iFAST: (S$1.18) 1Q16 hit by a double whammy of weak markets and increasing costs
- 1Q16 net profit ($1.3m, -58.4%). Revenues -10.6%, opex +25%.
- Mgt: Any market conditions improvement +ve for group ex-China.
- Expenses in China to scale biz there.
-Interim DPS 0.68¢ maintained.
-Trading at 22.7x consensus forward P/E.
-Consensus: 1 Buy, 1 Hold, mean TP $1.36