Thread by @alexeliasson

Tiger Brokers $TIGR 🐯 Q1:

▪️Revenue: +68%
▪️Operating Profit: +203%
▪️Operating Margin: 38% (⬆️17 p.p.)
▪️OPEX-to-Revenue: ATL (and declining)
▪️ARPU: +35%

📊Trading Volume: +155%
👪Customers: +24%
💷Customer Assets: 40%

P/E 12x NTM is probably too cheap. A short 🧵👇

In Australia 🇦🇺 and New Zealand 🇳🇿 the breakneck growth and market share gains seen in 2024 continued into Q1-2025:

Singapore 🇸🇬, already a well-established profit center- much like Germany 🇩🇪 is for $FTK.DE or Sweden 🇸🇪 is for $SAVE - still delivered impressive 60-100% growth rates across several segments.

In December 2022, call it early 2023, $TIGR decided to enter the home-turf of $FUTU: Hong Kong 🇭🇰

Hypergrowth experienced in 2024 continued into Q1-2025. Mind you, most of these are QoQ numbers...😶

Perhaps any of my Hong Kong friends have seen any of the marketing?

Last month, the CEO announced plans to double headcount in Hong Kong in the coming years - and we're still just scratching the surface.

Moreover, the data I’ve compiled shows that the Hong Kong expansion has already proven highly beneficial.

Another interesting KPI that I can share is that last month trading by clients of Tiger surpassed that of Ant Group's Bright Smart Securities on the HKEX.

2x mcap $tigr 1428.hk

Their entry into the United States 🇺🇸 is small and, for me at least, irrelevant at this point.

As all the licenses are already in place, and products/markets are already established - one can look at it as purely incremental nonetheless.

My main focus right now is Wealth Management - as it creates a sticky revenue base.

*scrolls for emoji's*

🚀🚀🚀

Tiger is guiding for 150,000 new accounts in FY2025 - but smashed the expectations with adding 60,900 already in Q1 (40% of the annual target).

Can't wait for the upward revisions...

Now that the business has reached sufficient scale, we're seeing operating leverage kick in - and the impact is massive.

Tiger $TIGR currently outpaces its listed Nasdaq peers $BULL and $HOOD in growth:

Outstanding KPIs per customer:

The valuation dislocation is outrageous and $TIGR could double overnight, and still be cheap. $BULL $HOOD

Although I'm very grateful for the print 🧧💵by $FUTU this year - it's getting frothy and I've started to unload.

Pay up 12x the market cap of $TIGR, but only get 2.5x the customers (and similar growth rates)?

Switcheroo 🏇!

Here's the real kicker: margins.

As $TIGR shifts from land-grab mode to scaled operations, its margin trajectory should mirror other mature brokers - just as they did post-scale.

Consensus have margins topping out at ~30% which I will bet against, by being aggressively long.

Disclaimer:

Largest position going into Q2.

These views are drawn from my personal analysis and are inherently biased. This is not a recommendation. You should always do your own thorough research and seek professional advice before investing.