- iFAST (SGX:AIY) reported 1Q23 revenue of S$51.5m, down 2% y-o-y, but +8.5% q-o-q.
- Pre-tax profit of S$4.2m plunged 43.2% y-o-y, mainly dragged down by start-up losses and high operating expenses. Excluding the UK-based iFAST Global Bank (iGB), pre-tax profit was down 17.1% y-o-y to S$6.1m.
- - Read this at SGinvestors.io -
- Net margin eased to 5.8% from 10.9% in 1Q22, based on higher costs as iFAST continues to build its ePension project in Hong Kong, and integrate iFAST Global Bank (iGB) into the overall Fintech ecosystem.
- Overall, iFAST's 1Q23 revenue and net profit accounted for 20% and 14% of our forecasts respectively, below expectations.
- - Read this at SGinvestors.io -
Launch of digital personal banking in the UK enables the group to be a global fintech player.
- Targeting the mass market, iFAST launched its iGB digital personal banking (DPB) platform on 24 April 2023, integrating personal banking services into the group’s wealth management platforms. This will enable consumers and investors access to different investment and financial services and manage payment and deposits seamlessly across borders in various currencies.
Cut earnings on weaker margins.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Lee Keng LING DBS Group Research | https://www.dbs.com/insightsdirect/ 2023-04-26
Read also DBS's most recent report:
2023-10-27 iFAST Corporation - Improving Operating Metrics; 3Q23 Results Above Expectations.
Price targets by 2 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
