- iFAST (SGX:AIY) recorded 3Q23 PATMI of S$8.5m (+137% q-o-q, +308% y-o-y from S$3.6m in 2Q23), in line with our expectation of S$8.1m, but 12% above Bloomberg consensus’ S$7.6m estimate.
Beating consensus’ estimates due to commencement of ePension
- - Read this at SGinvestors.io -
- 9M23 PATMI was 66%/69% of our/Bloomberg consensus FY23F estimates.
- iFAST declared S$0.013 dividend for 3Q23, bringing 9M23 dividend to S$0.034 (flat y-o-y). See iFAST's dividend dates.
Ramp-up of ePension may be uneven due to timing of onboarding
- - Read this at SGinvestors.io -
- Factoring in the current pace of ePension contributions, we think that overall earnings from HK are on track to materialise in line with its guidance of ~S$17m PBT for FY23F.
- As the ePension project enters its operational phase, we think project fees will ramp up in step with the progressive onboarding of trustees and the amount of AUM (onboarding schedule was not disclosed).
Underlying business growth held steady, though growth was mild
- Read more at SGinvestors.io.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
Andrea CHOONG CGS-CIMB Research | https://www.cgs-cimb.com 2023-10-27
Previous report by CGS-CIMB:
2023-07-27 iFAST Corporation - ePension Project Progressing As Planned.
Price targets by 3 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
