iFAST Corporation Ltd’s share price is back in the spotlight.
On 10 December 2025, the digital wealth and banking platform traded around S$9.57, up 2.9% intraday, putting it close to its 52‑week high of S$9.99 and valuing the group at roughly S$2.8 billion. [1]
The move caps a strong run driven by record Q3 2025 earnings, rising dividends and a wave of price‑target upgrades from major brokers.
Below is a deep dive into the latest news, forecasts and analyses as of 10 December 2025 for investors tracking iFAST stock on SGX and via Google News / Discover.
iFAST share price today: near the top of its range
As of about 2:50 pm SGT on 10 December 2025, iFAST shares changed hands at S$9.57, up S$0.27 (+2.90%) on the day. [2]
Key trading context:
- 52‑week range: S$6.02 – S$9.99 [3]
- Market cap: ~S$2.82 billion as of early December 2025 [4]
- 1‑year performance: around +18–19%, significantly ahead of the broader STI over the same period [5]
- 5‑year performance: more than +200% (Simply Wall St estimates about +218% over five years) [6]
In today’s broader SGX session, iFAST also showed up on “top dollar gainers” lists, with one intraday snapshot putting the price at S$9.51, up 2.26%, highlighting continued institutional interest even on a relatively quiet index day. TechStock²
For a stock that already sits near its all‑time high of just over S$10.10, that’s the market’s way of saying: “We see momentum, and we’re paying attention.” [7]
Business snapshot: a scaled wealth platform plus a growing digital bank
iFAST operates a multi‑market digital wealth and banking ecosystem:
- Wealth management platforms:
- FSMOne – B2C platform for self‑directed investors
- iFAST Global Markets / iFAST Central – platforms serving financial advisers, banks and institutions
- Digital banking (iFAST Global Bank, UK) – provides multi‑currency accounts, deposits and cross‑border payments
- ePension – administrator and technology provider behind Hong Kong’s eMPF pension platform
- Geographies: Singapore, Hong Kong, Malaysia, China and the UK [8]
As at 30 September 2025, iFAST managed assets under administration (AUA) of S$30.62 billion, up 29.6% year‑on‑year – a new record, with all markets (Singapore, Hong Kong, Malaysia, China) hitting fresh highs. [9]
Q3 2025 results: record AUA, record profit
Released on 24 October 2025, iFAST’s Q3 2025 numbers were the key catalyst for the latest rerating.
Headline figures for 3Q 2025: [10]
- AUA: S$30.62 billion, +29.6% YoY
- Net inflows: S$1.49 billion, +83.6% YoY, a record quarterly inflow
- Gross revenue: S$135.82 million, +37.0% YoY
- Net revenue: S$89.53 million, +39.9% YoY
- Net profit: S$26.01 million, +54.7% YoY
- Q3 EPS: S$0.0856, up from S$0.0564 a year earlier
For the first nine months of 2025 (9M 2025): [11]
- Net profit: S$67.15 million, +41.8% YoY
- Revenue: about S$363 million, +30% YoY
- Net revenue: S$237.30 million, +29.3% YoY
The Hong Kong business, which includes both wealth management and the pivotal ePension operations, was a standout:
- Q3 2025 gross revenue: S$53.76 million, +55.1% YoY
- Profit before tax: S$19.39 million, +46.4% YoY and +23.3% QoQ [12]
The group’s annualised ROE hit 26.1% in 9M 2025, its highest since listing, underscoring how much operating leverage iFAST is now extracting from the platform. [13]
Management guidance remains upbeat: barring unforeseen circumstances, they expect 2025 revenue and profit to grow robustly versus 2024, driven by ePension, the core wealth platform and a full year of profitability at the bank. [14]
iFAST Global Bank: from drag to growth engine
iFAST Global Bank (iGB), the group’s UK‑based digital bank, has quietly flipped from loss‑making to profitable and is increasingly central to the story.
Highlights for 3Q & 9M 2025: [15]
- 3Q 2025 gross revenue: S$21.9 million, +57.8% YoY
- 9M 2025 gross revenue: S$62.54 million, +79.8% YoY
- 3Q 2025 net profit: S$0.31 million (vs loss of S$0.82 million a year ago)
- 9M 2025 net profit: S$2.01 million (vs loss of S$4.67 million in 9M 2024)
- Customer deposits: S$1.55 billion as at 30 September 2025, +92.7% YoY
Crucially, net interest income now exceeds non‑interest fee income for the first time, reflecting the bank’s growing base of sticky deposits. [16]
On 8 December 2025, iFAST Global Bank re‑upped its UK retail proposition with a Multi Currency Current Account offering: [17]
- 2.9% AER (2.87% gross) on GBP balances
- 1.5% cashback on up to £1,500 of eligible card spend until 31 December 2025
- Recently crowned “Best Newcomer” at the British Bank Awards 2025
The pitch is simple: keep cash fully accessible for daily use while earning interest, then seamlessly move it into investments via iFAST Bridge, which connects the bank with iFAST’s wealth platforms. [18]
For a wealth platform that wants to own the whole save–invest–spend cycle, this matters a lot more than a catchy debit‑card campaign.
2025 so far: earnings growth, new licences and payments expansion
The strong Q3 didn’t come out of nowhere. Through 1H 2025, the business was already accelerating:
- 1H 2025 net revenue: S$147.8 million, +23.7% YoY
- Operating profit: S$51.2 million, +32.7% YoY
- Net profit: S$41.1 million, +34.7% YoY
- AUA: S$27.2 billion, +21.6% YoY
- Net inflows: S$2.2 billion vs S$1.5 billion in 1H 2024 [19]
At the same time, iFAST has been widening its regulatory and product moat:
- Malaysia – iFAST Pay Malaysia secured in‑principle approval as an Electronic Money Issuer and to hold a Money Services Business Class A licence, allowing it to expand into regulated payment services that complement its wealth offerings. [20]
- United States – iFAST Securities US received approval for direct access to US exchanges, deepening product access for global investors on the platform. [21]
- Awards & branding – multiple press releases through 2025 reinforced the “global digital platform” narrative as the group celebrated its 25th anniversary and continues to roll out cross‑border capabilities. [22]
This is the backdrop against which analysts have been rerating the stock.
Dividend story: small yield, fast growth
iFAST is not a high‑yield play yet, but the dividend trajectory is undeniably steep.
From the 3Q 2025 announcement: [23]
- 3Q 2025 interim dividend: S$0.023 per share
- Up 53.3% YoY vs S$0.015 in 3Q 2024
- Total interim dividends for 9M 2025: S$0.059 per share
- Management guidance: expects to propose at least S$0.082 per share in total dividends for FY2025
- That’s ≥39% YoY growth versus FY2024’s S$0.059
Based on the trailing dividend of S$0.06 and a share price around S$9.50–S$9.60, the historical yield is roughly 0.6–0.7%; on the guided S$0.082, the forward yield creeps towards ~0.8–0.9%. [24]
In other words: the story here is dividend growth, not current income. That fits the profile of a growth fintech rather than a mature bank.
How analysts are pricing iFAST now
Across different data providers, the message from the analyst community is broadly aligned: “Buy, but know you’re paying up for growth.”
Street consensus and ratings
- Investing.com collates 7 analysts with a “Strong Buy” consensus rating on iFAST, and an average 12‑month price target of about S$11.47, with a high of S$12.00 and a low of S$10.50. That implies roughly 20% upside from recent levels. [25]
- Fintel shows an average one‑year price target of S$11.70, with a range from S$10.60 to S$12.60, and notes that the average target was raised in late October after Q3 results. [26]
- TipRanks tracks 2 analysts with an average target of S$11.85 (high S$12.00, low S$11.70), implying around 29% upside versus a reference price of S$9.18 at the time of their update. [27]
- TradingView aggregates a range of S$10.50 to S$12.00 for analyst price forecasts, again clustering in the low‑to‑mid S$11s. [28]
Taken together, most formal targets sit in a S$11.4–S$11.9 band, about 20–30% above the 10 December price.
Broker upgrades after Q3
A flurry of target hikes followed the October earnings release, particularly from regional brokers: [29]
- CGS International – target raised to around S$11.70 (from S$9.20), “Add” rating
- DBS – target raised to S$12.00 (from S$10.00), “Buy”
- UOB Kay Hian – target raised to S$11.12 (from S$9.92), “Buy”
- Aletheia Capital – target lifted to S$11.50 (from S$10.50), “Buy”
- Maybank Securities – initiation with “Buy” and a S$11.95 target
Local portal SGinvestors.io, which tracks these reports, shows the share price at S$9.57 as of 10 December 2025, implying double‑digit upside relative to most published fair‑value estimates. [30]
Independent fair‑value views: still some upside, but not a screaming bargain
Beyond traditional broker research, a range of fundamentals‑driven platforms have updated their DCF and cash‑flow based valuations.
Simply Wall St: modest undervaluation, fast earnings growth
In an early December 2025 piece on “Asian Value Stocks Trading At Estimated Discounts”, Simply Wall St lists iFAST as trading at an estimated 12.5% discount to fair value: [31]
- Share price used: S$9.15
- DCF‑based fair value: S$10.46
- Implied discount: ~12.5%
- Earnings growth forecast: ~21.4% per year over the next three years, versus ~7.5% for the broader Singapore market
- Recent fundamental context: Q3 2025 net income rising from S$16.81 million to S$26.01 million YoY
Separately, a narrative‑driven analysis (also summarised on Longbridge) notes that iFAST’s internal or community forecasts project: [32]
- Revenue of S$716.4 million and earnings of S$163 million by 2028
- This requires ~18.5% annual revenue growth and an additional S$85.8 million in earnings over current levels
- A fair value estimate around S$10.89, about 12% upside from the price at the time of that analysis
The authors emphasise that this upside is sensitive to execution in new markets (notably China and the UK) and to how smoothly Hong Kong’s ePension ramp‑up translates into durable margins.
AlphaSpread & TipRanks: high margins, premium P/E
- AlphaSpread estimates: [33]
- Historical revenue CAGR of ~16% over 12 years
- Projected revenue CAGR of 25% for the next three years
- Historical net income CAGR of 29% and projected 32% going forward
- A price target around S$11.44, in line with Fintel’s consensus
- TipRanks’ fundamental dashboard highlights: [34]
- Gross margin ~57%, net margin ~19%
- ROE ~24%
- Debt‑to‑equity ~0.43, indicating moderate leverage
- Overall “very positive” income‑statement and cash‑flow scores
But there’s a caveat: all of this is wrapped inside a P/E of roughly 33x trailing earnings and a forward P/E in the mid‑20s, significantly higher than many local financials. [35]
In plain language: iFAST still screens as growth at a full price, not a bombed‑out deep value play.
Valuation snapshot: what you’re paying for
From StockAnalysis and related data: [36]
- Share price (9–10 Dec 2025): ~S$9.30–S$9.57
- Market cap: ~S$2.8 billion
- TTM EPS: ~S$0.28
- TTM P/E: ~33x
- Forward P/E: ~25x
- Dividend (trailing): S$0.06 per share (yield ~0.6–0.7%)
- 1‑year share price gain: high‑teens %
- 5‑year gain: >200%
This multiple might look punchy, but it’s being anchored by:
- High growth rates in revenue and profit
- Very strong ROE in the mid‑20% range
- A shift from “platform only” to a full‑stack wealth + banking + pensions franchise
If iFAST hits anything close to the 2028 earnings goals and keeps compounding AUA, today’s P/E compresses quickly. If it stumbles on execution, that P/E turns into a gravity well.
Recent volatility and shareholder moves: the August wobble
It hasn’t all been a straight line up. On 19 August 2025, iFAST shares plunged as much as 11% intraday and closed down 8.5% at S$8.94, their largest one‑day fall since April 2025. [37]
The culprit wasn’t deteriorating fundamentals but a block sale:
- Major shareholder CP Invest (linked indirectly to Temasek via Mapletree) placed 14.35 million shares at S$9.12, cutting its stake from 9.62% to 4.9%. [38]
- Commentators framed the move as portfolio rebalancing rather than a judgment on the business itself.
The sell‑off was short‑lived. As Smart Investor noted, the backdrop at that point was still a “stellar” 1H 2025 with strong net inflows, record AUA and rising dividends, and management reaffirming robust growth and at least S$0.08 in 2025 dividends. [39]
The stock has since reclaimed and surpassed those levels, trading above S$9.50 today.
Key risks to the iFAST investment case
Every good growth story comes with a list of ways it might go wrong. Based on recent analyses and company commentary, several themes stand out: [40]
- Execution risk in new markets
- The Hong Kong ePension rollout needs to complete smoothly, with operating costs kept in check as larger trustees onboard.
- The UK bank is still in relatively early stages; regulatory, credit and funding risks are higher than in a pure platform business.
- China remains a tough market where iFAST has historically taken longer to reach profitability.
- Valuation & expectations risk
- At ~33x trailing earnings and mid‑20s forward P/E, the market is baking in continued double‑digit compound growth.
- Any slowdown in AUA growth, net inflows, or ePension ramp‑up could trigger a meaningful de‑rating.
- Regulatory & compliance risk
- iFAST now straddles wealth management, banking, payments and pensions across several jurisdictions (UK, Singapore, Hong Kong, Malaysia, China).
- Changes in capital requirements, fee caps or pension regulation could pressure returns.
- Interest‑rate and margin risk
- The bank’s economics rely on balancing deposit rates with what it can earn on loans and securities. Rate cuts or competitive pressure on deposit pricing could compress margins.
- Concentration in a few growth engines
- A large chunk of the earnings story hinges on Hong Kong’s eMPF project and the digital bank. Underperformance in either could drag the group, even if the core Singapore platform stays solid.
None of these risks are exotic, but they’re exactly the kind that matter for a high‑multiple fintech.
The big picture as of 10 December 2025
Put everything together and the current iFAST setup looks roughly like this:
- Fundamentals:
- Record‑high AUA and net inflows
- Profits compounding >40% YoY in 9M 2025
- A turnaround digital bank now contributing positively
- A structurally attractive fee‑based wealth and pensions franchise
- Market reaction:
- Shares are trading close to all‑time highs, with a strong 1‑ and 5‑year track record.
- Recent days have seen iFAST appear among SGX’s key value gainers, even when the overall index has been subdued. TechStock²+1
- Valuation & expectations:
For investors tracking Singapore fintech stocks, iFAST in December 2025 sits squarely in the “quality growth at a non‑cheap price” bucket: the business is firing on multiple cylinders, the dividend is rising fast from a low base, and the main debate is no longer “if this model works” but “how much is that growth worth.”
References
1. stockanalysis.com, 2. stockanalysis.com, 3. stockanalysis.com, 4. stockanalysis.com, 5. stockanalysis.com, 6. simplywall.st, 7. www.tradingview.com, 8. www.ifastcorp.com, 9. www.ifastcorp.com, 10. www.ifastcorp.com, 11. www.ifastcorp.com, 12. www.ifastcorp.com, 13. www.ifastcorp.com, 14. www.ifastcorp.com, 15. www.ifastcorp.com, 16. www.ifastcorp.com, 17. markets.ft.com, 18. www.ifastcorp.com, 19. thesmartinvestor.com.sg, 20. thesmartinvestor.com.sg, 21. www.ifastcorp.com, 22. www.ifastcorp.com, 23. www.ifastcorp.com, 24. stockanalysis.com, 25. www.investing.com, 26. fintel.io, 27. www.tipranks.com, 28. www.tradingview.com, 29. sa.marketscreener.com, 30. sginvestors.io, 31. simplywall.st, 32. longbridge.com, 33. www.alphaspread.com, 34. www.tipranks.com, 35. stockanalysis.com, 36. stockanalysis.com, 37. thesmartinvestor.com.sg, 38. thesmartinvestor.com.sg, 39. thesmartinvestor.com.sg, 40. www.ifastcorp.com, 41. www.investing.com, 42. simplywall.st
