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Hayz

Hayz

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0勋章

2021-06-04

Apple is running out of ideas? So much money in treasuries...but with so much at stake, software for EVs or even "applecar" will send it to MARS. Will grow indeed. Any comments?

Where Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？要考虑什么</blockquote>

2021-06-20

Ple like and comment

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2021-06-10

Like and comment pls

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2021-07-30

At this point in time, NIO is the best buy for Chinese EV play, but I will not use all my bullets at one go.

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2021-07-30

Trend now is sell the news...drop another 5%, becomes attractive! Especially if they decide to have a split.

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2021-06-13

Like and comment pls

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2021-08-28

With so many ETFs applying... Demand will be driven up, and BTC supply will be seriously drained....buy some

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2021-08-08

It is true...but most of them will consolidated (or be bought over) instead, this will happen to all industries to some extent.

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2021-07-17

Old school stocks for now

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2021-07-06

Half full? Half empty? It is your call... My call is, staying power wins.

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 something is still amiss, look at where it is from the ATH ... compare with XPENG.&nbsp; Whales not in the game, difficult to climb.","listText":"But something is still amiss, look at where it is from the ATH ... compare with XPENG.&nbsp; Whales not in the game, difficult to climb.","text":"But something is still amiss, look at where it is from the ATH ... compare with XPENG. Whales not in the game, difficult to climb.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696893036","repostId":"1199133469","repostType":2,"repost":{"id":"1199133469","kind":"news","pubTimestamp":1640657018,"share":"https://www.laohu8.com/m/news/1199133469?lang=zh_CN&edition=full","pubTime":"2021-12-28 10:03","market":"us","language":"en","title":"NIO Stock Alert: What Is Going on With Nio Today?<blockquote>蔚来股票警报：蔚来今天发生了什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199133469","media":"InvestorPlace","summary":"Chinese electric vehicle maker Nio(NYSE:NIO) is attracting a great deal of attention today, amid spe","content":"<p><div> Chinese electric vehicle maker Nio(NYSE:NIO) is attracting a great deal of attention today, amid speculation that the automaker could be preparing to enter the U.S. Although shares have since reversed...</p><p><blockquote><div>中国电动汽车制造商蔚来（纽约证券交易所股票代码：蔚来）今天引起了广泛关注，人们猜测该汽车制造商可能正准备进入美国。尽管此后股价出现逆转……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/nio-stock-alert-what-is-going-on-with-nio-today/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/nio-stock-alert-what-is-going-on-with-nio-today/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","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>NIO Stock Alert: What Is Going on With Nio Today?<blockquote>蔚来股票警报：蔚来今天发生了什么？</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; 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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\">\nNIO Stock Alert: What Is Going on With Nio Today?<blockquote>蔚来股票警报：蔚来今天发生了什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2021-12-28 10:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Chinese electric vehicle maker Nio(NYSE:NIO) is attracting a great deal of attention today, amid speculation that the automaker could be preparing to enter the U.S. Although shares have since reversed...</p><p><blockquote><div>中国电动汽车制造商蔚来（纽约证券交易所股票代码：蔚来）今天引起了广泛关注，人们猜测该汽车制造商可能正准备进入美国。尽管此后股价出现逆转……</div></blockquote></p><p>  <a href=\"https://investorplace.com/2021/12/nio-stock-alert-what-is-going-on-with-nio-today/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2021/12/nio-stock-alert-what-is-going-on-with-nio-today/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2021/12/nio-stock-alert-what-is-going-on-with-nio-today/\">InvestorPlace</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://investorplace.com/2021/12/nio-stock-alert-what-is-going-on-with-nio-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199133469","content_text":"Chinese electric vehicle maker Nio(NYSE:NIO) is attracting a great deal of attention today, amid speculation that the automaker could be preparing to enter the U.S. Although shares have since reversed course, NIO stock slid nearly 2% today. It is also a top-trending stock on Yahoo Financeand social media today.\nSince U.S. EV sales are growing rapidly and Nio is seen by some as China’s version of Tesla(NASDAQ:TSLA), Nio’s move into the U.S. could greatly boost its financial results down the road.  Such a development, in turn, is likely to meaningfully lift NIO stock.\nJob Ads Lift NIO Stock\nToday’s buzz was sparked by advertisements for U.S.-based positions that Nio recently posted on LinkedIn. Specifically, the firm has posted ads for 46 positions in America. Many of the jobs focus on managing technical operations, including software development and autonomous driving.\nAmong the U.S.-based positions that Niois currently seeking are Head of Architecture & Design, Head of Power Strategy, and Audio Systems Architect. Most of the positions are based in San Jose, California.\nA number of the advertisements went live a month ago, while others have been posted in recent days.\nBut why do investors care? Several months ago, investors determined that Nio was preparing to enter Norway based on job ads from LinkedIn.\nTherefore, it’s reasonable to believe that, with the EV manufacturer posting ads for jobs in the U.S., it may be preparing to start selling its automobiles in America.\nProgress in Norway and China\nAt the same time, Nio is making progress in its existing markets, which is likely to intrigue investors. Nio launched its ES8 sedan in Norway on Sept. 30. It’s planning to debut another electric sedan, the ET7, in the country in 2022. After Norway, Nio is expected to “gradually” enter additional markets in Europe.\nIn China, Nio’s sales have been growing rapidly. For example, in November, it announced that its deliveries had soared 105.6% year over year to 10,878 EVs. In the first 11 months of the year, its deliveries jumped 120.4% YOY to 80,940 EVs.\nThe Bottom Line\nToday’s news comes amid high interest by investors in both EV stocks and Chinese stocks. EV stocks have been an area of focus as sales rapidly ramp around the world and as many governments look to incentivize EV sales in order to reduce carbon emissions.\nMeanwhile, many investors have closely followed U.S.-listed Chinese stocks. It seems these two factors are also contributing to the interest in Nio shares today.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696004168,"gmtCreate":1640569026820,"gmtModify":1640569027704,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"Most stocks are normally held by a small group with big percentages, they are \"biased\" at best.","listText":"Most stocks are normally held by a small group with big percentages, they are \"biased\" at best.","text":"Most stocks are normally held by a small group with big percentages, they are \"biased\" at best.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696004168","repostId":"1168036893","repostType":4,"isVote":1,"tweetType":1,"viewCount":2518,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691546889,"gmtCreate":1640224244943,"gmtModify":1640224245778,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"Boring compared to other exchanges","listText":"Boring compared to other exchanges","text":"Boring compared to other exchanges","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/691546889","repostId":"1146715547","repostType":4,"isVote":1,"tweetType":1,"viewCount":2852,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691179829,"gmtCreate":1640155583672,"gmtModify":1640155728813,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"If it is so good, why so much selling?&nbsp; If you are young, HODL may work for you.","listText":"If it is so good, why so much selling?&nbsp; If you are young, HODL may work for you.","text":"If it is so good, why so much selling? If you are young, HODL may work for you.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/691179829","repostId":"1184116002","repostType":4,"repost":{"id":"1184116002","kind":"news","pubTimestamp":1640140972,"share":"https://www.laohu8.com/m/news/1184116002?lang=zh_CN&edition=full","pubTime":"2021-12-22 10:42","market":"us","language":"en","title":"Palantir: Buy The Dip Before Year-End<blockquote>Palantir：年底前逢低买入</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184116002","media":"Seeking Alpha","summary":"Summary\n\nShares of Palantir have dropped 30% since the start of November, despite a fundamental busi","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Shares of Palantir have dropped 30% since the start of November, despite a fundamental business that continues to thrive.</li>  <li>In particular, Palantir has been successful at diversifying away from government contracts, with overall commercial revenue growth accelerating in Q3 and more than doubling in the U.S.</li>  <li>Still, the government business is not slacking, with the company winning recent contracts with the Air Force, Department of Health and Human Services, and National Institutes of Health.</li>  <li>Cash flow is also trending ahead of plan, driving the company to boost its full-year cash flow guidance by $100 million.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27ed9cd275848c088c2f7966c6a9b0c\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Andreas Rentz/Getty Images Entertainment</span></p><p><blockquote><ul><li>尽管Palantir的基本业务持续蓬勃发展，但其股价自11月初以来已下跌30%。</li><li>特别是，Palantir在实现政府合同多元化方面取得了成功，第三季度整体商业收入增长加速，在美国增长了一倍多。</li><li>尽管如此，政府业务并没有懈怠，该公司最近赢得了空军、卫生与公众服务部以及美国国立卫生研究院的合同。</li><li>现金流的趋势也提前于计划，促使该公司将全年现金流指引提高了1亿美元。</li></ul><p class=\"t-img-caption\"><span>安德烈亚斯·伦茨/盖蒂图片社娱乐</span></p></blockquote></p><p> The mantra of \"thinking and investing for the long term\" is a well-touted investment principle, yet rarely ever put into practice. It's also a rule that is most commonly broken in the tech sector, where investors choose their stocks primarily based on momentum and rarely based on fundamentals and value.</p><p><blockquote>“长期思考和投资”是一个广为人知的投资原则，但很少付诸实践。这也是科技行业最常被打破的规则，投资者主要根据动量选择股票，很少根据基本面和价值。</blockquote></p><p> So when the great growth correction of 2021 happened in the fourth quarter this year, while many stocks certainly deserved a small correction and a breather in valuations, many high-quality names got knocked down multiple pegs far more than their fundamentals justify. In this bucket is Palantir (PLTR), the big data analytics powerhouse which has seen a tremendous correction in its share price despite a business that has never looked healthier.</p><p><blockquote>因此，当2021年的巨大增长调整发生在今年第四季度时，虽然许多股票确实值得小幅调整和估值喘息，但许多优质股票的多个挂钩被击倒，远远超出了其基本面的合理性。其中包括大数据分析巨头Palantir(PLTR)，尽管其业务看起来从未如此健康，但其股价却出现了巨大的调整。</blockquote></p><p> Perhaps alone among high-profile software IPOs, Palantir has had a very rocky trading journey since going public last October. Palantir took a while to get off the ground, as investors worried early on that the lack of an insider lockup period would pressure Palantir's ability to rally. The stock did end up rallying and peaked near $40 in mid-February, before proceeding to trade in a very jagged and choppy fashion throughout the rest of the year, including a ~30% decline since November alongside other tech growth stocks.</p><p><blockquote>Palantir也许是唯一一家备受瞩目的软件IPO，自去年10月上市以来，Palantir的交易历程非常坎坷。Palantir花了一段时间才起步，因为投资者很早就担心缺乏内部锁定期会给Palantir的反弹能力带来压力。该股最终确实反弹并在2月中旬达到接近40美元的峰值，然后在今年剩余时间里以非常参差不齐和波动的方式进行交易，其中自11月以来与其他科技成长股一起下跌了约30%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/28dd4c60f2471cddc190b107c562cb57\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Throughout this tumultuous time period, I've happily held onto my Palantir stock, and this company is one of the rare exceptions where I'm&nbsp;<b>very bullish</b>&nbsp;on a stock that is technically trading at quite expensive valuation multiples (though, with the sharp correction from February peaks, Palantir isn't trading at the egregiously expensive multiples it was trading at earlier). I continue to view Palantir as a tech mega-cap in the making, one with a powerhouse software platform that is broadly applicable across industries, and across both the public and private sectors. Currently dominant primarily in the United States, Palantir also has broadly untested expansion opportunities abroad, where innovation in big data and machine learning technologies has not quite yet matured.</p><p><blockquote>在这段动荡的时期，我很高兴地持有我的Palantir股票，这家公司是我所处的罕见例外之一<b>非常看涨</b>从技术上讲，这只股票的估值倍数相当昂贵（不过，随着从2月份峰值的大幅回调，Palantir的交易市盈率并没有像之前那样高得惊人）。我仍然认为Palantir是一家正在崛起的科技巨头，拥有强大的软件平台，可广泛适用于各行业、公共和私营部门。Palantir目前主要在美国占据主导地位，但在国外也有未经考验的扩张机会，那里的大数据和机器学习技术创新尚未完全成熟。</blockquote></p><p> Stay long here, and add to your positions in Palantir at its new lower price before year-end: in my view, Palantir is well-equipped to outperform the market indices for years to come.</p><p><blockquote>在这里做多，并在年底前以新的较低价格增持Palantir：在我看来，Palantir完全有能力在未来几年跑赢市场指数。</blockquote></p><p> <b>Recent wins showcase how prominent Palantir is</b></p><p><blockquote><b>最近的胜利展示了Palantir的突出地位</b></blockquote></p><p> Before we get into more granular details and fundamentals, it's worthwhile to illustrate that Palantir has been busy from a go-to-market perspective. The company is always on the heels of some large, transformational deal, and the current situation is no different. In particular, the company has just recently signed a multi-year $60 million deal with the National Institutes of Health:</p><p><blockquote>在我们深入了解更详细的细节和基本面之前，有必要说明Palantir从上市的角度一直很忙。该公司总是紧跟一些大型转型交易，目前的情况也不例外。特别是，该公司最近刚刚与美国国立卫生研究院签署了一项价值6000万美元的多年期协议：</blockquote></p><p> Figure 1. Palantir NIH win</p><p><blockquote>图1。Palantir赢了</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/db52b9f945c292c1b56f4d6b0a3ed00d\" tg-width=\"640\" tg-height=\"306\" width=\"100%\" height=\"auto\"><span>Source: Palantir Q3 earnings deck</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir第三季度收益表</span></p></blockquote></p><p> And, building off the strength that Palantir has historically enjoyed with the U.S. armed forces, the company also signed a four-year $87 million deal with the Department of Veterans Affairs:</p><p><blockquote>此外，在Palantir历史上在美国武装部队中享有的优势的基础上，该公司还与退伍军人事务部签署了一项为期四年、价值8700万美元的协议：</blockquote></p><p> Figure 2. Palantir VA win</p><p><blockquote>图2。Palantir和win</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/905489ce382c58d0ea9896420a67ce9a\" tg-width=\"640\" tg-height=\"301\" width=\"100%\" height=\"auto\"><span>Source: Palantir Q3 earnings deck</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir第三季度收益表</span></p></blockquote></p><p> And though the large deals that Palantir showcase are typically public-sector deals, the company's commercial/enterprise sales have recently picked up steam as well, which we'll discuss in further detail in this article.</p><p><blockquote>尽管Palantir展示的大型交易通常是公共部门交易，但该公司的商业/企业销售最近也有所增长，我们将在本文中进一步详细讨论这一点。</blockquote></p><p> <b>The bullish thesis for Palantir, revisited</b></p><p><blockquote><b>重新审视Palantir的看涨论点</b></blockquote></p><p> With the recent pessimism in Palantir stock over the past two months, it can be easy for investors to forget the longer-term bullish thesis and fundamental merits that this company possesses in abundance.</p><p><blockquote>随着过去两个月Palantir股票的悲观情绪，投资者很容易忘记该公司拥有的长期看涨论点和基本优势。</blockquote></p><p></p><p> Here's a refresher of all the key reasons why this company is a superstar:</p><p><blockquote>以下是该公司成为超级明星的所有关键原因的回顾：</blockquote></p><p> <ul>  <li><b>Big data is a massive discipline that can be applied in nearly limitless ways.</b>Palantir isn't a software company that serves only one or a limited set of use cases. Data and inferences that can be made from data are prevalent in just about everything: which explains why Palantir is such a powerful tool for both public and private sector clients.</li>  <li><b>Growth at scale.</b>Despite being at a ~$2 billion annual revenue scale, Palantir continues to deliver 30-40% y/y revenue growth, and its long-term outlook calls for the company to be able to sustain growth rates in excess of 30% y/y through at least 2025. Few companies are able to achieve this kind of growth at scale, and it's a testament to the wide applicability of Palantir's products and the humongous clientele it has drawn (in particular, the U.S. Army).</li>  <li><b>Stepping up go-to-market momentum.</b>Palantir is chasing growth across a wide variety of channels. The company has stepped up its sales hiring this year, a nod at the broad market opportunity it has and the need for more territory coverage. Palantir also has deepened relationships with ISVs (integrated service vendors) that can resell Palantir's products without its involvement and offer additional coverage that Palantir's direct sales force can't handle.</li>  <li><b>One foot in the public sector, one foot in private</b>. Palantir made its name on being a large federal government contractor, but its products are just as compelling to an enterprise segment that is growing ever more obsessed with the value of big data. Most software companies start off as primarily dealing with enterprise buyers, and then hopefully getting FedRAMP certification to sell into public sector clients later. Palantir did the reverse: but now, its momentum with Fortune 100 companies is continuing to grow, and customer adds are continuing to trend at an impressive pace.</li>  <li><b>Free cash flow.</b>Though not yet profitable from a GAAP standpoint, Palantir continues to exceed internal expectations for free cash flow, which means the business is self-financing (a departure from. many other rapid-growth software companies that continue to need to raise capital to finance their losses).</li> </ul> <b>Valuation isn't cheap, but more reasonable than in the past</b></p><p><blockquote><ul><li><b>大数据是一门庞大的学科，几乎可以以无限的方式应用。</b>Palantir不是一家只提供一个或有限组用例服务的软件公司。数据和可以从数据中得出的推论几乎在所有事物中都很普遍：这解释了为什么Palantir对于公共和私营部门客户来说都是如此强大的工具。</li><li><b>规模增长。</b>尽管年收入规模约为20亿美元，Palantir的收入仍继续实现30-40%的同比增长，其长期前景评级是该公司能够维持超过30%的同比增长率。至少到2025年。很少有公司能够实现这种大规模增长，这证明了Palantir产品的广泛适用性及其吸引的庞大客户（特别是美国陆军）。</li><li><b>加大上市势头。</b>Palantir正在通过多种渠道追求增长。该公司今年加大了销售招聘力度，这是对其广阔市场机会和更多区域覆盖需求的认可。Palantir还加深了与ISV（综合服务供应商）的关系，这些供应商可以在没有其参与的情况下转售Palantir的产品，并提供Palantir直销人员无法处理的额外覆盖范围。</li><li><b>一只脚在公共部门，一只脚在私营部门</b>.Palantir因作为大型联邦政府承包商而闻名，但其产品对于越来越痴迷于大数据价值的企业部门来说同样具有吸引力。大多数软件公司一开始主要与企业买家打交道，然后希望获得FedRAMP认证，然后销售给公共部门客户。Palantir的做法恰恰相反：但现在，它在财富100强公司中的势头正在持续增长，客户数量继续以令人印象深刻的速度增长。</li><li><b>自由现金流。</b>尽管从GAAP的角度来看尚未盈利，但Palantir继续超出内部对自由现金流的预期，这意味着该业务是自筹资金的（与许多其他快速增长的软件公司不同，这些公司继续需要筹集资金来弥补损失）。</li></ul><b>估值并不便宜，但比过去更合理</b></blockquote></p><p> I wouldn't go so far as to say that Palantir's recent correction has left the stock at cheap levels - but for the caliber of this company's brand, plus its consistent combination of hyper-growth at scale while building up profitability and margins, I view its current valuation as quite reasonable.</p><p><blockquote>我不会说Palantir最近的调整使该股处于廉价水平，但考虑到该公司品牌的质量，加上其大规模高速增长同时提高盈利能力和利润率的持续组合，我认为其目前的估值相当合理。</blockquote></p><p> At current share prices near $18, Palantir trades at a market cap of $35.99 billion. After netting off the $2.48 billion cash pile on its books (another reason to be bullish on Palantir: it has a load of cash and is unencumbered by debt), its resulting&nbsp;<b>enterprise value is $33.51 billion.</b></p><p><blockquote>按目前接近18美元的股价计算，Palantir的市值为359.9亿美元。在扣除其账面上24.8亿美元的现金后（看好Palantir的另一个原因：它拥有大量现金并且不受债务负担），其结果<b>企业价值为335.1亿美元。</b></blockquote></p><p> For next fiscal year FY22, meanwhile, Wall Street analysts are expecting Palantir to deliver $1.98 billion in revenue, representing 30% y/y revenue growth (data from&nbsp;Yahoo Finance). Considering the company has committed to 30%+ annual revenue growth throughout 2022 (and this is a company that has routinely delivered well ahead of its promises), I'd say this outlook is a little dim. Yet regardless of that, at this revenue estimate Palantir trades at&nbsp;<b>16.9x EV/FY22 revenue.</b></p><p><blockquote>与此同时，华尔街分析师预计Palantir下一财年（2022财年）的收入将达到19.8亿美元，同比增长30%（数据来自雅虎财经）。考虑到该公司承诺在2022年全年实现30%以上的年收入增长（而且这家公司通常远远提前兑现承诺），我想说这种前景有点暗淡。但尽管如此，根据这一收入估计，Palantir的交易价格为<b>EV/22财年收入的16.9倍。</b></blockquote></p><p> Again, we can hardly call this cheap, and in the face of rising interest rates, certainly Palantir's prior valuation multiples in the high-20s were unsustainable. But given this company's rapid growth trajectory, I'd say the ~$18 price level still represents a great entry point for the longer-term investor.</p><p><blockquote>再说一次，我们很难做到如此便宜的看涨期权，而且面对利率上升，Palantir之前20多岁的估值倍数肯定是不可持续的。但考虑到这家公司的快速增长轨迹，我认为18美元左右的价格水平对于长期投资者来说仍然是一个很好的切入点。</blockquote></p><p> <b>Q3 results showcase tremendous fundamental traction, especially in the commercial segment</b></p><p><blockquote><b>第三季度业绩展示了巨大的基本面吸引力，尤其是在商业领域</b></blockquote></p><p> We additionally note that Palantir's end-of-year correction has been accompanied by a continuation of its strong fundamentals. Take a look at the Q3 earnings results below:</p><p><blockquote>我们还注意到，Palantir的年底调整伴随着其强劲基本面的延续。看看下面的第三季度盈利结果：</blockquote></p><p> Figure 3. Palantir Q3 results</p><p><blockquote>图3.Palantir第三季度业绩</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e606183fac49ce4616a25d86d7fac0cf\" tg-width=\"640\" tg-height=\"585\" width=\"100%\" height=\"auto\"><span>Source: Palantir Q3 earnings deck</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir第三季度收益表</span></p></blockquote></p><p> Palantir's revenue grew at a robust 35% y/y pace to $392.1 million in the quarter, beating Wall Street's expectations of $386.6 million (+33% y/y) by a two-point margin. We note that revenue growth did decelerate versus 49% y/y growth in Q2, but that's largely due to an easier comp versus the pandemic period in Q2 of last year.</p><p><blockquote>Palantir本季度收入同比强劲增长35%，达到3.921亿美元，比华尔街预期的3.866亿美元（同比增长33%）高出两个百分点。我们注意到，与第二季度49%的同比增长相比，收入增长确实有所放缓，但这主要是由于与去年第二季度的大流行期间相比，收入增长更容易。</blockquote></p><p> The major highlight in Q3 was Palantir's success in driving enterprise go-to-market. The company reported commercial revenue growth of 37% y/y in Q3 - which, despite tougher comps, represented substantial acceleration over the prior few quarters:</p><p><blockquote>第三季度的主要亮点是Palantir在推动企业上市方面的成功。该公司报告称，第三季度商业收入同比增长37%，尽管竞争更加激烈，但仍较前几个季度大幅加速：</blockquote></p><p> Figure 4. Palantir commercial revenue trends</p><p><blockquote>图4.Palantir商业收入趋势</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ad4016e482cb4fc94422618c18cd3a0\" tg-width=\"640\" tg-height=\"398\" width=\"100%\" height=\"auto\"><span>Source: Palantir Q3 earnings deck</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir第三季度收益表</span></p></blockquote></p><p> We note as well that when counting U.S. commercial revenue only, Palantir grew domestic enterprise revenue at a blazing&nbsp;<b>103% y/y pace.</b></p><p><blockquote>我们还注意到，仅计算美国商业收入时，Palantir国内企业收入增长迅猛<b>同比增长103%。</b></blockquote></p><p> Note as well that as of the moment, Palantir remains a relatively early-stage enterprise software vendor with relatively few, but large customers. Q3 saw the biggest customer expansion in Palantir's history. The company added 34 net-new customers in Q3 to end the quarter at 203 total customers, which is a significant 20% expansion in the company's customer base in the space of a single quarter. Year over year, the company also boosted its commercial customer counts by 46%.</p><p><blockquote>另请注意，截至目前，Palantir仍然是一家相对早期的企业软件供应商，客户相对较少，但规模较大。第三季度见证了Palantir历史上最大的客户扩张。该公司在第三季度净增加了34个新客户，使该季度末客户总数达到203个，这使得该公司的客户群在一个季度内大幅增长了20%。与去年同期相比，该公司的商业客户数量也增加了46%。</blockquote></p><p> Figure 5. Palantir customer adds</p><p><blockquote>图5.Palantir客户补充道</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c334545c0f1a8387eead268cc0ce5f1\" tg-width=\"640\" tg-height=\"306\" width=\"100%\" height=\"auto\"><span>Source: Palantir Q3 earnings deck</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir第三季度收益表</span></p></blockquote></p><p> Recall as well that for its enterprise customers, Palantir adopts a \"land and expand\" playbook that many SaaS companies adhere to. These customers may start off as smaller deployments that grow substantially over time.</p><p><blockquote>还请记住，对于其企业客户，Palantir采用了许多SaaS公司都坚持的“登陆并扩张”策略。这些客户可能从较小的部署开始，随着时间的推移会大幅增长。</blockquote></p><p> Equally worth noting is that Palantir's&nbsp;<b>billings</b>&nbsp;expanded 56% y/y to $347 million. The surplus of Palantir's billings growth rates over its revenue growth, plus the sharp buildup in its remaining performance obligations, give us confidence that the company will be able to make good on its promise of sustaining 30%+ revenue growth for years to come.</p><p><blockquote>同样值得注意的是，Palantir的<b>比林斯</b>同比增长56%至3.47亿美元。Palantir的账单增长率超过其收入增长率，加上其剩余履约义务的急剧增加，让我们相信该公司将能够兑现其在未来几年维持30%以上收入增长的承诺。</blockquote></p><p> Lastly, a word on profitability. Palantir's customer growth, and at a positive contribution margin as well, has driven the company to dramatically boost its adjusted free cash flow. In Q3, adjusted FCF hit $119 million, or a ~30% adjusted FCF margin - versus cash&nbsp;<b>burn</b>&nbsp;of -$53 million in the prior-year period.</p><p><blockquote>最后，谈谈盈利能力。Palantir的客户增长以及积极的贡献率促使该公司大幅提高调整后的自由现金流。第三季度，调整后自由现金流达到1.19亿美元，调整后自由现金流利润率约为现金的30%<b>燃烧</b>去年同期为-5300万美元。</blockquote></p><p> Figure 6. Palantir FCF trends</p><p><blockquote>图6.Palantir FCF趋势</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ca53d0292b7696376d644c0d6a85e707\" tg-width=\"640\" tg-height=\"313\" width=\"100%\" height=\"auto\"><span>Source: Palantir Q3 earnings deck</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir第三季度收益表</span></p></blockquote></p><p> Building on the strength in cash flow that the company has seen all year, Palantir management also increased its annual FCF guidance for FY21 to $400+ million, versus a prior outlook of just $300+ million. These moves, in my view, solidify to investors in a very risk-off market mindset that Palantir isn't just growing robustly, but also keeping profitability balance in mind.</p><p><blockquote>基于公司全年现金流的强劲势头，Palantir管理层还将2021财年的年度自由现金流指引提高至4亿多美元，而之前的预期仅为3亿多美元。在我看来，这些举措巩固了投资者非常规避风险的市场心态，即Palantir不仅增长强劲，而且还牢记盈利能力平衡。</blockquote></p><p> <b>Key takeaways</b></p><p><blockquote><b>关键要点</b></blockquote></p><p> In my view, Palantir retains a very long runway for success. The company's undisputed category leadership in big data and analytics continues to prove out new use cases for both public and private-sector teams, and the fact that Palantir can continue to grow at &gt;30% y/y despite hitting an expected ~$2 billion annual revenue run rate next year further solidifies that Palantir is a unique and rare story in the software sector. Take advantage of the ~30% correction since November to build up a well-timed position in this stock.</p><p><blockquote>在我看来，Palantir还有很长的成功之路。该公司在大数据和分析领域无可争议的类别领导地位继续为公共和私营部门团队证明新的用例，而且尽管预计年收入将达到约20亿美元，但Palantir仍能继续以30%以上的速度增长。明年的运行率进一步证实了Palantir是软件领域一个独特且罕见的故事。利用自11月以来约30%的回调，适时建仓该股。</blockquote></p><p></p>","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>Palantir: Buy The Dip Before Year-End<blockquote>Palantir：年底前逢低买入</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\">\nPalantir: Buy The Dip Before Year-End<blockquote>Palantir：年底前逢低买入</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-22 10:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Shares of Palantir have dropped 30% since the start of November, despite a fundamental business that continues to thrive.</li>  <li>In particular, Palantir has been successful at diversifying away from government contracts, with overall commercial revenue growth accelerating in Q3 and more than doubling in the U.S.</li>  <li>Still, the government business is not slacking, with the company winning recent contracts with the Air Force, Department of Health and Human Services, and National Institutes of Health.</li>  <li>Cash flow is also trending ahead of plan, driving the company to boost its full-year cash flow guidance by $100 million.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27ed9cd275848c088c2f7966c6a9b0c\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Andreas Rentz/Getty Images Entertainment</span></p><p><blockquote><ul><li>尽管Palantir的基本业务持续蓬勃发展，但其股价自11月初以来已下跌30%。</li><li>特别是，Palantir在实现政府合同多元化方面取得了成功，第三季度整体商业收入增长加速，在美国增长了一倍多。</li><li>尽管如此，政府业务并没有懈怠，该公司最近赢得了空军、卫生与公众服务部以及美国国立卫生研究院的合同。</li><li>现金流的趋势也提前于计划，促使该公司将全年现金流指引提高了1亿美元。</li></ul><p class=\"t-img-caption\"><span>安德烈亚斯·伦茨/盖蒂图片社娱乐</span></p></blockquote></p><p> The mantra of \"thinking and investing for the long term\" is a well-touted investment principle, yet rarely ever put into practice. It's also a rule that is most commonly broken in the tech sector, where investors choose their stocks primarily based on momentum and rarely based on fundamentals and value.</p><p><blockquote>“长期思考和投资”是一个广为人知的投资原则，但很少付诸实践。这也是科技行业最常被打破的规则，投资者主要根据动量选择股票，很少根据基本面和价值。</blockquote></p><p> So when the great growth correction of 2021 happened in the fourth quarter this year, while many stocks certainly deserved a small correction and a breather in valuations, many high-quality names got knocked down multiple pegs far more than their fundamentals justify. In this bucket is Palantir (PLTR), the big data analytics powerhouse which has seen a tremendous correction in its share price despite a business that has never looked healthier.</p><p><blockquote>因此，当2021年的巨大增长调整发生在今年第四季度时，虽然许多股票确实值得小幅调整和估值喘息，但许多优质股票的多个挂钩被击倒，远远超出了其基本面的合理性。其中包括大数据分析巨头Palantir(PLTR)，尽管其业务看起来从未如此健康，但其股价却出现了巨大的调整。</blockquote></p><p> Perhaps alone among high-profile software IPOs, Palantir has had a very rocky trading journey since going public last October. Palantir took a while to get off the ground, as investors worried early on that the lack of an insider lockup period would pressure Palantir's ability to rally. The stock did end up rallying and peaked near $40 in mid-February, before proceeding to trade in a very jagged and choppy fashion throughout the rest of the year, including a ~30% decline since November alongside other tech growth stocks.</p><p><blockquote>Palantir也许是唯一一家备受瞩目的软件IPO，自去年10月上市以来，Palantir的交易历程非常坎坷。Palantir花了一段时间才起步，因为投资者很早就担心缺乏内部锁定期会给Palantir的反弹能力带来压力。该股最终确实反弹并在2月中旬达到接近40美元的峰值，然后在今年剩余时间里以非常参差不齐和波动的方式进行交易，其中自11月以来与其他科技成长股一起下跌了约30%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/28dd4c60f2471cddc190b107c562cb57\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Throughout this tumultuous time period, I've happily held onto my Palantir stock, and this company is one of the rare exceptions where I'm&nbsp;<b>very bullish</b>&nbsp;on a stock that is technically trading at quite expensive valuation multiples (though, with the sharp correction from February peaks, Palantir isn't trading at the egregiously expensive multiples it was trading at earlier). I continue to view Palantir as a tech mega-cap in the making, one with a powerhouse software platform that is broadly applicable across industries, and across both the public and private sectors. Currently dominant primarily in the United States, Palantir also has broadly untested expansion opportunities abroad, where innovation in big data and machine learning technologies has not quite yet matured.</p><p><blockquote>在这段动荡的时期，我很高兴地持有我的Palantir股票，这家公司是我所处的罕见例外之一<b>非常看涨</b>从技术上讲，这只股票的估值倍数相当昂贵（不过，随着从2月份峰值的大幅回调，Palantir的交易市盈率并没有像之前那样高得惊人）。我仍然认为Palantir是一家正在崛起的科技巨头，拥有强大的软件平台，可广泛适用于各行业、公共和私营部门。Palantir目前主要在美国占据主导地位，但在国外也有未经考验的扩张机会，那里的大数据和机器学习技术创新尚未完全成熟。</blockquote></p><p> Stay long here, and add to your positions in Palantir at its new lower price before year-end: in my view, Palantir is well-equipped to outperform the market indices for years to come.</p><p><blockquote>在这里做多，并在年底前以新的较低价格增持Palantir：在我看来，Palantir完全有能力在未来几年跑赢市场指数。</blockquote></p><p> <b>Recent wins showcase how prominent Palantir is</b></p><p><blockquote><b>最近的胜利展示了Palantir的突出地位</b></blockquote></p><p> Before we get into more granular details and fundamentals, it's worthwhile to illustrate that Palantir has been busy from a go-to-market perspective. The company is always on the heels of some large, transformational deal, and the current situation is no different. In particular, the company has just recently signed a multi-year $60 million deal with the National Institutes of Health:</p><p><blockquote>在我们深入了解更详细的细节和基本面之前，有必要说明Palantir从上市的角度一直很忙。该公司总是紧跟一些大型转型交易，目前的情况也不例外。特别是，该公司最近刚刚与美国国立卫生研究院签署了一项价值6000万美元的多年期协议：</blockquote></p><p> Figure 1. Palantir NIH win</p><p><blockquote>图1。Palantir赢了</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/db52b9f945c292c1b56f4d6b0a3ed00d\" tg-width=\"640\" tg-height=\"306\" width=\"100%\" height=\"auto\"><span>Source: Palantir Q3 earnings deck</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir第三季度收益表</span></p></blockquote></p><p> And, building off the strength that Palantir has historically enjoyed with the U.S. armed forces, the company also signed a four-year $87 million deal with the Department of Veterans Affairs:</p><p><blockquote>此外，在Palantir历史上在美国武装部队中享有的优势的基础上，该公司还与退伍军人事务部签署了一项为期四年、价值8700万美元的协议：</blockquote></p><p> Figure 2. Palantir VA win</p><p><blockquote>图2。Palantir和win</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/905489ce382c58d0ea9896420a67ce9a\" tg-width=\"640\" tg-height=\"301\" width=\"100%\" height=\"auto\"><span>Source: Palantir Q3 earnings deck</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir第三季度收益表</span></p></blockquote></p><p> And though the large deals that Palantir showcase are typically public-sector deals, the company's commercial/enterprise sales have recently picked up steam as well, which we'll discuss in further detail in this article.</p><p><blockquote>尽管Palantir展示的大型交易通常是公共部门交易，但该公司的商业/企业销售最近也有所增长，我们将在本文中进一步详细讨论这一点。</blockquote></p><p> <b>The bullish thesis for Palantir, revisited</b></p><p><blockquote><b>重新审视Palantir的看涨论点</b></blockquote></p><p> With the recent pessimism in Palantir stock over the past two months, it can be easy for investors to forget the longer-term bullish thesis and fundamental merits that this company possesses in abundance.</p><p><blockquote>随着过去两个月Palantir股票的悲观情绪，投资者很容易忘记该公司拥有的长期看涨论点和基本优势。</blockquote></p><p></p><p> Here's a refresher of all the key reasons why this company is a superstar:</p><p><blockquote>以下是该公司成为超级明星的所有关键原因的回顾：</blockquote></p><p> <ul>  <li><b>Big data is a massive discipline that can be applied in nearly limitless ways.</b>Palantir isn't a software company that serves only one or a limited set of use cases. Data and inferences that can be made from data are prevalent in just about everything: which explains why Palantir is such a powerful tool for both public and private sector clients.</li>  <li><b>Growth at scale.</b>Despite being at a ~$2 billion annual revenue scale, Palantir continues to deliver 30-40% y/y revenue growth, and its long-term outlook calls for the company to be able to sustain growth rates in excess of 30% y/y through at least 2025. Few companies are able to achieve this kind of growth at scale, and it's a testament to the wide applicability of Palantir's products and the humongous clientele it has drawn (in particular, the U.S. Army).</li>  <li><b>Stepping up go-to-market momentum.</b>Palantir is chasing growth across a wide variety of channels. The company has stepped up its sales hiring this year, a nod at the broad market opportunity it has and the need for more territory coverage. Palantir also has deepened relationships with ISVs (integrated service vendors) that can resell Palantir's products without its involvement and offer additional coverage that Palantir's direct sales force can't handle.</li>  <li><b>One foot in the public sector, one foot in private</b>. Palantir made its name on being a large federal government contractor, but its products are just as compelling to an enterprise segment that is growing ever more obsessed with the value of big data. Most software companies start off as primarily dealing with enterprise buyers, and then hopefully getting FedRAMP certification to sell into public sector clients later. Palantir did the reverse: but now, its momentum with Fortune 100 companies is continuing to grow, and customer adds are continuing to trend at an impressive pace.</li>  <li><b>Free cash flow.</b>Though not yet profitable from a GAAP standpoint, Palantir continues to exceed internal expectations for free cash flow, which means the business is self-financing (a departure from. many other rapid-growth software companies that continue to need to raise capital to finance their losses).</li> </ul> <b>Valuation isn't cheap, but more reasonable than in the past</b></p><p><blockquote><ul><li><b>大数据是一门庞大的学科，几乎可以以无限的方式应用。</b>Palantir不是一家只提供一个或有限组用例服务的软件公司。数据和可以从数据中得出的推论几乎在所有事物中都很普遍：这解释了为什么Palantir对于公共和私营部门客户来说都是如此强大的工具。</li><li><b>规模增长。</b>尽管年收入规模约为20亿美元，Palantir的收入仍继续实现30-40%的同比增长，其长期前景评级是该公司能够维持超过30%的同比增长率。至少到2025年。很少有公司能够实现这种大规模增长，这证明了Palantir产品的广泛适用性及其吸引的庞大客户（特别是美国陆军）。</li><li><b>加大上市势头。</b>Palantir正在通过多种渠道追求增长。该公司今年加大了销售招聘力度，这是对其广阔市场机会和更多区域覆盖需求的认可。Palantir还加深了与ISV（综合服务供应商）的关系，这些供应商可以在没有其参与的情况下转售Palantir的产品，并提供Palantir直销人员无法处理的额外覆盖范围。</li><li><b>一只脚在公共部门，一只脚在私营部门</b>.Palantir因作为大型联邦政府承包商而闻名，但其产品对于越来越痴迷于大数据价值的企业部门来说同样具有吸引力。大多数软件公司一开始主要与企业买家打交道，然后希望获得FedRAMP认证，然后销售给公共部门客户。Palantir的做法恰恰相反：但现在，它在财富100强公司中的势头正在持续增长，客户数量继续以令人印象深刻的速度增长。</li><li><b>自由现金流。</b>尽管从GAAP的角度来看尚未盈利，但Palantir继续超出内部对自由现金流的预期，这意味着该业务是自筹资金的（与许多其他快速增长的软件公司不同，这些公司继续需要筹集资金来弥补损失）。</li></ul><b>估值并不便宜，但比过去更合理</b></blockquote></p><p> I wouldn't go so far as to say that Palantir's recent correction has left the stock at cheap levels - but for the caliber of this company's brand, plus its consistent combination of hyper-growth at scale while building up profitability and margins, I view its current valuation as quite reasonable.</p><p><blockquote>我不会说Palantir最近的调整使该股处于廉价水平，但考虑到该公司品牌的质量，加上其大规模高速增长同时提高盈利能力和利润率的持续组合，我认为其目前的估值相当合理。</blockquote></p><p> At current share prices near $18, Palantir trades at a market cap of $35.99 billion. After netting off the $2.48 billion cash pile on its books (another reason to be bullish on Palantir: it has a load of cash and is unencumbered by debt), its resulting&nbsp;<b>enterprise value is $33.51 billion.</b></p><p><blockquote>按目前接近18美元的股价计算，Palantir的市值为359.9亿美元。在扣除其账面上24.8亿美元的现金后（看好Palantir的另一个原因：它拥有大量现金并且不受债务负担），其结果<b>企业价值为335.1亿美元。</b></blockquote></p><p> For next fiscal year FY22, meanwhile, Wall Street analysts are expecting Palantir to deliver $1.98 billion in revenue, representing 30% y/y revenue growth (data from&nbsp;Yahoo Finance). Considering the company has committed to 30%+ annual revenue growth throughout 2022 (and this is a company that has routinely delivered well ahead of its promises), I'd say this outlook is a little dim. Yet regardless of that, at this revenue estimate Palantir trades at&nbsp;<b>16.9x EV/FY22 revenue.</b></p><p><blockquote>与此同时，华尔街分析师预计Palantir下一财年（2022财年）的收入将达到19.8亿美元，同比增长30%（数据来自雅虎财经）。考虑到该公司承诺在2022年全年实现30%以上的年收入增长（而且这家公司通常远远提前兑现承诺），我想说这种前景有点暗淡。但尽管如此，根据这一收入估计，Palantir的交易价格为<b>EV/22财年收入的16.9倍。</b></blockquote></p><p> Again, we can hardly call this cheap, and in the face of rising interest rates, certainly Palantir's prior valuation multiples in the high-20s were unsustainable. But given this company's rapid growth trajectory, I'd say the ~$18 price level still represents a great entry point for the longer-term investor.</p><p><blockquote>再说一次，我们很难做到如此便宜的看涨期权，而且面对利率上升，Palantir之前20多岁的估值倍数肯定是不可持续的。但考虑到这家公司的快速增长轨迹，我认为18美元左右的价格水平对于长期投资者来说仍然是一个很好的切入点。</blockquote></p><p> <b>Q3 results showcase tremendous fundamental traction, especially in the commercial segment</b></p><p><blockquote><b>第三季度业绩展示了巨大的基本面吸引力，尤其是在商业领域</b></blockquote></p><p> We additionally note that Palantir's end-of-year correction has been accompanied by a continuation of its strong fundamentals. Take a look at the Q3 earnings results below:</p><p><blockquote>我们还注意到，Palantir的年底调整伴随着其强劲基本面的延续。看看下面的第三季度盈利结果：</blockquote></p><p> Figure 3. Palantir Q3 results</p><p><blockquote>图3.Palantir第三季度业绩</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e606183fac49ce4616a25d86d7fac0cf\" tg-width=\"640\" tg-height=\"585\" width=\"100%\" height=\"auto\"><span>Source: Palantir Q3 earnings deck</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir第三季度收益表</span></p></blockquote></p><p> Palantir's revenue grew at a robust 35% y/y pace to $392.1 million in the quarter, beating Wall Street's expectations of $386.6 million (+33% y/y) by a two-point margin. We note that revenue growth did decelerate versus 49% y/y growth in Q2, but that's largely due to an easier comp versus the pandemic period in Q2 of last year.</p><p><blockquote>Palantir本季度收入同比强劲增长35%，达到3.921亿美元，比华尔街预期的3.866亿美元（同比增长33%）高出两个百分点。我们注意到，与第二季度49%的同比增长相比，收入增长确实有所放缓，但这主要是由于与去年第二季度的大流行期间相比，收入增长更容易。</blockquote></p><p> The major highlight in Q3 was Palantir's success in driving enterprise go-to-market. The company reported commercial revenue growth of 37% y/y in Q3 - which, despite tougher comps, represented substantial acceleration over the prior few quarters:</p><p><blockquote>第三季度的主要亮点是Palantir在推动企业上市方面的成功。该公司报告称，第三季度商业收入同比增长37%，尽管竞争更加激烈，但仍较前几个季度大幅加速：</blockquote></p><p> Figure 4. Palantir commercial revenue trends</p><p><blockquote>图4.Palantir商业收入趋势</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ad4016e482cb4fc94422618c18cd3a0\" tg-width=\"640\" tg-height=\"398\" width=\"100%\" height=\"auto\"><span>Source: Palantir Q3 earnings deck</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir第三季度收益表</span></p></blockquote></p><p> We note as well that when counting U.S. commercial revenue only, Palantir grew domestic enterprise revenue at a blazing&nbsp;<b>103% y/y pace.</b></p><p><blockquote>我们还注意到，仅计算美国商业收入时，Palantir国内企业收入增长迅猛<b>同比增长103%。</b></blockquote></p><p> Note as well that as of the moment, Palantir remains a relatively early-stage enterprise software vendor with relatively few, but large customers. Q3 saw the biggest customer expansion in Palantir's history. The company added 34 net-new customers in Q3 to end the quarter at 203 total customers, which is a significant 20% expansion in the company's customer base in the space of a single quarter. Year over year, the company also boosted its commercial customer counts by 46%.</p><p><blockquote>另请注意，截至目前，Palantir仍然是一家相对早期的企业软件供应商，客户相对较少，但规模较大。第三季度见证了Palantir历史上最大的客户扩张。该公司在第三季度净增加了34个新客户，使该季度末客户总数达到203个，这使得该公司的客户群在一个季度内大幅增长了20%。与去年同期相比，该公司的商业客户数量也增加了46%。</blockquote></p><p> Figure 5. Palantir customer adds</p><p><blockquote>图5.Palantir客户补充道</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c334545c0f1a8387eead268cc0ce5f1\" tg-width=\"640\" tg-height=\"306\" width=\"100%\" height=\"auto\"><span>Source: Palantir Q3 earnings deck</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir第三季度收益表</span></p></blockquote></p><p> Recall as well that for its enterprise customers, Palantir adopts a \"land and expand\" playbook that many SaaS companies adhere to. These customers may start off as smaller deployments that grow substantially over time.</p><p><blockquote>还请记住，对于其企业客户，Palantir采用了许多SaaS公司都坚持的“登陆并扩张”策略。这些客户可能从较小的部署开始，随着时间的推移会大幅增长。</blockquote></p><p> Equally worth noting is that Palantir's&nbsp;<b>billings</b>&nbsp;expanded 56% y/y to $347 million. The surplus of Palantir's billings growth rates over its revenue growth, plus the sharp buildup in its remaining performance obligations, give us confidence that the company will be able to make good on its promise of sustaining 30%+ revenue growth for years to come.</p><p><blockquote>同样值得注意的是，Palantir的<b>比林斯</b>同比增长56%至3.47亿美元。Palantir的账单增长率超过其收入增长率，加上其剩余履约义务的急剧增加，让我们相信该公司将能够兑现其在未来几年维持30%以上收入增长的承诺。</blockquote></p><p> Lastly, a word on profitability. Palantir's customer growth, and at a positive contribution margin as well, has driven the company to dramatically boost its adjusted free cash flow. In Q3, adjusted FCF hit $119 million, or a ~30% adjusted FCF margin - versus cash&nbsp;<b>burn</b>&nbsp;of -$53 million in the prior-year period.</p><p><blockquote>最后，谈谈盈利能力。Palantir的客户增长以及积极的贡献率促使该公司大幅提高调整后的自由现金流。第三季度，调整后自由现金流达到1.19亿美元，调整后自由现金流利润率约为现金的30%<b>燃烧</b>去年同期为-5300万美元。</blockquote></p><p> Figure 6. Palantir FCF trends</p><p><blockquote>图6.Palantir FCF趋势</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ca53d0292b7696376d644c0d6a85e707\" tg-width=\"640\" tg-height=\"313\" width=\"100%\" height=\"auto\"><span>Source: Palantir Q3 earnings deck</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir第三季度收益表</span></p></blockquote></p><p> Building on the strength in cash flow that the company has seen all year, Palantir management also increased its annual FCF guidance for FY21 to $400+ million, versus a prior outlook of just $300+ million. These moves, in my view, solidify to investors in a very risk-off market mindset that Palantir isn't just growing robustly, but also keeping profitability balance in mind.</p><p><blockquote>基于公司全年现金流的强劲势头，Palantir管理层还将2021财年的年度自由现金流指引提高至4亿多美元，而之前的预期仅为3亿多美元。在我看来，这些举措巩固了投资者非常规避风险的市场心态，即Palantir不仅增长强劲，而且还牢记盈利能力平衡。</blockquote></p><p> <b>Key takeaways</b></p><p><blockquote><b>关键要点</b></blockquote></p><p> In my view, Palantir retains a very long runway for success. The company's undisputed category leadership in big data and analytics continues to prove out new use cases for both public and private-sector teams, and the fact that Palantir can continue to grow at &gt;30% y/y despite hitting an expected ~$2 billion annual revenue run rate next year further solidifies that Palantir is a unique and rare story in the software sector. Take advantage of the ~30% correction since November to build up a well-timed position in this stock.</p><p><blockquote>在我看来，Palantir还有很长的成功之路。该公司在大数据和分析领域无可争议的类别领导地位继续为公共和私营部门团队证明新的用例，而且尽管预计年收入将达到约20亿美元，但Palantir仍能继续以30%以上的速度增长。明年的运行率进一步证实了Palantir是软件领域一个独特且罕见的故事。利用自11月以来约30%的回调，适时建仓该股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476170-palantir-stock-buy-the-dip-before-year-end\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4476170-palantir-stock-buy-the-dip-before-year-end","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184116002","content_text":"Summary\n\nShares of Palantir have dropped 30% since the start of November, despite a fundamental business that continues to thrive.\nIn particular, Palantir has been successful at diversifying away from government contracts, with overall commercial revenue growth accelerating in Q3 and more than doubling in the U.S.\nStill, the government business is not slacking, with the company winning recent contracts with the Air Force, Department of Health and Human Services, and National Institutes of Health.\nCash flow is also trending ahead of plan, driving the company to boost its full-year cash flow guidance by $100 million.\n\nAndreas Rentz/Getty Images Entertainment\nThe mantra of \"thinking and investing for the long term\" is a well-touted investment principle, yet rarely ever put into practice. It's also a rule that is most commonly broken in the tech sector, where investors choose their stocks primarily based on momentum and rarely based on fundamentals and value.\nSo when the great growth correction of 2021 happened in the fourth quarter this year, while many stocks certainly deserved a small correction and a breather in valuations, many high-quality names got knocked down multiple pegs far more than their fundamentals justify. In this bucket is Palantir (PLTR), the big data analytics powerhouse which has seen a tremendous correction in its share price despite a business that has never looked healthier.\nPerhaps alone among high-profile software IPOs, Palantir has had a very rocky trading journey since going public last October. Palantir took a while to get off the ground, as investors worried early on that the lack of an insider lockup period would pressure Palantir's ability to rally. The stock did end up rallying and peaked near $40 in mid-February, before proceeding to trade in a very jagged and choppy fashion throughout the rest of the year, including a ~30% decline since November alongside other tech growth stocks.\nData by YCharts\nThroughout this tumultuous time period, I've happily held onto my Palantir stock, and this company is one of the rare exceptions where I'm very bullish on a stock that is technically trading at quite expensive valuation multiples (though, with the sharp correction from February peaks, Palantir isn't trading at the egregiously expensive multiples it was trading at earlier). I continue to view Palantir as a tech mega-cap in the making, one with a powerhouse software platform that is broadly applicable across industries, and across both the public and private sectors. Currently dominant primarily in the United States, Palantir also has broadly untested expansion opportunities abroad, where innovation in big data and machine learning technologies has not quite yet matured.\nStay long here, and add to your positions in Palantir at its new lower price before year-end: in my view, Palantir is well-equipped to outperform the market indices for years to come.\nRecent wins showcase how prominent Palantir is\nBefore we get into more granular details and fundamentals, it's worthwhile to illustrate that Palantir has been busy from a go-to-market perspective. The company is always on the heels of some large, transformational deal, and the current situation is no different. In particular, the company has just recently signed a multi-year $60 million deal with the National Institutes of Health:\nFigure 1. Palantir NIH win\nSource: Palantir Q3 earnings deck\nAnd, building off the strength that Palantir has historically enjoyed with the U.S. armed forces, the company also signed a four-year $87 million deal with the Department of Veterans Affairs:\nFigure 2. Palantir VA win\nSource: Palantir Q3 earnings deck\nAnd though the large deals that Palantir showcase are typically public-sector deals, the company's commercial/enterprise sales have recently picked up steam as well, which we'll discuss in further detail in this article.\nThe bullish thesis for Palantir, revisited\nWith the recent pessimism in Palantir stock over the past two months, it can be easy for investors to forget the longer-term bullish thesis and fundamental merits that this company possesses in abundance.\nHere's a refresher of all the key reasons why this company is a superstar:\n\nBig data is a massive discipline that can be applied in nearly limitless ways.Palantir isn't a software company that serves only one or a limited set of use cases. Data and inferences that can be made from data are prevalent in just about everything: which explains why Palantir is such a powerful tool for both public and private sector clients.\nGrowth at scale.Despite being at a ~$2 billion annual revenue scale, Palantir continues to deliver 30-40% y/y revenue growth, and its long-term outlook calls for the company to be able to sustain growth rates in excess of 30% y/y through at least 2025. Few companies are able to achieve this kind of growth at scale, and it's a testament to the wide applicability of Palantir's products and the humongous clientele it has drawn (in particular, the U.S. Army).\nStepping up go-to-market momentum.Palantir is chasing growth across a wide variety of channels. The company has stepped up its sales hiring this year, a nod at the broad market opportunity it has and the need for more territory coverage. Palantir also has deepened relationships with ISVs (integrated service vendors) that can resell Palantir's products without its involvement and offer additional coverage that Palantir's direct sales force can't handle.\nOne foot in the public sector, one foot in private. Palantir made its name on being a large federal government contractor, but its products are just as compelling to an enterprise segment that is growing ever more obsessed with the value of big data. Most software companies start off as primarily dealing with enterprise buyers, and then hopefully getting FedRAMP certification to sell into public sector clients later. Palantir did the reverse: but now, its momentum with Fortune 100 companies is continuing to grow, and customer adds are continuing to trend at an impressive pace.\nFree cash flow.Though not yet profitable from a GAAP standpoint, Palantir continues to exceed internal expectations for free cash flow, which means the business is self-financing (a departure from. many other rapid-growth software companies that continue to need to raise capital to finance their losses).\n\nValuation isn't cheap, but more reasonable than in the past\nI wouldn't go so far as to say that Palantir's recent correction has left the stock at cheap levels - but for the caliber of this company's brand, plus its consistent combination of hyper-growth at scale while building up profitability and margins, I view its current valuation as quite reasonable.\nAt current share prices near $18, Palantir trades at a market cap of $35.99 billion. After netting off the $2.48 billion cash pile on its books (another reason to be bullish on Palantir: it has a load of cash and is unencumbered by debt), its resulting enterprise value is $33.51 billion.\nFor next fiscal year FY22, meanwhile, Wall Street analysts are expecting Palantir to deliver $1.98 billion in revenue, representing 30% y/y revenue growth (data from Yahoo Finance). Considering the company has committed to 30%+ annual revenue growth throughout 2022 (and this is a company that has routinely delivered well ahead of its promises), I'd say this outlook is a little dim. Yet regardless of that, at this revenue estimate Palantir trades at 16.9x EV/FY22 revenue.\nAgain, we can hardly call this cheap, and in the face of rising interest rates, certainly Palantir's prior valuation multiples in the high-20s were unsustainable. But given this company's rapid growth trajectory, I'd say the ~$18 price level still represents a great entry point for the longer-term investor.\nQ3 results showcase tremendous fundamental traction, especially in the commercial segment\nWe additionally note that Palantir's end-of-year correction has been accompanied by a continuation of its strong fundamentals. Take a look at the Q3 earnings results below:\nFigure 3. Palantir Q3 results\nSource: Palantir Q3 earnings deck\nPalantir's revenue grew at a robust 35% y/y pace to $392.1 million in the quarter, beating Wall Street's expectations of $386.6 million (+33% y/y) by a two-point margin. We note that revenue growth did decelerate versus 49% y/y growth in Q2, but that's largely due to an easier comp versus the pandemic period in Q2 of last year.\nThe major highlight in Q3 was Palantir's success in driving enterprise go-to-market. The company reported commercial revenue growth of 37% y/y in Q3 - which, despite tougher comps, represented substantial acceleration over the prior few quarters:\nFigure 4. Palantir commercial revenue trends\nSource: Palantir Q3 earnings deck\nWe note as well that when counting U.S. commercial revenue only, Palantir grew domestic enterprise revenue at a blazing 103% y/y pace.\nNote as well that as of the moment, Palantir remains a relatively early-stage enterprise software vendor with relatively few, but large customers. Q3 saw the biggest customer expansion in Palantir's history. The company added 34 net-new customers in Q3 to end the quarter at 203 total customers, which is a significant 20% expansion in the company's customer base in the space of a single quarter. Year over year, the company also boosted its commercial customer counts by 46%.\nFigure 5. Palantir customer adds\nSource: Palantir Q3 earnings deck\nRecall as well that for its enterprise customers, Palantir adopts a \"land and expand\" playbook that many SaaS companies adhere to. These customers may start off as smaller deployments that grow substantially over time.\nEqually worth noting is that Palantir's billings expanded 56% y/y to $347 million. The surplus of Palantir's billings growth rates over its revenue growth, plus the sharp buildup in its remaining performance obligations, give us confidence that the company will be able to make good on its promise of sustaining 30%+ revenue growth for years to come.\nLastly, a word on profitability. Palantir's customer growth, and at a positive contribution margin as well, has driven the company to dramatically boost its adjusted free cash flow. In Q3, adjusted FCF hit $119 million, or a ~30% adjusted FCF margin - versus cash burn of -$53 million in the prior-year period.\nFigure 6. Palantir FCF trends\nSource: Palantir Q3 earnings deck\nBuilding on the strength in cash flow that the company has seen all year, Palantir management also increased its annual FCF guidance for FY21 to $400+ million, versus a prior outlook of just $300+ million. These moves, in my view, solidify to investors in a very risk-off market mindset that Palantir isn't just growing robustly, but also keeping profitability balance in mind.\nKey takeaways\nIn my view, Palantir retains a very long runway for success. The company's undisputed category leadership in big data and analytics continues to prove out new use cases for both public and private-sector teams, and the fact that Palantir can continue to grow at >30% y/y despite hitting an expected ~$2 billion annual revenue run rate next year further solidifies that Palantir is a unique and rare story in the software sector. Take advantage of the ~30% correction since November to build up a well-timed position in this stock.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":3516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693347369,"gmtCreate":1639977594779,"gmtModify":1639978462714,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"OKAY, below $200 .... keep hoping, unless \"Black Swan\" or something .....","listText":"OKAY, below $200 .... keep hoping, unless \"Black Swan\" or something .....","text":"OKAY, below $200 .... keep hoping, unless \"Black Swan\" or something .....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693347369","repostId":"1199933858","repostType":4,"repost":{"id":"1199933858","kind":"news","pubTimestamp":1639969115,"share":"https://www.laohu8.com/m/news/1199933858?lang=zh_CN&edition=full","pubTime":"2021-12-20 10:58","market":"us","language":"en","title":"Sea: This Correction Will Pick Up Steam<blockquote>Sea：此次调整将加速</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199933858","media":"Seeking Alpha","summary":"Summary\n\nShares of Sea have lost more than 40% from all-time highs, an expression of the company's o","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p> <ul>  <li>Shares of Sea have lost more than 40% from all-time highs, an expression of the company's overbloated valuation.</li>  <li>Sea, commonly touted as the Amazon of Southeast Asia, continues to see massive losses piling up.</li>  <li>Its most profitable division, gaming, saw an alarming slowdown in new user acquisition.</li>  <li>Even after considering the most recent correction, Sea still looks expensive at ~10x forward revenue.</li> </ul> The wheel is coming undone for some of the stock market's most-bandwagoned and overhyped names. Chief among this list is international tech giant Sea (SE), an internet conglomerate based on Singapore that has often been referred to as the \"Amazon (AMZN) of Southeast Asia\".</p><p><blockquote><ul><li>Sea的股价较历史高点下跌了40%以上，这表明该公司估值过高。</li><li>通常被誉为东南亚亚马逊的海洋继续遭受巨大损失。</li><li>其最赚钱的部门游戏部门的新用户获取速度出现了惊人的放缓。</li><li>即使考虑到最近的调整，Sea的预期收入仍然很昂贵，约为10倍。</li></ul>对于股市中一些最受欢迎和被过度炒作的名字来说，轮子正在松动。其中最主要的是国际科技巨头Sea(SE)，这是一家总部位于新加坡的互联网集团，通常被称为“东南亚的亚马逊(AMZN)”。</blockquote></p><p> That narrative got a lot of traction amid the pandemic, especially as very strict lockdowns in Sea's home country of Singapore as well as surrounding countries in Southeast Asia fueled a rapid and immediate contingent of gamers to Sea's platform. At one time, Sea's shares had multiplied&nbsp;<b>eightfold</b>&nbsp;since the start of the pandemic.</p><p><blockquote>这种说法在疫情引起了很大的关注，特别是当Sea的母国新加坡以及东南亚周边国家非常严格的封锁促使游戏玩家迅速涌入Sea的平台时。Sea的股价一度翻了一番<b>八倍</b>自从疫情开始以来。</blockquote></p><p> Yet with the risk-off attitude that has taken hold in the markets, investors are starting to change their tune in this stock. Whereas previously the market had rewarded Sea solely for its growth and without giving regard to its massive losses and the fact that the gaming division was essentially subsidizing growth initiatives at the rest of the company, the market is starting to wake up to the fact that&nbsp;<b>A)</b>Sea's dominance of Southeast Asia may not be a given, especially with so many internet startups vying for market share, and&nbsp;<b>B)</b>Sea's formula relies so completely on the cash flow produced by the gaming division that any slowdown looks frightening.</p><p><blockquote>然而，随着市场上的避险态度，投资者开始改变对这只股票的看法。此前，市场仅因Sea的增长而奖励其，而没有考虑其巨额亏损以及游戏部门本质上补贴公司其他部门增长计划的事实，但市场开始意识到以下事实：<b>A）</b>Sea在东南亚的主导地位可能不是必然的，尤其是在如此多的互联网初创公司争夺市场份额的情况下，而且<b>(B)</b>Sea的公式完全依赖于游戏部门产生的现金流，因此任何放缓看起来都令人恐惧。</blockquote></p><p> Taking these risks into account, plus the general fact that investors have dramatically sold off tech/growth stocks over the past quarter, shares of Sea have lost&nbsp;<b>more than 40%</b>of their market value since hitting a peak above $370.</p><p><blockquote>考虑到这些风险，再加上投资者在过去一个季度大幅抛售科技/成长型股票的普遍事实，Sea的股价已经下跌<b>超过40%</b>自达到370美元以上的峰值以来，其市值有所下降。</blockquote></p><p> In late October, when Sea was trading at ~$350 and near peaks, I had issued a warning article that the stock was overhyped andlong overdue for a correction. Even after this sharp fall in the stock, I still remain cautious and<b>neutral</b>on Sea, and I think there's further pain ahead, especially if the market's rotation away from growth and into value persists.</p><p><blockquote>10月底，当Sea的交易价格约为350美元并接近峰值时，我发表了一篇警告文章，称该股被过度炒作，早就应该进行调整了。即使在股票大幅下跌之后，我仍然保持谨慎和<b>中立的</b>在海上，我认为未来还会有进一步的痛苦，特别是如果市场持续从增长转向价值的话。</blockquote></p><p> Valuation still remains expensive</p><p><blockquote>估值仍然昂贵</blockquote></p><p> The chief reason I'm still unenthused on Sea - even after the sharp 40% fall from peaks, Sea still trades at an unreasonably high valuation. At current ADR share prices near $213, Sea has a $118.02 billion market cap. After we net off the $12.17 billion of cash and $3.50 billion of debt on the company's most recent balance sheet, Sea's resulting&nbsp;<b>enterprise value is $109.35 billion.</b></p><p><blockquote>我对Sea仍然不感兴趣的主要原因是——即使在从峰值大幅下跌40%之后，Sea的估值仍然高得不合理。按目前ADR股价接近213美元计算，Sea的市值为1180.2亿美元。在我们扣除公司最新资产负债表上的121.7亿美元现金和35亿美元债务后，Sea的结果<b>企业价值为1093.5亿美元。</b></blockquote></p><p> For next year FY22, meanwhile, Wall Street analysts are expecting Sea's revenues to grow 50% y/y to $14.21 billion (data from&nbsp;Yahoo Finance). Note that this represents quite sharp deceleration from current growth rates near 100% y/y, once the pandemic tailwinds are fully baked into prior-year comps.</p><p><blockquote>与此同时，华尔街分析师预计明年2022财年Sea的收入将同比增长50%，达到142.1亿美元（数据来自雅虎财经）。请注意，一旦大流行的顺风完全融入上一年的比较中，这意味着当前接近100%的同比增长率将大幅减速。</blockquote></p><p> At this revenue estimate, Sea trades at a valuation multiple of<b>7.7x EV/FY22 revenue.</b></p><p><blockquote>根据这一收入估计，Sea的估值倍数为<b>7.7倍EV/22财年收入。</b></blockquote></p><p> Sure, this is much cheaper than the mid-teens valuation that Sea used to trade at. But when evaluating this valuation, keep a few things in mind:</p><p><blockquote>当然，这比Sea过去十几岁左右的估值便宜得多。但在评估这个估值时，请记住几点：</blockquote></p><p> <ul>  <li><b>Sea's revenue skews heavily toward e-commerce, which is low-margin.</b>Non-gaming revenues contributed to 57% of overall revenue; and non-gaming IFRS gross margins were only 14% (both metrics as of YTD 2021).</li>  <li><b>Sea is hardly the only game in town.</b>While certainly the most recognizable and internationally traded of Southeast Asia's internet giants, Sea is quite significant competition versus the likes of Tokopedia and Lazada.</li>  <li><b>Some growth premium is of course warranted for a company growing as quickly as Sea,</b>but note that Amazon's forward revenue multiple is only 3.6x, less than half of Sea's</li> </ul> <b>The bottom line here:</b>&nbsp;valuation, plus the possibility of continued fundamental risks which we'll discuss in the next section, make me quite nervous that Sea's correction still has legs. I'd be more interested in picking up this stock if it fell to ~$170 (~6x forward revenue, and ~20% further downside from current levels), but until then I'm remaining on the sidelines.</p><p><blockquote><ul><li><b>Sea的收入严重偏向利润率较低的电子商务。</b>非博彩收入占总收入的57%；非游戏IFRS毛利率仅为14%（这两个指标截至2021年年初至今）。</li><li><b>海洋并不是镇上唯一的游戏。</b>虽然Sea无疑是东南亚互联网巨头中知名度最高、交易量最大的，但与Tokopedia和Lazada等公司相比，Sea是相当大的竞争对手。</li><li><b>对于像Sea这样快速增长的公司来说，一定的增长溢价当然是有保证的，</b>但请注意，亚马逊的远期收入倍数仅为3.6倍，不到Sea的一半</li></ul><b>底线是：</b>估值，加上我们将在下一节讨论的持续基本面风险的可能性，让我对Sea的调整仍然存在感到非常紧张。如果这只股票跌至170美元左右（预期收入约6倍，较当前水平进一步下跌约20%），我会更有兴趣买入它，但在此之前我仍保持观望。</blockquote></p><p> The fundamental risks investors should be tracking</p><p><blockquote>投资者应跟踪的基本风险</blockquote></p><p> Unlike many other tech stocks this quarter, Sea's correction was not just an expression of weakened sentiment toward growth stocks, but also a reflection of softening fundamentals.</p><p><blockquote>与本季度许多其他科技股不同，Sea的调整不仅是对成长型股票情绪减弱的表现，也反映了基本面疲软。</blockquote></p><p></p><p> We've already noted how critical Sea's gaming division is to the overall operation of the company - while no longer the majority of revenue, it is the most profitable division that helps to finance losses in the rest of the company's loss-leading e-commerce arm. Sea's gaming operations saw dramatic growth during the pandemic as play time soared and willingness to pay increased - but now, amid normalization and competition versus other types of entertainment, Sea's digital entertainment base is starting to show softness.</p><p><blockquote>我们已经注意到Sea的游戏部门对公司的整体运营有多么重要——虽然不再是收入的大部分，但它是利润最高的部门，有助于弥补公司其他亏损电子商务部门的损失。臂。随着游戏时间飙升和支付意愿增强，Sea的游戏业务在疫情期间出现了急剧增长，但现在，在正常化和与其他类型娱乐的竞争中，Sea的数字娱乐基础开始显示出疲软。</blockquote></p><p> Take a look at the chart below:</p><p><blockquote>看看下面的图表：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/35cfbd548965e8dae1aa3c7ef8b0b8e0\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\">For several quarters, Sea had been adding 30-40 million net-new quarterly active users. In fact, during the preceding quarter, Sea had added a massive ~76 million net-new QAUs. As long as Sea's gaming business continues to grow at a fast enough pace to absorb e-commerce's swelling losses, Sea's formula worked.</p><p><blockquote>几个季度以来，Sea的季度净新增活跃用户为3000万至4000万。事实上，在上一季度，Sea新增了约7600万个净新增QAU。只要Sea的游戏业务继续以足够快的速度增长，以吸收电子商务不断膨胀的亏损，Sea的公式就会奏效。</blockquote></p><p> But this slowdown to barely any (~4 million) net-new QAU adds in Q3 is alarming. Even more so is the fact that paid users only saw a 1 million sequential increase. The good news is that Sea's paid user ratio, at 12.8% this quarter, is the highest it has ever been in the company's lifetime. But we do worry if willingness to pay for gaming, and gaming activity in general, will decline in the post-pandemic period once schools and offices fully return to normal.</p><p><blockquote>但第三季度净新增QAU数量几乎没有（约400万），这令人担忧。更重要的是，付费用户仅环比增长了100万。好消息是，Sea本季度的付费用户比例为12.8%，是该公司历史上最高的。但我们确实担心，一旦学校和办公室完全恢复正常，在大流行后的时期，支付游戏和游戏活动的意愿是否会下降。</blockquote></p><p> For over a year now, a lot of Sea's gaming success has been anchored to its internally-developed&nbsp;<i>Free Fire</i>&nbsp;title. Yet games, of course, have a shelf life of when they pass the phase of popularity. One thing that gaming rivals like Activision Blizzard (ATVI) have been tremendously successful at is converting hit titles into sustainable, multi-game franchises like&nbsp;<i>Call of Duty</i>and<i>World of Warcraft/Hearthstone.</i>In this regard, Sea is relatively untested, and if it fails at sustaining<i>Free Fire's</i>momentum, it could be in trouble.</p><p><blockquote>一年多来，Sea游戏的成功很大程度上归功于其内部开发的<i>自由射击</i>标题。然而，游戏当然有一个保质期，当它们过了流行阶段。动视暴雪(ATVI)等游戏竞争对手取得巨大成功的一件事是将热门游戏转化为可持续的多游戏特许经营权，例如<i>职务看涨期权</i>和<i>魔兽世界/炉石。</i>在这方面，Sea相对未经测试，如果它不能持续<i>自由射击的</i>势头，它可能有麻烦了。</blockquote></p><p> Meanwhile, in e-commerce, there can be no doubt that Sea continues to expand rapidly. E-commerce revenue of $1.5 billion grew 134% y/y. The company also launched a wave of new markets over the past few months, per CEO Forrest Li's prepared remarks on the Q3 earnings call:</p><p><blockquote>与此同时，在电子商务领域，毫无疑问，Sea继续快速扩张。电子商务收入达15亿美元，同比增长134%。根据首席执行官Forrest Li在第三季度收益看涨期权上准备好的讲话，该公司在过去几个月还推出了一波新市场：</blockquote></p><p>   In the recent months, we launched Shopee in Poland, France, Spain and India. From time-to-time, we may test waters in new markets where we believe there may be an opportunity to use our experience in highly diverse environment, to reach underserved buyers and sellers. On the one hand, our core focus remains managing our efficient and sustainable growth in Southeast Asia, Thailand, and Brazil, where we have established and are continuing to grow our strong presents, serving local sellers to the buyers.\"  Sea has not yet figured out, however, how to stem the bleeding in its e-commerce business, whose adjusted EBITDA losses more than doubled y/y to -$683.8 million. The 22% y/y growth in digital entertainment EBITDA to $715.1 million was completely consumed by the widening losses in e-commerce, and total adjusted EBITDA swung from a profit of $120.4 million in the prior-year Q3 to a -$165.5 million loss this quarter.</p><p><blockquote>最近几个月，我们在波兰、法国、西班牙和印度推出了Shopee。我们可能会不时在新市场试水，我们认为在这些市场中可能有机会利用我们在高度多样化环境中的经验，接触服务不足的买家和卖家。一方面，我们的核心重点仍然是管理我们在东南亚、泰国和巴西的高效和可持续增长，我们已经在这些地区建立并正在继续发展我们强大的产品，为当地卖家和买家提供服务。”然而，Sea尚未想出如何阻止其电子商务业务的出血，其调整后EBITDA亏损同比增长一倍多，达到-6.838亿美元。数字娱乐EBITDA同比增长22%至7.151亿美元，完全被电子商务亏损扩大所消耗，调整后EBITDA总额从去年第三季度的利润1.204亿美元转为亏损1.655亿美元本季度。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/db9e730082a517f9713d66feb1164907\" tg-width=\"640\" tg-height=\"298\" width=\"100%\" height=\"auto\">In bull markets, investors may not mind this \"growth at all costs\" mindset. But as growth stocks continue to teeter heading into the final trading days of 2022, I think Sea's burgeoning losses are going to raise more eyebrows.</p><p><blockquote>在牛市中，投资者可能并不介意这种“不惜一切代价实现增长”的心态。但随着成长型股票在2022年最后几个交易日继续摇摇欲坠，我认为Sea的迅速亏损将引起更多人的关注。</blockquote></p><p> Key takeaways</p><p><blockquote>关键要点</blockquote></p><p> After a nearly unbroken two-year rally that at one point took Sea's stock up eightfold since the start of the pandemic, the air is finally starting to seep out of this overhyped balloon. I'm fully aware of Sea's merits as one of the leading and fastest-growing e-commerce brands in Southeast Asia, but I'm waiting until Sea drops below $200 (specifically, ~$170 is my target entry point) before initiating a position.</p><p><blockquote>自疫情爆发以来，Sea的股价经历了几乎不间断的两年上涨，一度上涨了八倍，但空气终于开始从这个过度炒作的气球中渗出。我充分意识到Sea作为东南亚领先且增长最快的电子商务品牌之一的优势，但我会等到Sea跌破200美元（具体来说，170美元左右是我的目标切入点）后再开始建仓。</blockquote></p><p></p>","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>Sea: This Correction Will Pick Up Steam<blockquote>Sea：此次调整将加速</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\">\nSea: This Correction Will Pick Up Steam<blockquote>Sea：此次调整将加速</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-20 10:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p> <ul>  <li>Shares of Sea have lost more than 40% from all-time highs, an expression of the company's overbloated valuation.</li>  <li>Sea, commonly touted as the Amazon of Southeast Asia, continues to see massive losses piling up.</li>  <li>Its most profitable division, gaming, saw an alarming slowdown in new user acquisition.</li>  <li>Even after considering the most recent correction, Sea still looks expensive at ~10x forward revenue.</li> </ul> The wheel is coming undone for some of the stock market's most-bandwagoned and overhyped names. Chief among this list is international tech giant Sea (SE), an internet conglomerate based on Singapore that has often been referred to as the \"Amazon (AMZN) of Southeast Asia\".</p><p><blockquote><ul><li>Sea的股价较历史高点下跌了40%以上，这表明该公司估值过高。</li><li>通常被誉为东南亚亚马逊的海洋继续遭受巨大损失。</li><li>其最赚钱的部门游戏部门的新用户获取速度出现了惊人的放缓。</li><li>即使考虑到最近的调整，Sea的预期收入仍然很昂贵，约为10倍。</li></ul>对于股市中一些最受欢迎和被过度炒作的名字来说，轮子正在松动。其中最主要的是国际科技巨头Sea(SE)，这是一家总部位于新加坡的互联网集团，通常被称为“东南亚的亚马逊(AMZN)”。</blockquote></p><p> That narrative got a lot of traction amid the pandemic, especially as very strict lockdowns in Sea's home country of Singapore as well as surrounding countries in Southeast Asia fueled a rapid and immediate contingent of gamers to Sea's platform. At one time, Sea's shares had multiplied&nbsp;<b>eightfold</b>&nbsp;since the start of the pandemic.</p><p><blockquote>这种说法在疫情引起了很大的关注，特别是当Sea的母国新加坡以及东南亚周边国家非常严格的封锁促使游戏玩家迅速涌入Sea的平台时。Sea的股价一度翻了一番<b>八倍</b>自从疫情开始以来。</blockquote></p><p> Yet with the risk-off attitude that has taken hold in the markets, investors are starting to change their tune in this stock. Whereas previously the market had rewarded Sea solely for its growth and without giving regard to its massive losses and the fact that the gaming division was essentially subsidizing growth initiatives at the rest of the company, the market is starting to wake up to the fact that&nbsp;<b>A)</b>Sea's dominance of Southeast Asia may not be a given, especially with so many internet startups vying for market share, and&nbsp;<b>B)</b>Sea's formula relies so completely on the cash flow produced by the gaming division that any slowdown looks frightening.</p><p><blockquote>然而，随着市场上的避险态度，投资者开始改变对这只股票的看法。此前，市场仅因Sea的增长而奖励其，而没有考虑其巨额亏损以及游戏部门本质上补贴公司其他部门增长计划的事实，但市场开始意识到以下事实：<b>A）</b>Sea在东南亚的主导地位可能不是必然的，尤其是在如此多的互联网初创公司争夺市场份额的情况下，而且<b>(B)</b>Sea的公式完全依赖于游戏部门产生的现金流，因此任何放缓看起来都令人恐惧。</blockquote></p><p> Taking these risks into account, plus the general fact that investors have dramatically sold off tech/growth stocks over the past quarter, shares of Sea have lost&nbsp;<b>more than 40%</b>of their market value since hitting a peak above $370.</p><p><blockquote>考虑到这些风险，再加上投资者在过去一个季度大幅抛售科技/成长型股票的普遍事实，Sea的股价已经下跌<b>超过40%</b>自达到370美元以上的峰值以来，其市值有所下降。</blockquote></p><p> In late October, when Sea was trading at ~$350 and near peaks, I had issued a warning article that the stock was overhyped andlong overdue for a correction. Even after this sharp fall in the stock, I still remain cautious and<b>neutral</b>on Sea, and I think there's further pain ahead, especially if the market's rotation away from growth and into value persists.</p><p><blockquote>10月底，当Sea的交易价格约为350美元并接近峰值时，我发表了一篇警告文章，称该股被过度炒作，早就应该进行调整了。即使在股票大幅下跌之后，我仍然保持谨慎和<b>中立的</b>在海上，我认为未来还会有进一步的痛苦，特别是如果市场持续从增长转向价值的话。</blockquote></p><p> Valuation still remains expensive</p><p><blockquote>估值仍然昂贵</blockquote></p><p> The chief reason I'm still unenthused on Sea - even after the sharp 40% fall from peaks, Sea still trades at an unreasonably high valuation. At current ADR share prices near $213, Sea has a $118.02 billion market cap. After we net off the $12.17 billion of cash and $3.50 billion of debt on the company's most recent balance sheet, Sea's resulting&nbsp;<b>enterprise value is $109.35 billion.</b></p><p><blockquote>我对Sea仍然不感兴趣的主要原因是——即使在从峰值大幅下跌40%之后，Sea的估值仍然高得不合理。按目前ADR股价接近213美元计算，Sea的市值为1180.2亿美元。在我们扣除公司最新资产负债表上的121.7亿美元现金和35亿美元债务后，Sea的结果<b>企业价值为1093.5亿美元。</b></blockquote></p><p> For next year FY22, meanwhile, Wall Street analysts are expecting Sea's revenues to grow 50% y/y to $14.21 billion (data from&nbsp;Yahoo Finance). Note that this represents quite sharp deceleration from current growth rates near 100% y/y, once the pandemic tailwinds are fully baked into prior-year comps.</p><p><blockquote>与此同时，华尔街分析师预计明年2022财年Sea的收入将同比增长50%，达到142.1亿美元（数据来自雅虎财经）。请注意，一旦大流行的顺风完全融入上一年的比较中，这意味着当前接近100%的同比增长率将大幅减速。</blockquote></p><p> At this revenue estimate, Sea trades at a valuation multiple of<b>7.7x EV/FY22 revenue.</b></p><p><blockquote>根据这一收入估计，Sea的估值倍数为<b>7.7倍EV/22财年收入。</b></blockquote></p><p> Sure, this is much cheaper than the mid-teens valuation that Sea used to trade at. But when evaluating this valuation, keep a few things in mind:</p><p><blockquote>当然，这比Sea过去十几岁左右的估值便宜得多。但在评估这个估值时，请记住几点：</blockquote></p><p> <ul>  <li><b>Sea's revenue skews heavily toward e-commerce, which is low-margin.</b>Non-gaming revenues contributed to 57% of overall revenue; and non-gaming IFRS gross margins were only 14% (both metrics as of YTD 2021).</li>  <li><b>Sea is hardly the only game in town.</b>While certainly the most recognizable and internationally traded of Southeast Asia's internet giants, Sea is quite significant competition versus the likes of Tokopedia and Lazada.</li>  <li><b>Some growth premium is of course warranted for a company growing as quickly as Sea,</b>but note that Amazon's forward revenue multiple is only 3.6x, less than half of Sea's</li> </ul> <b>The bottom line here:</b>&nbsp;valuation, plus the possibility of continued fundamental risks which we'll discuss in the next section, make me quite nervous that Sea's correction still has legs. I'd be more interested in picking up this stock if it fell to ~$170 (~6x forward revenue, and ~20% further downside from current levels), but until then I'm remaining on the sidelines.</p><p><blockquote><ul><li><b>Sea的收入严重偏向利润率较低的电子商务。</b>非博彩收入占总收入的57%；非游戏IFRS毛利率仅为14%（这两个指标截至2021年年初至今）。</li><li><b>海洋并不是镇上唯一的游戏。</b>虽然Sea无疑是东南亚互联网巨头中知名度最高、交易量最大的，但与Tokopedia和Lazada等公司相比，Sea是相当大的竞争对手。</li><li><b>对于像Sea这样快速增长的公司来说，一定的增长溢价当然是有保证的，</b>但请注意，亚马逊的远期收入倍数仅为3.6倍，不到Sea的一半</li></ul><b>底线是：</b>估值，加上我们将在下一节讨论的持续基本面风险的可能性，让我对Sea的调整仍然存在感到非常紧张。如果这只股票跌至170美元左右（预期收入约6倍，较当前水平进一步下跌约20%），我会更有兴趣买入它，但在此之前我仍保持观望。</blockquote></p><p> The fundamental risks investors should be tracking</p><p><blockquote>投资者应跟踪的基本风险</blockquote></p><p> Unlike many other tech stocks this quarter, Sea's correction was not just an expression of weakened sentiment toward growth stocks, but also a reflection of softening fundamentals.</p><p><blockquote>与本季度许多其他科技股不同，Sea的调整不仅是对成长型股票情绪减弱的表现，也反映了基本面疲软。</blockquote></p><p></p><p> We've already noted how critical Sea's gaming division is to the overall operation of the company - while no longer the majority of revenue, it is the most profitable division that helps to finance losses in the rest of the company's loss-leading e-commerce arm. Sea's gaming operations saw dramatic growth during the pandemic as play time soared and willingness to pay increased - but now, amid normalization and competition versus other types of entertainment, Sea's digital entertainment base is starting to show softness.</p><p><blockquote>我们已经注意到Sea的游戏部门对公司的整体运营有多么重要——虽然不再是收入的大部分，但它是利润最高的部门，有助于弥补公司其他亏损电子商务部门的损失。臂。随着游戏时间飙升和支付意愿增强，Sea的游戏业务在疫情期间出现了急剧增长，但现在，在正常化和与其他类型娱乐的竞争中，Sea的数字娱乐基础开始显示出疲软。</blockquote></p><p> Take a look at the chart below:</p><p><blockquote>看看下面的图表：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/35cfbd548965e8dae1aa3c7ef8b0b8e0\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\">For several quarters, Sea had been adding 30-40 million net-new quarterly active users. In fact, during the preceding quarter, Sea had added a massive ~76 million net-new QAUs. As long as Sea's gaming business continues to grow at a fast enough pace to absorb e-commerce's swelling losses, Sea's formula worked.</p><p><blockquote>几个季度以来，Sea的季度净新增活跃用户为3000万至4000万。事实上，在上一季度，Sea新增了约7600万个净新增QAU。只要Sea的游戏业务继续以足够快的速度增长，以吸收电子商务不断膨胀的亏损，Sea的公式就会奏效。</blockquote></p><p> But this slowdown to barely any (~4 million) net-new QAU adds in Q3 is alarming. Even more so is the fact that paid users only saw a 1 million sequential increase. The good news is that Sea's paid user ratio, at 12.8% this quarter, is the highest it has ever been in the company's lifetime. But we do worry if willingness to pay for gaming, and gaming activity in general, will decline in the post-pandemic period once schools and offices fully return to normal.</p><p><blockquote>但第三季度净新增QAU数量几乎没有（约400万），这令人担忧。更重要的是，付费用户仅环比增长了100万。好消息是，Sea本季度的付费用户比例为12.8%，是该公司历史上最高的。但我们确实担心，一旦学校和办公室完全恢复正常，在大流行后的时期，支付游戏和游戏活动的意愿是否会下降。</blockquote></p><p> For over a year now, a lot of Sea's gaming success has been anchored to its internally-developed&nbsp;<i>Free Fire</i>&nbsp;title. Yet games, of course, have a shelf life of when they pass the phase of popularity. One thing that gaming rivals like Activision Blizzard (ATVI) have been tremendously successful at is converting hit titles into sustainable, multi-game franchises like&nbsp;<i>Call of Duty</i>and<i>World of Warcraft/Hearthstone.</i>In this regard, Sea is relatively untested, and if it fails at sustaining<i>Free Fire's</i>momentum, it could be in trouble.</p><p><blockquote>一年多来，Sea游戏的成功很大程度上归功于其内部开发的<i>自由射击</i>标题。然而，游戏当然有一个保质期，当它们过了流行阶段。动视暴雪(ATVI)等游戏竞争对手取得巨大成功的一件事是将热门游戏转化为可持续的多游戏特许经营权，例如<i>职务看涨期权</i>和<i>魔兽世界/炉石。</i>在这方面，Sea相对未经测试，如果它不能持续<i>自由射击的</i>势头，它可能有麻烦了。</blockquote></p><p> Meanwhile, in e-commerce, there can be no doubt that Sea continues to expand rapidly. E-commerce revenue of $1.5 billion grew 134% y/y. The company also launched a wave of new markets over the past few months, per CEO Forrest Li's prepared remarks on the Q3 earnings call:</p><p><blockquote>与此同时，在电子商务领域，毫无疑问，Sea继续快速扩张。电子商务收入达15亿美元，同比增长134%。根据首席执行官Forrest Li在第三季度收益看涨期权上准备好的讲话，该公司在过去几个月还推出了一波新市场：</blockquote></p><p>   In the recent months, we launched Shopee in Poland, France, Spain and India. From time-to-time, we may test waters in new markets where we believe there may be an opportunity to use our experience in highly diverse environment, to reach underserved buyers and sellers. On the one hand, our core focus remains managing our efficient and sustainable growth in Southeast Asia, Thailand, and Brazil, where we have established and are continuing to grow our strong presents, serving local sellers to the buyers.\"  Sea has not yet figured out, however, how to stem the bleeding in its e-commerce business, whose adjusted EBITDA losses more than doubled y/y to -$683.8 million. The 22% y/y growth in digital entertainment EBITDA to $715.1 million was completely consumed by the widening losses in e-commerce, and total adjusted EBITDA swung from a profit of $120.4 million in the prior-year Q3 to a -$165.5 million loss this quarter.</p><p><blockquote>最近几个月，我们在波兰、法国、西班牙和印度推出了Shopee。我们可能会不时在新市场试水，我们认为在这些市场中可能有机会利用我们在高度多样化环境中的经验，接触服务不足的买家和卖家。一方面，我们的核心重点仍然是管理我们在东南亚、泰国和巴西的高效和可持续增长，我们已经在这些地区建立并正在继续发展我们强大的产品，为当地卖家和买家提供服务。”然而，Sea尚未想出如何阻止其电子商务业务的出血，其调整后EBITDA亏损同比增长一倍多，达到-6.838亿美元。数字娱乐EBITDA同比增长22%至7.151亿美元，完全被电子商务亏损扩大所消耗，调整后EBITDA总额从去年第三季度的利润1.204亿美元转为亏损1.655亿美元本季度。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/db9e730082a517f9713d66feb1164907\" tg-width=\"640\" tg-height=\"298\" width=\"100%\" height=\"auto\">In bull markets, investors may not mind this \"growth at all costs\" mindset. But as growth stocks continue to teeter heading into the final trading days of 2022, I think Sea's burgeoning losses are going to raise more eyebrows.</p><p><blockquote>在牛市中，投资者可能并不介意这种“不惜一切代价实现增长”的心态。但随着成长型股票在2022年最后几个交易日继续摇摇欲坠，我认为Sea的迅速亏损将引起更多人的关注。</blockquote></p><p> Key takeaways</p><p><blockquote>关键要点</blockquote></p><p> After a nearly unbroken two-year rally that at one point took Sea's stock up eightfold since the start of the pandemic, the air is finally starting to seep out of this overhyped balloon. I'm fully aware of Sea's merits as one of the leading and fastest-growing e-commerce brands in Southeast Asia, but I'm waiting until Sea drops below $200 (specifically, ~$170 is my target entry point) before initiating a position.</p><p><blockquote>自疫情爆发以来，Sea的股价经历了几乎不间断的两年上涨，一度上涨了八倍，但空气终于开始从这个过度炒作的气球中渗出。我充分意识到Sea作为东南亚领先且增长最快的电子商务品牌之一的优势，但我会等到Sea跌破200美元（具体来说，170美元左右是我的目标切入点）后再开始建仓。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4475903-sea-se-stock-correction-pick-up-steam\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4475903-sea-se-stock-correction-pick-up-steam","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199933858","content_text":"Summary\n\nShares of Sea have lost more than 40% from all-time highs, an expression of the company's overbloated valuation.\nSea, commonly touted as the Amazon of Southeast Asia, continues to see massive losses piling up.\nIts most profitable division, gaming, saw an alarming slowdown in new user acquisition.\nEven after considering the most recent correction, Sea still looks expensive at ~10x forward revenue.\n\nThe wheel is coming undone for some of the stock market's most-bandwagoned and overhyped names. Chief among this list is international tech giant Sea (SE), an internet conglomerate based on Singapore that has often been referred to as the \"Amazon (AMZN) of Southeast Asia\".\nThat narrative got a lot of traction amid the pandemic, especially as very strict lockdowns in Sea's home country of Singapore as well as surrounding countries in Southeast Asia fueled a rapid and immediate contingent of gamers to Sea's platform. At one time, Sea's shares had multiplied eightfold since the start of the pandemic.\nYet with the risk-off attitude that has taken hold in the markets, investors are starting to change their tune in this stock. Whereas previously the market had rewarded Sea solely for its growth and without giving regard to its massive losses and the fact that the gaming division was essentially subsidizing growth initiatives at the rest of the company, the market is starting to wake up to the fact that A)Sea's dominance of Southeast Asia may not be a given, especially with so many internet startups vying for market share, and B)Sea's formula relies so completely on the cash flow produced by the gaming division that any slowdown looks frightening.\nTaking these risks into account, plus the general fact that investors have dramatically sold off tech/growth stocks over the past quarter, shares of Sea have lost more than 40%of their market value since hitting a peak above $370.\n\nIn late October, when Sea was trading at ~$350 and near peaks, I had issued a warning article that the stock was overhyped andlong overdue for a correction. Even after this sharp fall in the stock, I still remain cautious andneutralon Sea, and I think there's further pain ahead, especially if the market's rotation away from growth and into value persists.\nValuation still remains expensive\nThe chief reason I'm still unenthused on Sea - even after the sharp 40% fall from peaks, Sea still trades at an unreasonably high valuation. At current ADR share prices near $213, Sea has a $118.02 billion market cap. After we net off the $12.17 billion of cash and $3.50 billion of debt on the company's most recent balance sheet, Sea's resulting enterprise value is $109.35 billion.\nFor next year FY22, meanwhile, Wall Street analysts are expecting Sea's revenues to grow 50% y/y to $14.21 billion (data from Yahoo Finance). Note that this represents quite sharp deceleration from current growth rates near 100% y/y, once the pandemic tailwinds are fully baked into prior-year comps.\nAt this revenue estimate, Sea trades at a valuation multiple of7.7x EV/FY22 revenue.\nSure, this is much cheaper than the mid-teens valuation that Sea used to trade at. But when evaluating this valuation, keep a few things in mind:\n\nSea's revenue skews heavily toward e-commerce, which is low-margin.Non-gaming revenues contributed to 57% of overall revenue; and non-gaming IFRS gross margins were only 14% (both metrics as of YTD 2021).\nSea is hardly the only game in town.While certainly the most recognizable and internationally traded of Southeast Asia's internet giants, Sea is quite significant competition versus the likes of Tokopedia and Lazada.\nSome growth premium is of course warranted for a company growing as quickly as Sea,but note that Amazon's forward revenue multiple is only 3.6x, less than half of Sea's\n\nThe bottom line here: valuation, plus the possibility of continued fundamental risks which we'll discuss in the next section, make me quite nervous that Sea's correction still has legs. I'd be more interested in picking up this stock if it fell to ~$170 (~6x forward revenue, and ~20% further downside from current levels), but until then I'm remaining on the sidelines.\nThe fundamental risks investors should be tracking\nUnlike many other tech stocks this quarter, Sea's correction was not just an expression of weakened sentiment toward growth stocks, but also a reflection of softening fundamentals.\nWe've already noted how critical Sea's gaming division is to the overall operation of the company - while no longer the majority of revenue, it is the most profitable division that helps to finance losses in the rest of the company's loss-leading e-commerce arm. Sea's gaming operations saw dramatic growth during the pandemic as play time soared and willingness to pay increased - but now, amid normalization and competition versus other types of entertainment, Sea's digital entertainment base is starting to show softness.\nTake a look at the chart below:\nFor several quarters, Sea had been adding 30-40 million net-new quarterly active users. In fact, during the preceding quarter, Sea had added a massive ~76 million net-new QAUs. As long as Sea's gaming business continues to grow at a fast enough pace to absorb e-commerce's swelling losses, Sea's formula worked.\nBut this slowdown to barely any (~4 million) net-new QAU adds in Q3 is alarming. Even more so is the fact that paid users only saw a 1 million sequential increase. The good news is that Sea's paid user ratio, at 12.8% this quarter, is the highest it has ever been in the company's lifetime. But we do worry if willingness to pay for gaming, and gaming activity in general, will decline in the post-pandemic period once schools and offices fully return to normal.\nFor over a year now, a lot of Sea's gaming success has been anchored to its internally-developed Free Fire title. Yet games, of course, have a shelf life of when they pass the phase of popularity. One thing that gaming rivals like Activision Blizzard (ATVI) have been tremendously successful at is converting hit titles into sustainable, multi-game franchises like Call of DutyandWorld of Warcraft/Hearthstone.In this regard, Sea is relatively untested, and if it fails at sustainingFree Fire'smomentum, it could be in trouble.\nMeanwhile, in e-commerce, there can be no doubt that Sea continues to expand rapidly. E-commerce revenue of $1.5 billion grew 134% y/y. The company also launched a wave of new markets over the past few months, per CEO Forrest Li's prepared remarks on the Q3 earnings call:\n\n In the recent months, we launched Shopee in Poland, France, Spain and India. From time-to-time, we may test waters in new markets where we believe there may be an opportunity to use our experience in highly diverse environment, to reach underserved buyers and sellers. On the one hand, our core focus remains managing our efficient and sustainable growth in Southeast Asia, Thailand, and Brazil, where we have established and are continuing to grow our strong presents, serving local sellers to the buyers.\"\n\nSea has not yet figured out, however, how to stem the bleeding in its e-commerce business, whose adjusted EBITDA losses more than doubled y/y to -$683.8 million. The 22% y/y growth in digital entertainment EBITDA to $715.1 million was completely consumed by the widening losses in e-commerce, and total adjusted EBITDA swung from a profit of $120.4 million in the prior-year Q3 to a -$165.5 million loss this quarter.\nIn bull markets, investors may not mind this \"growth at all costs\" mindset. But as growth stocks continue to teeter heading into the final trading days of 2022, I think Sea's burgeoning losses are going to raise more eyebrows.\nKey takeaways\nAfter a nearly unbroken two-year rally that at one point took Sea's stock up eightfold since the start of the pandemic, the air is finally starting to seep out of this overhyped balloon. I'm fully aware of Sea's merits as one of the leading and fastest-growing e-commerce brands in Southeast Asia, but I'm waiting until Sea drops below $200 (specifically, ~$170 is my target entry point) before initiating a position.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":2580,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699602536,"gmtCreate":1639787835328,"gmtModify":1639787872430,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"Behind the scenes ... horses traded ... norm.","listText":"Behind the scenes ... horses traded ... norm.","text":"Behind the scenes ... horses traded ... norm.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/699602536","repostId":"1113352768","repostType":4,"repost":{"id":"1113352768","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639752492,"share":"https://www.laohu8.com/m/news/1113352768?lang=zh_CN&edition=full","pubTime":"2021-12-17 22:48","market":"us","language":"en","title":"Amazon slid nearly 2% in morning trading as India suspended its 2019 deal with Future Group<blockquote>由于印度暂停2019年与Future Group的交易，亚马逊早盘下跌近2%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1113352768","media":"Tiger Newspress","summary":"Amazon slid nearly 2% in morning trading as India suspended its 2019 deal with Future Group.India's ","content":"<p>Amazon slid nearly 2% in morning trading as India suspended its 2019 deal with Future Group.<img src=\"https://static.tigerbbs.com/ecaa54686b8d8b0541b8769a2aa237a3\" tg-width=\"766\" tg-height=\"567\" width=\"100%\" height=\"auto\">India's antitrust body on Friday suspended Amazon.com's 2019 deal with Future Group following a review of allegations that the U.S. e-commerce giant had concealed information while seeking regulatory approval.</p><p><blockquote>由于印度暂停2019年与Future Group的交易，亚马逊早盘下跌近2%。印度反垄断机构周五暂停了亚马逊2019年与Future Group的交易，此前印度对这家美国电子商务巨头在寻求监管机构批准时隐瞒信息的指控进行了审查。</blockquote></p><p> The unprecedented step taken by the Competition Commission of India (CCI) could have far-reaching consequences on Amazon's legal battles with now estranged partner Future. The U.S. firm has for months successfully used the terms of its toehold $200 million investment in 2019 to block Future's attempt to sell retail assets to Reliance Industries for $3.4 billion.</p><p><blockquote>印度（CCI）竞争委员会采取的前所未有的举措可能会对亚马逊与现已疏远的合作伙伴Future的法律斗争产生深远的影响。几个月来，这家美国公司成功利用其2019年2亿美元投资的条款，阻止了Future以34亿美元的价格向Reliance Industries出售零售资产的企图。</blockquote></p><p></p>","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>Amazon slid nearly 2% in morning trading as India suspended its 2019 deal with Future Group<blockquote>由于印度暂停2019年与Future Group的交易，亚马逊早盘下跌近2%</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\">\nAmazon slid nearly 2% in morning trading as India suspended its 2019 deal with Future Group<blockquote>由于印度暂停2019年与Future Group的交易，亚马逊早盘下跌近2%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-17 22:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Amazon slid nearly 2% in morning trading as India suspended its 2019 deal with Future Group.<img src=\"https://static.tigerbbs.com/ecaa54686b8d8b0541b8769a2aa237a3\" tg-width=\"766\" tg-height=\"567\" width=\"100%\" height=\"auto\">India's antitrust body on Friday suspended Amazon.com's 2019 deal with Future Group following a review of allegations that the U.S. e-commerce giant had concealed information while seeking regulatory approval.</p><p><blockquote>由于印度暂停2019年与Future Group的交易，亚马逊早盘下跌近2%。印度反垄断机构周五暂停了亚马逊2019年与Future Group的交易，此前印度对这家美国电子商务巨头在寻求监管机构批准时隐瞒信息的指控进行了审查。</blockquote></p><p> The unprecedented step taken by the Competition Commission of India (CCI) could have far-reaching consequences on Amazon's legal battles with now estranged partner Future. The U.S. firm has for months successfully used the terms of its toehold $200 million investment in 2019 to block Future's attempt to sell retail assets to Reliance Industries for $3.4 billion.</p><p><blockquote>印度（CCI）竞争委员会采取的前所未有的举措可能会对亚马逊与现已疏远的合作伙伴Future的法律斗争产生深远的影响。几个月来，这家美国公司成功利用其2019年2亿美元投资的条款，阻止了Future以34亿美元的价格向Reliance Industries出售零售资产的企图。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113352768","content_text":"Amazon slid nearly 2% in morning trading as India suspended its 2019 deal with Future Group.India's antitrust body on Friday suspended Amazon.com's 2019 deal with Future Group following a review of allegations that the U.S. e-commerce giant had concealed information while seeking regulatory approval.\nThe unprecedented step taken by the Competition Commission of India (CCI) could have far-reaching consequences on Amazon's legal battles with now estranged partner Future. The U.S. firm has for months successfully used the terms of its toehold $200 million investment in 2019 to block Future's attempt to sell retail assets to Reliance Industries for $3.4 billion.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":3001,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690129134,"gmtCreate":1639648036946,"gmtModify":1639648037724,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"Hope they are \"real\" numbers.","listText":"Hope they are \"real\" numbers.","text":"Hope they are \"real\" numbers.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/690129134","repostId":"1124607703","repostType":4,"repost":{"id":"1124607703","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639646570,"share":"https://www.laohu8.com/m/news/1124607703?lang=zh_CN&edition=full","pubTime":"2021-12-16 17:22","market":"us","language":"en","title":"Trip.com jumped over 4% in premarket trading as its revenue achieved 5.3 billion yuan in the third quarter<blockquote>携程网盘前交易上涨逾4%，第三季度营收达53亿元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124607703","media":"Tiger Newspress","summary":"Trip.com jumped over 4% in premarket trading as its revenue achieved 5.3 billion yuan in the third q","content":"<p>Trip.com jumped over 4% in premarket trading as its revenue achieved 5.3 billion yuan in the third quarter.<img src=\"https://static.tigerbbs.com/53c1005b67645f756e2c1dfbde1a2276\" tg-width=\"771\" tg-height=\"563\" width=\"100%\" height=\"auto\">According to the financial report, the revenue in the third quarter was 5.3 billion yuan. In terms of business, the income from accommodation booking was 2.2 billion yuan, the income from transportation ticketing was 1.8 billion yuan, the income from tourism and vacation was 392 million yuan, and the income from business travel management was 338 million yuan. </p><p><blockquote>携程网第三季度营收达到53亿元人民币，盘前交易股价上涨超过4%。财报显示，第三季度营收53亿元。分业务看，住宿预订收入22亿元，交通票务收入18亿元，旅游度假收入3.92亿元，商旅管理收入3.38亿元。</blockquote></p><p> The adjusted EBITDA (profit before tax, interest, depreciation and amortization) is 537 million yuan, and the adjusted EBITDA profit rate is 10%.</p><p><blockquote>调整后EBITDA（税息折旧摊销前利润）为5.37亿元，调整后EBITDA利润率为10%。</blockquote></p><p></p>","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>Trip.com jumped over 4% in premarket trading as its revenue achieved 5.3 billion yuan in the third quarter<blockquote>携程网盘前交易上涨逾4%，第三季度营收达53亿元</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\">\nTrip.com jumped over 4% in premarket trading as its revenue achieved 5.3 billion yuan in the third quarter<blockquote>携程网盘前交易上涨逾4%，第三季度营收达53亿元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-16 17:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Trip.com jumped over 4% in premarket trading as its revenue achieved 5.3 billion yuan in the third quarter.<img src=\"https://static.tigerbbs.com/53c1005b67645f756e2c1dfbde1a2276\" tg-width=\"771\" tg-height=\"563\" width=\"100%\" height=\"auto\">According to the financial report, the revenue in the third quarter was 5.3 billion yuan. In terms of business, the income from accommodation booking was 2.2 billion yuan, the income from transportation ticketing was 1.8 billion yuan, the income from tourism and vacation was 392 million yuan, and the income from business travel management was 338 million yuan. </p><p><blockquote>携程网第三季度营收达到53亿元人民币，盘前交易股价上涨超过4%。财报显示，第三季度营收53亿元。分业务看，住宿预订收入22亿元，交通票务收入18亿元，旅游度假收入3.92亿元，商旅管理收入3.38亿元。</blockquote></p><p> The adjusted EBITDA (profit before tax, interest, depreciation and amortization) is 537 million yuan, and the adjusted EBITDA profit rate is 10%.</p><p><blockquote>调整后EBITDA（税息折旧摊销前利润）为5.37亿元，调整后EBITDA利润率为10%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TCOM":"携程网"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124607703","content_text":"Trip.com jumped over 4% in premarket trading as its revenue achieved 5.3 billion yuan in the third quarter.According to the financial report, the revenue in the third quarter was 5.3 billion yuan. In terms of business, the income from accommodation booking was 2.2 billion yuan, the income from transportation ticketing was 1.8 billion yuan, the income from tourism and vacation was 392 million yuan, and the income from business travel management was 338 million yuan. \nThe adjusted EBITDA (profit before tax, interest, depreciation and amortization) is 537 million yuan, and the adjusted EBITDA profit rate is 10%.","news_type":1,"symbols_score_info":{"TCOM":0.9}},"isVote":1,"tweetType":1,"viewCount":3652,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690184141,"gmtCreate":1639647351545,"gmtModify":1639647352332,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"KPI lah&nbsp;","listText":"KPI lah&nbsp;","text":"KPI lah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690184141","repostId":"1136577431","repostType":4,"isVote":1,"tweetType":1,"viewCount":2868,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604627573,"gmtCreate":1639391033025,"gmtModify":1639393954339,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"I buy the dips as I go along.&nbsp; Multi-bagger in the works.","listText":"I buy the dips as I go along.&nbsp; Multi-bagger in the works.","text":"I buy the dips as I go along. Multi-bagger in the works.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/604627573","repostId":"2190067720","repostType":4,"isVote":1,"tweetType":1,"viewCount":2565,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604879896,"gmtCreate":1639377176797,"gmtModify":1639377240392,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"A good proxy indeed for starting the crypto journey","listText":"A good proxy indeed for starting the crypto journey","text":"A good proxy indeed for starting the crypto journey","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/604879896","repostId":"2190967753","repostType":4,"isVote":1,"tweetType":1,"viewCount":3363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605405962,"gmtCreate":1639203849603,"gmtModify":1639203850390,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"If he quits, then he will make more money.&nbsp; Let's see ... LOL","listText":"If he quits, then he will make more money.&nbsp; Let's see ... LOL","text":"If he quits, then he will make more money. Let's see ... LOL","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605405962","repostId":"2190620320","repostType":4,"isVote":1,"tweetType":1,"viewCount":1430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605342901,"gmtCreate":1639121626118,"gmtModify":1639122038594,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"I tot he is an influencer!&nbsp; I HAD no idea that he is running a few companies ....&nbsp; Anyway his single&nbsp;year renumeration is enough to feed all orphans for life in Mexico .... You go think ... LOL.","listText":"I tot he is an influencer!&nbsp; I HAD no idea that he is running a few companies ....&nbsp; Anyway his single&nbsp;year renumeration is enough to feed all orphans for life in Mexico .... You go think ... LOL.","text":"I tot he is an influencer! I HAD no idea that he is running a few companies .... Anyway his single year renumeration is enough to feed all orphans for life in Mexico .... You go think ... LOL.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605342901","repostId":"2190647430","repostType":4,"isVote":1,"tweetType":1,"viewCount":990,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602613117,"gmtCreate":1639013645749,"gmtModify":1639013760128,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"We're the strikers mislead by the union chief?&nbsp; Wondering how much they will suffer without a job.","listText":"We're the strikers mislead by the union chief?&nbsp; Wondering how much they will suffer without a job.","text":"We're the strikers mislead by the union chief? Wondering how much they will suffer without a job.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/602613117","repostId":"2190984496","repostType":4,"isVote":1,"tweetType":1,"viewCount":1088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606505864,"gmtCreate":1638889992746,"gmtModify":1638889993411,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"Finally, a band-aid for the bleeding","listText":"Finally, a band-aid for the bleeding","text":"Finally, a band-aid for the bleeding","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/606505864","repostId":"1179864405","repostType":4,"repost":{"id":"1179864405","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1638889676,"share":"https://www.laohu8.com/m/news/1179864405?lang=zh_CN&edition=full","pubTime":"2021-12-07 23:07","market":"us","language":"en","title":"DraftKings stock jumped 6% in morning trading<blockquote>DraftKings股价早盘上涨6%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179864405","media":"Tiger Newspress","summary":"DraftKings jumped 6% after the company announced a deal with the NFL Players Association and licensi","content":"<p>DraftKings&nbsp;jumped 6% after the company announced a deal with the NFL Players Association and licensing firm&nbsp;OneTeam Partners&nbsp;to launch gamified NFT collections.</p><p><blockquote>DraftKings股价上涨6%，此前该公司宣布与NFL球员协会和许可公司OneTeam Partners达成协议，推出游戏化NFT系列。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/343288179b5e28e718710f9ec988dcf0\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The agreement grants DraftKings licensing rights for active NFL players, including the authentic use of name, image and likeness.</p><p><blockquote>该协议授予DraftKings现役NFL球员的许可权，包括真实使用姓名、图像和肖像。</blockquote></p><p> The NFTs will debut on DraftKings Marketplace during the 2022-2023 NFL season.</p><p><blockquote>NFT将在2022-2023 NFL赛季期间在DraftKings Marketplace上首次亮相。</blockquote></p><p> The company continues to position itself as a leader in the sports NFT market.</p><p><blockquote>该公司继续将自己定位为体育NFT市场的领导者。</blockquote></p><p> \"The future of fandom is unfolding in front of us, and few organizations beyond DraftKings are as equipped to capitalize on the increasing intersection between sports and NFTs that will be cornerstones of engagement and entertainment within Web3,\" says DraftKings Marketplace exec&nbsp;Beth Beiriger.</p><p><blockquote>DraftKings Marketplace高管Beth Beiriger表示：“粉丝圈的未来正在我们面前展开，除了DraftKings之外，很少有组织能够利用体育和NFT之间日益增长的交集，这将成为Web3中参与和娱乐的基石。”</blockquote></p><p></p>","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>DraftKings stock jumped 6% in morning trading<blockquote>DraftKings股价早盘上涨6%</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\">\nDraftKings stock jumped 6% in morning trading<blockquote>DraftKings股价早盘上涨6%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-07 23:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>DraftKings&nbsp;jumped 6% after the company announced a deal with the NFL Players Association and licensing firm&nbsp;OneTeam Partners&nbsp;to launch gamified NFT collections.</p><p><blockquote>DraftKings股价上涨6%，此前该公司宣布与NFL球员协会和许可公司OneTeam Partners达成协议，推出游戏化NFT系列。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/343288179b5e28e718710f9ec988dcf0\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The agreement grants DraftKings licensing rights for active NFL players, including the authentic use of name, image and likeness.</p><p><blockquote>该协议授予DraftKings现役NFL球员的许可权，包括真实使用姓名、图像和肖像。</blockquote></p><p> The NFTs will debut on DraftKings Marketplace during the 2022-2023 NFL season.</p><p><blockquote>NFT将在2022-2023 NFL赛季期间在DraftKings Marketplace上首次亮相。</blockquote></p><p> The company continues to position itself as a leader in the sports NFT market.</p><p><blockquote>该公司继续将自己定位为体育NFT市场的领导者。</blockquote></p><p> \"The future of fandom is unfolding in front of us, and few organizations beyond DraftKings are as equipped to capitalize on the increasing intersection between sports and NFTs that will be cornerstones of engagement and entertainment within Web3,\" says DraftKings Marketplace exec&nbsp;Beth Beiriger.</p><p><blockquote>DraftKings Marketplace高管Beth Beiriger表示：“粉丝圈的未来正在我们面前展开，除了DraftKings之外，很少有组织能够利用体育和NFT之间日益增长的交集，这将成为Web3中参与和娱乐的基石。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DKNG":"DraftKings Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179864405","content_text":"DraftKings jumped 6% after the company announced a deal with the NFL Players Association and licensing firm OneTeam Partners to launch gamified NFT collections.\n\nThe agreement grants DraftKings licensing rights for active NFL players, including the authentic use of name, image and likeness.\nThe NFTs will debut on DraftKings Marketplace during the 2022-2023 NFL season.\nThe company continues to position itself as a leader in the sports NFT market.\n\"The future of fandom is unfolding in front of us, and few organizations beyond DraftKings are as equipped to capitalize on the increasing intersection between sports and NFTs that will be cornerstones of engagement and entertainment within Web3,\" says DraftKings Marketplace exec Beth Beiriger.","news_type":1,"symbols_score_info":{"DKNG":0.9}},"isVote":1,"tweetType":1,"viewCount":1258,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606164907,"gmtCreate":1638844214307,"gmtModify":1638844215003,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"Be patient, be back in the fifties before year end...as Twitter is a \"household\" name, and retailers know what they do well enough.&nbsp; Once institution buys, buy calls will follow...as usual.","listText":"Be patient, be back in the fifties before year end...as Twitter is a \"household\" name, and retailers know what they do well enough.&nbsp; Once institution buys, buy calls will follow...as usual.","text":"Be patient, be back in the fifties before year end...as Twitter is a \"household\" name, and retailers know what they do well enough. Once institution buys, buy calls will follow...as usual.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/606164907","repostId":"1153425016","repostType":4,"isVote":1,"tweetType":1,"viewCount":940,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608301154,"gmtCreate":1638612474124,"gmtModify":1638620862384,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"Didn't see it coming, really anything can happen to cryptos.&nbsp; Start collecting...","listText":"Didn't see it coming, really anything can happen to cryptos.&nbsp; Start collecting...","text":"Didn't see it coming, really anything can happen to cryptos. Start collecting...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/608301154","repostId":"1140678193","repostType":4,"isVote":1,"tweetType":1,"viewCount":2117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608301302,"gmtCreate":1638612335245,"gmtModify":1638620124429,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"Omicron is not a killer, they wants to live...looking for a host.&nbsp; Let's see how the market react.","listText":"Omicron is not a killer, they wants to live...looking for a host.&nbsp; Let's see how the market react.","text":"Omicron is not a killer, they wants to live...looking for a host. Let's see how the market react.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/608301302","repostId":"2188853578","repostType":4,"isVote":1,"tweetType":1,"viewCount":1063,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":601826207,"gmtCreate":1638511077590,"gmtModify":1638511077943,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"Consolidating profit for 2021.&nbsp; KPI is needed to proceed to 2022 with a track record.&nbsp; Numbers game....","listText":"Consolidating profit for 2021.&nbsp; KPI is needed to proceed to 2022 with a track record.&nbsp; Numbers game....","text":"Consolidating profit for 2021. KPI is needed to proceed to 2022 with a track record. Numbers game....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/601826207","repostId":"1135456330","repostType":4,"repost":{"id":"1135456330","kind":"news","pubTimestamp":1638509728,"share":"https://www.laohu8.com/m/news/1135456330?lang=zh_CN&edition=full","pubTime":"2021-12-03 13:35","market":"us","language":"en","title":"Cathie Wood Sells Another $87.5M In Tesla And Initiates Position In This Chinese EV Stock<blockquote>Cathie Wood又出售了8750万美元的特斯拉股票，并开始持有这只中国电动汽车股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135456330","media":"Benzinga","summary":"Cathie Wood’s money managing firm Ark Invest on Thursday for the first time bought shares in the U.S","content":"<p><div> Cathie Wood’s money managing firm Ark Invest on Thursday for the first time bought shares in the U.S. listed Chinese electric vehicle maker Xpeng Inc(NYSE:XPEV) on the dip and sold more shares in ...</p><p><blockquote><div>凯西·伍德(Cathie Wood)的资金管理公司方舟投资(Ark Invest)周四首次逢低买入在美国上市的中国电动汽车制造商小鹏汽车(NYSE：XPEV)的股票，并出售了更多股票。</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24423275/cathie-wood-sells-another-87-5m-in-tesla-and-initiates-position-in-this-chinese-ev-stock\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24423275/cathie-wood-sells-another-87-5m-in-tesla-and-initiates-position-in-this-chinese-ev-stock\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>Cathie Wood Sells Another $87.5M In Tesla And Initiates Position In This Chinese EV Stock<blockquote>Cathie Wood又出售了8750万美元的特斯拉股票，并开始持有这只中国电动汽车股票</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\">\nCathie Wood Sells Another $87.5M In Tesla And Initiates Position In This Chinese EV Stock<blockquote>Cathie Wood又出售了8750万美元的特斯拉股票，并开始持有这只中国电动汽车股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-12-03 13:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Cathie Wood’s money managing firm Ark Invest on Thursday for the first time bought shares in the U.S. listed Chinese electric vehicle maker Xpeng Inc(NYSE:XPEV) on the dip and sold more shares in ...</p><p><blockquote><div>凯西·伍德(Cathie Wood)的资金管理公司方舟投资(Ark Invest)周四首次逢低买入在美国上市的中国电动汽车制造商小鹏汽车(NYSE：XPEV)的股票，并出售了更多股票。</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24423275/cathie-wood-sells-another-87-5m-in-tesla-and-initiates-position-in-this-chinese-ev-stock\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24423275/cathie-wood-sells-another-87-5m-in-tesla-and-initiates-position-in-this-chinese-ev-stock\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24423275/cathie-wood-sells-another-87-5m-in-tesla-and-initiates-position-in-this-chinese-ev-stock\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","TSLA":"特斯拉"},"source_url":"https://www.benzinga.com/trading-ideas/long-ideas/21/12/24423275/cathie-wood-sells-another-87-5m-in-tesla-and-initiates-position-in-this-chinese-ev-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135456330","content_text":"Cathie Wood’s money managing firm Ark Invest on Thursday for the first time bought shares in the U.S. listed Chinese electric vehicle maker Xpeng Inc(NYSE:XPEV) on the dip and sold more shares in Tesla Inc(NASDAQ:TSLA).\nArk Invest picked up 277,263 shares — estimated to be worth $13.39 million — in the Guangzhou, China-based Xpeng.\nShares of the company closed 5.57% lower at $48.29 a share on Thursday. The stock has risen 9.50% so far this year.\nThe development comes a day after the China-based electric vehicle maker reported November deliveries that came ahead of local rivals Nio Inc(NYSE:NIO) andLi Auto Inc(NASDAQ:LI).\nThe three players delivered more than 10,000 electric vehicles each — with Xpeng leading the pack at 15,613 units, Li Auto grabbing the second spot at 13,485 units and Nio dispatching 10,878 units to dealers during the month.\nXpeng’s president and chairman Brian Gu had last month said the company aims to sell half of its electric vehicles outside China.\nThe maker of electric sedans and SUVs already sells electric vehicles in Norway and plans to ramp up investment overseas next year including foraying into Sweden, Denmark and the Netherlands in 2022.\nArk Invest bought the shares in Xpeng via the Ark Autonomous Technology & Robotics ETF(BATS:ARKQ) on Thursday.\nThis latest exposure in Xpeng will be the second such buy for Ark Invest in a pure play electric vehicle company, as it also owns shares in Elon Musk-led Tesla.\nTo be sure, Ark Invest also owns OTC shares of Chinese automaker BYD Co (OTC:BYDDY), which is backed by Berkshire Hathaway Inc(NYSE:BRK-A) (NYSE:BRK-B) Chairman WarrenBuffett.\nWood’s popular money managing firm Ark Invest counts Tesla as its largest holding and owns shares worth billions in the company via its exchange traded funds.\nThe investment firm has been booking profit in the stock since early September when shares of the company began an upward march. On Thursday, it sold another 80,720 shares in Tesla — estimated to be worth $87.54 million.\nA Tesla super-bull, Wood has been favouring the Musk led company and set a $3,000 price target for the electric vehicle stock by 2025. The popular money manager has however said she would not buy the recently listed Rivian Automotive Inc (NASDAQ:RIVN) at the current levels.\nArk Invest still held 2.34 million shares — worth about $2.52 billion — in Tesla ahead of Thursday’s trade.\nTesla shares closed 0.95% lower at $1,084.6 a share on Thursday and have risen 48.6% year-to-date.","news_type":1,"symbols_score_info":{"XPEV":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":867,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609223720,"gmtCreate":1638287095736,"gmtModify":1638287096083,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"2022 will be a banner year for NIO. My reason is that comparing to a \"low base\" for 2021.&nbsp; The numbers will beat most other EV companies easily.","listText":"2022 will be a banner year for NIO. My reason is that comparing to a \"low base\" for 2021.&nbsp; The numbers will beat most other EV companies easily.","text":"2022 will be a banner year for NIO. My reason is that comparing to a \"low base\" for 2021. The numbers will beat most other EV companies easily.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/609223720","repostId":"2187580541","repostType":4,"isVote":1,"tweetType":1,"viewCount":1170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":600537866,"gmtCreate":1638171455620,"gmtModify":1638171464879,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"themes":[],"htmlText":"Interest rate going up, forex risk, does not make it attractive enough.&nbsp; Better choices in the market for retailers.","listText":"Interest rate going up, forex risk, does not make it attractive enough.&nbsp; Better choices in the market for retailers.","text":"Interest rate going up, forex risk, does not make it attractive enough. Better choices in the market for retailers.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/600537866","repostId":"1121062966","repostType":4,"repost":{"id":"1121062966","kind":"news","pubTimestamp":1638171040,"share":"https://www.laohu8.com/m/news/1121062966?lang=zh_CN&edition=full","pubTime":"2021-11-29 15:30","market":"us","language":"en","title":"U.S.-Listed Digital Realty Trust Unit Seeks to Raise Around US$700M in Singapore IPO<blockquote>美国上市的Digital Realty Trust部门寻求在新加坡IPO中筹集约7亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121062966","media":"Marketwatch","summary":"Digital Realty Trust Inc.'s unit is planning to raise up to $682 million through a real estate inves","content":"<p>Digital Realty Trust Inc.'s unit is planning to raise up to $682 million through a real estate investment trust listing in Singapore, which if successful would be the largest offering in more than four years.</p><p><blockquote>Digital Realty Trust Inc.的子公司计划通过在新加坡的房地产投资信托上市筹集至多6.82亿美元，如果成功，将是四年多来最大的一次发行。</blockquote></p><p> Digital Core REIT, a unit of the U.S.-listed company, is planning to sell up to 267 million units at a fixed offer price of US$0.88 per unit, according to a term sheet seen by The Wall Street Journal.</p><p><blockquote>根据《华尔街日报》看到的条款清单，这家美国上市公司旗下的Digital Core REIT计划以每单位0.88美元的固定发行价出售最多2.67亿单位。</blockquote></p><p> If the green shoe option is exercised, the REIT will raise as much as $735 million, the term sheet showed.</p><p><blockquote>条款清单显示，如果行使绿鞋期权，REIT将筹集高达7.35亿美元的资金。</blockquote></p><p> This will be the largest IPO since June 2017, when Netlink NBN Trust raised over a billion U.S. dollars through a listing in the city state.</p><p><blockquote>这将是自2017年6月以来规模最大的IPO，当时Netlink NBN Trust通过在这个城市国家上市筹集了超过10亿美元。</blockquote></p><p> Singapore is a sought-after destination for REITs in Asia. The country is home to nearly 40 REITs with a combined market capitalization of more than $70 billion.</p><p><blockquote>新加坡是亚洲房地产投资信托基金的热门目的地。该国拥有近40只房地产投资信托基金，总市值超过700亿美元。</blockquote></p><p> Digital Core has secured over 26 cornerstone investors, who have agreed to subscribe to $365 million of units ahead of the IPO.</p><p><blockquote>Digital Core已获得超过26名基石投资者，他们已同意在IPO前认购3.65亿美元的单位。</blockquote></p><p> These investors include Blackrock, Inc., Eastspring Investments, Nikko Asset Management Asia and AIA Investment Management, the term sheet shows.</p><p><blockquote>条款清单显示，这些投资者包括贝莱德、瀚亚投资、日兴资产管理亚洲和友邦保险投资管理。</blockquote></p><p> Cornerstone investors usually buy a large chunk of stock before the remainder is available to other investors. Most firms prefer to have cornerstone investors as their participation signals confidence, which helps the company market the deal to other institutional and retail investors.</p><p><blockquote>基石投资者通常会在其他投资者购买剩余股票之前购买大量股票。大多数公司更喜欢有基石投资者，因为他们的参与表明了信心，这有助于公司向其他机构和散户投资者推销交易。</blockquote></p><p> For the fiscal year 2022, Digital Core has given an indicative forecast distribution yield of 4.75% and 5.00% for the next year.</p><p><blockquote>对于2022财年，Digital Core给出的指示性预测分配收益率为4.75%，下一年为5.00%。</blockquote></p><p> BofA Securities, Citigroup and DBS are among the banks advising the company on the REIT IPO.</p><p><blockquote>美国银行证券、花旗集团和星展银行等银行为该公司的房地产投资信托基金IPO提供咨询。</blockquote></p><p></p>","source":"market_watch","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>U.S.-Listed Digital Realty Trust Unit Seeks to Raise Around US$700M in Singapore IPO<blockquote>美国上市的Digital Realty Trust部门寻求在新加坡IPO中筹集约7亿美元</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\">\nU.S.-Listed Digital Realty Trust Unit Seeks to Raise Around US$700M in Singapore IPO<blockquote>美国上市的Digital Realty Trust部门寻求在新加坡IPO中筹集约7亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-11-29 15:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Digital Realty Trust Inc.'s unit is planning to raise up to $682 million through a real estate investment trust listing in Singapore, which if successful would be the largest offering in more than four years.</p><p><blockquote>Digital Realty Trust Inc.的子公司计划通过在新加坡的房地产投资信托上市筹集至多6.82亿美元，如果成功，将是四年多来最大的一次发行。</blockquote></p><p> Digital Core REIT, a unit of the U.S.-listed company, is planning to sell up to 267 million units at a fixed offer price of US$0.88 per unit, according to a term sheet seen by The Wall Street Journal.</p><p><blockquote>根据《华尔街日报》看到的条款清单，这家美国上市公司旗下的Digital Core REIT计划以每单位0.88美元的固定发行价出售最多2.67亿单位。</blockquote></p><p> If the green shoe option is exercised, the REIT will raise as much as $735 million, the term sheet showed.</p><p><blockquote>条款清单显示，如果行使绿鞋期权，REIT将筹集高达7.35亿美元的资金。</blockquote></p><p> This will be the largest IPO since June 2017, when Netlink NBN Trust raised over a billion U.S. dollars through a listing in the city state.</p><p><blockquote>这将是自2017年6月以来规模最大的IPO，当时Netlink NBN Trust通过在这个城市国家上市筹集了超过10亿美元。</blockquote></p><p> Singapore is a sought-after destination for REITs in Asia. The country is home to nearly 40 REITs with a combined market capitalization of more than $70 billion.</p><p><blockquote>新加坡是亚洲房地产投资信托基金的热门目的地。该国拥有近40只房地产投资信托基金，总市值超过700亿美元。</blockquote></p><p> Digital Core has secured over 26 cornerstone investors, who have agreed to subscribe to $365 million of units ahead of the IPO.</p><p><blockquote>Digital Core已获得超过26名基石投资者，他们已同意在IPO前认购3.65亿美元的单位。</blockquote></p><p> These investors include Blackrock, Inc., Eastspring Investments, Nikko Asset Management Asia and AIA Investment Management, the term sheet shows.</p><p><blockquote>条款清单显示，这些投资者包括贝莱德、瀚亚投资、日兴资产管理亚洲和友邦保险投资管理。</blockquote></p><p> Cornerstone investors usually buy a large chunk of stock before the remainder is available to other investors. Most firms prefer to have cornerstone investors as their participation signals confidence, which helps the company market the deal to other institutional and retail investors.</p><p><blockquote>基石投资者通常会在其他投资者购买剩余股票之前购买大量股票。大多数公司更喜欢有基石投资者，因为他们的参与表明了信心，这有助于公司向其他机构和散户投资者推销交易。</blockquote></p><p> For the fiscal year 2022, Digital Core has given an indicative forecast distribution yield of 4.75% and 5.00% for the next year.</p><p><blockquote>对于2022财年，Digital Core给出的指示性预测分配收益率为4.75%，下一年为5.00%。</blockquote></p><p> BofA Securities, Citigroup and DBS are among the banks advising the company on the REIT IPO.</p><p><blockquote>美国银行证券、花旗集团和星展银行等银行为该公司的房地产投资信托基金IPO提供咨询。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/u-s-listed-digital-realty-trust-unit-seeks-to-raise-around-us-700m-in-singapore-ipo-271638159498?mod=newsviewer_click\">Marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DLR":"数字房地产信托公司"},"source_url":"https://www.marketwatch.com/story/u-s-listed-digital-realty-trust-unit-seeks-to-raise-around-us-700m-in-singapore-ipo-271638159498?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1121062966","content_text":"Digital Realty Trust Inc.'s unit is planning to raise up to $682 million through a real estate investment trust listing in Singapore, which if successful would be the largest offering in more than four years.\nDigital Core REIT, a unit of the U.S.-listed company, is planning to sell up to 267 million units at a fixed offer price of US$0.88 per unit, according to a term sheet seen by The Wall Street Journal.\nIf the green shoe option is exercised, the REIT will raise as much as $735 million, the term sheet showed.\nThis will be the largest IPO since June 2017, when Netlink NBN Trust raised over a billion U.S. dollars through a listing in the city state.\nSingapore is a sought-after destination for REITs in Asia. The country is home to nearly 40 REITs with a combined market capitalization of more than $70 billion.\nDigital Core has secured over 26 cornerstone investors, who have agreed to subscribe to $365 million of units ahead of the IPO.\nThese investors include Blackrock, Inc., Eastspring Investments, Nikko Asset Management Asia and AIA Investment Management, the term sheet shows.\nCornerstone investors usually buy a large chunk of stock before the remainder is available to other investors. Most firms prefer to have cornerstone investors as their participation signals confidence, which helps the company market the deal to other institutional and retail investors.\nFor the fiscal year 2022, Digital Core has given an indicative forecast distribution yield of 4.75% and 5.00% for the next year.\nBofA Securities, Citigroup and DBS are among the banks advising the company on the REIT IPO.","news_type":1,"symbols_score_info":{"DLR":0.9}},"isVote":1,"tweetType":1,"viewCount":1137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":116297722,"gmtCreate":1622801659066,"gmtModify":1634097878313,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576709204489965","idStr":"3576709204489965"},"themes":[],"htmlText":"Apple is running out of ideas?&nbsp; So much money in treasuries...but with so much at stake, software for EVs or even \"applecar\" will&nbsp;send it to MARS.&nbsp; Will grow indeed.&nbsp; Any comments?","listText":"Apple is running out of ideas?&nbsp; So much money in treasuries...but with so much at stake, software for EVs or even \"applecar\" will&nbsp;send it to MARS.&nbsp; Will grow indeed.&nbsp; Any comments?","text":"Apple is running out of ideas? So much money in treasuries...but with so much at stake, software for EVs or even \"applecar\" will send it to MARS. Will grow indeed. Any comments?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":9,"repostSize":0,"link":"https://laohu8.com/post/116297722","repostId":"1122373606","repostType":4,"repost":{"id":"1122373606","kind":"news","pubTimestamp":1622793373,"share":"https://www.laohu8.com/m/news/1122373606?lang=zh_CN&edition=full","pubTime":"2021-06-04 15:56","market":"us","language":"en","title":"Where Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122373606","media":"seekingalpha","summary":"Summary\n\nApple has been a great investment over the last decade, but the next decade may look quite ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple has been a great investment over the last decade, but the next decade may look quite different.</li>  <li>Apple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.</li>  <li>Shares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f2ea192ed76d9772c2c6a820098faf5\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Photo by Paopano/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>苹果在过去十年中是一项伟大的投资，但下一个十年可能会大不相同。</li><li>苹果的增长在过去十年中有所放缓，未来几年也可能不会成为增长怪物。</li><li>股价具有充足的长期上涨空间，但投资者在做出决定之前应考虑当前的估值。</li></ul><p class=\"t-img-caption\"><span>摄影：Paopano/iStock社论，来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Apple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.</p><p><blockquote>苹果（AAPL）是过去十年中最好的投资之一。然而，在接下来的十年里，它的增长可能会有所不同。然而，由于大规模的股东回报计划和向服务业的转变，苹果的股价在十年后仍可能大幅上涨——尽管目前的估值相当高。</blockquote></p><p> <b>Apple Stock Price</b></p><p><blockquote><b>苹果股价</b></blockquote></p><p> Over the last decade, Apple Inc. has been a great investment:</p><p><blockquote>在过去十年中，苹果公司一直是一项伟大的投资：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5d29aa34bdbc5bab7d0730a4095954e6\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.</p><p><blockquote>在这十年中，扣除股息前，股票回报率为900%，复合年回报率约为26%，轻松击败了同期大盘的回报率。重要的是，该公司股价的涨幅远远超过了该公司的市值，而该公司的市值在过去十年中仅增长了550%。这种差异可以用该公司的大规模股票回购计划来解释，该计划在过去十年中大幅减少了股票数量。当然，过去十年对苹果来说是一个商业上非常成功的时期，因为该公司受益于智能手机的兴起，同时也在手表和平板电脑等新产品上取得了成功，苹果或多或少地将其作为一个新产品类别推出。目前，股价为125美元，过去12个月上涨57%，但2021年迄今下跌6%。继2020年强劲上涨之后，股价目前似乎处于盘整格局，这并不令人意外，因为苹果的估值最近已经扩大了很多，而且该公司的业务增长似乎必须赶上最近的股价上涨。目前的一致目标价为156美元，这意味着25%的上涨潜力。由于目前没有迹象表明股价会离开当前的交易区间，我个人认为苹果短期内不会突破150美元。</blockquote></p><p> <b>Where Will Apple Stock Be In 10 Years</b></p><p><blockquote><b>10年后苹果股票会在哪里</b></blockquote></p><p> Apple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.</p><p><blockquote>当然，苹果2031年的股价是无法准确预测的。正如历史一次又一次地表明的那样，甚至不可能在更短的时间内准确预测股价。然而，可以设计情景来了解在某些条件下未来股价的走势，从而了解对未来的合理预期。</blockquote></p><p> To craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.</p><p><blockquote>为了构建这样的场景，我们必须考虑苹果的业务增长、苹果的股东回报计划以及股票未来可能交易的估值倍数。</blockquote></p><p> <b>Apple's business growth</b></p><p><blockquote><b>苹果的业务增长</b></blockquote></p><p> Apple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.</p><p><blockquote>苹果公司过去曾经历过多年的强劲增长和多年的疲软增长。这主要可以用新产品推出等因素来解释，例如。手表或iPad，以及各自当前iPhone型号的强度，这些型号的需求因年份而异。其他因素，如经济增长或贸易问题，也发挥了作用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a5b8bd8ef6cdaa13850c1380e870554c\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Overall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.</p><p><blockquote>总体而言，过去十年收入增长了154%，但正如我们在上图中看到的，收入增长相对不均衡。2010年代初，苹果凭借iPhone的“胜利之路”实现了巨大增长，而在接下来的几年里，收入增长速度放缓。甚至有一些年份的收入同比下降，例如2016年。过去十年的平均年收入增长率为10%，但当我们考虑到2011年和2012年的强劲增长推动了这一增长率时，假设苹果将增长10%可能不太合理。未来一年也是如此。投资者还应该考虑到，公司规模越大，保持高增长率就变得越困难。然而，这并不意味着苹果的收入增长将放缓至零。</blockquote></p><p></p><p> On the back of price increases for its products and the potential for market share gains in&nbsp;high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.</p><p><blockquote>在其产品价格上涨以及中国等高增长国家市场份额增长的潜力（越来越多的人将能够购买苹果价格较高的产品）的背景下，似乎有理由假设苹果将至少从其核心业务中产生一些增长。再加上服务领域的增长——人们越来越多地使用手机，这应该会导致更高的应用支出——并考虑新产品发布的潜力（尽管我认为没有一款产品会像iPhone那样庞大），苹果应该能够以稳健的速度发展其业务。我个人认为5%-7%的收入增长率可能是未来几年的现实估计，尽管一些读者当然会有不同的意见。</blockquote></p><p> <b>Apple's shareholder returns</b></p><p><blockquote><b>苹果的股东回报</b></blockquote></p><p> Apple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.</p><p><blockquote>如上所示，苹果过去曾大幅减少其股票数量，我相信，有理由假设未来也会发生同样的情况。过去十年，苹果回购了36%的股份。如果未来十年发生同样的情况，每股剩余股票在公司价值中的份额将上涨56%，即年化4.6%。不过，由于苹果目前的估值明显高于其历史估值，回购在未来的影响可能会较小。例如，苹果去年的股票数量仅减少了2.6%。</blockquote></p><p> This is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.</p><p><blockquote>这就是为什么我相信未来十年股票数量不会再下降36%。当我们将其向下调整至25%时，当我们考虑每股指标时，这将为苹果的增长带来约3%的年度推动力，而每股指标是苹果股价增长的决定性因素。结合我5%-7%的业务增长预测，我因此假设苹果的每股长期增长将达到8%-10%。</blockquote></p><p> <b>Apple's future valuation</b></p><p><blockquote><b>苹果的未来估值</b></blockquote></p><p> AAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:</p><p><blockquote>苹果公司过去的估值范围很广，其股票在某些时候的市盈率非常低，而投资者在其他时候愿意支付更高的价格：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be5cb8bbc04ff0e0a13ee64f6f2bd90a\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.</p><p><blockquote>五年前，可以以非常低的10倍净利润购买股票，这自然是进入或扩大头寸的好时机。然而，2020年底，该公司的股价高达该公司净利润的40倍，这似乎是一个相当高的估值。目前，AAPL的往绩市盈率为28倍，远期利润约为24倍。在上图中，我们还看到了过去3年、5年、7年和10年的市盈率中位数。很明显，苹果的估值多年来一直在扩大，这就是为什么在较短的“回顾”期内中值较高。我不认为AAPL的市盈率会达到过去十年平均市盈率的15.5倍，因为对于像苹果这样拥有强大品牌、庞大规模的优质公司来说，这似乎是一个相当低的估值。、巨大的利润和堡垒般的资产负债表。另一方面，我也不相信苹果的市盈率会永远保持在24-28倍——对于一家业务增长稳健但不引人注目的中个位数的公司来说，这似乎相当昂贵。当我们考虑到十年后利率可能会更高时，尤其如此，在其他条件相同的情况下，这应该会给所有股票的估值带来压力。因此，我认为2031年净利润20倍左右的估值可能是合理的估计，这或多或少与3年市盈率中位数一致。</blockquote></p><p> <b>Is AAPL A Buy Or Sell Now</b></p><p><blockquote><b>AAPL现在是买入还是卖出</b></blockquote></p><p> Starting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.</p><p><blockquote>从2021年每股收益估计为5.15美元开始计算，并假设到2031年每年增长7%-10%，我们的每股收益范围为10.10美元至13.40美元。将市盈率定为20倍，目标价约为每股200-270美元。因此，在235美元左右的中点，股价将较当前水平上涨约90%，年化涨幅约为6.5%。这肯定是一个不错的回报，当我们加上股息时，我们将获得大约7%的年化回报率。另一方面，我相信这也不是一个惊人的回报。</blockquote></p><p></p><p> AAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.</p><p><blockquote>我相信，苹果公司在未来十年具有巨大的上涨潜力，但这并不令人意外——许多公司将在这么长的时间内实现显着增长。我个人对7%的预期长期回报率不太兴奋。当我们考虑到，如果苹果的估值下降，例如由于利率上升，股价在未来1-3年内确实存在相当大的下行风险，目前保持观望可能是更好的选择。长期投资者在当前水平购买股票时可能不会表现不佳，但也可能不会表现出色。目前，我对苹果的评级为持有，如果其估值接近长期平均水平，则可能买入。那些对新产品发布更乐观的人可能不同意并倾向于在这里购买，但事实证明，等待更好的机会是这里的最佳选择。</blockquote></p><p> Summing it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.</p><p><blockquote>总而言之，我想说，该股在未来十年确实有巨大的上涨潜力，但上涨潜力还不足以让我以当前较高的估值购买股票。</blockquote></p><p></p>","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>Where Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？要考虑什么</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\">\nWhere Will Apple Stock Be In 10 Years? What To Consider<blockquote>10年后苹果股票会在哪里？要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-04 15:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple has been a great investment over the last decade, but the next decade may look quite different.</li>  <li>Apple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.</li>  <li>Shares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f2ea192ed76d9772c2c6a820098faf5\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Photo by Paopano/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>苹果在过去十年中是一项伟大的投资，但下一个十年可能会大不相同。</li><li>苹果的增长在过去十年中有所放缓，未来几年也可能不会成为增长怪物。</li><li>股价具有充足的长期上涨空间，但投资者在做出决定之前应考虑当前的估值。</li></ul><p class=\"t-img-caption\"><span>摄影：Paopano/iStock社论，来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Apple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.</p><p><blockquote>苹果（AAPL）是过去十年中最好的投资之一。然而，在接下来的十年里，它的增长可能会有所不同。然而，由于大规模的股东回报计划和向服务业的转变，苹果的股价在十年后仍可能大幅上涨——尽管目前的估值相当高。</blockquote></p><p> <b>Apple Stock Price</b></p><p><blockquote><b>苹果股价</b></blockquote></p><p> Over the last decade, Apple Inc. has been a great investment:</p><p><blockquote>在过去十年中，苹果公司一直是一项伟大的投资：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5d29aa34bdbc5bab7d0730a4095954e6\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.</p><p><blockquote>在这十年中，扣除股息前，股票回报率为900%，复合年回报率约为26%，轻松击败了同期大盘的回报率。重要的是，该公司股价的涨幅远远超过了该公司的市值，而该公司的市值在过去十年中仅增长了550%。这种差异可以用该公司的大规模股票回购计划来解释，该计划在过去十年中大幅减少了股票数量。当然，过去十年对苹果来说是一个商业上非常成功的时期，因为该公司受益于智能手机的兴起，同时也在手表和平板电脑等新产品上取得了成功，苹果或多或少地将其作为一个新产品类别推出。目前，股价为125美元，过去12个月上涨57%，但2021年迄今下跌6%。继2020年强劲上涨之后，股价目前似乎处于盘整格局，这并不令人意外，因为苹果的估值最近已经扩大了很多，而且该公司的业务增长似乎必须赶上最近的股价上涨。目前的一致目标价为156美元，这意味着25%的上涨潜力。由于目前没有迹象表明股价会离开当前的交易区间，我个人认为苹果短期内不会突破150美元。</blockquote></p><p> <b>Where Will Apple Stock Be In 10 Years</b></p><p><blockquote><b>10年后苹果股票会在哪里</b></blockquote></p><p> Apple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.</p><p><blockquote>当然，苹果2031年的股价是无法准确预测的。正如历史一次又一次地表明的那样，甚至不可能在更短的时间内准确预测股价。然而，可以设计情景来了解在某些条件下未来股价的走势，从而了解对未来的合理预期。</blockquote></p><p> To craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.</p><p><blockquote>为了构建这样的场景，我们必须考虑苹果的业务增长、苹果的股东回报计划以及股票未来可能交易的估值倍数。</blockquote></p><p> <b>Apple's business growth</b></p><p><blockquote><b>苹果的业务增长</b></blockquote></p><p> Apple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.</p><p><blockquote>苹果公司过去曾经历过多年的强劲增长和多年的疲软增长。这主要可以用新产品推出等因素来解释，例如。手表或iPad，以及各自当前iPhone型号的强度，这些型号的需求因年份而异。其他因素，如经济增长或贸易问题，也发挥了作用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a5b8bd8ef6cdaa13850c1380e870554c\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Overall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.</p><p><blockquote>总体而言，过去十年收入增长了154%，但正如我们在上图中看到的，收入增长相对不均衡。2010年代初，苹果凭借iPhone的“胜利之路”实现了巨大增长，而在接下来的几年里，收入增长速度放缓。甚至有一些年份的收入同比下降，例如2016年。过去十年的平均年收入增长率为10%，但当我们考虑到2011年和2012年的强劲增长推动了这一增长率时，假设苹果将增长10%可能不太合理。未来一年也是如此。投资者还应该考虑到，公司规模越大，保持高增长率就变得越困难。然而，这并不意味着苹果的收入增长将放缓至零。</blockquote></p><p></p><p> On the back of price increases for its products and the potential for market share gains in&nbsp;high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.</p><p><blockquote>在其产品价格上涨以及中国等高增长国家市场份额增长的潜力（越来越多的人将能够购买苹果价格较高的产品）的背景下，似乎有理由假设苹果将至少从其核心业务中产生一些增长。再加上服务领域的增长——人们越来越多地使用手机，这应该会导致更高的应用支出——并考虑新产品发布的潜力（尽管我认为没有一款产品会像iPhone那样庞大），苹果应该能够以稳健的速度发展其业务。我个人认为5%-7%的收入增长率可能是未来几年的现实估计，尽管一些读者当然会有不同的意见。</blockquote></p><p> <b>Apple's shareholder returns</b></p><p><blockquote><b>苹果的股东回报</b></blockquote></p><p> Apple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.</p><p><blockquote>如上所示，苹果过去曾大幅减少其股票数量，我相信，有理由假设未来也会发生同样的情况。过去十年，苹果回购了36%的股份。如果未来十年发生同样的情况，每股剩余股票在公司价值中的份额将上涨56%，即年化4.6%。不过，由于苹果目前的估值明显高于其历史估值，回购在未来的影响可能会较小。例如，苹果去年的股票数量仅减少了2.6%。</blockquote></p><p> This is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.</p><p><blockquote>这就是为什么我相信未来十年股票数量不会再下降36%。当我们将其向下调整至25%时，当我们考虑每股指标时，这将为苹果的增长带来约3%的年度推动力，而每股指标是苹果股价增长的决定性因素。结合我5%-7%的业务增长预测，我因此假设苹果的每股长期增长将达到8%-10%。</blockquote></p><p> <b>Apple's future valuation</b></p><p><blockquote><b>苹果的未来估值</b></blockquote></p><p> AAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:</p><p><blockquote>苹果公司过去的估值范围很广，其股票在某些时候的市盈率非常低，而投资者在其他时候愿意支付更高的价格：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/be5cb8bbc04ff0e0a13ee64f6f2bd90a\" tg-width=\"635\" tg-height=\"470\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.</p><p><blockquote>五年前，可以以非常低的10倍净利润购买股票，这自然是进入或扩大头寸的好时机。然而，2020年底，该公司的股价高达该公司净利润的40倍，这似乎是一个相当高的估值。目前，AAPL的往绩市盈率为28倍，远期利润约为24倍。在上图中，我们还看到了过去3年、5年、7年和10年的市盈率中位数。很明显，苹果的估值多年来一直在扩大，这就是为什么在较短的“回顾”期内中值较高。我不认为AAPL的市盈率会达到过去十年平均市盈率的15.5倍，因为对于像苹果这样拥有强大品牌、庞大规模的优质公司来说，这似乎是一个相当低的估值。、巨大的利润和堡垒般的资产负债表。另一方面，我也不相信苹果的市盈率会永远保持在24-28倍——对于一家业务增长稳健但不引人注目的中个位数的公司来说，这似乎相当昂贵。当我们考虑到十年后利率可能会更高时，尤其如此，在其他条件相同的情况下，这应该会给所有股票的估值带来压力。因此，我认为2031年净利润20倍左右的估值可能是合理的估计，这或多或少与3年市盈率中位数一致。</blockquote></p><p> <b>Is AAPL A Buy Or Sell Now</b></p><p><blockquote><b>AAPL现在是买入还是卖出</b></blockquote></p><p> Starting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.</p><p><blockquote>从2021年每股收益估计为5.15美元开始计算，并假设到2031年每年增长7%-10%，我们的每股收益范围为10.10美元至13.40美元。将市盈率定为20倍，目标价约为每股200-270美元。因此，在235美元左右的中点，股价将较当前水平上涨约90%，年化涨幅约为6.5%。这肯定是一个不错的回报，当我们加上股息时，我们将获得大约7%的年化回报率。另一方面，我相信这也不是一个惊人的回报。</blockquote></p><p></p><p> AAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.</p><p><blockquote>我相信，苹果公司在未来十年具有巨大的上涨潜力，但这并不令人意外——许多公司将在这么长的时间内实现显着增长。我个人对7%的预期长期回报率不太兴奋。当我们考虑到，如果苹果的估值下降，例如由于利率上升，股价在未来1-3年内确实存在相当大的下行风险，目前保持观望可能是更好的选择。长期投资者在当前水平购买股票时可能不会表现不佳，但也可能不会表现出色。目前，我对苹果的评级为持有，如果其估值接近长期平均水平，则可能买入。那些对新产品发布更乐观的人可能不同意并倾向于在这里购买，但事实证明，等待更好的机会是这里的最佳选择。</blockquote></p><p> Summing it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.</p><p><blockquote>总而言之，我想说，该股在未来十年确实有巨大的上涨潜力，但上涨潜力还不足以让我以当前较高的估值购买股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4432703-apple-stock-in-10-years\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4432703-apple-stock-in-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122373606","content_text":"Summary\n\nApple has been a great investment over the last decade, but the next decade may look quite different.\nApple has seen its growth slow down over the last decade, and it will likely not be a growth monster in the coming years, either.\nShares have ample long-term upside, but investors should consider the current valuation before jumping to decisions.\n\nPhoto by Paopano/iStock Editorial via Getty Images\nArticle Thesis\nApple (AAPL) has been one of the best investments one could have made over the last decade. Over the next decade, its growth may not be the same, however. Yet, thanks to massive shareholder return programs and a move towards services, Apple's stock will likely still be significantly higher a decade from now - even though the current valuation is rather high.\nApple Stock Price\nOver the last decade, Apple Inc. has been a great investment:\nData by YCharts\nShares have returned 900% in those ten years, before dividends, for a compounded annual return of approximately 26%, easily trouncing the returns of the broad market during that time frame. Importantly, shares have risen a lot more than the company's market capitalization, which grew by only 550% over the last decade. The difference can be explained by the company's large share repurchase programs, which have lowered the share count drastically over the last decade. The last decade, of course, was a highly successful period for Apple on a business basis, as the company benefited from the rise of smartphones while also having success with new products such as its Watch and tablets, which Apple more or less introduced as a new product category. Right now, shares trade for $125, up 57% over the last twelve months, but down 6% in 2021 to date. Following strong gains during 2020, shares seem to be in a consolidation pattern for now, which is not too much of a surprise, as Apple's valuation had expanded a lot in the recent past, and it seems that the company's business growth has to catch up to the recent share price increases now. The current consensus price target is $156, which implies an upside potential of 25%. Since there are no signs of shares leaving their current trading range right now, I personally do not think that Apple will breach $150 in the near term.\nWhere Will Apple Stock Be In 10 Years\nApple's stock price in 2031 is, of course, nothing that can be forecasted with any precision. As history has shown, again and again, it is not even possible to forecast share prices precisely over a much shorter period of time. It is, however, possible to craft scenarios to see where share prices could be in the future under certain conditions, to get a feel for what might be a reasonable expectation for the future.\nTo craft one such scenario, we have to consider Apple's business growth, Apple's shareholder return program, and the valuation multiple that shares might trade at in the future.\nApple's business growth\nApple Inc. has seen years of stronger growth and years of weaker growth in the past. This mostly can be explained by factors such as new product introductions, e.g. Watch or iPad, and by the strength of the respective current iPhone models, which see varying demand depending on the year. Other factors, such as economic growth or trade issues, play a role as well.\nData by YCharts\nOverall, revenues have grown by 154% over the last decade, but as we see in the above chart, revenue growth has been relatively uneven. During the early 2010s, Apple generated massive growth on the back of the iPhones \"road to victory\", whereas revenue growth declined to a much slower pace in the following years. There were even some years during which revenues declined on a year-over-year basis, such as 2016. The average annual revenue growth pace was 10% over the last decade, but when we factor in that this was lifted up by the very strong growth in 2011 and 2012, it may not be too reasonable to assume that Apple will grow by 10% a year in the future, too. Investors should also consider that maintaining a high growth rate becomes ever more difficult the larger a company gets. This does, however, not mean that Apple's revenue growth will slow down to zero.\nOn the back of price increases for its products and the potential for market share gains in high-growth countries such as China, where more and more people will be able to buy Apple's higher-priced products, it seems reasonable to assume that Apple will generate at least some growth from its core businesses. Add in growth in the services segment - people use their phones more and more, which should lead to higher app spending - and consider the potential for new product launches (although I assume none will be as massive as the iPhone), and Apple should be able to grow its business at a solid pace. I personally assume that a 5%-7% revenue growth rate could be a realistic estimate for the coming years, although some readers will of course have different opinions.\nApple's shareholder returns\nApple has lowered its share count massively in the past, as shown above, and it is, I believe, reasonable to assume that the same will happen going forward. Over the last decade, Apple bought back 36% of its shares. If the same were to happen over the next decade, each remaining share's portion of the company's value would rise by 56%, or 4.6% annualized. Due to the fact that Apple's current valuation is significantly higher than its historic valuation, buybacks could be less impactful in the future, though. Apple has, for example, only reduced its share count by 2.6% over the last year.\nThis is why I believe that the share count will not decline by another 36% over the coming decade. When we adjust that downward to 25%, this would result in a ~3% annual tailwind for Apple's growth when we look at per-share metrics, which are the deciding factor for Apple's share price growth. Combined with my 5%-7% business growth estimate, I thus assume that Apple will grow by 8%-10% on a per-share basis in the long term.\nApple's future valuation\nAAPL has been valued in a very wide range in the past, seeing its shares trade for very low multiples at some points, whereas investors were willing to pay significantly more at other times:\nData by YCharts\nShares could, five years ago, be bought for a very low 10x net earnings, which naturally was a great time to enter or expand positions. In late 2020, however, shares were trading for as much as 40x the company's net earnings, which seems like a quite high valuation. Right now, AAPL trades at 28x trailing earnings, and at around 24x forward profits. In the above chart, we also see the median earnings multiples over the last 3, 5, 7, and 10 years. It is pretty clear that Apple's valuation has expanded over the years, which is why the median values are higher for the shorter \"lookback\" periods. I do not believe that AAPL will trade at the 15.5x net earnings that it has traded at, on average, over the last decade, as this seems like a rather low valuation for a quality company like Apple with a strong brand, massive scale, great margins, and a fortress balance sheet. On the other hand, I also don't believe that Apple will trade at a 24-28x earnings multiple forever - for a company that generates solid but unspectacular business growth in the mid-single-digits, that seems quite expensive. This is especially true when we consider that interest rates will likely be higher a decade from now, which should pressure valuations for all equities, all else equal. I thus believe that a valuation of around 20x net earnings could be a reasonable estimate for 2031, which would be more or less in line with the 3-year median earnings multiple.\nIs AAPL A Buy Or Sell Now\nStarting our calculation with an EPS estimate of $5.15 for 2021 and assuming that this will grow by 7%-10% a year through 2031, we reach an EPS range of $10.10 to $13.40. Putting a 20x earnings multiple on that leads to a target price of around $200-$270/share. At the midpoint of around $235, shares would thus see gains of around 90% from the current level, or around 6.5% annualized. That surely is not a bad return, and when we add in the dividend, we would get to an annualized return of roughly 7%. This is, on the other hand, also not an outrageously great return, I believe.\nAAPL has, I believe, significant upside potential over the next decade, but that should not be a large surprise - many companies will see significant growth over a time span this long. I personally am not too excited about a 7% expected long-term return. When we consider that shares do have considerable downside risk in the next 1-3 years if Apple's valuation declines, e.g. due to rising interest rates, it may be a better choice to stay on the sidelines for now. Long-term investors will likely not do badly when they buy shares at current levels, but they will likely also not do great. For now, I'd rate Apple a hold, and a potential buy if its valuation comes closer to the longer-term average. Those that are more optimistic about new product launches may disagree and favor buying here, but it could turn out that waiting for a better opportunity is the best choice here.\nSumming it up, I'd say shares do have significant upside potential over the next decade, but the upside potential is not large enough to make me buy shares at current, elevated, valuations.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":7678,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165675034,"gmtCreate":1624142750928,"gmtModify":1634010424874,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576709204489965","idStr":"3576709204489965"},"themes":[],"htmlText":"Ple like and comment","listText":"Ple like and comment","text":"Ple like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":9,"repostSize":0,"link":"https://laohu8.com/post/165675034","repostId":"1113942445","repostType":4,"isVote":1,"tweetType":1,"viewCount":730,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189506786,"gmtCreate":1623280606145,"gmtModify":1634035130533,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576709204489965","idStr":"3576709204489965"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/189506786","repostId":"1137228181","repostType":4,"isVote":1,"tweetType":1,"viewCount":665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806652699,"gmtCreate":1627654775111,"gmtModify":1631883895730,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576709204489965","idStr":"3576709204489965"},"themes":[],"htmlText":"At this point in time, NIO is the best buy for Chinese EV play, but I will not use all my bullets at one go.&nbsp;&nbsp;","listText":"At this point in time, NIO is the best buy for Chinese EV play, but I will not use all my bullets at one go.&nbsp;&nbsp;","text":"At this point in time, NIO is the best buy for Chinese EV play, but I will not use all my bullets at one go.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/806652699","repostId":"1166392380","repostType":4,"isVote":1,"tweetType":1,"viewCount":598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806367549,"gmtCreate":1627633805481,"gmtModify":1631891098223,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576709204489965","idStr":"3576709204489965"},"themes":[],"htmlText":"Trend now is sell the news...drop another 5%, becomes attractive!&nbsp; Especially if they decide to have a split.","listText":"Trend now is sell the news...drop another 5%, becomes attractive!&nbsp; Especially if they decide to have a split.","text":"Trend now is sell the news...drop another 5%, becomes attractive! Especially if they decide to have a split.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/806367549","repostId":"1114963045","repostType":4,"isVote":1,"tweetType":1,"viewCount":725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182932064,"gmtCreate":1623550030358,"gmtModify":1634031913782,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576709204489965","idStr":"3576709204489965"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/182932064","repostId":"2142204074","repostType":4,"isVote":1,"tweetType":1,"viewCount":560,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813991426,"gmtCreate":1630118317565,"gmtModify":1704956229834,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576709204489965","idStr":"3576709204489965"},"themes":[],"htmlText":"With so many ETFs applying... Demand will be driven up, and BTC supply will be seriously drained....buy some","listText":"With so many ETFs applying... Demand will be driven up, and BTC supply will be seriously drained....buy some","text":"With so many ETFs applying... Demand will be driven up, and BTC supply will be seriously drained....buy some","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/813991426","repostId":"2162733980","repostType":4,"isVote":1,"tweetType":1,"viewCount":584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891896253,"gmtCreate":1628375032772,"gmtModify":1631891098111,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576709204489965","idStr":"3576709204489965"},"themes":[],"htmlText":"It is true...but most of them will consolidated (or be bought over) instead, this will happen to all industries to some extent.","listText":"It is true...but most of them will consolidated (or be bought over) instead, this will happen to all industries to some extent.","text":"It is true...but most of them will consolidated (or be bought over) instead, this will happen to all industries to some extent.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/891896253","repostId":"1143051031","repostType":4,"isVote":1,"tweetType":1,"viewCount":421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179993202,"gmtCreate":1626480151406,"gmtModify":1631893600234,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576709204489965","idStr":"3576709204489965"},"themes":[],"htmlText":"Old school stocks for now","listText":"Old school stocks for now","text":"Old school stocks for now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/179993202","repostId":"2151892500","repostType":4,"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154620027,"gmtCreate":1625526174369,"gmtModify":1633940090469,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576709204489965","idStr":"3576709204489965"},"themes":[],"htmlText":"Half full?&nbsp; Half empty?&nbsp; It is your call... My call is, staying power wins.","listText":"Half full?&nbsp; Half empty?&nbsp; It is your call... My call is, staying power wins.","text":"Half full? Half empty? It is your call... My call is, staying power wins.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/154620027","repostId":"1139574200","repostType":4,"isVote":1,"tweetType":1,"viewCount":350,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}