Equity Analysis /

SG : iFAST Corporation Ltd - Near-term pain, long-term gain

    26 April 2022
    Published byCGS-CIMB

    Although net inflows remained positive, sequential earnings could be challenged by volatile markets and elevated opex (for bank, ePension). We factor in more substantial ePension contributions from FY23F onwards as management sees clearer opex visibility amid the implementation phase. Reiterate Add as we look past near-term headwinds due to persistent market volatility and towards c.50-60% EPS growth in FY23-24F (largely from HK).