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Citi advises investors to 'sell' Singapore's best-performing stock, analysts split on iFast's UK bank acquisition

Jovi Ho
Jovi Ho1/10/2022 01:57 PM GMT+08  • 4 min read
Citi advises investors to 'sell' Singapore's best-performing stock, analysts split on iFast's UK bank acquisition
“The acquisition will be immediately dilutive to earnings per share, as BFC Bank is loss-making."
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Citi Research analysts Tan Yong Hong and Robert Kong are recommending investors “sell” FinTech company iFast, citing high risk due to share price volatility and the company’s announcement to acquire a UK bank.

“The acquisition will be immediately dilutive to earnings per share (EPS), as BFC Bank is loss-making and fundraising via debt/capital raise is required,” write Tan and Kong in a Jan 8 note.

The analysts have a target price of $7.50 for the stock, down from its Jan 7 close price of $7.85.

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