iFast shares surged 3.26% during Friday's intraday trading session, propelled by a bullish research note highlighting continued momentum in the wealth-management fintech platform's assets under administration (AUA).
UOB Kay Hian analysts noted that iFast's AUA reached a record high of S$36.1 billion as of end-June, with the company reaffirming its ambitious 2030 target of S$100 billion. The growth is expected to skew more toward the U.K. and Hong Kong. Additionally, the full onboarding of all 12 trustees and 24 schemes onto iFast's Hong Kong Pension platform as of end-April is anticipated to contribute positively to revenue through 2030.
Reflecting this optimism, the brokerage raised iFast's target price to S$12.18 from S$11.77 while maintaining a buy rating on the stock.