iFAST Corporation - UOB Kay Hian 2025-02-14: Another Record AUA Set, Hong Kong Segment 4Q24 Results Ahead Of Guidance

• iFAST's share price trades at a lofty 35x 2024F P/E in comparison to its peers’ average of 26x. Maintain HOLD with a 2% higher iFAST's target price of S$8.30 (S$8.17 previously) on richer valuations compared with its peers.
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4Q24 results above expectations.

• iFAST (SGX:AIY) registered higher 4Q24 PATMI of S$19m (+46% y-o-y; +13% q-o-q), bringing 2024 PATMI to S$66.6m (+136% y-o-y). This outperformed our/consensus estimates by 6%/7% respectively, due to stronger-than-expected contributions from its Hong Kong (HK) operations. The strong PATMI growth was driven by HK ePension contributions and improvements in its core wealth management business, especially in Singapore (+44% y-o-y).
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Another record AUA.

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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/.

Previous report by UOB:
2024-10-29 iFAST Corporation - 3Q24 AUA Scales New High; Potential Upside To ePension PBT 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