Disclosure: I am a iFAST shareholder! The fourth quarter of 2023 was all about iFAST’s ePension segment with contributions from the unit’s Hong Kong eMPF contract leading to net profit growing 917% year on year. eMPF eMPF will be the biggest source of revenue for iFAST over the next 2 years. iFAST lowered revenue guidance for 2024-25 because of “timing delays”. However, profit targets remain unchanged because the slower ramp-up of the project will also result in lower expenses. I’m a bit disappointed but long delays are common for big IT projects. iFAST has been conservative about Hong Kong profit targets with the company already exceeding 2023 targest. Expect another spike in earnings growth during second quarter of 2024. According to this article, the first MPF trustee will begin onboarding assets during the second quarter. Net inflows 4Q23 net inflows were higher year on year and 2019 levels but fell 58% quarter on quarter. One of their B2B customers withdrew equities. I am...