iFAST Corporation - CGSI Research 2024-02-23: Delays On The Horizon

iFAST Corporation - Delays On The Horizon

iFAST (SGX:AIY) | SGinvestors.ioiFAST (SGX:AIY)
  • iFAST (SGX:AIY) recorded 4Q23 PATMI of S$13.2m in 4Q23 (+55% q-o-q, +917% y-o-y from S$1.3m in 4Q22). This was 21% below our estimates but 20% above Bloomberg consensus. This brought FY23 net profit to S$28.3m (FY22: S$6.4m), which was 11% below our estimates.

4Q23 PATMI missed our estimates due to heftier operating expenses

  • - Read this at SGinvestors.io -
  • iFAST declared a final dividend of 1.4 cents in 4Q23 (4Q22: 1.4 cents).

ePension guidance revised due to delayed onboarding of trustees

  • A key update from its 4Q23 earnings was that iFAST cut its FY24-25F revenue and net revenue guidance for its Hong Kong and ePension business, but maintained its corresponding pretax profit estimates.
  • - Read this at SGinvestors.io -

iFAST Global Bank gaining traction; aims to break even in 4Q24F

  • Read more at SGinvestors.io.

Above is the excerpt from research report by CGSI Research.
Clients of CGS International may access the full report in PDF @ https://itrade.cgsi.com.sg/.

Andrea CHOONG CGS International Research | https://itrade.cgsi.com.sg 2024-02-23

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


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