China Renaissance maintains its Buy rating on FUTU with a price target of $72.10
China Renaissance maintains its Buy rating on FUTU with a price target of $72.10
On August 25th, China Renaissance released a research report stating that it maintains a "buy" rating on Futu, with a target price of $72.1, which represents a 46% upside from the closing price on August 24th.
China Renaissance pointed out the following highlights on FUTU:
2Q23 key operating metrics mostly beat, except trading volume. Despite the challenging 2Q23 market conditions, Futu’s key operating metrics mostly came in better than expectations, including strong new paying client acquisition (+41% QoQ), higher commission rate (+1.1bp QoQ), steady client assets and a slight MFSL balance pullback (-1% QoQ), even as trading volume fell 22% QoQ on low velocity. According to management, QTD trading velocity has already returned to the 1Q23 level.
Japan: a new market to tap in 4Q23. Futu announced its wholly owned Japan subsidiary, Moomoo Security Japan Corporation Limited, received official approval from Japanese regulators to conduct brokerage and wealth management business via its online platform, Moomoo. Futu plans to launch trading functions in 4Q23. It has operated Moomoo as a pure information market data platform in Japan for the past six months, and the current DAU-to-user ratio is ~15%, indicating a high engagement.
China Renaissance revise up their 2023E/ 24E/ 25E non-GAAP net profit forecasts by 8%/ 6%/ 4% and revise up their target price to US$72.10 from US$60.60 based on a target 2024E P/E of 15.0x (unchanged).
Risks
Market downturn and reduced participation of retail investors.
Intensifying competition.
Tightening regulation on cross-border brokerage service.
Slower-than-expected overseas expansion.
8月25日,華興資本發佈研報維持富途“買入”評級,目標價72.1美元,較8月24日收盤價有46%潛在升幅空間。
華興資本在研報中指出:
除交易量外,2023年第二季度主要運營指標均好於預期。儘管23年第二季度的市場環境充滿挑戰,但富途的主要運營指標大多好於預期,包括強勁的新付費客戶獲取(環比增長41%)、佣金率上升(環比增長1.1個基點)、客戶資產穩定以及兩融餘額略有回落(環比下降1%),儘管交易量環比下降22%。據管理層稱,截至至今的三季度交易活躍度已恢復到 23 年第一季度的水平。
日本:2023年四季度將進入的新市場。富途宣佈其日本全資子公司Moomoo Security Japan Corporation Limited獲得日本監管機構的正式批准,可通過其在線平台Moomoo開展經紀和財富管理業務。富途計劃在 23 年第四季度推出交易功能。過去 6 個月,該公司在日本將Moomoo作爲純信息市場數據平台運營,目前的 DAU 與用戶比率約爲15%,顯示出較高的參與度。
華興資本將2023E/24E/25E非美國通用會計準則淨利潤預測分別上調8%/6%/4%,目標價從60.60美元上調至72.10美元,2024E目標市盈率爲15倍(不變)。
風險
市場低迷,散戶投資者參與減少;
競爭加劇;
跨境經紀服務監管趨嚴;
海外擴張速度低於預期。
譯文內容由第三人軟體翻譯。
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