Daiwa reiterates Futu as its top pick among China FinTech and raises the target price from $75 to $82
Daiwa reiterates Futu as its top pick among China FinTech and raises the target price from $75 to $82
On September 4st, Daiwa released a research report stating that it reiterates Futu as its top pick among China FinTech and raises the target price from $75 to $82.
Daiwa pointed out the following highlights on FUTU:
Daiwa believes the major regulatory overhaul has been completed after 2 rounds of major regulatory reforms.
Daiwa believes the competitive landscape is turning more favorable for Futu. The current environment has seen competition revert to products, innovation, and operations, which plays into Futu’s strength.
Daiwa reaffirmed Buy and raised the 12-month target price to USD82 (from USD75) on a target PER of 17x based on 1-year forward EPS. It also raised the expected EPS for 2023-25 by 5-11%, given Futu’s resilient interest income and wealth management income, and lower CAC.
Risk: major shareholder offloading its stake.
9月4日，大和發佈研報重申富途是中國金融科技公司中的首選，並將目標價從75美元上調至82美元。
大和指出了富途的以下亮點：
大和認爲經過兩輪整頓，主要的監管改革已經完成。
大和認爲競爭格局對正變得對富途更爲有利。在當前的環境下，競爭已經回歸到產品、創新和運營方面，而這正是富途的優勢所在。
大和重申 "買入"，並上調12個月目標價至82美元（此前75美元），目標市盈率爲17倍，基於1年遠期每股收益，以及2023-25E每股收益上調5-11%，考慮到富途的利息收入和財富管理收入具有彈性，以及較低的獲客成本。
風險：大股東減持。
譯文內容由第三人軟體翻譯。
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