2025-05-29-Jefferies-富途（FUTU）_五月进入新西兰；不同市场的丰富产品供应_11页_296kb

Futu Holdings Limited Equity Research Summary

Company

• Futu operates an online brokerage and wealth management platform globally, focusing on technology and serving high-net-worth individuals and the emerging affluent Chinese population.

Rating and Price Target

• Rating: BUY
• Previous PT: $135
• Revised PT: $139 (up 29%)
• Change Reason: Based on 2025 EPS of HK$55 and 1.0x PEG valuation, considering updated business developments (crypto, AI, international expansion).

Key Highlights

• Strong Platform Momentum: Momo entered NZ in May 2025 (expanded from Australia). New funded accounts guidance for 2025 is 800K, though sequential decline likely in Q2. Client acquisition remains strong. Client assets and trading volumes rose significantly in Q1.
• Consistent Q1 Performance: Revenue increased 81.1% YoY to HK$4,694.6m, trending with brokerage commission/charge income (+113.5% YoY) and interest income (+52.9% YoY). Non-GAAP profit surged 97.7% YoY to HK$2,216.9m, margin improved to 47.2%.
• International Growth: New Zealand expansion via Moomoo (applies Australian infrastructure). Steady growth observed in Japan (US fractional shares/Options), Canada/Australia asset growth, Se/Sg/Malaysia/Q3 HK/US markets. Focus on product localization and brand investment.
• Crypto and AI: Crypto trading services expanded (deposit, paper trading (HK first regulated), withdrawal planned, Moomoo base enabled). AI engine Futubull AI launched in HK (desktop/advanced features) with rollout planned for other markets (Q2).

Valuation & Risk

• Key Drivers: Global portfolio demand, proprietary tech, early license advantage, robust China offshore demand.
• Key Risks:
  • Macro headwinds (US/HK/SG market volume).
  • Competition leading to market share loss lower commissions/interest rates.
  • Regulatory uncertainty/guidelines on cross-border securities services (mainland China).
  • Data security risks and ESG factors.

Operating Data Highlights (Q1 2025)

• Trading volume: HK$3.22tn (up 140.1% YoY, 11.4% QoQ).
• New funded accounts: ~262k (in Q4).
• Blended commission rate: 7.2bps (down slightly YoY).
• Margin financing & lending: HK$50.3bn (up 33.7% YoY).
• Client assets: HK$829.8bn (up 60.2% YoY).
• Average paying client assets: HK$310k (up 13.1% YoY).

QS Risk for Management

• How positioned for ESG?
• Investments to protect firm/customer data.

Analyst Certification (Zoey Zong / Thomas Chong)

(End of Summary based on the provided text)