Written by: Jacky Lee
Saturday 6 Dec 2014
IPO watch - iFAST Corporation
China market is the potential “KEY”
The IPO price of S$0.95 translates to 24x annualised FY14 PER and 3.8x PBR seems expensive. However, we recommend Subscribe, given its strong scalable business model and strong recurring income, most than 80% is contributed from recurring net revenue since 2012, and this grew from 71.4% during the period from 2008-2011. Conservative investors may choose to buy on pullbacks in the current uncertain market.
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