On June 7th, CSC Financial released a research report on $Futu Holdings Ltd(FUTU.US)$ with outperform rating and TP of $57.36.
On June 6th, Futu Holdings Limited, a leading fintech and brokerage company in China, reported solid performance for the quarter ended March 31, 2022, with US$ 209.5 million(HK$ 1.64 billion) total revenues, and US$ 79.4 million(HK$ 622 million) non-GAAP adjusted net income.
CSC Financial's take on Futu:
The Globalization strategy has progressed steadily, and the growth rate of users in Hong Kong and overseas markets has accelerated.
The advantages of subdivided areas are bolstered by enterprise services, and the total number of clients continues to grow at a rapid pace.
The firm made new breakthroughs in the wealth management business, with a record-high asset management scale and number of clients.
Revenue for 2022-2023 is expected to be HK$7.603 billion and HK$ 9.381 billion, an increase of 7% and 23% respectively YoY. Non-GAAP net profit will be HK$ 3.014 billion and HK$3.758 billion respectively, an increase of 4% and 25% YoY.
