花旗发表研报，维持OSL集团的买入评级和目标价21.8港元，相当于2026年预期市销率(P/S)的约22倍。 研报指，OSL集团公布2025财年业绩，期内经调整收入同比增长150%至5.3亿港元，与此前公布的129%至166%的增幅预期相符；按国际财务报告准则(IFRS)计收入同比增长30%至4.9亿港元。从战略上看，OSL将自身定位为全球稳定币支付和交易平台，2025年稳定币占交易量约为60%。 展望2026财年，管理层预计Non-IFRS收入将增长超过50%，主要得益于：a)香港场外交易业务的内生增长，以及印尼和欧洲交易所业务的逐步拓展；b)出入金业务整合了内生增长和收购Banxa带来的外延增长，两项业务将整合后，OSL将成为全球第三大出入金服务提供商。管理层还指出，稳定币跨境支付解决方案OSL BizPay以及在欧洲推出衍生品交易等新业务线也具备增长潜力。 管理层预计，随着业务规模扩大，运营杠杆将有所提高，有望在2027财年或2028财年实现盈亏平衡。
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