科技成长股被缩水的现在，更好的选择比较多

来源: Laoxisi 于 2022-02-18 05:55:16 [档案] [博客] [旧帖] [给我悄悄话] 本文已被阅读：次 (5180 bytes)

回答: AFRM Affirm Holiding如何由小镇散人于 2022-02-18 05:10:00

科技成长股大致分成两类，共同点是Rev.的成长，所谓top line，不同的是盈利面，bottom line。两个line都好的一类，bottom line不好的是另一类。

今年股市的主题是通胀加息，对盈利不好贷款成本增加的成长股压力比较大。

对营收成长盈利拖累的成长股，坊间对其成长幅度和成本消耗的比列是有一本帐的。同类中，成本略有控制成长幅度更大的，生存空间就大些。

AFRM 属于上面讲的第二类成长股。在同类中，从它最近ER中对成长的指引里，坊间不满意，认为偏低。

同意最近 Tom Lee 说法，现在科技成长股都打折了，是挑选未来赢家的好时机。

随便说说，仅作参考。

'We Understand Street Frustration': 3 Affirm Analysts React To Noisy Q2 Earnings Report

4:13 pm ET February 11, 2022 (Benzinga) Print

Shares of Affirm Holdings Inc (NASDAQ: AFRM) tumbled another 20% on Friday after a big Thursday sell-off as the company's revenue guidance disappointed the market.

On Thursday, Affirm reported a fiscal second-quarter EPS loss of 57 cents, a larger loss that the 32 cents per share analysts had projected. Revenue for the quarter was $361 million, beating analyst estimates of $328.8 million. Revenue was up 77% from a year ago.

Affirm's earnings were released earlier than planned on Twitter at around 1:30 p.m. ET. Affirm later said the tweet was an inadvertent posting due to human error.

Affirm also guided for full-year revenue of between $1.29 billion and $1.31 billion, beating analyst estimates of $1.27 billion. Investors were clearly hoping for more than the 5% guidance hike they got from Affirm.

Related Link: 5 Uber Analysts Hail Q4 Revenue Beat, Omicron Rebound

Voices From The Street: Morgan Stanley analyst James Faucette said Affirm exceeded expectations with gross merchandise volume (GMV), customer growth and usage.

"The bottom line is that right now an increasing proportion of Affirm's loans are currently moving towards interest-bearing, which has the impact of reducing near-term revenue vis-a-vis GMV (via lower MDRs), while increasing future revenue (via higher interest income)," Faucette wrote.

Credit Suisse analyst Timothy Chiodo said the high end of Affirm's fiscal 2022 GMV guide was unchanged despite the company adding its Amazon.com, Inc. (NASDAQ: AMZN) business to its guidance.

"The F3Q guidance implies GMV down ~18% QoQ despite prospects for a continued ramp of large partners," Chiodo wrote.

Bank of America analyst Jason Kupferberg said the multiple moving parts of Affirm's guidance makes it difficult for investors to get a clear picture of the future.

"While we understand Street frustration with the multiple moving parts impacting the cadence of quarterly results, estimates continue to move up, and key concerns heading into earnings (credit, impact of stimulus expiration) did not show up in this print," Kupferberg wrote.