iFAST (SGX:AIY)’s 1Q26 results came in line with our and consensus’ forecasts, with its assets under administration (AUA) growing 27% y-o-y to S$32.6bn.
We continue to like this counter for its asset-light wealth management platforms, Occupational Retirement Schemes Ordinance (ORSO) pension business ramp‑up from 2H26, and continued profitability momentum of the digital banking arm.
A solid 1Q26.
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- Read this at SGinvestors.io -
AUA grew 27.1% y-o-y to S$32.6bn.
iFAST’s AUA grew 27.1% y-o-y to S$32.6bn, exceeding our 24% y-o-y FY26 growth forecast, with net inflows of S$1.25bn in the quarter. The group reiterated its 2030 AUA target of S$100bn and presented a potential scenario where AUA growths are expected across all markets, with total CAGR (FY25-30) of 25.6%. Under this scenario, iFAST Global Bank (iGB) is expected to deliver the fastest AUA growth (57% CAGR), followed by Hong Kong (+26.2%) and Singapore (+22.5%).
While it is stated that this market breakdown is not a firm target, it suggests that Singapore will remain the group’s largest market by AUA, with iGB positioned as the key growth driver.
While these growth assumptions are broadly in line with our view, we remain conservative with an AUA CAGR forecast of 22% over FY25–28, below management’s 25.6%.
Targets to achieve 0.6% net revenue margin on AUA.
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