iFAST will be reporting third quarter 2021 results soon and results are likely to be mediocre. iFAST non-recurring revenue is usually correlated with trading volume from major stock brokerages such as Interactive Brokers.  iFAST releases results on a quarterly basis but Interactive Brokers (IBKR), which operates in all major iFAST markets releases monthly updates. Based on Interactive Brokers’ monthly volume reports, iFAST’s non-recurring revenue is likely to be down quarter on quarter but up year on year. Why is non-recurring revenue so important for iFAST? High operating leverage. Once iFAST covers their fixed costs for stockbroking, every dollar of incremental revenue flows straight down to net profit. However, a decline in revenue will result in an equally large contraction in profit. I’m guessing iFAST will report SGD7 million net profit which will be flat quarter on quarter but up 15% year on year....