CGS International

April 23, 2025

iFAST Corp Ltd: Riding the Bear Trap Rebound – A Technical Buy

Key Takeaways from Overnight Trading

• US assets experienced a selloff following President Trump’s criticism of Jerome Powell, impacting stocks, the dollar, and Treasuries. [[1]]
• The S&P 500 and other major US stock indexes each fell by more than 2.5%, while the dollar index weakened to a 15-month low. [[1]]
• The benchmark 10-year Treasury yield approached 4.4% as investors shifted away from US securities. [[1]]
• Gold prices surged to a record high, exceeding \$3,400 an ounce, and the Swiss franc strengthened against the dollar as investors sought haven assets. [[1]]
• The US credit market also showed signs of weakness, with the cost of protecting high-grade credit securities against default increasing. [[1]]
• Several investment-grade companies postponed bond sales due to unfavorable market conditions, with only American Express Co. proceeding with a sale. [[1]]

Singapore Airlines: Upcoming Final DPS is Key to Stock Price

• SIA is expected to post a 4QFY3/25F core net profit of S\$200m-250m, aligning with the current forecast of S\$236m. [[1]] [[2]]
• A final DPS of 30 Scts (4.6% yield) is anticipated, based on the expectation that SIA might distribute some of the 37 Scts gain from the disposal of Vistara. [[2]]
• The rating is reiterated as Hold, with an unchanged TP of S\$6, still pegged to P/BV of 1.1x (+1 s.d. above the mean since 2011). [[2]]

iFAST Corp Ltd – Technical Analysis

Last Price: 7.03 [[2]]

Recommendation: Technical Buy [[2]]

Rationale: Bear trap and rebound [[2]]

Key Price Levels:

• Entry Price(s): 7.03, 6.40, 6.10 [[2]]
• Support 1: 6.46 [[2]]
• Support 2: 6.00 [[2]]
• Stop Loss: 5.78 [[2]]
• Resistance 1: 7.20 [[2]]
• Resistance 2: 8.82 [[2]]
• Target price 1: 7.50 [[2]]
• Target price 2: 8.50 [[2]]
• Target price 3: 10.00 [[2]]
• Target price 4: 10.80 [[2]]

Company Overview (Bloomberg):

iFast Corporation Ltd. operates a funds and investments distribution platform in the Asia Pacific region. [[2]]

Analyst:

CHUA Wei Ren, CMT [[2]]

T (65) 6210 8612 [[2]]

E weiren.chua@cgsi.com [[2]]

Technical Snapshot:

iFast previously hit the first target price of S\$8.70 before a significant correction. Despite being stopped out in early April, a technical buy is re-added due to strong upside price action. [[2]]

1. A heavy bullish rebound was observed at 123.6% of the consolidative range, returning to the range support of S\$6.46. [[2]]
2. A bullish breakout of overhead resistance indicates renewed upside potential. [[2]]
3. Prices are trending above all Ichimoku conversion and base lines. [[2]]
4. The Stochastic Oscillator showed an oversold crossover. [[2]]
5. The 23-period ROC has bottomed out and is moving towards the zero line, with bullish divergence remaining. [[2]]
6. The Directional Movement Index indicates an early expansion of bullish strength. [[2]]
7. Volume remains in a healthy expansion. [[2]]

Disclaimer

This report is prepared by and belongs to CGS International. It is not intended for distribution or use in any jurisdiction where such distribution, publication, or use would be contrary to law or regulation. Recipients must comply with the limitations outlined herein, and the report must remain confidential. [[3]]

The information in this report is derived from data believed to be correct and reliable at the time of issue. CGS International may issue or cease issuing reports on this subject matter at any frequency and has no obligation to update this report in the event of material changes. CGS International disclaims any liability for the accuracy, completeness, or fairness of any views, opinions, and information contained herein. [[3]]

Unless otherwise specified, this report is based on sources that CGS International considers reasonable, including market data and company statements. While efforts are made to ensure the accuracy of factual statements, all estimates, projections, forecasts, and opinions are based on assumptions considered reasonable as of the document date and should not be construed as representations of future events. Past performance is not indicative of future results, and investments may increase or decrease in value. [[3]] [[4]]

This report does not constitute an offer or invitation to buy or sell any investments. CGS International, its affiliates, and related parties may have positions in securities of the covered companies and may engage in business with these companies. [[4]]

The analyst responsible for this report certifies that the views expressed accurately reflect their personal opinions and were prepared independently. No part of the analyst’s compensation is related to specific recommendations or views in this report. Information barriers are in place to prevent conflicts of interest. [[4]] [[5]]

Reports are produced by the corresponding CGS International entity in specific geographical areas. “CGS International” refers to the relevant entity distributing the report in a particular jurisdiction or CGS International Securities Pte. Ltd. and its affiliates. [[5]]

As of April 21, 2025, CGS International does not have a proprietary position in the securities of the companies covered in this report. As of April 23, 2025, the analyst(s) who prepared this report does not have an interest in the securities of the companies covered or recommended. [[5]] [[4]]

This report is for information purposes only and does not consider the specific investment objectives, financial situation, or needs of any specific person. The information and opinions herein should not be construed as an offer, recommendation, or solicitation to buy or sell securities. Investors should make their own independent evaluation and consult their professional advisors before participating in any transaction. [[4]]

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Specific distribution restrictions apply in various jurisdictions, including Australia, Canada, China, France, Germany, Hong Kong, Indonesia, Ireland, Malaysia, New Zealand, Singapore, South Korea, Spain, Sweden, Switzerland, Thailand, United Arab Emirates, United Kingdom and European Economic Area (EEA), and the United States. [[4]] [[5]] [[6]]

Recommendation Framework

• Add: The stock’s total return is expected to exceed 10% over the next 12 months. [[7]]
• Hold: The stock’s total return is expected to be between 0% and positive 10% over the next 12 months. [[7]]
• Reduce: The stock’s total return is expected to fall below 0% or more over the next 12 months. [[7]]

The total expected return of a stock is defined as the sum of the percentage difference between the target price and the current price and the forward net dividend yields of the stock. Stock price targets have an investment horizon of 12 months. [[7]]

Sector Ratings Definition:

• Overweight: Stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation. [[7]]
• Neutral: Stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation. [[7]]
• Underweight: Stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation. [[7]]

Country Ratings Definition:

• Overweight: Investors should be positioned with an above-market weight in this country relative to benchmark. [[7]]
• Neutral: Investors should be positioned with a neutral weight in this country relative to benchmark. [[7]]
• Underweight: Investors should be positioned with a below-market weight in this country relative to benchmark. [[7]]

Rating Distribution (%)

• Add: 71.0% [[7]]
• Hold: 20.9% [[7]]
• Reduce: 8.2% [[7]]

Investment Banking clients (%)

• Add: 1.3% [[7]]
• Hold: 0.7% [[7]]
• Reduce: 0.4% [[7]]

Distribution of stock ratings and investment banking clients for the quarter ended on 31 March 2025. 551 companies under coverage for the quarter ended on 31 March 2025. [[7]]