Futu Holdings Ltd: 1Q26 First Take: One-off Impact From Potential Fine Reflected

研报英文原文证据摘录

Futu Holdings Ltd: 1Q26 First Take: One-off Impact From Potential Fine Reflected

Update

May 28, 2026 11:39 AM GMT

Morgan Stanley Asia Limited+MFutu Holdings Ltd | Asia Pacific Chiyao Huang

Equity Analyst

1Q26 First Take: One-off Impact Chiyao.Huang@morganstanley.comRichard Xu, CFA +852 3963-4624

Richard.Xu@morganstanley.com +852 2848-6729

From Potential Fine Reflected Chenqian Liu

Research Associate

Chenqian.Liu@morganstanley.com +852 3963-0359

Reaction to earnings Beryl Yang

Unchanged In-line Modest revision lower Beryl.Yang@morganstanley.com +852 3963-2224

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Futu Holdings Ltd (FUTU.O, FUTU US)

Source: Company data, Morgan Stanley Research Top Pick

China Financials | China

Key Takeaways Stock Rating Overweight

Industry View Attractive

1Q profit reflected the proposed fine of Rmb1.85bn. Excluding this, profit would Price target US$225.00

have been HK$2,922mn, +36% YoY or -13%% QoQ. Up/downside to price target (%) 104

Shr price, close (May 27, 2026) US$110.22

Client assets -1% QoQ impacted by quarter-end mark-to-market losses; daily 52-Week Range US$202.53-80.50

Sh out, dil, curr (mn) 141

average client assets rose 2% QoQ helped by strong inflows. Mkt cap, curr (mn) HK$122,091

EV, curr (mn) HK$122,091

Brokerage commission rate saw a ~67bps QoQ decline, likely due to change in Avg daily trading value (mn) US$359

mix of products and market traded during the quarter. Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Trading velocity (on total assets) rose to 13.5x in 1Q26 from 12.9x in 4Q25, driving EPS (HK$)** 80.24 91.76 111.98 136.25

Prior EPS (HK$)** - - - -

4% QoQ higher trading volume, suggesting improving trading demand. EPS (HK$)§ - 87.13 99.48 115.03