- 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.
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- 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.
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- 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.
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