BofA upgraded FUTU from Underperform to Buy and raised the target price from $32.15 to $62.80
BofA upgraded FUTU from Underperform to Buy and raised the target price from $32.15 to $62.80
On August 28, BofA upgraded FUTU from Underperform to Buy and raised the target price from $32.15 to $62.80.
BofA pointed out the following highlights on FUTU:
Sentiment and valuation likely at a trough level. Futu's 12-month forward P/E is 12.1x now, BofA believes the current valuation is likely at a trough level as:
China regulations have become more stable, and existing China client base could stay largely stable
Trading velocity is at a historical low level and could be boosted by supportive policies
Futu's profitability will likely remain strong for 2023-24E
Futu's share buyback provides downside protection
Encouraging progress in HK and overseas markets. Investors now see Futu mainly as a beta name, and pay little attention to the growth perspective. However, with sentiment and valuation likely at a trough level, BofA believes it's time to revisit Futu's alpha angle.
HK: continue to increase penetration and strengthen leading position
Singapore: paying clients' number and quality keep improving
Japan: a big market with large potential and few competitive incumbents
Other markets: positive optionality
Expect paying clients to grow at teens in 2023-25E
BofA raises 2023-25E EPS by 7-24%, raises target P/E from 8x to 14x (still below the mid-point of the trading range since China regulation tightening), roll over the valuation base to 2023-24E, raises price objective to USD62.8, and upgrade Futu to Buy. Positive catalysts include capital market recovery and better-than-expected overseas market development.
Risk:
Stricter-than-expected regulations.
Large US/HK market correction.
Intensified competition.
8月28日,美國銀行發佈研報將 FUTU 的評級從 "跑輸大市 "上調至 "買入",並將目標價從 32.15 美元上調至 62.80 美元。
美銀指出了富途的以下亮點:
情緒和估值可能處於低谷。 富途目前的12個月遠期市盈率爲12.1倍,目前的估值可能處於低谷水平,因爲
中國的監管趨於穩定,現有的中國客戶羣基本保持穩定
交易活躍度處於歷史較低水平,可能會受到扶持政策的推動
富途的盈利能力在 2023-24E 年可能保持強勁
富途的股票回購提供了下行保護
在香港和海外市場取得令人鼓舞的進展。目前,投資者主要將富途視爲beta股,而很少關注其增長前景。然而,隨着市場情緒和估值可能處於低谷,美銀認爲是時候重新審視富途的alpha角度了。
香港:繼續提高滲透率,鞏固領先地位
新加坡:付費客戶的數量和質量不斷提高
日本:市場潛力大,競爭者少
其他市場:積極的可能性
預計2023-25E年付費客戶將以雙位數的速度增長
美銀將2023-25E EPS 上調7-24%,將目標市盈率從8倍上調至14倍(仍低於中國監管收緊以來的交易區間中點),將估值基數滾動至2023-24E,將目標價上調至62.8美元,並將富途的評級上調至 "買入"。積極催化劑包括資本市場復甦和海外市場發展好於預期。
風險:
比預期更嚴格的法規。
美國/香港市場大幅回調。
競爭加劇。
譯文內容由第三人軟體翻譯。
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