iFAST Corporation Ltd (AIY) AI Stock Analysis

• Market Cap: S$2.74B
• Dividend Yield: 0.79%
• Average Volume (3M): 1.20M
• Price to Earnings (P/E): 28.8
• Beta (1Y): 0.84
• Revenue Growth: 29.56%
• EPS Growth: 40.94%
• Country: SG
• Employees: 1,708
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.11
• Shares Outstanding: 304,938,870
• 10 Day Avg. Volume: 1,297,150
• 30 Day Avg. Volume: 1,198,253
• PEG Ratio: 0.58
• Price to Book (P/B): 7.23
• Price to Sales (P/S): 6.46
• P/FCF Ratio: 5.53
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: S$12.73
• Price Target Upside: 41.60% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.45
• Revenue Forecast (FY): S$614.43M

• Rating: 62 Neutral
• Price Target: S$10.00 ▲(11.23% Upside)
• Action: Downgraded Date: 02/18/26
• Date: Action: Downgraded 02/18/26

The score is supported primarily by healthy financial performance (strong profitability and solid cash generation), but is meaningfully held back by weak technicals (bearish trend and momentum) and a relatively high P/E with a low dividend yield.

Positive Factors

High Profitability & Margins

iFAST's 2025 net margin (~22.5%) and very strong EBIT/EBITDA margins reflect durable operating leverage from a digital platform model. High margins provide internal funding for product development and expansion, supporting long-term ROI and resilience across business cycles.

Strong Cash Generation

FCF nearly equals net income and operating cash flow is robust, indicating efficient cash conversion. This strengthens balance-sheet flexibility, funds organic growth, platform investments and potential shareholder returns without heavy reliance on external capital.

Scalable B2B2C Platform & Recurring Fees

The platform model generates recurring, asset-linked fees and benefits from adviser and institutional distribution. Scale amplifies margins via fixed-cost leverage and network effects, supporting predictable revenue streams and competitive stickiness as AUA and adviser relationships grow.

Negative Factors

Increasing Leverage Trend

Rapid balance-sheet expansion and rising debt-to-equity indicate greater reliance on leverage to fund growth. Higher leverage reduces financial flexibility, increases interest and refinancing risk, and makes the company more vulnerable to cash-flow swings or adverse market shocks.

Choppy Revenue & Earnings

Despite long-term scaling, recent revenue decline and historical earnings volatility signal inconsistent top-line traction. Choppiness raises execution risk for sustaining growth, complicates long-term planning and could pressure recurring-fee expansion if product mix or flows weaken.

Revenue Sensitivity to AUA & Markets

AUA-linked fee model makes revenue and trailers materially sensitive to market levels and net flows. Market downturns or sustained outflows can quickly reduce recurring income and margin leverage, requiring consistent inflows and product diversification to stabilize long-term revenue.

iFAST Corporation Ltd Business Overview & Revenue Model

Company Description

iFAST Corporation Ltd. provides investment products and services in Singapore, Hong Kong, Malaysia, and China. The company operates through Business-to-Business (B2B), Business-to-Consumer (B2C), and Business-to-Business-to-Consumer (B2B2C) divisions. The B2B division operates iFAST Central that includes a range of services, including investment administration and transactions services, research and trainings, IT services, and backroom functions to banks, financial advisory firms, and financial institutions. It also operates iFAST Global Prestige, an investment platform designed to meet the requirements of high net worth individuals, as well as the wealth advisers servicing them; and iFAST Pensions that delivers tax-effective employee benefit solutions to multinational companies and its employees comprising expatriates, as well as assists companies to administer pension schemes for its employees through an Internet platform. In addition, this division operates iFAST Global Markets that provides investors with transparent adviser-assisted wealth management plans. The B2C division offers a distribution and transactional platform for investors through its Fundsupermart.com Website that offers a range of investment products, transparent fees structure, tools to compare investments, customer services support, and research advice. The B2B2C division provides fintech solutions to institutional clients to develop and enhance its capabilities. The company also operates bondsupermart.com, a regional bond information portal that provides bond information and research for investors and wealth advisers. iFAST Corporation Ltd. was incorporated in 2000 and is headquartered in Singapore.

How the Company Makes Money

iFAST generates revenue through multiple streams primarily derived from fees associated with its investment platforms and services. Key revenue sources include transaction fees on trades executed via its platforms, management fees from assets under administration, and subscription fees for premium services. Additionally, the company earns income from partnerships with various financial institutions, enabling it to offer a wider range of investment products. iFAST also benefits from a growing client base and increasing assets under management, which contribute to its overall earnings.

iFAST Corporation Ltd Financial Statement Overview

Summary

Strong profitability (2025 net margin ~22.5% with very strong EBIT/EBITDA margins) and solid cash generation (FCF close to net income). Offsets include a slight 2025 revenue decline (-1.8%), a historically choppy earnings profile, and rising leverage (debt-to-equity ~0.53 in 2025).

Income Statement

Revenue scaled materially from 2020 to 2025, but 2025 showed a slight decline (-1.8%), signaling some near-term growth volatility. Profitability strengthened significantly versus earlier years, with 2025 net margin at ~22.5% (up from ~3.1% in 2022) and very strong EBIT/EBITDA margins (~38%/~46%). Key weakness is the choppy earnings profile over the period (notably the 2022 profitability dip), which raises questions on durability through cycles.

Balance Sheet

The balance sheet expanded rapidly (assets rising sharply over 2023–2025), while leverage remains moderate: 2025 debt-to-equity is ~0.53 (up from ~0.24 in 2023), indicating increased reliance on debt as the business scaled. Equity also grew steadily, providing support, but the upward leverage trend is the main watch item versus the company’s historically lower-debt profile.

Cash Flow

Cash generation is strong, with 2025 operating cash flow (~551.7M) and free cash flow (~520.6M) both robust and free cash flow running close to net income (~0.94x). However, free cash flow declined in 2025 (-15.9%) after growth in prior years, and cash-flow-to-earnings conversion has not been perfectly stable year-to-year, suggesting working-capital or timing effects that can create volatility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	445.32M	339.48M	256.54M	205.31M	216.20M
Gross Profit	202.84M	155.78M	110.85M	115.42M	113.22M
EBITDA	204.00M	143.24M	67.12M	37.94M	54.08M
Net Income	100.01M	66.63M	28.27M	6.42M	30.63M
Balance Sheet
Total Assets	2.43B	1.70B	832.90M	458.54M	224.85M
Cash, Cash Equivalents and Short-Term Investments	1.38B	1.06B	460.48M	192.84M	59.29M
Total Debt	209.61M	152.56M	59.41M	23.41M	15.18M
Total Liabilities	2.03B	1.39B	575.52M	227.82M	97.22M
Stockholders Equity	397.99M	316.79M	250.20M	222.49M	128.65M
Cash Flow
Free Cash Flow	520.58M	645.66M	251.62M	32.39M	26.97M
Operating Cash Flow	551.73M	671.28M	273.45M	47.40M	46.53M
Investing Cash Flow	-415.75M	-465.37M	-66.53M	-16.61M	-20.24M
Financing Cash Flow	-40.00M	51.26M	-1.85M	90.91M	-18.88M

iFAST Corporation Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.99
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:AIY, the sentiment is Negative. The current price of 8.99 is below the 20-day moving average (MA) of 9.44, below the 50-day MA of 9.73, and above the 200-day MA of 8.69, indicating a neutral trend. The MACD of -0.25 indicates Positive momentum. The RSI at 34.85 is Neutral, neither overbought nor oversold. The STOCH value of 23.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:AIY.

iFAST Corporation Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
E28	71 Outperform	S$868.37M	15.07	9.11%	1.88%	11.57%	0.89%
BBW	69 Neutral	S$333.00M	11.82	70.97%	5.52%	32.76%	54.96%
AIY	62 Neutral	S$2.74B	28.77	24.72%	0.79%	29.56%	40.94%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
MZH	54 Neutral	S$423.62M	32.46	3.50%	1.12%	22.66%	83.49%