DBS Group Research’s Ling Kee Leng has upgraded her target price on iFAST Corp from $3.96 to $6.40, on expectations that the financial services firm can win over more assets under administration in efficient manner.
“We maintain our positive view on iFAST despite the recent stellar share price performance, which we believe, was mainly driven by the anticipation of the contract win for the Hong Kong pension fund project; the solid AUA growth for FY2020, and the digitalisation trend accelerated by COVID-19,” writes Ling in her Jan 28 note.
Led by Lim Chung Chun, the firm has built a highly scalable business model coupled with a growing and deepening range of products and services.
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