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China Renaissance Reiterated BUY rating on FUTU with new TP of $178

华兴资本:维持富途买入评级,目标价178美元

2021/05/18 14:40  富途资讯

1Q21 preview: Expecting a strong quarter with accelerated overseas expansion

  • Expecting strong quarterly results given new paying users of 273k in 1Q21.

  • Faster pace of overseas expansion in SG despite normalizing market activities.

  • Reiterate BUY with revised TP of US$178.00 (55x target P/E).

We expect Futu to report another record-high net profit in 1Q21, along with strong new paying user adds of 273k (vs. 99k in 4Q20).

Futu noted better-than-expected user growth for its Singapore expansion, although we are starting to see normalized market activity as evidenced by lower stock ADT in the Hong Kong market and reduced daily client trades for competitors such as Interactive Brokers (IBKR, Not Covered).

We remain positive on Futu as an InvestmentTech platform with a growing addressable market through overseas expansion and product cross-selling.

We reiterate our BUY rating amid a recent share price pullback.

Risks include: 1) Market downturn with reduced IPO pipeline; 2) intensifying competition.

富途资讯获悉,5月14日华兴资本发布研报维持对富途控股「买入」评级,目标价178美元。

华兴资本在研报中指出:

  • Q1财报前瞻:预计将交出强劲财报,海外扩张将加速

  • 预计Q1新增入金用户达到27.3万,Q1业绩会非常强劲。

  • 新加坡等市场海外扩张步伐加快。

  • 维持买入评级,目标价为178美元(对应2021/2022年 Non-GAAP EPS均值55倍PE)。

华兴资本预计,富途Q1净利润将再创新高,同时新增入金用户将达到27.3万(相比之下,去年Q4为9.9万)。同时注意到,尽管香港整体市场交易活跃度下滑、竞品盈透的日均交易下滑,但富途新加坡市场扩张超预期,华兴资本仍然看好富途作为一个全方位投资平台,通过海外扩张和产品协同效应,潜在市场规模不断抬升,重申买入评级。

风险提示:市场大幅调整,IPO热度下降;竞争加剧等。

免责声明:中文翻译由腾讯翻译君提供支持,富途对翻译信息的准确性或可靠性所造成的任何损失不承担任何责任。

风险提示:上文所示之作者或者嘉宾的观点,都有其特定立场,投资决策需建立在独立思考之上。富途将竭力但却不能保证以上内容之准确和可靠,亦不会承担因任何不准确或遗漏而引起的任何损失或损害。

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