SINGAPORE (July 3): CGS-CIMB Securities is reiterating its “add” call and target price on fintech operator iFAST at $1.65. This gives the stock a 17.2% upside from its $1.41 cent close on Tuesday, say analysts Andrea Choong and Caleb Pang in a July 1 note.

Their move is based on a sum of parts valuation pegged to 26x the price-to-earnings forecast for FY21F and a $100 million minimum paid up capital for its digital wholesale banking (DWB) license.

iFAST confirmed on June 18 that it has proceeded to the next stage of assessment for a DWB license. It is the only DWB applicant listed on the Singapore Exchange (SGX).

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