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UP Fintech Holding Limited
Long

Q3 Results - Management believes TIGR has avhieved profitability

By Yabbyuwu
Updated

Q&A Notes
  1. CICC New accounts by Geography: Singapore: 45% AU & NZ: 25%, US: 20%, HK:10%
  2. Updates on mainland regulation: Dec 2022 requirement set forth by CSRC.Remediation report Submitted report in Jul
  3. Mainland China App removal: Overall, China mainland retention rate is close to 99%, accompanied by net asset inflow despite mark-to-market loss of HK, Chinese Tech ADRs
  4. HK Marketing Strategy: . 3000 (10% composition) Q2 23 vs 1000+ (~5% composition) Q123 -> To invest more in corporate branding to increase awareness
  5. Key functionalities: No commission/platform fee, offer fixed investment plan, fractional shares, US-denominated money market funds, HKD-denominated money market funds for rate hike cycle, HK clearing licence
  6. Customer Acquisition: Lowered to $162 USD per account in Q2 23. Breakdown: Advertising channel commands 2*Average CAC,so significant organic growth
  7. Profitability: Non-GAAP profit 15m, a record for company. Relatively fixed cost base → high operating margin. Management believes break even achieved, assuming no extreme market swings
  8. 7.1MM USD non-operating income line item: Management response is ~50% from FX gain due to USD appreciation, pure accounting item, ~ 50% from Financial Instrument gains (Treasury management) → should be sustainable into the next few quarters
Note
Long position: bought01/08/23 to 26/08/23 with Average price of $3.91
Fundamental Analysis
Yabbyuwu
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