IFAST CORPORATION LTD.
AIY.SI
IFAST Corporation - Ceasing Coverage
- With the earnings recovery in line with our estimates and bullish sentiment in the equity markets, iFAST’s outlook looks positive.
- However, with continued losses projected at its China operations, coupled with the stock’s rich valuations, we feel that the upside would be capped. That said, we are ceasing coverage on this counter due to a redistribution of internal resources.
- Our previous recommendation was NEUTRAL, with a TP of SGD1.01.
Leading funds and investments distribution platform.
- Incorporated in 2000 as Fundsupermart Holdings Pte Ltd, it was renamed to iFAST Corp (iFAST) in 2003. The company has an internet-based distribution and administration platform, with custody of SGD5.13bn worth of assets under administration (AUA).
- “iFAST” stands for “Investment and Funds Administration, Services and Transactions”. The company is an investment products distributor and administration platform, which also provides a comprehensive range of services.
Three main counterparties.
- As iFAST provides a whole range of services to banks, financial advisers, financial institutions and their respective clients, it also enables do-it-yourself (DIY) investors to make their own informed investment choices. Its three main counter-parties are:
- Business-to-business (B2B) customers;
- Business to consumer (B2C) customers;
- Suppliers.
Jarick Seet
RHB Invest
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http://www.rhbinvest.com.sg/
2017-12-22
RHB Invest
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