UP Fintech Holding Ltd (NASDAQ: TIGR)

Sector: Financial Services Industry: Capital Markets CIK: 0001756699
Market Cap 1.56 Bn
P/B 1.92
P/E 10.12
P/S 3.18
ROIC (Qtr) 16.38
Div Yield % 0.00
Rev 1y % (Qtr) 79.51
Total Debt (Qtr) 173.45 Mn
Debt/Equity (Qtr) 0.21

About

UP Fintech Holding Ltd, also known as Tiger Brokers, is a leading integrated financial technology platform operating in the Cayman Islands under the Companies Law. The company, which was incorporated in January 2018, is listed on the NASDAQ stock exchange under the ticker symbol TIGR. Tiger Brokers specializes in providing cross-market, multi-product investment experiences for investors around the world. Tiger Brokers' main business activities include providing online brokerage services, ESOP management, IPO distribution, and wealth management....

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Price action

Investment thesis

Bull case

  • Healthy cash reserves of 5.11B provide 30.49x coverage of short-term debt 167.61M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 9.30B provides 53.59x coverage of total debt 173.45M, indicating robust asset backing and low credit risk.
  • Cash position of 5.11B provides exceptional 110716.91x coverage of minority interest expenses 46160, indicating strong liquidity.
  • Robust tangible asset base of 9.30B provides 12.45x coverage of working capital 746.78M, indicating strong operational backing.
  • Retained earnings of 166.22M provide full 28.46x coverage of long-term debt 5.84M, indicating strong internal capital position.

Bear case

  • Operating cash flow of 0 provides minimal 0x coverage of tax expenses of 36.69M, suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Operating cash flow of 0 barely covers operating expenses of 53.53M with a 0 ratio, suggesting thin operational efficiency margins and limited flexibility.
  • R&D investment of 0 represents just 0x of SG&A expenses of 71.76M, indicating potential underinvestment in innovation relative to administrative overhead.
  • Operating cash flow of 0 shows concerning coverage of minority interest expenses of 46160, which is 0x, suggesting complex corporate structure risks.
  • Other current assets of 30.88M provide weak coverage of payables of 8.13B, which is 0x, suggesting potential working capital stress in near term.

Peer comparison

Companies in the Capital Markets
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 GS Goldman Sachs Group Inc 284.23 Bn 17.94 4.84 911.32 Bn
2 MS Morgan Stanley 279.63 Bn 17.97 4.05 353.12 Bn
3 SCHW Schwab Charles Corp 179.33 Bn 23.09 7.83 27.59 Bn
4 HOOD Robinhood Markets, Inc. 106.92 Bn 48.73 25.43 0.00 Bn
5 CRCL Circle Internet Group, Inc. 40.97 Bn 261.00 24.22 0.15 Bn
6 IBKR Interactive Brokers Group, Inc. 28.23 Bn 30.79 4.75 28.43 Bn
7 LPLA LPL Financial Holdings Inc. 27.60 Bn 33.13 1.77 7.52 Bn
8 FUTU Futu Holdings Ltd 22.89 Bn 18.13 8.54 1.75 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets -0.25 1.07
EV to Cash from Ops. EV/CFO -2.86 15.33
EV to Debt EV to Debt -13.64 21.89
EV to EBIT EV/EBIT -12.39 -0.80
EV to EBITDA EV/EBITDA -29.18 11.20
EV to Free Cash Flow [EV/FCF] EV/FCF -2.86 43.08
EV to Market Cap EV to Market Cap -1.52 -0.05
EV to Revenue EV/Rev -4.83 12.82
Price to Book Value [P/B] P/B 1.92 3.09
Price to Earnings [P/E] P/E 10.12 6.20
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 4.22
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 10.37
Dividend per Basic Share Div per Share (Qtr) 0.00 0.70
FCF Dividend Payout Ratio % FCF Dividend Payout Ratio % 0.00 -8.68
Interest Coverage Interest Coverage 0.00 37.53
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex Growth (1y) % 0.00 -12,429.64
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 73.87 1,588.78
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 4.88
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 387.50 270.93
EBITDA Growth (1y) % EBITDA Growth (1y) % 0.00 333.57
EBIT Growth (1y) % EBIT 1y % (Qtr) 333.35 3,103.22
EBT Growth (1y) % EBT 1y % (Qtr) 333.35 3,039.53
EPS Growth (1y) % EPS 1y % (Qtr) 353.85 24.25
FCF Growth (1y) % FCF Growth (1y) % 0.00 -80.08
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 102.87 51.33
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.05 0.42
Cash Payout Ratio Cash Payout Ratio 0.00 -0.08
Cash Ratio Cash Ratio (Qtr) 0.60 2.01
Current Ratio Curr Ratio (Qtr) 1.09 3.47
Debt to Equity Ratio Debt/Equity (Qtr) 0.21 1.46
Interest Cover Ratio Interest Cover Ratio 0.00 37.53
Times Interest Earned Times Interest Earned 0.00 37.53
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % 0.00 76.68
EBIT Margin % EBIT Margin % (Qtr) 39.01 46.81
EBT Margin % EBT Margin % (Qtr) 39.01 58.57
Gross Margin % Gross Margin % (Qtr) 64.20 53.60
Net Profit Margin % Net Margin % (Qtr) 31.40 29.41