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2023-08-12

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@0QH:Is Now the Right Time to Invest in TSLA with the TD9 Perfect Buy Signal?

2023-04-24

Worst stock ever

NIO: Down 86% From Its High But Can Decline Even More

2022-11-22

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Apple And Taiwan Semiconductor: Let's Ask Buffett

2022-06-10

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NIO Stock Alert: 8 Things for Nio Investors to Know Today as Shares Slide Lower

2022-03-02

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2022-01-27

Hold

For Now, Sea Limited Stock Is a Falling Knife

2021-08-27

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2021-07-27

Is NIO still a good investment???

China shares plunge to 8-month low on regulatory woes

2021-07-01

How far can Nio go?!

NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% YOY

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ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/208182670868592","repostId":"208070218592456","repostType":1,"repost":{"id":208070218592456,"gmtCreate":1691822358590,"gmtModify":1691824298905,"author":{"id":"4098946491644790","authorId":"4098946491644790","name":"0QH","avatar":"https://community-static.tradeup.com/news/206a0719b8841030e1fd2bd6256fd46e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4098946491644790","authorIdStr":"4098946491644790"},"themes":[],"title":"Is Now the Right Time to Invest in TSLA with the TD9 Perfect Buy Signal?","htmlText":"Introduction In the world of stock trading, identifying opportune moments to enter or exit a position can be a complex task. 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The TD9 Perfect Buy signal occurs when a ser","images":[{"img":"https://community-static.tradeup.com/news/037506a64ff422b99a52e930ee0f971b","width":"1595","height":"961"},{"img":"https://community-static.tradeup.com/news/2d67347daeb89daf7a304288a73a4abf","width":"1600","height":"965"},{"img":"https://community-static.tradeup.com/news/87e6baed42a210a07ef70cc73f35ccee","width":"1596","height":"957"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/208070218592456","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9947092119,"gmtCreate":1682326010731,"gmtModify":1682326015789,"author":{"id":"3574025667530288","authorId":"3574025667530288","name":"jaredyim95","avatar":"https://static.tigerbbs.com/63a8c9d18be6f87ffe7c2bc6411a0d09","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574025667530288","authorIdStr":"3574025667530288"},"themes":[],"htmlText":"Worst stock ever","listText":"Worst stock ever","text":"Worst stock ever","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947092119","repostId":"1158778172","repostType":2,"repost":{"id":"1158778172","pubTimestamp":1682325125,"share":"https://ttm.financial/m/news/1158778172?lang=&edition=fundamental","pubTime":"2023-04-24 16:32","market":"us","language":"en","title":"NIO: Down 86% From Its High But Can Decline Even More","url":"https://stock-news.laohu8.com/highlight/detail?id=1158778172","media":"Seekingalpha","summary":"SummaryThe hype for EV companies has drifted away in the last couple of years and hot stocks like NI","content":"<html><head></head><body><h2 style=\"text-align: left;\">Summary</h2><ul><li><p>The hype for EV companies has drifted away in the last couple of years and hot stocks like NIO, expected to reach the moon, have returned down to earth.</p></li><li><p>Amid a price war among EV makers, NIO believes that its wealthy customer base will be less affected despite a slowdown in vehicle sales.</p></li><li><p>Despite assuming strong growth in revenues and high profitability, NIO stock still results to be highly overvalued at today’s prices.</p></li></ul><h2 style=\"text-align: left;\">Investment Thesis</h2><p style=\"text-align: left;\">A financial rollercoaster is probably the best description for NIO Inc. (NYSE:NIO) stock. After surging more than 1000% during 2020, the stock started crushing from its all-time high burning 86% of its market capitalization.</p><p style=\"text-align: left;\">At the peak of the 2020 bubble, NIO reached a capitalization of more than $70 billion, with only 43 thousand vehicles sold during the year, while automakers like BMW (OTCPK:BMWYY), which sold 2 million vehicles in 2020, was worth $50 billion.</p><p style=\"text-align: left;\">The hype for EV companies has certainly drifted away in the last couple of years, and hot stocks like NIO expected to reach the moon have returned down to earth. After this considerable price correction, investors might think that NIO represents a good investment opportunity to enter the Chinese EVs market, but it’s not.</p><p style=\"text-align: left;\">In today’s analysis we will assess why, despite assuming strong growth in revenues and high profitability, NIO stocks still result to be highly overvalued at today’s prices.</p><h2 style=\"text-align: left;\">Business Model</h2><p style=\"text-align: left;\">NIO’s current vehicle lineup accounts for seven different BEVs: two sedans, three SUVs, and two coupè SUVs. All of its products are equipped with cutting-edge technologies, especially now with the transition to the NT2.0 platform, making NIO not only an automaker company but also a software company, considering the enormous amount of resources invested in R&amp;D to develop software applications destined to improve both vehicle’s functionalities and the battery system.</p><p style=\"text-align: left;\">NIO’s vehicles target the high-end segment of the passenger vehicle market, comprising mid to large-size premium SUVs and sedans with an average starting price of more than $50 thousand. Considering that the average price for a car in China is $35 thousand and the average salary is $16 thousand, NIO’s products are definitely destined for the wealthiest portion of the Chinese population.</p><p style=\"text-align: left;\">In 2022 NIO sold 122 thousand BEVs and despite the company&#39;s trying to expand its operations internationally, its vehicles were almost entirely delivered to the Chinese market.</p><p style=\"text-align: left;\">Other than the sales of EVs, NIO develops and sells several power charging solutions for its clients, comprising the innovative Power Swap stations where customers can swap their battery with fully-charged ones instead of charging their own battery, all of which take the same amount of time of a traditional stop at the gas station. Currently, NIO has installed more than one thousand Power Swap stations, which accounted for the 50% of the battery charging done by NIO’s clients in 2022, and expects to double that number in 2023.</p><p style=\"text-align: left;\">In addition to the battery swap, they offer so-called “Battery as a Service” solutions which, under a subscription program, permit NIO’s customers to receive battery upgrades for the whole duration of the contracts. As of the end of 2022 revenues generated by power solutions and other accounted for 8% of total revenues.</p><h2 style=\"text-align: left;\">Operating Performances</h2><p style=\"text-align: left;\">Looking at NIO’s past operating performances, revenues grew at a compound annual growth rate [CAGR] of 77.49%, from $719 million in 2018 to $7.1 billion in 2023. The gross margin has declined from 18% in 2021, on par with the industry average, to 10% in 2022 due to an unfavourable product mix after the introduction of the ET5 sedan, which has a lower price compared to the other models, and the increase of lithium prices used for the battery system.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e97ec40ce299361472e4221cc91615c7\" alt=\"Nio revenues &amp; gross margin (TIKR Terminal)\" title=\"Nio revenues &amp; gross margin (TIKR Terminal)\" tg-width=\"640\" tg-height=\"399\"/><span>Nio revenues &amp; gross margin (TIKR Terminal)</span></p><p style=\"text-align: left;\">NIO hasn’t yet reached profitability, registering an operating loss equal to -$2.2 billion in 2022.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4068639b6cdb668f9e5c1455e300d8ea\" alt=\"Nio operating income\" title=\"Nio operating income\" tg-width=\"640\" tg-height=\"384\"/><span>Nio operating income</span></p><p style=\"text-align: left;\"><strong>Nio operating income (TIKR Terminal)</strong></p><p style=\"text-align: left;\">Despite struggling to break even, NIO presents a healthy financial position having a net cash position of $2.2 billion, a current ratio of 1.29, and a debt-to-equity ratio of 0.86.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1d1b2621395c0f7db244ae4bd17bc1d6\" alt=\"Nio financial position (TIKR Terminal)\" title=\"Nio financial position (TIKR Terminal)\" tg-width=\"640\" tg-height=\"398\"/><span>Nio financial position (TIKR Terminal)</span></p><h2 style=\"text-align: left;\">Market &amp; Risks</h2><p style=\"text-align: left;\">The Chinese EVs market is highly competitive with hundreds of players competing for market shares, however, the undisputed king is BYD (OTCPK:BYDDF), which in 2022 stopped selling ICE vehicles switching to a fully electrified vehicle lineup. With 1.8 million EVs sold in 2022, BYD placed first in China, followed by Tesla (TSLA) with more than 400 thousand EVs sold. NIO placed only sixth after tight competition with two other EVs startups, Li Auto (LI) and XPeng (XPEV).</p><p style=\"text-align: left;\">Despite the presence of colossal players like BYD and Tesla, which target the mass with their affordable models, NIO’s BEVs don’t directly compete with them, targeting exclusively the high-end segment of the market, with at the moment, no intention to offer lower priced vehicles. Direct competitors for NIO are Mercedes-Benz (OTCPK:MBGAF) and BMW, which in their line-up have electrified versions of premium vehicles, although are not as technologically advanced as NIO’s ones.</p><p style=\"text-align: left;\">The surge in EVs startups is a direct consequence of the subsidies implemented by the Chinese government to stimulate the adoption of green energy vehicles started 13 years ago. However, with the beginning of 2023, the government subsidies ceased to exist, with the only exception of a 10% purchase tax exception for EVs available until the end of 2023.</p><p style=\"text-align: left;\">With the lift-off of subsidies, a price war has begun among EVs automakers to attract new customers, which united with the rising price of lithium prices, has severely damaged the whole industry. EVs sales have slowed down since the beginning of the years, and NIO was affected too with 31 thousand vehicles sold, up 20% y-o-y, but still far away from the target of 250 thousand vehicles sold for 2023, equal to 62 thousand vehicles sold each quarter.</p><p style=\"text-align: left;\">However, the management said that part of these sales’ slowdown must be imputed to an unfavourable product mix due to the shift to the new vehicle platform which made customers delay purchases waiting for the new models that will begin to be delivered after the second quarter.</p><p style=\"text-align: left;\">As regards the price war, the management is confident that given the high-end segment targeted by its vehicles, the impact on NIO’s business model will be limited, being its wealthy customers less susceptible to price changes.</p><h2 style=\"text-align: left;\">Projections</h2><p style=\"text-align: left;\">Trying to project NIO’s future performance, the story we are telling here sees NIO remaining a premium vehicle automaker, focusing its operations on the Chinese market mostly due to the lack of infrastructure to properly welcome its products in international markets like Europe.</p><p style=\"text-align: left;\">We will assume NIO to register strong growth in revenues and achieve higher margins and returns on investments than the industry average given its premium products offer, backed by cutting-edge software technologies, with which in the future they will be able to sell additional services to customers other than just the vehicles.</p><p style=\"text-align: left;\">Starting with revenues, the management expects to sell 250 thousand cars in 2023, however, given the slowdown in EV sales registered so far, I’ve assumed NIO to be able to sell only 200 thousand vehicles in 2023, an increase of 63% y-o-y. Assuming NIO will maintain an average selling price of $50 thousand per car, we can expect NIO&#39;s revenues from the sale of BEVs to be around $10 billion in 2023.</p><p style=\"text-align: left;\">By the time NIO reach maturity, we can assume it will establish itself among the top premium automakers in China, along with Mercedes-Benz and BMW, which currently sell around 700 thousand vehicles a year to the Chinese market. Given the high competition, especially from other startup companies like Li Auto and XPeng, we can reasonably assume NIO will sell around 550 thousand BEVs by 2032, assuming the average selling price remain constant, we can expect revenues from the sole sale of vehicles to be equal to $27.5 billion.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f24238b56b4cab140af18df385a01f64\" alt=\"Nio future sales (Personal Data)\" title=\"Nio future sales (Personal Data)\" tg-width=\"640\" tg-height=\"258\"/><span>Nio future sales (Personal Data)</span></p><p style=\"text-align: left;\">Assuming NIO will generate around 10% of its revenues from additional services, comprising subscription programs to obtain upgrades of the various technological features implemented in its vehicles, NIO&#39;s total revenues are expected to be $30 billion by 2032, quadrupling at a CAGR of 15.64% since 2022.</p><p style=\"text-align: left;\">With revenues of around $30 billion, NIO will be one of the biggest automakers by revenue in China despite still being behind other mass-focused automakers like BYD and SAIC.</p><p style=\"text-align: left;\">Moving on to future efficiency and profitability, we can assume NIO to breakeven in the next 2/3 years, as also mentioned during the latest earnings call, with the shift to the new vehicle platform, the company will be able to increase its efficiency levels related to the production of its vehicles.</p><p style=\"text-align: left;\">We can assume NIO to obtain a higher operating margin and return on invested capital [ROIC] than the industry average, given its focus on the high-end segment of the market, and for a smaller part, thanks to the subscription-based services offered to customers which can be expected to have margins and returns close to the ones of software companies.</p><p style=\"text-align: left;\">Starting with the industry median operating margin and ROIC, of 6.5% and 9.8% respectively, we will assume NIO to have an operating margin of 7.35% and a ROIC of 10.7%. These values are obtained assuming that 10% of the operating income will be generated by subscription services with software industry-like operating margins and ROIC, of 14.7% and 18.8%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3ad973e3151e8b8ec169f559916e0b41\" alt=\"Automobiles industry data (Personal Data)\" title=\"Automobiles industry data (Personal Data)\" tg-width=\"640\" tg-height=\"167\"/><span>Automobiles industry data (Personal Data)</span></p><p style=\"text-align: left;\">With these assumptions, NIO’s free cash flows to the firm (FCFF) are expected to be around $1.3 billion by 2032, after subtracting the reinvestment needed to sustain growth in revenues from the operating profit after taxes.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b6294d1cf65ae139d9accf4fa72efda7\" alt=\"Nio projections (Personal Data)\" title=\"Nio projections (Personal Data)\" tg-width=\"640\" tg-height=\"226\"/><span>Nio projections (Personal Data)</span></p><p style=\"text-align: left;\"></p><h2 style=\"text-align: left;\">Valuation</h2><p style=\"text-align: left;\">Applying a discount rate of 12.58%, calculated using the WACC, the present value of these cash flows is equal to an equity value of $5.5 billion or $3.34 per share.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93b39ec76428afa36f49f2516ba4ce1f\" alt=\"Nio intrinsic value (Personal Data)\" title=\"Nio intrinsic value (Personal Data)\" tg-width=\"640\" tg-height=\"374\"/><span>Nio intrinsic value (Personal Data)</span></p><h2 style=\"text-align: left;\">Conclusion</h2><p style=\"text-align: left;\">Given my analysis and assumptions, NIO’s stocks result to be extremely overvalued at today’s prices.</p><p style=\"text-align: left;\">Despite my strong assumptions, which see NIO establishing itself among the top automakers in China, and the significant stock price correction of the past two years, Nio is still overvalued not representing a good investment opportunity.</p><p style=\"text-align: left;\">The intrinsic value of NIO might reach the current prices only if the company expand its addressable market, becoming an international premium automaker, or by targeting the lower-income segment of the Chinese market, but in that case, will have to face fierce competition from giants like BYD and Tesla.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nNIO: Down 86% From Its High But Can Decline Even More\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-04-24 16:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4595836-nio-down-86-percent-from-its-high-but-can-decline-even-more><strong>Seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThe hype for EV companies has drifted away in the last couple of years and hot stocks like NIO, expected to reach the moon, have returned down to earth.Amid a price war among EV makers, NIO ...</p>\n\n<a href=\"https://seekingalpha.com/article/4595836-nio-down-86-percent-from-its-high-but-can-decline-even-more\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO.SI":"蔚来","NIO":"蔚来","09866":"蔚来-SW"},"source_url":"https://seekingalpha.com/article/4595836-nio-down-86-percent-from-its-high-but-can-decline-even-more","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1158778172","content_text":"SummaryThe hype for EV companies has drifted away in the last couple of years and hot stocks like NIO, expected to reach the moon, have returned down to earth.Amid a price war among EV makers, NIO believes that its wealthy customer base will be less affected despite a slowdown in vehicle sales.Despite assuming strong growth in revenues and high profitability, NIO stock still results to be highly overvalued at today’s prices.Investment ThesisA financial rollercoaster is probably the best description for NIO Inc. (NYSE:NIO) stock. After surging more than 1000% during 2020, the stock started crushing from its all-time high burning 86% of its market capitalization.At the peak of the 2020 bubble, NIO reached a capitalization of more than $70 billion, with only 43 thousand vehicles sold during the year, while automakers like BMW (OTCPK:BMWYY), which sold 2 million vehicles in 2020, was worth $50 billion.The hype for EV companies has certainly drifted away in the last couple of years, and hot stocks like NIO expected to reach the moon have returned down to earth. After this considerable price correction, investors might think that NIO represents a good investment opportunity to enter the Chinese EVs market, but it’s not.In today’s analysis we will assess why, despite assuming strong growth in revenues and high profitability, NIO stocks still result to be highly overvalued at today’s prices.Business ModelNIO’s current vehicle lineup accounts for seven different BEVs: two sedans, three SUVs, and two coupè SUVs. All of its products are equipped with cutting-edge technologies, especially now with the transition to the NT2.0 platform, making NIO not only an automaker company but also a software company, considering the enormous amount of resources invested in R&D to develop software applications destined to improve both vehicle’s functionalities and the battery system.NIO’s vehicles target the high-end segment of the passenger vehicle market, comprising mid to large-size premium SUVs and sedans with an average starting price of more than $50 thousand. Considering that the average price for a car in China is $35 thousand and the average salary is $16 thousand, NIO’s products are definitely destined for the wealthiest portion of the Chinese population.In 2022 NIO sold 122 thousand BEVs and despite the company's trying to expand its operations internationally, its vehicles were almost entirely delivered to the Chinese market.Other than the sales of EVs, NIO develops and sells several power charging solutions for its clients, comprising the innovative Power Swap stations where customers can swap their battery with fully-charged ones instead of charging their own battery, all of which take the same amount of time of a traditional stop at the gas station. Currently, NIO has installed more than one thousand Power Swap stations, which accounted for the 50% of the battery charging done by NIO’s clients in 2022, and expects to double that number in 2023.In addition to the battery swap, they offer so-called “Battery as a Service” solutions which, under a subscription program, permit NIO’s customers to receive battery upgrades for the whole duration of the contracts. As of the end of 2022 revenues generated by power solutions and other accounted for 8% of total revenues.Operating PerformancesLooking at NIO’s past operating performances, revenues grew at a compound annual growth rate [CAGR] of 77.49%, from $719 million in 2018 to $7.1 billion in 2023. The gross margin has declined from 18% in 2021, on par with the industry average, to 10% in 2022 due to an unfavourable product mix after the introduction of the ET5 sedan, which has a lower price compared to the other models, and the increase of lithium prices used for the battery system.Nio revenues & gross margin (TIKR Terminal)NIO hasn’t yet reached profitability, registering an operating loss equal to -$2.2 billion in 2022.Nio operating incomeNio operating income (TIKR Terminal)Despite struggling to break even, NIO presents a healthy financial position having a net cash position of $2.2 billion, a current ratio of 1.29, and a debt-to-equity ratio of 0.86.Nio financial position (TIKR Terminal)Market & RisksThe Chinese EVs market is highly competitive with hundreds of players competing for market shares, however, the undisputed king is BYD (OTCPK:BYDDF), which in 2022 stopped selling ICE vehicles switching to a fully electrified vehicle lineup. With 1.8 million EVs sold in 2022, BYD placed first in China, followed by Tesla (TSLA) with more than 400 thousand EVs sold. NIO placed only sixth after tight competition with two other EVs startups, Li Auto (LI) and XPeng (XPEV).Despite the presence of colossal players like BYD and Tesla, which target the mass with their affordable models, NIO’s BEVs don’t directly compete with them, targeting exclusively the high-end segment of the market, with at the moment, no intention to offer lower priced vehicles. Direct competitors for NIO are Mercedes-Benz (OTCPK:MBGAF) and BMW, which in their line-up have electrified versions of premium vehicles, although are not as technologically advanced as NIO’s ones.The surge in EVs startups is a direct consequence of the subsidies implemented by the Chinese government to stimulate the adoption of green energy vehicles started 13 years ago. However, with the beginning of 2023, the government subsidies ceased to exist, with the only exception of a 10% purchase tax exception for EVs available until the end of 2023.With the lift-off of subsidies, a price war has begun among EVs automakers to attract new customers, which united with the rising price of lithium prices, has severely damaged the whole industry. EVs sales have slowed down since the beginning of the years, and NIO was affected too with 31 thousand vehicles sold, up 20% y-o-y, but still far away from the target of 250 thousand vehicles sold for 2023, equal to 62 thousand vehicles sold each quarter.However, the management said that part of these sales’ slowdown must be imputed to an unfavourable product mix due to the shift to the new vehicle platform which made customers delay purchases waiting for the new models that will begin to be delivered after the second quarter.As regards the price war, the management is confident that given the high-end segment targeted by its vehicles, the impact on NIO’s business model will be limited, being its wealthy customers less susceptible to price changes.ProjectionsTrying to project NIO’s future performance, the story we are telling here sees NIO remaining a premium vehicle automaker, focusing its operations on the Chinese market mostly due to the lack of infrastructure to properly welcome its products in international markets like Europe.We will assume NIO to register strong growth in revenues and achieve higher margins and returns on investments than the industry average given its premium products offer, backed by cutting-edge software technologies, with which in the future they will be able to sell additional services to customers other than just the vehicles.Starting with revenues, the management expects to sell 250 thousand cars in 2023, however, given the slowdown in EV sales registered so far, I’ve assumed NIO to be able to sell only 200 thousand vehicles in 2023, an increase of 63% y-o-y. Assuming NIO will maintain an average selling price of $50 thousand per car, we can expect NIO's revenues from the sale of BEVs to be around $10 billion in 2023.By the time NIO reach maturity, we can assume it will establish itself among the top premium automakers in China, along with Mercedes-Benz and BMW, which currently sell around 700 thousand vehicles a year to the Chinese market. Given the high competition, especially from other startup companies like Li Auto and XPeng, we can reasonably assume NIO will sell around 550 thousand BEVs by 2032, assuming the average selling price remain constant, we can expect revenues from the sole sale of vehicles to be equal to $27.5 billion.Nio future sales (Personal Data)Assuming NIO will generate around 10% of its revenues from additional services, comprising subscription programs to obtain upgrades of the various technological features implemented in its vehicles, NIO's total revenues are expected to be $30 billion by 2032, quadrupling at a CAGR of 15.64% since 2022.With revenues of around $30 billion, NIO will be one of the biggest automakers by revenue in China despite still being behind other mass-focused automakers like BYD and SAIC.Moving on to future efficiency and profitability, we can assume NIO to breakeven in the next 2/3 years, as also mentioned during the latest earnings call, with the shift to the new vehicle platform, the company will be able to increase its efficiency levels related to the production of its vehicles.We can assume NIO to obtain a higher operating margin and return on invested capital [ROIC] than the industry average, given its focus on the high-end segment of the market, and for a smaller part, thanks to the subscription-based services offered to customers which can be expected to have margins and returns close to the ones of software companies.Starting with the industry median operating margin and ROIC, of 6.5% and 9.8% respectively, we will assume NIO to have an operating margin of 7.35% and a ROIC of 10.7%. These values are obtained assuming that 10% of the operating income will be generated by subscription services with software industry-like operating margins and ROIC, of 14.7% and 18.8%.Automobiles industry data (Personal Data)With these assumptions, NIO’s free cash flows to the firm (FCFF) are expected to be around $1.3 billion by 2032, after subtracting the reinvestment needed to sustain growth in revenues from the operating profit after taxes.Nio projections (Personal Data)ValuationApplying a discount rate of 12.58%, calculated using the WACC, the present value of these cash flows is equal to an equity value of $5.5 billion or $3.34 per share.Nio intrinsic value (Personal Data)ConclusionGiven my analysis and assumptions, NIO’s stocks result to be extremely overvalued at today’s prices.Despite my strong assumptions, which see NIO establishing itself among the top automakers in China, and the significant stock price correction of the past two years, Nio is still overvalued not representing a good investment opportunity.The intrinsic value of NIO might reach the current prices only if the company expand its addressable market, becoming an international premium automaker, or by targeting the lower-income segment of the Chinese market, but in that case, will have to face fierce competition from giants like BYD and Tesla.","news_type":1},"isVote":1,"tweetType":1,"viewCount":345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9968959208,"gmtCreate":1669107383705,"gmtModify":1676538153068,"author":{"id":"3574025667530288","authorId":"3574025667530288","name":"jaredyim95","avatar":"https://static.tigerbbs.com/63a8c9d18be6f87ffe7c2bc6411a0d09","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574025667530288","authorIdStr":"3574025667530288"},"themes":[],"htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9968959208","repostId":"2285386886","repostType":2,"repost":{"id":"2285386886","pubTimestamp":1669104486,"share":"https://ttm.financial/m/news/2285386886?lang=&edition=fundamental","pubTime":"2022-11-22 16:08","market":"us","language":"en","title":"Apple And Taiwan Semiconductor: Let's Ask Buffett","url":"https://stock-news.laohu8.com/highlight/detail?id=2285386886","media":"Seeking Alpha","summary":"SummaryAs a long-time Buffett cultist, I understand (not to say I am able to anticipate) most of his","content":"<html><head></head><body><h2>Summary</h2><ul><li>As a long-time Buffett cultist, I understand (not to say I am able to anticipate) most of his stock choices.</li><li>But from time to time, some of his choices still come as a surprise and his recent position in Taiwan Semiconductor is a notable example.</li><li>The choice is even more puzzling when viewed under the context of his largest holding, Apple.</li><li>There are certainly positives with Taiwan Semiconductor, that is, even when compared to Apple.</li><li>However, I see these positives easily overshadowed by the developing tension between them, which produces mutual but asymmetric damage.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/511f126f81b7dac4ef1687fe1d622bbe\" tg-width=\"1080\" tg-height=\"719\" referrerpolicy=\"no-referrer\"/><span>Jamie McCarthy</span></p><h2>The investment thesis</h2><p>As a long-time Buffett cultist, I feel comfortable saying that I understand most of his investment choices. But occasionally, the grandmaster still manages to make a move that surprises me such as his recent position in TaiwanSemiconductor (NYSE:TSM). To wit, the recent 13F disclosure showed that Buffett opened a sizable position in TSM for the Berkshire Hathaway (BRK.A) (BRK.B) equity portfolio. As you can see from the following chart, his BRK portfolio now holds more than 60.06M shares of TSM with a total worth of over $4.11B. The TSM position is currently the 10thlargest position in the BRK portfolio.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/79878ff126c58641fbbd5a5aa3c0b334\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"/><span>Source: Dataroma.com</span></p><p>The surprise comes in several ways. And the more obvious ways (like Buffett’s allergy to tech businesses) have already been discussed by several other SA authors and I won’t further add to it anymore. Here, I want to explore an angle that is less discussed so far. I want to explain why it feels more puzzling to me, that is besides the fact that Buffett added another tech name to his BRK portfolio, when the TSM position is viewed under the context of his largest holding, Apple (NASDAQ:AAPL). There are certainly positives with TSM, that is, even when compared to AAPL. As we will detail in the next section, it is a high-quality stock in its own right. It boasts a large technological lead in its space and an R&amp;D yield that is even better than AAPL.</p><p>However, I see these positives easily overshadowed by the developing tension between them and also the ongoing deglobalization mega-trend. According to a recentnews report, TSM’s scheduled price raises in 2023 were rejected by AAPL, by far its largest customer. AAPL currently outsources almost all of its processor manufacturing to factories in Taiwan. However, with the U.S. strategic initiatives to push to develop domestic semiconductor foundry capabilities, AAPL (and other U.S. chip players such Advanced Micro Devices (AMD) and NVIDIA (NVDA) too) would be very likely to diversify its chip manufacturing away from TSM. And the damage will be mutual but asymmetric. It is easier for AAPL to find other foundry services to manufacture its chips, and a lot harder for TSM to find such large clients as AAPL.</p><p>The full impact of such tension and diversification will take time to fully manifest. And TSM’s role as the dominating high-end chipmaker in the world won’t change in the near term. But I see these recent events (such as AAPL’s rejection of the price raises and the recent passing of the CHIPS act) as the turning point. Taking a broader view, I see these events as a logical step, or even an inevitable step, in the deglobalization process – a mega force that has been unfolding for over 10 years as shown in the chart below. The chart illustrates how globalization, measured as the percentage of total exports out of global GDP, has been in decline since its peak in 2008. The percentage has declined from 61% in 2008 to the to 51.6% in 2020. And since 2020, the China-U.S. trade tension, the COVID, and the Russian/Ukraine war have further quickened its pace.</p><p>In the remainder of this article, I will further analyze the details of these above considerations in more detail.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df9d37af226f63d9047697f699ffa010\" tg-width=\"640\" tg-height=\"527\" referrerpolicy=\"no-referrer\"/><span>Source: The World Bank</span></p><h2>TSM’s valuation advantage</h2><p>First, as mentioned above, there are definitely many positives with TSM even when compared to AAPL. And valuation is an obvious place to start with. As a global leader in the foundry space, it is for sale at a fraction of the overall market and AAPL’s valuation as seen in the chart below.</p><p>To cite a few examples, TSM’s FY1 PE of 12.8x is almost only 1/2 of AAPL’s 24.2x. Its TTM PE of 13.08x is also about only 1/2 of AAPL’s 24.2x. Considering that these stocks have different leverages and enterprise values (“EV”), let&#39;s compare their multiples with leverages adjusted too. As you can see, TSM’s discount is even more dramatic in terms of EV/EBITDA multiples. TSM’s FW EV/EBITDA ratio sits at 7.64x only, less than ½ of AAPL’s 18.18x.</p><p>Yes, as you will see in the next section, TSM is a high-quality stock in its own right. It boasts a large technological lead in its space, further bolstered by its consistent R&amp;D investments and also superb R&amp;D yield that even surpasses AAPL.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd9101b641f06753dca5fee60c5e18ff\" tg-width=\"640\" tg-height=\"496\" referrerpolicy=\"no-referrer\"/><span>Source: Seeking Alpha data</span></p><h2>TSM’s more consistent and aggressive R&amp;D</h2><p>As detailed in our earlier articles:</p><blockquote><i>We do not invest in a given tech stock because we have high confidence in a certain product that they are developing in the pipeline. Instead, we feel more comfortable betting on A) the recurring resources available to fund new R&amp;D efforts sustainably, and B) the overall efficiency of the R&amp;D PROCESS. So correspondingly, in the long run, I feel comfortable as long as a tech business can A) sustainably support new R&amp;D expenditures, and B) has demonstrated a consistent R&amp;D yield. I do not feel the need to particularly bet on any one of the new products to be a hit (or a complete failure).</i></blockquote><p>And both TSM and AAPL can sustainably fund their new R&amp;D efforts with no problem in the long term, as illustrated in the next chart. It shows their R&amp;D expenses over the past 10 years as a percentage of their total sales. A few key observations:</p><ul><li>TSM has been investing very consistently in R&amp;D efforts, on average about 8.0% of its total sales.</li><li>AAPL&#39;s R&amp;D expenses have been climbing since Tim Cook took over the company from Jobs. Jobs believed that innovation is not about money and it &#34;has nothing to do with how much R&amp;D money” a business put in. Then Cook gradually increased the R&amp;D investments to the current level of around 6.1% since 2018.</li><li>So even at AAPL’s current R&amp;D level, TSM is still outspending AAPL by about 200 basis points. And also note TSM’s consistency: the R&amp;D expenses only fluctuated in a very narrow range over the past 10 years.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/68ba62925d409c0646d95b62223ef4b9\" tg-width=\"640\" tg-height=\"355\" referrerpolicy=\"no-referrer\"/><span>Source: Author</span></p><p>More impressively, TSM’s yield on the R&amp;D investment is also superior to AAPL, which is already at a remarkable level by itself as shown in the next chart. The chart used Buffett’s $1 test on R&amp;D expenses. More specifically, the chart quantifies the R&amp;D yield by taking the ratio between profit and R&amp;D expenditures. Thus, the results show how many dollars of profit are generated per $1 of R&amp;D expenses. In particular, in this chart, my analysis used the operating cash flow (“OPC”) as the profit and also took a 3-year moving average on the OPC to approximate a 3-year R&amp;D cycle. And the key observations are:</p><ul><li>The R&amp;D yield is also consistent for TSM, with an average of $6.75 since 2014.</li><li>AAPL’s picture is a bit more colorful. Its R&amp;D yield has been astronomical ($10+ in 2013 and $8+ in 2014 and 2015) thanks to its almost monopoly status in key market segments in those days. Its R&amp;D yield has gradually declined to around ~$4.0 in recent years. And its long-term average was about $5.3.</li><li>To provide a broader view, the FAAMG group features an average R&amp;D yield of ~$2.5 in recent years.</li><li>Thus, both AAPL and TSM boast superb R&amp;D yields even when compared to the overachievers in the FAAMG pack, and TSM’s yield is even higher than AAPL by a large gap.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72e8c1b1427c0babf39d38ec60269d28\" tg-width=\"640\" tg-height=\"340\" referrerpolicy=\"no-referrer\"/><span>Source: Author based on Seeking Alpha data</span></p><h2>Both enjoy high ROCE too, but AAPL is in its own category</h2><p>To me, ROCE (return on capital employed) is the most fundamental profitability metric as detailed in my blog article (with differences compared to ROE and Q&amp;A on the most frequently received questions from our readers). One key reason for its fundamental importance is that the long-term growth rate is governed by ROCE and reinvestment rate (“RR”) in the following simple way:</p><p>Long-Term Growth Rate = ROCE * RR</p><p>The ROCE of TSM and AAPL are shown below for the past 10 years. As you can see, TSM has been maintaining a high ROCE with remarkable consistency here. Its average ROCE has been about 42%. And I cannot overemphasize the consistency – which is a strong indicator of its stable moat. However, AAPL certainly has the upper hand here. Its ROCE is simply a category of its own. It has been hovering around an average of 125% since 2018 after its “declines” from an astronomical (and also unsustainable level in my view) of 200%+ earlier in the decade.</p><p>In terms of RR, both companies have sustainable capital allocation flexibility thanks to their strong cash generation. All told, my analysis shows that TSM has been maintaining an RR in the range between 7.5% to 10% in recent years, and AAPL about 5% to 7.5%.</p><p>So even without the trade tensions and deglobalization process aforementioned, I would project AAPL to have a much better perpetual growth curve ahead than TSM. I projected AAPL’s LT growth rate to be up to 10% (7.5% RR * 125% ROCE ~ 10% annual growth rate). And TSM’s growth rate, on the hand, would be limited to be in the mid-single digit range (say 4% = 10% RR * 42% ROCE).</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/98b3ddd710705df7ba8e09cb93f9b81a\" tg-width=\"640\" tg-height=\"334\" referrerpolicy=\"no-referrer\"/><span>Source: Author based on Seeking Alpha data</span></p><h2>Risks and final thought</h2><p>But to reiterate, I do see the developing tension between TSM and AAPL and the deglobalization process as the overarching forces here. And I only see the differences in terms of valuation, R&amp;D yields, and profitability to be secondary forces in the years to come. The deglobalization mega-trend has been unfolding since 2008. And I see a series of recent events (such as AAPL’s rejection of TSM’s price raises, the CHIPS act, the ongoing U.S.-China trade frictions, and also the Russian/Ukraine war) to further exacerbate and accelerate the trend. Under such a mega-trend, I see it as inevitable that key chip clients (such as AAPL, AMD, and NVDA) diversify their manufacturing needs away from TSM.</p><p>And the bottom line is that damage will be mutual but asymmetric the way I see things. It is easier for AAPL to find replacement foundry services but a lot harder for TSM to find replacement clients at the scale of AAPL.</p><p><i>This article is written by Envision Research for reference only. Please note the risks.</i></p></body></html>","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>Apple And Taiwan Semiconductor: Let's Ask Buffett</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\">\nApple And Taiwan Semiconductor: Let's Ask Buffett\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-22 16:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4559717-apple-and-taiwan-semiconductor-ask-buffett><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryAs a long-time Buffett cultist, I understand (not to say I am able to anticipate) most of his stock choices.But from time to time, some of his choices still come as a surprise and his recent ...</p>\n\n<a href=\"https://seekingalpha.com/article/4559717-apple-and-taiwan-semiconductor-ask-buffett\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSM":"台积电"},"source_url":"https://seekingalpha.com/article/4559717-apple-and-taiwan-semiconductor-ask-buffett","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2285386886","content_text":"SummaryAs a long-time Buffett cultist, I understand (not to say I am able to anticipate) most of his stock choices.But from time to time, some of his choices still come as a surprise and his recent position in Taiwan Semiconductor is a notable example.The choice is even more puzzling when viewed under the context of his largest holding, Apple.There are certainly positives with Taiwan Semiconductor, that is, even when compared to Apple.However, I see these positives easily overshadowed by the developing tension between them, which produces mutual but asymmetric damage.Jamie McCarthyThe investment thesisAs a long-time Buffett cultist, I feel comfortable saying that I understand most of his investment choices. But occasionally, the grandmaster still manages to make a move that surprises me such as his recent position in TaiwanSemiconductor (NYSE:TSM). To wit, the recent 13F disclosure showed that Buffett opened a sizable position in TSM for the Berkshire Hathaway (BRK.A) (BRK.B) equity portfolio. As you can see from the following chart, his BRK portfolio now holds more than 60.06M shares of TSM with a total worth of over $4.11B. The TSM position is currently the 10thlargest position in the BRK portfolio.Source: Dataroma.comThe surprise comes in several ways. And the more obvious ways (like Buffett’s allergy to tech businesses) have already been discussed by several other SA authors and I won’t further add to it anymore. Here, I want to explore an angle that is less discussed so far. I want to explain why it feels more puzzling to me, that is besides the fact that Buffett added another tech name to his BRK portfolio, when the TSM position is viewed under the context of his largest holding, Apple (NASDAQ:AAPL). There are certainly positives with TSM, that is, even when compared to AAPL. As we will detail in the next section, it is a high-quality stock in its own right. It boasts a large technological lead in its space and an R&D yield that is even better than AAPL.However, I see these positives easily overshadowed by the developing tension between them and also the ongoing deglobalization mega-trend. According to a recentnews report, TSM’s scheduled price raises in 2023 were rejected by AAPL, by far its largest customer. AAPL currently outsources almost all of its processor manufacturing to factories in Taiwan. However, with the U.S. strategic initiatives to push to develop domestic semiconductor foundry capabilities, AAPL (and other U.S. chip players such Advanced Micro Devices (AMD) and NVIDIA (NVDA) too) would be very likely to diversify its chip manufacturing away from TSM. And the damage will be mutual but asymmetric. It is easier for AAPL to find other foundry services to manufacture its chips, and a lot harder for TSM to find such large clients as AAPL.The full impact of such tension and diversification will take time to fully manifest. And TSM’s role as the dominating high-end chipmaker in the world won’t change in the near term. But I see these recent events (such as AAPL’s rejection of the price raises and the recent passing of the CHIPS act) as the turning point. Taking a broader view, I see these events as a logical step, or even an inevitable step, in the deglobalization process – a mega force that has been unfolding for over 10 years as shown in the chart below. The chart illustrates how globalization, measured as the percentage of total exports out of global GDP, has been in decline since its peak in 2008. The percentage has declined from 61% in 2008 to the to 51.6% in 2020. And since 2020, the China-U.S. trade tension, the COVID, and the Russian/Ukraine war have further quickened its pace.In the remainder of this article, I will further analyze the details of these above considerations in more detail.Source: The World BankTSM’s valuation advantageFirst, as mentioned above, there are definitely many positives with TSM even when compared to AAPL. And valuation is an obvious place to start with. As a global leader in the foundry space, it is for sale at a fraction of the overall market and AAPL’s valuation as seen in the chart below.To cite a few examples, TSM’s FY1 PE of 12.8x is almost only 1/2 of AAPL’s 24.2x. Its TTM PE of 13.08x is also about only 1/2 of AAPL’s 24.2x. Considering that these stocks have different leverages and enterprise values (“EV”), let's compare their multiples with leverages adjusted too. As you can see, TSM’s discount is even more dramatic in terms of EV/EBITDA multiples. TSM’s FW EV/EBITDA ratio sits at 7.64x only, less than ½ of AAPL’s 18.18x.Yes, as you will see in the next section, TSM is a high-quality stock in its own right. It boasts a large technological lead in its space, further bolstered by its consistent R&D investments and also superb R&D yield that even surpasses AAPL.Source: Seeking Alpha dataTSM’s more consistent and aggressive R&DAs detailed in our earlier articles:We do not invest in a given tech stock because we have high confidence in a certain product that they are developing in the pipeline. Instead, we feel more comfortable betting on A) the recurring resources available to fund new R&D efforts sustainably, and B) the overall efficiency of the R&D PROCESS. So correspondingly, in the long run, I feel comfortable as long as a tech business can A) sustainably support new R&D expenditures, and B) has demonstrated a consistent R&D yield. I do not feel the need to particularly bet on any one of the new products to be a hit (or a complete failure).And both TSM and AAPL can sustainably fund their new R&D efforts with no problem in the long term, as illustrated in the next chart. It shows their R&D expenses over the past 10 years as a percentage of their total sales. A few key observations:TSM has been investing very consistently in R&D efforts, on average about 8.0% of its total sales.AAPL's R&D expenses have been climbing since Tim Cook took over the company from Jobs. Jobs believed that innovation is not about money and it \"has nothing to do with how much R&D money” a business put in. Then Cook gradually increased the R&D investments to the current level of around 6.1% since 2018.So even at AAPL’s current R&D level, TSM is still outspending AAPL by about 200 basis points. And also note TSM’s consistency: the R&D expenses only fluctuated in a very narrow range over the past 10 years.Source: AuthorMore impressively, TSM’s yield on the R&D investment is also superior to AAPL, which is already at a remarkable level by itself as shown in the next chart. The chart used Buffett’s $1 test on R&D expenses. More specifically, the chart quantifies the R&D yield by taking the ratio between profit and R&D expenditures. Thus, the results show how many dollars of profit are generated per $1 of R&D expenses. In particular, in this chart, my analysis used the operating cash flow (“OPC”) as the profit and also took a 3-year moving average on the OPC to approximate a 3-year R&D cycle. And the key observations are:The R&D yield is also consistent for TSM, with an average of $6.75 since 2014.AAPL’s picture is a bit more colorful. Its R&D yield has been astronomical ($10+ in 2013 and $8+ in 2014 and 2015) thanks to its almost monopoly status in key market segments in those days. Its R&D yield has gradually declined to around ~$4.0 in recent years. And its long-term average was about $5.3.To provide a broader view, the FAAMG group features an average R&D yield of ~$2.5 in recent years.Thus, both AAPL and TSM boast superb R&D yields even when compared to the overachievers in the FAAMG pack, and TSM’s yield is even higher than AAPL by a large gap.Source: Author based on Seeking Alpha dataBoth enjoy high ROCE too, but AAPL is in its own categoryTo me, ROCE (return on capital employed) is the most fundamental profitability metric as detailed in my blog article (with differences compared to ROE and Q&A on the most frequently received questions from our readers). One key reason for its fundamental importance is that the long-term growth rate is governed by ROCE and reinvestment rate (“RR”) in the following simple way:Long-Term Growth Rate = ROCE * RRThe ROCE of TSM and AAPL are shown below for the past 10 years. As you can see, TSM has been maintaining a high ROCE with remarkable consistency here. Its average ROCE has been about 42%. And I cannot overemphasize the consistency – which is a strong indicator of its stable moat. However, AAPL certainly has the upper hand here. Its ROCE is simply a category of its own. It has been hovering around an average of 125% since 2018 after its “declines” from an astronomical (and also unsustainable level in my view) of 200%+ earlier in the decade.In terms of RR, both companies have sustainable capital allocation flexibility thanks to their strong cash generation. All told, my analysis shows that TSM has been maintaining an RR in the range between 7.5% to 10% in recent years, and AAPL about 5% to 7.5%.So even without the trade tensions and deglobalization process aforementioned, I would project AAPL to have a much better perpetual growth curve ahead than TSM. I projected AAPL’s LT growth rate to be up to 10% (7.5% RR * 125% ROCE ~ 10% annual growth rate). And TSM’s growth rate, on the hand, would be limited to be in the mid-single digit range (say 4% = 10% RR * 42% ROCE).Source: Author based on Seeking Alpha dataRisks and final thoughtBut to reiterate, I do see the developing tension between TSM and AAPL and the deglobalization process as the overarching forces here. And I only see the differences in terms of valuation, R&D yields, and profitability to be secondary forces in the years to come. The deglobalization mega-trend has been unfolding since 2008. And I see a series of recent events (such as AAPL’s rejection of TSM’s price raises, the CHIPS act, the ongoing U.S.-China trade frictions, and also the Russian/Ukraine war) to further exacerbate and accelerate the trend. Under such a mega-trend, I see it as inevitable that key chip clients (such as AAPL, AMD, and NVDA) diversify their manufacturing needs away from TSM.And the bottom line is that damage will be mutual but asymmetric the way I see things. It is easier for AAPL to find replacement foundry services but a lot harder for TSM to find replacement clients at the scale of AAPL.This article is written by Envision Research for reference only. Please note the risks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9058626758,"gmtCreate":1654832002174,"gmtModify":1676535519625,"author":{"id":"3574025667530288","authorId":"3574025667530288","name":"jaredyim95","avatar":"https://static.tigerbbs.com/63a8c9d18be6f87ffe7c2bc6411a0d09","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574025667530288","authorIdStr":"3574025667530288"},"themes":[],"htmlText":"Wait","listText":"Wait","text":"Wait","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9058626758","repostId":"1132195884","repostType":2,"repost":{"id":"1132195884","pubTimestamp":1654830031,"share":"https://ttm.financial/m/news/1132195884?lang=&edition=fundamental","pubTime":"2022-06-10 11:00","market":"sg","language":"en","title":"NIO Stock Alert: 8 Things for Nio Investors to Know Today as Shares Slide Lower","url":"https://stock-news.laohu8.com/highlight/detail?id=1132195884","media":"InvestorPlace","summary":"Nio(NIO)stock is down 7.65% today following disappointing earnings.The company reported lower gross ","content":"<html><head></head><body><ul><li><b>Nio</b>(<b><u>NIO</u></b>)stock is down 7.65% today following disappointing earnings.</li><li>The company reported lower gross margins that are raising eye brows on Wall Street.</li><li>Going forward, Nio said it is on track to open a new production plant and launch two new electric vehicles this year.</li></ul><p><b>Nio</b>(NYSE:<b><u>NIO</u></b>) stock is down 7.65% today on news that the Chinese electric vehicle maker reported disappointing earnings and provided weak forward guidance.</p><p>Nio, which is a leader in China’s domestic automotive industry and viewed as a main rival to global electric vehicle leader <b>Tesla</b>(NASDAQ:<b><u>TSLA</u></b>) reported first-quarter results that missed Wall Street expectations and provided a downbeat outlook. The poor results citied ongoing Covid-19 lockdowns and deteriorating macroeconomic conditions globally as contributing factors. That news has further depressed NIO stock, extending its year-to-date decline to more than 40%. Here’s what investors need to known as Nio’s share price falls lower today.</p><p><b>NIO Stock Highlights</b></p><p>1. Nio lost $281.2 million in this year’s first quarter, much wider than the $68.8 million it lost a year ago. The company blamed the loss China’s recent Covid-related shutdowns, particularly in Shanghai where the company is based.</p><p>2. The EV maker reported Q1 revenue of $1.56 billion, which was up 24% from the first quarter of 2021. However, Nio also reported a loss per share for the quarter of 13 cents versus 4 cents a year earlier.</p><p>3. Perhaps worst of all, Nio said that its gross margin in the first quarter fell to 14.6%, compared to 19.5% a year earlier and 17.2% in the fourth quarter of last year. The company said that rising commodity costs continue to squeeze its margins.</p><p>4. At the end of March this year, Nio said it had $8.4 billion of cash on hand, down only slightly from $8.7 billion as of the end of 2021.</p><p>5. Apart from its Q1 print, Nio also announced that its new manufacturing plant, its second in China, has begun pre-production builds of its ET5 electric sedan which is due to hit showrooms in September this year.</p><p>6. Nio also confirmed the launch of its new upscale, five-passenger SUV, called the ES7, with deliveries slated to start this August.</p><p>7. In terms of deliveries, Nio said it delivered 25,768 vehicles in the first quarter, up from 20,060 a year ago.</p><p>8. Nio also reaffirmed that its second-quarter deliveries are on track to reach between 23,000 and 25,000 vehicles. However, the company cautioned that Covid-19 shutdowns and supply-chain issues restricted its production capacity and deliveries in April and May to just over 12,000 vehicles.</p></body></html>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO Stock Alert: 8 Things for Nio Investors to Know Today as Shares Slide Lower</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\">\nNIO Stock Alert: 8 Things for Nio Investors to Know Today as Shares Slide Lower\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-10 11:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/06/nio-stock-alert-8-things-for-nio-investors-to-know-today-as-shares-slide-lower/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nio(NIO)stock is down 7.65% today following disappointing earnings.The company reported lower gross margins that are raising eye brows on Wall Street.Going forward, Nio said it is on track to open a ...</p>\n\n<a href=\"https://investorplace.com/2022/06/nio-stock-alert-8-things-for-nio-investors-to-know-today-as-shares-slide-lower/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://investorplace.com/2022/06/nio-stock-alert-8-things-for-nio-investors-to-know-today-as-shares-slide-lower/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132195884","content_text":"Nio(NIO)stock is down 7.65% today following disappointing earnings.The company reported lower gross margins that are raising eye brows on Wall Street.Going forward, Nio said it is on track to open a new production plant and launch two new electric vehicles this year.Nio(NYSE:NIO) stock is down 7.65% today on news that the Chinese electric vehicle maker reported disappointing earnings and provided weak forward guidance.Nio, which is a leader in China’s domestic automotive industry and viewed as a main rival to global electric vehicle leader Tesla(NASDAQ:TSLA) reported first-quarter results that missed Wall Street expectations and provided a downbeat outlook. The poor results citied ongoing Covid-19 lockdowns and deteriorating macroeconomic conditions globally as contributing factors. That news has further depressed NIO stock, extending its year-to-date decline to more than 40%. Here’s what investors need to known as Nio’s share price falls lower today.NIO Stock Highlights1. Nio lost $281.2 million in this year’s first quarter, much wider than the $68.8 million it lost a year ago. The company blamed the loss China’s recent Covid-related shutdowns, particularly in Shanghai where the company is based.2. The EV maker reported Q1 revenue of $1.56 billion, which was up 24% from the first quarter of 2021. However, Nio also reported a loss per share for the quarter of 13 cents versus 4 cents a year earlier.3. Perhaps worst of all, Nio said that its gross margin in the first quarter fell to 14.6%, compared to 19.5% a year earlier and 17.2% in the fourth quarter of last year. The company said that rising commodity costs continue to squeeze its margins.4. At the end of March this year, Nio said it had $8.4 billion of cash on hand, down only slightly from $8.7 billion as of the end of 2021.5. Apart from its Q1 print, Nio also announced that its new manufacturing plant, its second in China, has begun pre-production builds of its ET5 electric sedan which is due to hit showrooms in September this year.6. Nio also confirmed the launch of its new upscale, five-passenger SUV, called the ES7, with deliveries slated to start this August.7. In terms of deliveries, Nio said it delivered 25,768 vehicles in the first quarter, up from 20,060 a year ago.8. Nio also reaffirmed that its second-quarter deliveries are on track to reach between 23,000 and 25,000 vehicles. However, the company cautioned that Covid-19 shutdowns and supply-chain issues restricted its production capacity and deliveries in April and May to just over 12,000 vehicles.","news_type":1},"isVote":1,"tweetType":1,"viewCount":368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9033356681,"gmtCreate":1646196597642,"gmtModify":1676534102868,"author":{"id":"3574025667530288","authorId":"3574025667530288","name":"jaredyim95","avatar":"https://static.tigerbbs.com/63a8c9d18be6f87ffe7c2bc6411a0d09","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574025667530288","authorIdStr":"3574025667530288"},"themes":[],"htmlText":"Buy more","listText":"Buy more","text":"Buy more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9033356681","repostId":"2216254371","repostType":2,"isVote":1,"tweetType":1,"viewCount":358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9090786374,"gmtCreate":1643268433352,"gmtModify":1676533792398,"author":{"id":"3574025667530288","authorId":"3574025667530288","name":"jaredyim95","avatar":"https://static.tigerbbs.com/63a8c9d18be6f87ffe7c2bc6411a0d09","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574025667530288","authorIdStr":"3574025667530288"},"themes":[],"htmlText":"Hold","listText":"Hold","text":"Hold","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9090786374","repostId":"1124110006","repostType":2,"repost":{"id":"1124110006","pubTimestamp":1643252189,"share":"https://ttm.financial/m/news/1124110006?lang=&edition=fundamental","pubTime":"2022-01-27 10:56","market":"us","language":"en","title":"For Now, Sea Limited Stock Is a Falling Knife","url":"https://stock-news.laohu8.com/highlight/detail?id=1124110006","media":"investorplace","summary":"SE stock has great long-term potential, but Sea's attributes make the shares unattractive","content":"<html><head></head><body><p>Over the long term, <b>Sea Limited</b> (NYSE:<b><u>SE</u></b>) stock – propelled by the company’s strong, rapidly growing e-commerce, financial services and video game businesses – should deliver very impressive financial results. But in the short and medium term, for a variety of reasons, SE stock is likely to get little affection from the Street.</p><p>Moreover, despite the huge, recent decline of the shares, their valuation remains quite elevated.</p><p><b>Rapid Growth and a Positive Long-Term Outlook</b></p><p>Sea Limited’s three largest business – e-commerce, digital financial services, and video games – all appear to be doing very well.</p><p>In the third quarter, the gross orders of its e-commerce unit soared 123% year-over-year to $1.7 billion, while its gross market volume jumped 81% to $16.8 billion. In financial services, its total payment volume climbed 111% to $4.6 billion, while the number of its paying users soared 120% from a year ago.</p><p>The performance of Sea’s video game business was less impressive, but its quarterly active user base still rose 27% from a year ago to 729 million, while its bookings increased 29% to $1.2 billion and its EBITDA, excluding certain items, rose 22% to $715 million.</p><p>So, despite the challenges to all of these businesses and the difficult year-over-year comparisons created by the easing of the pandemic, the growth of all three ranged from quite respectable to tremendous.</p><p>Overall, Sea’s sales jumped 122% from last year,reaching $2.7 billion,while its gross profit surged 148% to $1 billion.</p><p>Moreover, there are multiple signs that the company has become very adept at expanding its e-commerce business to new markets. For example, the company has already had some success in Brazil, which is, of course, quite far away and very different from Sea’s home base in Southeast Asia.</p><p>During Sea’s Q3 earnings call in November, CEO Forrest Lit said, “More than 1 million local sellers in Brazil have registered with {Sea’s e-commerce website) since we started welcoming local sellers in mid-2020.”</p><p>Meanwhile, Sea’s e-commerce unit is continuing to move into new geographic markets, as it has recently expanded to Poland, France, Spain and India, Li reported.</p><p><b>Short-Run Issues</b></p><p>Obviously, the market is currently not very enchanted with tech in general and any tech businesses seen as benefiting from the pandemic in particular these days. Unfortunately for Sea, the company’s three main businesses are all in the latter category.</p><p>Two other characteristics that the Street does not like at all these days are lack of profitability and a high valuation. Sea has both of these characteristics as well.</p><p>In Q3, for example, its net loss came in at $425.26 million. While that loss was 34% better than the $571 million it shed during the same period a year earlier, the company still obviously lost a great deal of money.</p><p>On two positive notes, the company’s operating expenses dropped to $713 million in Q3 from $1.45 billion in the year-earlier period, while its EBITDA, excluding certain items, climbed to positive $120.4 million from a loss of $165.45 million.</p><p>Nevertheless, large investors are still likely to view Sea as an unprofitable enterprise.</p><p>And on the valuation front, SE stock is changing hands for nearly 15x Sea’s trailing 12-month revenue. That’s way down from the stock’s valuation of 23.6x trailing sales as of Sept. 30, but it’s still a very high price to pay for the shares.</p><p><b>The Bottom Line on SE Stock</b></p><p>Sea is rapidly growing and has tremendous long-term potential. But as shown by the fact that its shares tumbled by 33% in the last month, it’s not a good stock to buy in the current market.</p><p>As a result, rather than try to catch this falling knife, investors should wait for the market’s attitude towards names like SE stock to improve before taking a bullish position in it. Those who follow that advice will almost certainly get a better price and sleep more easily at night than those who don’t.</p></body></html>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>For Now, Sea Limited Stock Is a Falling Knife</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\">\nFor Now, Sea Limited Stock Is a Falling Knife\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-27 10:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/01/for-now-se-stock-is-a-falling-knife/><strong>investorplace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Over the long term, Sea Limited (NYSE:SE) stock – propelled by the company’s strong, rapidly growing e-commerce, financial services and video game businesses – should deliver very impressive financial...</p>\n\n<a href=\"https://investorplace.com/2022/01/for-now-se-stock-is-a-falling-knife/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://investorplace.com/2022/01/for-now-se-stock-is-a-falling-knife/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124110006","content_text":"Over the long term, Sea Limited (NYSE:SE) stock – propelled by the company’s strong, rapidly growing e-commerce, financial services and video game businesses – should deliver very impressive financial results. But in the short and medium term, for a variety of reasons, SE stock is likely to get little affection from the Street.Moreover, despite the huge, recent decline of the shares, their valuation remains quite elevated.Rapid Growth and a Positive Long-Term OutlookSea Limited’s three largest business – e-commerce, digital financial services, and video games – all appear to be doing very well.In the third quarter, the gross orders of its e-commerce unit soared 123% year-over-year to $1.7 billion, while its gross market volume jumped 81% to $16.8 billion. In financial services, its total payment volume climbed 111% to $4.6 billion, while the number of its paying users soared 120% from a year ago.The performance of Sea’s video game business was less impressive, but its quarterly active user base still rose 27% from a year ago to 729 million, while its bookings increased 29% to $1.2 billion and its EBITDA, excluding certain items, rose 22% to $715 million.So, despite the challenges to all of these businesses and the difficult year-over-year comparisons created by the easing of the pandemic, the growth of all three ranged from quite respectable to tremendous.Overall, Sea’s sales jumped 122% from last year,reaching $2.7 billion,while its gross profit surged 148% to $1 billion.Moreover, there are multiple signs that the company has become very adept at expanding its e-commerce business to new markets. For example, the company has already had some success in Brazil, which is, of course, quite far away and very different from Sea’s home base in Southeast Asia.During Sea’s Q3 earnings call in November, CEO Forrest Lit said, “More than 1 million local sellers in Brazil have registered with {Sea’s e-commerce website) since we started welcoming local sellers in mid-2020.”Meanwhile, Sea’s e-commerce unit is continuing to move into new geographic markets, as it has recently expanded to Poland, France, Spain and India, Li reported.Short-Run IssuesObviously, the market is currently not very enchanted with tech in general and any tech businesses seen as benefiting from the pandemic in particular these days. Unfortunately for Sea, the company’s three main businesses are all in the latter category.Two other characteristics that the Street does not like at all these days are lack of profitability and a high valuation. Sea has both of these characteristics as well.In Q3, for example, its net loss came in at $425.26 million. While that loss was 34% better than the $571 million it shed during the same period a year earlier, the company still obviously lost a great deal of money.On two positive notes, the company’s operating expenses dropped to $713 million in Q3 from $1.45 billion in the year-earlier period, while its EBITDA, excluding certain items, climbed to positive $120.4 million from a loss of $165.45 million.Nevertheless, large investors are still likely to view Sea as an unprofitable enterprise.And on the valuation front, SE stock is changing hands for nearly 15x Sea’s trailing 12-month revenue. That’s way down from the stock’s valuation of 23.6x trailing sales as of Sept. 30, but it’s still a very high price to pay for the shares.The Bottom Line on SE StockSea is rapidly growing and has tremendous long-term potential. But as shown by the fact that its shares tumbled by 33% in the last month, it’s not a good stock to buy in the current market.As a result, rather than try to catch this falling knife, investors should wait for the market’s attitude towards names like SE stock to improve before taking a bullish position in it. Those who follow that advice will almost certainly get a better price and sleep more easily at night than those who don’t.","news_type":1},"isVote":1,"tweetType":1,"viewCount":378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819219043,"gmtCreate":1630071945982,"gmtModify":1676530216654,"author":{"id":"3574025667530288","authorId":"3574025667530288","name":"jaredyim95","avatar":"https://static.tigerbbs.com/63a8c9d18be6f87ffe7c2bc6411a0d09","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574025667530288","authorIdStr":"3574025667530288"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/819219043","repostId":"1199968410","repostType":4,"isVote":1,"tweetType":1,"viewCount":286,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809271652,"gmtCreate":1627375229676,"gmtModify":1703488673074,"author":{"id":"3574025667530288","authorId":"3574025667530288","name":"jaredyim95","avatar":"https://static.tigerbbs.com/63a8c9d18be6f87ffe7c2bc6411a0d09","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574025667530288","authorIdStr":"3574025667530288"},"themes":[],"htmlText":"Is NIO still a good investment???","listText":"Is NIO still a good investment???","text":"Is NIO still a good investment???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/809271652","repostId":"2154813991","repostType":4,"repost":{"id":"2154813991","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":1627371927,"share":"https://ttm.financial/m/news/2154813991?lang=&edition=fundamental","pubTime":"2021-07-27 15:45","market":"sh","language":"en","title":"China shares plunge to 8-month low on regulatory woes","url":"https://stock-news.laohu8.com/highlight/detail?id=2154813991","media":"Reuters","summary":"* Property, tech, education hit by regulatory tightening fears. SHANGHAI, July 27  - Chinese A-shares and Hong Kong's benchmark index extended heavy losses to hit multi-month closing lows on Tuesday, as investors worried over the impact of tighter government regulations, while a surge in COVID-19 cases dealt a further blow to sentiment.China's blue-chip CSI300 index ended down 3.53% at its lowest close since November, extending Monday's 3.2% selloff. Losses spanned the financial, consumer staple","content":"<p>* China, Hong Kong stocks extend steep selloff</p>\n<p>* Property, tech, education hit by regulatory tightening fears</p>\n<p>* Delta variant behind cluster in city of Nanjing</p>\n<p>SHANGHAI, July 27 (Reuters) - Chinese A-shares and Hong Kong's benchmark index extended heavy losses to hit multi-month closing lows on Tuesday, as investors worried over the impact of tighter government regulations, while a surge in COVID-19 cases dealt a further blow to sentiment.</p>\n<p>China's blue-chip CSI300 index ended down 3.53% at its lowest close since November, extending Monday's 3.2% selloff. Losses spanned the financial, consumer staples and real estate sectors.</p>\n<p>The Shanghai Composite index gave up early gains to end 2.49% lower at 3,381.18, its lowest close since March 25.</p>\n<p>Falls were wide-ranging, with the CSI financial sector sub-index down 3.17%, the consumer staples sector&nbsp;off 4.75% and the healthcare sub-index down 3.9%.</p>\n<p>In late trade in Hong Kong, the benchmark Hang Seng Index&nbsp;was down as much as 5.46% after a 4.1% drop in the previous session, and the Hang Seng China Enterprises Index&nbsp;plunged as much as 6.78%.</p>\n<p>The Hang Seng Tech index crashed through its previous record low, falling more than 9%.</p>\n<p>The rout came after a shakeout on Monday spurred by new rules reining in China's $120 billion private tutoring sector, sending some shares crashing more than 45%, and new regulatory moves targeting technology and property.</p>\n<p>\"Beijing's severe crackdown on the tech and education sectors had ignited the re-pricing of significant regulation risks on investment for Chinese private companies,\" Ken Cheung, chief Asian FX strategist at Mizuhuo Bank, said in a note.</p>\n<p>\"As such, foreign investors will request a deeper discount on such Chinese investment or even cut the exposure on Chinese companies,\" Cheung added.</p>\n<p>Education shares continued to slide on Tuesday, with New Oriental Education &amp; Technology Group Co falling 7.25%, taking its drop over the last three sessions to more than 70%, while the CSI education index tumbled 5.18%.</p>\n<p><b>WORST-CASE SCENARIO</b></p>\n<p>Anita Chu, an analyst at CCB International, said in a research report the unfavourable regulatory environment had left little room for a business turnaround, and issued a downgrade and reduced target price for New Oriental.</p>\n<p>\"If the final version of the policy comes to resemble its current form, we envision a worst-case scenario whereby existing listed-AST (after-school tutoring) operators will be compelled to spin off their K9 AST operations from the listco, or else de-list by way of privatisation,\" Chu said.</p>\n<p>\"According to our estimates, the potential spinoff of K9 AST operations would take 60-70% off the earnings of New Oriental and 80-90% off (New York-listed) TAL Education.\"</p>\n<p>In Hong Kong, heavily indebted developer <a href=\"https://laohu8.com/S/EGRNF\">China Evergrande Group</a> extended its losses, spiralling more than 16% lower to 4-1/2 year lows, after the company said it would cancel a special dividend proposal.</p>\n<p>The broader property sector in Hong Kong sank 3.6% and real estate A-shares ended 4.51% lower.</p>\n<p>Adding to broader concerns about the economic outlook, profit growth at China's industrial firms slowed for a fourth straight month in June, as high raw material prices weighed on factories' margins.</p>\n<p>A surge in highly contagious Delta variant COVID-19 cases centred on the eastern city of Nanjing also spurred concern on Tuesday.</p>\n<p>But Zhiwei Zhang, chief economist at Pinpoint Asset Management, said broader economic concerns were contained for now.</p>\n<p>\"The market correction seems to reflect some investors' concern about government's policy stance on the capital market. We don't think investors are concerned about the economy at this stage,\" he said in an emailed comment.</p>\n<p>But pointing to rising concern late on Tuesday, China's yuan&nbsp;turned around sharply from small gains against the dollar to weaken past the 6.5 per dollar level. It was last quoted at 6.5103 per dollar, 0.43% weaker on the day.</p>\n<p>The offshore yuan also whipsawed lower, blasting through the 6.5 level to a low of 6.5225 per dollar, down more than 0.6% from a day earlier.</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>China shares plunge to 8-month low on regulatory woes</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\">\nChina shares plunge to 8-month low on regulatory woes\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\">2021-07-27 15:45</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>* China, Hong Kong stocks extend steep selloff</p>\n<p>* Property, tech, education hit by regulatory tightening fears</p>\n<p>* Delta variant behind cluster in city of Nanjing</p>\n<p>SHANGHAI, July 27 (Reuters) - Chinese A-shares and Hong Kong's benchmark index extended heavy losses to hit multi-month closing lows on Tuesday, as investors worried over the impact of tighter government regulations, while a surge in COVID-19 cases dealt a further blow to sentiment.</p>\n<p>China's blue-chip CSI300 index ended down 3.53% at its lowest close since November, extending Monday's 3.2% selloff. Losses spanned the financial, consumer staples and real estate sectors.</p>\n<p>The Shanghai Composite index gave up early gains to end 2.49% lower at 3,381.18, its lowest close since March 25.</p>\n<p>Falls were wide-ranging, with the CSI financial sector sub-index down 3.17%, the consumer staples sector&nbsp;off 4.75% and the healthcare sub-index down 3.9%.</p>\n<p>In late trade in Hong Kong, the benchmark Hang Seng Index&nbsp;was down as much as 5.46% after a 4.1% drop in the previous session, and the Hang Seng China Enterprises Index&nbsp;plunged as much as 6.78%.</p>\n<p>The Hang Seng Tech index crashed through its previous record low, falling more than 9%.</p>\n<p>The rout came after a shakeout on Monday spurred by new rules reining in China's $120 billion private tutoring sector, sending some shares crashing more than 45%, and new regulatory moves targeting technology and property.</p>\n<p>\"Beijing's severe crackdown on the tech and education sectors had ignited the re-pricing of significant regulation risks on investment for Chinese private companies,\" Ken Cheung, chief Asian FX strategist at Mizuhuo Bank, said in a note.</p>\n<p>\"As such, foreign investors will request a deeper discount on such Chinese investment or even cut the exposure on Chinese companies,\" Cheung added.</p>\n<p>Education shares continued to slide on Tuesday, with New Oriental Education &amp; Technology Group Co falling 7.25%, taking its drop over the last three sessions to more than 70%, while the CSI education index tumbled 5.18%.</p>\n<p><b>WORST-CASE SCENARIO</b></p>\n<p>Anita Chu, an analyst at CCB International, said in a research report the unfavourable regulatory environment had left little room for a business turnaround, and issued a downgrade and reduced target price for New Oriental.</p>\n<p>\"If the final version of the policy comes to resemble its current form, we envision a worst-case scenario whereby existing listed-AST (after-school tutoring) operators will be compelled to spin off their K9 AST operations from the listco, or else de-list by way of privatisation,\" Chu said.</p>\n<p>\"According to our estimates, the potential spinoff of K9 AST operations would take 60-70% off the earnings of New Oriental and 80-90% off (New York-listed) TAL Education.\"</p>\n<p>In Hong Kong, heavily indebted developer <a href=\"https://laohu8.com/S/EGRNF\">China Evergrande Group</a> extended its losses, spiralling more than 16% lower to 4-1/2 year lows, after the company said it would cancel a special dividend proposal.</p>\n<p>The broader property sector in Hong Kong sank 3.6% and real estate A-shares ended 4.51% lower.</p>\n<p>Adding to broader concerns about the economic outlook, profit growth at China's industrial firms slowed for a fourth straight month in June, as high raw material prices weighed on factories' margins.</p>\n<p>A surge in highly contagious Delta variant COVID-19 cases centred on the eastern city of Nanjing also spurred concern on Tuesday.</p>\n<p>But Zhiwei Zhang, chief economist at Pinpoint Asset Management, said broader economic concerns were contained for now.</p>\n<p>\"The market correction seems to reflect some investors' concern about government's policy stance on the capital market. We don't think investors are concerned about the economy at this stage,\" he said in an emailed comment.</p>\n<p>But pointing to rising concern late on Tuesday, China's yuan&nbsp;turned around sharply from small gains against the dollar to weaken past the 6.5 per dollar level. It was last quoted at 6.5103 per dollar, 0.43% weaker on the day.</p>\n<p>The offshore yuan also whipsawed lower, blasting through the 6.5 level to a low of 6.5225 per dollar, down more than 0.6% from a day earlier.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","HSI":"恒生指数","000001.SH":"上证指数"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154813991","content_text":"* China, Hong Kong stocks extend steep selloff\n* Property, tech, education hit by regulatory tightening fears\n* Delta variant behind cluster in city of Nanjing\nSHANGHAI, July 27 (Reuters) - Chinese A-shares and Hong Kong's benchmark index extended heavy losses to hit multi-month closing lows on Tuesday, as investors worried over the impact of tighter government regulations, while a surge in COVID-19 cases dealt a further blow to sentiment.\nChina's blue-chip CSI300 index ended down 3.53% at its lowest close since November, extending Monday's 3.2% selloff. Losses spanned the financial, consumer staples and real estate sectors.\nThe Shanghai Composite index gave up early gains to end 2.49% lower at 3,381.18, its lowest close since March 25.\nFalls were wide-ranging, with the CSI financial sector sub-index down 3.17%, the consumer staples sector off 4.75% and the healthcare sub-index down 3.9%.\nIn late trade in Hong Kong, the benchmark Hang Seng Index was down as much as 5.46% after a 4.1% drop in the previous session, and the Hang Seng China Enterprises Index plunged as much as 6.78%.\nThe Hang Seng Tech index crashed through its previous record low, falling more than 9%.\nThe rout came after a shakeout on Monday spurred by new rules reining in China's $120 billion private tutoring sector, sending some shares crashing more than 45%, and new regulatory moves targeting technology and property.\n\"Beijing's severe crackdown on the tech and education sectors had ignited the re-pricing of significant regulation risks on investment for Chinese private companies,\" Ken Cheung, chief Asian FX strategist at Mizuhuo Bank, said in a note.\n\"As such, foreign investors will request a deeper discount on such Chinese investment or even cut the exposure on Chinese companies,\" Cheung added.\nEducation shares continued to slide on Tuesday, with New Oriental Education & Technology Group Co falling 7.25%, taking its drop over the last three sessions to more than 70%, while the CSI education index tumbled 5.18%.\nWORST-CASE SCENARIO\nAnita Chu, an analyst at CCB International, said in a research report the unfavourable regulatory environment had left little room for a business turnaround, and issued a downgrade and reduced target price for New Oriental.\n\"If the final version of the policy comes to resemble its current form, we envision a worst-case scenario whereby existing listed-AST (after-school tutoring) operators will be compelled to spin off their K9 AST operations from the listco, or else de-list by way of privatisation,\" Chu said.\n\"According to our estimates, the potential spinoff of K9 AST operations would take 60-70% off the earnings of New Oriental and 80-90% off (New York-listed) TAL Education.\"\nIn Hong Kong, heavily indebted developer China Evergrande Group extended its losses, spiralling more than 16% lower to 4-1/2 year lows, after the company said it would cancel a special dividend proposal.\nThe broader property sector in Hong Kong sank 3.6% and real estate A-shares ended 4.51% lower.\nAdding to broader concerns about the economic outlook, profit growth at China's industrial firms slowed for a fourth straight month in June, as high raw material prices weighed on factories' margins.\nA surge in highly contagious Delta variant COVID-19 cases centred on the eastern city of Nanjing also spurred concern on Tuesday.\nBut Zhiwei Zhang, chief economist at Pinpoint Asset Management, said broader economic concerns were contained for now.\n\"The market correction seems to reflect some investors' concern about government's policy stance on the capital market. We don't think investors are concerned about the economy at this stage,\" he said in an emailed comment.\nBut pointing to rising concern late on Tuesday, China's yuan turned around sharply from small gains against the dollar to weaken past the 6.5 per dollar level. It was last quoted at 6.5103 per dollar, 0.43% weaker on the day.\nThe offshore yuan also whipsawed lower, blasting through the 6.5 level to a low of 6.5225 per dollar, down more than 0.6% from a day earlier.","news_type":1},"isVote":1,"tweetType":1,"viewCount":406,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158293436,"gmtCreate":1625149967725,"gmtModify":1703737245474,"author":{"id":"3574025667530288","authorId":"3574025667530288","name":"jaredyim95","avatar":"https://static.tigerbbs.com/63a8c9d18be6f87ffe7c2bc6411a0d09","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574025667530288","authorIdStr":"3574025667530288"},"themes":[],"htmlText":"How far can Nio go?!","listText":"How far can Nio go?!","text":"How far can Nio go?!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/158293436","repostId":"1114101721","repostType":2,"repost":{"id":"1114101721","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625126532,"share":"https://ttm.financial/m/news/1114101721?lang=&edition=fundamental","pubTime":"2021-07-01 16:02","market":"us","language":"en","title":"NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% YOY","url":"https://stock-news.laohu8.com/highlight/detail?id=1114101721","media":"Tiger Newspress","summary":"NIO delivered 21,896 vehicles in the three months ended June 2021, increasing by 111.9% year-over-year. Cumulative deliveries of the ES8, ES6 and EC6 as of June 30, 2021 reached 117,597. NIO Inc., a pioneer and a leading manufacturer of premium smart electric vehicles in China, today announced its June and second quarter 2021 delivery results.NIO delivered 8,083 vehicles in June 2021, a new monthly record representing a robust 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s,","content":"<ul>\n <li><b><i>NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% year-over-year</i></b></li>\n <li><b><i>NIO delivered 21,896 vehicles in the three months ended June 2021, increasing by 111.9% year-over-year</i></b></li>\n <li><b><i>Cumulative deliveries of the ES8, ES6 and EC6 as of June 30, 2021 reached 117,597</i></b></li>\n</ul>\n<p>NIO Inc., a pioneer and a leading manufacturer of premium smart electric vehicles in China, today announced its June and second quarter 2021 delivery results.</p>\n<p>NIO delivered 8,083 vehicles in June 2021, a new monthly record representing a robust 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,755 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,830 EC6s, the Company’s five-seater premium smart electric coupe SUV. NIO delivered 21,896 vehicles in the three months ended June 2021, a new quarterly record representing a strong increase of 111.9% year-over-year. As of June 30, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 117,597 vehicles.</p>\n<p>NIO&nbsp;stock&nbsp;rose&nbsp;0.7%&nbsp;in premarket trading.</p>\n<p><img src=\"https://static.tigerbbs.com/649d5139ca369d18c052a809e36398a5\" tg-width=\"1302\" tg-height=\"663\"></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>NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% YOY</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\">\nNIO delivered 8,083 vehicles in June 2021, increasing by 116.1% YOY\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-07-01 16:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li><b><i>NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% year-over-year</i></b></li>\n <li><b><i>NIO delivered 21,896 vehicles in the three months ended June 2021, increasing by 111.9% year-over-year</i></b></li>\n <li><b><i>Cumulative deliveries of the ES8, ES6 and EC6 as of June 30, 2021 reached 117,597</i></b></li>\n</ul>\n<p>NIO Inc., a pioneer and a leading manufacturer of premium smart electric vehicles in China, today announced its June and second quarter 2021 delivery results.</p>\n<p>NIO delivered 8,083 vehicles in June 2021, a new monthly record representing a robust 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,755 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,830 EC6s, the Company’s five-seater premium smart electric coupe SUV. NIO delivered 21,896 vehicles in the three months ended June 2021, a new quarterly record representing a strong increase of 111.9% year-over-year. As of June 30, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 117,597 vehicles.</p>\n<p>NIO&nbsp;stock&nbsp;rose&nbsp;0.7%&nbsp;in premarket trading.</p>\n<p><img src=\"https://static.tigerbbs.com/649d5139ca369d18c052a809e36398a5\" tg-width=\"1302\" tg-height=\"663\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114101721","content_text":"NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% year-over-year\nNIO delivered 21,896 vehicles in the three months ended June 2021, increasing by 111.9% year-over-year\nCumulative deliveries of the ES8, ES6 and EC6 as of June 30, 2021 reached 117,597\n\nNIO Inc., a pioneer and a leading manufacturer of premium smart electric vehicles in China, today announced its June and second quarter 2021 delivery results.\nNIO delivered 8,083 vehicles in June 2021, a new monthly record representing a robust 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,755 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,830 EC6s, the Company’s five-seater premium smart electric coupe SUV. NIO delivered 21,896 vehicles in the three months ended June 2021, a new quarterly record representing a strong increase of 111.9% year-over-year. As of June 30, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 117,597 vehicles.\nNIO stock rose 0.7% in premarket trading.","news_type":1},"isVote":1,"tweetType":1,"viewCount":605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9968959208,"gmtCreate":1669107383705,"gmtModify":1676538153068,"author":{"id":"3574025667530288","authorId":"3574025667530288","name":"jaredyim95","avatar":"https://static.tigerbbs.com/63a8c9d18be6f87ffe7c2bc6411a0d09","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574025667530288","authorIdStr":"3574025667530288"},"themes":[],"htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9968959208","repostId":"2285386886","repostType":2,"repost":{"id":"2285386886","pubTimestamp":1669104486,"share":"https://ttm.financial/m/news/2285386886?lang=&edition=fundamental","pubTime":"2022-11-22 16:08","market":"us","language":"en","title":"Apple And Taiwan Semiconductor: Let's Ask Buffett","url":"https://stock-news.laohu8.com/highlight/detail?id=2285386886","media":"Seeking Alpha","summary":"SummaryAs a long-time Buffett cultist, I understand (not to say I am able to anticipate) most of his","content":"<html><head></head><body><h2>Summary</h2><ul><li>As a long-time Buffett cultist, I understand (not to say I am able to anticipate) most of his stock choices.</li><li>But from time to time, some of his choices still come as a surprise and his recent position in Taiwan Semiconductor is a notable example.</li><li>The choice is even more puzzling when viewed under the context of his largest holding, Apple.</li><li>There are certainly positives with Taiwan Semiconductor, that is, even when compared to Apple.</li><li>However, I see these positives easily overshadowed by the developing tension between them, which produces mutual but asymmetric damage.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/511f126f81b7dac4ef1687fe1d622bbe\" tg-width=\"1080\" tg-height=\"719\" referrerpolicy=\"no-referrer\"/><span>Jamie McCarthy</span></p><h2>The investment thesis</h2><p>As a long-time Buffett cultist, I feel comfortable saying that I understand most of his investment choices. But occasionally, the grandmaster still manages to make a move that surprises me such as his recent position in TaiwanSemiconductor (NYSE:TSM). To wit, the recent 13F disclosure showed that Buffett opened a sizable position in TSM for the Berkshire Hathaway (BRK.A) (BRK.B) equity portfolio. As you can see from the following chart, his BRK portfolio now holds more than 60.06M shares of TSM with a total worth of over $4.11B. The TSM position is currently the 10thlargest position in the BRK portfolio.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/79878ff126c58641fbbd5a5aa3c0b334\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"/><span>Source: Dataroma.com</span></p><p>The surprise comes in several ways. And the more obvious ways (like Buffett’s allergy to tech businesses) have already been discussed by several other SA authors and I won’t further add to it anymore. Here, I want to explore an angle that is less discussed so far. I want to explain why it feels more puzzling to me, that is besides the fact that Buffett added another tech name to his BRK portfolio, when the TSM position is viewed under the context of his largest holding, Apple (NASDAQ:AAPL). There are certainly positives with TSM, that is, even when compared to AAPL. As we will detail in the next section, it is a high-quality stock in its own right. It boasts a large technological lead in its space and an R&amp;D yield that is even better than AAPL.</p><p>However, I see these positives easily overshadowed by the developing tension between them and also the ongoing deglobalization mega-trend. According to a recentnews report, TSM’s scheduled price raises in 2023 were rejected by AAPL, by far its largest customer. AAPL currently outsources almost all of its processor manufacturing to factories in Taiwan. However, with the U.S. strategic initiatives to push to develop domestic semiconductor foundry capabilities, AAPL (and other U.S. chip players such Advanced Micro Devices (AMD) and NVIDIA (NVDA) too) would be very likely to diversify its chip manufacturing away from TSM. And the damage will be mutual but asymmetric. It is easier for AAPL to find other foundry services to manufacture its chips, and a lot harder for TSM to find such large clients as AAPL.</p><p>The full impact of such tension and diversification will take time to fully manifest. And TSM’s role as the dominating high-end chipmaker in the world won’t change in the near term. But I see these recent events (such as AAPL’s rejection of the price raises and the recent passing of the CHIPS act) as the turning point. Taking a broader view, I see these events as a logical step, or even an inevitable step, in the deglobalization process – a mega force that has been unfolding for over 10 years as shown in the chart below. The chart illustrates how globalization, measured as the percentage of total exports out of global GDP, has been in decline since its peak in 2008. The percentage has declined from 61% in 2008 to the to 51.6% in 2020. And since 2020, the China-U.S. trade tension, the COVID, and the Russian/Ukraine war have further quickened its pace.</p><p>In the remainder of this article, I will further analyze the details of these above considerations in more detail.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df9d37af226f63d9047697f699ffa010\" tg-width=\"640\" tg-height=\"527\" referrerpolicy=\"no-referrer\"/><span>Source: The World Bank</span></p><h2>TSM’s valuation advantage</h2><p>First, as mentioned above, there are definitely many positives with TSM even when compared to AAPL. And valuation is an obvious place to start with. As a global leader in the foundry space, it is for sale at a fraction of the overall market and AAPL’s valuation as seen in the chart below.</p><p>To cite a few examples, TSM’s FY1 PE of 12.8x is almost only 1/2 of AAPL’s 24.2x. Its TTM PE of 13.08x is also about only 1/2 of AAPL’s 24.2x. Considering that these stocks have different leverages and enterprise values (“EV”), let&#39;s compare their multiples with leverages adjusted too. As you can see, TSM’s discount is even more dramatic in terms of EV/EBITDA multiples. TSM’s FW EV/EBITDA ratio sits at 7.64x only, less than ½ of AAPL’s 18.18x.</p><p>Yes, as you will see in the next section, TSM is a high-quality stock in its own right. It boasts a large technological lead in its space, further bolstered by its consistent R&amp;D investments and also superb R&amp;D yield that even surpasses AAPL.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd9101b641f06753dca5fee60c5e18ff\" tg-width=\"640\" tg-height=\"496\" referrerpolicy=\"no-referrer\"/><span>Source: Seeking Alpha data</span></p><h2>TSM’s more consistent and aggressive R&amp;D</h2><p>As detailed in our earlier articles:</p><blockquote><i>We do not invest in a given tech stock because we have high confidence in a certain product that they are developing in the pipeline. Instead, we feel more comfortable betting on A) the recurring resources available to fund new R&amp;D efforts sustainably, and B) the overall efficiency of the R&amp;D PROCESS. So correspondingly, in the long run, I feel comfortable as long as a tech business can A) sustainably support new R&amp;D expenditures, and B) has demonstrated a consistent R&amp;D yield. I do not feel the need to particularly bet on any one of the new products to be a hit (or a complete failure).</i></blockquote><p>And both TSM and AAPL can sustainably fund their new R&amp;D efforts with no problem in the long term, as illustrated in the next chart. It shows their R&amp;D expenses over the past 10 years as a percentage of their total sales. A few key observations:</p><ul><li>TSM has been investing very consistently in R&amp;D efforts, on average about 8.0% of its total sales.</li><li>AAPL&#39;s R&amp;D expenses have been climbing since Tim Cook took over the company from Jobs. Jobs believed that innovation is not about money and it &#34;has nothing to do with how much R&amp;D money” a business put in. Then Cook gradually increased the R&amp;D investments to the current level of around 6.1% since 2018.</li><li>So even at AAPL’s current R&amp;D level, TSM is still outspending AAPL by about 200 basis points. And also note TSM’s consistency: the R&amp;D expenses only fluctuated in a very narrow range over the past 10 years.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/68ba62925d409c0646d95b62223ef4b9\" tg-width=\"640\" tg-height=\"355\" referrerpolicy=\"no-referrer\"/><span>Source: Author</span></p><p>More impressively, TSM’s yield on the R&amp;D investment is also superior to AAPL, which is already at a remarkable level by itself as shown in the next chart. The chart used Buffett’s $1 test on R&amp;D expenses. More specifically, the chart quantifies the R&amp;D yield by taking the ratio between profit and R&amp;D expenditures. Thus, the results show how many dollars of profit are generated per $1 of R&amp;D expenses. In particular, in this chart, my analysis used the operating cash flow (“OPC”) as the profit and also took a 3-year moving average on the OPC to approximate a 3-year R&amp;D cycle. And the key observations are:</p><ul><li>The R&amp;D yield is also consistent for TSM, with an average of $6.75 since 2014.</li><li>AAPL’s picture is a bit more colorful. Its R&amp;D yield has been astronomical ($10+ in 2013 and $8+ in 2014 and 2015) thanks to its almost monopoly status in key market segments in those days. Its R&amp;D yield has gradually declined to around ~$4.0 in recent years. And its long-term average was about $5.3.</li><li>To provide a broader view, the FAAMG group features an average R&amp;D yield of ~$2.5 in recent years.</li><li>Thus, both AAPL and TSM boast superb R&amp;D yields even when compared to the overachievers in the FAAMG pack, and TSM’s yield is even higher than AAPL by a large gap.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72e8c1b1427c0babf39d38ec60269d28\" tg-width=\"640\" tg-height=\"340\" referrerpolicy=\"no-referrer\"/><span>Source: Author based on Seeking Alpha data</span></p><h2>Both enjoy high ROCE too, but AAPL is in its own category</h2><p>To me, ROCE (return on capital employed) is the most fundamental profitability metric as detailed in my blog article (with differences compared to ROE and Q&amp;A on the most frequently received questions from our readers). One key reason for its fundamental importance is that the long-term growth rate is governed by ROCE and reinvestment rate (“RR”) in the following simple way:</p><p>Long-Term Growth Rate = ROCE * RR</p><p>The ROCE of TSM and AAPL are shown below for the past 10 years. As you can see, TSM has been maintaining a high ROCE with remarkable consistency here. Its average ROCE has been about 42%. And I cannot overemphasize the consistency – which is a strong indicator of its stable moat. However, AAPL certainly has the upper hand here. Its ROCE is simply a category of its own. It has been hovering around an average of 125% since 2018 after its “declines” from an astronomical (and also unsustainable level in my view) of 200%+ earlier in the decade.</p><p>In terms of RR, both companies have sustainable capital allocation flexibility thanks to their strong cash generation. All told, my analysis shows that TSM has been maintaining an RR in the range between 7.5% to 10% in recent years, and AAPL about 5% to 7.5%.</p><p>So even without the trade tensions and deglobalization process aforementioned, I would project AAPL to have a much better perpetual growth curve ahead than TSM. I projected AAPL’s LT growth rate to be up to 10% (7.5% RR * 125% ROCE ~ 10% annual growth rate). And TSM’s growth rate, on the hand, would be limited to be in the mid-single digit range (say 4% = 10% RR * 42% ROCE).</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/98b3ddd710705df7ba8e09cb93f9b81a\" tg-width=\"640\" tg-height=\"334\" referrerpolicy=\"no-referrer\"/><span>Source: Author based on Seeking Alpha data</span></p><h2>Risks and final thought</h2><p>But to reiterate, I do see the developing tension between TSM and AAPL and the deglobalization process as the overarching forces here. And I only see the differences in terms of valuation, R&amp;D yields, and profitability to be secondary forces in the years to come. The deglobalization mega-trend has been unfolding since 2008. And I see a series of recent events (such as AAPL’s rejection of TSM’s price raises, the CHIPS act, the ongoing U.S.-China trade frictions, and also the Russian/Ukraine war) to further exacerbate and accelerate the trend. Under such a mega-trend, I see it as inevitable that key chip clients (such as AAPL, AMD, and NVDA) diversify their manufacturing needs away from TSM.</p><p>And the bottom line is that damage will be mutual but asymmetric the way I see things. It is easier for AAPL to find replacement foundry services but a lot harder for TSM to find replacement clients at the scale of AAPL.</p><p><i>This article is written by Envision Research for reference only. Please note the risks.</i></p></body></html>","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>Apple And Taiwan Semiconductor: Let's Ask Buffett</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\">\nApple And Taiwan Semiconductor: Let's Ask Buffett\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-22 16:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4559717-apple-and-taiwan-semiconductor-ask-buffett><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryAs a long-time Buffett cultist, I understand (not to say I am able to anticipate) most of his stock choices.But from time to time, some of his choices still come as a surprise and his recent ...</p>\n\n<a href=\"https://seekingalpha.com/article/4559717-apple-and-taiwan-semiconductor-ask-buffett\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSM":"台积电"},"source_url":"https://seekingalpha.com/article/4559717-apple-and-taiwan-semiconductor-ask-buffett","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2285386886","content_text":"SummaryAs a long-time Buffett cultist, I understand (not to say I am able to anticipate) most of his stock choices.But from time to time, some of his choices still come as a surprise and his recent position in Taiwan Semiconductor is a notable example.The choice is even more puzzling when viewed under the context of his largest holding, Apple.There are certainly positives with Taiwan Semiconductor, that is, even when compared to Apple.However, I see these positives easily overshadowed by the developing tension between them, which produces mutual but asymmetric damage.Jamie McCarthyThe investment thesisAs a long-time Buffett cultist, I feel comfortable saying that I understand most of his investment choices. But occasionally, the grandmaster still manages to make a move that surprises me such as his recent position in TaiwanSemiconductor (NYSE:TSM). To wit, the recent 13F disclosure showed that Buffett opened a sizable position in TSM for the Berkshire Hathaway (BRK.A) (BRK.B) equity portfolio. As you can see from the following chart, his BRK portfolio now holds more than 60.06M shares of TSM with a total worth of over $4.11B. The TSM position is currently the 10thlargest position in the BRK portfolio.Source: Dataroma.comThe surprise comes in several ways. And the more obvious ways (like Buffett’s allergy to tech businesses) have already been discussed by several other SA authors and I won’t further add to it anymore. Here, I want to explore an angle that is less discussed so far. I want to explain why it feels more puzzling to me, that is besides the fact that Buffett added another tech name to his BRK portfolio, when the TSM position is viewed under the context of his largest holding, Apple (NASDAQ:AAPL). There are certainly positives with TSM, that is, even when compared to AAPL. As we will detail in the next section, it is a high-quality stock in its own right. It boasts a large technological lead in its space and an R&D yield that is even better than AAPL.However, I see these positives easily overshadowed by the developing tension between them and also the ongoing deglobalization mega-trend. According to a recentnews report, TSM’s scheduled price raises in 2023 were rejected by AAPL, by far its largest customer. AAPL currently outsources almost all of its processor manufacturing to factories in Taiwan. However, with the U.S. strategic initiatives to push to develop domestic semiconductor foundry capabilities, AAPL (and other U.S. chip players such Advanced Micro Devices (AMD) and NVIDIA (NVDA) too) would be very likely to diversify its chip manufacturing away from TSM. And the damage will be mutual but asymmetric. It is easier for AAPL to find other foundry services to manufacture its chips, and a lot harder for TSM to find such large clients as AAPL.The full impact of such tension and diversification will take time to fully manifest. And TSM’s role as the dominating high-end chipmaker in the world won’t change in the near term. But I see these recent events (such as AAPL’s rejection of the price raises and the recent passing of the CHIPS act) as the turning point. Taking a broader view, I see these events as a logical step, or even an inevitable step, in the deglobalization process – a mega force that has been unfolding for over 10 years as shown in the chart below. The chart illustrates how globalization, measured as the percentage of total exports out of global GDP, has been in decline since its peak in 2008. The percentage has declined from 61% in 2008 to the to 51.6% in 2020. And since 2020, the China-U.S. trade tension, the COVID, and the Russian/Ukraine war have further quickened its pace.In the remainder of this article, I will further analyze the details of these above considerations in more detail.Source: The World BankTSM’s valuation advantageFirst, as mentioned above, there are definitely many positives with TSM even when compared to AAPL. And valuation is an obvious place to start with. As a global leader in the foundry space, it is for sale at a fraction of the overall market and AAPL’s valuation as seen in the chart below.To cite a few examples, TSM’s FY1 PE of 12.8x is almost only 1/2 of AAPL’s 24.2x. Its TTM PE of 13.08x is also about only 1/2 of AAPL’s 24.2x. Considering that these stocks have different leverages and enterprise values (“EV”), let's compare their multiples with leverages adjusted too. As you can see, TSM’s discount is even more dramatic in terms of EV/EBITDA multiples. TSM’s FW EV/EBITDA ratio sits at 7.64x only, less than ½ of AAPL’s 18.18x.Yes, as you will see in the next section, TSM is a high-quality stock in its own right. It boasts a large technological lead in its space, further bolstered by its consistent R&D investments and also superb R&D yield that even surpasses AAPL.Source: Seeking Alpha dataTSM’s more consistent and aggressive R&DAs detailed in our earlier articles:We do not invest in a given tech stock because we have high confidence in a certain product that they are developing in the pipeline. Instead, we feel more comfortable betting on A) the recurring resources available to fund new R&D efforts sustainably, and B) the overall efficiency of the R&D PROCESS. So correspondingly, in the long run, I feel comfortable as long as a tech business can A) sustainably support new R&D expenditures, and B) has demonstrated a consistent R&D yield. I do not feel the need to particularly bet on any one of the new products to be a hit (or a complete failure).And both TSM and AAPL can sustainably fund their new R&D efforts with no problem in the long term, as illustrated in the next chart. It shows their R&D expenses over the past 10 years as a percentage of their total sales. A few key observations:TSM has been investing very consistently in R&D efforts, on average about 8.0% of its total sales.AAPL's R&D expenses have been climbing since Tim Cook took over the company from Jobs. Jobs believed that innovation is not about money and it \"has nothing to do with how much R&D money” a business put in. Then Cook gradually increased the R&D investments to the current level of around 6.1% since 2018.So even at AAPL’s current R&D level, TSM is still outspending AAPL by about 200 basis points. And also note TSM’s consistency: the R&D expenses only fluctuated in a very narrow range over the past 10 years.Source: AuthorMore impressively, TSM’s yield on the R&D investment is also superior to AAPL, which is already at a remarkable level by itself as shown in the next chart. The chart used Buffett’s $1 test on R&D expenses. More specifically, the chart quantifies the R&D yield by taking the ratio between profit and R&D expenditures. Thus, the results show how many dollars of profit are generated per $1 of R&D expenses. In particular, in this chart, my analysis used the operating cash flow (“OPC”) as the profit and also took a 3-year moving average on the OPC to approximate a 3-year R&D cycle. And the key observations are:The R&D yield is also consistent for TSM, with an average of $6.75 since 2014.AAPL’s picture is a bit more colorful. Its R&D yield has been astronomical ($10+ in 2013 and $8+ in 2014 and 2015) thanks to its almost monopoly status in key market segments in those days. Its R&D yield has gradually declined to around ~$4.0 in recent years. And its long-term average was about $5.3.To provide a broader view, the FAAMG group features an average R&D yield of ~$2.5 in recent years.Thus, both AAPL and TSM boast superb R&D yields even when compared to the overachievers in the FAAMG pack, and TSM’s yield is even higher than AAPL by a large gap.Source: Author based on Seeking Alpha dataBoth enjoy high ROCE too, but AAPL is in its own categoryTo me, ROCE (return on capital employed) is the most fundamental profitability metric as detailed in my blog article (with differences compared to ROE and Q&A on the most frequently received questions from our readers). One key reason for its fundamental importance is that the long-term growth rate is governed by ROCE and reinvestment rate (“RR”) in the following simple way:Long-Term Growth Rate = ROCE * RRThe ROCE of TSM and AAPL are shown below for the past 10 years. As you can see, TSM has been maintaining a high ROCE with remarkable consistency here. Its average ROCE has been about 42%. And I cannot overemphasize the consistency – which is a strong indicator of its stable moat. However, AAPL certainly has the upper hand here. Its ROCE is simply a category of its own. It has been hovering around an average of 125% since 2018 after its “declines” from an astronomical (and also unsustainable level in my view) of 200%+ earlier in the decade.In terms of RR, both companies have sustainable capital allocation flexibility thanks to their strong cash generation. All told, my analysis shows that TSM has been maintaining an RR in the range between 7.5% to 10% in recent years, and AAPL about 5% to 7.5%.So even without the trade tensions and deglobalization process aforementioned, I would project AAPL to have a much better perpetual growth curve ahead than TSM. I projected AAPL’s LT growth rate to be up to 10% (7.5% RR * 125% ROCE ~ 10% annual growth rate). And TSM’s growth rate, on the hand, would be limited to be in the mid-single digit range (say 4% = 10% RR * 42% ROCE).Source: Author based on Seeking Alpha dataRisks and final thoughtBut to reiterate, I do see the developing tension between TSM and AAPL and the deglobalization process as the overarching forces here. And I only see the differences in terms of valuation, R&D yields, and profitability to be secondary forces in the years to come. The deglobalization mega-trend has been unfolding since 2008. And I see a series of recent events (such as AAPL’s rejection of TSM’s price raises, the CHIPS act, the ongoing U.S.-China trade frictions, and also the Russian/Ukraine war) to further exacerbate and accelerate the trend. Under such a mega-trend, I see it as inevitable that key chip clients (such as AAPL, AMD, and NVDA) diversify their manufacturing needs away from TSM.And the bottom line is that damage will be mutual but asymmetric the way I see things. It is easier for AAPL to find replacement foundry services but a lot harder for TSM to find replacement clients at the scale of AAPL.This article is written by Envision Research for reference only. Please note the risks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9947092119,"gmtCreate":1682326010731,"gmtModify":1682326015789,"author":{"id":"3574025667530288","authorId":"3574025667530288","name":"jaredyim95","avatar":"https://static.tigerbbs.com/63a8c9d18be6f87ffe7c2bc6411a0d09","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574025667530288","authorIdStr":"3574025667530288"},"themes":[],"htmlText":"Worst stock ever","listText":"Worst stock ever","text":"Worst stock ever","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9947092119","repostId":"1158778172","repostType":2,"isVote":1,"tweetType":1,"viewCount":345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9090786374,"gmtCreate":1643268433352,"gmtModify":1676533792398,"author":{"id":"3574025667530288","authorId":"3574025667530288","name":"jaredyim95","avatar":"https://static.tigerbbs.com/63a8c9d18be6f87ffe7c2bc6411a0d09","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574025667530288","authorIdStr":"3574025667530288"},"themes":[],"htmlText":"Hold","listText":"Hold","text":"Hold","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9090786374","repostId":"1124110006","repostType":2,"isVote":1,"tweetType":1,"viewCount":378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9058626758,"gmtCreate":1654832002174,"gmtModify":1676535519625,"author":{"id":"3574025667530288","authorId":"3574025667530288","name":"jaredyim95","avatar":"https://static.tigerbbs.com/63a8c9d18be6f87ffe7c2bc6411a0d09","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574025667530288","authorIdStr":"3574025667530288"},"themes":[],"htmlText":"Wait","listText":"Wait","text":"Wait","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9058626758","repostId":"1132195884","repostType":2,"isVote":1,"tweetType":1,"viewCount":368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819219043,"gmtCreate":1630071945982,"gmtModify":1676530216654,"author":{"id":"3574025667530288","authorId":"3574025667530288","name":"jaredyim95","avatar":"https://static.tigerbbs.com/63a8c9d18be6f87ffe7c2bc6411a0d09","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574025667530288","authorIdStr":"3574025667530288"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/819219043","repostId":"1199968410","repostType":4,"repost":{"id":"1199968410","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1630071158,"share":"https://ttm.financial/m/news/1199968410?lang=&edition=fundamental","pubTime":"2021-08-27 21:32","market":"us","language":"en","title":"Stocks open slightly higher ahead of Fed Chair Powell's speech","url":"https://stock-news.laohu8.com/highlight/detail?id=1199968410","media":"Tiger Newspress","summary":"Stocks edged higher Friday ahead of the Federal Reserve’s annual Jackson Hole symposium with investo","content":"<p>Stocks edged higher Friday ahead of the Federal Reserve’s annual Jackson Hole symposium with investors looking for more details into the central bank’s plans to taper monetary stimulus.</p>\n<p>The Dow Jones Industrial Average gained 62 points, or 0.2%. The S&amp;P 500 and Nasdaq Composite gained 0.2%.</p>\n<p><img src=\"https://static.tigerbbs.com/5ef897649ca79c7537090c1d8551b214\" tg-width=\"1031\" tg-height=\"462\" referrerpolicy=\"no-referrer\"></p>\n<p>The Fed summit will be held virtually this year, with Chair Jerome Powell's speech&nbsp;taking center stage Friday morning&nbsp;at 10:00 a.m. ET. The central bank is trying to prepare markets for when it cuts back its $120 billion in monthly bond purchases, likely this year. With the stock market near records, investors are betting the Fed can remove stimulus without causing a so-called taper tantrum that shoots rates higher rapidly and knocks equities.</p>\n<p>\"The Fed may start tapering its bond purchases soon, which has caused a lot of angst on Wall Street and Main Street,\" said Ally Invest chief investment strategist Lindsay Bell. \"While it hasn't caused any big swings yet, the Fed's plans may be tough to digest against a backdrop of rising COVID cases and slowing, but solid, economic data. Plus, the market rarely stays quiet for this long.\"</p>\n<p>Shares of Gap gained nearly 5% after the apparel retailer's&nbsp;quarterly earnings report&nbsp;beat on top and bottom lines, while Peloton shares dropped after the exercise equipment company's&nbsp;fourth-quarter financial results&nbsp;missed Wall Street estimates. Peloton fell 7.5%.</p>\n<p>Energy stocks were higher, after being among the hardest hit on Thursday. Occidental Petroleum climbed 3% while Diamondback, Devon Energy and Halliburton rose more than 2%.</p>\n<p>The three major U.S. indexes closed Thursday’s regular trading session lower. The Dow snapped a four-day win streak while the S&amp;P 500 and the Nasdaq Composite both broke five-day win streaks.</p>\n<p>The Dow lost 192.38 points, or 0.5%. The S&amp;P 500 slid 0.6% and the Nasdaq Composite fell 0.6%.</p>\n<p>Market participants also monitored new developments in Afghanistan, which appeared to weigh on investor sentiment. The Pentagon on Thursday confirmed that&nbsp;explosions&nbsp;near Hamid Karzai International Airport in Afghanistan killed 13 U.S. service members and wounded 18.</p>\n<p>“Markets don’t like uncertainty and the uncertainty in Afghanistan is high and feels like it’s rising,” said Bob Doll, chief investment officer of Crossmark Global Investments.</p>\n<p>Investors also await a consumer sentiment reading to be released Friday morning.</p>\n<p>The three major stock averages are all set to close the week in the green. The Dow is up 0.3% week-to-date, while the S&amp;P 500 is up 0.6% and the Nasdaq Composite is 1.6% higher.</p>\n<p>The indexes are on track to end the month higher. The Dow is up 0.8% in August. The S&amp;P 500 is 1.7% higher and the Nasdaq Composite is up 1.9% this month.</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>Stocks open slightly higher ahead of Fed Chair Powell's speech</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\">\nStocks open slightly higher ahead of Fed Chair Powell's speech\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-08-27 21:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Stocks edged higher Friday ahead of the Federal Reserve’s annual Jackson Hole symposium with investors looking for more details into the central bank’s plans to taper monetary stimulus.</p>\n<p>The Dow Jones Industrial Average gained 62 points, or 0.2%. The S&amp;P 500 and Nasdaq Composite gained 0.2%.</p>\n<p><img src=\"https://static.tigerbbs.com/5ef897649ca79c7537090c1d8551b214\" tg-width=\"1031\" tg-height=\"462\" referrerpolicy=\"no-referrer\"></p>\n<p>The Fed summit will be held virtually this year, with Chair Jerome Powell's speech&nbsp;taking center stage Friday morning&nbsp;at 10:00 a.m. ET. The central bank is trying to prepare markets for when it cuts back its $120 billion in monthly bond purchases, likely this year. With the stock market near records, investors are betting the Fed can remove stimulus without causing a so-called taper tantrum that shoots rates higher rapidly and knocks equities.</p>\n<p>\"The Fed may start tapering its bond purchases soon, which has caused a lot of angst on Wall Street and Main Street,\" said Ally Invest chief investment strategist Lindsay Bell. \"While it hasn't caused any big swings yet, the Fed's plans may be tough to digest against a backdrop of rising COVID cases and slowing, but solid, economic data. Plus, the market rarely stays quiet for this long.\"</p>\n<p>Shares of Gap gained nearly 5% after the apparel retailer's&nbsp;quarterly earnings report&nbsp;beat on top and bottom lines, while Peloton shares dropped after the exercise equipment company's&nbsp;fourth-quarter financial results&nbsp;missed Wall Street estimates. Peloton fell 7.5%.</p>\n<p>Energy stocks were higher, after being among the hardest hit on Thursday. Occidental Petroleum climbed 3% while Diamondback, Devon Energy and Halliburton rose more than 2%.</p>\n<p>The three major U.S. indexes closed Thursday’s regular trading session lower. The Dow snapped a four-day win streak while the S&amp;P 500 and the Nasdaq Composite both broke five-day win streaks.</p>\n<p>The Dow lost 192.38 points, or 0.5%. The S&amp;P 500 slid 0.6% and the Nasdaq Composite fell 0.6%.</p>\n<p>Market participants also monitored new developments in Afghanistan, which appeared to weigh on investor sentiment. The Pentagon on Thursday confirmed that&nbsp;explosions&nbsp;near Hamid Karzai International Airport in Afghanistan killed 13 U.S. service members and wounded 18.</p>\n<p>“Markets don’t like uncertainty and the uncertainty in Afghanistan is high and feels like it’s rising,” said Bob Doll, chief investment officer of Crossmark Global Investments.</p>\n<p>Investors also await a consumer sentiment reading to be released Friday morning.</p>\n<p>The three major stock averages are all set to close the week in the green. The Dow is up 0.3% week-to-date, while the S&amp;P 500 is up 0.6% and the Nasdaq Composite is 1.6% higher.</p>\n<p>The indexes are on track to end the month higher. The Dow is up 0.8% in August. The S&amp;P 500 is 1.7% higher and the Nasdaq Composite is up 1.9% this month.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199968410","content_text":"Stocks edged higher Friday ahead of the Federal Reserve’s annual Jackson Hole symposium with investors looking for more details into the central bank’s plans to taper monetary stimulus.\nThe Dow Jones Industrial Average gained 62 points, or 0.2%. The S&P 500 and Nasdaq Composite gained 0.2%.\n\nThe Fed summit will be held virtually this year, with Chair Jerome Powell's speech taking center stage Friday morning at 10:00 a.m. ET. The central bank is trying to prepare markets for when it cuts back its $120 billion in monthly bond purchases, likely this year. With the stock market near records, investors are betting the Fed can remove stimulus without causing a so-called taper tantrum that shoots rates higher rapidly and knocks equities.\n\"The Fed may start tapering its bond purchases soon, which has caused a lot of angst on Wall Street and Main Street,\" said Ally Invest chief investment strategist Lindsay Bell. \"While it hasn't caused any big swings yet, the Fed's plans may be tough to digest against a backdrop of rising COVID cases and slowing, but solid, economic data. Plus, the market rarely stays quiet for this long.\"\nShares of Gap gained nearly 5% after the apparel retailer's quarterly earnings report beat on top and bottom lines, while Peloton shares dropped after the exercise equipment company's fourth-quarter financial results missed Wall Street estimates. Peloton fell 7.5%.\nEnergy stocks were higher, after being among the hardest hit on Thursday. Occidental Petroleum climbed 3% while Diamondback, Devon Energy and Halliburton rose more than 2%.\nThe three major U.S. indexes closed Thursday’s regular trading session lower. The Dow snapped a four-day win streak while the S&P 500 and the Nasdaq Composite both broke five-day win streaks.\nThe Dow lost 192.38 points, or 0.5%. The S&P 500 slid 0.6% and the Nasdaq Composite fell 0.6%.\nMarket participants also monitored new developments in Afghanistan, which appeared to weigh on investor sentiment. The Pentagon on Thursday confirmed that explosions near Hamid Karzai International Airport in Afghanistan killed 13 U.S. service members and wounded 18.\n“Markets don’t like uncertainty and the uncertainty in Afghanistan is high and feels like it’s rising,” said Bob Doll, chief investment officer of Crossmark Global Investments.\nInvestors also await a consumer sentiment reading to be released Friday morning.\nThe three major stock averages are all set to close the week in the green. The Dow is up 0.3% week-to-date, while the S&P 500 is up 0.6% and the Nasdaq Composite is 1.6% higher.\nThe indexes are on track to end the month higher. The Dow is up 0.8% in August. The S&P 500 is 1.7% higher and the Nasdaq Composite is up 1.9% this month.","news_type":1},"isVote":1,"tweetType":1,"viewCount":286,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158293436,"gmtCreate":1625149967725,"gmtModify":1703737245474,"author":{"id":"3574025667530288","authorId":"3574025667530288","name":"jaredyim95","avatar":"https://static.tigerbbs.com/63a8c9d18be6f87ffe7c2bc6411a0d09","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574025667530288","authorIdStr":"3574025667530288"},"themes":[],"htmlText":"How far can Nio go?!","listText":"How far can Nio go?!","text":"How far can Nio go?!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/158293436","repostId":"1114101721","repostType":2,"repost":{"id":"1114101721","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625126532,"share":"https://ttm.financial/m/news/1114101721?lang=&edition=fundamental","pubTime":"2021-07-01 16:02","market":"us","language":"en","title":"NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% YOY","url":"https://stock-news.laohu8.com/highlight/detail?id=1114101721","media":"Tiger Newspress","summary":"NIO delivered 21,896 vehicles in the three months ended June 2021, increasing by 111.9% year-over-year. Cumulative deliveries of the ES8, ES6 and EC6 as of June 30, 2021 reached 117,597. NIO Inc., a pioneer and a leading manufacturer of premium smart electric vehicles in China, today announced its June and second quarter 2021 delivery results.NIO delivered 8,083 vehicles in June 2021, a new monthly record representing a robust 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s,","content":"<ul>\n <li><b><i>NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% year-over-year</i></b></li>\n <li><b><i>NIO delivered 21,896 vehicles in the three months ended June 2021, increasing by 111.9% year-over-year</i></b></li>\n <li><b><i>Cumulative deliveries of the ES8, ES6 and EC6 as of June 30, 2021 reached 117,597</i></b></li>\n</ul>\n<p>NIO Inc., a pioneer and a leading manufacturer of premium smart electric vehicles in China, today announced its June and second quarter 2021 delivery results.</p>\n<p>NIO delivered 8,083 vehicles in June 2021, a new monthly record representing a robust 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,755 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,830 EC6s, the Company’s five-seater premium smart electric coupe SUV. NIO delivered 21,896 vehicles in the three months ended June 2021, a new quarterly record representing a strong increase of 111.9% year-over-year. As of June 30, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 117,597 vehicles.</p>\n<p>NIO&nbsp;stock&nbsp;rose&nbsp;0.7%&nbsp;in premarket trading.</p>\n<p><img src=\"https://static.tigerbbs.com/649d5139ca369d18c052a809e36398a5\" tg-width=\"1302\" tg-height=\"663\"></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>NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% YOY</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\">\nNIO delivered 8,083 vehicles in June 2021, increasing by 116.1% YOY\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-07-01 16:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<ul>\n <li><b><i>NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% year-over-year</i></b></li>\n <li><b><i>NIO delivered 21,896 vehicles in the three months ended June 2021, increasing by 111.9% year-over-year</i></b></li>\n <li><b><i>Cumulative deliveries of the ES8, ES6 and EC6 as of June 30, 2021 reached 117,597</i></b></li>\n</ul>\n<p>NIO Inc., a pioneer and a leading manufacturer of premium smart electric vehicles in China, today announced its June and second quarter 2021 delivery results.</p>\n<p>NIO delivered 8,083 vehicles in June 2021, a new monthly record representing a robust 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,755 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,830 EC6s, the Company’s five-seater premium smart electric coupe SUV. NIO delivered 21,896 vehicles in the three months ended June 2021, a new quarterly record representing a strong increase of 111.9% year-over-year. As of June 30, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 117,597 vehicles.</p>\n<p>NIO&nbsp;stock&nbsp;rose&nbsp;0.7%&nbsp;in premarket trading.</p>\n<p><img src=\"https://static.tigerbbs.com/649d5139ca369d18c052a809e36398a5\" tg-width=\"1302\" tg-height=\"663\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114101721","content_text":"NIO delivered 8,083 vehicles in June 2021, increasing by 116.1% year-over-year\nNIO delivered 21,896 vehicles in the three months ended June 2021, increasing by 111.9% year-over-year\nCumulative deliveries of the ES8, ES6 and EC6 as of June 30, 2021 reached 117,597\n\nNIO Inc., a pioneer and a leading manufacturer of premium smart electric vehicles in China, today announced its June and second quarter 2021 delivery results.\nNIO delivered 8,083 vehicles in June 2021, a new monthly record representing a robust 116.1% year-over-year growth. The deliveries consisted of 1,498 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,755 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,830 EC6s, the Company’s five-seater premium smart electric coupe SUV. NIO delivered 21,896 vehicles in the three months ended June 2021, a new quarterly record representing a strong increase of 111.9% year-over-year. As of June 30, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 117,597 vehicles.\nNIO stock rose 0.7% in premarket trading.","news_type":1},"isVote":1,"tweetType":1,"viewCount":605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":208182670868592,"gmtCreate":1691849812356,"gmtModify":1691849817784,"author":{"id":"3574025667530288","authorId":"3574025667530288","name":"jaredyim95","avatar":"https://static.tigerbbs.com/63a8c9d18be6f87ffe7c2bc6411a0d09","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574025667530288","authorIdStr":"3574025667530288"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/208182670868592","repostId":"208070218592456","repostType":1,"repost":{"id":208070218592456,"gmtCreate":1691822358590,"gmtModify":1691824298905,"author":{"id":"4098946491644790","authorId":"4098946491644790","name":"0QH","avatar":"https://community-static.tradeup.com/news/206a0719b8841030e1fd2bd6256fd46e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4098946491644790","authorIdStr":"4098946491644790"},"themes":[],"title":"Is Now the Right Time to Invest in TSLA with the TD9 Perfect Buy Signal?","htmlText":"Introduction In the world of stock trading, identifying opportune moments to enter or exit a position can be a complex task. One strategy that has gained attention is the Tom DeMark Sequential (TD Sequential) indicator, which aims to predict potential trend reversals. On August 11, 2023, Tesla (TSLA) displayed a Tom DeMark TD9 Perfect Buy signal on its daily chart (see green 9 on the chart below). While this might seem like an enticing opportunity, it's important to consider various factors before making an investment decision.&nbsp; TSLA day chart Understanding the TD9 Perfect Buy Signal &nbsp;The TD Sequential indicator, developed by Tom DeMark, is a technical analysis tool that identifies potential price exhaustion points and trend reversals. The TD9 Perfect Buy signal occurs when a ser","listText":"Introduction In the world of stock trading, identifying opportune moments to enter or exit a position can be a complex task. One strategy that has gained attention is the Tom DeMark Sequential (TD Sequential) indicator, which aims to predict potential trend reversals. On August 11, 2023, Tesla (TSLA) displayed a Tom DeMark TD9 Perfect Buy signal on its daily chart (see green 9 on the chart below). While this might seem like an enticing opportunity, it's important to consider various factors before making an investment decision.&nbsp; TSLA day chart Understanding the TD9 Perfect Buy Signal &nbsp;The TD Sequential indicator, developed by Tom DeMark, is a technical analysis tool that identifies potential price exhaustion points and trend reversals. The TD9 Perfect Buy signal occurs when a ser","text":"Introduction In the world of stock trading, identifying opportune moments to enter or exit a position can be a complex task. One strategy that has gained attention is the Tom DeMark Sequential (TD Sequential) indicator, which aims to predict potential trend reversals. On August 11, 2023, Tesla (TSLA) displayed a Tom DeMark TD9 Perfect Buy signal on its daily chart (see green 9 on the chart below). While this might seem like an enticing opportunity, it's important to consider various factors before making an investment decision. TSLA day chart Understanding the TD9 Perfect Buy Signal The TD Sequential indicator, developed by Tom DeMark, is a technical analysis tool that identifies potential price exhaustion points and trend reversals. The TD9 Perfect Buy signal occurs when a ser","images":[{"img":"https://community-static.tradeup.com/news/037506a64ff422b99a52e930ee0f971b","width":"1595","height":"961"},{"img":"https://community-static.tradeup.com/news/2d67347daeb89daf7a304288a73a4abf","width":"1600","height":"965"},{"img":"https://community-static.tradeup.com/news/87e6baed42a210a07ef70cc73f35ccee","width":"1596","height":"957"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/208070218592456","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9033356681,"gmtCreate":1646196597642,"gmtModify":1676534102868,"author":{"id":"3574025667530288","authorId":"3574025667530288","name":"jaredyim95","avatar":"https://static.tigerbbs.com/63a8c9d18be6f87ffe7c2bc6411a0d09","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574025667530288","authorIdStr":"3574025667530288"},"themes":[],"htmlText":"Buy more","listText":"Buy more","text":"Buy more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9033356681","repostId":"2216254371","repostType":2,"repost":{"id":"2216254371","pubTimestamp":1646188917,"share":"https://ttm.financial/m/news/2216254371?lang=&edition=fundamental","pubTime":"2022-03-02 10:41","market":"us","language":"en","title":"Sea’s Market Decline Hits $132 Billion as Stock Tumbles Again","url":"https://stock-news.laohu8.com/highlight/detail?id=2216254371","media":"bloomberg","summary":"(Bloomberg) -- Sea Ltd., once the hottest stock in the world, has lost more than $130 billion in mar","content":"<html><head></head><body><p>(Bloomberg) -- <a href=\"https://laohu8.com/S/SE\">Sea Ltd</a>., once the hottest stock in the world, has lost more than $130 billion in market value from its peak last year after a disappointing earnings report that added to its woes.</p><p>The Singapore-based company gave a muted forecast for its digital entertainment unit and its shares fell 13% in U.S. trading. That cut $11 billion from its market valuation, pushing its total decline to $132 billion from its high in October.</p><p>Investors balked as the mobile gaming company forecast $2.9 billion to $3.1 billion in bookings at its digital gaming arm, set to be its first decline ever. That compares with last year’s bookings of $4.6 billion.</p><p>The company had factored in a slowdown in online activity and unexpected government actions in India in its forecast, Yanjun Wang, Sea’s group chief corporate officer, said on a conference call on Tuesday night.</p><p><img src=\"https://static.tigerbbs.com/826dfcf4a4ed53b0d80cb5714beedbf0\" tg-width=\"641\" tg-height=\"377\" width=\"100%\" height=\"auto\"/></p><p>“We are giving back some of the gains we made partially during Covid and with additional discounts to reflect the situation in India, which is highly unfortunate,” Wang said. “Given the uncertainty we are facing, it’s probably more art than science for us.”</p><p>Sea, which counts Tencent Holdings Ltd. as its biggest investor, faces increased regulatory scrutiny in India. Sea lost more than $16 billion of its value in its biggest daily drop after New Delhi abruptly banned its most popular mobile gaming title, underscoring the geopolitical challenges it faces in expanding its offering beyond Southeast Asia.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4600906d201a10bb517538d1bea8e539\" tg-width=\"618\" tg-height=\"349\" width=\"100%\" height=\"auto\"/><span>Sources: Sea Ltd., Bloomberg Note: 2014-2021 figures are GAAP revenue. *2022 figure is the midpoint of Sea&#39;s forecast bookings, which is a non-GAAP financial measure.</span></p><p>While its digital entertainment booking outlook isn’t entirely unexpected due to slowing user growth and taking into consideration the negative impact from fast growth market India, the magnitude of the decline was still a shock, $Citigroup Inc(C-N)$. analysts wrote in a note.</p><p>The company sought to assuage investors by focusing on e-commerce revenue growth, which it expects to continue unabated as it focuses on key markets of Southeast Asia, Brazil and Taiwan.</p><p>The Singapore-based company expects e-commerce sales, its main source of revenue, to rise to $8.9 billion to $9.1 billion in 2022 from $5.1 billion in 2021.</p><p>Sea is trying to cement its early success in Brazil, where it launched its online shopping business in 2019. Still, the company is facing competition from Latin American e-commerce giant <a href=\"https://laohu8.com/S/MELI\">MercadoLibre</a>. Sea on Tuesday said its online shopping arm, Shopee, will pull out of France, a major market it entered just months before.</p></body></html>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea’s Market Decline Hits $132 Billion as Stock Tumbles Again</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\">\nSea’s Market Decline Hits $132 Billion as Stock Tumbles Again\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-02 10:41 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/sea-market-decline-hits-132-015453243.html><strong>bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Sea Ltd., once the hottest stock in the world, has lost more than $130 billion in market value from its peak last year after a disappointing earnings report that added to its woes.The ...</p>\n\n<a href=\"https://finance.yahoo.com/news/sea-market-decline-hits-132-015453243.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4207":"综合性银行","BK4534":"瑞士信贷持仓","C":"花旗","SE":"Sea Ltd","BK4504":"桥水持仓","BK4566":"资本集团"},"source_url":"https://finance.yahoo.com/news/sea-market-decline-hits-132-015453243.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2216254371","content_text":"(Bloomberg) -- Sea Ltd., once the hottest stock in the world, has lost more than $130 billion in market value from its peak last year after a disappointing earnings report that added to its woes.The Singapore-based company gave a muted forecast for its digital entertainment unit and its shares fell 13% in U.S. trading. That cut $11 billion from its market valuation, pushing its total decline to $132 billion from its high in October.Investors balked as the mobile gaming company forecast $2.9 billion to $3.1 billion in bookings at its digital gaming arm, set to be its first decline ever. That compares with last year’s bookings of $4.6 billion.The company had factored in a slowdown in online activity and unexpected government actions in India in its forecast, Yanjun Wang, Sea’s group chief corporate officer, said on a conference call on Tuesday night.“We are giving back some of the gains we made partially during Covid and with additional discounts to reflect the situation in India, which is highly unfortunate,” Wang said. “Given the uncertainty we are facing, it’s probably more art than science for us.”Sea, which counts Tencent Holdings Ltd. as its biggest investor, faces increased regulatory scrutiny in India. Sea lost more than $16 billion of its value in its biggest daily drop after New Delhi abruptly banned its most popular mobile gaming title, underscoring the geopolitical challenges it faces in expanding its offering beyond Southeast Asia.Sources: Sea Ltd., Bloomberg Note: 2014-2021 figures are GAAP revenue. *2022 figure is the midpoint of Sea's forecast bookings, which is a non-GAAP financial measure.While its digital entertainment booking outlook isn’t entirely unexpected due to slowing user growth and taking into consideration the negative impact from fast growth market India, the magnitude of the decline was still a shock, $Citigroup Inc(C-N)$. analysts wrote in a note.The company sought to assuage investors by focusing on e-commerce revenue growth, which it expects to continue unabated as it focuses on key markets of Southeast Asia, Brazil and Taiwan.The Singapore-based company expects e-commerce sales, its main source of revenue, to rise to $8.9 billion to $9.1 billion in 2022 from $5.1 billion in 2021.Sea is trying to cement its early success in Brazil, where it launched its online shopping business in 2019. Still, the company is facing competition from Latin American e-commerce giant MercadoLibre. Sea on Tuesday said its online shopping arm, Shopee, will pull out of France, a major market it entered just months before.","news_type":1},"isVote":1,"tweetType":1,"viewCount":358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809271652,"gmtCreate":1627375229676,"gmtModify":1703488673074,"author":{"id":"3574025667530288","authorId":"3574025667530288","name":"jaredyim95","avatar":"https://static.tigerbbs.com/63a8c9d18be6f87ffe7c2bc6411a0d09","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574025667530288","authorIdStr":"3574025667530288"},"themes":[],"htmlText":"Is NIO still a good investment???","listText":"Is NIO still a good investment???","text":"Is NIO still a good investment???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/809271652","repostId":"2154813991","repostType":4,"isVote":1,"tweetType":1,"viewCount":406,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}