In today’s briefing:
- IFAST Corporation Limited: Undervalued for Its Prospects
- Small to Mid-Cap Stocks Booking Highest Net Institutional Inflows in 3Q25

IFAST Corporation Limited: Undervalued for Its Prospects
- We initiated coverage on iFAST Corporation Limited (iFAST) a week ago.
- Though stock has risen 21% since our note, we see a further 20% upside.
- The market appears to be missing iFast’ s value in terms of P/AUM and EV/Revenue, in light of the AUM growth prospects. 2Q PAT was ahead of consensus expectations.
Small to Mid-Cap Stocks Booking Highest Net Institutional Inflows in 3Q25
- Institutions net bought S$130 million in Singapore-listed stocks, with S$95.4 million in large-cap stocks and S$42.3 million in mid-cap stocks.
- Envictus International saw S$4.3 million net inflow, 4.1% of its market cap, with a 29% ROE and P/E ratio of 7x.
- CSE Global and Frencken Group recorded significant net inflows, with CSE Global securing S$211.3 million in new orders.
