Market experts have reinforced their bullish stance on Futu Holdings Ltd, with several institutions reaffirming buy ratings and lifting their price objectives. This wave of optimism follows the company’s impressive third-quarter 2025 financial results and tangible progress in its global growth strategy. The central question now is whether this momentum can be sustained.
Exceptional Quarterly Performance Drives Revisions
The financial technology firm reported explosive growth for Q3 2025, handily surpassing consensus estimates. Key performance indicators showed remarkable strength:
– Revenue surged 86.3% year-over-year to HK$6,402.9 million (US$822.9 million).
– Net profit skyrocketed 143.9% to HK$3,217.2 million (US$413.5 million).
– On an adjusted non-GAAP basis, net profit increased by 136.9% to HK$3,312.5 million.
– Total trading volume jumped 104.8% to HK$3.90 trillion.
– The quarter saw a net addition of 254,000 funded accounts.
This operational excellence is reflected in a return on equity of 30.6%, significantly above the industry average of approximately 17.2% as of December 9.
Expansion and User Growth Underpin Confidence
Analysts attribute the upward revisions primarily to robust user acquisition and volume expansion. Futu’s global push yielded 254,000 net new funded accounts in Q3, bringing its total to 3.1 million—a 42.6% increase from the previous year. While Hong Kong remained a major contributor to new client growth, markets like Singapore, Malaysia, and the United States also posted gains.
Morgan Stanley, which raised its price target to $246 from $210, highlighted the rapid scaling of the company’s cryptocurrency business. The introduction of new coins such as Solana in Hong Kong and an offering of over 50 coins in the U.S. market is expected to enhance the monetization of client assets.
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Consensus View and Forward-Looking Projections
The analyst consensus remains decidedly positive. Seven covering analysts maintain an average “Strong Buy” recommendation, with a median price target of $222.55. This implies a potential upside of roughly 29.9% from the share price on December 9.
Looking ahead, projections for 2025 forecast total revenue of approximately $2.7 billion, representing year-over-year growth of 52.3%. Earnings per share are anticipated to reach $8.89, a 77.5% increase. For 2026, analysts expect more moderate growth rates of about 8.9% for revenue and 12.2% for EPS.
Morgan Stanley’s outlook is particularly optimistic, citing a potential for nearly 70% growth in client asset inflows by the end of 2025. This forecast is based on a combination of a 40% increase in account numbers and a 20% rise in assets per client.
Upcoming Catalysts and Strategic Milestones
Investors are looking toward specific near-term events for further direction. The company is scheduled to release its Q4 and full-year 2025 results around March 13, 2026. Additionally, a potential regulatory approval to operate as a virtual asset trading platform in Hong Kong, expected in late 2025 or early 2026, could provide a significant boost to monetization efforts.
The critical challenge for Futu will be converting its rapid user and product expansion into consistent, long-term revenue and profit growth. The upcoming quarterly report in March and any developments regarding licensing will offer concrete evidence of the company’s ability to execute this strategy.
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