富途的自助项目（自清算、牌照申请等），包括海外扩张、产品多元化（如衍生品）以及海外市场的周期性复苏（如美国和日本），可能会为交易量增长带来上行空间。
On January 17, J.P.Morgan released a research report and upgraded Futu from Neutral to Overweight with a $64.00 price target.
J.P.Morgan pointed out the following highlights on FUTU:
Concerns on interest income overdone. Because: 1)Interest income to remain robust in the near term; 2)Negative impacts on interest income should be manageable; 3)Decline in deposit rate to be offset by volume growth.
Overseas expansion provides upside on clients and AUM growth. Overseas contributed ~30% of paying clients as of 3Q23, up from ~10% at end 2021.Futu’s self-help programs on overseas expansion, product diversification (i.e., derivatives) and the cyclical recovery of overseas markets (i.e., US & JP) will likely lead to upside on trading volume growth.
J.P.Morgan upgraded Futu from Neutral to Overweight and set a price target of $64 based on a 15% 2024-26E EPS CAGR and 0.8x PEG.
Downside risks:
Weakness in China tech stocks, leading to lackluster trading volume growth;
Regulatory risk;
Lower-than-expected growth in the number of paying clients.
Upside risks:
Higher-than-expected growth in the paying client number;
Stronger-than-expected trading volume growth;
A better-than-expected operating efficiency improvement.
