To The Moon

$Tiger Brokers(TIGR)$ $Straits Times Index(STI.SI)$ $DBS(D05.SI)$ 📊🐯💡 $TIGR Powers Ahead on 68% Revenue Growth, SGX Expansion, and SG60 Momentum 💡🐯📊

🎆 Celebrating Singapore’s 60th National Day from across the Tasman 🇳🇿

I’m really excited to mark Singapore’s SG60 milestone from my desk here in New Zealand 🇳🇿, watching the island nation’s markets hit fresh highs and its capital markets pulse with activity. The Straits Times Index ($STI) recently set a record at 4,274 before settling at 4,239 (−0.43%), a level that reflects both market confidence and the quality of leadership among Singapore’s listed companies. It’s a reminder that strong fundamentals, sound governance, and strategic positioning can sustain growth even at record highs. 🇸🇬📈🎇 Congratulations to all my Tiger Brokers friends in Singapore on reaching the SG60 milestone! From kampung to global powerhouse in just six decades, your nation’s growth story rivals the STI’s climb to record highs. I hope you all enjoyed the makan, the fireworks 🎇🇸🇬🎇, and the festive spirit, and may the year ahead deliver even more huat to your portfolios and trades 📈🇸🇬

Against this backdrop, Up Fintech ($TIGR) isn’t just participating in Singapore’s story; it’s actively shaping it. As an SGX member broker with a fast-expanding footprint across Asia-Pacific, $TIGR is positioned to ride the tailwinds of a vibrant IPO pipeline, deepening regional trading volumes, and the ongoing digitalisation of investing.

📈 $TIGR’s Q1 performance: scaling fast with discipline

I’m impressed by how $TIGR has blended aggressive expansion with operating discipline. In Q1 2025, revenue surged 68% year on year to $123M, while operating profit exploded 203%. Operating margins hit 38%, up 17 percentage points, with the OPEX-to-revenue ratio at an all-time low. Trading volume soared 155%, ARPU climbed 35%, and customer count rose 24% to over 1.06 million. Client assets expanded 40% year on year, reinforcing $TIGR’s ability to deepen relationships as well as grow its base.

From a valuation standpoint, $TIGR trades at just 13× NTM P/E; a stark discount to $FUTU and $SCHW (19×), $SAVE (24×), $AZA (25×), $IBKR (32×), $COIN (63×), and $HOOD (67×). This gap looks increasingly unsustainable given the company’s growth rates, operating leverage, and market share gains.

🌏 Regional growth engines firing

I’m confident $TIGR’s strongest tailwinds come from its ability to execute in multiple geographies. In Australia, Q4 new account openings jumped 148% year on year, first-time funded accounts surged 243.6%, and funding amounts were up 253.1%. New Zealand’s growth is equally compelling: Q4 total deposits climbed 272.8%, trading accounts grew 120.2%, and US stock and options orders spiked 188.3%. These are structural gains, not one-off bursts.

Singapore, already a profitable hub for $TIGR, delivered 60%–100% growth rates across key segments. And since entering Hong Kong in late 2022; $FUTU’s home market; $TIGR has maintained hypergrowth, prompting CEO Wu Tianhua to announce plans to double headcount there. As Wu put it recently, “Hong Kong is a long-term growth market where we’re still in the early innings. We see strong demand for our integrated, tech-driven brokerage model.”

🏦 SGX, STI, and market breadth in SG60 week

The STI’s advance has been supported by banks like DBS (+1.81%), UOB, and industrial leaders such as Yangzijiang Shipbuilding. Market breadth remains healthy, with CH Offshore (+6.67%), Nam Cheong (+4.51%), and Keppel Infra REIT (+2.38%) among the gainers. Some names have corrected sharply; SembCorp (−13.46%), Rex International (−8.54%), Singapore Airlines (−4.39%), creating selective opportunities.

SGX itself is in strong form: FY net income of S$610M, a proposed 10.5 SG cents quarterly dividend, and reaffirmed medium-term revenue growth guidance of 6%–8%. Around 30 companies are eyeing an SGX listing, including Link REIT, France’s Praemia REIM, and UltraGreen.ai, which adds depth to the deal pipeline that $TIGR can service.

📊 Broader SGX small/mid-cap momentum

I find it notable that smaller SGX counters are also delivering record highs:

• Tai Sin Electric: +43.8% YTD to S$0.58, H1 revenue up 20.1% YoY to S$235.1M, net profit doubled to S$15.9M. Expanding into EV charging infrastructure.

• Pasture Holdings: +148% YTD to S$0.12, H1 revenue up 25.2% YoY, net profit US$471K vs loss prior year. Strategic acquisitions in Malaysia and Thai distribution.

• Combine Will: +35.9% YTD to S$1.25, FY revenue +32.2% YoY to HK$1.5B, expansion of manufacturing capacity in Dongguan.

• CSE Global: +60.7% YTD to S$0.69, Q1 revenue up 4% YoY, major US$46M data centre contract variation win.

These illustrate that Singapore’s market isn’t just a bank-driven story; manufacturing, tech, and healthcare are adding to the market’s resilience!

💬 Analyst sentiment

Morgan Stanley views $FUTU as the best crypto-stablecoin trading play, but Citi prefers $TIGR, highlighting its diversified market exposure, ARPU growth, and disciplined cost management. With $TIGR’s HK expansion in its early phase and SGX growth optionality intact, a valuation re-rate is plausible.

📉 Short interest and options flow

Short interest in $TIGR is negligible, removing one source of volatility. Options activity remains light, with no outsized call sweeps or put walls in the current open interest structure; price action is being driven more by equity flows and fundamental re-rating potential than derivatives positioning.

📈 Technical analysis: tightening coil before potential breakout

On the 4H chart: $TIGR is consolidating at $10.03 within its Keltner and Bollinger mid-bands. EMA-13 has crossed above EMA-21, and EMA-55 is acting as pivot support. RSI sits at 56.4 on the 4H, 59.8 on the daily, and 62.1 on the weekly; a healthy zone that supports further upside without signalling overbought conditions. MACD on both 4H and daily is trending positively, with histogram expansion.

A sustained close above $10.40 on volume exceeding 1.5× the 20-day average could target $11.60, with further upside to $12.40 if momentum persists. Immediate support is at $9.80, with stronger support at $9.20.

The STI’s 4H chart remains above its mid-Keltner band, with RSI at 64.3 and MACD flattening; suggesting consolidation rather than a reversal. Support sits at 4,200, resistance at 4,275.

📌 Trading plan from my NZ vantage point

I’m ready to scale in above $10.40 on confirmed breakout volume, targeting $11.60 and $12.40. Stop-loss at $9.70, trailing once price holds above $11. I’ll keep one eye on STI strength and SGX IPO activity as signals for liquidity flows.

📉 Risks to monitor

Potential headwinds include slower HK penetration, regulatory shifts in cross-border trading, macro volatility compression reducing trading activity, and FX swings between SGD, HKD, AUD, and USD.

🎯 Probability-weighted conclusion

I believe $TIGR’s 68% revenue growth, 38% margins, and multi-market acceleration position it as one of the most compelling re-rate candidates in Asia-Pacific. With SGX acting as both a growth driver and credibility anchor, and SG60 sentiment lifting market attention, the current consolidation could precede a strong upside move. These are not predictions; they’re probability-weighted frameworks.

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