Strong interest income drove a 4Q22 earnings beat, 20%/ 15% above our estimate/ Bloomberg consensus.Key operating metrics rose sequentially, except trading volume impacted by challenging US markets.We have a HOLD rating with a TP of US$5.15 (40.0x 2023E P/E).4Q22 results beat. UP Fintech (TIGR) posted 4Q22 non-GAAP net profit of US$4.5mn, down 32% QoQ but up from US$0.1mn in 4Q21, beating our estimate of US$3.8mn, mainly helped by strong interest income from the increase in MFSL balance and higher interest rates. New paying clients increased 20.3% QoQ to 27,300 in 4Q22, while customer acquisition cost (CAC) declined to US$271 (vs US$326 in 3Q22), beating company guidance. In 2022, TIGR achieved 108.1% of its annual new paying client target of 100,000. Despite a challenging US stock market