0449 GMT - Singapore's iFAST could post stronger-than-expected growth in assets under administration, UOB Kay Hian analysts say in a research report. The wealth-management fintech platform's AUA reached a record high of S$23.62 billion as of end-September, the analysts note. The brokerage now forecasts 25% growth in iFAST's AUA for 2024, up from 21% previously. The company's iFAST Global Bank is making good progress with healthy deposit inflows, they add. The bank's cross-border appeal and new products and services are expected to better position it for growth from 2025, the analysts say. The brokerage raises the stock's target to S$8.17 from S$8.03 and maintains a hold rating. Shares closed at S$7.50 on Wednesday. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
October 31, 2024 00:49 ET (04:49 GMT)
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