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Goldman Sachs remained Neutral on FUTU with TP of $47.93

Moomoo News ·  Aug 31, 2022 08:41

On August 30, Goldman Sachs released a research report and gave $Futu Holdings Ltd (FUTU.US)$ a Neutral rating with a $47.93 price target.

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Goldman Sachs pointed out in the research report:

  • FUTU reported HK$ 3.3bn/1.2bn revenue/profit of -13%/-28% yoy in 1H22 (vs. 6%/-5% of 1H22 estimate).

  • New paying clients printed at 143k in 1H22, 71.5% of 2022E company guidance (200k). Paying user growth has slowed but AUM per user has increased.

  • Goldman Sachs' 12-month target price of US$ 47.93 is based on a 19x P/E of 2025E EPS, discounted back to 2022E at 16%, remained Neutral on Futu.

Key risks:

  • Growth in paying clients;

  • Growth in client assets;

  • Trading velocity.

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