“The total addressable market (TAM) for wealth management platforms in Singapore is substantial and projected to grow significantly in the coming years,” the analyst writes in her March 10. “As of 2023, Singapore's wealth management sector recorded over 10% y-o-y growth in assets under management (AUM) to $5.4 trillion, with a five-year compounded annual growth rate (CAGR) of around 10%, according to data from [the] Monetary Authority of Singapore (MAS)”.
DBS Group Research Ling Lee Keng has kept her “buy” call on iFast Corporation with a higher target price of $10.88 from $10.23, as she sees the group benefiting from Asia’s rising wealth population.
In Ling’s view, iFast’s current assets under administration (AUA) only accounts for a “small share” of the wealth management business.
