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Long2themoon

Long2themoon

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2021-06-06

Monday.con looks intriguing with CRM and ZM investing in it.

U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>

2021-05-22

Buy the dip!

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2021-06-21

Anyone know what is a SPARC? What is its benefits n purpose?

Ackman’s SPAC to Buy 10% of Vivendi’s Universal Music for $4 Billion<blockquote>阿克曼的SPAC将以40亿美元收购维旺迪环球音乐10%的股份</blockquote>

2021-06-14

Waiting for a good entry point.

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2021-05-28

Right place, right time.

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2021-05-17

Up or down? What is your choice?

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2021-05-12

For long term investors, it is a good opportunity to buy tech stocks at cheap prices. Ignore the short term volatility and hoard for the future.

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2021-05-30

Tesla feels more and more like a meme stock. Maybe can be grand dad of all the meme stocks.

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2021-06-08

With some much cash on hand, a car doesn’t seemthat way off.

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2021-05-31

Insightful look into the week ahead. What are your plays?

Zoom, Lululemon, Canopy Growth and Other Stocks for Investors to See This Week<blockquote>Zoom、Lululemon、Canopy Growth和其他本周值得投资者关注的股票</blockquote>

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packed week ahead!","listText":"Action packed week ahead!","text":"Action packed week ahead!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177436324","repostId":"1100772026","repostType":4,"isVote":1,"tweetType":1,"viewCount":3593,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125490783,"gmtCreate":1624683633942,"gmtModify":1631888842805,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Long on NVDA. 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Aesthetically it just looks better on your portfolio with a higher number of shares owned.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/125490783","repostId":"1175794606","repostType":4,"isVote":1,"tweetType":1,"viewCount":3272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164497630,"gmtCreate":1624232646120,"gmtModify":1631888842808,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Anyone know what is a SPARC? What is its benefits n purpose?","listText":"Anyone know what is a SPARC? What is its benefits n purpose?","text":"Anyone know what is a SPARC? What is its benefits n purpose?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/164497630","repostId":"1170361434","repostType":4,"repost":{"id":"1170361434","kind":"news","pubTimestamp":1624232134,"share":"https://www.laohu8.com/m/news/1170361434?lang=zh_CN&edition=full","pubTime":"2021-06-21 07:35","market":"us","language":"en","title":"Ackman’s SPAC to Buy 10% of Vivendi’s Universal Music for $4 Billion<blockquote>阿克曼的SPAC将以40亿美元收购维旺迪环球音乐10%的股份</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170361434","media":"Bloomberg","summary":"(Bloomberg) -- A blank-check firm backed by billionaire Bill Ackman agreed to acquire 10% of Univers","content":"<p>(Bloomberg) -- A blank-check firm backed by billionaire Bill Ackman agreed to acquire 10% of Universal Music Group for about $4 billion from French media company Vivendi SE.</p><p><blockquote>（彭博）-亿万富翁比尔·阿克曼支持的一家空白支票公司同意以约40亿美元的价格从法国媒体公司维旺迪SE手中收购环球音乐集团10%的股份。</blockquote></p><p> Ackman’s special purpose acquisition company, called Pershing Square Tontine Holdings Ltd., said the transaction would value the home of Taylor Swift, Drake and Billie Eilish at 35 billion euros ($42 billion) including debt. The companies reached an agreement despite drawing pushback from Vivendi’s shareholders and disappointment from investors of Pershing Square Tontine.</p><p><blockquote>阿克曼的特殊目的收购公司Pershing Square Tontine Holdings Ltd.表示，这笔交易将使泰勒·斯威夫特、德雷克和比莉·埃利什的住宅估值达到350亿欧元（420亿美元），包括债务。尽管遭到维旺迪股东的反对和潘兴广场通廷投资者的失望，两家公司还是达成了协议。</blockquote></p><p> SPACs typically pursue mergers with closely held companies, but after this deal, Pershing Square Tontine will remain listed with about $1.5 billion in cash and access to an additional $1.4 billion with the Pershing Square Funds. It will continue to search for a new business combination, according to its statement on Sunday.</p><p><blockquote>SPAC通常会寻求与少数人持股的公司合并，但在这笔交易之后，Pershing Square Tontine将继续上市，拥有约15亿美元现金，并通过Pershing Square基金获得额外的14亿美元。根据周日的声明，该公司将继续寻找新的业务合并。</blockquote></p><p> Pershing Square Tontine said it intends to distribute the Universal Music shares to its investors after the music business’s planned public listing in Amsterdam later this year. Investors will also get the right to acquire a stake in a new vehicle known as a special purpose acquisition rights company, or SPARC.</p><p><blockquote>Pershing Square Tontine表示，打算在音乐业务计划今年晚些时候在阿姆斯特丹公开上市后将环球音乐股票分配给投资者。投资者还将有权收购一种名为特殊目的收购权公司（SPARC）的新工具的股份。</blockquote></p><p> As the music industry rebounds from a decadelong slump, Vivendi is cashing in on a boom in subscription music streaming that has inflated the value of its back catalog and a roster of stars including Swift, Drake, U2 and Post Malone. The deal would leave Universal Music with an investment base across the U.S., Europe and Asia. In 2019, a consortium led by China’s Tencent Holdings Ltd. also agreed to buy a stake in Universal Music.</p><p><blockquote>随着音乐行业从长达十年的低迷中反弹，维旺迪正在从订阅音乐流媒体的繁荣中获利，这种繁荣抬高了其旧目录以及包括斯威夫特、德雷克、U2和波斯特·马龙在内的明星名单的价值。这笔交易将使环球音乐的投资基础遍布美国、欧洲和亚洲。2019年，由腾讯控股控股有限公司牵头的财团也同意购买环球音乐的股份。</blockquote></p><p> “After the 20% equity stake acquired by the Consortium led by the Tencent group, the arrival of major American investors provides further evidence of UMG’s global success and attractiveness,” Vivendi said in a separate statement Sunday.</p><p><blockquote>维旺迪周日在另一份声明中表示：“在腾讯控股集团牵头的财团收购20%股权后，美国主要投资者的到来进一步证明了UMG在全球的成功和吸引力。”</blockquote></p><p> The transaction is set to close in the coming weeks, and at the latest by Sept. 15, Vivendi said.</p><p><blockquote>维旺迪表示，该交易将在未来几周内完成，最迟在9月15日完成。</blockquote></p><p> Perella Weinberg Partners advised the board of directors of Pershing Square Tontine.</p><p><blockquote>Perella Weinberg Partners为潘兴广场Tontine的董事会提供咨询服务。</blockquote></p><p></p>","source":"lsy1612507957220","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>Ackman’s SPAC to Buy 10% of Vivendi’s Universal Music for $4 Billion<blockquote>阿克曼的SPAC将以40亿美元收购维旺迪环球音乐10%的股份</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\">\nAckman’s SPAC to Buy 10% of Vivendi’s Universal Music for $4 Billion<blockquote>阿克曼的SPAC将以40亿美元收购维旺迪环球音乐10%的股份</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-06-21 07:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- A blank-check firm backed by billionaire Bill Ackman agreed to acquire 10% of Universal Music Group for about $4 billion from French media company Vivendi SE.</p><p><blockquote>（彭博）-亿万富翁比尔·阿克曼支持的一家空白支票公司同意以约40亿美元的价格从法国媒体公司维旺迪SE手中收购环球音乐集团10%的股份。</blockquote></p><p> Ackman’s special purpose acquisition company, called Pershing Square Tontine Holdings Ltd., said the transaction would value the home of Taylor Swift, Drake and Billie Eilish at 35 billion euros ($42 billion) including debt. The companies reached an agreement despite drawing pushback from Vivendi’s shareholders and disappointment from investors of Pershing Square Tontine.</p><p><blockquote>阿克曼的特殊目的收购公司Pershing Square Tontine Holdings Ltd.表示，这笔交易将使泰勒·斯威夫特、德雷克和比莉·埃利什的住宅估值达到350亿欧元（420亿美元），包括债务。尽管遭到维旺迪股东的反对和潘兴广场通廷投资者的失望，两家公司还是达成了协议。</blockquote></p><p> SPACs typically pursue mergers with closely held companies, but after this deal, Pershing Square Tontine will remain listed with about $1.5 billion in cash and access to an additional $1.4 billion with the Pershing Square Funds. It will continue to search for a new business combination, according to its statement on Sunday.</p><p><blockquote>SPAC通常会寻求与少数人持股的公司合并，但在这笔交易之后，Pershing Square Tontine将继续上市，拥有约15亿美元现金，并通过Pershing Square基金获得额外的14亿美元。根据周日的声明，该公司将继续寻找新的业务合并。</blockquote></p><p> Pershing Square Tontine said it intends to distribute the Universal Music shares to its investors after the music business’s planned public listing in Amsterdam later this year. Investors will also get the right to acquire a stake in a new vehicle known as a special purpose acquisition rights company, or SPARC.</p><p><blockquote>Pershing Square Tontine表示，打算在音乐业务计划今年晚些时候在阿姆斯特丹公开上市后将环球音乐股票分配给投资者。投资者还将有权收购一种名为特殊目的收购权公司（SPARC）的新工具的股份。</blockquote></p><p> As the music industry rebounds from a decadelong slump, Vivendi is cashing in on a boom in subscription music streaming that has inflated the value of its back catalog and a roster of stars including Swift, Drake, U2 and Post Malone. The deal would leave Universal Music with an investment base across the U.S., Europe and Asia. In 2019, a consortium led by China’s Tencent Holdings Ltd. also agreed to buy a stake in Universal Music.</p><p><blockquote>随着音乐行业从长达十年的低迷中反弹，维旺迪正在从订阅音乐流媒体的繁荣中获利，这种繁荣抬高了其旧目录以及包括斯威夫特、德雷克、U2和波斯特·马龙在内的明星名单的价值。这笔交易将使环球音乐的投资基础遍布美国、欧洲和亚洲。2019年，由腾讯控股控股有限公司牵头的财团也同意购买环球音乐的股份。</blockquote></p><p> “After the 20% equity stake acquired by the Consortium led by the Tencent group, the arrival of major American investors provides further evidence of UMG’s global success and attractiveness,” Vivendi said in a separate statement Sunday.</p><p><blockquote>维旺迪周日在另一份声明中表示：“在腾讯控股集团牵头的财团收购20%股权后，美国主要投资者的到来进一步证明了UMG在全球的成功和吸引力。”</blockquote></p><p> The transaction is set to close in the coming weeks, and at the latest by Sept. 15, Vivendi said.</p><p><blockquote>维旺迪表示，该交易将在未来几周内完成，最迟在9月15日完成。</blockquote></p><p> Perella Weinberg Partners advised the board of directors of Pershing Square Tontine.</p><p><blockquote>Perella Weinberg Partners为潘兴广场Tontine的董事会提供咨询服务。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/ackman-spac-buy-10-vivendi-181553324.html\">Bloomberg</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":{"PSTH":"Pershing Square Tontine Holdings"},"source_url":"https://finance.yahoo.com/news/ackman-spac-buy-10-vivendi-181553324.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170361434","content_text":"(Bloomberg) -- A blank-check firm backed by billionaire Bill Ackman agreed to acquire 10% of Universal Music Group for about $4 billion from French media company Vivendi SE.\nAckman’s special purpose acquisition company, called Pershing Square Tontine Holdings Ltd., said the transaction would value the home of Taylor Swift, Drake and Billie Eilish at 35 billion euros ($42 billion) including debt. The companies reached an agreement despite drawing pushback from Vivendi’s shareholders and disappointment from investors of Pershing Square Tontine.\nSPACs typically pursue mergers with closely held companies, but after this deal, Pershing Square Tontine will remain listed with about $1.5 billion in cash and access to an additional $1.4 billion with the Pershing Square Funds. It will continue to search for a new business combination, according to its statement on Sunday.\nPershing Square Tontine said it intends to distribute the Universal Music shares to its investors after the music business’s planned public listing in Amsterdam later this year. Investors will also get the right to acquire a stake in a new vehicle known as a special purpose acquisition rights company, or SPARC.\nAs the music industry rebounds from a decadelong slump, Vivendi is cashing in on a boom in subscription music streaming that has inflated the value of its back catalog and a roster of stars including Swift, Drake, U2 and Post Malone. The deal would leave Universal Music with an investment base across the U.S., Europe and Asia. In 2019, a consortium led by China’s Tencent Holdings Ltd. also agreed to buy a stake in Universal Music.\n“After the 20% equity stake acquired by the Consortium led by the Tencent group, the arrival of major American investors provides further evidence of UMG’s global success and attractiveness,” Vivendi said in a separate statement Sunday.\nThe transaction is set to close in the coming weeks, and at the latest by Sept. 15, Vivendi said.\nPerella Weinberg Partners advised the board of directors of Pershing Square Tontine.","news_type":1,"symbols_score_info":{"PSTH":0.9}},"isVote":1,"tweetType":1,"viewCount":2330,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164499452,"gmtCreate":1624232468676,"gmtModify":1631888842822,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"What a week ahead for investors!","listText":"What a week ahead for investors!","text":"What a week ahead for investors!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/164499452","repostId":"1154249454","repostType":4,"isVote":1,"tweetType":1,"viewCount":3390,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162990627,"gmtCreate":1624030054169,"gmtModify":1631888842833,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Hopefully margins will continue to improve and bring back the glory days.&nbsp;","listText":"Hopefully margins will continue to improve and bring back the glory days.&nbsp;","text":"Hopefully margins will continue to improve and bring back the glory days.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/162990627","repostId":"1190435717","repostType":4,"repost":{"id":"1190435717","kind":"news","pubTimestamp":1624026313,"share":"https://www.laohu8.com/m/news/1190435717?lang=zh_CN&edition=full","pubTime":"2021-06-18 22:25","market":"us","language":"en","title":"General Electric Sets Date for 1-for-8 Reverse Stock Split as Aug. 2<blockquote>通用电气将8月2日进行1股反向股票分割的日期定为8月2日</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190435717","media":"thestreet","summary":"General Electric (GE) -Get Report said Friday it will proceed with its planned one-for-eight stock s","content":"<p>General Electric&nbsp;(<b>GE</b>) -Get Report&nbsp;said Friday it will proceed with its planned one-for-eight stock split on July 30, with shares trading on the adjusted basis as of August 2.</p><p><blockquote>通用电气（<b>通用电气</b>)-Get Report周五表示，将于7月30日继续按计划进行八股一股的股票分割，截至8月2日，股票交易按调整后的基础进行。</blockquote></p><p> GE unveiled the split plans in early May that it said would \"reduce the number of shares outstanding \"to a number more typical of companies with comparable market capitalization\". That followed a 2021 financial update that&nbsp;repeated industrial revenues will grow \"organically in the low-single-digit range\" while earnings should come in between 15 cents and 25 cents per share. Industrial free-cash flow, GE said, is forecast in the range of $2.5 billion to $4.5 billion.</p><p><blockquote>通用电气在5月初公布了分拆计划，称将“将已发行股票数量减少到市值相当的更典型的公司数量”。此前，2021年的财务更新显示，重复工业收入将“在低个位数范围内有机增长”，而每股收益应在15美分至25美分之间。通用电气表示，工业自由现金流预计在25亿至45亿美元之间。</blockquote></p><p> \"GE has divested a number of businesses over the last several years-including nearly all of GE Capital-without any corresponding adjustments to reduce our share count,\" Said CDO Carolina Dybeck. \"The reverse stock split will better align GE's number of shares outstanding with companies of our size and scope. It also marks another step in GE's transformation to be a more focused, simpler, stronger high-tech industrial company.\"</p><p><blockquote>CDO卡罗莱纳·迪贝克(Carolina Dybeck)表示：“通用电气在过去几年中剥离了多项业务，包括几乎所有通用电气资本(GE Capital)，但没有进行任何相应调整来减少我们的股份数量。”“反向股票分割将使GE的流通股数量更好地与我们这种规模和范围的公司保持一致。这也标志着GE向更专注、更简单、更强大的高科技工业公司转型又迈出了一步。”</blockquote></p><p> General Electric shares were marked 1.5% lower in heavy early market volume Friday to change hands at $12.79 each, a move that trims the stock's year-to-date gain to around 19%.</p><p><blockquote>通用电气股价周五早盘成交量较大，下跌1.5%，换手至每股12.79美元，此举将该股今年迄今的涨幅削减至19%左右。</blockquote></p><p> GE posted stronger-than-expected first quarter earnings of 3 cents per share in late April, as revenues jumped 16.6% to $17.1 billion, but held off on boosting its full-year profit forecast amid the ongoing hit to its aviation business from the global coronavirus pandemic.</p><p><blockquote>通用电气4月底公布的第一季度每股收益为3美分，强于预期，收入增长16.6%至171亿美元，但由于全球冠状病毒大流行对其航空业务的持续打击，该公司推迟了全年利润预期。</blockquote></p><p> Last month, Citigroup analyst Andrew Kaplowitz pegged a $17 price target on GE, alongside a reinstated 'buy' rating, amid what he said was evidence of improvements across the whole of its business portfolio under CEO Larry' Culp's turnaround plans that could trigger \"material upside\" in GE shares.</p><p><blockquote>上个月，花旗集团分析师安德鲁·卡普洛维茨(Andrew Kaplowitz)将通用电气的目标价定为17美元，同时恢复了“买入”评级，他表示，有证据表明，在首席执行官拉里·卡尔普(Larry'Culp)的扭亏为盈计划下，通用电气的整个业务组合都有所改善，这可能会引发通用电气股价的“实质性上涨”。</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>General Electric Sets Date for 1-for-8 Reverse Stock Split as Aug. 2<blockquote>通用电气将8月2日进行1股反向股票分割的日期定为8月2日</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\">\nGeneral Electric Sets Date for 1-for-8 Reverse Stock Split as Aug. 2<blockquote>通用电气将8月2日进行1股反向股票分割的日期定为8月2日</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">thestreet</strong><span class=\"h-time small\">2021-06-18 22:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>General Electric&nbsp;(<b>GE</b>) -Get Report&nbsp;said Friday it will proceed with its planned one-for-eight stock split on July 30, with shares trading on the adjusted basis as of August 2.</p><p><blockquote>通用电气（<b>通用电气</b>)-Get Report周五表示，将于7月30日继续按计划进行八股一股的股票分割，截至8月2日，股票交易按调整后的基础进行。</blockquote></p><p> GE unveiled the split plans in early May that it said would \"reduce the number of shares outstanding \"to a number more typical of companies with comparable market capitalization\". That followed a 2021 financial update that&nbsp;repeated industrial revenues will grow \"organically in the low-single-digit range\" while earnings should come in between 15 cents and 25 cents per share. Industrial free-cash flow, GE said, is forecast in the range of $2.5 billion to $4.5 billion.</p><p><blockquote>通用电气在5月初公布了分拆计划，称将“将已发行股票数量减少到市值相当的更典型的公司数量”。此前，2021年的财务更新显示，重复工业收入将“在低个位数范围内有机增长”，而每股收益应在15美分至25美分之间。通用电气表示，工业自由现金流预计在25亿至45亿美元之间。</blockquote></p><p> \"GE has divested a number of businesses over the last several years-including nearly all of GE Capital-without any corresponding adjustments to reduce our share count,\" Said CDO Carolina Dybeck. \"The reverse stock split will better align GE's number of shares outstanding with companies of our size and scope. It also marks another step in GE's transformation to be a more focused, simpler, stronger high-tech industrial company.\"</p><p><blockquote>CDO卡罗莱纳·迪贝克(Carolina Dybeck)表示：“通用电气在过去几年中剥离了多项业务，包括几乎所有通用电气资本(GE Capital)，但没有进行任何相应调整来减少我们的股份数量。”“反向股票分割将使GE的流通股数量更好地与我们这种规模和范围的公司保持一致。这也标志着GE向更专注、更简单、更强大的高科技工业公司转型又迈出了一步。”</blockquote></p><p> General Electric shares were marked 1.5% lower in heavy early market volume Friday to change hands at $12.79 each, a move that trims the stock's year-to-date gain to around 19%.</p><p><blockquote>通用电气股价周五早盘成交量较大，下跌1.5%，换手至每股12.79美元，此举将该股今年迄今的涨幅削减至19%左右。</blockquote></p><p> GE posted stronger-than-expected first quarter earnings of 3 cents per share in late April, as revenues jumped 16.6% to $17.1 billion, but held off on boosting its full-year profit forecast amid the ongoing hit to its aviation business from the global coronavirus pandemic.</p><p><blockquote>通用电气4月底公布的第一季度每股收益为3美分，强于预期，收入增长16.6%至171亿美元，但由于全球冠状病毒大流行对其航空业务的持续打击，该公司推迟了全年利润预期。</blockquote></p><p> Last month, Citigroup analyst Andrew Kaplowitz pegged a $17 price target on GE, alongside a reinstated 'buy' rating, amid what he said was evidence of improvements across the whole of its business portfolio under CEO Larry' Culp's turnaround plans that could trigger \"material upside\" in GE shares.</p><p><blockquote>上个月，花旗集团分析师安德鲁·卡普洛维茨(Andrew Kaplowitz)将通用电气的目标价定为17美元，同时恢复了“买入”评级，他表示，有证据表明，在首席执行官拉里·卡尔普(Larry'Culp)的扭亏为盈计划下，通用电气的整个业务组合都有所改善，这可能会引发通用电气股价的“实质性上涨”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/general-electric-sets-1-for-8-reverse-stock-split-date-at-august-2\">thestreet</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":{"GE":"GE航空航天"},"source_url":"https://www.thestreet.com/investing/general-electric-sets-1-for-8-reverse-stock-split-date-at-august-2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190435717","content_text":"General Electric (GE) -Get Report said Friday it will proceed with its planned one-for-eight stock split on July 30, with shares trading on the adjusted basis as of August 2.\nGE unveiled the split plans in early May that it said would \"reduce the number of shares outstanding \"to a number more typical of companies with comparable market capitalization\". That followed a 2021 financial update that repeated industrial revenues will grow \"organically in the low-single-digit range\" while earnings should come in between 15 cents and 25 cents per share. Industrial free-cash flow, GE said, is forecast in the range of $2.5 billion to $4.5 billion.\n\"GE has divested a number of businesses over the last several years-including nearly all of GE Capital-without any corresponding adjustments to reduce our share count,\" Said CDO Carolina Dybeck. \"The reverse stock split will better align GE's number of shares outstanding with companies of our size and scope. It also marks another step in GE's transformation to be a more focused, simpler, stronger high-tech industrial company.\"\nGeneral Electric shares were marked 1.5% lower in heavy early market volume Friday to change hands at $12.79 each, a move that trims the stock's year-to-date gain to around 19%.\nGE posted stronger-than-expected first quarter earnings of 3 cents per share in late April, as revenues jumped 16.6% to $17.1 billion, but held off on boosting its full-year profit forecast amid the ongoing hit to its aviation business from the global coronavirus pandemic.\nLast month, Citigroup analyst Andrew Kaplowitz pegged a $17 price target on GE, alongside a reinstated 'buy' rating, amid what he said was evidence of improvements across the whole of its business portfolio under CEO Larry' Culp's turnaround plans that could trigger \"material upside\" in GE shares.","news_type":1,"symbols_score_info":{"GE":0.9}},"isVote":1,"tweetType":1,"viewCount":3830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162073704,"gmtCreate":1624029470308,"gmtModify":1631888842846,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Interesting read.&nbsp;","listText":"Interesting read.&nbsp;","text":"Interesting read.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/162073704","repostId":"1119296361","repostType":4,"repost":{"id":"1119296361","kind":"news","pubTimestamp":1624028454,"share":"https://www.laohu8.com/m/news/1119296361?lang=zh_CN&edition=full","pubTime":"2021-06-18 23:00","market":"us","language":"en","title":"Bank Stocks Were Fed Day Winners. Why They’re Getting Crushed.<blockquote>银行股是美联储日的赢家。为什么他们会被压垮。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1119296361","media":"Barrons","summary":"Bank stocks rosewhen the Fed released its June monetary policy statement, one thatpointed to earlier","content":"<p>Bank stocks rosewhen the Fed released its June monetary policy statement, one thatpointed to earlier than expected rate hikes. On Thursday, they were among the market’s biggest losers.</p><p><blockquote>当美联储发布6月份货币政策声明时，银行股上涨，该声明指出加息时间早于预期。周四，他们是市场最大的输家之一。</blockquote></p><p> There’s a good reason for that. Banks generally make money by borrowing money short and lending it out long—andmaking a profit off the spread. When longer-term rates rise faster than shorter-term ones, bank margins generally get better, while the profits deteriorate when the opposite happens.</p><p><blockquote>这是有充分理由的。银行通常通过短期借钱和长期借钱来赚钱，并从利差中获利。当长期利率上升速度快于短期利率时，银行利润率通常会提高，而当情况相反时，利润会恶化。</blockquote></p><p> After Wednesday’s meeting, the 10-year yield got a big bounce—it rose 0.071% to 1.569%—while thetwo-year yield rose0.038 percentage point to 0.203%, putting the spread between the two at 1.366 percentage points. That widening made the financial sector generally, and bank stocks specifically, one of the few sectors to react positively to the Fed’s announcement on Wednesday. TheSPDR S&amp;P Bank ETF(KBE) rose 0.9%, whileJPMorgan Chase(JPM) rose 0.7%, even as theS&amp;P 500fell 0.5%, theDow Jones Industrial Averagedropped 0.8%, and theNasdaq Compositedeclined 0.2%</p><p><blockquote>周三会议结束后，10年期国债收益率大幅反弹，上涨0.071%至1.569%，而两年期国债收益率上涨0.038个百分点至0.203%，两者利差达到1.366个百分点。这种扩大使得金融业，尤其是银行股成为少数几个对美联储周三的声明做出积极反应的行业之一。SPDR S&amp;P Bank ETF(KBE)上涨0.9%，摩根大通(JPM)上涨0.7%，尽管标准普尔500指数下跌0.5%，道琼斯工业平均指数下跌0.8%，纳斯达克综合指数下跌0.2%</blockquote></p><p> The market, however, has had a change of heart. The 10-year yield has fallen to 1.498%, while the two-year has risen to 0.238%, putting the gap at 1.26 percentage points. That so-called flattening of the yield curve is bad news for a rate-sensitive sector like banks. The SPDR S&amp;P Bank ETF fell 4.5% on Thurdsay and 1% in premarket trading on Friday. JPMorgan dropped 2.9% on Thursday and is down about 1% on Friday. S&amp;P 500 futures on Friday were down 0.6%, while Dow futures were down 0.8%. Futures for the Nasdaq Composite fell 0.4%.</p><p><blockquote>然而，市场已经改变了主意。10年期国债收益率跌至1.498%，两年期国债收益率升至0.238%，差距为1.26个百分点。对于银行等利率敏感行业来说，所谓的收益率曲线变平是个坏消息。SPDR S&amp;P Bank ETF周四下跌4.5%，周五盘前交易下跌1%。摩根大通周四下跌2.9%，周五下跌约1%。周五标普500期货下跌0.6%，道指期货下跌0.8%。纳斯达克综合指数期货下跌0.4%。</blockquote></p><p> Why the about-face from the market? For yields to keep rising, the economy needs to show that it is recovering quickly. Otherwise, investors are going to bet on a repeat of the slow growth the U.S. experienced after the financial crisis of 2008. With jobless claims missing by a wide margin Thursday—and experiencing the first rise following six weeks of drops—the market decided to focus on the latter, not the former, says Evercore ISI strategist Dennis DeBusschere. “The risk to the economic outlook is the sharp turn to hawkish side, relative to what everyone previously thought, at the same time the labor market isn’t as strong as the Fed assumed,” he writes.</p><p><blockquote>市场为何大转变？为了让收益率继续上升，经济需要表明它正在迅速复苏。否则，投资者将押注美国在2008年金融危机后经历的缓慢增长。Evercore ISI策略师丹尼斯·德布斯切尔(Dennis DeBusschere)表示，由于周四初请失业金人数大幅下降，并在六周下降后首次上升，市场决定关注后者，而不是前者。他写道：“相对于所有人之前的想法，经济前景面临的风险是急剧转向鹰派，同时劳动力市场并不像美联储假设的那么强劲。”</blockquote></p><p> Until that changes, it will be hard for bank stocks to bounce back.</p><p><blockquote>在这种情况改变之前，银行股将很难反弹。</blockquote></p><p></p>","source":"lsy1601382232898","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>Bank Stocks Were Fed Day Winners. Why They’re Getting Crushed.<blockquote>银行股是美联储日的赢家。为什么他们会被压垮。</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\">\nBank Stocks Were Fed Day Winners. Why They’re Getting Crushed.<blockquote>银行股是美联储日的赢家。为什么他们会被压垮。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-18 23:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Bank stocks rosewhen the Fed released its June monetary policy statement, one thatpointed to earlier than expected rate hikes. On Thursday, they were among the market’s biggest losers.</p><p><blockquote>当美联储发布6月份货币政策声明时，银行股上涨，该声明指出加息时间早于预期。周四，他们是市场最大的输家之一。</blockquote></p><p> There’s a good reason for that. Banks generally make money by borrowing money short and lending it out long—andmaking a profit off the spread. When longer-term rates rise faster than shorter-term ones, bank margins generally get better, while the profits deteriorate when the opposite happens.</p><p><blockquote>这是有充分理由的。银行通常通过短期借钱和长期借钱来赚钱，并从利差中获利。当长期利率上升速度快于短期利率时，银行利润率通常会提高，而当情况相反时，利润会恶化。</blockquote></p><p> After Wednesday’s meeting, the 10-year yield got a big bounce—it rose 0.071% to 1.569%—while thetwo-year yield rose0.038 percentage point to 0.203%, putting the spread between the two at 1.366 percentage points. That widening made the financial sector generally, and bank stocks specifically, one of the few sectors to react positively to the Fed’s announcement on Wednesday. TheSPDR S&amp;P Bank ETF(KBE) rose 0.9%, whileJPMorgan Chase(JPM) rose 0.7%, even as theS&amp;P 500fell 0.5%, theDow Jones Industrial Averagedropped 0.8%, and theNasdaq Compositedeclined 0.2%</p><p><blockquote>周三会议结束后，10年期国债收益率大幅反弹，上涨0.071%至1.569%，而两年期国债收益率上涨0.038个百分点至0.203%，两者利差达到1.366个百分点。这种扩大使得金融业，尤其是银行股成为少数几个对美联储周三的声明做出积极反应的行业之一。SPDR S&amp;P Bank ETF(KBE)上涨0.9%，摩根大通(JPM)上涨0.7%，尽管标准普尔500指数下跌0.5%，道琼斯工业平均指数下跌0.8%，纳斯达克综合指数下跌0.2%</blockquote></p><p> The market, however, has had a change of heart. The 10-year yield has fallen to 1.498%, while the two-year has risen to 0.238%, putting the gap at 1.26 percentage points. That so-called flattening of the yield curve is bad news for a rate-sensitive sector like banks. The SPDR S&amp;P Bank ETF fell 4.5% on Thurdsay and 1% in premarket trading on Friday. JPMorgan dropped 2.9% on Thursday and is down about 1% on Friday. S&amp;P 500 futures on Friday were down 0.6%, while Dow futures were down 0.8%. Futures for the Nasdaq Composite fell 0.4%.</p><p><blockquote>然而，市场已经改变了主意。10年期国债收益率跌至1.498%，两年期国债收益率升至0.238%，差距为1.26个百分点。对于银行等利率敏感行业来说，所谓的收益率曲线变平是个坏消息。SPDR S&amp;P Bank ETF周四下跌4.5%，周五盘前交易下跌1%。摩根大通周四下跌2.9%，周五下跌约1%。周五标普500期货下跌0.6%，道指期货下跌0.8%。纳斯达克综合指数期货下跌0.4%。</blockquote></p><p> Why the about-face from the market? For yields to keep rising, the economy needs to show that it is recovering quickly. Otherwise, investors are going to bet on a repeat of the slow growth the U.S. experienced after the financial crisis of 2008. With jobless claims missing by a wide margin Thursday—and experiencing the first rise following six weeks of drops—the market decided to focus on the latter, not the former, says Evercore ISI strategist Dennis DeBusschere. “The risk to the economic outlook is the sharp turn to hawkish side, relative to what everyone previously thought, at the same time the labor market isn’t as strong as the Fed assumed,” he writes.</p><p><blockquote>市场为何大转变？为了让收益率继续上升，经济需要表明它正在迅速复苏。否则，投资者将押注美国在2008年金融危机后经历的缓慢增长。Evercore ISI策略师丹尼斯·德布斯切尔(Dennis DeBusschere)表示，由于周四初请失业金人数大幅下降，并在六周下降后首次上升，市场决定关注后者，而不是前者。他写道：“相对于所有人之前的想法，经济前景面临的风险是急剧转向鹰派，同时劳动力市场并不像美联储假设的那么强劲。”</blockquote></p><p> Until that changes, it will be hard for bank stocks to bounce back.</p><p><blockquote>在这种情况改变之前，银行股将很难反弹。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/bank-stocks-were-fed-day-winners-why-theyre-getting-crushed-today-51623957525?mod=RTA\">Barrons</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":{"GS":"高盛","C":"花旗","JPM":"摩根大通","MS":"摩根士丹利","BAC":"美国银行","WFC":"富国银行"},"source_url":"https://www.barrons.com/articles/bank-stocks-were-fed-day-winners-why-theyre-getting-crushed-today-51623957525?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119296361","content_text":"Bank stocks rosewhen the Fed released its June monetary policy statement, one thatpointed to earlier than expected rate hikes. On Thursday, they were among the market’s biggest losers.\nThere’s a good reason for that. Banks generally make money by borrowing money short and lending it out long—andmaking a profit off the spread. When longer-term rates rise faster than shorter-term ones, bank margins generally get better, while the profits deteriorate when the opposite happens.\nAfter Wednesday’s meeting, the 10-year yield got a big bounce—it rose 0.071% to 1.569%—while thetwo-year yield rose0.038 percentage point to 0.203%, putting the spread between the two at 1.366 percentage points. That widening made the financial sector generally, and bank stocks specifically, one of the few sectors to react positively to the Fed’s announcement on Wednesday. TheSPDR S&P Bank ETF(KBE) rose 0.9%, whileJPMorgan Chase(JPM) rose 0.7%, even as theS&P 500fell 0.5%, theDow Jones Industrial Averagedropped 0.8%, and theNasdaq Compositedeclined 0.2%\nThe market, however, has had a change of heart. The 10-year yield has fallen to 1.498%, while the two-year has risen to 0.238%, putting the gap at 1.26 percentage points. That so-called flattening of the yield curve is bad news for a rate-sensitive sector like banks. The SPDR S&P Bank ETF fell 4.5% on Thurdsay and 1% in premarket trading on Friday. JPMorgan dropped 2.9% on Thursday and is down about 1% on Friday. S&P 500 futures on Friday were down 0.6%, while Dow futures were down 0.8%. Futures for the Nasdaq Composite fell 0.4%.\nWhy the about-face from the market? For yields to keep rising, the economy needs to show that it is recovering quickly. Otherwise, investors are going to bet on a repeat of the slow growth the U.S. experienced after the financial crisis of 2008. With jobless claims missing by a wide margin Thursday—and experiencing the first rise following six weeks of drops—the market decided to focus on the latter, not the former, says Evercore ISI strategist Dennis DeBusschere. “The risk to the economic outlook is the sharp turn to hawkish side, relative to what everyone previously thought, at the same time the labor market isn’t as strong as the Fed assumed,” he writes.\nUntil that changes, it will be hard for bank stocks to bounce back.","news_type":1,"symbols_score_info":{"JPM":0.9,"GS":0.9,"C":0.9,"WFC":0.9,"MS":0.9,"BAC":0.9}},"isVote":1,"tweetType":1,"viewCount":2938,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168659036,"gmtCreate":1623974677725,"gmtModify":1631888842859,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Another stream of revenue for FB.","listText":"Another stream of revenue for FB.","text":"Another stream of revenue for FB.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168659036","repostId":"2144742672","repostType":4,"isVote":1,"tweetType":1,"viewCount":2653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168624068,"gmtCreate":1623974614154,"gmtModify":1631888842868,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Possible play in the clean energy sector. Notable isits collaboration with Ford. And with only 3% of UShomes being “green”, the opportunities are plenty.&nbsp;","listText":"Possible play in the clean energy sector. Notable isits collaboration with Ford. And with only 3% of UShomes being “green”, the opportunities are plenty.&nbsp;","text":"Possible play in the clean energy sector. Notable isits collaboration with Ford. And with only 3% of UShomes being “green”, the opportunities are plenty.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/168624068","repostId":"1100514296","repostType":4,"isVote":1,"tweetType":1,"viewCount":3934,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160736639,"gmtCreate":1623806154421,"gmtModify":1631888842887,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"How to reel in tech powerhouse companies...","listText":"How to reel in tech powerhouse companies...","text":"How to reel in tech powerhouse companies...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/160736639","repostId":"1178647581","repostType":4,"isVote":1,"tweetType":1,"viewCount":4373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185375484,"gmtCreate":1623635267748,"gmtModify":1631888842896,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Waiting for a good entry point.&nbsp;","listText":"Waiting for a good entry point.&nbsp;","text":"Waiting for a good entry point.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/185375484","repostId":"1122505915","repostType":4,"isVote":1,"tweetType":1,"viewCount":3267,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181048923,"gmtCreate":1623368800162,"gmtModify":1634034196780,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"The new norm moving forward.","listText":"The new norm moving forward.","text":"The new norm moving forward.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/181048923","repostId":"1102160633","repostType":4,"isVote":1,"tweetType":1,"viewCount":854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183361680,"gmtCreate":1623308754540,"gmtModify":1634034722097,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"WFH as a permanent option for FB. Does it make this make the company more attractive to work for?And a sign for more companies to provide this option? With the pandemic, companies have been forced to adapt and improvise&nbsp;to ensure gears of the&nbsp;companies keep moving. FB seem to have found a balance&nbsp;when it comes to productivity.&nbsp;","listText":"WFH as a permanent option for FB. Does it make this make the company more attractive to work for?And a sign for more companies to provide this option? With the pandemic, companies have been forced to adapt and improvise&nbsp;to ensure gears of the&nbsp;companies keep moving. FB seem to have found a balance&nbsp;when it comes to productivity.&nbsp;","text":"WFH as a permanent option for FB. Does it make this make the company more attractive to work for?And a sign for more companies to provide this option? With the pandemic, companies have been forced to adapt and improvise to ensure gears of the companies keep moving. FB seem to have found a balance when it comes to productivity.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/183361680","repostId":"2142249026","repostType":4,"isVote":1,"tweetType":1,"viewCount":9574,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180254728,"gmtCreate":1623208301764,"gmtModify":1634035782467,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Flying gold bar in the sky.&nbsp;","listText":"Flying gold bar in the sky.&nbsp;","text":"Flying gold bar in the sky.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/180254728","repostId":"2142185293","repostType":4,"isVote":1,"tweetType":1,"viewCount":869,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117874649,"gmtCreate":1623133991381,"gmtModify":1634036580698,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"With some much cash on hand, a car doesn’t seemthat way off.&nbsp;","listText":"With some much cash on hand, a car doesn’t seemthat way off.&nbsp;","text":"With some much cash on hand, a car doesn’t seemthat way off.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/117874649","repostId":"1148066206","repostType":4,"isVote":1,"tweetType":1,"viewCount":1397,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115077996,"gmtCreate":1622944631815,"gmtModify":1634096777814,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Monday.con looks intriguing with CRM and ZM investing in it.&nbsp;","listText":"Monday.con looks intriguing with CRM and ZM investing in it.&nbsp;","text":"Monday.con looks intriguing with CRM and ZM investing in it.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":12,"repostSize":0,"link":"https://laohu8.com/post/115077996","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohu8.com/m/news/1106312903?lang=zh_CN&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","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. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</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. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-05 09:16</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>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Renaissance Capital</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":{"BZ":"BOSS直聘",".IXIC":"NASDAQ Composite","ZME":"掌门教育","TASK":"TaskUs Inc.","LFST":"LifeStance Health Group, Inc.",".SPX":"S&P 500 Index","MNDY":"Monday.com Ltd.","MQ":"Marqeta, Inc.","ZETA":"Zeta Global Holdings Corp.",".DJI":"道琼斯","DIBS":"1stdibs.com Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1,"symbols_score_info":{"ZETA":0.9,"LFST":0.9,".DJI":0.9,"TASK":0.9,"MQ":0.9,"BZ":0.9,"DIBS":0.9,"ZME":0.9,".SPX":0.9,".IXIC":0.9,"MNDY":0.9}},"isVote":1,"tweetType":1,"viewCount":1127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112884017,"gmtCreate":1622860512939,"gmtModify":1631889373045,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"The stock has “suffered” over the last few weeks. Hopefully with WWDC or the rumoured Apple Car would turn things around!&nbsp;","listText":"The stock has “suffered” over the last few weeks. Hopefully with WWDC or the rumoured Apple Car would turn things around!&nbsp;","text":"The stock has “suffered” over the last few weeks. Hopefully with WWDC or the rumoured Apple Car would turn things around!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112884017","repostId":"1158897173","repostType":4,"isVote":1,"tweetType":1,"viewCount":838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112882597,"gmtCreate":1622860435119,"gmtModify":1634097284312,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Vested for the long term!&nbsp;","listText":"Vested for the long term!&nbsp;","text":"Vested for the long term!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/112882597","repostId":"1175623977","repostType":4,"isVote":1,"tweetType":1,"viewCount":721,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118024859,"gmtCreate":1622709020071,"gmtModify":1634098922427,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Here we go again.&nbsp;","listText":"Here we go again.&nbsp;","text":"Here we go again.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/118024859","repostId":"2140462424","repostType":2,"isVote":1,"tweetType":1,"viewCount":1136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113561775,"gmtCreate":1622626839097,"gmtModify":1634099809155,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"3 companies in 1. What more you could ask for? Only concern is debt is increasing quite fast. We’ll see how it goes.&nbsp;","listText":"3 companies in 1. What more you could ask for? Only concern is debt is increasing quite fast. We’ll see how it goes.&nbsp;","text":"3 companies in 1. What more you could ask for? Only concern is debt is increasing quite fast. We’ll see how it goes.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/113561775","repostId":"1100705667","repostType":4,"repost":{"id":"1100705667","kind":"news","pubTimestamp":1622626441,"share":"https://www.laohu8.com/m/news/1100705667?lang=zh_CN&edition=full","pubTime":"2021-06-02 17:34","market":"us","language":"en","title":"Analyzing Sea Limited's Relentless Growth<blockquote>分析Sea Limited的不懈增长</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100705667","media":"seekingalpha","summary":"Summary\n\nThis article focuses on the growth engine that enables Sea Group. I provide a high-level ov","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>This article focuses on the growth engine that enables Sea Group. I provide a high-level overview and dive deeper into each operating segment.</li>  <li>The company has a significant advantage through segments that cross-pollinate each other with cash. Garena is currently funding the growth of Shopee and SeaMoney. This is a key moat contributor.</li>  <li>Shopee continues to be the key top-line driver with substantial Gross Merchandise Value growth forecasted in Southeast Asia. Consequently, increasing take rates will likely lead to even higher revenue growth.</li>  <li>Looking at overall online spending, the six largest Southeast Asian countries are forecasted to grow from $100B GMV in 2020 to $300B GMV in 2025. Sea stands to benefit across the board.</li>  <li>At an FY2023 EV/S of ~8.3x, Sea Group is fairly priced for an investment. It is a long-term conviction \"buy and hold\" for me.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e27123526e3031d4a551f336a9189f19\" tg-width=\"1536\" tg-height=\"1025\"><span>Photo by Wachiwit/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>本文重点介绍Sea Group的增长引擎。我提供了一个高层次的概述，并深入探讨了每个运营部门。</li><li>该公司通过与现金交叉授粉的细分市场拥有显着优势。Garena目前正在为Shopee和SeaMoney的发展提供资金。这是护城河的关键贡献者。</li><li>Shopee仍然是主要的营收驱动力，预计东南亚的商品总价值将大幅增长。因此，提高接受率可能会带来更高的收入增长。</li><li>从整体在线支出来看，六个最大的东南亚国家预计将从2020年的1000亿美元GMV增长到2025年的3000亿美元GMV。Sea将全面受益。</li><li>Sea Group 2023财年的EV/S约为8.3倍，投资定价合理。对我来说，“买入并持有”是一个长期的信念。</li></ul><p class=\"t-img-caption\"><span>摄影：Wachiwit/iStock社论来自Getty Images</span></p></blockquote></p><p> Sea Group (NYSE:SE) is still running in hyper-growth mode (&gt;100% YoY last quarter and on a last-twelve-month basis).</p><p><blockquote>Sea Group（纽约证券交易所股票代码：SE）仍处于高速增长模式（上季度和过去12个月同比增长&gt;100%）。</blockquote></p><p> It's been over a year since I first wrote about Sea on Seeking Alpha. The company's rise has been staggering and the business has continued to surpass most expectations, with the stock returning over 300% in the last 12 months. I'd like to use this article as an opportunity to dive into what makes such growth at a ~$120B market cap possible and put forward my opinion on why the company is positioned to win more in the coming years. While a lot of alpha has been captured in the past, I still expect substantial broad index outperformance going forward over the long term. I'm long SE.</p><p><blockquote>距离我第一次在Seeking Alpha上撰写有关Sea的文章已经过去一年多了。该公司的涨幅惊人，业务继续超出大多数人的预期，该股在过去12个月内回报率超过300%。我想以这篇文章为机会，深入探讨是什么使市值达到约120B美元的增长成为可能，并就该公司为何能够在未来几年赢得更多胜利提出我的看法。虽然过去已经捕获了很多阿尔法，但我仍然预计从长远来看，广泛指数将大幅跑赢大盘。我是龙瑟。</blockquote></p><p> <b>Recap</b></p><p><blockquote><b>回顾</b></blockquote></p><p> Here's a quick recap of what the company constitutes. Sea Group is a Singapore-based consumer internet company that has three major divisions: Digital Entertainment, E-Commerce, and Digital Financial Services. In layman's terms, think of it as a smaller and younger version of Tencent (OTCPK:TCEHY) with a Southeast Asia focus.</p><p><blockquote>以下是该公司构成的快速回顾。Sea Group是一家总部位于新加坡的消费互联网公司，拥有三大部门：数字娱乐、电子商务和数字金融服务。通俗地说，可以将其视为专注于东南亚的腾讯控股（OTCPK：TCEHY）的更小、更年轻版本。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd938ae2a667d8bf6c2c8b8094ff94ab\" tg-width=\"600\" tg-height=\"320\"><span>Source: Author, Logos from Sea Group Media Resources</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，徽标来自Sea Group媒体资源</span></p></blockquote></p><p> <b>Garena</b></p><p><blockquote><b>加雷纳</b></blockquote></p><p> Their Digital Entertainment arm known as \"Garena\" began as a third party game licensor and operator for popular online games (mostly by Tencent) for the South East Asia region. It consequently grew into an independent mobile game developer, and they now operate one of the most widely played mobile games on the planet, Free Fire, which has about 650 million quarterly active users worldwide. Free Fire is a battle-royale style multiplayer game, optimized to run smoothly on mobile phones with lower computing power specifications<i>.</i>The game generates revenue primarily from in-app purchases. It also features social media aspects, and more recently, an e-sports ecosystem built around it to host global tournaments streamed across the world. The cohesive gaming, social media, and entertainment aspects have led it to be highly engaging and relatively sticky with low churn as far as mobile games go.</p><p><blockquote>他们的数字娱乐部门“Garena”最初是东南亚地区流行在线游戏（主要是腾讯控股）的第三方游戏许可方和运营商。因此，它成长为一家独立的手机游戏开发商，他们现在运营着地球上玩得最广泛的手机游戏之一Free Fire，该游戏在全球拥有约6.5亿季度活跃用户。Free Fire是一款大逃杀风格的多人游戏，经过优化可以在较低计算能力规格的手机上流畅运行<i>.</i>该游戏的收入主要来自应用内购买。它还具有社交媒体方面的功能，最近，围绕它建立了一个电子竞技生态系统，以举办全球锦标赛。就手机游戏而言，游戏、社交媒体和娱乐方面的凝聚力使其具有高度吸引力和相对粘性，流失率较低。</blockquote></p><p> <b>Shopee</b></p><p><blockquote><b>虾皮</b></blockquote></p><p> Shopee is the leading e-commerce platform in Southeast Asia + Taiwan, spanning about 7 countries with a population of over 600 million people. They also have a large presence in Latin America, including Mexico and Brazil (add another 300 million population). The app facilitated ~$12.6B in Gross Merchandise Value (GMV) last quarter. Almost all the markets it operates in features rising middle classes, rapid digital consumerization, and strong GDP growth rates. These geographies have also been historically underpenetrated on the digital front, and are currently experiencing consumer internet adoption at a higher rate than their developed country counterparts. The pandemic catalyzed the seemingly inevitable trend of e-commerce adoption.</p><p><blockquote>Shopee是东南亚+台湾领先的电商平台，横跨约7个国家，人口超过6亿人。他们在拉丁美洲也有很大的影响力，包括墨西哥和巴西（再增加3亿人口）。该应用程序上季度的商品总价值(GMV)约为$12.6 B。它运营的几乎所有市场都以中产阶级不断壮大、快速的数字消费化和强劲的GDP增长率为特色。这些地区在数字领域的渗透率在历史上也很低，目前消费者互联网的采用率高于发达国家。疫情催化了电子商务采用这一看似不可避免的趋势。</blockquote></p><p> <b>SeaMoney</b></p><p><blockquote><b>SeaMoney</b></blockquote></p><p> This is Sea Group's \"Digital Financial Services\" (Fintech) arm. SeaMoney includes a digital wallet, payments processing, credit offerings, and other financial services. The segment had over 26 million quarterly paying users with over $3.4B in total payment volume facilitated last quarter. It is Sea Group's youngest division but arguably presents the largest opportunity for the company given that most of the Southeast Asian population has historically been underbanked. Theoretically, investments, loans, credit, debit, and insurance are all potential pieces that can weave together under a unified consumer financial services ecosystem.</p><p><blockquote>这是Sea Group的“数字金融服务”（Fintech）部门。SeaMoney包括数字钱包、支付处理、信贷产品和其他金融服务。该细分市场的季度付费用户超过2600万，上季度的总支付量超过$3.4 B。这是Sea Group最年轻的部门，但鉴于大多数东南亚人口历来银行服务不足，可以说为该公司提供了最大的机会。从理论上讲，投资、贷款、信贷、借记和保险都是可以在统一的消费金融服务生态系统下编织在一起的潜在部分。</blockquote></p><p></p><p> To summarize, Sea Group is a consumer internet titan with an ecosystem of high growth business divisions that are in total, likely touching over a billion people worldwide. On an LTM basis, the company's combined revenue grew 113.7% YoY. Sea is serving emerging markets that are experiencing internet adoption at accelerated rates, and is ballooning into a Tencent-like internet beast (consequently, they're Tencent-backed as well). A key factor in an investment consideration, is, of course, growth going forward. In the next few sections, I attempt to deconstruct growth using readily available-reported metrics and alternative data to make inferences on prospects.</p><p><blockquote>总而言之，Sea Group是一家消费互联网巨头，拥有一个由高增长业务部门组成的生态系统，这些业务部门总共可能覆盖全球超过10亿人。按LTM计算，公司总收入同比增长113.7%。Sea正在为互联网加速普及的新兴市场提供服务，并正在迅速成长为腾讯控股式的互联网野兽（因此，它们也得到了腾讯控股的支持）。当然，投资考虑的一个关键因素是未来的增长。在接下来的几节中，我试图使用现成的报告指标和替代数据来解构增长，以对前景做出推断。</blockquote></p><p> <b>Group Growth Through Cross-Pollination</b></p><p><blockquote><b>通过异花授粉的群体生长</b></blockquote></p><p> Big growth requires cash. Chasing an underpenetrated e-commerce opportunity spanning 100s of millions of consumers requires a lot of cash. Sea has executed well in raising capital and putting it to work for growth, often playing its cards close to the chest pre-2020. The secret sauce for effective cash utilization, however, lies in the company's three-headed ecosystem structure. Shopee's growth would not be possible without the preceding success of Garena. And it's fair to say that SeaMoney's odds of success are substantially better because of Shopee's proliferation. The following diagram explains this.</p><p><blockquote>大增长需要现金。追逐覆盖数亿消费者的渗透不足的电子商务机会需要大量现金。Sea在筹集资金并将其用于增长方面表现出色，在2020年之前经常小心翼翼地出牌。然而，有效利用现金的秘诀在于公司的三头生态系统结构。如果没有Garena之前的成功，Shopee的增长是不可能的。公平地说，由于Shopee的激增，SeaMoney的成功几率要高得多。下图解释了这一点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6629de9aa49e0ca3375f92306d80c289\" tg-width=\"640\" tg-height=\"338\"><span>Source: Author, Logos from Sea Group Media Resources</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，徽标来自Sea Group媒体资源</span></p></blockquote></p><p> A popular concept in venture capital is the \"Valley of Death\". A freshly funded startup enterprise tends to burn cash to invest in product development, overhead, sales, etc. It continues to burn cash until it finds product-market fit, and revenues eventually grow large enough to make the system work and turn the company cash flow generative. Businesses are vulnerable from a financial standpoint during the cash burn and have to beat the clock as their limited cash pours out rapidly until sales balance out expenditure. Many seed-stage startups just die due to this. Since venture capital proliferated in the last two decades and access to private funding has supplied enormous cash ammunition to growth businesses post product-market fit, the burn phase has extended to the public markets as well. If a public company's strategy doesn't work, it tends to downsize, get mildly profitable at modest growth rates, and turn into an acquisition target. Alternatively, it may collect in the vast land of unfulfilled public tech stocks. That's the anatomy of a modern tech company in a nutshell.</p><p><blockquote>风险投资中一个流行的概念是“死亡谷”。一个新融资的创业企业倾向于烧钱投资于产品开发、管理费用、销售等。它继续烧钱，直到找到适合产品市场的产品，收入最终增长到足以使系统发挥作用并使公司产生现金流。从财务角度来看，企业在烧钱期间很脆弱，必须争分夺秒，因为有限的现金迅速流出，直到销售额平衡支出。许多种子期创业公司因此而夭折。由于风险投资在过去二十年中激增，获得私人资金为产品市场契合后的成长型企业提供了巨大的现金弹药，燃烧阶段也延伸到了公开市场。如果一家上市公司的战略不起作用，它往往会缩小规模，以适度的增长率获得适度的利润，并成为收购目标。或者，它可能会聚集在未履行的公共科技股的广阔土地上。简而言之，这就是现代科技公司的剖析。</blockquote></p><p> Expanding upon this concept, Sea Group isn't one company. It's a lot like three companies. As of 2021, Garena is well out of the cash flow valley of death, Shopee is burning big cash but is seemingly at a trough, and SeaMoney is just getting started. Proceeds from mature segments like Garena are used to pollinate growth in segments that have lower market penetration and longer growth runways (like Shopee &amp; SeaMoney).<b>In totality, Sea Group is an ecosystem that continues to evolve with the next big company still embedded within, still in the making, all the time.</b>What's impressive is that Shopee's market potential is larger than Garena's, and SeaMoney has an even larger theoretical market though any success might be early to call. The access to cash makes Sea Group's growth outright suffocating for competitors because individual non-ecosystems simply cannot compete on pricing, marketing budgets, and moderate economies of scale in the case of e-commerce. That's not to take away from Sea's excellent product and sales execution anyway. The following sections break down the three sub-companies and draw inferences from their growth metrics.</p><p><blockquote>扩展这一概念，Sea Group并不是一家公司。很像三家公司。截至2021年，Garena已经走出了现金流死亡谷，Shopee正在烧钱，但似乎正处于低谷，而SeaMoney才刚刚起步。Garena等成熟细分市场的收益用于促进市场渗透率较低、增长跑道较长的细分市场（如Shopee和SeaMoney）的增长。<b>总的来说，Sea Group是一个不断发展的生态系统，下一个大公司仍然嵌入其中，仍在形成中。</b>令人印象深刻的是，Shopee的市场潜力比Garena更大，而SeaMoney的理论市场甚至更大，尽管看涨期权可能还为时过早。获得现金使得Sea Group的增长对竞争对手来说完全令人窒息，因为在电子商务的情况下，单个非生态系统根本无法在定价、营销预算和适度规模经济方面竞争。无论如何，这并不能削弱Sea出色的产品和销售执行力。以下部分对这三家子公司进行了细分，并从其增长指标中得出结论。</blockquote></p><p> <b>Garena (Digital Entertainment)</b></p><p><blockquote><b>Garena（数字娱乐）</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/18d10df5e5cd40c3f8cdb6fa3565fb1e\" tg-width=\"510\" tg-height=\"264\"><span>Source: Author,Data from Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自公司备案</span></p></blockquote></p><p> The charts above pertain to the Digital Entertainment segment, with the marked lines displaying YoY (Year-over-Year), and QoQ (Quarter-over-Quarter) percentage growth. Gross Bookings are the key top-line metric as they represent revenues that are yet to be recognized on the GAAP front. Due to the nature of in-app purchases and other payments made on apps like Free Fire etc., there's a fairly substantial difference between the two. Previously reported as Adjusted Revenues, Gross Bookings have held strong and have recently recorded 10% QoQ growth for the first quarter even though the pandemic has been easing off with a reopening trend. Q1-Q3 2020 saw rapid growth, while the last few quarters have tapered down to levels that are seemingly more muted. This should be expected to continue.</p><p><blockquote>上面的图表与数字娱乐领域相关，标记线显示同比（同比）和环比（环比）百分比增长。总预订量是关键的营收指标，因为它们代表了尚未在公认会计准则方面确认的收入。由于应用内购买和在Free Fire等应用上进行的其他支付的性质。，两者之间有相当大的区别。尽管疫情随着重新开放的趋势而有所缓解，但之前报告的调整后收入总额一直保持强劲，最近第一季度环比增长了10%。2020年第一季度至第三季度增长迅速，而过去几个季度已逐渐放缓至看似更加温和的水平。这种情况应该会持续下去。</blockquote></p><p></p><p> It is worth mentioning how Free Fire has stuck around instead of temporarily leading top mobile gaming charts like most other games. In the gaming world, you have temporarily viral games, and then you have games that have a dedicated following across millions of users that evolve and provide engagement over sustained periods of time. The latter includes Call of Duty, PUBG, League of Legends, and Fortnite to name a few. Ultimately, the revenues of these games are predictable and sticky enough. It appears as though Free Fire has joined this group.</p><p><blockquote>值得一提的是，Free Fire并没有像大多数其他游戏一样暂时领先手机游戏排行榜。在游戏世界中，你有暂时的病毒式游戏，然后你有拥有数百万用户忠实追随者的游戏，这些游戏在持续的时间内不断发展并提供参与。后者包括《使命看涨期权》、《PUBG》、《英雄联盟》和《堡垒之夜》等等。最终，这些游戏的收入是可预测的，并且具有足够的粘性。似乎自由之火已经加入了这个团体。</blockquote></p><p> The way Free Fire was built from the ground up is relatively contrarian. It's optimized to work on cheaper Android-powered smartphones instead of consoles and dedicated devices that are often seen as staple purchases for many gamers in developed countries. Getting a Switch, Xbox, or PC for most people in emerging markets is a serious expense. With Free Fire, you can get away with what you already have in India, Brazil, Mexico, and Indonesia. All you need is a smartphone and you're getting bang for your buck gaming and entertainment. This aspect has made it a perfect emerging market game.<b>While most of the industry was focused on higher ticket experiences, Garena's contrarian outlook on making a game specifically for ignored categories of mobile players has helped it succeed.</b></p><p><blockquote>Free Fire从头开始构建的方式相对来说是逆向的。它经过优化，可以在更便宜的Android智能手机上运行，而不是游戏机和专用设备，这些设备通常被视为发达国家许多游戏玩家的主要购买。对于新兴市场的大多数人来说，购买Switch、Xbox或PC是一笔不小的开支。有了Free Fire，你可以摆脱你在印度、巴西、墨西哥和印度尼西亚已经拥有的东西。你所需要的只是一部智能手机，你的游戏和娱乐就会物有所值。这方面使它成为一个完美的新兴市场游戏。<b>虽然大多数行业都专注于更高的门票体验，但Garena在专门为被忽视的移动玩家类别制作游戏方面的逆向观点帮助它取得了成功。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/a46c2a9d96ac17e0ad6c91fe7eb13f24\" tg-width=\"508\" tg-height=\"265\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/21c5e5ecd14f6544b380b4c99aa42150\" tg-width=\"508\" tg-height=\"265\"><span>Source: Author, Data from Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自公司备案</span></p></blockquote></p><p> Despite going after large populations of price-sensitive emerging market gamers, we see a surprising number of users actually paying for in-app purchases every quarter. QPU growth has outpaced QAU growth, with a larger proportion of the overall user mix trending towards paying users over time (11.4%, 12.0%, and 12.3% respectively for the last three quarters). This is key for the division's bookings and revenues. About a year ago, I expressed concern regarding the over-reliance on Free Fire as a sustainable cash source. I questioned whether it was truly here to stay and won't be replaced by the next hot game. This concern was abated when I learned that the e-sports events were amassing millions of viewers, the game continued to evolve with seasons and geography-specific features, and the social media angle that resulted in network effects across players.<b>It's impressive enough for a game to go to #1, but to stay in the top charts for 2-years running requires some excellent execution.</b></p><p><blockquote>尽管追求大量对价格敏感的新兴市场游戏玩家，但我们看到每个季度实际为应用内购买付费的用户数量惊人。QPU的增长超过了QAU的增长，随着时间的推移，整体用户组合中更大比例倾向于付费用户（过去三个季度分别为11.4%、12.0%和12.3%）。这是该部门预订和收入的关键。大约一年前，我对过度依赖Free Fire作为可持续现金来源表示担忧。我质疑它是否真的会留在这里，不会被下一场热门比赛取代。当我了解到电子竞技赛事聚集了数百万观众，游戏随着季节和地理特定的特征而继续发展，以及社交媒体角度导致了玩家之间的网络效应时，这种担忧就减轻了。<b>对于一款游戏来说，排名第一已经足够令人印象深刻了，但要连续两年保持在榜首需要一些出色的执行力。</b></blockquote></p><p> Here's a table of Play Store rankings for the \"Games: Action\" category. I've included the Play Store since the majority of emerging market users are on Android as opposed to iOS.</p><p><blockquote>这是“游戏：动作”类别的Play Store排名表。我把Play Store包括在内，因为大多数新兴市场用户都在Android上，而不是iOS。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>India</b></td>    <td><b>Indonesia</b></td>    <td><b>Pakistan</b></td>    <td><b>Brazil</b></td>    <td><b>Nigeria</b></td>    <td><b>Bangladesh</b></td>    <td><b>Mexico</b></td>    <td><b>Philippines</b></td>    <td><b>Vietnam</b></td>    <td><b>Thailand</b></td>   </tr>   <tr>    <td><b>Downloads: Gaming</b></td>    <td>10</td>    <td>17</td>    <td>18</td>    <td>8</td>    <td>7</td>    <td>3</td>    <td>11</td>    <td>135</td>    <td>11</td>    <td>10</td>   </tr>   <tr>    <td><b>Downloads: Gaming Action</b></td>    <td>2</td>    <td>4</td>    <td>3</td>    <td>2</td>    <td>1</td>    <td>1</td>    <td>3</td>    <td>27</td>    <td>2</td>    <td>2</td>   </tr>   <tr>    <td><b>Grossing: Gaming</b></td>    <td>1</td>    <td>1</td>    <td>2</td>    <td>1</td>    <td>8</td>    <td>2</td>    <td>1</td>    <td>20</td>    <td>1</td>    <td>1</td>   </tr>   <tr>    <td><b>Grossing: Gaming Action</b></td>    <td>1</td>    <td>1</td>    <td>2</td>    <td>1</td>    <td>2</td>    <td>1</td>    <td>1</td>    <td>4</td>    <td>1</td>    <td>1</td>   </tr>  </tbody> </table> <i>Source: App Annie, As of 28th May 2021</i></p><p><blockquote><table><tbody><tr><td><b>印度</b></td><td><b>印度尼西亚</b></td><td><b>巴基斯坦</b></td><td><b>巴西</b></td><td><b>尼日利亚</b></td><td><b>孟加拉国</b></td><td><b>墨西哥</b></td><td><b>菲律宾</b></td><td><b>越南</b></td><td><b>泰国</b></td></tr><tr><td><b>下载：游戏</b></td><td>10</td><td>17</td><td>18</td><td>8</td><td>7</td><td>3</td><td>11</td><td>135</td><td>11</td><td>10</td></tr><tr><td><b>下载：游戏动作</b></td><td>2</td><td>4</td><td>3</td><td>2</td><td>1</td><td>1</td><td>3</td><td>27</td><td>2</td><td>2</td></tr><tr><td><b>票房：游戏</b></td><td>1</td><td>1</td><td>2</td><td>1</td><td>8</td><td>2</td><td>1</td><td>20</td><td>1</td><td>1</td></tr><tr><td><b>票房：游戏动作</b></td><td>1</td><td>1</td><td>2</td><td>1</td><td>2</td><td>1</td><td>1</td><td>4</td><td>1</td><td>1</td></tr></tbody></table><i>资料来源：App Annie，截至2021年5月28日</i></blockquote></p><p> The above charts are compiled from some of the most populated emerging market countries I could find, along with my free App Annie account. While new downloads might have reduced over the last two quarters from the pandemic boost last year, the numbers are still impressive and Free Fire remains the top-grossing game amongst most of the geographies above. Importantly, it is the consistency of these rankings over time.</p><p><blockquote>上面的图表是根据我能找到的一些人口最多的新兴市场国家以及我的免费App Annie帐户汇编而成的。虽然过去两个季度的新下载量可能比去年疫情的增长有所下降，但这些数字仍然令人印象深刻，Free Fire仍然是上述大多数地区票房最高的游戏。重要的是，随着时间的推移，这些排名的一致性。</blockquote></p><p></p><p> <b>Going by the growth metrics, long-term engagement is likely to be sustained, but there should be a sequential slowdown in new user adds and incremental gross bookings in the coming months.</b>This is consistent with what the management expects and reasonable given the reopening and saturation of the game across the global market. On the bright side, Digital Entertainment recorded an Adjusted EBITDA margin of 64% last quarter that should scale proportionately with gross bookings. After building out the game, there isn't too much in terms of costs to take away from the bottom line. Large sales and marketing expenditure isn't quite needed now that the game has global network effects. It's really about back-end, maintenance, and continued development work to keep evolving the already successful game and ecosystem.</p><p><blockquote><b>从增长指标来看，长期参与度可能会持续下去，但未来几个月新用户增加和总预订量增量应该会连续放缓。</b>这与管理层的预期一致，考虑到游戏在全球市场的重新开放和饱和，这是合理的。好的一面是，数字娱乐上季度调整后的EBITDA利润率为64%，应该与总预订量成比例增长。在构建完游戏之后，就成本而言，没有太多可以从底线中扣除的东西。既然游戏具有全球网络效应，就不太需要大量的销售和营销支出了。这实际上是关于后端、维护和持续的开发工作，以不断发展已经成功的游戏和生态系统。</blockquote></p><p> Shopee (E-Commerce)</p><p><blockquote>Shopee（电子商务）</blockquote></p><p> The following two charts present gross orders and gross merchandise value (GMV) for the e-commerce division.</p><p><blockquote>以下两张图表显示了电子商务部门的总订单和商品总值(GMV)。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cb09b8563ac1df1a5d8e7458b30c3054\" tg-width=\"512\" tg-height=\"264\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/628c3b271ee17e9c430045d0f686f75c\" tg-width=\"512\" tg-height=\"264\"><span>Source: Author, Data from Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自公司备案</span></p></blockquote></p><p> The trends are similar across both charts. Q2 2020 saw acceleration due to the pandemic, Q4 2020 saw a seasonal high, and Q1 2021 saw QoQ deceleration going out of the holiday season across most geographies. As Gross Orders have outpaced GMV, we can conclude that more people are ordering cheaper items on the platform on average. If we consider seasonality, the 5-6% QoQ growth in Q1 2021 isn't particularly concerning and we'll likely see a sequential pickup in the next quarter. It's fair to expect the reopening trend to put some downward pressure on growth but the long term feasibility of the platform has likely cemented itself for consumers. The convenience and product pricing on e-commerce is simply hard to compete with for brick &amp; mortar, and we're not going back to pre-pandemic levels of online retail again. The following earnings release excerpt provides some colour on e-commerce GAAP Revenue.</p><p><blockquote>两张图表的趋势相似。由于疫情，Q2 2020年出现了加速，2020年第四季度出现了季节性高点，Q1 2021年大多数地区在假期结束后出现了环比减速。由于总订单量已经超过了GMV，我们可以得出结论，平均而言，更多的人在平台上订购更便宜的商品。如果我们考虑季节性，2021年第一季度5-6%的环比增长并不是特别令人担忧，我们可能会在下个季度看到环比回升。预计重新开放趋势将给增长带来一些下行压力是公平的，但该平台的长期可行性可能已经巩固了消费者的地位。电子商务的便利性和产品定价很难与实体店竞争，我们不会再回到大流行前的在线零售水平。以下收益发布摘录提供了有关电子商务GAAP收入的一些信息。</blockquote></p><p>   GAAP revenue was US$922.3 million, up 250.4% year-on-year.    GAAP revenue included US$715.9 million of GAAP marketplace revenue, up 285.0% year-on-year, and US$206.4 million of GAAP product revenue, up 167.1% year-on-year.    <i>Source:Q1 2021 Earnings Press Release</i>  Comparing the above information to the GMV chart, we can infer that<b>Sales have substantially outpaced GMV growth. This indicates a very deliberate move by the company to increase their take rates in dominant geographies.</b>Take rates are a function of the GMV and represent the proportion of the total GMV that makes it to revenues. As the standard consumer internet company goes, you expand and acquire customers at all costs, then you increase prices and get profitable after capturing a market and habituating consumers to your platform. Overall, the actions have also decreased Adjusted EBITDA losses substantially and that allows Sea to play the balancing cash flow act on demand.</p><p><blockquote>GAAP营收为9.223亿美元，同比增长250.4%。GAAP收入包括GAAP市场收入7.159亿美元，同比增长285.0%，GAAP产品收入2.064亿美元，同比增长167.1%。<i>资料来源：2021年第一季度收益新闻稿</i>将上述信息与GMV图表进行对比，我们可以推断，<b>销售额大大超过了GMV的增长。这表明该公司有意提高其在主要地区的接受率。</b>采用率是GMV的函数，代表总GMV占收入的比例。就像标准的消费互联网公司一样，你不惜一切代价扩大和获取客户，然后在占领市场并让消费者习惯你的平台后提高价格并盈利。总体而言，这些行动还大幅减少了调整后的EBITDA损失，这使得Sea能够根据需要实施平衡现金流法案。</blockquote></p><p>   Both in Southeast Asia and in Taiwan, Shopee ranked first in the Shopping category by average monthly active users and total time spent in-app on Android for the first quarter of 2021, according to App Annie.    In Indonesia, where Shopee further accelerated its year-on-year growth in gross orders, it continued to rank first by average monthly active users and total time spent in app on Android in the Shopping category for the first quarter of 2021, according to App Annie.    <i>Source:Q1 2021 Earnings Press Release</i>  From a high-level view, Southeast Asia &amp; Taiwan seem pretty much covered. However, within this region, Indonesia still presents the fiercest battleground for Shopee as it competes against the SoftBank-backed Tokopedia. The following charts show monthly website visits for both companies.</p><p><blockquote>根据App Annie的数据，2021年第一季度，在东南亚和台湾，Shopee在Android上的平均月活跃用户和应用内总时间在购物类别中排名第一。根据App Annie的数据，在印度尼西亚，Shopee的总订单量同比增长进一步加快，2021年第一季度，其在购物类别中的平均月活跃用户和Android应用程序上花费的总时间继续排名第一。<i>资料来源：2021年第一季度收益新闻稿</i>从高层次的角度来看，东南亚和台湾似乎被覆盖了。然而，在该地区，印度尼西亚仍然是Shopee最激烈的战场，因为它与软银支持的Tokopedia竞争。下图显示了两家公司每月的网站访问量。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/49440f62634a1c3ccc9ebfdd0c7a33ba\" tg-width=\"481\" tg-height=\"289\"><span>Source:Southeast Asia Map of eCommerce, iPrice Group</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：东南亚电子商务地图，iPrice Group</span></p></blockquote></p><p> Monthly web visits from the iPrice Group show that Tokopedia saw more traffic (not necessarily sales) during the last quarter while it was behind during the last few. However, on mobile (App Store &amp; Android), Shopee is the undisputed leader in the Shopping category. This is reassuring since mobile e-commerce has been outpacing total e-commerce as a category in almost every geography across every platform.</p><p><blockquote>iPrice Group的每月网络访问量显示，Tokopedia在上个季度的流量（不一定是销售额）更多，而在过去几个季度则落后。然而，在移动（App Store&amp;Android）上，Shopee是购物类无可争议的领导者。这令人放心，因为在几乎每个平台的每个地区，移动电子商务作为一个类别已经超过了总电子商务。</blockquote></p><p></p><p> <table>  <tbody>   <tr>    <td><b>Indonesia Mobile Rankings</b></td>    <td><b>Q1 20</b></td>    <td><b>Q2 20</b></td>    <td><b>Q3 20</b></td>    <td><b>Q4 20</b></td>    <td><b>Q1 21</b></td>   </tr>   <tr>    <td>Shopee App Store</td>    <td>1</td>    <td>1</td>    <td>1</td>    <td>1</td>    <td>1</td>   </tr>   <tr>    <td>Shopee PlayStore</td>    <td>1</td>    <td>1</td>    <td>1</td>    <td>1</td>    <td>1</td>   </tr>   <tr>    <td>Tokopedia App Store</td>    <td>2</td>    <td>2</td>    <td>2</td>    <td>2</td>    <td>2</td>   </tr>   <tr>    <td>Tokopedia PlayStore</td>    <td>3</td>    <td>3</td>    <td>4</td>    <td>4</td>    <td>4</td>   </tr>  </tbody> </table> <i>Source: Southeast Asia Map of eCommerce, iPrice Group</i></p><p><blockquote><table><tbody><tr><td><b>印度尼西亚移动排名</b></td><td><b>Q1 20</b></td><td><b>Q2 20</b></td><td><b>Q3 20</b></td><td><b>Q4 20</b></td><td><b>Q1 21</b></td></tr><tr><td>Shopee应用商店</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Shopee PlayStore</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Tokopedia应用商店</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Tokopedia PlayStore</td><td>3</td><td>3</td><td>4</td><td>4</td><td>4</td></tr></tbody></table><i>资料来源：东南亚电子商务地图，iPrice Group</i></blockquote></p><p> I would conclude that Tokopedia is a key competitor that needs to be watched closely and will prevent Shopee from exercising its take rates more liberally in the country. Furthermore, Indonesia represents the largest Southeast Asian market for e-commerce.<b>Cross-pollination isn't just occurring across Sea's segments but also across Shopee's different e-commerce geographies.</b>Profits from Shopee Thailand, for example, may be used to bring forth more competitive product pricing to Shopee Indonesia. Tokopedia is distinctly e-Commerce and limited to Indonesia, and likely doesn't have these internal cash generative advantages.</p><p><blockquote>我的结论是，Tokopedia是一个需要密切关注的主要竞争对手，并将阻止Shopee在该国更自由地行使其接受率。此外，印度尼西亚是东南亚最大的电子商务市场。<b>异花授粉不仅发生在Sea的各个细分市场，还发生在Shopee的不同电子商务地区。</b>例如，Shopee泰国的利润可用于为Shopee印度尼西亚带来更具竞争力的产品定价。Tokopedia显然是电子商务，仅限于印度尼西亚，可能不具备这些内部现金生成优势。</blockquote></p><p> Let's take a look at what's happening across the globe in Latin America. Shopee is growing like wildfire in Mexico and Brazil. The charts below represent recent data as of late May.</p><p><blockquote>让我们来看看全球拉丁美洲正在发生什么。Shopee在墨西哥和巴西像野火一样增长。下图代表了截至五月下旬的最新数据。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e59030ed9023a1f492a597a9af00d646\" tg-width=\"640\" tg-height=\"247\"><span>Source: App Annie, Rankings by Country in the \"Shopping\" category</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：App Annie，“购物”类别按国家排名</span></p></blockquote></p><p> Brazil and Mexico together make up for a population of ~330 million. The other e-commerce star in the category, MercadoLibre (MELI) ranks behind Shopee on Android for both Brazil and Mexico. The rankings depend on downloads instead of engagement, and MercadoLibre is often pegged to have a majority market share in Latin America as a whole (dominates Argentina). However, what the above alternative data above tell us is that Shopee has momentum in user share acquisition on an absolute basis. One can infer that more people are downloading Shopee in Mexico and Brazil as of late May compared to MercadoLibre at a faster rate. Higher downloads often translate to higher relatively higher market share gains.</p><p><blockquote>巴西和墨西哥总共约有3.3亿人口。该类别中的另一位电子商务明星MercadoLibre(MELI)在巴西和墨西哥的Android上排名均落后于Shopee。排名取决于下载量而不是参与度，MercadoLibre通常被认为在整个拉丁美洲拥有大部分市场份额（主导阿根廷）。然而，上述替代数据告诉我们的是，Shopee在绝对基础上拥有用户份额获取的势头。人们可以推断，与MercadoLibre相比，截至5月底，墨西哥和巴西有更多人下载Shopee，速度更快。更高的下载量通常会转化为更高的相对较高的市场份额收益。</blockquote></p><p> Add all the Shopee geographies together and they represent a billion people and a combined GDP of $6.5T according to my calculations (<i>Source for GDP:Worldometer</i>). I reckon this is where to start when drawing up true long-term potential before narrowing down further.</p><p><blockquote>根据我的计算，将所有Shopee地理位置加在一起，它们代表了10亿人口和6.5 T美元的GDP（<i>GDP来源：Worldometer</i>).我认为，在进一步缩小范围之前，这是绘制真正的长期潜力的起点。</blockquote></p><p> <b>SeaMoney (Digital Financial Services)</b></p><p><blockquote><b>SeaMoney（数字金融服务）</b></blockquote></p><p> <ul>  <li>Total Payment Volumes increased to $3.4B in Q1 21, from $1.0B during the same period last year</li>  <li>Quarterly Paying Users increased to 26.1 million in Q1 21, from ~10 million during the same period last year</li> </ul> <i>Source:Q1 2021 Earnings Release</i></p><p><blockquote><ul><li>21年第一季度的总支付量从去年同期的$1.0 B增至$3.4 B</li><li>21年第一季度季度付费用户从去年同期的约1000万增至2610万</li></ul><i>资料来源：2021年第一季度收益发布</i></blockquote></p><p> SeaMoney is the umbrella under which Sea Group operates multiple Fintech Apps including Shopee Pay. Current products include payments and payment processing, but if one were to look beyond into other Fintech Apps in China or the West, digital financial services tend to coalesce into super apps. For many people living in Southeast Asia, it isn't even about disruption but rather their first introduction to financial services of any sort. Unfortunately, a glance at the Fintech environment would leave any public market investor a bit confused.</p><p><blockquote>SeaMoney是Sea Group运营包括Shopee Pay在内的多个金融科技应用程序的保护伞。目前的产品包括支付和支付处理，但如果人们超越中国或西方的其他金融科技应用，数字金融服务往往会合并为超级应用。对于许多生活在东南亚的人来说，这甚至不是颠覆，而是他们第一次接触任何形式的金融服务。不幸的是，看一眼金融科技环境，任何公开市场投资者都会感到有点困惑。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09e8a02fd03188b0d9cb12841f889fe5\" tg-width=\"1280\" tg-height=\"501\"><span>Source:FintechNews.SG</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FintechNews.SG</span></p></blockquote></p><p> 26.1 million quarterly paying users (QPUs), and not monthly-PUs or daily-PUs for that matter doesn't give us much granularity in data or how the segment is truly performing. $3.4B in Transaction Payment Volume is somewhat impressive, considering the last quarter saw about $12.6B in GMV on Shopee. Ultimately, the broader adoption of SeaMoney by both merchants and consumers beyond the Shopee platform is important to catalyze network large scale effects. The greater the versatility of SeaMoney across instances in real-life, the better the hold the division would have over consumers. Longer-term, offering just payments is not enough. Credit, Debit, Investing, and other financial services, all in one app have been shown to differentiate the winners from the losers in geographies like China, or in the United States with Cash App by Square (SQ).</p><p><blockquote>2610万季度付费用户(QPU)，而不是月度付费用户或每日付费用户，并没有为我们提供太多数据粒度或该细分市场的真实表现。考虑到上季度Shopee上的GMV约为$12.6 B，$3.4 B的交易支付量有些令人印象深刻。最终，Shopee平台之外的商家和消费者更广泛地采用SeaMoney对于催化网络大规模效应非常重要。SeaMoney在现实生活中的多功能性越强，该部门对消费者的控制就越好。从长远来看，仅仅提供支付是不够的。信贷、借记、投资和其他金融服务都在一个应用程序中，事实证明，在中国等地区，或者在美国，Square(SQ)的现金应用程序可以区分赢家和输家。</blockquote></p><p></p><p> What can be said though, is that chances for continued growth, and winning market share are higher due to the group cross-pollination effects and network effects against Shopee customers. I would still see the segment through the eyes of an embedded option in the share price that would produce asymmetric reward if it does expand to more customers.</p><p><blockquote>但可以说的是，由于群体异花授粉效应和针对Shopee客户的网络效应，持续增长和赢得市场份额的机会更高。我仍然会通过股价中嵌入期权的视角来看待该细分市场，如果它确实扩展到更多客户，该期权将产生不对称的回报。</blockquote></p><p> <b>The Runway Ahead</b></p><p><blockquote><b>前方跑道</b></blockquote></p><p> The excerpts below were taken from a report published in late 2020 by Google, Temasek, and Bain &amp; Company. The report highlights internet spending forecasts over six major markets in Southeast Asia: Singapore, Indonesia, Philippines, Thailand, Malaysia, and Vietnam.</p><p><blockquote>以下摘录摘自谷歌、淡马锡和贝恩公司在2020年底发布的一份报告。该报告强调了东南亚六个主要市场的互联网支出预测：新加坡、印度尼西亚、菲律宾、泰国、马来西亚和越南。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bffb6329895d550a13b311bb474fde85\" tg-width=\"640\" tg-height=\"222\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6a66aadbe2d042623e0efa580879f9f2\" tg-width=\"640\" tg-height=\"335\"><span>Source:e-Conomy SEA 2020; by Google, Temasek, and Bain &amp; Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：电子经济SEA 2020；作者：谷歌、淡马锡和贝恩公司</span></p></blockquote></p><p> As a whole, the internet economy in these countries is expected to compound at a CAGR (Compound Annual Growth Rate) of 24%, almost tripling from $105B in GMV in 2020 to $309B in 2025. This provides a sense of scale for the region and the internet opportunity that Sea currently operates in as a leader. Note that these numbers exclude Taiwan and Latin America.</p><p><blockquote>总体而言，这些国家的互联网经济预计将以24%的CAGR（复合年增长率）复合，从2020年的1050亿美元GMV增长到2025年的3090亿美元，几乎增长两倍。这为该地区提供了规模感以及Sea目前作为领导者运营的互联网机会。请注意，这些数字不包括台湾和拉丁美洲。</blockquote></p><p> For Digital Entertainment, Garena's Free Fire market appears to be a lot closer to saturation considering it is already one of the highest-grossing mobile games on the planet. Other Garena endeavours have a chance of success though I'd argue that \"Free Fire\"-like success is hard to come by especially in mobile gaming. Digital Financial Services is still early to call at least until it achieves broader mass adoption across the region. 26 million paying users is significant, though we'll have to give the business time until we can call it a meaningful sales contributor that in turn drives the stock price. As of now, it's a cash burn.</p><p><blockquote>对于数字娱乐来说，Garena的Free Fire市场似乎已经接近饱和，因为它已经是全球票房最高的手机游戏之一。Garena的其他努力也有成功的机会，尽管我认为像“自由射击”这样的成功很难实现，尤其是在手机游戏中。数字金融服务对看涨期权来说还为时过早，至少在它在整个地区实现更广泛的大规模采用之前是这样。2600万付费用户意义重大，尽管我们必须给企业时间，直到我们能够将其看涨期权为有意义的销售贡献者，进而推动股价。截至目前，这是一个现金消耗。</blockquote></p><p> That leaves e-Commerce as the main sales driver for the company in the next 2-3 years. Here are some country-specific forecasts for e-Commerce by the same source.</p><p><blockquote>这使得电子商务成为该公司未来2-3年的主要销售驱动力。以下是同一来源对电子商务的一些特定国家的预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b13ad7630877eaae1221848e7aa7d6e3\" tg-width=\"640\" tg-height=\"321\"><span>Source:e-Conomy SEA 2020, Local Highlights</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：e-Conomy SEA 2020，本地亮点</span></p></blockquote></p><p> As one would expect, Indonesia is the largest market. Vietnam is expected to compound at the fastest rate over the next few years. It's important to note that while the CAGRs are drawn in the 20-30% range, 2021 will see the highest rate while 2025 will see the lowest. 40%+ YoY SEA GMV growth for 2021 is quite likely in my opinion while 2025 could be closer to 15%.</p><p><blockquote>正如人们所料，印度尼西亚是最大的市场。预计越南将在未来几年以最快的速度复合。值得注意的是，虽然复合年增长率在20-30%范围内，但2021年将达到最高水平，而2025年将达到最低水平。我认为，2021年SEA GMV很可能同比增长40%以上，而2025年可能接近15%。</blockquote></p><p> The above chart uses GMV or Gross Merchandise Value. As discussed earlier, sales are a function of the take rate and the GMV. The take rate increases, the sales increase. Sea does this by dominating geographies and then deliberately increasing the take rate when network effects or the habituation of consumers on Shopee works at scale. Therefore, Sea's sales growth is set to outpace GMV expansion, especially when they widen their lead in a market. Given Latin America is also experiencing rapid Shopee adoption, it is reasonable to expect hyper-growth in the e-Commerce segment for years. The company expects 112% YoY growth for Shopee in FY2021 at the midpoint of their guidance (<i>Source:Q4 20 Transcript</i>).</p><p><blockquote>上图使用GMV或商品总值。如前所述，销售额是采用率和GMV的函数。接受率增加，销售额增加。Sea通过主导地理区域，然后在网络效应或消费者对Shopee的习惯大规模发挥作用时故意提高接受率来实现这一目标。因此，Sea的销售增长将超过GMV的扩张，尤其是当他们扩大在市场上的领先优势时。鉴于拉丁美洲也在快速采用Shopee，有理由预计电子商务领域将在未来几年内实现高速增长。该公司预计Shopee 2021财年同比增长112%，达到指导中点（<i>资料来源：20年第四季度成绩单</i>).</blockquote></p><p> Weave the above pieces together, Sea has an immense growth runway. The e-Commerce opportunity indicates that the company can theoretically be in hyper-growth mode for another 2-3 years, well into 2023.</p><p><blockquote>将上述部分编织在一起，Sea拥有一条巨大的增长跑道。电子商务机会表明，理论上该公司可以在未来2-3年内保持高速增长模式，直至2023年。</blockquote></p><p> With an established competitive moat, if there's one company to bet on to capitalize and win on the $300B internet GMV opportunity for 2025 (not counting Latin America &amp; Taiwan), Sea seems to be it. I expect the management will also come up with newer verticals that could expand their TAM further. Online in-app investing? travel? TV and movies? Streaming? With network effects this good, they have an unfair advantage. The management has already executed across multiple businesses and seems to deeply understand how the emerging market consumer thinks. They've also displayed evidence of tailoring apps, like Free Fire, to individual geography tastes to maximize execution. Let's look at the financials and valuation multiples to see how much of their future success is already factored in.</p><p><blockquote>凭借既定的竞争护城河，如果有一家公司可以押注于2025年3000亿美元的互联网GMV机会（不包括拉丁美洲和台湾），Sea似乎就是它。我预计管理层还将提出更新的垂直行业，以进一步扩大他们的TAM。在线应用内投资？旅行？电视和电影？流动？网络效应如此之好，他们拥有不公平的优势。管理层已经在多项业务中执行，似乎深刻理解新兴市场消费者的想法。他们还展示了根据个人地理口味定制Free Fire等应用程序的证据，以最大限度地提高执行力。让我们看看财务和估值倍数，看看他们未来的成功有多少已经被考虑在内。</blockquote></p><p> <b>Group Financial Overview</b></p><p><blockquote><b>集团财务概览</b></blockquote></p><p></p><p> I previously mentioned the cash flow valley of death and how segments balance out to achieve cash flow generative growth. The company reports Adjusted EBITDA figures by segment that display similar trends. The \"adjustments\" are quite substantial compared to GAAP metrics, but they're a reasonable indicator after removing stock-based compensation, convertible interest payments, and non-core profitability generation. We're looking long-term here, so the game becomes comparing profitability to itself across time rather than other businesses. I'm more interested in trends and margin expansion rather than absolute values for now. The following chart shows how the breakdown balances out.</p><p><blockquote>我之前提到过现金流死亡谷以及细分市场如何平衡以实现现金流生成增长。该公司按部门报告调整后的EBITDA数据，显示出类似的趋势。与公认会计准则指标相比，这些“调整”相当大，但在去除股票薪酬、可转换利息支付和非核心盈利能力后，它们是一个合理的指标。我们在这里着眼于长期，因此游戏变成了将盈利能力与自身进行比较，而不是与其他业务进行比较。目前我对趋势和利润率扩张更感兴趣，而不是绝对值。下图显示了细分是如何平衡的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d09aa44220209f2c3a08bdf77363fee\" tg-width=\"640\" tg-height=\"347\"><span>Source: Author, Data from Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自公司备案</span></p></blockquote></p><p> The trends were seen above follow the cash flow valley diagram. Digital Entertainment is funding Shopee and SeaMoney, and the net result (the bright pink line) is Group Adjusted EBITDA positive for the past four quarters. Going forward, I expect e-Commerce to pass its valley shortly as sales growth decelerates, and expect digital financial services to continue to burn cash at higher amounts sequentially. The group's total financial performance is encapsulated in the chart below:</p><p><blockquote>上面看到的趋势遵循现金流谷图。Digital Entertainment正在为Shopee和SeaMoney提供资金，净结果（亮粉色线）是过去四个季度集团调整后的EBITDA为正。展望未来，我预计随着销售增长放缓，电子商务将很快度过低谷，并预计数字金融服务将继续以更高的金额烧钱。本集团的整体财务表现载于下表：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/50cdf1dd4ad0cc063ae074d6bec713bd\" tg-width=\"605\" tg-height=\"352\"><span>Source: Author, Data from Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自公司备案</span></p></blockquote></p><p> Gross Profits have risen due to higher take rates in e-Commerce and improving incremental margins on Digital Entertainment. These margins would come under some pressure as Shopee will outpace Garena, and the lower-margin e-commerce will make a larger proportion of the gross profit mix. Adjusted EBITDA is under control, and while the company is unprofitable on a GAAP basis, I believe it is still fair given that the top-line is growing at triple-digit percentages. Total Revenue for Q4 has grown 12.6% QoQ and 146.7% YoY. On an LTM basis, Revenues have grown 113.7% YoY. With a long-runway ahead, and with the currently phenomenal product and sales execution, Sea Group is a financially healthy company.<b>The profit tradeoff for growth is fair, even though it's a rarity given the sheer scale of the business.</b></p><p><blockquote>由于电子商务采用率上升和数字娱乐增量利润率提高，毛利润有所上升。随着Shopee将超过Garena，这些利润率将面临一些压力，而利润率较低的电子商务将在毛利润组合中占据更大比例。调整后的EBITDA已得到控制，虽然该公司按公认会计准则计算尚未盈利，但考虑到营收正以三位数的百分比增长，我相信这仍然是公平的。第四季度总收入环比增长12.6%，同比增长146.7%。按LTM计算，收入同比增长113.7%。Sea Group还有很长的路要走，并且凭借目前非凡的产品和销售执行力，是一家财务状况良好的公司。<b>利润与增长的权衡是公平的，尽管考虑到业务的庞大规模，这种情况很少见。</b></blockquote></p><p> Investors would take some relief in the fact that the company has amassed ~$5.8B in Cash &amp; Equivalents on its balance sheet that would fund losses for some time. If need be, there is a profit switch in Shopee that the company can activate that will result in larger take rates to boost profitability. Sellers on the platform may have no choice in such a situation, considering the breadth, reach, and engagement on the Shopee platform and would go along with the asking price. There is a substantial moat here and the resulting pricing power can be exercised on demand to boost profitability. This isn't new information; Amazon's (AMZN) US e-commerce for example has made similar moves.</p><p><blockquote>投资者会松一口气，因为该公司的资产负债表上积累了约5.8 B美元的现金及等价物，可以弥补一段时间的损失。如果需要，公司可以激活Shopee中的利润转换，这将导致更高的采用率以提高盈利能力。在这种情况下，平台上的卖家可能别无选择，考虑到Shopee平台上的广度、覆盖范围和参与度，他们会同意要价。这里有一条巨大的护城河，由此产生的定价权可以按需行使，以提高盈利能力。这不是新信息；例如，亚马逊（AMZN）的美国电子商务也采取了类似的举措。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c5cf2d88f832fa4e10dd048d0492f1d\" tg-width=\"640\" tg-height=\"331\"><span>Source: Koyfin</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Koyfin</span></p></blockquote></p><p> Group Gross Profits are at the 30% range and Shopee specific metrics are expectedly lower. So a 23.7x LTM EV/S multiple is obviously huge. When contextualizing growth prospects and the excellent competitive positioning, the forward EV/S metrics are far more reasonable. According to the Koyfin database, the analyst consensus forward multiples are as follow:</p><p><blockquote>集团毛利润在30%左右，Shopee的具体指标预计会更低。因此，23.7倍的LTM EV/S倍数显然是巨大的。当结合增长前景和出色的竞争定位时，远期EV/S指标要合理得多。根据Koyfin数据库，分析师共识远期倍数如下：</blockquote></p><p> <ul>  <li>FY 2021 EV/S of 16.0x</li>  <li>FY 2022 EV/S of 11.1x</li>  <li>FY 2023 EV/S of 8.3x</li> </ul> <i>Source: Koyfin</i></p><p><blockquote><ul><li>2021财年EV/S为16.0倍</li><li>2022财年EV/S为11.1倍</li><li>2023财年EV/S为8.3倍</li></ul><i>资料来源：Koyfin</i></blockquote></p><p> Analysts have historically been on the side of conservatism for almost every high-growth tech company. Sea Group has almost always beaten its revenue figures though they usually fall slightly short on profitability. The 8.3x for 2023 means it's valued on Tencent-like multiples (adjusted for lower gross profits) but in three years. It is indeed a baby Tencent, and I would also argue that&nbsp;OTCPK:TCEHY&nbsp;itself is somewhat undervalued given the low sentiment surrounding regulations and foreign investments in Chinese tech. Are these multiples reasonable? And where is the upside? I believe SE's current price fair, but the upside will have to come from sustained revenue beats, continued product developments, and mass-scale user acquisition. Multiple compression may need to counter share price dilution, and then actually give us a reasonable rate of return. This is a situation where the following wisdom is applicable in my opinion:</p><p><blockquote>对于几乎所有高增长科技公司，分析师历来都站在保守主义一边。Sea Group几乎总是超出其收入数据，尽管盈利能力通常略有下降。2023年的市盈率为8.3倍，这意味着其估值与腾讯控股类似（根据较低的毛利润进行调整），但需要三年时间。它确实是一个婴儿腾讯控股，我还认为，鉴于围绕中国科技的监管和外国投资的情绪低迷，OTCPK：TCEHY本身的价值有些被低估。这些倍数合理吗？好处在哪里？我认为SE目前的价格是公平的，但上涨空间必须来自持续的收入增长、持续的产品开发和大规模用户获取。倍数压缩可能需要反制股价稀释，然后实际给我们一个合理的回报率。在我看来，这是一种适用以下智慧的情况：</blockquote></p><p></p><p>   It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price-Warren Buffett  <b>In my experience, when the quality of the company shines for a fair price, it's still worth an investment. Winners continue to win, and Sea Group is a rockstar business factoring in most qualitative aspects.</b>Given the visionary management (Forrest Li &amp; Co.) and what they've achieved so far, I'd put the odds in their favour.</p><p><blockquote>以合理的价格购买一家优秀的公司远比以美妙的价格购买一家公平的公司好——沃伦·巴菲特<b>根据我的经验，当公司的质量以合理的价格脱颖而出时，它仍然值得投资。赢家继续获胜，Sea Group是一家在大多数定性方面都考虑到的摇滚明星企业。</b>鉴于富有远见的管理层（Forrest Li&amp;Co.）以及他们迄今为止所取得的成就，我认为胜算对他们有利。</blockquote></p><p> Speaking of odds, there are potential catalysts that could pull the future towards us. One would hypothesise that Shopee winning in Indonesia on a more definitive basis would result in sales getting a boost from a strategic take-rate expansion. Across the planet, the Latin American story is looking impressive and shouldn't be underestimated given the size of Brazil and Mexico. That's an additional 50% e-Commerce TAM compared to Southeast Asia. SeaMoney still has a lot to prove but the network effects from Shopee should help sustain an onboarding of customers. The overall business has optionality. By that I mean, embedded options that could be triggered by a few developments and unlock share price appreciation. These are worth a premium.</p><p><blockquote>说到赔率，有一些潜在的催化剂可以将未来拉向我们。人们可能会假设，Shopee在印度尼西亚取得更明确的胜利将导致销售额从战略接受率扩张中获得提振。在全球范围内，拉丁美洲的故事看起来令人印象深刻，考虑到巴西和墨西哥的面积，不应被低估。与东南亚相比，电子商务TAM增加了50%。SeaMoney还有很多东西需要证明，但Shopee的网络效应应该有助于维持客户的加入。整体业务具有选择性。我的意思是，嵌入式期权可以由一些发展触发并释放股价升值。这些是值得溢价的。</blockquote></p><p> I'm currently long SE. I reckon there's still substantial outperformance potential over benchmarks though the easy alpha potential like we saw in 2020 is unlikely to present itself ever again. The bull thesis is too obvious now, everyone knows it, but it should still play out with alpha in my opinion. Every tech hedge fund in the world seems to be holding SE, and I agree with them. On the other hand, let's look at risks.</p><p><blockquote>我现在是龙瑟。我认为，尽管我们在2020年看到的简单阿尔法潜力不太可能再次出现，但仍有很大的优于基准的潜力。牛市论点现在太明显了，每个人都知道，但在我看来它仍然应该与阿尔法一起发挥作用。世界上每一家科技对冲基金似乎都持有SE，我同意他们的观点。另一方面，我们来看风险。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> <ul>  <li><b>Free Fire Concentration:</b>The mobile gaming industry is fast, dynamic, and always changing. The next great game is always around the corner and it's entirely possible that Free Fire's popularity fades and the accompanying cash generation dries up. I believe this risk has reduced over the last year, but it's still worth considering.</li>  <li><b>Competition:</b>Tokopedia in Indonesia, MercadoLibre in Latin America, and other internet businesses like Grab &amp; Gojek. There's plenty of competition at multiple fronts throughout the ecosystem.</li>  <li><b>Overly aggressive expansion strategy:</b>Sea Group's expansion into 7-8 countries and counting demonstrates a uniquely aggressive growth strategy. While their approach has worked out so far, it may work against them in the future. Knowing when to give up in a market that doesn't play out can stop unnecessary cash burn when the prize isn't significant enough.</li>  <li><b>Systemic Risks:</b>As a GAAP net loss business, Sea Group is subject to higher volatility, deep drawdowns, and sector/style selloffs. The sell-off in March is a recent example.</li>  <li><b>Macro:</b>Regulations and geopolitical factors in the emerging market geographies are typically more volatile than those in the US. A variety of macro risks and F/X risks are present at large.</li> </ul> <b>Ending Notes</b></p><p><blockquote><ul><li><b>自由火浓度：</b>移动游戏行业是快速的、动态的、不断变化的。下一个伟大的游戏总是在拐角处，完全有可能Free Fire的受欢迎程度会下降，随之而来的现金产生也会枯竭。我相信这种风险在去年有所降低，但仍然值得考虑。</li><li><b>竞争：</b>印度尼西亚的Tokopedia、拉丁美洲的MercadoLibre以及Grab&amp;Gojek等其他互联网企业。整个生态系统在多个方面都存在大量竞争。</li><li><b>过于激进的扩张策略：</b>Sea Group已扩展到7-8个国家，并且还在不断增加，这表明了其独特的积极增长战略。虽然他们的方法到目前为止奏效了，但将来可能会对他们不利。知道在一个没有发挥作用的市场中何时放弃可以在回报不够大时阻止不必要的现金消耗。</li><li><b>系统性风险：</b>作为一家公认会计准则净亏损企业，Sea Group面临更高的波动性、深度回撤和行业/风格抛售。三月份的抛售就是最近的一个例子。</li><li><b>宏：</b>新兴市场地区的监管和地缘政治因素通常比美国更不稳定。各种宏观风险和F/X风险普遍存在。</li></ul><b>尾注</b></blockquote></p><p> Concerns about overvaluation are perhaps warranted on a short-term outlook. In this situation, I do not have a strong near-term opinion but instead, harbour conviction in the company's long-term prospects. If one were to think in years rather than months, it is apparent to me that no competitor comes close to Sea Group in its chances for dominating e-commerce market share in most of its operating geographies. Indonesia is a key country to watch as Tokopedia is still putting up a fight. I'd put the odds on Sea since Tokopedia is a vanilla e-commerce player and doesn't have the scale and cross-pollination advantage unless they merge with another giant. Latin America is also looking like it will be a meaningful push to the top-line if not near term profitability. With excellent execution, Sea Group is leveraging its competitive positioning and is winning more often than not. The cross-pollination effect is a key advantage for internal cash generation and will help sustain the relentless growth as the business captures the massive opportunity that remains.</p><p><blockquote>从短期前景来看，对估值过高的担忧或许是有道理的。在这种情况下，我对近期没有强烈的看法，而是对公司的长期前景充满信心。如果用几年而不是几个月来思考，在我看来，很明显，在Sea Group在其大部分运营地区主导电子商务市场份额的机会方面，没有任何竞争对手能与Sea Group相提并论。印度尼西亚是一个值得关注的关键国家，因为Tokopedia仍在努力。我会把胜算放在海上，因为Tokopedia是一家普通的电子商务公司，除非他们与另一家巨头合并，否则不具备规模和异花授粉优势。拉丁美洲看起来也将对营收产生有意义的推动作用，如果不是短期盈利的话。凭借出色的执行力，Sea Group正在利用其竞争定位，并经常获胜。异花授粉效应是内部现金生成的一个关键优势，随着企业抓住剩余的巨大机会，将有助于维持持续增长。</blockquote></p><p> I imagine many experienced investors that caught the Amazon (AMZN) train early would look back on their investment as a staple component of their portfolio over the years. In my opinion, Sea Group offers a similar proposition a bit earlier in its lifecycle. Currently trading at a market cap of $130B, Sea can theoretically double in a few years once again in my opinion. Tencent in a duopolistic landscape (withBABA) features a $748B market cap across a 1.3 billion Chinese population. SE can go a third of that in a few years with a monopolistic position in Southeast Asia, scaling to a 1 billion strong emerging market population. This isn't a pure alpha opportunity as multiples have substantially expanded, but I would ballpark the company to deliver a 20%+ compounded return for investors that continue to hold it for a few years.<b>I'm long SE.</b></p><p><blockquote>我想，许多早早搭上亚马逊（AMZN）列车的经验丰富的投资者会回顾他们多年来的投资，将其视为其投资组合的主要组成部分。在我看来，Sea Group在其生命周期的早期就提出了类似的主张。在我看来，Sea目前的市值为1300亿美元，理论上可以在几年内再次翻倍。双头垄断格局中的腾讯控股（与阿里巴巴）在13亿中国人口中拥有748B美元的市值。凭借在东南亚的垄断地位，SE可以在几年内达到这一数字的三分之一，扩大到10亿强大的新兴市场人口。这不是一个纯粹的阿尔法机会，因为市盈率已大幅扩大，但我预计该公司将为继续持有几年的投资者带来20%以上的复合回报。<b>我是龙瑟。</b></blockquote></p><p> *****</p><p><blockquote>*****</blockquote></p><p></p><p> Thanks for reading! On a separate note, I'm excited to announce that I will be releasing a Marketplace subscription service soon called The Abstract Portfolio. High growth tech investing can involve a lot of fragmented information, sentiment, and noise. The Abstract Portfolio aims to bring focus and clarity by weaving together what matters and filtering out what doesn't. The service will feature a concentrated portfolio of cherry-picked stocks backed by rigorous fundamental research, assembled to deliver high absolute returns. Stay tuned!</p><p><blockquote>感谢阅读！另外，我很高兴地宣布，我将很快发布一个名为Abstract Portfolio的市场订阅服务。高增长科技投资可能涉及大量分散的信息、情绪和噪音。抽象作品集旨在通过将重要的内容编织在一起，过滤掉不重要的内容，从而带来焦点和清晰度。该服务将提供由严格的基础研究支持的精选股票的集中投资组合，以提供高绝对回报。敬请期待！</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>Analyzing Sea Limited's Relentless Growth<blockquote>分析Sea Limited的不懈增长</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\">\nAnalyzing Sea Limited's Relentless Growth<blockquote>分析Sea Limited的不懈增长</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-02 17:34</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>This article focuses on the growth engine that enables Sea Group. I provide a high-level overview and dive deeper into each operating segment.</li>  <li>The company has a significant advantage through segments that cross-pollinate each other with cash. Garena is currently funding the growth of Shopee and SeaMoney. This is a key moat contributor.</li>  <li>Shopee continues to be the key top-line driver with substantial Gross Merchandise Value growth forecasted in Southeast Asia. Consequently, increasing take rates will likely lead to even higher revenue growth.</li>  <li>Looking at overall online spending, the six largest Southeast Asian countries are forecasted to grow from $100B GMV in 2020 to $300B GMV in 2025. Sea stands to benefit across the board.</li>  <li>At an FY2023 EV/S of ~8.3x, Sea Group is fairly priced for an investment. It is a long-term conviction \"buy and hold\" for me.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e27123526e3031d4a551f336a9189f19\" tg-width=\"1536\" tg-height=\"1025\"><span>Photo by Wachiwit/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>本文重点介绍Sea Group的增长引擎。我提供了一个高层次的概述，并深入探讨了每个运营部门。</li><li>该公司通过与现金交叉授粉的细分市场拥有显着优势。Garena目前正在为Shopee和SeaMoney的发展提供资金。这是护城河的关键贡献者。</li><li>Shopee仍然是主要的营收驱动力，预计东南亚的商品总价值将大幅增长。因此，提高接受率可能会带来更高的收入增长。</li><li>从整体在线支出来看，六个最大的东南亚国家预计将从2020年的1000亿美元GMV增长到2025年的3000亿美元GMV。Sea将全面受益。</li><li>Sea Group 2023财年的EV/S约为8.3倍，投资定价合理。对我来说，“买入并持有”是一个长期的信念。</li></ul><p class=\"t-img-caption\"><span>摄影：Wachiwit/iStock社论来自Getty Images</span></p></blockquote></p><p> Sea Group (NYSE:SE) is still running in hyper-growth mode (&gt;100% YoY last quarter and on a last-twelve-month basis).</p><p><blockquote>Sea Group（纽约证券交易所股票代码：SE）仍处于高速增长模式（上季度和过去12个月同比增长&gt;100%）。</blockquote></p><p> It's been over a year since I first wrote about Sea on Seeking Alpha. The company's rise has been staggering and the business has continued to surpass most expectations, with the stock returning over 300% in the last 12 months. I'd like to use this article as an opportunity to dive into what makes such growth at a ~$120B market cap possible and put forward my opinion on why the company is positioned to win more in the coming years. While a lot of alpha has been captured in the past, I still expect substantial broad index outperformance going forward over the long term. I'm long SE.</p><p><blockquote>距离我第一次在Seeking Alpha上撰写有关Sea的文章已经过去一年多了。该公司的涨幅惊人，业务继续超出大多数人的预期，该股在过去12个月内回报率超过300%。我想以这篇文章为机会，深入探讨是什么使市值达到约120B美元的增长成为可能，并就该公司为何能够在未来几年赢得更多胜利提出我的看法。虽然过去已经捕获了很多阿尔法，但我仍然预计从长远来看，广泛指数将大幅跑赢大盘。我是龙瑟。</blockquote></p><p> <b>Recap</b></p><p><blockquote><b>回顾</b></blockquote></p><p> Here's a quick recap of what the company constitutes. Sea Group is a Singapore-based consumer internet company that has three major divisions: Digital Entertainment, E-Commerce, and Digital Financial Services. In layman's terms, think of it as a smaller and younger version of Tencent (OTCPK:TCEHY) with a Southeast Asia focus.</p><p><blockquote>以下是该公司构成的快速回顾。Sea Group是一家总部位于新加坡的消费互联网公司，拥有三大部门：数字娱乐、电子商务和数字金融服务。通俗地说，可以将其视为专注于东南亚的腾讯控股（OTCPK：TCEHY）的更小、更年轻版本。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd938ae2a667d8bf6c2c8b8094ff94ab\" tg-width=\"600\" tg-height=\"320\"><span>Source: Author, Logos from Sea Group Media Resources</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，徽标来自Sea Group媒体资源</span></p></blockquote></p><p> <b>Garena</b></p><p><blockquote><b>加雷纳</b></blockquote></p><p> Their Digital Entertainment arm known as \"Garena\" began as a third party game licensor and operator for popular online games (mostly by Tencent) for the South East Asia region. It consequently grew into an independent mobile game developer, and they now operate one of the most widely played mobile games on the planet, Free Fire, which has about 650 million quarterly active users worldwide. Free Fire is a battle-royale style multiplayer game, optimized to run smoothly on mobile phones with lower computing power specifications<i>.</i>The game generates revenue primarily from in-app purchases. It also features social media aspects, and more recently, an e-sports ecosystem built around it to host global tournaments streamed across the world. The cohesive gaming, social media, and entertainment aspects have led it to be highly engaging and relatively sticky with low churn as far as mobile games go.</p><p><blockquote>他们的数字娱乐部门“Garena”最初是东南亚地区流行在线游戏（主要是腾讯控股）的第三方游戏许可方和运营商。因此，它成长为一家独立的手机游戏开发商，他们现在运营着地球上玩得最广泛的手机游戏之一Free Fire，该游戏在全球拥有约6.5亿季度活跃用户。Free Fire是一款大逃杀风格的多人游戏，经过优化可以在较低计算能力规格的手机上流畅运行<i>.</i>该游戏的收入主要来自应用内购买。它还具有社交媒体方面的功能，最近，围绕它建立了一个电子竞技生态系统，以举办全球锦标赛。就手机游戏而言，游戏、社交媒体和娱乐方面的凝聚力使其具有高度吸引力和相对粘性，流失率较低。</blockquote></p><p> <b>Shopee</b></p><p><blockquote><b>虾皮</b></blockquote></p><p> Shopee is the leading e-commerce platform in Southeast Asia + Taiwan, spanning about 7 countries with a population of over 600 million people. They also have a large presence in Latin America, including Mexico and Brazil (add another 300 million population). The app facilitated ~$12.6B in Gross Merchandise Value (GMV) last quarter. Almost all the markets it operates in features rising middle classes, rapid digital consumerization, and strong GDP growth rates. These geographies have also been historically underpenetrated on the digital front, and are currently experiencing consumer internet adoption at a higher rate than their developed country counterparts. The pandemic catalyzed the seemingly inevitable trend of e-commerce adoption.</p><p><blockquote>Shopee是东南亚+台湾领先的电商平台，横跨约7个国家，人口超过6亿人。他们在拉丁美洲也有很大的影响力，包括墨西哥和巴西（再增加3亿人口）。该应用程序上季度的商品总价值(GMV)约为$12.6 B。它运营的几乎所有市场都以中产阶级不断壮大、快速的数字消费化和强劲的GDP增长率为特色。这些地区在数字领域的渗透率在历史上也很低，目前消费者互联网的采用率高于发达国家。疫情催化了电子商务采用这一看似不可避免的趋势。</blockquote></p><p> <b>SeaMoney</b></p><p><blockquote><b>SeaMoney</b></blockquote></p><p> This is Sea Group's \"Digital Financial Services\" (Fintech) arm. SeaMoney includes a digital wallet, payments processing, credit offerings, and other financial services. The segment had over 26 million quarterly paying users with over $3.4B in total payment volume facilitated last quarter. It is Sea Group's youngest division but arguably presents the largest opportunity for the company given that most of the Southeast Asian population has historically been underbanked. Theoretically, investments, loans, credit, debit, and insurance are all potential pieces that can weave together under a unified consumer financial services ecosystem.</p><p><blockquote>这是Sea Group的“数字金融服务”（Fintech）部门。SeaMoney包括数字钱包、支付处理、信贷产品和其他金融服务。该细分市场的季度付费用户超过2600万，上季度的总支付量超过$3.4 B。这是Sea Group最年轻的部门，但鉴于大多数东南亚人口历来银行服务不足，可以说为该公司提供了最大的机会。从理论上讲，投资、贷款、信贷、借记和保险都是可以在统一的消费金融服务生态系统下编织在一起的潜在部分。</blockquote></p><p></p><p> To summarize, Sea Group is a consumer internet titan with an ecosystem of high growth business divisions that are in total, likely touching over a billion people worldwide. On an LTM basis, the company's combined revenue grew 113.7% YoY. Sea is serving emerging markets that are experiencing internet adoption at accelerated rates, and is ballooning into a Tencent-like internet beast (consequently, they're Tencent-backed as well). A key factor in an investment consideration, is, of course, growth going forward. In the next few sections, I attempt to deconstruct growth using readily available-reported metrics and alternative data to make inferences on prospects.</p><p><blockquote>总而言之，Sea Group是一家消费互联网巨头，拥有一个由高增长业务部门组成的生态系统，这些业务部门总共可能覆盖全球超过10亿人。按LTM计算，公司总收入同比增长113.7%。Sea正在为互联网加速普及的新兴市场提供服务，并正在迅速成长为腾讯控股式的互联网野兽（因此，它们也得到了腾讯控股的支持）。当然，投资考虑的一个关键因素是未来的增长。在接下来的几节中，我试图使用现成的报告指标和替代数据来解构增长，以对前景做出推断。</blockquote></p><p> <b>Group Growth Through Cross-Pollination</b></p><p><blockquote><b>通过异花授粉的群体生长</b></blockquote></p><p> Big growth requires cash. Chasing an underpenetrated e-commerce opportunity spanning 100s of millions of consumers requires a lot of cash. Sea has executed well in raising capital and putting it to work for growth, often playing its cards close to the chest pre-2020. The secret sauce for effective cash utilization, however, lies in the company's three-headed ecosystem structure. Shopee's growth would not be possible without the preceding success of Garena. And it's fair to say that SeaMoney's odds of success are substantially better because of Shopee's proliferation. The following diagram explains this.</p><p><blockquote>大增长需要现金。追逐覆盖数亿消费者的渗透不足的电子商务机会需要大量现金。Sea在筹集资金并将其用于增长方面表现出色，在2020年之前经常小心翼翼地出牌。然而，有效利用现金的秘诀在于公司的三头生态系统结构。如果没有Garena之前的成功，Shopee的增长是不可能的。公平地说，由于Shopee的激增，SeaMoney的成功几率要高得多。下图解释了这一点。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6629de9aa49e0ca3375f92306d80c289\" tg-width=\"640\" tg-height=\"338\"><span>Source: Author, Logos from Sea Group Media Resources</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，徽标来自Sea Group媒体资源</span></p></blockquote></p><p> A popular concept in venture capital is the \"Valley of Death\". A freshly funded startup enterprise tends to burn cash to invest in product development, overhead, sales, etc. It continues to burn cash until it finds product-market fit, and revenues eventually grow large enough to make the system work and turn the company cash flow generative. Businesses are vulnerable from a financial standpoint during the cash burn and have to beat the clock as their limited cash pours out rapidly until sales balance out expenditure. Many seed-stage startups just die due to this. Since venture capital proliferated in the last two decades and access to private funding has supplied enormous cash ammunition to growth businesses post product-market fit, the burn phase has extended to the public markets as well. If a public company's strategy doesn't work, it tends to downsize, get mildly profitable at modest growth rates, and turn into an acquisition target. Alternatively, it may collect in the vast land of unfulfilled public tech stocks. That's the anatomy of a modern tech company in a nutshell.</p><p><blockquote>风险投资中一个流行的概念是“死亡谷”。一个新融资的创业企业倾向于烧钱投资于产品开发、管理费用、销售等。它继续烧钱，直到找到适合产品市场的产品，收入最终增长到足以使系统发挥作用并使公司产生现金流。从财务角度来看，企业在烧钱期间很脆弱，必须争分夺秒，因为有限的现金迅速流出，直到销售额平衡支出。许多种子期创业公司因此而夭折。由于风险投资在过去二十年中激增，获得私人资金为产品市场契合后的成长型企业提供了巨大的现金弹药，燃烧阶段也延伸到了公开市场。如果一家上市公司的战略不起作用，它往往会缩小规模，以适度的增长率获得适度的利润，并成为收购目标。或者，它可能会聚集在未履行的公共科技股的广阔土地上。简而言之，这就是现代科技公司的剖析。</blockquote></p><p> Expanding upon this concept, Sea Group isn't one company. It's a lot like three companies. As of 2021, Garena is well out of the cash flow valley of death, Shopee is burning big cash but is seemingly at a trough, and SeaMoney is just getting started. Proceeds from mature segments like Garena are used to pollinate growth in segments that have lower market penetration and longer growth runways (like Shopee &amp; SeaMoney).<b>In totality, Sea Group is an ecosystem that continues to evolve with the next big company still embedded within, still in the making, all the time.</b>What's impressive is that Shopee's market potential is larger than Garena's, and SeaMoney has an even larger theoretical market though any success might be early to call. The access to cash makes Sea Group's growth outright suffocating for competitors because individual non-ecosystems simply cannot compete on pricing, marketing budgets, and moderate economies of scale in the case of e-commerce. That's not to take away from Sea's excellent product and sales execution anyway. The following sections break down the three sub-companies and draw inferences from their growth metrics.</p><p><blockquote>扩展这一概念，Sea Group并不是一家公司。很像三家公司。截至2021年，Garena已经走出了现金流死亡谷，Shopee正在烧钱，但似乎正处于低谷，而SeaMoney才刚刚起步。Garena等成熟细分市场的收益用于促进市场渗透率较低、增长跑道较长的细分市场（如Shopee和SeaMoney）的增长。<b>总的来说，Sea Group是一个不断发展的生态系统，下一个大公司仍然嵌入其中，仍在形成中。</b>令人印象深刻的是，Shopee的市场潜力比Garena更大，而SeaMoney的理论市场甚至更大，尽管看涨期权可能还为时过早。获得现金使得Sea Group的增长对竞争对手来说完全令人窒息，因为在电子商务的情况下，单个非生态系统根本无法在定价、营销预算和适度规模经济方面竞争。无论如何，这并不能削弱Sea出色的产品和销售执行力。以下部分对这三家子公司进行了细分，并从其增长指标中得出结论。</blockquote></p><p> <b>Garena (Digital Entertainment)</b></p><p><blockquote><b>Garena（数字娱乐）</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/18d10df5e5cd40c3f8cdb6fa3565fb1e\" tg-width=\"510\" tg-height=\"264\"><span>Source: Author,Data from Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自公司备案</span></p></blockquote></p><p> The charts above pertain to the Digital Entertainment segment, with the marked lines displaying YoY (Year-over-Year), and QoQ (Quarter-over-Quarter) percentage growth. Gross Bookings are the key top-line metric as they represent revenues that are yet to be recognized on the GAAP front. Due to the nature of in-app purchases and other payments made on apps like Free Fire etc., there's a fairly substantial difference between the two. Previously reported as Adjusted Revenues, Gross Bookings have held strong and have recently recorded 10% QoQ growth for the first quarter even though the pandemic has been easing off with a reopening trend. Q1-Q3 2020 saw rapid growth, while the last few quarters have tapered down to levels that are seemingly more muted. This should be expected to continue.</p><p><blockquote>上面的图表与数字娱乐领域相关，标记线显示同比（同比）和环比（环比）百分比增长。总预订量是关键的营收指标，因为它们代表了尚未在公认会计准则方面确认的收入。由于应用内购买和在Free Fire等应用上进行的其他支付的性质。，两者之间有相当大的区别。尽管疫情随着重新开放的趋势而有所缓解，但之前报告的调整后收入总额一直保持强劲，最近第一季度环比增长了10%。2020年第一季度至第三季度增长迅速，而过去几个季度已逐渐放缓至看似更加温和的水平。这种情况应该会持续下去。</blockquote></p><p></p><p> It is worth mentioning how Free Fire has stuck around instead of temporarily leading top mobile gaming charts like most other games. In the gaming world, you have temporarily viral games, and then you have games that have a dedicated following across millions of users that evolve and provide engagement over sustained periods of time. The latter includes Call of Duty, PUBG, League of Legends, and Fortnite to name a few. Ultimately, the revenues of these games are predictable and sticky enough. It appears as though Free Fire has joined this group.</p><p><blockquote>值得一提的是，Free Fire并没有像大多数其他游戏一样暂时领先手机游戏排行榜。在游戏世界中，你有暂时的病毒式游戏，然后你有拥有数百万用户忠实追随者的游戏，这些游戏在持续的时间内不断发展并提供参与。后者包括《使命看涨期权》、《PUBG》、《英雄联盟》和《堡垒之夜》等等。最终，这些游戏的收入是可预测的，并且具有足够的粘性。似乎自由之火已经加入了这个团体。</blockquote></p><p> The way Free Fire was built from the ground up is relatively contrarian. It's optimized to work on cheaper Android-powered smartphones instead of consoles and dedicated devices that are often seen as staple purchases for many gamers in developed countries. Getting a Switch, Xbox, or PC for most people in emerging markets is a serious expense. With Free Fire, you can get away with what you already have in India, Brazil, Mexico, and Indonesia. All you need is a smartphone and you're getting bang for your buck gaming and entertainment. This aspect has made it a perfect emerging market game.<b>While most of the industry was focused on higher ticket experiences, Garena's contrarian outlook on making a game specifically for ignored categories of mobile players has helped it succeed.</b></p><p><blockquote>Free Fire从头开始构建的方式相对来说是逆向的。它经过优化，可以在更便宜的Android智能手机上运行，而不是游戏机和专用设备，这些设备通常被视为发达国家许多游戏玩家的主要购买。对于新兴市场的大多数人来说，购买Switch、Xbox或PC是一笔不小的开支。有了Free Fire，你可以摆脱你在印度、巴西、墨西哥和印度尼西亚已经拥有的东西。你所需要的只是一部智能手机，你的游戏和娱乐就会物有所值。这方面使它成为一个完美的新兴市场游戏。<b>虽然大多数行业都专注于更高的门票体验，但Garena在专门为被忽视的移动玩家类别制作游戏方面的逆向观点帮助它取得了成功。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/a46c2a9d96ac17e0ad6c91fe7eb13f24\" tg-width=\"508\" tg-height=\"265\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/21c5e5ecd14f6544b380b4c99aa42150\" tg-width=\"508\" tg-height=\"265\"><span>Source: Author, Data from Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自公司备案</span></p></blockquote></p><p> Despite going after large populations of price-sensitive emerging market gamers, we see a surprising number of users actually paying for in-app purchases every quarter. QPU growth has outpaced QAU growth, with a larger proportion of the overall user mix trending towards paying users over time (11.4%, 12.0%, and 12.3% respectively for the last three quarters). This is key for the division's bookings and revenues. About a year ago, I expressed concern regarding the over-reliance on Free Fire as a sustainable cash source. I questioned whether it was truly here to stay and won't be replaced by the next hot game. This concern was abated when I learned that the e-sports events were amassing millions of viewers, the game continued to evolve with seasons and geography-specific features, and the social media angle that resulted in network effects across players.<b>It's impressive enough for a game to go to #1, but to stay in the top charts for 2-years running requires some excellent execution.</b></p><p><blockquote>尽管追求大量对价格敏感的新兴市场游戏玩家，但我们看到每个季度实际为应用内购买付费的用户数量惊人。QPU的增长超过了QAU的增长，随着时间的推移，整体用户组合中更大比例倾向于付费用户（过去三个季度分别为11.4%、12.0%和12.3%）。这是该部门预订和收入的关键。大约一年前，我对过度依赖Free Fire作为可持续现金来源表示担忧。我质疑它是否真的会留在这里，不会被下一场热门比赛取代。当我了解到电子竞技赛事聚集了数百万观众，游戏随着季节和地理特定的特征而继续发展，以及社交媒体角度导致了玩家之间的网络效应时，这种担忧就减轻了。<b>对于一款游戏来说，排名第一已经足够令人印象深刻了，但要连续两年保持在榜首需要一些出色的执行力。</b></blockquote></p><p> Here's a table of Play Store rankings for the \"Games: Action\" category. I've included the Play Store since the majority of emerging market users are on Android as opposed to iOS.</p><p><blockquote>这是“游戏：动作”类别的Play Store排名表。我把Play Store包括在内，因为大多数新兴市场用户都在Android上，而不是iOS。</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>India</b></td>    <td><b>Indonesia</b></td>    <td><b>Pakistan</b></td>    <td><b>Brazil</b></td>    <td><b>Nigeria</b></td>    <td><b>Bangladesh</b></td>    <td><b>Mexico</b></td>    <td><b>Philippines</b></td>    <td><b>Vietnam</b></td>    <td><b>Thailand</b></td>   </tr>   <tr>    <td><b>Downloads: Gaming</b></td>    <td>10</td>    <td>17</td>    <td>18</td>    <td>8</td>    <td>7</td>    <td>3</td>    <td>11</td>    <td>135</td>    <td>11</td>    <td>10</td>   </tr>   <tr>    <td><b>Downloads: Gaming Action</b></td>    <td>2</td>    <td>4</td>    <td>3</td>    <td>2</td>    <td>1</td>    <td>1</td>    <td>3</td>    <td>27</td>    <td>2</td>    <td>2</td>   </tr>   <tr>    <td><b>Grossing: Gaming</b></td>    <td>1</td>    <td>1</td>    <td>2</td>    <td>1</td>    <td>8</td>    <td>2</td>    <td>1</td>    <td>20</td>    <td>1</td>    <td>1</td>   </tr>   <tr>    <td><b>Grossing: Gaming Action</b></td>    <td>1</td>    <td>1</td>    <td>2</td>    <td>1</td>    <td>2</td>    <td>1</td>    <td>1</td>    <td>4</td>    <td>1</td>    <td>1</td>   </tr>  </tbody> </table> <i>Source: App Annie, As of 28th May 2021</i></p><p><blockquote><table><tbody><tr><td><b>印度</b></td><td><b>印度尼西亚</b></td><td><b>巴基斯坦</b></td><td><b>巴西</b></td><td><b>尼日利亚</b></td><td><b>孟加拉国</b></td><td><b>墨西哥</b></td><td><b>菲律宾</b></td><td><b>越南</b></td><td><b>泰国</b></td></tr><tr><td><b>下载：游戏</b></td><td>10</td><td>17</td><td>18</td><td>8</td><td>7</td><td>3</td><td>11</td><td>135</td><td>11</td><td>10</td></tr><tr><td><b>下载：游戏动作</b></td><td>2</td><td>4</td><td>3</td><td>2</td><td>1</td><td>1</td><td>3</td><td>27</td><td>2</td><td>2</td></tr><tr><td><b>票房：游戏</b></td><td>1</td><td>1</td><td>2</td><td>1</td><td>8</td><td>2</td><td>1</td><td>20</td><td>1</td><td>1</td></tr><tr><td><b>票房：游戏动作</b></td><td>1</td><td>1</td><td>2</td><td>1</td><td>2</td><td>1</td><td>1</td><td>4</td><td>1</td><td>1</td></tr></tbody></table><i>资料来源：App Annie，截至2021年5月28日</i></blockquote></p><p> The above charts are compiled from some of the most populated emerging market countries I could find, along with my free App Annie account. While new downloads might have reduced over the last two quarters from the pandemic boost last year, the numbers are still impressive and Free Fire remains the top-grossing game amongst most of the geographies above. Importantly, it is the consistency of these rankings over time.</p><p><blockquote>上面的图表是根据我能找到的一些人口最多的新兴市场国家以及我的免费App Annie帐户汇编而成的。虽然过去两个季度的新下载量可能比去年疫情的增长有所下降，但这些数字仍然令人印象深刻，Free Fire仍然是上述大多数地区票房最高的游戏。重要的是，随着时间的推移，这些排名的一致性。</blockquote></p><p></p><p> <b>Going by the growth metrics, long-term engagement is likely to be sustained, but there should be a sequential slowdown in new user adds and incremental gross bookings in the coming months.</b>This is consistent with what the management expects and reasonable given the reopening and saturation of the game across the global market. On the bright side, Digital Entertainment recorded an Adjusted EBITDA margin of 64% last quarter that should scale proportionately with gross bookings. After building out the game, there isn't too much in terms of costs to take away from the bottom line. Large sales and marketing expenditure isn't quite needed now that the game has global network effects. It's really about back-end, maintenance, and continued development work to keep evolving the already successful game and ecosystem.</p><p><blockquote><b>从增长指标来看，长期参与度可能会持续下去，但未来几个月新用户增加和总预订量增量应该会连续放缓。</b>这与管理层的预期一致，考虑到游戏在全球市场的重新开放和饱和，这是合理的。好的一面是，数字娱乐上季度调整后的EBITDA利润率为64%，应该与总预订量成比例增长。在构建完游戏之后，就成本而言，没有太多可以从底线中扣除的东西。既然游戏具有全球网络效应，就不太需要大量的销售和营销支出了。这实际上是关于后端、维护和持续的开发工作，以不断发展已经成功的游戏和生态系统。</blockquote></p><p> Shopee (E-Commerce)</p><p><blockquote>Shopee（电子商务）</blockquote></p><p> The following two charts present gross orders and gross merchandise value (GMV) for the e-commerce division.</p><p><blockquote>以下两张图表显示了电子商务部门的总订单和商品总值(GMV)。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cb09b8563ac1df1a5d8e7458b30c3054\" tg-width=\"512\" tg-height=\"264\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/628c3b271ee17e9c430045d0f686f75c\" tg-width=\"512\" tg-height=\"264\"><span>Source: Author, Data from Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自公司备案</span></p></blockquote></p><p> The trends are similar across both charts. Q2 2020 saw acceleration due to the pandemic, Q4 2020 saw a seasonal high, and Q1 2021 saw QoQ deceleration going out of the holiday season across most geographies. As Gross Orders have outpaced GMV, we can conclude that more people are ordering cheaper items on the platform on average. If we consider seasonality, the 5-6% QoQ growth in Q1 2021 isn't particularly concerning and we'll likely see a sequential pickup in the next quarter. It's fair to expect the reopening trend to put some downward pressure on growth but the long term feasibility of the platform has likely cemented itself for consumers. The convenience and product pricing on e-commerce is simply hard to compete with for brick &amp; mortar, and we're not going back to pre-pandemic levels of online retail again. The following earnings release excerpt provides some colour on e-commerce GAAP Revenue.</p><p><blockquote>两张图表的趋势相似。由于疫情，Q2 2020年出现了加速，2020年第四季度出现了季节性高点，Q1 2021年大多数地区在假期结束后出现了环比减速。由于总订单量已经超过了GMV，我们可以得出结论，平均而言，更多的人在平台上订购更便宜的商品。如果我们考虑季节性，2021年第一季度5-6%的环比增长并不是特别令人担忧，我们可能会在下个季度看到环比回升。预计重新开放趋势将给增长带来一些下行压力是公平的，但该平台的长期可行性可能已经巩固了消费者的地位。电子商务的便利性和产品定价很难与实体店竞争，我们不会再回到大流行前的在线零售水平。以下收益发布摘录提供了有关电子商务GAAP收入的一些信息。</blockquote></p><p>   GAAP revenue was US$922.3 million, up 250.4% year-on-year.    GAAP revenue included US$715.9 million of GAAP marketplace revenue, up 285.0% year-on-year, and US$206.4 million of GAAP product revenue, up 167.1% year-on-year.    <i>Source:Q1 2021 Earnings Press Release</i>  Comparing the above information to the GMV chart, we can infer that<b>Sales have substantially outpaced GMV growth. This indicates a very deliberate move by the company to increase their take rates in dominant geographies.</b>Take rates are a function of the GMV and represent the proportion of the total GMV that makes it to revenues. As the standard consumer internet company goes, you expand and acquire customers at all costs, then you increase prices and get profitable after capturing a market and habituating consumers to your platform. Overall, the actions have also decreased Adjusted EBITDA losses substantially and that allows Sea to play the balancing cash flow act on demand.</p><p><blockquote>GAAP营收为9.223亿美元，同比增长250.4%。GAAP收入包括GAAP市场收入7.159亿美元，同比增长285.0%，GAAP产品收入2.064亿美元，同比增长167.1%。<i>资料来源：2021年第一季度收益新闻稿</i>将上述信息与GMV图表进行对比，我们可以推断，<b>销售额大大超过了GMV的增长。这表明该公司有意提高其在主要地区的接受率。</b>采用率是GMV的函数，代表总GMV占收入的比例。就像标准的消费互联网公司一样，你不惜一切代价扩大和获取客户，然后在占领市场并让消费者习惯你的平台后提高价格并盈利。总体而言，这些行动还大幅减少了调整后的EBITDA损失，这使得Sea能够根据需要实施平衡现金流法案。</blockquote></p><p>   Both in Southeast Asia and in Taiwan, Shopee ranked first in the Shopping category by average monthly active users and total time spent in-app on Android for the first quarter of 2021, according to App Annie.    In Indonesia, where Shopee further accelerated its year-on-year growth in gross orders, it continued to rank first by average monthly active users and total time spent in app on Android in the Shopping category for the first quarter of 2021, according to App Annie.    <i>Source:Q1 2021 Earnings Press Release</i>  From a high-level view, Southeast Asia &amp; Taiwan seem pretty much covered. However, within this region, Indonesia still presents the fiercest battleground for Shopee as it competes against the SoftBank-backed Tokopedia. The following charts show monthly website visits for both companies.</p><p><blockquote>根据App Annie的数据，2021年第一季度，在东南亚和台湾，Shopee在Android上的平均月活跃用户和应用内总时间在购物类别中排名第一。根据App Annie的数据，在印度尼西亚，Shopee的总订单量同比增长进一步加快，2021年第一季度，其在购物类别中的平均月活跃用户和Android应用程序上花费的总时间继续排名第一。<i>资料来源：2021年第一季度收益新闻稿</i>从高层次的角度来看，东南亚和台湾似乎被覆盖了。然而，在该地区，印度尼西亚仍然是Shopee最激烈的战场，因为它与软银支持的Tokopedia竞争。下图显示了两家公司每月的网站访问量。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/49440f62634a1c3ccc9ebfdd0c7a33ba\" tg-width=\"481\" tg-height=\"289\"><span>Source:Southeast Asia Map of eCommerce, iPrice Group</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：东南亚电子商务地图，iPrice Group</span></p></blockquote></p><p> Monthly web visits from the iPrice Group show that Tokopedia saw more traffic (not necessarily sales) during the last quarter while it was behind during the last few. However, on mobile (App Store &amp; Android), Shopee is the undisputed leader in the Shopping category. This is reassuring since mobile e-commerce has been outpacing total e-commerce as a category in almost every geography across every platform.</p><p><blockquote>iPrice Group的每月网络访问量显示，Tokopedia在上个季度的流量（不一定是销售额）更多，而在过去几个季度则落后。然而，在移动（App Store&amp;Android）上，Shopee是购物类无可争议的领导者。这令人放心，因为在几乎每个平台的每个地区，移动电子商务作为一个类别已经超过了总电子商务。</blockquote></p><p></p><p> <table>  <tbody>   <tr>    <td><b>Indonesia Mobile Rankings</b></td>    <td><b>Q1 20</b></td>    <td><b>Q2 20</b></td>    <td><b>Q3 20</b></td>    <td><b>Q4 20</b></td>    <td><b>Q1 21</b></td>   </tr>   <tr>    <td>Shopee App Store</td>    <td>1</td>    <td>1</td>    <td>1</td>    <td>1</td>    <td>1</td>   </tr>   <tr>    <td>Shopee PlayStore</td>    <td>1</td>    <td>1</td>    <td>1</td>    <td>1</td>    <td>1</td>   </tr>   <tr>    <td>Tokopedia App Store</td>    <td>2</td>    <td>2</td>    <td>2</td>    <td>2</td>    <td>2</td>   </tr>   <tr>    <td>Tokopedia PlayStore</td>    <td>3</td>    <td>3</td>    <td>4</td>    <td>4</td>    <td>4</td>   </tr>  </tbody> </table> <i>Source: Southeast Asia Map of eCommerce, iPrice Group</i></p><p><blockquote><table><tbody><tr><td><b>印度尼西亚移动排名</b></td><td><b>Q1 20</b></td><td><b>Q2 20</b></td><td><b>Q3 20</b></td><td><b>Q4 20</b></td><td><b>Q1 21</b></td></tr><tr><td>Shopee应用商店</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Shopee PlayStore</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Tokopedia应用商店</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Tokopedia PlayStore</td><td>3</td><td>3</td><td>4</td><td>4</td><td>4</td></tr></tbody></table><i>资料来源：东南亚电子商务地图，iPrice Group</i></blockquote></p><p> I would conclude that Tokopedia is a key competitor that needs to be watched closely and will prevent Shopee from exercising its take rates more liberally in the country. Furthermore, Indonesia represents the largest Southeast Asian market for e-commerce.<b>Cross-pollination isn't just occurring across Sea's segments but also across Shopee's different e-commerce geographies.</b>Profits from Shopee Thailand, for example, may be used to bring forth more competitive product pricing to Shopee Indonesia. Tokopedia is distinctly e-Commerce and limited to Indonesia, and likely doesn't have these internal cash generative advantages.</p><p><blockquote>我的结论是，Tokopedia是一个需要密切关注的主要竞争对手，并将阻止Shopee在该国更自由地行使其接受率。此外，印度尼西亚是东南亚最大的电子商务市场。<b>异花授粉不仅发生在Sea的各个细分市场，还发生在Shopee的不同电子商务地区。</b>例如，Shopee泰国的利润可用于为Shopee印度尼西亚带来更具竞争力的产品定价。Tokopedia显然是电子商务，仅限于印度尼西亚，可能不具备这些内部现金生成优势。</blockquote></p><p> Let's take a look at what's happening across the globe in Latin America. Shopee is growing like wildfire in Mexico and Brazil. The charts below represent recent data as of late May.</p><p><blockquote>让我们来看看全球拉丁美洲正在发生什么。Shopee在墨西哥和巴西像野火一样增长。下图代表了截至五月下旬的最新数据。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e59030ed9023a1f492a597a9af00d646\" tg-width=\"640\" tg-height=\"247\"><span>Source: App Annie, Rankings by Country in the \"Shopping\" category</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：App Annie，“购物”类别按国家排名</span></p></blockquote></p><p> Brazil and Mexico together make up for a population of ~330 million. The other e-commerce star in the category, MercadoLibre (MELI) ranks behind Shopee on Android for both Brazil and Mexico. The rankings depend on downloads instead of engagement, and MercadoLibre is often pegged to have a majority market share in Latin America as a whole (dominates Argentina). However, what the above alternative data above tell us is that Shopee has momentum in user share acquisition on an absolute basis. One can infer that more people are downloading Shopee in Mexico and Brazil as of late May compared to MercadoLibre at a faster rate. Higher downloads often translate to higher relatively higher market share gains.</p><p><blockquote>巴西和墨西哥总共约有3.3亿人口。该类别中的另一位电子商务明星MercadoLibre(MELI)在巴西和墨西哥的Android上排名均落后于Shopee。排名取决于下载量而不是参与度，MercadoLibre通常被认为在整个拉丁美洲拥有大部分市场份额（主导阿根廷）。然而，上述替代数据告诉我们的是，Shopee在绝对基础上拥有用户份额获取的势头。人们可以推断，与MercadoLibre相比，截至5月底，墨西哥和巴西有更多人下载Shopee，速度更快。更高的下载量通常会转化为更高的相对较高的市场份额收益。</blockquote></p><p> Add all the Shopee geographies together and they represent a billion people and a combined GDP of $6.5T according to my calculations (<i>Source for GDP:Worldometer</i>). I reckon this is where to start when drawing up true long-term potential before narrowing down further.</p><p><blockquote>根据我的计算，将所有Shopee地理位置加在一起，它们代表了10亿人口和6.5 T美元的GDP（<i>GDP来源：Worldometer</i>).我认为，在进一步缩小范围之前，这是绘制真正的长期潜力的起点。</blockquote></p><p> <b>SeaMoney (Digital Financial Services)</b></p><p><blockquote><b>SeaMoney（数字金融服务）</b></blockquote></p><p> <ul>  <li>Total Payment Volumes increased to $3.4B in Q1 21, from $1.0B during the same period last year</li>  <li>Quarterly Paying Users increased to 26.1 million in Q1 21, from ~10 million during the same period last year</li> </ul> <i>Source:Q1 2021 Earnings Release</i></p><p><blockquote><ul><li>21年第一季度的总支付量从去年同期的$1.0 B增至$3.4 B</li><li>21年第一季度季度付费用户从去年同期的约1000万增至2610万</li></ul><i>资料来源：2021年第一季度收益发布</i></blockquote></p><p> SeaMoney is the umbrella under which Sea Group operates multiple Fintech Apps including Shopee Pay. Current products include payments and payment processing, but if one were to look beyond into other Fintech Apps in China or the West, digital financial services tend to coalesce into super apps. For many people living in Southeast Asia, it isn't even about disruption but rather their first introduction to financial services of any sort. Unfortunately, a glance at the Fintech environment would leave any public market investor a bit confused.</p><p><blockquote>SeaMoney是Sea Group运营包括Shopee Pay在内的多个金融科技应用程序的保护伞。目前的产品包括支付和支付处理，但如果人们超越中国或西方的其他金融科技应用，数字金融服务往往会合并为超级应用。对于许多生活在东南亚的人来说，这甚至不是颠覆，而是他们第一次接触任何形式的金融服务。不幸的是，看一眼金融科技环境，任何公开市场投资者都会感到有点困惑。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09e8a02fd03188b0d9cb12841f889fe5\" tg-width=\"1280\" tg-height=\"501\"><span>Source:FintechNews.SG</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：FintechNews.SG</span></p></blockquote></p><p> 26.1 million quarterly paying users (QPUs), and not monthly-PUs or daily-PUs for that matter doesn't give us much granularity in data or how the segment is truly performing. $3.4B in Transaction Payment Volume is somewhat impressive, considering the last quarter saw about $12.6B in GMV on Shopee. Ultimately, the broader adoption of SeaMoney by both merchants and consumers beyond the Shopee platform is important to catalyze network large scale effects. The greater the versatility of SeaMoney across instances in real-life, the better the hold the division would have over consumers. Longer-term, offering just payments is not enough. Credit, Debit, Investing, and other financial services, all in one app have been shown to differentiate the winners from the losers in geographies like China, or in the United States with Cash App by Square (SQ).</p><p><blockquote>2610万季度付费用户(QPU)，而不是月度付费用户或每日付费用户，并没有为我们提供太多数据粒度或该细分市场的真实表现。考虑到上季度Shopee上的GMV约为$12.6 B，$3.4 B的交易支付量有些令人印象深刻。最终，Shopee平台之外的商家和消费者更广泛地采用SeaMoney对于催化网络大规模效应非常重要。SeaMoney在现实生活中的多功能性越强，该部门对消费者的控制就越好。从长远来看，仅仅提供支付是不够的。信贷、借记、投资和其他金融服务都在一个应用程序中，事实证明，在中国等地区，或者在美国，Square(SQ)的现金应用程序可以区分赢家和输家。</blockquote></p><p></p><p> What can be said though, is that chances for continued growth, and winning market share are higher due to the group cross-pollination effects and network effects against Shopee customers. I would still see the segment through the eyes of an embedded option in the share price that would produce asymmetric reward if it does expand to more customers.</p><p><blockquote>但可以说的是，由于群体异花授粉效应和针对Shopee客户的网络效应，持续增长和赢得市场份额的机会更高。我仍然会通过股价中嵌入期权的视角来看待该细分市场，如果它确实扩展到更多客户，该期权将产生不对称的回报。</blockquote></p><p> <b>The Runway Ahead</b></p><p><blockquote><b>前方跑道</b></blockquote></p><p> The excerpts below were taken from a report published in late 2020 by Google, Temasek, and Bain &amp; Company. The report highlights internet spending forecasts over six major markets in Southeast Asia: Singapore, Indonesia, Philippines, Thailand, Malaysia, and Vietnam.</p><p><blockquote>以下摘录摘自谷歌、淡马锡和贝恩公司在2020年底发布的一份报告。该报告强调了东南亚六个主要市场的互联网支出预测：新加坡、印度尼西亚、菲律宾、泰国、马来西亚和越南。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bffb6329895d550a13b311bb474fde85\" tg-width=\"640\" tg-height=\"222\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6a66aadbe2d042623e0efa580879f9f2\" tg-width=\"640\" tg-height=\"335\"><span>Source:e-Conomy SEA 2020; by Google, Temasek, and Bain &amp; Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：电子经济SEA 2020；作者：谷歌、淡马锡和贝恩公司</span></p></blockquote></p><p> As a whole, the internet economy in these countries is expected to compound at a CAGR (Compound Annual Growth Rate) of 24%, almost tripling from $105B in GMV in 2020 to $309B in 2025. This provides a sense of scale for the region and the internet opportunity that Sea currently operates in as a leader. Note that these numbers exclude Taiwan and Latin America.</p><p><blockquote>总体而言，这些国家的互联网经济预计将以24%的CAGR（复合年增长率）复合，从2020年的1050亿美元GMV增长到2025年的3090亿美元，几乎增长两倍。这为该地区提供了规模感以及Sea目前作为领导者运营的互联网机会。请注意，这些数字不包括台湾和拉丁美洲。</blockquote></p><p> For Digital Entertainment, Garena's Free Fire market appears to be a lot closer to saturation considering it is already one of the highest-grossing mobile games on the planet. Other Garena endeavours have a chance of success though I'd argue that \"Free Fire\"-like success is hard to come by especially in mobile gaming. Digital Financial Services is still early to call at least until it achieves broader mass adoption across the region. 26 million paying users is significant, though we'll have to give the business time until we can call it a meaningful sales contributor that in turn drives the stock price. As of now, it's a cash burn.</p><p><blockquote>对于数字娱乐来说，Garena的Free Fire市场似乎已经接近饱和，因为它已经是全球票房最高的手机游戏之一。Garena的其他努力也有成功的机会，尽管我认为像“自由射击”这样的成功很难实现，尤其是在手机游戏中。数字金融服务对看涨期权来说还为时过早，至少在它在整个地区实现更广泛的大规模采用之前是这样。2600万付费用户意义重大，尽管我们必须给企业时间，直到我们能够将其看涨期权为有意义的销售贡献者，进而推动股价。截至目前，这是一个现金消耗。</blockquote></p><p> That leaves e-Commerce as the main sales driver for the company in the next 2-3 years. Here are some country-specific forecasts for e-Commerce by the same source.</p><p><blockquote>这使得电子商务成为该公司未来2-3年的主要销售驱动力。以下是同一来源对电子商务的一些特定国家的预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b13ad7630877eaae1221848e7aa7d6e3\" tg-width=\"640\" tg-height=\"321\"><span>Source:e-Conomy SEA 2020, Local Highlights</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：e-Conomy SEA 2020，本地亮点</span></p></blockquote></p><p> As one would expect, Indonesia is the largest market. Vietnam is expected to compound at the fastest rate over the next few years. It's important to note that while the CAGRs are drawn in the 20-30% range, 2021 will see the highest rate while 2025 will see the lowest. 40%+ YoY SEA GMV growth for 2021 is quite likely in my opinion while 2025 could be closer to 15%.</p><p><blockquote>正如人们所料，印度尼西亚是最大的市场。预计越南将在未来几年以最快的速度复合。值得注意的是，虽然复合年增长率在20-30%范围内，但2021年将达到最高水平，而2025年将达到最低水平。我认为，2021年SEA GMV很可能同比增长40%以上，而2025年可能接近15%。</blockquote></p><p> The above chart uses GMV or Gross Merchandise Value. As discussed earlier, sales are a function of the take rate and the GMV. The take rate increases, the sales increase. Sea does this by dominating geographies and then deliberately increasing the take rate when network effects or the habituation of consumers on Shopee works at scale. Therefore, Sea's sales growth is set to outpace GMV expansion, especially when they widen their lead in a market. Given Latin America is also experiencing rapid Shopee adoption, it is reasonable to expect hyper-growth in the e-Commerce segment for years. The company expects 112% YoY growth for Shopee in FY2021 at the midpoint of their guidance (<i>Source:Q4 20 Transcript</i>).</p><p><blockquote>上图使用GMV或商品总值。如前所述，销售额是采用率和GMV的函数。接受率增加，销售额增加。Sea通过主导地理区域，然后在网络效应或消费者对Shopee的习惯大规模发挥作用时故意提高接受率来实现这一目标。因此，Sea的销售增长将超过GMV的扩张，尤其是当他们扩大在市场上的领先优势时。鉴于拉丁美洲也在快速采用Shopee，有理由预计电子商务领域将在未来几年内实现高速增长。该公司预计Shopee 2021财年同比增长112%，达到指导中点（<i>资料来源：20年第四季度成绩单</i>).</blockquote></p><p> Weave the above pieces together, Sea has an immense growth runway. The e-Commerce opportunity indicates that the company can theoretically be in hyper-growth mode for another 2-3 years, well into 2023.</p><p><blockquote>将上述部分编织在一起，Sea拥有一条巨大的增长跑道。电子商务机会表明，理论上该公司可以在未来2-3年内保持高速增长模式，直至2023年。</blockquote></p><p> With an established competitive moat, if there's one company to bet on to capitalize and win on the $300B internet GMV opportunity for 2025 (not counting Latin America &amp; Taiwan), Sea seems to be it. I expect the management will also come up with newer verticals that could expand their TAM further. Online in-app investing? travel? TV and movies? Streaming? With network effects this good, they have an unfair advantage. The management has already executed across multiple businesses and seems to deeply understand how the emerging market consumer thinks. They've also displayed evidence of tailoring apps, like Free Fire, to individual geography tastes to maximize execution. Let's look at the financials and valuation multiples to see how much of their future success is already factored in.</p><p><blockquote>凭借既定的竞争护城河，如果有一家公司可以押注于2025年3000亿美元的互联网GMV机会（不包括拉丁美洲和台湾），Sea似乎就是它。我预计管理层还将提出更新的垂直行业，以进一步扩大他们的TAM。在线应用内投资？旅行？电视和电影？流动？网络效应如此之好，他们拥有不公平的优势。管理层已经在多项业务中执行，似乎深刻理解新兴市场消费者的想法。他们还展示了根据个人地理口味定制Free Fire等应用程序的证据，以最大限度地提高执行力。让我们看看财务和估值倍数，看看他们未来的成功有多少已经被考虑在内。</blockquote></p><p> <b>Group Financial Overview</b></p><p><blockquote><b>集团财务概览</b></blockquote></p><p></p><p> I previously mentioned the cash flow valley of death and how segments balance out to achieve cash flow generative growth. The company reports Adjusted EBITDA figures by segment that display similar trends. The \"adjustments\" are quite substantial compared to GAAP metrics, but they're a reasonable indicator after removing stock-based compensation, convertible interest payments, and non-core profitability generation. We're looking long-term here, so the game becomes comparing profitability to itself across time rather than other businesses. I'm more interested in trends and margin expansion rather than absolute values for now. The following chart shows how the breakdown balances out.</p><p><blockquote>我之前提到过现金流死亡谷以及细分市场如何平衡以实现现金流生成增长。该公司按部门报告调整后的EBITDA数据，显示出类似的趋势。与公认会计准则指标相比，这些“调整”相当大，但在去除股票薪酬、可转换利息支付和非核心盈利能力后，它们是一个合理的指标。我们在这里着眼于长期，因此游戏变成了将盈利能力与自身进行比较，而不是与其他业务进行比较。目前我对趋势和利润率扩张更感兴趣，而不是绝对值。下图显示了细分是如何平衡的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d09aa44220209f2c3a08bdf77363fee\" tg-width=\"640\" tg-height=\"347\"><span>Source: Author, Data from Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自公司备案</span></p></blockquote></p><p> The trends were seen above follow the cash flow valley diagram. Digital Entertainment is funding Shopee and SeaMoney, and the net result (the bright pink line) is Group Adjusted EBITDA positive for the past four quarters. Going forward, I expect e-Commerce to pass its valley shortly as sales growth decelerates, and expect digital financial services to continue to burn cash at higher amounts sequentially. The group's total financial performance is encapsulated in the chart below:</p><p><blockquote>上面看到的趋势遵循现金流谷图。Digital Entertainment正在为Shopee和SeaMoney提供资金，净结果（亮粉色线）是过去四个季度集团调整后的EBITDA为正。展望未来，我预计随着销售增长放缓，电子商务将很快度过低谷，并预计数字金融服务将继续以更高的金额烧钱。本集团的整体财务表现载于下表：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/50cdf1dd4ad0cc063ae074d6bec713bd\" tg-width=\"605\" tg-height=\"352\"><span>Source: Author, Data from Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自公司备案</span></p></blockquote></p><p> Gross Profits have risen due to higher take rates in e-Commerce and improving incremental margins on Digital Entertainment. These margins would come under some pressure as Shopee will outpace Garena, and the lower-margin e-commerce will make a larger proportion of the gross profit mix. Adjusted EBITDA is under control, and while the company is unprofitable on a GAAP basis, I believe it is still fair given that the top-line is growing at triple-digit percentages. Total Revenue for Q4 has grown 12.6% QoQ and 146.7% YoY. On an LTM basis, Revenues have grown 113.7% YoY. With a long-runway ahead, and with the currently phenomenal product and sales execution, Sea Group is a financially healthy company.<b>The profit tradeoff for growth is fair, even though it's a rarity given the sheer scale of the business.</b></p><p><blockquote>由于电子商务采用率上升和数字娱乐增量利润率提高，毛利润有所上升。随着Shopee将超过Garena，这些利润率将面临一些压力，而利润率较低的电子商务将在毛利润组合中占据更大比例。调整后的EBITDA已得到控制，虽然该公司按公认会计准则计算尚未盈利，但考虑到营收正以三位数的百分比增长，我相信这仍然是公平的。第四季度总收入环比增长12.6%，同比增长146.7%。按LTM计算，收入同比增长113.7%。Sea Group还有很长的路要走，并且凭借目前非凡的产品和销售执行力，是一家财务状况良好的公司。<b>利润与增长的权衡是公平的，尽管考虑到业务的庞大规模，这种情况很少见。</b></blockquote></p><p> Investors would take some relief in the fact that the company has amassed ~$5.8B in Cash &amp; Equivalents on its balance sheet that would fund losses for some time. If need be, there is a profit switch in Shopee that the company can activate that will result in larger take rates to boost profitability. Sellers on the platform may have no choice in such a situation, considering the breadth, reach, and engagement on the Shopee platform and would go along with the asking price. There is a substantial moat here and the resulting pricing power can be exercised on demand to boost profitability. This isn't new information; Amazon's (AMZN) US e-commerce for example has made similar moves.</p><p><blockquote>投资者会松一口气，因为该公司的资产负债表上积累了约5.8 B美元的现金及等价物，可以弥补一段时间的损失。如果需要，公司可以激活Shopee中的利润转换，这将导致更高的采用率以提高盈利能力。在这种情况下，平台上的卖家可能别无选择，考虑到Shopee平台上的广度、覆盖范围和参与度，他们会同意要价。这里有一条巨大的护城河，由此产生的定价权可以按需行使，以提高盈利能力。这不是新信息；例如，亚马逊（AMZN）的美国电子商务也采取了类似的举措。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c5cf2d88f832fa4e10dd048d0492f1d\" tg-width=\"640\" tg-height=\"331\"><span>Source: Koyfin</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Koyfin</span></p></blockquote></p><p> Group Gross Profits are at the 30% range and Shopee specific metrics are expectedly lower. So a 23.7x LTM EV/S multiple is obviously huge. When contextualizing growth prospects and the excellent competitive positioning, the forward EV/S metrics are far more reasonable. According to the Koyfin database, the analyst consensus forward multiples are as follow:</p><p><blockquote>集团毛利润在30%左右，Shopee的具体指标预计会更低。因此，23.7倍的LTM EV/S倍数显然是巨大的。当结合增长前景和出色的竞争定位时，远期EV/S指标要合理得多。根据Koyfin数据库，分析师共识远期倍数如下：</blockquote></p><p> <ul>  <li>FY 2021 EV/S of 16.0x</li>  <li>FY 2022 EV/S of 11.1x</li>  <li>FY 2023 EV/S of 8.3x</li> </ul> <i>Source: Koyfin</i></p><p><blockquote><ul><li>2021财年EV/S为16.0倍</li><li>2022财年EV/S为11.1倍</li><li>2023财年EV/S为8.3倍</li></ul><i>资料来源：Koyfin</i></blockquote></p><p> Analysts have historically been on the side of conservatism for almost every high-growth tech company. Sea Group has almost always beaten its revenue figures though they usually fall slightly short on profitability. The 8.3x for 2023 means it's valued on Tencent-like multiples (adjusted for lower gross profits) but in three years. It is indeed a baby Tencent, and I would also argue that&nbsp;OTCPK:TCEHY&nbsp;itself is somewhat undervalued given the low sentiment surrounding regulations and foreign investments in Chinese tech. Are these multiples reasonable? And where is the upside? I believe SE's current price fair, but the upside will have to come from sustained revenue beats, continued product developments, and mass-scale user acquisition. Multiple compression may need to counter share price dilution, and then actually give us a reasonable rate of return. This is a situation where the following wisdom is applicable in my opinion:</p><p><blockquote>对于几乎所有高增长科技公司，分析师历来都站在保守主义一边。Sea Group几乎总是超出其收入数据，尽管盈利能力通常略有下降。2023年的市盈率为8.3倍，这意味着其估值与腾讯控股类似（根据较低的毛利润进行调整），但需要三年时间。它确实是一个婴儿腾讯控股，我还认为，鉴于围绕中国科技的监管和外国投资的情绪低迷，OTCPK：TCEHY本身的价值有些被低估。这些倍数合理吗？好处在哪里？我认为SE目前的价格是公平的，但上涨空间必须来自持续的收入增长、持续的产品开发和大规模用户获取。倍数压缩可能需要反制股价稀释，然后实际给我们一个合理的回报率。在我看来，这是一种适用以下智慧的情况：</blockquote></p><p></p><p>   It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price-Warren Buffett  <b>In my experience, when the quality of the company shines for a fair price, it's still worth an investment. Winners continue to win, and Sea Group is a rockstar business factoring in most qualitative aspects.</b>Given the visionary management (Forrest Li &amp; Co.) and what they've achieved so far, I'd put the odds in their favour.</p><p><blockquote>以合理的价格购买一家优秀的公司远比以美妙的价格购买一家公平的公司好——沃伦·巴菲特<b>根据我的经验，当公司的质量以合理的价格脱颖而出时，它仍然值得投资。赢家继续获胜，Sea Group是一家在大多数定性方面都考虑到的摇滚明星企业。</b>鉴于富有远见的管理层（Forrest Li&amp;Co.）以及他们迄今为止所取得的成就，我认为胜算对他们有利。</blockquote></p><p> Speaking of odds, there are potential catalysts that could pull the future towards us. One would hypothesise that Shopee winning in Indonesia on a more definitive basis would result in sales getting a boost from a strategic take-rate expansion. Across the planet, the Latin American story is looking impressive and shouldn't be underestimated given the size of Brazil and Mexico. That's an additional 50% e-Commerce TAM compared to Southeast Asia. SeaMoney still has a lot to prove but the network effects from Shopee should help sustain an onboarding of customers. The overall business has optionality. By that I mean, embedded options that could be triggered by a few developments and unlock share price appreciation. These are worth a premium.</p><p><blockquote>说到赔率，有一些潜在的催化剂可以将未来拉向我们。人们可能会假设，Shopee在印度尼西亚取得更明确的胜利将导致销售额从战略接受率扩张中获得提振。在全球范围内，拉丁美洲的故事看起来令人印象深刻，考虑到巴西和墨西哥的面积，不应被低估。与东南亚相比，电子商务TAM增加了50%。SeaMoney还有很多东西需要证明，但Shopee的网络效应应该有助于维持客户的加入。整体业务具有选择性。我的意思是，嵌入式期权可以由一些发展触发并释放股价升值。这些是值得溢价的。</blockquote></p><p> I'm currently long SE. I reckon there's still substantial outperformance potential over benchmarks though the easy alpha potential like we saw in 2020 is unlikely to present itself ever again. The bull thesis is too obvious now, everyone knows it, but it should still play out with alpha in my opinion. Every tech hedge fund in the world seems to be holding SE, and I agree with them. On the other hand, let's look at risks.</p><p><blockquote>我现在是龙瑟。我认为，尽管我们在2020年看到的简单阿尔法潜力不太可能再次出现，但仍有很大的优于基准的潜力。牛市论点现在太明显了，每个人都知道，但在我看来它仍然应该与阿尔法一起发挥作用。世界上每一家科技对冲基金似乎都持有SE，我同意他们的观点。另一方面，我们来看风险。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> <ul>  <li><b>Free Fire Concentration:</b>The mobile gaming industry is fast, dynamic, and always changing. The next great game is always around the corner and it's entirely possible that Free Fire's popularity fades and the accompanying cash generation dries up. I believe this risk has reduced over the last year, but it's still worth considering.</li>  <li><b>Competition:</b>Tokopedia in Indonesia, MercadoLibre in Latin America, and other internet businesses like Grab &amp; Gojek. There's plenty of competition at multiple fronts throughout the ecosystem.</li>  <li><b>Overly aggressive expansion strategy:</b>Sea Group's expansion into 7-8 countries and counting demonstrates a uniquely aggressive growth strategy. While their approach has worked out so far, it may work against them in the future. Knowing when to give up in a market that doesn't play out can stop unnecessary cash burn when the prize isn't significant enough.</li>  <li><b>Systemic Risks:</b>As a GAAP net loss business, Sea Group is subject to higher volatility, deep drawdowns, and sector/style selloffs. The sell-off in March is a recent example.</li>  <li><b>Macro:</b>Regulations and geopolitical factors in the emerging market geographies are typically more volatile than those in the US. A variety of macro risks and F/X risks are present at large.</li> </ul> <b>Ending Notes</b></p><p><blockquote><ul><li><b>自由火浓度：</b>移动游戏行业是快速的、动态的、不断变化的。下一个伟大的游戏总是在拐角处，完全有可能Free Fire的受欢迎程度会下降，随之而来的现金产生也会枯竭。我相信这种风险在去年有所降低，但仍然值得考虑。</li><li><b>竞争：</b>印度尼西亚的Tokopedia、拉丁美洲的MercadoLibre以及Grab&amp;Gojek等其他互联网企业。整个生态系统在多个方面都存在大量竞争。</li><li><b>过于激进的扩张策略：</b>Sea Group已扩展到7-8个国家，并且还在不断增加，这表明了其独特的积极增长战略。虽然他们的方法到目前为止奏效了，但将来可能会对他们不利。知道在一个没有发挥作用的市场中何时放弃可以在回报不够大时阻止不必要的现金消耗。</li><li><b>系统性风险：</b>作为一家公认会计准则净亏损企业，Sea Group面临更高的波动性、深度回撤和行业/风格抛售。三月份的抛售就是最近的一个例子。</li><li><b>宏：</b>新兴市场地区的监管和地缘政治因素通常比美国更不稳定。各种宏观风险和F/X风险普遍存在。</li></ul><b>尾注</b></blockquote></p><p> Concerns about overvaluation are perhaps warranted on a short-term outlook. In this situation, I do not have a strong near-term opinion but instead, harbour conviction in the company's long-term prospects. If one were to think in years rather than months, it is apparent to me that no competitor comes close to Sea Group in its chances for dominating e-commerce market share in most of its operating geographies. Indonesia is a key country to watch as Tokopedia is still putting up a fight. I'd put the odds on Sea since Tokopedia is a vanilla e-commerce player and doesn't have the scale and cross-pollination advantage unless they merge with another giant. Latin America is also looking like it will be a meaningful push to the top-line if not near term profitability. With excellent execution, Sea Group is leveraging its competitive positioning and is winning more often than not. The cross-pollination effect is a key advantage for internal cash generation and will help sustain the relentless growth as the business captures the massive opportunity that remains.</p><p><blockquote>从短期前景来看，对估值过高的担忧或许是有道理的。在这种情况下，我对近期没有强烈的看法，而是对公司的长期前景充满信心。如果用几年而不是几个月来思考，在我看来，很明显，在Sea Group在其大部分运营地区主导电子商务市场份额的机会方面，没有任何竞争对手能与Sea Group相提并论。印度尼西亚是一个值得关注的关键国家，因为Tokopedia仍在努力。我会把胜算放在海上，因为Tokopedia是一家普通的电子商务公司，除非他们与另一家巨头合并，否则不具备规模和异花授粉优势。拉丁美洲看起来也将对营收产生有意义的推动作用，如果不是短期盈利的话。凭借出色的执行力，Sea Group正在利用其竞争定位，并经常获胜。异花授粉效应是内部现金生成的一个关键优势，随着企业抓住剩余的巨大机会，将有助于维持持续增长。</blockquote></p><p> I imagine many experienced investors that caught the Amazon (AMZN) train early would look back on their investment as a staple component of their portfolio over the years. In my opinion, Sea Group offers a similar proposition a bit earlier in its lifecycle. Currently trading at a market cap of $130B, Sea can theoretically double in a few years once again in my opinion. Tencent in a duopolistic landscape (withBABA) features a $748B market cap across a 1.3 billion Chinese population. SE can go a third of that in a few years with a monopolistic position in Southeast Asia, scaling to a 1 billion strong emerging market population. This isn't a pure alpha opportunity as multiples have substantially expanded, but I would ballpark the company to deliver a 20%+ compounded return for investors that continue to hold it for a few years.<b>I'm long SE.</b></p><p><blockquote>我想，许多早早搭上亚马逊（AMZN）列车的经验丰富的投资者会回顾他们多年来的投资，将其视为其投资组合的主要组成部分。在我看来，Sea Group在其生命周期的早期就提出了类似的主张。在我看来，Sea目前的市值为1300亿美元，理论上可以在几年内再次翻倍。双头垄断格局中的腾讯控股（与阿里巴巴）在13亿中国人口中拥有748B美元的市值。凭借在东南亚的垄断地位，SE可以在几年内达到这一数字的三分之一，扩大到10亿强大的新兴市场人口。这不是一个纯粹的阿尔法机会，因为市盈率已大幅扩大，但我预计该公司将为继续持有几年的投资者带来20%以上的复合回报。<b>我是龙瑟。</b></blockquote></p><p> *****</p><p><blockquote>*****</blockquote></p><p></p><p> Thanks for reading! On a separate note, I'm excited to announce that I will be releasing a Marketplace subscription service soon called The Abstract Portfolio. High growth tech investing can involve a lot of fragmented information, sentiment, and noise. The Abstract Portfolio aims to bring focus and clarity by weaving together what matters and filtering out what doesn't. The service will feature a concentrated portfolio of cherry-picked stocks backed by rigorous fundamental research, assembled to deliver high absolute returns. Stay tuned!</p><p><blockquote>感谢阅读！另外，我很高兴地宣布，我将很快发布一个名为Abstract Portfolio的市场订阅服务。高增长科技投资可能涉及大量分散的信息、情绪和噪音。抽象作品集旨在通过将重要的内容编织在一起，过滤掉不重要的内容，从而带来焦点和清晰度。该服务将提供由严格的基础研究支持的精选股票的集中投资组合，以提供高绝对回报。敬请期待！</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4432517-analyzing-sea-limiteds-relentless-growth\">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":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4432517-analyzing-sea-limiteds-relentless-growth","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100705667","content_text":"Summary\n\nThis article focuses on the growth engine that enables Sea Group. I provide a high-level overview and dive deeper into each operating segment.\nThe company has a significant advantage through segments that cross-pollinate each other with cash. Garena is currently funding the growth of Shopee and SeaMoney. This is a key moat contributor.\nShopee continues to be the key top-line driver with substantial Gross Merchandise Value growth forecasted in Southeast Asia. Consequently, increasing take rates will likely lead to even higher revenue growth.\nLooking at overall online spending, the six largest Southeast Asian countries are forecasted to grow from $100B GMV in 2020 to $300B GMV in 2025. Sea stands to benefit across the board.\nAt an FY2023 EV/S of ~8.3x, Sea Group is fairly priced for an investment. It is a long-term conviction \"buy and hold\" for me.\n\nPhoto by Wachiwit/iStock Editorial via Getty Images\nSea Group (NYSE:SE) is still running in hyper-growth mode (>100% YoY last quarter and on a last-twelve-month basis).\nIt's been over a year since I first wrote about Sea on Seeking Alpha. The company's rise has been staggering and the business has continued to surpass most expectations, with the stock returning over 300% in the last 12 months. I'd like to use this article as an opportunity to dive into what makes such growth at a ~$120B market cap possible and put forward my opinion on why the company is positioned to win more in the coming years. While a lot of alpha has been captured in the past, I still expect substantial broad index outperformance going forward over the long term. I'm long SE.\nRecap\nHere's a quick recap of what the company constitutes. Sea Group is a Singapore-based consumer internet company that has three major divisions: Digital Entertainment, E-Commerce, and Digital Financial Services. In layman's terms, think of it as a smaller and younger version of Tencent (OTCPK:TCEHY) with a Southeast Asia focus.\nSource: Author, Logos from Sea Group Media Resources\nGarena\nTheir Digital Entertainment arm known as \"Garena\" began as a third party game licensor and operator for popular online games (mostly by Tencent) for the South East Asia region. It consequently grew into an independent mobile game developer, and they now operate one of the most widely played mobile games on the planet, Free Fire, which has about 650 million quarterly active users worldwide. Free Fire is a battle-royale style multiplayer game, optimized to run smoothly on mobile phones with lower computing power specifications.The game generates revenue primarily from in-app purchases. It also features social media aspects, and more recently, an e-sports ecosystem built around it to host global tournaments streamed across the world. The cohesive gaming, social media, and entertainment aspects have led it to be highly engaging and relatively sticky with low churn as far as mobile games go.\nShopee\nShopee is the leading e-commerce platform in Southeast Asia + Taiwan, spanning about 7 countries with a population of over 600 million people. They also have a large presence in Latin America, including Mexico and Brazil (add another 300 million population). The app facilitated ~$12.6B in Gross Merchandise Value (GMV) last quarter. Almost all the markets it operates in features rising middle classes, rapid digital consumerization, and strong GDP growth rates. These geographies have also been historically underpenetrated on the digital front, and are currently experiencing consumer internet adoption at a higher rate than their developed country counterparts. The pandemic catalyzed the seemingly inevitable trend of e-commerce adoption.\nSeaMoney\nThis is Sea Group's \"Digital Financial Services\" (Fintech) arm. SeaMoney includes a digital wallet, payments processing, credit offerings, and other financial services. The segment had over 26 million quarterly paying users with over $3.4B in total payment volume facilitated last quarter. It is Sea Group's youngest division but arguably presents the largest opportunity for the company given that most of the Southeast Asian population has historically been underbanked. Theoretically, investments, loans, credit, debit, and insurance are all potential pieces that can weave together under a unified consumer financial services ecosystem.\nTo summarize, Sea Group is a consumer internet titan with an ecosystem of high growth business divisions that are in total, likely touching over a billion people worldwide. On an LTM basis, the company's combined revenue grew 113.7% YoY. Sea is serving emerging markets that are experiencing internet adoption at accelerated rates, and is ballooning into a Tencent-like internet beast (consequently, they're Tencent-backed as well). A key factor in an investment consideration, is, of course, growth going forward. In the next few sections, I attempt to deconstruct growth using readily available-reported metrics and alternative data to make inferences on prospects.\nGroup Growth Through Cross-Pollination\nBig growth requires cash. Chasing an underpenetrated e-commerce opportunity spanning 100s of millions of consumers requires a lot of cash. Sea has executed well in raising capital and putting it to work for growth, often playing its cards close to the chest pre-2020. The secret sauce for effective cash utilization, however, lies in the company's three-headed ecosystem structure. Shopee's growth would not be possible without the preceding success of Garena. And it's fair to say that SeaMoney's odds of success are substantially better because of Shopee's proliferation. The following diagram explains this.\nSource: Author, Logos from Sea Group Media Resources\nA popular concept in venture capital is the \"Valley of Death\". A freshly funded startup enterprise tends to burn cash to invest in product development, overhead, sales, etc. It continues to burn cash until it finds product-market fit, and revenues eventually grow large enough to make the system work and turn the company cash flow generative. Businesses are vulnerable from a financial standpoint during the cash burn and have to beat the clock as their limited cash pours out rapidly until sales balance out expenditure. Many seed-stage startups just die due to this. Since venture capital proliferated in the last two decades and access to private funding has supplied enormous cash ammunition to growth businesses post product-market fit, the burn phase has extended to the public markets as well. If a public company's strategy doesn't work, it tends to downsize, get mildly profitable at modest growth rates, and turn into an acquisition target. Alternatively, it may collect in the vast land of unfulfilled public tech stocks. That's the anatomy of a modern tech company in a nutshell.\nExpanding upon this concept, Sea Group isn't one company. It's a lot like three companies. As of 2021, Garena is well out of the cash flow valley of death, Shopee is burning big cash but is seemingly at a trough, and SeaMoney is just getting started. Proceeds from mature segments like Garena are used to pollinate growth in segments that have lower market penetration and longer growth runways (like Shopee & SeaMoney).In totality, Sea Group is an ecosystem that continues to evolve with the next big company still embedded within, still in the making, all the time.What's impressive is that Shopee's market potential is larger than Garena's, and SeaMoney has an even larger theoretical market though any success might be early to call. The access to cash makes Sea Group's growth outright suffocating for competitors because individual non-ecosystems simply cannot compete on pricing, marketing budgets, and moderate economies of scale in the case of e-commerce. That's not to take away from Sea's excellent product and sales execution anyway. The following sections break down the three sub-companies and draw inferences from their growth metrics.\nGarena (Digital Entertainment)\nSource: Author,Data from Company Filings\nThe charts above pertain to the Digital Entertainment segment, with the marked lines displaying YoY (Year-over-Year), and QoQ (Quarter-over-Quarter) percentage growth. Gross Bookings are the key top-line metric as they represent revenues that are yet to be recognized on the GAAP front. Due to the nature of in-app purchases and other payments made on apps like Free Fire etc., there's a fairly substantial difference between the two. Previously reported as Adjusted Revenues, Gross Bookings have held strong and have recently recorded 10% QoQ growth for the first quarter even though the pandemic has been easing off with a reopening trend. Q1-Q3 2020 saw rapid growth, while the last few quarters have tapered down to levels that are seemingly more muted. This should be expected to continue.\nIt is worth mentioning how Free Fire has stuck around instead of temporarily leading top mobile gaming charts like most other games. In the gaming world, you have temporarily viral games, and then you have games that have a dedicated following across millions of users that evolve and provide engagement over sustained periods of time. The latter includes Call of Duty, PUBG, League of Legends, and Fortnite to name a few. Ultimately, the revenues of these games are predictable and sticky enough. It appears as though Free Fire has joined this group.\nThe way Free Fire was built from the ground up is relatively contrarian. It's optimized to work on cheaper Android-powered smartphones instead of consoles and dedicated devices that are often seen as staple purchases for many gamers in developed countries. Getting a Switch, Xbox, or PC for most people in emerging markets is a serious expense. With Free Fire, you can get away with what you already have in India, Brazil, Mexico, and Indonesia. All you need is a smartphone and you're getting bang for your buck gaming and entertainment. This aspect has made it a perfect emerging market game.While most of the industry was focused on higher ticket experiences, Garena's contrarian outlook on making a game specifically for ignored categories of mobile players has helped it succeed.\n\nSource: Author, Data from Company Filings\nDespite going after large populations of price-sensitive emerging market gamers, we see a surprising number of users actually paying for in-app purchases every quarter. QPU growth has outpaced QAU growth, with a larger proportion of the overall user mix trending towards paying users over time (11.4%, 12.0%, and 12.3% respectively for the last three quarters). This is key for the division's bookings and revenues. About a year ago, I expressed concern regarding the over-reliance on Free Fire as a sustainable cash source. I questioned whether it was truly here to stay and won't be replaced by the next hot game. This concern was abated when I learned that the e-sports events were amassing millions of viewers, the game continued to evolve with seasons and geography-specific features, and the social media angle that resulted in network effects across players.It's impressive enough for a game to go to #1, but to stay in the top charts for 2-years running requires some excellent execution.\nHere's a table of Play Store rankings for the \"Games: Action\" category. I've included the Play Store since the majority of emerging market users are on Android as opposed to iOS.\n\n\n\nIndia\nIndonesia\nPakistan\nBrazil\nNigeria\nBangladesh\nMexico\nPhilippines\nVietnam\nThailand\n\n\nDownloads: Gaming\n10\n17\n18\n8\n7\n3\n11\n135\n11\n10\n\n\nDownloads: Gaming Action\n2\n4\n3\n2\n1\n1\n3\n27\n2\n2\n\n\nGrossing: Gaming\n1\n1\n2\n1\n8\n2\n1\n20\n1\n1\n\n\nGrossing: Gaming Action\n1\n1\n2\n1\n2\n1\n1\n4\n1\n1\n\n\n\nSource: App Annie, As of 28th May 2021\nThe above charts are compiled from some of the most populated emerging market countries I could find, along with my free App Annie account. While new downloads might have reduced over the last two quarters from the pandemic boost last year, the numbers are still impressive and Free Fire remains the top-grossing game amongst most of the geographies above. Importantly, it is the consistency of these rankings over time.\nGoing by the growth metrics, long-term engagement is likely to be sustained, but there should be a sequential slowdown in new user adds and incremental gross bookings in the coming months.This is consistent with what the management expects and reasonable given the reopening and saturation of the game across the global market. On the bright side, Digital Entertainment recorded an Adjusted EBITDA margin of 64% last quarter that should scale proportionately with gross bookings. After building out the game, there isn't too much in terms of costs to take away from the bottom line. Large sales and marketing expenditure isn't quite needed now that the game has global network effects. It's really about back-end, maintenance, and continued development work to keep evolving the already successful game and ecosystem.\nShopee (E-Commerce)\nThe following two charts present gross orders and gross merchandise value (GMV) for the e-commerce division.\n\nSource: Author, Data from Company Filings\nThe trends are similar across both charts. Q2 2020 saw acceleration due to the pandemic, Q4 2020 saw a seasonal high, and Q1 2021 saw QoQ deceleration going out of the holiday season across most geographies. As Gross Orders have outpaced GMV, we can conclude that more people are ordering cheaper items on the platform on average. If we consider seasonality, the 5-6% QoQ growth in Q1 2021 isn't particularly concerning and we'll likely see a sequential pickup in the next quarter. It's fair to expect the reopening trend to put some downward pressure on growth but the long term feasibility of the platform has likely cemented itself for consumers. The convenience and product pricing on e-commerce is simply hard to compete with for brick & mortar, and we're not going back to pre-pandemic levels of online retail again. The following earnings release excerpt provides some colour on e-commerce GAAP Revenue.\n\n GAAP revenue was US$922.3 million, up 250.4% year-on-year.\n\n\n GAAP revenue included US$715.9 million of GAAP marketplace revenue, up 285.0% year-on-year, and US$206.4 million of GAAP product revenue, up 167.1% year-on-year.\n\n\nSource:Q1 2021 Earnings Press Release\n\nComparing the above information to the GMV chart, we can infer thatSales have substantially outpaced GMV growth. This indicates a very deliberate move by the company to increase their take rates in dominant geographies.Take rates are a function of the GMV and represent the proportion of the total GMV that makes it to revenues. As the standard consumer internet company goes, you expand and acquire customers at all costs, then you increase prices and get profitable after capturing a market and habituating consumers to your platform. Overall, the actions have also decreased Adjusted EBITDA losses substantially and that allows Sea to play the balancing cash flow act on demand.\n\n Both in Southeast Asia and in Taiwan, Shopee ranked first in the Shopping category by average monthly active users and total time spent in-app on Android for the first quarter of 2021, according to App Annie.\n\n\n In Indonesia, where Shopee further accelerated its year-on-year growth in gross orders, it continued to rank first by average monthly active users and total time spent in app on Android in the Shopping category for the first quarter of 2021, according to App Annie.\n\n\nSource:Q1 2021 Earnings Press Release\n\nFrom a high-level view, Southeast Asia & Taiwan seem pretty much covered. However, within this region, Indonesia still presents the fiercest battleground for Shopee as it competes against the SoftBank-backed Tokopedia. The following charts show monthly website visits for both companies.\nSource:Southeast Asia Map of eCommerce, iPrice Group\nMonthly web visits from the iPrice Group show that Tokopedia saw more traffic (not necessarily sales) during the last quarter while it was behind during the last few. However, on mobile (App Store & Android), Shopee is the undisputed leader in the Shopping category. This is reassuring since mobile e-commerce has been outpacing total e-commerce as a category in almost every geography across every platform.\n\n\n\nIndonesia Mobile Rankings\nQ1 20\nQ2 20\nQ3 20\nQ4 20\nQ1 21\n\n\nShopee App Store\n1\n1\n1\n1\n1\n\n\nShopee PlayStore\n1\n1\n1\n1\n1\n\n\nTokopedia App Store\n2\n2\n2\n2\n2\n\n\nTokopedia PlayStore\n3\n3\n4\n4\n4\n\n\n\nSource: Southeast Asia Map of eCommerce, iPrice Group\nI would conclude that Tokopedia is a key competitor that needs to be watched closely and will prevent Shopee from exercising its take rates more liberally in the country. Furthermore, Indonesia represents the largest Southeast Asian market for e-commerce.Cross-pollination isn't just occurring across Sea's segments but also across Shopee's different e-commerce geographies.Profits from Shopee Thailand, for example, may be used to bring forth more competitive product pricing to Shopee Indonesia. Tokopedia is distinctly e-Commerce and limited to Indonesia, and likely doesn't have these internal cash generative advantages.\nLet's take a look at what's happening across the globe in Latin America. Shopee is growing like wildfire in Mexico and Brazil. The charts below represent recent data as of late May.\nSource: App Annie, Rankings by Country in the \"Shopping\" category\nBrazil and Mexico together make up for a population of ~330 million. The other e-commerce star in the category, MercadoLibre (MELI) ranks behind Shopee on Android for both Brazil and Mexico. The rankings depend on downloads instead of engagement, and MercadoLibre is often pegged to have a majority market share in Latin America as a whole (dominates Argentina). However, what the above alternative data above tell us is that Shopee has momentum in user share acquisition on an absolute basis. One can infer that more people are downloading Shopee in Mexico and Brazil as of late May compared to MercadoLibre at a faster rate. Higher downloads often translate to higher relatively higher market share gains.\nAdd all the Shopee geographies together and they represent a billion people and a combined GDP of $6.5T according to my calculations (Source for GDP:Worldometer). I reckon this is where to start when drawing up true long-term potential before narrowing down further.\nSeaMoney (Digital Financial Services)\n\nTotal Payment Volumes increased to $3.4B in Q1 21, from $1.0B during the same period last year\nQuarterly Paying Users increased to 26.1 million in Q1 21, from ~10 million during the same period last year\n\nSource:Q1 2021 Earnings Release\nSeaMoney is the umbrella under which Sea Group operates multiple Fintech Apps including Shopee Pay. Current products include payments and payment processing, but if one were to look beyond into other Fintech Apps in China or the West, digital financial services tend to coalesce into super apps. For many people living in Southeast Asia, it isn't even about disruption but rather their first introduction to financial services of any sort. Unfortunately, a glance at the Fintech environment would leave any public market investor a bit confused.\nSource:FintechNews.SG\n26.1 million quarterly paying users (QPUs), and not monthly-PUs or daily-PUs for that matter doesn't give us much granularity in data or how the segment is truly performing. $3.4B in Transaction Payment Volume is somewhat impressive, considering the last quarter saw about $12.6B in GMV on Shopee. Ultimately, the broader adoption of SeaMoney by both merchants and consumers beyond the Shopee platform is important to catalyze network large scale effects. The greater the versatility of SeaMoney across instances in real-life, the better the hold the division would have over consumers. Longer-term, offering just payments is not enough. Credit, Debit, Investing, and other financial services, all in one app have been shown to differentiate the winners from the losers in geographies like China, or in the United States with Cash App by Square (SQ).\nWhat can be said though, is that chances for continued growth, and winning market share are higher due to the group cross-pollination effects and network effects against Shopee customers. I would still see the segment through the eyes of an embedded option in the share price that would produce asymmetric reward if it does expand to more customers.\nThe Runway Ahead\nThe excerpts below were taken from a report published in late 2020 by Google, Temasek, and Bain & Company. The report highlights internet spending forecasts over six major markets in Southeast Asia: Singapore, Indonesia, Philippines, Thailand, Malaysia, and Vietnam.\n\nSource:e-Conomy SEA 2020; by Google, Temasek, and Bain & Company\nAs a whole, the internet economy in these countries is expected to compound at a CAGR (Compound Annual Growth Rate) of 24%, almost tripling from $105B in GMV in 2020 to $309B in 2025. This provides a sense of scale for the region and the internet opportunity that Sea currently operates in as a leader. Note that these numbers exclude Taiwan and Latin America.\nFor Digital Entertainment, Garena's Free Fire market appears to be a lot closer to saturation considering it is already one of the highest-grossing mobile games on the planet. Other Garena endeavours have a chance of success though I'd argue that \"Free Fire\"-like success is hard to come by especially in mobile gaming. Digital Financial Services is still early to call at least until it achieves broader mass adoption across the region. 26 million paying users is significant, though we'll have to give the business time until we can call it a meaningful sales contributor that in turn drives the stock price. As of now, it's a cash burn.\nThat leaves e-Commerce as the main sales driver for the company in the next 2-3 years. Here are some country-specific forecasts for e-Commerce by the same source.\nSource:e-Conomy SEA 2020, Local Highlights\nAs one would expect, Indonesia is the largest market. Vietnam is expected to compound at the fastest rate over the next few years. It's important to note that while the CAGRs are drawn in the 20-30% range, 2021 will see the highest rate while 2025 will see the lowest. 40%+ YoY SEA GMV growth for 2021 is quite likely in my opinion while 2025 could be closer to 15%.\nThe above chart uses GMV or Gross Merchandise Value. As discussed earlier, sales are a function of the take rate and the GMV. The take rate increases, the sales increase. Sea does this by dominating geographies and then deliberately increasing the take rate when network effects or the habituation of consumers on Shopee works at scale. Therefore, Sea's sales growth is set to outpace GMV expansion, especially when they widen their lead in a market. Given Latin America is also experiencing rapid Shopee adoption, it is reasonable to expect hyper-growth in the e-Commerce segment for years. The company expects 112% YoY growth for Shopee in FY2021 at the midpoint of their guidance (Source:Q4 20 Transcript).\nWeave the above pieces together, Sea has an immense growth runway. The e-Commerce opportunity indicates that the company can theoretically be in hyper-growth mode for another 2-3 years, well into 2023.\nWith an established competitive moat, if there's one company to bet on to capitalize and win on the $300B internet GMV opportunity for 2025 (not counting Latin America & Taiwan), Sea seems to be it. I expect the management will also come up with newer verticals that could expand their TAM further. Online in-app investing? travel? TV and movies? Streaming? With network effects this good, they have an unfair advantage. The management has already executed across multiple businesses and seems to deeply understand how the emerging market consumer thinks. They've also displayed evidence of tailoring apps, like Free Fire, to individual geography tastes to maximize execution. Let's look at the financials and valuation multiples to see how much of their future success is already factored in.\nGroup Financial Overview\nI previously mentioned the cash flow valley of death and how segments balance out to achieve cash flow generative growth. The company reports Adjusted EBITDA figures by segment that display similar trends. The \"adjustments\" are quite substantial compared to GAAP metrics, but they're a reasonable indicator after removing stock-based compensation, convertible interest payments, and non-core profitability generation. We're looking long-term here, so the game becomes comparing profitability to itself across time rather than other businesses. I'm more interested in trends and margin expansion rather than absolute values for now. The following chart shows how the breakdown balances out.\nSource: Author, Data from Company Filings\nThe trends were seen above follow the cash flow valley diagram. Digital Entertainment is funding Shopee and SeaMoney, and the net result (the bright pink line) is Group Adjusted EBITDA positive for the past four quarters. Going forward, I expect e-Commerce to pass its valley shortly as sales growth decelerates, and expect digital financial services to continue to burn cash at higher amounts sequentially. The group's total financial performance is encapsulated in the chart below:\nSource: Author, Data from Company Filings\nGross Profits have risen due to higher take rates in e-Commerce and improving incremental margins on Digital Entertainment. These margins would come under some pressure as Shopee will outpace Garena, and the lower-margin e-commerce will make a larger proportion of the gross profit mix. Adjusted EBITDA is under control, and while the company is unprofitable on a GAAP basis, I believe it is still fair given that the top-line is growing at triple-digit percentages. Total Revenue for Q4 has grown 12.6% QoQ and 146.7% YoY. On an LTM basis, Revenues have grown 113.7% YoY. With a long-runway ahead, and with the currently phenomenal product and sales execution, Sea Group is a financially healthy company.The profit tradeoff for growth is fair, even though it's a rarity given the sheer scale of the business.\nInvestors would take some relief in the fact that the company has amassed ~$5.8B in Cash & Equivalents on its balance sheet that would fund losses for some time. If need be, there is a profit switch in Shopee that the company can activate that will result in larger take rates to boost profitability. Sellers on the platform may have no choice in such a situation, considering the breadth, reach, and engagement on the Shopee platform and would go along with the asking price. There is a substantial moat here and the resulting pricing power can be exercised on demand to boost profitability. This isn't new information; Amazon's (AMZN) US e-commerce for example has made similar moves.\nValuation\nSource: Koyfin\nGroup Gross Profits are at the 30% range and Shopee specific metrics are expectedly lower. So a 23.7x LTM EV/S multiple is obviously huge. When contextualizing growth prospects and the excellent competitive positioning, the forward EV/S metrics are far more reasonable. According to the Koyfin database, the analyst consensus forward multiples are as follow:\n\nFY 2021 EV/S of 16.0x\nFY 2022 EV/S of 11.1x\nFY 2023 EV/S of 8.3x\n\nSource: Koyfin\nAnalysts have historically been on the side of conservatism for almost every high-growth tech company. Sea Group has almost always beaten its revenue figures though they usually fall slightly short on profitability. The 8.3x for 2023 means it's valued on Tencent-like multiples (adjusted for lower gross profits) but in three years. It is indeed a baby Tencent, and I would also argue that OTCPK:TCEHY itself is somewhat undervalued given the low sentiment surrounding regulations and foreign investments in Chinese tech. Are these multiples reasonable? And where is the upside? I believe SE's current price fair, but the upside will have to come from sustained revenue beats, continued product developments, and mass-scale user acquisition. Multiple compression may need to counter share price dilution, and then actually give us a reasonable rate of return. This is a situation where the following wisdom is applicable in my opinion:\n\n It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price-Warren Buffett\n\nIn my experience, when the quality of the company shines for a fair price, it's still worth an investment. Winners continue to win, and Sea Group is a rockstar business factoring in most qualitative aspects.Given the visionary management (Forrest Li & Co.) and what they've achieved so far, I'd put the odds in their favour.\nSpeaking of odds, there are potential catalysts that could pull the future towards us. One would hypothesise that Shopee winning in Indonesia on a more definitive basis would result in sales getting a boost from a strategic take-rate expansion. Across the planet, the Latin American story is looking impressive and shouldn't be underestimated given the size of Brazil and Mexico. That's an additional 50% e-Commerce TAM compared to Southeast Asia. SeaMoney still has a lot to prove but the network effects from Shopee should help sustain an onboarding of customers. The overall business has optionality. By that I mean, embedded options that could be triggered by a few developments and unlock share price appreciation. These are worth a premium.\nI'm currently long SE. I reckon there's still substantial outperformance potential over benchmarks though the easy alpha potential like we saw in 2020 is unlikely to present itself ever again. The bull thesis is too obvious now, everyone knows it, but it should still play out with alpha in my opinion. Every tech hedge fund in the world seems to be holding SE, and I agree with them. On the other hand, let's look at risks.\nRisks\n\nFree Fire Concentration:The mobile gaming industry is fast, dynamic, and always changing. The next great game is always around the corner and it's entirely possible that Free Fire's popularity fades and the accompanying cash generation dries up. I believe this risk has reduced over the last year, but it's still worth considering.\nCompetition:Tokopedia in Indonesia, MercadoLibre in Latin America, and other internet businesses like Grab & Gojek. There's plenty of competition at multiple fronts throughout the ecosystem.\nOverly aggressive expansion strategy:Sea Group's expansion into 7-8 countries and counting demonstrates a uniquely aggressive growth strategy. While their approach has worked out so far, it may work against them in the future. Knowing when to give up in a market that doesn't play out can stop unnecessary cash burn when the prize isn't significant enough.\nSystemic Risks:As a GAAP net loss business, Sea Group is subject to higher volatility, deep drawdowns, and sector/style selloffs. The sell-off in March is a recent example.\nMacro:Regulations and geopolitical factors in the emerging market geographies are typically more volatile than those in the US. A variety of macro risks and F/X risks are present at large.\n\nEnding Notes\nConcerns about overvaluation are perhaps warranted on a short-term outlook. In this situation, I do not have a strong near-term opinion but instead, harbour conviction in the company's long-term prospects. If one were to think in years rather than months, it is apparent to me that no competitor comes close to Sea Group in its chances for dominating e-commerce market share in most of its operating geographies. Indonesia is a key country to watch as Tokopedia is still putting up a fight. I'd put the odds on Sea since Tokopedia is a vanilla e-commerce player and doesn't have the scale and cross-pollination advantage unless they merge with another giant. Latin America is also looking like it will be a meaningful push to the top-line if not near term profitability. With excellent execution, Sea Group is leveraging its competitive positioning and is winning more often than not. The cross-pollination effect is a key advantage for internal cash generation and will help sustain the relentless growth as the business captures the massive opportunity that remains.\nI imagine many experienced investors that caught the Amazon (AMZN) train early would look back on their investment as a staple component of their portfolio over the years. In my opinion, Sea Group offers a similar proposition a bit earlier in its lifecycle. Currently trading at a market cap of $130B, Sea can theoretically double in a few years once again in my opinion. Tencent in a duopolistic landscape (withBABA) features a $748B market cap across a 1.3 billion Chinese population. SE can go a third of that in a few years with a monopolistic position in Southeast Asia, scaling to a 1 billion strong emerging market population. This isn't a pure alpha opportunity as multiples have substantially expanded, but I would ballpark the company to deliver a 20%+ compounded return for investors that continue to hold it for a few years.I'm long SE.\n*****\nThanks for reading! On a separate note, I'm excited to announce that I will be releasing a Marketplace subscription service soon called The Abstract Portfolio. High growth tech investing can involve a lot of fragmented information, sentiment, and noise. The Abstract Portfolio aims to bring focus and clarity by weaving together what matters and filtering out what doesn't. The service will feature a concentrated portfolio of cherry-picked stocks backed by rigorous fundamental research, assembled to deliver high absolute returns. Stay tuned!","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":1125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119217808,"gmtCreate":1622549021404,"gmtModify":1634100601324,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Electric cars are the future.&nbsp;","listText":"Electric cars are the future.&nbsp;","text":"Electric cars are the future.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/119217808","repostId":"1152304693","repostType":4,"isVote":1,"tweetType":1,"viewCount":779,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":115077996,"gmtCreate":1622944631815,"gmtModify":1634096777814,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Monday.con looks intriguing with CRM and ZM investing in it.&nbsp;","listText":"Monday.con looks intriguing with CRM and ZM investing in it.&nbsp;","text":"Monday.con looks intriguing with CRM and ZM investing in it.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":12,"repostSize":0,"link":"https://laohu8.com/post/115077996","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohu8.com/m/news/1106312903?lang=zh_CN&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","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. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</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. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-05 09:16</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>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Renaissance Capital</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":{"BZ":"BOSS直聘",".IXIC":"NASDAQ Composite","ZME":"掌门教育","TASK":"TaskUs Inc.","LFST":"LifeStance Health Group, Inc.",".SPX":"S&P 500 Index","MNDY":"Monday.com Ltd.","MQ":"Marqeta, Inc.","ZETA":"Zeta Global Holdings Corp.",".DJI":"道琼斯","DIBS":"1stdibs.com Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1,"symbols_score_info":{"ZETA":0.9,"LFST":0.9,".DJI":0.9,"TASK":0.9,"MQ":0.9,"BZ":0.9,"DIBS":0.9,"ZME":0.9,".SPX":0.9,".IXIC":0.9,"MNDY":0.9}},"isVote":1,"tweetType":1,"viewCount":1127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133036709,"gmtCreate":1621666492901,"gmtModify":1634187248382,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Buy the dip!&nbsp;","listText":"Buy the dip!&nbsp;","text":"Buy the dip!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":10,"repostSize":0,"link":"https://laohu8.com/post/133036709","repostId":"1174075999","repostType":4,"isVote":1,"tweetType":1,"viewCount":868,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164497630,"gmtCreate":1624232646120,"gmtModify":1631888842808,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Anyone know what is a SPARC? What is its benefits n purpose?","listText":"Anyone know what is a SPARC? What is its benefits n purpose?","text":"Anyone know what is a SPARC? What is its benefits n purpose?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/164497630","repostId":"1170361434","repostType":4,"repost":{"id":"1170361434","kind":"news","pubTimestamp":1624232134,"share":"https://www.laohu8.com/m/news/1170361434?lang=zh_CN&edition=full","pubTime":"2021-06-21 07:35","market":"us","language":"en","title":"Ackman’s SPAC to Buy 10% of Vivendi’s Universal Music for $4 Billion<blockquote>阿克曼的SPAC将以40亿美元收购维旺迪环球音乐10%的股份</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170361434","media":"Bloomberg","summary":"(Bloomberg) -- A blank-check firm backed by billionaire Bill Ackman agreed to acquire 10% of Univers","content":"<p>(Bloomberg) -- A blank-check firm backed by billionaire Bill Ackman agreed to acquire 10% of Universal Music Group for about $4 billion from French media company Vivendi SE.</p><p><blockquote>（彭博）-亿万富翁比尔·阿克曼支持的一家空白支票公司同意以约40亿美元的价格从法国媒体公司维旺迪SE手中收购环球音乐集团10%的股份。</blockquote></p><p> Ackman’s special purpose acquisition company, called Pershing Square Tontine Holdings Ltd., said the transaction would value the home of Taylor Swift, Drake and Billie Eilish at 35 billion euros ($42 billion) including debt. The companies reached an agreement despite drawing pushback from Vivendi’s shareholders and disappointment from investors of Pershing Square Tontine.</p><p><blockquote>阿克曼的特殊目的收购公司Pershing Square Tontine Holdings Ltd.表示，这笔交易将使泰勒·斯威夫特、德雷克和比莉·埃利什的住宅估值达到350亿欧元（420亿美元），包括债务。尽管遭到维旺迪股东的反对和潘兴广场通廷投资者的失望，两家公司还是达成了协议。</blockquote></p><p> SPACs typically pursue mergers with closely held companies, but after this deal, Pershing Square Tontine will remain listed with about $1.5 billion in cash and access to an additional $1.4 billion with the Pershing Square Funds. It will continue to search for a new business combination, according to its statement on Sunday.</p><p><blockquote>SPAC通常会寻求与少数人持股的公司合并，但在这笔交易之后，Pershing Square Tontine将继续上市，拥有约15亿美元现金，并通过Pershing Square基金获得额外的14亿美元。根据周日的声明，该公司将继续寻找新的业务合并。</blockquote></p><p> Pershing Square Tontine said it intends to distribute the Universal Music shares to its investors after the music business’s planned public listing in Amsterdam later this year. Investors will also get the right to acquire a stake in a new vehicle known as a special purpose acquisition rights company, or SPARC.</p><p><blockquote>Pershing Square Tontine表示，打算在音乐业务计划今年晚些时候在阿姆斯特丹公开上市后将环球音乐股票分配给投资者。投资者还将有权收购一种名为特殊目的收购权公司（SPARC）的新工具的股份。</blockquote></p><p> As the music industry rebounds from a decadelong slump, Vivendi is cashing in on a boom in subscription music streaming that has inflated the value of its back catalog and a roster of stars including Swift, Drake, U2 and Post Malone. The deal would leave Universal Music with an investment base across the U.S., Europe and Asia. In 2019, a consortium led by China’s Tencent Holdings Ltd. also agreed to buy a stake in Universal Music.</p><p><blockquote>随着音乐行业从长达十年的低迷中反弹，维旺迪正在从订阅音乐流媒体的繁荣中获利，这种繁荣抬高了其旧目录以及包括斯威夫特、德雷克、U2和波斯特·马龙在内的明星名单的价值。这笔交易将使环球音乐的投资基础遍布美国、欧洲和亚洲。2019年，由腾讯控股控股有限公司牵头的财团也同意购买环球音乐的股份。</blockquote></p><p> “After the 20% equity stake acquired by the Consortium led by the Tencent group, the arrival of major American investors provides further evidence of UMG’s global success and attractiveness,” Vivendi said in a separate statement Sunday.</p><p><blockquote>维旺迪周日在另一份声明中表示：“在腾讯控股集团牵头的财团收购20%股权后，美国主要投资者的到来进一步证明了UMG在全球的成功和吸引力。”</blockquote></p><p> The transaction is set to close in the coming weeks, and at the latest by Sept. 15, Vivendi said.</p><p><blockquote>维旺迪表示，该交易将在未来几周内完成，最迟在9月15日完成。</blockquote></p><p> Perella Weinberg Partners advised the board of directors of Pershing Square Tontine.</p><p><blockquote>Perella Weinberg Partners为潘兴广场Tontine的董事会提供咨询服务。</blockquote></p><p></p>","source":"lsy1612507957220","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>Ackman’s SPAC to Buy 10% of Vivendi’s Universal Music for $4 Billion<blockquote>阿克曼的SPAC将以40亿美元收购维旺迪环球音乐10%的股份</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\">\nAckman’s SPAC to Buy 10% of Vivendi’s Universal Music for $4 Billion<blockquote>阿克曼的SPAC将以40亿美元收购维旺迪环球音乐10%的股份</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-06-21 07:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- A blank-check firm backed by billionaire Bill Ackman agreed to acquire 10% of Universal Music Group for about $4 billion from French media company Vivendi SE.</p><p><blockquote>（彭博）-亿万富翁比尔·阿克曼支持的一家空白支票公司同意以约40亿美元的价格从法国媒体公司维旺迪SE手中收购环球音乐集团10%的股份。</blockquote></p><p> Ackman’s special purpose acquisition company, called Pershing Square Tontine Holdings Ltd., said the transaction would value the home of Taylor Swift, Drake and Billie Eilish at 35 billion euros ($42 billion) including debt. The companies reached an agreement despite drawing pushback from Vivendi’s shareholders and disappointment from investors of Pershing Square Tontine.</p><p><blockquote>阿克曼的特殊目的收购公司Pershing Square Tontine Holdings Ltd.表示，这笔交易将使泰勒·斯威夫特、德雷克和比莉·埃利什的住宅估值达到350亿欧元（420亿美元），包括债务。尽管遭到维旺迪股东的反对和潘兴广场通廷投资者的失望，两家公司还是达成了协议。</blockquote></p><p> SPACs typically pursue mergers with closely held companies, but after this deal, Pershing Square Tontine will remain listed with about $1.5 billion in cash and access to an additional $1.4 billion with the Pershing Square Funds. It will continue to search for a new business combination, according to its statement on Sunday.</p><p><blockquote>SPAC通常会寻求与少数人持股的公司合并，但在这笔交易之后，Pershing Square Tontine将继续上市，拥有约15亿美元现金，并通过Pershing Square基金获得额外的14亿美元。根据周日的声明，该公司将继续寻找新的业务合并。</blockquote></p><p> Pershing Square Tontine said it intends to distribute the Universal Music shares to its investors after the music business’s planned public listing in Amsterdam later this year. Investors will also get the right to acquire a stake in a new vehicle known as a special purpose acquisition rights company, or SPARC.</p><p><blockquote>Pershing Square Tontine表示，打算在音乐业务计划今年晚些时候在阿姆斯特丹公开上市后将环球音乐股票分配给投资者。投资者还将有权收购一种名为特殊目的收购权公司（SPARC）的新工具的股份。</blockquote></p><p> As the music industry rebounds from a decadelong slump, Vivendi is cashing in on a boom in subscription music streaming that has inflated the value of its back catalog and a roster of stars including Swift, Drake, U2 and Post Malone. The deal would leave Universal Music with an investment base across the U.S., Europe and Asia. In 2019, a consortium led by China’s Tencent Holdings Ltd. also agreed to buy a stake in Universal Music.</p><p><blockquote>随着音乐行业从长达十年的低迷中反弹，维旺迪正在从订阅音乐流媒体的繁荣中获利，这种繁荣抬高了其旧目录以及包括斯威夫特、德雷克、U2和波斯特·马龙在内的明星名单的价值。这笔交易将使环球音乐的投资基础遍布美国、欧洲和亚洲。2019年，由腾讯控股控股有限公司牵头的财团也同意购买环球音乐的股份。</blockquote></p><p> “After the 20% equity stake acquired by the Consortium led by the Tencent group, the arrival of major American investors provides further evidence of UMG’s global success and attractiveness,” Vivendi said in a separate statement Sunday.</p><p><blockquote>维旺迪周日在另一份声明中表示：“在腾讯控股集团牵头的财团收购20%股权后，美国主要投资者的到来进一步证明了UMG在全球的成功和吸引力。”</blockquote></p><p> The transaction is set to close in the coming weeks, and at the latest by Sept. 15, Vivendi said.</p><p><blockquote>维旺迪表示，该交易将在未来几周内完成，最迟在9月15日完成。</blockquote></p><p> Perella Weinberg Partners advised the board of directors of Pershing Square Tontine.</p><p><blockquote>Perella Weinberg Partners为潘兴广场Tontine的董事会提供咨询服务。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/ackman-spac-buy-10-vivendi-181553324.html\">Bloomberg</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":{"PSTH":"Pershing Square Tontine Holdings"},"source_url":"https://finance.yahoo.com/news/ackman-spac-buy-10-vivendi-181553324.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170361434","content_text":"(Bloomberg) -- A blank-check firm backed by billionaire Bill Ackman agreed to acquire 10% of Universal Music Group for about $4 billion from French media company Vivendi SE.\nAckman’s special purpose acquisition company, called Pershing Square Tontine Holdings Ltd., said the transaction would value the home of Taylor Swift, Drake and Billie Eilish at 35 billion euros ($42 billion) including debt. The companies reached an agreement despite drawing pushback from Vivendi’s shareholders and disappointment from investors of Pershing Square Tontine.\nSPACs typically pursue mergers with closely held companies, but after this deal, Pershing Square Tontine will remain listed with about $1.5 billion in cash and access to an additional $1.4 billion with the Pershing Square Funds. It will continue to search for a new business combination, according to its statement on Sunday.\nPershing Square Tontine said it intends to distribute the Universal Music shares to its investors after the music business’s planned public listing in Amsterdam later this year. Investors will also get the right to acquire a stake in a new vehicle known as a special purpose acquisition rights company, or SPARC.\nAs the music industry rebounds from a decadelong slump, Vivendi is cashing in on a boom in subscription music streaming that has inflated the value of its back catalog and a roster of stars including Swift, Drake, U2 and Post Malone. The deal would leave Universal Music with an investment base across the U.S., Europe and Asia. In 2019, a consortium led by China’s Tencent Holdings Ltd. also agreed to buy a stake in Universal Music.\n“After the 20% equity stake acquired by the Consortium led by the Tencent group, the arrival of major American investors provides further evidence of UMG’s global success and attractiveness,” Vivendi said in a separate statement Sunday.\nThe transaction is set to close in the coming weeks, and at the latest by Sept. 15, Vivendi said.\nPerella Weinberg Partners advised the board of directors of Pershing Square Tontine.","news_type":1,"symbols_score_info":{"PSTH":0.9}},"isVote":1,"tweetType":1,"viewCount":2330,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185375484,"gmtCreate":1623635267748,"gmtModify":1631888842896,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Waiting for a good entry point.&nbsp;","listText":"Waiting for a good entry point.&nbsp;","text":"Waiting for a good entry point.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/185375484","repostId":"1122505915","repostType":4,"isVote":1,"tweetType":1,"viewCount":3267,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135160515,"gmtCreate":1622148547137,"gmtModify":1634183489742,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Right place, right time.&nbsp;","listText":"Right place, right time.&nbsp;","text":"Right place, right time.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/135160515","repostId":"2138517320","repostType":4,"isVote":1,"tweetType":1,"viewCount":589,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":195133646,"gmtCreate":1621261358885,"gmtModify":1634192946205,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Up or down? What is your choice?&nbsp;","listText":"Up or down? What is your choice?&nbsp;","text":"Up or down? What is your choice?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/195133646","repostId":"1109408177","repostType":2,"isVote":1,"tweetType":1,"viewCount":504,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193567320,"gmtCreate":1620800931860,"gmtModify":1634196186803,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"For long term investors, it is a good opportunity to buy tech stocks at cheap prices. Ignore the short term volatility and hoard for the future.&nbsp;&nbsp;","listText":"For long term investors, it is a good opportunity to buy tech stocks at cheap prices. Ignore the short term volatility and hoard for the future.&nbsp;&nbsp;","text":"For long term investors, it is a good opportunity to buy tech stocks at cheap prices. Ignore the short term volatility and hoard for the future.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/193567320","repostId":"2134671576","repostType":4,"isVote":1,"tweetType":1,"viewCount":680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137448356,"gmtCreate":1622382556375,"gmtModify":1634101908094,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Tesla feels more and more like a meme stock. Maybe can be grand dad of all the meme stocks.&nbsp;","listText":"Tesla feels more and more like a meme stock. Maybe can be grand dad of all the meme stocks.&nbsp;","text":"Tesla feels more and more like a meme stock. Maybe can be grand dad of all the meme stocks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/137448356","repostId":"2138765488","repostType":4,"isVote":1,"tweetType":1,"viewCount":683,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3551543930429616","authorId":"3551543930429616","name":"不想早起的虫","avatar":"https://static.tigerbbs.com/3f8aeeb725a435104471c665687779b5","crmLevel":1,"crmLevelSwitch":0,"idStr":"3551543930429616","authorIdStr":"3551543930429616"},"content":"一直以来都是迷因股啊","text":"一直以来都是迷因股啊","html":"一直以来都是迷因股啊"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117874649,"gmtCreate":1623133991381,"gmtModify":1634036580698,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"With some much cash on hand, a car doesn’t seemthat way off.&nbsp;","listText":"With some much cash on hand, a car doesn’t seemthat way off.&nbsp;","text":"With some much cash on hand, a car doesn’t seemthat way off.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/117874649","repostId":"1148066206","repostType":4,"isVote":1,"tweetType":1,"viewCount":1397,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110393871,"gmtCreate":1622424564193,"gmtModify":1634101632515,"author":{"id":"3581627460874168","authorId":"3581627460874168","name":"Long2themoon","avatar":"https://static.tigerbbs.com/b6efd17f4feb4272fc08d9033b1d5b82","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581627460874168","authorIdStr":"3581627460874168"},"themes":[],"htmlText":"Insightful look into the week ahead. What are your plays?","listText":"Insightful look into the week ahead. What are your plays?","text":"Insightful look into the week ahead. What are your plays?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/110393871","repostId":"1127487048","repostType":4,"repost":{"id":"1127487048","kind":"news","pubTimestamp":1622416539,"share":"https://www.laohu8.com/m/news/1127487048?lang=zh_CN&edition=full","pubTime":"2021-05-31 07:15","market":"us","language":"en","title":"Zoom, Lululemon, Canopy Growth and Other Stocks for Investors to See This Week<blockquote>Zoom、Lululemon、Canopy Growth和其他本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127487048","media":"Barron's","summary":"U.S. stock and bond markets are closed Monday for Memorial Day. Investors will return from the long ","content":"<p>U.S. stock and bond markets are closed Monday for Memorial Day. <a href=\"https://laohu8.com/S/ISBC\">Investors</a> will return from the long weekend to a handful of notable companies’ quarterly results.&nbsp;<a href=\"https://laohu8.com/S/ZM\">Zoom</a> Video <a href=\"https://laohu8.com/S/JCS\">Communications</a>,Canopy Growth,and&nbsp;Hewlett Packard Enterprisereport on Tuesday, followed by&nbsp;Advance Auto Partson Wednesday. On Thursday,&nbsp;<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>,DocuSign,and&nbsp;Lululemon&nbsp;Athletica release results.</p><p><blockquote>美国股市和债券市场周一因阵亡将士纪念日休市。<a href=\"https://laohu8.com/S/ISBC\">投资者</a>将从长周末返回一些著名公司的季度业绩。<a href=\"https://laohu8.com/S/ZM\">Zoom</a>录像<a href=\"https://laohu8.com/S/JCS\">通讯</a>周二，Canopy Growth和Hewlett Packard Enterprise发布了报告，随后是Advance Auto Partson周三发布了报告。周四，<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>、DocuSign和Lululemon Athletica发布结果。</blockquote></p><p>The highlight on the economic-data calendar this week will be Friday’s May jobs report from the Bureau of Labor Statistics. The consensus forecast is for a gain of 700,000 nonfarm payrolls, after a disappointing 266,000 in April. The unemployment rate is expected to tick down&nbsp;to 5.9%, from 6.1%.</p><p><blockquote>本周经济数据日历上的亮点将是美国劳工统计局周五发布的5月份就业报告。市场普遍预测非农就业人数将增加700,000人，而4月份非农就业人数为令人失望的266,000人。失业率预计将从6.1%降至5.9%。</blockquote></p><p>Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for May on Tuesday and the Services equivalent on Thursday. Both are seen staying roughly even with April’s buoyant levels.&nbsp;The Organization for Economic Cooperation and Development also releases its latest economic outlook on Monday.</p><p><blockquote>本周公布的其他数据包括供应管理协会周二公布的5月份制造业采购经理人指数和周四公布的服务业采购经理人指数。预计两者都与4月份的强劲水平大致持平。经济合作与发展组织周一也发布了最新的经济展望。</blockquote></p><p>Monday 5/31</p><p><blockquote>星期一5/31</blockquote></p><p><b>Stock and fixed-income</b>&nbsp;markets are closed in observance of Memorial Day.</p><p><blockquote><b>股票和固定收益</b>为纪念阵亡将士纪念日，市场休市。</blockquote></p><p><b>The Organization</b>for Economic Cooperation and Development releases its latest economic outlook. In its March interim report, the OECD projected a 5.6% growth rate for global gross domestic product in 2021, an upward revision of a full percentage point from the December 2020 forecast.</p><p><blockquote><b>本组织</b>经济合作与发展部发布了最新的经济展望。经合组织在3月份的中期报告中预计2021年全球国内生产总值增长率为5.6%，较2020年12月的预测上调了整整一个百分点。</blockquote></p><p>Tuesday 6/1</p><p><blockquote>星期二6/1</blockquote></p><p><a href=\"https://laohu8.com/S/BNS\">Bank of Nova Scotia</a>,Canopy Growth, <a href=\"https://laohu8.com/S/HPE\">Hewlett Packard Enterprise</a>, and Zoom Video Communications announce quarterly results.</p><p><blockquote><a href=\"https://laohu8.com/S/BNS\">新斯科舍银行</a>、冠层生长、<a href=\"https://laohu8.com/S/HPE\">慧与</a>，Zoom Video通信公布季度业绩。</blockquote></p><p><b>The Institute for Supply</b>Management releases its Manufacturing Purchasing Managers’ Index for May. Consensus estimate is for a 60.8 reading, roughly even with the April data.</p><p><blockquote><b>供应研究所</b>管理层发布5月份制造业采购经理人指数。普遍预期为60.8，与4月份数据大致持平。</blockquote></p><p><b>The Census Bureau</b>reports construction spending for April. Expectations are for a 0.6% month-over-month rise to a seasonally adjusted annual rate of $1.52 trillion. Construction spending remains just below its all-time peak in January of this year.</p><p><blockquote><b>人口普查局</b>报告四月份建筑支出。预计环比增长0.6%，经季节调整后的年率为1.52万亿美元。建筑支出仍略低于今年1月的历史峰值。</blockquote></p><p>Wednesday 6/2</p><p><blockquote>星期三6/2</blockquote></p><p><a href=\"https://laohu8.com/S/AAP\">Advance Auto Parts</a>,<a href=\"https://laohu8.com/S/NTAP\">NetApp</a>,and PVH report earnings.</p><p><blockquote><a href=\"https://laohu8.com/S/AAP\">高级汽车零部件</a>,<a href=\"https://laohu8.com/S/NTAP\">NetApp</a>和PVH报告收益。</blockquote></p><p><a href=\"https://laohu8.com/S/PM\">Philip Morris</a> Internationalhosts a webcast led by CEO Jacek Olczak to discuss the company’s sustainability strategy.</p><p><blockquote><a href=\"https://laohu8.com/S/PM\">菲利普·莫里斯</a>Internationalhosts由首席执行官Jacek Olczak主持网络广播，讨论公司的可持续发展战略。</blockquote></p><p><b>The Federal Reserve</b>releases the beige book for the fourth of eight times this year. The report presents anecdotal data on the health of the economy collected by the 12 Federal Reserve Bank districts.</p><p><blockquote><b>美联储</b>今年发布了八次褐皮书中的第四次。该报告提供了12个美联储银行区收集的有关经济健康状况的轶事数据。</blockquote></p><p>Thursday 6/3</p><p><blockquote>星期四6/3</blockquote></p><p><b>ADP releases its <a href=\"https://laohu8.com/S/NHLD\">National</a> Employment</b>report for May. Consensus estimate is for a 610,000 gain in nonfarm private-sector employment, following an increase of 742,000 in April.</p><p><blockquote><b>ADP发布其<a href=\"https://laohu8.com/S/NHLD\">国家的</a>就业</b>五月份的报告。市场普遍估计非农私营部门就业人数将增加610,000人，而4月份增加了742,000人。</blockquote></p><p>Broadcom,CooperCos., DocuSign,J.M. Smucker,and <a href=\"https://laohu8.com/S/LULU\">Lululemon Athletica</a> hold conference calls to discuss earnings.</p><p><blockquote>博通，库珀科斯。，DocuSign，J.M。Smucker，和<a href=\"https://laohu8.com/S/LULU\">露露柠檬运动</a>召开会议评级讨论收益。</blockquote></p><p><b>The Bureau of Economic Analysis</b>reports total light-vehicle sales for May. In April, they hit a seasonally adjusted annual rate of 18.5 million, the highest figure since July 2005.</p><p><blockquote><b>经济分析局</b>报告5月份轻型汽车总销量。4月份，经季节调整后的年增长率达到1850万辆，为2005年7月以来的最高数字。</blockquote></p><p><b>The ISM releases</b>its Services PMI for May. Consensus estimate is for a 63.2 reading, compared with April’s 62.7 figure.</p><p><blockquote><b>ISM发布</b>其5月份服务业PMI。普遍预期为63.2，而4月份为62.7。</blockquote></p><p>Friday 6/4</p><p><blockquote>星期五6/4</blockquote></p><p>Amgenhosts a conference call to discuss drug trial data from its oncology pipeline. The information will be presented at the 2021 <a href=\"https://laohu8.com/S/AFG\">American</a> Society of Clinical Oncology annual meeting, which runs virtually from June 4 through June 8.</p><p><blockquote>安进举办了一次电话会议，讨论其肿瘤学管道的药物试验数据。该信息将在2021年<a href=\"https://laohu8.com/S/AFG\">美国的</a>临床肿瘤学会年会，从6月4日持续到6月8日。</blockquote></p><p><b>The Bureau of Labor</b>Statistics releases the jobs report for May. Economists forecast a 700,000 rise in nonfarm payrolls, after a relatively modest 266,000 gain in April. The unemployment rate is expected to edge down to 5.9% from 6.1%. The April increase was a massive shortfall from the <a href=\"https://laohu8.com/S/AONE\">one</a> million jump expected by some economists.</p><p><blockquote><b>劳工局</b>统计局发布五月份就业报告。经济学家预测非农就业人数将增加700,000人，而4月份非农就业人数相对温和地增加了266,000人。失业率预计将从6.1%小幅降至5.9%。四月份的增幅与<a href=\"https://laohu8.com/S/AONE\">一</a>一些经济学家预计将增加100万美元。</blockquote></p><p></p>","source":"lsy1610680873436","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>Zoom, Lululemon, Canopy Growth and Other Stocks for Investors to See This Week<blockquote>Zoom、Lululemon、Canopy Growth和其他本周值得投资者关注的股票</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\">\nZoom, Lululemon, Canopy Growth and Other Stocks for Investors to See This Week<blockquote>Zoom、Lululemon、Canopy Growth和其他本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-05-31 07:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. stock and bond markets are closed Monday for Memorial Day. <a href=\"https://laohu8.com/S/ISBC\">Investors</a> will return from the long weekend to a handful of notable companies’ quarterly results.&nbsp;<a href=\"https://laohu8.com/S/ZM\">Zoom</a> Video <a href=\"https://laohu8.com/S/JCS\">Communications</a>,Canopy Growth,and&nbsp;Hewlett Packard Enterprisereport on Tuesday, followed by&nbsp;Advance Auto Partson Wednesday. On Thursday,&nbsp;<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>,DocuSign,and&nbsp;Lululemon&nbsp;Athletica release results.</p><p><blockquote>美国股市和债券市场周一因阵亡将士纪念日休市。<a href=\"https://laohu8.com/S/ISBC\">投资者</a>将从长周末返回一些著名公司的季度业绩。<a href=\"https://laohu8.com/S/ZM\">Zoom</a>录像<a href=\"https://laohu8.com/S/JCS\">通讯</a>周二，Canopy Growth和Hewlett Packard Enterprise发布了报告，随后是Advance Auto Partson周三发布了报告。周四，<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>、DocuSign和Lululemon Athletica发布结果。</blockquote></p><p>The highlight on the economic-data calendar this week will be Friday’s May jobs report from the Bureau of Labor Statistics. The consensus forecast is for a gain of 700,000 nonfarm payrolls, after a disappointing 266,000 in April. The unemployment rate is expected to tick down&nbsp;to 5.9%, from 6.1%.</p><p><blockquote>本周经济数据日历上的亮点将是美国劳工统计局周五发布的5月份就业报告。市场普遍预测非农就业人数将增加700,000人，而4月份非农就业人数为令人失望的266,000人。失业率预计将从6.1%降至5.9%。</blockquote></p><p>Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for May on Tuesday and the Services equivalent on Thursday. Both are seen staying roughly even with April’s buoyant levels.&nbsp;The Organization for Economic Cooperation and Development also releases its latest economic outlook on Monday.</p><p><blockquote>本周公布的其他数据包括供应管理协会周二公布的5月份制造业采购经理人指数和周四公布的服务业采购经理人指数。预计两者都与4月份的强劲水平大致持平。经济合作与发展组织周一也发布了最新的经济展望。</blockquote></p><p>Monday 5/31</p><p><blockquote>星期一5/31</blockquote></p><p><b>Stock and fixed-income</b>&nbsp;markets are closed in observance of Memorial Day.</p><p><blockquote><b>股票和固定收益</b>为纪念阵亡将士纪念日，市场休市。</blockquote></p><p><b>The Organization</b>for Economic Cooperation and Development releases its latest economic outlook. In its March interim report, the OECD projected a 5.6% growth rate for global gross domestic product in 2021, an upward revision of a full percentage point from the December 2020 forecast.</p><p><blockquote><b>本组织</b>经济合作与发展部发布了最新的经济展望。经合组织在3月份的中期报告中预计2021年全球国内生产总值增长率为5.6%，较2020年12月的预测上调了整整一个百分点。</blockquote></p><p>Tuesday 6/1</p><p><blockquote>星期二6/1</blockquote></p><p><a href=\"https://laohu8.com/S/BNS\">Bank of Nova Scotia</a>,Canopy Growth, <a href=\"https://laohu8.com/S/HPE\">Hewlett Packard Enterprise</a>, and Zoom Video Communications announce quarterly results.</p><p><blockquote><a href=\"https://laohu8.com/S/BNS\">新斯科舍银行</a>、冠层生长、<a href=\"https://laohu8.com/S/HPE\">慧与</a>，Zoom Video通信公布季度业绩。</blockquote></p><p><b>The Institute for Supply</b>Management releases its Manufacturing Purchasing Managers’ Index for May. Consensus estimate is for a 60.8 reading, roughly even with the April data.</p><p><blockquote><b>供应研究所</b>管理层发布5月份制造业采购经理人指数。普遍预期为60.8，与4月份数据大致持平。</blockquote></p><p><b>The Census Bureau</b>reports construction spending for April. Expectations are for a 0.6% month-over-month rise to a seasonally adjusted annual rate of $1.52 trillion. Construction spending remains just below its all-time peak in January of this year.</p><p><blockquote><b>人口普查局</b>报告四月份建筑支出。预计环比增长0.6%，经季节调整后的年率为1.52万亿美元。建筑支出仍略低于今年1月的历史峰值。</blockquote></p><p>Wednesday 6/2</p><p><blockquote>星期三6/2</blockquote></p><p><a href=\"https://laohu8.com/S/AAP\">Advance Auto Parts</a>,<a href=\"https://laohu8.com/S/NTAP\">NetApp</a>,and PVH report earnings.</p><p><blockquote><a href=\"https://laohu8.com/S/AAP\">高级汽车零部件</a>,<a href=\"https://laohu8.com/S/NTAP\">NetApp</a>和PVH报告收益。</blockquote></p><p><a href=\"https://laohu8.com/S/PM\">Philip Morris</a> Internationalhosts a webcast led by CEO Jacek Olczak to discuss the company’s sustainability strategy.</p><p><blockquote><a href=\"https://laohu8.com/S/PM\">菲利普·莫里斯</a>Internationalhosts由首席执行官Jacek Olczak主持网络广播，讨论公司的可持续发展战略。</blockquote></p><p><b>The Federal Reserve</b>releases the beige book for the fourth of eight times this year. The report presents anecdotal data on the health of the economy collected by the 12 Federal Reserve Bank districts.</p><p><blockquote><b>美联储</b>今年发布了八次褐皮书中的第四次。该报告提供了12个美联储银行区收集的有关经济健康状况的轶事数据。</blockquote></p><p>Thursday 6/3</p><p><blockquote>星期四6/3</blockquote></p><p><b>ADP releases its <a href=\"https://laohu8.com/S/NHLD\">National</a> Employment</b>report for May. Consensus estimate is for a 610,000 gain in nonfarm private-sector employment, following an increase of 742,000 in April.</p><p><blockquote><b>ADP发布其<a href=\"https://laohu8.com/S/NHLD\">国家的</a>就业</b>五月份的报告。市场普遍估计非农私营部门就业人数将增加610,000人，而4月份增加了742,000人。</blockquote></p><p>Broadcom,CooperCos., DocuSign,J.M. Smucker,and <a href=\"https://laohu8.com/S/LULU\">Lululemon Athletica</a> hold conference calls to discuss earnings.</p><p><blockquote>博通，库珀科斯。，DocuSign，J.M。Smucker，和<a href=\"https://laohu8.com/S/LULU\">露露柠檬运动</a>召开会议评级讨论收益。</blockquote></p><p><b>The Bureau of Economic Analysis</b>reports total light-vehicle sales for May. In April, they hit a seasonally adjusted annual rate of 18.5 million, the highest figure since July 2005.</p><p><blockquote><b>经济分析局</b>报告5月份轻型汽车总销量。4月份，经季节调整后的年增长率达到1850万辆，为2005年7月以来的最高数字。</blockquote></p><p><b>The ISM releases</b>its Services PMI for May. Consensus estimate is for a 63.2 reading, compared with April’s 62.7 figure.</p><p><blockquote><b>ISM发布</b>其5月份服务业PMI。普遍预期为63.2，而4月份为62.7。</blockquote></p><p>Friday 6/4</p><p><blockquote>星期五6/4</blockquote></p><p>Amgenhosts a conference call to discuss drug trial data from its oncology pipeline. The information will be presented at the 2021 <a href=\"https://laohu8.com/S/AFG\">American</a> Society of Clinical Oncology annual meeting, which runs virtually from June 4 through June 8.</p><p><blockquote>安进举办了一次电话会议，讨论其肿瘤学管道的药物试验数据。该信息将在2021年<a href=\"https://laohu8.com/S/AFG\">美国的</a>临床肿瘤学会年会，从6月4日持续到6月8日。</blockquote></p><p><b>The Bureau of Labor</b>Statistics releases the jobs report for May. Economists forecast a 700,000 rise in nonfarm payrolls, after a relatively modest 266,000 gain in April. The unemployment rate is expected to edge down to 5.9% from 6.1%. The April increase was a massive shortfall from the <a href=\"https://laohu8.com/S/AONE\">one</a> million jump expected by some economists.</p><p><blockquote><b>劳工局</b>统计局发布五月份就业报告。经济学家预测非农就业人数将增加700,000人，而4月份非农就业人数相对温和地增加了266,000人。失业率预计将从6.1%小幅降至5.9%。四月份的增幅与<a href=\"https://laohu8.com/S/AONE\">一</a>一些经济学家预计将增加100万美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/zoom-lululemon-canopy-growth-and-other-stocks-for-investors-to-watch-this-week-51622401200\">Barron's</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":{".IXIC":"NASDAQ Composite","ZM":"Zoom","ISBC":"投资者银行",".DJI":"道琼斯","CGC":"Canopy Growth Corporation",".SPX":"S&P 500 Index","LULU":"lululemon athletica"},"source_url":"https://www.barrons.com/articles/zoom-lululemon-canopy-growth-and-other-stocks-for-investors-to-watch-this-week-51622401200","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127487048","content_text":"U.S. stock and bond markets are closed Monday for Memorial Day. Investors will return from the long weekend to a handful of notable companies’ quarterly results. Zoom Video Communications,Canopy Growth,and Hewlett Packard Enterprisereport on Tuesday, followed by Advance Auto Partson Wednesday. On Thursday, Broadcom,DocuSign,and Lululemon Athletica release results.The highlight on the economic-data calendar this week will be Friday’s May jobs report from the Bureau of Labor Statistics. The consensus forecast is for a gain of 700,000 nonfarm payrolls, after a disappointing 266,000 in April. The unemployment rate is expected to tick down to 5.9%, from 6.1%.Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for May on Tuesday and the Services equivalent on Thursday. Both are seen staying roughly even with April’s buoyant levels. The Organization for Economic Cooperation and Development also releases its latest economic outlook on Monday.Monday 5/31Stock and fixed-income markets are closed in observance of Memorial Day.The Organizationfor Economic Cooperation and Development releases its latest economic outlook. In its March interim report, the OECD projected a 5.6% growth rate for global gross domestic product in 2021, an upward revision of a full percentage point from the December 2020 forecast.Tuesday 6/1Bank of Nova Scotia,Canopy Growth, Hewlett Packard Enterprise, and Zoom Video Communications announce quarterly results.The Institute for SupplyManagement releases its Manufacturing Purchasing Managers’ Index for May. Consensus estimate is for a 60.8 reading, roughly even with the April data.The Census Bureaureports construction spending for April. Expectations are for a 0.6% month-over-month rise to a seasonally adjusted annual rate of $1.52 trillion. Construction spending remains just below its all-time peak in January of this year.Wednesday 6/2Advance Auto Parts,NetApp,and PVH report earnings.Philip Morris Internationalhosts a webcast led by CEO Jacek Olczak to discuss the company’s sustainability strategy.The Federal Reservereleases the beige book for the fourth of eight times this year. The report presents anecdotal data on the health of the economy collected by the 12 Federal Reserve Bank districts.Thursday 6/3ADP releases its National Employmentreport for May. Consensus estimate is for a 610,000 gain in nonfarm private-sector employment, following an increase of 742,000 in April.Broadcom,CooperCos., DocuSign,J.M. Smucker,and Lululemon Athletica hold conference calls to discuss earnings.The Bureau of Economic Analysisreports total light-vehicle sales for May. In April, they hit a seasonally adjusted annual rate of 18.5 million, the highest figure since July 2005.The ISM releasesits Services PMI for May. Consensus estimate is for a 63.2 reading, compared with April’s 62.7 figure.Friday 6/4Amgenhosts a conference call to discuss drug trial data from its oncology pipeline. The information will be presented at the 2021 American Society of Clinical Oncology annual meeting, which runs virtually from June 4 through June 8.The Bureau of LaborStatistics releases the jobs report for May. Economists forecast a 700,000 rise in nonfarm payrolls, after a relatively modest 266,000 gain in April. The unemployment rate is expected to edge down to 5.9% from 6.1%. The April increase was a massive shortfall from the one million jump expected by some economists.","news_type":1,"symbols_score_info":{"LULU":0.9,".IXIC":0.9,".SPX":0.9,"ISBC":0.9,".DJI":0.9,"CGC":0.9,"ZM":0.9}},"isVote":1,"tweetType":1,"viewCount":710,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}