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Positives priced in at iFAST, says UOB

PC Lee
PC Lee7/31/2017 11:28 AM GMT+08  • 2 min read
Positives priced in at iFAST, says UOB
SINGAPORE (July 31): UOB KayHian is keeping iFAST Corp at “hold” with target price of $1.08, saying positives have been priced in at current levels although it remains optimistic of the group’s outlook on an expanded suite of services and recovering
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SINGAPORE (July 31): UOB KayHian is keeping iFAST Corp at “hold” with target price of $1.08, saying positives have been priced in at current levels although it remains optimistic of the group’s outlook on an expanded suite of services and recovering market sentiment.

While UOB is optimistic on iFAST’s growth outlook given its expanded suite of investment products and China venture, the brokerage believes its current valuation of 34.6x 2017F PE if fair.

In a retail report on Monday, analyst Thai Wei Ying says iFAST’s 1H17 earnings exceeded UOB’s expectations, coming in at 59% of its full-year estimates for 2017. 1H17 earnings of $4.2 million increased 76% y-o-y from a low base as net revenue growth outpaced operating expense growth. Cost was well managed with 1H17 staff costs grew a mere 3.3% y-o-y and other operating expenses increased 9% y-o-y.

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