On November 24, CICC released a research report and reiterated Futu an Outperform rating with a $86 price target.
CICC pointed out the following highlights:
Futu 3Q23 total revenue +36% YoY to HKD2.65billion, exceeding CICC's estimate by 4.4%;
Non-GAAP net profit +44% YoY to HKD1.16 billion, in line with CICC's estimate;
Futu added paying clients 65,000 to 1.651 million in 3Q (vs. 58,000 in 2Q);
Total customer assets remained basically stable QoQ at HKD468.1 billion. The assets of Singaporean customers have maintained double-digit QoQ growth for five consecutive quarters;
Wealth Management AUM +100% YoY to HKD51.9 billion, AUM in mutual funds soared/alternative products (including bonds) +86%/+285% YoY respectively;
3Q trading commissions/interest net income/other income accounted for 43%/51%/6% of net income (excluding interest expenses) respectively;
Marketing expenses +21% QoQ, cost per customer for net new clients increased to HKD3,265;
In September, the company offered US stock trading service in Japan, and US and Canadian stock trading services in Canada. The current number of Japanese users is about 400,000 (with DAU accounting for ~20%);
CICC maintained the target price of $86, which corresponded to 19x/17x 23e/24e P/E and 45% upside, and maintained an outperform rating.
Risks
Low market turnover; Competition exceeds expectations; International expansion not as expected.
11月24日,中金發佈研報,維持富途控股「跑贏行業」評級,維持目標價86美元。
中金在研報中指出:
富途3Q23總收入同比+36%至26.5億港幣,超過中金預期4.4%;
Non-GAAP淨利潤同比+44%至11.6億港幣,符合中金預期;
公司3Q新增付費用戶6.5萬人至165.1萬人(vs.2Q 新增5.8 萬人);
客戶總資產環比基本持平在4,681億港幣,特別是新加坡客戶資產連續五個季度保持雙位數環比增長;
大象財富AUM同比+100%至519億港幣,其中公募基金/另類產品分別同比+86%/+285%;
3Q交易佣金/利息淨收入/其他收入分別佔淨收入(剔除利息支出)的43%/51%/6%;
市場費用環比+21%,對應淨新增用戶增長、單客成本提升至3,265港幣;
公司於9月在日本提供美股、在加拿大提供美股和加股交易功能,當前日本App用戶約40萬人(其中DAU佔比~20%);
公司當前交易於13x/11x 23e/24e P/E;維持目標價86美元,對應19x/17x 23e/24e P/E 及45%的上行空間;維持跑贏行業評級。
風險
市場成交及景氣度低迷;行業競爭超預期;國際化拓展不及預期。