2Q25 earnings slightly ahead of expectations – iFAST reported 2Q25 revenue of S$103m (+28% y-o-y; +13% q-o-q) and PATMI of S$22m (+40% y-o-y; +16% q-o-q), bringing 1H25 revenue and PATMI to 43%/48% of our full-year estimates respectively. This came in slightly above expectations as we expect a stronger 2H25, underpinned by the accelerating momentum of the Hong Kong (HK) ePension amid increased eMPF onboarding.
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a turnaround at iFAST Global Bank (iGB), which recorded a S$1.7m profit vs a S$3.8m loss in 1H24; and
continued expansion of the core wealth management platform.
A 33% y-o-y higher second interim dividends of 2.0 cents/share was proposed (2Q24: 1.5 cents/share).
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AUA reaches new high.
iFAST’s assets under administration (AUA) climbed to a record S$27.2b as at end-Jun 25 (+22% y-o-y; +6% q-o-q), driven by record quarterly net inflows of S$1.29b (+65% y-o-y; +37% q-o-q). This is broadly in line with our full-year AUA growth forecast of 20% y-o-y. Singapore remained the key contributor, with AUA reaching a record S$19.2b (+20% y-o-y; +6% q-o-q), forming 71% of total group AUA.
Management maintains its long-term AUA target of S$100b by 2028-30.
iGB delivered its third consecutive quarter of profit, though earnings moderated q-o-q.
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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/.
