Investment Rating - The report maintains a "Buy" rating for Futu Holdings [1] Core Views - Futu Holdings reported a significant increase in annual performance, with total revenue reaching HKD 10.008 billion, a year-on-year growth of 31.45%, and net profit attributable to shareholders at HKD 4.281 billion, up 46.28% year-on-year, meeting expectations [2][3] - The company's interest income surged due to high interest rates and an expansion in margin financing, with interest income contributing 52% of total revenue in 2023, up from 42% in 2022 [3] - Despite a decline in brokerage commission income by 2% to HKD 3.9 billion due to a sluggish Hong Kong stock market, the overall performance remained strong due to increased interest income [3] - Futu's international expansion is progressing well, with significant user growth, including a 48% increase in clients with assets, reaching 1.71 million by the end of 2023 [4] - The report slightly lowers profit forecasts for 2024 and 2025, expecting net profits of HKD 44.49 billion and HKD 50 billion respectively, while maintaining a positive long-term growth outlook [4] Financial Summary - Total revenue (in million HKD) for 2023 was 10,008, with a projected increase to 10,688 in 2024 and 11,959 in 2025 [2][9] - Net profit attributable to shareholders (in million HKD) for 2023 was 4,281, with forecasts of 4,449 in 2024 and 5,000 in 2025 [2][9] - The earnings per share (EPS) for 2023 was HKD 29.13, with projections of HKD 30.27 in 2024 and HKD 34.02 in 2025 [2][9] - The price-to-earnings (P/E) ratio for 2024 is estimated at 14.61, decreasing to 11.61 by 2026 [4][9]

Financial Data and Key Metrics Changes - Total revenue for Q4 2023 was $2.4 billion, up 4% from $2.3 billion in Q4 2022, with full-year revenue growing 31% to $10 billion [12] - Net income decreased by 9% year over year and 20% quarter over quarter to $876 million, with a net income margin shrinking to 36.9% from 42% in the same quarter last year [16] - Total client assets increased by 16% year over year and 4% quarter over quarter to HKD486 billion [8] Business Line Data and Key Metrics Changes - Brokerage commission and handling charge income were $904 million, a decrease of 14% year over year and 10% quarter over quarter, primarily due to lower trading volumes [12] - Total client assets in wealth management increased by 82% year over year and 11% quarter over quarter to HKD58 billion, accounting for 12% of total client assets [10] - Margin financing and securities lending balance increased marginally by 2% quarter over quarter [9] Market Data and Key Metrics Changes - Client acquisition in Singapore sustained high growth, with total client assets and average client assets posting sequential increases of 25% and 17%, respectively [8] - Client acquisition in Hong Kong slowed down due to sluggish market sentiments, but rebounded in Q1 2024 alongside the recovery of the Hong Kong stock market [7] - In Malaysia, over 30,000 clients joined the platform within one week of the brokerage business launch, representing the fastest growth in any international market [7] Company Strategy and Development Direction - The company aims to achieve high-quality growth by focusing on acquiring high-quality clients and attracting net asset inflow from existing clients [37] - The strategy for 2024 includes maintaining similar new customer targets in existing markets while seeking incremental growth from new markets like Japan, Canada, and Malaysia [20] - The company continues to streamline the account opening process and enhance product offerings to improve client acquisition and retention [6] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about client acquisition momentum, guiding for 350,000 net new paying clients in 2024 [8] - The company noted that despite weak market sentiments, it observed robust net asset inflows and client growth across all markets [8] - Management highlighted the importance of quality growth and net asset inflow as key performance indicators across different international regions [32] Other Important Information - The company has initiated a new share repurchase program, authorized to repurchase up to USD500 million of ADS before December 31, 2025 [12] - The total cost increased by 27% year over year, primarily due to higher operational costs associated with expanding services [13] Q&A Session Summary Question: Progress on improving account opening process in Japan and new paying client acquisition - Management reported meaningful increases in conversion rates from users to registered clients in Japan, with plans to launch Japan equities trading by the end of March [21] Question: Breakdown of new paying client target for 2024 by key markets - Contributions from Singapore, Hong Kong, and Australia are expected to be similar to last year, with incremental growth from new markets like Japan and Malaysia [20] Question: Client number and asset contribution from Singapore - Singapore contributed about 30% of total net new clients in Q4, with total client assets and average client assets showing significant sequential growth [25] Question: Blended commission rate increase and CAC trends - The increase in commission rate was attributed to product mix changes, while CAC decreased due to optimized marketing campaigns [27] Question: Client quality in international markets and trading volume trends - Improvement in average AUM was noted across international markets, with a healthy pickup in trading volume and velocity observed in Q1 2024 [30][31] Question: Hong Kong marketing strategy and self-clearing in US stocks - The focus in Hong Kong is on high-quality growth and net asset inflow, while self-clearing has improved trading execution efficiencies [34][39] Question: Interest income trends and operating expense plans - Idle cash accounted for 10% to 15% of total client assets, with plans for mid to high single-digit headcount growth in 2024 [42]

Exhibit 99.1 Futu Announces Fourth Quarter and Full Year 2023 Unaudited Financial Results HONG KONG, March 14, 2024 (GLOBE NEWSWIRE) -- Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023. Fourth Quarter and Full Year 2023 Operational Highlights · Total number of paying clients increased 15.0% year-over-year to 1,710,1 ...

JERSEY CITY, N.J., March 14, 2024 /PRNewswire/ -- Moomoo's parent company Futu Holdings Ltd. ("Futu" or "the Company"), a leading tech-driven online brokerage and wealth management platform, announced its unaudited Q4 2023 earnings with US$303.8 million in revenues, up 4.1% year-over-year ("YoY") and US$121.7 million in non-GAAP adjusted net income.For the year ended December 31, 2023, the Company recorded US$1.281 billion in revenues and US$585.1 million in non-GAAP adjusted net income, representing a YoY ...

HONG KONG, March 14, 2024 (GLOBE NEWSWIRE) -- Futu Holdings Limited ("Futu" or the "Company") (NASDAQ:FUTU), a leading tech-driven online brokerage and wealth management platform, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023. Fourth Quarter and Full Year 2023 Operational Highlights Total number of paying clients1 increased 15.0% year-over-year to 1,710,106 as of December 31, 2023.Total number of registered clients2 increased 10.2% year-over-yea ...

HONG KONG, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced that it will report its financial results for the fourth quarter and full year ended December 31, 2023, before U.S. markets open on March 14, 2024. Futu's management will hold an earnings conference call on Thursday, March 14, 2023, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Ple ...

HONG KONG, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Futu Holdings Limited ("Futu" or the "Company") (NASDAQ:FUTU), a leading tech-driven online brokerage and wealth management platform, today announced that it will report its financial results for the fourth quarter and full year ended December 31, 2023, before U.S. markets open on March 14, 2024. Futu's management will hold an earnings conference call on Thursday, March 14, 2023, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Plea ...

JERSEY CITY, N.J., Feb. 5, 2024 /PRNewswire/ -- The intuitive investment and trading platform moomoo has recently completed a 2023 fourth-quarter U.S. users survey. Users have reported that they are more profitable and confident on average than six months ago and are trading more than a year ago, according to responses. Looking forward to 2024, users are more bullish on average and more expect the economy to avert a recession than they did in the last two surveys. Amid a 2023 rally in the U.S. stock market ...

Investors looking for stocks in the Technology Services sector might want to consider either Futu Holdings Limited Sponsored ADR (FUTU) or Palantir Technologies Inc. (PLTR) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns ...

Investors with an interest in Technology Services stocks have likely encountered both Futu Holdings Limited Sponsored ADR (FUTU) and Palantir Technologies Inc. (PLTR) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earni ...