Futu Holdings (FUTU)

[winston]

not vested

Futu Holdings (FUTU US) The Shovel Seller In A Bull Run

The ongoing Fed easing cycle and abating US-China tensions will continue to support the equity market outlook in 2026 and boost the company’s earnings.

Successful overseas expansion and continued growth of its crypto business will enhance the online broker’s growth visibility.

Initiate coverage with a BUY rating and target price of US$242.00, pegged to 21x 2026F PE.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

BUY On Weakness Highlights

Futu’s recent share price weakness was due to a broader selloff in China internet stocks, softer expectations on its 4Q25 results, and muted crypto prices.

We expect Futu to deliver a double-digit sequential earnings decline in 4Q25, dragged by slowing trading momentum and lower interest income amid the Fed rate cut. However, we believe this has largely been priced in.

We see more upside for an earnings upgrade as the trading volume in Hong Kong and US have rebounded strongly ytd and asset inflow has remained robust.

Maintain BUY with a higher target price of US$246.00.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

4Q25: Strong Earnings Beat Despite Challenging Environment Highlights

Futu’s 4Q25 results were a strong beat with an 81% yoy earnings growth, thanks to resilient NII and better opex control despite weak market sentiment across Hong Kong equities and crypto.

Management guided for a solid 800,000 new paying clients target for 2026 and observed strong net asset inflows ytd.

Maintain BUY with a higher target price of US$260.00.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

<Earnings first take> Futu (FUTU US) 4Q25 results in line with consensus

4Q25 revenue grew 45.3% y/y to HKD 6.4bn and net income surged 80.2% y/y to HKD 3.4bn; in line with consensus expectation

Total client assets reached HKD 1.23 tr by the end of 4Q25, up 65.9% y/y.

Average client assets across all markets continued to show sequential increases

Currently trading at a year low level of c.15x P/E. We have BUY with TP at HKD 212.4

Source: DBS

https://www.dbs.com/insightsdirect/comp ... ecid=30024

[winston]

not vested

Futu delivers more blockbuster results as pivot from China pays off

Online brokerage Futu’s revenue jumped 45% year-on-year, and its net profit surged 80% in the fourth quarter of 2025

The company’s overseas moomoo brand accounts for 55% of total funded accounts, with Malaysia becoming a major growth driver just three years after Futu entered the market

Source: Bamboo Works

https://thebambooworks.com/futu-deliver ... -pays-off/