iFAST Corp.'s growth is likely fueled by Asia's rising wealth and its expanding wealth management platform and product suite, DBS Group Research's Lee Keng Ling says in a research report.

There's probably huge potential for the company's wealth management business, with its current assets under administration accounting only for a small share of the total addressable market in Singapore, the analyst says.

The wealth management and digital banking platform has set a high AUA target of S$100 billion by 2028-2030 versus S$25.01 billion as of end-December 2024, the analyst notes.

DBS raises the stock's target price to S$10.88 from S$10.23 with an unchanged buy rating. Shares are 1.8% higher at S$7.89.