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HappyT
2021-12-21
Yay
Travel and leisure stocks gained in early trading<blockquote>旅游休闲股早盘上涨</blockquote>
HappyT
2021-06-21
👍
抱歉，原内容已删除
HappyT
2021-06-17
Definite good opportunity to buy
抱歉，原内容已删除
去老虎APP查看更多动态
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UAl, AAL, DAL and LUV shares were up between 4% a","content":"<p>Travel and leisure stocks gained in early trading. UAl, AAL, DAL and LUV shares were up between 4% and 7%.</p><p><blockquote>旅游和休闲股早盘上涨。UAl、AAL、DAL和LUV股价上涨4%至7%。</blockquote></p><p> CCL, RCL and NCLH shares rose between 5% and 8%.<img src=\"https://static.tigerbbs.com/99687d6e84a5baa64ead27263c83b24f\" tg-width=\"977\" tg-height=\"429\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/73210a8a9af665735a288bce4bf3b1cd\" tg-width=\"998\" tg-height=\"340\" referrerpolicy=\"no-referrer\">The Omicron coronavirus variant is rapidly spreading across the U.S. just as the holiday season’s busiest travel period gets under way.</p><p><blockquote>CCL、RCL 和 NCLH 股价上涨 5% 至 8%。奥密克戎冠状病毒变种正在美国各地迅速传播，而此时正值假期最繁忙的旅行时期。</blockquote></p><p> However, there appear to be no signs yet of the new variant significantly affecting air travel in the U.S. in the run up to Christmas.</p><p><blockquote>然而，似乎还没有迹象表明这种新变种会在圣诞节前对美国的航空旅行产生重大影响。</blockquote></p><p> More than two million people passed through airport security checkpoints on Monday for the fifth consecutive day, according to Transportation Security Administration data. The numbers have been tracking at between 81% and 85% of traveler throughput against the same days in 2019, although the peak holiday travel days are ahead.</p><p><blockquote>根据运输安全管理局的数据，周一连续第五天有超过200万人通过机场安检。与2019年同期相比，这些数字一直在81%至85%之间，尽管假日旅游高峰期即将到来。</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>Travel and leisure stocks gained in early trading<blockquote>旅游休闲股早盘上涨</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\">\nTravel and leisure stocks gained in early trading<blockquote>旅游休闲股早盘上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-21 23:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Travel and leisure stocks gained in early trading. UAl, AAL, DAL and LUV shares were up between 4% and 7%.</p><p><blockquote>旅游和休闲股早盘上涨。UAl、AAL、DAL和LUV股价上涨4%至7%。</blockquote></p><p> CCL, RCL and NCLH shares rose between 5% and 8%.<img src=\"https://static.tigerbbs.com/99687d6e84a5baa64ead27263c83b24f\" tg-width=\"977\" tg-height=\"429\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/73210a8a9af665735a288bce4bf3b1cd\" tg-width=\"998\" tg-height=\"340\" referrerpolicy=\"no-referrer\">The Omicron coronavirus variant is rapidly spreading across the U.S. just as the holiday season’s busiest travel period gets under way.</p><p><blockquote>CCL、RCL 和 NCLH 股价上涨 5% 至 8%。奥密克戎冠状病毒变种正在美国各地迅速传播，而此时正值假期最繁忙的旅行时期。</blockquote></p><p> However, there appear to be no signs yet of the new variant significantly affecting air travel in the U.S. in the run up to Christmas.</p><p><blockquote>然而，似乎还没有迹象表明这种新变种会在圣诞节前对美国的航空旅行产生重大影响。</blockquote></p><p> More than two million people passed through airport security checkpoints on Monday for the fifth consecutive day, according to Transportation Security Administration data. The numbers have been tracking at between 81% and 85% of traveler throughput against the same days in 2019, although the peak holiday travel days are ahead.</p><p><blockquote>根据运输安全管理局的数据，周一连续第五天有超过200万人通过机场安检。与2019年同期相比，这些数字一直在81%至85%之间，尽管假日旅游高峰期即将到来。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAL":"美国航空","DAL":"达美航空","UAL":"联合大陆航空","CCL":"嘉年华邮轮","NCLH":"挪威邮轮","LUV":"西南航空","RCL":"皇家加勒比邮轮"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154778445","content_text":"Travel and leisure stocks gained in early trading. UAl, AAL, DAL and LUV shares were up between 4% and 7%.\nCCL, RCL and NCLH shares rose between 5% and 8%.The Omicron coronavirus variant is rapidly spreading across the U.S. just as the holiday season’s busiest travel period gets under way.\nHowever, there appear to be no signs yet of the new variant significantly affecting air travel in the U.S. in the run up to Christmas.\nMore than two million people passed through airport security checkpoints on Monday for the fifth consecutive day, according to Transportation Security Administration data. The numbers have been tracking at between 81% and 85% of traveler throughput against the same days in 2019, although the peak holiday travel days are ahead.","news_type":1,"symbols_score_info":{"LUV":0.9,"DAL":0.9,"NCLH":0.9,"AAL":0.9,"RCL":0.9,"UAL":0.9,"CCL":0.9}},"isVote":1,"tweetType":1,"viewCount":4371,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":167598348,"gmtCreate":1624275313184,"gmtModify":1631890996637,"author":{"id":"3585706143249288","authorId":"3585706143249288","name":"HappyT","avatar":"https://static.tigerbbs.com/ed0a7392b6bcf5b8862ee52dd41d7fc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585706143249288","idStr":"3585706143249288"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167598348","repostId":"1154249454","repostType":4,"isVote":1,"tweetType":1,"viewCount":3240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161665481,"gmtCreate":1623923193243,"gmtModify":1631890996641,"author":{"id":"3585706143249288","authorId":"3585706143249288","name":"HappyT","avatar":"https://static.tigerbbs.com/ed0a7392b6bcf5b8862ee52dd41d7fc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585706143249288","idStr":"3585706143249288"},"themes":[],"title":"","htmlText":"Definite good opportunity to buy ","listText":"Definite good opportunity to buy ","text":"Definite good opportunity to buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161665481","repostId":"1138373077","repostType":4,"isVote":1,"tweetType":1,"viewCount":3124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":691027185,"gmtCreate":1640100546957,"gmtModify":1640100548645,"author":{"id":"3585706143249288","authorId":"3585706143249288","name":"HappyT","avatar":"https://static.tigerbbs.com/ed0a7392b6bcf5b8862ee52dd41d7fc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585706143249288","authorIdStr":"3585706143249288"},"themes":[],"title":"","htmlText":"Yay","listText":"Yay","text":"Yay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/691027185","repostId":"1154778445","repostType":4,"repost":{"id":"1154778445","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1640099685,"share":"https://www.laohunote.com/m/news/1154778445?lang=zh_CN&edition=full","pubTime":"2021-12-21 23:14","market":"us","language":"en","title":"Travel and leisure stocks gained in early trading<blockquote>旅游休闲股早盘上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154778445","media":"Tiger Newspress","summary":"Travel and leisure stocks gained in early trading. UAl, AAL, DAL and LUV shares were up between 4% a","content":"<p>Travel and leisure stocks gained in early trading. UAl, AAL, DAL and LUV shares were up between 4% and 7%.</p><p><blockquote>旅游和休闲股早盘上涨。UAl、AAL、DAL和LUV股价上涨4%至7%。</blockquote></p><p> CCL, RCL and NCLH shares rose between 5% and 8%.<img src=\"https://static.tigerbbs.com/99687d6e84a5baa64ead27263c83b24f\" tg-width=\"977\" tg-height=\"429\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/73210a8a9af665735a288bce4bf3b1cd\" tg-width=\"998\" tg-height=\"340\" referrerpolicy=\"no-referrer\">The Omicron coronavirus variant is rapidly spreading across the U.S. just as the holiday season’s busiest travel period gets under way.</p><p><blockquote>CCL、RCL 和 NCLH 股价上涨 5% 至 8%。奥密克戎冠状病毒变种正在美国各地迅速传播，而此时正值假期最繁忙的旅行时期。</blockquote></p><p> However, there appear to be no signs yet of the new variant significantly affecting air travel in the U.S. in the run up to Christmas.</p><p><blockquote>然而，似乎还没有迹象表明这种新变种会在圣诞节前对美国的航空旅行产生重大影响。</blockquote></p><p> More than two million people passed through airport security checkpoints on Monday for the fifth consecutive day, according to Transportation Security Administration data. The numbers have been tracking at between 81% and 85% of traveler throughput against the same days in 2019, although the peak holiday travel days are ahead.</p><p><blockquote>根据运输安全管理局的数据，周一连续第五天有超过200万人通过机场安检。与2019年同期相比，这些数字一直在81%至85%之间，尽管假日旅游高峰期即将到来。</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>Travel and leisure stocks gained in early trading<blockquote>旅游休闲股早盘上涨</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\">\nTravel and leisure stocks gained in early trading<blockquote>旅游休闲股早盘上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-21 23:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Travel and leisure stocks gained in early trading. UAl, AAL, DAL and LUV shares were up between 4% and 7%.</p><p><blockquote>旅游和休闲股早盘上涨。UAl、AAL、DAL和LUV股价上涨4%至7%。</blockquote></p><p> CCL, RCL and NCLH shares rose between 5% and 8%.<img src=\"https://static.tigerbbs.com/99687d6e84a5baa64ead27263c83b24f\" tg-width=\"977\" tg-height=\"429\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/73210a8a9af665735a288bce4bf3b1cd\" tg-width=\"998\" tg-height=\"340\" referrerpolicy=\"no-referrer\">The Omicron coronavirus variant is rapidly spreading across the U.S. just as the holiday season’s busiest travel period gets under way.</p><p><blockquote>CCL、RCL 和 NCLH 股价上涨 5% 至 8%。奥密克戎冠状病毒变种正在美国各地迅速传播，而此时正值假期最繁忙的旅行时期。</blockquote></p><p> However, there appear to be no signs yet of the new variant significantly affecting air travel in the U.S. in the run up to Christmas.</p><p><blockquote>然而，似乎还没有迹象表明这种新变种会在圣诞节前对美国的航空旅行产生重大影响。</blockquote></p><p> More than two million people passed through airport security checkpoints on Monday for the fifth consecutive day, according to Transportation Security Administration data. The numbers have been tracking at between 81% and 85% of traveler throughput against the same days in 2019, although the peak holiday travel days are ahead.</p><p><blockquote>根据运输安全管理局的数据，周一连续第五天有超过200万人通过机场安检。与2019年同期相比，这些数字一直在81%至85%之间，尽管假日旅游高峰期即将到来。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAL":"美国航空","DAL":"达美航空","UAL":"联合大陆航空","CCL":"嘉年华邮轮","NCLH":"挪威邮轮","LUV":"西南航空","RCL":"皇家加勒比邮轮"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154778445","content_text":"Travel and leisure stocks gained in early trading. UAl, AAL, DAL and LUV shares were up between 4% and 7%.\nCCL, RCL and NCLH shares rose between 5% and 8%.The Omicron coronavirus variant is rapidly spreading across the U.S. just as the holiday season’s busiest travel period gets under way.\nHowever, there appear to be no signs yet of the new variant significantly affecting air travel in the U.S. in the run up to Christmas.\nMore than two million people passed through airport security checkpoints on Monday for the fifth consecutive day, according to Transportation Security Administration data. The numbers have been tracking at between 81% and 85% of traveler throughput against the same days in 2019, although the peak holiday travel days are ahead.","news_type":1,"symbols_score_info":{"LUV":0.9,"DAL":0.9,"NCLH":0.9,"AAL":0.9,"RCL":0.9,"UAL":0.9,"CCL":0.9}},"isVote":1,"tweetType":1,"viewCount":4371,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":167598348,"gmtCreate":1624275313184,"gmtModify":1631890996637,"author":{"id":"3585706143249288","authorId":"3585706143249288","name":"HappyT","avatar":"https://static.tigerbbs.com/ed0a7392b6bcf5b8862ee52dd41d7fc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585706143249288","authorIdStr":"3585706143249288"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167598348","repostId":"1154249454","repostType":4,"isVote":1,"tweetType":1,"viewCount":3240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161665481,"gmtCreate":1623923193243,"gmtModify":1631890996641,"author":{"id":"3585706143249288","authorId":"3585706143249288","name":"HappyT","avatar":"https://static.tigerbbs.com/ed0a7392b6bcf5b8862ee52dd41d7fc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585706143249288","authorIdStr":"3585706143249288"},"themes":[],"title":"","htmlText":"Definite good opportunity to buy ","listText":"Definite good opportunity to buy ","text":"Definite good opportunity to buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161665481","repostId":"1138373077","repostType":4,"repost":{"id":"1138373077","kind":"news","pubTimestamp":1623915483,"share":"https://www.laohunote.com/m/news/1138373077?lang=zh_CN&edition=full","pubTime":"2021-06-17 15:38","market":"us","language":"en","title":"Walmart: Buy On Weakness For Its Exciting International Growth Prospects<blockquote>沃尔玛：因其令人兴奋的国际增长前景而逢低买入</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138373077","media":"seekingalpha","summary":"Summary\n\nWalmart’s international segment is expected to lead the company’s revenue growth in the yea","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Walmart’s international segment is expected to lead the company’s revenue growth in the years ahead.</li> <li>The company’s leadership through Flipkart in the rapidly growing India market is expected to be a key competitive advantage as it scales up to compete against Amazon India.</li> <li>At the current price, Walmart is not expensive, and offers an attractive entry point for investors to partake in its international growth drivers.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af09545cba715476092d754f8df38e8a\" tg-width=\"768\" tg-height=\"512\"><span>Wolterk/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>沃尔玛的国际业务预计将在未来几年引领公司的收入增长。</li><li>该公司通过 Flipkart 在快速增长的印度市场的领导地位预计将成为其与亚马逊印度公司竞争的关键竞争优势。</li><li>以目前的价格计算，沃尔玛并不昂贵，并为投资者参与其国际增长动力提供了一个有吸引力的切入点。</li></ul><p class=\"t-img-caption\"><span>Wolterk/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Walmart (WMT) has very exciting growth prospects in its international markets, especially in India where the market is expected to overtake Canada as the second largest international market segment, behind the leader Mexico by 2025. In addition, the company’s astute investment in Flipkart has given it the key leadership in the e-commerce segment in India which is expected to grow rapidly in the years ahead.</p><p><blockquote>沃尔玛 (WMT) 在其国际市场上有着非常令人兴奋的增长前景，尤其是在印度，预计到 2025 年，该市场将超过加拿大，成为第二大国际细分市场，仅次于领头羊墨西哥。此外，该公司对 Flipkart 的精明投资使其在印度电子商务领域处于关键领导地位，预计该领域将在未来几年快速增长。</blockquote></p><p> <b>Setting the Stage for International Expansion</b></p><p><blockquote><b>为国际扩张奠定基础</b></blockquote></p><p> Walmart has grand ambitions on the international stage. After the completion of the divestiture of Asda and Seiyu last quarter, the company has set its sights on driving its international growth in the faster growing markets. The company also discussed at length its international priorities and opportunities in two recent conferences (DBAccess, andBaird) on how to take its international business to the next level.</p><p><blockquote>沃尔玛在国际舞台上雄心勃勃。在上个季度完成对阿斯达和Seiyu的剥离后，该公司将目光投向了在增长更快的市场推动其国际增长。该公司还在最近的两次会议（DBAccess和andBaird）中详细讨论了其国际优先事项和机遇，讨论了如何将其国际业务提升到一个新的水平。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/917a0bddc47fb6071bfd416976abe840\" tg-width=\"600\" tg-height=\"371\"><span>WMT net sales worldwide by division. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>按部门划分的WMT全球净销售额。数据来源：公司文件</span></p></blockquote></p><p> Walmart’s international sales accounted for about 21.9% of FY 21 revenue. As we could observe from above, WMT’s international business as a whole has been largely stagnant in recent years even though its U.S. operations saw relatively stable and consistent growth. The company’s exit from Seiyu [Japan] and Asda [UK] in order to reallocate capital to its higher growth regions, notably in India and China, is an important step towards aligning its growth priorities and rejuvenating its international business segment. In fact, Walmart had even received pretty nasty press on its operations in Japan, asNikkei Asiaremarked: “Walmart's foreign flops can be attributed largely to tone-deaf management, which failed to take into account local business customs, dietary habits and labor relations, among other glaring oversights.” Notwithstanding the sensational allegations made by the Nikkei, I think WMT has actually performed admirably in its international business as it’s aprofitable segmentfor the company that posted an operating margin of 4.4% in Q1’22, as well as 3% in FY 21, 2.8% in FY 20, and 4% in FY 19, respectively.</p><p><blockquote>沃尔玛的国际销售额约占 21 财年收入的 21.9%。从上面可以看出，尽管 WMT 在美国的业务实现了相对稳定和持续的增长，但近年来 WMT 的国际业务整体上基本停滞不前。该公司退出 Seiyu（日本）和 Asda（英国），以便将资本重新分配到其增长较高的地区，特别是印度和中国，这是朝着调整其增长重点和振兴其国际业务部门迈出的重要一步。asNikkei Asia 指出，事实上，沃尔玛在日本的业务甚至受到了相当恶劣的批评： “沃尔玛在海外的失败在很大程度上可以归因于管理层的聋哑，他们没有考虑到当地的商业习俗、饮食习惯和劳资关系，以及其他明显的疏忽”。尽管《日经新闻》提出了耸人听闻的指控，但我认为 WMT 在国际业务方面的表现实际上令人钦佩，因为它是该公司盈利的部门，该公司在 22 财年第一季度的营业利润率为 4.4%，在 21 财年、20 财年和 19 财年分别为 3%、2.8%。</blockquote></p><p> <b>Ask Amazon How Hard It Is To Make Money Overseas</b></p><p><blockquote><b>问问亚马逊在海外赚钱有多难</b></blockquote></p><p> In order to understand how difficult it is to make money operating a retail business in international markets with a footprint as large as WMT, investors need to look no further than Amazon (AMZN), notwithstanding its focus on the e-commerce segment.</p><p><blockquote>为了了解在像 WMT 这样庞大的国际市场上经营零售业务赚钱有多么困难，投资者只需看看亚马逊 (AMZN)，尽管它专注于电子商务领域。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f155f05bf035f522fff05f7c5802740\" tg-width=\"849\" tg-height=\"525\"><span>AMZN annual Operating income by segment. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN 各细分市场年度经营利润。数据来源：公司文件</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa70bfe2b8a379252d91f48a78becd52\" tg-width=\"600\" tg-height=\"371\"><span>AMZN quarterly operating income by segment. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN 按细分市场划分的季度经营利润。数据来源：公司文件</span></p></blockquote></p><p> As we could observe from the 2 charts above, AMZN’s international segment only recently started to turn an operating profit in Q2’20 after experiencing losses over the last 6 years, even though the North America segment continued to do well. It’s a good reminder to investors that WMT knows how to manage its large international footprint well and it’s really very difficult to run an operation as geographically diverse and huge as Walmart’s and be profitable at the same time, giving the company an extremely wide moat.</p><p><blockquote>从上面的两张图表中可以看出，尽管北美分部继续表现良好，但亚马逊的国际分部在过去 6 年中一直处于亏损状态，直到最近才开始在 2020 年第二季度扭亏为盈。这很好地提醒投资者，WMT 知道如何很好地管理其庞大的国际足迹，要经营像沃尔玛这样地域多样化、规模庞大的业务，同时还能盈利，这给公司带来了极其宽阔的护城河。</blockquote></p><p> <b>India and China Expected to Lead Growth</b></p><p><blockquote><b>印度和中国预计将引领增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5de7690e94d33c1fa7d9a17901080007\" tg-width=\"833\" tg-height=\"515\"><span>WMT projected net sales by country. Data Source: Edge by Ascential</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT 按国家/地区预测净销售额。数据来源：Edge by Ascential</span></p></blockquote></p><p> Although Mexico is still expected to remain as International’s most important revenue driver by 2025, India and China are expected to lead the growth, with India expected to be the company’s second largest international market by 2025.</p><p><blockquote>虽然到 2025 年，墨西哥仍将是国际最重要的收入驱动力，但印度和中国预计将引领增长，到 2025 年，印度预计将成为该公司的第二大国际市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb39da945b2a8ef4d8bc56b06bf945b7\" tg-width=\"600\" tg-height=\"371\"><span>WMT projected revenue CAGR by country. Data Source: Edge by Ascential</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT 按国家/地区预测收入复合年增长率。数据来源：Edge by Ascential</span></p></blockquote></p><p></p><p> India’s 5Y CAGR of 10.4% is expected to outperform the rest of its international peers, followed by China in second place with a 5Y CAGR of 6.6%. The rest of its international markets are also expected to grow relatively fast, including the leader Mexico (5Y CAGR: 4.1%).</p><p><blockquote>印度的 5 年复合年增长率为 10.4%，预计将超过其他国际同行，其次是中国，5 年复合年增长率为 6.6%，位居第二。其其他国际市场预计也将相对快速增长，包括领先的墨西哥（5 年复合年增长率：4.1%）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9a2cee8cc3738a2a615afe99152dd5f\" tg-width=\"1280\" tg-height=\"738\"><span>WMT projected revenue mean consensus, and YoY growth. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT 预计收入均值共识和同比增长。数据来源：S&P Capital IQ</span></p></blockquote></p><p> If we consider the company’s overall expected revenue growth in the next few years, investors should now be able to appreciate the importance of WMT’s international markets to drive the company’s topline and therefore managing the growth of its international segment well would provide the company a highly significant lever to drive results over time.</p><p><blockquote>如果我们考虑到公司未来几年的总体预期收入增长，投资者现在应该能够认识到 WMT 国际市场对推动公司营收的重要性，因此，管理好国际部门的增长将为公司提供一个非常重要的杠杆，随着时间的推移推动业绩。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b6a11308afe3976fe54e67f76f8f596\" tg-width=\"873\" tg-height=\"540\"><span>Leading retail chain operators in China. Data Source: China Chain Store & Franchise Association</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国领先的零售连锁运营商。数据来源：中国连锁经营协会</span></p></blockquote></p><p> Although WMT’s leadership in the U.S. is undisputed, it may not be the same in China. The competitive landscape in China is strongly dominated by Suning Commerce Group, and WMT’s China operations was actually ranked 7th in this survey. Therefore, there is a tremendous amount of sales potential for WMT to make up in order to move up the ranks among China’s retail leaders.</p><p><blockquote>虽然 WMT 在美国的领导地位毋庸置疑，但在中国却未必如此。中国的竞争格局由苏宁云商集团强烈主导，而 WMT 的中国业务实际上在本次调查中排名第 7。因此，WMT 有巨大的销售潜力可以弥补，以便在中国零售业的领导者中晋升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0338751a0a7661f724cfa43c4acb5c58\" tg-width=\"600\" tg-height=\"371\"><span>Total population in the U.S. and India. Data Source: IMF</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国和印度的总人口。数据来源：国际货币基金组织</span></p></blockquote></p><p> In the market where it is expected to lead the company's growth: India, this is where the excitement for WMT’s international business really begins. India’s population is expected to grow from 1.324B in 2016 to 1.443B by 2025, which would represent a CAGR of 0.96%, faster than the U.S. population CAGR of 0.47%, that is twice as fast, despite having a population size that’s already 4x larger to start with.</p><p><blockquote>在有望引领公司发展的市场：印度，WMT 国际业务的兴奋之情才真正开始。印度人口预计将从 2016 年的 13.24 亿增长到 2025 年的 14.43 亿，复合年增长率为 0.96%，比美国人口复合年增长率 0.47% 快，是美国人口复合年增长率的两倍，尽管印度的人口规模已经是美国人口的 4 倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab0dcd47a074df2156c16ea1db021061\" tg-width=\"600\" tg-height=\"371\"><span>Market size of e-commerce industry across India. Data Source: India Brand Equity Foundation; Various sources (Media sources); BCG; Bain & Company; Morgan Stanley</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度电子商务行业的市场规模。数据来源：印度品牌资产基金会；各种来源（媒体来源）；卡介苗；贝恩公司；摩根士丹利</span></p></blockquote></p><p> India’s e-commerce industry (WMT’s main channel in India) is expected to grow from just $14B in 2014 to $200B by 2027, which would represent a whopping CAGR of 22.7%, an incredible growth rate. More importantly, WMT is an e-commerce leader in India (though Flipkart), as Flipkart had a 31.9% market share as of Oct 20 according to Forrester Research, just ahead of its fierce rival, Amazon India, who had a 31.2% market share. Therefore, WMT looks very well positioned to compete strongly in India as the leader of a rapidly expanding e-commerce market.</p><p><blockquote>印度的电子商务行业（WMT 在印度的主要渠道）预计将从 2014 年的 140 亿美元增长到 2027 年的 2000 亿美元，复合年增长率将达到 22.7%，这是一个令人难以置信的增长率。更重要的是，WMT是印度电子商务的领导者（尽管Flipkart），因为根据Forrester Research的数据，截至10月20日，Flipkart拥有31.9%的市场份额，仅领先于其激烈的竞争对手亚马逊印度公司，后者拥有31.2%的市场份额。因此，作为快速扩张的电子商务市场的领导者，WMT看起来处于非常有利的地位，可以在印度进行激烈竞争。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c611e761c64537eac8600067ff46dce9\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart 收入。数据来源：Flipkart；业务标准</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7fd83dbbe32e4623cfb108479191db5\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue YoY growth. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart 收入同比增长。数据来源：Flipkart；业务标准</span></p></blockquote></p><p> As we could observe from above, Flipkart’s FY 20 revenue of 346B rupees (equivalent to about $4.72B) has barely scratched the surface considering the market size of India’s e-commerce industry that was worth $64B in 2020. Even though the revenue growth of 12% YoY was an egregious deceleration from the previous year’s 42% YoY growth, the company has managed to reduce its net loss from 38.35B rupees to 31.5B rupees (see below), an improvement of 17% YoY. It would thus be important for investors to continue monitoring the health of its growth trend moving forward to evaluate whether there is a persistent deceleration that needs to be addressed by the company.</p><p><blockquote>从上面我们可以看出，考虑到印度电子商务行业在 2020 年的市场规模为 640 亿美元，Flipkart 2020 财年的收入为 3460 亿卢比（约合 47.2 亿美元），这仅仅是触及表面。尽管收入同比增长 12% 比上一年 42% 的同比增长大幅放缓，但该公司已成功将净亏损从 383.5 亿卢比降至 315 亿卢比（见下文），同比增长 17%。因此，投资者必须继续监控其未来增长趋势的健康状况，以评估公司是否存在需要解决的持续放缓问题。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/84abc8cadd99bda1af002f8ef6a231ad\" tg-width=\"768\" tg-height=\"475\"><span>P/L of Flipkart. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart的盈利能力。数据来源：Flipkart；业务标准</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/efdcc73d770fedc1353ca09154e30a26\" tg-width=\"600\" tg-height=\"371\"><span>Unified Payment Interface [UPI] usage across India. Data Source: The Financial Express (India); NPCI</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度统一支付接口[UPI]的使用。数据来源：《金融快报》（印度）；NPCI</span></p></blockquote></p><p></p><p> Meanwhile, the company’s UPI platform PhonePe is also the leader in UPI usage across India. UPI has become the dominant payments infrastructure across India with a 73% share of all digital transactions volume as of Feb 21. However, due to the 30% transactions restriction cap placed on all third-party payment apps that include PhonePe by the authority [NPCI] on the leaders, PhonePe and Google Pay would need to meet a 2-year deadline to bring down their transactions share to within the 30% cap. In addition, WhatsApp Pay is also expected to play an increasingly important role in this rapidly expanding market and compete against Google Pay and PhonePe. Notwithstanding the cap placed by NPCI, the digital payments market in India is expected to grow from 2,153 trillion rupees in 2020 to 7,092 trillion rupees by 2025 (see below), which would represent a CAGR of 26.9%, thus giving us a high level of confidence that there is ample room for all the major competitors to grow. Walmart definitely looks incredibly well-positioned in the India e-commerce market, where its e-commerce growth is still very much in its infancy.</p><p><blockquote>与此同时，该公司的 UPI 平台 PhonePe 也是全印度 UPI 使用量的领导者。截至2月21日，合众国际社已成为印度占主导地位的支付基础设施，占所有数字交易量的73%。然而，由于领导者权威机构【NPCI】对包括PhonePe在内的所有第三方支付应用设定了30%的交易限制上限，PhonePe和Google Pay需要在2年期限内将其交易份额降低到30%的上限。此外，WhatsApp Pay也有望在这个迅速扩张的市场中扮演越来越重要的角色，与Google Pay和PhonePe展开竞争。尽管NPCI设定了上限，但印度的数字支付市场预计将从2020年的2,153万亿卢比增长到2025年的7,092万亿卢比（见下文），这将代表26.9%的CAGR，因此我们高度相信所有主要竞争对手都有足够的增长空间。沃尔玛在印度电子商务市场看起来无疑处于非常有利的地位，其电子商务增长仍处于起步阶段。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6273488f83e60a8d2c316d9296e7ad27\" tg-width=\"600\" tg-height=\"371\"><span>Digital payments market value across India. Data Source: Redseer</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度数字支付市场价值。数据来源：Redseer</span></p></blockquote></p><p> <b>Considering Walmart's Valuations</b></p><p><blockquote><b>考虑沃尔玛的估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2e1c5a07707bd380a3dab086be2be5c\" tg-width=\"1280\" tg-height=\"701\"><span>EV / EBITDA Metrics. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBITDA指标。数据来源：S&P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/537bf606c23aaa34ab1130ab1186f6d5\" tg-width=\"1280\" tg-height=\"694\"><span>EV / EBIT metrics. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>电动汽车/息税前利润指标。数据来源：S&P Capital IQ</span></p></blockquote></p><p> When we consider WMT’s FCF and EBIT relative valuations using both EV / EBITDA - CapEx (as a proxy for FCF) and EV / EBIT, WMT is currently valued near the higher end of both valuations range (EV / LTM EBITDA: 14.7x, EV / LTM EBIT: 14.9x) over the last 5 years. In fact, when we consider the company forward valuations, we could observe that the market seems to have priced in quite a bit of optimism into WMT’s future EBIT and FCF growth in which the company is expected to execute well moving forward.</p><p><blockquote>当我们使用 EV / EBITDA - 资本支出（作为 FCF 的代表）和 EV / EBIT 来考虑 WMT 的 FCF 和 EBIT 的相对估值时，在过去 5 年中，WMT 目前的估值接近两个估值范围的高端（EV / LTM EBITDA:14.7 倍，EV / LTM EBIT:14.9 倍）。事实上，当我们考虑该公司的前瞻性估值时，我们可以观察到市场似乎对 WMT 未来的息税前利润和自由现金流增长持相当乐观的态度，预计该公司未来将表现良好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38ba544168ae18b243f52b6359262acb\" tg-width=\"1280\" tg-height=\"884\"><span>EV / EBIT valuation metrics.</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBIT估值指标。</span></p></blockquote></p><p> Therefore, in order to have a basis on whether WMT’s forward valuations are also in line with what we expect from other companies, it would be useful to conduct an EV / EBIT comparison across a set of benchmark companies for us to have a reasonable basis to value WMT. We also observed that WMT’s EV / EBIT metrics have not been excessive when compared against this set of benchmark companies.</p><p><blockquote>因此，为了了解 WMT 的前瞻性估值是否也符合我们对其他公司的预期，对一组基准公司进行 EV / EBIT 比较将是有益的，这样我们就有了合理的基础来估值 WMT。我们还观察到，与这组基准公司相比，WMT 的电动汽车/息税前利润指标并不过分。</blockquote></p><p> Using a blend of their EV / LTM EBIT metric and their EV / Fwd EBIT metric, we arrived at a fair value of $156.42 at the midpoint of the fair value range, representing a potential upside of 11.7% from 15 Jun’s closing price of $140.</p><p><blockquote>综合使用 EV / LTM EBIT 指标和 EV / Fwd EBIT 指标，我们得出的公允价值为 156.42 美元，位于公允价值区间的中点，比 6 月 15 日的收盘价 140 美元有 11.7% 的潜在上涨空间。</blockquote></p><p> <b>Price Action and Technical Analysis</b></p><p><blockquote><b>价格行为和技术分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eeab97d13426aa4d6f580b82aaf6bf4b\" tg-width=\"1280\" tg-height=\"784\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：TradingView</span></p></blockquote></p><p> WMT is a strong stock that has always been well supported along its long-term uptrend over the last 3 years. The 50W moving average has always acted as its key dynamic support level, including during the 2018 bear market, and the 2020 COVID-19 bear market, demonstrating the confidence of the market in this customary market leader. The support level at $127 also looks like an extremely strong support level that attracted strong buying interest during the retracement in Feb - Mar 21 and investors should consider this as a \"Buy more\" entry point if the price retraces to that level in the future. Currently, the stock is right at the 50W MA support level again, and I think at the current price level of $140, it still represents an optimal technical buy entry. Investors should however avoid buying near $154 in the near term as it’s expected to be a near term resistance level.</p><p><blockquote>WMT 是一只强劲的股票，在过去 3 年的长期上升趋势中一直得到良好的支撑。50W移动平均线一直是其关键的动态支撑位，包括在2018年熊市和2020年新冠肺炎熊市期间，表明了市场对这一惯例市场领导者的信心。127 美元的支撑位看起来也是一个极其强劲的支撑位，在 2 月至 3 月 21 日的回撤期间吸引了强烈的买入兴趣，如果价格在未来回落到该水平，投资者应将其视为“买入更多”的切入点。目前，该股再次处于 50W MA 支撑位，我认为在当前 140 美元的价格水平上，它仍然代表着最佳的技术买入入场。不过，投资者短期内应避免在 154 美元附近买入，因为预计这将是近期的阻力位。</blockquote></p><p> <b>Wrapping it all up</b></p><p><blockquote><b>把这一切都包起来</b></blockquote></p><p> Walmart’s international strategies, especially in India are looking very exciting and is expected to be the company's main international growth driver. Although its international segment is still a relatively small segment of the company’s overall revenue, it’s expected to lead the group’s growth in the foreseeable future and the market definitely thinks so as well as WMT is expected to be valued at higher multiples than what was observed historically. Investors should therefore take advantage of WMT’s current price weakness to add to this fantastic stock in view of its attractive valuation right now.</p><p><blockquote>沃尔玛的国际战略，尤其是在印度的战略，看起来非常令人兴奋，有望成为公司国际增长的主要动力。虽然国际业务在公司总收入中所占比例仍然相对较小，但预计在可预见的未来，国际业务将引领集团的增长，市场也肯定这么认为，WMT 的估值倍数预计将高于历史水平。因此，鉴于 WMT 目前的估值极具吸引力，投资者应该利用 WMT 目前的股价疲软来增持这只出色的股票。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Walmart: Buy On Weakness For Its Exciting International Growth Prospects<blockquote>沃尔玛：因其令人兴奋的国际增长前景而逢低买入</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWalmart: Buy On Weakness For Its Exciting International Growth Prospects<blockquote>沃尔玛：因其令人兴奋的国际增长前景而逢低买入</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-17 15:38</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>Walmart’s international segment is expected to lead the company’s revenue growth in the years ahead.</li> <li>The company’s leadership through Flipkart in the rapidly growing India market is expected to be a key competitive advantage as it scales up to compete against Amazon India.</li> <li>At the current price, Walmart is not expensive, and offers an attractive entry point for investors to partake in its international growth drivers.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af09545cba715476092d754f8df38e8a\" tg-width=\"768\" tg-height=\"512\"><span>Wolterk/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>沃尔玛的国际业务预计将在未来几年引领公司的收入增长。</li><li>该公司通过 Flipkart 在快速增长的印度市场的领导地位预计将成为其与亚马逊印度公司竞争的关键竞争优势。</li><li>以目前的价格计算，沃尔玛并不昂贵，并为投资者参与其国际增长动力提供了一个有吸引力的切入点。</li></ul><p class=\"t-img-caption\"><span>Wolterk/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Walmart (WMT) has very exciting growth prospects in its international markets, especially in India where the market is expected to overtake Canada as the second largest international market segment, behind the leader Mexico by 2025. In addition, the company’s astute investment in Flipkart has given it the key leadership in the e-commerce segment in India which is expected to grow rapidly in the years ahead.</p><p><blockquote>沃尔玛 (WMT) 在其国际市场上有着非常令人兴奋的增长前景，尤其是在印度，预计到 2025 年，该市场将超过加拿大，成为第二大国际细分市场，仅次于领头羊墨西哥。此外，该公司对 Flipkart 的精明投资使其在印度电子商务领域处于关键领导地位，预计该领域将在未来几年快速增长。</blockquote></p><p> <b>Setting the Stage for International Expansion</b></p><p><blockquote><b>为国际扩张奠定基础</b></blockquote></p><p> Walmart has grand ambitions on the international stage. After the completion of the divestiture of Asda and Seiyu last quarter, the company has set its sights on driving its international growth in the faster growing markets. The company also discussed at length its international priorities and opportunities in two recent conferences (DBAccess, andBaird) on how to take its international business to the next level.</p><p><blockquote>沃尔玛在国际舞台上雄心勃勃。在上个季度完成对阿斯达和Seiyu的剥离后，该公司将目光投向了在增长更快的市场推动其国际增长。该公司还在最近的两次会议（DBAccess和andBaird）中详细讨论了其国际优先事项和机遇，讨论了如何将其国际业务提升到一个新的水平。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/917a0bddc47fb6071bfd416976abe840\" tg-width=\"600\" tg-height=\"371\"><span>WMT net sales worldwide by division. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>按部门划分的WMT全球净销售额。数据来源：公司文件</span></p></blockquote></p><p> Walmart’s international sales accounted for about 21.9% of FY 21 revenue. As we could observe from above, WMT’s international business as a whole has been largely stagnant in recent years even though its U.S. operations saw relatively stable and consistent growth. The company’s exit from Seiyu [Japan] and Asda [UK] in order to reallocate capital to its higher growth regions, notably in India and China, is an important step towards aligning its growth priorities and rejuvenating its international business segment. In fact, Walmart had even received pretty nasty press on its operations in Japan, asNikkei Asiaremarked: “Walmart's foreign flops can be attributed largely to tone-deaf management, which failed to take into account local business customs, dietary habits and labor relations, among other glaring oversights.” Notwithstanding the sensational allegations made by the Nikkei, I think WMT has actually performed admirably in its international business as it’s aprofitable segmentfor the company that posted an operating margin of 4.4% in Q1’22, as well as 3% in FY 21, 2.8% in FY 20, and 4% in FY 19, respectively.</p><p><blockquote>沃尔玛的国际销售额约占 21 财年收入的 21.9%。从上面可以看出，尽管 WMT 在美国的业务实现了相对稳定和持续的增长，但近年来 WMT 的国际业务整体上基本停滞不前。该公司退出 Seiyu（日本）和 Asda（英国），以便将资本重新分配到其增长较高的地区，特别是印度和中国，这是朝着调整其增长重点和振兴其国际业务部门迈出的重要一步。asNikkei Asia 指出，事实上，沃尔玛在日本的业务甚至受到了相当恶劣的批评： “沃尔玛在海外的失败在很大程度上可以归因于管理层的聋哑，他们没有考虑到当地的商业习俗、饮食习惯和劳资关系，以及其他明显的疏忽”。尽管《日经新闻》提出了耸人听闻的指控，但我认为 WMT 在国际业务方面的表现实际上令人钦佩，因为它是该公司盈利的部门，该公司在 22 财年第一季度的营业利润率为 4.4%，在 21 财年、20 财年和 19 财年分别为 3%、2.8%。</blockquote></p><p> <b>Ask Amazon How Hard It Is To Make Money Overseas</b></p><p><blockquote><b>问问亚马逊在海外赚钱有多难</b></blockquote></p><p> In order to understand how difficult it is to make money operating a retail business in international markets with a footprint as large as WMT, investors need to look no further than Amazon (AMZN), notwithstanding its focus on the e-commerce segment.</p><p><blockquote>为了了解在像 WMT 这样庞大的国际市场上经营零售业务赚钱有多么困难，投资者只需看看亚马逊 (AMZN)，尽管它专注于电子商务领域。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f155f05bf035f522fff05f7c5802740\" tg-width=\"849\" tg-height=\"525\"><span>AMZN annual Operating income by segment. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN 各细分市场年度经营利润。数据来源：公司文件</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa70bfe2b8a379252d91f48a78becd52\" tg-width=\"600\" tg-height=\"371\"><span>AMZN quarterly operating income by segment. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN 按细分市场划分的季度经营利润。数据来源：公司文件</span></p></blockquote></p><p> As we could observe from the 2 charts above, AMZN’s international segment only recently started to turn an operating profit in Q2’20 after experiencing losses over the last 6 years, even though the North America segment continued to do well. It’s a good reminder to investors that WMT knows how to manage its large international footprint well and it’s really very difficult to run an operation as geographically diverse and huge as Walmart’s and be profitable at the same time, giving the company an extremely wide moat.</p><p><blockquote>从上面的两张图表中可以看出，尽管北美分部继续表现良好，但亚马逊的国际分部在过去 6 年中一直处于亏损状态，直到最近才开始在 2020 年第二季度扭亏为盈。这很好地提醒投资者，WMT 知道如何很好地管理其庞大的国际足迹，要经营像沃尔玛这样地域多样化、规模庞大的业务，同时还能盈利，这给公司带来了极其宽阔的护城河。</blockquote></p><p> <b>India and China Expected to Lead Growth</b></p><p><blockquote><b>印度和中国预计将引领增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5de7690e94d33c1fa7d9a17901080007\" tg-width=\"833\" tg-height=\"515\"><span>WMT projected net sales by country. Data Source: Edge by Ascential</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT 按国家/地区预测净销售额。数据来源：Edge by Ascential</span></p></blockquote></p><p> Although Mexico is still expected to remain as International’s most important revenue driver by 2025, India and China are expected to lead the growth, with India expected to be the company’s second largest international market by 2025.</p><p><blockquote>虽然到 2025 年，墨西哥仍将是国际最重要的收入驱动力，但印度和中国预计将引领增长，到 2025 年，印度预计将成为该公司的第二大国际市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb39da945b2a8ef4d8bc56b06bf945b7\" tg-width=\"600\" tg-height=\"371\"><span>WMT projected revenue CAGR by country. Data Source: Edge by Ascential</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT 按国家/地区预测收入复合年增长率。数据来源：Edge by Ascential</span></p></blockquote></p><p></p><p> India’s 5Y CAGR of 10.4% is expected to outperform the rest of its international peers, followed by China in second place with a 5Y CAGR of 6.6%. The rest of its international markets are also expected to grow relatively fast, including the leader Mexico (5Y CAGR: 4.1%).</p><p><blockquote>印度的 5 年复合年增长率为 10.4%，预计将超过其他国际同行，其次是中国，5 年复合年增长率为 6.6%，位居第二。其其他国际市场预计也将相对快速增长，包括领先的墨西哥（5 年复合年增长率：4.1%）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9a2cee8cc3738a2a615afe99152dd5f\" tg-width=\"1280\" tg-height=\"738\"><span>WMT projected revenue mean consensus, and YoY growth. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT 预计收入均值共识和同比增长。数据来源：S&P Capital IQ</span></p></blockquote></p><p> If we consider the company’s overall expected revenue growth in the next few years, investors should now be able to appreciate the importance of WMT’s international markets to drive the company’s topline and therefore managing the growth of its international segment well would provide the company a highly significant lever to drive results over time.</p><p><blockquote>如果我们考虑到公司未来几年的总体预期收入增长，投资者现在应该能够认识到 WMT 国际市场对推动公司营收的重要性，因此，管理好国际部门的增长将为公司提供一个非常重要的杠杆，随着时间的推移推动业绩。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b6a11308afe3976fe54e67f76f8f596\" tg-width=\"873\" tg-height=\"540\"><span>Leading retail chain operators in China. Data Source: China Chain Store & Franchise Association</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国领先的零售连锁运营商。数据来源：中国连锁经营协会</span></p></blockquote></p><p> Although WMT’s leadership in the U.S. is undisputed, it may not be the same in China. The competitive landscape in China is strongly dominated by Suning Commerce Group, and WMT’s China operations was actually ranked 7th in this survey. Therefore, there is a tremendous amount of sales potential for WMT to make up in order to move up the ranks among China’s retail leaders.</p><p><blockquote>虽然 WMT 在美国的领导地位毋庸置疑，但在中国却未必如此。中国的竞争格局由苏宁云商集团强烈主导，而 WMT 的中国业务实际上在本次调查中排名第 7。因此，WMT 有巨大的销售潜力可以弥补，以便在中国零售业的领导者中晋升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0338751a0a7661f724cfa43c4acb5c58\" tg-width=\"600\" tg-height=\"371\"><span>Total population in the U.S. and India. Data Source: IMF</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国和印度的总人口。数据来源：国际货币基金组织</span></p></blockquote></p><p> In the market where it is expected to lead the company's growth: India, this is where the excitement for WMT’s international business really begins. India’s population is expected to grow from 1.324B in 2016 to 1.443B by 2025, which would represent a CAGR of 0.96%, faster than the U.S. population CAGR of 0.47%, that is twice as fast, despite having a population size that’s already 4x larger to start with.</p><p><blockquote>在有望引领公司发展的市场：印度，WMT 国际业务的兴奋之情才真正开始。印度人口预计将从 2016 年的 13.24 亿增长到 2025 年的 14.43 亿，复合年增长率为 0.96%，比美国人口复合年增长率 0.47% 快，是美国人口复合年增长率的两倍，尽管印度的人口规模已经是美国人口的 4 倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab0dcd47a074df2156c16ea1db021061\" tg-width=\"600\" tg-height=\"371\"><span>Market size of e-commerce industry across India. Data Source: India Brand Equity Foundation; Various sources (Media sources); BCG; Bain & Company; Morgan Stanley</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度电子商务行业的市场规模。数据来源：印度品牌资产基金会；各种来源（媒体来源）；卡介苗；贝恩公司；摩根士丹利</span></p></blockquote></p><p> India’s e-commerce industry (WMT’s main channel in India) is expected to grow from just $14B in 2014 to $200B by 2027, which would represent a whopping CAGR of 22.7%, an incredible growth rate. More importantly, WMT is an e-commerce leader in India (though Flipkart), as Flipkart had a 31.9% market share as of Oct 20 according to Forrester Research, just ahead of its fierce rival, Amazon India, who had a 31.2% market share. Therefore, WMT looks very well positioned to compete strongly in India as the leader of a rapidly expanding e-commerce market.</p><p><blockquote>印度的电子商务行业（WMT 在印度的主要渠道）预计将从 2014 年的 140 亿美元增长到 2027 年的 2000 亿美元，复合年增长率将达到 22.7%，这是一个令人难以置信的增长率。更重要的是，WMT是印度电子商务的领导者（尽管Flipkart），因为根据Forrester Research的数据，截至10月20日，Flipkart拥有31.9%的市场份额，仅领先于其激烈的竞争对手亚马逊印度公司，后者拥有31.2%的市场份额。因此，作为快速扩张的电子商务市场的领导者，WMT看起来处于非常有利的地位，可以在印度进行激烈竞争。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c611e761c64537eac8600067ff46dce9\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart 收入。数据来源：Flipkart；业务标准</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7fd83dbbe32e4623cfb108479191db5\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue YoY growth. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart 收入同比增长。数据来源：Flipkart；业务标准</span></p></blockquote></p><p> As we could observe from above, Flipkart’s FY 20 revenue of 346B rupees (equivalent to about $4.72B) has barely scratched the surface considering the market size of India’s e-commerce industry that was worth $64B in 2020. Even though the revenue growth of 12% YoY was an egregious deceleration from the previous year’s 42% YoY growth, the company has managed to reduce its net loss from 38.35B rupees to 31.5B rupees (see below), an improvement of 17% YoY. It would thus be important for investors to continue monitoring the health of its growth trend moving forward to evaluate whether there is a persistent deceleration that needs to be addressed by the company.</p><p><blockquote>从上面我们可以看出，考虑到印度电子商务行业在 2020 年的市场规模为 640 亿美元，Flipkart 2020 财年的收入为 3460 亿卢比（约合 47.2 亿美元），这仅仅是触及表面。尽管收入同比增长 12% 比上一年 42% 的同比增长大幅放缓，但该公司已成功将净亏损从 383.5 亿卢比降至 315 亿卢比（见下文），同比增长 17%。因此，投资者必须继续监控其未来增长趋势的健康状况，以评估公司是否存在需要解决的持续放缓问题。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/84abc8cadd99bda1af002f8ef6a231ad\" tg-width=\"768\" tg-height=\"475\"><span>P/L of Flipkart. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart的盈利能力。数据来源：Flipkart；业务标准</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/efdcc73d770fedc1353ca09154e30a26\" tg-width=\"600\" tg-height=\"371\"><span>Unified Payment Interface [UPI] usage across India. Data Source: The Financial Express (India); NPCI</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度统一支付接口[UPI]的使用。数据来源：《金融快报》（印度）；NPCI</span></p></blockquote></p><p></p><p> Meanwhile, the company’s UPI platform PhonePe is also the leader in UPI usage across India. UPI has become the dominant payments infrastructure across India with a 73% share of all digital transactions volume as of Feb 21. However, due to the 30% transactions restriction cap placed on all third-party payment apps that include PhonePe by the authority [NPCI] on the leaders, PhonePe and Google Pay would need to meet a 2-year deadline to bring down their transactions share to within the 30% cap. In addition, WhatsApp Pay is also expected to play an increasingly important role in this rapidly expanding market and compete against Google Pay and PhonePe. Notwithstanding the cap placed by NPCI, the digital payments market in India is expected to grow from 2,153 trillion rupees in 2020 to 7,092 trillion rupees by 2025 (see below), which would represent a CAGR of 26.9%, thus giving us a high level of confidence that there is ample room for all the major competitors to grow. Walmart definitely looks incredibly well-positioned in the India e-commerce market, where its e-commerce growth is still very much in its infancy.</p><p><blockquote>与此同时，该公司的 UPI 平台 PhonePe 也是全印度 UPI 使用量的领导者。截至2月21日，合众国际社已成为印度占主导地位的支付基础设施，占所有数字交易量的73%。然而，由于领导者权威机构【NPCI】对包括PhonePe在内的所有第三方支付应用设定了30%的交易限制上限，PhonePe和Google Pay需要在2年期限内将其交易份额降低到30%的上限。此外，WhatsApp Pay也有望在这个迅速扩张的市场中扮演越来越重要的角色，与Google Pay和PhonePe展开竞争。尽管NPCI设定了上限，但印度的数字支付市场预计将从2020年的2,153万亿卢比增长到2025年的7,092万亿卢比（见下文），这将代表26.9%的CAGR，因此我们高度相信所有主要竞争对手都有足够的增长空间。沃尔玛在印度电子商务市场看起来无疑处于非常有利的地位，其电子商务增长仍处于起步阶段。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6273488f83e60a8d2c316d9296e7ad27\" tg-width=\"600\" tg-height=\"371\"><span>Digital payments market value across India. Data Source: Redseer</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度数字支付市场价值。数据来源：Redseer</span></p></blockquote></p><p> <b>Considering Walmart's Valuations</b></p><p><blockquote><b>考虑沃尔玛的估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2e1c5a07707bd380a3dab086be2be5c\" tg-width=\"1280\" tg-height=\"701\"><span>EV / EBITDA Metrics. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBITDA指标。数据来源：S&P Capital IQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/537bf606c23aaa34ab1130ab1186f6d5\" tg-width=\"1280\" tg-height=\"694\"><span>EV / EBIT metrics. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>电动汽车/息税前利润指标。数据来源：S&P Capital IQ</span></p></blockquote></p><p> When we consider WMT’s FCF and EBIT relative valuations using both EV / EBITDA - CapEx (as a proxy for FCF) and EV / EBIT, WMT is currently valued near the higher end of both valuations range (EV / LTM EBITDA: 14.7x, EV / LTM EBIT: 14.9x) over the last 5 years. In fact, when we consider the company forward valuations, we could observe that the market seems to have priced in quite a bit of optimism into WMT’s future EBIT and FCF growth in which the company is expected to execute well moving forward.</p><p><blockquote>当我们使用 EV / EBITDA - 资本支出（作为 FCF 的代表）和 EV / EBIT 来考虑 WMT 的 FCF 和 EBIT 的相对估值时，在过去 5 年中，WMT 目前的估值接近两个估值范围的高端（EV / LTM EBITDA:14.7 倍，EV / LTM EBIT:14.9 倍）。事实上，当我们考虑该公司的前瞻性估值时，我们可以观察到市场似乎对 WMT 未来的息税前利润和自由现金流增长持相当乐观的态度，预计该公司未来将表现良好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38ba544168ae18b243f52b6359262acb\" tg-width=\"1280\" tg-height=\"884\"><span>EV / EBIT valuation metrics.</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBIT估值指标。</span></p></blockquote></p><p> Therefore, in order to have a basis on whether WMT’s forward valuations are also in line with what we expect from other companies, it would be useful to conduct an EV / EBIT comparison across a set of benchmark companies for us to have a reasonable basis to value WMT. We also observed that WMT’s EV / EBIT metrics have not been excessive when compared against this set of benchmark companies.</p><p><blockquote>因此，为了了解 WMT 的前瞻性估值是否也符合我们对其他公司的预期，对一组基准公司进行 EV / EBIT 比较将是有益的，这样我们就有了合理的基础来估值 WMT。我们还观察到，与这组基准公司相比，WMT 的电动汽车/息税前利润指标并不过分。</blockquote></p><p> Using a blend of their EV / LTM EBIT metric and their EV / Fwd EBIT metric, we arrived at a fair value of $156.42 at the midpoint of the fair value range, representing a potential upside of 11.7% from 15 Jun’s closing price of $140.</p><p><blockquote>综合使用 EV / LTM EBIT 指标和 EV / Fwd EBIT 指标，我们得出的公允价值为 156.42 美元，位于公允价值区间的中点，比 6 月 15 日的收盘价 140 美元有 11.7% 的潜在上涨空间。</blockquote></p><p> <b>Price Action and Technical Analysis</b></p><p><blockquote><b>价格行为和技术分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eeab97d13426aa4d6f580b82aaf6bf4b\" tg-width=\"1280\" tg-height=\"784\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：TradingView</span></p></blockquote></p><p> WMT is a strong stock that has always been well supported along its long-term uptrend over the last 3 years. The 50W moving average has always acted as its key dynamic support level, including during the 2018 bear market, and the 2020 COVID-19 bear market, demonstrating the confidence of the market in this customary market leader. The support level at $127 also looks like an extremely strong support level that attracted strong buying interest during the retracement in Feb - Mar 21 and investors should consider this as a \"Buy more\" entry point if the price retraces to that level in the future. Currently, the stock is right at the 50W MA support level again, and I think at the current price level of $140, it still represents an optimal technical buy entry. Investors should however avoid buying near $154 in the near term as it’s expected to be a near term resistance level.</p><p><blockquote>WMT 是一只强劲的股票，在过去 3 年的长期上升趋势中一直得到良好的支撑。50W移动平均线一直是其关键的动态支撑位，包括在2018年熊市和2020年新冠肺炎熊市期间，表明了市场对这一惯例市场领导者的信心。127 美元的支撑位看起来也是一个极其强劲的支撑位，在 2 月至 3 月 21 日的回撤期间吸引了强烈的买入兴趣，如果价格在未来回落到该水平，投资者应将其视为“买入更多”的切入点。目前，该股再次处于 50W MA 支撑位，我认为在当前 140 美元的价格水平上，它仍然代表着最佳的技术买入入场。不过，投资者短期内应避免在 154 美元附近买入，因为预计这将是近期的阻力位。</blockquote></p><p> <b>Wrapping it all up</b></p><p><blockquote><b>把这一切都包起来</b></blockquote></p><p> Walmart’s international strategies, especially in India are looking very exciting and is expected to be the company's main international growth driver. Although its international segment is still a relatively small segment of the company’s overall revenue, it’s expected to lead the group’s growth in the foreseeable future and the market definitely thinks so as well as WMT is expected to be valued at higher multiples than what was observed historically. Investors should therefore take advantage of WMT’s current price weakness to add to this fantastic stock in view of its attractive valuation right now.</p><p><blockquote>沃尔玛的国际战略，尤其是在印度的战略，看起来非常令人兴奋，有望成为公司国际增长的主要动力。虽然国际业务在公司总收入中所占比例仍然相对较小，但预计在可预见的未来，国际业务将引领集团的增长，市场也肯定这么认为，WMT 的估值倍数预计将高于历史水平。因此，鉴于 WMT 目前的估值极具吸引力，投资者应该利用 WMT 目前的股价疲软来增持这只出色的股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435090-walmart-stock-buy-for-international-growth-potential\">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":{"WMT":"沃尔玛"},"source_url":"https://seekingalpha.com/article/4435090-walmart-stock-buy-for-international-growth-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138373077","content_text":"Summary\n\nWalmart’s international segment is expected to lead the company’s revenue growth in the years ahead.\nThe company’s leadership through Flipkart in the rapidly growing India market is expected to be a key competitive advantage as it scales up to compete against Amazon India.\nAt the current price, Walmart is not expensive, and offers an attractive entry point for investors to partake in its international growth drivers.\n\nWolterk/iStock Editorial via Getty Images\nInvestment Thesis\nWalmart (WMT) has very exciting growth prospects in its international markets, especially in India where the market is expected to overtake Canada as the second largest international market segment, behind the leader Mexico by 2025. In addition, the company’s astute investment in Flipkart has given it the key leadership in the e-commerce segment in India which is expected to grow rapidly in the years ahead.\nSetting the Stage for International Expansion\nWalmart has grand ambitions on the international stage. After the completion of the divestiture of Asda and Seiyu last quarter, the company has set its sights on driving its international growth in the faster growing markets. The company also discussed at length its international priorities and opportunities in two recent conferences (DBAccess, andBaird) on how to take its international business to the next level.\nWMT net sales worldwide by division. Data Source: Company Filings\nWalmart’s international sales accounted for about 21.9% of FY 21 revenue. As we could observe from above, WMT’s international business as a whole has been largely stagnant in recent years even though its U.S. operations saw relatively stable and consistent growth. The company’s exit from Seiyu [Japan] and Asda [UK] in order to reallocate capital to its higher growth regions, notably in India and China, is an important step towards aligning its growth priorities and rejuvenating its international business segment. In fact, Walmart had even received pretty nasty press on its operations in Japan, asNikkei Asiaremarked: “Walmart's foreign flops can be attributed largely to tone-deaf management, which failed to take into account local business customs, dietary habits and labor relations, among other glaring oversights.” Notwithstanding the sensational allegations made by the Nikkei, I think WMT has actually performed admirably in its international business as it’s aprofitable segmentfor the company that posted an operating margin of 4.4% in Q1’22, as well as 3% in FY 21, 2.8% in FY 20, and 4% in FY 19, respectively.\nAsk Amazon How Hard It Is To Make Money Overseas\nIn order to understand how difficult it is to make money operating a retail business in international markets with a footprint as large as WMT, investors need to look no further than Amazon (AMZN), notwithstanding its focus on the e-commerce segment.\nAMZN annual Operating income by segment. Data Source: Company Filings\nAMZN quarterly operating income by segment. Data Source: Company Filings\nAs we could observe from the 2 charts above, AMZN’s international segment only recently started to turn an operating profit in Q2’20 after experiencing losses over the last 6 years, even though the North America segment continued to do well. It’s a good reminder to investors that WMT knows how to manage its large international footprint well and it’s really very difficult to run an operation as geographically diverse and huge as Walmart’s and be profitable at the same time, giving the company an extremely wide moat.\nIndia and China Expected to Lead Growth\nWMT projected net sales by country. Data Source: Edge by Ascential\nAlthough Mexico is still expected to remain as International’s most important revenue driver by 2025, India and China are expected to lead the growth, with India expected to be the company’s second largest international market by 2025.\nWMT projected revenue CAGR by country. Data Source: Edge by Ascential\nIndia’s 5Y CAGR of 10.4% is expected to outperform the rest of its international peers, followed by China in second place with a 5Y CAGR of 6.6%. The rest of its international markets are also expected to grow relatively fast, including the leader Mexico (5Y CAGR: 4.1%).\nWMT projected revenue mean consensus, and YoY growth. Data source: S&P Capital IQ\nIf we consider the company’s overall expected revenue growth in the next few years, investors should now be able to appreciate the importance of WMT’s international markets to drive the company’s topline and therefore managing the growth of its international segment well would provide the company a highly significant lever to drive results over time.\nLeading retail chain operators in China. Data Source: China Chain Store & Franchise Association\nAlthough WMT’s leadership in the U.S. is undisputed, it may not be the same in China. The competitive landscape in China is strongly dominated by Suning Commerce Group, and WMT’s China operations was actually ranked 7th in this survey. Therefore, there is a tremendous amount of sales potential for WMT to make up in order to move up the ranks among China’s retail leaders.\nTotal population in the U.S. and India. Data Source: IMF\nIn the market where it is expected to lead the company's growth: India, this is where the excitement for WMT’s international business really begins. India’s population is expected to grow from 1.324B in 2016 to 1.443B by 2025, which would represent a CAGR of 0.96%, faster than the U.S. population CAGR of 0.47%, that is twice as fast, despite having a population size that’s already 4x larger to start with.\nMarket size of e-commerce industry across India. Data Source: India Brand Equity Foundation; Various sources (Media sources); BCG; Bain & Company; Morgan Stanley\nIndia’s e-commerce industry (WMT’s main channel in India) is expected to grow from just $14B in 2014 to $200B by 2027, which would represent a whopping CAGR of 22.7%, an incredible growth rate. More importantly, WMT is an e-commerce leader in India (though Flipkart), as Flipkart had a 31.9% market share as of Oct 20 according to Forrester Research, just ahead of its fierce rival, Amazon India, who had a 31.2% market share. Therefore, WMT looks very well positioned to compete strongly in India as the leader of a rapidly expanding e-commerce market.\nFlipkart revenue. Data Source: Flipkart; Business Standard\nFlipkart revenue YoY growth. Data Source: Flipkart; Business Standard\nAs we could observe from above, Flipkart’s FY 20 revenue of 346B rupees (equivalent to about $4.72B) has barely scratched the surface considering the market size of India’s e-commerce industry that was worth $64B in 2020. Even though the revenue growth of 12% YoY was an egregious deceleration from the previous year’s 42% YoY growth, the company has managed to reduce its net loss from 38.35B rupees to 31.5B rupees (see below), an improvement of 17% YoY. It would thus be important for investors to continue monitoring the health of its growth trend moving forward to evaluate whether there is a persistent deceleration that needs to be addressed by the company.\nP/L of Flipkart. Data Source: Flipkart; Business Standard\nUnified Payment Interface [UPI] usage across India. Data Source: The Financial Express (India); NPCI\nMeanwhile, the company’s UPI platform PhonePe is also the leader in UPI usage across India. UPI has become the dominant payments infrastructure across India with a 73% share of all digital transactions volume as of Feb 21. However, due to the 30% transactions restriction cap placed on all third-party payment apps that include PhonePe by the authority [NPCI] on the leaders, PhonePe and Google Pay would need to meet a 2-year deadline to bring down their transactions share to within the 30% cap. In addition, WhatsApp Pay is also expected to play an increasingly important role in this rapidly expanding market and compete against Google Pay and PhonePe. Notwithstanding the cap placed by NPCI, the digital payments market in India is expected to grow from 2,153 trillion rupees in 2020 to 7,092 trillion rupees by 2025 (see below), which would represent a CAGR of 26.9%, thus giving us a high level of confidence that there is ample room for all the major competitors to grow. Walmart definitely looks incredibly well-positioned in the India e-commerce market, where its e-commerce growth is still very much in its infancy.\nDigital payments market value across India. Data Source: Redseer\nConsidering Walmart's Valuations\nEV / EBITDA Metrics. Data source: S&P Capital IQ\nEV / EBIT metrics. Data source: S&P Capital IQ\nWhen we consider WMT’s FCF and EBIT relative valuations using both EV / EBITDA - CapEx (as a proxy for FCF) and EV / EBIT, WMT is currently valued near the higher end of both valuations range (EV / LTM EBITDA: 14.7x, EV / LTM EBIT: 14.9x) over the last 5 years. In fact, when we consider the company forward valuations, we could observe that the market seems to have priced in quite a bit of optimism into WMT’s future EBIT and FCF growth in which the company is expected to execute well moving forward.\nEV / EBIT valuation metrics.\nTherefore, in order to have a basis on whether WMT’s forward valuations are also in line with what we expect from other companies, it would be useful to conduct an EV / EBIT comparison across a set of benchmark companies for us to have a reasonable basis to value WMT. We also observed that WMT’s EV / EBIT metrics have not been excessive when compared against this set of benchmark companies.\nUsing a blend of their EV / LTM EBIT metric and their EV / Fwd EBIT metric, we arrived at a fair value of $156.42 at the midpoint of the fair value range, representing a potential upside of 11.7% from 15 Jun’s closing price of $140.\nPrice Action and Technical Analysis\nSource: TradingView\nWMT is a strong stock that has always been well supported along its long-term uptrend over the last 3 years. The 50W moving average has always acted as its key dynamic support level, including during the 2018 bear market, and the 2020 COVID-19 bear market, demonstrating the confidence of the market in this customary market leader. The support level at $127 also looks like an extremely strong support level that attracted strong buying interest during the retracement in Feb - Mar 21 and investors should consider this as a \"Buy more\" entry point if the price retraces to that level in the future. Currently, the stock is right at the 50W MA support level again, and I think at the current price level of $140, it still represents an optimal technical buy entry. Investors should however avoid buying near $154 in the near term as it’s expected to be a near term resistance level.\nWrapping it all up\nWalmart’s international strategies, especially in India are looking very exciting and is expected to be the company's main international growth driver. Although its international segment is still a relatively small segment of the company’s overall revenue, it’s expected to lead the group’s growth in the foreseeable future and the market definitely thinks so as well as WMT is expected to be valued at higher multiples than what was observed historically. Investors should therefore take advantage of WMT’s current price weakness to add to this fantastic stock in view of its attractive valuation right now.","news_type":1,"symbols_score_info":{"WMT":0.9}},"isVote":1,"tweetType":1,"viewCount":3124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
