On August 14, JPMorgan released a research report maintaining an "overweight" rating on Futu Holdings and slightly lowering the target price from $91 to $90. JPMorgan Chase pointed out the following highlights:
JPM expects teens growth year-on-year growth in revenue and net profit for Futu in the second quarter. JPM believes now is a good opportunity to add on the back of the following.
1) Futu’s fundamentals remain strong on the back of decent AUM growth and new product launches.
2) The steeper and faster Federal Reserve cuts, driven by disinflation, are positive for equity markets. JPM also expects key stocks in the KWEB index to report decent 2Q numbers, which is seen as positive for Futu.
3) Futu is currently trading at a 13x P/E and 18% ROE on 2024 estimates, representing a significant discount compared to its comparable peers that trade at an average of 20x P/E and approximately 11% ROE. With stable overseas expansion, client growth and new product launches, JPM believes risk reward is attractive at current levels, and reiterates their OW rating.
JPM's Dec-24 price target of US$90 is derived from a PEG valuation methodology, based on a 21% 2024E-26E EPS CAGR and 0.85 PEG, in line with listed global online broker peers.
Downside risks include:
1) weakness in China tech stocks, leading to lackluster trading volume growth;
2) regulatory risk;
3) lower-than-expected growth in the number of paying clients.
Upside risks include:
1) higher-than-expected growth in paying client numbers;
2) stronger-than-expected trading volume growth;
3) better-than-expected operating efficiency improvement.
8月14日，摩根大通（以下簡稱摩通）發佈研究報告，維持富途控股 "超配 "評級，同時將目標價從此前的91美元小幅下調至90美元。摩通指出了以下亮點：
摩通預計富途在第二季度的營收和淨利潤將實現雙位數增長。摩通認爲現在是一個好的加倉機會，原因如下：
1）富途的基本面保持強勁，得益於良好的客戶資產規模增長和新產品推出。
2）由於通脹下降，聯儲局減息步伐更爲陡峭和迅速，這對股票市場是積極的。摩通還預計KWEB指數中的主要公司將報告出色的第二季度業績，這對富途來說是積極的。
3）富途目前的市盈率爲13倍，2024年預測ROE爲18％，相比之下，其可比同行平均市盈率爲20倍，ROE約爲11％。富途估值遠低於可比同行。在穩定的海外擴張、客戶增長和新產品推出的背景下，摩通認爲當前水平的風險回報比具有吸引力，並重申超配評級。
摩通對富途的2024年12月目標價爲90美元，該目標價是基於PEG估值方法得出的，基於2024年至2026年的每股盈利年均複合增長率爲21％和0.85的PEG，與全球上市在線券商同行保持一致。
下行風險包括：
1）中國科技股疲軟，導致交易量增長乏力；
2）監管風險；
3）付費客戶數量增長低於預期。
上行風險包括：
1）付費客戶數量增長高於預期；
2）交易量增長強勁；
3）運營效率改善好於預期。
