iFAST share price to hit $20?
Will iFAST share price enjoy another fairy-tale run in 2023? iFAST share price became stuff of legend in SGX Mainboard when the counter rocketed from $1.00 in 2020 to an incredible high of $10 in 2021. The meteoric rise of iFAST share price certainly created plenty of wealth for many iFAST investors.
For background, iFAST is an online platform company offering investment products to retail investors. At the same time, financial institutions and banks can distribute their investment products through iFAST’s platform. The supersonic boom of iFAST share price in recent years was due to iFAST winning the award of Hong Kong ePension scheme in early 2021.
Incidentally, iFAST share price was given a mighty booster shot by the pandemic due to the trading boom from 2020 to 2021. As many investors were working from home and unable to travel due to borders’ restrictions, there were plenty of opportunities for retail investors to capitalize on the market corrections during that period. As a result, iFAST’s Asset under Administration (AUA) rose from $14.45 billion in FY2020 to $19 billion in FY2021.
However, Man proposes, God disposes. The wheels came off the wagon for iFAST share price in 2022 as the series of interest rate hikes by US Federal Reserve and the Russia-Ukraine war combined to knock the wind out of global stock markets. iFAST share price was not spared from the market turbulence as the stock plummeted from $8.40 in January 2022 to a dismal low of $3.60 in October 2022.
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In my last article on iFAST share price, I cautioned that the stock was at cross-roads as there was further room for correction in 2022 due to the losses from BFC Bank and uncertainty from the Russia war in Ukraine. I have also predicted that the recovery of iFAST share price may take place only in 2023. In this article, I will do a deep dive and assess the long-term outlook for this counter.Note that this is an opinion article and not meant to be a financial advice. Please do your due diligence or engage financial advisors before investing in the stock market. Furthermore, I am not vested and have never invested in iFAST before. Whether iFAST share price will surge or collapse has no impact on me. Thus, this article is not meant to induce readers to make any form of investment decisions.
Worst is over for iFAST share price?
Apart from the challenging operating climate, the loss of form for iFAST share price in 2022 was also largely attributed to the Group’s failure to clinch digital bank licences in Singapore and Malaysia. The double whammy caused a temporary crisis of confidence in iFAST share price in early 2022. Nonetheless, iFAST share price stormed back in style since October 2022 as [This is a premium article. The rest of the content is blocked and can be accessible by SG Wealth Builder Members only. To read the full content, please sign up as member.]Lifetime Membership
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