On August 20, 2024, Morgan Stanley released a research report, maintaining an "Equal-weight" rating and a price target of $70 for Futu Holdings. In the research report, Morgan Stanley pointed out:
1）24% yoy, 12% QoQ growth in client assets and 38% higher full year paying client guidance was evidenced of the firm is on the right track with its strategy.
2) The double digit QoQ growth of new paying clients in HK, Singapore and Japan is worth highlighting as they see more potential in per client assets in these regions over time.
3) Despite >70% of client trading volume are currently from the US market, they note that YTD, Futu's stock performance trend has tracked more closely with HSTECH and KWEB than S&P500. The recent rebound in HSTECH and KWEB since early August indicates improving sentiment, and Futu should also benefit on the back of a solid set of operating numbers delivered in 2Q24.
4) FUTU has some room to trade up near term with improving sentiment on China internet names, but the bigger potential will depend on a sharper profit rebound.
1) Better-than-expected market conditions in HK/US
1) Less attrition of onshore client base
2) Solid traction in Japanese user and client acquisition and more color on a clearer monetization path
1) Major correction in US/HK markets
2) More regulation of onshore client base
3) Slower-than-expected paying client conversion and monetization in Japanese market
2024年8月20日，摩根士丹利发表研報，對富途控股維持"持有"評級和70美元的目標價，摩根士丹利在研報中指出：
1）客戶資產同比增長24%，環比增長12%，全年付費客戶指引調高38%，這些都證明了公司正在沿着正確的戰略方向发展。
2）香港、新加坡和日本的新付費客戶數量連續第二個季度增長了兩位數，隨着時間的推移，這些地區的客均資產有更大的潛力。
3）儘管超過70%的客戶交易量目前來自美股市場，年初至今，富途的股票表現趨勢與恒生科技指數和KWEB的相關性比S&P500更緊密。自8月初以來恒生科技指數和KWEB的反彈表明情緒正在改善，富途也應受益於第二季度穩健的運營數據。
4）隨着對中國互聯網公司情緒的改善，該股票在短期內有一定的上漲空間，但其更大的潛力將取決於利潤的大幅反彈。
1）香港/美國市場表現超預期；
2）內地客戶基礎流失減少；
3）在日本用戶和客戶獲取方面取得堅實進展，盈利路徑更加清晰。
1）美國/香港市場出現重大調整；
2）對內地客戶基礎的監管更加嚴格；
3）日本市場付費客戶轉化和貨幣化速度慢於預期。
