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2021-06-21

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This Big Tech Stock Is Always on Sale<blockquote>这只大型科技股总是在打折</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":120099915,"tweetId":"120099915","gmtCreate":1624287082037,"gmtModify":1631893925346,"author":{"id":3581991231766444,"idStr":"3581991231766444","authorId":3581991231766444,"authorIdStr":"3581991231766444","name":"doje","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>nice</body></html>","htmlText":"<html><head></head><body>nice</body></html>","text":"nice","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/120099915","repostId":1188659531,"repostType":4,"repost":{"id":"1188659531","kind":"news","pubTimestamp":1624286592,"share":"https://www.laohunote.com/m/news/1188659531?lang=zh_CN&edition=full","pubTime":"2021-06-21 22:43","market":"us","language":"en","title":"This Big Tech Stock Is Always on Sale<blockquote>这只大型科技股总是在打折</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188659531","media":"The Wall Street Journal","summary":"Tencent’s anchor shareholder Prosus has revealed the value of its $39 billion portfolio of startups—","content":" Tencent’s anchor shareholder Prosus has revealed the value of its $39 billion portfolio of startups—and the full extent of its discount problem <img src=\"https://static.tigerbbs.com/7190040397780616cd6d06eb9b8f423c\" tg-width=\"879\" tg-height=\"513\">Getting 50% off isn’t such an unmissable opportunity when there is no end to the discounting in sight.<blockquote>腾讯控股的主要股东 Prosus 披露了其 390 亿美元初创企业投资组合的价值，以及其折扣问题的全部程度当折扣看不到尽头时，获得 50% 的折扣并不是一个不容错过的机会。</blockquote> Prosus is one of the most valuable tech companies listed in Europeby virtue of its big stakein Chinese internet giant Tencent, bought two decades ago for $34 million and now worth $216 billion, even after two share sales. The Amsterdam-based company also owns a portfolio of e-commerce startups that, like Tencent, have mainly thrived during the pandemic. Prosus revealed an estimate by Deloitte of their valuation for the first time Monday. According to the accounting firm, they are worth in aggregate $39 billion, up from roughly $20 billion a year ago.<blockquote>Prosus 是欧洲上市的最有价值的科技公司之一，因为它持有中国互联网巨头腾讯控股的大量股份，20 年前以 3400 万美元收购了该公司，即使经过两次股票出售，现在的价值仍为 2160 亿美元。这家总部位于阿姆斯特丹的公司还拥有一系列电子商务初创公司，这些公司与腾讯控股一样，主要在疫情期间蓬勃发展。Prosus 周一首次披露了德勤对其估值的估计。据会计师事务所称，它们的总价值为 390 亿美元，高于一年前的约 200 亿美元。</blockquote> The strong valuation is a double-edged sword. It suggests that Prosus’ operations are headed in the right direction, but it also lays painfully bare the gulf between their value and its stock price. If you add the $39 billion to $216 billion for the Tencent stake, roughly $1 billion for a similar minority stake in Russian internet company Mail.ru and almost $12 billion in net cash, you get an implied equity value of $268 billion for Prosus. Its market capitalization is just $162 billion—a discount of 39%.<blockquote>强势估值是一把双刃剑。这表明 Prosus 的运营正朝着正确的方向发展，但也痛苦地暴露了其价值与股价之间的差距。如果将 390 亿美元至 2160 亿美元的腾讯控股股份、大约 10 亿美元的俄罗斯互联网公司 Mail.ru 类似少数股权以及近 120 亿美元的净现金相加，那么 Prosus 的隐含股权价值为 2680 亿美元。其市值仅为 1620 亿美元，折扣 39%。</blockquote> The gap widens further if you step further up the ownership chain. Prosus is majority-owned by South African holding companyNaspers,NPSNY-0.70%whose shares trade roughly 23% below the value of its Prosus stake. Overall, Naspers shareholders are getting less than half the value of the internet businesses and stakes owned by Prosus.<blockquote>如果你在所有权链上更进一步，差距会进一步扩大。Prosus 由南非控股公司 Naspers, NPSNY-0.70% 持有多数股权，其股价比其 Prosus 股份价值低约 23%。总体而言，Naspers 股东获得的互联网业务和 Prosus 拥有的股份价值不到一半。</blockquote> Such financial inefficiency might present an opportunity if the reasons weren’t so intractable. Naspers, which built the portfolio,spun Prosus offto reduce its own heavy weighting on the South African stock market, which gave portfolio managers an ongoing technical reason to sell its stock. Less than two years later, Naspers is as dominant on the exchange as ever.<blockquote>如果原因不是那么棘手的话，这种财务效率低下可能会带来一个机会。构建该投资组合的 Naspers 剥离了 Prosus，以减少其在南非股市的权重，这为投资组合经理提供了出售其股票的持续技术理由。不到两年后，Naspers 在交易所一如既往地占据主导地位。</blockquote> Prosus and Naspers have a new plan to address the problem, involving a cross-shareholding structure that will end in Prosus owning almost half of Naspers. The project received pushback from investors partly for its complexity, forcing the company to issue a public defense. Shareholders vote on the deal next month.<blockquote>Prosus 和 Naspers 制定了一项新计划来解决这个问题，其中涉及交叉持股结构，最终 Prosus 将拥有 Naspers 近一半的股份。该项目遭到了投资者的反对，部分原因是其复杂性，迫使该公司发布公开辩护。股东将于下个月对该交易进行投票。</blockquote> Complexity may itself be one reason for the discount problem at Naspers and Prosus: Tying themselves in knots to answer one question just raises more. The only real resolution is a breakup, but the companies need their Tencent shares to fund bets on cash-draining industries like food delivery. They raised $14.6 billion by selling just 2% in April.<blockquote>复杂性本身可能是 Naspers 和 Prosus 折扣问题的原因之一：为了回答一个问题而束缚自己只会引发更多问题。唯一真正的解决方案是分拆，但这些公司需要腾讯控股股票来为对食品配送等现金消耗行业的押注提供资金。他们在 4 月份仅出售 2% 就筹集了 146 亿美元。</blockquote> Naspers and Prosus have an attractive portfolio, but investors can’t expect the current strategy to deliver anything close to full value for it.<blockquote>Naspers 和 Prosus 的投资组合很有吸引力，但投资者不能指望目前的策略能为其带来接近全部价值的收益。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This Big Tech Stock Is Always on Sale<blockquote>这只大型科技股总是在打折</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis Big Tech Stock Is Always on Sale<blockquote>这只大型科技股总是在打折</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-06-21 22:43\n\n</h4>\n</header>\n<article>\n Tencent’s anchor shareholder Prosus has revealed the value of its $39 billion portfolio of startups—and the full extent of its discount problem <img src=\"https://static.tigerbbs.com/7190040397780616cd6d06eb9b8f423c\" tg-width=\"879\" tg-height=\"513\">Getting 50% off isn’t such an unmissable opportunity when there is no end to the discounting in sight.<blockquote>腾讯控股的主要股东 Prosus 披露了其 390 亿美元初创企业投资组合的价值，以及其折扣问题的全部程度当折扣看不到尽头时，获得 50% 的折扣并不是一个不容错过的机会。</blockquote> Prosus is one of the most valuable tech companies listed in Europeby virtue of its big stakein Chinese internet giant Tencent, bought two decades ago for $34 million and now worth $216 billion, even after two share sales. The Amsterdam-based company also owns a portfolio of e-commerce startups that, like Tencent, have mainly thrived during the pandemic. Prosus revealed an estimate by Deloitte of their valuation for the first time Monday. According to the accounting firm, they are worth in aggregate $39 billion, up from roughly $20 billion a year ago.<blockquote>Prosus 是欧洲上市的最有价值的科技公司之一，因为它持有中国互联网巨头腾讯控股的大量股份，20 年前以 3400 万美元收购了该公司，即使经过两次股票出售，现在的价值仍为 2160 亿美元。这家总部位于阿姆斯特丹的公司还拥有一系列电子商务初创公司，这些公司与腾讯控股一样，主要在疫情期间蓬勃发展。Prosus 周一首次披露了德勤对其估值的估计。据会计师事务所称，它们的总价值为 390 亿美元，高于一年前的约 200 亿美元。</blockquote> The strong valuation is a double-edged sword. It suggests that Prosus’ operations are headed in the right direction, but it also lays painfully bare the gulf between their value and its stock price. If you add the $39 billion to $216 billion for the Tencent stake, roughly $1 billion for a similar minority stake in Russian internet company Mail.ru and almost $12 billion in net cash, you get an implied equity value of $268 billion for Prosus. Its market capitalization is just $162 billion—a discount of 39%.<blockquote>强势估值是一把双刃剑。这表明 Prosus 的运营正朝着正确的方向发展，但也痛苦地暴露了其价值与股价之间的差距。如果将 390 亿美元至 2160 亿美元的腾讯控股股份、大约 10 亿美元的俄罗斯互联网公司 Mail.ru 类似少数股权以及近 120 亿美元的净现金相加，那么 Prosus 的隐含股权价值为 2680 亿美元。其市值仅为 1620 亿美元，折扣 39%。</blockquote> The gap widens further if you step further up the ownership chain. Prosus is majority-owned by South African holding companyNaspers,NPSNY-0.70%whose shares trade roughly 23% below the value of its Prosus stake. Overall, Naspers shareholders are getting less than half the value of the internet businesses and stakes owned by Prosus.<blockquote>如果你在所有权链上更进一步，差距会进一步扩大。Prosus 由南非控股公司 Naspers, NPSNY-0.70% 持有多数股权，其股价比其 Prosus 股份价值低约 23%。总体而言，Naspers 股东获得的互联网业务和 Prosus 拥有的股份价值不到一半。</blockquote> Such financial inefficiency might present an opportunity if the reasons weren’t so intractable. Naspers, which built the portfolio,spun Prosus offto reduce its own heavy weighting on the South African stock market, which gave portfolio managers an ongoing technical reason to sell its stock. Less than two years later, Naspers is as dominant on the exchange as ever.<blockquote>如果原因不是那么棘手的话，这种财务效率低下可能会带来一个机会。构建该投资组合的 Naspers 剥离了 Prosus，以减少其在南非股市的权重，这为投资组合经理提供了出售其股票的持续技术理由。不到两年后，Naspers 在交易所一如既往地占据主导地位。</blockquote> Prosus and Naspers have a new plan to address the problem, involving a cross-shareholding structure that will end in Prosus owning almost half of Naspers. The project received pushback from investors partly for its complexity, forcing the company to issue a public defense. Shareholders vote on the deal next month.<blockquote>Prosus 和 Naspers 制定了一项新计划来解决这个问题，其中涉及交叉持股结构，最终 Prosus 将拥有 Naspers 近一半的股份。该项目遭到了投资者的反对，部分原因是其复杂性，迫使该公司发布公开辩护。股东将于下个月对该交易进行投票。</blockquote> Complexity may itself be one reason for the discount problem at Naspers and Prosus: Tying themselves in knots to answer one question just raises more. The only real resolution is a breakup, but the companies need their Tencent shares to fund bets on cash-draining industries like food delivery. They raised $14.6 billion by selling just 2% in April.<blockquote>复杂性本身可能是 Naspers 和 Prosus 折扣问题的原因之一：为了回答一个问题而束缚自己只会引发更多问题。唯一真正的解决方案是分拆，但这些公司需要腾讯控股股票来为对食品配送等现金消耗行业的押注提供资金。他们在 4 月份仅出售 2% 就筹集了 146 亿美元。</blockquote> Naspers and Prosus have an attractive portfolio, but investors can’t expect the current strategy to deliver anything close to full value for it.<blockquote>Naspers 和 Prosus 的投资组合很有吸引力，但投资者不能指望目前的策略能为其带来接近全部价值的收益。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/this-big-tech-stock-is-always-on-sale-11624283672\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PROSF":"Prosus NV"},"source_url":"https://www.wsj.com/articles/this-big-tech-stock-is-always-on-sale-11624283672","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188659531","content_text":"Tencent’s anchor shareholder Prosus has revealed the value of its $39 billion portfolio of startups—and the full extent of its discount problem\n\nGetting 50% off isn’t such an unmissable opportunity when there is no end to the discounting in sight.\nProsus is one of the most valuable tech companies listed in Europeby virtue of its big stakein Chinese internet giant Tencent, bought two decades ago for $34 million and now worth $216 billion, even after two share sales. The Amsterdam-based company also owns a portfolio of e-commerce startups that, like Tencent, have mainly thrived during the pandemic. Prosus revealed an estimate by Deloitte of their valuation for the first time Monday. According to the accounting firm, they are worth in aggregate $39 billion, up from roughly $20 billion a year ago.\nThe strong valuation is a double-edged sword. It suggests that Prosus’ operations are headed in the right direction, but it also lays painfully bare the gulf between their value and its stock price. If you add the $39 billion to $216 billion for the Tencent stake, roughly $1 billion for a similar minority stake in Russian internet company Mail.ru and almost $12 billion in net cash, you get an implied equity value of $268 billion for Prosus. Its market capitalization is just $162 billion—a discount of 39%.\nThe gap widens further if you step further up the ownership chain. Prosus is majority-owned by South African holding companyNaspers,NPSNY-0.70%whose shares trade roughly 23% below the value of its Prosus stake. Overall, Naspers shareholders are getting less than half the value of the internet businesses and stakes owned by Prosus.\nSuch financial inefficiency might present an opportunity if the reasons weren’t so intractable. Naspers, which built the portfolio,spun Prosus offto reduce its own heavy weighting on the South African stock market, which gave portfolio managers an ongoing technical reason to sell its stock. Less than two years later, Naspers is as dominant on the exchange as ever.\nProsus and Naspers have a new plan to address the problem, involving a cross-shareholding structure that will end in Prosus owning almost half of Naspers. The project received pushback from investors partly for its complexity, forcing the company to issue a public defense. Shareholders vote on the deal next month.\nComplexity may itself be one reason for the discount problem at Naspers and Prosus: Tying themselves in knots to answer one question just raises more. The only real resolution is a breakup, but the companies need their Tencent shares to fund bets on cash-draining industries like food delivery. They raised $14.6 billion by selling just 2% in April.\nNaspers and Prosus have an attractive portfolio, but investors can’t expect the current strategy to deliver anything close to full value for it.","news_type":1,"symbols_score_info":{"PROSF":0.9}},"isVote":1,"tweetType":1,"viewCount":3563,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/120099915"}