iFAST (SGX:AIY) Could Be 24% Undervalued On Strong Earnings And Higher Dividend Guidance
Why iFAST’s latest earnings and dividend update matters for shareholders
iFAST (SGX:AIY) has drawn investor attention after reporting substantial year on year growth in revenue and net income for the second quarter of 2026, alongside a higher full year dividend guidance.
The company reported second quarter 2026 sales of S$142.38 million and revenue of S$162.04 million, compared with S$103.31 million and S$120.24 million respectively for the same period in 2025.
Net income for the quarter was S$29.85 million, compared with S$22.11 million a year earlier. Basic earnings per share from continuing operations came in at S$0.098, while diluted earnings per share was S$0.0965.
Looking at the first half of 2026, iFAST recorded sales of S$279.18 million and revenue of S$316.5 million, compared with S$194.87 million and S$227.16 million in the first half of 2025.
First half net income was S$57.89 million, compared with S$41.15 million a year earlier. Basic earnings per share from continuing operations stood at S$0.1901, with diluted earnings per share at S$0.1871.
For investors tracking longer term trends, the company also reports annual revenue growth of 9.43% and annual net income growth of 15.31%, based on the latest available full year figures.
See our latest analysis for iFAST.
Despite the strong second quarter update and the recent incorporation of an EU holding company in Ireland in June 2026, iFAST’s share price at S$9.09 reflects mixed momentum. The 90 day share price return is 4.12%, but the year to date share price shows a decline of 4.52%, while the 3 year total shareholder return of 60.71% points to a much stronger longer term picture.
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iFAST shares trade at S$9.09 while analyst and intrinsic value estimates sit meaningfully higher. Is the gap a simple mispricing, or a fair reflection of what the latest results and EU expansion are worth today?
Most Popular Narrative: 24% Undervalued
The most followed narrative on iFAST currently points to a fair value of S$11.97, which sits well above the latest close at S$9.09. That gap rests on specific assumptions about growth, profitability and how the market might price the stock in future.
The ongoing ramp up and onboarding of trustees for the Hong Kong ePension (eMPF) platform is expected to drive strong and recurring revenue growth in the coming quarters, providing higher margin and operating leverage as onboarding completes and opex efficiencies can be realized.
Read the complete narrative. Read the complete narrative.
Want to understand why this fair value sits meaningfully above today’s price? The story hinges on sustained revenue expansion, rising profit margins and a future earnings multiple that assumes the market keeps rewarding that profile.
Result: Fair Value of S$11.97 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, this iFAST narrative still hinges on successful regional expansion and cost control, with setbacks in China or persistently high ePension expenses being potential spoilers.
Find out about the key risks to this iFAST narrative.
Another view on iFAST’s valuation
The first narrative suggests iFAST looks undervalued against a fair value of S$11.97, yet the current P/E of 23.7x sits well above the Asian capital markets average of 16.8x, the peer average of 18.6x and the fair ratio of 18.1x. That premium points to higher valuation risk. Which signal do you trust more?
To unpack what these relative valuation gaps could mean for future upside or downside, it is worth examining how the earnings multiples stack up in more detail. See what the numbers say about this price — find out in our valuation breakdown.
Next Steps
Given the mixed signals around iFAST, this is a good moment to move quickly and test the numbers yourself against the positive factors investors are watching. To see what those are, start with the 4 key rewards.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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