iFAST Corp.'s ePension division, its key growth driver, is poised for growth this year, DBS Group Research's Lee Keng Ling says in a research report.
Growth in its Hong Kong business was weighed down in 1Q by higher investments in this division, the analyst says.
The digital banking and wealth management platform has reduced its 2025 pre-tax profit guidance for the Hong Kong business by 24%, while maintaining its revenue guidance, the analyst notes.
DBS cuts its 2025 and 2026 earnings estimates for iFAST by 15% and 11%, respectively.
It lowers the stock's target price to S$9.22 from S$10.88, with an unchanged buy rating.
Shares are 1.4% lower at S$6.21.
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