Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

A chartered management accountant with more than 10 years of rich experience in investment research and financial analysis. Worked as an equity analyst for one of the world's largest asset managers with USD2.5trn in AUM covering numerous sectors including chemicals, retail, tech, autos, telco, real-estate and banks, globally. Experienced in fundamental equity research, industry research, commodity studies, forensic accounting, and due diligence reviews.

Equity Analyst

Smartkarma Corporate Webinar | iFAST: Fintech Ecosystem & Wealth Management Services Across Asia

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Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/ifast-corp-ltd" target="_blank" data-smartkarma-citation="entities:17798:1" rel="noopener">iFast (IFAST SP)</a>  released its 4Q2020 results after market closed on Friday (05th February). During the quarter, the revenues increased by 41.6% YoY and operating income increased by a significant 155.6% YoY to S$8.3m. Both revenue and OP beat consensus estimates by 1.3% and 3.8% respectively during 4Q2020. For full-year 2020, iFast’s revenues surpassed its own guidance by 35.5%.<table class="table table-striped"><tbody>
<tr>
<td style="width: 121.5pt;">4Q2020 (S$m)</td>
<td style="width: 43.5pt;">Actual </td>
<td style="width: 58.95pt;">Consensus</td>
<td style="width: 65.0pt;">Difference</td>
</tr>
<tr>
<td style="width: 121.5pt;">Revenue</td>
<td style="width: 43.5pt;">47.9</td>
<td style="width: 58.95pt;">47.3</td>
<td style="width: 65.0pt;">1.3%</td>
</tr>
<tr>
<td style="width: 121.5pt;">Operating Income</td>
<td style="width: 43.5pt;">8.3</td>
<td style="width: 58.95pt;">8.0</td>
<td style="width: 65.0pt;">3.8%</td>
</tr>
<tr>
<td style="width: 121.5pt;">Operating Margin (%)</td>
<td style="width: 43.5pt;">17.3%</td>
<td style="width: 58.95pt;">16.9%</td>
<td style="width: 65.0pt;">0.4%</td>
</tr>
</tbody></table>Source: Company disclosures, LSRIn our last report <a href="https://www.smartkarma.com/insights/ifast-comes-out-successful-in-hk-s-empf-platform-project" target="_blank" data-smartkarma-citation="insights:47708" rel="noopener">IFAST Comes Out Successful in HK’s EMPF Platform Project</a> , we discussed iFAST) winning the eMPF project and the likely impact on the company’s revenues.

iFast (IFAST SP)  released its 4Q2020 results after market closed on Friday (05th February). During the quarter, the revenues increased by 41.6% YoY and operating income increased by a significant 155.6% YoY to S$8.3m. Both revenue and OP beat consensus estimates by 1.3% and 3.8% respectively during 4Q2020. For full-year 2020, iFast’s revenues surpassed its own guidance by 35.5%.

4Q2020 (S$m)
Actual 
Consensus
Difference


Revenue
47.9
47.3
1.3%


Operating Income
8.3
8.0
3.8%


Operating Margin (%)
17.3%
16.9%
0.4%

Source: Company disclosures, LSRIn our last report IFAST Comes Out Successful in HK’s EMPF Platform Project , we discussed iFAST) winning the eMPF project and the likely impact on the company’s revenues.

IFast 4Q2020 Results: Higher AUA Growth Drives Strong Earnings