CORRECTED-Singapore-based online brokerage firm UP Fintech's Q2 revenue rises on strong user engagement

Overview

• UP Fintech Q2 revenue rises 58.7% yr/yr to $138.7 mln

• Net income attributable to shareholders jumps to $41.4 mln, up 15x yr/yr

• Company adds 39,800 new customers with deposits in Q2

Outlook

• Company aims to onboard 150,000 new customers with deposits in 2025

• UP Fintech sees robust asset inflows, particularly in Hong Kong and Singapore

• New trading features in Singapore expected to boost customer engagement

Result Drivers

• USER ENGAGEMENT - Increased user engagement and diversified product offerings drove record revenue, per CEO Wu Tianhua

• ASSET INFLOWS - Robust asset inflows of $3 bln, primarily driven by retail investors, contributed to account balance growth

• CUSTOMER ACQUISITION - Refined customer acquisition strategy improved ROI and payback periods, leading to higher average net asset inflows

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", no "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the investment banking & brokerage services peer group is "buy"

• Wall Street's median 12-month price target for UP Fintech Holding Ltd is $11.50, about 11.5% below its August 26 closing price of $12.82

• The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 13 three months ago

Press Release: ID:nGNXkz7P