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KennyTanKW
Member |
09-Sep-2024 12:14
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Is iFAST Corporation Ltd.'s (SGX:AIY) CEO Overpaid Relative To Its Peers? Simply Wall St Fri, Jan 10, 2020 In this article: Chung Lim is the CEO of iFAST Corporation Ltd. (SGX:AIY). This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. Then we'll look at a snap shot of the business growth. And finally we will reflect on how common stockholders have fared in the last few years, as a secondary measure of performance. The aim of all this is to consider the appropriateness of CEO pay levels. Check out our latest analysis for iFAST How Does Chung Lim's Compensation Compare With Similar Sized Companies? At the time of writing, our data says that iFAST Corporation Ltd. has a market cap of S$285m, and reported total annual CEO compensation of S$657k for the year to December 2018. While this analysis focuses on total compensation, it's worth noting the salary is lower, valued at S$317k. We examined companies with market caps from S$135m to S$540m, and discovered that the median CEO total compensation of that group was S$1.0m. A first glance this seems like a real positive for shareholders, since Chung Lim is paid less than the average total compensation paid by similar sized companies. Though positive, it's important we delve into the performance of the actual business. The graphic below shows how CEO compensation at iFAST has changed from year to year. SGX:AIY CEO Compensation, January 10th 2020 SGX:AIY CEO Compensation, January 10th 2020 Is iFAST Corporation Ltd. Growing? iFAST Corporation Ltd. has increased its earnings per share (EPS) by an average of 17% a year, over the last three years (using a line of best fit). Its revenue is down 1.5% over last year. Overall this is a positive result for shareholders, showing that the company has improved in recent years. Revenue growth is a real positive for growth, but ultimately profits are more important. You might want to check this free visual report on analyst forecasts for future earnings. Has iFAST Corporation Ltd. Been A Good Investment? I think that the total shareholder return of 37%, over three years, would leave most iFAST Corporation Ltd. shareholders smiling. As a result, some may believe the CEO should be paid more than is normal for companies of similar size. In Summary... iFAST Corporation Ltd. is currently paying its CEO below what is normal for companies of its size. Since the business is growing, many would argue this suggests the pay is modest. The strong history of shareholder returns might even have some thinking that Chung Lim deserves a raise! It's not often we see shareholders do so well, and yet the CEO is paid modestly. It would be even more positive if company insiders are buying shares. | ||||
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tangsookiam1947
Master |
08-Sep-2024 09:55
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iFASTAR2022.pdf (ifastcorp.com) The business world is a rapidly changing world, particularly in recent years as the Internet has fundamentally rewritten the business models in many industries. In iFAST, we have always believed that we need to preempt the future business landscape, and extend the business foundation that we have from time to time. A phase that we have gone through whereby we felt the need to extend our foundation was in 2015 to 2017. Following the listing of iFAST Corporation Ltd. on the Singapore Exchange in December 2014, the Group decided that it needs to evolve from being &lsquo a unit trust platform&rsquo to being &lsquo a wealth management platform&rsquo . Hence, there have been investments into platform capabilities that included being able to handle stocks, ETFs and bonds. Unfortunately, that step-up in investments phase also coincided with a period whereby financial market conditions were relatively tough. That led to a reduction in the short-term profitability of the Group, but substantially strengthened the long-term future prospects, as can be seen from the growth achieved from 2018 to 2021. In recent years, the Group decided that to further strengthen the long-term prospects of the Group in the next decade, having digital banking capabilities and having a truly global business model are important. The Group believes that the future of wealth management is one where many investors from various emerging markets will be looking for the best wealth management platforms across the world that can provide them seamless access and connectivity to global products and global exchanges. To ensure success, an important component of our Fintech Ecosystem will be a global digital bank that allows consumers and investors to manage payment flows seamlessly across borders while getting attractive deposit rates in various currencies. Banks operate at what we call the &lsquo foundation layer&rsquo in the financial world, in the same way that Microsoft&rsquo s operating system and Android operate in the foundation layers of the technology world. Having a bank as part of our ecosystem will allow the Group to be able to innovate better in the long run. Hence, we made the decision to acquire a full licence bank in United Kingdom, a well-trusted jurisdiction. During the year 2022, the Group completed the acquisition of BFC Bank, which has since been renamed iFAST Global Bank. This is an important step in the Group&rsquo s journey to become a global digital banking and wealth management platform with a truly global business model. iFAST Global Bank will soon be launching its Digital Personal Banking division, which will allow people from all over the world to open accounts digitally, hold deposits in various currencies, and offers seamless links to our wealth management platforms in various countries. Unfortunately, our investments into banking also coincided with a period whereby financial market conditions were very tough, thereby leading to a substantial decline in group profitability in 2022. The Group&rsquo s AUA declined 8.3% to S$17.4 billion in 2022 as a result of declines in stock and bond markets. That however masked the fact that Group&rsquo s net inflows of client assets have remained healthy at S$2.1 billion. We see net inflows of client assets as the most important indicator of our long-term growth potential. As noted above, 2022 can be described as a year whereby the Group made some important strategic investments to position ourselves for a more exciting future, but that coincided with a period of very tough financial market conditions globally. However, following the tough 2022, we expect to enter a period of high growth in revenue and profitability between 2023 to 2025. This will lead to new highs in revenues and profitability. This is expected as our ePension division in Hong Kong starts to contribute substantially, and as the Group strives to ensure that for our core platform business, growth in net revenues will be higher than growth in operating expenses. The Group also expects to see some initial tangible progress in iFAST Global Bank. Even as the Group expands into banking, we expect to retain the key strengths of our business models &ndash cash generative, and with an emphasis on having a high percentage of recurring income. Our Hong Kong ePension Division will help to drive our overall group profitability substantially, as can be seen in our guidance of targeted Gross Revenue of over HKD 1.6 billion and Profit Before Tax of over HKD 500 million by 2025 for our overall Hong Kong business. iFAST Global Bank has a very strong balance sheet, and the Group will ensure that the bank will continue to have a conservative stance in balance sheet management. Despite that, we expect that the Group as a whole will be able to have a cash generative business model with a strong return on equity (ROE). This is because both our existing core platform business as well as the ePension Division essentially generate fee incomes that are not dependent on having a big balance sheet. A strong cash generative business model will allow the Group to continue to have a dividend policy that rewards shareholders in line with the growth of the overall Group profitability. In summary, we have clear and ambitious plans to bring the Group forward to much greater heights during this decade. However, following several sets of weak quarterly numbers, and given the recent uncertainties in global financial markets, it is understandable that some of our shareholders will be skeptical of the Group&rsquo s ability to deliver on our plans. I can only remind our shareholders that in the business world, companies cannot afford to just focus on immediate quarterly numbers in its business executions. Strategic directions cannot be decided based on very short-term quarterly considerations. In fact, in our case, the next 3 years present a very good timing for the Group to execute its plans. While the financial results grow more strongly as a result of the contributions from our ePension Division, we take the chance to evolve into a strong global digital banking and wealth management player. We are striving to make this decade a golden decade for the Group, and we invite shareholders who share our long-term vision to continue on this journey with us. |
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tangsookiam1947
Master |
08-Sep-2024 09:45
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iFASTCorp-AR2023.pdf With the Group AUA hitting record high, and with initial contributions from the ePension division, for 2023 as a whole, the Group&rsquo s net profit increased by 340% YoY to S$28.3 million, on the back of a 23% increase in Group' s total revenue to S$256.5 million. The year 2024 has started on a relatively positive note, with our AUA crossing the S$20 billion mark (S$20.5 billion as of end Feb 2024). We are hopeful that in 2024, we will be able to see healthy growth rates for our core wealth management platform business. The wealth management industry is a huge industry globally. A huge industry means huge opportunities, but it typically also means that there will be many players in the industry. When there are many players offering the same type of services, price competition will set in, leading to a squeeze in revenue and profitability In iFAST, we make it a point to constantly look ahead into the future and look for opportunities to continuously improve on our services and be able to differentiate ourselves. We are generally also in pursuit of blue ocean business strategies which open up vast areas of new growth opportunities. Between 2000 and 2014, iFAST was essentially running a unit trust platform, with B2B and B2C strategies. From 2015 onwards, iFAST increasingly became a comprehensive wealth management platform in the key markets that we are in. We see our drive towards being a comprehensive platform as being our first wave of substantial improvements in business differentiation. Those efforts have substantially helped our growth, as can be seen in the chart below showing the growth in net revenue that the Group achieved over the years. We are currently near the beginning of our second wave of substantial improvements in business differentiation. These improvements include having a digital bank within our Group' s Fintech ecosystem, having a clear strategy towards achieving a truly global business model, and adding additional services that are complementary to our digital banking and wealth management platform such as payment related services and a bond market place. We believe that as we make progress in this second wave of substantial improvements in business differentiations, our business model will become more scalable and we will be able to enjoy robust growth rates over the next five to ten years. We believe that several years down the line, shareholders will be able to see that our decision to buy a full-licensed UK bank in early 2022 has been a transformative move which substantially raises the Group&rsquo s long-term growth potential. In our view, banking is the least competitive part of the financial sector, as there tends to be very few new players in the banking industry in most countries. There are far more players in fund management, stockbroking and wealth management distribution and advisory, and many new players are emerging every year. We also believe that compared to most banks and big financial institutions, we have a clear advantage in our technological capability in terms of speed and costs of rolling out new technologies. In today&rsquo s digital world, this substantially improves our ability to become a leader in our business segments. On an overall basis and barring unforeseen circumstances, the Group expects 2024 to see robust growth rates in revenues and profitability compared to 2023. The ePension division in Hong Kong will be an important growth driver in 2024 and 2025, while the overall wealth management platform is expected to continue to show healthy progress. We expect iFAST Global Bank to post a reduced loss in 2024 compared to 2023. iFAST Global Bank is targeting to breakeven by 4Q2024, driven to a large extent by growth in net interest income as the deposit base continues to grow. Our ability to roll new technological innovations at relatively low costs allows us to have a shorter path to profitability compared to most new banks. iFAST Global Bank is expected to become an important growth driver for the Group in 2025 and beyond. |
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uiop1223
Supreme |
07-Sep-2024 17:17
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No la. Everyone entitled to own views
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alexvar
Member |
07-Sep-2024 15:32
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Omg! what is going on?! Should Master Leong and Sakura ' research' be investigated by Cad, Mas, and Sgx?! SGP markets need to be transparent and protected! Be safe. DYODD.
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tangsookiam1947
Master |
07-Sep-2024 10:11
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How to open an international bank account in UK from India | iFAST Global Bank (youtube.com) Indian Influncer with more than 100k Subscribers!! |
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tangsookiam1947
Master |
07-Sep-2024 10:07
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Vlog咪 ｜ iFAST Global Bank特 約 ： 我 哋 問 ． iFAST答 ＊ 銀 行 內 幕 大 揭 秘 ＊ 開 戶 優 惠 加 碼 移 民 前 「 必 備 」 ＊ 新 加 坡 背 景 英 國 持 牌 銀 行 ＊ 無 地 域 界 限 存 款 保 障 £ 85000＊ 片 尾 重 磅 彩 蛋 (youtube.com) 110,000 subsribers? wow... |
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tangsookiam1947
Master |
07-Sep-2024 09:56
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Qn - For iFAST Global Bank, what do you think is the most significant growth driver for deposits, as you will need over $750 million new deposits to breakeven by the end of this year? iFAST Global Bank (iGB) consists of 3 business division, namely (i) Digital Personal Banking (&ldquo DPB&rdquo ), (ii) Digital Transaction Banking (&ldquo DTB&rdquo ) and (iii) EzRemit business. In my opinion, the division with the biggest potential will be from the Digital Personal Banking. This is the part of the business where we are looking to be able to attract customers from all over the world to open account with iGB and put deposits in. Currently we have customers from over 70 countries with accounts opened with iGB. The deposit base is more concentrated from a few countries, about one-third of deposits is from UK residents, and the remaining from other regions. What we are seeing is, the demand that we are expecting from customers who want to open bank accounts outside their home country has proven to be true, and we are seeing deposits coming in. Some digital banks tend to burn huge amounts of money to acquire business before seeing the inflows, while for iGB, we are able to see natural demand bringing in deposits, and this is the premisethat we actually have when we acquired the bank and set up the division. From our perspective, a Bank is an institution that allows us to let various customers from around the world to open account and to deposit cash, where we then collect the deposits and we make a spread of around 1%, 1.25%, to 1.5%, and we have taken a low-risk approach with a conservative balance sheet strategy. With the ability to collect deposits from around the world, and given the potential upside, DPB is the biggest driver that we are looking at going forward. While we expect the other parts of iGB to grow, including Digital Transaction Banking and EzRemit, the key reason as to why the bank was acquired was for personal banking, which is also synergistic with our wealth management platform business. We have already seen some customers who have open accounts with iGB who have also realised that they are able to transfer monies to a Singapore platform, where we have made it seamless for them to also do their investments with iFAST. |
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tangsookiam1947
Master |
07-Sep-2024 09:52
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wealth management is a sunset industry? hahaha.... 2Q2024 & 1H2024 iFAST Corp Results Presentation (sgx.com) &bull In 2Q2024, the Group&rsquo s net profit increased by 346.1% YoY to S$16.03 million, on the back of a 72.9% increase YoY in Group&rsquo s gross revenue to S$93.75 million, and a 93.0% increase YoY in net revenue to S$61.38 million. &bull The increase in profitability was driven by contributions from the ePension division, as well as improvements in the Group&rsquo s core wealth management platform business. &bull At the end of 2Q2024, Group AUA increased to a record high of S$22.37 billion, driven by net inflows of S$0.79 billion during the quarter. &bull iFAST Global Bank&rsquo s customer deposit amounts grew to S$646.62 million as at 30 June 2024, an increase of 80.3% year-to-date. This contributed to a 265.3% YoY growth in net interest income to S$1.85 million in 2Q2024. iFAST Global Bank adopts a conservative stance in terms of its balance sheet strategy, with the vast majority of the client deposits being held as cash with the Bank of England and with other banks, as well as short duration sovereign bonds and investment grade bonds. &bull iFAST Group is steadily increasing its capability and presence as a global digital banking and wealth management group, with iFAST Global Bank as part of its global Fintech ecosystem. The Group expects iFAST Global Bank to become an important growth driver in 2025 and beyond. &bull The ePension division in Hong Kong will be an important growth driver in 2024 and 2025, while the overall wealth management platform is expected to continue to show healthy progress. &bull On an overall basis and barring unforeseen circumstances, the Group expects 2024 to see robust growth rates in revenues and profitability compared to 2023. &bull For the second interim dividend for FY2024, the Directors proposed a dividend of 1.50 cents per ordinary share (second interim dividend for FY2023: 1.10 cents per ordinary share). |
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like2learn
Veteran |
07-Sep-2024 02:47
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master explain iFast situation ...
US Jobs Report Tonight! Nvidia AI Chips Cheap in China! iFast is Gone Case! https://www.youtube.com/watch?v=cEM2_FPLAEM |
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tangsookiam1947
Master |
06-Sep-2024 23:30
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Can MAS or CAD investigate and see if there is any breach of financial regulations?
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st3p178
Member |
05-Sep-2024 14:36
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Sakura research never read the bakance sheet and P& L in details. they must be some blind mice... actually no need to reply. The next few quarter reports will speak for itself. 🤣 🤣 🤣 |
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alexvar
Member |
05-Sep-2024 12:49
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i know right! why would we even read Sakura ' research' , when they don' t have a corporate website! Sakura must be investigated by Cad, Mas, Sgx, and then sent to changi prison. we better trust iFast management and Mr Lim CC blindly.  |
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Fataaa
Member |
05-Sep-2024 12:09
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this sakura don' t even have a proper corporate website is a short seller meh??? | ||||
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KennyTanKW
Member |
04-Sep-2024 21:54
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So you are from Sakura! Don't come and talk nonsense here. I am vested. | ||||
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uiop1223
Supreme |
04-Sep-2024 19:21
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I see? anyway, mkt ignored shakura 😂 | ||||
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turtletrader
Senior |
04-Sep-2024 16:44
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This is the 3rd time you replied to my post and so pro Sakura. Are you part of Sakura team:)
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turtletrader
Senior |
04-Sep-2024 16:40
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Youtuber has name when they shared. So there is no need of investigation to reveal who is the youtuber. I am not against peopel having contrary views against iFAST. If youtuber say defamatory remark against iFAST, DBS or any company, the company can use legal recourse against the youtuber. We forumers just buy popcorn and watch drama:) Sakura Research has no identifiable person behind the website and it says there is accounting trick to inflate the opetating cash numbers etc. Why don' t come out openly like Muddy Water Research and make the allegation? Then we can wait for iFAST to respond openly to a known person and watch the show:)
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uiop1223
Supreme |
04-Sep-2024 16:23
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Sakura states in its terms that its opinion sharing only. Any youtuber can also share views whether to short or long, alwasy indicate upfront its for sharing purpose and not meant as financial advice to readers. Does MAS , CAD , sgx needs to investigate all ? | ||||
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alexvar
Member |
04-Sep-2024 15:29
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Indeed, Sakura team should be investigated by Mas, Sgx, Cad, and maybe even the PM Office for their research and allegations! I think that Mr Lim CC can easily address all the questions and allegations raised about iFast, including iFast operating cash flows, increasing balance sheet stress and increasing Balanse Sheet leverage, and the allegedly suspect accounting tricks. So far, I have read this: " In response to queries from Business Times, iFast declined to comment on most of the allegations made by Sakura Research." DYODD. |
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