China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[Futu Holdings (FUTU US) Company Update]: Futu App Removal Moves One Step to Final Resolution

[Futu Holdings (FUTU US, BUY, TP US$51) Review]: A Resilient Quarter Under Regulatory Pressure

[Futu Holdings (FUTU US, BUY, TP US$55) TP Change]: Better Outlook in Both Domestic and Overseas

[Futu Holdings (FUTU US) Company Update]: Difference Assets Shield FUTU from the Fate of SVB

FUTU(FUTU.US) 4Q22 Preview: Solid Fundamentals Drive Long Term Growth

[Futu Holdings (FUTU US) Earnings Review]: Asset Outflow Has Limited Impact on Financial

Gravity Works As WeWork Doesn't; Now Plan B

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>We expect Futu to report 1Q23 revenue in-line with consensus, while net income beat consensus by 4.2%, mainly due to less operating expenses.  </li>
<li>The next catalysts in 2023 could be 1) gradual market share gain in HK region, 2) potential new markets in Japan and Southeast Asia. </li>
<li>We maintain BUY rating on FUTU and maintain TP at US$51.  </li>
</ul>


We expect Futu to report 1Q23 revenue in-line with consensus, while net income beat consensus by 4.2%, mainly due to less operating expenses.  
The next catalysts in 2023 could be 1) gradual market share gain in HK region, 2) potential new markets in Japan and Southeast Asia. 
We maintain BUY rating on FUTU and maintain TP at US$51.  


[Futu Holdings (FUTU US) Earnings Preview]: Steady Operation Albeit Regulation Concern Overhang

Futu Holdings Ltd

[Futu Holdings (FUTU US) Earnings Preview]: Steady Operation Albeit Regulation Concern Overhang