iFAST Corporation - UOB Kay Hian 2024-02-23: 2nd Consecutive Record AUA In 4Q23; HK ePension Division Drives Growth

• iFAST’s reported a surge in 4Q23 earnings (+917.1% y-o-y), bringing 2023 PATMI to S$28.3m (+340% y-o-y) and beating our expectations by 18%. This is mainly driven by the initial four-month contributions from the HK ePension division and growth in its core wealth management platform.
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Results above expectations.

• iFAST Corporation (SGX:AIY) reported hypergrowth in earnings, with 4Q23 PATMI of S$13.2m (+917.1% y-o-y; +61.0% q-o-q), bringing 2023 PATMI to S$28.3m (+340.0% y-o-y) and beating our full-year forecast by 18%.
• Excluding the S$5.2m impairment loss associated with its exit from the India business, iFAST’s 2023 PATMI still increased significantly by 143.3% y-o-y, mainly driven by higher net revenue from non-banking operations (+94.3% y-o-y).
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Record-high AUA achieved; net inflows remain positive.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2026-02-16 iFAST 4Q25 - Record-high Earnings & Higher Dividend Guidance.

Previous report by UOB:
2025-10-28 iFAST - 3Q25 Above Expectations; Strong AUA and ePension Contributions Drive Growth.

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 Dividend Payout Dates & Corporate Actions,
iFAST News