iFast responds to SGX query, cites contract bids, news and industry reports

IFAST has responded to the Singapore Exchange's earlier query on its share price movements, saying it has participated in the bidding of projects, including"certain ones in Hong Kong" which may have a material positive impact on its business should they prove successful.its stock surged S$0.24 or 5.

iFast also cited news of its assets under administration growth to S$14.45 billion as at Dec 31, 2020 as a possible explanation for the trading activity on Friday. This is in addition to an initiation research report from Jefferies Singapore issued this week, as well as a research update from CGS-CIMB on the company's business, it said.

Jefferies initiated a"buy" on the counter in a Jan 11 report with a target price of S$3.51. CGS-CIMB maintained its"hold" recommendation on iFast in its latest Jan 13 report, but raised its target price to S$4.15 from S$3.41 previously on expectations of record earnings for Q4 FY2020.

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