Futu Holdings: 1Q26 first take: headline hit by penalty, underlying dragged by low comm rate

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Futu Holdings: 1Q26 first take: headline hit by penalty, underlying dragged by low comm rate

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Futu Holdings

1Q26 first take: headline hit by penalty,

underlying dragged by low comm rate

Reiterate Rating: BUY | PO: 223.50 USD | Price: 110.22 USD

Headline profit hit by penalty, underlying down 13% QoQ 28 May 2026

Futu’s 1Q26 revenue fell 9.0% QoQ/rose 24.7% YoY to HKD5.86bn, missing VA Equity

consensus/BofAe by 5.1%/5.7%. GAAP/non-GAAP net profit dropped 75%/73% QoQ or

Emma Xu >>

60%/59% YoY to HKD851mn/920mn, as the company fully reflected an aggregate Research Analyst

RMB1.85bn proposed CSRC penalty in 1Q results (see report Online broker: manageable Merrill Lynch (Hong Kong) emma.xu@bofa.com

regulatory transition, earnings risk largely priced in). Prior to this adjustment, GAAP/non-

Michael Li >>

GAAP net profit would have declined 13.2%/12.9% QoQ or increase 37%/36% YoY to Research Analyst

HKD2.94bn/3.01bn, missing VA consensus by ~4% and BofAe by ~10%, mainly dragged Merrill Lynch (Hong Kong) m.li@bofa.com

by the lower-than-expected commission rate.

Winnie Wu >>

Robust net asset inflows offset by market drag ResearchMerrill LynchAnalyst(Hong Kong)

winnie.wu@bofa.com

New funded accounts reached 225k in 1Q, driven by broad-based strength across all markets

despite market turbulence. While down 3.9% QoQ, this was slightly above VA

consensus/BofAe (beat ~1%) and remains on track to meet the full-year guidance of 800k.

Net asset inflows accelerated meaningfully QoQ, primarily driven by HK and Singapore. Stock Data

However, client assets declined 0.9% QoQ to HKD1.22tn, missing VA consensus/BofAe by

Price 110.22 USD

~2%, as strong inflows were offset by mark-to-market losses. Daily average client assets

Price Objective 223.50 USD