iFAST Corporation Limited’s (SGX: AIY) reported a strong 1Q 2025 results. Yet the price plunged nearly by nearly 12%.
What happened?
Click here or the image below to read my latest article on The Smart Investor where I share my take on it.
Read on for more musings and snippets from the AGM.
MBS charged exorbitant fees for the first hour of parking. Hence, typically I would have parked at a nearby open carpark if I chose to drive there. However, as I needed to rush off for another appointment after iFAST AGM, I took a risk, in hope that there will be complimentary parking.
The gamble didn’t pay off and I paid S$21.50 for the parking!
No regrets though, partly my choice, and partly I was still in an exuberant mood with Liverpool winning the English Premier League!
Enough of my musings, here are my other takeaways from the meeting.
More on HK ePension Division
It’s definitely disappointing to see a reduction in the PBT target, but I am in full agreement with iFAST’s decision to ramp up the resources to ensure the success of the eMPF onboarding process.
This is a massive project and a job well done will possibly open up new opportunities in the future. On the contrary, inadequate performance could impact reputation and might even lead to legal liabilities.
As for ORSO (Occupational Retirement Scheme Ordinance) ePension services, it will contribute more in 2H 2025.
Chairman and CEO Chung Chun also shared that the ePension division growth quantum will slow after 2026, but it will continue to provide good cash flow.
Excited about iGB growth
iFAST Global Bank (iGB) is starting to look exciting.
The net profit of S$1 million for the quarter is S$0.7 million more than previous quarter.
The introduction of the two new products – Debit Card and Flexible Cash ISA (Individual Savings Account), is expected to boost deposits growth for spending and payment.
Chun Chung reiterated that iFAST is still aiming to double the deposits over the previous year.
This should lead to an acceleration in its earnings for the next few quarters. My estimate is that net profits from iGB could be more than S$6 million this year.
Entrepreneurial mindset
The most interesting takeaway from the AGM is learning how Chun Chang’s approach towards business.
He shared the before starting Fundsupermart business, he does not have experience dealing with unit trusts. Similarly, he has limited experience with the banking business.
Chun Chang acknowledged the importance of experience, but he believes that it need to be combined with an innovative business model – doing something different.
I call it the entrepreneurial mindset.
The key is to proactively identify underserved markets and continuously think about how to stay ahead and evolve.
My nearly eight-year investment in iFAST has solidified my belief in their management’s ability to navigate risks and drive growth. I took advantage of Monday’s dip to buy more shares.
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