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

• 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.

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• 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.

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• 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.

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

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