Investment Rating - The report gives an "Accumulate" rating for OSL Group, indicating a positive outlook for the company's future performance [5]. Core Views - OSL Group is positioned as a leading digital trading platform in Asia, driven by compliance and poised for a new growth phase. As of May 6, 2024, OSL held a 76% market share in virtual asset custody and trading for the first Bitcoin and Ethereum ETFs launched by Huaxia Fund (Hong Kong) and Harvest Global Investments [5][19]. - The cryptocurrency market is expected to enter an upward cycle due to three main catalysts: the initiation of the U.S. interest rate cut cycle, potential policy changes if Trump is re-elected, and Hong Kong's high cryptocurrency market activity [5][68][71]. - OSL's growth strategy includes solid B2B foundations and aggressive B2C expansion, leveraging its capital, compliance, customer base, and asset management advantages [5]. Summary by Sections Company Overview - OSL Group has transitioned to focus entirely on digital asset services since 2023, following a history of business transformations [14][98]. - The company has established a strong market presence and aims to expand its global strategy in 2024 [14]. Industry Drivers - The cryptocurrency sector is experiencing a resurgence, with significant growth potential driven by regulatory changes and increased adoption rates in Hong Kong [66][79]. - Hong Kong has become the third-largest ETF market globally, with strong demand for cryptocurrency ETFs, further enhancing OSL's market position [83]. Business Service Innovation - OSL has developed a comprehensive suite of services, including brokerage, trading, and custody, supported by advanced technology solutions [50][96]. - The company emphasizes compliance and user education, ensuring a robust onboarding process for new clients [103]. Financial Forecast and Investment Recommendations - Revenue projections for OSL Group are estimated at HKD 256.59 million, HKD 294.07 million, and HKD 307.21 million for 2024, 2025, and 2026, respectively, with a path to profitability expected by 2025 [6][5]. - The report highlights a potential recovery in net profit, with significant growth anticipated in the coming years [62].
OSL集团：深度报告：亚洲领先数字交易平台，合规驱动新一轮增长