- iFAST (SGX:AIY) reported a 19.2% y-o-y increase in 3Q23 group revenue to S$62.2m. Net profit surged 308% to S$8.5m, as the net margin surged to 13.7%, from 7.0% in 2Q23 and 4.0% in 3Q22.
- The operating expenses/AUA of 0.605% for 9M23 slightly improved from 0.607% as at 1H23. The pace of increase, +19bps from 0.586% in FY22, is also slower than the +130bps seen in FY22, from 0.456% in FY21.
Strong growth from Singapore and Hong Kong markets; maiden contribution from Hong Kong ePension division.
- - Read this at SGinvestors.io -
- The banking operation (iFAST Global Bank) is still in the initial build-up stage, with revenue of S$5.8m (+42.1% y-o-y), and is still expected to be loss-making in the next three quarters.
- - Read this at SGinvestors.io -
- For the nine-month period, group revenue gained 4.6% y-o-y to S$165.2m, while net profit jumped 194%, accounting for 63% and 86% of our forecasts, respectively.
- An interim dividend of S$0.013 was declared, similar to 3Q22. See iFAST's dividend dates.
Record quarter AUA, positive net inflows despite a volatile quarter.
- 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/ 2023-10-27
Read also DBS's most recent report:
2024-04-26 iFAST Corporation - ePension Business Progressing Well.
Previous report by DBS:
2024-02-22 iFAST Corporation - Margins Trending Higher.
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
