On November 22, J.P.Morgan remained Overweight on $Futu Holdings Ltd (FUTU.US)$ and raised the Dec-23 target price from $62.00 to $70.00.
J.P.Morgan pointed out the following highlights on FUTU:
A strong beat on 3Q22 earnings results:Net profits beat JPM and consensus estimates by 30% and 19%, respectively. Key positives include steady paying client growth despite volatile markets, improvement in blended fee rate, strong growth in interest income, and stable growth in WM, ESOP, and IPO businesses.
Steady client growth in offshore markets despite challenging market:Futu acquired 200,733 new paying clients in 9M22, beating its FY22 guidance of 200,000.
Management guidance is positive:
1) Interest income is mainly from idle cash and margin business; management expects the contribution to revenue to increase in 4Q.
2) Management disclosed that Futu acquired a clearing license in SG, which may lower funding cost in that market.
3) Derivatives contributed to 30% of trading volume, partly contributing to improving the blended fee rate in 3Q. Management said that Futu will focus on roll out of HK/US option trading into the SG market.
4) Futu plans to expand into new markets in 1H23, which should be positive for client growth.
J.P.Morgan's Dec-23 price target of US$70 is derived from a PEG valuation methodology, based on a 27% 2022-25E EPS CAGR and 0.8x PEG, which is in line with listed global online broker peers.
Downside Risk include:
Lackluster trading volume growth.
Regulatory risk .
Lower-than-expected paying client growth.
Upside risks include:
higher-than-expected paying client growth
stronger-than-expected trading volume growth
better-than-expected operating efficiency improvement
11月22日,摩根大通发布研究报告,维持$富途控股 (FUTU.US)$增持评级,并将2023年12月目标价由62美元提升至70美元。
摩根大通在研报中指出如下亮点:
2022年第三季度业绩超出预期:三季度净利润比摩根大通预期和一致预期分别高出30%和19%。主要的积极因素包括:动荡市况下有资产客户稳定增长、混合佣金率提升、利息收入的强劲增长,以及财富管理、ESOP和IPO业务的稳定增长。
在充满挑战的市场环境下,海外市场客户依然保持稳健增长:截止2022年前9个月,富途新增有资产客户200,733人,超过其2022财年新增20万人的指引目标。
管理层指引积极:
1)利息收入主要来自闲置现金和两融业务,管理层预计第四季度对收入的贡献将增加。
2)管理层披露,富途获得了新加坡清算牌照,这可能会降低富途在该市场的资金成本。
3) 衍生品贡献了30%的交易量,促进了第三季度混合佣金率的提升。
管理层表示,富途将聚焦把香港/美国期权交易推广到新加坡市场。
4) 富途计划在2023年上半年拓展新的市场,或将有利于客户规模的进一步增长。
摩根大通通过采用PEG估值法,并基于2022-2025年27%的EPS预期复合增速和0.8倍PEG的假设(与上市的国际互联网券商同行一致),摩根大通给予富途2023年12月目标价70美元。
下行风险提示:
交易量增长乏力。
监管风险。
有资产客户增长低于预期。
上行风险提示:
有资产客户增长高于预期。
市场成交量增长强于预期。
经营效率提升好于预期。