iFAST Corporation - UOB Kay Hian 2024-04-29: Another Record-high AUA In 1Q24; Better-Than-Expected Contributions From HK ePension Division

• iFAST’s 1Q24 earnings of S$14.5m (+387.4% y-o-y, +9.8% q-o-q) were above expectations, forming 30% of our full-year estimate. This was mainly driven by significant contributions from the HK ePension division and sustained growth in its core wealth management platform.
• - Read this at SGinvestors.io -

iFAST's 1Q24 results above expectations.

• iFAST Corporation (SGX:AIY) had a strong 1Q24 performance, with 1Q24 revenue and PATMI of S$86m (+59.4% y-o-y; +4.6% q-o-q) and S$14.5m (+387.4% y-o-y; +9.8% q-o-q), forming 26%/30% of our full-year estimates respectively.
• Excluding banking operations, revenue rose 53.2% y-o-y and PATMI surged 258.8% y-o-y, driven by the continued growth in its core wealth management platform business and contributions from the Hong Kong (HK) ePension division.
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AUA hits a new record high; net inflows increase.

• Assets under administration (AUA) for iFAST reached S$21.1b as at 31 Mar 24 (+16.0% y-o-y; +6.3% q-o-q), breaking its record for the third consecutive quarter since end-21.
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  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/ 2024-04-29 SGinvestors.io
  
  

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  Previous report by UOB:
  2024-02-23 iFAST Corporation - 2nd Consecutive Record AUA In 4Q23; HK ePension Division Drives Growth.

  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