With subdued training activity bringing iFAST Corp’s 2QFY2021 earnings to its first quarterly dip since 1QFY2019, CGS-CIMB Research analyst Andrea Choong has downgraded the stock to “hold” from “add”, stating that analysts are “toning down our expectations”. 

The wealth management FinTech company last week posted 2QFY2021 net profit of $7.02 million, down 20% q-o-q but up 55% y-o-y. The results also represented its fifth consecutive quarter of record assets under administration (AUA), with net profit increasing 94.0% y-o-y in 1HFY2021 ended June 2021.

Nevertheless, Choong is raising iFAST’s target price to $8.31 from $8.00 previously, representing a 6.0% downside. 

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