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
Among the standouts are three fintech players rewriting the rulebook: The year 2024 may have started slow for fintech stocks, but the sector flipped the script in the second half.
2024年對金融科技股票的開局可能較爲緩慢，但該板塊在下半年扭轉了局面。
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月中旬以來，該板塊市值躍升了650億美元，這主要得益於樂觀的第三季度業績、減息及選後利好。
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.
隨着2025年的臨近，Smith預計融資條件和貸款量的改善將提升金融科技貸方的表現——但他建議在第四季度盈利週期之前對當前估值保持謹慎。
Among the standouts are three fintech players rewriting the rulebook: Kaspi, Affirm and Shopify.
其中有三家重新定義規則的金融科技公司值得注意：Kaspi、Affirm和shopify。
Kaspi's Big Leap: 25% Potential Upside, Says Analyst
Kaspi的重大飛躍：分析師稱潛在上漲25%。
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（納斯達克：KSPI）不僅是一個金融科技熱門公司——它正在重新定義該領域的增長。Smith指出，通過對土耳其Hepsiburada的即將進行的控股收購，Kaspi正積極應對單一國家曝光的擔憂，同時擴大其可服務市場規模。
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.
以2025年收益的8倍估值，Kaspi的基本面穩健（營業收入增長超過30%，淨利潤率超過40%），顯示出被低估的跡象。該股票的目標價格爲137美元，提供25%的潛在上漲空間。
Read Also: Future Of Investing: AI Is 'Starting To Empower Consumers'
另請閱讀：投資的未來：人工智能正在「開始賦能消費者」。
Affirm's BNPL Domination: 12% Projected Upside
Affirm在BNPL領域的主導地位：預計有12%的上漲空間
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（納斯達克：AFRM）繼續利用先買後付（BNPL）趨勢，利用與亞馬遜公司（納斯達克：AMZN）、蘋果公司（納斯達克：AAPL）Pay以及shopify公司（紐交所：SHOP）的合作關係成爲長期增長的槓桿。
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.
史密斯強調，Affirm強勁的信用指標和可靠的融資渠道是其關鍵差異化因素，該公司目標到2025財年實現盈利。以74美元的目標價和12%的上漲空間，Affirm仍然是金融科技投資者的競爭者。
Shopify's Subtle Brilliance With 8% Upside
shopify的微妙輝煌與8%的上漲空間
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的故事或許不是最搶眼，但其數字講述了一個成功的故事。每年商品總價值（GMV）增長500億，營業收入增長16億，shopify在與COVID-19疫情期間的表現相匹配的同時，還將自由現金流利潤率翻倍。
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.
史密斯認爲，國際增長和進一步的市場滲透可以保持shopify的20%增長軌跡，即便訂閱價格上漲也將成爲未來的安全網。121美元的目標價意味着有8%的上漲空間。
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Photo: PopTika via Shutterstock
照片：PopTika via shutterstock
譯文內容由第三人軟體翻譯。
