Fintech's New Year Playbook: Kaspi, Affirm, Shopify Set The Tone For 2025
Fintech's New Year Playbook: Kaspi, Affirm, Shopify Set The Tone For 2025
The year 2024 may have started slow for fintech stocks, but the sector flipped the script in the second half.
2024年初,金融科技股票的表现可能较为缓慢,但该板块在下半年翻转了局势。
JPMorgan's Reginald L. Smith points to a $65 billion leap in the sector's market cap since mid-September, driven by upbeat third-quarter results, rate cuts and post-election tailwinds.
摩根大通的Reginald L. Smith指出,自9月中旬以来,该板块的市值跃升了650亿美元,得益于乐观的第三季度业绩、降息和选后市场利好。
As 2025 beckons, Smith envisions improving funding conditions and loan volumes lifting fintech lenders — but advises caution on current valuations ahead of the fourth quarter earnings cycle.
随着2025年的到来,Smith预见融资条件和贷款量的改善将推动金融科技贷款机构的发展,但在第四季度盈利周期之前,建议对当前估值保持谨慎。
Among the standouts are three fintech players rewriting the rulebook: Kaspi, Affirm and Shopify.
在众多突出公司中,有三家金融科技企业正在重新定义规则:Kaspi、Affirm和shopify。
Kaspi's Big Leap: 25% Potential Upside, Says Analyst
Kaspi的重大跃进:分析师表示有25%的潜在上涨空间
Kaspi.kz JSC (NASDAQ:KSPI) isn't just a fintech favorite — it's redefining growth in the space. With a pending majority acquisition of Turkey's Hepsiburada, Smith notes Kaspi is tackling single-country exposure concerns head-on while expanding its total addressable market.
Kaspi.kz JSC (纳斯达克:KSPI) 不仅仅是金融科技的宠儿——它正在重新定义该领域的增长。Smith指出,通过待完成的对土耳其Hepsiburada的控股收购,Kaspi正积极应对单一国家曝光的担忧,同时扩大其可寻址市场。
At just 8x 2025 earnings, Kaspi's robust fundamentals (30%+ revenue growth, 40%+ net income margins) note it is undervalued. The stock has a $137 price target, offering a potential 25% upside.
Kaspi的2025年盈利仅为8倍,其稳健的基本面(营业收入增长30%以上,净利润率超过40%)表明其被低估。该股票的目标价格是137美元,提供25%的潜在上涨空间。
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Affirm's BNPL Domination: 12% Projected Upside
Affirm的BNPL主导地位:12%的预期上涨
Affirm Holdings Inc (NASDAQ:AFRM) continues to capitalize on the Buy Now, Pay Later (BNPL) trend, turning its partnerships with Amazon.com Inc (NASDAQ:AMZN), Apple Inc (NASDAQ:AAPL) Pay, and Shopify Inc (NYSE:SHOP) into long-term growth levers.
Affirm Holdings Inc (纳斯达克:AFRM) 继续利用先买后付(BNPL)的趋势,将其与亚马逊(纳斯达克:AMZN)、苹果公司(纳斯达克:AAPL)Pay和shopify(纽交所:SHOP)的合作关系转化为长期增长杠杆。
Smith highlights Affirm's strong credit metrics and reliable funding channels as key differentiators, with the company targeting profitability by FY25. With a $74 price target and 12% upside, Affirm remains a contender for fintech investors.
史密斯强调Affirm强劲的信用指标和可靠的资金渠道是关键的差异化因素,该公司目标是在2025财年实现盈利。以74美元的目标价和12%的上涨空间,Affirm仍然是金融科技投资者的竞争者。
Shopify's Subtle Brilliance With 8% Upside
shopify的微妙辉煌与8%的上涨
Shopify might not have the flashiest story, but its numbers tell a winning tale. Growing GMV (gross merchandise value) by $50 billion annually and revenue by $1.6 billion, Shopify is matching its COVID-19 pandemic-era performance while doubling its free cash flow margin.
shopify可能没有最耀眼的故事,但它的数据讲述了一个成功的故事。商品总价值(GMV)每年增长500亿美元,营业收入增长16亿美元,shopify正在匹配其COVID-19大流行时期的表现,同时使其自由现金流利润率翻倍。
Smith believes international growth and further upmarket penetration can keep Shopify on its 20% growth trajectory, even as subscription price increases loom as a future safety net. The $121 price target implies an 8% upside.
史密斯认为国际增长和进一步的市场渗透可以保持shopify 20%的增长轨迹,即使订阅价格上涨也将成为未来的安全网。121美元的目标价意味着有8%的上涨空间。
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Photo: PopTika via Shutterstock
照片:PopTika via shutterstock