CGS-CIMB Research analyst Andrea Choong has upgraded her recommendation on iFAST to “add” from “hold” just seven days after her downgrade on July 27.

This comes after the group announced, on July 31, that it has finalised its prime subcontractor contract with PCCW Solutions for Hong Kong’s electronic Mandatory Provident Fund Platform (eMPF) project.

iFAST’s service agreement with PCCW entails a seven-year maintenance period from FY2023, notes Choong. It is expected to have a “very material” financial impact during the period.

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