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Dennis Bai

Research Analyst at UBS Asset Management Americas Inc.

Dennis Bai is an Executive Director and Equity Research Analyst at UBS Group AG, specializing in covering US software companies with a particular focus on sectors such as application software and vertical-specific technology solutions. His coverage includes prominent publicly traded names such as Salesforce, Autodesk, Workday, and ServiceNow, where he provides industry insights and investment recommendations to institutional clients. Known for his analytical rigor, Bai maintains a strong track record on equity research platforms, with above-industry-average success rates and positive average returns on recommendations, earning recognition among investors for timely and actionable calls. Dennis Bai began his finance career in the early 2010s, previously holding roles at leading firms including Barclays, before joining UBS in 2017, and he holds FINRA Series 7, 63, and 79 licenses confirming his professional qualifications.

Dennis Bai's questions to UP Fintech Holding (TIGR) leadership

Question · Q3 2025

Dennis Bai from UBS asked about the rising trend in client acquisition cost (CAC), requesting a breakdown by market for Q3 2025 and an outlook for Q4 and next year. He also questioned the significant quarter-over-quarter increase in interest income despite a relatively flat margin financing and stock lending balance.

Answer

CFO John Zeng explained that CAC fluctuates due to prioritizing user quality and ROI, with Singapore's CAC rising to over $400 due to attracting high-net-worth users, while Hong Kong's remained stable at $300-$400. He attributed interest income growth to increased client idle cash from asset growth and retained earnings, plus a shift towards higher-spread margin financing and securities lending within a flat overall balance.

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Question · Q2 2025

Dennis Bai from UBS Group AG requested a regional breakdown of the newly added customers with deposits in the second quarter. He also asked for the reasons behind the quarter-over-quarter decline in new funded accounts and the company's outlook on future customer growth.

Answer

A company representative provided the Q2 breakdown of new funded accounts: Singapore and Southeast Asia (50%), Hong Kong and Greater China (30%), Australia and New Zealand (15%), and the U.S. (5%). The representative explained that the sequential decline in new accounts was a deliberate result of adjusting customer acquisition channels to focus on higher-quality users, which proved effective as the nearly 40,000 new users in Q2 contributed more net asset inflow than the 60,000+ new users from Q1, and at a 10% lower CAC. The company plans to continue this strategy of prioritizing user quality and client assets.

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