iFAST Corporation Ltd (AIY) AI Stock Analysis

• Market Cap: S$2.00B
• Dividend Yield: 0.96%
• Average Volume (3M): 909.74K
• Price to Earnings (P/E): 27.7
• Beta (1Y): 1.07
• Revenue Growth: 39.98%
• EPS Growth: 77.40%
• Country: SG
• Employees: 1,708
• Sector: Technology
• Sector Strength: 79
• Industry: Software - Application
• EPS (TTM): 0.24
• Shares Outstanding: 303,236,970
• 10 Day Avg. Volume: 715,260
• 30 Day Avg. Volume: 909,743
• PEG Ratio: -3.33
• Price to Book (P/B): 7.68
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 52.76
• 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$9.08
• Price Target Upside: 39.69% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 72 Outperform
• Price Target: S$7.00 ▲(7.69%Upside)

iFAST Corporation shows strong financial performance with robust revenue growth and efficient cash flow management, which are significant strengths. However, the technical analysis suggests a neutral trend, and the valuation indicates potential overvaluation. These factors, combined with the absence of notable earnings guidance or corporate events, lead to a balanced overall score.

Positive Factors

AUA Growth

Another record AUA of S$25b (+26% yoy, +6% qoq) was set, indicating strong growth in assets under administration.

Dividend Increase

A higher final DPS of 1.6 S cents was proposed, bringing total DPS to 5.9 S cents and reflecting a commitment to shareholder returns.

Financial Performance

The group’s return on equity ratio (ROE) has improved to 22.7% in 1H24, vs 12.2% in FY23, and is closer to its peak of 25.8% in FY21.

Negative Factors

Earnings Expectations

1Q25 results slightly below expectations, weighed down by higher investments in ePension.

Hong Kong Operations

IFAST lowered its 2025 profit before tax guidance for its Hong Kong operations due to resource ramp-up.

Regulatory Risks

Operations are vulnerable to changes in laws and regulations as well as market sentiment.

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 Corporation Ltd generates revenue primarily through fees and commissions from the distribution and administration of investment products. The company earns a significant portion of its income from platform fees charged to financial advisors and institutions for using its comprehensive financial platform. Additionally, iFAST receives transactional fees from the buying and selling of financial products on its platform, as well as trailer fees from fund management companies for distributing their products. The company also benefits from strategic partnerships with various financial institutions, which help expand its product offerings and client base. Furthermore, iFAST's geographical diversification across Asia allows it to tap into different markets, enhancing its revenue potential.

iFAST Corporation Ltd Financial Statement Overview

Summary

iFAST Corporation exhibits strong financial health with robust revenue and profit growth, efficient operations, and effective cash flow management. The moderate leverage and high return on equity reflect a well-managed balance sheet. However, maintaining growth amidst industry competition and ensuring long-term stability through a higher equity ratio are key areas to watch.

Income Statement

The company has shown strong revenue growth with a 11.21% increase in TTM. Gross profit margin remains robust at 51.37%, and net profit margin is healthy at 18.85%. EBIT and EBITDA margins are commendable at 23.98% and 39.57% respectively, indicating solid operational efficiency. However, sustaining these growth rates could be challenging in a competitive industry.

Balance Sheet

iFAST Corporation maintains a strong equity base with an equity ratio of 17.20%, although the debt-to-equity ratio is moderate at 0.44, suggesting manageable leverage. The return on equity is impressive at 20.91%, demonstrating effective use of shareholder funds. However, a higher equity ratio could provide more financial stability.

Cash Flow

Excellent cash flow performance with a high free cash flow growth rate of -8.12% due to slight decline but remains strong overall. The operating cash flow to net income ratio is robust at 8.67, implying efficient cash conversion. The free cash flow to net income ratio stands at 8.34, which indicates strong cash flow generation relative to profitability, providing financial flexibility.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
377.51M	339.48M	256.54M	205.31M	216.20M	169.93M
	Gross Profit
193.96M	155.78M	110.85M	115.42M	113.22M	85.86M
	EBIT
90.52M	84.60M	37.14M	17.13M	36.03M	25.77M
	EBITDA
149.39M	143.24M	47.53M	37.94M	54.08M	37.98M
	Net Income Common Stockholders
71.16M	66.63M	28.27M	6.42M	30.63M	21.15M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
1.13B	1.06B	460.48M	192.84M	59.29M	53.28M
	Total Assets
1.98B	1.70B	832.90M	458.54M	224.85M	254.28M
	Total Debt
150.21M	152.56M	59.41M	23.41M	15.18M	19.22M
	Net Debt
-369.52M	-319.06M	-300.40M	-113.56M	-23.17M	-12.39M
	Total Liabilities
1.64B	1.39B	575.52M	227.82M	97.22M	150.88M
	Stockholders Equity
340.16M	316.79M	250.20M	222.49M	128.65M	104.11M
Cash Flow		Free Cash Flow
593.18M	645.66M	251.62M	32.39M	26.97M	29.34M
	Operating Cash Flow
617.34M	671.28M	273.45M	47.40M	46.53M	41.56M
	Investing Cash Flow
-43.88M	-465.37M	-66.53M	-16.61M	-20.24M	-10.50M
	Financing Cash Flow
41.11M	51.26M	-1.85M	90.91M	-18.88M	-19.18M

iFAST Corporation Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 6.5 is above the 20-day moving average (MA) of 6.50, below the 50-day MA of 6.53, and below the 200-day MA of 7.21, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 47.86 is Neutral, neither overbought nor oversold. The STOCH value of 71.01 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
AIY	72 Outperform	S$2.00B	27.66	23.33%	0.96%	39.98%	77.40%
Sector *	62 Neutral	$11.97B	10.08	-7.46%	2.96%	7.37%	-8.22%
DBSDF		$98.89B	11.93	17.99%	15.43%	―	―
JCYCF		$7.45B	7.48	11.58%	6.26%	―	―
SPXCF		$11.58B	24.72	35.32%	2.56%	―	―
UOVEF		$45.65B	10.22	13.43%	12.75%	―	―
G07	66 Neutral	S$12.21B	12.27	12.01%	6.98%	23.83%	28.49%

iFAST Corporation Ltd Corporate Events

iFAST Securities US Gains Direct Access to US Exchanges

iFAST Corporation Ltd’s US subsidiary, iFAST Securities US, has received approval to become a Participant of The Depository Trust Company and a Self-Clearing Member of the National Securities Clearing Corporation. This approval allows iFAST Securities US to gain direct access to US exchanges, enhancing the company’s operational efficiency and reducing costs by enabling internal custody of US securities.

The most recent analyst rating on (SG:AIY) stock is a Buy with a S$9.50 price target. To see the full list of analyst forecasts on iFAST Corporation Ltd stock, see the SG:AIY Stock Forecast page.

iFAST Corporation Ltd Conducts Annual General Meeting with Business Update

iFAST Corporation Ltd held its Annual General Meeting (AGM) on April 28, 2025, at the Sands Expo & Convention Centre in Singapore, with participation both physically and via live webcast. The meeting, chaired by Mr. Lim Chung Chun, included a business update presentation by Mr. Jean Paul Wong Tin Niam, and confirmed the presence of a quorum, allowing the AGM to proceed as planned.

The most recent analyst rating on (SG:AIY) stock is a Buy with a S$9.50 price target. To see the full list of analyst forecasts on iFAST Corporation Ltd stock, see the SG:AIY Stock Forecast page.

iFAST Corporation Expands Wealth Management with New Trust Platform

iFAST Corporation Ltd has received a Trust Business Licence from the Monetary Authority of Singapore, enabling it to launch iFAST Global Trust, a platform aimed at expanding its wealth management services. This initiative seeks to make trust solutions more accessible and inclusive, targeting not only high net worth individuals but also a broader market by reducing traditional barriers such as high costs and complex structures. The platform will leverage iFAST’s proprietary IT infrastructure to offer efficient management and integration with legacy planning goals, enhancing its service offerings across the wealth lifecycle.

iFAST Corporation Celebrates Milestones and Outlines Future Strategic Plans

iFAST Corporation Ltd has responded to questions from the Securities Investors Association (Singapore) regarding its annual report for the financial year ending December 2024. Celebrating its 25th anniversary and 10th year as a listed company, iFAST has achieved a record $25.01 billion in assets under administration. The company is committed to expanding its global fintech ecosystem, enhancing its wealth management platforms, and maintaining compliance with international regulations, as outlined in its 3-year strategic roadmap for 2025-2027.

iFAST Corp Partners with TSFC Securities to Launch Fintech Bond Platform in Thailand

iFAST Corporation Ltd has entered into a strategic partnership with TSFC Securities, a government-linked securities financing firm in Thailand, to expand its global footprint and develop a fintech service platform for trading offshore bonds. Facilitated by Enterprise Singapore, this collaboration aims to enhance cross-border investment access for Thai brokers, asset managers, and accredited investors by offering immediate executable pricing and full price transparency, which are uncommon in traditional bond markets.