On November 24th, Jefferies released a research report stating that it maintains a "buy" rating on Futu and raised the target price from $64.8 to $71.5.
Jefferies pointed out the following highlights on FUTU:
Futu reported 3Q23 results with revenue ahead of market expectations. Non-GAAP net profit increased 43.7% YoY to HK$1,158m, 2.1% below market expectations while 17.3% above Jefferies' estimate. Non-GAAP net margin improved by 2.3pp YoY to 43.7%.
In 3Q23, Futu added nearly 65K new paying clients (58K in 2Q23), with total paying clients reaching about 1.65 million. In 9M23, Futu acquired more than 163K paying clients, exceeding its full-year guidance of 150K.
Key takeaways from the conference call. 1)In Hong Kong, Futu acquired clients through targeted marketing campaigns around the government’s green bond and silver bond offerings. 2) In Singapore, paying client growth remained resilient as money market funds continued to gain traction amid the high rate environment.
Jefferies views Futu’s proprietary technology infrastructure as its key strength over peers, which should help save costs and improve operating efficiency. Jefferies sees Futu as ahead of other potential competitors by around 2-3 years in terms of financial licenses obtained, technology, and community etc..
Jefferies maintains Buy and raises FUTU's PT to US$71.5 (prior US$64.8), based on 2024E EPS of HK$33.8 and 16.5x P/E post better-than-expected results and sizable potential in overseas markets.
Risks:
macro-headwinds impacting securities market trading volume in the US, HK and SG;
loss of market share due to competition;
lower-than-expected commission fee rate and interest rate;
11月24日,Jefferies发布研究报告称,维持对富途的 "买入 "评级,并将目标价从 64.8 美元上调至71.5美元。
Jefferies指出了富途公司的以下亮点:
富途公布了23年第三季度财报,收入超出市场预期。非美国通用会计准则(Non-GAAP)净利润同比增长 43.7%,达到11.58亿港元,比市场预期低2.1%,比Jefferies的预期高17.3%。非美国通用会计准则净利润率同比提高2.3个百分点至43.7%。
23 年第三季度,富途新增付费客户近6.5万(23年第二季度为5.8万),付费客户总数达到约165万。23年前9个月,富途新增付费客户超过16.3万,超过全年15万的预期目标。
电话会议的主要收获:1)在香港,富途通过围绕政府发行的绿色债券和银色债券开展有针对性的营销活动获得了客户;2)在新加坡,由于货币市场基金在高利率环境下继续受到追捧,付费客户的增长保持了弹性。
杰富瑞认为,富途的专有技术基础设施是其优于同行的主要优势,这将有助于节约成本和提高运营效率。杰富瑞认为,在获得金融许可证、技术和社区等方面,富途比其他潜在竞争对手领先约2-3年。
杰富瑞维持 "买入"评级,并将富途的目标价上调至71.5美元(之前为64.8美元),基于2024预测EPS 33.8港元,市盈率为16.5倍、好于预期的业绩,且巨大的海外市场潜力。
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