29 May 2025 | 11:30PM HKT Futu Holdings (FUTU) Earnings review: minor change of full year 2025 estimates despite the 1Q25 net profit beat. Neutral | | | Futu reported upbeat net profit growth on better than expected cost saving, owing to lower client acquisition cost (CAC) in 1Q25 (see here). The takeaways from the result briefing lead us to make minor change of estimates for 2025, despite the net profit beat in 1Q25. This is because: 1) Management guidance of 2025 full year CAC would stay intact given the ...