- 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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