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.
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