Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Research from Quam Securities

Research from Quam Securities, Quam Securities

Quam Securities Research

Equity Bottom-Up

<p>BC Technology Group (BCG) reported solid 1H21 revenue driven by solid trading income growth of its OSL digital asset and blockchain platform business. As one of the few listed and licensed digital asset exchange players, we expect BCG to benefit from strong revenue growth (2020-23E revenue CAGR of 71.1%), and earnings breakeven in 2022E.  We believe BCG’s shares offer investors exposure to the structural theme of rising institutional demand for digital assets trading and investment solutions.  We reiterate our Buy rating with a TP of HK$18.53 based on a 10.4x 2022E P/S, implying 26.8% upside potential.  For more details, please refer to our initiation report “BC Tech Group – Pushing the envelope in institutional digital asset; Initiate with Buy” and full sector report “Global Digital Asset Exchange Sector Initiation – Opportunities for Equity Investors” published on 6 Aug 2021.</p>

BC Technology Group (BCG) reported solid 1H21 revenue driven by solid trading income growth of its OSL digital asset and blockchain platform business. As one of the few listed and licensed digital asset exchange players, we expect BCG to benefit from strong revenue growth (2020-23E revenue CAGR of 71.1%), and earnings breakeven in 2022E.  We believe BCG’s shares offer investors exposure to the structural theme of rising institutional demand for digital assets trading and investment solutions.  We reiterate our Buy rating with a TP of HK$18.53 based on a 10.4x 2022E P/S, implying 26.8% upside potential.  For more details, please refer to our initiation report “BC Tech Group – Pushing the envelope in institutional digital asset; Initiate with Buy” and full sector report “Global Digital Asset Exchange Sector Initiation – Opportunities for Equity Investors” published on 6 Aug 2021.

OSL Group

BC Group (863 HK; BUY; TP:18.53)