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

iFAST Corporation - 2nd Consecutive Record AUA In 4Q23; HK ePension Division Drives Growth

Published:
iFAST (SGX:AIY) | SGinvestors.ioiFAST (SGX:AIY)
  • 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.
  • - Read this at SGinvestors.io -

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).
  • - Read this at SGinvestors.io -

Record-high AUA achieved; net inflows remain positive.

  • Read more at SGinvestors.io.




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




Heidi Mo UOB Kay Hian Research | John Cheong UOB Kay Hian | https://research.uobkayhian.com/ 2024-02-23



Previous report by UOB:
2023-10-27 iFAST Corporation - Record Quarterly AUA In 3Q23; ePension Has Started Contributing.

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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