Futu Holdings Limited
Financials · Capital Markets
Structural: pan-Asia retail brokerage rollup riding the moomoo brand into SG/US/AU/JP/MY while Futubull holds the HK/mainland-offshore base. Paying-client growth (~30%+ YoY) and client-asset growth outpace revenue, building operating leverage on a largely fixed cost base.
Interest income on client cash + margin is the silent earnings driver alongside commissions.
- Paying clients compounding mid-double-digits with international mix rising every quarter
- Margin financing book scales with client assets, lifting net interest income without seat hires
- Wealth-management AUM (cash sweep, MMF, structured) adds recurring fee stream beyond per-trade
- HK IPO calendar reopening drives subscription + trading volume tailwind
- Crypto + US-equity access in SG/AU is structurally underserved by incumbents
- China-domiciled parent regulatory overhang; PBoC limited onshore-China onboarding in 2023, episodic risk
- Interest income highly rate-sensitive - Fed cut cycle compresses NIM on client cash
- US/AU/SG marketing spend to acquire clients is heavy; CAC payback gated on rates staying high
- Direct competition from $IBKR (institutional-grade), $HOOD (US retail), Tiger Brokers ($TIGR) in same SG/AU corridors
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