To The Moon

$IFAST CORPORATION LTD.(AIY.SI)$ The fintech group was soaring high last year as digitalisation brought in fund inflows of well over S$3.7 billion that boosted its assets under administration (AUA).

Its AUA hit a record high of S$19 billion as of 31 December 2021.

However, stock market volatility and the purchase of a UK digital bank resulted in the group reporting a net loss for its fiscal 2022’s second quarter (2Q2022).

For 3Q2022, net profit plunged by 72% year on year as expenses shot up in tandem with high inflation.

iFAST’s share price was riding high at S$10 late last year but has fallen by 65% to a 52-week low of S$3.54 recently.

The stock has seen a breath of fresh air in the past month as it jumped 25% to close at S$5.92

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