iFAST (SGX:AIY) delivered 1Q26 revenue of S$154.5m (+44.5% y-o-y; +1.8% q-o-q) and PATMI of S$28m (+47.3% y-o-y; - 14.8% q-o-q), forming 25%/21% of our/consensus PATMI estimates respectively. This was driven by a doubled net revenue in Hong Kong as the group scales up its infrastructure and continues to expand its core wealth management platform.
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First interim dividend raised.
A first interim dividend of 2.5 cents/share was declared (+56% y-o-y; 1Q25: 1.6 cents). Management reaffirmed guidance for a 2026 iFAST's dividends of at least 10.5 cents (+25% y-o-y), supported by a healthy ROE of 26.8% and a more liquid balance sheet post-S$120m debt issuance in Mar 26.
New record-high AUA with China momentum.
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China remains a standout, with AUA doubling y-o-y to S$917m and narrowing its loss by 50% q-o-q to S$0.4m, potentially turning profitable by 2027.
iGB profit moderates; Ant partnership to launch.
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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/.
