- iFAST’s 4Q22 earnings (-82% y-o-y) is slightly below our expectations due to investment costs and impairment loss incurred. AUA continued to fall to S$17.4b (-8.3% y-o-y, +2.6% q-o-q), as market sentiment remains weak in global financial markets.
- - Read this at SGinvestors.io -
- Maintain HOLD with a 40% higher target price of S$5.06 (from S$3.62) for iFAST.
iFAST's 4Q22 results underperform; high dividend payout ratio maintained.
- iFAST Corporation (SGX:AIY) reported a decline in 4Q22 revenue to S$48.5m (-11.3% y-o-y), which brought 2022 total revenue to S$208.9m (-3.7% y-o-y), mainly driven by negative market sentiment in global financial markets during the year – See iFAST's Announcement dated 14 Feb 2023.
- - Read this at SGinvestors.io -
- Excluding the impairment loss of the associate, iFAST's 2022 PATMI would have been S$11.6m (-62.1% y-o-y).
- iFAST proposed a higher fourth and final dividend of 1.4 cents (4Q21: 1.4 cents), bringing the full-year dividend to 4.8 cents, representing a 120.9% payout ratio (FY21: 43.2%). See iFAST's dividend history.
Healthy net inflows of client assets despite decline in 4Q22 AUA.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Heidi Mo UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-02-16
Read also UOB's most recent report:
2024-10-29 iFAST Corporation - 3Q24 AUA Scales New High; Potential Upside To ePension PBT Guidance.
Previous report by UOB:
2024-07-29 iFAST Corporation - Steady AUA Growth In 2Q24; ePension On Track.
Price targets by other brokers at iFAST Target Prices.
Listing of research reports at iFAST Analyst Reports.
Relevant links:
iFAST Share Price History,
iFAST Announcements,
iFAST Dividends & Corporate Actions,
iFAST News Articles
