<p>在這篇文章中，我評估了兩家貸款股票：Affirm Holdings（AFRM）和 SoFi Technologies（SOFI）。仔細觀察表明，對於 Affirm 持悲觀看法，對於 SoFi 持看漲看法。</p>
<p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/1-1024x217.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/1-1024x217.jpg"/></p>
<p>Affirm Holdings 提供了一個在線平台，用於數字商務，包括為消費者提供分期付款貸款、商家商務解決方案和一個面向消費者的應用程序。與此同時，SoFi 提供從學生貸款到抵押貸款和個人貸款等貸款和金融產品。</p>
<p>在股價表現方面，儘管 Affirm Holdings 股價今年以來下跌了 18%，但在過去一年中仍上漲了 83%，儘管最近有所下降。同樣，SoFi Technologies 的股價今年以來下跌了 24%，儘管這一下跌使其一年的回報率降至負 14%。</p>
<p>由於它們 12 個月回報率的巨大差異，它們的估值差異也是意料之中的。</p>
<p>由於兩家公司都沒有盈利，我們比較它們的市銷率（P/S）來衡量它們相互之間以及與行業的估值。作為比較，多元化金融行業的市銷率為 4 倍，而其三年平均值為 2.8 倍。</p>
<p>由於 Affirm 和 SoFi 都是金融公司，我們還考慮它們的市淨率（P/BV）。任何市淨率為 1 倍或以下的股票通常被認為是潛在的低估值。</p>
<h2><strong>Affirm Holdings</strong></h2>
<p>以 5.6 倍的市銷率和 4.7 倍的市淨率來看，Affirm Holdings 相對於其行業和資產價值顯然被高估。股價在 8 月 28 日的最新財報後暴漲了 30%，這進一步支持了 Affirm 可能被高估的觀點。因此，至少在出現回調之前，持悲觀看法似乎是合適的。</p>
<p>事實上，逆轉可能比人們想象的更近。Affirm 的相對強弱指數為 73.7，表明它處於超買區，可能很快就會出現修正。然而，在當前的估值水平下，Affirm 的估值似乎有些超前，這意味着公司需要實現顯著增長才能在當前水平上定價合理。</p>
<p>對於 Affirm 來説，並非一切都是壞消息。公司在最新季度取得了一些令人印象深刻的增長，包括營收增長 48%，淨虧損從去年同期的 2.06 億美元縮減至最新季度的 4510 萬美元。</p>
<p>此外，Affirm 首席執行官 Max Levchin 在一封致股東的信中表示，他們最近設定了一個目標，即在 2025 財年第四季度實現基於普通會計準則（GAAP）的運營盈利能力。</p>
<p>儘管如此，在短期內沒有利潤，季度營收為 6.59 億美元的情況下，投資者應該質疑 Affirm 是否真的應該有 126 億美元的市值。</p>
<h3><strong>AFRM 股票的目標價格是多少？</strong></h3>
<p>Affirm Holdings 根據過去三個月的五個買入、六個持有和兩個賣出評級獲得了持有的一致評級。以 40 美元計算，平均 Affirm Holdings 股票價格目標暗示下行潛力為 0.57%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/afrm-forecast.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/afrm-forecast.jpg"/></p>
<p><strong>查看更多 AFRM 分析師評級</strong></p>
<h2><strong>SoFi Technologies</strong></h2>
<p>以 3.4 倍的市銷率和 1.4 倍的市淨率來看，SoFi 看起來更加合理定價。考慮到其股價最近的下跌以及今年有望實現盈利的機會，持謹慎看漲觀點似乎是合適的。</p>
<p>SoFi 在 7 月實現了連續第三個季度的盈利，展示了朝着 2024 年全年實現普通會計準則盈利目標的穩步進展。儘管淨收入較少，為 5870 萬美元的收入上的 1740 萬美元，但 SoFi 顯示出了一些穩定的跡象。</p>
<p>由於對利率的擔憂，該公司今年股價面臨挑戰。儘管較低的利率可能幫助 SoFi 吸引更多貸款，但也可能擠壓公司的利潤率。</p>
<p>儘管如此，一位頂級投資者最近指出，SoFi 繼續擴大其客户羣，即使在高利率環境下，這通常會導致貸款大幅減少。</p>
<p>這位投資者認為，更高的交易量應該使 SoFi 能夠在長期內彌補較低的利潤率，我也同意這一觀點。因此，這看起來是一個穩健的買入機會，儘管短期波動仍然可能存在。</p>
<h3><strong>SOFI 股票的目標價格是多少？</strong></h3>
<p>SoFi Technologies 根據過去三個月的五個買入、七個持有和三個賣出評級獲得了持有的一致評級。以 8.27 美元計算，平均 SoFi Technologies 股票價格目標暗示上行潛力為 10.56%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/sofi.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/sofi.jpg"/></p>
<p><strong>查看更多 SOFI 分析師評級</strong></p>
<h2><strong>結論：對 AFRM 持悲觀看法，對 SOFI 持看漲看法</strong></h2>
<p>儘管 Affirm 和 SoFi 採用兩種不同的放貸模式將資金投放到消費者手中，但這些不同的模式使得 SoFi 看起來更像是更好、更穩定的長期投資。買現付款模式在購買減少時會面臨困難，但即使在利率較高時，SoFi 也成功逆市減少貸款。</p>
<p>此外，Affirm 仍需增長到目前的估值水平，而 SoFi 看起來定價相對合理，在短期內有顯著的上行潛力，特別是如果它在 2024 年底前實現全年盈利。然而，鑑於利率波動可能導致股價波動增加，投資者可能需要耐心等待 SoFi 朝着盈利前進。</p>
<p>披露</p>

SOFI

AFRM

<p>在比較 Affirm Holdings（AFRM）和 SoFi Technologies（SOFI）時，對 AFRM 持悲觀看法，對 SOFI 持看漲態度。AFRM 的股價今年迄今已下跌 18%，但過去一年上漲了 83%，看起來被高估，P/S 比率高達 5.6 倍。相比之下，SOFI 的 P/S 比率更為合理，為 3.4 倍，並且正朝着盈利的方向發展，儘管面臨挑戰，但仍展現出增長勢頭。分析師對這兩隻股票都給予持有評級，但 SOFI 有 10.56% 的潛在上漲空間，而 AFRM 顯示出輕微的 0.57% 下行潛力</p>

<p>In this piece, I evaluated two lending stocks: Affirm Holdings (AFRM) and SoFi Technologies (SOFI). A closer look suggests a bearish view for Affirm and a bullish view for SoFi.</p>
<div class="lb-trans"><p>在這篇文章中，我評估了兩家貸款股票：Affirm Holdings（AFRM）和 SoFi Technologies（SOFI）。仔細觀察表明，對於 Affirm 持悲觀看法，對於 SoFi 持看漲看法。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/1-1024x217.jpg" alt="" original-src="https://blog.tipranks.com/wp-content/uploads/2024/09/1-1024x217.jpg"/></p>
<p>Affirm Holdings provides an online platform for digital commerce consisting of point-of-sale installment loans for consumers, merchant commerce solutions, and a consumer-facing app. Meanwhile, SoFi offers lending and financial products ranging from student loans to mortgages and personal loans.</p>
<div class="lb-trans"><p>Affirm Holdings 提供了一個在線平台，用於數字商務，包括為消費者提供分期付款貸款、商家商務解決方案和一個面向消費者的應用程序。與此同時，SoFi 提供從學生貸款到抵押貸款和個人貸款等貸款和金融產品。</p>
</div><p>In terms of price performance, Affirm Holdings stock has tumbled 18% year-to-date, but it’s still up 83% over the past year despite the recent decline. Similarly, shares of SoFi Technologies have plunged 24% year-to-date, although that decline dragged their one-year return to a negative 14%.</p>
<div class="lb-trans"><p>在股價表現方面，儘管 Affirm Holdings 股價今年以來下跌了 18%，但在過去一年中仍上漲了 83%，儘管最近有所下降。同樣，SoFi Technologies 的股價今年以來下跌了 24%，儘管這一下跌使其一年的回報率降至負 14%。</p>
</div><p>With such a dramatic difference in their 12-month returns, it’s no surprise that their valuations are quite different.</p>
<div class="lb-trans"><p>由於它們 12 個月回報率的巨大差異，它們的估值差異也是意料之中的。</p>
</div><p>Since neither company is profitable, we compare their price-to-sales (P/S) ratios to gauge their valuations against each other and that of their industry. For comparison, the diversified financials industry is trading at a P/S of 4x, versus its three-year average of 2.8x.</p>
<div class="lb-trans"><p>由於兩家公司都沒有盈利，我們比較它們的市銷率（P/S）來衡量它們相互之間以及與行業的估值。作為比較，多元化金融行業的市銷率為 4 倍，而其三年平均值為 2.8 倍。</p>
</div><p>Since Affirm and SoFi are financial firms, we also consider their price-to-book-value (P/BV) ratios. Anything at a P/BV of 1x or below is often considered potentially undervalued.</p>
<div class="lb-trans"><p>由於 Affirm 和 SoFi 都是金融公司，我們還考慮它們的市淨率（P/BV）。任何市淨率為 1 倍或以下的股票通常被認為是潛在的低估值。</p>
</div><h2><strong>Affirm Holdings</strong></h2>
<div class="lb-trans"><h2><strong>Affirm Holdings</strong></h2>
</div><p>At a P/S of 5.6x and a P/BV of 4.7x, Affirm Holdings immediately looks overvalued relative to its industry and the value of its assets. The stock surged more than 30% following its last earnings report on August 28, adding fuel to the argument that Affirm may be overvalued. Thus, a bearish view seems appropriate, at least until a pullback occurs.</p>
<div class="lb-trans"><p>以 5.6 倍的市銷率和 4.7 倍的市淨率來看，Affirm Holdings 相對於其行業和資產價值顯然被高估。股價在 8 月 28 日的最新財報後暴漲了 30%，這進一步支持了 Affirm 可能被高估的觀點。因此，至少在出現回調之前，持悲觀看法似乎是合適的。</p>
</div><p>In fact, a reversal may be closer than one might think. Affirm’s Relative Strength Index stands at 73.7, suggesting it’s in overbought territory and that a correction might be just around the corner. However, at the current valuations, Affirm’s valuation appears to be getting ahead of itself, meaning the company requires significant growth before it will be priced right at current levels.</p>
<div class="lb-trans"><p>事實上，逆轉可能比人們想象的更近。Affirm 的相對強弱指數為 73.7，表明它處於超買區，可能很快就會出現修正。然而，在當前的估值水平下，Affirm 的估值似乎有些超前，這意味着公司需要實現顯著增長才能在當前水平上定價合理。</p>
</div><p>It’s not all bad news for Affirm, though. The company did put up some impressive growth in the latest quarter, including a 48% jump in revenue and a net loss that narrowed from $206 million in the year-ago quarter to $45.1 million in the latest quarter.</p>
<div class="lb-trans"><p>對於 Affirm 來説，並非一切都是壞消息。公司在最新季度取得了一些令人印象深刻的增長，包括營收增長 48%，淨虧損從去年同期的 2.06 億美元縮減至最新季度的 4510 萬美元。</p>
</div><p>Additionally, Affirm CEO Max Levchin told shareholders in a letter that they recently set a goal of achieving operating profitability on a GAAP (generally accepted accounting principles) basis by the fiscal fourth quarter of 2025.</p>
<div class="lb-trans"><p>此外，Affirm 首席執行官 Max Levchin 在一封致股東的信中表示，他們最近設定了一個目標，即在 2025 財年第四季度實現基於普通會計準則（GAAP）的運營盈利能力。</p>
</div><p>Nonetheless, with zero profits in the near term and quarterly revenue of $659 million, investors should question whether Affirm truly deserves a market capitalization of $12.6 billion.</p>
<div class="lb-trans"><p>儘管如此，在短期內沒有利潤，季度營收為 6.59 億美元的情況下，投資者應該質疑 Affirm 是否真的應該有 126 億美元的市值。</p>
</div><h3><strong>What Is the Price Target for AFRM Stock?</strong></h3>
<div class="lb-trans"><h3><strong>AFRM 股票的目標價格是多少？</strong></h3>
</div><p>Affirm Holdings has a Hold consensus rating based on five Buys, six Holds, and two Sell ratings assigned over the last three months. At $40, the average Affirm Holdings stock price target implies a downside potential of 0.57%.</p>
<div class="lb-trans"><p>Affirm Holdings 根據過去三個月的五個買入、六個持有和兩個賣出評級獲得了持有的一致評級。以 40 美元計算，平均 Affirm Holdings 股票價格目標暗示下行潛力為 0.57%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/afrm-forecast.jpg" alt="" original-src="https://blog.tipranks.com/wp-content/uploads/2024/09/afrm-forecast.jpg"/></p>
<p><strong>See more AFRM analyst ratings</strong></p>
<div class="lb-trans"><p><strong>查看更多 AFRM 分析師評級</strong></p>
</div><h2><strong>SoFi Technologies</strong></h2>
<div class="lb-trans"><h2><strong>SoFi Technologies</strong></h2>
</div><p>At a P/S of 3.4x and a P/BV of 1.4x, SoFi looks far more reasonably valued. Given the recent dip in its stock price and the chance at profitability this year, a cautionary bullish view seems appropriate.</p>
<div class="lb-trans"><p>以 3.4 倍的市銷率和 1.4 倍的市淨率來看，SoFi 看起來更加合理定價。考慮到其股價最近的下跌以及今年有望實現盈利的機會，持謹慎看漲觀點似乎是合適的。</p>
</div><p>SoFi posted its third consecutive quarter of profits in July, demonstrating steady progress toward its goal of full-year GAAP profitability in 2024. Although that net income was slim, at $17.4 million on $587 million in revenue, SoFi is displaying some promising signs of stability.</p>
<div class="lb-trans"><p>SoFi 在 7 月實現了連續第三個季度的盈利，展示了朝着 2024 年全年實現普通會計準則盈利目標的穩步進展。儘管淨收入較少，為 5870 萬美元的收入上的 1740 萬美元，但 SoFi 顯示出了一些穩定的跡象。</p>
</div><p>The company’s stock has faced challenges this year due to concerns over interest rates. While lower rates could help SoFi attract more loans, they could also squeeze the company’s profit margins.</p>
<div class="lb-trans"><p>由於對利率的擔憂，該公司今年股價面臨挑戰。儘管較低的利率可能幫助 SoFi 吸引更多貸款，但也可能擠壓公司的利潤率。</p>
</div><p>Nevertheless, one top investor recently noted that SoFi has continued to grow its customer base, even in a high interest-rate environment, which typically leads to a dramatic drop in lending.</p>
<div class="lb-trans"><p>儘管如此，一位頂級投資者最近指出，SoFi 繼續擴大其客户羣，即使在高利率環境下，這通常會導致貸款大幅減少。</p>
</div><p>This same investor thinks that higher volumes should enable SoFi to make up for lower margins over the long term, and I tend to agree. Thus, this looks like a solid buy-the-dip opportunity, though short-term volatility remains a possibility.</p>
<div class="lb-trans"><p>這位投資者認為，更高的交易量應該使 SoFi 能夠在長期內彌補較低的利潤率，我也同意這一觀點。因此，這看起來是一個穩健的買入機會，儘管短期波動仍然可能存在。</p>
</div><h3><strong>What Is the Price Target for SOFI Stock?</strong></h3>
<div class="lb-trans"><h3><strong>SOFI 股票的目標價格是多少？</strong></h3>
</div><p>SoFi Technologies has a Hold consensus rating based on five Buys, seven Holds, and three Sell ratings assigned over the last three months. At $8.27, the average SoFi Technologies stock price target implies upside potential of 10.56%.</p>
<div class="lb-trans"><p>SoFi Technologies 根據過去三個月的五個買入、七個持有和三個賣出評級獲得了持有的一致評級。以 8.27 美元計算，平均 SoFi Technologies 股票價格目標暗示上行潛力為 10.56%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/sofi.jpg" alt="" original-src="https://blog.tipranks.com/wp-content/uploads/2024/09/sofi.jpg"/></p>
<p><strong>See more SOFI analyst ratings</strong></p>
<div class="lb-trans"><p><strong>查看更多 SOFI 分析師評級</strong></p>
</div><h2><strong>Conclusion: Bearish on AFRM, Bullish on SOFI</strong></h2>
<div class="lb-trans"><h2><strong>結論：對 AFRM 持悲觀看法，對 SOFI 持看漲看法</strong></h2>
</div><p>Although Affirm and SoFi utilize two different lending models to place money into the hands of consumers, those different models make SoFi look like the better, more stable long-term play. The buy now, pay later model faces weakness during times when purchases are down, but SoFi managed to buck the trend of reduced lending even when interest rates were high.</p>
<div class="lb-trans"><p>儘管 Affirm 和 SoFi 採用兩種不同的放貸模式將資金投放到消費者手中，但這些不同的模式使得 SoFi 看起來更像是更好、更穩定的長期投資。買現付款模式在購買減少時會面臨困難，但即使在利率較高時，SoFi 也成功逆市減少貸款。</p>
</div><p>Additionally, Affirm still has to grow into its current valuation, while SoFi looks fairly valued and has significant upside potential in the near term, especially if it achieves full-year profitability, likely by the end of 2024. However, investors may need to be patient with SoFi as it moves forward into profitability, given the potential for increased volatility in its stock price due to interest rate swings.</p>
<div class="lb-trans"><p>此外，Affirm 仍需增長到目前的估值水平，而 SoFi 看起來定價相對合理，在短期內有顯著的上行潛力，特別是如果它在 2024 年底前實現全年盈利。然而，鑑於利率波動可能導致股價波動增加，投資者可能需要耐心等待 SoFi 朝着盈利前進。</p>
</div><p>Disclosure</p>
<div class="lb-trans"><p>披露</p>
</div>

Affirm 與 SoFi Tech：哪個借貸股票更好？