《大行報告》中金升富途控股(FUTU.US)目標價24%至52美元 評級「跑贏行業」
中金髮表報告,料線上券商富途證券母企富途控股(FUTU.US)首季收入16億港元,按年跌28%,按季持平;非通用會計準則(non-GAAP)純利5.82億港元,按年跌51%,按季升9%;non-GAAP淨利潤率料36.5%,按季升3.2個百分點。該行料富途控股收入維持穩固,有效成本控制帶動純利按季增長。相信整體業績將會好過市場預期。
報告料富途控股首季新客獲取按季改善,全球多元化擴張(美國、新加坡及澳洲)貢獻首季新增用戶逾半。另邊廂,經濟下行推動本港市場券商板塊整合,將帶動優質客戶由其他券商轉投富途,加快後者市佔擴張。
此外,報告稱,首季港股及美股市場日均成交按季升16%及12%,估算富途控股首季傭金收入按年升9%至9.34億港元(料佔整體收入59%),主要受惠轉手率改善及衍生工具貢獻增加帶來傭金結構改善。不過,首季整體收入料按季持平,因利息收入(佔整體34%)及其他業務收入(佔整體7%)料因市場狀況按季下滑。
中金認爲,富途控股是線上券商板塊整合的潛在贏家,國際擴張亦支持長線增長動力。維持今明兩年盈測不變,並維持「跑贏行業」評級,由於首季新客獲取勝市場預期,及平臺經濟規管放寬,驅動市場情緒復甦,提升目標價24%至52美元,相當於今明兩年預測市盈率分別25倍及20倍,潛在上行空間達55%。
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