After iFAST’s record-strong performance for 4QFY2025 where net profit rose 8% y-o-y to $32.9 million, Ling Lee Keng expects the momentum will continue with 2026 a “strong” year for the company. With record revenue and growth in assets under administration (AUA) for the quarter, Lim is sanguine that AUA will continue to grow with “healthy” net inflows and “progressive monetisation” of pension mandates.
For the quarter, iFAST reported revenue growth of 45.7% y-o-y to $151.7 million, bringing full-year revenue to $514.6 million which represented a 34.4% increase from FY2024. Full-year net profit rose 50.1% to $100 million, attributed to higher AUA, increasing Hong Kong ePension business, resilient growth in the core wealth management platform, and iFAST Global Bank achieving its first full year of profitability.
Net inflows totalled $4.72 billion and AUA reached $31.98 billion, a 27.9% increase from the previous year. Geographically, AUA grew 27.8% y-o-y for Singapore while Hong Kong, Malaysia and China saw growth of 20.7%, 19.6% and 74.9% respectively.
Ling believes Hong Kong and Macau to be part of iFAST’s growth story in 2026. For the “Fragrant Harbour”, growth will be driven by the maturing ePension platform, “expanding” client assets and a new revenue stream when the Occupational Retirement Schemes pension administration business commences contribution in the second-half of 2026.
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Meanwhile for the “Las Vegas of the East”, Ling sees the Macau ePension as a catalyst for accelerating adoption of iFAST solutions. She adds that upside drivers include sustained inflows across key markets and expansion of payment services and deeper fintech ecosystem integration, which will reinforce earnings visibility.
DBS has increased its TP for iFAST from $10.23 to $12 over the past year. Shares in iFAST reached a high of $10.99 on Jan 27 before declining to below $10 subsequently. As at around 2:35 pm on Feb 13, the counter is trading at $9.52, 26 cents or 2.7% lower than the previous day.
