share_log

Daiwa's FUTU 2023Q3 review: new clients accelerated and exceeded full-year guidance, earnings slightly below expectation

Futu News ·  Nov 24, 2023 20:56

On November 24th, Daiwa released a research report stating that it remains its Buy rating on FUTU.

Daiwa pointed out the following highlights on FUTU:

  1. User acquisitions accelerated. Futu acquired 65k new paying users in 3Q23, with its 9M23 new paying users exceeding full-year target of 150k. Total paying users reached 1.65m, up 14% YoY. Hong Kong contributed over 40% of its new paying users in 3Q23.

  2. Aggregate AUM increased 27% YoY (flat QoQ) as robust net asset inflows offset the mark-to-market losses.

  3. Earnings slightly below expectation due to smaller client idle cash and client acquisition expenses.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment