iFAST

https://www.investingnote.com/posts/2296744

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iFast will soon be indirectly owned by Temasek because Keppel is buying SPH. SPH owns 14% of iFAST. That should be a great selling point for B2B partners, B2C clients and fund managers hoping to work with iFAST.

My only concern is that Keppel may eventually buy iFAST if they can get the cash but hopefully that will never happen and we shareholders can enjoy the compounding for many years.

On the good side, Keppel’s ownership creates a floor for iFAST shares. If share price goes down, Keppel will buy it. Look at all the Keppel deals done over the years. Keppel Land, Keppel T&T, M1 and now SPH.

what will keppel do with ifast is the next biggest development!
Good if someone could enlighten us with a GOOD Opinion Piece

Temasek will soon be shareholder of iFast . Keppel has also mentioned that it will proactively extract value for non core assets .

Hence there may be some likelihood that Keppel may divest iFast to some Temasek related entities in exchange for property related entities, which better complements Keppel current portfolio

Very exciting developments ahead for iFast …
if this happens , then Temasek may nurture iFast to be a much bigger unicorn !!!

other than the above, the following events are unfolding positively in the next few quarters ahead

1. details of the extent of eMPF's contribution to iFast net profit.
2. DB in Malaysia
3. US stock brokering
4. new breakthroughs in the respective markets, namely China, HK, India, and Malaysia!

Indeed, iFast has yet to reach its golden years... it has merely come out of its infancy shell...

SPH shareholders vote in favour of proposed restructuring

https://www.theedgesingapore.com/news/re...tructuring

Temasek (thru Keppel) is the new shareholder of iFast now........!!!

iFAST Global Markets crosses AUA milestone of S$1 billion
Continues Fintech innovation journey to empower clients and advisers of the future

iFAST Global Markets (iGM) Singapore announced that the platform’s Assets Under Administration (AUA) as at 30 September 2021 has crossed the S$1 billion mark, representing a year-on-year (YoY) increase of about 62%. iGM Singapore is the wealth advisory arm of iFAST Financial Pte Ltd (iFAST Singapore), the Singapore subsidiary of Singapore Exchange Securities Trading Limited (SGX-ST) Mainboard-listed iFAST Corporation Ltd (iFAST Corp).

More details in https://links.sgx.com/1.0.0/corporate-an...211011.pdf

iFast@960
Q3FY2021 Result
https://links.sgx.com/FileOpen/iFAST_Res...eID=687861


https://drive.google.com/open?id=1BFUMY4...S6ummBDbcx

Gratitude.

This is a massive change to the HK business

https://links.sgx.com/FileOpen/iFAST_Press Release_3Q2021.ashx?App=Announcement&FileID=687863

iFAST Corp reports 63.6% YoY increase in 9M2021 net profit and sets out Five-Year Plan to further grow its business

The Group’s AUA registered a growth of 46.1% YoY and 27.2% YTD to reach a record high of S$18.38 billion as at 30 September 2021, marking the sixth consecutive quarter of record AUA.

 The Group’s net revenue grew 38.1% YoY to S$84.99 million in 9M2021, while its net profit grew 63.6% YoY to S$23.43 million in 9M2021. Reflecting the positive operating leverage of the Group’s business model, its PBT margins increased to 32.7% for 9M2021, compared to 29.6% for 2020 as a whole.

 The Group has set out a Five-Year Plan focusing on four key aspects namely to get bigger and better, to accelerate Hong Kong’s growth, to pursue more licences, and to build a truly global business model.

 Given the Group’s expectations that the growth rates of its overall Hong Kong business will accelerate in the next five years, the Group has decided to share its targeted Hong Kong revenue and PBT margins for 2024 and 2025. In 2024 and 2025 respectively, the Group targets to achieve gross revenue of >HKD1 billion and >HKD1.5 billion, net revenue of >HKD800 million and >HKD1.2 billion, and PBT margin of >15% and >33%.

 For the interim dividend for 3Q2021, the Directors declared a dividend of 1.30 cents per ordinary share, an increase

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Most analysts only forecast about $10mil net profit attributable to EMPF's contribution. 

But based on iFast's latest announcement, it appeared that EMPF would contribute a minimum of $60mil net profit from 2025 onwards!!!
(hence, LCC's use of words were appropriate - "Very Material Impact...")

iFAST 2021 Q3 Results – Towards Financial Independence (wordpress.com)

https://mrtfi2024.wordpress.com/2021/10/...3-results/

https://www.businesstimes.com.sg/compani...rget-price

UOBKH halves target price

UOB Kay Hian Research analyst Clement Ho notes a sequential slow down in AUA from Singapore, iFAST's key market. He also downgrades iFAST to "hold", nearly halving his target price to $5.17 from $9.84.

See also: Citi reiterates 'sell' on iFAST as share price plummets to eight-month low

"AUA declined sequentially to $18.63 billion (up 15.6% y-o-y and down 1.9% q-o-q), as key market Singapore (71% of overall AUA) saw redemptions mainly from the B2C segment due to the volatile global equity and bond markets," writes Ho in an April 25 note.

Ho adds: "We have changed our valuation methodology from DCF to PE, due to the slowdown in iFAST’s main driver: AUA... We remain sanguine post-2023 when valuation is expected to narrow to 30.2x, supported by a three-year earnings CAGR of 48.7% for FY2022F-FY2025F."

DBS maintains optimism

Meanwhile, DBS Group Research analyst Ling Lee Keng remains upbeat on iFAST, as “growth initiatives are intact despite near-term hiccups”.

In an April 25 note, Ling is maintaining “buy” on iFAST, though with a lower target price of $8.75 from $10.85 previously.

https://www.theedgesingapore.com/capital...stitutions

Technically, the chart patterns of the local banks and iFAST Corp are pointing to further retreats. Among them, iFAST is the weakest, mainly technically, but also fundamentally. iFAST has formed multiple head-and-shoulder top formations, with the most recent breakdown occurring at around $6.23, indicating a downside of below $3. The breakdowns took place in January and March (highlighted in previous Right Timing columns), despite still-positive outlooks by some analysts and market observers.

Currently, iFAST’s share price is drifting lower, most probably on the way to its target of below $3. These declines are likely to be punctuated by temporary rebounds. At present, the rebounds are getting weaker. Eventually, the declines will get weaker and prices will be ready for stronger rebounds. That point is not at hand yet.

Citi expects earnings downgrade after iFast's 2QFY2022 results this week, lowers TP

https://www.theedgesingapore.com/capital...-lowers-tp

Cut FY2022-24 earnings estimates

In their report, Tan and Tian have reduced their AUA estimates by 5%-7% for the FY2022-FY2024, in addition to lowering their net platform margin estimates to 56 basis points (bps) from 60 bps in FY2022. iFast’s margins for the 1QFY2022 stood at 57 bps.

As such, the analysts have also cut iFast’s FY2022-FY2024 earnings estimates by 9%-12%, factoring in a soft AUA growth and net platform margins. “After our earnings revisions, our FY2022/FY2023 earnings are 18% and 31% [respectively] behind consensus,” write the analysts.

Earnings growth is less sensitive to AUA growth due to declining net platform margins as stocks and ETFs AUA is growing at a faster pace, they add.

Consensus FY2023 earnings estimate imply 41% y-o-y growth, possibly factoring in earnings contribution from iFast’s Hong Kong eMPF pension platform project, write Tan and Tian. “Assuming earnings for Hong Kong operations remain flat in FY2023, this suggests consensus is forecasting FY2023F earnings at $31.3 million or 13% ahead of our estimates.”
Citi values iFast’s core businesses at $2.70, implying 30x FY2023 P/E.