iFast Remains a Buy for DBS on Solid Earnings Outlook

0559 GMT - iFast's longer-term earnings growth outlook is strong, DBS Group Research says as it maintains a buy rating on the Singapore-based fintech platform. Though iFast will likely incur some costs from its planned acquisition of an 85% stake in U.K. bank BFC, DBS thinks the deal is a good play, noting that "having a digital bank located in a trusted jurisdiction is a key missing link in iFast's current Fintech ecosystem." In Asia, the group's Hong Kong business is set to be a key earnings driver from 2024, while its share of the Singapore market should keep growing. DBS cuts the stock's target to S$11.37 from S$12.93 to account for the acquisition costs