iFAST Corporation Ltd (SG:AIY)
SGX:AIY
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iFAST Corporation Ltd
(SGX:AIY)
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Rating:69Neutral
Price Target:
S$10.00
â–²(1.63% Upside)
Action:ReiteratedDate:04/25/26
Overall score is anchored by strong financial performance (meaningfully improved margins and solid cash conversion), tempered by rising leverage and a notable recent drop in free cash flow. Technicals are currently soft with the price below key moving averages, and valuation is only moderate due to a relatively high P/E and low dividend yield.
Positive Factors
Scalable B2B2C platform and multi-segment model
iFAST’s platform model intermediates fund providers, advisers/institutions and end-clients, producing recurring platform, trailer and custody fees. That multi-segment distribution plus selective digital banking products creates scalable, recurring revenue streams and cross-sell optionality that support durable growth.
Negative Factors
Rising leverage reduces financial flexibility
Leverage has moved materially higher from prior conservative levels, raising interest and refinancing risk and limiting capacity for opportunistic investment or M&A. Elevated debt-to-equity (~0.5) constrains flexibility compared with the company’s historically low-leverage profile.
Read all positive and negative factors
Positive Factors
Negative Factors
Scalable B2B2C platform and multi-segment model
iFAST’s platform model intermediates fund providers, advisers/institutions and end-clients, producing recurring platform, trailer and custody fees. That multi-segment distribution plus selective digital banking products creates scalable, recurring revenue streams and cross-sell optionality that support durable growth.
Read all positive factors
iFAST Corporation Ltd (AIY) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$2.66B
Dividend Yield0.79%
Average Volume (3M)1.20M
Price to Earnings (P/E)24.4
Beta (1Y)0.83
Revenue Growth38.85%
EPS Growth50.42%
CountrySG
Employees1,708
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.09
Shares Outstanding304,938,870
10 Day Avg. Volume1,297,150
30 Day Avg. Volume1,198,253
Financial Highlights & Ratios
PEG Ratio0.58
Price to Book (P/B)7.23
Price to Sales (P/S)6.46
P/FCF Ratio5.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$12.80Price Target Upside30.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.43
Revenue Forecast (FY)S$623.79M
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) divisi...
How the Company Makes Money
iFAST primarily makes money by operating a business-to-business-to-consumer (B2B2C) investment platform that intermediates between product providers (e.g., fund managers) and distribution (financial advisers/institutions) and end-clients, earning ...
iFAST Corporation Ltd Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
72
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 544.53M | 445.32M | 339.48M | 256.54M | 205.31M | 216.20M |
| Gross Profit | 304.58M | 202.84M | 155.78M | 110.85M | 115.42M | 113.22M |
| EBITDA | 206.39M | 204.00M | 143.24M | 67.12M | 37.94M | 54.08M |
| Net Income | 109.02M | 100.01M | 66.63M | 28.27M | 6.42M | 30.63M |
Balance Sheet | ||||||
| Total Assets | 2.69B | 2.43B | 1.70B | 832.90M | 458.54M | 224.85M |
| Cash, Cash Equivalents and Short-Term Investments | 1.27B | 1.38B | 1.06B | 460.48M | 192.84M | 59.29M |
| Total Debt | 286.01M | 209.61M | 152.56M | 59.41M | 23.41M | 15.18M |
| Total Liabilities | 2.26B | 2.03B | 1.39B | 575.52M | 227.82M | 97.22M |
| Stockholders Equity | 427.91M | 397.99M | 316.79M | 250.20M | 222.49M | 128.65M |
Cash Flow | ||||||
| Free Cash Flow | 281.84M | 520.58M | 645.66M | 251.62M | 32.39M | 26.97M |
| Operating Cash Flow | 315.56M | 551.73M | 671.28M | 273.45M | 47.40M | 46.53M |
| Investing Cash Flow | -406.35M | -415.75M | -465.37M | -66.53M | -16.61M | -20.24M |
| Financing Cash Flow | 83.00M | -40.00M | 51.26M | -1.85M | 90.91M | -18.88M |
iFAST Corporation Ltd Technical Analysis
Positive
9.84
Price Trends
9.20
Positive
9.42
Positive
9.07
Positive
Market Momentum
0.16
Negative
67.91
Neutral
93.05
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:AIY, the sentiment is Positive. The current price of 9.84 is above the 20-day moving average (MA) of 9.17, above the 50-day MA of 9.20, and above the 200-day MA of 9.07, indicating a bullish trend. The MACD of 0.16 indicates Negative momentum. The RSI at 67.91 is Neutral, neither overbought nor oversold. The STOCH value of 93.05 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:AIY.
iFAST Corporation Ltd Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | S$1.15B | 15.07 | 6.55% | 1.88% | 8.91% | 5.41% | |
72 Outperform | S$352.80M | 12.45 | 15.62% | 5.52% | 32.77% | 54.95% | |
69 Neutral | S$2.66B | 24.39 | 28.29% | 0.79% | 38.85% | 50.42% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | S$951.52M | 32.46 | 2.92% | 1.12% | 19.73% | 52.54% |
* Technology Sector Average
SG:AIY
iFAST Corporation Ltd
8.73
2.49
39.90%
SG:BBW
Azeus Systems Holdings Ltd.
11.76
1.43
13.88%
SG:E28
Frencken Group Limited
2.68
1.68
168.27%
SG:MZH
Nanofilm Technologies International Ltd.
1.46
0.93
175.47%
iFAST Corporation Ltd Corporate Events
iFAST issues S$120m 2.75% notes due 2031 under debt programme
Mar 3, 2026
iFAST Corporation Ltd has issued S$120 million of 2.75 per cent fixed rate notes due 2031 as Series 002 under its S$300 million multicurrency debt issuance programme, with Oversea-Chinese Banking Corporation Limited acting as the sole dealer. The ...
iFAST Prices S$120 Million 2.75% Notes to Fund Growth and Digital Banking Push
Feb 24, 2026
iFAST Corporation has priced S$120 million of 2.75 per cent fixed rate notes due 2031 under its S$300 million multicurrency debt issuance programme, with the notes to be issued on 3 March 2026. Oversea-Chinese Banking Corporation is acting as sole...
iFAST prices S$120 million 2.75% notes due 2031 under debt programme
Feb 24, 2026
iFAST Corporation Ltd has priced S$120 million of 2.75 per cent fixed-rate notes due 2031 under its S$300 million multicurrency debt issuance programme, with the notes expected to be issued on 3 March 2026. Oversea-Chinese Banking Corporation Limi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.