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03-06

$NVIDIA(NVDA)$ it will repel!

2021-06-28

Good automation strategy

Cathie Wood Buys Another $9.6M In Uipath, Raises Stake In Automation Company To $670M

2021-06-27

Keep going

Amazon: Good Stock, Not Good Price

2021-06-26

We believe

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2021-06-25

All the way!

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2021-06-24

Buy more

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2021-06-22

Good

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2021-06-21

Great

Nike, FedEx, Johnson & Johnson, Darden, and Other Stocks for Investors to Watch This Week

2021-06-19

Ok...

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2021-06-18

Chiong ah

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2021-06-18

Like

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2021-06-18

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2021-06-17

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Baidu's Apollo aims to offer robotaxi service to 3 mln users in 2023

2021-06-17

Yes

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2021-06-17

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2021-06-15

Nice ttm!

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Go to Tiger App to see more news

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href=\"https://ttm.financial/S/NVDA\">$NVIDIA(NVDA)$&nbsp;</a> it will repel!","listText":"<a href=\"https://ttm.financial/S/NVDA\">$NVIDIA(NVDA)$&nbsp;</a> it will repel!","text":"$NVIDIA(NVDA)$ it will repel!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/410471868334576","isVote":1,"tweetType":1,"viewCount":1013,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127493784,"gmtCreate":1624860914548,"gmtModify":1703846436040,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Good automation strategy","listText":"Good automation strategy","text":"Good automation strategy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127493784","repostId":"1110515408","repostType":4,"repost":{"id":"1110515408","kind":"news","pubTimestamp":1624859565,"share":"https://ttm.financial/m/news/1110515408?lang=&edition=fundamental","pubTime":"2021-06-28 13:52","market":"us","language":"en","title":"Cathie Wood Buys Another $9.6M In Uipath, Raises Stake In Automation Company To $670M","url":"https://stock-news.laohu8.com/highlight/detail?id=1110515408","media":"Benzinga","summary":"Cathie Wood-led Ark Investment Management on Friday snapped up 136,859 shares, estimated to be worth","content":"<div>\n<p>Cathie Wood-led Ark Investment Management on Friday snapped up 136,859 shares, estimated to be worth about $9.55 million, in UiPath Inc(NYSE:PATH).\nShares of the New York-based software automation ...</p>\n\n<a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21737470/cathie-wood-buys-another-9-6m-in-uipath-raises-stake-in-automation-company-to-670m\">Web Link</a>\n\n</div>\n","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cathie Wood Buys Another $9.6M In Uipath, Raises Stake In Automation Company To $670M</title>\n<style 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCathie Wood Buys Another $9.6M In Uipath, Raises Stake In Automation Company To $670M\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 13:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/trading-ideas/long-ideas/21/06/21737470/cathie-wood-buys-another-9-6m-in-uipath-raises-stake-in-automation-company-to-670m><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Cathie Wood-led Ark Investment Management on Friday snapped up 136,859 shares, estimated to be worth about $9.55 million, in UiPath Inc(NYSE:PATH).\nShares of the New York-based software automation ...</p>\n\n<a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21737470/cathie-wood-buys-another-9-6m-in-uipath-raises-stake-in-automation-company-to-670m\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QSI":"Quantum-Si Inc.","PATH":"UiPath"},"source_url":"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21737470/cathie-wood-buys-another-9-6m-in-uipath-raises-stake-in-automation-company-to-670m","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110515408","content_text":"Cathie Wood-led Ark Investment Management on Friday snapped up 136,859 shares, estimated to be worth about $9.55 million, in UiPath Inc(NYSE:PATH).\nShares of the New York-based software automation company closed 1.04% higher at $69.77 on Friday.\nThe investment firm made the purchase via the ArkGenomic Revolution ETF(BATS:ARKG).\nArk owns PATH shares via all of its six active ETFs. On a consolidated basis, the Wood-led firm now holds over 10 million shares, worth around $670 million in UiPath.\nThe products of the Bucharest, Romania-based software companyare used by organizations to help efficiently automate their various business processes. PATH closed 5.34% higher on Wednesday, giving the company a market valuation of $35.8 billion.\nSome of the other key Ark Invest sells on Friday include Pluristem Therapeutics(NASDAQ:PSTI) and buys include Quantum-Si Inc(NASDAQ:QSI).","news_type":1,"symbols_score_info":{"PSTI":0.9,"QSI":0.9,"PATH":0.9}},"isVote":1,"tweetType":1,"viewCount":2072,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124720599,"gmtCreate":1624794926511,"gmtModify":1703845237963,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Keep going","listText":"Keep going","text":"Keep going","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/124720599","repostId":"1184001921","repostType":4,"repost":{"id":"1184001921","kind":"news","pubTimestamp":1624763737,"share":"https://ttm.financial/m/news/1184001921?lang=&edition=fundamental","pubTime":"2021-06-27 11:15","market":"us","language":"en","title":"Amazon: Good Stock, Not Good Price","url":"https://stock-news.laohu8.com/highlight/detail?id=1184001921","media":"seekingalpha","summary":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce i","content":"<p><b>Summary</b></p>\n<ul>\n <li>Amazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.</li>\n <li>Unfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.</li>\n <li>This article looks at what Amazon stock is most likely worth for us investors.</li>\n <li>I hope you enjoy.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/451bc93115fb453c0fcb76434c40f7f4\" tg-width=\"1536\" tg-height=\"1024\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p>\n<p>Today, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a82d937a2de3f0709088e1ab4548267b\" tg-width=\"371\" tg-height=\"260\"><span>Source: Author</span></p>\n<p>You might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.</p>\n<p>In this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.</p>\n<p>Something important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.</p>\n<p>This method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.</p>\n<p>But after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.</p>\n<blockquote>\n Warren Buffett said, “The three most important words in investing are\n <b>margin of safety</b>.” That means to buy stuff on sale... That's the whole secret to great investing.\n</blockquote>\n<blockquote>\n Rule 1 Investing\n</blockquote>\n<p>This model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.</p>\n<p><b>Business Model</b></p>\n<p>Where does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.</p>\n<p>As a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.</p>\n<p>And later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce022c0ecacc3829cf83378211bbfd9d\" tg-width=\"640\" tg-height=\"192\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p>\n<p>I projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.</p>\n<p>Hopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.</p>\n<p>Here's a look at Amazon's International segment:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3d7a5bde370f55e863f58c888abc496\" tg-width=\"640\" tg-height=\"219\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p>\n<p>For Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.</p>\n<p>And for Amazon's last and most exciting segment, here's AWS:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/769700013871f2cd09e8ce47cfb10966\" tg-width=\"640\" tg-height=\"203\"><span>Source: Author</span></p>\n<p>AWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about&nbsp;17.5% CAGR&nbsp;until 2025.</p>\n<p>Additionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.</p>\n<p>These projections were added together to help us figure out what the entire company should be worth.</p>\n<p><b>Capital Allocation</b></p>\n<p>How does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f5afa0f641ee1aae39aa69cc150165\" tg-width=\"619\" tg-height=\"499\"><span>Source: Author</span></p>\n<p>The biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.</p>\n<blockquote>\n In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.\n <i>There were no repurchases of common stock in 2018, 2019, or 2020.</i>\n</blockquote>\n<blockquote>\n Source:2020 10-K&nbsp;page 60,\n <i>emphasis added</i>\n</blockquote>\n<p>But for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.</p>\n<p>Amazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.</p>\n<p>Amazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.</p>\n<p><b>Valuation</b></p>\n<p>First, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c036264f19bb10fdad477a629b40f803\" tg-width=\"361\" tg-height=\"288\"><span>Source: Author</span></p>\n<p>I used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.</p>\n<p>This model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.</p>\n<p>Right now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95c459abcbda43e35b40379a1083ecae\" tg-width=\"640\" tg-height=\"510\"><span>Source: Author</span></p>\n<p>Down at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3fa0846616fdc847a3fe1fdf7a09bed\" tg-width=\"267\" tg-height=\"404\"><span>Source: Author</span></p>\n<p>Today, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.</p>\n<p>These estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.</p>\n<p>Down at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.</p>\n<p>The model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.</p>\n<p>\"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.</p>\n<p>But the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.</p>\n<p><b>Recap</b></p>\n<p>Today, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.</p>\n<p>But if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.</p>\n<p>Even if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.</p>\n<p>Thank you very much for reading, and I hope that you have a great rest of your day.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon: Good Stock, Not Good Price</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: Good Stock, Not Good Price\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-27 11:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.\nUnfortunately, it's a little overpriced. This is consistent ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184001921","content_text":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.\nUnfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.\nThis article looks at what Amazon stock is most likely worth for us investors.\nI hope you enjoy.\n\nSundry Photography/iStock Editorial via Getty Images\nToday, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.\nSource: Author\nYou might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.\nIn this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.\nSomething important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.\nThis method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.\nBut after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.\n\n Warren Buffett said, “The three most important words in investing are\n margin of safety.” That means to buy stuff on sale... That's the whole secret to great investing.\n\n\n Rule 1 Investing\n\nThis model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.\nBusiness Model\nWhere does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.\nAs a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.\nAnd later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nI projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.\nHopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.\nHere's a look at Amazon's International segment:\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nFor Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.\nAnd for Amazon's last and most exciting segment, here's AWS:\nSource: Author\nAWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about 17.5% CAGR until 2025.\nAdditionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.\nThese projections were added together to help us figure out what the entire company should be worth.\nCapital Allocation\nHow does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.\nSource: Author\nThe biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.\n\n In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.\n There were no repurchases of common stock in 2018, 2019, or 2020.\n\n\n Source:2020 10-K page 60,\n emphasis added\n\nBut for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.\nAmazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.\nAmazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.\nValuation\nFirst, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.\nSource: Author\nI used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.\nThis model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.\nRight now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.\nSource: Author\nDown at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.\nSource: Author\nToday, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.\nThese estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.\nDown at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.\nThe model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.\n\"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.\nBut the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.\nRecap\nToday, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.\nBut if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.\nEven if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.\nThank you very much for reading, and I hope that you have a great rest of your day.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2069,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124021020,"gmtCreate":1624709431660,"gmtModify":1703843972220,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"We believe","listText":"We believe","text":"We believe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/124021020","repostId":"1164137597","repostType":4,"isVote":1,"tweetType":1,"viewCount":1874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126402278,"gmtCreate":1624580557794,"gmtModify":1703840761207,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"All the way!","listText":"All the way!","text":"All the way!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/126402278","repostId":"2146023477","repostType":4,"isVote":1,"tweetType":1,"viewCount":2544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128097115,"gmtCreate":1624494786237,"gmtModify":1703838223050,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Buy more","listText":"Buy more","text":"Buy more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/128097115","repostId":"2145156570","repostType":4,"isVote":1,"tweetType":1,"viewCount":2151,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120912884,"gmtCreate":1624291705648,"gmtModify":1703832755771,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120912884","repostId":"1154361270","repostType":4,"isVote":1,"tweetType":1,"viewCount":2029,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167392137,"gmtCreate":1624245842529,"gmtModify":1703831461255,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167392137","repostId":"1154249454","repostType":4,"repost":{"id":"1154249454","kind":"news","pubTimestamp":1624230573,"share":"https://ttm.financial/m/news/1154249454?lang=&edition=fundamental","pubTime":"2021-06-21 07:09","market":"us","language":"en","title":"Nike, FedEx, Johnson & Johnson, Darden, and Other Stocks for Investors to Watch This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=1154249454","media":"barrons","summary":"A handful of notable companies will release their latest results toward the end of this week.Nike,FedEx,andDarden Restaurantswill report on Thursday, followed by CarMax and Paychex on Friday. Wednesday will also feature analyst days and investor events from Johnson & Johnson, GlaxoSmithKline,and Equinix.Economic data out this week include IHS’ Manufacturing and Services Purchasing Managers’ Indexes for June on Wednesday. Both are expected to hold near their record highs. The Census Bureau will r","content":"<p>A handful of notable companies will release their latest results toward the end of this week.Nike,FedEx,andDarden Restaurantswill report on Thursday, followed by CarMax and Paychex on Friday. Wednesday will also feature analyst days and investor events from&nbsp;Johnson &amp;&nbsp;Johnson,&nbsp;GlaxoSmithKline,and&nbsp;Equinix.</p>\n<p>Economic data out this week include IHS’ Manufacturing and Services Purchasing Managers’ Indexes for June on Wednesday. Both are expected to hold near their record highs. The Census Bureau will release the durable-goods report for May on Thursday. Orders—often seen as a decent proxy for business investment—are expected to rise 3.3% month over month.</p>\n<p>And on Friday, the Bureau of Economic Analysis will report personal income and consumption for May. Spending is forecast to continue rising despite a drop off in income as stimulus checks finished being sent out in April.</p>\n<p>Monday 6/21</p>\n<p><b>The Federal Reserve Bank</b>of Chicago releases its National Activity index, a gauge of overall economic activity, for May. Expectations are for a 0.50 reading, higher than April’s 0.24 figure. A positive reading indicates economic growth that is above historical trends.</p>\n<p>Tuesday 6/22</p>\n<p><b>The National Association</b>of Realtors reports existing-home sales for May. Economists forecast a seasonally adjusted annual rate of 5.7 million homes sold, about 150,000 fewer than the April data. Existing-home sales have fallen for three consecutive months, as supply hasn’t been able to keep up with demand.</p>\n<p>Wednesday 6/23</p>\n<p>Equinix hosts its 2021 analyst day, when the company will update its long-term financial outlook.</p>\n<p>GlaxoSmithKline hosts a conference call, featuring its CEO, Emma Walmsley, to update investors on the company’s strategy for growth and shareholder value creation.</p>\n<p>Johnson &amp; Johnson hosts a webcast to discuss its ESG strategy.</p>\n<p><b>The Census Bureau</b>reports new residential construction data for May. Consensus estimate is for a seasonally adjusted annual rate of 875,000 new single-family homes sold, slightly higher than April’s 863,000. Similar to existing-home sales, new-home sales have fallen from their recent peak of 993,000 in January of this year.</p>\n<p><b>IHS Markitreports</b>both its Manufacturing and Services Purchasing Managers’ indexes for June. Expectations are for a 61.5 reading for the Manufacturing PMI, and a 69.8 figure for the Services PMI. Both projections are comparable to the May data as well as being near record highs for their respective indexes.</p>\n<p>Thursday 6/24</p>\n<p><b>The Bureau of Economic Analysis</b>reports the third and final estimate of first-quarter gross-domestic-product growth. Economists forecast a seasonally adjusted annual growth rate of 6.4%.</p>\n<p>Accenture,Darden Restaurants, FedEx, and Nike hold conference calls to discuss quarterly results.</p>\n<p><b>The Bank of England</b>announces its monetary-policy decision. The central bank is widely expected to keep its key interest rate at 0.1%.</p>\n<p><b>The Census Bureau</b>releases the durable-goods report for May. The consensus call is for new orders of manufactured goods to rise 2.8% month over month to $253 billion. Excluding transportation, new orders are projected at 1%, matching the April data.</p>\n<p>Friday 6/25</p>\n<p>CarMax and Paychex report earnings.</p>\n<p><b>The BEA reports</b>personal income and consumption for May. Income is expected to fall 3% month over month, after plummeting 13.1% in April. This reflects a dropoff in stimulus checks that first were sent out in March. Spending is seen rising 0.5%, comparable to the April data.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nike, FedEx, Johnson & Johnson, Darden, and Other Stocks for Investors to Watch This Week</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nNike, FedEx, Johnson & Johnson, Darden, and Other Stocks for Investors to Watch This Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 07:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/nike-fedex-johnson-johnson-darden-and-other-stocks-for-investors-to-watch-this-week-51624215603?mod=hp_LEAD_3><strong>barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A handful of notable companies will release their latest results toward the end of this week.Nike,FedEx,andDarden Restaurantswill report on Thursday, followed by CarMax and Paychex on Friday. ...</p>\n\n<a href=\"https://www.barrons.com/articles/nike-fedex-johnson-johnson-darden-and-other-stocks-for-investors-to-watch-this-week-51624215603?mod=hp_LEAD_3\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NKE":"耐克","DRI":"达登饭店","JNJ":"强生","FDX":"联邦快递"},"source_url":"https://www.barrons.com/articles/nike-fedex-johnson-johnson-darden-and-other-stocks-for-investors-to-watch-this-week-51624215603?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154249454","content_text":"A handful of notable companies will release their latest results toward the end of this week.Nike,FedEx,andDarden Restaurantswill report on Thursday, followed by CarMax and Paychex on Friday. Wednesday will also feature analyst days and investor events from Johnson & Johnson, GlaxoSmithKline,and Equinix.\nEconomic data out this week include IHS’ Manufacturing and Services Purchasing Managers’ Indexes for June on Wednesday. Both are expected to hold near their record highs. The Census Bureau will release the durable-goods report for May on Thursday. Orders—often seen as a decent proxy for business investment—are expected to rise 3.3% month over month.\nAnd on Friday, the Bureau of Economic Analysis will report personal income and consumption for May. Spending is forecast to continue rising despite a drop off in income as stimulus checks finished being sent out in April.\nMonday 6/21\nThe Federal Reserve Bankof Chicago releases its National Activity index, a gauge of overall economic activity, for May. Expectations are for a 0.50 reading, higher than April’s 0.24 figure. A positive reading indicates economic growth that is above historical trends.\nTuesday 6/22\nThe National Associationof Realtors reports existing-home sales for May. Economists forecast a seasonally adjusted annual rate of 5.7 million homes sold, about 150,000 fewer than the April data. Existing-home sales have fallen for three consecutive months, as supply hasn’t been able to keep up with demand.\nWednesday 6/23\nEquinix hosts its 2021 analyst day, when the company will update its long-term financial outlook.\nGlaxoSmithKline hosts a conference call, featuring its CEO, Emma Walmsley, to update investors on the company’s strategy for growth and shareholder value creation.\nJohnson & Johnson hosts a webcast to discuss its ESG strategy.\nThe Census Bureaureports new residential construction data for May. Consensus estimate is for a seasonally adjusted annual rate of 875,000 new single-family homes sold, slightly higher than April’s 863,000. Similar to existing-home sales, new-home sales have fallen from their recent peak of 993,000 in January of this year.\nIHS Markitreportsboth its Manufacturing and Services Purchasing Managers’ indexes for June. Expectations are for a 61.5 reading for the Manufacturing PMI, and a 69.8 figure for the Services PMI. Both projections are comparable to the May data as well as being near record highs for their respective indexes.\nThursday 6/24\nThe Bureau of Economic Analysisreports the third and final estimate of first-quarter gross-domestic-product growth. Economists forecast a seasonally adjusted annual growth rate of 6.4%.\nAccenture,Darden Restaurants, FedEx, and Nike hold conference calls to discuss quarterly results.\nThe Bank of Englandannounces its monetary-policy decision. The central bank is widely expected to keep its key interest rate at 0.1%.\nThe Census Bureaureleases the durable-goods report for May. The consensus call is for new orders of manufactured goods to rise 2.8% month over month to $253 billion. Excluding transportation, new orders are projected at 1%, matching the April data.\nFriday 6/25\nCarMax and Paychex report earnings.\nThe BEA reportspersonal income and consumption for May. Income is expected to fall 3% month over month, after plummeting 13.1% in April. This reflects a dropoff in stimulus checks that first were sent out in March. Spending is seen rising 0.5%, comparable to the April data.","news_type":1,"symbols_score_info":{"JNJ":0.9,"DRI":0.9,"FDX":0.9,"NKE":0.9}},"isVote":1,"tweetType":1,"viewCount":1817,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162146858,"gmtCreate":1624050938274,"gmtModify":1703827550046,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Ok...","listText":"Ok...","text":"Ok...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162146858","repostId":"1103331073","repostType":4,"isVote":1,"tweetType":1,"viewCount":1704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162070731,"gmtCreate":1624029387923,"gmtModify":1703827144119,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Chiong ah","listText":"Chiong ah","text":"Chiong ah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162070731","repostId":"2141559472","repostType":2,"isVote":1,"tweetType":1,"viewCount":1950,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168250602,"gmtCreate":1623976954906,"gmtModify":1703825142572,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/168250602","repostId":"2144286417","repostType":4,"isVote":1,"tweetType":1,"viewCount":1331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168906094,"gmtCreate":1623945929218,"gmtModify":1703824369457,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/168906094","repostId":"1108846547","repostType":4,"isVote":1,"tweetType":1,"viewCount":1137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161105370,"gmtCreate":1623908495590,"gmtModify":1703823261171,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161105370","repostId":"2144771148","repostType":4,"repost":{"id":"2144771148","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1623901369,"share":"https://ttm.financial/m/news/2144771148?lang=&edition=fundamental","pubTime":"2021-06-17 11:42","market":"hk","language":"en","title":"Baidu's Apollo aims to offer robotaxi service to 3 mln users in 2023","url":"https://stock-news.laohu8.com/highlight/detail?id=2144771148","media":"Reuters","summary":"BEIJING, June 17 (Reuters) - Chinese tech giant Baidu\nsaid on Thursday its smart driving unit Apollo","content":"<p>BEIJING, June 17 (Reuters) - Chinese tech giant Baidu</p>\n<p>said on Thursday its smart driving unit Apollo plans to cater to a total of 3 million users in China with a fleet of 3,000 robotaxis in 2023.</p>\n<p>Baidu also announced that it is partnering with BAIC Group’s electric vehicle <a href=\"https://laohu8.com/S/EV\">$(EV)$</a> brand ARCFOX to develop Apollo Moon, EV robotaxis that are set to be mass-produced at a cost of 480,000 yuan ($74,766.36) per unit.</p>\n<p>The duo will produce 1,000 Apollo Moon EVs in the next three years, Baidu told a press conference in Beijing.</p>\n<p> ($1 = 6.4200 Chinese yuan renminbi)</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>Baidu's Apollo aims to offer robotaxi service to 3 mln users in 2023</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nBaidu's Apollo aims to offer robotaxi service to 3 mln users in 2023\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-06-17 11:42</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>BEIJING, June 17 (Reuters) - Chinese tech giant Baidu</p>\n<p>said on Thursday its smart driving unit Apollo plans to cater to a total of 3 million users in China with a fleet of 3,000 robotaxis in 2023.</p>\n<p>Baidu also announced that it is partnering with BAIC Group’s electric vehicle <a href=\"https://laohu8.com/S/EV\">$(EV)$</a> brand ARCFOX to develop Apollo Moon, EV robotaxis that are set to be mass-produced at a cost of 480,000 yuan ($74,766.36) per unit.</p>\n<p>The duo will produce 1,000 Apollo Moon EVs in the next three years, Baidu told a press conference in Beijing.</p>\n<p> ($1 = 6.4200 Chinese yuan renminbi)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIDU":"百度","09888":"百度集团-SW"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144771148","content_text":"BEIJING, June 17 (Reuters) - Chinese tech giant Baidu\nsaid on Thursday its smart driving unit Apollo plans to cater to a total of 3 million users in China with a fleet of 3,000 robotaxis in 2023.\nBaidu also announced that it is partnering with BAIC Group’s electric vehicle $(EV)$ brand ARCFOX to develop Apollo Moon, EV robotaxis that are set to be mass-produced at a cost of 480,000 yuan ($74,766.36) per unit.\nThe duo will produce 1,000 Apollo Moon EVs in the next three years, Baidu told a press conference in Beijing.\n ($1 = 6.4200 Chinese yuan renminbi)","news_type":1,"symbols_score_info":{"BIDU":0.9,"09888":0.9}},"isVote":1,"tweetType":1,"viewCount":833,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161105041,"gmtCreate":1623908476683,"gmtModify":1703823261010,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161105041","repostId":"1160956168","repostType":4,"isVote":1,"tweetType":1,"viewCount":927,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161108906,"gmtCreate":1623908361605,"gmtModify":1703823256592,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161108906","repostId":"1117650695","repostType":4,"isVote":1,"tweetType":1,"viewCount":703,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187811670,"gmtCreate":1623748981090,"gmtModify":1704210352082,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Nice ttm!","listText":"Nice ttm!","text":"Nice ttm!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187811670","repostId":"2143975821","repostType":4,"isVote":1,"tweetType":1,"viewCount":764,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":126402278,"gmtCreate":1624580557794,"gmtModify":1703840761207,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"All the way!","listText":"All the way!","text":"All the way!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/126402278","repostId":"2146023477","repostType":4,"isVote":1,"tweetType":1,"viewCount":2544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168250602,"gmtCreate":1623976954906,"gmtModify":1703825142572,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/168250602","repostId":"2144286417","repostType":4,"isVote":1,"tweetType":1,"viewCount":1331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168906094,"gmtCreate":1623945929218,"gmtModify":1703824369457,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/168906094","repostId":"1108846547","repostType":4,"isVote":1,"tweetType":1,"viewCount":1137,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128097115,"gmtCreate":1624494786237,"gmtModify":1703838223050,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Buy more","listText":"Buy more","text":"Buy more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/128097115","repostId":"2145156570","repostType":4,"isVote":1,"tweetType":1,"viewCount":2151,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167392137,"gmtCreate":1624245842529,"gmtModify":1703831461255,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167392137","repostId":"1154249454","repostType":4,"repost":{"id":"1154249454","kind":"news","pubTimestamp":1624230573,"share":"https://ttm.financial/m/news/1154249454?lang=&edition=fundamental","pubTime":"2021-06-21 07:09","market":"us","language":"en","title":"Nike, FedEx, Johnson & Johnson, Darden, and Other Stocks for Investors to Watch This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=1154249454","media":"barrons","summary":"A handful of notable companies will release their latest results toward the end of this week.Nike,FedEx,andDarden Restaurantswill report on Thursday, followed by CarMax and Paychex on Friday. Wednesday will also feature analyst days and investor events from Johnson & Johnson, GlaxoSmithKline,and Equinix.Economic data out this week include IHS’ Manufacturing and Services Purchasing Managers’ Indexes for June on Wednesday. Both are expected to hold near their record highs. The Census Bureau will r","content":"<p>A handful of notable companies will release their latest results toward the end of this week.Nike,FedEx,andDarden Restaurantswill report on Thursday, followed by CarMax and Paychex on Friday. Wednesday will also feature analyst days and investor events from&nbsp;Johnson &amp;&nbsp;Johnson,&nbsp;GlaxoSmithKline,and&nbsp;Equinix.</p>\n<p>Economic data out this week include IHS’ Manufacturing and Services Purchasing Managers’ Indexes for June on Wednesday. Both are expected to hold near their record highs. The Census Bureau will release the durable-goods report for May on Thursday. Orders—often seen as a decent proxy for business investment—are expected to rise 3.3% month over month.</p>\n<p>And on Friday, the Bureau of Economic Analysis will report personal income and consumption for May. Spending is forecast to continue rising despite a drop off in income as stimulus checks finished being sent out in April.</p>\n<p>Monday 6/21</p>\n<p><b>The Federal Reserve Bank</b>of Chicago releases its National Activity index, a gauge of overall economic activity, for May. Expectations are for a 0.50 reading, higher than April’s 0.24 figure. A positive reading indicates economic growth that is above historical trends.</p>\n<p>Tuesday 6/22</p>\n<p><b>The National Association</b>of Realtors reports existing-home sales for May. Economists forecast a seasonally adjusted annual rate of 5.7 million homes sold, about 150,000 fewer than the April data. Existing-home sales have fallen for three consecutive months, as supply hasn’t been able to keep up with demand.</p>\n<p>Wednesday 6/23</p>\n<p>Equinix hosts its 2021 analyst day, when the company will update its long-term financial outlook.</p>\n<p>GlaxoSmithKline hosts a conference call, featuring its CEO, Emma Walmsley, to update investors on the company’s strategy for growth and shareholder value creation.</p>\n<p>Johnson &amp; Johnson hosts a webcast to discuss its ESG strategy.</p>\n<p><b>The Census Bureau</b>reports new residential construction data for May. Consensus estimate is for a seasonally adjusted annual rate of 875,000 new single-family homes sold, slightly higher than April’s 863,000. Similar to existing-home sales, new-home sales have fallen from their recent peak of 993,000 in January of this year.</p>\n<p><b>IHS Markitreports</b>both its Manufacturing and Services Purchasing Managers’ indexes for June. Expectations are for a 61.5 reading for the Manufacturing PMI, and a 69.8 figure for the Services PMI. Both projections are comparable to the May data as well as being near record highs for their respective indexes.</p>\n<p>Thursday 6/24</p>\n<p><b>The Bureau of Economic Analysis</b>reports the third and final estimate of first-quarter gross-domestic-product growth. Economists forecast a seasonally adjusted annual growth rate of 6.4%.</p>\n<p>Accenture,Darden Restaurants, FedEx, and Nike hold conference calls to discuss quarterly results.</p>\n<p><b>The Bank of England</b>announces its monetary-policy decision. The central bank is widely expected to keep its key interest rate at 0.1%.</p>\n<p><b>The Census Bureau</b>releases the durable-goods report for May. The consensus call is for new orders of manufactured goods to rise 2.8% month over month to $253 billion. Excluding transportation, new orders are projected at 1%, matching the April data.</p>\n<p>Friday 6/25</p>\n<p>CarMax and Paychex report earnings.</p>\n<p><b>The BEA reports</b>personal income and consumption for May. Income is expected to fall 3% month over month, after plummeting 13.1% in April. This reflects a dropoff in stimulus checks that first were sent out in March. Spending is seen rising 0.5%, comparable to the April data.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nike, FedEx, Johnson & Johnson, Darden, and Other Stocks for Investors to Watch This Week</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nNike, FedEx, Johnson & Johnson, Darden, and Other Stocks for Investors to Watch This Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 07:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/nike-fedex-johnson-johnson-darden-and-other-stocks-for-investors-to-watch-this-week-51624215603?mod=hp_LEAD_3><strong>barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A handful of notable companies will release their latest results toward the end of this week.Nike,FedEx,andDarden Restaurantswill report on Thursday, followed by CarMax and Paychex on Friday. ...</p>\n\n<a href=\"https://www.barrons.com/articles/nike-fedex-johnson-johnson-darden-and-other-stocks-for-investors-to-watch-this-week-51624215603?mod=hp_LEAD_3\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NKE":"耐克","DRI":"达登饭店","JNJ":"强生","FDX":"联邦快递"},"source_url":"https://www.barrons.com/articles/nike-fedex-johnson-johnson-darden-and-other-stocks-for-investors-to-watch-this-week-51624215603?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154249454","content_text":"A handful of notable companies will release their latest results toward the end of this week.Nike,FedEx,andDarden Restaurantswill report on Thursday, followed by CarMax and Paychex on Friday. Wednesday will also feature analyst days and investor events from Johnson & Johnson, GlaxoSmithKline,and Equinix.\nEconomic data out this week include IHS’ Manufacturing and Services Purchasing Managers’ Indexes for June on Wednesday. Both are expected to hold near their record highs. The Census Bureau will release the durable-goods report for May on Thursday. Orders—often seen as a decent proxy for business investment—are expected to rise 3.3% month over month.\nAnd on Friday, the Bureau of Economic Analysis will report personal income and consumption for May. Spending is forecast to continue rising despite a drop off in income as stimulus checks finished being sent out in April.\nMonday 6/21\nThe Federal Reserve Bankof Chicago releases its National Activity index, a gauge of overall economic activity, for May. Expectations are for a 0.50 reading, higher than April’s 0.24 figure. A positive reading indicates economic growth that is above historical trends.\nTuesday 6/22\nThe National Associationof Realtors reports existing-home sales for May. Economists forecast a seasonally adjusted annual rate of 5.7 million homes sold, about 150,000 fewer than the April data. Existing-home sales have fallen for three consecutive months, as supply hasn’t been able to keep up with demand.\nWednesday 6/23\nEquinix hosts its 2021 analyst day, when the company will update its long-term financial outlook.\nGlaxoSmithKline hosts a conference call, featuring its CEO, Emma Walmsley, to update investors on the company’s strategy for growth and shareholder value creation.\nJohnson & Johnson hosts a webcast to discuss its ESG strategy.\nThe Census Bureaureports new residential construction data for May. Consensus estimate is for a seasonally adjusted annual rate of 875,000 new single-family homes sold, slightly higher than April’s 863,000. Similar to existing-home sales, new-home sales have fallen from their recent peak of 993,000 in January of this year.\nIHS Markitreportsboth its Manufacturing and Services Purchasing Managers’ indexes for June. Expectations are for a 61.5 reading for the Manufacturing PMI, and a 69.8 figure for the Services PMI. Both projections are comparable to the May data as well as being near record highs for their respective indexes.\nThursday 6/24\nThe Bureau of Economic Analysisreports the third and final estimate of first-quarter gross-domestic-product growth. Economists forecast a seasonally adjusted annual growth rate of 6.4%.\nAccenture,Darden Restaurants, FedEx, and Nike hold conference calls to discuss quarterly results.\nThe Bank of Englandannounces its monetary-policy decision. The central bank is widely expected to keep its key interest rate at 0.1%.\nThe Census Bureaureleases the durable-goods report for May. The consensus call is for new orders of manufactured goods to rise 2.8% month over month to $253 billion. Excluding transportation, new orders are projected at 1%, matching the April data.\nFriday 6/25\nCarMax and Paychex report earnings.\nThe BEA reportspersonal income and consumption for May. Income is expected to fall 3% month over month, after plummeting 13.1% in April. This reflects a dropoff in stimulus checks that first were sent out in March. Spending is seen rising 0.5%, comparable to the April data.","news_type":1,"symbols_score_info":{"JNJ":0.9,"DRI":0.9,"FDX":0.9,"NKE":0.9}},"isVote":1,"tweetType":1,"viewCount":1817,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161105041,"gmtCreate":1623908476683,"gmtModify":1703823261010,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161105041","repostId":"1160956168","repostType":4,"repost":{"id":"1160956168","kind":"news","pubTimestamp":1623907651,"share":"https://ttm.financial/m/news/1160956168?lang=&edition=fundamental","pubTime":"2021-06-17 13:27","market":"us","language":"en","title":"Qualcomm Vs. MediaTek: Battle Of Smartphone Chipmakers","url":"https://stock-news.laohu8.com/highlight/detail?id=1160956168","media":"seekingalpha","summary":"Summary\n\nQualcomm and MediaTek are distinct brands in the smartphone chipset market supplying the cr","content":"<p><b>Summary</b></p>\n<ul>\n <li>Qualcomm and MediaTek are distinct brands in the smartphone chipset market supplying the crucial application processors essential for smartphones to function.</li>\n <li>We analysed the market leadership trends in terms of their market share of the smartphone application processor market.</li>\n <li>Another factor is the performance advantage and profitability where Qualcomm commands superior margins.</li>\n <li>Qualcomm is also more diversified and seeking to expand into the automotive computing platform market, leveraging its Snapdragon capabilities to support ADAS and AV.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e7f1469414dad95779725028eb74a20\" tg-width=\"1536\" tg-height=\"1024\"><span>Gumpanat/iStock via Getty Images</span></p>\n<p>In the smartphone market, both Qualcomm Incorporated(NASDAQ:QCOM)and MediaTek Inc.(OTCPK:MDTKF)are prominent suppliers of application processors which is a chipset essential to power a smartphone device. In terms of market share, both companies are dominant players, accounting for over 50% of the smartphone application processor market combined. Qualcomm has its renowned Snapdragon series of chipsets while MediaTek has the featured Helios and expanded Dimensity lineup. However, MediaTek has been more successful with its lineup, securing design wins with major smartphone manufacturers leading to it gaining share at the expense of Qualcomm.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/baebb940df0829e4a7d45434b92e2556\" tg-width=\"640\" tg-height=\"360\"><span>Source: Qualcomm, MediaTek</span></p>\n<p>MediaTek’s market share gains have been impressive and are attributed to its cost-effective Dimensity series, which the company has introduced with 5G compatibility. Its expanded lineup has secured design wins with key customers such as Xiaomi (OTCPK:XIACF), Samsung (OTC:SSNLF), and Oppo. MediaTek is also gaining popularity in developing markets where it has edged out Qualcomm for market leadership in markets including China, LATAM, EMEA, and India. However, we highlighted Qualcomm’s performance advantage leading to superior profitability with higher margins. Fundamentally, both SoCs consist of ARM-based CPU but Qualcomm uses a 5nm process technology for its latest and most advanced Snapdragon 888 powering the premium-tier smartphones.</p>\n<p>Besides the smartphone market, Qualcomm is also setting its sights to expand into the automotive market where it is planning to leverage its CPU and GPU expertise to extend the Snapdragon capabilities to handle ADAS and self-driving technologies and competing against Nvidia(NASDAQ:NVDA)and Intel’s(NASDAQ:INTC)Mobileye, whereas MediaTek maintains a more focused approach on the smartphone markets which faces the threat of stagnation owing to high smartphone ownership rates. Finally, we compared the company’s financials and applied a DCF analysis to value both companies.</p>\n<p><b>MediaTek Stealing Qualcomm’s Crown by Supplying Chinese Smartphone Manufacturers</b></p>\n<p>In 2020, MediaTek overtook Qualcomm to be the largest smartphone application processor supplier. While both companies remain as leaders of the global smartphone application processor market, MediaTek has displayed rapid growth whereas Qualcomm’s market share leadership has eroded since 2018. This trend is attributed to several factors including growing orders from key smartphone OEMs, the Huawei ban, and the company’s expanded 5G portfolio with the Dimensity 800 series targeted towards low to mid-tier devices. Based on the market share chart below, MediaTek has been gaining market share while Qualcomm’s market leadership has eroded. Though, the impact on Qualcomm has been cushioned by Samsung’s decision to outsource rather than using its unpopular&nbsp;Exynos&nbsp;chip among fans.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c3b3de8666b0c748b1ba6d7c64374cd7\" tg-width=\"640\" tg-height=\"360\"><span>Source:Counterpoint Research</span></p>\n<p>Both companies supply to Samsung, Xiaomi, Oppo, and Vivo. These are key customers for Samsung,representing&nbsp;more than 10% of revenues each according to its annual report. On the other hand, MediaTek does not disclose its revenue contribution figures from customers. However, MediaTek has witnessed tremendous growth from Xiaomi and Samsung as it secured design wins to supply these companies with its newly launched 5G smartphone chipsets as well as trade tension pressures leading Chinese chipmakers to diversify their supply chain from the US-based Qualcomm. Additionally, Qualcomm was reported to have faced supply chain issues due to the production&nbsp;shutdown&nbsp;of Samsung’s Austin fab in Q1 2021, which manufactures some of Qualcomm’s chips. In terms of shipments, Xiaomi was the company’s biggest customer and reportedly shipped 223% more smartphones with the company’s chips as compared to 2019. Oppo was MediaTek’s second-biggest customer in 2020, shipping 19% more chips than 2019. Samsung also saw demand for MediaTek smartphones grow by over 250% in 2020 over 2019 while demand for Qualcomm declined by 53% based on estimates derived from its market shares.</p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>Top Customers</b></p></td>\n   <td><p><b>Qualcomm 2020 Shipments ('mln)</b></p></td>\n   <td><p><b>Growth (%)</b></p></td>\n   <td><p><b>MediaTek 2020 Shipments ('mln')</b></p></td>\n   <td><p><b>Growth (%)</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Xiaomi</p></td>\n   <td><p>82.9</p></td>\n   <td><p>-21%</p></td>\n   <td><p>63.7</p></td>\n   <td><p>223%</p></td>\n  </tr>\n  <tr>\n   <td><p>Oppo</p></td>\n   <td><p>56.5</p></td>\n   <td><p>-23%</p></td>\n   <td><p>55.3</p></td>\n   <td><p>19%</p></td>\n  </tr>\n  <tr>\n   <td><p>Samsung</p></td>\n   <td><p>22.7</p></td>\n   <td><p>-53%</p></td>\n   <td><p>43.3</p></td>\n   <td><p>255%</p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>Source:GSM Arena,SamMobile,Xiaomi,Counterpoint Research</i></p>\n<p>The exposure that MediaTek has obtained from its relationship with Chinese smartphone manufacturers, Xiaomi and Oppo, has been highly beneficial as these companies are cannibalizing Huawei’s sales which have felt the impact of the trade embargo by the US. As shown in the chart below, Chinese smartphone competitors have gained market share at the expense of Huawei.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/019a25e2375e21aee3c43ca63a7cf67f\" tg-width=\"640\" tg-height=\"366\"><span>Source:Counterpoint Research</span></p>\n<p>Besides winning Chinese smartphone manufacturers, another factor that is attributable to the rise in MediaTek is in developing countries where its affordable chipsets are seeing rising adoption. This is evident in the largest smartphone market in the world,China, accounting for 26.6% of global smartphone shipments. Here, MediaTek’s market share among China’s 5G smartphones has risen rapidly in 2020 with the expansion of its 5G lineup and design wins by Chinese smartphone manufacturers. At the end of Q4 2020, it has attained a market share of 40.4% which is ahead of Qualcomm at 20.1%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6c1d61a11ca7e352dd632fd9d0826655\" tg-width=\"640\" tg-height=\"440\"><span>Source:IDC</span></p>\n<p>Besides China, other developing&nbsp;regions&nbsp;are seeing rising adoption of MediaTek’s application processors. This includes LATAM, MEA, and India, where MediaTek has become the largest supplier of smartphone chipsets ahead of Qualcomm with its affordable 5G lineup. Also, the chart highlights Samsung’s Exynos chip decreasing market share as it outsources instead.</p>\n<p><b>Market Share Growth by Region</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba4ad6a0e12444c1be33ff36bd4d1182\" tg-width=\"640\" tg-height=\"364\"><span>Source:Counterpoint Research</span></p>\n<p>Moreover, the developing countries make up some of the largest smartphone markets globally with China, India, Indonesia, and Brazil being among the top 5 markets. These growth markets are only about 60% penetrated in terms of smartphone ownership. India has the lowest penetration at only 31.8%, which shows a significant opportunity for high potential for growth in the country. In 2020, the global smartphone market wasvaluedat $714.96 bln and is forecasted to grow at a CAGR of 11.2%.</p>\n<p><b>Worldwide Smartphone Sales by Region ('mln')</b></p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>Region</b></p></td>\n   <td><p><b>2020</b></p></td>\n   <td><p><b>2021F</b></p></td>\n   <td><p><b>Growth (%)</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Eastern Europe</p></td>\n   <td><p>43</p></td>\n   <td><p>49</p></td>\n   <td><p>14.91%</p></td>\n  </tr>\n  <tr>\n   <td><p>Emerging Asia/Pacific</p></td>\n   <td><p>337</p></td>\n   <td><p>366</p></td>\n   <td><p>8.61%</p></td>\n  </tr>\n  <tr>\n   <td><p>Eurasia</p></td>\n   <td><p>43</p></td>\n   <td><p>47</p></td>\n   <td><p>8.71%</p></td>\n  </tr>\n  <tr>\n   <td><p>Greater China</p></td>\n   <td><p>368</p></td>\n   <td><p>410</p></td>\n   <td><p>11.40%</p></td>\n  </tr>\n  <tr>\n   <td><p>Latin America</p></td>\n   <td><p>116</p></td>\n   <td><p>134</p></td>\n   <td><p>15.52%</p></td>\n  </tr>\n  <tr>\n   <td><p>Mature Asia/Pacific</p></td>\n   <td><p>26</p></td>\n   <td><p>30</p></td>\n   <td><p>15.76%</p></td>\n  </tr>\n  <tr>\n   <td><p>Middle East and North Africa</p></td>\n   <td><p>71</p></td>\n   <td><p>79</p></td>\n   <td><p>10.68%</p></td>\n  </tr>\n  <tr>\n   <td><p>North America</p></td>\n   <td><p>136</p></td>\n   <td><p>152</p></td>\n   <td><p>11.37%</p></td>\n  </tr>\n  <tr>\n   <td><p>Sub-Saharan Africa</p></td>\n   <td><p>84</p></td>\n   <td><p>94</p></td>\n   <td><p>11.67%</p></td>\n  </tr>\n  <tr>\n   <td><p>Western Europe</p></td>\n   <td><p>125</p></td>\n   <td><p>143</p></td>\n   <td><p>13.85%</p></td>\n  </tr>\n  <tr>\n   <td><p>Japan</p></td>\n   <td><p>27</p></td>\n   <td><p>30</p></td>\n   <td><p>10.90%</p></td>\n  </tr>\n  <tr>\n   <td><p><b>Grand Total</b></p></td>\n   <td><p><b>1,379</b></p></td>\n   <td><p><b>1,535</b></p></td>\n   <td><p><b>11.36%</b></p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>Source:Gartner, Khaveen Investments</i></p>\n<p>Overall, MediaTek has been able to deepen its relationship with Chinese smartphone manufacturers by securing new design wins with its expanded 5G Dimensity lineup while Qualcomm, which has had an early advantage, is starting to feel the pinch from MediaTek. This has also enabled MediaTek to secure large parts of the developing markets including China, LATAM, MEA, and India which account for over 60% of the smartphone market. These factors are attributable to MediaTek’s rising share in the past 3 years and edging out Qualcomm’s market leadership.</p>\n<p><b>Qualcomm Still Maintains Superior Technology with Greater Profitability</b></p>\n<p>Although MediaTek has claimed market leadership over Qualcomm, another aspect that contrasts both companies are in terms of performance. Historically, Qualcomm has maintained an edge over MediaTek in terms of application processor&nbsp;performance. However, both companies utilize the same ARM-based processors. Qualcomm derives its performance advantage from its process technology at the premium tier and the Adreno GPU&nbsp;component&nbsp;of its SoC which is more customized than MediaTek.</p>\n<p>To compare the performance of the companies’ chipsets, we referred to benchmarks from Centurion Mark, which is a well-regarded benchmark used to analyze the performance of each series of application processors. Centurion Mark is&nbsp;determined&nbsp;by testing the processors on over 20 different parameters. Some of these parameters such as User Experience and Raw CPU Performance have a significant impact on the score while there are some minor parameters as well that make a little difference (For example, Dual VoLTE Support). These are the 5 major factors that influence Centurion Mark: User Experience, Real-World Performance, Raw CPU Performance, Raw GPU Performance, Features and Technologies Present. The graphs below show the centurion mark for both Qualcomm and MediaTek chips. Based on the centurion mark, Qualcomm appears to have better performing chipsets with a higher score.</p>\n<p><img src=\"https://static.tigerbbs.com/fd0a178f080cf09e36e490ae449474d8\" tg-width=\"568\" tg-height=\"562\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0443c6cb35170d9e3fac3453232a7ca0\" tg-width=\"567\" tg-height=\"506\"><span>Source: Tech Centurion</span></p>\n<p>For the premium tier, the Snapdragon 888 is Qualcomm’s latest and most advanced chipset which is compared to MediaTek’s Dimensity 1000 series. The Snapdragon 888 has a Centurion Mark score of 156 which is higher than Dimensity 1000 at up to 150 only. Specification wise, both chips have the same number of ARM Cortex cores but the fundamentaldifferencesbetween these chipsets are the process technology used to manufacture them. Qualcomm uses a 5nm process by Samsung while MediaTek uses 6nm for the Dimensity chip leading to better CPU performance and battery life from more efficient power consumption. Additionally, Qualcomm’s Adreno GPUs are semi-customed by Qualcomm while MediaTek uses a standard ARM Mali GPU which also explains the better GPU performance for Qualcomm.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a22e12404ab1ff32846a8b255243dd5d\" tg-width=\"640\" tg-height=\"277\"><span>Source:NanoReview</span></p>\n<p>The reason this performance advantage for Qualcomm is significant is because of the superior profitability it commands. In terms of pricing, Qualcomm’s average chip price is $51.70 which is significantly higher than MediaTek’s average chip price of $32.55. We calculated this price by dividing the revenue by the total shipments of 2020.</p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>Company</b></p></td>\n   <td><p><b>Revenue ($ mln)</b></p></td>\n   <td><p><b>Shipments ('mln')</b></p></td>\n   <td><p><b>Average Chipset Price ($)</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Qualcomm</p></td>\n   <td><p>16,493</p></td>\n   <td><p>319</p></td>\n   <td><p>$51.70</p></td>\n  </tr>\n  <tr>\n   <td><p>MediaTek</p></td>\n   <td><p>11,457</p></td>\n   <td><p>352</p></td>\n   <td><p>$32.55</p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>Source: Qualcomm, MediaTek,Omdia</i></p>\n<p>This higher pricing power of Qualcomm improves its margins as the company has about 60% gross margins. In comparison, MediaTek’s gross margins are only about 42%. This difference shows that although MediaTek has more shipments and is currently the market leader, Qualcomm is the more profitable company.</p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>Company</b></p></td>\n   <td><p><b>Gross Margins (%)</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Qualcomm</p></td>\n   <td><p>60.67%</p></td>\n  </tr>\n  <tr>\n   <td><p>MediaTek</p></td>\n   <td><p>41.85%</p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>Source: Qualcomm, MediaTek</i></p>\n<p>That said, the performance advantage is likely less to price sensitive consumers in the lower-tier market which is why MediaTek is still gaining market share. Additionally, MediaTek is also believed to be beefing up its Dimensity series with the help of TSMC touseits 5nm process technology which may close the performance gap with Qualcomm in future lineups. However, Qualcomm is still the superior company in terms of performance and commands higher profitability. Moreover, the high-end smartphone market share is expected to remain stable as seen in the chart below.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d38124fca0411397058ef95c3bd86e82\" tg-width=\"640\" tg-height=\"353\"><span>Source:Statista</span></p>\n<p><b>Expansion Opportunities Beyond Smartphones with Automotive SoCs</b></p>\n<p>Apart from emerging markets, the ownership rate of smartphones is already at a mature rate in more developed countries. In 2020, the global smartphonepenetration rateis estimated to be around 78%. This presents a long-term risk to both companies which depend heavily on the smartphone application processor market. However, Qualcomm has a relatively more diversified business structure and intends to expand into the automotive chipset market.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e8e41da4ba837719eb1c665e3e2d965\" tg-width=\"640\" tg-height=\"360\"><span>Source: Qualcomm, MediaTek</span></p>\n<p>Qualcomm leverages its wireless and connectivity expertise to cater to the automotive infotainment chip market. In 2021, the company and General Motors(NYSE:GM)announced an agreement for the Qualcomm Snapdragon Automotive Cockpit Platforms to power digital cockpits and next-generation telematics systems. Moreover, the company is seeking to expand into the ADAS and AV chip market, leveraging its CPU and GPU capabilities and competing against Nvidia’s DRIVE and Intel’s Mobileye. The company intends to scale its Snapdragon automotive processor for ADAS and self-driving vehicles promising performances of up to 700 TOPs. Management claims that its Snapdragon Ride ADAS system could be&nbsp;launched&nbsp;by 2022. In relation, the company is&nbsp;partnering&nbsp;with Veoneer (VNE), a previous partner of Nvidia, which provides ADAS and AV solutions including its Arriver software which the companies plan to integrate with the Snapdragon Ride Platform. In terms of design wins, Mobileye and Nvidia have secured a greater network of automakers compared to Qualcomm. The company is believed to have landed&nbsp;GM&nbsp;as a major customer to implement its ADAS.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/46454ca65fd58bb6d2cb7cade4c6ff80\" tg-width=\"640\" tg-height=\"370\"><span>Source:Forbes</span></p>\n<p>According to Navigant Research, the research firm ranks Nvidia and Intel Mobileye ahead of Qualcomm in the automotive self-driving compute platform but still a leader in this area. Overall, Qualcomm has set its sights in the automotive market in contrast to MediaTek which remains focused on the smartphone market. This means that Qualcomm is in a better position to reap the benefits of the rising global automotive chip market size which is&nbsp;forecasted&nbsp;to reach $56.24 bln by 2025, growing at a CAGR of 10.7%, driven by rising ADAS applications.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/caaee72690ad5a003eaca38e87582254\" tg-width=\"640\" tg-height=\"526\"><span>Source:Navigant Research</span></p>\n<p><b>Trade Tensions Risk Impacting the Smartphone Application Processor Market</b></p>\n<p>Comparing both companies’ revenue breakdown by region, both Qualcomm and MediaTek derive a significant portion of their revenues from the Asia Pacific region with Qualcomm making 59% of revenue from China.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df35cbb1079862cef39b51c87aeb6b2f\" tg-width=\"640\" tg-height=\"360\"><span>Source: Qualcomm, MediaTek</span></p>\n<p>We believe the greatest risk for Qualcomm is the escalating trade tensions between the US and China. In 2020, the company was&nbsp;barred&nbsp;from doing business with Huawei like other US companies until it was later modified to allow older generation 4G chips to be supplied to Huawei. This may have provided some relief for Qualcomm but the restriction on 5G technology remaining in place affects both Qualcomm and Huawei negatively. Though, the wider implication of rising dispute between the two largest economies may impact Qualcomm. This is the case where other Chinese smartphone manufacturers may be diversifying their supply chain benefitting MediaTek to prevent the threat of trade embargoes against them in the future. If trade tensions continue to escalate between the countries’ governments, Qualcomm stands to lose as it is heavily reliant on the Chinese market. Additionally, this could lead to a shift that may see MediaTek benefit from orders redirected from Qualcomm to it by Chinese manufacturers.</p>\n<p><b>Valuation</b></p>\n<p>The 5-year average revenue growth of Qualcomm is -1.3%. The 5-year average gross and net margins are 59.3% and 10.68%, respectively.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55dd3ee9656dd75e9f78a5ddbdeae78f\" tg-width=\"640\" tg-height=\"360\"><span>Source: Qualcomm, Khaveen Investments</span></p>\n<p>The 5-year average revenue growth of MediaTek is 13.6%. The 5-year average gross and net margins are 39.1% and 9.92%, respectively.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/630f67ef59ab999c05edb8f2b2f91069\" tg-width=\"640\" tg-height=\"360\"><span>Source: MediaTek, Khaveen Investments</span></p>\n<p>Qualcomm’s 5-year average free cash flow margin is 37.71%. The extremely high positive capex in 2017 is due to the sale of marketable securities for $41,715 mln.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4cc8b1511f2dec7af834c157c61abac6\" tg-width=\"640\" tg-height=\"360\"><span>Source: Qualcomm, Khaveen Investments</span></p>\n<p>In comparison, MediaTek’s 5-year average free cash flow margin is lower than Qualcomm at 12.95%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/41b88ceac81579cc2483ede843d90b22\" tg-width=\"640\" tg-height=\"360\"><span>Source: MediaTek, Khaveen Investments</span></p>\n<p>Since both companies have positive free cash flows, we used a DCF model to accurately value the companies. The industry average EV/EBITDA is 16.96x, as shown in the table below.</p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>Company</b></p></td>\n   <td><p><b>EV/EBITDA</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Qualcomm</p></td>\n   <td><p>15.03x</p></td>\n  </tr>\n  <tr>\n   <td><p>MediaTek</p></td>\n   <td><p>20.52x</p></td>\n  </tr>\n  <tr>\n   <td><p>Qorvo (QRVO)</p></td>\n   <td><p>15.04x</p></td>\n  </tr>\n  <tr>\n   <td><p>Skyworks (SWKS)</p></td>\n   <td><p>15.61x</p></td>\n  </tr>\n  <tr>\n   <td><p>Broadcom (AVGO)</p></td>\n   <td><p>18.61x</p></td>\n  </tr>\n  <tr>\n   <td><p><b>Average</b></p></td>\n   <td><p><b>16.96x</b></p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>Source: Seeking Alpha</i></p>\n<p>The revenue projections for Qualcomm in 2021 are based on the prorated figure. We used the revenues obtained in the first 2 quarters, along with the third quarterguidance, to forecast the full year revenue. For 2022 and 2023, the forecasted revenues are based on the market CAGR for each of the segments. The handset and RFFE segment is expected togrowat 11% which is the market forecast for the global smartphone application processor market. The QTL segment is also based on the same growth rate as the segments are interlinked. The IoT segment is expected togrowat 14.9% which is the market forecast for the global IoT chip market. Similarly, the automotive segment is expected togrowat 10.7% which is the global automotive chip market CAGR. Overall, the revenue growth for 2021 is forecasted at 46%. For 2022 and 2023, the revenue growth forecast is 11% and 12%, respectively.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2c510460160ce7ca980bbb9ff6c4571\" tg-width=\"606\" tg-height=\"762\"><span>Source:Market Research Future,Grand View Research,GlobeNewswire,Qualcomm,KhaveenInvestments</span></p>\n<p>For MediaTek’s revenue projections, we based the 2021 forecast based on companyguidanceof 40% year-on-year growth in revenue. For 2022 and 2023, we based the revenue growth on the global smartphone application processor market CAGR of 11%. Based on these forecasts, the revenue growth for 2021 is 40%, with 2022 and 2023 revenue growth at 11%.</p>\n<table>\n <tbody></tbody>\n</table>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>MediaTek Revenue Segments (USD mln)</b></p></td>\n   <td><p><b>2020</b></p></td>\n   <td><p><b>2021F</b></p></td>\n   <td><p><b>2022F</b></p></td>\n   <td><p><b>2023F</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Multimedia Chipsets</p></td>\n   <td><p>11,292</p></td>\n   <td><p>15,809</p></td>\n   <td><p>17,548</p></td>\n   <td><p>19,479</p></td>\n  </tr>\n  <tr>\n   <td><p>Others</p></td>\n   <td><p>165</p></td>\n   <td><p>231</p></td>\n   <td><p>256</p></td>\n   <td><p>285</p></td>\n  </tr>\n  <tr>\n   <td><p><b>Total</b></p></td>\n   <td><p><b>11,457</b></p></td>\n   <td><p><b>16,040</b></p></td>\n   <td><p><b>17,805</b></p></td>\n   <td><p><b>19,763</b></p></td>\n  </tr>\n  <tr>\n   <td><p><b>Growth (%)</b></p></td>\n   <td><p><b>40%</b></p></td>\n   <td><p><b>11%</b></p></td>\n   <td><p><b>11%</b></p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>Source:Market Research Future,MediaTek, Khaveen Investments</i></p>\n<p>Based on Qualcomm’s discount rate of 13% (company’s WACC), the upside is 25.55%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9d09f4e18715408e3895f867a667c193\" tg-width=\"640\" tg-height=\"360\"><span>Source: Khaveen Investments</span></p>\n<p>Based on MediaTek’s discount rate of 9.2% (company’s WACC), the upside is -4.74%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d470f7bb3468f096da5e905de91de957\" tg-width=\"640\" tg-height=\"360\"><span>Source: Khaveen Investments</span></p>\n<table>\n <tbody>\n  <tr>\n   <td><p><b>Company</b></p></td>\n   <td><p><b>Current Price</b></p></td>\n   <td><p><b>Target Price</b></p></td>\n   <td><p><b>Upside (%)</b></p></td>\n  </tr>\n  <tr>\n   <td><p>Qualcomm</p></td>\n   <td><p>$134.54</p></td>\n   <td><p>$168.93</p></td>\n   <td><p>25.55%</p></td>\n  </tr>\n  <tr>\n   <td><p>MediaTek</p></td>\n   <td><p>TWD978.36</p></td>\n   <td><p>TWD1,021</p></td>\n   <td><p>-4.74%</p></td>\n  </tr>\n </tbody>\n</table>\n<p><i>Source: Khaveen Investments</i></p>\n<p><b>Verdict</b></p>\n<p>The market share trends are favouring MediaTek due to its expanded product lineup of affordable 5G chipsets securing design wins with Chinese smartphone manufacturers and Samsung. This is also significant as Chinese smartphone manufacturers are cannibalizing Huawei’s market positioning. This has also enabled it to gain ground in developing markets where smartphone ownership rates are still low compared to more developed regions. Despite that, we believe Qualcomm still edges out over MediaTek as it has superior profitability and maintains a performance advantage over MediaTek. Qualcomm’s focus on R&amp;D and strong relationship with foundries solidified the Snapdragon 888’s performance advantage to cater to the premium tier and leading to higher margins than MediaTek. Additionally, Qualcomm is building on its efforts to leverage the Snapdragon platform across adjacent markets, especially in automotive where it is developing an auto compute platform with ADAS and AV capabilities, while MediaTek remains focused on the smartphone market. Overall, we rate Qualcomm as a Buy with a target price of $168.93 and MediaTek as a Hold with a target price of TWD1,021.</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>Qualcomm Vs. MediaTek: Battle Of Smartphone Chipmakers</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nQualcomm Vs. MediaTek: Battle Of Smartphone Chipmakers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 13:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435058-qualcomm-vs-mediatek-battle-of-smartphone-chipmakers><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nQualcomm and MediaTek are distinct brands in the smartphone chipset market supplying the crucial application processors essential for smartphones to function.\nWe analysed the market ...</p>\n\n<a href=\"https://seekingalpha.com/article/4435058-qualcomm-vs-mediatek-battle-of-smartphone-chipmakers\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QCOM":"高通"},"source_url":"https://seekingalpha.com/article/4435058-qualcomm-vs-mediatek-battle-of-smartphone-chipmakers","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160956168","content_text":"Summary\n\nQualcomm and MediaTek are distinct brands in the smartphone chipset market supplying the crucial application processors essential for smartphones to function.\nWe analysed the market leadership trends in terms of their market share of the smartphone application processor market.\nAnother factor is the performance advantage and profitability where Qualcomm commands superior margins.\nQualcomm is also more diversified and seeking to expand into the automotive computing platform market, leveraging its Snapdragon capabilities to support ADAS and AV.\n\nGumpanat/iStock via Getty Images\nIn the smartphone market, both Qualcomm Incorporated(NASDAQ:QCOM)and MediaTek Inc.(OTCPK:MDTKF)are prominent suppliers of application processors which is a chipset essential to power a smartphone device. In terms of market share, both companies are dominant players, accounting for over 50% of the smartphone application processor market combined. Qualcomm has its renowned Snapdragon series of chipsets while MediaTek has the featured Helios and expanded Dimensity lineup. However, MediaTek has been more successful with its lineup, securing design wins with major smartphone manufacturers leading to it gaining share at the expense of Qualcomm.\nSource: Qualcomm, MediaTek\nMediaTek’s market share gains have been impressive and are attributed to its cost-effective Dimensity series, which the company has introduced with 5G compatibility. Its expanded lineup has secured design wins with key customers such as Xiaomi (OTCPK:XIACF), Samsung (OTC:SSNLF), and Oppo. MediaTek is also gaining popularity in developing markets where it has edged out Qualcomm for market leadership in markets including China, LATAM, EMEA, and India. However, we highlighted Qualcomm’s performance advantage leading to superior profitability with higher margins. Fundamentally, both SoCs consist of ARM-based CPU but Qualcomm uses a 5nm process technology for its latest and most advanced Snapdragon 888 powering the premium-tier smartphones.\nBesides the smartphone market, Qualcomm is also setting its sights to expand into the automotive market where it is planning to leverage its CPU and GPU expertise to extend the Snapdragon capabilities to handle ADAS and self-driving technologies and competing against Nvidia(NASDAQ:NVDA)and Intel’s(NASDAQ:INTC)Mobileye, whereas MediaTek maintains a more focused approach on the smartphone markets which faces the threat of stagnation owing to high smartphone ownership rates. Finally, we compared the company’s financials and applied a DCF analysis to value both companies.\nMediaTek Stealing Qualcomm’s Crown by Supplying Chinese Smartphone Manufacturers\nIn 2020, MediaTek overtook Qualcomm to be the largest smartphone application processor supplier. While both companies remain as leaders of the global smartphone application processor market, MediaTek has displayed rapid growth whereas Qualcomm’s market share leadership has eroded since 2018. This trend is attributed to several factors including growing orders from key smartphone OEMs, the Huawei ban, and the company’s expanded 5G portfolio with the Dimensity 800 series targeted towards low to mid-tier devices. Based on the market share chart below, MediaTek has been gaining market share while Qualcomm’s market leadership has eroded. Though, the impact on Qualcomm has been cushioned by Samsung’s decision to outsource rather than using its unpopular Exynos chip among fans.\nSource:Counterpoint Research\nBoth companies supply to Samsung, Xiaomi, Oppo, and Vivo. These are key customers for Samsung,representing more than 10% of revenues each according to its annual report. On the other hand, MediaTek does not disclose its revenue contribution figures from customers. However, MediaTek has witnessed tremendous growth from Xiaomi and Samsung as it secured design wins to supply these companies with its newly launched 5G smartphone chipsets as well as trade tension pressures leading Chinese chipmakers to diversify their supply chain from the US-based Qualcomm. Additionally, Qualcomm was reported to have faced supply chain issues due to the production shutdown of Samsung’s Austin fab in Q1 2021, which manufactures some of Qualcomm’s chips. In terms of shipments, Xiaomi was the company’s biggest customer and reportedly shipped 223% more smartphones with the company’s chips as compared to 2019. Oppo was MediaTek’s second-biggest customer in 2020, shipping 19% more chips than 2019. Samsung also saw demand for MediaTek smartphones grow by over 250% in 2020 over 2019 while demand for Qualcomm declined by 53% based on estimates derived from its market shares.\n\n\n\nTop Customers\nQualcomm 2020 Shipments ('mln)\nGrowth (%)\nMediaTek 2020 Shipments ('mln')\nGrowth (%)\n\n\nXiaomi\n82.9\n-21%\n63.7\n223%\n\n\nOppo\n56.5\n-23%\n55.3\n19%\n\n\nSamsung\n22.7\n-53%\n43.3\n255%\n\n\n\nSource:GSM Arena,SamMobile,Xiaomi,Counterpoint Research\nThe exposure that MediaTek has obtained from its relationship with Chinese smartphone manufacturers, Xiaomi and Oppo, has been highly beneficial as these companies are cannibalizing Huawei’s sales which have felt the impact of the trade embargo by the US. As shown in the chart below, Chinese smartphone competitors have gained market share at the expense of Huawei.\nSource:Counterpoint Research\nBesides winning Chinese smartphone manufacturers, another factor that is attributable to the rise in MediaTek is in developing countries where its affordable chipsets are seeing rising adoption. This is evident in the largest smartphone market in the world,China, accounting for 26.6% of global smartphone shipments. Here, MediaTek’s market share among China’s 5G smartphones has risen rapidly in 2020 with the expansion of its 5G lineup and design wins by Chinese smartphone manufacturers. At the end of Q4 2020, it has attained a market share of 40.4% which is ahead of Qualcomm at 20.1%.\nSource:IDC\nBesides China, other developing regions are seeing rising adoption of MediaTek’s application processors. This includes LATAM, MEA, and India, where MediaTek has become the largest supplier of smartphone chipsets ahead of Qualcomm with its affordable 5G lineup. Also, the chart highlights Samsung’s Exynos chip decreasing market share as it outsources instead.\nMarket Share Growth by Region\nSource:Counterpoint Research\nMoreover, the developing countries make up some of the largest smartphone markets globally with China, India, Indonesia, and Brazil being among the top 5 markets. These growth markets are only about 60% penetrated in terms of smartphone ownership. India has the lowest penetration at only 31.8%, which shows a significant opportunity for high potential for growth in the country. In 2020, the global smartphone market wasvaluedat $714.96 bln and is forecasted to grow at a CAGR of 11.2%.\nWorldwide Smartphone Sales by Region ('mln')\n\n\n\nRegion\n2020\n2021F\nGrowth (%)\n\n\nEastern Europe\n43\n49\n14.91%\n\n\nEmerging Asia/Pacific\n337\n366\n8.61%\n\n\nEurasia\n43\n47\n8.71%\n\n\nGreater China\n368\n410\n11.40%\n\n\nLatin America\n116\n134\n15.52%\n\n\nMature Asia/Pacific\n26\n30\n15.76%\n\n\nMiddle East and North Africa\n71\n79\n10.68%\n\n\nNorth America\n136\n152\n11.37%\n\n\nSub-Saharan Africa\n84\n94\n11.67%\n\n\nWestern Europe\n125\n143\n13.85%\n\n\nJapan\n27\n30\n10.90%\n\n\nGrand Total\n1,379\n1,535\n11.36%\n\n\n\nSource:Gartner, Khaveen Investments\nOverall, MediaTek has been able to deepen its relationship with Chinese smartphone manufacturers by securing new design wins with its expanded 5G Dimensity lineup while Qualcomm, which has had an early advantage, is starting to feel the pinch from MediaTek. This has also enabled MediaTek to secure large parts of the developing markets including China, LATAM, MEA, and India which account for over 60% of the smartphone market. These factors are attributable to MediaTek’s rising share in the past 3 years and edging out Qualcomm’s market leadership.\nQualcomm Still Maintains Superior Technology with Greater Profitability\nAlthough MediaTek has claimed market leadership over Qualcomm, another aspect that contrasts both companies are in terms of performance. Historically, Qualcomm has maintained an edge over MediaTek in terms of application processor performance. However, both companies utilize the same ARM-based processors. Qualcomm derives its performance advantage from its process technology at the premium tier and the Adreno GPU component of its SoC which is more customized than MediaTek.\nTo compare the performance of the companies’ chipsets, we referred to benchmarks from Centurion Mark, which is a well-regarded benchmark used to analyze the performance of each series of application processors. Centurion Mark is determined by testing the processors on over 20 different parameters. Some of these parameters such as User Experience and Raw CPU Performance have a significant impact on the score while there are some minor parameters as well that make a little difference (For example, Dual VoLTE Support). These are the 5 major factors that influence Centurion Mark: User Experience, Real-World Performance, Raw CPU Performance, Raw GPU Performance, Features and Technologies Present. The graphs below show the centurion mark for both Qualcomm and MediaTek chips. Based on the centurion mark, Qualcomm appears to have better performing chipsets with a higher score.\n\nSource: Tech Centurion\nFor the premium tier, the Snapdragon 888 is Qualcomm’s latest and most advanced chipset which is compared to MediaTek’s Dimensity 1000 series. The Snapdragon 888 has a Centurion Mark score of 156 which is higher than Dimensity 1000 at up to 150 only. Specification wise, both chips have the same number of ARM Cortex cores but the fundamentaldifferencesbetween these chipsets are the process technology used to manufacture them. Qualcomm uses a 5nm process by Samsung while MediaTek uses 6nm for the Dimensity chip leading to better CPU performance and battery life from more efficient power consumption. Additionally, Qualcomm’s Adreno GPUs are semi-customed by Qualcomm while MediaTek uses a standard ARM Mali GPU which also explains the better GPU performance for Qualcomm.\nSource:NanoReview\nThe reason this performance advantage for Qualcomm is significant is because of the superior profitability it commands. In terms of pricing, Qualcomm’s average chip price is $51.70 which is significantly higher than MediaTek’s average chip price of $32.55. We calculated this price by dividing the revenue by the total shipments of 2020.\n\n\n\nCompany\nRevenue ($ mln)\nShipments ('mln')\nAverage Chipset Price ($)\n\n\nQualcomm\n16,493\n319\n$51.70\n\n\nMediaTek\n11,457\n352\n$32.55\n\n\n\nSource: Qualcomm, MediaTek,Omdia\nThis higher pricing power of Qualcomm improves its margins as the company has about 60% gross margins. In comparison, MediaTek’s gross margins are only about 42%. This difference shows that although MediaTek has more shipments and is currently the market leader, Qualcomm is the more profitable company.\n\n\n\nCompany\nGross Margins (%)\n\n\nQualcomm\n60.67%\n\n\nMediaTek\n41.85%\n\n\n\nSource: Qualcomm, MediaTek\nThat said, the performance advantage is likely less to price sensitive consumers in the lower-tier market which is why MediaTek is still gaining market share. Additionally, MediaTek is also believed to be beefing up its Dimensity series with the help of TSMC touseits 5nm process technology which may close the performance gap with Qualcomm in future lineups. However, Qualcomm is still the superior company in terms of performance and commands higher profitability. Moreover, the high-end smartphone market share is expected to remain stable as seen in the chart below.\nSource:Statista\nExpansion Opportunities Beyond Smartphones with Automotive SoCs\nApart from emerging markets, the ownership rate of smartphones is already at a mature rate in more developed countries. In 2020, the global smartphonepenetration rateis estimated to be around 78%. This presents a long-term risk to both companies which depend heavily on the smartphone application processor market. However, Qualcomm has a relatively more diversified business structure and intends to expand into the automotive chipset market.\nSource: Qualcomm, MediaTek\nQualcomm leverages its wireless and connectivity expertise to cater to the automotive infotainment chip market. In 2021, the company and General Motors(NYSE:GM)announced an agreement for the Qualcomm Snapdragon Automotive Cockpit Platforms to power digital cockpits and next-generation telematics systems. Moreover, the company is seeking to expand into the ADAS and AV chip market, leveraging its CPU and GPU capabilities and competing against Nvidia’s DRIVE and Intel’s Mobileye. The company intends to scale its Snapdragon automotive processor for ADAS and self-driving vehicles promising performances of up to 700 TOPs. Management claims that its Snapdragon Ride ADAS system could be launched by 2022. In relation, the company is partnering with Veoneer (VNE), a previous partner of Nvidia, which provides ADAS and AV solutions including its Arriver software which the companies plan to integrate with the Snapdragon Ride Platform. In terms of design wins, Mobileye and Nvidia have secured a greater network of automakers compared to Qualcomm. The company is believed to have landed GM as a major customer to implement its ADAS.\nSource:Forbes\nAccording to Navigant Research, the research firm ranks Nvidia and Intel Mobileye ahead of Qualcomm in the automotive self-driving compute platform but still a leader in this area. Overall, Qualcomm has set its sights in the automotive market in contrast to MediaTek which remains focused on the smartphone market. This means that Qualcomm is in a better position to reap the benefits of the rising global automotive chip market size which is forecasted to reach $56.24 bln by 2025, growing at a CAGR of 10.7%, driven by rising ADAS applications.\nSource:Navigant Research\nTrade Tensions Risk Impacting the Smartphone Application Processor Market\nComparing both companies’ revenue breakdown by region, both Qualcomm and MediaTek derive a significant portion of their revenues from the Asia Pacific region with Qualcomm making 59% of revenue from China.\nSource: Qualcomm, MediaTek\nWe believe the greatest risk for Qualcomm is the escalating trade tensions between the US and China. In 2020, the company was barred from doing business with Huawei like other US companies until it was later modified to allow older generation 4G chips to be supplied to Huawei. This may have provided some relief for Qualcomm but the restriction on 5G technology remaining in place affects both Qualcomm and Huawei negatively. Though, the wider implication of rising dispute between the two largest economies may impact Qualcomm. This is the case where other Chinese smartphone manufacturers may be diversifying their supply chain benefitting MediaTek to prevent the threat of trade embargoes against them in the future. If trade tensions continue to escalate between the countries’ governments, Qualcomm stands to lose as it is heavily reliant on the Chinese market. Additionally, this could lead to a shift that may see MediaTek benefit from orders redirected from Qualcomm to it by Chinese manufacturers.\nValuation\nThe 5-year average revenue growth of Qualcomm is -1.3%. The 5-year average gross and net margins are 59.3% and 10.68%, respectively.\nSource: Qualcomm, Khaveen Investments\nThe 5-year average revenue growth of MediaTek is 13.6%. The 5-year average gross and net margins are 39.1% and 9.92%, respectively.\nSource: MediaTek, Khaveen Investments\nQualcomm’s 5-year average free cash flow margin is 37.71%. The extremely high positive capex in 2017 is due to the sale of marketable securities for $41,715 mln.\nSource: Qualcomm, Khaveen Investments\nIn comparison, MediaTek’s 5-year average free cash flow margin is lower than Qualcomm at 12.95%.\nSource: MediaTek, Khaveen Investments\nSince both companies have positive free cash flows, we used a DCF model to accurately value the companies. The industry average EV/EBITDA is 16.96x, as shown in the table below.\n\n\n\nCompany\nEV/EBITDA\n\n\nQualcomm\n15.03x\n\n\nMediaTek\n20.52x\n\n\nQorvo (QRVO)\n15.04x\n\n\nSkyworks (SWKS)\n15.61x\n\n\nBroadcom (AVGO)\n18.61x\n\n\nAverage\n16.96x\n\n\n\nSource: Seeking Alpha\nThe revenue projections for Qualcomm in 2021 are based on the prorated figure. We used the revenues obtained in the first 2 quarters, along with the third quarterguidance, to forecast the full year revenue. For 2022 and 2023, the forecasted revenues are based on the market CAGR for each of the segments. The handset and RFFE segment is expected togrowat 11% which is the market forecast for the global smartphone application processor market. The QTL segment is also based on the same growth rate as the segments are interlinked. The IoT segment is expected togrowat 14.9% which is the market forecast for the global IoT chip market. Similarly, the automotive segment is expected togrowat 10.7% which is the global automotive chip market CAGR. Overall, the revenue growth for 2021 is forecasted at 46%. For 2022 and 2023, the revenue growth forecast is 11% and 12%, respectively.\nSource:Market Research Future,Grand View Research,GlobeNewswire,Qualcomm,KhaveenInvestments\nFor MediaTek’s revenue projections, we based the 2021 forecast based on companyguidanceof 40% year-on-year growth in revenue. For 2022 and 2023, we based the revenue growth on the global smartphone application processor market CAGR of 11%. Based on these forecasts, the revenue growth for 2021 is 40%, with 2022 and 2023 revenue growth at 11%.\n\n\n\n\n\n\nMediaTek Revenue Segments (USD mln)\n2020\n2021F\n2022F\n2023F\n\n\nMultimedia Chipsets\n11,292\n15,809\n17,548\n19,479\n\n\nOthers\n165\n231\n256\n285\n\n\nTotal\n11,457\n16,040\n17,805\n19,763\n\n\nGrowth (%)\n40%\n11%\n11%\n\n\n\nSource:Market Research Future,MediaTek, Khaveen Investments\nBased on Qualcomm’s discount rate of 13% (company’s WACC), the upside is 25.55%.\nSource: Khaveen Investments\nBased on MediaTek’s discount rate of 9.2% (company’s WACC), the upside is -4.74%.\nSource: Khaveen Investments\n\n\n\nCompany\nCurrent Price\nTarget Price\nUpside (%)\n\n\nQualcomm\n$134.54\n$168.93\n25.55%\n\n\nMediaTek\nTWD978.36\nTWD1,021\n-4.74%\n\n\n\nSource: Khaveen Investments\nVerdict\nThe market share trends are favouring MediaTek due to its expanded product lineup of affordable 5G chipsets securing design wins with Chinese smartphone manufacturers and Samsung. This is also significant as Chinese smartphone manufacturers are cannibalizing Huawei’s market positioning. This has also enabled it to gain ground in developing markets where smartphone ownership rates are still low compared to more developed regions. Despite that, we believe Qualcomm still edges out over MediaTek as it has superior profitability and maintains a performance advantage over MediaTek. Qualcomm’s focus on R&D and strong relationship with foundries solidified the Snapdragon 888’s performance advantage to cater to the premium tier and leading to higher margins than MediaTek. Additionally, Qualcomm is building on its efforts to leverage the Snapdragon platform across adjacent markets, especially in automotive where it is developing an auto compute platform with ADAS and AV capabilities, while MediaTek remains focused on the smartphone market. Overall, we rate Qualcomm as a Buy with a target price of $168.93 and MediaTek as a Hold with a target price of TWD1,021.","news_type":1,"symbols_score_info":{"QCOM":0.9,"MDTKF":0.9}},"isVote":1,"tweetType":1,"viewCount":927,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161108906,"gmtCreate":1623908361605,"gmtModify":1703823256592,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161108906","repostId":"1117650695","repostType":4,"isVote":1,"tweetType":1,"viewCount":703,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127493784,"gmtCreate":1624860914548,"gmtModify":1703846436040,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Good automation strategy","listText":"Good automation strategy","text":"Good automation strategy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/127493784","repostId":"1110515408","repostType":4,"repost":{"id":"1110515408","kind":"news","pubTimestamp":1624859565,"share":"https://ttm.financial/m/news/1110515408?lang=&edition=fundamental","pubTime":"2021-06-28 13:52","market":"us","language":"en","title":"Cathie Wood Buys Another $9.6M In Uipath, Raises Stake In Automation Company To $670M","url":"https://stock-news.laohu8.com/highlight/detail?id=1110515408","media":"Benzinga","summary":"Cathie Wood-led Ark Investment Management on Friday snapped up 136,859 shares, estimated to be worth","content":"<div>\n<p>Cathie Wood-led Ark Investment Management on Friday snapped up 136,859 shares, estimated to be worth about $9.55 million, in UiPath Inc(NYSE:PATH).\nShares of the New York-based software automation ...</p>\n\n<a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21737470/cathie-wood-buys-another-9-6m-in-uipath-raises-stake-in-automation-company-to-670m\">Web Link</a>\n\n</div>\n","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cathie Wood Buys Another $9.6M In Uipath, Raises Stake In Automation Company To $670M</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCathie Wood Buys Another $9.6M In Uipath, Raises Stake In Automation Company To $670M\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 13:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/trading-ideas/long-ideas/21/06/21737470/cathie-wood-buys-another-9-6m-in-uipath-raises-stake-in-automation-company-to-670m><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Cathie Wood-led Ark Investment Management on Friday snapped up 136,859 shares, estimated to be worth about $9.55 million, in UiPath Inc(NYSE:PATH).\nShares of the New York-based software automation ...</p>\n\n<a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21737470/cathie-wood-buys-another-9-6m-in-uipath-raises-stake-in-automation-company-to-670m\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QSI":"Quantum-Si Inc.","PATH":"UiPath"},"source_url":"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21737470/cathie-wood-buys-another-9-6m-in-uipath-raises-stake-in-automation-company-to-670m","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110515408","content_text":"Cathie Wood-led Ark Investment Management on Friday snapped up 136,859 shares, estimated to be worth about $9.55 million, in UiPath Inc(NYSE:PATH).\nShares of the New York-based software automation company closed 1.04% higher at $69.77 on Friday.\nThe investment firm made the purchase via the ArkGenomic Revolution ETF(BATS:ARKG).\nArk owns PATH shares via all of its six active ETFs. On a consolidated basis, the Wood-led firm now holds over 10 million shares, worth around $670 million in UiPath.\nThe products of the Bucharest, Romania-based software companyare used by organizations to help efficiently automate their various business processes. PATH closed 5.34% higher on Wednesday, giving the company a market valuation of $35.8 billion.\nSome of the other key Ark Invest sells on Friday include Pluristem Therapeutics(NASDAQ:PSTI) and buys include Quantum-Si Inc(NASDAQ:QSI).","news_type":1,"symbols_score_info":{"PSTI":0.9,"QSI":0.9,"PATH":0.9}},"isVote":1,"tweetType":1,"viewCount":2072,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124021020,"gmtCreate":1624709431660,"gmtModify":1703843972220,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"We believe","listText":"We believe","text":"We believe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/124021020","repostId":"1164137597","repostType":4,"isVote":1,"tweetType":1,"viewCount":1874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162146858,"gmtCreate":1624050938274,"gmtModify":1703827550046,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Ok...","listText":"Ok...","text":"Ok...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162146858","repostId":"1103331073","repostType":4,"isVote":1,"tweetType":1,"viewCount":1704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161105370,"gmtCreate":1623908495590,"gmtModify":1703823261171,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161105370","repostId":"2144771148","repostType":4,"repost":{"id":"2144771148","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1623901369,"share":"https://ttm.financial/m/news/2144771148?lang=&edition=fundamental","pubTime":"2021-06-17 11:42","market":"hk","language":"en","title":"Baidu's Apollo aims to offer robotaxi service to 3 mln users in 2023","url":"https://stock-news.laohu8.com/highlight/detail?id=2144771148","media":"Reuters","summary":"BEIJING, June 17 (Reuters) - Chinese tech giant Baidu\nsaid on Thursday its smart driving unit Apollo","content":"<p>BEIJING, June 17 (Reuters) - Chinese tech giant Baidu</p>\n<p>said on Thursday its smart driving unit Apollo plans to cater to a total of 3 million users in China with a fleet of 3,000 robotaxis in 2023.</p>\n<p>Baidu also announced that it is partnering with BAIC Group’s electric vehicle <a href=\"https://laohu8.com/S/EV\">$(EV)$</a> brand ARCFOX to develop Apollo Moon, EV robotaxis that are set to be mass-produced at a cost of 480,000 yuan ($74,766.36) per unit.</p>\n<p>The duo will produce 1,000 Apollo Moon EVs in the next three years, Baidu told a press conference in Beijing.</p>\n<p> ($1 = 6.4200 Chinese yuan renminbi)</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>Baidu's Apollo aims to offer robotaxi service to 3 mln users in 2023</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nBaidu's Apollo aims to offer robotaxi service to 3 mln users in 2023\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-06-17 11:42</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>BEIJING, June 17 (Reuters) - Chinese tech giant Baidu</p>\n<p>said on Thursday its smart driving unit Apollo plans to cater to a total of 3 million users in China with a fleet of 3,000 robotaxis in 2023.</p>\n<p>Baidu also announced that it is partnering with BAIC Group’s electric vehicle <a href=\"https://laohu8.com/S/EV\">$(EV)$</a> brand ARCFOX to develop Apollo Moon, EV robotaxis that are set to be mass-produced at a cost of 480,000 yuan ($74,766.36) per unit.</p>\n<p>The duo will produce 1,000 Apollo Moon EVs in the next three years, Baidu told a press conference in Beijing.</p>\n<p> ($1 = 6.4200 Chinese yuan renminbi)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIDU":"百度","09888":"百度集团-SW"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144771148","content_text":"BEIJING, June 17 (Reuters) - Chinese tech giant Baidu\nsaid on Thursday its smart driving unit Apollo plans to cater to a total of 3 million users in China with a fleet of 3,000 robotaxis in 2023.\nBaidu also announced that it is partnering with BAIC Group’s electric vehicle $(EV)$ brand ARCFOX to develop Apollo Moon, EV robotaxis that are set to be mass-produced at a cost of 480,000 yuan ($74,766.36) per unit.\nThe duo will produce 1,000 Apollo Moon EVs in the next three years, Baidu told a press conference in Beijing.\n ($1 = 6.4200 Chinese yuan renminbi)","news_type":1,"symbols_score_info":{"BIDU":0.9,"09888":0.9}},"isVote":1,"tweetType":1,"viewCount":833,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":410471868334576,"gmtCreate":1741204193367,"gmtModify":1742479977196,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NVDA\">$NVIDIA(NVDA)$&nbsp;</a> it will repel!","listText":"<a href=\"https://ttm.financial/S/NVDA\">$NVIDIA(NVDA)$&nbsp;</a> it will repel!","text":"$NVIDIA(NVDA)$ it will repel!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/410471868334576","isVote":1,"tweetType":1,"viewCount":1013,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120912884,"gmtCreate":1624291705648,"gmtModify":1703832755771,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120912884","repostId":"1154361270","repostType":4,"isVote":1,"tweetType":1,"viewCount":2029,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162070731,"gmtCreate":1624029387923,"gmtModify":1703827144119,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Chiong ah","listText":"Chiong ah","text":"Chiong ah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162070731","repostId":"2141559472","repostType":2,"isVote":1,"tweetType":1,"viewCount":1950,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124720599,"gmtCreate":1624794926511,"gmtModify":1703845237963,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Keep going","listText":"Keep going","text":"Keep going","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/124720599","repostId":"1184001921","repostType":4,"repost":{"id":"1184001921","kind":"news","pubTimestamp":1624763737,"share":"https://ttm.financial/m/news/1184001921?lang=&edition=fundamental","pubTime":"2021-06-27 11:15","market":"us","language":"en","title":"Amazon: Good Stock, Not Good Price","url":"https://stock-news.laohu8.com/highlight/detail?id=1184001921","media":"seekingalpha","summary":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce i","content":"<p><b>Summary</b></p>\n<ul>\n <li>Amazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.</li>\n <li>Unfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.</li>\n <li>This article looks at what Amazon stock is most likely worth for us investors.</li>\n <li>I hope you enjoy.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/451bc93115fb453c0fcb76434c40f7f4\" tg-width=\"1536\" tg-height=\"1024\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p>\n<p>Today, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a82d937a2de3f0709088e1ab4548267b\" tg-width=\"371\" tg-height=\"260\"><span>Source: Author</span></p>\n<p>You might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.</p>\n<p>In this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.</p>\n<p>Something important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.</p>\n<p>This method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.</p>\n<p>But after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.</p>\n<blockquote>\n Warren Buffett said, “The three most important words in investing are\n <b>margin of safety</b>.” That means to buy stuff on sale... That's the whole secret to great investing.\n</blockquote>\n<blockquote>\n Rule 1 Investing\n</blockquote>\n<p>This model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.</p>\n<p><b>Business Model</b></p>\n<p>Where does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.</p>\n<p>As a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.</p>\n<p>And later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce022c0ecacc3829cf83378211bbfd9d\" tg-width=\"640\" tg-height=\"192\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p>\n<p>I projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.</p>\n<p>Hopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.</p>\n<p>Here's a look at Amazon's International segment:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3d7a5bde370f55e863f58c888abc496\" tg-width=\"640\" tg-height=\"219\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p>\n<p>For Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.</p>\n<p>And for Amazon's last and most exciting segment, here's AWS:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/769700013871f2cd09e8ce47cfb10966\" tg-width=\"640\" tg-height=\"203\"><span>Source: Author</span></p>\n<p>AWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about&nbsp;17.5% CAGR&nbsp;until 2025.</p>\n<p>Additionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.</p>\n<p>These projections were added together to help us figure out what the entire company should be worth.</p>\n<p><b>Capital Allocation</b></p>\n<p>How does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f5afa0f641ee1aae39aa69cc150165\" tg-width=\"619\" tg-height=\"499\"><span>Source: Author</span></p>\n<p>The biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.</p>\n<blockquote>\n In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.\n <i>There were no repurchases of common stock in 2018, 2019, or 2020.</i>\n</blockquote>\n<blockquote>\n Source:2020 10-K&nbsp;page 60,\n <i>emphasis added</i>\n</blockquote>\n<p>But for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.</p>\n<p>Amazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.</p>\n<p>Amazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.</p>\n<p><b>Valuation</b></p>\n<p>First, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c036264f19bb10fdad477a629b40f803\" tg-width=\"361\" tg-height=\"288\"><span>Source: Author</span></p>\n<p>I used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.</p>\n<p>This model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.</p>\n<p>Right now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95c459abcbda43e35b40379a1083ecae\" tg-width=\"640\" tg-height=\"510\"><span>Source: Author</span></p>\n<p>Down at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3fa0846616fdc847a3fe1fdf7a09bed\" tg-width=\"267\" tg-height=\"404\"><span>Source: Author</span></p>\n<p>Today, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.</p>\n<p>These estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.</p>\n<p>Down at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.</p>\n<p>The model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.</p>\n<p>\"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.</p>\n<p>But the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.</p>\n<p><b>Recap</b></p>\n<p>Today, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.</p>\n<p>But if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.</p>\n<p>Even if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.</p>\n<p>Thank you very much for reading, and I hope that you have a great rest of your day.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon: Good Stock, Not Good Price</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: Good Stock, Not Good Price\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-27 11:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.\nUnfortunately, it's a little overpriced. This is consistent ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184001921","content_text":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.\nUnfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.\nThis article looks at what Amazon stock is most likely worth for us investors.\nI hope you enjoy.\n\nSundry Photography/iStock Editorial via Getty Images\nToday, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.\nSource: Author\nYou might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.\nIn this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.\nSomething important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.\nThis method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.\nBut after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.\n\n Warren Buffett said, “The three most important words in investing are\n margin of safety.” That means to buy stuff on sale... That's the whole secret to great investing.\n\n\n Rule 1 Investing\n\nThis model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.\nBusiness Model\nWhere does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.\nAs a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.\nAnd later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nI projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.\nHopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.\nHere's a look at Amazon's International segment:\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nFor Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.\nAnd for Amazon's last and most exciting segment, here's AWS:\nSource: Author\nAWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about 17.5% CAGR until 2025.\nAdditionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.\nThese projections were added together to help us figure out what the entire company should be worth.\nCapital Allocation\nHow does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.\nSource: Author\nThe biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.\n\n In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.\n There were no repurchases of common stock in 2018, 2019, or 2020.\n\n\n Source:2020 10-K page 60,\n emphasis added\n\nBut for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.\nAmazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.\nAmazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.\nValuation\nFirst, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.\nSource: Author\nI used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.\nThis model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.\nRight now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.\nSource: Author\nDown at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.\nSource: Author\nToday, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.\nThese estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.\nDown at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.\nThe model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.\n\"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.\nBut the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.\nRecap\nToday, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.\nBut if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.\nEven if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.\nThank you very much for reading, and I hope that you have a great rest of your day.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2069,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187811670,"gmtCreate":1623748981090,"gmtModify":1704210352082,"author":{"id":"3563073994012433","authorId":"3563073994012433","name":"samsjxregit","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563073994012433","idStr":"3563073994012433"},"themes":[],"htmlText":"Nice ttm!","listText":"Nice ttm!","text":"Nice ttm!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187811670","repostId":"2143975821","repostType":4,"isVote":1,"tweetType":1,"viewCount":764,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}