- iFAST (SGX:AIY) recorded PATMI of S$16m in 2Q24 (+346% y-o-y; +10% q-o-q), on the back of a 73% y-o-y surge in revenue (+9% q-o-q). 1H24 revenue and PATMI formed 52%/53% of our 2024 estimate, slightly above our expectation.
- - Read this at SGinvestors.io -
- See iFAST's dividends. A higher second interim dividend of 1.5 cents/share was proposed (2Q23: 1.1 cents/share).
AUA hit fourth consecutive record quarterly high since end-21.
- Assets under administration (AUA) for iFAST reached S$22.37b as of 30 Jun 24 (+19% y-o-y; +6% q-o-q), driven by higher net inflows of S$0.79b (+45% y-o-y; +15% q-o-q).
- - Read this at SGinvestors.io -
Stable q-o-q performance from HK operations.
- Net revenue of S$28.5m (+3% q-o-q) and pre-tax profit of S$13.3m (+0.8% q-o-q) from HK were relatively stable q-o-q. HK operation’s AUA increased 9% both q-o-q and y-o-y to S$2.69b as of 30 Jun 24.
- The ePension division continues to be the main revenue driver, contributing its 3rd full quarter of revenue.
Continued but narrowing losses in China and the UK.
- 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/ 2024-07-29
Previous report by UOB:
2024-04-29 iFAST Corporation - Another Record-high AUA In 1Q24; Better-Than-Expected Contributions From HK ePension Division.
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
