【招银国际】10% earnings upside in FY24/25E; Reit.pdf

1Q results pointed to a better full-year earnings growth outlook

富途控股（FUTU）：1Q25 Earnings Jumped on Active Trading and Client Acquisition

Solid core business earnings growth to provide support for overseas expansion

Solid 1Q24 with better 2H24 earnings ahead

NE：Larger-than-expected Tariff Cuts, Earnings Upside Likely

Impressive 1Q23 earnings; U／G to BUY; More catalysts ahead

Impressive 1Q23 earnings; Higher earnings forecast & TP; More catalysts ahead

1H24 earnings down 27% YoY below our expectation; expect a better 2H24E

Big surprise on 2023E earnings; TP raised

–Solid 2Q23 earnings quality; Eyes on upmarket