JM Financial 将 Paytm 上调至买入，目标价为 1,420 卢比，以应对强劲增长和效率提高。 JM Financial upgrades Paytm to Buy, targeting Rs 1,420 on strong growth and improved efficiency.

JM Finance将Paytm的目标价格提高到1 420卢比,并保持其买入评级,称其利润丰厚,效率提高,监管工作取得积极进展。 JM Financial raised Paytm’s target price to Rs 1,420 and kept its Buy rating, citing strong profitability, improved efficiency, and positive regulatory progress. 该公司预计,在付款和金融服务的推动下,年收入将增长23%,商业订户达到1 380万,贷款支付额每季度增加9%。 The firm expects 23% year-on-year revenue growth, driven by payments and financial services, with merchant subscribers reaching 13.8 million and loan disbursals up 9% quarter-on-quarter. 原则上批准Paytm付款服务有限公司可解除商家登船的限制。 The in-principle approval for Paytm Payments Services Ltd. may lift merchant onboarding restrictions. 支付宝的稳定成本正在提高EBITDA利率, 预计PAT将保持正值. Paytm’s stable costs are boosting EBITDA margins, with PAT expected to remain positive. 预计26财政年度的收入将达到86 631卢比,到28财政年度将达到24%的CAGR,到70 %的CAGR将达到PAT。 Revenue is forecast to reach Rs 86,631 crore in FY26, growing at a 24% CAGR through FY28, and PAT at a 70% CAGR. 该目标意味着比当前水平上调16%左右。 The target implies about 16% upside from current levels.