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We came across a bullish thesis on UP Fintech Holding Limited on Kratic’s Substack by Kratic Capital. In this article, we will summarize the bulls’ thesis on TIGR. UP Fintech Holding Limited’s share was trading at $8.80 as of January 28th. TIGR’s trailing P/E was 10.62 according to Yahoo Finance.
UP Fintech Holding (TIGR), widely known as Tiger Brokers, has rapidly evolved into a major mobile-first brokerage force across Asia, delivering exceptional financial performance and operating momentum. The company’s growth trajectory is striking: between 2020 and 2024, net income and revenue compounded at 33.8% and 29.6% respectively, and the first half of 2025 continued this acceleration with revenue rising 57% YoY and net income up 155% YoY.
Despite this surge, TIGR trades at a modest trailing P/E of ~13, supported by over $500M in cash against a ~$1.5B market cap. Its platform enables trading across global markets and multiple asset classes—equities, options, futures, wealth products, and crypto—while its post-2022 pivot away from Mainland China has been offset by highly effective international expansion, led by Singapore and Hong Kong. These markets bring affluent, tech-savvy clients with strong net asset inflows, driving robust commission and interest income and enabling high customer lifetime value despite elevated acquisition costs.
Business performance clearly reflects the cyclical strength of brokerage activity: after pandemic-era peaks and a 2022 downturn, revenue and margins have rebounded meaningfully, with operating leverage now driving net margin toward an estimated 30% for 2025. TIGR’s liquidity is strong, with $512M in cash against modest convertible debt, providing dry powder for market entries or M&A, while a conservative DCF suggests an intrinsic value of $16.60 per share—an 87% upside.
Although regulatory, geopolitical, and competitive pressures remain the key risks, UP Fintech’s disciplined execution, diversified revenue mix, growing customer base, attractive valuation, and access to high-value Asian markets position it as a deeply discounted, compelling fintech investment at a pivotal stage of margin expansion and strategic growth.
Previously we covered a bullish thesis on Interactive Brokers Group, Inc. (IBKR) by Chit Chat Stocks in May 2025, which highlighted its strong financials, technology-driven culture, and steady account growth. The company’s stock price has appreciated by approximately 44.33% since our coverage (adjusted for the 4:1 stock split in June). This is because the thesis played out as IBKR maintained solid execution. The thesis still stands as its competitive position remains durable. Kratic Capital shares a similar view but emphasizes TIGR’s accelerating international growth.