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Broker's take: DBS expects iFast's growth to outpace industry, ups target price

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DBS Group Research has increased its target price for Singapore-based wealth management and brokerage platform iFast Corp to S$2.60 from S$2.35, and maintained its 'buy' call. Read more at The Business Times.

DBS upped its AUA growth assumption for iFast to 15 per cent for FY20 and FY21 each, from 12 per cent previously.

"Recent developments bode well for iFast. The group is in the bidding for more large-scale projects, which could be a game changer if awarded," she wrote. iFast is part of a consortium vying to operate Hong Kong's digital pension system, and is also gunning for a digital wholesale bank licence in Singapore.

Compared to other analysts, DBS is more optimistic on iFast given the group's scalable business model and the drive towards digitalisation, Ms Ling said.

 

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