iFAST’s Share Price Surged 64% in the Past Year: Can the Fintech Surpass its All-Time High of S$10?

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iFAST’s Share Price Surged 64% in the Past Year: Can the Fintech Surpass its All-Time High of S$10?

The Smart Investor06-26

[ Share Facebook Twitter LinkedIn Email WhatsApp iFAST Corporation Limited’s (SGX: AIY) share price has been on a tear over the past five years. The fintech group saw its shares soar ...

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HKpoh
·06-28
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Let’s find out.\nSoaring profits and a sharply higher dividend\nThe sharp increase in iFAST’s share price can be traced to the group’s improved fundamentals.\nThe fintech has seen both its revenue and net profit increase significantly as it commences its Hong Kong eMPF (mandatory provident fund) contract.\nSnagged back in January 2021, the initial contributions from this mega-contract only started flowing in during the third quarter of 2023 (3Q 2023) with an initial one-month contribution.\nBecause of this contract, along with the organic growth of its assets under administration (AUA), iFAST saw a sharp improvement in both its revenue and profits for 2023.\n2023’s total revenue climbed 22.8% year on year to S$256.5 million with net revenue increasing by 36.7% year on year to S$161.7 million.\nOperating profit more than tripled year on year to S$37.1 million while net profit more than quadrupled year on year from S$6.4 million to S$28.3 million.\nThe momentum carried over into 1Q 2024 with iFAST announcing an 87.4% year-on-year surge in net revenue to S$58.1 million.\nOperating profit leapt 357.2% year on year to S$18.5 million with net profit soaring 387.4% year on year to S$14.5 million.\nThe directors upped the interim dividend by 30% year on year from S$0.01 to S$0.013, in line with the strong results.\niFAST’s AUA also rose 16% year on year to hit a record S$21.05 billion.\nThe Hong Kong eMPF contract\nThere could be more in store for iFAST.\nIts Hong Kong eMPF contract, which forms part of its Hong Kong ePension division, is poised to become an important growth driver for 2024 and 2025.\nNet revenue for its Hong Kong division came in at HK$306 million for 2023 while profit before tax (PBT) stood at HK$139 million.\nFor 2024, iFAST projects that net revenue should exceed HK$650 million with PBT coming in above HK$250 million as the eMPF project ramps up.\nBy 2025, the group expects its Hong Kong division to chalk up net revenue of more than HK$1 billion while PBT is expected to exceed HK$500 million.\nBased on this forecast, investors can expect much more from iFAST’s ePension division.\niFAST’s digital bank wild card\nIn addition to its core wealth management and ePension businesses, iFAST also acquired a digital bank back in early 2022.\nThis new division, aptly named iFAST Global Bank or iGB, saw customer deposits shoot up 475% year on year to £302.9 million (around S$515.4 million).\nThe bank’s digital transaction banking division saw continued growth in customers and will launch new systems and product enhancements in 2Q 2024.\nOn the digital personal banking front, iFAST has lined up further product enhancements for the second half of 2024.\niGB’s net revenue grew nearly 44% year on year to S$4.2 million but incurred a slightly larger net loss of S$2.3 million for 1Q 2024.\nDespite this loss, management expects iGB to become an important growth driver for the group in 2025 and beyond.\nAnother catalyst on the way\nMeanwhile, iFAST also launched ORSO ePension services for its Hong Kong division last year.\nORSO stands for Occupational Retirement Schemes Ordinance and is also a retirement protection scheme set up by the Hong Kong government.\nManagement expects this project to begin contributing by the end of this year or from 1Q 2025 onwards.\nThe group is busy preparing for the official start date for the ORSO contract.\nThe ORSO project is another catalyst for iFAST that should help to add to its revenue and help boost its profits and cash flow.\nGet Smart: Revenue and profits look poised to increase\nFrom the above, it seems clear that iFAST’s business should enjoy a fillip for this year and the next.\nIts Hong Kong ePension division is set to enjoy higher revenue and PBT from both the eMPF and ORSO projects.\nAlthough iGB is still a wild card for now, management seems confident that the bank can contribute to the group’s top and bottom lines from 2025 onwards.\nBarring unexpected delays or hiccups, investors should expect the fintech to report better financial numbers for 2024 and 2025.\nDive into the future of technology with our newest FREE report, “The Rise of Titans.” Discover how the big 7 US tech stocks can be your ticket to huge long-term gains. Download your copy today and see how easy it is to supercharge your portfolio.\nFollow us on Facebook and Telegram for the latest investing news and analyses!\nDisclosure: Royston Yang owns shares of iFAST Corporation.\n\n\n\nYahoo\n]","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":321563975405688,"gmtCreate":1719537446055,"gmtModify":1719537449512,"author":{"id":"4090651426001740","authorId":"4090651426001740","name":"HKpoh","avatar":"https://static.tigerbbs.com/c7e76b0a89262ef58fedef12ced230ca","vip":1,"hat":"https://static.tigerbbs.com/646756f1284a5a6480ed02cc4fa7d1d2","crmLevel":5,"crmLevelSwitch":0,"idStr":"4090651426001740","authorIdStr":"4090651426001740"},"htmlText":"Hope for the best","listText":"Hope for the best","text":"Hope for the best","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/321563975405688","repostId":2446635065,"repostType":2,"repost":{"id":"2446635065","pubTimestamp":1719396000,"share":"https://ttm.financial/m/news/2446635065?lang=&edition=fundamental","pubTime":"2024-06-26 18:00","market":"sg","language":"en","title":"iFAST’s Share Price Surged 64% in the Past Year: Can the Fintech Surpass its All-Time High of S$10?","url":"https://stock-news.laohu8.com/highlight/detail?id=2446635065","media":"The Smart Investor","summary":"With iFAST’s share price shooting up by 64%, does the fintech have what it takes to reclaim its all-time high of S$10?","content":"<html><body><p>[<article>\n<div>\n<div>\n<div>\n<span>Share</span>\n<div>\n<i></i>\n<span>Facebook</span>\n<i></i>\n<span>Twitter</span>\n<i></i>\n<span>LinkedIn</span>\n<i></i>\n<span>Email</span>\n<i></i>\n<span>WhatsApp</span>\n</div>\n</div>\n</div>\n<div>\n<div></div>\n<p><strong>iFAST Corporation Limited’s</strong> (SGX: AIY) share price has been on a tear over the past five years.</p>\n<p>The fintech group saw its shares soar nearly sevenfold from S$1.08 back in late June 2019 to the current S$7.29.</p>\n<p>In the past year alone, iFAST’s share price has surged by 62% but is still around 27% below its all-time high of S$10 reached in September 2021.</p>\n<p>Does the group have what it takes to revisit its all-time high and should investors feel optimistic about its business? Let’s find out.</p>\n<h2><strong>Soaring profits and a sharply higher dividend</strong></h2>\n<p>The sharp increase in iFAST’s share price can be traced to the group’s improved fundamentals.</p>\n<p>The fintech has seen both its revenue and net profit increase significantly as it commences its Hong Kong eMPF (mandatory provident fund) contract.</p>\n<p>Snagged back in January 2021, the initial contributions from this mega-contract only started flowing in during the third quarter of 2023 (3Q 2023) with an initial one-month contribution.</p>\n<p>Because of this contract, along with the organic growth of its assets under administration (AUA), iFAST saw a sharp improvement in both its revenue and profits for 2023.</p>\n<p>2023’s total revenue climbed 22.8% year on year to S$256.5 million with net revenue increasing by 36.7% year on year to S$161.7 million.</p>\n<p>Operating profit more than tripled year on year to S$37.1 million while net profit more than quadrupled year on year from S$6.4 million to S$28.3 million.</p>\n<p>The momentum carried over into 1Q 2024 with iFAST announcing an 87.4% year-on-year surge in net revenue to S$58.1 million.</p>\n<p>Operating profit leapt 357.2% year on year to S$18.5 million with net profit soaring 387.4% year on year to S$14.5 million.</p>\n<p>The directors upped the interim dividend by 30% year on year from S$0.01 to S$0.013, in line with the strong results.</p>\n<p>iFAST’s AUA also rose 16% year on year to hit a record S$21.05 billion.</p>\n<h2><strong>The Hong Kong eMPF contract</strong></h2>\n<p>There could be more in store for iFAST.</p>\n<p>Its Hong Kong eMPF contract, which forms part of its Hong Kong ePension division, is poised to become an important growth driver for 2024 and 2025.</p>\n<p>Net revenue for its Hong Kong division came in at HK$306 million for 2023 while profit before tax (PBT) stood at HK$139 million.</p>\n<p>For 2024, iFAST projects that net revenue should exceed HK$650 million with PBT coming in above HK$250 million as the eMPF project ramps up.</p>\n<p>By 2025, the group expects its Hong Kong division to chalk up net revenue of more than HK$1 billion while PBT is expected to exceed HK$500 million.</p>\n<p>Based on this forecast, investors can expect much more from iFAST’s ePension division.</p><div></div>\n<h2><strong>iFAST’s digital bank wild card</strong></h2>\n<p>In addition to its core wealth management and ePension businesses, iFAST also acquired a digital bank back in early 2022.</p>\n<p>This new division, aptly named iFAST Global Bank or iGB, saw customer deposits shoot up 475% year on year to £302.9 million (around S$515.4 million).</p>\n<p>The bank’s digital transaction banking division saw continued growth in customers and will launch new systems and product enhancements in 2Q 2024.</p>\n<p>On the digital personal banking front, iFAST has lined up further product enhancements for the second half of 2024.</p>\n<p>iGB’s net revenue grew nearly 44% year on year to S$4.2 million but incurred a slightly larger net loss of S$2.3 million for 1Q 2024.</p>\n<p>Despite this loss, management expects iGB to become an important growth driver for the group in 2025 and beyond.</p>\n<h2><strong>Another catalyst on the way</strong></h2>\n<p>Meanwhile, iFAST also launched ORSO ePension services for its Hong Kong division last year.</p>\n<p>ORSO stands for Occupational Retirement Schemes Ordinance and is also a retirement protection scheme set up by the Hong Kong government.</p>\n<p>Management expects this project to begin contributing by the end of this year or from 1Q 2025 onwards.</p>\n<p>The group is busy preparing for the official start date for the ORSO contract.</p>\n<p>The ORSO project is another catalyst for iFAST that should help to add to its revenue and help boost its profits and cash flow.</p>\n<h2><strong>Get Smart: Revenue and profits look poised to increase</strong></h2>\n<p>From the above, it seems clear that iFAST’s business should enjoy a fillip for this year and the next.</p>\n<p>Its Hong Kong ePension division is set to enjoy higher revenue and PBT from both the eMPF and ORSO projects.</p>\n<p>Although iGB is still a wild card for now, management seems confident that the bank can contribute to the group’s top and bottom lines from 2025 onwards.</p>\n<p>Barring unexpected delays or hiccups, investors should expect the fintech to report better financial numbers for 2024 and 2025.</p>\n<p>Dive into the future of technology with our newest FREE report, “The Rise of Titans.” Discover how the big 7 US tech stocks can be your ticket to huge long-term gains. Download your copy today and see how easy it is to supercharge your portfolio.</p>\n<p>Follow us on Facebook and Telegram for the latest investing news and analyses!</p>\n<p><em>Disclosure: Royston Yang owns shares of iFAST Corporation.</em></p>\n<div></div>\n</div>\n</div>\n<div>Yahoo</div>\n</article>]</p></body></html>","source":"thesmartinvestor_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>iFAST’s Share Price Surged 64% in the Past Year: Can the Fintech Surpass its All-Time High of S$10?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\niFAST’s Share Price Surged 64% in the Past Year: Can the Fintech Surpass its All-Time High of S$10?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-26 18:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thesmartinvestor.com.sg/ifasts-share-price-surged-64-in-the-past-year-can-the-fintech-surpass-its-all-time-high-of-s10/><strong>The Smart Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>[\n\n\n\nShare\n\n\nFacebook\n\nTwitter\n\nLinkedIn\n\nEmail\n\nWhatsApp\n\n\n\n\n\niFAST Corporation Limited’s (SGX: AIY) share price has been on a tear over the past five years.\nThe fintech group saw its shares soar ...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/ifasts-share-price-surged-64-in-the-past-year-can-the-fintech-surpass-its-all-time-high-of-s10/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://thesmartinvestor.com.sg/wp-content/uploads/2023/12/iFAST-China-300x200.png","relate_stocks":{"BK4213":"石油与天然气的勘探与生产","BK6052":"资产管理与托管银行","FTVI":"Fintech Acquisition Corp VI","PBT":"帕米亚盆地皇室信托","AIY.SI":"奕丰集团","BK6503":"金融科技概念"},"source_url":"https://thesmartinvestor.com.sg/ifasts-share-price-surged-64-in-the-past-year-can-the-fintech-surpass-its-all-time-high-of-s10/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2446635065","content_text":"[\n\n\n\nShare\n\n\nFacebook\n\nTwitter\n\nLinkedIn\n\nEmail\n\nWhatsApp\n\n\n\n\n\niFAST Corporation Limited’s (SGX: AIY) share price has been on a tear over the past five years.\nThe fintech group saw its shares soar nearly sevenfold from S$1.08 back in late June 2019 to the current S$7.29.\nIn the past year alone, iFAST’s share price has surged by 62% but is still around 27% below its all-time high of S$10 reached in September 2021.\nDoes the group have what it takes to revisit its all-time high and should investors feel optimistic about its business? Let’s find out.\nSoaring profits and a sharply higher dividend\nThe sharp increase in iFAST’s share price can be traced to the group’s improved fundamentals.\nThe fintech has seen both its revenue and net profit increase significantly as it commences its Hong Kong eMPF (mandatory provident fund) contract.\nSnagged back in January 2021, the initial contributions from this mega-contract only started flowing in during the third quarter of 2023 (3Q 2023) with an initial one-month contribution.\nBecause of this contract, along with the organic growth of its assets under administration (AUA), iFAST saw a sharp improvement in both its revenue and profits for 2023.\n2023’s total revenue climbed 22.8% year on year to S$256.5 million with net revenue increasing by 36.7% year on year to S$161.7 million.\nOperating profit more than tripled year on year to S$37.1 million while net profit more than quadrupled year on year from S$6.4 million to S$28.3 million.\nThe momentum carried over into 1Q 2024 with iFAST announcing an 87.4% year-on-year surge in net revenue to S$58.1 million.\nOperating profit leapt 357.2% year on year to S$18.5 million with net profit soaring 387.4% year on year to S$14.5 million.\nThe directors upped the interim dividend by 30% year on year from S$0.01 to S$0.013, in line with the strong results.\niFAST’s AUA also rose 16% year on year to hit a record S$21.05 billion.\nThe Hong Kong eMPF contract\nThere could be more in store for iFAST.\nIts Hong Kong eMPF contract, which forms part of its Hong Kong ePension division, is poised to become an important growth driver for 2024 and 2025.\nNet revenue for its Hong Kong division came in at HK$306 million for 2023 while profit before tax (PBT) stood at HK$139 million.\nFor 2024, iFAST projects that net revenue should exceed HK$650 million with PBT coming in above HK$250 million as the eMPF project ramps up.\nBy 2025, the group expects its Hong Kong division to chalk up net revenue of more than HK$1 billion while PBT is expected to exceed HK$500 million.\nBased on this forecast, investors can expect much more from iFAST’s ePension division.\niFAST’s digital bank wild card\nIn addition to its core wealth management and ePension businesses, iFAST also acquired a digital bank back in early 2022.\nThis new division, aptly named iFAST Global Bank or iGB, saw customer deposits shoot up 475% year on year to £302.9 million (around S$515.4 million).\nThe bank’s digital transaction banking division saw continued growth in customers and will launch new systems and product enhancements in 2Q 2024.\nOn the digital personal banking front, iFAST has lined up further product enhancements for the second half of 2024.\niGB’s net revenue grew nearly 44% year on year to S$4.2 million but incurred a slightly larger net loss of S$2.3 million for 1Q 2024.\nDespite this loss, management expects iGB to become an important growth driver for the group in 2025 and beyond.\nAnother catalyst on the way\nMeanwhile, iFAST also launched ORSO ePension services for its Hong Kong division last year.\nORSO stands for Occupational Retirement Schemes Ordinance and is also a retirement protection scheme set up by the Hong Kong government.\nManagement expects this project to begin contributing by the end of this year or from 1Q 2025 onwards.\nThe group is busy preparing for the official start date for the ORSO contract.\nThe ORSO project is another catalyst for iFAST that should help to add to its revenue and help boost its profits and cash flow.\nGet Smart: Revenue and profits look poised to increase\nFrom the above, it seems clear that iFAST’s business should enjoy a fillip for this year and the next.\nIts Hong Kong ePension division is set to enjoy higher revenue and PBT from both the eMPF and ORSO projects.\nAlthough iGB is still a wild card for now, management seems confident that the bank can contribute to the group’s top and bottom lines from 2025 onwards.\nBarring unexpected delays or hiccups, investors should expect the fintech to report better financial numbers for 2024 and 2025.\nDive into the future of technology with our newest FREE report, “The Rise of Titans.” Discover how the big 7 US tech stocks can be your ticket to huge long-term gains. Download your copy today and see how easy it is to supercharge your portfolio.\nFollow us on Facebook and Telegram for the latest investing news and analyses!\nDisclosure: Royston Yang owns shares of iFAST Corporation.\n\n\n\nYahoo\n]","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}