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2021-03-01

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China stocks post worst week in nearly 2-1/2 yrs as bond yields surge

2021-03-01

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DoorDash Earnings Show Rapid Growth: Why I'm Bearish Anyways

2021-03-01

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Coinbase IPO: 5 things to know about the U.S. cryptocurrency exchange

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China stocks fell sharply on Friday to end the week lower, in line with","content":"<p>SHANGHAI, Feb 26 (Reuters) - China stocks fell sharply on Friday to end the week lower, in line with global markets, with the blue-chip index posting its worst week in 28 months, as a rout in global bonds sent yields flying and dampened appetite for risky assets.</p>\n<p>The blue-chip CSI300 index fell 2.4% to 5,336.76, while the Shanghai Composite Index dropped 2.1% to 3,509.08 points.</p>\n<p>For the week, CSI300 slumped 7.7%, its steepest weekly decline since Oct. 12, 2018, while the SSEC dropped 5.1%.</p>\n<p>Yields on the 10-year Treasury note eased back to 1.538% from a <a href=\"https://laohu8.com/S/AONE\">one</a>-year high of 1.614%, but were still up a 40 basis points for the month in their biggest move since 2016.</p>\n<p>Fears over policy tightening and lofty valuations had already pummelled China's benchmark CSI300 index, which was down nearly 10% from its record high hit earlier in the month, mainly due to heavy selling in high-flying sectors such as consumer, healthcare and new energy firms.</p>\n<p>Analysts said the trend of China's policy tightening is quite evident, though the PBOC would refrain from sudden shifts in order to provide stability to the market.</p>\n<p>Adding to the pressure were worries over Sino-U.S. trade relations.</p>\n<p>Katherine Tai, President Joe Biden's top trade nominee, backed tariffs as a \"legitimate tool\" to counter China's state-driven economic model and vowed to hold Beijing to its prior commitments.</p>\n<p>\"Rising risk free rates hit high-flying stocks like liquor makers and healthcare firms, though cyclical players, in particular commodities stocks, that are benefited from hopes of a global economy recovery, would fare well going forward,\" said Fu Yanping, an analyst with China Galaxy Securities' wealth management arm.</p>\n<p>However, Fu said China would be accommodative and ease its monetary policies appropriately in case of a further sharp drop in the market.</p>\n<p>In an apparent move to sooth nerves, Chinese state newspaper Shanghai Securities News said in a commentary on Friday that investors remained confident overall and there were solid foundations for a stable stock market this year.</p>\n<p>\"This week does not necessarily mark the end of the rally. New fund flows from retail investors could continue for a while,\" said Thomas Gatley, China corporate analyst at Gavekal.</p>\n<p>Some analysts said the sharp sell-off provided opportunities to buy on the dip.</p>\n<p>Thomas Masi, vice president and co-portfolio manager of the GW&amp;K Emerging Wealth Strategy, said that the market's fear of rising inflation - which he believes to be temporary - creates opportunities to buy into high-growth companies exposed to the world's second-biggest economy.</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 stocks post worst week in nearly 2-1/2 yrs as bond yields surge</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 stocks post worst week in nearly 2-1/2 yrs as bond yields surge\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\">2021-02-26 15:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>SHANGHAI, Feb 26 (Reuters) - China stocks fell sharply on Friday to end the week lower, in line with global markets, with the blue-chip index posting its worst week in 28 months, as a rout in global bonds sent yields flying and dampened appetite for risky assets.</p>\n<p>The blue-chip CSI300 index fell 2.4% to 5,336.76, while the Shanghai Composite Index dropped 2.1% to 3,509.08 points.</p>\n<p>For the week, CSI300 slumped 7.7%, its steepest weekly decline since Oct. 12, 2018, while the SSEC dropped 5.1%.</p>\n<p>Yields on the 10-year Treasury note eased back to 1.538% from a <a href=\"https://laohu8.com/S/AONE\">one</a>-year high of 1.614%, but were still up a 40 basis points for the month in their biggest move since 2016.</p>\n<p>Fears over policy tightening and lofty valuations had already pummelled China's benchmark CSI300 index, which was down nearly 10% from its record high hit earlier in the month, mainly due to heavy selling in high-flying sectors such as consumer, healthcare and new energy firms.</p>\n<p>Analysts said the trend of China's policy tightening is quite evident, though the PBOC would refrain from sudden shifts in order to provide stability to the market.</p>\n<p>Adding to the pressure were worries over Sino-U.S. trade relations.</p>\n<p>Katherine Tai, President Joe Biden's top trade nominee, backed tariffs as a \"legitimate tool\" to counter China's state-driven economic model and vowed to hold Beijing to its prior commitments.</p>\n<p>\"Rising risk free rates hit high-flying stocks like liquor makers and healthcare firms, though cyclical players, in particular commodities stocks, that are benefited from hopes of a global economy recovery, would fare well going forward,\" said Fu Yanping, an analyst with China Galaxy Securities' wealth management arm.</p>\n<p>However, Fu said China would be accommodative and ease its monetary policies appropriately in case of a further sharp drop in the market.</p>\n<p>In an apparent move to sooth nerves, Chinese state newspaper Shanghai Securities News said in a commentary on Friday that investors remained confident overall and there were solid foundations for a stable stock market this year.</p>\n<p>\"This week does not necessarily mark the end of the rally. New fund flows from retail investors could continue for a while,\" said Thomas Gatley, China corporate analyst at Gavekal.</p>\n<p>Some analysts said the sharp sell-off provided opportunities to buy on the dip.</p>\n<p>Thomas Masi, vice president and co-portfolio manager of the GW&amp;K Emerging Wealth Strategy, said that the market's fear of rising inflation - which he believes to be temporary - creates opportunities to buy into high-growth companies exposed to the world's second-biggest economy.</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","000001.SH":"上证指数"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2114739403","content_text":"SHANGHAI, Feb 26 (Reuters) - China stocks fell sharply on Friday to end the week lower, in line with global markets, with the blue-chip index posting its worst week in 28 months, as a rout in global bonds sent yields flying and dampened appetite for risky assets.\nThe blue-chip CSI300 index fell 2.4% to 5,336.76, while the Shanghai Composite Index dropped 2.1% to 3,509.08 points.\nFor the week, CSI300 slumped 7.7%, its steepest weekly decline since Oct. 12, 2018, while the SSEC dropped 5.1%.\nYields on the 10-year Treasury note eased back to 1.538% from a one-year high of 1.614%, but were still up a 40 basis points for the month in their biggest move since 2016.\nFears over policy tightening and lofty valuations had already pummelled China's benchmark CSI300 index, which was down nearly 10% from its record high hit earlier in the month, mainly due to heavy selling in high-flying sectors such as consumer, healthcare and new energy firms.\nAnalysts said the trend of China's policy tightening is quite evident, though the PBOC would refrain from sudden shifts in order to provide stability to the market.\nAdding to the pressure were worries over Sino-U.S. trade relations.\nKatherine Tai, President Joe Biden's top trade nominee, backed tariffs as a \"legitimate tool\" to counter China's state-driven economic model and vowed to hold Beijing to its prior commitments.\n\"Rising risk free rates hit high-flying stocks like liquor makers and healthcare firms, though cyclical players, in particular commodities stocks, that are benefited from hopes of a global economy recovery, would fare well going forward,\" said Fu Yanping, an analyst with China Galaxy Securities' wealth management arm.\nHowever, Fu said China would be accommodative and ease its monetary policies appropriately in case of a further sharp drop in the market.\nIn an apparent move to sooth nerves, Chinese state newspaper Shanghai Securities News said in a commentary on Friday that investors remained confident overall and there were solid foundations for a stable stock market this year.\n\"This week does not necessarily mark the end of the rally. New fund flows from retail investors could continue for a while,\" said Thomas Gatley, China corporate analyst at Gavekal.\nSome analysts said the sharp sell-off provided opportunities to buy on the dip.\nThomas Masi, vice president and co-portfolio manager of the GW&K Emerging Wealth Strategy, said that the market's fear of rising inflation - which he believes to be temporary - creates opportunities to buy into high-growth companies exposed to the world's second-biggest economy.","news_type":1},"isVote":1,"tweetType":1,"viewCount":236,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366715860,"gmtCreate":1614563074050,"gmtModify":1704772437967,"author":{"id":"3577656206158359","authorId":"3577656206158359","name":"AbahAqo","avatar":"https://static.tigerbbs.com/11938790957e3b9e0081f89fecec5792","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577656206158359","idStr":"3577656206158359"},"themes":[],"htmlText":"Live it","listText":"Live it","text":"Live it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/366715860","repostId":"1100894452","repostType":4,"repost":{"id":"1100894452","pubTimestamp":1614328628,"share":"https://ttm.financial/m/news/1100894452?lang=&edition=fundamental","pubTime":"2021-02-26 16:37","market":"us","language":"en","title":"DoorDash Earnings Show Rapid Growth: Why I'm Bearish Anyways","url":"https://stock-news.laohu8.com/highlight/detail?id=1100894452","media":"seekingalpha","summary":"Summary\n\nDASH reported strong triple-digit top line growth in its first quarter as a public company.","content":"<p><b>Summary</b></p>\n<ul>\n <li>DASH reported strong triple-digit top line growth in its first quarter as a public company.</li>\n <li>The pandemic has created a perfect environment for food delivery companies, but DASH was still unable to earn a profit.</li>\n <li>DASH trades at a nosebleed 73 times forward contribution profits.</li>\n <li>I am bearish on the stock as it appears unlikely to generate satisfactory returns.</li>\n</ul>\n<p>DoorDash&nbsp;(DASH) has reported its first quarter as a public company. At one point, DASH traded over 100% higher than its IPO price of $102 per share, and heading into its earnings report it still traded more than 60% higher. This past quarter showed phenomenal top-line growth and the company guided for 2021 to see further growth in spite of tough comparables. In spite of the insane growth it showed in 2020, DASH was not profitable on either a GAAP or non-GAAP basis.</p>\n<p>That should spook investors as other tech names that benefited from the pandemic saw huge boosts to profitability. DASH might eventually be able to report profits as it gains scale, but the lack of profitability in 2020 suggests that operating leverage may prove difficult to come by. I am bearish on the stock at current valuations.</p>\n<p><b>Blockbuster Top Line Growth, No Profits</b></p>\n<p>DASH saw its network report strong growth of 87% year over year for marketplace partner stores and 158% year over year for drive partner stores. Marketplace partners stores are those that show up in theDoorDashapp and Drive Partner stores are those which use their own website but rely onDoorDashto fulfill delivery:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f69874662354b0b0860c72b71d831034\" tg-width=\"1280\" tg-height=\"640\"><span>(2020 Q4 Shareholder Letter)</span></p>\n<p>DASH reported blistering 226% revenue growth in the quarter and 226% revenue growth for the full year:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0caed2684d31742ad9fe124229dc455a\" tg-width=\"882\" tg-height=\"426\"><span>(2020 Q4 Shareholder Letter)</span></p>\n<p>Forgive me for stating, but as the reader probably knows, DASH’s line of business is in food delivery. The pandemic created a perfect environment for this business segment, as social distancing restrictions essentially made food delivery the “only option” for many restaurants. In spite of this perfect environment, DASH was nonetheless unable to show GAAP profitability:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9dfa00381c181c33c9097a245519dcce\" tg-width=\"878\" tg-height=\"424\"><span>(2020 Q4 Shareholder Letter)</span></p>\n<p>Even if we add back stock-based compensation, DASH was barely able to generate $10 million in adjusted net income for the fourth quarter and lost $139 million in adjusted net income for the year. Consider that Zoom (ZM), another pandemic beneficiary, generated&nbsp;25.5% GAAP net margins in the third quarter. Shopify (SHOP) generated&nbsp;12.7% GAAP net margins in its latest quarter. Why is DASH unable to generate profits during what might prove to be a peak year?</p>\n<p>DASH discloses a metric called “contribution profit” which, as we can see below, is only 23.7% of revenues:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/42ffb1d6669048f1ee78b712c4020f70\" tg-width=\"866\" tg-height=\"416\"><span>(2020 Q4 Shareholder Letter)</span></p>\n<p>DASH defines Contribution Profit in itsS-1as follows:</p>\n<blockquote>\n “We define Contribution Profit (Loss) as our gross profit (loss) less sales and marketing expense plus (i) depreciation and amortization expense related to cost of revenue, (II) stock-based compensation expense included in cost of revenue and sales and marketing expenses, and (III) allocated overhead included in cost of revenue and sales and marketing expenses. Gross profit (loss) is defined as revenue less (i) cost of revenue, exclusive of depreciation and amortization and (II) depreciation and amortization related to cost of revenue.”\n</blockquote>\n<p>It is the following statement (also from the S-1) that leads me to believe that contribution profit is a better proxy for gross profit as typically used by other companies:</p>\n<blockquote>\n “We believe that Contribution Profit (Loss) is a useful indicator of the economic impact of orders fulfilled through DoorDash as it takes into account the direct expenses associated with generating and fulfilling orders.”\n</blockquote>\n<p>What does this all mean? The traditional meaning of gross profit is meant to represent the incremental profit from each dollar sold by the business. DASH’s contribution profit can be considered to be its true gross profit because it takes into account, among other things, the sales and marketing expenses associated with each sale. The typical tech company that I cover has gross profit margin upwards of 65%. There, the high gross margin suggests that operating leverage may eventually pave the way for strong profits in the future, even if the companies are not currently profitable. DASH’s contribution profit margin is a mere 23.7%, suggesting that the path to profitability will be<b>much</b>harder than tech peers.</p>\n<p>DASH guided for this upcoming year to see Marketplace GOV of $30 billion to $33 billion, up 28% from $24.7 billion in 2020. I estimate this to equate to roughly $3.7 billion in revenue. At recent prices, DASH trades at 17 times forward revenues, which is rich but at first not obviously bubbly in light of the 28% growth rate. However, price to sales is meaningless for DASH because of its low gross margins. I estimate that DASH will earn $877 million in contribution profit in 2021.</p>\n<p>DASH trades at 73 times that number, which makes no sense in comparison to the 23.7% growth rate. It is very rare to see tech companies (with high gross margins) trading at a price to sales multiple even equivalent to their growth rate. I consider such multiples to be bubbly. Yet DASH would trade at $54 per share if it traded at 23.7 times forward contribution profits. Shares have 70% downside to that price.</p>\n<p><b>Conclusion</b></p>\n<p>2020 was a year in which many tech stocks proved the naysayers wrong. Wall Street appears to have become comfortable purchasing stocks of unprofitable tech companies because operating leverage may lead to high profits in the future. Not all tech companies are created equal - DASH’s low effective gross margins suggest that on a comparable basis, its valuation is much more expensive than it looks.</p>\n<p>Even if all the projected contribution profit growth flows directly to the bottom line, then DASH would still earn only $75 million in adjusted net income (that’s after excluding stock-based compensation). Shares trade at 746 times that number. While I am in general comfortable with paying a fair multiple for high quality tech companies, DASH appears to be the poster child of the tech bubble.</p>","source":"seekingalpha","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>DoorDash Earnings Show Rapid Growth: Why I'm Bearish Anyways</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\">\nDoorDash Earnings Show Rapid Growth: Why I'm Bearish Anyways\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-26 16:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4409243-doordash-earnings-show-rapid-growth-why-i-am-bearish-anyways><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nDASH reported strong triple-digit top line growth in its first quarter as a public company.\nThe pandemic has created a perfect environment for food delivery companies, but DASH was still ...</p>\n\n<a href=\"https://seekingalpha.com/article/4409243-doordash-earnings-show-rapid-growth-why-i-am-bearish-anyways\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DASH":"DoorDash, Inc."},"source_url":"https://seekingalpha.com/article/4409243-doordash-earnings-show-rapid-growth-why-i-am-bearish-anyways","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1100894452","content_text":"Summary\n\nDASH reported strong triple-digit top line growth in its first quarter as a public company.\nThe pandemic has created a perfect environment for food delivery companies, but DASH was still unable to earn a profit.\nDASH trades at a nosebleed 73 times forward contribution profits.\nI am bearish on the stock as it appears unlikely to generate satisfactory returns.\n\nDoorDash (DASH) has reported its first quarter as a public company. At one point, DASH traded over 100% higher than its IPO price of $102 per share, and heading into its earnings report it still traded more than 60% higher. This past quarter showed phenomenal top-line growth and the company guided for 2021 to see further growth in spite of tough comparables. In spite of the insane growth it showed in 2020, DASH was not profitable on either a GAAP or non-GAAP basis.\nThat should spook investors as other tech names that benefited from the pandemic saw huge boosts to profitability. DASH might eventually be able to report profits as it gains scale, but the lack of profitability in 2020 suggests that operating leverage may prove difficult to come by. I am bearish on the stock at current valuations.\nBlockbuster Top Line Growth, No Profits\nDASH saw its network report strong growth of 87% year over year for marketplace partner stores and 158% year over year for drive partner stores. Marketplace partners stores are those that show up in theDoorDashapp and Drive Partner stores are those which use their own website but rely onDoorDashto fulfill delivery:\n(2020 Q4 Shareholder Letter)\nDASH reported blistering 226% revenue growth in the quarter and 226% revenue growth for the full year:\n(2020 Q4 Shareholder Letter)\nForgive me for stating, but as the reader probably knows, DASH’s line of business is in food delivery. The pandemic created a perfect environment for this business segment, as social distancing restrictions essentially made food delivery the “only option” for many restaurants. In spite of this perfect environment, DASH was nonetheless unable to show GAAP profitability:\n(2020 Q4 Shareholder Letter)\nEven if we add back stock-based compensation, DASH was barely able to generate $10 million in adjusted net income for the fourth quarter and lost $139 million in adjusted net income for the year. Consider that Zoom (ZM), another pandemic beneficiary, generated 25.5% GAAP net margins in the third quarter. Shopify (SHOP) generated 12.7% GAAP net margins in its latest quarter. Why is DASH unable to generate profits during what might prove to be a peak year?\nDASH discloses a metric called “contribution profit” which, as we can see below, is only 23.7% of revenues:\n(2020 Q4 Shareholder Letter)\nDASH defines Contribution Profit in itsS-1as follows:\n\n “We define Contribution Profit (Loss) as our gross profit (loss) less sales and marketing expense plus (i) depreciation and amortization expense related to cost of revenue, (II) stock-based compensation expense included in cost of revenue and sales and marketing expenses, and (III) allocated overhead included in cost of revenue and sales and marketing expenses. Gross profit (loss) is defined as revenue less (i) cost of revenue, exclusive of depreciation and amortization and (II) depreciation and amortization related to cost of revenue.”\n\nIt is the following statement (also from the S-1) that leads me to believe that contribution profit is a better proxy for gross profit as typically used by other companies:\n\n “We believe that Contribution Profit (Loss) is a useful indicator of the economic impact of orders fulfilled through DoorDash as it takes into account the direct expenses associated with generating and fulfilling orders.”\n\nWhat does this all mean? The traditional meaning of gross profit is meant to represent the incremental profit from each dollar sold by the business. DASH’s contribution profit can be considered to be its true gross profit because it takes into account, among other things, the sales and marketing expenses associated with each sale. The typical tech company that I cover has gross profit margin upwards of 65%. There, the high gross margin suggests that operating leverage may eventually pave the way for strong profits in the future, even if the companies are not currently profitable. DASH’s contribution profit margin is a mere 23.7%, suggesting that the path to profitability will bemuchharder than tech peers.\nDASH guided for this upcoming year to see Marketplace GOV of $30 billion to $33 billion, up 28% from $24.7 billion in 2020. I estimate this to equate to roughly $3.7 billion in revenue. At recent prices, DASH trades at 17 times forward revenues, which is rich but at first not obviously bubbly in light of the 28% growth rate. However, price to sales is meaningless for DASH because of its low gross margins. I estimate that DASH will earn $877 million in contribution profit in 2021.\nDASH trades at 73 times that number, which makes no sense in comparison to the 23.7% growth rate. It is very rare to see tech companies (with high gross margins) trading at a price to sales multiple even equivalent to their growth rate. I consider such multiples to be bubbly. Yet DASH would trade at $54 per share if it traded at 23.7 times forward contribution profits. Shares have 70% downside to that price.\nConclusion\n2020 was a year in which many tech stocks proved the naysayers wrong. Wall Street appears to have become comfortable purchasing stocks of unprofitable tech companies because operating leverage may lead to high profits in the future. Not all tech companies are created equal - DASH’s low effective gross margins suggest that on a comparable basis, its valuation is much more expensive than it looks.\nEven if all the projected contribution profit growth flows directly to the bottom line, then DASH would still earn only $75 million in adjusted net income (that’s after excluding stock-based compensation). Shares trade at 746 times that number. While I am in general comfortable with paying a fair multiple for high quality tech companies, DASH appears to be the poster child of the tech bubble.","news_type":1},"isVote":1,"tweetType":1,"viewCount":335,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366712762,"gmtCreate":1614563037256,"gmtModify":1704772437640,"author":{"id":"3577656206158359","authorId":"3577656206158359","name":"AbahAqo","avatar":"https://static.tigerbbs.com/11938790957e3b9e0081f89fecec5792","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577656206158359","idStr":"3577656206158359"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366712762","repostId":"1181374212","repostType":4,"repost":{"id":"1181374212","pubTimestamp":1614335737,"share":"https://ttm.financial/m/news/1181374212?lang=&edition=fundamental","pubTime":"2021-02-26 18:35","market":"hk","language":"en","title":"Trading tax hike won’t harm competitiveness of Hong Kong’s stock market, says financial secretary","url":"https://stock-news.laohu8.com/highlight/detail?id=1181374212","media":"cnbc","summary":"Hong Kong’s plan to increase the stamp duty on stock trading will not harm the competitiveness of the city’s financial markets, Financial Secretary Paul Chan told CNBC on Friday.Chan said in his budget speech on Wednesday that the government will raise the stamp duty paid on listed stock trades from 0.1% to 0.13%.The move “will not harm our competitiveness and at the same time will bring additional revenue to the government at this juncture,” said Chan.Chan said in his budget speech on Wednesday","content":"<div>\n<p>KEY POINTS\n\nHong Kong’s plan to increase the stamp duty on stock trading will not harm the competitiveness of the city’s financial markets, Financial Secretary Paul Chan told CNBC on Friday.\nChan said...</p>\n\n<a href=\"https://www.cnbc.com/2021/02/26/trading-tax-hike-wont-harm-hong-kongs-stock-market-financial-secretary.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>Trading tax hike won’t harm competitiveness of Hong Kong’s stock market, says financial secretary</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\">\nTrading tax hike won’t harm competitiveness of Hong Kong’s stock market, says financial secretary\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-26 18:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/02/26/trading-tax-hike-wont-harm-hong-kongs-stock-market-financial-secretary.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nHong Kong’s plan to increase the stamp duty on stock trading will not harm the competitiveness of the city’s financial markets, Financial Secretary Paul Chan told CNBC on Friday.\nChan said...</p>\n\n<a href=\"https://www.cnbc.com/2021/02/26/trading-tax-hike-wont-harm-hong-kongs-stock-market-financial-secretary.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HSCCI":"红筹指数","HSI":"恒生指数","HSCEI":"国企指数","00388":"香港交易所"},"source_url":"https://www.cnbc.com/2021/02/26/trading-tax-hike-wont-harm-hong-kongs-stock-market-financial-secretary.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1181374212","content_text":"KEY POINTS\n\nHong Kong’s plan to increase the stamp duty on stock trading will not harm the competitiveness of the city’s financial markets, Financial Secretary Paul Chan told CNBC on Friday.\nChan said in his budget speech on Wednesday that the government will raise the stamp duty paid on listed stock trades from 0.1% to 0.13%.\nThe move “will not harm our competitiveness and at the same time will bring additional revenue to the government at this juncture,” said Chan.\n\nHong Kong’s plan to increase the stamp duty on stock trading will not harm the competitiveness of the city’s financial markets, Financial Secretary Paul Chan told CNBC on Friday.\nChan said in his budget speech on Wednesday that the government will raise the stamp duty paid on listed stock trades from 0.1% to 0.13%.The announcement sparked a sell-off in shares of the operator of the city’s stock exchange, and the broader Hong Kong market.\n“The Hong Kong market has been doing very well, very active, the volume has gone up quite a bit,” Chan told CNBC’s Emily Tan.\n“So, perhaps this is the time for us to increase a little bit on the stamp duty which will not harm our competitiveness and at the same time will bring additional revenue to the government at this juncture,” he added.\nThe financial secretary said Hong Kong authorities have in recent years launched different initiatives to enhance the competitiveness of the city’s stock market. That includes allowing listings of dual-class shares and attracting U.S.-listed Chinese companies to seek a secondary listing in Hong Kong, he said.\nHong Kong in 2020 was one of the top markets for listings globally as Chinese firms such as e-commerce giant JD.com and gaming company NetEase raised funds through secondary listings.\nIn total, the city’s stock exchange saw 132 initial public offerings worth $32.1 billion, and 199 further offerings worth $62.9 billion last year, according to data compiled by consultancy PwC.\nWith such “robust” capital markets activity, raising the trading stamp duty may offer Hong Kong “a quick solution” to increase its tax revenue in the short term, said Stanley Ho, a partner for corporate tax advisory at consultancy KPMG China.\n“However, it is also important for Hong Kong’s capital markets to stay competitive with global financial markets, many of which are trending towards reducing or removing such duties,” Ho said in a statement after Chan’s budget speech.\nChan said he remains confident of Hong Kong’s prospects as an international financial center.\nHe explained that the government is working on promoting Hong Kong as a center for sustainable and green finance, developing further the city’s fixed income markets and encouraging more activity in the asset and wealth management sectors.\nOn the stock market sell-off after his announcement of the trading tax hike, Chan said Hong Kong wasn’t the only one experiencing a “downward adjustment” following a previous run-up.\n“So, I would not be bothered by temporary fluctuations in the market. What we believe is we continue to work hard to enhance the offering of our market to further enhance the competitiveness and attractiveness of the Hong Kong market,” he said.\n“We will continue to attract inflow of international capital.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366718408,"gmtCreate":1614562904104,"gmtModify":1704772434836,"author":{"id":"3577656206158359","authorId":"3577656206158359","name":"AbahAqo","avatar":"https://static.tigerbbs.com/11938790957e3b9e0081f89fecec5792","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577656206158359","idStr":"3577656206158359"},"themes":[],"htmlText":"Coming soon","listText":"Coming soon","text":"Coming soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366718408","repostId":"1106176819","repostType":4,"isVote":1,"tweetType":1,"viewCount":152,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366718302,"gmtCreate":1614562832106,"gmtModify":1704772438953,"author":{"id":"3577656206158359","authorId":"3577656206158359","name":"AbahAqo","avatar":"https://static.tigerbbs.com/11938790957e3b9e0081f89fecec5792","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577656206158359","idStr":"3577656206158359"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366718302","repostId":"1117820997","repostType":4,"isVote":1,"tweetType":1,"viewCount":81,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366711407,"gmtCreate":1614562817409,"gmtModify":1704772433525,"author":{"id":"3577656206158359","authorId":"3577656206158359","name":"AbahAqo","avatar":"https://static.tigerbbs.com/11938790957e3b9e0081f89fecec5792","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577656206158359","idStr":"3577656206158359"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366711407","repostId":"1117820997","repostType":4,"repost":{"id":"1117820997","pubTimestamp":1614337504,"share":"https://ttm.financial/m/news/1117820997?lang=&edition=fundamental","pubTime":"2021-02-26 19:05","market":"us","language":"en","title":"Coinbase IPO: 5 things to know about the U.S. cryptocurrency exchange","url":"https://stock-news.laohu8.com/highlight/detail?id=1117820997","media":"MarketWatch","summary":"A long-awaited public offering of Coinbase Global Inc. appears near after the cryptocurrency trading","content":"<p>A long-awaited public offering of Coinbase Global Inc. appears near after the cryptocurrency trading platform filed paperwork with the Securities and Exchange Commission on Thursday.</p>\n<p>Coinbase&nbsp;plans to list on the Nasdaq Inc. exchange&nbsp;under the ticker symbol “COIN,” with the aim of employing a nontraditional direct listing to take itself public. This method means it won’t raise any new money, similar to approaches used by Palantir Technologies,Slack Technologies&nbsp;and Spotify Technology&nbsp;in recent years.</p>\n<p>Here’s what to know about the popular trading platform ahead of its public offering.</p>\n<p><b>What is Coinbase?</b></p>\n<p>The Silicon Valley crypto exchange was co-founded in 2012 by Brian Armstrong, 38, who runs the platform chief executive. Fred Ehrsam, a Coinbase director, also helped to create the company.</p>\n<p>There are two class of Coinbase shares. Armstrong owns 11% of the Class A shares and 22% of the Class B shares, while Ehrsam owns 11.4% of the Class A and 9% of the Class B.</p>\n<p>According to Forbes, Armstrong’s networth is currently $6.5 billion based on his ownership in the company, which is likely to increase if the direct listing goes off successfully.</p>\n<p>Coinbase bills itself as a bet on the rapidly growing cryptoeconomy, which starts with the No. 1 crypto asset bitcoin but goes well beyond that, Armstrong and company argue.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67e611f71f8557b80e1863da93d753c9\" tg-width=\"1260\" tg-height=\"639\"><span>COINBASE S-1</span></p>\n<p>Bitcoin prices&nbsp;have gained attention as it has soared to repeated records, most recently touching a recent peak above $58,000 over the weekend before beginning to give up some gains in recent trade.</p>\n<p>Last week, bitcoin hit a market value of $1 trillion and even though the asset created by a person or persons known as Satoshi Nakamoto represents about 70% of the total crypto market, there are still a number of other popular crypto assets trading on Coinbase, including ether&nbsp;on Ethereum’s blockchain, Bitcoin Cash&nbsp;and Litecoin,to name a few.</p>\n<p><b>Who else owns Coinbase?</b></p>\n<p>Venture-capital firm Andreessen Horowitz, is the largest owner of Coinbase, boasting about 25% of Class A shares and14% of Class B. And Marc Andreessen, head of the venture capital outfit, sits on Coinbase’s board.</p>\n<p>Coinbase has an ambitions echo those of Robinhood Markets</p>\n<p>“Coinbase is company with an ambitious vision: to create more economic freedom for every person and business,” Armstrong wrote in a letter appended to the company’s public-filing paperwork with the SEC.</p>\n<p><b>Biggest risk factor</b></p>\n<p>No doubt the biggest risk factor in Coinbase is that it is a bet on an unproven asset class that was created just over a decade ago. Coinbase attempts to make it clear that its fate is linked to the prospects for Bitcoin and ethereum and the thousands of other alternative coins that have been written into existence.</p>\n<p>But a decline in interest and tough regulations in the U.S. and elsewhere could wallop the exchange platform.</p>\n<p>Here’s now Coinbase explains it:</p>\n<p>“<i>There is no assurance that any supported crypto asset will maintain its value or that there will be meaningful levels of trading activities. In the event that the price of crypto assets or the demand for trading crypto assets decline, our business, operating results, and financial condition would be adversely affected. A majority of our net revenue is from transactions in Bitcoin and ethereum. If demand for these crypto assets declines and is not replaced by new demand for crypto assets, our business, operating results, and financial condition could be adversely affected</i>,” Coinbase writes in its S-1 filing.</p>\n<p><b>How large is Coinbase?</b></p>\n<p>The crypto exchange platform ranks No. 3 among the largest digital asset exchanges in the world, according to data site CoinMarketCap.com. That ranking puts it behind Binance, based in Seattle and Huobi Global, a Seychelles-based cryptocurrency exchange that was founded in China.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/183f3996adecd36a47a1b191cf6d3ca6\" tg-width=\"1260\" tg-height=\"453\"><span>COINMARKETCAP.COM</span></p>\n<p>In the U.S. Coinbase is by far the most well-known crypto platform but there are competitors, including Gemini, run by Tyler and Cameron Winklevoss, who famously used their Facebook Inc.&nbsp;settlements to invest in bitcoins.</p>\n<p>Kraken is another popular crypto platform and direct competitor in the U.S.</p>\n<p><b>Odds &amp; Ends</b></p>\n<p>The company in its public filing offered a number of homages to the founder or founders of bitcoin and the digital currency age in its submission.</p>\n<p>For example, it listed the genesis block associated with Satoshi Nakamoto at “1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa,” whose white paper back in 2008 set bitcoin in motion. (Additionally, a “Satoshi” is the smallest unit of bitcoin—0.00000001 BTC).</p>\n<p>The company offers no physical address for its headquarters in California, citing the COVID-19 pandemic, which has forced a number of companies to have most, if not all, of its staffers work remotely. For that reason, Coinbase refers to itself as “a remote-first company.”</p>\n<p>However, having no address to some was viewed as aligning with the decentralized nature of blockchain and bitcoins.</p>\n<p>The company also offered a handy primer on cryptocurrency terms, including defining terms like “hodl,” which have become popular in crypto circles. Hodl was accidentally coined in a 2013 Reddit&nbsp;and means long-term holder of an investment.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1d3d07b595555c3cb7e307056bde87a6\" tg-width=\"1260\" tg-height=\"348\"><span>SEC</span></p>\n<p><b>Armstrong crypto charity</b></p>\n<p>Back in 2018, Armstrong kicked off GiveCrypto.org, which makes direct cash transfers to people living in poverty.</p>\n<p>“People who invested early in crypto have amassed an enormous amount of wealth in a relatively short amount of time. Yet the reputation of the crypto community has been dominated by images of ‘bros in Lambos,’ whose antics get a lot of attention,”wrote Armstrong in a separate blog post on Mediumin 2018.</p>\n<p>Armstrong has reportedly donated at least $1 million to&nbsp;GiveCrypto.</p>","source":"market_watch","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>Coinbase IPO: 5 things to know about the U.S. cryptocurrency exchange</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\">\nCoinbase IPO: 5 things to know about the U.S. cryptocurrency exchange\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-26 19:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/coinbase-ipo-5-things-to-know-about-the-u-s-cryptocurrency-exchange-11614290534?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A long-awaited public offering of Coinbase Global Inc. appears near after the cryptocurrency trading platform filed paperwork with the Securities and Exchange Commission on Thursday.\nCoinbase plans to...</p>\n\n<a href=\"https://www.marketwatch.com/story/coinbase-ipo-5-things-to-know-about-the-u-s-cryptocurrency-exchange-11614290534?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPOT":"Spotify Technology S.A.","PYPL":"PayPal","PLTR":"Palantir Technologies Inc.","GBTC":"Grayscale Bitcoin Trust","SQ":"Block","NDAQ":"纳斯达克OMX交易所","TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/story/coinbase-ipo-5-things-to-know-about-the-u-s-cryptocurrency-exchange-11614290534?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1117820997","content_text":"A long-awaited public offering of Coinbase Global Inc. appears near after the cryptocurrency trading platform filed paperwork with the Securities and Exchange Commission on Thursday.\nCoinbase plans to list on the Nasdaq Inc. exchange under the ticker symbol “COIN,” with the aim of employing a nontraditional direct listing to take itself public. This method means it won’t raise any new money, similar to approaches used by Palantir Technologies,Slack Technologies and Spotify Technology in recent years.\nHere’s what to know about the popular trading platform ahead of its public offering.\nWhat is Coinbase?\nThe Silicon Valley crypto exchange was co-founded in 2012 by Brian Armstrong, 38, who runs the platform chief executive. Fred Ehrsam, a Coinbase director, also helped to create the company.\nThere are two class of Coinbase shares. Armstrong owns 11% of the Class A shares and 22% of the Class B shares, while Ehrsam owns 11.4% of the Class A and 9% of the Class B.\nAccording to Forbes, Armstrong’s networth is currently $6.5 billion based on his ownership in the company, which is likely to increase if the direct listing goes off successfully.\nCoinbase bills itself as a bet on the rapidly growing cryptoeconomy, which starts with the No. 1 crypto asset bitcoin but goes well beyond that, Armstrong and company argue.\nCOINBASE S-1\nBitcoin prices have gained attention as it has soared to repeated records, most recently touching a recent peak above $58,000 over the weekend before beginning to give up some gains in recent trade.\nLast week, bitcoin hit a market value of $1 trillion and even though the asset created by a person or persons known as Satoshi Nakamoto represents about 70% of the total crypto market, there are still a number of other popular crypto assets trading on Coinbase, including ether on Ethereum’s blockchain, Bitcoin Cash and Litecoin,to name a few.\nWho else owns Coinbase?\nVenture-capital firm Andreessen Horowitz, is the largest owner of Coinbase, boasting about 25% of Class A shares and14% of Class B. And Marc Andreessen, head of the venture capital outfit, sits on Coinbase’s board.\nCoinbase has an ambitions echo those of Robinhood Markets\n“Coinbase is company with an ambitious vision: to create more economic freedom for every person and business,” Armstrong wrote in a letter appended to the company’s public-filing paperwork with the SEC.\nBiggest risk factor\nNo doubt the biggest risk factor in Coinbase is that it is a bet on an unproven asset class that was created just over a decade ago. Coinbase attempts to make it clear that its fate is linked to the prospects for Bitcoin and ethereum and the thousands of other alternative coins that have been written into existence.\nBut a decline in interest and tough regulations in the U.S. and elsewhere could wallop the exchange platform.\nHere’s now Coinbase explains it:\n“There is no assurance that any supported crypto asset will maintain its value or that there will be meaningful levels of trading activities. In the event that the price of crypto assets or the demand for trading crypto assets decline, our business, operating results, and financial condition would be adversely affected. A majority of our net revenue is from transactions in Bitcoin and ethereum. If demand for these crypto assets declines and is not replaced by new demand for crypto assets, our business, operating results, and financial condition could be adversely affected,” Coinbase writes in its S-1 filing.\nHow large is Coinbase?\nThe crypto exchange platform ranks No. 3 among the largest digital asset exchanges in the world, according to data site CoinMarketCap.com. That ranking puts it behind Binance, based in Seattle and Huobi Global, a Seychelles-based cryptocurrency exchange that was founded in China.\nCOINMARKETCAP.COM\nIn the U.S. Coinbase is by far the most well-known crypto platform but there are competitors, including Gemini, run by Tyler and Cameron Winklevoss, who famously used their Facebook Inc. settlements to invest in bitcoins.\nKraken is another popular crypto platform and direct competitor in the U.S.\nOdds & Ends\nThe company in its public filing offered a number of homages to the founder or founders of bitcoin and the digital currency age in its submission.\nFor example, it listed the genesis block associated with Satoshi Nakamoto at “1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa,” whose white paper back in 2008 set bitcoin in motion. (Additionally, a “Satoshi” is the smallest unit of bitcoin—0.00000001 BTC).\nThe company offers no physical address for its headquarters in California, citing the COVID-19 pandemic, which has forced a number of companies to have most, if not all, of its staffers work remotely. For that reason, Coinbase refers to itself as “a remote-first company.”\nHowever, having no address to some was viewed as aligning with the decentralized nature of blockchain and bitcoins.\nThe company also offered a handy primer on cryptocurrency terms, including defining terms like “hodl,” which have become popular in crypto circles. Hodl was accidentally coined in a 2013 Reddit and means long-term holder of an investment.\nSEC\nArmstrong crypto charity\nBack in 2018, Armstrong kicked off GiveCrypto.org, which makes direct cash transfers to people living in poverty.\n“People who invested early in crypto have amassed an enormous amount of wealth in a relatively short amount of time. Yet the reputation of the crypto community has been dominated by images of ‘bros in Lambos,’ whose antics get a lot of attention,”wrote Armstrong in a separate blog post on Mediumin 2018.\nArmstrong has reportedly donated at least $1 million to GiveCrypto.","news_type":1},"isVote":1,"tweetType":1,"viewCount":96,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":366715860,"gmtCreate":1614563074050,"gmtModify":1704772437967,"author":{"id":"3577656206158359","authorId":"3577656206158359","name":"AbahAqo","avatar":"https://static.tigerbbs.com/11938790957e3b9e0081f89fecec5792","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577656206158359","authorIdStr":"3577656206158359"},"themes":[],"htmlText":"Live it","listText":"Live it","text":"Live it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/366715860","repostId":"1100894452","repostType":4,"repost":{"id":"1100894452","pubTimestamp":1614328628,"share":"https://ttm.financial/m/news/1100894452?lang=&edition=fundamental","pubTime":"2021-02-26 16:37","market":"us","language":"en","title":"DoorDash Earnings Show Rapid Growth: Why I'm Bearish Anyways","url":"https://stock-news.laohu8.com/highlight/detail?id=1100894452","media":"seekingalpha","summary":"Summary\n\nDASH reported strong triple-digit top line growth in its first quarter as a public company.","content":"<p><b>Summary</b></p>\n<ul>\n <li>DASH reported strong triple-digit top line growth in its first quarter as a public company.</li>\n <li>The pandemic has created a perfect environment for food delivery companies, but DASH was still unable to earn a profit.</li>\n <li>DASH trades at a nosebleed 73 times forward contribution profits.</li>\n <li>I am bearish on the stock as it appears unlikely to generate satisfactory returns.</li>\n</ul>\n<p>DoorDash&nbsp;(DASH) has reported its first quarter as a public company. At one point, DASH traded over 100% higher than its IPO price of $102 per share, and heading into its earnings report it still traded more than 60% higher. This past quarter showed phenomenal top-line growth and the company guided for 2021 to see further growth in spite of tough comparables. In spite of the insane growth it showed in 2020, DASH was not profitable on either a GAAP or non-GAAP basis.</p>\n<p>That should spook investors as other tech names that benefited from the pandemic saw huge boosts to profitability. DASH might eventually be able to report profits as it gains scale, but the lack of profitability in 2020 suggests that operating leverage may prove difficult to come by. I am bearish on the stock at current valuations.</p>\n<p><b>Blockbuster Top Line Growth, No Profits</b></p>\n<p>DASH saw its network report strong growth of 87% year over year for marketplace partner stores and 158% year over year for drive partner stores. Marketplace partners stores are those that show up in theDoorDashapp and Drive Partner stores are those which use their own website but rely onDoorDashto fulfill delivery:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f69874662354b0b0860c72b71d831034\" tg-width=\"1280\" tg-height=\"640\"><span>(2020 Q4 Shareholder Letter)</span></p>\n<p>DASH reported blistering 226% revenue growth in the quarter and 226% revenue growth for the full year:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0caed2684d31742ad9fe124229dc455a\" tg-width=\"882\" tg-height=\"426\"><span>(2020 Q4 Shareholder Letter)</span></p>\n<p>Forgive me for stating, but as the reader probably knows, DASH’s line of business is in food delivery. The pandemic created a perfect environment for this business segment, as social distancing restrictions essentially made food delivery the “only option” for many restaurants. In spite of this perfect environment, DASH was nonetheless unable to show GAAP profitability:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9dfa00381c181c33c9097a245519dcce\" tg-width=\"878\" tg-height=\"424\"><span>(2020 Q4 Shareholder Letter)</span></p>\n<p>Even if we add back stock-based compensation, DASH was barely able to generate $10 million in adjusted net income for the fourth quarter and lost $139 million in adjusted net income for the year. Consider that Zoom (ZM), another pandemic beneficiary, generated&nbsp;25.5% GAAP net margins in the third quarter. Shopify (SHOP) generated&nbsp;12.7% GAAP net margins in its latest quarter. Why is DASH unable to generate profits during what might prove to be a peak year?</p>\n<p>DASH discloses a metric called “contribution profit” which, as we can see below, is only 23.7% of revenues:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/42ffb1d6669048f1ee78b712c4020f70\" tg-width=\"866\" tg-height=\"416\"><span>(2020 Q4 Shareholder Letter)</span></p>\n<p>DASH defines Contribution Profit in itsS-1as follows:</p>\n<blockquote>\n “We define Contribution Profit (Loss) as our gross profit (loss) less sales and marketing expense plus (i) depreciation and amortization expense related to cost of revenue, (II) stock-based compensation expense included in cost of revenue and sales and marketing expenses, and (III) allocated overhead included in cost of revenue and sales and marketing expenses. Gross profit (loss) is defined as revenue less (i) cost of revenue, exclusive of depreciation and amortization and (II) depreciation and amortization related to cost of revenue.”\n</blockquote>\n<p>It is the following statement (also from the S-1) that leads me to believe that contribution profit is a better proxy for gross profit as typically used by other companies:</p>\n<blockquote>\n “We believe that Contribution Profit (Loss) is a useful indicator of the economic impact of orders fulfilled through DoorDash as it takes into account the direct expenses associated with generating and fulfilling orders.”\n</blockquote>\n<p>What does this all mean? The traditional meaning of gross profit is meant to represent the incremental profit from each dollar sold by the business. DASH’s contribution profit can be considered to be its true gross profit because it takes into account, among other things, the sales and marketing expenses associated with each sale. The typical tech company that I cover has gross profit margin upwards of 65%. There, the high gross margin suggests that operating leverage may eventually pave the way for strong profits in the future, even if the companies are not currently profitable. DASH’s contribution profit margin is a mere 23.7%, suggesting that the path to profitability will be<b>much</b>harder than tech peers.</p>\n<p>DASH guided for this upcoming year to see Marketplace GOV of $30 billion to $33 billion, up 28% from $24.7 billion in 2020. I estimate this to equate to roughly $3.7 billion in revenue. At recent prices, DASH trades at 17 times forward revenues, which is rich but at first not obviously bubbly in light of the 28% growth rate. However, price to sales is meaningless for DASH because of its low gross margins. I estimate that DASH will earn $877 million in contribution profit in 2021.</p>\n<p>DASH trades at 73 times that number, which makes no sense in comparison to the 23.7% growth rate. It is very rare to see tech companies (with high gross margins) trading at a price to sales multiple even equivalent to their growth rate. I consider such multiples to be bubbly. Yet DASH would trade at $54 per share if it traded at 23.7 times forward contribution profits. Shares have 70% downside to that price.</p>\n<p><b>Conclusion</b></p>\n<p>2020 was a year in which many tech stocks proved the naysayers wrong. Wall Street appears to have become comfortable purchasing stocks of unprofitable tech companies because operating leverage may lead to high profits in the future. Not all tech companies are created equal - DASH’s low effective gross margins suggest that on a comparable basis, its valuation is much more expensive than it looks.</p>\n<p>Even if all the projected contribution profit growth flows directly to the bottom line, then DASH would still earn only $75 million in adjusted net income (that’s after excluding stock-based compensation). Shares trade at 746 times that number. While I am in general comfortable with paying a fair multiple for high quality tech companies, DASH appears to be the poster child of the tech bubble.</p>","source":"seekingalpha","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>DoorDash Earnings Show Rapid Growth: Why I'm Bearish Anyways</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\">\nDoorDash Earnings Show Rapid Growth: Why I'm Bearish Anyways\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-26 16:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4409243-doordash-earnings-show-rapid-growth-why-i-am-bearish-anyways><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nDASH reported strong triple-digit top line growth in its first quarter as a public company.\nThe pandemic has created a perfect environment for food delivery companies, but DASH was still ...</p>\n\n<a href=\"https://seekingalpha.com/article/4409243-doordash-earnings-show-rapid-growth-why-i-am-bearish-anyways\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DASH":"DoorDash, Inc."},"source_url":"https://seekingalpha.com/article/4409243-doordash-earnings-show-rapid-growth-why-i-am-bearish-anyways","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1100894452","content_text":"Summary\n\nDASH reported strong triple-digit top line growth in its first quarter as a public company.\nThe pandemic has created a perfect environment for food delivery companies, but DASH was still unable to earn a profit.\nDASH trades at a nosebleed 73 times forward contribution profits.\nI am bearish on the stock as it appears unlikely to generate satisfactory returns.\n\nDoorDash (DASH) has reported its first quarter as a public company. At one point, DASH traded over 100% higher than its IPO price of $102 per share, and heading into its earnings report it still traded more than 60% higher. This past quarter showed phenomenal top-line growth and the company guided for 2021 to see further growth in spite of tough comparables. In spite of the insane growth it showed in 2020, DASH was not profitable on either a GAAP or non-GAAP basis.\nThat should spook investors as other tech names that benefited from the pandemic saw huge boosts to profitability. DASH might eventually be able to report profits as it gains scale, but the lack of profitability in 2020 suggests that operating leverage may prove difficult to come by. I am bearish on the stock at current valuations.\nBlockbuster Top Line Growth, No Profits\nDASH saw its network report strong growth of 87% year over year for marketplace partner stores and 158% year over year for drive partner stores. Marketplace partners stores are those that show up in theDoorDashapp and Drive Partner stores are those which use their own website but rely onDoorDashto fulfill delivery:\n(2020 Q4 Shareholder Letter)\nDASH reported blistering 226% revenue growth in the quarter and 226% revenue growth for the full year:\n(2020 Q4 Shareholder Letter)\nForgive me for stating, but as the reader probably knows, DASH’s line of business is in food delivery. The pandemic created a perfect environment for this business segment, as social distancing restrictions essentially made food delivery the “only option” for many restaurants. In spite of this perfect environment, DASH was nonetheless unable to show GAAP profitability:\n(2020 Q4 Shareholder Letter)\nEven if we add back stock-based compensation, DASH was barely able to generate $10 million in adjusted net income for the fourth quarter and lost $139 million in adjusted net income for the year. Consider that Zoom (ZM), another pandemic beneficiary, generated 25.5% GAAP net margins in the third quarter. Shopify (SHOP) generated 12.7% GAAP net margins in its latest quarter. Why is DASH unable to generate profits during what might prove to be a peak year?\nDASH discloses a metric called “contribution profit” which, as we can see below, is only 23.7% of revenues:\n(2020 Q4 Shareholder Letter)\nDASH defines Contribution Profit in itsS-1as follows:\n\n “We define Contribution Profit (Loss) as our gross profit (loss) less sales and marketing expense plus (i) depreciation and amortization expense related to cost of revenue, (II) stock-based compensation expense included in cost of revenue and sales and marketing expenses, and (III) allocated overhead included in cost of revenue and sales and marketing expenses. Gross profit (loss) is defined as revenue less (i) cost of revenue, exclusive of depreciation and amortization and (II) depreciation and amortization related to cost of revenue.”\n\nIt is the following statement (also from the S-1) that leads me to believe that contribution profit is a better proxy for gross profit as typically used by other companies:\n\n “We believe that Contribution Profit (Loss) is a useful indicator of the economic impact of orders fulfilled through DoorDash as it takes into account the direct expenses associated with generating and fulfilling orders.”\n\nWhat does this all mean? The traditional meaning of gross profit is meant to represent the incremental profit from each dollar sold by the business. DASH’s contribution profit can be considered to be its true gross profit because it takes into account, among other things, the sales and marketing expenses associated with each sale. The typical tech company that I cover has gross profit margin upwards of 65%. There, the high gross margin suggests that operating leverage may eventually pave the way for strong profits in the future, even if the companies are not currently profitable. DASH’s contribution profit margin is a mere 23.7%, suggesting that the path to profitability will bemuchharder than tech peers.\nDASH guided for this upcoming year to see Marketplace GOV of $30 billion to $33 billion, up 28% from $24.7 billion in 2020. I estimate this to equate to roughly $3.7 billion in revenue. At recent prices, DASH trades at 17 times forward revenues, which is rich but at first not obviously bubbly in light of the 28% growth rate. However, price to sales is meaningless for DASH because of its low gross margins. I estimate that DASH will earn $877 million in contribution profit in 2021.\nDASH trades at 73 times that number, which makes no sense in comparison to the 23.7% growth rate. It is very rare to see tech companies (with high gross margins) trading at a price to sales multiple even equivalent to their growth rate. I consider such multiples to be bubbly. Yet DASH would trade at $54 per share if it traded at 23.7 times forward contribution profits. Shares have 70% downside to that price.\nConclusion\n2020 was a year in which many tech stocks proved the naysayers wrong. Wall Street appears to have become comfortable purchasing stocks of unprofitable tech companies because operating leverage may lead to high profits in the future. Not all tech companies are created equal - DASH’s low effective gross margins suggest that on a comparable basis, its valuation is much more expensive than it looks.\nEven if all the projected contribution profit growth flows directly to the bottom line, then DASH would still earn only $75 million in adjusted net income (that’s after excluding stock-based compensation). Shares trade at 746 times that number. While I am in general comfortable with paying a fair multiple for high quality tech companies, DASH appears to be the poster child of the tech bubble.","news_type":1},"isVote":1,"tweetType":1,"viewCount":335,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366711407,"gmtCreate":1614562817409,"gmtModify":1704772433525,"author":{"id":"3577656206158359","authorId":"3577656206158359","name":"AbahAqo","avatar":"https://static.tigerbbs.com/11938790957e3b9e0081f89fecec5792","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577656206158359","authorIdStr":"3577656206158359"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366711407","repostId":"1117820997","repostType":4,"isVote":1,"tweetType":1,"viewCount":96,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366718408,"gmtCreate":1614562904104,"gmtModify":1704772434836,"author":{"id":"3577656206158359","authorId":"3577656206158359","name":"AbahAqo","avatar":"https://static.tigerbbs.com/11938790957e3b9e0081f89fecec5792","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577656206158359","authorIdStr":"3577656206158359"},"themes":[],"htmlText":"Coming soon","listText":"Coming soon","text":"Coming soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366718408","repostId":"1106176819","repostType":4,"isVote":1,"tweetType":1,"viewCount":152,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366714115,"gmtCreate":1614563114537,"gmtModify":1704772439440,"author":{"id":"3577656206158359","authorId":"3577656206158359","name":"AbahAqo","avatar":"https://static.tigerbbs.com/11938790957e3b9e0081f89fecec5792","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577656206158359","authorIdStr":"3577656206158359"},"themes":[],"htmlText":"Not ba","listText":"Not ba","text":"Not ba","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366714115","repostId":"2114739403","repostType":4,"repost":{"id":"2114739403","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":1614325160,"share":"https://ttm.financial/m/news/2114739403?lang=&edition=fundamental","pubTime":"2021-02-26 15:39","market":"sh","language":"en","title":"China stocks post worst week in nearly 2-1/2 yrs as bond yields surge","url":"https://stock-news.laohu8.com/highlight/detail?id=2114739403","media":"Reuters","summary":"SHANGHAI, Feb 26 (Reuters) - China stocks fell sharply on Friday to end the week lower, in line with","content":"<p>SHANGHAI, Feb 26 (Reuters) - China stocks fell sharply on Friday to end the week lower, in line with global markets, with the blue-chip index posting its worst week in 28 months, as a rout in global bonds sent yields flying and dampened appetite for risky assets.</p>\n<p>The blue-chip CSI300 index fell 2.4% to 5,336.76, while the Shanghai Composite Index dropped 2.1% to 3,509.08 points.</p>\n<p>For the week, CSI300 slumped 7.7%, its steepest weekly decline since Oct. 12, 2018, while the SSEC dropped 5.1%.</p>\n<p>Yields on the 10-year Treasury note eased back to 1.538% from a <a href=\"https://laohu8.com/S/AONE\">one</a>-year high of 1.614%, but were still up a 40 basis points for the month in their biggest move since 2016.</p>\n<p>Fears over policy tightening and lofty valuations had already pummelled China's benchmark CSI300 index, which was down nearly 10% from its record high hit earlier in the month, mainly due to heavy selling in high-flying sectors such as consumer, healthcare and new energy firms.</p>\n<p>Analysts said the trend of China's policy tightening is quite evident, though the PBOC would refrain from sudden shifts in order to provide stability to the market.</p>\n<p>Adding to the pressure were worries over Sino-U.S. trade relations.</p>\n<p>Katherine Tai, President Joe Biden's top trade nominee, backed tariffs as a \"legitimate tool\" to counter China's state-driven economic model and vowed to hold Beijing to its prior commitments.</p>\n<p>\"Rising risk free rates hit high-flying stocks like liquor makers and healthcare firms, though cyclical players, in particular commodities stocks, that are benefited from hopes of a global economy recovery, would fare well going forward,\" said Fu Yanping, an analyst with China Galaxy Securities' wealth management arm.</p>\n<p>However, Fu said China would be accommodative and ease its monetary policies appropriately in case of a further sharp drop in the market.</p>\n<p>In an apparent move to sooth nerves, Chinese state newspaper Shanghai Securities News said in a commentary on Friday that investors remained confident overall and there were solid foundations for a stable stock market this year.</p>\n<p>\"This week does not necessarily mark the end of the rally. New fund flows from retail investors could continue for a while,\" said Thomas Gatley, China corporate analyst at Gavekal.</p>\n<p>Some analysts said the sharp sell-off provided opportunities to buy on the dip.</p>\n<p>Thomas Masi, vice president and co-portfolio manager of the GW&amp;K Emerging Wealth Strategy, said that the market's fear of rising inflation - which he believes to be temporary - creates opportunities to buy into high-growth companies exposed to the world's second-biggest economy.</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 stocks post worst week in nearly 2-1/2 yrs as bond yields surge</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 stocks post worst week in nearly 2-1/2 yrs as bond yields surge\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\">2021-02-26 15:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>SHANGHAI, Feb 26 (Reuters) - China stocks fell sharply on Friday to end the week lower, in line with global markets, with the blue-chip index posting its worst week in 28 months, as a rout in global bonds sent yields flying and dampened appetite for risky assets.</p>\n<p>The blue-chip CSI300 index fell 2.4% to 5,336.76, while the Shanghai Composite Index dropped 2.1% to 3,509.08 points.</p>\n<p>For the week, CSI300 slumped 7.7%, its steepest weekly decline since Oct. 12, 2018, while the SSEC dropped 5.1%.</p>\n<p>Yields on the 10-year Treasury note eased back to 1.538% from a <a href=\"https://laohu8.com/S/AONE\">one</a>-year high of 1.614%, but were still up a 40 basis points for the month in their biggest move since 2016.</p>\n<p>Fears over policy tightening and lofty valuations had already pummelled China's benchmark CSI300 index, which was down nearly 10% from its record high hit earlier in the month, mainly due to heavy selling in high-flying sectors such as consumer, healthcare and new energy firms.</p>\n<p>Analysts said the trend of China's policy tightening is quite evident, though the PBOC would refrain from sudden shifts in order to provide stability to the market.</p>\n<p>Adding to the pressure were worries over Sino-U.S. trade relations.</p>\n<p>Katherine Tai, President Joe Biden's top trade nominee, backed tariffs as a \"legitimate tool\" to counter China's state-driven economic model and vowed to hold Beijing to its prior commitments.</p>\n<p>\"Rising risk free rates hit high-flying stocks like liquor makers and healthcare firms, though cyclical players, in particular commodities stocks, that are benefited from hopes of a global economy recovery, would fare well going forward,\" said Fu Yanping, an analyst with China Galaxy Securities' wealth management arm.</p>\n<p>However, Fu said China would be accommodative and ease its monetary policies appropriately in case of a further sharp drop in the market.</p>\n<p>In an apparent move to sooth nerves, Chinese state newspaper Shanghai Securities News said in a commentary on Friday that investors remained confident overall and there were solid foundations for a stable stock market this year.</p>\n<p>\"This week does not necessarily mark the end of the rally. New fund flows from retail investors could continue for a while,\" said Thomas Gatley, China corporate analyst at Gavekal.</p>\n<p>Some analysts said the sharp sell-off provided opportunities to buy on the dip.</p>\n<p>Thomas Masi, vice president and co-portfolio manager of the GW&amp;K Emerging Wealth Strategy, said that the market's fear of rising inflation - which he believes to be temporary - creates opportunities to buy into high-growth companies exposed to the world's second-biggest economy.</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","000001.SH":"上证指数"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2114739403","content_text":"SHANGHAI, Feb 26 (Reuters) - China stocks fell sharply on Friday to end the week lower, in line with global markets, with the blue-chip index posting its worst week in 28 months, as a rout in global bonds sent yields flying and dampened appetite for risky assets.\nThe blue-chip CSI300 index fell 2.4% to 5,336.76, while the Shanghai Composite Index dropped 2.1% to 3,509.08 points.\nFor the week, CSI300 slumped 7.7%, its steepest weekly decline since Oct. 12, 2018, while the SSEC dropped 5.1%.\nYields on the 10-year Treasury note eased back to 1.538% from a one-year high of 1.614%, but were still up a 40 basis points for the month in their biggest move since 2016.\nFears over policy tightening and lofty valuations had already pummelled China's benchmark CSI300 index, which was down nearly 10% from its record high hit earlier in the month, mainly due to heavy selling in high-flying sectors such as consumer, healthcare and new energy firms.\nAnalysts said the trend of China's policy tightening is quite evident, though the PBOC would refrain from sudden shifts in order to provide stability to the market.\nAdding to the pressure were worries over Sino-U.S. trade relations.\nKatherine Tai, President Joe Biden's top trade nominee, backed tariffs as a \"legitimate tool\" to counter China's state-driven economic model and vowed to hold Beijing to its prior commitments.\n\"Rising risk free rates hit high-flying stocks like liquor makers and healthcare firms, though cyclical players, in particular commodities stocks, that are benefited from hopes of a global economy recovery, would fare well going forward,\" said Fu Yanping, an analyst with China Galaxy Securities' wealth management arm.\nHowever, Fu said China would be accommodative and ease its monetary policies appropriately in case of a further sharp drop in the market.\nIn an apparent move to sooth nerves, Chinese state newspaper Shanghai Securities News said in a commentary on Friday that investors remained confident overall and there were solid foundations for a stable stock market this year.\n\"This week does not necessarily mark the end of the rally. New fund flows from retail investors could continue for a while,\" said Thomas Gatley, China corporate analyst at Gavekal.\nSome analysts said the sharp sell-off provided opportunities to buy on the dip.\nThomas Masi, vice president and co-portfolio manager of the GW&K Emerging Wealth Strategy, said that the market's fear of rising inflation - which he believes to be temporary - creates opportunities to buy into high-growth companies exposed to the world's second-biggest economy.","news_type":1},"isVote":1,"tweetType":1,"viewCount":236,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366712762,"gmtCreate":1614563037256,"gmtModify":1704772437640,"author":{"id":"3577656206158359","authorId":"3577656206158359","name":"AbahAqo","avatar":"https://static.tigerbbs.com/11938790957e3b9e0081f89fecec5792","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577656206158359","authorIdStr":"3577656206158359"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366712762","repostId":"1181374212","repostType":4,"isVote":1,"tweetType":1,"viewCount":280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366718302,"gmtCreate":1614562832106,"gmtModify":1704772438953,"author":{"id":"3577656206158359","authorId":"3577656206158359","name":"AbahAqo","avatar":"https://static.tigerbbs.com/11938790957e3b9e0081f89fecec5792","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577656206158359","authorIdStr":"3577656206158359"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366718302","repostId":"1117820997","repostType":4,"isVote":1,"tweetType":1,"viewCount":81,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}