Broker's take: DBS raises iFast TP to S$6.40 on strong earnings projections

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Broker's take: DBS raises iFast's target price to S$6.40 on strong earnings projections

DBS's current earnings forecasts have yet to factor in this potential win. The research house is anticipating earnings growth of 41 per cent for FY2021 and another 30 per cent in FY2022, even without the contract.

"AUA for iFast grew at a two-year compound annual growth rate of 34 per cent, vs 10 per cent from FY2017-2019 for the industry. With the expanding range of products and services, coupled with the boost from Covid-19 that helped to accelerate the rate of digital adoption, we expect AUA to grow by 30 per cent in FY2021 and 20 per cent in FY2022F," she noted.

She also sees ample opportunities for the company in China, where iFast is in the early stages of building its brand among potential clients and investment practitioners in the wealth management space.

 

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