To The Moon

1. Technical Analysis (TA) - April 2026

$IFAST(AIY.SI)$ is currently in a "consolidation within an uptrend" phase. After the massive rally fueled by the Hong Kong ePension project and the successful turnaround of iFAST Global Bank (iGB), the stock is testing key psychological and structural levels.

• Long-term Trend: The primary trend remains bullish. A clear upward-sloping support line can be drawn connecting the lows of late 2022 ($3.00 range) and the mid-2024 recovery phase.

• Current Resistance: $11.50 - $12.20 (Previous peak and major analyst target cluster).

• Immediate Support: $9.00 - $9.20.

• The "Long-Term Uptrend Support": This line currently sits approximately at the $7.80 - $8.20 zone. A retrace to this level would represent a healthy 10-15% correction from current prices ($9.01) to "reset" the trend.

• Indicators: RSI is hovering near 45-50, suggesting neutral momentum. Volume has thinned during the recent sideways movement, often a precursor to a definitive breakout or breakdown.

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2. Historical Valuation Analysis (Past 3 Years)

‌iFAST’s valuation is notoriously "spiky" because it trades more like a high-growth FinTech than a traditional broker. $UOB Kay Hian(U10.SI)$ $Tiger Brokers(TIGR)$ $Futu Holdings Limited(FUTU)$

• Note on 2023 P/E: The triple-digit P/E in 2023 was due to low base earnings while the market "priced in" the massive future earnings from the Hong Kong ePension contract.

• PEG Trend: As earnings (EPS) caught up to the price in 2024/2025, the PEG ratio became very attractive (below 1.0), indicating the stock was technically "undervalued" relative to its 40%+ profit growth.

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3. Estimated Valuation at Support Line

‌If iFAST retraces to its long-term uptrend support ($8.00), the valuation would look significantly different based on current 2026 projected earnings (est. EPS of ~$0.39 and BVPS of ~$1.25).

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Scenario: Price at $8.00

• ‌Estimated P/E: 20.5x Analysis: This would be the lowest P/E iFAST has seen in over 4 years. At 20x earnings for a company growing at 20-25%, it would likely be considered a "Strong Buy."

• Estimated P/B: 6.4x Analysis: While high compared to banks (typically 1.0x), for a platform business like iFAST, 6.4x is near its historical floor.

• Estimated PEG: 0.82x (assuming 25% growth) Analysis: This remains deep in "undervalued" territory for a growth stock.

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Summary Verdict

‌A retrace to the $8.00 support would likely trigger a massive institutional "buy the dip" response. The valuation at that level (20x P/E) would effectively mean the market has stopped paying a "growth premium" and is only paying for current earnings—a rare opportunity for a company with a target of $100bn AUA by 2030.

Kenny Loh is a distinguished MAS Private Wealth Advisor (RNF: LKK300389588) representing Financial Alliance with a specialization in holistic investment planning and estate management. He excels in assisting clients to grow their investment capital and establish passive income streams for retirement. Kenny also facilitates tax-efficient portfolio transfers to beneficiaries, ensuring tax-efficient capital appreciation through risk mitigation approaches and optimized wealth transfer through strategic asset structuring.

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