IFS Capital

IFS Capital: Voyage 2QFY14 results preview; House maintains Invest rating with TP of $0.53. Across the key geographical markets of IFS, Voyage continues to expect the company to deliver growth or capture more market share. Accordingly, the pipeline of deals in Singapore and Malaysia remains positive whilst operations in Thailand are expected to continue to grow in 2014 on the back of a recovery in economic activity in 2HFY14. In Indonesia, the company also reported new clients and account activations. Although business has been affected in 1HFY14 by reduced construction activities and softer property market, house sees that IFS’s business development efforts to expand in other markets and to roll out new products will serve the company well in offsetting slower growth in specific markets.