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iFAST Corporation (IFAST SP) 2Q21: Robust Recurring Revenue Growth As AUA Pushes Records
The faster-than-expected AUA growth for iFAST continues to hit record levels, helping the fintech firm achieve greater operating scale. Overall AUA has grown to S$17.54b, driven mainly by the Singapore market and new subscription into unit trusts. Net inflows of client assets will continue to support AUA growth in 2H21. We remain positive on iFAST amid the strong momentum going forward. Maintain BUY with a higher target price of S$11.50.
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UOB KAYHIAN |
MAYBANK KIM ENG |
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Mapletree Commercial Trust (MCT SP) 1QFY22: COVID-19-Hardened, Weathering A Temporary Bump
VivoCity maintained high committed occupancy of 99.4% in 1QFY22. MCT swiftly rolled out rental rebates of about 0.6 months of fixed rents to eligible retail tenants due to Phase 2 (Heightened Alert). Occupancy at MBC dipped temporarily by 1.1ppt qoq to 93.1% but new tenants secured are expected to improve occupancy by 3.5ppt to 96.6%. MCT’s properties are strategically located to benefit from Sentosa-Brani Master Plan and GSW. Maintain BUY. Target price: S$2.48.
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HRnetGroup Ltd (HRNET SP) You're Hired
Leading Asia-based recruitment firm; initiate BUY HRnetGroup (HRnet) is one of the largest Asia Pacific-based recruitment companies outside Japan operating in 13 Asian cities and serving more than 3,000 clients across 23 industry segments. We are initiating coverage on HRnet with a BUY and TP of SGD0.99, pegged at 18x FY22E P/E. This implies a slight premium to global peers’ average, which is justifiable given its more superior ROE and a strong net cash position of SGD332m (or 42% of its market capitalisation). At current level, the stock is still trading at an undemanding valuation of 9x (ex-cash) FY21E P/E.
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