bearish
[Futu Holdings(FUTU US, SELL, TP US$46)Rating Change]: Run Out of Growth Momentum, Downgrade to SELL
213 Views30 Nov 2023 10:29
SUMMARY
- We think FUTU is stepping into a stagnant phase in 2024. Japan is not a game changer.
- Client asset inflow from overseas is not meaningful, and growth from mainland is frozen by regulation.
- We downgrade the stock into SELL rating and cut TP to US$46/ADS, mainly due to slow progress in overseas expansion and difficulty in monetization.
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