Updated: 12 December 2025 (SGT)
iFAST Corporation Ltd (SGX: AIY) is ending 2025 with the kind of problem growth companies want to have: investors are paying attention again. The stock is trading around S$9.55 on 12 Dec 2025—close to its 52-week high of S$9.99—as markets digest a powerful run of earnings momentum, record assets under administration (AUA), and a still-developing “fintech ecosystem” story that spans wealth platforms, pensions, and a now-profitable UK digital bank. [1]
At the same time, fresh policy discussion in Singapore about modernising the equities post-trade custody model is putting iFAST’s brokerage/wealth platform model back into the spotlight—especially as the company’s Singapore CEO describes custody accounts as the dominant way customers trade SGX shares on its platform. [2]
Below is what’s moving iFAST stock now, what analysts are forecasting, and what investors will be watching next.
iFAST share price today: holding near highs after a strong 2025 run
As of 12 Dec 2025, iFAST’s investor-relations market data (15-minute delayed) shows the stock at S$9.55, up S$0.02 (+0.21%) on the day, with a day range of S$9.51–S$9.62 and a 52-week range of S$6.02–S$9.99. The company’s page also lists a market cap around S$2.89 billion and issued shares of 303,684,519 (as at 12 Dec 2025). [3]
That “S$9.99” 52-week high matters psychologically: it’s the same record level iFAST briefly touched in late October after its Q3 results impressed the market and triggered a wave of target-price increases. [4]
The fundamentals behind the rally: record AUA, record inflows, accelerating profit
The clearest driver is the company’s 3Q2025 performance.
In its 3Q2025 results presentation, iFAST reported:
- Net profit up 54.7% YoY to S$26.01 million
- Gross revenue up 37.0% YoY to S$135.82 million
- Group AUA up 29.6% YoY to a record S$30.62 billion
- Record net inflows of S$1.49 billion in 3Q2025; and 9M2025 net inflows up 62.2% YoY to S$3.72 billion [5]
This is the core of the iFAST equity narrative: more AUA tends to mean more recurring fee potential, and strong net inflows suggest the platform is not just rising with markets—it’s actively capturing assets.
A mainstream investor takeaway, echoed in local market commentary: iFAST’s climb toward its highs is being linked to surging AUA, recurring fee income, and growth initiatives like Hong Kong’s pension platform ramp-up and digital banking expansion. [6]
iFAST Global Bank: the “optional” story turning into a real earnings contributor
For years, iFAST’s UK banking arm looked like a strategic moonshot—compelling, but expensive. In 2025 it’s increasingly being framed as a contributor, not a drag.
From the 9M2025 updates in the company’s Q3 deck:
- iFAST Global Bank gross revenue rose 57.8% YoY to S$21.90 million in 3Q2025; 9M2025 gross revenue rose 79.8% YoY to S$62.54 million.
- The bank posted a net profit of S$0.31 million in 3Q2025 and S$2.01 million in 9M2025, marking a reversal from losses the prior year.
- Customer deposits grew 92.7% YoY to S$1.55 billion as at 30 Sep 2025.
- Management stated the bank is expected to achieve a full year of profitability in 2025. [7]
There’s an important nuance here: the deck also notes that bank profit in Q3 declined versus Q2 as non-interest fee income moderated, so this isn’t a straight-line rocket. But the bigger signal investors care about is sustainability: net interest revenue growth plus a larger deposit base can make profitability less “event-driven.” [8]
Analysts, too, have been pointing to iFAST Global Bank as a growth vector—particularly because it may be targeting segments traditional banks underserve and because it plugs into iFAST’s broader “bridge” strategy connecting banking and investing. [9]
Hong Kong ePension/eMPF: why this segment keeps showing up in every forecast
Another pillar is Hong Kong’s pension platform business (often discussed in the context of eMPF onboarding). In iFAST’s Q3 deck, the company highlighted:
- Hong Kong business (wealth management + ePension) delivering 37.2% YoY growth in 9M2025 gross revenue to HK$801 million, and 9M2025 PBT up 21.4% YoY to HK$282 million. [10]
- A view that the ePension division’s revenues and profitability are expected to be higher in 2H2025 as eMPF onboarding progresses further. [11]
This matters for stock forecasting because pension-platform onboarding can be “lumpy”—operational capacity and trustee onboarding timelines affect near-term costs and recognition. Analysts following iFAST explicitly linked stronger expected 4Q performance to the ePension/eMPF ramp. [12]
Dividend outlook: still not a yield stock, but payouts are rising fast
iFAST is not priced like a dividend counter, but rising dividends can still reinforce investor confidence—especially when paired with a high-ROE growth profile.
In its results presentation, iFAST stated:
- A proposed third interim dividend for FY2025 of 2.30 cents per share (a YoY increase versus the prior year’s third interim dividend).
- Total interim dividends for 9M2025 of 5.90 cents per share.
- For FY2025, directors expect to propose total dividends of 8.20 cents per share or higher. [13]
Separately, iFAST’s stock fundamentals page shows a forward dividend yield figure (based on SGX/Morningstar data) and current trading range context. [14]
Analyst targets and forecasts: upside cases cluster around S$11–S$12+
Analyst commentary in late 2025 has been notably constructive following the Q3 print.
A summary of broker updates reported in late October includes:
- DBS Group Research raising its target price to S$12 (from S$10), citing strength across wealth and pension segments and expecting stronger performance in 4Q.
- UOB Kay Hian raising target price to S$11.12 (from S$9.92).
- CGS International raising target price to S$11.70 (from S$9.20), using a sum-of-the-parts approach and highlighting the interplay between the bank and wealth AUA growth.
- Aletheia Capital raising target price to S$11.50 (from S$10.50), citing momentum and balance sheet strength/buyback optionality. [15]
As for “consensus-style” snapshots available on 12 Dec 2025:
- Beansprout’s displayed consensus target price is S$11.825, implying roughly ~24% upside from around S$9.54. [16]
- A separate estimates aggregation shows an average forecast around S$11.70 with a range of ~S$10.61 to S$12.60, and a consensus leaning BUY. [17]
Important reality check: targets are not guarantees, and they tend to move with market conditions. But the clustering of targets above S$11 helps explain why dips have been relatively well-supported—many institutional frameworks now model a path where earnings expansion “catches up” to valuation. [18]
Today’s policy catalyst: Singapore’s custody-account push and why it matters to iFAST
On 12 Dec 2025, The Edge reported Singapore’s plan to modernise aspects of its equities post-trade custody model, with an emphasis on promoting broker custody/nominee accounts and aligning with international practice. The article includes direct commentary from brokerages and specifically references iFAST’s platform behaviour. [19]
Why iFAST investors should care:
- iFAST’s Singapore CEO said custody accounts are more popular than CDP accounts on its platform, with more than 90% of iFAST’s SGX trades and volume via custody accounts—and that the proportion is still growing. [20]
- The same report frames custody models as enabling more integrated services (portfolio views across products/markets, operational efficiency, potential support for features like fractional shares and portfolio trading), which map closely to how modern digital wealth platforms compete. [21]
- The report notes SGX RegCo is expected to consult on measures (including baseline processes for investor rights in custody structures) and that stakeholder consultation is planned in 1Q2026. [22]
Net-net: even though this is a market-structure story (not an iFAST earnings release), it’s directly relevant to iFAST’s distribution model. If custody adoption deepens, platforms designed around custody—from trading to wealth to corporate actions workflows—could see incremental tailwinds.
Valuation and risk: what could break the story
iFAST’s bull case is not subtle: scale AUA, keep net inflows strong, expand recurring revenues, and let operating leverage do its thing—while the bank and pension platforms move from “investment phase” to “profit phase.”
But the risks are equally real:
1) Premium valuation sensitivity
Data aggregations show iFAST trading at a meaningful earnings multiple, with a lower forward multiple implying the market is already expecting growth to continue. If growth slows, multiples compress quickly. [23]
2) Execution risk in Hong Kong onboarding
Analysts explicitly discuss trustee onboarding, staffing, and the cost arc—suggesting near-term costs could remain elevated before easing later. [24]
3) Banking economics aren’t free
The bank is profitable and deposit growth is strong, but profitability can swing with fee mix, deposit pricing, and competition. iFAST itself highlighted that commission/fee income moderated in Q3 and impacted QoQ profit. [25]
4) Market risk
AUA-linked businesses benefit from rising markets and positive investor sentiment; the opposite is also true. iFAST even noted that positive investor sentiment contributed to customer fund movements via its “bridge” into wealth accounts—good in rallies, potentially softer in drawdowns. [26]
What to watch next for iFAST stock into early 2026
If you’re tracking iFAST Corporation Ltd stock for the next leg (up or down), these are the pressure points that matter most:
- AUA and net inflows: whether the platform continues to compound assets, not just ride market beta. [27]
- Hong Kong ePension/eMPF operational progress: onboarding pace, cost trajectory, and margin implications. [28]
- iFAST Global Bank full-year profitability delivery: the company says it remains on track; investors will want confirmation in results. [29]
- Dividend follow-through: iFAST guided to FY2025 total dividends of 8.20 cents per share or higher—a tangible scoreboard item. [30]
- Singapore market-structure consultation in 1Q2026: changes that shape custody-account adoption and investor rights could influence how platforms compete. [31]
Bottom line
As of 12 Dec 2025, iFAST Corporation Ltd (SGX: AIY) is trading near its highs because the company is executing on multiple fronts: record AUA, record inflows, sharp profit growth, and a banking arm that’s no longer just a strategic experiment. [32]
Analyst targets largely sit above the current share price, with several prominent brokers in the S$11–S$12 zone following Q3 results, and consensus-style snapshots implying double-digit percentage upside—but that upside is tied to continued delivery on pension onboarding, bank profitability, and platform inflow momentum. [33]
References
1. www.ifastcorp.com, 2. www.theedgesingapore.com, 3. www.ifastcorp.com, 4. www.businesstimes.com.sg, 5. links.sgx.com, 6. thesmartinvestor.com.sg, 7. links.sgx.com, 8. links.sgx.com, 9. www.theedgesingapore.com, 10. links.sgx.com, 11. links.sgx.com, 12. www.theedgesingapore.com, 13. links.sgx.com, 14. www.ifastcorp.com, 15. www.theedgesingapore.com, 16. growbeansprout.com, 17. valueinvesting.io, 18. www.theedgesingapore.com, 19. www.theedgesingapore.com, 20. www.theedgesingapore.com, 21. www.theedgesingapore.com, 22. www.theedgesingapore.com, 23. stockanalysis.com, 24. www.theedgesingapore.com, 25. links.sgx.com, 26. links.sgx.com, 27. links.sgx.com, 28. links.sgx.com, 29. links.sgx.com, 30. links.sgx.com, 31. www.theedgesingapore.com, 32. www.ifastcorp.com, 33. www.theedgesingapore.com
