iFAST Corporation - UOB Kay Hian 2024-10-29: 3Q24 AUA Scales New High; Potential Upside To ePension PBT Guidance

iFAST Corporation - 3Q24 AUA Scales New High; Potential Upside To ePension PBT Guidance

Published:
iFAST (SGX:AIY) | SGinvestors.io
  • iFAST Corporation posted higher 3Q24 PATMI of S$17m (+97% y-o-y; +5% q-o-q), in tandem with the 50% y-o-y top-line growth (+6% q-o-q).

Solid 3Q24 results largely in line.

  • - Read this at SGinvestors.io -
  • A higher third interim iFAST's dividend of 1.5 cents/share was proposed (3Q23: 1.3 cents/share), in line with our expectations.

Higher recurring revenue from record high AUA and ePension division.

  • iFAST’s assets under administration (AUA) reached a record high of S$23.62b as of end-Sep 24 (+24% y-o-y; +6% q-o-q). Net inflows of S$0.81b (+8% y-o-y; +3% q-o-q) were also the highest since 2021. The improved AUA and ePension project have boosted recurring revenue, and now make up 83.5% of 9M24 net revenue (vs 74.8% for 9M23).

HK performance is stable q-o-q.

  • - Read this at SGinvestors.io -
  • The ePension division continues to be the main revenue driver for the segment as trustees are still being onboarded during the quarter.

Quarterly losses from China operations and iGB significantly narrowed.

  • Read more at SGinvestors.io.



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



Heidi Mo UOB Kay Hian Research | John Cheong UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-10-29



Read also UOB's most recent report:
2025-02-14 iFAST Corporation - Another Record AUA Set, Hong Kong Segment 4Q24 Results Ahead Of Guidance.

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 Dividend Payout Dates & Corporate Actions,
iFAST News






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