Futu Holdings Limited (FUTU): A Bull Case Theory

Core Thesis - Futu Holdings Limited is positioned as a strong investment opportunity due to its competitive brokerage platform and significant growth in the Asian and international retail investing markets [2][6]. Financial Performance - Revenue is projected to nearly double from $7.12 billion in 2021 to $13.6 billion in 2024, with net margins consistently around 40%, indicating strong scalability and operating leverage [3]. - The company trades at approximately 18.5 times earnings, which is attractive given a 30% compound annual growth rate in earnings over the past two years [4]. Stock Performance - The stock price has appreciated by 91% over the last year, currently trading near $165, down from a recent high of $199, suggesting potential undervaluation of 20% to 30% based on forward growth expectations [4]. User and Asset Growth - Total brokerage accounts reached 5.61 million as of Q3 2025, representing a 31% year-over-year growth, while total client assets increased by 79% year over year to approximately $158 billion [5]. - Moomoo, the global platform, has surpassed 1.5 million users in Singapore and exceeded 1 million users in Malaysia, indicating strong international adoption [5]. Investment Case - Futu combines high profitability, rapid global user growth, and exposure to attractive markets, supporting a compelling long-term investment case [6].