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

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China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>FUTU reported 4Q22 revenue 4.1%/10.6% above our est./cons., gross profit  in-line with our estimate and beat consensus by 7.7%, and non-GAAP net income 8.6%/21.8% above our est./cons.  </li>
<li>Although it had experienced client asset outflow due to regulation concerns and weak market performance, we did not observe further deteriorate trend.</li>
<li>We maintain BUY rating on FUTU and maintain TP at US$51.</li>
</ul>


FUTU reported 4Q22 revenue 4.1%/10.6% above our est./cons., gross profit  in-line with our estimate and beat consensus by 7.7%, and non-GAAP net income 8.6%/21.8% above our est./cons.  
Although it had experienced client asset outflow due to regulation concerns and weak market performance, we did not observe further deteriorate trend.
We maintain BUY rating on FUTU and maintain TP at US$51.


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

Futu Holdings Ltd

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