While the slowdown is in line with expectations, Jefferies Singapore analyst Krishna Guha is “taking a breather”, downgrading the platform to “hold” from “buy”, though with a slightly higher target price of $9, from $8.80.
Wealth management FinTech platform iFast Corporation, one of the best performing stocks in recent years, grew its assets under administration to a fifth record quarter of $17.54 billion for its 2QFY2021 ended June. However, signs of slowing earnings growth have analysts dialling back their previously bullish calls on this stock.
For 2QFY2021, iFast reported earnings of $7.02 million, a drop of 20% q-o-q and the first quarterly dip since 1QFY2019. Year-on-year, earnings for the same quarter was up 55.5%.
