Canada markets closed
  • S&P/TSX

    20,544.11
    -51.78 (-0.25%)
     
  • S&P 500

    4,326.51
    -23.42 (-0.54%)
     
  • DOW

    34,160.78
    -7.31 (-0.02%)
     
  • CAD/USD

    0.7857
    +0.0005 (+0.07%)
     
  • CRUDE OIL

    86.99
    +0.38 (+0.44%)
     
  • BTC-CAD

    46,780.02
    +826.60 (+1.80%)
     
  • CMC Crypto 200

    829.85
    +10.34 (+1.26%)
     
  • GOLD FUTURES

    1,797.60
    +4.50 (+0.25%)
     
  • RUSSELL 2000

    1,931.29
    -45.18 (-2.29%)
     
  • 10-Yr Bond

    1.8070
    -0.0410 (-2.22%)
     
  • NASDAQ futures

    14,096.25
    +109.50 (+0.78%)
     
  • VOLATILITY

    30.49
    -1.47 (-4.60%)
     
  • FTSE

    7,554.31
    +84.53 (+1.13%)
     
  • NIKKEI 225

    26,651.37
    +481.07 (+1.84%)
     
  • CAD/EUR

    0.7044
    +0.0002 (+0.03%)
     

Peak Fintech’s Quarterly Revenue Doubles Again as Fintech Platform Gains Traction

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·3 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • XYF
  • PKKFF

eResearch Corp. (www.eresearch.com) published an updated Research Report after Peak Fintech Group Inc. (CSE:PKK | OTCQB:PKKFF | DB:P0T) released its third quarter financial statements.

Peak is the parent company of a group of Fintech subsidiaries operating in China’s commercial lending industry. Peak provides an investment vehicle for investors looking to participate in China’s Fintech industry.

Peak’s subsidiaries use technology, analytics, and artificial intelligence to provide loans, help Small-to-Medium Enterprises (SME’s) obtain loans, help lenders find clients, and also minimize lending risk.

In the third quarter, Peak’s revenue doubled to $15.1 million compared to $7.3 million in the same quarter last year.

Peak's Fintech subsidiaries generated 94% of revenue in the quarter, up from 80% in the previous quarter, and its Financial Services subsidiaries generated 6% of revenue.

Chris Thompson, Director of Equity Research of eResearch wrote, “Peak continued to benefit from its lending platforms being used to help distribute government relief funds to SME’s in China that were affected by the coronavirus.”

Peak is now on track to beat its revenue guidance of $40 million in 2020, more than tripling its 2019 revenue of $11.7 million. Peak’s stock price has responded accordingly and increased over 230% year-to-date.

Read:

Subsequent to the quarter end, Peak announced deals with Beijing Beijia Trading Company, Beijing Youxiangtong Group, Beijing Dianjing Company, and Beijing Jingying Corporate Management, and Peak expects these deals to contribute revenue starting in early 2021.

eResearch increased its 2020 revenue estimate to $42.8 million from $35.3 million but decreased its EBITDA estimate to $0.9 million from $2.9 million due to higher outsourcing and consulting expenses estimated for the balance of 2020.

Peak competes in China with other companies including Ant Financial (IPO pending), X Financial (NYSE: XYF), and Hexindai Inc. (NASDAQ: HX).

For more information about eResearch's report on Peak Positioning, please visit eResearch's website (www.eresearch.com).

Disclaimer / No representations, express or implied, are made by eResearch as to the accuracy, completeness or correctness of its research. Opinions and estimates expressed in its research represent eResearch’s judgment as of the date of its reports, are subject to change without notice, and are provided in good faith and without legal responsibility. Its research is not an offer to sell or a solicitation to buy any securities. The securities discussed may not be eligible for sale in all jurisdictions. Neither eResearch, nor any person employed by eResearch, accepts any liability whatsoever for any direct or indirect loss resulting from any use of its research or the information it contains. eResearch reports may not be reproduced, distributed, or published without the express permission of eResearch. eResearch accepts advertising and other fees from companies, financial institutions, other third parties, and Institutional and Retail Investors. The purpose of this policy is to defray the cost of researching small and medium capitalization stocks which otherwise receive little or no research coverage. To ensure complete independence and editorial control over its research reports, eResearch follows the CFA Institute’s “Best Practice Guidelines Governing Analyst/Corporate Issuer Relations”.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting