Visa Vs. Mastercard Q2 Earnings Preview: Analyst Evaluates Credit Card Giants' Stability, Regulatory Pressures
Visa Vs. Mastercard Q2 Earnings Preview: Analyst Evaluates Credit Card Giants' Stability, Regulatory Pressures
With Visa Inc (NYSE:V) and Mastercard Inc (NYSE:MA) set to report their quarterly earnings later this month, Wall Street is keenly observing the performance of these payment giants.
在本月晚些時候發佈季度業績的Visa Inc (NYSE:V)和Mastercard Inc (NYSE:MA)將受到華爾街的關注。
Visa reports Q2 earnings on July 23 and Mastercard reports on July 31. Both stock are down about 5% over the past three months.
Visa將於7月23日發佈Q2業績，Mastercard將於7月31日發佈。兩隻股票在過去三個月中下跌約5%。
Despite the recent downturn in their stock prices, JPMorgan analyst Tien-tsin Huang remains optimistic about their future, anticipating underlying stability and potential growth.
儘管近期股價下跌，但摩根大通的分析師黃天志仍對它們的未來保持樂觀，預計會有穩定的基礎和潛在的增長。
Visa, Mastercard's 'Concerns Reasonable', Says Analyst
摩根大通分析師表示，Visa和Mastercard的擔憂是合理的。
Huang emphasizes that both Visa and Mastercard have faced a challenging operating environment over the past year. "We find these concerns reasonable," Huang notes, acknowledging issues around regulation, litigation, and market saturation.
黃天志強調，過去一年裏，Visa和Mastercard都面臨着具有挑戰性的運營環境。黃天志指出，他們所表達的擔憂是合理的，承認了在監管、訴訟和市場飽和度方面的問題。
However, he views the recent underperformance of the stocks as overdone, stating, "We continue to see both V/MA as best-in-class compounders with diversified medium-term growth opportunities."
然而，他認爲庫存股票的最近表現過度了，他表示：“我們仍然認爲V/MA是最佳複合增長器，具有多樣化的中期增長機會。”
Visa Expectations: Decelerated Growth but Stability
針對Visa即將發佈的7月23日的收益報告，黃天志預計成交量增長將從上一季度下降約1個百分點。他預計，Visa的管理層將描述宏觀環境穩定，儘管低收入階層的消費支出會較柔和。
For Visa's upcoming earnings report on July 23rd, Huang expects volume growth to decelerate by approximately 1 percentage point from the previous quarter. He anticipates that Visa's management will describe the macro environment as stable, despite softer spending by lower-income cohorts.
“總的來說，我們預計F3Q的結果將在指導內,”黃天志表示，預計收入增長9%。儘管略低於街頭預期，但他認爲，重申全年指導應該足以維持股票在當前水平。
"Overall, we expect F3Q results to be within guidance," Huang says, projecting 9% reported growth. While this is slightly below Street estimates, he believes that reiterating full-year guidance should suffice for the stock at its current levels.
預計7月31日發佈業績的Mastercard表現會稍好一些。黃天志預計，Mastercard的報告收入將達到高端或可能超過指導。
Mastercard Expectations: Potential for Upside
他說：“相對於Visa，我們認爲Mastercard的全年指導增長潛力更大，”並稱在歐洲和美國的定價和髮卡方勝出是有益因素。
Mastercard, set to report on July 31, is expected to perform slightly better. Huang projects that Mastercard's reported revenue will hit the high end or possibly exceed guidance.
他預計，Mastercard將重申本季度的FXN收入前景，符合高端LDD增長。
"Relative to Visa, we see more upside potential to Mastercard's full-year guidance," Huang said, citing pricing and issuer wins in Europe and the U.S. as contributing factors.
黃天志強調Visa和Mastercard在脆弱的運營環境中的韌性和增長潛力。他認識到目前的情緒，但對Mastercard特別是保持積極的態度，因爲兩家公司繼續利用自身優勢應對監管和宏觀經濟挑戰。
He anticipates Mastercard to reiterate its FXN revenue outlook for this quarter, aligning with high-end LDD growth.
隨着業績的發佈，投資者將密切關注這些支付巨頭的表現以及它們是否能超過預期。
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Pre-Earnings Data and Adjustments
分析了收益前數據後，黃天志指出，在像美國銀行(NYSE:BAC)和摩根大通(NYSE:JPM)這樣的主要髮卡方的卡量趨勢中出現了輕微的減速。他還觀察到Visa和Mastercard的跨境交易量略有減速。
Analyzing pre-earnings data, Huang notes a slight deceleration in card volume trends for major issuers like Bank of America (NYSE:BAC) and JPMorgan Chase (NYSE:JPM). He also observes modest deceleration in cross-border volume for Visa and Mastercard.
因此，黃天志已經調整了他的預測，降低了兩家公司的增長預期。儘管有這些調整，他仍然對它們的穩定性和長期前景持樂觀態度。
Consequently, Huang has adjusted his estimates, lowering growth projections for both companies. Despite these adjustments, he remains confident in their stability and long-term prospects.
儘管面臨諸多困難，但Visa和Mastercard的創業板和增長潛力仍是值得信賴的。
Huang highlights the resilience and growth potential of Visa and Mastercard amid a fragile operating environment. He acknowledges the current sentiment but maintains a positive outlook, particularly for Mastercard, as both companies continue to leverage their strengths to navigate regulatory and macroeconomic challenges.
黃天志強調Visa和Mastercard在脆弱的運營環境中的韌性和增長潛力，他認識到目前的情緒，但對Mastercard特別是保持積極的態度。
As earnings reports approach, investors will be closely watching to see how these payment titans perform and whether they can exceed expectations.
隨着業績的發佈，投資者將密切關注這些支付巨頭的表現以及它們是否能超過預期。
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Photo: Shutterstock
Photo: shutterstock
譯文內容由第三人軟體翻譯。