UP fintech holding inc. $tigr is a singapore based, nasdaq listed brokerage firm which trades at $877m with $544m cash on hand, 8.3x TTM earnings, more like 5 on a forward basis. Just got sacked from chinese market - stock down 20% since (although it's peer, $futu recieved the same headline and has recovered all but 3.7%) being dealt $60m in penalties and told to wind down chinese operations (10% of funded accounts, 15% revenue). Majority of the business and growth is from HK/SG, with AU/NZ and US also growing extremely strongly although smaller segments.
Basic thesis is that a flood of cashflow over next few years warrants either multiple expansion (10-15x 2028 EPS easily gives $15-20) and company has capacity for significant buybacks along the way, which also serves as some downside protection as the company has sparingly made use of it's currently open $50m 12mo scheme - utilizing just $5m worth in the last 3 months. I actually think that this can be totally re-evaluated as it becomes a truly \*global\* and \*western\* fintech operator rather than a chinese value trap, the current growth rate could easily warrant multiple expansion into the 20s, or 30s if this paradigm shifts.
fwiw I am a satisfied user of the platform and currently long 1000 commons at $4.97.