《大行報告》摩通降富途控股(FUTU.US)評級至「中性」 削目標價29%至46美元
富途控股(FUTU.US)日前宣布,將於明日(19日)起在中國境內線上應用程式商店中下架富途牛牛App,以全面符合境內監管精神。摩根大通發表報告,指富途所面對監管懸疑仍高企,將其投資評級由「增持」降至「中性」。
報告解釋,降級主因現時股價調整幅度尚未反映現有內地客戶潛在交易額減少,該行估算內地客戶佔其客戶總數約30%,並佔富途平台交易額約40%。該行降富途2023至2025各財年盈測分別3%、9%及15%,目標價相應由65美元削29%至46美元。
此外,富途牛牛App在內地下架意味對內地客戶的監管要求未必如該行原先預期般溫和。再者,美股及港股首季平均交易額按年及按季均下跌,跌勢並延續至次季至今,對富途盈利帶來負面風險。
報告補充,如果富途在香港及海外市場(美國、新加坡、澳洲及日本)的增長足以完全彌補現有內地客戶的參與缺口,則會重新審視該股。
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