iFast: DBSV believes iFAST offers investors a unique investment proposition as a direct proxy to the wealth management industry as well as an angle into digital finance.
iFAST’s key performance driver lies in the growth of Assets Under Administration (AUA), which generates recurring revenues. House expects iFAST to grow at a faster rate than the wealth management industry which is expected to accelerate, given the growing demand for overall wealth management products in the region, underpinned by the distribution of bonds and ETFs in Singapore.
However, key risk is the highly regulated industry, which the group is subject to a variety of laws and regulations across the regions it operates in. Security breaches is also a risk that could result in adverse publicity and damage to reputation.
DBSV has a Buy rating with TP of $1.73 for the counter.
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