But are things finally turning for the better? Most of these concerns appear to be in the rear-view mirror with the outlook looking better from here, say the UBS analysts.
Investors’ interest in iFast Corporation has declined over the last couple years, note UBS analysts Aakash Rawat and Benjamin Tan.
Their gripes for most of 2022 include a significant deceleration in assets under administration (AUA) growth, from 30%-45% y-o-y growth between 2020 and 2021 to shrinking 8% in 2022; a surprise acquisition of a loss-making UK bank in early-2022; concerns over potential delays in the launch of the Hong Kong mandatory ePension platform project; and a one-off impairment for the India business, which led to a net loss in 2QFY2022 ended June.
