On August 28, BofA upgraded FUTU from Underperform to Buy and raised the target price from $32.15 to $62.80.
BofA pointed out the following highlights on FUTU:
Sentiment and valuation likely at a trough level. Futu's 12-month forward P/E is 12.1x now, BofA believes the current valuation is likely at a trough level as:
China regulations have become more stable, and existing China client base could stay largely stable
Trading velocity is at a historical low level and could be boosted by supportive policies
Futu's profitability will likely remain strong for 2023-24E
Futu's share buyback provides downside protection
Encouraging progress in HK and overseas markets. Investors now see Futu mainly as a beta name, and pay little attention to the growth perspective. However, with sentiment and valuation likely at a trough level, BofA believes it's time to revisit Futu's alpha angle.
HK: continue to increase penetration and strengthen leading position
Singapore: paying clients' number and quality keep improving
Japan: a big market with large potential and few competitive incumbents
Other markets: positive optionality
Expect paying clients to grow at teens in 2023-25E
BofA raises 2023-25E EPS by 7-24%, raises target P/E from 8x to 14x (still below the mid-point of the trading range since China regulation tightening), roll over the valuation base to 2023-24E, raises price objective to USD62.8, and upgrade Futu to Buy. Positive catalysts include capital market recovery and better-than-expected overseas market development.
Risk:
Stricter-than-expected regulations.
Large US/HK market correction.
Intensified competition.
8月28日,美国银行发布研报将 FUTU 的评级从 "跑输大市 "上调至 "买入",并将目标价从 32.15 美元上调至 62.80 美元。
美银指出了富途的以下亮点:
情绪和估值可能处于低谷。 富途目前的12个月远期市盈率为12.1倍,目前的估值可能处于低谷水平,因为
在香港和海外市场取得令人鼓舞的进展。目前,投资者主要将富途视为beta股,而很少关注其增长前景。然而,随着市场情绪和估值可能处于低谷,美银认为是时候重新审视富途的alpha角度了。
美银将2023-25E EPS 上调7-24%,将目标市盈率从8倍上调至14倍(仍低于中国监管收紧以来的交易区间中点),将估值基数滚动至2023-24E,将目标价上调至62.8美元,并将富途的评级上调至 "买入"。积极催化剂包括资本市场复苏和海外市场发展好于预期。
风险:
比预期更严格的法规。
美国/香港市场大幅回调。
竞争加剧。