that are well above minimum regulatory requirements, said iFast.
Despite this, the group as a whole should be able to target &ldquo very healthy&rdquo levels of return on equity in the years ahead, as revenue derived from the core platform business and the ePension division are essentially fee-based income, it added.
Looking ahead, the company expects robust growth rates in revenues and profitability in 2024 compared to 2023, on an overall basis and barring unforeseen circumstances.
Its ePension division in Hong Kong will likely be an important growth driver in 2024 and 2025, while the overall wealth management platform is expected to continue showing healthy progress, iFast said.
Meanwhile, iGB will likely be a major contributor to growth in 2025 and beyond, the company added.
A third interim dividend of S$0.015 per share was declared for Q3, up from S$0.013 the year before. The dividend will be paid on Nov 19, after the record date on Nov 6.
what happened to your Ali Baba? did u buy back recently? China Stocks now huated like mad lei...haha
tangsookiam1947 ( Date: 01-Oct-2024 19:52) Posted:
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So what is your view of the results? You seem to know alot about ifast.
tangsookiam1947 ( Date: 25-Oct-2024 21:49) Posted:
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Good or not Good? hahaha
| spursfan ( Date: 25-Oct-2024 19:50) Posted: |
showtime...
moneynoenough ( Date: 01-Oct-2024 18:01) Posted:
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