英文【摩根大通】OneMain控股公司（OMF,OMF US）：OneMain Holdings第一季度呈现积极信贷趋势；管理层保持储备谨慎态度

North America Equity Research30 April 2025J P M O R G A Nwww.jpmorganmarkets.comOneMain Holdings1Q Delivers Positive Credit Trends; Mgmt. Maintains Reserve CautionOverweightOMF, OMF USPrice (29 Apr 25):$48.63▲Price Target (Dec-25):$50.00Prior (Dec-25):$46.00Consumer FinanceRichard Shane AC(1-415) 315-6701richard.b.shane@jpmorgan.comMelissa Wedel, CFA(1-415) 315-6763melissa.wedel@jpmorgan.comA. J. Denham, CFA, CPA(1-212) 622-0853aj.denham@jpmchase.comJ.P. Morgan Securities LLCQuarterly Forecasts (FYE Dec)Adj. EPS ($)2024A2025E2026EQ11.461.72A2.40Q21.021.171.77Q31.261.542.06Q41.161.672.15FY4.896.108.38Style ExposureOMF announced 1Q25 adj. C&I EPS of $1.72, in line with JPMe of $1.73 and above the consensus estimate of $1.57. Total NCOs were 8.17%, better than JPMe 8.50% and consensus estimate of 8.31%, with 30+ day DQs improving Y/Y (-41bps to 5.16%). OMF remains confident in achieving its 2025 guidance.We increase our Dec 2025 price target to $50 (from $46) and reiterate OW. Our Dec 2025 price target is based on 6.0x (vs. 5.5x prior) our 2026 adj. C&I EPS estimate of $8.38 (down from $8.45), implying a 14.4% annualized total return including the quarterly dividend.•We decrease our adj. C&I EPS estimate to $6.10 in 2025 (vs. $6.17 prior) and to $8.38 in 2026 (vs. $8.45 prior). •Our NIM estimate is unchanged at 16.9% in 2025 and 17.1% in 2026.•We increase our origination estimates to $14.50B in 2025 (vs. $14.31B prior) and to $15.37B in 2026 (vs. $15.17B prior). •We increase our operating expense estimate to $1.63B in 2025 (vs. $1.56B prior) and to $1.68B in 2026 (vs. $1.66B prior).•Our NCO estimate is essentially unchanged at 7.86% in 2025 and 7.29% in 2026.See page 10 for analyst certification and important disclosures.J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.Sources for: Style Exposure – J.P. Morgan Quantitative and Derivatives Strategy; all other tables are company data and J.P. Morgan estimates.2Richard Shane AC(1-415) 315-6701richard.b.shane@jpmorgan.comNorth America Equity Research30 April 2025J P M O R G A NPrice PerformanceYTD1m3m12mAbs-6.7%0.5%-14.7%-4.4%Rel4.7%2.8%-1.3%-2.4%Company DataShares O/S (mn)12052-week range ($)58.90-38.00Market cap ($ mn)5,837.79Exchange rate 1.00Free float (%) 99.3%3M ADV (mn)1.273M ADV ($ mn)62.5Volatility (90 Day) 49Index RUSSELL 2000BBG ANR (Buy | Hold | Sell) 11|5|1Key Metrics (FYE Dec)$ in millionsFY24AFY25EFY26EFinancial EstimatesNet interest income3,7854,0924,349Adjusted Net Revenue3,7854,0924,349Provision for loan losses(1,981)(2,037)(1,909)Adj. PPOP2,0422,2602,446Adj. net income587732996Adj. EPS4.896.108.38BVPS26.5727.7430.99DPS4.124.164.16Interest earning assets20,54121,94323,127Interest bearing liabilities21,43822,98623,80