iFAST Corp - 4Q21: Continued AUA growth led to operating scalability

(IFAST SP/BUY/S$6.36/Target: S$9.84)

AUA continued to scale up to a record S$19.0b (31.5% yoy, +3.4% qoq), helping iFAST achieve greater operating scale. Net inflows of client assets remained healthy. The group remains committed to its AUA target of S$100b by 2028, implying a CAGR of 27% over the next six years. We have incorporated changes to our model following the BFC Bank acquisition and HK eMPF guidance from management. Maintain BUY with higher target price of S$9.84 (from S$9.75)…