Sofi Tech's Lending And Financial Services Momentum Well Above Estimates: Goldman Sachs Raises Forecast
Sofi Tech's Lending And Financial Services Momentum Well Above Estimates: Goldman Sachs Raises Forecast
Goldman Sachs analyst Michael Ng reiterated a Neutral rating on Sofi Technologies Inc (NASDAQ:SOFI) with a price target of $7.50.
高盛分析師Michael Ng重申了對Sofi Technologies Inc（納斯達克股票代碼：SOFI）的中立評級，目標價爲7.50美元。
Ng noted Sofi Technologies upgraded its full-year net income outlook to $175 million—$185 million (versus $165 million—$175 million prior).
Ng指出，Sofi Technologies將其全年淨利潤預期上調至1.75億-1.85億美元（之前爲1.65億-1.75億美元）。
The analyst writes that adjusted EBITDA margins should continue to ramp throughout the year to 25% for the full year 2024 as the company optimizes its capital structure towards using lower-cost deposits as a funding source and improves unit economics on Credit Card and Investment products within the Financial Services segment.
該分析師認爲，隨着Sofi Technologies將其資本結構優化爲以低成本存款作爲融資來源並改善金融服務業務部門的信用卡和投資產品的單元經濟表現，經調整的息稅折舊及攤銷前利潤率將在全年2024年繼續攀升至25%。
Ng flagged that Financial Services growth was primarily due to improved monetization driven by higher deposits and spending levels within SoFi Money, more significant AUM within SoFi Invest, and an increase in Credit Card spending.
Ng指出，Sofi Money內存款和支出水平的提高、SoFi Invest內的更大規模管理資產和信用卡支出的增加是促進金融服務增長的主要原因。
Sofi Technologies' deposits totaled $23.0 billion at quarter-end (versus $21.6 billion at fiscal 2024 first-quarter). Ng noted continued growth in deposits to reduce reliance on warehouse funding.
截至本季度末，Sofi Technologies的存款總額爲230億美元（相比2024財年第一季度的216億美元），Ng指出，繼續增長存款有助於減少對倉庫融資的依賴。
In the second quarter, lending revenue of $339 million beat Goldman Sachs' estimate and consensus of $284 million and $300 million, driven by a ~$1 billion beat in personal loan originations ($4.2 billion versus Goldman Sachs' estimate and consensus of $3.2 billion).
第二季度的借貸收入爲3.39億美元，超過高盛估計和共識的2.84億和3億美元，主要受到約10億美元個人貸款發放（42億美元，超出高盛的估計和共識32億美元）的推動。
According to Sofi Technologies, it was able to drive origination growth while maintaining stringent underwriting standards.
據Sofi Technologies介紹，公司在保持嚴格的信貸標準的同時，成功推動了發放的增長。
In addition, the company's second-quarter 90-day personal loan delinquency rate decreased to 64 bps (versus 72 bps in the first quarter).
此外，公司第二季度的個人貸款逾期30-89天的率下降到64個點子（相比第一季度的72個點子）。
Loan performance will remain in focus given that Sofi Technologies' personal loan annualized net charge-off rate of 3.84% (up versus 3.45% in the first quarter) was flattered by a $69 million delinquent loan asset sale in the quarter (~5.4% adjusted for this), the analyst said.
分析師表示，考慮到Sofi Technologies個人貸款年化淨計提率爲3.84%，較一季度的3.45%上升，但該季度有6900萬美元逾期貸款資產出售的影響（經過調整後約爲5.4%），此外關注貸款表現。
He said that personal loan origination volumes of $4.2 billion were well above Goldman Sachs and Visible Alpha's consensus of $3.2 billion despite increasing concerns about consumer health. However, Sofi Technologies' customer base skews prime.
他表示，儘管人們對消費者健康狀況的擔憂增加，但Sofi Technologies的個人貸款發放總額達42億美元，遠遠高於高盛和Visible Alpha的共識32億美元。然而，Sofi Technologies的客戶群體更偏向優質客戶。
Separately, Sofi Technologies lowered its outlook for Tech Platform segment growth for 2024 to mid-to-high teens percentage (versus 20% yoy growth prior) as large deals take longer to ramp than expected, particularly in Latin America.
此外，Sofi Technologies將其2024年技術平台業務增長預期下調至中高青少年百分比（相比之前的年同比增長20%），因爲大型交易需要更長時間才能達到預期的規模，特別是在拉丁美洲。
That said, other elements of Sofi Technologies' outlook were encouraging, including a raised outlook for Financial Services segment growth and deposits growth and Sofi Technologies' third consecutive quarter of positive GAAP net income.
然而，Sofi Technologies的其他前景也令人鼓舞，包括金融服務業務部門和存款增長的展望，以及Sofi Technologies連續第三個季度實現 GAAP 淨收益。
Ng increased his fiscal 2024, 2025, and 2026 revenue estimates by 5% on average to reflect Sofi Technologies' latest outlook for personal lending & financial services.
Ng將其對Sofi Technologies個人貸款和金融服務的2024年、2025年和2026年營收預期分別平均上調了5%，以反映Sofi Technologies的最新展望。
Ng projected fiscal 2024 revenue and EPS of $2.52 billion (prior $2.50 billion) and $0.11 (prior $0.08). The analyst expects fiscal 2025 revenue and EPS of $3.02 billion (prior $2.87 billion) and $0.25 (prior $0.12). He estimates fiscal 2026 revenue and EPS of $3.81 billion (prior $3.49 billion) and $0.56 (prior $0.35).
Ng預計2024財年的收入爲252億美元（之前爲250億美元），每股收益爲0.11美元（之前爲0.08美元）。他預計2025年收入爲302億美元（之前爲287億美元），每股收益爲0.25美元（之前爲0.12美元）。他估計2026年的營收爲381億美元（之前爲349億美元），每股收益爲0.56美元（之前爲0.35美元）。
Price Action: SOFI shares are trading higher by 4.04% to $7.725 at last check Wednesday.
股價表現：週三最新點數爲7.725美元，上漲4.04%。
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