Covid-19 has accelerated digital adoption across Asia, and financial services company iFAST, like its name, is expected to grow faster than the industry, writes DBS Group Research analyst Ling Lee Keng in a September 8 note.

Ling is maintaining “buy” on the company with a raised target price of $2.60 from $2.35. DBS Group Research is raising iFAST’s assets under administration (AUA) growth assumption to 15% each in FY2020F and FY2021F, from 12% previously.

“Covid-19 has accelerated the pace of digitalisation. The recent 2Q2020 results, which saw asset under administration (AUA) grew 11.5% year-to-date, is a testament of the growing adoption of Fintech services,” says Ling.

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