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华兴资本重申老虎证券“买入”评级,提升目标价至38.5美元

老虎资讯综合2021-06-02

6月2日消息,近日,华兴资本发布研究报告,重申对老虎证券的“买入”评级,并将目标价由此前的30美元提升至38.5美元。

华兴资本表示,老虎即将取得香港经纪业务牌照,不仅有利于香港本地用户的增长,还将促进港股IPO业务中直接参与融资和新股分配,降低港股结算成本。

其次,老虎证券估值优势明显,盈利增速快,利润率扩张潜力大。华兴资本称,老虎在2021年Q1净利润率为29%,我们认为取得香港牌照后,该指标还将继续上行。因此,我们将2021年、2022年、2023年的非GAAP净利润分别上调61%、14%和3%。此外,华兴资本预计,老虎证券2020年到2023年间非GAAP净利润的年复合增长率将达83%。

此前,老虎证券发布了大超市场预期的财报。财报显示,老虎证券第一季度总营收为8128万美元,同比增长255.5%;Non-GAAP净利润同比大增21倍达2349万美元,已超去年全年。

新增用户特别是海外新增用户快速增长。财报显示,截至一季度末,老虎证券开户客户数达140万,季度新增29.6万,为去年同期逾3倍。入金客户数达37.6万,季度新增11.7万,为去年同期的近6倍,再创季度净增新高。值得注意的是,公司正式开启国际化战略仅一年,海外客户即已占到本季新增入金客户的50%以上。与此同时,客户资产增速刷新历史记录增至214.1亿美元,季度内净增54.6亿美元,为去年同期的12倍多。交易规模达1238亿美元,是去年同期近3倍。

华兴资本也指出,如果市场低迷、IPO渠道减少、行业竞争加剧、中国收紧资本管制、以及海外扩张缓慢等因素或将影响公司的增长。

附:华兴资本对老虎证券未来三年的业绩预期

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Comment9

  • 虎虎必须上50
    ·2021-06-08
    即將取得香港牌照?
    Reply
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  • MrLd
    ·2021-06-02
    丟我...我至今記得第一次買股票就是買的華興跌破發行價 虧了9千多....想起就想罵街[流淚] [流淚] [流淚] [流淚] [流淚] 
    Reply
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  • JW17
    ·2021-06-02
    ??
    Reply
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  • NiKing
    ·2021-06-02
    錯過了100w
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  • Their earnings for Fy2022 is lower than mine. I think mine would be more realistic. See my article on Tiger Brokers' forecasted Fy2022. Tiger Brokers has a great potential. This is my view. Yes I could be wrong but I am ok to keep my position till my investment thesis plays out
    Reply
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  • 投资J
    ·2021-06-02
    O
    Reply
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  • 向上学习
    ·2021-06-02
    [強] [強] 
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  • wry
    ·2021-06-02
    $老虎證券(TIGR)$即將取得香港牌照,消息準確嗎?
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    • 我要做富人
      早就apply了啦。。在等回复而已。。可是肯定是批准的啦 有钱谁不要
      2021-06-02
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    • 海天飞鸟
      香港效率怎么这么低,都好几个月了!
      2021-06-02
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  • ZC_ACE
    ·2021-06-02
    Okay
    Reply
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