On November 19, 2024, Jefferies released a research report, maintaining a "BUY" rating and increasing the price target from $88.40 to $109.20. In the research report, Jefferies pointed out:
1)Total revenue grew 29.6% YoY to HK$3,436.1m, 3.3% and 15.7% above consensus and Jefferies' estimate, respectively. Non-GAAP net profit was 1.2% below consensus mainly due to unrealized FX losses from modest appreciation of RMB in 3Q.
2) In 3Q24, Futu added about 154K new paying clients (155K in 2Q24), with total paying clients reaching about 2.2 million. Total client assets increased by 48.1% YoY to HK$693.4bn. Client acquisition accelerated in Hong Kong and Singapore, which collectively contributed to over 1/3 of new paying clients in 3Q24. Malaysia remained the top contributor of new paying clients among its seven markets for three consecutive quarters.
3) In celebration of the fifth anniversary of its Nasdaq listing, Futu announced that its board of directors approved a special cash dividend of US$2 per ADS. The aggregate amount of the special cash dividend to be paid will be approximately US$280m, which will be funded by surplus cash on Futu’s balance sheet.
Jefferies maintains Buy and raises Price Target to US$109.2, based on 2025E EPS of HK$45.8 and 1.0x PEG, factoring in the latest business updates.
Key risks include:
(1) macro-headwinds impacting securities market trading volume in the US, HK and SG;
(2) loss of market share due to competition;
(3) lower-than-expected commission fee rate and interest rate.
2024年11月19日,杰富瑞发布研究报告,维持"买入"评级,并将目标价从88.40美元上调至109.20美元。在研究报告中,杰富瑞指出:
1)总收入同比增长29.6%至34.36亿港元,比市场一致预期和杰富瑞预估分别高出3.3%和15.7%。非公认会计准则净利润比市场一致预期低1.2%,主要原因是第三季度人民币小幅升值造成未实现汇兑损益。
2)在2024年第三季度,富途新增约15.4万名付费客户(2024年第二季度为15.5万),总付费客户达到约220万。客户总资产同比增长48.1%至6,934亿港元。香港和新加坡的客户获取加速,这两个地区在2024年第三季度共同贡献了超过1/3的新付费客户。马来西亚连续三个季度是富途七个市场中新付费客户的最大贡献市场。
3)为庆祝在纳斯达克上市五周年,富途宣布其董事会批准了每股美国存托凭证2美元的特别现金股息。将支付的特别现金股息总额约为2.8亿美元,将由富途资产负债表上的盈余现金进行支付。
杰富瑞维持买入评级,并将目标价上调至109.2美元,基于2025年预期每股收益45.8港元和1.0倍PEG,考虑了最新的业务更新。
主要风险包括:
(1) 宏观经济逆风影响美国、香港和新加坡证券市场交易量;
(2) 由于竞争导致市场份额损失;
(3) 低于预期的佣金费率和利率。