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SGX Weekly Review: ST Engineering, StarHub, SATS and Meta Platforms

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08:06","market":"sg","language":"en","title":"SGX Weekly Review: ST Engineering, StarHub, SATS and Meta Platforms","url":"https://stock-news.laohu8.com/highlight/detail?id=1177382965","media":"The Smart Investor","summary":"We delve into the latest earnings from two companies and also recent corporate developments at both ","content":"<html><head></head><body><p>We delve into the latest earnings from two companies and also recent corporate developments at both ST Engineering and Meta Platforms.</p><p><img src=\"https://static.tigerbbs.com/d1c97aba0dcf2eb39ca690b1f939a1e6\" tg-width=\"800\" tg-height=\"533\" width=\"100%\" height=\"auto\"/></p><p>Welcome to this week’s edition of top stock market highlights where we feature interesting snippets from corporate events and/or earnings.</p><p><b>Singapore Technologies Engineering Ltd (SGX: S63)</b></p><p>Singapore Technologies Engineering Ltd, or STE, has agreed to sell its equity interests in its US marine subsidiaries, VT Halter Marine, Inc (Halter) and ST Engineering Halter Marine and Offshore, Inc (STEHMO).</p><p>The total consideration for the divestment amounts to US$15 million, or about S$21 million.</p><p>In addition, STE may also receive earn-outs for a total of US$10.25 million subject to the award of future shipbuilding contracts to Halter that fulfills certain operating margin metrics.</p><p>This sale will result in the recognition of approximately S$13.3 million in loss on disposal and the transaction should close by the end of this year.</p><p>The group will, however, retain its marine business in Singapore which it considers to be “core and strategic”.</p><p>STE has undergone a portfolio review to ensure it focuses on businesses that are both strategic and yield higher returns.</p><p>As such, Halter and STEHMO both incurred a total net loss before tax of US$256 million in the five years from 2017 to 2021.</p><p>The decision to sell these two units means that around S$1.9 billion of STE’s order book will be removed from end-September.</p><p>Excluding these orders, the group’s order book remains robust at S$25 billion as of 30 September 2022, up more than 10% from the S$22.2 billion reported at the end of June.</p><p>STE also maintained its 2026 growth targets that it communicated in its five-year plan during its 2021 Investor Day presentation.</p><p><b>StarHub Limited (SGX: CC3)</b></p><p>StarHub released its fiscal 2022’s third quarter (3Q2022) business update that saw higher year on year contributions from all its divisions.</p><p>Total revenue rose 14.2% year on year to S$590.8 million, led by a strong 28.2% year on year jump in revenue from its broadband segment.</p><p>Both StarHub’s entertainment and enterprise divisions also saw double-digit year on year increases in revenue of 17.7% and 16.3%, respectively, to S$55.4 million and S$220.9 million.</p><p>Mobile revenue grew by 8.8% year on year in 3Q2022 with the opening of borders which resulted in a higher average revenue per user (ARPU) of S$31 compared with S$28 a year ago.</p><p>However, net profit tumbled 32% year on year to S$27.4 million, driven by higher staff costs, marketing and promotional expenses, and investments relating to IT transformation and network.</p><p>On a positive note, StarHub saw ARPU strengthening from S$33 to S$34 for its broadband division and going from S$34 to S$35 for its entertainment division.</p><p>Total subscribers also rose to 576,000 in 3Q2022 for broadband, up from 485,000 a year ago.</p><p>The telco has updated its FY2022 guidance for service revenue to increase by 12% to 15% year on year, up from 10% previously.</p><p><b>SATS Limited (SGX: S58)</b></p><p>SATS reported its fiscal 2023’s first half (1H2023) earnings that saw the positive effects of the surge in air travel.</p><p>Revenue for the ground handler jumped 41.3% year on year to S$804.5 million, buoyed by growth in cargo volume and a recovery in travel demand.</p><p>Both the group’s Food Solution and Gateway Services divisions recorded year on year revenue jumps.</p><p>The operating statistics also demonstrate this vast improvement.</p><p>Flights handled by SATS more than tripled year on year to 55,700 while passengers handled jumped 13-fold year on year to 12.6 million.</p><p>The number of meals served climbed 31.3% year on year to 17.7 million and cargo tonnage improved to 577,600 tonnes from 420,900 tonnes a year ago.</p><p>However, expenses rose by 49.7% year on year to S$846.8 million, leading to SATS reporting an operating loss of S$42.3 million for 1H2023.</p><p>Although the share of earnings of its associates and joint ventures surged from S$0.9 million in 1H2022 to S$17.6 million in 1H2023, it was insufficient to offset the operating loss.</p><p>Core net loss (excluding government reliefs) clocked in at S$34.4 million.</p><p>The group did not declare any interim dividend as it generated a negative free cash flow of S$87.4 million for 1H2023.</p><p>The outlook for SATS looks positive as it expects the recovery in passenger travel to sustain into 2023.</p><p>The group is also acquiring Worldwide Flight Services in a S$1.6 billion transaction for which SATS has yet to announce the funding.</p><p><b>Meta Platforms (NASDAQ: META)</b></p><p>Meta Platforms has announced this week that it is cutting more than 11,000 jobs, amounting to around 13% of its workforce, to save costs amid a downturn in advertising spending.</p><p>These layoffs are among the largest this year among the technology companies and are the first major retrenchments in Meta Platforms’ 18-year history.</p><p>Other companies that have announced mass layoffs include <b>Twitter</b> (3,700 jobs), <b>Microsoft</b> (NASDAQ: MSFT) (less than 1,000 jobs), and <b>Netflix</b> (NASDAQ: NFLX) (around 450 jobs).</p><p>CEO Mark Zuckerberg admitted that he was blindsided by this downturn as he had expected online commerce trends to persist post-pandemic.</p><p>The social media company will also reduce its office footprint, spend less on discretionary items, and freeze hiring into the first quarter of next year.</p></body></html>","source":"lsy1602567310727","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>SGX Weekly Review: ST Engineering, StarHub, SATS and Meta Platforms</title>\n<style 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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\">\nSGX Weekly Review: ST Engineering, StarHub, SATS and Meta Platforms\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-12 08:06 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thesmartinvestor.com.sg/top-stock-market-highlights-of-the-week-st-engineering-starhub-sats-and-meta-platforms/><strong>The Smart Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>We delve into the latest earnings from two companies and also recent corporate developments at both ST Engineering and Meta Platforms.Welcome to this week’s edition of top stock market highlights ...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/top-stock-market-highlights-of-the-week-st-engineering-starhub-sats-and-meta-platforms/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"S63.SI":"新科工程","STI.SI":"富时新加坡海峡指数","S58.SI":"新翔集团有限公司","CC3.SI":"星和"},"source_url":"https://thesmartinvestor.com.sg/top-stock-market-highlights-of-the-week-st-engineering-starhub-sats-and-meta-platforms/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177382965","content_text":"We delve into the latest earnings from two companies and also recent corporate developments at both ST Engineering and Meta Platforms.Welcome to this week’s edition of top stock market highlights where we feature interesting snippets from corporate events and/or earnings.Singapore Technologies Engineering Ltd (SGX: S63)Singapore Technologies Engineering Ltd, or STE, has agreed to sell its equity interests in its US marine subsidiaries, VT Halter Marine, Inc (Halter) and ST Engineering Halter Marine and Offshore, Inc (STEHMO).The total consideration for the divestment amounts to US$15 million, or about S$21 million.In addition, STE may also receive earn-outs for a total of US$10.25 million subject to the award of future shipbuilding contracts to Halter that fulfills certain operating margin metrics.This sale will result in the recognition of approximately S$13.3 million in loss on disposal and the transaction should close by the end of this year.The group will, however, retain its marine business in Singapore which it considers to be “core and strategic”.STE has undergone a portfolio review to ensure it focuses on businesses that are both strategic and yield higher returns.As such, Halter and STEHMO both incurred a total net loss before tax of US$256 million in the five years from 2017 to 2021.The decision to sell these two units means that around S$1.9 billion of STE’s order book will be removed from end-September.Excluding these orders, the group’s order book remains robust at S$25 billion as of 30 September 2022, up more than 10% from the S$22.2 billion reported at the end of June.STE also maintained its 2026 growth targets that it communicated in its five-year plan during its 2021 Investor Day presentation.StarHub Limited (SGX: CC3)StarHub released its fiscal 2022’s third quarter (3Q2022) business update that saw higher year on year contributions from all its divisions.Total revenue rose 14.2% year on year to S$590.8 million, led by a strong 28.2% year on year jump in revenue from its broadband segment.Both StarHub’s entertainment and enterprise divisions also saw double-digit year on year increases in revenue of 17.7% and 16.3%, respectively, to S$55.4 million and S$220.9 million.Mobile revenue grew by 8.8% year on year in 3Q2022 with the opening of borders which resulted in a higher average revenue per user (ARPU) of S$31 compared with S$28 a year ago.However, net profit tumbled 32% year on year to S$27.4 million, driven by higher staff costs, marketing and promotional expenses, and investments relating to IT transformation and network.On a positive note, StarHub saw ARPU strengthening from S$33 to S$34 for its broadband division and going from S$34 to S$35 for its entertainment division.Total subscribers also rose to 576,000 in 3Q2022 for broadband, up from 485,000 a year ago.The telco has updated its FY2022 guidance for service revenue to increase by 12% to 15% year on year, up from 10% previously.SATS Limited (SGX: S58)SATS reported its fiscal 2023’s first half (1H2023) earnings that saw the positive effects of the surge in air travel.Revenue for the ground handler jumped 41.3% year on year to S$804.5 million, buoyed by growth in cargo volume and a recovery in travel demand.Both the group’s Food Solution and Gateway Services divisions recorded year on year revenue jumps.The operating statistics also demonstrate this vast improvement.Flights handled by SATS more than tripled year on year to 55,700 while passengers handled jumped 13-fold year on year to 12.6 million.The number of meals served climbed 31.3% year on year to 17.7 million and cargo tonnage improved to 577,600 tonnes from 420,900 tonnes a year ago.However, expenses rose by 49.7% year on year to S$846.8 million, leading to SATS reporting an operating loss of S$42.3 million for 1H2023.Although the share of earnings of its associates and joint ventures surged from S$0.9 million in 1H2022 to S$17.6 million in 1H2023, it was insufficient to offset the operating loss.Core net loss (excluding government reliefs) clocked in at S$34.4 million.The group did not declare any interim dividend as it generated a negative free cash flow of S$87.4 million for 1H2023.The outlook for SATS looks positive as it expects the recovery in passenger travel to sustain into 2023.The group is also acquiring Worldwide Flight Services in a S$1.6 billion transaction for which SATS has yet to announce the funding.Meta Platforms (NASDAQ: META)Meta Platforms has announced this week that it is cutting more than 11,000 jobs, amounting to around 13% of its workforce, to save costs amid a downturn in advertising spending.These layoffs are among the largest this year among the technology companies and are the first major retrenchments in Meta Platforms’ 18-year history.Other companies that have announced mass layoffs include Twitter (3,700 jobs), Microsoft (NASDAQ: MSFT) (less than 1,000 jobs), and Netflix (NASDAQ: NFLX) (around 450 jobs).CEO Mark Zuckerberg admitted that he was blindsided by this downturn as he had expected online commerce trends to persist post-pandemic.The social media company will also reduce its office footprint, spend less on discretionary items, and freeze hiring into the first quarter of next year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168410651,"gmtCreate":1623980575473,"gmtModify":1703825371419,"author":{"id":"3576209687314497","authorId":"3576209687314497","name":"tiramiesu","avatar":"https://static.tigerbbs.com/e9882b78ab3ccfa0456b4a41e5a55b17","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576209687314497","authorIdStr":"3576209687314497"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/168410651","repostId":"1148576248","repostType":4,"repost":{"id":"1148576248","kind":"news","pubTimestamp":1623979883,"share":"https://ttm.financial/m/news/1148576248?lang=&edition=fundamental","pubTime":"2021-06-18 09:31","market":"us","language":"en","title":"NIO Is Winning","url":"https://stock-news.laohu8.com/highlight/detail?id=1148576248","media":"seekingalpha","summary":"NIO is #1 in China's electric SUV market for good reason.The company's success is driven by its brilliant innovations and marketing strategy.NIO is growing faster than Tesla, and yet, it is trading at a discount.NIO Inc.  stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla .In ","content":"<p><b>Summary</b></p>\n<ul>\n <li>NIO is #1 in China's electric SUV market for good reason.</li>\n <li>The company's success is driven by its brilliant innovations and marketing strategy.</li>\n <li>NIO is growing faster than Tesla, and yet, it is trading at a discount.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/790fae23b830463fec748d2deb2ce336\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>PonyWang/E+ via Getty Images</span></p>\n<p>NIO Inc. (NYSE:NIO) stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla (TSLA).</p>\n<p>In addition, we will discuss NIO's business, financials, trading, valuation, and risks so readers could reach their own informed decision.</p>\n<p><b>Business: Why NIO Wins</b></p>\n<p>NIO positions itself in the premium SUV segment, focusing on smart EVs with a differentiated battery strategy.</p>\n<p>Delivered in March 2019, the company's first model, the ES8, is a luxury 7-seater SUV that is still the company's flagship product today. The ES8 is equipped with ADAS and AI system [NOMI] and is comparable to the BYD Song, Tesla Model X, the Audi Q7 45 e-Tron, etc.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/443e2773f70c00c6faac8ca063e978a5\" tg-width=\"640\" tg-height=\"387\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p>\n<p>Leveraging the installed base and customer goodwill due to the highly successful ES8, NIO successfully launched the ES6 and EC6.Recently, the company launched the ET7, its first sedan.</p>\n<p>Today, NIO is the top-selling brand in China's all-electric SUV market in April with a 23% market share, higher than Tesla's 17%, WM Motor and XPeng Motors'(NYSE:XPEV)7%, according to China Automotive Technology and Research Center data.</p>\n<p>One of the biggest competitive differentiators is NIO'sbattery strategy, which all but eliminates range anxiety, one of the biggest barriers to mass EV adoption. Not only could NIO cars be charged at any charging station for EVs, but the company also built hundreds of battery swapping stations in key cities in China, with plans to expanding to Europe.</p>\n<p>NIO's battery swapping strategy also gives the company the ability to offer a battery-as-a-service [BaaS] solution, which reduces the upfrontcostof purchasing an NIO vehicle by ~$11,000. Since cost is another major barrier to mass EV adoption, NIO's battery strategy appears brilliant as it solves both the range and cost problems.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b25fbb85bffd39310cd27cbb2bde57a\" tg-width=\"640\" tg-height=\"216\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p>\n<p>Another differentiator is the NIO brand, which management created brilliantly by introducing the EP9 in 2016. Six EP9s have been sold to NIO investors for 2.5 million pounds, creating an aura of exclusivity and quality around the brand. Next, NIO targeted the mass-market luxury SUV segment with the ES8, firmly establishing the company as a luxury car OEM.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad41c960ce02f1e3f3e7575ac00beee0\" tg-width=\"640\" tg-height=\"350\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p>\n<p>Chinese companies must struggle against the common perception that they make low-quality products. This is the same perception issue that Japanese companies faced following their defeat after WW2. Japan solved this problem by moving up the value chain as their economy matured and creating high-quality brands such as Sony(NYSE:SONY). Today, Japan is known for its craftsmanship.</p>\n<p>China is following the same trajectory, and NIO is one of the emerging brands destroying the perception that \"made in China\" equates to poor quality. I strongly believe that investors who stubbornly hold on to that old perception will miss out on investing in some of the greatest brands the world will ever see.</p>\n<p>Buying an NIO car means much more than just getting a vehicle; it means getting into an exclusive club of services and convenience. Benefits include access to hundreds of swapping stations, lifetime free roadside rescue (including charge vans), lifetime free cellular connectivity, lifetime free warranty, and excellent customer service. This is a powerful selling point for NIO, differentiating it from Tesla, which hasrecentlydeveloped a poor reputation on the customer service front in China.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a73482aa0431694b760ab5c2d0aa6f53\" tg-width=\"640\" tg-height=\"211\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p>\n<p>The company is pushing the envelope even further with&nbsp;NIO House, a literal clubhouse for customers, and&nbsp;NIO Life, which includes NIO branded lifestyle products. NIO's effort to build a lifestyle around its cars seems to be&nbsp;working. This is good news for investors because the only way to escape the competitive battlefield of automobile OEM is to sell services and lifestyles to customers. This is why Ferrari's (RACE) operating margin is well over 20%, while Ford (F) and General Motors (GM) are in the single digits.</p>\n<p><b>Financials &amp; Valuation</b></p>\n<p>NIO is in hyper-growth mode. In 2020, the company generated $2.5 billion in revenue, up 126% y/y. In 2021, the company is expected to grow 117% y/y to $5.4 billion.</p>\n<p>The company is not yet profitable but is expected to be by 2022. Gross margin only turned positive in 2020 and is expected to be 19.3% in 2021. EBITDA is expected to be negative $258 million in 2021 and a positive $206 million in 2022. Free cash flow is expected to be negative $42 million in 2021 before turning to a positive $354 million in 2022.</p>\n<p>However, despite the cash burn expected in 2021, investors should feel at ease since the company exited&nbsp;2020&nbsp;with $5.9 billion of cash and cash equivalents. Including $600 million in short-term investments and subtracting ~$2.1 billion in debt and operating leases and the expected negative free cash flow in 2021, NIO should exit 2021 with over $4 billion in net cash and investments. That is plenty of buffers since NIO is expected to generate positive free cash flow in 2022.</p>\n<p>Since NIO is not yet profitable, we will look at the forward EV/Sales multiple as is typical for hyper-growth companies not yet generating a profit. The company went public in September 2018, trading at around 7 to 8 times EV/Sales, before bottoming out at around 0.7 times sales in May 2019. The market, however, caught the EV fever in April 2020 and sent NIO's valuation soaring to a peak of 14.6x by January 2021. After the growth sell-off we recently experienced, NIO is currently sitting at a much more reasonable 8 times forward sales. This is a significant discount to TSLA's 10.2 times forward EV/Sales despite growing twice as fast (TSLA is expected to grow revenues by 57% in 2021 compared to NIO's 117%).</p>\n<p><b>Risks</b></p>\n<p>There are many risks associated with owning NIO.</p>\n<p>Although its battery swapping strategy is highly differentiated and seems to be growing rapidly, the jury is still out on the ultimate market share of battery swapping or fast-charging infrastructure. If fast charging technology continues to advance significantly, it will likely erode a key advantage of battery swapping: speed.</p>\n<p>NIO's business model is innovative and new. Unfortunately, the flip side of that is that it is untested, and NIO remains unprofitable. For many investors, NIO will remain a \"show me\" story until the profitability of its business model improves.</p>\n<p>NIO's ability to expand globally may be limited by the rising geopolitical tension between China and the US, and to a lesser extent, with Japan and Europe. The geopolitical situation remains highly opaque and uncertain, and is a risk factor for all auto OEMs.</p>\n<p>Auto OEMs are currently facing a severe chip&nbsp;shortage. In addition, the chip density in automobiles is increasing, making the OEMs increasingly reliant on semiconductor suppliers and foundries.</p>\n<p>NIO's competitive advantages may not overcome the massive scale advantage of ICE OEMs and much bigger EV players like Tesla and China's BYD.</p>\n<p><b>Takeaway</b></p>\n<p>NIO's technical and business model innovations make it a highly differentiated company in the exciting and rapidly growing EV market. The company is winning, and its competitive moat is getting bigger as its ecosystem of vehicles and services grows. Relative to the industry leader, Tesla, NIO's stock price seems like a bargain given its faster growth rate and lower multiples.</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 Is Winning</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 Is Winning\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 09:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435341-nio-is-winning><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nNIO is #1 in China's electric SUV market for good reason.\nThe company's success is driven by its brilliant innovations and marketing strategy.\nNIO is growing faster than Tesla, and yet, it is...</p>\n\n<a href=\"https://seekingalpha.com/article/4435341-nio-is-winning\">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://seekingalpha.com/article/4435341-nio-is-winning","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148576248","content_text":"Summary\n\nNIO is #1 in China's electric SUV market for good reason.\nThe company's success is driven by its brilliant innovations and marketing strategy.\nNIO is growing faster than Tesla, and yet, it is trading at a discount.\n\nPonyWang/E+ via Getty Images\nNIO Inc. (NYSE:NIO) stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla (TSLA).\nIn addition, we will discuss NIO's business, financials, trading, valuation, and risks so readers could reach their own informed decision.\nBusiness: Why NIO Wins\nNIO positions itself in the premium SUV segment, focusing on smart EVs with a differentiated battery strategy.\nDelivered in March 2019, the company's first model, the ES8, is a luxury 7-seater SUV that is still the company's flagship product today. The ES8 is equipped with ADAS and AI system [NOMI] and is comparable to the BYD Song, Tesla Model X, the Audi Q7 45 e-Tron, etc.\nSource: Company\nLeveraging the installed base and customer goodwill due to the highly successful ES8, NIO successfully launched the ES6 and EC6.Recently, the company launched the ET7, its first sedan.\nToday, NIO is the top-selling brand in China's all-electric SUV market in April with a 23% market share, higher than Tesla's 17%, WM Motor and XPeng Motors'(NYSE:XPEV)7%, according to China Automotive Technology and Research Center data.\nOne of the biggest competitive differentiators is NIO'sbattery strategy, which all but eliminates range anxiety, one of the biggest barriers to mass EV adoption. Not only could NIO cars be charged at any charging station for EVs, but the company also built hundreds of battery swapping stations in key cities in China, with plans to expanding to Europe.\nNIO's battery swapping strategy also gives the company the ability to offer a battery-as-a-service [BaaS] solution, which reduces the upfrontcostof purchasing an NIO vehicle by ~$11,000. Since cost is another major barrier to mass EV adoption, NIO's battery strategy appears brilliant as it solves both the range and cost problems.\nSource: Company\nAnother differentiator is the NIO brand, which management created brilliantly by introducing the EP9 in 2016. Six EP9s have been sold to NIO investors for 2.5 million pounds, creating an aura of exclusivity and quality around the brand. Next, NIO targeted the mass-market luxury SUV segment with the ES8, firmly establishing the company as a luxury car OEM.\nSource: Company\nChinese companies must struggle against the common perception that they make low-quality products. This is the same perception issue that Japanese companies faced following their defeat after WW2. Japan solved this problem by moving up the value chain as their economy matured and creating high-quality brands such as Sony(NYSE:SONY). Today, Japan is known for its craftsmanship.\nChina is following the same trajectory, and NIO is one of the emerging brands destroying the perception that \"made in China\" equates to poor quality. I strongly believe that investors who stubbornly hold on to that old perception will miss out on investing in some of the greatest brands the world will ever see.\nBuying an NIO car means much more than just getting a vehicle; it means getting into an exclusive club of services and convenience. Benefits include access to hundreds of swapping stations, lifetime free roadside rescue (including charge vans), lifetime free cellular connectivity, lifetime free warranty, and excellent customer service. This is a powerful selling point for NIO, differentiating it from Tesla, which hasrecentlydeveloped a poor reputation on the customer service front in China.\nSource: Company\nThe company is pushing the envelope even further with NIO House, a literal clubhouse for customers, and NIO Life, which includes NIO branded lifestyle products. NIO's effort to build a lifestyle around its cars seems to be working. This is good news for investors because the only way to escape the competitive battlefield of automobile OEM is to sell services and lifestyles to customers. This is why Ferrari's (RACE) operating margin is well over 20%, while Ford (F) and General Motors (GM) are in the single digits.\nFinancials & Valuation\nNIO is in hyper-growth mode. In 2020, the company generated $2.5 billion in revenue, up 126% y/y. In 2021, the company is expected to grow 117% y/y to $5.4 billion.\nThe company is not yet profitable but is expected to be by 2022. Gross margin only turned positive in 2020 and is expected to be 19.3% in 2021. EBITDA is expected to be negative $258 million in 2021 and a positive $206 million in 2022. Free cash flow is expected to be negative $42 million in 2021 before turning to a positive $354 million in 2022.\nHowever, despite the cash burn expected in 2021, investors should feel at ease since the company exited 2020 with $5.9 billion of cash and cash equivalents. Including $600 million in short-term investments and subtracting ~$2.1 billion in debt and operating leases and the expected negative free cash flow in 2021, NIO should exit 2021 with over $4 billion in net cash and investments. That is plenty of buffers since NIO is expected to generate positive free cash flow in 2022.\nSince NIO is not yet profitable, we will look at the forward EV/Sales multiple as is typical for hyper-growth companies not yet generating a profit. The company went public in September 2018, trading at around 7 to 8 times EV/Sales, before bottoming out at around 0.7 times sales in May 2019. The market, however, caught the EV fever in April 2020 and sent NIO's valuation soaring to a peak of 14.6x by January 2021. After the growth sell-off we recently experienced, NIO is currently sitting at a much more reasonable 8 times forward sales. This is a significant discount to TSLA's 10.2 times forward EV/Sales despite growing twice as fast (TSLA is expected to grow revenues by 57% in 2021 compared to NIO's 117%).\nRisks\nThere are many risks associated with owning NIO.\nAlthough its battery swapping strategy is highly differentiated and seems to be growing rapidly, the jury is still out on the ultimate market share of battery swapping or fast-charging infrastructure. If fast charging technology continues to advance significantly, it will likely erode a key advantage of battery swapping: speed.\nNIO's business model is innovative and new. Unfortunately, the flip side of that is that it is untested, and NIO remains unprofitable. For many investors, NIO will remain a \"show me\" story until the profitability of its business model improves.\nNIO's ability to expand globally may be limited by the rising geopolitical tension between China and the US, and to a lesser extent, with Japan and Europe. The geopolitical situation remains highly opaque and uncertain, and is a risk factor for all auto OEMs.\nAuto OEMs are currently facing a severe chip shortage. In addition, the chip density in automobiles is increasing, making the OEMs increasingly reliant on semiconductor suppliers and foundries.\nNIO's competitive advantages may not overcome the massive scale advantage of ICE OEMs and much bigger EV players like Tesla and China's BYD.\nTakeaway\nNIO's technical and business model innovations make it a highly differentiated company in the exciting and rapidly growing EV market. The company is winning, and its competitive moat is getting bigger as its ecosystem of vehicles and services grows. Relative to the industry leader, Tesla, NIO's stock price seems like a bargain given its faster growth rate and lower multiples.","news_type":1},"isVote":1,"tweetType":1,"viewCount":238,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160008564,"gmtCreate":1623765711658,"gmtModify":1703818708036,"author":{"id":"3576209687314497","authorId":"3576209687314497","name":"tiramiesu","avatar":"https://static.tigerbbs.com/e9882b78ab3ccfa0456b4a41e5a55b17","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576209687314497","authorIdStr":"3576209687314497"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>:(","listText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>:(","text":"$ContextLogic Inc.(WISH)$:(","images":[{"img":"https://static.tigerbbs.com/53d051f3e473dc471bc791197808793c","width":"720","height":"1280"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/160008564","isVote":1,"tweetType":1,"viewCount":1083,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3586140896386932","authorId":"3586140896386932","name":"gh89","avatar":"https://static.tigerbbs.com/36173aa663e50cbffdf33c1b022caad1","crmLevel":2,"crmLevelSwitch":0,"idStr":"3586140896386932","authorIdStr":"3586140896386932"},"content":"how much will u wait until u sell? Mine is at 15! dk if shld sell","text":"how much will u wait until u sell? Mine is at 15! dk if shld sell","html":"how much will u wait until u sell? Mine is at 15! dk if shld sell"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":353891147,"gmtCreate":1616476892989,"gmtModify":1704794595690,"author":{"id":"3576209687314497","authorId":"3576209687314497","name":"tiramiesu","avatar":"https://static.tigerbbs.com/e9882b78ab3ccfa0456b4a41e5a55b17","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576209687314497","authorIdStr":"3576209687314497"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NOK\">$Nokia Oyj(NOK)$</a>eeeeks","listText":"<a href=\"https://laohu8.com/S/NOK\">$Nokia Oyj(NOK)$</a>eeeeks","text":"$Nokia Oyj(NOK)$eeeeks","images":[{"img":"https://static.tigerbbs.com/7d6b3bf84d2c239296702dc146f999d7","width":"720","height":"1280"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/353891147","isVote":1,"tweetType":1,"viewCount":401,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":160008564,"gmtCreate":1623765711658,"gmtModify":1703818708036,"author":{"id":"3576209687314497","authorId":"3576209687314497","name":"tiramiesu","avatar":"https://static.tigerbbs.com/e9882b78ab3ccfa0456b4a41e5a55b17","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576209687314497","authorIdStr":"3576209687314497"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>:(","listText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>:(","text":"$ContextLogic Inc.(WISH)$:(","images":[{"img":"https://static.tigerbbs.com/53d051f3e473dc471bc791197808793c","width":"720","height":"1280"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/160008564","isVote":1,"tweetType":1,"viewCount":1083,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3586140896386932","authorId":"3586140896386932","name":"gh89","avatar":"https://static.tigerbbs.com/36173aa663e50cbffdf33c1b022caad1","crmLevel":2,"crmLevelSwitch":0,"idStr":"3586140896386932","authorIdStr":"3586140896386932"},"content":"how much will u wait until u sell? Mine is at 15! dk if shld sell","text":"how much will u wait until u sell? Mine is at 15! dk if shld sell","html":"how much will u wait until u sell? Mine is at 15! dk if shld sell"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":168410651,"gmtCreate":1623980575473,"gmtModify":1703825371419,"author":{"id":"3576209687314497","authorId":"3576209687314497","name":"tiramiesu","avatar":"https://static.tigerbbs.com/e9882b78ab3ccfa0456b4a41e5a55b17","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576209687314497","authorIdStr":"3576209687314497"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/168410651","repostId":"1148576248","repostType":4,"repost":{"id":"1148576248","kind":"news","pubTimestamp":1623979883,"share":"https://ttm.financial/m/news/1148576248?lang=&edition=fundamental","pubTime":"2021-06-18 09:31","market":"us","language":"en","title":"NIO Is Winning","url":"https://stock-news.laohu8.com/highlight/detail?id=1148576248","media":"seekingalpha","summary":"NIO is #1 in China's electric SUV market for good reason.The company's success is driven by its brilliant innovations and marketing strategy.NIO is growing faster than Tesla, and yet, it is trading at a discount.NIO Inc.  stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla .In ","content":"<p><b>Summary</b></p>\n<ul>\n <li>NIO is #1 in China's electric SUV market for good reason.</li>\n <li>The company's success is driven by its brilliant innovations and marketing strategy.</li>\n <li>NIO is growing faster than Tesla, and yet, it is trading at a discount.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/790fae23b830463fec748d2deb2ce336\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>PonyWang/E+ via Getty Images</span></p>\n<p>NIO Inc. (NYSE:NIO) stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla (TSLA).</p>\n<p>In addition, we will discuss NIO's business, financials, trading, valuation, and risks so readers could reach their own informed decision.</p>\n<p><b>Business: Why NIO Wins</b></p>\n<p>NIO positions itself in the premium SUV segment, focusing on smart EVs with a differentiated battery strategy.</p>\n<p>Delivered in March 2019, the company's first model, the ES8, is a luxury 7-seater SUV that is still the company's flagship product today. The ES8 is equipped with ADAS and AI system [NOMI] and is comparable to the BYD Song, Tesla Model X, the Audi Q7 45 e-Tron, etc.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/443e2773f70c00c6faac8ca063e978a5\" tg-width=\"640\" tg-height=\"387\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p>\n<p>Leveraging the installed base and customer goodwill due to the highly successful ES8, NIO successfully launched the ES6 and EC6.Recently, the company launched the ET7, its first sedan.</p>\n<p>Today, NIO is the top-selling brand in China's all-electric SUV market in April with a 23% market share, higher than Tesla's 17%, WM Motor and XPeng Motors'(NYSE:XPEV)7%, according to China Automotive Technology and Research Center data.</p>\n<p>One of the biggest competitive differentiators is NIO'sbattery strategy, which all but eliminates range anxiety, one of the biggest barriers to mass EV adoption. Not only could NIO cars be charged at any charging station for EVs, but the company also built hundreds of battery swapping stations in key cities in China, with plans to expanding to Europe.</p>\n<p>NIO's battery swapping strategy also gives the company the ability to offer a battery-as-a-service [BaaS] solution, which reduces the upfrontcostof purchasing an NIO vehicle by ~$11,000. Since cost is another major barrier to mass EV adoption, NIO's battery strategy appears brilliant as it solves both the range and cost problems.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b25fbb85bffd39310cd27cbb2bde57a\" tg-width=\"640\" tg-height=\"216\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p>\n<p>Another differentiator is the NIO brand, which management created brilliantly by introducing the EP9 in 2016. Six EP9s have been sold to NIO investors for 2.5 million pounds, creating an aura of exclusivity and quality around the brand. Next, NIO targeted the mass-market luxury SUV segment with the ES8, firmly establishing the company as a luxury car OEM.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ad41c960ce02f1e3f3e7575ac00beee0\" tg-width=\"640\" tg-height=\"350\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p>\n<p>Chinese companies must struggle against the common perception that they make low-quality products. This is the same perception issue that Japanese companies faced following their defeat after WW2. Japan solved this problem by moving up the value chain as their economy matured and creating high-quality brands such as Sony(NYSE:SONY). Today, Japan is known for its craftsmanship.</p>\n<p>China is following the same trajectory, and NIO is one of the emerging brands destroying the perception that \"made in China\" equates to poor quality. I strongly believe that investors who stubbornly hold on to that old perception will miss out on investing in some of the greatest brands the world will ever see.</p>\n<p>Buying an NIO car means much more than just getting a vehicle; it means getting into an exclusive club of services and convenience. Benefits include access to hundreds of swapping stations, lifetime free roadside rescue (including charge vans), lifetime free cellular connectivity, lifetime free warranty, and excellent customer service. This is a powerful selling point for NIO, differentiating it from Tesla, which hasrecentlydeveloped a poor reputation on the customer service front in China.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a73482aa0431694b760ab5c2d0aa6f53\" tg-width=\"640\" tg-height=\"211\" referrerpolicy=\"no-referrer\"><span>Source: Company</span></p>\n<p>The company is pushing the envelope even further with&nbsp;NIO House, a literal clubhouse for customers, and&nbsp;NIO Life, which includes NIO branded lifestyle products. NIO's effort to build a lifestyle around its cars seems to be&nbsp;working. This is good news for investors because the only way to escape the competitive battlefield of automobile OEM is to sell services and lifestyles to customers. This is why Ferrari's (RACE) operating margin is well over 20%, while Ford (F) and General Motors (GM) are in the single digits.</p>\n<p><b>Financials &amp; Valuation</b></p>\n<p>NIO is in hyper-growth mode. In 2020, the company generated $2.5 billion in revenue, up 126% y/y. In 2021, the company is expected to grow 117% y/y to $5.4 billion.</p>\n<p>The company is not yet profitable but is expected to be by 2022. Gross margin only turned positive in 2020 and is expected to be 19.3% in 2021. EBITDA is expected to be negative $258 million in 2021 and a positive $206 million in 2022. Free cash flow is expected to be negative $42 million in 2021 before turning to a positive $354 million in 2022.</p>\n<p>However, despite the cash burn expected in 2021, investors should feel at ease since the company exited&nbsp;2020&nbsp;with $5.9 billion of cash and cash equivalents. Including $600 million in short-term investments and subtracting ~$2.1 billion in debt and operating leases and the expected negative free cash flow in 2021, NIO should exit 2021 with over $4 billion in net cash and investments. That is plenty of buffers since NIO is expected to generate positive free cash flow in 2022.</p>\n<p>Since NIO is not yet profitable, we will look at the forward EV/Sales multiple as is typical for hyper-growth companies not yet generating a profit. The company went public in September 2018, trading at around 7 to 8 times EV/Sales, before bottoming out at around 0.7 times sales in May 2019. The market, however, caught the EV fever in April 2020 and sent NIO's valuation soaring to a peak of 14.6x by January 2021. After the growth sell-off we recently experienced, NIO is currently sitting at a much more reasonable 8 times forward sales. This is a significant discount to TSLA's 10.2 times forward EV/Sales despite growing twice as fast (TSLA is expected to grow revenues by 57% in 2021 compared to NIO's 117%).</p>\n<p><b>Risks</b></p>\n<p>There are many risks associated with owning NIO.</p>\n<p>Although its battery swapping strategy is highly differentiated and seems to be growing rapidly, the jury is still out on the ultimate market share of battery swapping or fast-charging infrastructure. If fast charging technology continues to advance significantly, it will likely erode a key advantage of battery swapping: speed.</p>\n<p>NIO's business model is innovative and new. Unfortunately, the flip side of that is that it is untested, and NIO remains unprofitable. For many investors, NIO will remain a \"show me\" story until the profitability of its business model improves.</p>\n<p>NIO's ability to expand globally may be limited by the rising geopolitical tension between China and the US, and to a lesser extent, with Japan and Europe. The geopolitical situation remains highly opaque and uncertain, and is a risk factor for all auto OEMs.</p>\n<p>Auto OEMs are currently facing a severe chip&nbsp;shortage. In addition, the chip density in automobiles is increasing, making the OEMs increasingly reliant on semiconductor suppliers and foundries.</p>\n<p>NIO's competitive advantages may not overcome the massive scale advantage of ICE OEMs and much bigger EV players like Tesla and China's BYD.</p>\n<p><b>Takeaway</b></p>\n<p>NIO's technical and business model innovations make it a highly differentiated company in the exciting and rapidly growing EV market. The company is winning, and its competitive moat is getting bigger as its ecosystem of vehicles and services grows. Relative to the industry leader, Tesla, NIO's stock price seems like a bargain given its faster growth rate and lower multiples.</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 Is Winning</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 Is Winning\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 09:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435341-nio-is-winning><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nNIO is #1 in China's electric SUV market for good reason.\nThe company's success is driven by its brilliant innovations and marketing strategy.\nNIO is growing faster than Tesla, and yet, it is...</p>\n\n<a href=\"https://seekingalpha.com/article/4435341-nio-is-winning\">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://seekingalpha.com/article/4435341-nio-is-winning","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148576248","content_text":"Summary\n\nNIO is #1 in China's electric SUV market for good reason.\nThe company's success is driven by its brilliant innovations and marketing strategy.\nNIO is growing faster than Tesla, and yet, it is trading at a discount.\n\nPonyWang/E+ via Getty Images\nNIO Inc. (NYSE:NIO) stands out for its strong market position- #1 market share in electric SUV in China- and innovation in the rapidly growing and highly competitive electric vehicle industry. This article will discuss why NIO is winning against some stiff competition, including against Tesla (TSLA).\nIn addition, we will discuss NIO's business, financials, trading, valuation, and risks so readers could reach their own informed decision.\nBusiness: Why NIO Wins\nNIO positions itself in the premium SUV segment, focusing on smart EVs with a differentiated battery strategy.\nDelivered in March 2019, the company's first model, the ES8, is a luxury 7-seater SUV that is still the company's flagship product today. The ES8 is equipped with ADAS and AI system [NOMI] and is comparable to the BYD Song, Tesla Model X, the Audi Q7 45 e-Tron, etc.\nSource: Company\nLeveraging the installed base and customer goodwill due to the highly successful ES8, NIO successfully launched the ES6 and EC6.Recently, the company launched the ET7, its first sedan.\nToday, NIO is the top-selling brand in China's all-electric SUV market in April with a 23% market share, higher than Tesla's 17%, WM Motor and XPeng Motors'(NYSE:XPEV)7%, according to China Automotive Technology and Research Center data.\nOne of the biggest competitive differentiators is NIO'sbattery strategy, which all but eliminates range anxiety, one of the biggest barriers to mass EV adoption. Not only could NIO cars be charged at any charging station for EVs, but the company also built hundreds of battery swapping stations in key cities in China, with plans to expanding to Europe.\nNIO's battery swapping strategy also gives the company the ability to offer a battery-as-a-service [BaaS] solution, which reduces the upfrontcostof purchasing an NIO vehicle by ~$11,000. Since cost is another major barrier to mass EV adoption, NIO's battery strategy appears brilliant as it solves both the range and cost problems.\nSource: Company\nAnother differentiator is the NIO brand, which management created brilliantly by introducing the EP9 in 2016. Six EP9s have been sold to NIO investors for 2.5 million pounds, creating an aura of exclusivity and quality around the brand. Next, NIO targeted the mass-market luxury SUV segment with the ES8, firmly establishing the company as a luxury car OEM.\nSource: Company\nChinese companies must struggle against the common perception that they make low-quality products. This is the same perception issue that Japanese companies faced following their defeat after WW2. Japan solved this problem by moving up the value chain as their economy matured and creating high-quality brands such as Sony(NYSE:SONY). Today, Japan is known for its craftsmanship.\nChina is following the same trajectory, and NIO is one of the emerging brands destroying the perception that \"made in China\" equates to poor quality. I strongly believe that investors who stubbornly hold on to that old perception will miss out on investing in some of the greatest brands the world will ever see.\nBuying an NIO car means much more than just getting a vehicle; it means getting into an exclusive club of services and convenience. Benefits include access to hundreds of swapping stations, lifetime free roadside rescue (including charge vans), lifetime free cellular connectivity, lifetime free warranty, and excellent customer service. This is a powerful selling point for NIO, differentiating it from Tesla, which hasrecentlydeveloped a poor reputation on the customer service front in China.\nSource: Company\nThe company is pushing the envelope even further with NIO House, a literal clubhouse for customers, and NIO Life, which includes NIO branded lifestyle products. NIO's effort to build a lifestyle around its cars seems to be working. This is good news for investors because the only way to escape the competitive battlefield of automobile OEM is to sell services and lifestyles to customers. This is why Ferrari's (RACE) operating margin is well over 20%, while Ford (F) and General Motors (GM) are in the single digits.\nFinancials & Valuation\nNIO is in hyper-growth mode. In 2020, the company generated $2.5 billion in revenue, up 126% y/y. In 2021, the company is expected to grow 117% y/y to $5.4 billion.\nThe company is not yet profitable but is expected to be by 2022. Gross margin only turned positive in 2020 and is expected to be 19.3% in 2021. EBITDA is expected to be negative $258 million in 2021 and a positive $206 million in 2022. Free cash flow is expected to be negative $42 million in 2021 before turning to a positive $354 million in 2022.\nHowever, despite the cash burn expected in 2021, investors should feel at ease since the company exited 2020 with $5.9 billion of cash and cash equivalents. Including $600 million in short-term investments and subtracting ~$2.1 billion in debt and operating leases and the expected negative free cash flow in 2021, NIO should exit 2021 with over $4 billion in net cash and investments. That is plenty of buffers since NIO is expected to generate positive free cash flow in 2022.\nSince NIO is not yet profitable, we will look at the forward EV/Sales multiple as is typical for hyper-growth companies not yet generating a profit. The company went public in September 2018, trading at around 7 to 8 times EV/Sales, before bottoming out at around 0.7 times sales in May 2019. The market, however, caught the EV fever in April 2020 and sent NIO's valuation soaring to a peak of 14.6x by January 2021. After the growth sell-off we recently experienced, NIO is currently sitting at a much more reasonable 8 times forward sales. This is a significant discount to TSLA's 10.2 times forward EV/Sales despite growing twice as fast (TSLA is expected to grow revenues by 57% in 2021 compared to NIO's 117%).\nRisks\nThere are many risks associated with owning NIO.\nAlthough its battery swapping strategy is highly differentiated and seems to be growing rapidly, the jury is still out on the ultimate market share of battery swapping or fast-charging infrastructure. If fast charging technology continues to advance significantly, it will likely erode a key advantage of battery swapping: speed.\nNIO's business model is innovative and new. Unfortunately, the flip side of that is that it is untested, and NIO remains unprofitable. For many investors, NIO will remain a \"show me\" story until the profitability of its business model improves.\nNIO's ability to expand globally may be limited by the rising geopolitical tension between China and the US, and to a lesser extent, with Japan and Europe. The geopolitical situation remains highly opaque and uncertain, and is a risk factor for all auto OEMs.\nAuto OEMs are currently facing a severe chip shortage. In addition, the chip density in automobiles is increasing, making the OEMs increasingly reliant on semiconductor suppliers and foundries.\nNIO's competitive advantages may not overcome the massive scale advantage of ICE OEMs and much bigger EV players like Tesla and China's BYD.\nTakeaway\nNIO's technical and business model innovations make it a highly differentiated company in the exciting and rapidly growing EV market. The company is winning, and its competitive moat is getting bigger as its ecosystem of vehicles and services grows. Relative to the industry leader, Tesla, NIO's stock price seems like a bargain given its faster growth rate and lower multiples.","news_type":1},"isVote":1,"tweetType":1,"viewCount":238,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353891147,"gmtCreate":1616476892989,"gmtModify":1704794595690,"author":{"id":"3576209687314497","authorId":"3576209687314497","name":"tiramiesu","avatar":"https://static.tigerbbs.com/e9882b78ab3ccfa0456b4a41e5a55b17","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576209687314497","authorIdStr":"3576209687314497"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NOK\">$Nokia Oyj(NOK)$</a>eeeeks","listText":"<a href=\"https://laohu8.com/S/NOK\">$Nokia Oyj(NOK)$</a>eeeeks","text":"$Nokia Oyj(NOK)$eeeeks","images":[{"img":"https://static.tigerbbs.com/7d6b3bf84d2c239296702dc146f999d7","width":"720","height":"1280"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/353891147","isVote":1,"tweetType":1,"viewCount":401,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9960710225,"gmtCreate":1668252424667,"gmtModify":1676538034318,"author":{"id":"3576209687314497","authorId":"3576209687314497","name":"tiramiesu","avatar":"https://static.tigerbbs.com/e9882b78ab3ccfa0456b4a41e5a55b17","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576209687314497","authorIdStr":"3576209687314497"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9960710225","repostId":"1177382965","repostType":4,"repost":{"id":"1177382965","kind":"news","pubTimestamp":1668211582,"share":"https://ttm.financial/m/news/1177382965?lang=&edition=fundamental","pubTime":"2022-11-12 08:06","market":"sg","language":"en","title":"SGX Weekly Review: ST Engineering, StarHub, SATS and Meta Platforms","url":"https://stock-news.laohu8.com/highlight/detail?id=1177382965","media":"The Smart Investor","summary":"We delve into the latest earnings from two companies and also recent corporate developments at both ","content":"<html><head></head><body><p>We delve into the latest earnings from two companies and also recent corporate developments at both ST Engineering and Meta Platforms.</p><p><img src=\"https://static.tigerbbs.com/d1c97aba0dcf2eb39ca690b1f939a1e6\" tg-width=\"800\" tg-height=\"533\" width=\"100%\" height=\"auto\"/></p><p>Welcome to this week’s edition of top stock market highlights where we feature interesting snippets from corporate events and/or earnings.</p><p><b>Singapore Technologies Engineering Ltd (SGX: S63)</b></p><p>Singapore Technologies Engineering Ltd, or STE, has agreed to sell its equity interests in its US marine subsidiaries, VT Halter Marine, Inc (Halter) and ST Engineering Halter Marine and Offshore, Inc (STEHMO).</p><p>The total consideration for the divestment amounts to US$15 million, or about S$21 million.</p><p>In addition, STE may also receive earn-outs for a total of US$10.25 million subject to the award of future shipbuilding contracts to Halter that fulfills certain operating margin metrics.</p><p>This sale will result in the recognition of approximately S$13.3 million in loss on disposal and the transaction should close by the end of this year.</p><p>The group will, however, retain its marine business in Singapore which it considers to be “core and strategic”.</p><p>STE has undergone a portfolio review to ensure it focuses on businesses that are both strategic and yield higher returns.</p><p>As such, Halter and STEHMO both incurred a total net loss before tax of US$256 million in the five years from 2017 to 2021.</p><p>The decision to sell these two units means that around S$1.9 billion of STE’s order book will be removed from end-September.</p><p>Excluding these orders, the group’s order book remains robust at S$25 billion as of 30 September 2022, up more than 10% from the S$22.2 billion reported at the end of June.</p><p>STE also maintained its 2026 growth targets that it communicated in its five-year plan during its 2021 Investor Day presentation.</p><p><b>StarHub Limited (SGX: CC3)</b></p><p>StarHub released its fiscal 2022’s third quarter (3Q2022) business update that saw higher year on year contributions from all its divisions.</p><p>Total revenue rose 14.2% year on year to S$590.8 million, led by a strong 28.2% year on year jump in revenue from its broadband segment.</p><p>Both StarHub’s entertainment and enterprise divisions also saw double-digit year on year increases in revenue of 17.7% and 16.3%, respectively, to S$55.4 million and S$220.9 million.</p><p>Mobile revenue grew by 8.8% year on year in 3Q2022 with the opening of borders which resulted in a higher average revenue per user (ARPU) of S$31 compared with S$28 a year ago.</p><p>However, net profit tumbled 32% year on year to S$27.4 million, driven by higher staff costs, marketing and promotional expenses, and investments relating to IT transformation and network.</p><p>On a positive note, StarHub saw ARPU strengthening from S$33 to S$34 for its broadband division and going from S$34 to S$35 for its entertainment division.</p><p>Total subscribers also rose to 576,000 in 3Q2022 for broadband, up from 485,000 a year ago.</p><p>The telco has updated its FY2022 guidance for service revenue to increase by 12% to 15% year on year, up from 10% previously.</p><p><b>SATS Limited (SGX: S58)</b></p><p>SATS reported its fiscal 2023’s first half (1H2023) earnings that saw the positive effects of the surge in air travel.</p><p>Revenue for the ground handler jumped 41.3% year on year to S$804.5 million, buoyed by growth in cargo volume and a recovery in travel demand.</p><p>Both the group’s Food Solution and Gateway Services divisions recorded year on year revenue jumps.</p><p>The operating statistics also demonstrate this vast improvement.</p><p>Flights handled by SATS more than tripled year on year to 55,700 while passengers handled jumped 13-fold year on year to 12.6 million.</p><p>The number of meals served climbed 31.3% year on year to 17.7 million and cargo tonnage improved to 577,600 tonnes from 420,900 tonnes a year ago.</p><p>However, expenses rose by 49.7% year on year to S$846.8 million, leading to SATS reporting an operating loss of S$42.3 million for 1H2023.</p><p>Although the share of earnings of its associates and joint ventures surged from S$0.9 million in 1H2022 to S$17.6 million in 1H2023, it was insufficient to offset the operating loss.</p><p>Core net loss (excluding government reliefs) clocked in at S$34.4 million.</p><p>The group did not declare any interim dividend as it generated a negative free cash flow of S$87.4 million for 1H2023.</p><p>The outlook for SATS looks positive as it expects the recovery in passenger travel to sustain into 2023.</p><p>The group is also acquiring Worldwide Flight Services in a S$1.6 billion transaction for which SATS has yet to announce the funding.</p><p><b>Meta Platforms (NASDAQ: META)</b></p><p>Meta Platforms has announced this week that it is cutting more than 11,000 jobs, amounting to around 13% of its workforce, to save costs amid a downturn in advertising spending.</p><p>These layoffs are among the largest this year among the technology companies and are the first major retrenchments in Meta Platforms’ 18-year history.</p><p>Other companies that have announced mass layoffs include <b>Twitter</b> (3,700 jobs), <b>Microsoft</b> (NASDAQ: MSFT) (less than 1,000 jobs), and <b>Netflix</b> (NASDAQ: NFLX) (around 450 jobs).</p><p>CEO Mark Zuckerberg admitted that he was blindsided by this downturn as he had expected online commerce trends to persist post-pandemic.</p><p>The social media company will also reduce its office footprint, spend less on discretionary items, and freeze hiring into the first quarter of next year.</p></body></html>","source":"lsy1602567310727","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>SGX Weekly Review: ST Engineering, StarHub, SATS and Meta Platforms</title>\n<style 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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\">\nSGX Weekly Review: ST Engineering, StarHub, SATS and Meta Platforms\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-12 08:06 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thesmartinvestor.com.sg/top-stock-market-highlights-of-the-week-st-engineering-starhub-sats-and-meta-platforms/><strong>The Smart Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>We delve into the latest earnings from two companies and also recent corporate developments at both ST Engineering and Meta Platforms.Welcome to this week’s edition of top stock market highlights ...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/top-stock-market-highlights-of-the-week-st-engineering-starhub-sats-and-meta-platforms/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"S63.SI":"新科工程","STI.SI":"富时新加坡海峡指数","S58.SI":"新翔集团有限公司","CC3.SI":"星和"},"source_url":"https://thesmartinvestor.com.sg/top-stock-market-highlights-of-the-week-st-engineering-starhub-sats-and-meta-platforms/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177382965","content_text":"We delve into the latest earnings from two companies and also recent corporate developments at both ST Engineering and Meta Platforms.Welcome to this week’s edition of top stock market highlights where we feature interesting snippets from corporate events and/or earnings.Singapore Technologies Engineering Ltd (SGX: S63)Singapore Technologies Engineering Ltd, or STE, has agreed to sell its equity interests in its US marine subsidiaries, VT Halter Marine, Inc (Halter) and ST Engineering Halter Marine and Offshore, Inc (STEHMO).The total consideration for the divestment amounts to US$15 million, or about S$21 million.In addition, STE may also receive earn-outs for a total of US$10.25 million subject to the award of future shipbuilding contracts to Halter that fulfills certain operating margin metrics.This sale will result in the recognition of approximately S$13.3 million in loss on disposal and the transaction should close by the end of this year.The group will, however, retain its marine business in Singapore which it considers to be “core and strategic”.STE has undergone a portfolio review to ensure it focuses on businesses that are both strategic and yield higher returns.As such, Halter and STEHMO both incurred a total net loss before tax of US$256 million in the five years from 2017 to 2021.The decision to sell these two units means that around S$1.9 billion of STE’s order book will be removed from end-September.Excluding these orders, the group’s order book remains robust at S$25 billion as of 30 September 2022, up more than 10% from the S$22.2 billion reported at the end of June.STE also maintained its 2026 growth targets that it communicated in its five-year plan during its 2021 Investor Day presentation.StarHub Limited (SGX: CC3)StarHub released its fiscal 2022’s third quarter (3Q2022) business update that saw higher year on year contributions from all its divisions.Total revenue rose 14.2% year on year to S$590.8 million, led by a strong 28.2% year on year jump in revenue from its broadband segment.Both StarHub’s entertainment and enterprise divisions also saw double-digit year on year increases in revenue of 17.7% and 16.3%, respectively, to S$55.4 million and S$220.9 million.Mobile revenue grew by 8.8% year on year in 3Q2022 with the opening of borders which resulted in a higher average revenue per user (ARPU) of S$31 compared with S$28 a year ago.However, net profit tumbled 32% year on year to S$27.4 million, driven by higher staff costs, marketing and promotional expenses, and investments relating to IT transformation and network.On a positive note, StarHub saw ARPU strengthening from S$33 to S$34 for its broadband division and going from S$34 to S$35 for its entertainment division.Total subscribers also rose to 576,000 in 3Q2022 for broadband, up from 485,000 a year ago.The telco has updated its FY2022 guidance for service revenue to increase by 12% to 15% year on year, up from 10% previously.SATS Limited (SGX: S58)SATS reported its fiscal 2023’s first half (1H2023) earnings that saw the positive effects of the surge in air travel.Revenue for the ground handler jumped 41.3% year on year to S$804.5 million, buoyed by growth in cargo volume and a recovery in travel demand.Both the group’s Food Solution and Gateway Services divisions recorded year on year revenue jumps.The operating statistics also demonstrate this vast improvement.Flights handled by SATS more than tripled year on year to 55,700 while passengers handled jumped 13-fold year on year to 12.6 million.The number of meals served climbed 31.3% year on year to 17.7 million and cargo tonnage improved to 577,600 tonnes from 420,900 tonnes a year ago.However, expenses rose by 49.7% year on year to S$846.8 million, leading to SATS reporting an operating loss of S$42.3 million for 1H2023.Although the share of earnings of its associates and joint ventures surged from S$0.9 million in 1H2022 to S$17.6 million in 1H2023, it was insufficient to offset the operating loss.Core net loss (excluding government reliefs) clocked in at S$34.4 million.The group did not declare any interim dividend as it generated a negative free cash flow of S$87.4 million for 1H2023.The outlook for SATS looks positive as it expects the recovery in passenger travel to sustain into 2023.The group is also acquiring Worldwide Flight Services in a S$1.6 billion transaction for which SATS has yet to announce the funding.Meta Platforms (NASDAQ: META)Meta Platforms has announced this week that it is cutting more than 11,000 jobs, amounting to around 13% of its workforce, to save costs amid a downturn in advertising spending.These layoffs are among the largest this year among the technology companies and are the first major retrenchments in Meta Platforms’ 18-year history.Other companies that have announced mass layoffs include Twitter (3,700 jobs), Microsoft (NASDAQ: MSFT) (less than 1,000 jobs), and Netflix (NASDAQ: NFLX) (around 450 jobs).CEO Mark Zuckerberg admitted that he was blindsided by this downturn as he had expected online commerce trends to persist post-pandemic.The social media company will also reduce its office footprint, spend less on discretionary items, and freeze hiring into the first quarter of next year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}