June[1] - iFAST (Buy ~$1.4; FAST growing market)

COUNTER: IFAST CORPORATION LTD

BUSINESS: 
Inception in 2000, the counters offer internet-based investment product (bonds, unit trusts, ETF, etc) distribution and administration platform. There are major two business segments, B2B and B2C. B2B customers includes banks, Financial advisors, and financial insititutions. B2C B2C clients are from mass market who access through its Fundsupermart.com website. 

HIGHLIGHTS:

(1) The latest result for 1Q2015 saw net revenue and net profit rose 18% and 49% year on year.

(2) AUA, Asset under Administration (Investment value from investors) rose 21.8% as a total from all three markets, namely Singapore, Hong Kong and Malaysia. AUA generates recurring revenues which forms major income to the counter.

(3) On end of May, iFAST Singapore launched ETF and bond into his platform. These could further enhance existing AUA.

(4) The company is in early phase of exploring into China market. With SGD35 mil cash on hand, the company is seeking potential M&A in the market. 

REASONS TO BUY:
(1) From price chart, the counter has been riding on bullish trend since its IPO last year. A triple top breakout was formed in early this year. ~1.4 can be seen as strong support. Recent retreat in the price could present entry opportunity.

(2) The management is expecting to dividend every quarter in 2015. Total amount is forecast to be 60% of total net profit.

ENTRY PRICE:
Buy ~$1.4 for potential rebound. Mid-longer holder could position for the future growth of its business and quarterly dividend.