Brokers' take

iFast Corporation | Ceasing coverage Dec 26 close: S$0.89 RHB Research, Dec 22

Incorporated in 2000 as Fundsupermart Holdings Pte Ltd, it was renamed to iFAST Corp (iFAST) in 2003. The company has an Internet-based distribution and administration platform, with custody of S$5.13 billion worth of assets under administration (AUA). The company is an investment products distributor and administration platform, which also provides a comprehensive range of services.

With the earnings recovery in line with our estimates and bullish sentiment in the equity markets, iFAST's outlook looks positive. However, with continued losses projected at its China operations, coupled with the stock's rich valuations, we feel that the upside would be capped. That said, we are ceasing coverage on this counter due to a redistribution of internal resources. Our previous recommendation was "neutral", with a TP of S$1.01.