Citing Mordor Intelligence, Apac's wealth management market, valued at US$27.6 trillion in assets under management in 2025, is seen to grow to US$41.8 trillion by 2031.
iFast, on its part, may see its asset under administration grow at a CAGR of 22% over the coming three years.
"Considering iFast’s asset-light model, we believe group’s PBT margins will further expand as business scales up, which we estimate at between 39-42% over the forecast horizon," says Hanafiah.
There is another growth angle: iFast's UK-based digital banking arm, which is enjoying a jump in deposits - a trend likely to continue.
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"This deposit base expansion is translating into higher net revenue, thanks to the group’s strategy to redeploy deposits into short-duration sovereign bonds and investment-grade corporate bonds," says Hanafiah.
The company's ePension business in Hong Kong is seen to generate slightly better profit before tax margins of between 43 to 45% over FY2026 to FY2028.
With better operating leverage, iFast is seen to grow its net core earnings at a CAGR of 19% over the FY2026 to FY2028 period.
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Key risks include earnings dependence on AUA, regulatory risks, and exposure to FX currencies.
iFast shares, as at 9.54 am, is down 1.95% to $9.04.
