External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Futu is scheduled to release 4Q25 results on March 12 (Thu), pre-market.</li><li>Despite turbulent HK/US stock markets over the last quarter, we think Futu’s stock price has factored in the beta headwinds and is awaiting catalysts to confirm a bottoming rebound.</li><li>Futu’s share price fell 13% YTD, tracking KWEB while underperforming NASDAQ by 9ppts, translating into a trading multiple of 12x FY26E P/E, a steep discount to its global peers (Table). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Futu is scheduled to release 4Q25 results on March 12 (Thu), pre-market.Despite turbulent HK/US stock markets over the last quarter, we think Futu’s stock price has factored in the beta headwinds and is awaiting catalysts to confirm a bottoming rebound.Futu’s share price fell 13% YTD, tracking KWEB while underperforming NASDAQ by 9ppts, translating into a trading multiple of 12x FY26E P/E, a steep discount to its global peers (Table). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Futu Holdings (FUTU US) -  Resilient Key Metrics with Modest Sequential Growth...

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: Dating Apps Build a Business Around Catfishing Older Men A dating app that marketed itself as a way to meet people nearby used a “chat-to-earn” business model to weave female chat operators across China into an organized scam targeting middle-aged and older men.</li><li>The People’s Bank of China signaled plans to diversify loan pricing benchmarks and further refine its short-term interest rate framework in its second quarter monetary policy report released Wednesday.</li><li>U.S. Market Makers Narrow Futu, Tiger Insider-Trading Suit to 45 Individuals</li></ul>

In Depth: Dating Apps Build a Business Around Catfishing Older Men A dating app that marketed itself as a way to meet people nearby used a “chat-to-earn” business model to weave female chat operators across China into an organized scam targeting middle-aged and older men.The People’s Bank of China signaled plans to diversify loan pricing benchmarks and further refine its short-term interest rate framework in its second quarter monetary policy report released Wednesday.U.S. Market Makers Narrow Futu, Tiger Insider-Trading Suit to 45 Individuals

CX Daily: Dating Apps Build a Business Around Catfishing Older Men 

Equity Research Analyst - Long-Short

Raj S, CA, CFA

<ul>
<li>FUTU's risk-reward is asymmetric:  Structurally low valuation, active consensus upgrades and a near-term catalyst (HK crypto VATP license), which can boost further upgrades (2026e) sets up a compelling long entry.</li>
<li>HK-VATP enables FUTU to expand its crypto related revenues, product offerings and margins, and remove third-party dependency. With crypto &lt;2% assets, this new earnings leg is entirely absent from consensus.</li>
<li>FUTU’s pullback to ~15.6x FY2 P/E puts it at the bottom of a ~15x-25x - reasonable valuation band. With upgrades and catalysts ahead, it stands as a strong rerating candidate.</li>
</ul>


FUTU's risk-reward is asymmetric:  Structurally low valuation, active consensus upgrades and a near-term catalyst (HK crypto VATP license), which can boost further upgrades (2026e) sets up a compelling long entry.
HK-VATP enables FUTU to expand its crypto related revenues, product offerings and margins, and remove third-party dependency. With crypto &lt;2% assets, this new earnings leg is entirely absent from consensus.
FUTU’s pullback to ~15.6x FY2 P/E puts it at the bottom of a ~15x-25x - reasonable valuation band. With upgrades and catalysts ahead, it stands as a strong rerating candidate.


2026 High Conviction Idea - FUTU US - 3Q25 Beat and Bottom-Of-Range Valuation Creates Strong Upside

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Futu Holdings is a high-growth, technology-driven online brokerage and wealth management platform with a strong foothold in Hong Kong and expanding international operations.</li>
 <li>The company has demonstrated exceptional financial performance, characterized by robust revenue and net income growth, and superior profit margins compared to industry peers, driven by a scalable business model.</li>
 <li>Significant regulatory risks, particularly concerning its mainland China client base and the evolving cross-border financial services landscape, remain a key uncertainty and a primary concern for investors.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Futu Holdings is a high-growth, technology-driven online brokerage and wealth management platform with a strong foothold in Hong Kong and expanding international operations.
  The company has demonstrated exceptional financial performance, characterized by robust revenue and net income growth, and superior profit margins compared to industry peers, driven by a scalable business model.
  Significant regulatory risks, particularly concerning its mainland China client base and the evolving cross-border financial services landscape, remain a key uncertainty and a primary concern for investors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Futu Holdings Ltd (FUTU US) - Dec 2025

<ul><li>Futu posted a strong set of 3Q results with non-GAAP net income surging 137%/25% YoY/QoQ to HK$3.3bn on top of a high base, significantly beating market consensus of HK$2.6-2.7bn.</li><li>3Q25 gross profit doubled YoY to HK$5.6bn, leading to the highest GPM of 87.6% since 2Q23. The strong topline growth was driven by 1) sequentially increased trading volumes to HK$3.9tn that supported brokerage commission income growth of 90.6% YoY in 3Q25; 2) a rebound in net interest income amid the HIBOR recovery in 3Q25 and sustained strong demands for hard-to-borrow securities’ lending business; and 3) other income (+113% YoY) including higher fund distribution, IPO subscription service charge and FX income.</li><li>Total client assets grew 78.8%/27.4% YoY/QoQ to HK$1.24tn driven by robust net asset inflows (~HK$89bn) and significant MTM appreciation on clients’ asset holdings (CMBI est: HK$177bn). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Futu posted a strong set of 3Q results with non-GAAP net income surging 137%/25% YoY/QoQ to HK$3.3bn on top of a high base, significantly beating market consensus of HK$2.6-2.7bn.3Q25 gross profit doubled YoY to HK$5.6bn, leading to the highest GPM of 87.6% since 2Q23. The strong topline growth was driven by 1) sequentially increased trading volumes to HK$3.9tn that supported brokerage commission income growth of 90.6% YoY in 3Q25; 2) a rebound in net interest income amid the HIBOR recovery in 3Q25 and sustained strong demands for hard-to-borrow securities’ lending business; and 3) other income (+113% YoY) including higher fund distribution, IPO subscription service charge and FX income.Total client assets grew 78.8%/27.4% YoY/QoQ to HK$1.24tn driven by robust net asset inflows (~HK$89bn) and significant MTM appreciation on clients’ asset holdings (CMBI est: HK$177bn). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Futu Holdings (FUTU US) - 3Q Earnings a Strong Beat...

United States

Futu Holdings Limited operates as a holding company. The Company, through its subsidiaries, offers an online brokerage platform that enables individual investors to trade in listed stocks. Futu Holdings serves customers in the United States, China, and Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Futu Holdings Ltd (FUTU US)

Futu Holdings (FUTU US) - Resilient Key Metrics with Modest Sequential Growth...

Despite turbulent HK/US stock markets over the last quarter, we think Futu’s stock price has factored in the beta headwinds and is awaiting...

CMB International

CX Daily: Dating Apps Build a Business Around Catfishing Older Men

TOP STORIES In Depth: Dating Apps Build a Business Around Catfishing Older Men A dating app that marketed itself as a way to meet people nearby...

Caixin Global

2026 High Conviction Idea - FUTU US - 3Q25 Beat and Bottom-Of-Range Valuation Creates Strong Upside

2026 High Conviction: FUTU US risk-reward is asymmetric: Structurally low valuation, consensus upgrades post 3Q25 and a near-term catalyst (crypto...

Raj S, CA, CFA

Primer: Futu Holdings Ltd (FUTU US) - Dec 2025

Futu Holdings is a high-growth, technology-driven online brokerage and wealth management platform with a strong foothold in Hong Kong and...

αSK Primers

Futu Holdings (FUTU US) - 3Q Earnings a Strong Beat...

Futu posted a strong set of 3Q results with non-GAAP net income surging 137%/25% YoY/QoQ to HK$3.3bn on top of a high base, significantly beating...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)