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wniewnie

wniewnie

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2021-12-03

Marvell…

Semiconductor stocks slid in morning trading<blockquote>半导体股早盘下跌</blockquote>

2021-12-02

Gogo

抱歉，原内容已删除

2021-11-20

Worrying

Inflation has ‘further to go:’ Goldman Sachs<blockquote>高盛：通胀“还有更长的路要走”</blockquote>

2021-11-18

Good

Roblox reached an all-time high at 135.74 dollars as Morgan Stanley rose its price target by 70%<blockquote>摩根士丹利将目标价上调70%，Roblox触及135.74美元历史新高</blockquote>

2021-11-11

$PATH 20211217 50.0 PUT(PATH)$Up up

2021-11-03

Nice

UiPath: Buy For The Near Term, Hold For The Long Term<blockquote>UiPath：短期买入，长期持有</blockquote>

2021-10-29

Overrated

Musk is worth more than 300 billion US dollars while Bezos is worth less than $200 billion<blockquote>马斯克身价超过3000亿美元贝索斯身价不到2000亿美元</blockquote>

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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; 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22:57</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Semiconductor stocks slid in morning trading.Nvidia,TSMC,ASML&nbsp;and&nbsp;AMD&nbsp;fell&nbsp;about&nbsp;2%&nbsp;while&nbsp;Marvell Technology&nbsp;soared&nbsp;17%.</p><p><blockquote>半导体股早盘下跌。英伟达、台积电、ASML和AMD下跌约2%，而Marvell Technology飙升17%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e4d133b94a6a4da67cbdefb76522317d\" tg-width=\"405\" tg-height=\"302\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164103185","content_text":"Semiconductor stocks slid in morning trading.Nvidia,TSMC,ASML and AMD fell about 2% while Marvell Technology soared 17%.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":2921,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":601003500,"gmtCreate":1638457238698,"gmtModify":1638457247411,"author":{"id":"4095228411424310","authorId":"4095228411424310","name":"wniewnie","avatar":"https://static.tigerbbs.com/ab9e48ec49e43b510444b042464b3b8d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095228411424310","idStr":"4095228411424310"},"themes":[],"htmlText":"Gogo","listText":"Gogo","text":"Gogo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/601003500","repostId":"2188124518","repostType":2,"isVote":1,"tweetType":1,"viewCount":3091,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":876445775,"gmtCreate":1637351805947,"gmtModify":1637351806090,"author":{"id":"4095228411424310","authorId":"4095228411424310","name":"wniewnie","avatar":"https://static.tigerbbs.com/ab9e48ec49e43b510444b042464b3b8d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095228411424310","idStr":"4095228411424310"},"themes":[],"htmlText":"Worrying","listText":"Worrying","text":"Worrying","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/876445775","repostId":"1112678123","repostType":4,"repost":{"id":"1112678123","kind":"news","pubTimestamp":1637334723,"share":"https://www.laohu8.com/m/news/1112678123?lang=zh_CN&edition=full","pubTime":"2021-11-19 23:12","market":"us","language":"en","title":"Inflation has ‘further to go:’ Goldman Sachs<blockquote>高盛：通胀“还有更长的路要走”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112678123","media":"Yahoo","summary":"Inflation remains a cause for concern as data continues to butt heads with the White House and the F","content":"<p>Inflation&nbsp;remains a cause for concern as data continues to butt heads with the White House and the Fed’s claim that the price hikes will be “transitory.” According to a Nov. 13 report released by Goldman Sachs Economic Research (GS) however, though inflation has already reached a 30-year high, it may still have more to run.</p><p><blockquote>通胀仍然令人担忧，因为数据继续与白宫和美联储关于物价上涨将是“暂时的”的说法发生冲突。然而，根据高盛经济研究(GS)11月13日发布的报告，尽管通胀已经达到30年来的新高，但可能仍有更多的上涨空间。</blockquote></p><p> “The US economy largely followed the rapid road to recovery that we expected this year and is on track to round out the recovery next year as most of the remaining effects of the pandemic fade,” the report reads. “But this year also brought a major surprise: a surge in inflation that has already reached a 30-year high and still has further to go.”</p><p><blockquote>报告称：“美国经济今年基本上遵循了我们预期的快速复苏之路，随着疫情的大部分剩余影响消退，美国经济有望在明年完成复苏。”“但今年也带来了一个重大惊喜：通胀飙升，已经达到30年来的新高，而且还有很长的路要走。”</blockquote></p><p> The report suggests that this overshoot in inflation is largely attributable to the rise in durable goods prices caused by the persistentsupply chain crunch. Goldman Sachs Economic Research also expects inflationary pressures from wage and rent growth, but this will only keep inflation “moderately above 2%,” in line with the Fed’s updated framework target.</p><p><blockquote>报告表明，通胀超调很大程度上归因于持续的供应链紧缩导致耐用品价格上涨。高盛经济研究还预计，工资和租金增长将带来通胀压力，但这只会使通胀“适度高于2%”，与美联储更新后的框架目标一致。</blockquote></p><p> “The current inflation surge will get worse this winter before it gets better, but as supply-constrained categories shift from a transitory inflationary boost to a transitory deflationary drag, we expect core PCE inflation to fall from 4.4% at end-2021 to 2.3% at end-2022,” the report reads.</p><p><blockquote>“当前的通胀飙升在好转之前将在今年冬天变得更糟，但随着供应受限类别从暂时的通胀提振转变为暂时的通缩拖累，我们预计核心PCE通胀率将从2021年底的4.4%降至2.3%到2022年底，”报告写道。</blockquote></p><p> Goldman also expects the economy to reaccelerate to above a 4% growth rate throughout the next several quarters, citing the reopening of the service sector, consumer spending of pent-up savings, and inventory restocking.</p><p><blockquote>高盛还预计，未来几个季度经济将重新加速至4%以上的增长率，理由是服务业重新开放、消费者支出被压抑的储蓄以及库存补充。</blockquote></p><p> “These forces will contend with a large and steady headwind from diminishing fiscal support that we expect will ultimately leave GDP growth near potential by late 2022,” the report reads.</p><p><blockquote>报告称：“这些力量将应对财政支持减少带来的巨大而稳定的阻力，我们预计到2022年底，GDP增长最终将接近潜力。”</blockquote></p><p> <b>Tapering timeline</b></p><p><blockquote><b>逐渐减少的时间表</b></blockquote></p><p> One of the major implications of these inflation expectations is anupdated timelinefor the Fed’s first rate hikes. The report states that Goldman Sachs would be pulling forward its forecast of the timing of the Fed’s first rate hike to July 2022, shortly after tapering ends.</p><p><blockquote>这些通胀预期的主要影响之一是美联储首次加息的更新时间表。报告指出，高盛将把对美联储首次加息时间的预测提前至2022年7月，即缩减结束后不久。</blockquote></p><p> The FOMC is currently scheduled tocompletethe tapering process by mid-June of 2022. Policymakers will meet next in mid-December where they will submit updated economic forecasts and expected policy paths. In September, around half of policymakers believed that a rate hike would not be necessary until 2023.</p><p><blockquote>FOMC目前计划于2022年6月中旬完成缩减进程。政策制定者将于12月中旬举行下一次会议，届时他们将提交最新的经济预测和预期的政策路径。9月份，大约一半的政策制定者认为，在2023年之前没有必要加息。</blockquote></p><p> “Inflation will have run far above target for a while by then, and we think a seamless move from tapering to rate hikes will be the path of least resistance, with a first hike in July and a second in November,” the report reads. “Because we expect growth and inflation to settle down by year-end without a need for aggressive monetary policy tightening, we have penciled in a slower pace of two hikes per year thereafter.”</p><p><blockquote>报告称：“届时通胀将在一段时间内远高于目标，我们认为从缩减到加息的无缝过渡将是阻力最小的路径，第一次加息将在7月进行，第二次加息将在11月进行。”“由于我们预计经济增长和通胀将在年底前稳定下来，无需大幅收紧货币政策，因此我们预计此后每年加息两次的速度会较慢。”</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>Inflation has ‘further to go:’ Goldman Sachs<blockquote>高盛：通胀“还有更长的路要走”</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; 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}\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\">\nInflation has ‘further to go:’ Goldman Sachs<blockquote>高盛：通胀“还有更长的路要走”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo</strong><span class=\"h-time small\">2021-11-19 23:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Inflation&nbsp;remains a cause for concern as data continues to butt heads with the White House and the Fed’s claim that the price hikes will be “transitory.” According to a Nov. 13 report released by Goldman Sachs Economic Research (GS) however, though inflation has already reached a 30-year high, it may still have more to run.</p><p><blockquote>通胀仍然令人担忧，因为数据继续与白宫和美联储关于物价上涨将是“暂时的”的说法发生冲突。然而，根据高盛经济研究(GS)11月13日发布的报告，尽管通胀已经达到30年来的新高，但可能仍有更多的上涨空间。</blockquote></p><p> “The US economy largely followed the rapid road to recovery that we expected this year and is on track to round out the recovery next year as most of the remaining effects of the pandemic fade,” the report reads. “But this year also brought a major surprise: a surge in inflation that has already reached a 30-year high and still has further to go.”</p><p><blockquote>报告称：“美国经济今年基本上遵循了我们预期的快速复苏之路，随着疫情的大部分剩余影响消退，美国经济有望在明年完成复苏。”“但今年也带来了一个重大惊喜：通胀飙升，已经达到30年来的新高，而且还有很长的路要走。”</blockquote></p><p> The report suggests that this overshoot in inflation is largely attributable to the rise in durable goods prices caused by the persistentsupply chain crunch. Goldman Sachs Economic Research also expects inflationary pressures from wage and rent growth, but this will only keep inflation “moderately above 2%,” in line with the Fed’s updated framework target.</p><p><blockquote>报告表明，通胀超调很大程度上归因于持续的供应链紧缩导致耐用品价格上涨。高盛经济研究还预计，工资和租金增长将带来通胀压力，但这只会使通胀“适度高于2%”，与美联储更新后的框架目标一致。</blockquote></p><p> “The current inflation surge will get worse this winter before it gets better, but as supply-constrained categories shift from a transitory inflationary boost to a transitory deflationary drag, we expect core PCE inflation to fall from 4.4% at end-2021 to 2.3% at end-2022,” the report reads.</p><p><blockquote>“当前的通胀飙升在好转之前将在今年冬天变得更糟，但随着供应受限类别从暂时的通胀提振转变为暂时的通缩拖累，我们预计核心PCE通胀率将从2021年底的4.4%降至2.3%到2022年底，”报告写道。</blockquote></p><p> Goldman also expects the economy to reaccelerate to above a 4% growth rate throughout the next several quarters, citing the reopening of the service sector, consumer spending of pent-up savings, and inventory restocking.</p><p><blockquote>高盛还预计，未来几个季度经济将重新加速至4%以上的增长率，理由是服务业重新开放、消费者支出被压抑的储蓄以及库存补充。</blockquote></p><p> “These forces will contend with a large and steady headwind from diminishing fiscal support that we expect will ultimately leave GDP growth near potential by late 2022,” the report reads.</p><p><blockquote>报告称：“这些力量将应对财政支持减少带来的巨大而稳定的阻力，我们预计到2022年底，GDP增长最终将接近潜力。”</blockquote></p><p> <b>Tapering timeline</b></p><p><blockquote><b>逐渐减少的时间表</b></blockquote></p><p> One of the major implications of these inflation expectations is anupdated timelinefor the Fed’s first rate hikes. The report states that Goldman Sachs would be pulling forward its forecast of the timing of the Fed’s first rate hike to July 2022, shortly after tapering ends.</p><p><blockquote>这些通胀预期的主要影响之一是美联储首次加息的更新时间表。报告指出，高盛将把对美联储首次加息时间的预测提前至2022年7月，即缩减结束后不久。</blockquote></p><p> The FOMC is currently scheduled tocompletethe tapering process by mid-June of 2022. Policymakers will meet next in mid-December where they will submit updated economic forecasts and expected policy paths. In September, around half of policymakers believed that a rate hike would not be necessary until 2023.</p><p><blockquote>FOMC目前计划于2022年6月中旬完成缩减进程。政策制定者将于12月中旬举行下一次会议，届时他们将提交最新的经济预测和预期的政策路径。9月份，大约一半的政策制定者认为，在2023年之前没有必要加息。</blockquote></p><p> “Inflation will have run far above target for a while by then, and we think a seamless move from tapering to rate hikes will be the path of least resistance, with a first hike in July and a second in November,” the report reads. “Because we expect growth and inflation to settle down by year-end without a need for aggressive monetary policy tightening, we have penciled in a slower pace of two hikes per year thereafter.”</p><p><blockquote>报告称：“届时通胀将在一段时间内远高于目标，我们认为从缩减到加息的无缝过渡将是阻力最小的路径，第一次加息将在7月进行，第二次加息将在11月进行。”“由于我们预计经济增长和通胀将在年底前稳定下来，无需大幅收紧货币政策，因此我们预计此后每年加息两次的速度会较慢。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/inflation-at-30-year-high-has-further-to-go-goldman-sachs-150441968.html\">Yahoo</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"},"source_url":"https://finance.yahoo.com/news/inflation-at-30-year-high-has-further-to-go-goldman-sachs-150441968.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112678123","content_text":"Inflation remains a cause for concern as data continues to butt heads with the White House and the Fed’s claim that the price hikes will be “transitory.” According to a Nov. 13 report released by Goldman Sachs Economic Research (GS) however, though inflation has already reached a 30-year high, it may still have more to run.\n“The US economy largely followed the rapid road to recovery that we expected this year and is on track to round out the recovery next year as most of the remaining effects of the pandemic fade,” the report reads. “But this year also brought a major surprise: a surge in inflation that has already reached a 30-year high and still has further to go.”\nThe report suggests that this overshoot in inflation is largely attributable to the rise in durable goods prices caused by the persistentsupply chain crunch. Goldman Sachs Economic Research also expects inflationary pressures from wage and rent growth, but this will only keep inflation “moderately above 2%,” in line with the Fed’s updated framework target.\n“The current inflation surge will get worse this winter before it gets better, but as supply-constrained categories shift from a transitory inflationary boost to a transitory deflationary drag, we expect core PCE inflation to fall from 4.4% at end-2021 to 2.3% at end-2022,” the report reads.\nGoldman also expects the economy to reaccelerate to above a 4% growth rate throughout the next several quarters, citing the reopening of the service sector, consumer spending of pent-up savings, and inventory restocking.\n“These forces will contend with a large and steady headwind from diminishing fiscal support that we expect will ultimately leave GDP growth near potential by late 2022,” the report reads.\nTapering timeline\nOne of the major implications of these inflation expectations is anupdated timelinefor the Fed’s first rate hikes. The report states that Goldman Sachs would be pulling forward its forecast of the timing of the Fed’s first rate hike to July 2022, shortly after tapering ends.\nThe FOMC is currently scheduled tocompletethe tapering process by mid-June of 2022. Policymakers will meet next in mid-December where they will submit updated economic forecasts and expected policy paths. In September, around half of policymakers believed that a rate hike would not be necessary until 2023.\n“Inflation will have run far above target for a while by then, and we think a seamless move from tapering to rate hikes will be the path of least resistance, with a first hike in July and a second in November,” the report reads. “Because we expect growth and inflation to settle down by year-end without a need for aggressive monetary policy tightening, we have penciled in a slower pace of two hikes per year thereafter.”","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":3356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":876934655,"gmtCreate":1637248378856,"gmtModify":1637248378935,"author":{"id":"4095228411424310","authorId":"4095228411424310","name":"wniewnie","avatar":"https://static.tigerbbs.com/ab9e48ec49e43b510444b042464b3b8d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095228411424310","idStr":"4095228411424310"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/876934655","repostId":"1130402483","repostType":4,"repost":{"id":"1130402483","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":1637246715,"share":"https://www.laohu8.com/m/news/1130402483?lang=zh_CN&edition=full","pubTime":"2021-11-18 22:45","market":"us","language":"en","title":"Roblox reached an all-time high at 135.74 dollars as Morgan Stanley rose its price target by 70%<blockquote>摩根士丹利将目标价上调70%，Roblox触及135.74美元历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130402483","media":"Tiger Newspress","summary":"Roblox reached an all-time high at 135.74 dollars as Morgan Stanley rose its price target by 70%.Rob","content":"<p>Roblox reached an all-time high at 135.74 dollars&nbsp;as Morgan Stanley rose its price target by 70%.<img src=\"https://static.tigerbbs.com/ea67fe79dc5cf395ce86763243316f95\" tg-width=\"778\" tg-height=\"565\" referrerpolicy=\"no-referrer\">Roblox announced on Wednesday (17th) that it will invest 10 million US dollars to develop three educational games for junior high school, high school and college students, and implant educational video games into school education.</p><p><blockquote>摩根士丹利将目标价上调70%，Roblox触及135.74美元的历史新高。Roblox周三（17日）宣布，将投资1000万美元开发三款面向初中、高中和大学生的教育游戏，将教育视频游戏植入学校教育。</blockquote></p><p> Morgan Stanley analyst Brian Nowak maintained Roblox's \"overweight\" rating and raised the target price from $88 to $150. Analysts said that Roblox is optimistic about its leading position in the early stage of meta-universe and higher long-term profitability because it is investing in improving user experience, developing tools and improving brand implantation capabilities. Analysts added that considering Roblox's existing in-app purchase revenue source, advertising revenue outside the stock's current premium was considered appropriate.</p><p><blockquote>大摩分析师Brian Nowak维持Roblox“跑赢大盘”评级，目标价从88美元上调至150美元。分析师表示，Roblox看好其在元宇宙早期的领先地位和更高的长期盈利能力，因为其正在投资改善用户体验、开发工具和提高品牌植入能力。分析师补充称，考虑到Roblox现有的应用内购买收入来源，该股当前溢价之外的广告收入被认为是合适的。</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>Roblox reached an all-time high at 135.74 dollars as Morgan Stanley rose its price target by 70%<blockquote>摩根士丹利将目标价上调70%，Roblox触及135.74美元历史新高</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\">\nRoblox reached an all-time high at 135.74 dollars as Morgan Stanley rose its price target by 70%<blockquote>摩根士丹利将目标价上调70%，Roblox触及135.74美元历史新高</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\">2021-11-18 22:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Roblox reached an all-time high at 135.74 dollars&nbsp;as Morgan Stanley rose its price target by 70%.<img src=\"https://static.tigerbbs.com/ea67fe79dc5cf395ce86763243316f95\" tg-width=\"778\" tg-height=\"565\" referrerpolicy=\"no-referrer\">Roblox announced on Wednesday (17th) that it will invest 10 million US dollars to develop three educational games for junior high school, high school and college students, and implant educational video games into school education.</p><p><blockquote>摩根士丹利将目标价上调70%，Roblox触及135.74美元的历史新高。Roblox周三（17日）宣布，将投资1000万美元开发三款面向初中、高中和大学生的教育游戏，将教育视频游戏植入学校教育。</blockquote></p><p> Morgan Stanley analyst Brian Nowak maintained Roblox's \"overweight\" rating and raised the target price from $88 to $150. Analysts said that Roblox is optimistic about its leading position in the early stage of meta-universe and higher long-term profitability because it is investing in improving user experience, developing tools and improving brand implantation capabilities. Analysts added that considering Roblox's existing in-app purchase revenue source, advertising revenue outside the stock's current premium was considered appropriate.</p><p><blockquote>大摩分析师Brian Nowak维持Roblox“跑赢大盘”评级，目标价从88美元上调至150美元。分析师表示，Roblox看好其在元宇宙早期的领先地位和更高的长期盈利能力，因为其正在投资改善用户体验、开发工具和提高品牌植入能力。分析师补充称，考虑到Roblox现有的应用内购买收入来源，该股当前溢价之外的广告收入被认为是合适的。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RBLX":"Roblox Corporation"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130402483","content_text":"Roblox reached an all-time high at 135.74 dollars as Morgan Stanley rose its price target by 70%.Roblox announced on Wednesday (17th) that it will invest 10 million US dollars to develop three educational games for junior high school, high school and college students, and implant educational video games into school education.\nMorgan Stanley analyst Brian Nowak maintained Roblox's \"overweight\" rating and raised the target price from $88 to $150. Analysts said that Roblox is optimistic about its leading position in the early stage of meta-universe and higher long-term profitability because it is investing in improving user experience, developing tools and improving brand implantation capabilities. Analysts added that considering Roblox's existing in-app purchase revenue source, advertising revenue outside the stock's current premium was considered appropriate.","news_type":1,"symbols_score_info":{"RBLX":0.9}},"isVote":1,"tweetType":1,"viewCount":2648,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":870905563,"gmtCreate":1636566417791,"gmtModify":1636566417791,"author":{"id":"4095228411424310","authorId":"4095228411424310","name":"wniewnie","avatar":"https://static.tigerbbs.com/ab9e48ec49e43b510444b042464b3b8d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095228411424310","idStr":"4095228411424310"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PATH\">$PATH 20211217 50.0 PUT(PATH)$</a>Up up","listText":"<a href=\"https://laohu8.com/S/PATH\">$PATH 20211217 50.0 PUT(PATH)$</a>Up up","text":"$PATH 20211217 50.0 PUT(PATH)$Up up","images":[{"img":"https://static.tigerbbs.com/365514e7f243fdf6bd6c9585452a426f","width":"1242","height":"2448"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/870905563","isVote":1,"tweetType":1,"viewCount":2905,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":841786866,"gmtCreate":1635943378446,"gmtModify":1635943431163,"author":{"id":"4095228411424310","authorId":"4095228411424310","name":"wniewnie","avatar":"https://static.tigerbbs.com/ab9e48ec49e43b510444b042464b3b8d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095228411424310","idStr":"4095228411424310"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/841786866","repostId":"1120786064","repostType":2,"repost":{"id":"1120786064","kind":"news","pubTimestamp":1634612546,"share":"https://www.laohu8.com/m/news/1120786064?lang=zh_CN&edition=full","pubTime":"2021-10-19 11:02","market":"us","language":"en","title":"UiPath: Buy For The Near Term, Hold For The Long Term<blockquote>UiPath：短期买入，长期持有</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120786064","media":"Seeking Alpha","summary":"Summary\n\nUiPath should deliver alpha over the near term thanks to its leadership position in the RPA","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>UiPath should deliver alpha over the near term thanks to its leadership position in the RPA space. RPA space should see elevated demand from labor issues.</li>  <li>Annual ramping of contracts should boost UiPath ARR which should in turn reflect positively in its price-action.</li>  <li>Long-term is much less clear with high absolute and fair relative valuation combined with material execution risk.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dee1fdf98ac633e790ad107e02096867\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>piranka/E+ via Getty Images</span></p><p><blockquote><ul><li>由于其在RPA领域的领导地位，UiPath应该会在短期内交付alpha。劳动力问题对RPA领域的需求应该会增加。</li><li>合同的年度增长应该会提高UiPath ARR，这反过来应该会积极反映在其价格走势中。</li><li>由于绝对和公平的相对估值较高，加上重大的执行风险，长期前景就不那么明朗了。</li></ul><p class=\"t-img-caption\"><span>皮兰卡/E+来自盖蒂图片社</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> UiPath(NYSE:PATH)&nbsp;is the leader of the robotic process automation (RPA) space. RPA will see increased demand in the current high-growth macro environment with labor shortage issues. UiPath is best positioned to capitalize on the opportunity.</p><p><blockquote>UiPath（纽约证券交易所股票代码：PATH）是机器人过程自动化(RPA)领域的领导者。在当前劳动力短缺问题的高增长宏观环境下，RPA的需求将会增加。UiPath最适合利用这一机会。</blockquote></p><p> The company is switching its focus to annual ramping which will benefit it operationally with happier customers and higher margins and inflate what matters most for investors, its annual recurring revenue (ARR).</p><p><blockquote>该公司正在将重点转向年度增长，这将有利于其运营，带来更满意的客户和更高的利润率，并扩大对投资者来说最重要的东西，即年度经常性收入（ARR）。</blockquote></p><p> Despite my bullishness over the short term, I’m less confident over the long. I see execution risks primarily arising from cloud transition and competitive threats. The relatively fair, but absolutely high valuation opens the door to sub-par price performance over the long term.</p><p><blockquote>尽管我对短期持乐观态度，但我对长期信心不足。我认为执行风险主要来自云过渡和竞争威胁。相对公平但绝对高估值为长期低于标准的价格表现打开了大门。</blockquote></p><p> I recommend buying UiPath and monitoring noted issues. In the current picture, I recommend selling UiPath after increased demand from the macro catalysts is factored into the price.</p><p><blockquote>我建议购买UiPath并监控注意到的问题。在目前的情况下，我建议在将宏观催化剂的需求增加纳入价格后出售UiPath。</blockquote></p><p> <b>Great Macro Backdrop for RPA Demand</b></p><p><blockquote><b>RPA需求的良好宏观背景</b></blockquote></p><p> Demand for RPA will increase over the coming years. The backbone of my macro thesis is sticky wage inflation. There is strong labor demand with many firms downsizing during the pandemic and now all trying to re-grow their workforce in tandem. The private sector is trying to accommodate the strong pent-up demand following the pandemic. The reopening demand is further fueled by unprecedented government stimulus boosting incomes. Labor supply, however, is shrinking, both over the near term with increased incomes and structurally with many forced into early retirement and others taking a sabbatical from work who are evaluating life priorities. The shortage of labor supply and rising labor demand will cause wage inflation. Rising labor costs will catalyze investments that increase labor efficiency to protect margins; labor efficiency is th&nbsp;ekey value proposition of RPA.</p><p><blockquote>未来几年，对RPA的需求将会增加。我的宏观论文的支柱是粘性工资通胀。劳动力需求强劲，许多公司在疫情期间裁员，现在都试图同步重新增加劳动力。私营部门正试图适应疫情之后被压抑的强劲需求。前所未有的政府刺激措施进一步推动了重新开放的需求。然而，劳动力供应正在萎缩，无论是在短期内收入增加，还是在结构性上，许多人被迫提前退休，其他人正在休假评估生活优先事项。劳动力供给的短缺和劳动力需求的上升会造成工资通胀。劳动力成本上升将催化提高劳动力效率的投资，以保护利润率；劳动效率是RPA的关键价值主张。</blockquote></p><p> The demand for RPA was already very high. RPA was the fastest-growing enterprise software segment in 2020 for the third year&nbsp;in a row&nbsp;according to&nbsp;Gartner. The market research company&nbsp;expects&nbsp;the excellent performance to continue with double-digit growth rates through 2024. Bear in mind that the high labor demand with the reopening picture was unclear at the time of these reports (latest released May 2021) as was the wage inflation and short labor supply. I believe that RPA adoption rates will be even higher than the high expectations due to the favorable macro-backdrop.</p><p><blockquote>对RPA的需求已经非常高。根据Gartner的数据，RPA连续第三年成为2020年增长最快的企业软件领域。该市场研究公司预计，到2024年，这一优异表现将以两位数的增长率持续下去。请记住，在这些报告（最新发布于2021年5月）发布时，重新开放的高劳动力需求以及工资通胀和劳动力供应短缺尚不清楚。我相信，由于有利的宏观背景，RPA采用率将高于高预期。</blockquote></p><p> Corporate investments into RPA should be further catalyzed by strong economic growth and low interest rates. These are also central pillars of my reopening macro-view. Technical stagflation is top-of-mind, but the environment is ripe for corporate investment practically. GDP growth may be technically decelerating but is still very high; interest rates and inflation may be climbing, and I expect them to climb further, but are still very low. The strong economy and low rates will increase corporate investment spend, RPA vendors will be key beneficiaries.</p><p><blockquote>强劲的经济增长和低利率应该会进一步促进企业对RPA的投资。这些也是我重新开放宏观观点的核心支柱。技术性滞胀是人们最关心的问题，但企业投资的环境实际上已经成熟。GDP增长可能在技术上减速，但仍然很高；利率和通胀可能正在攀升，我预计它们会进一步攀升，但仍然很低。强劲的经济和低利率将增加企业投资支出，RPA供应商将是主要受益者。</blockquote></p><p> Business consulting firms’ RPA focus is both evidence of industry experts’ confidence in the upcoming RPA demand as well as a catalyzer to industry growth. Major professional services firms are pushing their RPA services including&nbsp;Accenture(NYSE:ACN),Deloitte,E&amp;Y,PwC,Cognizant(NASDAQ:CTSH),CGI(NYSE:GIB),Tata Consulting(TCS),Infosys(NYSE:INFY),Genpact(NYSE:G)&nbsp;along with many others. People in the know are investing in RPA as well as investing to grow RPA.</p><p><blockquote>商业咨询公司对RPA的关注既证明了行业专家对即将到来的RPA需求的信心，也是行业增长的催化剂。主要的专业服务公司正在推广他们的RPA服务，包括Accenture(NYSE：ACN)、Deloitte、E&amp;Y、PwC、Cognizant(纳斯达克：CTSH)、CGI(NYSE：GIB)、Tata Consulting(TCS)、Infosys(NYSE：INFY)、Genpact(NYSE：G)以及许多其他公司。知情人士正在投资RPA，也在投资发展RPA。</blockquote></p><p> <b>As the Leading RPA Vendor, UiPath has a Bright Near-Medium Term Outlook</b></p><p><blockquote><b>作为领先的RPA供应商，UiPath拥有光明的近中期前景</b></blockquote></p><p></p><p> UiPath is the undisputed leader in the RPA space. Gartner produces a&nbsp;Magic Quadrant&nbsp;for the industry (chart below) which compares market players in their ability to execute and on their vision. UiPath is above the rest with best-in-class execution ability with a complete vision. UiPath’s domination is obvious; this is its third consecutive year in the leader chair. The Forrester Wave, another trusted technology services research firm,places&nbsp;UiPath in the pole position on its matrix which compares current offerings, strategy, and market presence. UiPath’s leadership is reflected in its market share; UiPath has a 29%&nbsp;market share&nbsp;of the RPA space, more than double its nearest competitor. UiPath is dominating the secular growth enterprise software segment that is RPA.</p><p><blockquote>UiPath是RPA领域无可争议的领导者。Gartner为行业制作了一个魔力象限（下图），比较了市场参与者的执行能力和愿景。UiPath以一流的执行能力和完整的愿景脱颖而出。UiPath的统治地位显而易见；这是它连续第三年担任领导主席。另一家值得信赖的技术服务研究公司Forrester Wave在其比较当前产品、战略和市场份额的矩阵中将UiPath置于领先地位。UiPath的领先地位体现在其市场份额上；UiPath在RPA领域拥有29%的市场份额，是最接近的竞争对手的两倍多。UiPath在RPA这一长期增长的企业软件领域占据主导地位。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/53eae62a5495303c0d14baf4748d3ef0\" tg-width=\"640\" tg-height=\"718\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0401f457f330522fdcea2beed7b2efd4\" tg-width=\"567\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Source: The Forrester Wave as displayed on SmartBridge</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SmartBridge上显示的Forrester Wave</span></p></blockquote></p><p> As the spending towards RPA grows so will UiPath’s revenue. As both the technical and market share leader it should see a very large percentage of the growing RPA spend. UiPath is among the best positioned to capitalize on the macroeconomic and corporate spending dynamics of the coming months.</p><p><blockquote>随着RPA支出的增长，UiPath的收入也会增长。作为技术和市场份额的领导者，它应该会在不断增长的RPA支出中占据很大比例。UiPath是最有能力利用未来几个月宏观经济和企业支出动态的公司之一。</blockquote></p><p> <b>ARR is Important and ARR will Get a Boost</b></p><p><blockquote><b>ARR很重要，ARR将得到提升</b></blockquote></p><p> The recent&nbsp;earnings call&nbsp;was very informative on UiPath’s ARR strategy. The company will be focusing on annual contracts instead of long-term ones. Usually, I wouldn’t be fond of this move as it means lower revenue visibility despite the pricing advantages of short-duration contracts. But in this case, I think that it’s the right thing to do. Annual contracts drive higher ROI for UiPath customers; according to management, customers make better use of UiPath when they get as much as they need instead of front-loading robots to take advantage of better prices through discounts. This is financially favorable for UiPath as well since long-term contracts tend to include price discounts; decreasing contract duration will result in fewer discounts and higher margins for UiPath.</p><p><blockquote>最近的收益看涨期权对UiPath的ARR策略提供了非常丰富的信息。该公司将专注于年度合同，而不是长期合同。通常，我不会喜欢这一举措，因为尽管短期合同具有定价优势，但这意味着收入可见性较低。但在这种情况下，我认为这是正确的做法。年度合同为UiPath客户带来更高的投资回报率；据管理层称，当客户获得所需数量时，他们会更好地利用UiPath，而不是通过折扣利用更好的价格。这对UiPath来说在财务上也是有利的，因为长期合同往往包含价格折扣；缩短合同期限将导致UiPath的折扣更少，利润更高。</blockquote></p><p> Annual recurring revenue is critical for any service that offers subscriptions. This is due to the resiliency of recurring revenues; contracts are near-impossible and subscriptions are difficult to cancel in a downturn. Moreover, subscription software products have a learning curve and are difficult to churn from. Subscription revenues are highly visible and are highly valued by the market evident in the commonness of nosebleed valuations in the SaaS space. ARR will be key to watch for UiPath as self-described as their “most important metric”.</p><p><blockquote>年度经常性收入对于任何提供订阅的服务都至关重要。这是由于经常性收入的弹性；合同几乎是不可能的，在经济低迷时期也很难取消订阅。此外，订阅软件产品有一个学习曲线，很难流失。订阅收入非常明显，并且受到市场的高度重视，这一点在SaaS领域的估值普遍存在。ARR将是UiPath关注的关键，UiPath自称为“最重要的指标”。</blockquote></p><p> The switch to shorter-duration contracts will inflate ARR at the cost of revenue volatility.ASC 606&nbsp;mandates that a percentage of revenue be recognized immediately and the rest amortized for long-term contracts. This artificially increases front-period revenues. UiPath focusing on annual ramping as opposed to long-term deals will reduce near-term revenues. However, ARR will increase as yearly amounts will increase due to lower discounts. I believe that higher ARR is what the market values and that this switch will benefit UiPath in market sentiment as well as operationally.</p><p><blockquote>转向短期合同将以收入波动为代价抬高ARR.ASC 606要求立即确认一定比例的收入，其余部分为长期合同摊销。这人为地增加了前期收入。UiPath专注于年度增长而不是长期交易将减少近期收入。然而，ARR将会增加，因为由于折扣较低，每年的金额将会增加。我相信更高的ARR是市场所看重的，这一转变将使UiPath在市场情绪和运营方面受益。</blockquote></p><p> <b>Take Advantage of the Current Decline</b></p><p><blockquote><b>利用当前的下跌</b></blockquote></p><p> UiPath shares declined dramatically in September to deeply below IPO levels. The drawdown is even more surprising given the excellent results the company announced which was met with an immediate ~10% fall.</p><p><blockquote>UiPath股价在9月份大幅下跌，远低于IPO水平。考虑到该公司宣布的出色业绩立即下跌了约10%，这一下降更加令人惊讶。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c743698f0cef665c83ca663349c5dc9\" tg-width=\"640\" tg-height=\"392\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> I see two main reasons for the falling-knife-like price action in the face of excellent operating performance: weak guidance and early investors leaving the train.</p><p><blockquote>面对出色的经营业绩，我认为价格出现刀式下跌的两个主要原因：指导不力和早期投资者离场。</blockquote></p><p></p><p> UiPath announced results that beat across the board. UiPath delivered a top-line beat of $195.5 mn in revenue vs. the consensus estimate of $186.5 coupled with an ARR growth of 60% YoY vs. 55% consensus expectations. The company delivered operating profits vs. expectations of deep losses along with almost $30 mn narrower than expected FCF burn. So why didn’t the market like the results? My guess is high expectations. I think that the guidance was low looking further into the&nbsp;release&nbsp;and&nbsp;prior releases. UiPath beat its ARR guidance this quarter by a whopping $23.5 mn ($726.5 mn vs. at the mid-point of $702 mn - $704 mn guidance range). However, full-year guidance was only increased by $26 mn (at the mid-point, the range increased from $850 mn - $855 mn to $876 mn - $881 mn). What the market is reading here is that the demand environment seems to be slowing in the second half of the year and that the growth may decelerate from here out.</p><p><blockquote>UiPath公布的业绩全面击败。UiPath的营收超过1.955亿美元，而市场普遍预期为1.865亿美元，ARR同比增长60%，而市场普遍预期为55%。该公司实现了营业利润，而预期则出现了严重亏损，自由现金流消耗也比预期减少了近3000万美元。那么为什么市场不喜欢这个结果呢？我的猜测是期望过高。我认为进一步研究这个版本和以前的版本，指导是低的。UiPath本季度的ARR指导超出了2350万美元（7.265亿美元，而指导范围的中点为7.02亿美元至7.04亿美元）。然而，全年指导仅增加了2600万美元（中点，范围从8.5亿美元至8.55亿美元增加到8.76亿美元至8.81亿美元）。市场在这里读到的是，下半年需求环境似乎正在放缓，增长可能会从现在开始减速。</blockquote></p><p> I disagree with the market. I think that the management is sandbagging the guidance and leaving itself room to overdeliver. I highly doubt that the demand for its products will decrease in this environment but only accelerate and the set-up for alpha is great over the near term.</p><p><blockquote>我不同意市场。我认为管理层正在将指导意见沙袋化，并为自己留下超额交付的空间。我非常怀疑在这种环境下对其产品的需求会减少，而只会加速，而且alpha的设置在短期内非常好。</blockquote></p><p> A lot of early investors cashed out further pushing down the price. UiPath’s IPO&nbsp;lockup expired on the 9th&nbsp;of September. This can be the case with IPOs as many venture and pre-IPO investors are not able to sell their shares for a certain period.</p><p><blockquote>许多早期投资者套现，进一步压低了价格。UiPath的IPO禁售期于9月9日到期。首次公开募股就是这种情况，因为许多风险投资和首次公开募股前投资者在一定时期内无法出售他们的股票。</blockquote></p><p> Now is a great time to buy with a short-term horizon. Below is a chart of UiPath’s forward revenue multiple and its share price (values on the right axis). Company multiples decreased proportionally to its share price, underlying growth remained resilient. A lot of the sellers are shaken out today and, I think, the downside from here will require concrete negative news while a return to IPO multiples will only need “some” good news. Risk-reward is skewed in the direction of the bull. With solid catalysts on the way, I think that UiPath will perform nicely over the coming months.</p><p><blockquote>现在是短期买入的好时机。下图是UiPath的远期收入倍数及其股价（右轴上的值）。公司市盈率与其股价成比例下降，但潜在增长仍然具有弹性。今天很多卖家都被吓跑了，我认为，从这里开始的下行需要具体的负面消息，而回到IPO倍数只需要“一些”好消息。风险回报向牛市方向倾斜。随着固体催化剂的出现，我认为UiPath将在未来几个月表现良好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1ebe0ce2030acb61150c809de27a646\" tg-width=\"640\" tg-height=\"223\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p> <b>Competition is a Key Longer-Term Issue</b></p><p><blockquote><b>竞争是一个关键的长期问题</b></blockquote></p><p> I’m less certain on future returns, however. The RPA space is attracting a lot of attention from giant enterprise vendors such as&nbsp;Microsoft(NASDAQ:MSFT),Salesforce(NYSE:CRM), and&nbsp;ServiceNow(NYSE:NOW), in addition to many other behemoths as well as pureplay competitors (competitive landscape is available in the charts above). Although this much attention from such important companies should be construed as a bullish sign in the viability of the product, competitive threats cannot be undermined. We see clearly that UiPath is far above the rest both in terms of capabilities and in market penetration, but these advantages may not be forever. The competitors mentioned have infinite financial resources and have a much, much wider sales network than that of UiPath. If these competitors decide to prioritize RPA, the outlook could be gloomy for UiPath.</p><p><blockquote>然而，我对未来的回报不太确定。RPA领域吸引了微软（纳斯达克股票代码：MSFT）、Salesforce（纽约证券交易所股票代码：CRM）和ServiceNow（纽约证券交易所股票代码：NOW）等大型企业供应商的大量关注，此外还有许多其他巨头以及pureplay竞争对手（竞争格局见上图）。尽管来自如此重要公司的如此多的关注应该被解释为产品可行性的看涨信号，但竞争威胁不能被削弱。我们清楚地看到，UiPath在能力和市场渗透率方面都远远领先于其他公司，但这些优势可能不会永远存在。提到的竞争对手拥有无限的财力，拥有比UiPath广泛得多的销售网络。如果这些竞争对手决定优先考虑RPA，UiPath的前景可能会很黯淡。</blockquote></p><p> Increasing competition seems to be the view of industry experts as well. The&nbsp;Gartner&nbsp;report expects pricing to decrease in the coming years. This is likely the result of more similar products on the market eroding pricing power.</p><p><blockquote>竞争加剧似乎也是行业专家的观点。Gartner报告预计未来几年定价将会下降。这很可能是市场上更多类似产品侵蚀定价权的结果。</blockquote></p><p> I see little risk over the near term. With UiPath as the leader, it should be best positioned for the upcoming high-demand environment. Many enterprises want single vendors which will be a benefit for UiPath today as if one vendor is chosen it will likely be the one with the best product offering. However, if UiPath’s technical leadership narrows, the exact opposite could be the case.</p><p><blockquote>我认为短期内风险不大。有了UiPath作为领导者，它应该为即将到来的高需求环境做好了最佳定位。许多企业想要单一供应商，这对UiPath来说是一个好处，就好像选择了一个供应商，它很可能是提供最好产品的供应商。然而，如果UiPath的技术领先地位缩小，情况可能会恰恰相反。</blockquote></p><p> There is no reason to believe that UiPath will lose its leadership position currently. The company is investing heavily into R&amp;D (32% of revenues over the past year) and the investment is bearing fruit with a lot of improvements/products on the horizon (document understanding, task mining, platform-agnostic capabilities, integration, and many more). However, the competition is a must-watch for UiPath investors.</p><p><blockquote>目前没有理由相信UiPath会失去其领导地位。该公司在R&amp;D进行了大量投资（占去年收入的32%），这项投资正在取得成果，许多改进/产品即将推出（文档理解、任务挖掘、平台无关功能、集成等等）。然而，这场比赛是UiPath投资者必看的。</blockquote></p><p> This isn’t a dealbreaker as long as UiPath has the leading position, or at least until we see one or more of these enterprise software giants devoting serious resources towards the space. But the competition is still an issue as it creates execution risk; UiPath’s lunch is up for grabs if it can’t protect it.</p><p><blockquote>只要UiPath处于领先地位，或者至少在我们看到这些企业软件巨头中的一个或多个为该领域投入大量资源之前，这就不会是一个障碍。但竞争仍然是一个问题，因为它会带来执行风险；如果UiPath不能保护它，它的午餐就可以争夺了。</blockquote></p><p> <b>Industry Switch to Cloud Bears Execution Risk</b></p><p><blockquote><b>行业转向云承担执行风险</b></blockquote></p><p></p><p> The future of the industry lies in the cloud; UiPath has a limited cloud offering.Only 2,850&nbsp;out of 9,100+ UiPath customers have adopted the company’s cloud offering the Automation Cloud. With a lot of these enterprises likely using hybrid solutions, UiPath’s cloud computing capabilities lag behind its on-site solutions. As innovative as UiPath is it will likely manage the transformation, but again, this presents an additional execution risk.</p><p><blockquote>行业的未来在于云；UiPath的云产品有限。在9,100多家UiPath客户中，只有2,850家采用了该公司提供自动化云的云。由于许多企业可能使用混合解决方案，UiPath的云计算能力落后于其现场解决方案。尽管UiPath很创新，但它很可能会管理转换，但这也带来了额外的执行风险。</blockquote></p><p> <b>Valuation is the Ultimate Long-Term Worry Despite Excellent KPIs</b></p><p><blockquote><b>尽管KPI出色，但估值仍是最终的长期担忧</b></blockquote></p><p> UiPath has amazing KPIs. Its revenue and ARR growth are excellent and it's achieving this through minimal cash burn. The 144% net revenue retention rate is among the highest in the SaaS space and shows the value of the product. The space to land and expand is also growing with the number of customers rapidly increasing.</p><p><blockquote>UiPath拥有惊人的KPI。它的收入和ARR增长非常出色，并且是通过最小的现金消耗实现这一目标的。144%的净收入保留率是SaaS领域最高的，显示了产品的价值。落地和扩张的空间也随着客户数量的快速增加而增长。</blockquote></p><p> However, these metrics, like the company’s leadership position, may not be permanent and may not be enough to support a lofty valuation. The entire SaaS space is extremely expensive in my opinion, and I would not consider being a long-term holder without absolute confidence. I don’t have absolute confidence in UiPath due to material execution risk, and to hold long-term I’d want to be compensated for that risk in valuation.</p><p><blockquote>然而，这些指标，如公司的领导地位，可能不是永久性的，可能不足以支持高估值。整个SaaS领域在我看来是极其昂贵的，如果没有绝对的信心，我不会考虑成为长期持有者。由于重大的执行风险，我对UiPath没有绝对的信心，为了长期持有，我希望获得估值风险的补偿。</blockquote></p><p> Unfortunately, a lot of the benefits of UiPath are in the price in my opinion despite the recent drawdown. Below I’ve included my data table along with an output graph comparing two-year forward multiples with expected two-year revenue growth. The chart has a high r-squared meaning that the market values the relationship. UiPath is trading in line with peers implying that it’s pretty much fairly valued even when factoring in its very high growth expectations.</p><p><blockquote>不幸的是，在我看来，UiPath的很多好处都体现在价格上，尽管最近有所下降。下面我提供了我的数据表以及将两年远期倍数与预期两年收入增长进行比较的输出图表。该图表的r平方较高，意味着市场重视这种关系。UiPath的交易价格与同行一致，这意味着即使考虑到其非常高的增长预期，它的估值也相当合理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/890bbbc5170ad5c0ca1ce941f057156b\" tg-width=\"619\" tg-height=\"656\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/052ee96459416e5a26793dd2a4dccc87\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>Source: Author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者分析</span></p></blockquote></p><p> I want to highlight that this comparison only justifies company valuation with respect to the SaaS space. If the SaaS space was valued like a normal industry, then I would most likely argue to buy UiPath and hold for the long-term as a quality company at a fair price. The absolute valuations are ridiculous in my opinion. The peer group average is 25x two-year forward revenues. Think about that for a minute. The Russell 3000 (represented here by iShares Russell 3000 ETF(NYSEARCA:IWV)) has a&nbsp;P/E ratio of 23x. This is trailing not forward. The SaaS group is trading at a higher ratio of not earnings but revenues. The space is very expensive and with rising interest rates, open to corrections. Of course, I see value and opportunity in certain SaaS plays, but I’m choosing to abstain here.</p><p><blockquote>我想强调的是，这种比较只能证明SaaS领域的公司估值是合理的。如果SaaS领域的估值与正常行业一样，那么我很可能会建议购买UiPath，并以合理的价格作为一家优质公司长期持有。我认为绝对估值是荒谬的。同行平均水平是两年远期收入的25倍。想一想。Russell 3000（此处以iShares Russell 3000 ETF(NYSEARCA：IWV)为代表）的市盈率为23倍。这是尾随而不是前进。SaaS集团的交易比率不是盈利，而是收入。这个空间非常昂贵，而且随着利率上升，可能会出现调整。当然，我在某些SaaS戏剧中看到了价值和机会，但我选择在这里弃权。</blockquote></p><p> The issue was manifested in the recent quarter. The stock sold off despite the excellent results. Though I don’t expect to see this over the next few quarters due to the excellent demand environment, this could be a risk thereafter. Despite the recent price decrease buffering the downside over the near term, there are still very high expectations of UiPath leaving further room for disappointment.</p><p><blockquote>这个问题在最近一个季度表现出来。尽管业绩出色，该股仍遭到抛售。尽管由于良好的需求环境，我预计未来几个季度不会看到这种情况，但此后这可能是一个风险。尽管最近的价格下跌缓冲了短期内的下行空间，但人们对UiPath的期望仍然很高，留下了进一步失望的空间。</blockquote></p><p> <b>Neutral in the Long-Term Despite Bullish on Short/Medium</b></p><p><blockquote><b>尽管短期/中期看涨，但长期中性</b></blockquote></p><p> UiPath is a unique software play where I am bullish over the near term, but prefer to not own over the longer. Usually, I would see drawdown risk in most of my preferred software plays over the short term, but would see the company growing into its valuation over time. Here, I see strong near-term alpha with the company delivering beyond expectations and seeing price gains towards where its been. I am much less confident in the opportunity after the RPA demand arising from corporate capital spending towards labor efficiency gets priced in which should happen over the next year.</p><p><blockquote>UiPath是一款独特的软件游戏，我短期内看好它，但不愿长期持有。通常，我会在短期内看到我喜欢的大多数软件存在回撤风险，但会看到该公司的估值随着时间的推移而增长。在这里，我看到了强劲的近期阿尔法，该公司的业绩超出了预期，并看到价格上涨。在企业资本支出对劳动力效率产生的RPA需求被定价后，我对这个机会的信心大大降低，这应该会在明年发生。</blockquote></p><p> I want to add a P.S. here and entertain the bull thesis. I am not an engineer. I have no competitive advantage in understanding the capabilities and advantages of software services. Thus, I can’t have confidence in my analysis (reading industry reports) of technology. If you have such capabilities and believe that UiPath has a strong competitive moat that may be difficult to replicate even with intense resource spend, then by all means be bullish over any time horizon (and please let me know in the comments).</p><p><blockquote>我想在这里补充一个P.S.并娱乐牛市论文。我不是工程师。我在了解软件服务的能力和优势方面没有竞争优势。因此，我对自己对技术的分析（阅读行业报告）没有信心。如果你有这样的能力，并且相信UiPath拥有强大的竞争护城河，即使投入大量资源也很难复制，那么无论如何都要看好任何时间范围（请在评论中告诉我）。</blockquote></p><p> Rare case as would be the opposite usually. I’m not an engineer and don’t understand exact differentiators and capabilities. If there’s something UiPath does that can’t be replicated even with high resource spend, then bullish over the long-term as well (please let me know in the comments).</p><p><blockquote>罕见的情况，通常是相反的。我不是工程师，不了解确切的差异化因素和功能。如果UiPath做了一些即使资源消耗很高也无法复制的事情，那么从长期来看也是看涨的（请在评论中告诉我）。</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>UiPath: Buy For The Near Term, Hold For The Long Term<blockquote>UiPath：短期买入，长期持有</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\">\nUiPath: Buy For The Near Term, Hold For The Long Term<blockquote>UiPath：短期买入，长期持有</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-19 11:02</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>UiPath should deliver alpha over the near term thanks to its leadership position in the RPA space. RPA space should see elevated demand from labor issues.</li>  <li>Annual ramping of contracts should boost UiPath ARR which should in turn reflect positively in its price-action.</li>  <li>Long-term is much less clear with high absolute and fair relative valuation combined with material execution risk.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dee1fdf98ac633e790ad107e02096867\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>piranka/E+ via Getty Images</span></p><p><blockquote><ul><li>由于其在RPA领域的领导地位，UiPath应该会在短期内交付alpha。劳动力问题对RPA领域的需求应该会增加。</li><li>合同的年度增长应该会提高UiPath ARR，这反过来应该会积极反映在其价格走势中。</li><li>由于绝对和公平的相对估值较高，加上重大的执行风险，长期前景就不那么明朗了。</li></ul><p class=\"t-img-caption\"><span>皮兰卡/E+来自盖蒂图片社</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> UiPath(NYSE:PATH)&nbsp;is the leader of the robotic process automation (RPA) space. RPA will see increased demand in the current high-growth macro environment with labor shortage issues. UiPath is best positioned to capitalize on the opportunity.</p><p><blockquote>UiPath（纽约证券交易所股票代码：PATH）是机器人过程自动化(RPA)领域的领导者。在当前劳动力短缺问题的高增长宏观环境下，RPA的需求将会增加。UiPath最适合利用这一机会。</blockquote></p><p> The company is switching its focus to annual ramping which will benefit it operationally with happier customers and higher margins and inflate what matters most for investors, its annual recurring revenue (ARR).</p><p><blockquote>该公司正在将重点转向年度增长，这将有利于其运营，带来更满意的客户和更高的利润率，并扩大对投资者来说最重要的东西，即年度经常性收入（ARR）。</blockquote></p><p> Despite my bullishness over the short term, I’m less confident over the long. I see execution risks primarily arising from cloud transition and competitive threats. The relatively fair, but absolutely high valuation opens the door to sub-par price performance over the long term.</p><p><blockquote>尽管我对短期持乐观态度，但我对长期信心不足。我认为执行风险主要来自云过渡和竞争威胁。相对公平但绝对高估值为长期低于标准的价格表现打开了大门。</blockquote></p><p> I recommend buying UiPath and monitoring noted issues. In the current picture, I recommend selling UiPath after increased demand from the macro catalysts is factored into the price.</p><p><blockquote>我建议购买UiPath并监控注意到的问题。在目前的情况下，我建议在将宏观催化剂的需求增加纳入价格后出售UiPath。</blockquote></p><p> <b>Great Macro Backdrop for RPA Demand</b></p><p><blockquote><b>RPA需求的良好宏观背景</b></blockquote></p><p> Demand for RPA will increase over the coming years. The backbone of my macro thesis is sticky wage inflation. There is strong labor demand with many firms downsizing during the pandemic and now all trying to re-grow their workforce in tandem. The private sector is trying to accommodate the strong pent-up demand following the pandemic. The reopening demand is further fueled by unprecedented government stimulus boosting incomes. Labor supply, however, is shrinking, both over the near term with increased incomes and structurally with many forced into early retirement and others taking a sabbatical from work who are evaluating life priorities. The shortage of labor supply and rising labor demand will cause wage inflation. Rising labor costs will catalyze investments that increase labor efficiency to protect margins; labor efficiency is th&nbsp;ekey value proposition of RPA.</p><p><blockquote>未来几年，对RPA的需求将会增加。我的宏观论文的支柱是粘性工资通胀。劳动力需求强劲，许多公司在疫情期间裁员，现在都试图同步重新增加劳动力。私营部门正试图适应疫情之后被压抑的强劲需求。前所未有的政府刺激措施进一步推动了重新开放的需求。然而，劳动力供应正在萎缩，无论是在短期内收入增加，还是在结构性上，许多人被迫提前退休，其他人正在休假评估生活优先事项。劳动力供给的短缺和劳动力需求的上升会造成工资通胀。劳动力成本上升将催化提高劳动力效率的投资，以保护利润率；劳动效率是RPA的关键价值主张。</blockquote></p><p> The demand for RPA was already very high. RPA was the fastest-growing enterprise software segment in 2020 for the third year&nbsp;in a row&nbsp;according to&nbsp;Gartner. The market research company&nbsp;expects&nbsp;the excellent performance to continue with double-digit growth rates through 2024. Bear in mind that the high labor demand with the reopening picture was unclear at the time of these reports (latest released May 2021) as was the wage inflation and short labor supply. I believe that RPA adoption rates will be even higher than the high expectations due to the favorable macro-backdrop.</p><p><blockquote>对RPA的需求已经非常高。根据Gartner的数据，RPA连续第三年成为2020年增长最快的企业软件领域。该市场研究公司预计，到2024年，这一优异表现将以两位数的增长率持续下去。请记住，在这些报告（最新发布于2021年5月）发布时，重新开放的高劳动力需求以及工资通胀和劳动力供应短缺尚不清楚。我相信，由于有利的宏观背景，RPA采用率将高于高预期。</blockquote></p><p> Corporate investments into RPA should be further catalyzed by strong economic growth and low interest rates. These are also central pillars of my reopening macro-view. Technical stagflation is top-of-mind, but the environment is ripe for corporate investment practically. GDP growth may be technically decelerating but is still very high; interest rates and inflation may be climbing, and I expect them to climb further, but are still very low. The strong economy and low rates will increase corporate investment spend, RPA vendors will be key beneficiaries.</p><p><blockquote>强劲的经济增长和低利率应该会进一步促进企业对RPA的投资。这些也是我重新开放宏观观点的核心支柱。技术性滞胀是人们最关心的问题，但企业投资的环境实际上已经成熟。GDP增长可能在技术上减速，但仍然很高；利率和通胀可能正在攀升，我预计它们会进一步攀升，但仍然很低。强劲的经济和低利率将增加企业投资支出，RPA供应商将是主要受益者。</blockquote></p><p> Business consulting firms’ RPA focus is both evidence of industry experts’ confidence in the upcoming RPA demand as well as a catalyzer to industry growth. Major professional services firms are pushing their RPA services including&nbsp;Accenture(NYSE:ACN),Deloitte,E&amp;Y,PwC,Cognizant(NASDAQ:CTSH),CGI(NYSE:GIB),Tata Consulting(TCS),Infosys(NYSE:INFY),Genpact(NYSE:G)&nbsp;along with many others. People in the know are investing in RPA as well as investing to grow RPA.</p><p><blockquote>商业咨询公司对RPA的关注既证明了行业专家对即将到来的RPA需求的信心，也是行业增长的催化剂。主要的专业服务公司正在推广他们的RPA服务，包括Accenture(NYSE：ACN)、Deloitte、E&amp;Y、PwC、Cognizant(纳斯达克：CTSH)、CGI(NYSE：GIB)、Tata Consulting(TCS)、Infosys(NYSE：INFY)、Genpact(NYSE：G)以及许多其他公司。知情人士正在投资RPA，也在投资发展RPA。</blockquote></p><p> <b>As the Leading RPA Vendor, UiPath has a Bright Near-Medium Term Outlook</b></p><p><blockquote><b>作为领先的RPA供应商，UiPath拥有光明的近中期前景</b></blockquote></p><p></p><p> UiPath is the undisputed leader in the RPA space. Gartner produces a&nbsp;Magic Quadrant&nbsp;for the industry (chart below) which compares market players in their ability to execute and on their vision. UiPath is above the rest with best-in-class execution ability with a complete vision. UiPath’s domination is obvious; this is its third consecutive year in the leader chair. The Forrester Wave, another trusted technology services research firm,places&nbsp;UiPath in the pole position on its matrix which compares current offerings, strategy, and market presence. UiPath’s leadership is reflected in its market share; UiPath has a 29%&nbsp;market share&nbsp;of the RPA space, more than double its nearest competitor. UiPath is dominating the secular growth enterprise software segment that is RPA.</p><p><blockquote>UiPath是RPA领域无可争议的领导者。Gartner为行业制作了一个魔力象限（下图），比较了市场参与者的执行能力和愿景。UiPath以一流的执行能力和完整的愿景脱颖而出。UiPath的统治地位显而易见；这是它连续第三年担任领导主席。另一家值得信赖的技术服务研究公司Forrester Wave在其比较当前产品、战略和市场份额的矩阵中将UiPath置于领先地位。UiPath的领先地位体现在其市场份额上；UiPath在RPA领域拥有29%的市场份额，是最接近的竞争对手的两倍多。UiPath在RPA这一长期增长的企业软件领域占据主导地位。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/53eae62a5495303c0d14baf4748d3ef0\" tg-width=\"640\" tg-height=\"718\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0401f457f330522fdcea2beed7b2efd4\" tg-width=\"567\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Source: The Forrester Wave as displayed on SmartBridge</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SmartBridge上显示的Forrester Wave</span></p></blockquote></p><p> As the spending towards RPA grows so will UiPath’s revenue. As both the technical and market share leader it should see a very large percentage of the growing RPA spend. UiPath is among the best positioned to capitalize on the macroeconomic and corporate spending dynamics of the coming months.</p><p><blockquote>随着RPA支出的增长，UiPath的收入也会增长。作为技术和市场份额的领导者，它应该会在不断增长的RPA支出中占据很大比例。UiPath是最有能力利用未来几个月宏观经济和企业支出动态的公司之一。</blockquote></p><p> <b>ARR is Important and ARR will Get a Boost</b></p><p><blockquote><b>ARR很重要，ARR将得到提升</b></blockquote></p><p> The recent&nbsp;earnings call&nbsp;was very informative on UiPath’s ARR strategy. The company will be focusing on annual contracts instead of long-term ones. Usually, I wouldn’t be fond of this move as it means lower revenue visibility despite the pricing advantages of short-duration contracts. But in this case, I think that it’s the right thing to do. Annual contracts drive higher ROI for UiPath customers; according to management, customers make better use of UiPath when they get as much as they need instead of front-loading robots to take advantage of better prices through discounts. This is financially favorable for UiPath as well since long-term contracts tend to include price discounts; decreasing contract duration will result in fewer discounts and higher margins for UiPath.</p><p><blockquote>最近的收益看涨期权对UiPath的ARR策略提供了非常丰富的信息。该公司将专注于年度合同，而不是长期合同。通常，我不会喜欢这一举措，因为尽管短期合同具有定价优势，但这意味着收入可见性较低。但在这种情况下，我认为这是正确的做法。年度合同为UiPath客户带来更高的投资回报率；据管理层称，当客户获得所需数量时，他们会更好地利用UiPath，而不是通过折扣利用更好的价格。这对UiPath来说在财务上也是有利的，因为长期合同往往包含价格折扣；缩短合同期限将导致UiPath的折扣更少，利润更高。</blockquote></p><p> Annual recurring revenue is critical for any service that offers subscriptions. This is due to the resiliency of recurring revenues; contracts are near-impossible and subscriptions are difficult to cancel in a downturn. Moreover, subscription software products have a learning curve and are difficult to churn from. Subscription revenues are highly visible and are highly valued by the market evident in the commonness of nosebleed valuations in the SaaS space. ARR will be key to watch for UiPath as self-described as their “most important metric”.</p><p><blockquote>年度经常性收入对于任何提供订阅的服务都至关重要。这是由于经常性收入的弹性；合同几乎是不可能的，在经济低迷时期也很难取消订阅。此外，订阅软件产品有一个学习曲线，很难流失。订阅收入非常明显，并且受到市场的高度重视，这一点在SaaS领域的估值普遍存在。ARR将是UiPath关注的关键，UiPath自称为“最重要的指标”。</blockquote></p><p> The switch to shorter-duration contracts will inflate ARR at the cost of revenue volatility.ASC 606&nbsp;mandates that a percentage of revenue be recognized immediately and the rest amortized for long-term contracts. This artificially increases front-period revenues. UiPath focusing on annual ramping as opposed to long-term deals will reduce near-term revenues. However, ARR will increase as yearly amounts will increase due to lower discounts. I believe that higher ARR is what the market values and that this switch will benefit UiPath in market sentiment as well as operationally.</p><p><blockquote>转向短期合同将以收入波动为代价抬高ARR.ASC 606要求立即确认一定比例的收入，其余部分为长期合同摊销。这人为地增加了前期收入。UiPath专注于年度增长而不是长期交易将减少近期收入。然而，ARR将会增加，因为由于折扣较低，每年的金额将会增加。我相信更高的ARR是市场所看重的，这一转变将使UiPath在市场情绪和运营方面受益。</blockquote></p><p> <b>Take Advantage of the Current Decline</b></p><p><blockquote><b>利用当前的下跌</b></blockquote></p><p> UiPath shares declined dramatically in September to deeply below IPO levels. The drawdown is even more surprising given the excellent results the company announced which was met with an immediate ~10% fall.</p><p><blockquote>UiPath股价在9月份大幅下跌，远低于IPO水平。考虑到该公司宣布的出色业绩立即下跌了约10%，这一下降更加令人惊讶。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c743698f0cef665c83ca663349c5dc9\" tg-width=\"640\" tg-height=\"392\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> I see two main reasons for the falling-knife-like price action in the face of excellent operating performance: weak guidance and early investors leaving the train.</p><p><blockquote>面对出色的经营业绩，我认为价格出现刀式下跌的两个主要原因：指导不力和早期投资者离场。</blockquote></p><p></p><p> UiPath announced results that beat across the board. UiPath delivered a top-line beat of $195.5 mn in revenue vs. the consensus estimate of $186.5 coupled with an ARR growth of 60% YoY vs. 55% consensus expectations. The company delivered operating profits vs. expectations of deep losses along with almost $30 mn narrower than expected FCF burn. So why didn’t the market like the results? My guess is high expectations. I think that the guidance was low looking further into the&nbsp;release&nbsp;and&nbsp;prior releases. UiPath beat its ARR guidance this quarter by a whopping $23.5 mn ($726.5 mn vs. at the mid-point of $702 mn - $704 mn guidance range). However, full-year guidance was only increased by $26 mn (at the mid-point, the range increased from $850 mn - $855 mn to $876 mn - $881 mn). What the market is reading here is that the demand environment seems to be slowing in the second half of the year and that the growth may decelerate from here out.</p><p><blockquote>UiPath公布的业绩全面击败。UiPath的营收超过1.955亿美元，而市场普遍预期为1.865亿美元，ARR同比增长60%，而市场普遍预期为55%。该公司实现了营业利润，而预期则出现了严重亏损，自由现金流消耗也比预期减少了近3000万美元。那么为什么市场不喜欢这个结果呢？我的猜测是期望过高。我认为进一步研究这个版本和以前的版本，指导是低的。UiPath本季度的ARR指导超出了2350万美元（7.265亿美元，而指导范围的中点为7.02亿美元至7.04亿美元）。然而，全年指导仅增加了2600万美元（中点，范围从8.5亿美元至8.55亿美元增加到8.76亿美元至8.81亿美元）。市场在这里读到的是，下半年需求环境似乎正在放缓，增长可能会从现在开始减速。</blockquote></p><p> I disagree with the market. I think that the management is sandbagging the guidance and leaving itself room to overdeliver. I highly doubt that the demand for its products will decrease in this environment but only accelerate and the set-up for alpha is great over the near term.</p><p><blockquote>我不同意市场。我认为管理层正在将指导意见沙袋化，并为自己留下超额交付的空间。我非常怀疑在这种环境下对其产品的需求会减少，而只会加速，而且alpha的设置在短期内非常好。</blockquote></p><p> A lot of early investors cashed out further pushing down the price. UiPath’s IPO&nbsp;lockup expired on the 9th&nbsp;of September. This can be the case with IPOs as many venture and pre-IPO investors are not able to sell their shares for a certain period.</p><p><blockquote>许多早期投资者套现，进一步压低了价格。UiPath的IPO禁售期于9月9日到期。首次公开募股就是这种情况，因为许多风险投资和首次公开募股前投资者在一定时期内无法出售他们的股票。</blockquote></p><p> Now is a great time to buy with a short-term horizon. Below is a chart of UiPath’s forward revenue multiple and its share price (values on the right axis). Company multiples decreased proportionally to its share price, underlying growth remained resilient. A lot of the sellers are shaken out today and, I think, the downside from here will require concrete negative news while a return to IPO multiples will only need “some” good news. Risk-reward is skewed in the direction of the bull. With solid catalysts on the way, I think that UiPath will perform nicely over the coming months.</p><p><blockquote>现在是短期买入的好时机。下图是UiPath的远期收入倍数及其股价（右轴上的值）。公司市盈率与其股价成比例下降，但潜在增长仍然具有弹性。今天很多卖家都被吓跑了，我认为，从这里开始的下行需要具体的负面消息，而回到IPO倍数只需要“一些”好消息。风险回报向牛市方向倾斜。随着固体催化剂的出现，我认为UiPath将在未来几个月表现良好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1ebe0ce2030acb61150c809de27a646\" tg-width=\"640\" tg-height=\"223\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p> <b>Competition is a Key Longer-Term Issue</b></p><p><blockquote><b>竞争是一个关键的长期问题</b></blockquote></p><p> I’m less certain on future returns, however. The RPA space is attracting a lot of attention from giant enterprise vendors such as&nbsp;Microsoft(NASDAQ:MSFT),Salesforce(NYSE:CRM), and&nbsp;ServiceNow(NYSE:NOW), in addition to many other behemoths as well as pureplay competitors (competitive landscape is available in the charts above). Although this much attention from such important companies should be construed as a bullish sign in the viability of the product, competitive threats cannot be undermined. We see clearly that UiPath is far above the rest both in terms of capabilities and in market penetration, but these advantages may not be forever. The competitors mentioned have infinite financial resources and have a much, much wider sales network than that of UiPath. If these competitors decide to prioritize RPA, the outlook could be gloomy for UiPath.</p><p><blockquote>然而，我对未来的回报不太确定。RPA领域吸引了微软（纳斯达克股票代码：MSFT）、Salesforce（纽约证券交易所股票代码：CRM）和ServiceNow（纽约证券交易所股票代码：NOW）等大型企业供应商的大量关注，此外还有许多其他巨头以及pureplay竞争对手（竞争格局见上图）。尽管来自如此重要公司的如此多的关注应该被解释为产品可行性的看涨信号，但竞争威胁不能被削弱。我们清楚地看到，UiPath在能力和市场渗透率方面都远远领先于其他公司，但这些优势可能不会永远存在。提到的竞争对手拥有无限的财力，拥有比UiPath广泛得多的销售网络。如果这些竞争对手决定优先考虑RPA，UiPath的前景可能会很黯淡。</blockquote></p><p> Increasing competition seems to be the view of industry experts as well. The&nbsp;Gartner&nbsp;report expects pricing to decrease in the coming years. This is likely the result of more similar products on the market eroding pricing power.</p><p><blockquote>竞争加剧似乎也是行业专家的观点。Gartner报告预计未来几年定价将会下降。这很可能是市场上更多类似产品侵蚀定价权的结果。</blockquote></p><p> I see little risk over the near term. With UiPath as the leader, it should be best positioned for the upcoming high-demand environment. Many enterprises want single vendors which will be a benefit for UiPath today as if one vendor is chosen it will likely be the one with the best product offering. However, if UiPath’s technical leadership narrows, the exact opposite could be the case.</p><p><blockquote>我认为短期内风险不大。有了UiPath作为领导者，它应该为即将到来的高需求环境做好了最佳定位。许多企业想要单一供应商，这对UiPath来说是一个好处，就好像选择了一个供应商，它很可能是提供最好产品的供应商。然而，如果UiPath的技术领先地位缩小，情况可能会恰恰相反。</blockquote></p><p> There is no reason to believe that UiPath will lose its leadership position currently. The company is investing heavily into R&amp;D (32% of revenues over the past year) and the investment is bearing fruit with a lot of improvements/products on the horizon (document understanding, task mining, platform-agnostic capabilities, integration, and many more). However, the competition is a must-watch for UiPath investors.</p><p><blockquote>目前没有理由相信UiPath会失去其领导地位。该公司在R&amp;D进行了大量投资（占去年收入的32%），这项投资正在取得成果，许多改进/产品即将推出（文档理解、任务挖掘、平台无关功能、集成等等）。然而，这场比赛是UiPath投资者必看的。</blockquote></p><p> This isn’t a dealbreaker as long as UiPath has the leading position, or at least until we see one or more of these enterprise software giants devoting serious resources towards the space. But the competition is still an issue as it creates execution risk; UiPath’s lunch is up for grabs if it can’t protect it.</p><p><blockquote>只要UiPath处于领先地位，或者至少在我们看到这些企业软件巨头中的一个或多个为该领域投入大量资源之前，这就不会是一个障碍。但竞争仍然是一个问题，因为它会带来执行风险；如果UiPath不能保护它，它的午餐就可以争夺了。</blockquote></p><p> <b>Industry Switch to Cloud Bears Execution Risk</b></p><p><blockquote><b>行业转向云承担执行风险</b></blockquote></p><p></p><p> The future of the industry lies in the cloud; UiPath has a limited cloud offering.Only 2,850&nbsp;out of 9,100+ UiPath customers have adopted the company’s cloud offering the Automation Cloud. With a lot of these enterprises likely using hybrid solutions, UiPath’s cloud computing capabilities lag behind its on-site solutions. As innovative as UiPath is it will likely manage the transformation, but again, this presents an additional execution risk.</p><p><blockquote>行业的未来在于云；UiPath的云产品有限。在9,100多家UiPath客户中，只有2,850家采用了该公司提供自动化云的云。由于许多企业可能使用混合解决方案，UiPath的云计算能力落后于其现场解决方案。尽管UiPath很创新，但它很可能会管理转换，但这也带来了额外的执行风险。</blockquote></p><p> <b>Valuation is the Ultimate Long-Term Worry Despite Excellent KPIs</b></p><p><blockquote><b>尽管KPI出色，但估值仍是最终的长期担忧</b></blockquote></p><p> UiPath has amazing KPIs. Its revenue and ARR growth are excellent and it's achieving this through minimal cash burn. The 144% net revenue retention rate is among the highest in the SaaS space and shows the value of the product. The space to land and expand is also growing with the number of customers rapidly increasing.</p><p><blockquote>UiPath拥有惊人的KPI。它的收入和ARR增长非常出色，并且是通过最小的现金消耗实现这一目标的。144%的净收入保留率是SaaS领域最高的，显示了产品的价值。落地和扩张的空间也随着客户数量的快速增加而增长。</blockquote></p><p> However, these metrics, like the company’s leadership position, may not be permanent and may not be enough to support a lofty valuation. The entire SaaS space is extremely expensive in my opinion, and I would not consider being a long-term holder without absolute confidence. I don’t have absolute confidence in UiPath due to material execution risk, and to hold long-term I’d want to be compensated for that risk in valuation.</p><p><blockquote>然而，这些指标，如公司的领导地位，可能不是永久性的，可能不足以支持高估值。整个SaaS领域在我看来是极其昂贵的，如果没有绝对的信心，我不会考虑成为长期持有者。由于重大的执行风险，我对UiPath没有绝对的信心，为了长期持有，我希望获得估值风险的补偿。</blockquote></p><p> Unfortunately, a lot of the benefits of UiPath are in the price in my opinion despite the recent drawdown. Below I’ve included my data table along with an output graph comparing two-year forward multiples with expected two-year revenue growth. The chart has a high r-squared meaning that the market values the relationship. UiPath is trading in line with peers implying that it’s pretty much fairly valued even when factoring in its very high growth expectations.</p><p><blockquote>不幸的是，在我看来，UiPath的很多好处都体现在价格上，尽管最近有所下降。下面我提供了我的数据表以及将两年远期倍数与预期两年收入增长进行比较的输出图表。该图表的r平方较高，意味着市场重视这种关系。UiPath的交易价格与同行一致，这意味着即使考虑到其非常高的增长预期，它的估值也相当合理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/890bbbc5170ad5c0ca1ce941f057156b\" tg-width=\"619\" tg-height=\"656\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/052ee96459416e5a26793dd2a4dccc87\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>Source: Author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者分析</span></p></blockquote></p><p> I want to highlight that this comparison only justifies company valuation with respect to the SaaS space. If the SaaS space was valued like a normal industry, then I would most likely argue to buy UiPath and hold for the long-term as a quality company at a fair price. The absolute valuations are ridiculous in my opinion. The peer group average is 25x two-year forward revenues. Think about that for a minute. The Russell 3000 (represented here by iShares Russell 3000 ETF(NYSEARCA:IWV)) has a&nbsp;P/E ratio of 23x. This is trailing not forward. The SaaS group is trading at a higher ratio of not earnings but revenues. The space is very expensive and with rising interest rates, open to corrections. Of course, I see value and opportunity in certain SaaS plays, but I’m choosing to abstain here.</p><p><blockquote>我想强调的是，这种比较只能证明SaaS领域的公司估值是合理的。如果SaaS领域的估值与正常行业一样，那么我很可能会建议购买UiPath，并以合理的价格作为一家优质公司长期持有。我认为绝对估值是荒谬的。同行平均水平是两年远期收入的25倍。想一想。Russell 3000（此处以iShares Russell 3000 ETF(NYSEARCA：IWV)为代表）的市盈率为23倍。这是尾随而不是前进。SaaS集团的交易比率不是盈利，而是收入。这个空间非常昂贵，而且随着利率上升，可能会出现调整。当然，我在某些SaaS戏剧中看到了价值和机会，但我选择在这里弃权。</blockquote></p><p> The issue was manifested in the recent quarter. The stock sold off despite the excellent results. Though I don’t expect to see this over the next few quarters due to the excellent demand environment, this could be a risk thereafter. Despite the recent price decrease buffering the downside over the near term, there are still very high expectations of UiPath leaving further room for disappointment.</p><p><blockquote>这个问题在最近一个季度表现出来。尽管业绩出色，该股仍遭到抛售。尽管由于良好的需求环境，我预计未来几个季度不会看到这种情况，但此后这可能是一个风险。尽管最近的价格下跌缓冲了短期内的下行空间，但人们对UiPath的期望仍然很高，留下了进一步失望的空间。</blockquote></p><p> <b>Neutral in the Long-Term Despite Bullish on Short/Medium</b></p><p><blockquote><b>尽管短期/中期看涨，但长期中性</b></blockquote></p><p> UiPath is a unique software play where I am bullish over the near term, but prefer to not own over the longer. Usually, I would see drawdown risk in most of my preferred software plays over the short term, but would see the company growing into its valuation over time. Here, I see strong near-term alpha with the company delivering beyond expectations and seeing price gains towards where its been. I am much less confident in the opportunity after the RPA demand arising from corporate capital spending towards labor efficiency gets priced in which should happen over the next year.</p><p><blockquote>UiPath是一款独特的软件游戏，我短期内看好它，但不愿长期持有。通常，我会在短期内看到我喜欢的大多数软件存在回撤风险，但会看到该公司的估值随着时间的推移而增长。在这里，我看到了强劲的近期阿尔法，该公司的业绩超出了预期，并看到价格上涨。在企业资本支出对劳动力效率产生的RPA需求被定价后，我对这个机会的信心大大降低，这应该会在明年发生。</blockquote></p><p> I want to add a P.S. here and entertain the bull thesis. I am not an engineer. I have no competitive advantage in understanding the capabilities and advantages of software services. Thus, I can’t have confidence in my analysis (reading industry reports) of technology. If you have such capabilities and believe that UiPath has a strong competitive moat that may be difficult to replicate even with intense resource spend, then by all means be bullish over any time horizon (and please let me know in the comments).</p><p><blockquote>我想在这里补充一个P.S.并娱乐牛市论文。我不是工程师。我在了解软件服务的能力和优势方面没有竞争优势。因此，我对自己对技术的分析（阅读行业报告）没有信心。如果你有这样的能力，并且相信UiPath拥有强大的竞争护城河，即使投入大量资源也很难复制，那么无论如何都要看好任何时间范围（请在评论中告诉我）。</blockquote></p><p> Rare case as would be the opposite usually. I’m not an engineer and don’t understand exact differentiators and capabilities. If there’s something UiPath does that can’t be replicated even with high resource spend, then bullish over the long-term as well (please let me know in the comments).</p><p><blockquote>罕见的情况，通常是相反的。我不是工程师，不了解确切的差异化因素和功能。如果UiPath做了一些即使资源消耗很高也无法复制的事情，那么从长期来看也是看涨的（请在评论中告诉我）。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4460444-uipath-buy-for-the-near-hold-for-the-long-term\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PATH":"UiPath"},"source_url":"https://seekingalpha.com/article/4460444-uipath-buy-for-the-near-hold-for-the-long-term","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120786064","content_text":"Summary\n\nUiPath should deliver alpha over the near term thanks to its leadership position in the RPA space. RPA space should see elevated demand from labor issues.\nAnnual ramping of contracts should boost UiPath ARR which should in turn reflect positively in its price-action.\nLong-term is much less clear with high absolute and fair relative valuation combined with material execution risk.\n\npiranka/E+ via Getty Images\nInvestment Thesis\nUiPath(NYSE:PATH) is the leader of the robotic process automation (RPA) space. RPA will see increased demand in the current high-growth macro environment with labor shortage issues. UiPath is best positioned to capitalize on the opportunity.\nThe company is switching its focus to annual ramping which will benefit it operationally with happier customers and higher margins and inflate what matters most for investors, its annual recurring revenue (ARR).\nDespite my bullishness over the short term, I’m less confident over the long. I see execution risks primarily arising from cloud transition and competitive threats. The relatively fair, but absolutely high valuation opens the door to sub-par price performance over the long term.\nI recommend buying UiPath and monitoring noted issues. In the current picture, I recommend selling UiPath after increased demand from the macro catalysts is factored into the price.\nGreat Macro Backdrop for RPA Demand\nDemand for RPA will increase over the coming years. The backbone of my macro thesis is sticky wage inflation. There is strong labor demand with many firms downsizing during the pandemic and now all trying to re-grow their workforce in tandem. The private sector is trying to accommodate the strong pent-up demand following the pandemic. The reopening demand is further fueled by unprecedented government stimulus boosting incomes. Labor supply, however, is shrinking, both over the near term with increased incomes and structurally with many forced into early retirement and others taking a sabbatical from work who are evaluating life priorities. The shortage of labor supply and rising labor demand will cause wage inflation. Rising labor costs will catalyze investments that increase labor efficiency to protect margins; labor efficiency is th ekey value proposition of RPA.\nThe demand for RPA was already very high. RPA was the fastest-growing enterprise software segment in 2020 for the third year in a row according to Gartner. The market research company expects the excellent performance to continue with double-digit growth rates through 2024. Bear in mind that the high labor demand with the reopening picture was unclear at the time of these reports (latest released May 2021) as was the wage inflation and short labor supply. I believe that RPA adoption rates will be even higher than the high expectations due to the favorable macro-backdrop.\nCorporate investments into RPA should be further catalyzed by strong economic growth and low interest rates. These are also central pillars of my reopening macro-view. Technical stagflation is top-of-mind, but the environment is ripe for corporate investment practically. GDP growth may be technically decelerating but is still very high; interest rates and inflation may be climbing, and I expect them to climb further, but are still very low. The strong economy and low rates will increase corporate investment spend, RPA vendors will be key beneficiaries.\nBusiness consulting firms’ RPA focus is both evidence of industry experts’ confidence in the upcoming RPA demand as well as a catalyzer to industry growth. Major professional services firms are pushing their RPA services including Accenture(NYSE:ACN),Deloitte,E&Y,PwC,Cognizant(NASDAQ:CTSH),CGI(NYSE:GIB),Tata Consulting(TCS),Infosys(NYSE:INFY),Genpact(NYSE:G) along with many others. People in the know are investing in RPA as well as investing to grow RPA.\nAs the Leading RPA Vendor, UiPath has a Bright Near-Medium Term Outlook\nUiPath is the undisputed leader in the RPA space. Gartner produces a Magic Quadrant for the industry (chart below) which compares market players in their ability to execute and on their vision. UiPath is above the rest with best-in-class execution ability with a complete vision. UiPath’s domination is obvious; this is its third consecutive year in the leader chair. The Forrester Wave, another trusted technology services research firm,places UiPath in the pole position on its matrix which compares current offerings, strategy, and market presence. UiPath’s leadership is reflected in its market share; UiPath has a 29% market share of the RPA space, more than double its nearest competitor. UiPath is dominating the secular growth enterprise software segment that is RPA.\n\nSource: The Forrester Wave as displayed on SmartBridge\nAs the spending towards RPA grows so will UiPath’s revenue. As both the technical and market share leader it should see a very large percentage of the growing RPA spend. UiPath is among the best positioned to capitalize on the macroeconomic and corporate spending dynamics of the coming months.\nARR is Important and ARR will Get a Boost\nThe recent earnings call was very informative on UiPath’s ARR strategy. The company will be focusing on annual contracts instead of long-term ones. Usually, I wouldn’t be fond of this move as it means lower revenue visibility despite the pricing advantages of short-duration contracts. But in this case, I think that it’s the right thing to do. Annual contracts drive higher ROI for UiPath customers; according to management, customers make better use of UiPath when they get as much as they need instead of front-loading robots to take advantage of better prices through discounts. This is financially favorable for UiPath as well since long-term contracts tend to include price discounts; decreasing contract duration will result in fewer discounts and higher margins for UiPath.\nAnnual recurring revenue is critical for any service that offers subscriptions. This is due to the resiliency of recurring revenues; contracts are near-impossible and subscriptions are difficult to cancel in a downturn. Moreover, subscription software products have a learning curve and are difficult to churn from. Subscription revenues are highly visible and are highly valued by the market evident in the commonness of nosebleed valuations in the SaaS space. ARR will be key to watch for UiPath as self-described as their “most important metric”.\nThe switch to shorter-duration contracts will inflate ARR at the cost of revenue volatility.ASC 606 mandates that a percentage of revenue be recognized immediately and the rest amortized for long-term contracts. This artificially increases front-period revenues. UiPath focusing on annual ramping as opposed to long-term deals will reduce near-term revenues. However, ARR will increase as yearly amounts will increase due to lower discounts. I believe that higher ARR is what the market values and that this switch will benefit UiPath in market sentiment as well as operationally.\nTake Advantage of the Current Decline\nUiPath shares declined dramatically in September to deeply below IPO levels. The drawdown is even more surprising given the excellent results the company announced which was met with an immediate ~10% fall.\nSource: TradingView\nI see two main reasons for the falling-knife-like price action in the face of excellent operating performance: weak guidance and early investors leaving the train.\nUiPath announced results that beat across the board. UiPath delivered a top-line beat of $195.5 mn in revenue vs. the consensus estimate of $186.5 coupled with an ARR growth of 60% YoY vs. 55% consensus expectations. The company delivered operating profits vs. expectations of deep losses along with almost $30 mn narrower than expected FCF burn. So why didn’t the market like the results? My guess is high expectations. I think that the guidance was low looking further into the release and prior releases. UiPath beat its ARR guidance this quarter by a whopping $23.5 mn ($726.5 mn vs. at the mid-point of $702 mn - $704 mn guidance range). However, full-year guidance was only increased by $26 mn (at the mid-point, the range increased from $850 mn - $855 mn to $876 mn - $881 mn). What the market is reading here is that the demand environment seems to be slowing in the second half of the year and that the growth may decelerate from here out.\nI disagree with the market. I think that the management is sandbagging the guidance and leaving itself room to overdeliver. I highly doubt that the demand for its products will decrease in this environment but only accelerate and the set-up for alpha is great over the near term.\nA lot of early investors cashed out further pushing down the price. UiPath’s IPO lockup expired on the 9th of September. This can be the case with IPOs as many venture and pre-IPO investors are not able to sell their shares for a certain period.\nNow is a great time to buy with a short-term horizon. Below is a chart of UiPath’s forward revenue multiple and its share price (values on the right axis). Company multiples decreased proportionally to its share price, underlying growth remained resilient. A lot of the sellers are shaken out today and, I think, the downside from here will require concrete negative news while a return to IPO multiples will only need “some” good news. Risk-reward is skewed in the direction of the bull. With solid catalysts on the way, I think that UiPath will perform nicely over the coming months.\nSource: CapitalIQ\nCompetition is a Key Longer-Term Issue\nI’m less certain on future returns, however. The RPA space is attracting a lot of attention from giant enterprise vendors such as Microsoft(NASDAQ:MSFT),Salesforce(NYSE:CRM), and ServiceNow(NYSE:NOW), in addition to many other behemoths as well as pureplay competitors (competitive landscape is available in the charts above). Although this much attention from such important companies should be construed as a bullish sign in the viability of the product, competitive threats cannot be undermined. We see clearly that UiPath is far above the rest both in terms of capabilities and in market penetration, but these advantages may not be forever. The competitors mentioned have infinite financial resources and have a much, much wider sales network than that of UiPath. If these competitors decide to prioritize RPA, the outlook could be gloomy for UiPath.\nIncreasing competition seems to be the view of industry experts as well. The Gartner report expects pricing to decrease in the coming years. This is likely the result of more similar products on the market eroding pricing power.\nI see little risk over the near term. With UiPath as the leader, it should be best positioned for the upcoming high-demand environment. Many enterprises want single vendors which will be a benefit for UiPath today as if one vendor is chosen it will likely be the one with the best product offering. However, if UiPath’s technical leadership narrows, the exact opposite could be the case.\nThere is no reason to believe that UiPath will lose its leadership position currently. The company is investing heavily into R&D (32% of revenues over the past year) and the investment is bearing fruit with a lot of improvements/products on the horizon (document understanding, task mining, platform-agnostic capabilities, integration, and many more). However, the competition is a must-watch for UiPath investors.\nThis isn’t a dealbreaker as long as UiPath has the leading position, or at least until we see one or more of these enterprise software giants devoting serious resources towards the space. But the competition is still an issue as it creates execution risk; UiPath’s lunch is up for grabs if it can’t protect it.\nIndustry Switch to Cloud Bears Execution Risk\nThe future of the industry lies in the cloud; UiPath has a limited cloud offering.Only 2,850 out of 9,100+ UiPath customers have adopted the company’s cloud offering the Automation Cloud. With a lot of these enterprises likely using hybrid solutions, UiPath’s cloud computing capabilities lag behind its on-site solutions. As innovative as UiPath is it will likely manage the transformation, but again, this presents an additional execution risk.\nValuation is the Ultimate Long-Term Worry Despite Excellent KPIs\nUiPath has amazing KPIs. Its revenue and ARR growth are excellent and it's achieving this through minimal cash burn. The 144% net revenue retention rate is among the highest in the SaaS space and shows the value of the product. The space to land and expand is also growing with the number of customers rapidly increasing.\nHowever, these metrics, like the company’s leadership position, may not be permanent and may not be enough to support a lofty valuation. The entire SaaS space is extremely expensive in my opinion, and I would not consider being a long-term holder without absolute confidence. I don’t have absolute confidence in UiPath due to material execution risk, and to hold long-term I’d want to be compensated for that risk in valuation.\nUnfortunately, a lot of the benefits of UiPath are in the price in my opinion despite the recent drawdown. Below I’ve included my data table along with an output graph comparing two-year forward multiples with expected two-year revenue growth. The chart has a high r-squared meaning that the market values the relationship. UiPath is trading in line with peers implying that it’s pretty much fairly valued even when factoring in its very high growth expectations.\nSource: CapitalIQ\nSource: Author analysis\nI want to highlight that this comparison only justifies company valuation with respect to the SaaS space. If the SaaS space was valued like a normal industry, then I would most likely argue to buy UiPath and hold for the long-term as a quality company at a fair price. The absolute valuations are ridiculous in my opinion. The peer group average is 25x two-year forward revenues. Think about that for a minute. The Russell 3000 (represented here by iShares Russell 3000 ETF(NYSEARCA:IWV)) has a P/E ratio of 23x. This is trailing not forward. The SaaS group is trading at a higher ratio of not earnings but revenues. The space is very expensive and with rising interest rates, open to corrections. Of course, I see value and opportunity in certain SaaS plays, but I’m choosing to abstain here.\nThe issue was manifested in the recent quarter. The stock sold off despite the excellent results. Though I don’t expect to see this over the next few quarters due to the excellent demand environment, this could be a risk thereafter. Despite the recent price decrease buffering the downside over the near term, there are still very high expectations of UiPath leaving further room for disappointment.\nNeutral in the Long-Term Despite Bullish on Short/Medium\nUiPath is a unique software play where I am bullish over the near term, but prefer to not own over the longer. Usually, I would see drawdown risk in most of my preferred software plays over the short term, but would see the company growing into its valuation over time. Here, I see strong near-term alpha with the company delivering beyond expectations and seeing price gains towards where its been. I am much less confident in the opportunity after the RPA demand arising from corporate capital spending towards labor efficiency gets priced in which should happen over the next year.\nI want to add a P.S. here and entertain the bull thesis. I am not an engineer. I have no competitive advantage in understanding the capabilities and advantages of software services. Thus, I can’t have confidence in my analysis (reading industry reports) of technology. If you have such capabilities and believe that UiPath has a strong competitive moat that may be difficult to replicate even with intense resource spend, then by all means be bullish over any time horizon (and please let me know in the comments).\nRare case as would be the opposite usually. I’m not an engineer and don’t understand exact differentiators and capabilities. If there’s something UiPath does that can’t be replicated even with high resource spend, then bullish over the long-term as well (please let me know in the comments).","news_type":1,"symbols_score_info":{"PATH":0.9}},"isVote":1,"tweetType":1,"viewCount":2116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857684532,"gmtCreate":1635521961546,"gmtModify":1635521967442,"author":{"id":"4095228411424310","authorId":"4095228411424310","name":"wniewnie","avatar":"https://static.tigerbbs.com/ab9e48ec49e43b510444b042464b3b8d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095228411424310","idStr":"4095228411424310"},"themes":[],"htmlText":"Overrated","listText":"Overrated","text":"Overrated","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857684532","repostId":"1133473175","repostType":4,"repost":{"id":"1133473175","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":1635515330,"share":"https://www.laohu8.com/m/news/1133473175?lang=zh_CN&edition=full","pubTime":"2021-10-29 21:48","market":"us","language":"en","title":"Musk is worth more than 300 billion US dollars while Bezos is worth less than $200 billion<blockquote>马斯克身价超过3000亿美元贝索斯身价不到2000亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133473175","media":"Tiger Newspress","summary":"Tesla rose a little while Amazon tumbled over 3% in morning trading.\nAccording to Bloomberg Billiona","content":"<p>Tesla&nbsp;rose&nbsp;a&nbsp;little&nbsp;while&nbsp;Amazon&nbsp;tumbled&nbsp;over&nbsp;3%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/448fd2bf6f97ed348d5d3ead2d23c237\" tg-width=\"766\" tg-height=\"561\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/99e3d890f3e9b6d7e5cb2fb4a9e1ef78\" tg-width=\"760\" tg-height=\"569\" width=\"100%\" height=\"auto\"></p><p><blockquote>特斯拉小幅上涨，而亚马逊早盘下跌超过3%。</blockquote></p><p> According to Bloomberg Billionaire Index, Musk is currently worth $301.8 billion, while Bezos is worth less than $200 billion.</p><p><blockquote>根据彭博亿万富翁指数，马斯克目前的身价为3018亿美元，而贝佐斯的身价不到2000亿美元。</blockquote></p><p> Amazon's&nbsp;financial report&nbsp;showed&nbsp;that&nbsp;its&nbsp;sales&nbsp;in&nbsp;the third quarter&nbsp;rose 12% to $110.8 billion, compared with $96.1 billion in the second quarter of 2020. The figure was lower than Wall Street's previous forecast of $111.81 billion in net sales, and was thought to be the result of slowing growth after the surge in online shopping.Its&nbsp;Net profit was US $3.2 billion, down 50.2% from US $6.3 billion in the same period last year.Among them, product sales were US $54.88 billion, up 4% year-on-year, and service sales were US $55.93 billion, up 29% year-on-year.</p><p><blockquote>亚马逊财报显示，其第三季度销售额增长12%至1108亿美元，2020年第二季度为961亿美元。该数字低于华尔街此前预测的1118.1亿美元净销售额，被认为是网购激增后增长放缓的结果，其净利润为32亿美元，较去年同期的63亿美元下降50.2%。其中，产品销售额548.8亿美元，同比增长4%，服务销售额559.3亿美元，同比增长29%。</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>Musk is worth more than 300 billion US dollars while Bezos is worth less than $200 billion<blockquote>马斯克身价超过3000亿美元贝索斯身价不到2000亿美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMusk is worth more than 300 billion US dollars while Bezos is worth less than $200 billion<blockquote>马斯克身价超过3000亿美元贝索斯身价不到2000亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-29 21:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;rose&nbsp;a&nbsp;little&nbsp;while&nbsp;Amazon&nbsp;tumbled&nbsp;over&nbsp;3%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/448fd2bf6f97ed348d5d3ead2d23c237\" tg-width=\"766\" tg-height=\"561\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/99e3d890f3e9b6d7e5cb2fb4a9e1ef78\" tg-width=\"760\" tg-height=\"569\" width=\"100%\" height=\"auto\"></p><p><blockquote>特斯拉小幅上涨，而亚马逊早盘下跌超过3%。</blockquote></p><p> According to Bloomberg Billionaire Index, Musk is currently worth $301.8 billion, while Bezos is worth less than $200 billion.</p><p><blockquote>根据彭博亿万富翁指数，马斯克目前的身价为3018亿美元，而贝佐斯的身价不到2000亿美元。</blockquote></p><p> Amazon's&nbsp;financial report&nbsp;showed&nbsp;that&nbsp;its&nbsp;sales&nbsp;in&nbsp;the third quarter&nbsp;rose 12% to $110.8 billion, compared with $96.1 billion in the second quarter of 2020. The figure was lower than Wall Street's previous forecast of $111.81 billion in net sales, and was thought to be the result of slowing growth after the surge in online shopping.Its&nbsp;Net profit was US $3.2 billion, down 50.2% from US $6.3 billion in the same period last year.Among them, product sales were US $54.88 billion, up 4% year-on-year, and service sales were US $55.93 billion, up 29% year-on-year.</p><p><blockquote>亚马逊财报显示，其第三季度销售额增长12%至1108亿美元，2020年第二季度为961亿美元。该数字低于华尔街此前预测的1118.1亿美元净销售额，被认为是网购激增后增长放缓的结果，其净利润为32亿美元，较去年同期的63亿美元下降50.2%。其中，产品销售额548.8亿美元，同比增长4%，服务销售额559.3亿美元，同比增长29%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","AMZN":"亚马逊"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133473175","content_text":"Tesla rose a little while Amazon tumbled over 3% in morning trading.\nAccording to Bloomberg Billionaire Index, Musk is currently worth $301.8 billion, while Bezos is worth less than $200 billion.\nAmazon's financial report showed that its sales in the third quarter rose 12% to $110.8 billion, compared with $96.1 billion in the second quarter of 2020. The figure was lower than Wall Street's previous forecast of $111.81 billion in net sales, and was thought to be the result of slowing growth after the surge in online shopping.Its Net profit was US $3.2 billion, down 50.2% from US $6.3 billion in the same period last year.Among them, product sales were US $54.88 billion, up 4% year-on-year, and service sales were US $55.93 billion, up 29% year-on-year.","news_type":1,"symbols_score_info":{"AMZN":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2432,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":601553039,"gmtCreate":1638543629431,"gmtModify":1638543629524,"author":{"id":"4095228411424310","authorId":"4095228411424310","name":"wniewnie","avatar":"https://static.tigerbbs.com/ab9e48ec49e43b510444b042464b3b8d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095228411424310","authorIdStr":"4095228411424310"},"themes":[],"htmlText":"Marvell…","listText":"Marvell…","text":"Marvell…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/601553039","repostId":"1164103185","repostType":4,"repost":{"id":"1164103185","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":1638543422,"share":"https://www.laohu8.com/m/news/1164103185?lang=zh_CN&edition=full","pubTime":"2021-12-03 22:57","market":"us","language":"en","title":"Semiconductor stocks slid in morning trading<blockquote>半导体股早盘下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164103185","media":"Tiger Newspress","summary":"Semiconductor stocks slid in morning trading.Nvidia,TSMC,ASML and AMD fell about 2% while Marvell Te","content":"<p>Semiconductor stocks slid in morning trading.Nvidia,TSMC,ASML&nbsp;and&nbsp;AMD&nbsp;fell&nbsp;about&nbsp;2%&nbsp;while&nbsp;Marvell Technology&nbsp;soared&nbsp;17%.</p><p><blockquote>半导体股早盘下跌。英伟达、台积电、ASML和AMD下跌约2%，而Marvell Technology飙升17%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e4d133b94a6a4da67cbdefb76522317d\" tg-width=\"405\" tg-height=\"302\" width=\"100%\" height=\"auto\"></p><p><blockquote></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>Semiconductor stocks slid in morning trading<blockquote>半导体股早盘下跌</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\">\nSemiconductor stocks slid in morning trading<blockquote>半导体股早盘下跌</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\">2021-12-03 22:57</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Semiconductor stocks slid in morning trading.Nvidia,TSMC,ASML&nbsp;and&nbsp;AMD&nbsp;fell&nbsp;about&nbsp;2%&nbsp;while&nbsp;Marvell Technology&nbsp;soared&nbsp;17%.</p><p><blockquote>半导体股早盘下跌。英伟达、台积电、ASML和AMD下跌约2%，而Marvell Technology飙升17%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e4d133b94a6a4da67cbdefb76522317d\" tg-width=\"405\" tg-height=\"302\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164103185","content_text":"Semiconductor stocks slid in morning trading.Nvidia,TSMC,ASML and AMD fell about 2% while Marvell Technology soared 17%.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":2921,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":876445775,"gmtCreate":1637351805947,"gmtModify":1637351806090,"author":{"id":"4095228411424310","authorId":"4095228411424310","name":"wniewnie","avatar":"https://static.tigerbbs.com/ab9e48ec49e43b510444b042464b3b8d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095228411424310","authorIdStr":"4095228411424310"},"themes":[],"htmlText":"Worrying","listText":"Worrying","text":"Worrying","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/876445775","repostId":"1112678123","repostType":4,"repost":{"id":"1112678123","kind":"news","pubTimestamp":1637334723,"share":"https://www.laohu8.com/m/news/1112678123?lang=zh_CN&edition=full","pubTime":"2021-11-19 23:12","market":"us","language":"en","title":"Inflation has ‘further to go:’ Goldman Sachs<blockquote>高盛：通胀“还有更长的路要走”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112678123","media":"Yahoo","summary":"Inflation remains a cause for concern as data continues to butt heads with the White House and the F","content":"<p>Inflation&nbsp;remains a cause for concern as data continues to butt heads with the White House and the Fed’s claim that the price hikes will be “transitory.” According to a Nov. 13 report released by Goldman Sachs Economic Research (GS) however, though inflation has already reached a 30-year high, it may still have more to run.</p><p><blockquote>通胀仍然令人担忧，因为数据继续与白宫和美联储关于物价上涨将是“暂时的”的说法发生冲突。然而，根据高盛经济研究(GS)11月13日发布的报告，尽管通胀已经达到30年来的新高，但可能仍有更多的上涨空间。</blockquote></p><p> “The US economy largely followed the rapid road to recovery that we expected this year and is on track to round out the recovery next year as most of the remaining effects of the pandemic fade,” the report reads. “But this year also brought a major surprise: a surge in inflation that has already reached a 30-year high and still has further to go.”</p><p><blockquote>报告称：“美国经济今年基本上遵循了我们预期的快速复苏之路，随着疫情的大部分剩余影响消退，美国经济有望在明年完成复苏。”“但今年也带来了一个重大惊喜：通胀飙升，已经达到30年来的新高，而且还有很长的路要走。”</blockquote></p><p> The report suggests that this overshoot in inflation is largely attributable to the rise in durable goods prices caused by the persistentsupply chain crunch. Goldman Sachs Economic Research also expects inflationary pressures from wage and rent growth, but this will only keep inflation “moderately above 2%,” in line with the Fed’s updated framework target.</p><p><blockquote>报告表明，通胀超调很大程度上归因于持续的供应链紧缩导致耐用品价格上涨。高盛经济研究还预计，工资和租金增长将带来通胀压力，但这只会使通胀“适度高于2%”，与美联储更新后的框架目标一致。</blockquote></p><p> “The current inflation surge will get worse this winter before it gets better, but as supply-constrained categories shift from a transitory inflationary boost to a transitory deflationary drag, we expect core PCE inflation to fall from 4.4% at end-2021 to 2.3% at end-2022,” the report reads.</p><p><blockquote>“当前的通胀飙升在好转之前将在今年冬天变得更糟，但随着供应受限类别从暂时的通胀提振转变为暂时的通缩拖累，我们预计核心PCE通胀率将从2021年底的4.4%降至2.3%到2022年底，”报告写道。</blockquote></p><p> Goldman also expects the economy to reaccelerate to above a 4% growth rate throughout the next several quarters, citing the reopening of the service sector, consumer spending of pent-up savings, and inventory restocking.</p><p><blockquote>高盛还预计，未来几个季度经济将重新加速至4%以上的增长率，理由是服务业重新开放、消费者支出被压抑的储蓄以及库存补充。</blockquote></p><p> “These forces will contend with a large and steady headwind from diminishing fiscal support that we expect will ultimately leave GDP growth near potential by late 2022,” the report reads.</p><p><blockquote>报告称：“这些力量将应对财政支持减少带来的巨大而稳定的阻力，我们预计到2022年底，GDP增长最终将接近潜力。”</blockquote></p><p> <b>Tapering timeline</b></p><p><blockquote><b>逐渐减少的时间表</b></blockquote></p><p> One of the major implications of these inflation expectations is anupdated timelinefor the Fed’s first rate hikes. The report states that Goldman Sachs would be pulling forward its forecast of the timing of the Fed’s first rate hike to July 2022, shortly after tapering ends.</p><p><blockquote>这些通胀预期的主要影响之一是美联储首次加息的更新时间表。报告指出，高盛将把对美联储首次加息时间的预测提前至2022年7月，即缩减结束后不久。</blockquote></p><p> The FOMC is currently scheduled tocompletethe tapering process by mid-June of 2022. Policymakers will meet next in mid-December where they will submit updated economic forecasts and expected policy paths. In September, around half of policymakers believed that a rate hike would not be necessary until 2023.</p><p><blockquote>FOMC目前计划于2022年6月中旬完成缩减进程。政策制定者将于12月中旬举行下一次会议，届时他们将提交最新的经济预测和预期的政策路径。9月份，大约一半的政策制定者认为，在2023年之前没有必要加息。</blockquote></p><p> “Inflation will have run far above target for a while by then, and we think a seamless move from tapering to rate hikes will be the path of least resistance, with a first hike in July and a second in November,” the report reads. “Because we expect growth and inflation to settle down by year-end without a need for aggressive monetary policy tightening, we have penciled in a slower pace of two hikes per year thereafter.”</p><p><blockquote>报告称：“届时通胀将在一段时间内远高于目标，我们认为从缩减到加息的无缝过渡将是阻力最小的路径，第一次加息将在7月进行，第二次加息将在11月进行。”“由于我们预计经济增长和通胀将在年底前稳定下来，无需大幅收紧货币政策，因此我们预计此后每年加息两次的速度会较慢。”</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>Inflation has ‘further to go:’ Goldman Sachs<blockquote>高盛：通胀“还有更长的路要走”</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\">\nInflation has ‘further to go:’ Goldman Sachs<blockquote>高盛：通胀“还有更长的路要走”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo</strong><span class=\"h-time small\">2021-11-19 23:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Inflation&nbsp;remains a cause for concern as data continues to butt heads with the White House and the Fed’s claim that the price hikes will be “transitory.” According to a Nov. 13 report released by Goldman Sachs Economic Research (GS) however, though inflation has already reached a 30-year high, it may still have more to run.</p><p><blockquote>通胀仍然令人担忧，因为数据继续与白宫和美联储关于物价上涨将是“暂时的”的说法发生冲突。然而，根据高盛经济研究(GS)11月13日发布的报告，尽管通胀已经达到30年来的新高，但可能仍有更多的上涨空间。</blockquote></p><p> “The US economy largely followed the rapid road to recovery that we expected this year and is on track to round out the recovery next year as most of the remaining effects of the pandemic fade,” the report reads. “But this year also brought a major surprise: a surge in inflation that has already reached a 30-year high and still has further to go.”</p><p><blockquote>报告称：“美国经济今年基本上遵循了我们预期的快速复苏之路，随着疫情的大部分剩余影响消退，美国经济有望在明年完成复苏。”“但今年也带来了一个重大惊喜：通胀飙升，已经达到30年来的新高，而且还有很长的路要走。”</blockquote></p><p> The report suggests that this overshoot in inflation is largely attributable to the rise in durable goods prices caused by the persistentsupply chain crunch. Goldman Sachs Economic Research also expects inflationary pressures from wage and rent growth, but this will only keep inflation “moderately above 2%,” in line with the Fed’s updated framework target.</p><p><blockquote>报告表明，通胀超调很大程度上归因于持续的供应链紧缩导致耐用品价格上涨。高盛经济研究还预计，工资和租金增长将带来通胀压力，但这只会使通胀“适度高于2%”，与美联储更新后的框架目标一致。</blockquote></p><p> “The current inflation surge will get worse this winter before it gets better, but as supply-constrained categories shift from a transitory inflationary boost to a transitory deflationary drag, we expect core PCE inflation to fall from 4.4% at end-2021 to 2.3% at end-2022,” the report reads.</p><p><blockquote>“当前的通胀飙升在好转之前将在今年冬天变得更糟，但随着供应受限类别从暂时的通胀提振转变为暂时的通缩拖累，我们预计核心PCE通胀率将从2021年底的4.4%降至2.3%到2022年底，”报告写道。</blockquote></p><p> Goldman also expects the economy to reaccelerate to above a 4% growth rate throughout the next several quarters, citing the reopening of the service sector, consumer spending of pent-up savings, and inventory restocking.</p><p><blockquote>高盛还预计，未来几个季度经济将重新加速至4%以上的增长率，理由是服务业重新开放、消费者支出被压抑的储蓄以及库存补充。</blockquote></p><p> “These forces will contend with a large and steady headwind from diminishing fiscal support that we expect will ultimately leave GDP growth near potential by late 2022,” the report reads.</p><p><blockquote>报告称：“这些力量将应对财政支持减少带来的巨大而稳定的阻力，我们预计到2022年底，GDP增长最终将接近潜力。”</blockquote></p><p> <b>Tapering timeline</b></p><p><blockquote><b>逐渐减少的时间表</b></blockquote></p><p> One of the major implications of these inflation expectations is anupdated timelinefor the Fed’s first rate hikes. The report states that Goldman Sachs would be pulling forward its forecast of the timing of the Fed’s first rate hike to July 2022, shortly after tapering ends.</p><p><blockquote>这些通胀预期的主要影响之一是美联储首次加息的更新时间表。报告指出，高盛将把对美联储首次加息时间的预测提前至2022年7月，即缩减结束后不久。</blockquote></p><p> The FOMC is currently scheduled tocompletethe tapering process by mid-June of 2022. Policymakers will meet next in mid-December where they will submit updated economic forecasts and expected policy paths. In September, around half of policymakers believed that a rate hike would not be necessary until 2023.</p><p><blockquote>FOMC目前计划于2022年6月中旬完成缩减进程。政策制定者将于12月中旬举行下一次会议，届时他们将提交最新的经济预测和预期的政策路径。9月份，大约一半的政策制定者认为，在2023年之前没有必要加息。</blockquote></p><p> “Inflation will have run far above target for a while by then, and we think a seamless move from tapering to rate hikes will be the path of least resistance, with a first hike in July and a second in November,” the report reads. “Because we expect growth and inflation to settle down by year-end without a need for aggressive monetary policy tightening, we have penciled in a slower pace of two hikes per year thereafter.”</p><p><blockquote>报告称：“届时通胀将在一段时间内远高于目标，我们认为从缩减到加息的无缝过渡将是阻力最小的路径，第一次加息将在7月进行，第二次加息将在11月进行。”“由于我们预计经济增长和通胀将在年底前稳定下来，无需大幅收紧货币政策，因此我们预计此后每年加息两次的速度会较慢。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/inflation-at-30-year-high-has-further-to-go-goldman-sachs-150441968.html\">Yahoo</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"},"source_url":"https://finance.yahoo.com/news/inflation-at-30-year-high-has-further-to-go-goldman-sachs-150441968.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112678123","content_text":"Inflation remains a cause for concern as data continues to butt heads with the White House and the Fed’s claim that the price hikes will be “transitory.” According to a Nov. 13 report released by Goldman Sachs Economic Research (GS) however, though inflation has already reached a 30-year high, it may still have more to run.\n“The US economy largely followed the rapid road to recovery that we expected this year and is on track to round out the recovery next year as most of the remaining effects of the pandemic fade,” the report reads. “But this year also brought a major surprise: a surge in inflation that has already reached a 30-year high and still has further to go.”\nThe report suggests that this overshoot in inflation is largely attributable to the rise in durable goods prices caused by the persistentsupply chain crunch. Goldman Sachs Economic Research also expects inflationary pressures from wage and rent growth, but this will only keep inflation “moderately above 2%,” in line with the Fed’s updated framework target.\n“The current inflation surge will get worse this winter before it gets better, but as supply-constrained categories shift from a transitory inflationary boost to a transitory deflationary drag, we expect core PCE inflation to fall from 4.4% at end-2021 to 2.3% at end-2022,” the report reads.\nGoldman also expects the economy to reaccelerate to above a 4% growth rate throughout the next several quarters, citing the reopening of the service sector, consumer spending of pent-up savings, and inventory restocking.\n“These forces will contend with a large and steady headwind from diminishing fiscal support that we expect will ultimately leave GDP growth near potential by late 2022,” the report reads.\nTapering timeline\nOne of the major implications of these inflation expectations is anupdated timelinefor the Fed’s first rate hikes. The report states that Goldman Sachs would be pulling forward its forecast of the timing of the Fed’s first rate hike to July 2022, shortly after tapering ends.\nThe FOMC is currently scheduled tocompletethe tapering process by mid-June of 2022. Policymakers will meet next in mid-December where they will submit updated economic forecasts and expected policy paths. In September, around half of policymakers believed that a rate hike would not be necessary until 2023.\n“Inflation will have run far above target for a while by then, and we think a seamless move from tapering to rate hikes will be the path of least resistance, with a first hike in July and a second in November,” the report reads. “Because we expect growth and inflation to settle down by year-end without a need for aggressive monetary policy tightening, we have penciled in a slower pace of two hikes per year thereafter.”","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":3356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857684532,"gmtCreate":1635521961546,"gmtModify":1635521967442,"author":{"id":"4095228411424310","authorId":"4095228411424310","name":"wniewnie","avatar":"https://static.tigerbbs.com/ab9e48ec49e43b510444b042464b3b8d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095228411424310","authorIdStr":"4095228411424310"},"themes":[],"htmlText":"Overrated","listText":"Overrated","text":"Overrated","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857684532","repostId":"1133473175","repostType":4,"repost":{"id":"1133473175","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":1635515330,"share":"https://www.laohu8.com/m/news/1133473175?lang=zh_CN&edition=full","pubTime":"2021-10-29 21:48","market":"us","language":"en","title":"Musk is worth more than 300 billion US dollars while Bezos is worth less than $200 billion<blockquote>马斯克身价超过3000亿美元贝索斯身价不到2000亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133473175","media":"Tiger Newspress","summary":"Tesla rose a little while Amazon tumbled over 3% in morning trading.\nAccording to Bloomberg Billiona","content":"<p>Tesla&nbsp;rose&nbsp;a&nbsp;little&nbsp;while&nbsp;Amazon&nbsp;tumbled&nbsp;over&nbsp;3%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/448fd2bf6f97ed348d5d3ead2d23c237\" tg-width=\"766\" tg-height=\"561\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/99e3d890f3e9b6d7e5cb2fb4a9e1ef78\" tg-width=\"760\" tg-height=\"569\" width=\"100%\" height=\"auto\"></p><p><blockquote>特斯拉小幅上涨，而亚马逊早盘下跌超过3%。</blockquote></p><p> According to Bloomberg Billionaire Index, Musk is currently worth $301.8 billion, while Bezos is worth less than $200 billion.</p><p><blockquote>根据彭博亿万富翁指数，马斯克目前的身价为3018亿美元，而贝佐斯的身价不到2000亿美元。</blockquote></p><p> Amazon's&nbsp;financial report&nbsp;showed&nbsp;that&nbsp;its&nbsp;sales&nbsp;in&nbsp;the third quarter&nbsp;rose 12% to $110.8 billion, compared with $96.1 billion in the second quarter of 2020. The figure was lower than Wall Street's previous forecast of $111.81 billion in net sales, and was thought to be the result of slowing growth after the surge in online shopping.Its&nbsp;Net profit was US $3.2 billion, down 50.2% from US $6.3 billion in the same period last year.Among them, product sales were US $54.88 billion, up 4% year-on-year, and service sales were US $55.93 billion, up 29% year-on-year.</p><p><blockquote>亚马逊财报显示，其第三季度销售额增长12%至1108亿美元，2020年第二季度为961亿美元。该数字低于华尔街此前预测的1118.1亿美元净销售额，被认为是网购激增后增长放缓的结果，其净利润为32亿美元，较去年同期的63亿美元下降50.2%。其中，产品销售额548.8亿美元，同比增长4%，服务销售额559.3亿美元，同比增长29%。</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>Musk is worth more than 300 billion US dollars while Bezos is worth less than $200 billion<blockquote>马斯克身价超过3000亿美元贝索斯身价不到2000亿美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMusk is worth more than 300 billion US dollars while Bezos is worth less than $200 billion<blockquote>马斯克身价超过3000亿美元贝索斯身价不到2000亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-29 21:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;rose&nbsp;a&nbsp;little&nbsp;while&nbsp;Amazon&nbsp;tumbled&nbsp;over&nbsp;3%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/448fd2bf6f97ed348d5d3ead2d23c237\" tg-width=\"766\" tg-height=\"561\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/99e3d890f3e9b6d7e5cb2fb4a9e1ef78\" tg-width=\"760\" tg-height=\"569\" width=\"100%\" height=\"auto\"></p><p><blockquote>特斯拉小幅上涨，而亚马逊早盘下跌超过3%。</blockquote></p><p> According to Bloomberg Billionaire Index, Musk is currently worth $301.8 billion, while Bezos is worth less than $200 billion.</p><p><blockquote>根据彭博亿万富翁指数，马斯克目前的身价为3018亿美元，而贝佐斯的身价不到2000亿美元。</blockquote></p><p> Amazon's&nbsp;financial report&nbsp;showed&nbsp;that&nbsp;its&nbsp;sales&nbsp;in&nbsp;the third quarter&nbsp;rose 12% to $110.8 billion, compared with $96.1 billion in the second quarter of 2020. The figure was lower than Wall Street's previous forecast of $111.81 billion in net sales, and was thought to be the result of slowing growth after the surge in online shopping.Its&nbsp;Net profit was US $3.2 billion, down 50.2% from US $6.3 billion in the same period last year.Among them, product sales were US $54.88 billion, up 4% year-on-year, and service sales were US $55.93 billion, up 29% year-on-year.</p><p><blockquote>亚马逊财报显示，其第三季度销售额增长12%至1108亿美元，2020年第二季度为961亿美元。该数字低于华尔街此前预测的1118.1亿美元净销售额，被认为是网购激增后增长放缓的结果，其净利润为32亿美元，较去年同期的63亿美元下降50.2%。其中，产品销售额548.8亿美元，同比增长4%，服务销售额559.3亿美元，同比增长29%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","AMZN":"亚马逊"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133473175","content_text":"Tesla rose a little while Amazon tumbled over 3% in morning trading.\nAccording to Bloomberg Billionaire Index, Musk is currently worth $301.8 billion, while Bezos is worth less than $200 billion.\nAmazon's financial report showed that its sales in the third quarter rose 12% to $110.8 billion, compared with $96.1 billion in the second quarter of 2020. The figure was lower than Wall Street's previous forecast of $111.81 billion in net sales, and was thought to be the result of slowing growth after the surge in online shopping.Its Net profit was US $3.2 billion, down 50.2% from US $6.3 billion in the same period last year.Among them, product sales were US $54.88 billion, up 4% year-on-year, and service sales were US $55.93 billion, up 29% year-on-year.","news_type":1,"symbols_score_info":{"AMZN":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2432,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":601003500,"gmtCreate":1638457238698,"gmtModify":1638457247411,"author":{"id":"4095228411424310","authorId":"4095228411424310","name":"wniewnie","avatar":"https://static.tigerbbs.com/ab9e48ec49e43b510444b042464b3b8d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095228411424310","authorIdStr":"4095228411424310"},"themes":[],"htmlText":"Gogo","listText":"Gogo","text":"Gogo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/601003500","repostId":"2188124518","repostType":2,"isVote":1,"tweetType":1,"viewCount":3091,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":870905563,"gmtCreate":1636566417791,"gmtModify":1636566417791,"author":{"id":"4095228411424310","authorId":"4095228411424310","name":"wniewnie","avatar":"https://static.tigerbbs.com/ab9e48ec49e43b510444b042464b3b8d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095228411424310","authorIdStr":"4095228411424310"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PATH\">$PATH 20211217 50.0 PUT(PATH)$</a>Up up","listText":"<a href=\"https://laohu8.com/S/PATH\">$PATH 20211217 50.0 PUT(PATH)$</a>Up up","text":"$PATH 20211217 50.0 PUT(PATH)$Up up","images":[{"img":"https://static.tigerbbs.com/365514e7f243fdf6bd6c9585452a426f","width":"1242","height":"2448"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/870905563","isVote":1,"tweetType":1,"viewCount":2905,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":841786866,"gmtCreate":1635943378446,"gmtModify":1635943431163,"author":{"id":"4095228411424310","authorId":"4095228411424310","name":"wniewnie","avatar":"https://static.tigerbbs.com/ab9e48ec49e43b510444b042464b3b8d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095228411424310","authorIdStr":"4095228411424310"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/841786866","repostId":"1120786064","repostType":2,"repost":{"id":"1120786064","kind":"news","pubTimestamp":1634612546,"share":"https://www.laohu8.com/m/news/1120786064?lang=zh_CN&edition=full","pubTime":"2021-10-19 11:02","market":"us","language":"en","title":"UiPath: Buy For The Near Term, Hold For The Long Term<blockquote>UiPath：短期买入，长期持有</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120786064","media":"Seeking Alpha","summary":"Summary\n\nUiPath should deliver alpha over the near term thanks to its leadership position in the RPA","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>UiPath should deliver alpha over the near term thanks to its leadership position in the RPA space. RPA space should see elevated demand from labor issues.</li>  <li>Annual ramping of contracts should boost UiPath ARR which should in turn reflect positively in its price-action.</li>  <li>Long-term is much less clear with high absolute and fair relative valuation combined with material execution risk.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dee1fdf98ac633e790ad107e02096867\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>piranka/E+ via Getty Images</span></p><p><blockquote><ul><li>由于其在RPA领域的领导地位，UiPath应该会在短期内交付alpha。劳动力问题对RPA领域的需求应该会增加。</li><li>合同的年度增长应该会提高UiPath ARR，这反过来应该会积极反映在其价格走势中。</li><li>由于绝对和公平的相对估值较高，加上重大的执行风险，长期前景就不那么明朗了。</li></ul><p class=\"t-img-caption\"><span>皮兰卡/E+来自盖蒂图片社</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> UiPath(NYSE:PATH)&nbsp;is the leader of the robotic process automation (RPA) space. RPA will see increased demand in the current high-growth macro environment with labor shortage issues. UiPath is best positioned to capitalize on the opportunity.</p><p><blockquote>UiPath（纽约证券交易所股票代码：PATH）是机器人过程自动化(RPA)领域的领导者。在当前劳动力短缺问题的高增长宏观环境下，RPA的需求将会增加。UiPath最适合利用这一机会。</blockquote></p><p> The company is switching its focus to annual ramping which will benefit it operationally with happier customers and higher margins and inflate what matters most for investors, its annual recurring revenue (ARR).</p><p><blockquote>该公司正在将重点转向年度增长，这将有利于其运营，带来更满意的客户和更高的利润率，并扩大对投资者来说最重要的东西，即年度经常性收入（ARR）。</blockquote></p><p> Despite my bullishness over the short term, I’m less confident over the long. I see execution risks primarily arising from cloud transition and competitive threats. The relatively fair, but absolutely high valuation opens the door to sub-par price performance over the long term.</p><p><blockquote>尽管我对短期持乐观态度，但我对长期信心不足。我认为执行风险主要来自云过渡和竞争威胁。相对公平但绝对高估值为长期低于标准的价格表现打开了大门。</blockquote></p><p> I recommend buying UiPath and monitoring noted issues. In the current picture, I recommend selling UiPath after increased demand from the macro catalysts is factored into the price.</p><p><blockquote>我建议购买UiPath并监控注意到的问题。在目前的情况下，我建议在将宏观催化剂的需求增加纳入价格后出售UiPath。</blockquote></p><p> <b>Great Macro Backdrop for RPA Demand</b></p><p><blockquote><b>RPA需求的良好宏观背景</b></blockquote></p><p> Demand for RPA will increase over the coming years. The backbone of my macro thesis is sticky wage inflation. There is strong labor demand with many firms downsizing during the pandemic and now all trying to re-grow their workforce in tandem. The private sector is trying to accommodate the strong pent-up demand following the pandemic. The reopening demand is further fueled by unprecedented government stimulus boosting incomes. Labor supply, however, is shrinking, both over the near term with increased incomes and structurally with many forced into early retirement and others taking a sabbatical from work who are evaluating life priorities. The shortage of labor supply and rising labor demand will cause wage inflation. Rising labor costs will catalyze investments that increase labor efficiency to protect margins; labor efficiency is th&nbsp;ekey value proposition of RPA.</p><p><blockquote>未来几年，对RPA的需求将会增加。我的宏观论文的支柱是粘性工资通胀。劳动力需求强劲，许多公司在疫情期间裁员，现在都试图同步重新增加劳动力。私营部门正试图适应疫情之后被压抑的强劲需求。前所未有的政府刺激措施进一步推动了重新开放的需求。然而，劳动力供应正在萎缩，无论是在短期内收入增加，还是在结构性上，许多人被迫提前退休，其他人正在休假评估生活优先事项。劳动力供给的短缺和劳动力需求的上升会造成工资通胀。劳动力成本上升将催化提高劳动力效率的投资，以保护利润率；劳动效率是RPA的关键价值主张。</blockquote></p><p> The demand for RPA was already very high. RPA was the fastest-growing enterprise software segment in 2020 for the third year&nbsp;in a row&nbsp;according to&nbsp;Gartner. The market research company&nbsp;expects&nbsp;the excellent performance to continue with double-digit growth rates through 2024. Bear in mind that the high labor demand with the reopening picture was unclear at the time of these reports (latest released May 2021) as was the wage inflation and short labor supply. I believe that RPA adoption rates will be even higher than the high expectations due to the favorable macro-backdrop.</p><p><blockquote>对RPA的需求已经非常高。根据Gartner的数据，RPA连续第三年成为2020年增长最快的企业软件领域。该市场研究公司预计，到2024年，这一优异表现将以两位数的增长率持续下去。请记住，在这些报告（最新发布于2021年5月）发布时，重新开放的高劳动力需求以及工资通胀和劳动力供应短缺尚不清楚。我相信，由于有利的宏观背景，RPA采用率将高于高预期。</blockquote></p><p> Corporate investments into RPA should be further catalyzed by strong economic growth and low interest rates. These are also central pillars of my reopening macro-view. Technical stagflation is top-of-mind, but the environment is ripe for corporate investment practically. GDP growth may be technically decelerating but is still very high; interest rates and inflation may be climbing, and I expect them to climb further, but are still very low. The strong economy and low rates will increase corporate investment spend, RPA vendors will be key beneficiaries.</p><p><blockquote>强劲的经济增长和低利率应该会进一步促进企业对RPA的投资。这些也是我重新开放宏观观点的核心支柱。技术性滞胀是人们最关心的问题，但企业投资的环境实际上已经成熟。GDP增长可能在技术上减速，但仍然很高；利率和通胀可能正在攀升，我预计它们会进一步攀升，但仍然很低。强劲的经济和低利率将增加企业投资支出，RPA供应商将是主要受益者。</blockquote></p><p> Business consulting firms’ RPA focus is both evidence of industry experts’ confidence in the upcoming RPA demand as well as a catalyzer to industry growth. Major professional services firms are pushing their RPA services including&nbsp;Accenture(NYSE:ACN),Deloitte,E&amp;Y,PwC,Cognizant(NASDAQ:CTSH),CGI(NYSE:GIB),Tata Consulting(TCS),Infosys(NYSE:INFY),Genpact(NYSE:G)&nbsp;along with many others. People in the know are investing in RPA as well as investing to grow RPA.</p><p><blockquote>商业咨询公司对RPA的关注既证明了行业专家对即将到来的RPA需求的信心，也是行业增长的催化剂。主要的专业服务公司正在推广他们的RPA服务，包括Accenture(NYSE：ACN)、Deloitte、E&amp;Y、PwC、Cognizant(纳斯达克：CTSH)、CGI(NYSE：GIB)、Tata Consulting(TCS)、Infosys(NYSE：INFY)、Genpact(NYSE：G)以及许多其他公司。知情人士正在投资RPA，也在投资发展RPA。</blockquote></p><p> <b>As the Leading RPA Vendor, UiPath has a Bright Near-Medium Term Outlook</b></p><p><blockquote><b>作为领先的RPA供应商，UiPath拥有光明的近中期前景</b></blockquote></p><p></p><p> UiPath is the undisputed leader in the RPA space. Gartner produces a&nbsp;Magic Quadrant&nbsp;for the industry (chart below) which compares market players in their ability to execute and on their vision. UiPath is above the rest with best-in-class execution ability with a complete vision. UiPath’s domination is obvious; this is its third consecutive year in the leader chair. The Forrester Wave, another trusted technology services research firm,places&nbsp;UiPath in the pole position on its matrix which compares current offerings, strategy, and market presence. UiPath’s leadership is reflected in its market share; UiPath has a 29%&nbsp;market share&nbsp;of the RPA space, more than double its nearest competitor. UiPath is dominating the secular growth enterprise software segment that is RPA.</p><p><blockquote>UiPath是RPA领域无可争议的领导者。Gartner为行业制作了一个魔力象限（下图），比较了市场参与者的执行能力和愿景。UiPath以一流的执行能力和完整的愿景脱颖而出。UiPath的统治地位显而易见；这是它连续第三年担任领导主席。另一家值得信赖的技术服务研究公司Forrester Wave在其比较当前产品、战略和市场份额的矩阵中将UiPath置于领先地位。UiPath的领先地位体现在其市场份额上；UiPath在RPA领域拥有29%的市场份额，是最接近的竞争对手的两倍多。UiPath在RPA这一长期增长的企业软件领域占据主导地位。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/53eae62a5495303c0d14baf4748d3ef0\" tg-width=\"640\" tg-height=\"718\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0401f457f330522fdcea2beed7b2efd4\" tg-width=\"567\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Source: The Forrester Wave as displayed on SmartBridge</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SmartBridge上显示的Forrester Wave</span></p></blockquote></p><p> As the spending towards RPA grows so will UiPath’s revenue. As both the technical and market share leader it should see a very large percentage of the growing RPA spend. UiPath is among the best positioned to capitalize on the macroeconomic and corporate spending dynamics of the coming months.</p><p><blockquote>随着RPA支出的增长，UiPath的收入也会增长。作为技术和市场份额的领导者，它应该会在不断增长的RPA支出中占据很大比例。UiPath是最有能力利用未来几个月宏观经济和企业支出动态的公司之一。</blockquote></p><p> <b>ARR is Important and ARR will Get a Boost</b></p><p><blockquote><b>ARR很重要，ARR将得到提升</b></blockquote></p><p> The recent&nbsp;earnings call&nbsp;was very informative on UiPath’s ARR strategy. The company will be focusing on annual contracts instead of long-term ones. Usually, I wouldn’t be fond of this move as it means lower revenue visibility despite the pricing advantages of short-duration contracts. But in this case, I think that it’s the right thing to do. Annual contracts drive higher ROI for UiPath customers; according to management, customers make better use of UiPath when they get as much as they need instead of front-loading robots to take advantage of better prices through discounts. This is financially favorable for UiPath as well since long-term contracts tend to include price discounts; decreasing contract duration will result in fewer discounts and higher margins for UiPath.</p><p><blockquote>最近的收益看涨期权对UiPath的ARR策略提供了非常丰富的信息。该公司将专注于年度合同，而不是长期合同。通常，我不会喜欢这一举措，因为尽管短期合同具有定价优势，但这意味着收入可见性较低。但在这种情况下，我认为这是正确的做法。年度合同为UiPath客户带来更高的投资回报率；据管理层称，当客户获得所需数量时，他们会更好地利用UiPath，而不是通过折扣利用更好的价格。这对UiPath来说在财务上也是有利的，因为长期合同往往包含价格折扣；缩短合同期限将导致UiPath的折扣更少，利润更高。</blockquote></p><p> Annual recurring revenue is critical for any service that offers subscriptions. This is due to the resiliency of recurring revenues; contracts are near-impossible and subscriptions are difficult to cancel in a downturn. Moreover, subscription software products have a learning curve and are difficult to churn from. Subscription revenues are highly visible and are highly valued by the market evident in the commonness of nosebleed valuations in the SaaS space. ARR will be key to watch for UiPath as self-described as their “most important metric”.</p><p><blockquote>年度经常性收入对于任何提供订阅的服务都至关重要。这是由于经常性收入的弹性；合同几乎是不可能的，在经济低迷时期也很难取消订阅。此外，订阅软件产品有一个学习曲线，很难流失。订阅收入非常明显，并且受到市场的高度重视，这一点在SaaS领域的估值普遍存在。ARR将是UiPath关注的关键，UiPath自称为“最重要的指标”。</blockquote></p><p> The switch to shorter-duration contracts will inflate ARR at the cost of revenue volatility.ASC 606&nbsp;mandates that a percentage of revenue be recognized immediately and the rest amortized for long-term contracts. This artificially increases front-period revenues. UiPath focusing on annual ramping as opposed to long-term deals will reduce near-term revenues. However, ARR will increase as yearly amounts will increase due to lower discounts. I believe that higher ARR is what the market values and that this switch will benefit UiPath in market sentiment as well as operationally.</p><p><blockquote>转向短期合同将以收入波动为代价抬高ARR.ASC 606要求立即确认一定比例的收入，其余部分为长期合同摊销。这人为地增加了前期收入。UiPath专注于年度增长而不是长期交易将减少近期收入。然而，ARR将会增加，因为由于折扣较低，每年的金额将会增加。我相信更高的ARR是市场所看重的，这一转变将使UiPath在市场情绪和运营方面受益。</blockquote></p><p> <b>Take Advantage of the Current Decline</b></p><p><blockquote><b>利用当前的下跌</b></blockquote></p><p> UiPath shares declined dramatically in September to deeply below IPO levels. The drawdown is even more surprising given the excellent results the company announced which was met with an immediate ~10% fall.</p><p><blockquote>UiPath股价在9月份大幅下跌，远低于IPO水平。考虑到该公司宣布的出色业绩立即下跌了约10%，这一下降更加令人惊讶。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c743698f0cef665c83ca663349c5dc9\" tg-width=\"640\" tg-height=\"392\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> I see two main reasons for the falling-knife-like price action in the face of excellent operating performance: weak guidance and early investors leaving the train.</p><p><blockquote>面对出色的经营业绩，我认为价格出现刀式下跌的两个主要原因：指导不力和早期投资者离场。</blockquote></p><p></p><p> UiPath announced results that beat across the board. UiPath delivered a top-line beat of $195.5 mn in revenue vs. the consensus estimate of $186.5 coupled with an ARR growth of 60% YoY vs. 55% consensus expectations. The company delivered operating profits vs. expectations of deep losses along with almost $30 mn narrower than expected FCF burn. So why didn’t the market like the results? My guess is high expectations. I think that the guidance was low looking further into the&nbsp;release&nbsp;and&nbsp;prior releases. UiPath beat its ARR guidance this quarter by a whopping $23.5 mn ($726.5 mn vs. at the mid-point of $702 mn - $704 mn guidance range). However, full-year guidance was only increased by $26 mn (at the mid-point, the range increased from $850 mn - $855 mn to $876 mn - $881 mn). What the market is reading here is that the demand environment seems to be slowing in the second half of the year and that the growth may decelerate from here out.</p><p><blockquote>UiPath公布的业绩全面击败。UiPath的营收超过1.955亿美元，而市场普遍预期为1.865亿美元，ARR同比增长60%，而市场普遍预期为55%。该公司实现了营业利润，而预期则出现了严重亏损，自由现金流消耗也比预期减少了近3000万美元。那么为什么市场不喜欢这个结果呢？我的猜测是期望过高。我认为进一步研究这个版本和以前的版本，指导是低的。UiPath本季度的ARR指导超出了2350万美元（7.265亿美元，而指导范围的中点为7.02亿美元至7.04亿美元）。然而，全年指导仅增加了2600万美元（中点，范围从8.5亿美元至8.55亿美元增加到8.76亿美元至8.81亿美元）。市场在这里读到的是，下半年需求环境似乎正在放缓，增长可能会从现在开始减速。</blockquote></p><p> I disagree with the market. I think that the management is sandbagging the guidance and leaving itself room to overdeliver. I highly doubt that the demand for its products will decrease in this environment but only accelerate and the set-up for alpha is great over the near term.</p><p><blockquote>我不同意市场。我认为管理层正在将指导意见沙袋化，并为自己留下超额交付的空间。我非常怀疑在这种环境下对其产品的需求会减少，而只会加速，而且alpha的设置在短期内非常好。</blockquote></p><p> A lot of early investors cashed out further pushing down the price. UiPath’s IPO&nbsp;lockup expired on the 9th&nbsp;of September. This can be the case with IPOs as many venture and pre-IPO investors are not able to sell their shares for a certain period.</p><p><blockquote>许多早期投资者套现，进一步压低了价格。UiPath的IPO禁售期于9月9日到期。首次公开募股就是这种情况，因为许多风险投资和首次公开募股前投资者在一定时期内无法出售他们的股票。</blockquote></p><p> Now is a great time to buy with a short-term horizon. Below is a chart of UiPath’s forward revenue multiple and its share price (values on the right axis). Company multiples decreased proportionally to its share price, underlying growth remained resilient. A lot of the sellers are shaken out today and, I think, the downside from here will require concrete negative news while a return to IPO multiples will only need “some” good news. Risk-reward is skewed in the direction of the bull. With solid catalysts on the way, I think that UiPath will perform nicely over the coming months.</p><p><blockquote>现在是短期买入的好时机。下图是UiPath的远期收入倍数及其股价（右轴上的值）。公司市盈率与其股价成比例下降，但潜在增长仍然具有弹性。今天很多卖家都被吓跑了，我认为，从这里开始的下行需要具体的负面消息，而回到IPO倍数只需要“一些”好消息。风险回报向牛市方向倾斜。随着固体催化剂的出现，我认为UiPath将在未来几个月表现良好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1ebe0ce2030acb61150c809de27a646\" tg-width=\"640\" tg-height=\"223\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p> <b>Competition is a Key Longer-Term Issue</b></p><p><blockquote><b>竞争是一个关键的长期问题</b></blockquote></p><p> I’m less certain on future returns, however. The RPA space is attracting a lot of attention from giant enterprise vendors such as&nbsp;Microsoft(NASDAQ:MSFT),Salesforce(NYSE:CRM), and&nbsp;ServiceNow(NYSE:NOW), in addition to many other behemoths as well as pureplay competitors (competitive landscape is available in the charts above). Although this much attention from such important companies should be construed as a bullish sign in the viability of the product, competitive threats cannot be undermined. We see clearly that UiPath is far above the rest both in terms of capabilities and in market penetration, but these advantages may not be forever. The competitors mentioned have infinite financial resources and have a much, much wider sales network than that of UiPath. If these competitors decide to prioritize RPA, the outlook could be gloomy for UiPath.</p><p><blockquote>然而，我对未来的回报不太确定。RPA领域吸引了微软（纳斯达克股票代码：MSFT）、Salesforce（纽约证券交易所股票代码：CRM）和ServiceNow（纽约证券交易所股票代码：NOW）等大型企业供应商的大量关注，此外还有许多其他巨头以及pureplay竞争对手（竞争格局见上图）。尽管来自如此重要公司的如此多的关注应该被解释为产品可行性的看涨信号，但竞争威胁不能被削弱。我们清楚地看到，UiPath在能力和市场渗透率方面都远远领先于其他公司，但这些优势可能不会永远存在。提到的竞争对手拥有无限的财力，拥有比UiPath广泛得多的销售网络。如果这些竞争对手决定优先考虑RPA，UiPath的前景可能会很黯淡。</blockquote></p><p> Increasing competition seems to be the view of industry experts as well. The&nbsp;Gartner&nbsp;report expects pricing to decrease in the coming years. This is likely the result of more similar products on the market eroding pricing power.</p><p><blockquote>竞争加剧似乎也是行业专家的观点。Gartner报告预计未来几年定价将会下降。这很可能是市场上更多类似产品侵蚀定价权的结果。</blockquote></p><p> I see little risk over the near term. With UiPath as the leader, it should be best positioned for the upcoming high-demand environment. Many enterprises want single vendors which will be a benefit for UiPath today as if one vendor is chosen it will likely be the one with the best product offering. However, if UiPath’s technical leadership narrows, the exact opposite could be the case.</p><p><blockquote>我认为短期内风险不大。有了UiPath作为领导者，它应该为即将到来的高需求环境做好了最佳定位。许多企业想要单一供应商，这对UiPath来说是一个好处，就好像选择了一个供应商，它很可能是提供最好产品的供应商。然而，如果UiPath的技术领先地位缩小，情况可能会恰恰相反。</blockquote></p><p> There is no reason to believe that UiPath will lose its leadership position currently. The company is investing heavily into R&amp;D (32% of revenues over the past year) and the investment is bearing fruit with a lot of improvements/products on the horizon (document understanding, task mining, platform-agnostic capabilities, integration, and many more). However, the competition is a must-watch for UiPath investors.</p><p><blockquote>目前没有理由相信UiPath会失去其领导地位。该公司在R&amp;D进行了大量投资（占去年收入的32%），这项投资正在取得成果，许多改进/产品即将推出（文档理解、任务挖掘、平台无关功能、集成等等）。然而，这场比赛是UiPath投资者必看的。</blockquote></p><p> This isn’t a dealbreaker as long as UiPath has the leading position, or at least until we see one or more of these enterprise software giants devoting serious resources towards the space. But the competition is still an issue as it creates execution risk; UiPath’s lunch is up for grabs if it can’t protect it.</p><p><blockquote>只要UiPath处于领先地位，或者至少在我们看到这些企业软件巨头中的一个或多个为该领域投入大量资源之前，这就不会是一个障碍。但竞争仍然是一个问题，因为它会带来执行风险；如果UiPath不能保护它，它的午餐就可以争夺了。</blockquote></p><p> <b>Industry Switch to Cloud Bears Execution Risk</b></p><p><blockquote><b>行业转向云承担执行风险</b></blockquote></p><p></p><p> The future of the industry lies in the cloud; UiPath has a limited cloud offering.Only 2,850&nbsp;out of 9,100+ UiPath customers have adopted the company’s cloud offering the Automation Cloud. With a lot of these enterprises likely using hybrid solutions, UiPath’s cloud computing capabilities lag behind its on-site solutions. As innovative as UiPath is it will likely manage the transformation, but again, this presents an additional execution risk.</p><p><blockquote>行业的未来在于云；UiPath的云产品有限。在9,100多家UiPath客户中，只有2,850家采用了该公司提供自动化云的云。由于许多企业可能使用混合解决方案，UiPath的云计算能力落后于其现场解决方案。尽管UiPath很创新，但它很可能会管理转换，但这也带来了额外的执行风险。</blockquote></p><p> <b>Valuation is the Ultimate Long-Term Worry Despite Excellent KPIs</b></p><p><blockquote><b>尽管KPI出色，但估值仍是最终的长期担忧</b></blockquote></p><p> UiPath has amazing KPIs. Its revenue and ARR growth are excellent and it's achieving this through minimal cash burn. The 144% net revenue retention rate is among the highest in the SaaS space and shows the value of the product. The space to land and expand is also growing with the number of customers rapidly increasing.</p><p><blockquote>UiPath拥有惊人的KPI。它的收入和ARR增长非常出色，并且是通过最小的现金消耗实现这一目标的。144%的净收入保留率是SaaS领域最高的，显示了产品的价值。落地和扩张的空间也随着客户数量的快速增加而增长。</blockquote></p><p> However, these metrics, like the company’s leadership position, may not be permanent and may not be enough to support a lofty valuation. The entire SaaS space is extremely expensive in my opinion, and I would not consider being a long-term holder without absolute confidence. I don’t have absolute confidence in UiPath due to material execution risk, and to hold long-term I’d want to be compensated for that risk in valuation.</p><p><blockquote>然而，这些指标，如公司的领导地位，可能不是永久性的，可能不足以支持高估值。整个SaaS领域在我看来是极其昂贵的，如果没有绝对的信心，我不会考虑成为长期持有者。由于重大的执行风险，我对UiPath没有绝对的信心，为了长期持有，我希望获得估值风险的补偿。</blockquote></p><p> Unfortunately, a lot of the benefits of UiPath are in the price in my opinion despite the recent drawdown. Below I’ve included my data table along with an output graph comparing two-year forward multiples with expected two-year revenue growth. The chart has a high r-squared meaning that the market values the relationship. UiPath is trading in line with peers implying that it’s pretty much fairly valued even when factoring in its very high growth expectations.</p><p><blockquote>不幸的是，在我看来，UiPath的很多好处都体现在价格上，尽管最近有所下降。下面我提供了我的数据表以及将两年远期倍数与预期两年收入增长进行比较的输出图表。该图表的r平方较高，意味着市场重视这种关系。UiPath的交易价格与同行一致，这意味着即使考虑到其非常高的增长预期，它的估值也相当合理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/890bbbc5170ad5c0ca1ce941f057156b\" tg-width=\"619\" tg-height=\"656\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/052ee96459416e5a26793dd2a4dccc87\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>Source: Author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者分析</span></p></blockquote></p><p> I want to highlight that this comparison only justifies company valuation with respect to the SaaS space. If the SaaS space was valued like a normal industry, then I would most likely argue to buy UiPath and hold for the long-term as a quality company at a fair price. The absolute valuations are ridiculous in my opinion. The peer group average is 25x two-year forward revenues. Think about that for a minute. The Russell 3000 (represented here by iShares Russell 3000 ETF(NYSEARCA:IWV)) has a&nbsp;P/E ratio of 23x. This is trailing not forward. The SaaS group is trading at a higher ratio of not earnings but revenues. The space is very expensive and with rising interest rates, open to corrections. Of course, I see value and opportunity in certain SaaS plays, but I’m choosing to abstain here.</p><p><blockquote>我想强调的是，这种比较只能证明SaaS领域的公司估值是合理的。如果SaaS领域的估值与正常行业一样，那么我很可能会建议购买UiPath，并以合理的价格作为一家优质公司长期持有。我认为绝对估值是荒谬的。同行平均水平是两年远期收入的25倍。想一想。Russell 3000（此处以iShares Russell 3000 ETF(NYSEARCA：IWV)为代表）的市盈率为23倍。这是尾随而不是前进。SaaS集团的交易比率不是盈利，而是收入。这个空间非常昂贵，而且随着利率上升，可能会出现调整。当然，我在某些SaaS戏剧中看到了价值和机会，但我选择在这里弃权。</blockquote></p><p> The issue was manifested in the recent quarter. The stock sold off despite the excellent results. Though I don’t expect to see this over the next few quarters due to the excellent demand environment, this could be a risk thereafter. Despite the recent price decrease buffering the downside over the near term, there are still very high expectations of UiPath leaving further room for disappointment.</p><p><blockquote>这个问题在最近一个季度表现出来。尽管业绩出色，该股仍遭到抛售。尽管由于良好的需求环境，我预计未来几个季度不会看到这种情况，但此后这可能是一个风险。尽管最近的价格下跌缓冲了短期内的下行空间，但人们对UiPath的期望仍然很高，留下了进一步失望的空间。</blockquote></p><p> <b>Neutral in the Long-Term Despite Bullish on Short/Medium</b></p><p><blockquote><b>尽管短期/中期看涨，但长期中性</b></blockquote></p><p> UiPath is a unique software play where I am bullish over the near term, but prefer to not own over the longer. Usually, I would see drawdown risk in most of my preferred software plays over the short term, but would see the company growing into its valuation over time. Here, I see strong near-term alpha with the company delivering beyond expectations and seeing price gains towards where its been. I am much less confident in the opportunity after the RPA demand arising from corporate capital spending towards labor efficiency gets priced in which should happen over the next year.</p><p><blockquote>UiPath是一款独特的软件游戏，我短期内看好它，但不愿长期持有。通常，我会在短期内看到我喜欢的大多数软件存在回撤风险，但会看到该公司的估值随着时间的推移而增长。在这里，我看到了强劲的近期阿尔法，该公司的业绩超出了预期，并看到价格上涨。在企业资本支出对劳动力效率产生的RPA需求被定价后，我对这个机会的信心大大降低，这应该会在明年发生。</blockquote></p><p> I want to add a P.S. here and entertain the bull thesis. I am not an engineer. I have no competitive advantage in understanding the capabilities and advantages of software services. Thus, I can’t have confidence in my analysis (reading industry reports) of technology. If you have such capabilities and believe that UiPath has a strong competitive moat that may be difficult to replicate even with intense resource spend, then by all means be bullish over any time horizon (and please let me know in the comments).</p><p><blockquote>我想在这里补充一个P.S.并娱乐牛市论文。我不是工程师。我在了解软件服务的能力和优势方面没有竞争优势。因此，我对自己对技术的分析（阅读行业报告）没有信心。如果你有这样的能力，并且相信UiPath拥有强大的竞争护城河，即使投入大量资源也很难复制，那么无论如何都要看好任何时间范围（请在评论中告诉我）。</blockquote></p><p> Rare case as would be the opposite usually. I’m not an engineer and don’t understand exact differentiators and capabilities. If there’s something UiPath does that can’t be replicated even with high resource spend, then bullish over the long-term as well (please let me know in the comments).</p><p><blockquote>罕见的情况，通常是相反的。我不是工程师，不了解确切的差异化因素和功能。如果UiPath做了一些即使资源消耗很高也无法复制的事情，那么从长期来看也是看涨的（请在评论中告诉我）。</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>UiPath: Buy For The Near Term, Hold For The Long Term<blockquote>UiPath：短期买入，长期持有</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\">\nUiPath: Buy For The Near Term, Hold For The Long Term<blockquote>UiPath：短期买入，长期持有</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-19 11:02</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>UiPath should deliver alpha over the near term thanks to its leadership position in the RPA space. RPA space should see elevated demand from labor issues.</li>  <li>Annual ramping of contracts should boost UiPath ARR which should in turn reflect positively in its price-action.</li>  <li>Long-term is much less clear with high absolute and fair relative valuation combined with material execution risk.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dee1fdf98ac633e790ad107e02096867\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>piranka/E+ via Getty Images</span></p><p><blockquote><ul><li>由于其在RPA领域的领导地位，UiPath应该会在短期内交付alpha。劳动力问题对RPA领域的需求应该会增加。</li><li>合同的年度增长应该会提高UiPath ARR，这反过来应该会积极反映在其价格走势中。</li><li>由于绝对和公平的相对估值较高，加上重大的执行风险，长期前景就不那么明朗了。</li></ul><p class=\"t-img-caption\"><span>皮兰卡/E+来自盖蒂图片社</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> UiPath(NYSE:PATH)&nbsp;is the leader of the robotic process automation (RPA) space. RPA will see increased demand in the current high-growth macro environment with labor shortage issues. UiPath is best positioned to capitalize on the opportunity.</p><p><blockquote>UiPath（纽约证券交易所股票代码：PATH）是机器人过程自动化(RPA)领域的领导者。在当前劳动力短缺问题的高增长宏观环境下，RPA的需求将会增加。UiPath最适合利用这一机会。</blockquote></p><p> The company is switching its focus to annual ramping which will benefit it operationally with happier customers and higher margins and inflate what matters most for investors, its annual recurring revenue (ARR).</p><p><blockquote>该公司正在将重点转向年度增长，这将有利于其运营，带来更满意的客户和更高的利润率，并扩大对投资者来说最重要的东西，即年度经常性收入（ARR）。</blockquote></p><p> Despite my bullishness over the short term, I’m less confident over the long. I see execution risks primarily arising from cloud transition and competitive threats. The relatively fair, but absolutely high valuation opens the door to sub-par price performance over the long term.</p><p><blockquote>尽管我对短期持乐观态度，但我对长期信心不足。我认为执行风险主要来自云过渡和竞争威胁。相对公平但绝对高估值为长期低于标准的价格表现打开了大门。</blockquote></p><p> I recommend buying UiPath and monitoring noted issues. In the current picture, I recommend selling UiPath after increased demand from the macro catalysts is factored into the price.</p><p><blockquote>我建议购买UiPath并监控注意到的问题。在目前的情况下，我建议在将宏观催化剂的需求增加纳入价格后出售UiPath。</blockquote></p><p> <b>Great Macro Backdrop for RPA Demand</b></p><p><blockquote><b>RPA需求的良好宏观背景</b></blockquote></p><p> Demand for RPA will increase over the coming years. The backbone of my macro thesis is sticky wage inflation. There is strong labor demand with many firms downsizing during the pandemic and now all trying to re-grow their workforce in tandem. The private sector is trying to accommodate the strong pent-up demand following the pandemic. The reopening demand is further fueled by unprecedented government stimulus boosting incomes. Labor supply, however, is shrinking, both over the near term with increased incomes and structurally with many forced into early retirement and others taking a sabbatical from work who are evaluating life priorities. The shortage of labor supply and rising labor demand will cause wage inflation. Rising labor costs will catalyze investments that increase labor efficiency to protect margins; labor efficiency is th&nbsp;ekey value proposition of RPA.</p><p><blockquote>未来几年，对RPA的需求将会增加。我的宏观论文的支柱是粘性工资通胀。劳动力需求强劲，许多公司在疫情期间裁员，现在都试图同步重新增加劳动力。私营部门正试图适应疫情之后被压抑的强劲需求。前所未有的政府刺激措施进一步推动了重新开放的需求。然而，劳动力供应正在萎缩，无论是在短期内收入增加，还是在结构性上，许多人被迫提前退休，其他人正在休假评估生活优先事项。劳动力供给的短缺和劳动力需求的上升会造成工资通胀。劳动力成本上升将催化提高劳动力效率的投资，以保护利润率；劳动效率是RPA的关键价值主张。</blockquote></p><p> The demand for RPA was already very high. RPA was the fastest-growing enterprise software segment in 2020 for the third year&nbsp;in a row&nbsp;according to&nbsp;Gartner. The market research company&nbsp;expects&nbsp;the excellent performance to continue with double-digit growth rates through 2024. Bear in mind that the high labor demand with the reopening picture was unclear at the time of these reports (latest released May 2021) as was the wage inflation and short labor supply. I believe that RPA adoption rates will be even higher than the high expectations due to the favorable macro-backdrop.</p><p><blockquote>对RPA的需求已经非常高。根据Gartner的数据，RPA连续第三年成为2020年增长最快的企业软件领域。该市场研究公司预计，到2024年，这一优异表现将以两位数的增长率持续下去。请记住，在这些报告（最新发布于2021年5月）发布时，重新开放的高劳动力需求以及工资通胀和劳动力供应短缺尚不清楚。我相信，由于有利的宏观背景，RPA采用率将高于高预期。</blockquote></p><p> Corporate investments into RPA should be further catalyzed by strong economic growth and low interest rates. These are also central pillars of my reopening macro-view. Technical stagflation is top-of-mind, but the environment is ripe for corporate investment practically. GDP growth may be technically decelerating but is still very high; interest rates and inflation may be climbing, and I expect them to climb further, but are still very low. The strong economy and low rates will increase corporate investment spend, RPA vendors will be key beneficiaries.</p><p><blockquote>强劲的经济增长和低利率应该会进一步促进企业对RPA的投资。这些也是我重新开放宏观观点的核心支柱。技术性滞胀是人们最关心的问题，但企业投资的环境实际上已经成熟。GDP增长可能在技术上减速，但仍然很高；利率和通胀可能正在攀升，我预计它们会进一步攀升，但仍然很低。强劲的经济和低利率将增加企业投资支出，RPA供应商将是主要受益者。</blockquote></p><p> Business consulting firms’ RPA focus is both evidence of industry experts’ confidence in the upcoming RPA demand as well as a catalyzer to industry growth. Major professional services firms are pushing their RPA services including&nbsp;Accenture(NYSE:ACN),Deloitte,E&amp;Y,PwC,Cognizant(NASDAQ:CTSH),CGI(NYSE:GIB),Tata Consulting(TCS),Infosys(NYSE:INFY),Genpact(NYSE:G)&nbsp;along with many others. People in the know are investing in RPA as well as investing to grow RPA.</p><p><blockquote>商业咨询公司对RPA的关注既证明了行业专家对即将到来的RPA需求的信心，也是行业增长的催化剂。主要的专业服务公司正在推广他们的RPA服务，包括Accenture(NYSE：ACN)、Deloitte、E&amp;Y、PwC、Cognizant(纳斯达克：CTSH)、CGI(NYSE：GIB)、Tata Consulting(TCS)、Infosys(NYSE：INFY)、Genpact(NYSE：G)以及许多其他公司。知情人士正在投资RPA，也在投资发展RPA。</blockquote></p><p> <b>As the Leading RPA Vendor, UiPath has a Bright Near-Medium Term Outlook</b></p><p><blockquote><b>作为领先的RPA供应商，UiPath拥有光明的近中期前景</b></blockquote></p><p></p><p> UiPath is the undisputed leader in the RPA space. Gartner produces a&nbsp;Magic Quadrant&nbsp;for the industry (chart below) which compares market players in their ability to execute and on their vision. UiPath is above the rest with best-in-class execution ability with a complete vision. UiPath’s domination is obvious; this is its third consecutive year in the leader chair. The Forrester Wave, another trusted technology services research firm,places&nbsp;UiPath in the pole position on its matrix which compares current offerings, strategy, and market presence. UiPath’s leadership is reflected in its market share; UiPath has a 29%&nbsp;market share&nbsp;of the RPA space, more than double its nearest competitor. UiPath is dominating the secular growth enterprise software segment that is RPA.</p><p><blockquote>UiPath是RPA领域无可争议的领导者。Gartner为行业制作了一个魔力象限（下图），比较了市场参与者的执行能力和愿景。UiPath以一流的执行能力和完整的愿景脱颖而出。UiPath的统治地位显而易见；这是它连续第三年担任领导主席。另一家值得信赖的技术服务研究公司Forrester Wave在其比较当前产品、战略和市场份额的矩阵中将UiPath置于领先地位。UiPath的领先地位体现在其市场份额上；UiPath在RPA领域拥有29%的市场份额，是最接近的竞争对手的两倍多。UiPath在RPA这一长期增长的企业软件领域占据主导地位。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/53eae62a5495303c0d14baf4748d3ef0\" tg-width=\"640\" tg-height=\"718\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0401f457f330522fdcea2beed7b2efd4\" tg-width=\"567\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Source: The Forrester Wave as displayed on SmartBridge</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SmartBridge上显示的Forrester Wave</span></p></blockquote></p><p> As the spending towards RPA grows so will UiPath’s revenue. As both the technical and market share leader it should see a very large percentage of the growing RPA spend. UiPath is among the best positioned to capitalize on the macroeconomic and corporate spending dynamics of the coming months.</p><p><blockquote>随着RPA支出的增长，UiPath的收入也会增长。作为技术和市场份额的领导者，它应该会在不断增长的RPA支出中占据很大比例。UiPath是最有能力利用未来几个月宏观经济和企业支出动态的公司之一。</blockquote></p><p> <b>ARR is Important and ARR will Get a Boost</b></p><p><blockquote><b>ARR很重要，ARR将得到提升</b></blockquote></p><p> The recent&nbsp;earnings call&nbsp;was very informative on UiPath’s ARR strategy. The company will be focusing on annual contracts instead of long-term ones. Usually, I wouldn’t be fond of this move as it means lower revenue visibility despite the pricing advantages of short-duration contracts. But in this case, I think that it’s the right thing to do. Annual contracts drive higher ROI for UiPath customers; according to management, customers make better use of UiPath when they get as much as they need instead of front-loading robots to take advantage of better prices through discounts. This is financially favorable for UiPath as well since long-term contracts tend to include price discounts; decreasing contract duration will result in fewer discounts and higher margins for UiPath.</p><p><blockquote>最近的收益看涨期权对UiPath的ARR策略提供了非常丰富的信息。该公司将专注于年度合同，而不是长期合同。通常，我不会喜欢这一举措，因为尽管短期合同具有定价优势，但这意味着收入可见性较低。但在这种情况下，我认为这是正确的做法。年度合同为UiPath客户带来更高的投资回报率；据管理层称，当客户获得所需数量时，他们会更好地利用UiPath，而不是通过折扣利用更好的价格。这对UiPath来说在财务上也是有利的，因为长期合同往往包含价格折扣；缩短合同期限将导致UiPath的折扣更少，利润更高。</blockquote></p><p> Annual recurring revenue is critical for any service that offers subscriptions. This is due to the resiliency of recurring revenues; contracts are near-impossible and subscriptions are difficult to cancel in a downturn. Moreover, subscription software products have a learning curve and are difficult to churn from. Subscription revenues are highly visible and are highly valued by the market evident in the commonness of nosebleed valuations in the SaaS space. ARR will be key to watch for UiPath as self-described as their “most important metric”.</p><p><blockquote>年度经常性收入对于任何提供订阅的服务都至关重要。这是由于经常性收入的弹性；合同几乎是不可能的，在经济低迷时期也很难取消订阅。此外，订阅软件产品有一个学习曲线，很难流失。订阅收入非常明显，并且受到市场的高度重视，这一点在SaaS领域的估值普遍存在。ARR将是UiPath关注的关键，UiPath自称为“最重要的指标”。</blockquote></p><p> The switch to shorter-duration contracts will inflate ARR at the cost of revenue volatility.ASC 606&nbsp;mandates that a percentage of revenue be recognized immediately and the rest amortized for long-term contracts. This artificially increases front-period revenues. UiPath focusing on annual ramping as opposed to long-term deals will reduce near-term revenues. However, ARR will increase as yearly amounts will increase due to lower discounts. I believe that higher ARR is what the market values and that this switch will benefit UiPath in market sentiment as well as operationally.</p><p><blockquote>转向短期合同将以收入波动为代价抬高ARR.ASC 606要求立即确认一定比例的收入，其余部分为长期合同摊销。这人为地增加了前期收入。UiPath专注于年度增长而不是长期交易将减少近期收入。然而，ARR将会增加，因为由于折扣较低，每年的金额将会增加。我相信更高的ARR是市场所看重的，这一转变将使UiPath在市场情绪和运营方面受益。</blockquote></p><p> <b>Take Advantage of the Current Decline</b></p><p><blockquote><b>利用当前的下跌</b></blockquote></p><p> UiPath shares declined dramatically in September to deeply below IPO levels. The drawdown is even more surprising given the excellent results the company announced which was met with an immediate ~10% fall.</p><p><blockquote>UiPath股价在9月份大幅下跌，远低于IPO水平。考虑到该公司宣布的出色业绩立即下跌了约10%，这一下降更加令人惊讶。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c743698f0cef665c83ca663349c5dc9\" tg-width=\"640\" tg-height=\"392\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> I see two main reasons for the falling-knife-like price action in the face of excellent operating performance: weak guidance and early investors leaving the train.</p><p><blockquote>面对出色的经营业绩，我认为价格出现刀式下跌的两个主要原因：指导不力和早期投资者离场。</blockquote></p><p></p><p> UiPath announced results that beat across the board. UiPath delivered a top-line beat of $195.5 mn in revenue vs. the consensus estimate of $186.5 coupled with an ARR growth of 60% YoY vs. 55% consensus expectations. The company delivered operating profits vs. expectations of deep losses along with almost $30 mn narrower than expected FCF burn. So why didn’t the market like the results? My guess is high expectations. I think that the guidance was low looking further into the&nbsp;release&nbsp;and&nbsp;prior releases. UiPath beat its ARR guidance this quarter by a whopping $23.5 mn ($726.5 mn vs. at the mid-point of $702 mn - $704 mn guidance range). However, full-year guidance was only increased by $26 mn (at the mid-point, the range increased from $850 mn - $855 mn to $876 mn - $881 mn). What the market is reading here is that the demand environment seems to be slowing in the second half of the year and that the growth may decelerate from here out.</p><p><blockquote>UiPath公布的业绩全面击败。UiPath的营收超过1.955亿美元，而市场普遍预期为1.865亿美元，ARR同比增长60%，而市场普遍预期为55%。该公司实现了营业利润，而预期则出现了严重亏损，自由现金流消耗也比预期减少了近3000万美元。那么为什么市场不喜欢这个结果呢？我的猜测是期望过高。我认为进一步研究这个版本和以前的版本，指导是低的。UiPath本季度的ARR指导超出了2350万美元（7.265亿美元，而指导范围的中点为7.02亿美元至7.04亿美元）。然而，全年指导仅增加了2600万美元（中点，范围从8.5亿美元至8.55亿美元增加到8.76亿美元至8.81亿美元）。市场在这里读到的是，下半年需求环境似乎正在放缓，增长可能会从现在开始减速。</blockquote></p><p> I disagree with the market. I think that the management is sandbagging the guidance and leaving itself room to overdeliver. I highly doubt that the demand for its products will decrease in this environment but only accelerate and the set-up for alpha is great over the near term.</p><p><blockquote>我不同意市场。我认为管理层正在将指导意见沙袋化，并为自己留下超额交付的空间。我非常怀疑在这种环境下对其产品的需求会减少，而只会加速，而且alpha的设置在短期内非常好。</blockquote></p><p> A lot of early investors cashed out further pushing down the price. UiPath’s IPO&nbsp;lockup expired on the 9th&nbsp;of September. This can be the case with IPOs as many venture and pre-IPO investors are not able to sell their shares for a certain period.</p><p><blockquote>许多早期投资者套现，进一步压低了价格。UiPath的IPO禁售期于9月9日到期。首次公开募股就是这种情况，因为许多风险投资和首次公开募股前投资者在一定时期内无法出售他们的股票。</blockquote></p><p> Now is a great time to buy with a short-term horizon. Below is a chart of UiPath’s forward revenue multiple and its share price (values on the right axis). Company multiples decreased proportionally to its share price, underlying growth remained resilient. A lot of the sellers are shaken out today and, I think, the downside from here will require concrete negative news while a return to IPO multiples will only need “some” good news. Risk-reward is skewed in the direction of the bull. With solid catalysts on the way, I think that UiPath will perform nicely over the coming months.</p><p><blockquote>现在是短期买入的好时机。下图是UiPath的远期收入倍数及其股价（右轴上的值）。公司市盈率与其股价成比例下降，但潜在增长仍然具有弹性。今天很多卖家都被吓跑了，我认为，从这里开始的下行需要具体的负面消息，而回到IPO倍数只需要“一些”好消息。风险回报向牛市方向倾斜。随着固体催化剂的出现，我认为UiPath将在未来几个月表现良好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1ebe0ce2030acb61150c809de27a646\" tg-width=\"640\" tg-height=\"223\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p> <b>Competition is a Key Longer-Term Issue</b></p><p><blockquote><b>竞争是一个关键的长期问题</b></blockquote></p><p> I’m less certain on future returns, however. The RPA space is attracting a lot of attention from giant enterprise vendors such as&nbsp;Microsoft(NASDAQ:MSFT),Salesforce(NYSE:CRM), and&nbsp;ServiceNow(NYSE:NOW), in addition to many other behemoths as well as pureplay competitors (competitive landscape is available in the charts above). Although this much attention from such important companies should be construed as a bullish sign in the viability of the product, competitive threats cannot be undermined. We see clearly that UiPath is far above the rest both in terms of capabilities and in market penetration, but these advantages may not be forever. The competitors mentioned have infinite financial resources and have a much, much wider sales network than that of UiPath. If these competitors decide to prioritize RPA, the outlook could be gloomy for UiPath.</p><p><blockquote>然而，我对未来的回报不太确定。RPA领域吸引了微软（纳斯达克股票代码：MSFT）、Salesforce（纽约证券交易所股票代码：CRM）和ServiceNow（纽约证券交易所股票代码：NOW）等大型企业供应商的大量关注，此外还有许多其他巨头以及pureplay竞争对手（竞争格局见上图）。尽管来自如此重要公司的如此多的关注应该被解释为产品可行性的看涨信号，但竞争威胁不能被削弱。我们清楚地看到，UiPath在能力和市场渗透率方面都远远领先于其他公司，但这些优势可能不会永远存在。提到的竞争对手拥有无限的财力，拥有比UiPath广泛得多的销售网络。如果这些竞争对手决定优先考虑RPA，UiPath的前景可能会很黯淡。</blockquote></p><p> Increasing competition seems to be the view of industry experts as well. The&nbsp;Gartner&nbsp;report expects pricing to decrease in the coming years. This is likely the result of more similar products on the market eroding pricing power.</p><p><blockquote>竞争加剧似乎也是行业专家的观点。Gartner报告预计未来几年定价将会下降。这很可能是市场上更多类似产品侵蚀定价权的结果。</blockquote></p><p> I see little risk over the near term. With UiPath as the leader, it should be best positioned for the upcoming high-demand environment. Many enterprises want single vendors which will be a benefit for UiPath today as if one vendor is chosen it will likely be the one with the best product offering. However, if UiPath’s technical leadership narrows, the exact opposite could be the case.</p><p><blockquote>我认为短期内风险不大。有了UiPath作为领导者，它应该为即将到来的高需求环境做好了最佳定位。许多企业想要单一供应商，这对UiPath来说是一个好处，就好像选择了一个供应商，它很可能是提供最好产品的供应商。然而，如果UiPath的技术领先地位缩小，情况可能会恰恰相反。</blockquote></p><p> There is no reason to believe that UiPath will lose its leadership position currently. The company is investing heavily into R&amp;D (32% of revenues over the past year) and the investment is bearing fruit with a lot of improvements/products on the horizon (document understanding, task mining, platform-agnostic capabilities, integration, and many more). However, the competition is a must-watch for UiPath investors.</p><p><blockquote>目前没有理由相信UiPath会失去其领导地位。该公司在R&amp;D进行了大量投资（占去年收入的32%），这项投资正在取得成果，许多改进/产品即将推出（文档理解、任务挖掘、平台无关功能、集成等等）。然而，这场比赛是UiPath投资者必看的。</blockquote></p><p> This isn’t a dealbreaker as long as UiPath has the leading position, or at least until we see one or more of these enterprise software giants devoting serious resources towards the space. But the competition is still an issue as it creates execution risk; UiPath’s lunch is up for grabs if it can’t protect it.</p><p><blockquote>只要UiPath处于领先地位，或者至少在我们看到这些企业软件巨头中的一个或多个为该领域投入大量资源之前，这就不会是一个障碍。但竞争仍然是一个问题，因为它会带来执行风险；如果UiPath不能保护它，它的午餐就可以争夺了。</blockquote></p><p> <b>Industry Switch to Cloud Bears Execution Risk</b></p><p><blockquote><b>行业转向云承担执行风险</b></blockquote></p><p></p><p> The future of the industry lies in the cloud; UiPath has a limited cloud offering.Only 2,850&nbsp;out of 9,100+ UiPath customers have adopted the company’s cloud offering the Automation Cloud. With a lot of these enterprises likely using hybrid solutions, UiPath’s cloud computing capabilities lag behind its on-site solutions. As innovative as UiPath is it will likely manage the transformation, but again, this presents an additional execution risk.</p><p><blockquote>行业的未来在于云；UiPath的云产品有限。在9,100多家UiPath客户中，只有2,850家采用了该公司提供自动化云的云。由于许多企业可能使用混合解决方案，UiPath的云计算能力落后于其现场解决方案。尽管UiPath很创新，但它很可能会管理转换，但这也带来了额外的执行风险。</blockquote></p><p> <b>Valuation is the Ultimate Long-Term Worry Despite Excellent KPIs</b></p><p><blockquote><b>尽管KPI出色，但估值仍是最终的长期担忧</b></blockquote></p><p> UiPath has amazing KPIs. Its revenue and ARR growth are excellent and it's achieving this through minimal cash burn. The 144% net revenue retention rate is among the highest in the SaaS space and shows the value of the product. The space to land and expand is also growing with the number of customers rapidly increasing.</p><p><blockquote>UiPath拥有惊人的KPI。它的收入和ARR增长非常出色，并且是通过最小的现金消耗实现这一目标的。144%的净收入保留率是SaaS领域最高的，显示了产品的价值。落地和扩张的空间也随着客户数量的快速增加而增长。</blockquote></p><p> However, these metrics, like the company’s leadership position, may not be permanent and may not be enough to support a lofty valuation. The entire SaaS space is extremely expensive in my opinion, and I would not consider being a long-term holder without absolute confidence. I don’t have absolute confidence in UiPath due to material execution risk, and to hold long-term I’d want to be compensated for that risk in valuation.</p><p><blockquote>然而，这些指标，如公司的领导地位，可能不是永久性的，可能不足以支持高估值。整个SaaS领域在我看来是极其昂贵的，如果没有绝对的信心，我不会考虑成为长期持有者。由于重大的执行风险，我对UiPath没有绝对的信心，为了长期持有，我希望获得估值风险的补偿。</blockquote></p><p> Unfortunately, a lot of the benefits of UiPath are in the price in my opinion despite the recent drawdown. Below I’ve included my data table along with an output graph comparing two-year forward multiples with expected two-year revenue growth. The chart has a high r-squared meaning that the market values the relationship. UiPath is trading in line with peers implying that it’s pretty much fairly valued even when factoring in its very high growth expectations.</p><p><blockquote>不幸的是，在我看来，UiPath的很多好处都体现在价格上，尽管最近有所下降。下面我提供了我的数据表以及将两年远期倍数与预期两年收入增长进行比较的输出图表。该图表的r平方较高，意味着市场重视这种关系。UiPath的交易价格与同行一致，这意味着即使考虑到其非常高的增长预期，它的估值也相当合理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/890bbbc5170ad5c0ca1ce941f057156b\" tg-width=\"619\" tg-height=\"656\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/052ee96459416e5a26793dd2a4dccc87\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>Source: Author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者分析</span></p></blockquote></p><p> I want to highlight that this comparison only justifies company valuation with respect to the SaaS space. If the SaaS space was valued like a normal industry, then I would most likely argue to buy UiPath and hold for the long-term as a quality company at a fair price. The absolute valuations are ridiculous in my opinion. The peer group average is 25x two-year forward revenues. Think about that for a minute. The Russell 3000 (represented here by iShares Russell 3000 ETF(NYSEARCA:IWV)) has a&nbsp;P/E ratio of 23x. This is trailing not forward. The SaaS group is trading at a higher ratio of not earnings but revenues. The space is very expensive and with rising interest rates, open to corrections. Of course, I see value and opportunity in certain SaaS plays, but I’m choosing to abstain here.</p><p><blockquote>我想强调的是，这种比较只能证明SaaS领域的公司估值是合理的。如果SaaS领域的估值与正常行业一样，那么我很可能会建议购买UiPath，并以合理的价格作为一家优质公司长期持有。我认为绝对估值是荒谬的。同行平均水平是两年远期收入的25倍。想一想。Russell 3000（此处以iShares Russell 3000 ETF(NYSEARCA：IWV)为代表）的市盈率为23倍。这是尾随而不是前进。SaaS集团的交易比率不是盈利，而是收入。这个空间非常昂贵，而且随着利率上升，可能会出现调整。当然，我在某些SaaS戏剧中看到了价值和机会，但我选择在这里弃权。</blockquote></p><p> The issue was manifested in the recent quarter. The stock sold off despite the excellent results. Though I don’t expect to see this over the next few quarters due to the excellent demand environment, this could be a risk thereafter. Despite the recent price decrease buffering the downside over the near term, there are still very high expectations of UiPath leaving further room for disappointment.</p><p><blockquote>这个问题在最近一个季度表现出来。尽管业绩出色，该股仍遭到抛售。尽管由于良好的需求环境，我预计未来几个季度不会看到这种情况，但此后这可能是一个风险。尽管最近的价格下跌缓冲了短期内的下行空间，但人们对UiPath的期望仍然很高，留下了进一步失望的空间。</blockquote></p><p> <b>Neutral in the Long-Term Despite Bullish on Short/Medium</b></p><p><blockquote><b>尽管短期/中期看涨，但长期中性</b></blockquote></p><p> UiPath is a unique software play where I am bullish over the near term, but prefer to not own over the longer. Usually, I would see drawdown risk in most of my preferred software plays over the short term, but would see the company growing into its valuation over time. Here, I see strong near-term alpha with the company delivering beyond expectations and seeing price gains towards where its been. I am much less confident in the opportunity after the RPA demand arising from corporate capital spending towards labor efficiency gets priced in which should happen over the next year.</p><p><blockquote>UiPath是一款独特的软件游戏，我短期内看好它，但不愿长期持有。通常，我会在短期内看到我喜欢的大多数软件存在回撤风险，但会看到该公司的估值随着时间的推移而增长。在这里，我看到了强劲的近期阿尔法，该公司的业绩超出了预期，并看到价格上涨。在企业资本支出对劳动力效率产生的RPA需求被定价后，我对这个机会的信心大大降低，这应该会在明年发生。</blockquote></p><p> I want to add a P.S. here and entertain the bull thesis. I am not an engineer. I have no competitive advantage in understanding the capabilities and advantages of software services. Thus, I can’t have confidence in my analysis (reading industry reports) of technology. If you have such capabilities and believe that UiPath has a strong competitive moat that may be difficult to replicate even with intense resource spend, then by all means be bullish over any time horizon (and please let me know in the comments).</p><p><blockquote>我想在这里补充一个P.S.并娱乐牛市论文。我不是工程师。我在了解软件服务的能力和优势方面没有竞争优势。因此，我对自己对技术的分析（阅读行业报告）没有信心。如果你有这样的能力，并且相信UiPath拥有强大的竞争护城河，即使投入大量资源也很难复制，那么无论如何都要看好任何时间范围（请在评论中告诉我）。</blockquote></p><p> Rare case as would be the opposite usually. I’m not an engineer and don’t understand exact differentiators and capabilities. If there’s something UiPath does that can’t be replicated even with high resource spend, then bullish over the long-term as well (please let me know in the comments).</p><p><blockquote>罕见的情况，通常是相反的。我不是工程师，不了解确切的差异化因素和功能。如果UiPath做了一些即使资源消耗很高也无法复制的事情，那么从长期来看也是看涨的（请在评论中告诉我）。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4460444-uipath-buy-for-the-near-hold-for-the-long-term\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PATH":"UiPath"},"source_url":"https://seekingalpha.com/article/4460444-uipath-buy-for-the-near-hold-for-the-long-term","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120786064","content_text":"Summary\n\nUiPath should deliver alpha over the near term thanks to its leadership position in the RPA space. RPA space should see elevated demand from labor issues.\nAnnual ramping of contracts should boost UiPath ARR which should in turn reflect positively in its price-action.\nLong-term is much less clear with high absolute and fair relative valuation combined with material execution risk.\n\npiranka/E+ via Getty Images\nInvestment Thesis\nUiPath(NYSE:PATH) is the leader of the robotic process automation (RPA) space. RPA will see increased demand in the current high-growth macro environment with labor shortage issues. UiPath is best positioned to capitalize on the opportunity.\nThe company is switching its focus to annual ramping which will benefit it operationally with happier customers and higher margins and inflate what matters most for investors, its annual recurring revenue (ARR).\nDespite my bullishness over the short term, I’m less confident over the long. I see execution risks primarily arising from cloud transition and competitive threats. The relatively fair, but absolutely high valuation opens the door to sub-par price performance over the long term.\nI recommend buying UiPath and monitoring noted issues. In the current picture, I recommend selling UiPath after increased demand from the macro catalysts is factored into the price.\nGreat Macro Backdrop for RPA Demand\nDemand for RPA will increase over the coming years. The backbone of my macro thesis is sticky wage inflation. There is strong labor demand with many firms downsizing during the pandemic and now all trying to re-grow their workforce in tandem. The private sector is trying to accommodate the strong pent-up demand following the pandemic. The reopening demand is further fueled by unprecedented government stimulus boosting incomes. Labor supply, however, is shrinking, both over the near term with increased incomes and structurally with many forced into early retirement and others taking a sabbatical from work who are evaluating life priorities. The shortage of labor supply and rising labor demand will cause wage inflation. Rising labor costs will catalyze investments that increase labor efficiency to protect margins; labor efficiency is th ekey value proposition of RPA.\nThe demand for RPA was already very high. RPA was the fastest-growing enterprise software segment in 2020 for the third year in a row according to Gartner. The market research company expects the excellent performance to continue with double-digit growth rates through 2024. Bear in mind that the high labor demand with the reopening picture was unclear at the time of these reports (latest released May 2021) as was the wage inflation and short labor supply. I believe that RPA adoption rates will be even higher than the high expectations due to the favorable macro-backdrop.\nCorporate investments into RPA should be further catalyzed by strong economic growth and low interest rates. These are also central pillars of my reopening macro-view. Technical stagflation is top-of-mind, but the environment is ripe for corporate investment practically. GDP growth may be technically decelerating but is still very high; interest rates and inflation may be climbing, and I expect them to climb further, but are still very low. The strong economy and low rates will increase corporate investment spend, RPA vendors will be key beneficiaries.\nBusiness consulting firms’ RPA focus is both evidence of industry experts’ confidence in the upcoming RPA demand as well as a catalyzer to industry growth. Major professional services firms are pushing their RPA services including Accenture(NYSE:ACN),Deloitte,E&Y,PwC,Cognizant(NASDAQ:CTSH),CGI(NYSE:GIB),Tata Consulting(TCS),Infosys(NYSE:INFY),Genpact(NYSE:G) along with many others. People in the know are investing in RPA as well as investing to grow RPA.\nAs the Leading RPA Vendor, UiPath has a Bright Near-Medium Term Outlook\nUiPath is the undisputed leader in the RPA space. Gartner produces a Magic Quadrant for the industry (chart below) which compares market players in their ability to execute and on their vision. UiPath is above the rest with best-in-class execution ability with a complete vision. UiPath’s domination is obvious; this is its third consecutive year in the leader chair. The Forrester Wave, another trusted technology services research firm,places UiPath in the pole position on its matrix which compares current offerings, strategy, and market presence. UiPath’s leadership is reflected in its market share; UiPath has a 29% market share of the RPA space, more than double its nearest competitor. UiPath is dominating the secular growth enterprise software segment that is RPA.\n\nSource: The Forrester Wave as displayed on SmartBridge\nAs the spending towards RPA grows so will UiPath’s revenue. As both the technical and market share leader it should see a very large percentage of the growing RPA spend. UiPath is among the best positioned to capitalize on the macroeconomic and corporate spending dynamics of the coming months.\nARR is Important and ARR will Get a Boost\nThe recent earnings call was very informative on UiPath’s ARR strategy. The company will be focusing on annual contracts instead of long-term ones. Usually, I wouldn’t be fond of this move as it means lower revenue visibility despite the pricing advantages of short-duration contracts. But in this case, I think that it’s the right thing to do. Annual contracts drive higher ROI for UiPath customers; according to management, customers make better use of UiPath when they get as much as they need instead of front-loading robots to take advantage of better prices through discounts. This is financially favorable for UiPath as well since long-term contracts tend to include price discounts; decreasing contract duration will result in fewer discounts and higher margins for UiPath.\nAnnual recurring revenue is critical for any service that offers subscriptions. This is due to the resiliency of recurring revenues; contracts are near-impossible and subscriptions are difficult to cancel in a downturn. Moreover, subscription software products have a learning curve and are difficult to churn from. Subscription revenues are highly visible and are highly valued by the market evident in the commonness of nosebleed valuations in the SaaS space. ARR will be key to watch for UiPath as self-described as their “most important metric”.\nThe switch to shorter-duration contracts will inflate ARR at the cost of revenue volatility.ASC 606 mandates that a percentage of revenue be recognized immediately and the rest amortized for long-term contracts. This artificially increases front-period revenues. UiPath focusing on annual ramping as opposed to long-term deals will reduce near-term revenues. However, ARR will increase as yearly amounts will increase due to lower discounts. I believe that higher ARR is what the market values and that this switch will benefit UiPath in market sentiment as well as operationally.\nTake Advantage of the Current Decline\nUiPath shares declined dramatically in September to deeply below IPO levels. The drawdown is even more surprising given the excellent results the company announced which was met with an immediate ~10% fall.\nSource: TradingView\nI see two main reasons for the falling-knife-like price action in the face of excellent operating performance: weak guidance and early investors leaving the train.\nUiPath announced results that beat across the board. UiPath delivered a top-line beat of $195.5 mn in revenue vs. the consensus estimate of $186.5 coupled with an ARR growth of 60% YoY vs. 55% consensus expectations. The company delivered operating profits vs. expectations of deep losses along with almost $30 mn narrower than expected FCF burn. So why didn’t the market like the results? My guess is high expectations. I think that the guidance was low looking further into the release and prior releases. UiPath beat its ARR guidance this quarter by a whopping $23.5 mn ($726.5 mn vs. at the mid-point of $702 mn - $704 mn guidance range). However, full-year guidance was only increased by $26 mn (at the mid-point, the range increased from $850 mn - $855 mn to $876 mn - $881 mn). What the market is reading here is that the demand environment seems to be slowing in the second half of the year and that the growth may decelerate from here out.\nI disagree with the market. I think that the management is sandbagging the guidance and leaving itself room to overdeliver. I highly doubt that the demand for its products will decrease in this environment but only accelerate and the set-up for alpha is great over the near term.\nA lot of early investors cashed out further pushing down the price. UiPath’s IPO lockup expired on the 9th of September. This can be the case with IPOs as many venture and pre-IPO investors are not able to sell their shares for a certain period.\nNow is a great time to buy with a short-term horizon. Below is a chart of UiPath’s forward revenue multiple and its share price (values on the right axis). Company multiples decreased proportionally to its share price, underlying growth remained resilient. A lot of the sellers are shaken out today and, I think, the downside from here will require concrete negative news while a return to IPO multiples will only need “some” good news. Risk-reward is skewed in the direction of the bull. With solid catalysts on the way, I think that UiPath will perform nicely over the coming months.\nSource: CapitalIQ\nCompetition is a Key Longer-Term Issue\nI’m less certain on future returns, however. The RPA space is attracting a lot of attention from giant enterprise vendors such as Microsoft(NASDAQ:MSFT),Salesforce(NYSE:CRM), and ServiceNow(NYSE:NOW), in addition to many other behemoths as well as pureplay competitors (competitive landscape is available in the charts above). Although this much attention from such important companies should be construed as a bullish sign in the viability of the product, competitive threats cannot be undermined. We see clearly that UiPath is far above the rest both in terms of capabilities and in market penetration, but these advantages may not be forever. The competitors mentioned have infinite financial resources and have a much, much wider sales network than that of UiPath. If these competitors decide to prioritize RPA, the outlook could be gloomy for UiPath.\nIncreasing competition seems to be the view of industry experts as well. The Gartner report expects pricing to decrease in the coming years. This is likely the result of more similar products on the market eroding pricing power.\nI see little risk over the near term. With UiPath as the leader, it should be best positioned for the upcoming high-demand environment. Many enterprises want single vendors which will be a benefit for UiPath today as if one vendor is chosen it will likely be the one with the best product offering. However, if UiPath’s technical leadership narrows, the exact opposite could be the case.\nThere is no reason to believe that UiPath will lose its leadership position currently. The company is investing heavily into R&D (32% of revenues over the past year) and the investment is bearing fruit with a lot of improvements/products on the horizon (document understanding, task mining, platform-agnostic capabilities, integration, and many more). However, the competition is a must-watch for UiPath investors.\nThis isn’t a dealbreaker as long as UiPath has the leading position, or at least until we see one or more of these enterprise software giants devoting serious resources towards the space. But the competition is still an issue as it creates execution risk; UiPath’s lunch is up for grabs if it can’t protect it.\nIndustry Switch to Cloud Bears Execution Risk\nThe future of the industry lies in the cloud; UiPath has a limited cloud offering.Only 2,850 out of 9,100+ UiPath customers have adopted the company’s cloud offering the Automation Cloud. With a lot of these enterprises likely using hybrid solutions, UiPath’s cloud computing capabilities lag behind its on-site solutions. As innovative as UiPath is it will likely manage the transformation, but again, this presents an additional execution risk.\nValuation is the Ultimate Long-Term Worry Despite Excellent KPIs\nUiPath has amazing KPIs. Its revenue and ARR growth are excellent and it's achieving this through minimal cash burn. The 144% net revenue retention rate is among the highest in the SaaS space and shows the value of the product. The space to land and expand is also growing with the number of customers rapidly increasing.\nHowever, these metrics, like the company’s leadership position, may not be permanent and may not be enough to support a lofty valuation. The entire SaaS space is extremely expensive in my opinion, and I would not consider being a long-term holder without absolute confidence. I don’t have absolute confidence in UiPath due to material execution risk, and to hold long-term I’d want to be compensated for that risk in valuation.\nUnfortunately, a lot of the benefits of UiPath are in the price in my opinion despite the recent drawdown. Below I’ve included my data table along with an output graph comparing two-year forward multiples with expected two-year revenue growth. The chart has a high r-squared meaning that the market values the relationship. UiPath is trading in line with peers implying that it’s pretty much fairly valued even when factoring in its very high growth expectations.\nSource: CapitalIQ\nSource: Author analysis\nI want to highlight that this comparison only justifies company valuation with respect to the SaaS space. If the SaaS space was valued like a normal industry, then I would most likely argue to buy UiPath and hold for the long-term as a quality company at a fair price. The absolute valuations are ridiculous in my opinion. The peer group average is 25x two-year forward revenues. Think about that for a minute. The Russell 3000 (represented here by iShares Russell 3000 ETF(NYSEARCA:IWV)) has a P/E ratio of 23x. This is trailing not forward. The SaaS group is trading at a higher ratio of not earnings but revenues. The space is very expensive and with rising interest rates, open to corrections. Of course, I see value and opportunity in certain SaaS plays, but I’m choosing to abstain here.\nThe issue was manifested in the recent quarter. The stock sold off despite the excellent results. Though I don’t expect to see this over the next few quarters due to the excellent demand environment, this could be a risk thereafter. Despite the recent price decrease buffering the downside over the near term, there are still very high expectations of UiPath leaving further room for disappointment.\nNeutral in the Long-Term Despite Bullish on Short/Medium\nUiPath is a unique software play where I am bullish over the near term, but prefer to not own over the longer. Usually, I would see drawdown risk in most of my preferred software plays over the short term, but would see the company growing into its valuation over time. Here, I see strong near-term alpha with the company delivering beyond expectations and seeing price gains towards where its been. I am much less confident in the opportunity after the RPA demand arising from corporate capital spending towards labor efficiency gets priced in which should happen over the next year.\nI want to add a P.S. here and entertain the bull thesis. I am not an engineer. I have no competitive advantage in understanding the capabilities and advantages of software services. Thus, I can’t have confidence in my analysis (reading industry reports) of technology. If you have such capabilities and believe that UiPath has a strong competitive moat that may be difficult to replicate even with intense resource spend, then by all means be bullish over any time horizon (and please let me know in the comments).\nRare case as would be the opposite usually. I’m not an engineer and don’t understand exact differentiators and capabilities. If there’s something UiPath does that can’t be replicated even with high resource spend, then bullish over the long-term as well (please let me know in the comments).","news_type":1,"symbols_score_info":{"PATH":0.9}},"isVote":1,"tweetType":1,"viewCount":2116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":876934655,"gmtCreate":1637248378856,"gmtModify":1637248378935,"author":{"id":"4095228411424310","authorId":"4095228411424310","name":"wniewnie","avatar":"https://static.tigerbbs.com/ab9e48ec49e43b510444b042464b3b8d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095228411424310","authorIdStr":"4095228411424310"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/876934655","repostId":"1130402483","repostType":4,"repost":{"id":"1130402483","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":1637246715,"share":"https://www.laohu8.com/m/news/1130402483?lang=zh_CN&edition=full","pubTime":"2021-11-18 22:45","market":"us","language":"en","title":"Roblox reached an all-time high at 135.74 dollars as Morgan Stanley rose its price target by 70%<blockquote>摩根士丹利将目标价上调70%，Roblox触及135.74美元历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130402483","media":"Tiger Newspress","summary":"Roblox reached an all-time high at 135.74 dollars as Morgan Stanley rose its price target by 70%.Rob","content":"<p>Roblox reached an all-time high at 135.74 dollars&nbsp;as Morgan Stanley rose its price target by 70%.<img src=\"https://static.tigerbbs.com/ea67fe79dc5cf395ce86763243316f95\" tg-width=\"778\" tg-height=\"565\" referrerpolicy=\"no-referrer\">Roblox announced on Wednesday (17th) that it will invest 10 million US dollars to develop three educational games for junior high school, high school and college students, and implant educational video games into school education.</p><p><blockquote>摩根士丹利将目标价上调70%，Roblox触及135.74美元的历史新高。Roblox周三（17日）宣布，将投资1000万美元开发三款面向初中、高中和大学生的教育游戏，将教育视频游戏植入学校教育。</blockquote></p><p> Morgan Stanley analyst Brian Nowak maintained Roblox's \"overweight\" rating and raised the target price from $88 to $150. Analysts said that Roblox is optimistic about its leading position in the early stage of meta-universe and higher long-term profitability because it is investing in improving user experience, developing tools and improving brand implantation capabilities. Analysts added that considering Roblox's existing in-app purchase revenue source, advertising revenue outside the stock's current premium was considered appropriate.</p><p><blockquote>大摩分析师Brian Nowak维持Roblox“跑赢大盘”评级，目标价从88美元上调至150美元。分析师表示，Roblox看好其在元宇宙早期的领先地位和更高的长期盈利能力，因为其正在投资改善用户体验、开发工具和提高品牌植入能力。分析师补充称，考虑到Roblox现有的应用内购买收入来源，该股当前溢价之外的广告收入被认为是合适的。</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>Roblox reached an all-time high at 135.74 dollars as Morgan Stanley rose its price target by 70%<blockquote>摩根士丹利将目标价上调70%，Roblox触及135.74美元历史新高</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\">\nRoblox reached an all-time high at 135.74 dollars as Morgan Stanley rose its price target by 70%<blockquote>摩根士丹利将目标价上调70%，Roblox触及135.74美元历史新高</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\">2021-11-18 22:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Roblox reached an all-time high at 135.74 dollars&nbsp;as Morgan Stanley rose its price target by 70%.<img src=\"https://static.tigerbbs.com/ea67fe79dc5cf395ce86763243316f95\" tg-width=\"778\" tg-height=\"565\" referrerpolicy=\"no-referrer\">Roblox announced on Wednesday (17th) that it will invest 10 million US dollars to develop three educational games for junior high school, high school and college students, and implant educational video games into school education.</p><p><blockquote>摩根士丹利将目标价上调70%，Roblox触及135.74美元的历史新高。Roblox周三（17日）宣布，将投资1000万美元开发三款面向初中、高中和大学生的教育游戏，将教育视频游戏植入学校教育。</blockquote></p><p> Morgan Stanley analyst Brian Nowak maintained Roblox's \"overweight\" rating and raised the target price from $88 to $150. Analysts said that Roblox is optimistic about its leading position in the early stage of meta-universe and higher long-term profitability because it is investing in improving user experience, developing tools and improving brand implantation capabilities. Analysts added that considering Roblox's existing in-app purchase revenue source, advertising revenue outside the stock's current premium was considered appropriate.</p><p><blockquote>大摩分析师Brian Nowak维持Roblox“跑赢大盘”评级，目标价从88美元上调至150美元。分析师表示，Roblox看好其在元宇宙早期的领先地位和更高的长期盈利能力，因为其正在投资改善用户体验、开发工具和提高品牌植入能力。分析师补充称，考虑到Roblox现有的应用内购买收入来源，该股当前溢价之外的广告收入被认为是合适的。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RBLX":"Roblox Corporation"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130402483","content_text":"Roblox reached an all-time high at 135.74 dollars as Morgan Stanley rose its price target by 70%.Roblox announced on Wednesday (17th) that it will invest 10 million US dollars to develop three educational games for junior high school, high school and college students, and implant educational video games into school education.\nMorgan Stanley analyst Brian Nowak maintained Roblox's \"overweight\" rating and raised the target price from $88 to $150. Analysts said that Roblox is optimistic about its leading position in the early stage of meta-universe and higher long-term profitability because it is investing in improving user experience, developing tools and improving brand implantation capabilities. Analysts added that considering Roblox's existing in-app purchase revenue source, advertising revenue outside the stock's current premium was considered appropriate.","news_type":1,"symbols_score_info":{"RBLX":0.9}},"isVote":1,"tweetType":1,"viewCount":2648,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}