FUTU - Futu: Turning Bullish On Strong Customer Growth (Rating Upgrade)

2024-05-28 15:21:58 ET

Summary

• Futu Holdings' most recent quarterly financial performance surpassed expectations as the company's Q1 2024 revenue and earnings in HK$ terms beat consensus by +1.2% and +8.0%, respectively.
• Looking ahead, FUTU anticipates that the company can add 400,000 new paying customers this year, which is way better than the 220,000 new paid client additions it achieved last year.
• My rating for Futu Holdings is revised to a Buy, as I am impressed with the company's above-expectations results and upward client growth guidance revision.

Elevator Pitch

Futu Holdings Limited ( FUTU ) is assigned a Buy investment rating.

I previewed Futu Holdings' financial results for the final quarter of the prior year in my February 22, 2024 article . This latest write-up analyzes FUTU's most recent financial disclosures....

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