UP Fintech Holding(US:TIGR) Orient Securities·2024-08-31 04:22Investment Rating - The report maintains a "Buy" rating for the company with a target price of $5.54, based on a PE ratio of 17.0x for 2024 [5][3]. Core Insights - The company reported significant revenue and profit growth in Q1 2024, with total revenue of $78.95 million, up 19% year-over-year and 13% quarter-over-quarter. Net income reached $64.16 million, reflecting an 11% year-over-year increase and a 19% quarter-over-quarter increase. The net profit attributable to the parent company was $12.33 million, with a Non-GAAP net profit of $14.71 million, showing a 55% year-over-year and 42% quarter-over-quarter increase [2]. - The company has seen a continuous increase in commission income, interest income, and other income, with commission income reaching a new high since Q3 2022. However, potential interest income pressure may arise due to anticipated interest rate cuts by the Federal Reserve [2]. - The Singapore market is expanding with innovative products, such as the Tiger BOSS debit card and Cash Boost account, which are expected to attract more deposit customers and enhance trading volume [2]. - The Hong Kong virtual currency market presents significant growth opportunities, with the company launching virtual asset trading services for both professional and retail investors, aiming to increase asset scale and commission income [2]. Financial Summary - The company achieved a revenue of $225 million in 2022, with a projected growth of 20.92% in 2023 and 17.23% in 2024. The net profit attributable to the parent company is expected to grow from $13 million in 2022 to $51 million in 2024, reflecting a year-over-year increase of 236.92% [4]. - The company's gross margin is projected to be 71.65% in 2024, with a net margin of 13.95% [4]. - The earnings per ADS are expected to increase from $0.08 in 2022 to $0.33 in 2024 [4].