iFAST Corporation - DBS Research 2024-04-26: ePension Business Progressing Well

iFAST Corporation - ePension Business Progressing Well

iFAST (SGX:AIY) | SGinvestors.ioiFAST (SGX:AIY)
  • iFAST (SGX:AIY)'s net profit for 1Q24 surged 387% y-o-y (+10.1% q-o-q) to $14.5m, on the back of a 59.4% increase (+1.8% q-o-q) in gross revenue to $86.0m, driven by contributions from the ePension division, as well as improvements in the group’s core wealth management platform business.
  • - Read this at SGinvestors.io -
  • An interim dividend of S$0.013 was proposed, vs S$0.010 for 1Q23.

China and UK bank still loss making.

  • China continues to incur pretax loss of S$1.71m in 1Q24 (vs S$1.75m in 1Q23) while its UK banking operation’s pretax loss widened to S$2.28m as compared to S$1.71m in 1Q23.

Further improvement in net margins, moving towards obtaining operational leverage.

  • Net margin for the group improved to 18.4% in 1Q24 from 17.0% in 4Q23 and 11.0% in FY23, as iFAST moves towards obtaining operational leverage with higher revenue.

Increasing recurring revenue boosted by higher AUA and contribution from ePension division.

  • - Read this at SGinvestors.io -
  • In addition, iFAST’s ePension division also contributed significantly to the total recurring net revenue in 1Q24.

Record high AUA of S$21.05bn, +16.0% y-o-y, outperformed the 4.3% gain for the broader market.

  • 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/ 2024-04-26

Previous report by DBS:
2024-02-22 iFAST Corporation - Margins Trending Higher.

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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