Visa(US:V) Haitong Securities International·2025-06-04 13:04Investment Rating - The report maintains an "Outperform" rating for the company [2][20]. Core Insights - The company's three growth engines—Consumer Payments, Commercial Payments & Money Flow Solutions, and Value-Added Services—continue to drive revenue growth, with a 10.8% year-on-year increase in total revenue for 2QFY25 [3][16]. - Adjusted EPS for 2QFY25 was $2.76, reflecting a 9.9% year-on-year growth, surpassing both internal and market expectations [3][20]. - The management remains optimistic about the company's outlook, maintaining full-year guidance with expected low double-digit growth in net revenue and operating expenses [20]. Revenue and Profitability - Total revenue for 2QFY25 reached $13.33 billion, slightly below expectations, while net revenue after client incentives was $9.59 billion, exceeding estimates [3][15]. - Payment services revenue grew by 9.1% to $4.40 billion, driven by a 7.6% increase in payment volume [3][15]. - Data processing revenue increased by 10.4% to $4.70 billion, with an 8.0% rise in processed transactions [3][15]. Growth Drivers - The Consumer Payments segment saw growth due to increased payment volume and cross-border transactions, while Commercial Payments & Money Flow Solutions revenue grew by 13% year-on-year in constant dollars [4][16]. - Value-Added Services revenue accelerated by 22% year-on-year to $2.6 billion, with all product portfolios contributing to growth [6][16]. Market Position and Strategy - The company is enhancing global contactless payment penetration through technological innovations, with 76% penetration of Tap to Pay globally as of 2QFY25 [17][19]. - A partnership with Efecty in Colombia aims to expand card acceptance scenarios, targeting over 30 million users [19]. Future Guidance - For 3QFY25, the company expects net revenue growth and operating expense growth in the low double digits, with adjusted EPS growth projected at 17%-19% year-on-year [20]. - The full-year guidance remains unchanged, with expectations for net revenue growth at a low double-digit rate and adjusted EPS growth around 13-15% year-on-year [20].