iFAST Corporation Ltd. Misses Earnings but Analysts Upgrade Forecasts After Model Updates

iFAST Corporation Ltd. Reported its latest yearly results on February 14, 2026, with revenues beating analyst predictions by 2.1% to reach S$515 million, according to a report published by Simply Wall St. Statutory earnings per share (EPS) came in at S$0.32, which was 2.1% above what analysts had expected.

The results were described as “good overall” by the financial news outlet, driven by continued growth in the company’s core wealth management business and a turnaround in its UK banking operations, iFAST Global Bank (iGB).

Following the earnings release, analysts covering iFAST updated their earnings models. Prior to the results, seven analysts had predicted 2026 revenues of S$605.5 million and EPS of S$0.43 for the year. After the report, the consensus shifted to predicting S$574.0 million in revenue for 2026, reflecting a 12% improvement compared to the last 12 months, while no EPS estimate was provided in the updated consensus.

The shift in analyst focus toward revenue rather than earnings suggests the market is reassessing iFAST’s near-term profitability outlook after the latest result, even as the consensus price target remained unchanged at S$12.08.

iFAST’s first quarter of fiscal year 2025 (1QFY25), ended March 31, 2025, showed a 31.2% year-on-year increase in net profit to S$19.04 million, supported by a 24.4% year-on-year, and 2.7% quarter-on-quarter rise in revenue to S$106.92 million, according to DBS Group Research cited in a report published on April 29, 2025.

The growth in 1QFY25 was driven by strong performance in the core wealth management business and a significant turnaround in iFAST Global Bank, which delivered a net profit of S$1.0 million in the quarter after reporting its first quarterly profit of S$0.4 million in 4QFY24. IGB’s gross revenue jumped 104.9% year-on-year to S$19.5 million, supported by robust customer deposit growth of 123.6% year-on-year and new initiatives such as debit cards for multi-currency accounts and seamless remittance integration.

However, growth in Hong Kong was weighed down by higher investments in the ePension division, with pre-tax profit (PBT) declining 6.8% year-on-year despite a 12.8% increase in revenue. The dip in profitability was attributed to increased investments in the ePension division ahead of onboarding activity, with both revenue and profitability expected to improve in the second half of 2025 as the eMPF platform onboarding substantially increases.

DBS Group Research cut its FY25F and FY26F earnings forecasts for iFAST by 15% and 11%, respectively, to account for higher costs in the ePension business, and reduced its target price to S$9.22 from S$10.88 based on a sum-of-the-parts valuation approach.

The Business Times reported on April 28, 2025, that iFAST shares plunged as much as 12% after the company lowered its 2025 Hong Kong profit before tax target to HK$380 million (S$64.3 million) from the previous guidance of HK$500 million, based on its earnings report released on April 25, 2025. At noon on April 28, the stock dropped 12.1% or S$0.87 to S$6.32, closing at S$6.35.

Despite the near-term challenges in Hong Kong, iFAST’s core wealth management platform continued to show resilience, and the company maintained its long-term growth trajectory, with analysts noting that execution remained in line with expectations even as forecasts were adjusted.