Daiwa maintains Buy rating on Futu following report of strong earnings beat in Q2 2023
Daiwa maintains Buy rating on Futu following report of strong earnings beat in Q2 2023
On Aug 24, Daiwa maintains Buy rating on Futu, as Daiwa summarizes that Futu saw another quarter of an earnings beat as a result of higher-than expected interest income, client AUM inflows and better cost control. The non-GAAP net profit was HKD1.193b, which was 20% higher than Daiwa's expectation.
Daiwa pointed out the following highlights:
Futu acquired 58k (up 41% QoQ) new paying clients in 2Q23, with the 1H23 total now tracking 66% of the full-year target of 150k.
Aggregate AUM increased 7.5% YoY at HKD466bn despite the negative MTM impact from market movements.
Higher interest income and effective cost control drove 2Q23 earnings beat. Interest income increased 127% YoY or 9% QoQ.
Japan business to be launched in 4Q23. Management sees benign competitive landscape and Daiwa expects strong monetisation potential in Japan.
8月24日,大和維持對富途的買入評級。在研報中總結到,由於利息收入高於預期、客戶資產淨流入和良好的成本控制,富途又一季度實現了盈利超預期。非美國通用會計準則淨利潤爲11.93億港元,比大和的預期高出20%。
大和指出以下亮點:
富途在第二季度獲得了5.8萬新付費客戶,環比增長41%,上半年累計已完成全年目標15萬的66%。
總資產管理規模達4660億港元,同比增長7.5%,儘管市場波動對資產市值產生了負面影響。
更高的利息收入和有效的成本控制推動了第二季度盈利超預期,利息收入同比增長127%,環比增長9%。
日本業務將於2023年第四季度推出。管理層認爲競爭環境良好,大和預計富途在日本潛力強勁。
譯文內容由第三人軟體翻譯。
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