iFAST reported a poor set of 2Q22 results because of an unexpected SGD2.69 million net loss due to an impairment for their India business. Here are the good and bad points about 2Q22: Good: Assets under administration (AUA) remained stable in a bear market. AUA fell 5% q/q but rose 0.8% y/y to SGD17.6 billion with the company still attracting net inflows. iFAST attracted SGD593 million in net inflows (down 29% y/y) during 2Q22 mainly because of stronger B2B and B2C inflows in Singapore. This resilient performance in AUA is in line with my thesis. As iFAST diversifies AUA across stocks, bonds and cash, the company’s results should eventually become less dependent on market sentiment China AUA growing again. iFAST China was the only segment which grew AUA q/q during 2Q22. China AUA grew 0.3% q/q and 0.7% y/y to RMB2.1 billion (SGD432.4 million). “New highs” in 2023. iFAST expects revenue and profitability to grow to “new highs”...