Wall Street Giant Citi (C) initiated Crypto Exchange OSL (0863) with a purchase/high risk assessment and a target price of 21.80 Hong Kong Dollars ($ 2.80) or 22 times expected 2025 price-to-sales.
Citi said OSL is well placed as a regulated trade in digital activation and payments with strong growth prospects tied to institutional crypto uptake and stablecoin-related products.
The bank’s revenue growth of 80%, 60% and 36% in 2025, 2026 and 2027, powered by payment financing expansion (Payfi) and a wider regulated market’s footprint.
The company’s analysts highlighted OSL’s regulatory first strategy and noted that its more than 50 licenses across 10 jurisdictions and plans to expand further in Europe, the Middle East and new markets.
The bank also pointed to OSL’s dominant position in Hong Kong’s OTC Crypto market, where it controls over 60% share and cites liquidity, pricing and client storage as key forces.
OSL also pushes into stableCOin infrastructure with upcoming launches, including OSL Bizpay, a lower cost limit payment platform, as well as stablex for stablecoin issuing and tokenworks for tokenization.
Citi warned of risks from volatility, regulation and competition, but said OSL’s compliance-first approach and early lead make it a prominent in Hong Kong’s growing sector for the Digital-Asset.
The stock closed 0.4% lower in the Hong Kong trade of 16.89 Hong Kong Dollars ($ 2.17)
The Hong Kong-based company raised $ 300 million in a share sale in July.
Read more: Crypto Exchange OSL Group traveling $ 300m in front of Hong Kongs StableCOin -Emretting Plan
