$IFAST (AIY.SG)$ not meant for long term investment[Nose Pic...
$IFAST (AIY.SG)$ not meant for long term investment![]()
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
InvestorGod : iFAST Corporation Limited (SGX: AIY)
iFAST is a financial technology (fintech) company that operates a platform for the buying and selling of unit trusts, shares, and bonds.
The group saw its share price hit an all-time high of close to S$10 back in September 2021.
The fintech may be the next in line to surpass this all-time high as it reports a strong set of results for the third quarter of 2024 (3Q 2024).
Net revenue climbed 53.4% year on year to S$64 million while operating profit shot up 92.4% year on year to S$21.5 million.
Net profit for 3Q 2024 stood at S$16.8 million, up 97.3% year on year.
The group’s net profit for the first nine months of 2024 of S$47.4 million has already surpassed 2023’s full year profit of S$28.3 million.
iFAST’s assets under administration also reached a new record of S$23.62 billion, up 23.6% year on year.
The group declared an interim dividend of S$0.015 for 3Q 2024, up from the S$0.013 it paid out in the prior year.
Management is confident that the Hong Kong ePension division will be an important growth driver for this year and the next.
The group also expects its digital bank division to become an important growth driver in 2025 and beyond.
InvestorGod : The way Lim sees it, getting one million clients for the bank in five years is a reasonable target.
“If on average, each of them just put S$10,000-S$20,000, that’s already S$10-20 billion,” he said.
Apart from banking, iFast also has another growth driver coming from its Hong Kong business as it executes its ePension business there.
iFast has targets for its Hong Kong business to hit net revenue of over HK$1.3 billion (S$208.1 million) and over HK$500 million in profit before taxes (PBT) in 2025 – higher than the entire group’s PBT of S$35.8 million in FY2021.
“In the next three years, the Hong Kong side will be the bigger growth driver,” Lim said. “But in the long run – the next 10 years – I feel that what our iFast Global Bank has opened up for us can lead to something much bigger.”