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:
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。