TICKER AIY.SI
ISIN SG1AF5000000
Market cap. SGD
3,106,692,629
Shs outstanding 303,684,519
iFAST Corporation Ltd. provides investment products and services in Singapore, Hong Kong, Malaysia, and China. The company operates through Business-to-Business (B2B), Business-to-Consumer (B2C), and Business-to-Business-to-Consumer (B2B2C) divisions. The B2B division operates iFAST Central that includes a range of services, including investment administration and transactions services, research and trainings, IT services, and backroom functions to banks, financial advisory firms, and financial institutions. It also operates iFAST Global Prestige, an investment platform designed to meet the requirements of high net worth individuals, as well as the wealth advisers servicing them; and iFAST Pensions that delivers tax-effective employee benefit solutions to multinational companies and its employees comprising expatriates, as well as assists companies to administer pension schemes for its employees through an Internet platform. In addition, this division operates iFAST Global Markets that provides investors with transparent adviser-assisted wealth management plans. The B2C division offers a distribution and transactional platform for investors through its Fundsupermart.com Website that offers a range of investment products, transparent fees structure, tools to compare investments, customer services support, and research advice. The B2B2C division provides fintech solutions to institutional clients to develop and enhance its capabilities. The company also operates bondsupermart.com, a regional bond information portal that provides bond information and research for investors and wealth advisers. iFAST Corporation Ltd. was incorporated in 2000 and is headquartered in Singapore.

Strategy:

Return at exit: 18.7%
Stretched valuation amid growth concerns
• Rotated out in favor of opportunities with stronger valuation-to-growth profiles • Trading at a P/E of ~38 despite recent share price volatility, including an 8% single-day drop in August 2025 after Temasek’s subsidiary significantly reduced its stake • Notable insider selling trend over recent months signals potential caution from those closest to the business • April 2025 profit guidance revision for Hong Kong operations (12% share price drop) raises questions about sustainability of the 29% revenue growth • Company maintains solid fundamentals with impressive EBITDA growth (~52%) and strong dividend growth (36%), suggesting potential for future reconsideration • This change reflects portfolio rotation based on relative metrics, not a sell signal