- iFAST (SGX:AIY) is a wealth management and digital banking firm, and we see this group as a key beneficiary of the growing Asia-Pacific (APAC) wealth management market.
- Earnings growth is braced by the scaling up of iFAST Global Bank (iGB), stable recurring income from the ePension division, and its well-established wealth management platform business. Against this backdrop, we forecast a 3-year core earnings CAGR of 19%.
Beneficiary of APAC’s growing wealth management market.
- - Read this at SGinvestors.io -
- Considering iFAST’s asset-light model, we believe group’s PBT margins will further expand as business scales up, which we estimate at ~39-42% over the forecast horizon – this is as assets under administration (AUA) is set to grow at a 3-year CAGR of 22%.
Room for growth for the digital banking arm.
- - Read this at SGinvestors.io -
- We believe iFAST’s digital banking arm will continue to see deposit growth over the forecast horizon, which we estimate a 3-year CAGR of 23%, supported by new customers and increased contributions from existing depositors.
- We also estimate iGB’s net revenue to grow 28%, 25%, and 16% in FY26-28, while PBT expands at a 3-year CAGR of 56%.
ePension division continues to make strides.
- Read more at SGinvestors.io.
Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.
Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2026-03-27
Read also RHB's most recent report:
2026-04-27 iFAST - A Solid Start To The Year; Keep BUY.
Price targets by 3 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
