金吾财讯 | 杰富瑞研报指发现金融(DFS)在11月的信贷结果显示逾期未付款项（DQs）持平，而非飓风因素影响下的坏账率（NCOs）环比上升。具体来看，DFS的DQs为3.87%，年比上升11个基点，较上月的26个基点有所减缓，显示出积极的下降趋势。NCOs为5.37%，环比上升106个基点，若排除飓风救济调整的-56个基点影响，环比上升50个基点，超出了市场预期的8个基点的季节性增长。杰富瑞对消费金融行业整体持谨慎乐观态度，认为尽管面临飓风等自然灾害的影响，DFS的信贷表现依然稳健。报告指出，期末贷款增长放缓至年比0.4%，略低于市场预期的1.7%，但符合季节性趋势。杰富瑞认为，DFS的信贷表现在剔除短期因素后，有望继续回归历史平均水平。杰富瑞对公司的前景持乐观态度，预计在未来12个月内，该公司的总回报（包括股价上涨和分红收益）有望达到19%。这一估值是基于对其2025财年每股收益的73.3倍预期。同时，杰富瑞提醒投资者，DFS面临的风险因素包括信贷市场变化、监管政策调整以及资本市场波动等。因此，杰富瑞给予DFS“买入”评级，并将目标股价从176美元提升至210美元。
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