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2021-07-20

Apple is expending its growth in new entertainment industries

Apple reportedly looking for Hollywood production hub for streaming content

2021-07-20

Strong growth for GPU demands.

Nvidia Shares Move Higher Ahead of Four-for-One Stock Split Debut

2021-07-20

Strong growth from FAANMG

Nvidia, Blue Origin and Jeff Bezos, Apple, Netflix - 5 Things You Must Know Tuesday

2021-07-20

Event Type: TENDER OFFEREvent Name: BANK OF AMERICA CORPOFFER PRICE: USD 47.00 PER SHARE

2021-06-04

High performance

Sea Limited Is Ready To Fire On All Cylinders

2021-06-04

Well done analysis!

How Much Is Palantir Worth?

2021-05-28

Buy at 227/211/196

2021-05-24

Good growth

UiPath shares surges more than 7%.

2021-05-22

Wow!

U.S., South Korea Announce Vaccine, Semiconductor Partnership

2021-05-22

Wow!

U.S. Congress to hold hearing on SPACs, ramping up scrutiny

2021-05-20

Buy at 227/211/196

2021-05-20

Good growth

The Great Commodities Boom of 2021 Is Facing Its First Big Test

2021-05-20

Airlines will recover as demand for air travel is high, but limited by COVID.

3 Airlines Just Posted Updates. Here’s What That Means for the Recovery.

2021-05-20

New trend to EV

Sorry, the original content has been removed

2021-05-20

Big market to go

Oatly spikes 25% on its first day of trading

2021-05-17

Buy price at 227/211/196

2021-05-16

Strong BABA YoY growth

拆解阿里2021年财报，一条主线三个点

2021-05-16

Strong growth of BAC. Next target 48/54

2021-05-15

Buy in portion at 227/211/196

2021-05-11

To grab at 3 different supports - 227/211/196

Go to Tiger App to see more news

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days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.10.12","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},"individualDisplayBadges":null,"crmLevel":1,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":178971344,"gmtCreate":1626785943688,"gmtModify":1703765120750,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Apple is expending its growth in new entertainment&nbsp;industries&nbsp;","listText":"Apple is expending its growth in new entertainment&nbsp;industries&nbsp;","text":"Apple is expending its growth in new entertainment industries","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/178971344","repostId":"1162061196","repostType":4,"repost":{"id":"1162061196","pubTimestamp":1626780430,"share":"https://ttm.financial/m/news/1162061196?lang=&edition=fundamental","pubTime":"2021-07-20 19:27","market":"us","language":"en","title":"Apple reportedly looking for Hollywood production hub for streaming content","url":"https://stock-news.laohu8.com/highlight/detail?id=1162061196","media":"Seeking Alpha","summary":"Apple is reportedly on the hunt for a large production base in Los Angeles to increase its foothold ","content":"<ul>\n <li><a href=\"https://laohu8.com/S/AAPL\">Apple</a> is reportedly on the hunt for a large production base in Los Angeles to increase its foothold in the competitive streaming market.</li>\n <li><i>Wall Street Journal</i>sources say the production hub could exceed half a million square feet and would complement rather than replace the current soundstages.</li>\n <li>Apple TV+ launched in 2019 and remains a smaller fish in the streaming pond despite the critical success of original programming such as \"<i>Ted Lasso</i>\" and \"<i>The Morning Show</i>.\" The service is increasingly moving into original movies.</li>\n <li>Earlier this month, the&nbsp;<i>WSJ</i>&nbsp;reported that \"<i>The Morning Show</i>\" star Reese Witherspoon is mulling strategic options for her successful Hello Sunshine production company, including a potential sale. Apple&nbsp;was named among thepossible suitors.</li>\n</ul>\n<ul></ul>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple reportedly looking for Hollywood production hub for streaming content</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple reportedly looking for Hollywood production hub for streaming content\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-20 19:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3716734-apple-reportedly-looking-for-hollywood-production-hub-for-streaming-content><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple is reportedly on the hunt for a large production base in Los Angeles to increase its foothold in the competitive streaming market.\nWall Street Journalsources say the production hub could exceed ...</p>\n\n<a href=\"https://seekingalpha.com/news/3716734-apple-reportedly-looking-for-hollywood-production-hub-for-streaming-content\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/news/3716734-apple-reportedly-looking-for-hollywood-production-hub-for-streaming-content","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162061196","content_text":"Apple is reportedly on the hunt for a large production base in Los Angeles to increase its foothold in the competitive streaming market.\nWall Street Journalsources say the production hub could exceed half a million square feet and would complement rather than replace the current soundstages.\nApple TV+ launched in 2019 and remains a smaller fish in the streaming pond despite the critical success of original programming such as \"Ted Lasso\" and \"The Morning Show.\" The service is increasingly moving into original movies.\nEarlier this month, the WSJ reported that \"The Morning Show\" star Reese Witherspoon is mulling strategic options for her successful Hello Sunshine production company, including a potential sale. Apple was named among thepossible suitors.","news_type":1},"isVote":1,"tweetType":1,"viewCount":256,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178973232,"gmtCreate":1626785900226,"gmtModify":1703765119455,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Strong growth for GPU demands.","listText":"Strong growth for GPU demands.","text":"Strong growth for GPU demands.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/178973232","repostId":"1149610166","repostType":4,"repost":{"id":"1149610166","pubTimestamp":1626783804,"share":"https://ttm.financial/m/news/1149610166?lang=&edition=fundamental","pubTime":"2021-07-20 20:23","market":"us","language":"en","title":"Nvidia Shares Move Higher Ahead of Four-for-One Stock Split Debut","url":"https://stock-news.laohu8.com/highlight/detail?id=1149610166","media":"The Street","summary":"NVIDIA Corp shares will begin trading on a split-adjusted basis Tuesday following a spring decision ","content":"<blockquote>\n <a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a> shares will begin trading on a split-adjusted basis Tuesday following a spring decision to make them more accessible to individual investors and company employees.\n</blockquote>\n<p><b><a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a></b> moved higher Tuesday as shares in the markets hottest chipmaker are set to begin trading on a split-adjusted basis following a spring decision to make them more accessible to individual investors and company employees.</p>\n<p><img src=\"https://static.tigerbbs.com/2d767d90c7e751e1797abff012401e39\" tg-width=\"709\" tg-height=\"547\" width=\"100%\" height=\"auto\"></p>\n<p>Nvidia told investors in late May that it would execute a four-for-<a href=\"https://laohu8.com/S/AONE.U\">one</a> stock split starting on July 20, a plan that included shareholders of record on June 21 pocketing a 'dividend' of three additional shares after the close of trading last night. Essentially this would alter the composition of an investor's holding from one share at $750 each to four at $187.80 each, but make no change to the Santa Clara, California-based chipmaker's market value, which remains at around $117 billion.</p>\n<p>Nvidia shares were marked 1.17% higher from their split-adjusted close in pre-market trading Tuesday to indicate an opening bell price of $190.00 each.</p>\n<p>Nvidiashares have gained around 53% so far this year, thanks in part to market share wins in gaming and cryptocurrency mining and its ongoing advances in artificial intelligence and data center chips. <b><a href=\"https://laohu8.com/S/INTC\">Intel</a> </b>shares, by comparison, have gained just 9.7% so far this year while Advance Micro Devices(<b><a href=\"https://laohu8.com/S/AMD\">AMD</a></b>) is down 5.6% and <b><a href=\"https://laohu8.com/S/MU\">Micron Technology</a> </b>is down 0.8%.</p>\n<p>Earlier this spring,&nbsp;Nvidia said revenue from chips used for gaming, which comprise around half of its overall total, rose 106% from last year to $2.76 billion, while sales of its CMP product line - which is only used by cryptocurrency miners - came in at $155 million. Data center revenue was up 79% from last year to $2.05 billion, Nvidia said.</p>\n<p>Nvidia said current quarter sales should rise to $6.3 billion, with around $400 million from its CMP product line -- which is only used by cryptocurrency miners -- and more increases from gaming sales, adding it also plans to make headway in its planned acquisition of fellow semiconductor company Arm Ltd, which isfacing scrutiny both in the U.S. and abroad.</p>","source":"lsy1610613172068","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>Nvidia Shares Move Higher Ahead of Four-for-One Stock Split Debut</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\">\nNvidia Shares Move Higher Ahead of Four-for-One Stock Split Debut\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-20 20:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/nvidia-shares-move-higher-ahead-of-four-for-one-stock-split-debut><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NVIDIA Corp shares will begin trading on a split-adjusted basis Tuesday following a spring decision to make them more accessible to individual investors and company employees.\n\nNVIDIA Corp moved ...</p>\n\n<a href=\"https://www.thestreet.com/investing/nvidia-shares-move-higher-ahead-of-four-for-one-stock-split-debut\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://www.thestreet.com/investing/nvidia-shares-move-higher-ahead-of-four-for-one-stock-split-debut","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149610166","content_text":"NVIDIA Corp shares will begin trading on a split-adjusted basis Tuesday following a spring decision to make them more accessible to individual investors and company employees.\n\nNVIDIA Corp moved higher Tuesday as shares in the markets hottest chipmaker are set to begin trading on a split-adjusted basis following a spring decision to make them more accessible to individual investors and company employees.\n\nNvidia told investors in late May that it would execute a four-for-one stock split starting on July 20, a plan that included shareholders of record on June 21 pocketing a 'dividend' of three additional shares after the close of trading last night. Essentially this would alter the composition of an investor's holding from one share at $750 each to four at $187.80 each, but make no change to the Santa Clara, California-based chipmaker's market value, which remains at around $117 billion.\nNvidia shares were marked 1.17% higher from their split-adjusted close in pre-market trading Tuesday to indicate an opening bell price of $190.00 each.\nNvidiashares have gained around 53% so far this year, thanks in part to market share wins in gaming and cryptocurrency mining and its ongoing advances in artificial intelligence and data center chips. Intel shares, by comparison, have gained just 9.7% so far this year while Advance Micro Devices(AMD) is down 5.6% and Micron Technology is down 0.8%.\nEarlier this spring, Nvidia said revenue from chips used for gaming, which comprise around half of its overall total, rose 106% from last year to $2.76 billion, while sales of its CMP product line - which is only used by cryptocurrency miners - came in at $155 million. Data center revenue was up 79% from last year to $2.05 billion, Nvidia said.\nNvidia said current quarter sales should rise to $6.3 billion, with around $400 million from its CMP product line -- which is only used by cryptocurrency miners -- and more increases from gaming sales, adding it also plans to make headway in its planned acquisition of fellow semiconductor company Arm Ltd, which isfacing scrutiny both in the U.S. and abroad.","news_type":1},"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178979750,"gmtCreate":1626785858470,"gmtModify":1703765118649,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Strong growth from FAANMG","listText":"Strong growth from FAANMG","text":"Strong growth from FAANMG","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/178979750","repostId":"1158912810","repostType":4,"repost":{"id":"1158912810","pubTimestamp":1626779113,"share":"https://ttm.financial/m/news/1158912810?lang=&edition=fundamental","pubTime":"2021-07-20 19:05","market":"us","language":"en","title":"Nvidia, Blue Origin and Jeff Bezos, Apple, Netflix - 5 Things You Must Know Tuesday","url":"https://stock-news.laohu8.com/highlight/detail?id=1158912810","media":"The Street","summary":"Stock futures indicate Wall Street will claw back some losses from Monday's selloff; Jeff Bezos prep","content":"<p>Stock futures indicate Wall Street will claw back some losses from Monday's selloff; Jeff Bezos prepares for liftoff into space; Nvidia outperforms its peers; <a href=\"https://laohu8.com/S/AAPL\">Apple</a> delays a return to the office.</p>\n<p>Here are five things you must know for Tuesday, July 20:</p>\n<p><b>1. Stock Futures Indicate a Modest Recovery From Monday's Rout</b></p>\n<p>Stock futures traded higher Tuesday, indicating Wall Street will claw back some losses from Monday's selloff as investors turned their attention to a slew of earnings reports.</p>\n<p>Contracts linked to the Dow Jones Industrial Average rose 205 points, S&amp;P 500 futures were up 21 points and <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> futures gained 75 points.</p>\n<p>The yield on the benchmark 10-year Treasury fell Tuesday to 1.179%. It fell below 1.2% on Monday to the lowest levels since February as investors moved into safe-haven assets.</p>\n<p>Stocks plummeted Mondayas Wall Street weighed what impact rising COVID-19 cases may have on the economic recovery in the U.S. and globally. The Dow dropped more than 700 points, its worst decline since October.</p>\n<p>\"Valuations across the market as a whole had become stretched and we were due for a pullback, but many of the cyclical companies are selling off on fears that COVID will stop the recovery in its tracks,\" said&nbsp;Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.</p>\n<p>\"We don’t believe that that’s the case and are willing to let the selloff run its course and buy the dip on the belief that the economy will fully recover and return to its prior growth trajectory, bringing most of the cyclical companies in the airline, travel and leisure industries along with it,\"&nbsp;Zaccarelli&nbsp;added.</p>\n<p>Benchmark U.S. crude rose 0.63% to $66.84 a barrel early Tuesday after tumbling on worries a resurgence of COVID-19 would sap energy demand.</p>\n<p><b>2. Tuesday's Calendar: <a href=\"https://laohu8.com/S/NFLX\">Netflix, Inc.</a> and Chipotle Earnings</b></p>\n<p>Earnings reports are expected Tuesday from <a href=\"https://laohu8.com/S/NFLX\">Netflix</a>&nbsp;(<b>NFLX</b>) , <a href=\"https://laohu8.com/S/PM\">Philip Morris</a>&nbsp;(<b>PM</b>) ,&nbsp;<a href=\"https://laohu8.com/S/ISRG\">Intuitive Surgical</a>&nbsp;(<b>ISRG</b>) , <a href=\"https://laohu8.com/S/UBNK\">United</a> Airlines&nbsp;(<b>UAL</b>) , <a href=\"https://laohu8.com/S/CMG\">Chipotle Mexican Grill</a>&nbsp;(<b>CMG</b>)&nbsp;and <a href=\"https://laohu8.com/S/TRV\">Travelers</a>&nbsp;(<b>TRV</b>) .</p>\n<p>The&nbsp;economic calendar&nbsp;in the U.S. Tuesday includes&nbsp;Housing Starts and Permits for June at 8:30 a.m. ET.</p>\n<p><b>3. Jeff Bezos Prepares for Liftoff</b></p>\n<p>Jeff Bezos, the founder and executive chairman of <a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a>&nbsp;(<b>AMZN</b>) and the richest man on Earth, will be leaving solid ground Tuesday on a flight to space.</p>\n<p>Bezos's Blue Origin space-flight startup will blast him and three other space tourists 66 miles above Earth in a fully autonomous rocket and capsule.</p>\n<p>His trip comes a little more than a week after&nbsp;fellow entrepreneur&nbsp;Richard Branson, the founder of <a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>&nbsp;(<b>SPCE</b>) ,&nbsp;made the trip to low-Earth orbit space.</p>\n<p>Bezos will be accompanied by his brother Mark; Mary Wallace Funk, an aviation pioneer who at 82 will be the oldest person to go into space; and Oliver Daemen, who at 18 will bethe youngest person to ever go into space.</p>\n<p>\"We'll be building a road to space for the next generation to do amazing things, and those amazing things will improve things here on Earth,\" Bezos said at a news conference at Launch Site One in Van Horn, Texas. \"We really believe this flight is safe.\"</p>\n<p><b>4. Nvidia's Stock Outperforms</b></p>\n<p>Nvidia&nbsp;(<b>NVDA</b>) was rising in premarket trading Tuesday, a day after thechipmaker&nbsp;rose while many of its competitors fellin Monday's market swoon.</p>\n<p>Nvidia's stock will be split&nbsp;4-for-1 on Tuesday.</p>\n<p>Shares of Nvidia rose 0.88% to $189.45 early Tuesday after jumping 3.41% during the previous session.</p>\n<p>The stock has risen nearly 80% over the past year, giving it a market value of around $453 billion. That is more than rivals <a href=\"https://laohu8.com/S/INTC\">Intel</a>&nbsp;(<b>INTC</b>)&nbsp;and <a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>&nbsp;(<b>AVGO</b>) combined, a story in The Wall Street Journal noted.</p>\n<p>Analysts have piled on the praise for Nvidia since the company’s first-quarter earnings,which were better than expected.</p>\n<p><a href=\"https://laohu8.com/S/TST\">TheStreet</a>'sBrent Kenwell wrote earlier this month that after a recent declineNvidia shares represented a buy-the-dip candidate.</p>\n<p><b>5. Apple Delays a Return to Offices</b></p>\n<p><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a> </b>reportedly has pushed back the date it expects employees to return to the tech giant's offices because of a resurgence of COVID variants across many countries.</p>\n<p>Apple has extended the deadline by&nbsp;at least a month to October at the earliest, Bloomberg reported, citing&nbsp;people familiar with the matter.</p>\n<p>CEO Tim Cook had said in June that employees should begin returning to offices in early September for at least three days a week.</p>\n<p>But that directive has changed with the&nbsp;iPhone maker becoming <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the first U.S. tech giants to delay plans for a return to the office. Apple will give its employees at least a month’s warning before mandating a return to offices, people told Bloomberg.</p>\n<p>The stock gained 0.39% in premarket trading to $143. Shares fell 2.69% on Monday.</p>","source":"lsy1610613172068","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>Nvidia, Blue Origin and Jeff Bezos, Apple, Netflix - 5 Things You Must Know Tuesday</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\">\nNvidia, Blue Origin and Jeff Bezos, Apple, Netflix - 5 Things You Must Know Tuesday\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-20 19:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/markets/5-things-you-must-know-before-market-opens-tuesday-072021><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stock futures indicate Wall Street will claw back some losses from Monday's selloff; Jeff Bezos prepares for liftoff into space; Nvidia outperforms its peers; Apple delays a return to the office.\nHere...</p>\n\n<a href=\"https://www.thestreet.com/markets/5-things-you-must-know-before-market-opens-tuesday-072021\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UAL":"联合大陆航空","AAPL":"苹果","NFLX":"奈飞","AMZN":"亚马逊","NVDA":"英伟达","SPCE":"维珍银河","QNETCN":"纳斯达克中美互联网老虎指数","INTC":"英特尔"},"source_url":"https://www.thestreet.com/markets/5-things-you-must-know-before-market-opens-tuesday-072021","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158912810","content_text":"Stock futures indicate Wall Street will claw back some losses from Monday's selloff; Jeff Bezos prepares for liftoff into space; Nvidia outperforms its peers; Apple delays a return to the office.\nHere are five things you must know for Tuesday, July 20:\n1. Stock Futures Indicate a Modest Recovery From Monday's Rout\nStock futures traded higher Tuesday, indicating Wall Street will claw back some losses from Monday's selloff as investors turned their attention to a slew of earnings reports.\nContracts linked to the Dow Jones Industrial Average rose 205 points, S&P 500 futures were up 21 points and Nasdaq futures gained 75 points.\nThe yield on the benchmark 10-year Treasury fell Tuesday to 1.179%. It fell below 1.2% on Monday to the lowest levels since February as investors moved into safe-haven assets.\nStocks plummeted Mondayas Wall Street weighed what impact rising COVID-19 cases may have on the economic recovery in the U.S. and globally. The Dow dropped more than 700 points, its worst decline since October.\n\"Valuations across the market as a whole had become stretched and we were due for a pullback, but many of the cyclical companies are selling off on fears that COVID will stop the recovery in its tracks,\" said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.\n\"We don’t believe that that’s the case and are willing to let the selloff run its course and buy the dip on the belief that the economy will fully recover and return to its prior growth trajectory, bringing most of the cyclical companies in the airline, travel and leisure industries along with it,\" Zaccarelli added.\nBenchmark U.S. crude rose 0.63% to $66.84 a barrel early Tuesday after tumbling on worries a resurgence of COVID-19 would sap energy demand.\n2. Tuesday's Calendar: Netflix, Inc. and Chipotle Earnings\nEarnings reports are expected Tuesday from Netflix (NFLX) , Philip Morris (PM) , Intuitive Surgical (ISRG) , United Airlines (UAL) , Chipotle Mexican Grill (CMG) and Travelers (TRV) .\nThe economic calendar in the U.S. Tuesday includes Housing Starts and Permits for June at 8:30 a.m. ET.\n3. Jeff Bezos Prepares for Liftoff\nJeff Bezos, the founder and executive chairman of Amazon.com (AMZN) and the richest man on Earth, will be leaving solid ground Tuesday on a flight to space.\nBezos's Blue Origin space-flight startup will blast him and three other space tourists 66 miles above Earth in a fully autonomous rocket and capsule.\nHis trip comes a little more than a week after fellow entrepreneur Richard Branson, the founder of Virgin Galactic (SPCE) , made the trip to low-Earth orbit space.\nBezos will be accompanied by his brother Mark; Mary Wallace Funk, an aviation pioneer who at 82 will be the oldest person to go into space; and Oliver Daemen, who at 18 will bethe youngest person to ever go into space.\n\"We'll be building a road to space for the next generation to do amazing things, and those amazing things will improve things here on Earth,\" Bezos said at a news conference at Launch Site One in Van Horn, Texas. \"We really believe this flight is safe.\"\n4. Nvidia's Stock Outperforms\nNvidia (NVDA) was rising in premarket trading Tuesday, a day after thechipmaker rose while many of its competitors fellin Monday's market swoon.\nNvidia's stock will be split 4-for-1 on Tuesday.\nShares of Nvidia rose 0.88% to $189.45 early Tuesday after jumping 3.41% during the previous session.\nThe stock has risen nearly 80% over the past year, giving it a market value of around $453 billion. That is more than rivals Intel (INTC) and Broadcom (AVGO) combined, a story in The Wall Street Journal noted.\nAnalysts have piled on the praise for Nvidia since the company’s first-quarter earnings,which were better than expected.\nTheStreet'sBrent Kenwell wrote earlier this month that after a recent declineNvidia shares represented a buy-the-dip candidate.\n5. Apple Delays a Return to Offices\nApple reportedly has pushed back the date it expects employees to return to the tech giant's offices because of a resurgence of COVID variants across many countries.\nApple has extended the deadline by at least a month to October at the earliest, Bloomberg reported, citing people familiar with the matter.\nCEO Tim Cook had said in June that employees should begin returning to offices in early September for at least three days a week.\nBut that directive has changed with the iPhone maker becoming one of the first U.S. tech giants to delay plans for a return to the office. Apple will give its employees at least a month’s warning before mandating a return to offices, people told Bloomberg.\nThe stock gained 0.39% in premarket trading to $143. Shares fell 2.69% on Monday.","news_type":1},"isVote":1,"tweetType":1,"viewCount":422,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178970828,"gmtCreate":1626785761664,"gmtModify":1703765116384,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Event Type: TENDER OFFEREvent Name: BANK OF AMERICA CORPOFFER PRICE: USD 47.00 PER SHARE","listText":"Event Type: TENDER OFFEREvent Name: BANK OF AMERICA CORPOFFER PRICE: USD 47.00 PER SHARE","text":"Event Type: TENDER OFFEREvent Name: BANK OF AMERICA CORPOFFER PRICE: USD 47.00 PER SHARE","images":[{"img":"https://static.tigerbbs.com/d3b3f188394d032d78ec7330eb45a05b","width":"1125","height":"2793"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/178970828","isVote":1,"tweetType":1,"viewCount":668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":116779843,"gmtCreate":1622821343082,"gmtModify":1704191975726,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"High performance&nbsp;","listText":"High performance&nbsp;","text":"High performance","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/116779843","repostId":"1154364832","repostType":2,"repost":{"id":"1154364832","pubTimestamp":1621824866,"share":"https://ttm.financial/m/news/1154364832?lang=&edition=fundamental","pubTime":"2021-05-24 10:54","market":"us","language":"en","title":"Sea Limited Is Ready To Fire On All Cylinders","url":"https://stock-news.laohu8.com/highlight/detail?id=1154364832","media":"seekingalpha","summary":"SummarySea Limited continues to extend its leadership across all its business segments with a blockb","content":"<p>Summary</p><ul><li>Sea Limited continues to extend its leadership across all its business segments with a blockbuster Q1’21 performance.</li><li>Investors need to pay attention to its potential cash flow margins that could far exceed even AMZN and MELI.</li><li>At the current price, investors are getting a bargain even at the bear case of its fair value range with a DCF framework.</li></ul><p><img src=\"https://static.tigerbbs.com/04fbbc1a372c45d5d8e903015e5b0dfe\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\">Photo by Wachiwit/iStock Editorial via Getty ImagesInvestment Thesis</p><p>Sea Limited (SE) has fallen about 13% from its all-time high. The company has continued to dominate its markets and looks certain to further extend its leadership position and expand its verticals to take even more market share away from its competitors. Investors should take advantage of the consolidation to initiate or add positions to this potential massive cash flow generator.</p><p><b>Earnings Review and What To Look Out For?</b></p><p>Sea Limited is the largest integrated Internet company in South East Asia, with operations spanning across gaming, e-commerce, and fintech.</p><p>The company’s recent Q1’21 results were another blockbuster across all business segments, demonstrating the company’s strong leadership and well-executed growth strategies towards itsvision:</p><blockquote>We think we stand in the best position to capitalize on the opportunity to build the largest consumer Internet ecosystem in the region. And we'll continue to focus on executing on our core businesses as well as building those ecosystems.</blockquote><p>As a reminder, for its e-commerce segment Shopee, Sea considers its region to comprise the following markets: Indonesia, Taiwan, Vietnam, Thailand, the Philippines, Malaysia, and Singapore, of which Indonesia is the company’s largest market.</p><p>For its gaming segmentGarena, the company’s largest and growing markets comprise Southeast Asia, Taiwan, Brazil, Mexico, India, North America, Russia, and the Middle East.</p><p><img src=\"https://static.tigerbbs.com/932ec3694e935afbfa643e9c904ce964\" tg-width=\"1280\" tg-height=\"636\" referrerpolicy=\"no-referrer\">SE’s Quarterly Results. Data Source: S&amp;P Global Market Intelligence</p><p>Q1’21 YoY revenue growth accelerated to 146.7%. In fact, Q1’21 is the 11th consecutive quarter of &gt;100% YoY revenue growth. The company’s main revenue driverGarena recorded a 111.4% YoY rise, while Shopee and other services recorded a 189.8% YoY increase.</p><p>Gross margin also improved significantly compared to the prior year. Q1’21 gross margin came in at 36.6% as compared to 28.9% a year ago. In its respective segments, Garena’s gross margin also improved to 68.2% from 38.6% a year ago, while Shopee’s gross margin went up to 13.7% from 7.1% a year ago.</p><p><img src=\"https://static.tigerbbs.com/6d9651b44ee4d09b2dcf3d8c49e72213\" tg-width=\"1280\" tg-height=\"629\" referrerpolicy=\"no-referrer\"></p><p>SE’s LTM results. Data Source: S&amp;P Global Market Intelligence</p><p>Looking across the longer-term trend using the LTM basis, we could also see similar fantastic top line performance. LTM YoY revenue growth came in at 113.7%, and gross margin also improved to 33% compared to 30.4% a year ago. Therefore, investors should be encouraged to know that Sea’s top line performance has been consistently getting better and better even as it scaled up fast, improving its cost of revenue ratio, showing just how capable the company is in being able to execute its growth strategies across multiple countries within its region.</p><p>Investors may want to continue paying attention to the company’s sales and marketing spend as it still accounted for the majority of the operating expenses in both the Q and LTM results, respectively. More importantly, sales and marketing spend as a percentage of revenue has continued to fall as the company scaled up, reflecting improving cost efficiencies over time.</p><p><img src=\"https://static.tigerbbs.com/695523a022549fe176d5ac4f89f3c4cb\" tg-width=\"1004\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p><p>SE’s OPEX as a % of Revenue (LTM Trend). Data Source: S&amp;P Global Market Intelligence</p><p>This has certainly helped to improve the company’s overall cost efficiencies over time, showing clearly the benefits of economies of scale of the company’s business model. LTM sales and marketing spend improved to 40.6% of revenue from 43.3% a year ago, while LTM overall operating expenses improved to 59.9% of revenue from 67.4% a year ago.</p><p>This has helped to narrow the company’s LTM negative operating margin to -27% from -37%. Investors should be reminded not to focus on SE’s near-term operating margins as a gauge of the company’s core operating performance. This is because the company is still in the early stages (despite growing so rapidly) of penetrating Southeast Asia’s massive e-commerce market, of which it is the clear leader currently. The company is expected to continue investing heavily in sales and marketing, in order to drive the massive potential for growth in the region and to establish itself as the future undisputed e-commerce leader in the region taking the large majority of the pie, leaving the rest of its competitors to only be able to compete in their much smaller respective niche market segments, just like what Amazon (AMZN) had done in its established markets.</p><p>In fact, Sea’s CEOForrest Li, who was named “Singapore Businessman of the Year at the 35th Singapore Business Awards in Nov 20” added:</p><blockquote>Let me put it this way, it (Shopee) can be profitable anytime. But I think what's really important to us is we think it's still very early days for e-commerce development. We are in a very good situation because Garena has been profitable - actually it's pretty profitable, and this gives us the resources to invest in Shopee, invest in SeaMoney. I think pretty soon, Shopee will turn to be profitable as well. In certain markets, like Taiwan, it's already profitable. And then we will have more resources; two cash flow generators: Garena and Shopee. This allows us to continually invest in future opportunities.</blockquote><p>I have previously discussed (articles listedhereandhere) how important it is for investors to focus on cash flows for companies with massive scalability potential like Coupang (CPNG) and Opendoor Technologies (OPEN) which are still in their early days of penetrating their respective markets.</p><p>It is the same focus for Sea as we attempt to delve deeper into its cash flow generating ability. Sea uses Adjusted EBITDA to report its cash flow performance. I will present the discussion from FCF and EBITDA point of view first as a matter of consistency, before going over to the Adjusted EBITDA metrics.</p><p><img src=\"https://static.tigerbbs.com/ae1db2d81fcf921eaba649f93cbbf9e0\" tg-width=\"1280\" tg-height=\"601\" referrerpolicy=\"no-referrer\"></p><p>SE’s LTM CFO Margin and LTM FCF Margin. Data Source: S&amp;P Global Market Intelligence</p><p>A quick glance over to its cash flow statement unveiled just how well-performing SE has been with its cash flow management. In fact, SE’s CFO and FCF performance has been improving remarkably over time as it scaled up quickly, and the company is just getting started. Its LTM CFO margins have been steadily improving over the previous year from -5.36% to 17.28% for the Q1’21 quarter. In addition, its LTM FCF margins also improved steadily over the previous year from -13.4% to 11.08%.</p><p><img src=\"https://static.tigerbbs.com/2c3f20175798dec1212a5aac70feb8cc\" tg-width=\"1280\" tg-height=\"826\" referrerpolicy=\"no-referrer\"></p><p>SE’s EBITDA Margin &amp; EBIT Margin. Data Source: S&amp;P Global Market Intelligence</p><p>When we move over to its EBITDA margins, the improvement in trend of its core operating performance is also clearly discernible. Although it has yet to turn EBITDA positive, it was due mainly to necessary investments in sales and marketing.</p><p><img src=\"https://static.tigerbbs.com/5b82c3c4bf6f1a5698e05c68eaddbe2e\" tg-width=\"1280\" tg-height=\"819\" referrerpolicy=\"no-referrer\"></p><p><b>SE’s CapEx Margin &amp; CFO Margin. Data Source: S&amp;P Global Market Intelligence</b></p><p>SE has also benefited from the huge improvement in its core operating performance as seen in its CFO margin trend, while its heavy earlier CapEx investments have started to bear fruit as it scaled, as the CapEx margin is trending lower, and its CFO will now be able to sustain its CapEx moving forward.</p><p>It’s very clear that SE’s business has well cleared its inflection point of heavy investments to scale up, and the company is well on its way to generate huge cash flows in the future as it continues to power ahead in its market penetration.</p><p><img src=\"https://static.tigerbbs.com/88fb528aaddb4c6a12d219ac9c2e9f64\" tg-width=\"1280\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></p><p>SE’s EBITDA Margin Forecast &amp; CapEx Margin Forecast. Data Source: S&amp;P Global Market Intelligence</p><p>Moving ahead, we can also see that SE’s forward EBITDA margin trend is expected to significantly expand, while CapEx margin is expected to continue to fall. The company is on track to be a massive cash flow generator, with EBITDA margin expected to be about 43.8% by FY 30. Therefore, investors must be aligned with Sea’s long-term vision of focusing on growing its cash flows as it continues to penetrate the region’s markets. Based on its current growth trajectory, SE’s cash flow generating potential looks massive.</p><p><img src=\"https://static.tigerbbs.com/46dd783ffd94d877ef749555e8869764\" tg-width=\"1280\" tg-height=\"735\" referrerpolicy=\"no-referrer\"></p><p>AMZN’s &amp; SE’s EBITDA Margin Forecast &amp; CapEx Margin Forecast. Data Source: S&amp;P Global Market Intelligence</p><p>When we bring in AMZN’s forecasts, I believe investors can clearly see what I mean. AMZN is already quite profitable based on its EBITDA margin, while SE’s EBITDA margin profitability is probably just getting started and SE is expected to grow its EBITDA margins much faster than AMZN, and this only goes to show the tremendous potential of the markets that SE is operating in. Investors are clearly reminded to give Shopee time to scale up to deliver the kind of cash flow profitability that will drive future returns.</p><p><img src=\"https://static.tigerbbs.com/37f1f59f3a8d0e8ef6e74b521330d9f7\" tg-width=\"1280\" tg-height=\"714\" referrerpolicy=\"no-referrer\">SE’s Adjusted EBITDA. Source: SE 6-K</p><p>As we move on to the segmented Adjusted EBITDA presented by the company, we can then infer what SE CEO Forrest Li meant by “Garena providing the resources for the company to invest in Shopee and SeaMoney.”</p><p>The company is continuing to build on Garena’s success to deliver the resources needed to invest in Shopee and SeaMoney. Investors should consider Shopee and SeaMoney as an entity because they have tremendous synergies and are each other’s flywheel. Garena offers clear cash flow visibility for Shopee and SeaMoney to grow.</p><p>Garena’s bookings reached $1.1B in Q1’21, which represents a 117.4% YoY increase. The bookings consist of current revenue and change in deferred revenue, the part which provides visibility into future revenue recognition.</p><p>As can be seen, based on Adjusted EBITDA, which also included change in deferred revenue, SE has turned profitable. Unlike many other e-commerce companies or internet companies, SE already has a cash flow profitable Garena segment to provide the resources to drive its e-commerce and fintech segment growth. This combination is extremely powerful and, coupled with the company’s remarkable execution, has already brought FCF profitability to its operations, and soon EBITDA profitable. This will certainly allow SE to push even harder to drive more sustainable investments into more verticals and products to expand its ecosystem and further reduce the share of the pie available and pull itself further away from its closest competitors.</p><p>Therefore, investors must continue to pay attention to the key growth drivers in Garena, and how the company intends to stretch its leadership further to protect its key cash flow generator until Shopee and SeaMoney become self-sustainable.</p><p><img src=\"https://static.tigerbbs.com/3291643e2334f5cf171810ba13d16ca2\" tg-width=\"1100\" tg-height=\"604\" referrerpolicy=\"no-referrer\"></p><p>Shopee’s Adjusted EBITDA per order. Source:Techinasia</p><p>As Shopee continues to drive its fast expansion across the region, its unit economics have continued to improve remarkably, as it achieved operating efficiencies over time, leading to further reductions in Adjusted EBITDA loss per order. For Q1’21, the Adjusted EBITDA loss per order improved to $0.38, which represents a 38% YoY decline. As the company has guided earlier, it would not be long before Shopee achieves self-sustaining EBITDA profitability.</p><p><b>What’s Next for Garena?</b></p><p>At the Pocket Gamer Awards 2021, Garena received the Best Mobile Publisher Award, and Free Fire was also named the Best Battle Royale Game.</p><p>Yet, according to the company, Garena’s most popular self-developedFree Fireis</p><blockquote>still at an early stage of driving growth on the user base as well as pay user base for this game and developing it into a social platform where people not only come to play the core gameplay, but also enjoy other modes hangout, listen to music, social lives.”</blockquote><p>The company’s focus on Free Fire is notable as it is Garena’s most important revenue driver. Therefore the ability to scale Free Fire beyond just a game but into a social platform would bring Free Fire into its next phase of growth while continuing to grow its active user base and paying users. Sea also emphasized that the company continues to see “stickiness” in its active user metrics as the average active user spends about 2 to 3 hours daily on its platform. Not only has Garena grown its quarterly paying users 123.5% YoY, its quarterly paying users also represented 12.3% of quarterly active users (QAU) for Q1’21 as compared to 8.9% a year ago. Therefore driving the stickiness of the platform and encouraging more time spent among its active users would help to drive its paying user ratio up.</p><p>Sea believes that one of the key factors that could help to drive Garena towards its vision of a social platform is dramatically increasing its modes of engagement with its users. This is not just restricted to online activities, but also offline community engagement programs. The whole intent is to develop a “broad-based platform stickiness” beyond its top active users, by building and growing the platform into a much larger community and provide the users ample opportunities to socialize and engage through its ongoing content development, and its promotion of community engagement.</p><p>A key aspect of its community engagement strategies is focused on eSports. Sea believes that it operates the “largest mobile-game professional league in Southeast Asia, Taiwan and Brazil” and Free Fire was also named the “eSports Mobile Game of the Year at the eSports Awards 2020”. (Source: SE 20-F). The company continues to hold very large-scale eSports tournaments and events to strengthen its community engagement strategies such as Free Fire League Latinoamerica 2021, and its flagship Garena World event in April. On the 28th May, theFree Fire World Series 2021 Singapore(FFWS 2021 SG), which is Free Fire’s most prestigious eSports tournament, will take place in Singapore with a massive prize pool of US2M. Sea is showing no signs of ever letting the company’s most important revenue driver and most profitable segment to slip through its grip. Instead, it continues to build on its success as the leading eSports organizer in its markets.</p><p>Garena is also looking way beyond the success of Free Fire and is constantly developing its games portfolio pipeline through constant R&amp;D and product development with its “significant number of our more than 1,000 in-house game developers globally are constantly working on new ideas, while we continue to engage with third-party game studios for collaboration on promising and complementary game development and publishing opportunities.” (Source: SE Q1’21 earnings transcript)</p><p><b>Expanding Shopee’s Global Footprint and Verticals</b></p><p>Sea is actively expanding its presence in LatAm’s largest e-commerce market:Brazil, taking on MercadoLibre (MELI) in its most important market and with eyes on the whole LatAm. Although Sea is a relatively new player in e-commerce, having set up Shopee only in2015, the company is no stranger to taking on big incumbents. Shopee has already unseated the incumbent Alibaba-backed (BABA)Lazadaas the number one e-commerce platform in Southeast Asia. In addition, in its most important market, Indonesia, the company has also unseated incumbent Tokopedia as the leader, and Shopee was also recently reported to be themost visited e-commerce websiteamong Indonesian consumers in 2020.</p><p>Sea further highlighted that the company continued to rank first in MAU and total time spent on apps in the shopping category across its markets in Southeast Asia, and in Indonesia it also recorded its fastest quarterly YoY growth rates on record. (Source: SE Q1’21 earnings transcript)</p><p>Therefore, Sea is an extremely well-managed company, capable of pulling off challenging growth strategies against other large incumbents. Don’t bet against Sea.</p><p>In addition, the company has also ventured into other verticals such as food delivery to expand its ecosystem. Sea sees food delivery as a complementary offering in Shopee. In Vietnam, Sea-owned food delivery service Now which it acquired in 2017 is already themarket leader, having unseated the incumbent Grab. The company also recently launched its food delivery service in Jakarta, Indonesia, with plans to launch into other cities in the future.</p><p><b>The SeaMoney Synergies</b></p><p>Sea’s fintech platform SeaMoney continues to see continued success and growth as mobile wallet services TPV recorded a YoY growth of almost 209% to $3.4B, as ShopeePay continues to ride on the coattails of Shopee’s rapid growth. The company also highlighted that according to Snapcart Indonesia’s survey in March, “ShopeePay was the most used, the most remembered and most liked mobile wallet by Indonesian consumers during the first quarter.” (Source: SE Q1’21 earnings transcript)</p><p>The company is also aggressively expanding its off-platform use cases by establishing “partnerships with major consumer brands in Indonesia, one of which is their partnership with Indomaret, a leading Indonesian convenience store chain, as well as with Wendy’s(NASDAQ:WEN)and Domino’s Pizza(NYSE:DPZ).”</p><p>The company has also continued to improve the utility within ShopeePay adding new features such as “Deals Near Me”, which was said to have driven “significant footfall to its onboarded offline merchants.”</p><p>The strategy of incorporating the higher-margin digital financial services products such as wealth management products is also within the pipeline and is a natural extension of its fintech strategy. Although I believe this may be the most challenging aspect among its growth strategies within SeaMoney as financial services is a highly regulated market and the Southeast Asia region’s regulatory landscape largely differs between countries. Yet, it is still a key area of growth within the company’s overall fintech blueprint.</p><p><b>GoTo: What Should Investors Look Out For In The Tokopedia And Gojek Merger?</b></p><p>Much has been said recently regarding the SoftBank(OTCPK:SFTBY)and Alibaba-backedmergerbetween Tokopedia and Gojek and the risks it may pose to Sea’s leadership.</p><p>What’s important for investors to note is that in my opinion, the move seems born out of a measure of “desperation” to save their own businesses from the growing prowess of Grab (AGC) and SE in Gojek’s case and SE in Tokopedia’s case who have been aggressively taking away their respective market share, eventually culminating in them losing their respective market leadership. Therefore, it’s a marriage of two “losing” incumbents who have failed to stem the charge of their strong and well-managed new market entrants in Sea and Grab. Sea and Grab are themselves no strangers to dislodging market-leading incumbents, with Grab having sentUber Technologies(UBER) packing home from Southeast Asia and BABA-backed Lazada getting overtaken by Sea in the Southeast Asian market.</p><p>Grab’s food delivery business was reported to account for 53% of Indonesia’s food delivery market, while its ride-hailing business was reported to account for 64% of the Indonesian ride-hailing market in2019. Grab sees Indonesia as the crown jewel in its Southeast Asian portfolio, with Grab CEOAnthony Tanreportedly having spent a lot of time in Indonesia to oversee its growth strategies. With Grab projected to turnEBITDA profitable by 2023, I feel Gojek may have already crucially lost the initiative to Grab.</p><p>Tokopedia, which was founded in 2009 had a head start of close to 6 years over Shopee, a huge amount of time in Tech before Shopee commenced operations in 2015. In just a short span of 6 years, not only has Tokopedia lost its leadership position to Shopee, ShopeePay has also overtaken all the other e-payment players in Indonesia in a mere two years, as ShopeePay now holds a38% share, well ahead of Grab-backed OVO and Gojek’s GoPay, both holding 19% share each. Remember the Shopee and ShopeePay’s synergies, it’s like a flywheel, each driving increased usage of the other, and leading further to increased GMV and TPV respectively. Shopee also reportedly understands Indonesian consumers’ needs better, especially among the female consumers as compared to Tokopedia according to a report byMomentum Works:</p><blockquote>For Shopee, fashion and beauty are the most popular product categories. On the other hand, Tokopedia is more established in mobile and electronics. This explains why many of the female Indonesians are going to Shopee instead. For mobile and electronics, you probably only buy them once or twice a year. For fashion and beauty, it’s a different story. You can buy it every other month and even if you do not buy, you browse a lot – sending traffic to the platform. Impulse buying is also common for these categories, which is just nice for an ecosystem of shoppers, products as well as influencers.</blockquote><p>With Sea having already turned Adjusted EBITDA profitable in Q1’21, the company is well ready to take on the challenges of this merger between the two incumbents, who may have already crucially lost their opportunities to “turn back time”, even with a merger that is perhaps too little too late.</p><p><b>Valuations</b></p><p><img src=\"https://static.tigerbbs.com/9af1f1703d974dcc9562883dc04d1f13\" tg-width=\"1134\" tg-height=\"518\" referrerpolicy=\"no-referrer\"></p><p>Peers EV / Fwd Rev. Data Source: S&amp;P Global Market Intelligence</p><p>With such huge potential growth coming from Sea’s markets, Sea obviously trades at a premium when compared to its e-commerce peers, if we simply base off their respective expected revenue growth.</p><p><img src=\"https://static.tigerbbs.com/3607c4899ac3e4b1beccce944f68a638\" tg-width=\"1280\" tg-height=\"728\" referrerpolicy=\"no-referrer\"></p><p>Peers’ EBITDA Margin Forecast &amp; CapEx Forecast. Data Source: S&amp;P Global Market Intelligence</p><p>However, when we peek into Sea’s superior future cash flow generating capability using its projected EBITDA margins, we can see that Sea is only just getting started.</p><p>Since the company is expected to produce predictable cash flows moving forward, I find it meaningful to conduct a DCF valuation framework to determine a range of fair values with the results presented below.</p><p>Based on the DCF framework, I find SE undervalued by about 26% at the midpoint of its fair value range, with respect to the stock price of $246.33 as at 21 May 21. Therefore, I find the price level highly attractive.</p><p><img src=\"https://static.tigerbbs.com/0e8d8cce67ca4c035e6314b345d5f05a\" tg-width=\"1280\" tg-height=\"277\" referrerpolicy=\"no-referrer\"></p><p>Range of Fair Values. Data Source: S&amp;P Global Market Intelligence</p><p><img src=\"https://static.tigerbbs.com/84cb6fe959ae96e28a8f3a60146ec35f\" tg-width=\"1154\" tg-height=\"726\" referrerpolicy=\"no-referrer\"></p><p>WACC computation. Data Source: S&amp;P Global Market Intelligence</p><p><img src=\"https://static.tigerbbs.com/8982fb5ac9e8bb059635b287f81fe221\" tg-width=\"1280\" tg-height=\"206\" referrerpolicy=\"no-referrer\"></p><p>Fwd Rev &amp; Fwd EBITDA. Data Source: S&amp;P Global Market Intelligence</p><p><img src=\"https://static.tigerbbs.com/4e1e7da44b94ab543e888920747044ca\" tg-width=\"1172\" tg-height=\"934\" referrerpolicy=\"no-referrer\"></p><p>Unlevered FCF &amp; Enterprise Value. Data Source: S&amp;P Global Market Intelligence</p><p><img src=\"https://static.tigerbbs.com/75f2f24a8f6afecdf6bf0644d9bf8423\" tg-width=\"1014\" tg-height=\"696\" referrerpolicy=\"no-referrer\"></p><p>Equity Value Bridge. Data Source: S&amp;P Global Market Intelligence</p><p><b>Price Action and Technical Analysis</b></p><p><img src=\"https://static.tigerbbs.com/bab4482ce4bebbe89bc6636f5d39f10d\" tg-width=\"1280\" tg-height=\"798\" referrerpolicy=\"no-referrer\">Source: TradingView</p><p>SE has been on a meteoric rise since Mar 20, and as at the date of writing (21 May 21), the stock was down by about 13% from its all-time high in Feb 21. The price level between $275 and $285 looks to be an area of key resistance and bull traps previously set to lure in late buyers.</p><p>Key support is at $200, with the 50-period MA also serving as a key dynamic support area. I may continue to add more positions into this stock if the price level retraces nearer to $200 at the next retracement.</p><p>Otherwise, investors who wish to initiate or add more positions may find the current price attractive.</p><p>Further key support levels are currently at $179 and $155, areas that I would likely add very aggressively if the price was to retrace to those areas.</p><p><b>Conclusion</b></p><p>Sea is a very well-managed and ambitious integrated Internet company that looks to be at the next phase of its rapid growth and profitability. Investors may wish to take advantage of the current consolidation phase to gain entry or add positions to this potentially massive cash flow machine.</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>Sea Limited Is Ready To Fire On All Cylinders</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea Limited Is Ready To Fire On All Cylinders\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-24 10:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4430755-sea-limited-stock-se-ready-to-fire-on-all-cylinders><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummarySea Limited continues to extend its leadership across all its business segments with a blockbuster Q1’21 performance.Investors need to pay attention to its potential cash flow margins that ...</p>\n\n<a href=\"https://seekingalpha.com/article/4430755-sea-limited-stock-se-ready-to-fire-on-all-cylinders\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4430755-sea-limited-stock-se-ready-to-fire-on-all-cylinders","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1154364832","content_text":"SummarySea Limited continues to extend its leadership across all its business segments with a blockbuster Q1’21 performance.Investors need to pay attention to its potential cash flow margins that could far exceed even AMZN and MELI.At the current price, investors are getting a bargain even at the bear case of its fair value range with a DCF framework.Photo by Wachiwit/iStock Editorial via Getty ImagesInvestment ThesisSea Limited (SE) has fallen about 13% from its all-time high. The company has continued to dominate its markets and looks certain to further extend its leadership position and expand its verticals to take even more market share away from its competitors. Investors should take advantage of the consolidation to initiate or add positions to this potential massive cash flow generator.Earnings Review and What To Look Out For?Sea Limited is the largest integrated Internet company in South East Asia, with operations spanning across gaming, e-commerce, and fintech.The company’s recent Q1’21 results were another blockbuster across all business segments, demonstrating the company’s strong leadership and well-executed growth strategies towards itsvision:We think we stand in the best position to capitalize on the opportunity to build the largest consumer Internet ecosystem in the region. And we'll continue to focus on executing on our core businesses as well as building those ecosystems.As a reminder, for its e-commerce segment Shopee, Sea considers its region to comprise the following markets: Indonesia, Taiwan, Vietnam, Thailand, the Philippines, Malaysia, and Singapore, of which Indonesia is the company’s largest market.For its gaming segmentGarena, the company’s largest and growing markets comprise Southeast Asia, Taiwan, Brazil, Mexico, India, North America, Russia, and the Middle East.SE’s Quarterly Results. Data Source: S&P Global Market IntelligenceQ1’21 YoY revenue growth accelerated to 146.7%. In fact, Q1’21 is the 11th consecutive quarter of >100% YoY revenue growth. The company’s main revenue driverGarena recorded a 111.4% YoY rise, while Shopee and other services recorded a 189.8% YoY increase.Gross margin also improved significantly compared to the prior year. Q1’21 gross margin came in at 36.6% as compared to 28.9% a year ago. In its respective segments, Garena’s gross margin also improved to 68.2% from 38.6% a year ago, while Shopee’s gross margin went up to 13.7% from 7.1% a year ago.SE’s LTM results. Data Source: S&P Global Market IntelligenceLooking across the longer-term trend using the LTM basis, we could also see similar fantastic top line performance. LTM YoY revenue growth came in at 113.7%, and gross margin also improved to 33% compared to 30.4% a year ago. Therefore, investors should be encouraged to know that Sea’s top line performance has been consistently getting better and better even as it scaled up fast, improving its cost of revenue ratio, showing just how capable the company is in being able to execute its growth strategies across multiple countries within its region.Investors may want to continue paying attention to the company’s sales and marketing spend as it still accounted for the majority of the operating expenses in both the Q and LTM results, respectively. More importantly, sales and marketing spend as a percentage of revenue has continued to fall as the company scaled up, reflecting improving cost efficiencies over time.SE’s OPEX as a % of Revenue (LTM Trend). Data Source: S&P Global Market IntelligenceThis has certainly helped to improve the company’s overall cost efficiencies over time, showing clearly the benefits of economies of scale of the company’s business model. LTM sales and marketing spend improved to 40.6% of revenue from 43.3% a year ago, while LTM overall operating expenses improved to 59.9% of revenue from 67.4% a year ago.This has helped to narrow the company’s LTM negative operating margin to -27% from -37%. Investors should be reminded not to focus on SE’s near-term operating margins as a gauge of the company’s core operating performance. This is because the company is still in the early stages (despite growing so rapidly) of penetrating Southeast Asia’s massive e-commerce market, of which it is the clear leader currently. The company is expected to continue investing heavily in sales and marketing, in order to drive the massive potential for growth in the region and to establish itself as the future undisputed e-commerce leader in the region taking the large majority of the pie, leaving the rest of its competitors to only be able to compete in their much smaller respective niche market segments, just like what Amazon (AMZN) had done in its established markets.In fact, Sea’s CEOForrest Li, who was named “Singapore Businessman of the Year at the 35th Singapore Business Awards in Nov 20” added:Let me put it this way, it (Shopee) can be profitable anytime. But I think what's really important to us is we think it's still very early days for e-commerce development. We are in a very good situation because Garena has been profitable - actually it's pretty profitable, and this gives us the resources to invest in Shopee, invest in SeaMoney. I think pretty soon, Shopee will turn to be profitable as well. In certain markets, like Taiwan, it's already profitable. And then we will have more resources; two cash flow generators: Garena and Shopee. This allows us to continually invest in future opportunities.I have previously discussed (articles listedhereandhere) how important it is for investors to focus on cash flows for companies with massive scalability potential like Coupang (CPNG) and Opendoor Technologies (OPEN) which are still in their early days of penetrating their respective markets.It is the same focus for Sea as we attempt to delve deeper into its cash flow generating ability. Sea uses Adjusted EBITDA to report its cash flow performance. I will present the discussion from FCF and EBITDA point of view first as a matter of consistency, before going over to the Adjusted EBITDA metrics.SE’s LTM CFO Margin and LTM FCF Margin. Data Source: S&P Global Market IntelligenceA quick glance over to its cash flow statement unveiled just how well-performing SE has been with its cash flow management. In fact, SE’s CFO and FCF performance has been improving remarkably over time as it scaled up quickly, and the company is just getting started. Its LTM CFO margins have been steadily improving over the previous year from -5.36% to 17.28% for the Q1’21 quarter. In addition, its LTM FCF margins also improved steadily over the previous year from -13.4% to 11.08%.SE’s EBITDA Margin & EBIT Margin. Data Source: S&P Global Market IntelligenceWhen we move over to its EBITDA margins, the improvement in trend of its core operating performance is also clearly discernible. Although it has yet to turn EBITDA positive, it was due mainly to necessary investments in sales and marketing.SE’s CapEx Margin & CFO Margin. Data Source: S&P Global Market IntelligenceSE has also benefited from the huge improvement in its core operating performance as seen in its CFO margin trend, while its heavy earlier CapEx investments have started to bear fruit as it scaled, as the CapEx margin is trending lower, and its CFO will now be able to sustain its CapEx moving forward.It’s very clear that SE’s business has well cleared its inflection point of heavy investments to scale up, and the company is well on its way to generate huge cash flows in the future as it continues to power ahead in its market penetration.SE’s EBITDA Margin Forecast & CapEx Margin Forecast. Data Source: S&P Global Market IntelligenceMoving ahead, we can also see that SE’s forward EBITDA margin trend is expected to significantly expand, while CapEx margin is expected to continue to fall. The company is on track to be a massive cash flow generator, with EBITDA margin expected to be about 43.8% by FY 30. Therefore, investors must be aligned with Sea’s long-term vision of focusing on growing its cash flows as it continues to penetrate the region’s markets. Based on its current growth trajectory, SE’s cash flow generating potential looks massive.AMZN’s & SE’s EBITDA Margin Forecast & CapEx Margin Forecast. Data Source: S&P Global Market IntelligenceWhen we bring in AMZN’s forecasts, I believe investors can clearly see what I mean. AMZN is already quite profitable based on its EBITDA margin, while SE’s EBITDA margin profitability is probably just getting started and SE is expected to grow its EBITDA margins much faster than AMZN, and this only goes to show the tremendous potential of the markets that SE is operating in. Investors are clearly reminded to give Shopee time to scale up to deliver the kind of cash flow profitability that will drive future returns.SE’s Adjusted EBITDA. Source: SE 6-KAs we move on to the segmented Adjusted EBITDA presented by the company, we can then infer what SE CEO Forrest Li meant by “Garena providing the resources for the company to invest in Shopee and SeaMoney.”The company is continuing to build on Garena’s success to deliver the resources needed to invest in Shopee and SeaMoney. Investors should consider Shopee and SeaMoney as an entity because they have tremendous synergies and are each other’s flywheel. Garena offers clear cash flow visibility for Shopee and SeaMoney to grow.Garena’s bookings reached $1.1B in Q1’21, which represents a 117.4% YoY increase. The bookings consist of current revenue and change in deferred revenue, the part which provides visibility into future revenue recognition.As can be seen, based on Adjusted EBITDA, which also included change in deferred revenue, SE has turned profitable. Unlike many other e-commerce companies or internet companies, SE already has a cash flow profitable Garena segment to provide the resources to drive its e-commerce and fintech segment growth. This combination is extremely powerful and, coupled with the company’s remarkable execution, has already brought FCF profitability to its operations, and soon EBITDA profitable. This will certainly allow SE to push even harder to drive more sustainable investments into more verticals and products to expand its ecosystem and further reduce the share of the pie available and pull itself further away from its closest competitors.Therefore, investors must continue to pay attention to the key growth drivers in Garena, and how the company intends to stretch its leadership further to protect its key cash flow generator until Shopee and SeaMoney become self-sustainable.Shopee’s Adjusted EBITDA per order. Source:TechinasiaAs Shopee continues to drive its fast expansion across the region, its unit economics have continued to improve remarkably, as it achieved operating efficiencies over time, leading to further reductions in Adjusted EBITDA loss per order. For Q1’21, the Adjusted EBITDA loss per order improved to $0.38, which represents a 38% YoY decline. As the company has guided earlier, it would not be long before Shopee achieves self-sustaining EBITDA profitability.What’s Next for Garena?At the Pocket Gamer Awards 2021, Garena received the Best Mobile Publisher Award, and Free Fire was also named the Best Battle Royale Game.Yet, according to the company, Garena’s most popular self-developedFree Fireisstill at an early stage of driving growth on the user base as well as pay user base for this game and developing it into a social platform where people not only come to play the core gameplay, but also enjoy other modes hangout, listen to music, social lives.”The company’s focus on Free Fire is notable as it is Garena’s most important revenue driver. Therefore the ability to scale Free Fire beyond just a game but into a social platform would bring Free Fire into its next phase of growth while continuing to grow its active user base and paying users. Sea also emphasized that the company continues to see “stickiness” in its active user metrics as the average active user spends about 2 to 3 hours daily on its platform. Not only has Garena grown its quarterly paying users 123.5% YoY, its quarterly paying users also represented 12.3% of quarterly active users (QAU) for Q1’21 as compared to 8.9% a year ago. Therefore driving the stickiness of the platform and encouraging more time spent among its active users would help to drive its paying user ratio up.Sea believes that one of the key factors that could help to drive Garena towards its vision of a social platform is dramatically increasing its modes of engagement with its users. This is not just restricted to online activities, but also offline community engagement programs. The whole intent is to develop a “broad-based platform stickiness” beyond its top active users, by building and growing the platform into a much larger community and provide the users ample opportunities to socialize and engage through its ongoing content development, and its promotion of community engagement.A key aspect of its community engagement strategies is focused on eSports. Sea believes that it operates the “largest mobile-game professional league in Southeast Asia, Taiwan and Brazil” and Free Fire was also named the “eSports Mobile Game of the Year at the eSports Awards 2020”. (Source: SE 20-F). The company continues to hold very large-scale eSports tournaments and events to strengthen its community engagement strategies such as Free Fire League Latinoamerica 2021, and its flagship Garena World event in April. On the 28th May, theFree Fire World Series 2021 Singapore(FFWS 2021 SG), which is Free Fire’s most prestigious eSports tournament, will take place in Singapore with a massive prize pool of US2M. Sea is showing no signs of ever letting the company’s most important revenue driver and most profitable segment to slip through its grip. Instead, it continues to build on its success as the leading eSports organizer in its markets.Garena is also looking way beyond the success of Free Fire and is constantly developing its games portfolio pipeline through constant R&D and product development with its “significant number of our more than 1,000 in-house game developers globally are constantly working on new ideas, while we continue to engage with third-party game studios for collaboration on promising and complementary game development and publishing opportunities.” (Source: SE Q1’21 earnings transcript)Expanding Shopee’s Global Footprint and VerticalsSea is actively expanding its presence in LatAm’s largest e-commerce market:Brazil, taking on MercadoLibre (MELI) in its most important market and with eyes on the whole LatAm. Although Sea is a relatively new player in e-commerce, having set up Shopee only in2015, the company is no stranger to taking on big incumbents. Shopee has already unseated the incumbent Alibaba-backed (BABA)Lazadaas the number one e-commerce platform in Southeast Asia. In addition, in its most important market, Indonesia, the company has also unseated incumbent Tokopedia as the leader, and Shopee was also recently reported to be themost visited e-commerce websiteamong Indonesian consumers in 2020.Sea further highlighted that the company continued to rank first in MAU and total time spent on apps in the shopping category across its markets in Southeast Asia, and in Indonesia it also recorded its fastest quarterly YoY growth rates on record. (Source: SE Q1’21 earnings transcript)Therefore, Sea is an extremely well-managed company, capable of pulling off challenging growth strategies against other large incumbents. Don’t bet against Sea.In addition, the company has also ventured into other verticals such as food delivery to expand its ecosystem. Sea sees food delivery as a complementary offering in Shopee. In Vietnam, Sea-owned food delivery service Now which it acquired in 2017 is already themarket leader, having unseated the incumbent Grab. The company also recently launched its food delivery service in Jakarta, Indonesia, with plans to launch into other cities in the future.The SeaMoney SynergiesSea’s fintech platform SeaMoney continues to see continued success and growth as mobile wallet services TPV recorded a YoY growth of almost 209% to $3.4B, as ShopeePay continues to ride on the coattails of Shopee’s rapid growth. The company also highlighted that according to Snapcart Indonesia’s survey in March, “ShopeePay was the most used, the most remembered and most liked mobile wallet by Indonesian consumers during the first quarter.” (Source: SE Q1’21 earnings transcript)The company is also aggressively expanding its off-platform use cases by establishing “partnerships with major consumer brands in Indonesia, one of which is their partnership with Indomaret, a leading Indonesian convenience store chain, as well as with Wendy’s(NASDAQ:WEN)and Domino’s Pizza(NYSE:DPZ).”The company has also continued to improve the utility within ShopeePay adding new features such as “Deals Near Me”, which was said to have driven “significant footfall to its onboarded offline merchants.”The strategy of incorporating the higher-margin digital financial services products such as wealth management products is also within the pipeline and is a natural extension of its fintech strategy. Although I believe this may be the most challenging aspect among its growth strategies within SeaMoney as financial services is a highly regulated market and the Southeast Asia region’s regulatory landscape largely differs between countries. Yet, it is still a key area of growth within the company’s overall fintech blueprint.GoTo: What Should Investors Look Out For In The Tokopedia And Gojek Merger?Much has been said recently regarding the SoftBank(OTCPK:SFTBY)and Alibaba-backedmergerbetween Tokopedia and Gojek and the risks it may pose to Sea’s leadership.What’s important for investors to note is that in my opinion, the move seems born out of a measure of “desperation” to save their own businesses from the growing prowess of Grab (AGC) and SE in Gojek’s case and SE in Tokopedia’s case who have been aggressively taking away their respective market share, eventually culminating in them losing their respective market leadership. Therefore, it’s a marriage of two “losing” incumbents who have failed to stem the charge of their strong and well-managed new market entrants in Sea and Grab. Sea and Grab are themselves no strangers to dislodging market-leading incumbents, with Grab having sentUber Technologies(UBER) packing home from Southeast Asia and BABA-backed Lazada getting overtaken by Sea in the Southeast Asian market.Grab’s food delivery business was reported to account for 53% of Indonesia’s food delivery market, while its ride-hailing business was reported to account for 64% of the Indonesian ride-hailing market in2019. Grab sees Indonesia as the crown jewel in its Southeast Asian portfolio, with Grab CEOAnthony Tanreportedly having spent a lot of time in Indonesia to oversee its growth strategies. With Grab projected to turnEBITDA profitable by 2023, I feel Gojek may have already crucially lost the initiative to Grab.Tokopedia, which was founded in 2009 had a head start of close to 6 years over Shopee, a huge amount of time in Tech before Shopee commenced operations in 2015. In just a short span of 6 years, not only has Tokopedia lost its leadership position to Shopee, ShopeePay has also overtaken all the other e-payment players in Indonesia in a mere two years, as ShopeePay now holds a38% share, well ahead of Grab-backed OVO and Gojek’s GoPay, both holding 19% share each. Remember the Shopee and ShopeePay’s synergies, it’s like a flywheel, each driving increased usage of the other, and leading further to increased GMV and TPV respectively. Shopee also reportedly understands Indonesian consumers’ needs better, especially among the female consumers as compared to Tokopedia according to a report byMomentum Works:For Shopee, fashion and beauty are the most popular product categories. On the other hand, Tokopedia is more established in mobile and electronics. This explains why many of the female Indonesians are going to Shopee instead. For mobile and electronics, you probably only buy them once or twice a year. For fashion and beauty, it’s a different story. You can buy it every other month and even if you do not buy, you browse a lot – sending traffic to the platform. Impulse buying is also common for these categories, which is just nice for an ecosystem of shoppers, products as well as influencers.With Sea having already turned Adjusted EBITDA profitable in Q1’21, the company is well ready to take on the challenges of this merger between the two incumbents, who may have already crucially lost their opportunities to “turn back time”, even with a merger that is perhaps too little too late.ValuationsPeers EV / Fwd Rev. Data Source: S&P Global Market IntelligenceWith such huge potential growth coming from Sea’s markets, Sea obviously trades at a premium when compared to its e-commerce peers, if we simply base off their respective expected revenue growth.Peers’ EBITDA Margin Forecast & CapEx Forecast. Data Source: S&P Global Market IntelligenceHowever, when we peek into Sea’s superior future cash flow generating capability using its projected EBITDA margins, we can see that Sea is only just getting started.Since the company is expected to produce predictable cash flows moving forward, I find it meaningful to conduct a DCF valuation framework to determine a range of fair values with the results presented below.Based on the DCF framework, I find SE undervalued by about 26% at the midpoint of its fair value range, with respect to the stock price of $246.33 as at 21 May 21. Therefore, I find the price level highly attractive.Range of Fair Values. Data Source: S&P Global Market IntelligenceWACC computation. Data Source: S&P Global Market IntelligenceFwd Rev & Fwd EBITDA. Data Source: S&P Global Market IntelligenceUnlevered FCF & Enterprise Value. Data Source: S&P Global Market IntelligenceEquity Value Bridge. Data Source: S&P Global Market IntelligencePrice Action and Technical AnalysisSource: TradingViewSE has been on a meteoric rise since Mar 20, and as at the date of writing (21 May 21), the stock was down by about 13% from its all-time high in Feb 21. The price level between $275 and $285 looks to be an area of key resistance and bull traps previously set to lure in late buyers.Key support is at $200, with the 50-period MA also serving as a key dynamic support area. I may continue to add more positions into this stock if the price level retraces nearer to $200 at the next retracement.Otherwise, investors who wish to initiate or add more positions may find the current price attractive.Further key support levels are currently at $179 and $155, areas that I would likely add very aggressively if the price was to retrace to those areas.ConclusionSea is a very well-managed and ambitious integrated Internet company that looks to be at the next phase of its rapid growth and profitability. Investors may wish to take advantage of the current consolidation phase to gain entry or add positions to this potentially massive cash flow machine.","news_type":1},"isVote":1,"tweetType":1,"viewCount":269,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116770457,"gmtCreate":1622821315379,"gmtModify":1704191974419,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Well done analysis!","listText":"Well done analysis!","text":"Well done analysis!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/116770457","repostId":"1157072297","repostType":2,"repost":{"id":"1157072297","pubTimestamp":1622179098,"share":"https://ttm.financial/m/news/1157072297?lang=&edition=fundamental","pubTime":"2021-05-28 13:18","market":"us","language":"en","title":"How Much Is Palantir Worth?","url":"https://stock-news.laohu8.com/highlight/detail?id=1157072297","media":"seekingalpha","summary":"SummaryPLTR has a wide moat Gotham business, and its Foundry business has massive growth potential.T","content":"<p><b>Summary</b></p><ul><li>PLTR has a wide moat Gotham business, and its Foundry business has massive growth potential.</li><li>The company continues to forego GAAP profitability today in order to invest aggressively for the long term.</li><li>What are PLTR shares worth today? We detail our full valuation model.</li></ul><p>Oneof our fewand our highest conviction tech investments, Palantir(NYSE:PLTR)has a wide moat Gotham (government) business and its Foundry (commercial) business has massive growth potential. Despite posting fat adjusted gross margins, the company continues to forego GAAP profitability today in order to invest aggressively for the long term.</p><p>What are PLTR shares worth today? In the following sections, we will attempt to give an estimate.</p><p><b>1. Qualitative Analysis</b></p><p>For a more thorough appraisal of the qualitative aspects of PLTR, please check out ourfull investment thesis. That said, in order to provide the proper context for our quantitative assumptions and analysis we will briefly outline our qualitative appraisal of the company here:</p><ul><li><i>Strong Government-Backed Moat</i></li></ul><p>PLTR's high-quality data analytics and artificial intelligence Gotham platform combine with its decades of successful partnership with US and US-aligned government agencies to give it a very strong competitive standing for winning additional government projects. As Big Data and A.I. grow in importance for national security in the years to come, we expect PLTR's share of the pie of government spending to only increase.</p><p>In fact, itsQ1 resultsshowed exactly that with total government revenue surging by 76% year-over-year and US government business growing by an even faster 83%.</p><p><img src=\"https://static.tigerbbs.com/76849a1437b60ad615d46d63da06e109\" tg-width=\"627\" tg-height=\"621\" referrerpolicy=\"no-referrer\"><i>source</i></p><p>The contracts it is winning include a 5-year contract worth up to $90 million to help protect and manage the U.S. nuclear stockpile, powering all 11 DoD combatant commands for major exercises, servicing other major defense contractors, and - most recently -expanding its Space Force partnership.</p><p>This robust growth should continue for the foreseeable future as their total government revenue is less than 10 basis points of total US defense spending and senior US government personnel remain thrilled with their product. As Space Force Colonel Krolikowski stated in the wake of the expanded Space Force partnership:</p><blockquote><i>I’m excited about this partnership and the work we are doing to provide better data-driven decision making to our leadership. Palantir’s technology and framework has truly accelerated our ability to remove data stovepipes throughout the community and create actionable knowledge</i></blockquote><ul><li><i>Accelerating Foundry Growth</i></li></ul><p>PLTR's other major platform - Foundry - is seeing accelerating growth in its pursuit of commercial contracts and it is investing aggressively in ensuring that momentum continues. In fact, PLTR expects that their Foundry business may one day become their largest source of revenue.</p><p>In Q1, US commercial revenue grew by 72% and overall revenue grew by 49% year-over-year fueled by 11 new commercial customers coming on board and 29% growth in revenue per customer. Q2 should see similarly strong growth, with management forecasting 43% year-over-year growth with 30%+ annual growth expected through 2025 as management is pursuing multiple strategic growth initiatives:</p><p>(1) Afree Foundry trialfor select companies to assist them with re-opening after COVID-19 and hopefully win their long-term business.</p><p>(2) Investing heavily in growing and enhancing their sales team by adding nearly 50 sales personnel in Q1 with the expectation of growing by over 100 by year-end.</p><p>(3) Buying equity in some of its smaller clients that it believes will be long-term winners while also creating a symbiotic relationship with them.</p><p>(4)Exploringways to play a role with Bitcoin and the broader emergence of cryptocurrency.</p><p>(5) Adapting their product and marketing to attract a wider range of businesses, thereby boosting their qualified pipeline by 2.5 times in the U.S. and U.K.</p><ul><li><i>Solid Balance Sheet</i></li></ul><p>With billions of dollars in cash on the balance sheet, minimal debt, and adjusted free cash flow positive, PLTR is well-capitalized and sufficiently liquid to continue investing aggressively in its growth initiatives.</p><ul><li><i>Strong Brain Trust</i></li></ul><p>Operating in a space where technical and innovative capabilities are the name of the game, PLTR is well-positioned to win given its ability to attract and retain the best and brightest minds in the industry.</p><p><b>2. Quantitative Analysis</b></p><p>Now that we have established that PLTR is a high-quality company in virtually every respect with strong growth momentum and a lengthy runway, let's dig into numbers to see if we can get a sense of how much it is actually worth.</p><p>The company is currently valued at an enterprise value of $38.4 billion as its market cap of $40.3 billion includes a substantial net cash position. The company is expected to generate ~$1.5 billion in revenue in 2021 and just over $1.9 billion in 2022. Meanwhile, its EBITDA is expected to come in at $363.2 million in 2021 and $508.3 million in 2022. By 2025, PLTR has an announced goal of achieving $4 billion in revenues.</p><p><img src=\"https://static.tigerbbs.com/d5ac0eb66cdb91fcbb57a41107924119\" tg-width=\"448\" tg-height=\"203\" referrerpolicy=\"no-referrer\"><i>source</i></p><p>They view their total addressable market as currently being ~$119 billion and we expect this to grow rapidly as the quantity and role of data and A.I. are increasing quickly and PLTR continues to invest in developing new capabilities which should expand its sphere of addressable operations over time.</p><p>Their government and commercial addressable markets are both roughly equivalent, and the U.S. government total addressable market is a whopping $26 billion currently. Given that we believe their US government business is by far their strongest, this is an important number for us to latch onto in our projections.</p><p>We believe that the US will continue to place an ever-increasing amount of trust in PLTR as it desperately strives to defeat China in the A.I. race over the next several decades. Seeing that PLTR has already won some extremely important contracts with the US government, we expect them to be the odds-on favorites to win a large portion of the US total addressable market in the years to come.</p><p>While we are optimistic that they will capture at least 25% of their current total addressable market from the U.S. government by the end of the decade and will see solid growth in their other business opportunities, they do face some stiff competition in the commercial space from companies like Microsoft (MSFT) and foreign governments - even if US-aligned - may be somewhat cautious of linking their critical government agencies to a US company.</p><p>As a result, we see them capturing a more conservative 5% of current total addressable market in each of these categories over the next decade (which is quite conservative given that these total addressable markets will likely grow significantly during that span). In fact, the global big data market isexpected to growat a CAGR of 22.4% through 2030, with the North American big data market expected to grow at a 15.6% CAGR and Europe's big data market expected to grow at a CAGR of 19.1%, so they would only need to capture only a few percentage points of the total addressable market at that point to reach $10+ billion in revenue.</p><p>Using these assumptions means that we expect their revenue to grow from ~$1.5 billion at year-end 2021 to ~$11 billion by the end of 2030. While this might sound ludicrous, we see little reason to expect their growth rate to slow after this year as they are making aggressive investments in their business and are only now starting to really ramp up their sales team while also partnering with vaunted sales teams at companies like IBM (IBM) and with Amazon's (AMZN) Web Services business to facilitate growth. To reach $11 billion by the end of 2030, they would only need to grow at an annualized 25% rate, which we believe is very doable given their aforementioned strengths and initiatives, particularly in the US government business, along with the fact that they are likely to not pay out any dividends or buy back shares over that period and instead continue investing aggressively in their business.</p><p>Now that we have arrived at a revenue number, let's look at the profitability potential.</p><p>PLTR demonstrated during Q1 that its operating profitability is improving rapidly. During Q1, they generated earnings-per-share of $0.04 as the adjusted gross margin expanded by 800 basis points year-over-year to 83% and the contribution margin soared by 1900 basis points to 60%.</p><p>As a result, adjusted operating income improved $133 million year-over-year, coming in at $117 million in Q1 2021 (adjusted operating margin of 34%). Adjusted free cash flow was $151 million in Q1, good for a 44% adjusted free cash flow margin.</p><p>While these numbers look fantastic as a 34% adjusted operating margin would imply ~$3.75 billion in operating income by 2030 which, given that they will likely still be growing by 20%+ annually at that point under our assumptions, would likely warrant a multiple of ~50x (depending on interest rates and overall macroeconomic conditions). As a result, the company would conservatively be worth ~$190 billion by 2030, making it a near 5x over the next 9 years (which would represent a ~20% CAGR to 2030). Under this assumption, PLTR should be worth an enterprise value of ~$85 billion today (which would represent a 9%-10% CAGR to 2030), which would put the shares at a fair value of between $45 and $50 today.</p><p>However, this model overlooks one major negative factor that makes the adjusted free cash flow numbers misleading: stock-based compensation. While we do not take issue with this management practice given that it is being used to attract and retain the best talent in the industry without draining the company's cash pile that it needs to invest aggressively to win long-term in the space, it is still important to account for its impact when modeling the company's valuation.</p><p>In Q1 2021, stock-based compensation and employer payroll taxes related to stock-based compensation totaled a whopping ~$230 million. While this figure will likely grow to some degree as the company continues to grow and add payroll, it will ultimately decline as a percentage of the total revenues as the company continues to grow. Stock-based compensation currently accounts for ~2.3% of the company's total equity valuation and we expect this to decline over time as the company will likely grow faster than its payroll.</p><p>Therefore, through 2030, we conservatively estimate average annual dilution of ~1.5% from stock-based compensation and estimate it will be at $2 billion annually by 2030. This would leave GAAP operating income at just $1.75 billion in 2030, and, at a 50x multiple would imply the company would be worth just $87.5 billion at that point, making it a mere 2.3x from its present value. Adding in the dilutive impact of 1.5% annualized stock-based compensation and the estimated per-share value in 2030 would be $44, making it a double over a 9-year period (i.e., just a mediocre ~8% CAGR).</p><p>As a result, it is reasonable to conclude that shares are currently fairly valued. However, at the same time, it is important to realize that there are two factors that will significantly impact this assessment:</p><p><i>(1) Operating Margin:</i>The company has significant momentum in improving its operating margins. As they continue to scale rapidly, there is a strong likelihood that operating margins will improve further. Of course, competition will also increase, so there will be pressure on gross margins. Ultimately, we expect them to reach an adjusted operating margin of 40% as rapid scaling should more than offset competitive pressures, especially in their government business, which should enjoy fatter margins than their narrower moat commercial business. This 600 basis point improvement alone would raise their estimated 2030 valuation by a whopping 37% and push their expected shareholder CAGR firmly into the double digits.</p><p><i>(2) Growth Rates:</i>We used somewhat conservative growth rate assumptions in our model as we do not want to bank on their commercial business becoming a powerhouse given that competition is likely to be stiff.</p><p>That said, all of that stock-based compensation is going towards attracting and retaining some of the brightest data analytics, machine learning, and software engineering minds, which should not be underestimated. As a result, we would not be shocked at all to see them gain better headway in the commercial market than our initial model assumes and therefore significantly outperform their 2025 and our 2030 revenue estimates.</p><p>While it is true that it is easier to sustain a high growth rate at their current (relatively) small size and that the bigger you scale the harder it is to sustain that growth rate, we also know that they are only know really trying to scale their sales team, they are reinvesting aggressively into their business, and the role of data, machine learning, and software is likely to explode exponentially in the coming decade, providing a massive tailwind to their growth.</p><p>While we assume a 25% annualized growth rate through 2030 from the present, if they can simply increase that to 30%, their revenue will be closer to $16 billion, which in turn would likely lead to even higher operating margins and immensely higher operating income, making their stock-based compensation even a smaller portion of the pie and their upside potential immensely higher than it is perceived to be today.</p><p>Of course, the downside risk is that their Foundry platform will fail to make any significant headway in the private sector, leading to dramatically declining growth rates and them having to continue leaning heavily on their government business. Such a scenario would lead to mediocre total returns as their revenue would likely only end up in the $8 billion range and - though their stock-based compensation would obviously be lower as well - their operating income would probably wind up being ~$1.5 billion, making the company worth only $75 billion, or presenting a mere mid-single digit CAGR through 2030 which would make it a rather unappealing comparative investment.</p><p><b>Investor Takeaway</b></p><p>PLTR is a great company and is very likely to remain a mission-critical component of US government technical infrastructure for the foreseeable future. That alone gives the business significant stability concerning its future and will likely lead to strong growth.</p><p>However, stock-based compensation and lingering uncertainty about the long-term competitive strength of its Foundry platform are the main overhangs weighing on the stock right now. While we believe that the former overhang is a major key to positively resolving the latter uncertainty, only time will tell.</p><p>Based on our assumptions of 25%+ annualized revenue growth through 2030, 40% adjusted operating margins in 2030, and $2 billion in 2030 stock-based compensation, we expect the company to be worth at least 3x what it is today and generate ~12%-13% annualized returns over that period, making it a buy today and a strong buy at $20 or less.</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>How Much Is Palantir Worth?</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\">\nHow Much Is Palantir Worth?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-28 13:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4431750-how-much-is-palantir-worth><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryPLTR has a wide moat Gotham business, and its Foundry business has massive growth potential.The company continues to forego GAAP profitability today in order to invest aggressively for the long...</p>\n\n<a href=\"https://seekingalpha.com/article/4431750-how-much-is-palantir-worth\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4431750-how-much-is-palantir-worth","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1157072297","content_text":"SummaryPLTR has a wide moat Gotham business, and its Foundry business has massive growth potential.The company continues to forego GAAP profitability today in order to invest aggressively for the long term.What are PLTR shares worth today? We detail our full valuation model.Oneof our fewand our highest conviction tech investments, Palantir(NYSE:PLTR)has a wide moat Gotham (government) business and its Foundry (commercial) business has massive growth potential. Despite posting fat adjusted gross margins, the company continues to forego GAAP profitability today in order to invest aggressively for the long term.What are PLTR shares worth today? In the following sections, we will attempt to give an estimate.1. Qualitative AnalysisFor a more thorough appraisal of the qualitative aspects of PLTR, please check out ourfull investment thesis. That said, in order to provide the proper context for our quantitative assumptions and analysis we will briefly outline our qualitative appraisal of the company here:Strong Government-Backed MoatPLTR's high-quality data analytics and artificial intelligence Gotham platform combine with its decades of successful partnership with US and US-aligned government agencies to give it a very strong competitive standing for winning additional government projects. As Big Data and A.I. grow in importance for national security in the years to come, we expect PLTR's share of the pie of government spending to only increase.In fact, itsQ1 resultsshowed exactly that with total government revenue surging by 76% year-over-year and US government business growing by an even faster 83%.sourceThe contracts it is winning include a 5-year contract worth up to $90 million to help protect and manage the U.S. nuclear stockpile, powering all 11 DoD combatant commands for major exercises, servicing other major defense contractors, and - most recently -expanding its Space Force partnership.This robust growth should continue for the foreseeable future as their total government revenue is less than 10 basis points of total US defense spending and senior US government personnel remain thrilled with their product. As Space Force Colonel Krolikowski stated in the wake of the expanded Space Force partnership:I’m excited about this partnership and the work we are doing to provide better data-driven decision making to our leadership. Palantir’s technology and framework has truly accelerated our ability to remove data stovepipes throughout the community and create actionable knowledgeAccelerating Foundry GrowthPLTR's other major platform - Foundry - is seeing accelerating growth in its pursuit of commercial contracts and it is investing aggressively in ensuring that momentum continues. In fact, PLTR expects that their Foundry business may one day become their largest source of revenue.In Q1, US commercial revenue grew by 72% and overall revenue grew by 49% year-over-year fueled by 11 new commercial customers coming on board and 29% growth in revenue per customer. Q2 should see similarly strong growth, with management forecasting 43% year-over-year growth with 30%+ annual growth expected through 2025 as management is pursuing multiple strategic growth initiatives:(1) Afree Foundry trialfor select companies to assist them with re-opening after COVID-19 and hopefully win their long-term business.(2) Investing heavily in growing and enhancing their sales team by adding nearly 50 sales personnel in Q1 with the expectation of growing by over 100 by year-end.(3) Buying equity in some of its smaller clients that it believes will be long-term winners while also creating a symbiotic relationship with them.(4)Exploringways to play a role with Bitcoin and the broader emergence of cryptocurrency.(5) Adapting their product and marketing to attract a wider range of businesses, thereby boosting their qualified pipeline by 2.5 times in the U.S. and U.K.Solid Balance SheetWith billions of dollars in cash on the balance sheet, minimal debt, and adjusted free cash flow positive, PLTR is well-capitalized and sufficiently liquid to continue investing aggressively in its growth initiatives.Strong Brain TrustOperating in a space where technical and innovative capabilities are the name of the game, PLTR is well-positioned to win given its ability to attract and retain the best and brightest minds in the industry.2. Quantitative AnalysisNow that we have established that PLTR is a high-quality company in virtually every respect with strong growth momentum and a lengthy runway, let's dig into numbers to see if we can get a sense of how much it is actually worth.The company is currently valued at an enterprise value of $38.4 billion as its market cap of $40.3 billion includes a substantial net cash position. The company is expected to generate ~$1.5 billion in revenue in 2021 and just over $1.9 billion in 2022. Meanwhile, its EBITDA is expected to come in at $363.2 million in 2021 and $508.3 million in 2022. By 2025, PLTR has an announced goal of achieving $4 billion in revenues.sourceThey view their total addressable market as currently being ~$119 billion and we expect this to grow rapidly as the quantity and role of data and A.I. are increasing quickly and PLTR continues to invest in developing new capabilities which should expand its sphere of addressable operations over time.Their government and commercial addressable markets are both roughly equivalent, and the U.S. government total addressable market is a whopping $26 billion currently. Given that we believe their US government business is by far their strongest, this is an important number for us to latch onto in our projections.We believe that the US will continue to place an ever-increasing amount of trust in PLTR as it desperately strives to defeat China in the A.I. race over the next several decades. Seeing that PLTR has already won some extremely important contracts with the US government, we expect them to be the odds-on favorites to win a large portion of the US total addressable market in the years to come.While we are optimistic that they will capture at least 25% of their current total addressable market from the U.S. government by the end of the decade and will see solid growth in their other business opportunities, they do face some stiff competition in the commercial space from companies like Microsoft (MSFT) and foreign governments - even if US-aligned - may be somewhat cautious of linking their critical government agencies to a US company.As a result, we see them capturing a more conservative 5% of current total addressable market in each of these categories over the next decade (which is quite conservative given that these total addressable markets will likely grow significantly during that span). In fact, the global big data market isexpected to growat a CAGR of 22.4% through 2030, with the North American big data market expected to grow at a 15.6% CAGR and Europe's big data market expected to grow at a CAGR of 19.1%, so they would only need to capture only a few percentage points of the total addressable market at that point to reach $10+ billion in revenue.Using these assumptions means that we expect their revenue to grow from ~$1.5 billion at year-end 2021 to ~$11 billion by the end of 2030. While this might sound ludicrous, we see little reason to expect their growth rate to slow after this year as they are making aggressive investments in their business and are only now starting to really ramp up their sales team while also partnering with vaunted sales teams at companies like IBM (IBM) and with Amazon's (AMZN) Web Services business to facilitate growth. To reach $11 billion by the end of 2030, they would only need to grow at an annualized 25% rate, which we believe is very doable given their aforementioned strengths and initiatives, particularly in the US government business, along with the fact that they are likely to not pay out any dividends or buy back shares over that period and instead continue investing aggressively in their business.Now that we have arrived at a revenue number, let's look at the profitability potential.PLTR demonstrated during Q1 that its operating profitability is improving rapidly. During Q1, they generated earnings-per-share of $0.04 as the adjusted gross margin expanded by 800 basis points year-over-year to 83% and the contribution margin soared by 1900 basis points to 60%.As a result, adjusted operating income improved $133 million year-over-year, coming in at $117 million in Q1 2021 (adjusted operating margin of 34%). Adjusted free cash flow was $151 million in Q1, good for a 44% adjusted free cash flow margin.While these numbers look fantastic as a 34% adjusted operating margin would imply ~$3.75 billion in operating income by 2030 which, given that they will likely still be growing by 20%+ annually at that point under our assumptions, would likely warrant a multiple of ~50x (depending on interest rates and overall macroeconomic conditions). As a result, the company would conservatively be worth ~$190 billion by 2030, making it a near 5x over the next 9 years (which would represent a ~20% CAGR to 2030). Under this assumption, PLTR should be worth an enterprise value of ~$85 billion today (which would represent a 9%-10% CAGR to 2030), which would put the shares at a fair value of between $45 and $50 today.However, this model overlooks one major negative factor that makes the adjusted free cash flow numbers misleading: stock-based compensation. While we do not take issue with this management practice given that it is being used to attract and retain the best talent in the industry without draining the company's cash pile that it needs to invest aggressively to win long-term in the space, it is still important to account for its impact when modeling the company's valuation.In Q1 2021, stock-based compensation and employer payroll taxes related to stock-based compensation totaled a whopping ~$230 million. While this figure will likely grow to some degree as the company continues to grow and add payroll, it will ultimately decline as a percentage of the total revenues as the company continues to grow. Stock-based compensation currently accounts for ~2.3% of the company's total equity valuation and we expect this to decline over time as the company will likely grow faster than its payroll.Therefore, through 2030, we conservatively estimate average annual dilution of ~1.5% from stock-based compensation and estimate it will be at $2 billion annually by 2030. This would leave GAAP operating income at just $1.75 billion in 2030, and, at a 50x multiple would imply the company would be worth just $87.5 billion at that point, making it a mere 2.3x from its present value. Adding in the dilutive impact of 1.5% annualized stock-based compensation and the estimated per-share value in 2030 would be $44, making it a double over a 9-year period (i.e., just a mediocre ~8% CAGR).As a result, it is reasonable to conclude that shares are currently fairly valued. However, at the same time, it is important to realize that there are two factors that will significantly impact this assessment:(1) Operating Margin:The company has significant momentum in improving its operating margins. As they continue to scale rapidly, there is a strong likelihood that operating margins will improve further. Of course, competition will also increase, so there will be pressure on gross margins. Ultimately, we expect them to reach an adjusted operating margin of 40% as rapid scaling should more than offset competitive pressures, especially in their government business, which should enjoy fatter margins than their narrower moat commercial business. This 600 basis point improvement alone would raise their estimated 2030 valuation by a whopping 37% and push their expected shareholder CAGR firmly into the double digits.(2) Growth Rates:We used somewhat conservative growth rate assumptions in our model as we do not want to bank on their commercial business becoming a powerhouse given that competition is likely to be stiff.That said, all of that stock-based compensation is going towards attracting and retaining some of the brightest data analytics, machine learning, and software engineering minds, which should not be underestimated. As a result, we would not be shocked at all to see them gain better headway in the commercial market than our initial model assumes and therefore significantly outperform their 2025 and our 2030 revenue estimates.While it is true that it is easier to sustain a high growth rate at their current (relatively) small size and that the bigger you scale the harder it is to sustain that growth rate, we also know that they are only know really trying to scale their sales team, they are reinvesting aggressively into their business, and the role of data, machine learning, and software is likely to explode exponentially in the coming decade, providing a massive tailwind to their growth.While we assume a 25% annualized growth rate through 2030 from the present, if they can simply increase that to 30%, their revenue will be closer to $16 billion, which in turn would likely lead to even higher operating margins and immensely higher operating income, making their stock-based compensation even a smaller portion of the pie and their upside potential immensely higher than it is perceived to be today.Of course, the downside risk is that their Foundry platform will fail to make any significant headway in the private sector, leading to dramatically declining growth rates and them having to continue leaning heavily on their government business. Such a scenario would lead to mediocre total returns as their revenue would likely only end up in the $8 billion range and - though their stock-based compensation would obviously be lower as well - their operating income would probably wind up being ~$1.5 billion, making the company worth only $75 billion, or presenting a mere mid-single digit CAGR through 2030 which would make it a rather unappealing comparative investment.Investor TakeawayPLTR is a great company and is very likely to remain a mission-critical component of US government technical infrastructure for the foreseeable future. That alone gives the business significant stability concerning its future and will likely lead to strong growth.However, stock-based compensation and lingering uncertainty about the long-term competitive strength of its Foundry platform are the main overhangs weighing on the stock right now. While we believe that the former overhang is a major key to positively resolving the latter uncertainty, only time will tell.Based on our assumptions of 25%+ annualized revenue growth through 2030, 40% adjusted operating margins in 2030, and $2 billion in 2030 stock-based compensation, we expect the company to be worth at least 3x what it is today and generate ~12%-13% annualized returns over that period, making it a buy today and a strong buy at $20 or less.","news_type":1},"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134389051,"gmtCreate":1622208045573,"gmtModify":1704181473375,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Buy at 227/211/196","listText":"Buy at 227/211/196","text":"Buy at 227/211/196","images":[{"img":"https://static.tigerbbs.com/df874f6abfd66cad4564e093765383bc","width":"1125","height":"2507"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134389051","isVote":1,"tweetType":1,"viewCount":675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":131531920,"gmtCreate":1621866582860,"gmtModify":1704363572597,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Good growth&nbsp;","listText":"Good growth&nbsp;","text":"Good growth","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/131531920","repostId":"1171939255","repostType":4,"repost":{"id":"1171939255","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621864267,"share":"https://ttm.financial/m/news/1171939255?lang=&edition=fundamental","pubTime":"2021-05-24 21:51","market":"us","language":"en","title":"UiPath shares surges more than 7%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1171939255","media":"Tiger Newspress","summary":"UiPath shares surges more than 7%.It's said that Firstsource in Collaboration with UiPath Unveils th","content":"<p>UiPath&nbsp;shares&nbsp;surges&nbsp;more&nbsp;than&nbsp;7%.</p><p><img src=\"https://static.tigerbbs.com/50d9730685e9814e0c0fbbe5b1aa43f4\" tg-width=\"1281\" tg-height=\"582\" referrerpolicy=\"no-referrer\">It's&nbsp;said&nbsp;that&nbsp;Firstsource in Collaboration with UiPath Unveils the Firstsource Automation League Program.</p><p>Firstsource Solutions Limited (NSE: FSL, BSE: 532809), a leading provider of Business Process Management (BPM) services and an RP-Sanjiv Goenka Group company, unveiled the Firstsource Automation League – a citizen development program to democratize automation and empower the workforce. The program equips employees, even those without a programming background, to identify automation opportunities and build solutions, accelerating efficiency and cycle time. The Firstsource Automation League training methodology has been developed in collaboration with the company’s automation partner <a href=\"https://laohu8.com/S/PATH\">UiPath</a>.</p><p>The research conducted during the run-up to the project highlighted the importance of both instilling an automation mindset as well as establishing automation skilling and rigorous mentoring programs. In keeping with the findings, Firstsource developed a structured curriculum in partnership with leading digital transformation trainers Tiny Magiq. The curriculum harnesses the cumulative power of making small changes using motivational techniques, based on Stanford behavioral scientist B.J. Fogg’s model of creating tiny habits.</p><p>“The urgency and need for automation technologies is stronger now than ever. As part of the First Automation League pilot program, citizen developers have built over a hundred bots. The program is helping build a digital mindset culture across Firstsource, driving innovation, boosting efficiency, and enhancing customer experience,” said<b>Sundara Sukavanam, Chief Digital Officer at Firstsource</b>.</p><p>Citizen developers across Firstsource are currently being trained on the UiPath platform. First, they identify tasks that are best suited for automation using the Automation Hub and follow it up by building and publishing the solution in Studio X - the no-code platform with pre-designed templates for accelerated development<i>.</i></p><p>“Firstsource is embracing the power and potential of citizen developers with StudioX. It’s a pleasure to partner with an organization as committed to unlocking human potential through automation, as we are,” said<b>Brandon Nott, SVP Product Management at UiPath</b>.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UiPath shares surges more than 7%.</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\">\nUiPath shares surges more than 7%.\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-24 21:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>UiPath&nbsp;shares&nbsp;surges&nbsp;more&nbsp;than&nbsp;7%.</p><p><img src=\"https://static.tigerbbs.com/50d9730685e9814e0c0fbbe5b1aa43f4\" tg-width=\"1281\" tg-height=\"582\" referrerpolicy=\"no-referrer\">It's&nbsp;said&nbsp;that&nbsp;Firstsource in Collaboration with UiPath Unveils the Firstsource Automation League Program.</p><p>Firstsource Solutions Limited (NSE: FSL, BSE: 532809), a leading provider of Business Process Management (BPM) services and an RP-Sanjiv Goenka Group company, unveiled the Firstsource Automation League – a citizen development program to democratize automation and empower the workforce. The program equips employees, even those without a programming background, to identify automation opportunities and build solutions, accelerating efficiency and cycle time. The Firstsource Automation League training methodology has been developed in collaboration with the company’s automation partner <a href=\"https://laohu8.com/S/PATH\">UiPath</a>.</p><p>The research conducted during the run-up to the project highlighted the importance of both instilling an automation mindset as well as establishing automation skilling and rigorous mentoring programs. In keeping with the findings, Firstsource developed a structured curriculum in partnership with leading digital transformation trainers Tiny Magiq. The curriculum harnesses the cumulative power of making small changes using motivational techniques, based on Stanford behavioral scientist B.J. Fogg’s model of creating tiny habits.</p><p>“The urgency and need for automation technologies is stronger now than ever. As part of the First Automation League pilot program, citizen developers have built over a hundred bots. The program is helping build a digital mindset culture across Firstsource, driving innovation, boosting efficiency, and enhancing customer experience,” said<b>Sundara Sukavanam, Chief Digital Officer at Firstsource</b>.</p><p>Citizen developers across Firstsource are currently being trained on the UiPath platform. First, they identify tasks that are best suited for automation using the Automation Hub and follow it up by building and publishing the solution in Studio X - the no-code platform with pre-designed templates for accelerated development<i>.</i></p><p>“Firstsource is embracing the power and potential of citizen developers with StudioX. It’s a pleasure to partner with an organization as committed to unlocking human potential through automation, as we are,” said<b>Brandon Nott, SVP Product Management at UiPath</b>.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PATH":"UiPath"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171939255","content_text":"UiPath shares surges more than 7%.It's said that Firstsource in Collaboration with UiPath Unveils the Firstsource Automation League Program.Firstsource Solutions Limited (NSE: FSL, BSE: 532809), a leading provider of Business Process Management (BPM) services and an RP-Sanjiv Goenka Group company, unveiled the Firstsource Automation League – a citizen development program to democratize automation and empower the workforce. The program equips employees, even those without a programming background, to identify automation opportunities and build solutions, accelerating efficiency and cycle time. The Firstsource Automation League training methodology has been developed in collaboration with the company’s automation partner UiPath.The research conducted during the run-up to the project highlighted the importance of both instilling an automation mindset as well as establishing automation skilling and rigorous mentoring programs. In keeping with the findings, Firstsource developed a structured curriculum in partnership with leading digital transformation trainers Tiny Magiq. The curriculum harnesses the cumulative power of making small changes using motivational techniques, based on Stanford behavioral scientist B.J. Fogg’s model of creating tiny habits.“The urgency and need for automation technologies is stronger now than ever. As part of the First Automation League pilot program, citizen developers have built over a hundred bots. The program is helping build a digital mindset culture across Firstsource, driving innovation, boosting efficiency, and enhancing customer experience,” saidSundara Sukavanam, Chief Digital Officer at Firstsource.Citizen developers across Firstsource are currently being trained on the UiPath platform. First, they identify tasks that are best suited for automation using the Automation Hub and follow it up by building and publishing the solution in Studio X - the no-code platform with pre-designed templates for accelerated development.“Firstsource is embracing the power and potential of citizen developers with StudioX. It’s a pleasure to partner with an organization as committed to unlocking human potential through automation, as we are,” saidBrandon Nott, SVP Product Management at UiPath.","news_type":1},"isVote":1,"tweetType":1,"viewCount":386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133312983,"gmtCreate":1621697858142,"gmtModify":1704361567691,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Wow!","listText":"Wow!","text":"Wow!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/133312983","repostId":"1153943475","repostType":4,"repost":{"id":"1153943475","pubTimestamp":1621610182,"share":"https://ttm.financial/m/news/1153943475?lang=&edition=fundamental","pubTime":"2021-05-21 23:16","market":"us","language":"en","title":"U.S., South Korea Announce Vaccine, Semiconductor Partnership","url":"https://stock-news.laohu8.com/highlight/detail?id=1153943475","media":"Bloomberg","summary":"Commerce Secretary Raimondo met with South Korea’s Moon Friday\nSouth Korea needs Covid vaccines, U.S","content":"<ul>\n <li>Commerce Secretary Raimondo met with South Korea’s Moon Friday</li>\n <li>South Korea needs Covid vaccines, U.S. faces chip shortage</li>\n</ul>\n<p>U.S. Commerce Secretary Gina Raimondo and South Korean President Moon Jae-in announced an agreement to deepen cooperation in a range of industries including pharmaceutical companies making Covid-19 vaccines, electric-vehicle batteries and semiconductor producers.</p>\n<p>“The importance of this bilateral relationship for both nations cannot be overstated,” Raimondo said. “As we recover from the pandemic, our countries will benefit from deepening that collaboration, particularly in sectors that are critical to the future of our economies.”</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4def3d2ef68db771f0c78737eb004855\" tg-width=\"1000\" tg-height=\"736\"><span>Gina RaimondoPhotographer: Leigh Vogel/UPI/Bloomberg</span></p>\n<p>South Korea is eager to secure supplies of Covid-19 vaccines that the U.S. has recently allowed to be exported. At the same time, the U.S. has sought help from allies including South Korea to alleviate a semiconductorshortagethat’s led to idling of auto plants across North America.</p>\n<p>Raimondo on Friday morning held a roundtable on supply chain issues with South Korean Minister of Trade, Industry and Energy Moon Sung-wook. The meeting was attended by more than a dozen executives from companies including&nbsp;Samsung Electronics Co.,LG Corp.,Qualcomm Inc.a&nbsp;nd&nbsp;Hyundai Motor Group.</p>\n<p>Moon is set to participate in a bilateral meeting with President Joe Biden on Friday afternoon and later hold a joint press conference.</p>","source":"lsy1584095487587","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>U.S., South Korea Announce Vaccine, Semiconductor Partnership</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\">\nU.S., South Korea Announce Vaccine, Semiconductor Partnership\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 23:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-05-21/u-s-south-korea-announce-vaccine-semiconductor-partnership?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Commerce Secretary Raimondo met with South Korea’s Moon Friday\nSouth Korea needs Covid vaccines, U.S. faces chip shortage\n\nU.S. Commerce Secretary Gina Raimondo and South Korean President Moon Jae-in ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-05-21/u-s-south-korea-announce-vaccine-semiconductor-partnership?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SSNLF":"三星电子",".DJI":"道琼斯","QCOM":"高通",".IXIC":"NASDAQ Composite","LGCOF":"Legal & Gen Ucits ETF Plc ",".SPX":"S&P 500 Index","HYMLF":"Hyundai Motor Co., Ltd."},"source_url":"https://www.bloomberg.com/news/articles/2021-05-21/u-s-south-korea-announce-vaccine-semiconductor-partnership?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153943475","content_text":"Commerce Secretary Raimondo met with South Korea’s Moon Friday\nSouth Korea needs Covid vaccines, U.S. faces chip shortage\n\nU.S. Commerce Secretary Gina Raimondo and South Korean President Moon Jae-in announced an agreement to deepen cooperation in a range of industries including pharmaceutical companies making Covid-19 vaccines, electric-vehicle batteries and semiconductor producers.\n“The importance of this bilateral relationship for both nations cannot be overstated,” Raimondo said. “As we recover from the pandemic, our countries will benefit from deepening that collaboration, particularly in sectors that are critical to the future of our economies.”\nGina RaimondoPhotographer: Leigh Vogel/UPI/Bloomberg\nSouth Korea is eager to secure supplies of Covid-19 vaccines that the U.S. has recently allowed to be exported. At the same time, the U.S. has sought help from allies including South Korea to alleviate a semiconductorshortagethat’s led to idling of auto plants across North America.\nRaimondo on Friday morning held a roundtable on supply chain issues with South Korean Minister of Trade, Industry and Energy Moon Sung-wook. The meeting was attended by more than a dozen executives from companies including Samsung Electronics Co.,LG Corp.,Qualcomm Inc.a nd Hyundai Motor Group.\nMoon is set to participate in a bilateral meeting with President Joe Biden on Friday afternoon and later hold a joint press conference.","news_type":1},"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133312090,"gmtCreate":1621697844010,"gmtModify":1704361567528,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Wow!","listText":"Wow!","text":"Wow!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/133312090","repostId":"2137907575","repostType":4,"repost":{"id":"2137907575","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":1621610772,"share":"https://ttm.financial/m/news/2137907575?lang=&edition=fundamental","pubTime":"2021-05-21 23:26","market":"us","language":"en","title":"U.S. Congress to hold hearing on SPACs, ramping up scrutiny","url":"https://stock-news.laohu8.com/highlight/detail?id=2137907575","media":"Reuters","summary":"WASHINGTON, May 21 (Reuters) - U.S. lawmakers are ramping up scrutiny of special purpose acquisition","content":"<p>WASHINGTON, May 21 (Reuters) - U.S. lawmakers are ramping up scrutiny of special purpose acquisition companies, or SPACs, with a hearing set for Monday as they consider legislation aimed at curbing liability protections for the industry.</p>\n<p>The U.S. Securities and Exchange Commission <a href=\"https://laohu8.com/S/SEC.UK\">$(SEC.UK)$</a> has heightened its focus on SPACs in recent months through a series of public statements, new guidance and a Wall Street bank inquiry led by the agency's enforcement team. Republican Senator John Kennedy from Louisiana last month introduced a bill aimed at boosting transparency for investors in SPACs.</p>\n<p>SPACs are shell companies that raise money via a listing to acquire a private company with the purpose of taking it public, sidestepping a traditional initial public offering <a href=\"https://laohu8.com/S/IPO.UK\">$(IPO.UK)$</a> process. Critics say banks and SPAC sponsors have reaped big payoffs at a cost to later-stage investors.</p>\n<p>Monday's hearing in a House Financial Services subcommittee is aimed at SPACs, direct listings and IPOs, according to a hearing notice published on May 19. The House is considering legislation that would redefine \"blank check company\" from a key 1995 law to include special purpose acquisition companies, according to the notice.</p>\n<p>The law created a safe harbor that protects listed companies from shareholder litigation provided forward-looking statements are made in good faith, identified as such and couched in cautionary language.</p>\n<p>The safe harbor does not protect IPOs or certain blank check companies, but sponsors have generally operated on the basis that it does apply to SPAC deals, and have leaned on it heavily to issue growth projections. The SEC has been mulling guidance that would curb these projections, Reuters reported earlier this month.</p>\n<p>The prospects for the bill to become law are unclear, but it signals growing Congressional attention on the industry.</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>U.S. Congress to hold hearing on SPACs, ramping up scrutiny</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\">\nU.S. Congress to hold hearing on SPACs, ramping up scrutiny\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\">2021-05-21 23:26</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>WASHINGTON, May 21 (Reuters) - U.S. lawmakers are ramping up scrutiny of special purpose acquisition companies, or SPACs, with a hearing set for Monday as they consider legislation aimed at curbing liability protections for the industry.</p>\n<p>The U.S. Securities and Exchange Commission <a href=\"https://laohu8.com/S/SEC.UK\">$(SEC.UK)$</a> has heightened its focus on SPACs in recent months through a series of public statements, new guidance and a Wall Street bank inquiry led by the agency's enforcement team. Republican Senator John Kennedy from Louisiana last month introduced a bill aimed at boosting transparency for investors in SPACs.</p>\n<p>SPACs are shell companies that raise money via a listing to acquire a private company with the purpose of taking it public, sidestepping a traditional initial public offering <a href=\"https://laohu8.com/S/IPO.UK\">$(IPO.UK)$</a> process. Critics say banks and SPAC sponsors have reaped big payoffs at a cost to later-stage investors.</p>\n<p>Monday's hearing in a House Financial Services subcommittee is aimed at SPACs, direct listings and IPOs, according to a hearing notice published on May 19. The House is considering legislation that would redefine \"blank check company\" from a key 1995 law to include special purpose acquisition companies, according to the notice.</p>\n<p>The law created a safe harbor that protects listed companies from shareholder litigation provided forward-looking statements are made in good faith, identified as such and couched in cautionary language.</p>\n<p>The safe harbor does not protect IPOs or certain blank check companies, but sponsors have generally operated on the basis that it does apply to SPAC deals, and have leaned on it heavily to issue growth projections. The SEC has been mulling guidance that would curb these projections, Reuters reported earlier this month.</p>\n<p>The prospects for the bill to become law are unclear, but it signals growing Congressional attention on the industry.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137907575","content_text":"WASHINGTON, May 21 (Reuters) - U.S. lawmakers are ramping up scrutiny of special purpose acquisition companies, or SPACs, with a hearing set for Monday as they consider legislation aimed at curbing liability protections for the industry.\nThe U.S. Securities and Exchange Commission $(SEC.UK)$ has heightened its focus on SPACs in recent months through a series of public statements, new guidance and a Wall Street bank inquiry led by the agency's enforcement team. Republican Senator John Kennedy from Louisiana last month introduced a bill aimed at boosting transparency for investors in SPACs.\nSPACs are shell companies that raise money via a listing to acquire a private company with the purpose of taking it public, sidestepping a traditional initial public offering $(IPO.UK)$ process. Critics say banks and SPAC sponsors have reaped big payoffs at a cost to later-stage investors.\nMonday's hearing in a House Financial Services subcommittee is aimed at SPACs, direct listings and IPOs, according to a hearing notice published on May 19. The House is considering legislation that would redefine \"blank check company\" from a key 1995 law to include special purpose acquisition companies, according to the notice.\nThe law created a safe harbor that protects listed companies from shareholder litigation provided forward-looking statements are made in good faith, identified as such and couched in cautionary language.\nThe safe harbor does not protect IPOs or certain blank check companies, but sponsors have generally operated on the basis that it does apply to SPAC deals, and have leaned on it heavily to issue growth projections. The SEC has been mulling guidance that would curb these projections, Reuters reported earlier this month.\nThe prospects for the bill to become law are unclear, but it signals growing Congressional attention on the industry.","news_type":1},"isVote":1,"tweetType":1,"viewCount":351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130184063,"gmtCreate":1621519268352,"gmtModify":1704358973426,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Buy at 227/211/196","listText":"Buy at 227/211/196","text":"Buy at 227/211/196","images":[{"img":"https://static.tigerbbs.com/1f7dc07f0c1091142d6aaa612b7b28b6","width":"1125","height":"2330"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130184063","isVote":1,"tweetType":1,"viewCount":165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":130182567,"gmtCreate":1621519220659,"gmtModify":1704358971797,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Good growth","listText":"Good growth","text":"Good growth","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/130182567","repostId":"1165308396","repostType":4,"repost":{"id":"1165308396","pubTimestamp":1621518444,"share":"https://ttm.financial/m/news/1165308396?lang=&edition=fundamental","pubTime":"2021-05-20 21:47","market":"us","language":"en","title":"The Great Commodities Boom of 2021 Is Facing Its First Big Test","url":"https://stock-news.laohu8.com/highlight/detail?id=1165308396","media":"Bloomberg","summary":"Rally has stalled on inflation worries, China’s price warning\nBut more stimulus details, poor weathe","content":"<ul>\n <li>Rally has stalled on inflation worries, China’s price warning</li>\n <li>But more stimulus details, poor weather could reignite gains</li>\n</ul>\n<p>One of the biggest commodities booms in decades is looking for a fresh reason to power higher.</p>\n<p>Markets from copper to oil to corn surged recently as monetary stimulus and a recovery from the pandemic tightened supplies, fueling a debate about whether raw materials are in a new supercycle. But the rally is now wavering on worries about faster inflation, Federal Reserve hints at easing stimulus and China’s&nbsp;warning&nbsp;over measures to cool price spikes.</p>\n<p>Commodities slid across the board on Wednesday on those concerns, in a wild day for markets that also saw huge swings in cryptocurrencies. Yet many reasons for higher prices -- from a stronger global economy to a coming wave of green spending -- are still intact. Plus, a big shift in monetary policy may be unlikely with economies in an uncertain stage of recovery.</p>\n<p><img src=\"https://static.tigerbbs.com/89b6d47618fa9e3934209aea21342ce5\" tg-width=\"930\" tg-height=\"523\"></p>\n<p>“The commodities bull run is definitely not done yet,” said Eric Liu, head of trading at Chinese copper trader ASK Resources Ltd. “Every country is grappling with rising inflation, but as long as they don’t actually tighten monetary and fiscal policies, commodity prices can hardly cool off.”</p>\n<p>There was a steadier tone on Thursday, with base metals mixed and grains markets edging higher, although iron ore futures fell and Brent crude extended declines. The oil market has been rattled by the prospect of a deal to end sanctions on Iran’s exports, while the coronavirus continues to hurt Indian demand.</p>\n<p><b>Rally Cools</b></p>\n<p>A Bloomberg gauge of spot commodities prices slid 1.8% on Wednesday as minutes of the Fed’s April meeting showed somepolicymakers were open to a debate&nbsp;on tapering&nbsp;at future meetings. Also, China issued a&nbsp;fresh warning&nbsp;of measures to curb rising prices, saying more needs to be done to prevent rising costs from being passed through to consumers.</p>\n<p>The stronger rhetoric risks weighing on materials from copper to iron ore, which reached record highs this month on surging demand. Top commodities user China has also been buying huge amounts of crops, which helped push grains markets to multiyear highs, before the rally stalled.</p>\n<p>Recent declines are “partly driven by a reversal of macroeconomic sentiment in the world, as some of the fundamental factors that helped push up asset prices eased,” said Zhang Chenfeng, a researcher at Chinese commodity hedge fund Shanghai Chaos Investment.</p>\n<p><b>Bullish Reasons?</b></p>\n<p>With markets looking for fresh drivers to resume the rally, energy bulls can point to the coming U.S. flying and driving seasons as lockdowns ease, as well as solid demand from Asia. Crops need almost perfect weather this summer in the U.S. and later in Brazil and Argentina for harvests to meet world demand, so any adverse weather could again cause price spikes.</p>\n<p><img src=\"https://static.tigerbbs.com/c2aa1736a92caa78423670581dc95d5b\" tg-width=\"975\" tg-height=\"527\"></p>\n<p>Metals have benefited from a rush to replenish manufacturing supply chains and the prospect of years of green spending, which helped send economic bellwether copper above $10,700 a ton this month. Whether prices go higher partly depends on a clearer picture of infrastructure spending and how long loose monetary policies will last.</p>\n<p>Wall Street has issued bullish outlooks. Citigroup Inc. sees copper heading past $12,000 in the coming months. Major traders Glencore Plc and Trafigura say prices&nbsp;could&nbsp;jump much higher to spur enough supply to meet future demand from renewables and electric cars.</p>\n<p>“I’m certainly in the camp of this being a healthy pause” for commodities, said Daniel Hynes, a strategist at Australia &amp; New Zealand Banking Group. “Any disappointing data or headwinds were always going to see some profit-taking, and I think the whole sector still has some upside.”</p>","source":"lsy1584095487587","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>The Great Commodities Boom of 2021 Is Facing Its First Big Test</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\">\nThe Great Commodities Boom of 2021 Is Facing Its First Big Test\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-20 21:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-05-20/the-great-commodities-boom-of-2021-is-facing-its-first-big-test?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Rally has stalled on inflation worries, China’s price warning\nBut more stimulus details, poor weather could reignite gains\n\nOne of the biggest commodities booms in decades is looking for a fresh ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-05-20/the-great-commodities-boom-of-2021-is-facing-its-first-big-test?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.bloomberg.com/news/articles/2021-05-20/the-great-commodities-boom-of-2021-is-facing-its-first-big-test?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165308396","content_text":"Rally has stalled on inflation worries, China’s price warning\nBut more stimulus details, poor weather could reignite gains\n\nOne of the biggest commodities booms in decades is looking for a fresh reason to power higher.\nMarkets from copper to oil to corn surged recently as monetary stimulus and a recovery from the pandemic tightened supplies, fueling a debate about whether raw materials are in a new supercycle. But the rally is now wavering on worries about faster inflation, Federal Reserve hints at easing stimulus and China’s warning over measures to cool price spikes.\nCommodities slid across the board on Wednesday on those concerns, in a wild day for markets that also saw huge swings in cryptocurrencies. Yet many reasons for higher prices -- from a stronger global economy to a coming wave of green spending -- are still intact. Plus, a big shift in monetary policy may be unlikely with economies in an uncertain stage of recovery.\n\n“The commodities bull run is definitely not done yet,” said Eric Liu, head of trading at Chinese copper trader ASK Resources Ltd. “Every country is grappling with rising inflation, but as long as they don’t actually tighten monetary and fiscal policies, commodity prices can hardly cool off.”\nThere was a steadier tone on Thursday, with base metals mixed and grains markets edging higher, although iron ore futures fell and Brent crude extended declines. The oil market has been rattled by the prospect of a deal to end sanctions on Iran’s exports, while the coronavirus continues to hurt Indian demand.\nRally Cools\nA Bloomberg gauge of spot commodities prices slid 1.8% on Wednesday as minutes of the Fed’s April meeting showed somepolicymakers were open to a debate on tapering at future meetings. Also, China issued a fresh warning of measures to curb rising prices, saying more needs to be done to prevent rising costs from being passed through to consumers.\nThe stronger rhetoric risks weighing on materials from copper to iron ore, which reached record highs this month on surging demand. Top commodities user China has also been buying huge amounts of crops, which helped push grains markets to multiyear highs, before the rally stalled.\nRecent declines are “partly driven by a reversal of macroeconomic sentiment in the world, as some of the fundamental factors that helped push up asset prices eased,” said Zhang Chenfeng, a researcher at Chinese commodity hedge fund Shanghai Chaos Investment.\nBullish Reasons?\nWith markets looking for fresh drivers to resume the rally, energy bulls can point to the coming U.S. flying and driving seasons as lockdowns ease, as well as solid demand from Asia. Crops need almost perfect weather this summer in the U.S. and later in Brazil and Argentina for harvests to meet world demand, so any adverse weather could again cause price spikes.\n\nMetals have benefited from a rush to replenish manufacturing supply chains and the prospect of years of green spending, which helped send economic bellwether copper above $10,700 a ton this month. Whether prices go higher partly depends on a clearer picture of infrastructure spending and how long loose monetary policies will last.\nWall Street has issued bullish outlooks. Citigroup Inc. sees copper heading past $12,000 in the coming months. Major traders Glencore Plc and Trafigura say prices could jump much higher to spur enough supply to meet future demand from renewables and electric cars.\n“I’m certainly in the camp of this being a healthy pause” for commodities, said Daniel Hynes, a strategist at Australia & New Zealand Banking Group. “Any disappointing data or headwinds were always going to see some profit-taking, and I think the whole sector still has some upside.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":319,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130182158,"gmtCreate":1621519191774,"gmtModify":1704358971302,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Airlines will recover as demand for air travel is high, but limited by COVID.","listText":"Airlines will recover as demand for air travel is high, but limited by COVID.","text":"Airlines will recover as demand for air travel is high, but limited by COVID.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130182158","repostId":"1104495274","repostType":4,"repost":{"id":"1104495274","pubTimestamp":1621519018,"share":"https://ttm.financial/m/news/1104495274?lang=&edition=fundamental","pubTime":"2021-05-20 21:56","market":"us","language":"en","title":"3 Airlines Just Posted Updates. Here’s What That Means for the Recovery.","url":"https://stock-news.laohu8.com/highlight/detail?id=1104495274","media":"Barrons","summary":"EasyJet, Singapore Airlines, and Qantas Airways all reminded investors that heavy losses were still ","content":"<p>EasyJet, Singapore Airlines, and Qantas Airways all reminded investors that heavy losses were still hitting the sector on Thursday, and issued cautious warnings over the air-travel recovery.</p>\n<p>The trio painted a picture of uncertainty surrounding the recovery, even as many countries begin easing travel restrictions and the European Union prepares to open up for Covid-19 vaccinated tourists.</p>\n<p>The trio painted a picture of uncertainty surrounding the recovery, even as many countries begin easing travel restrictions and the European Union prepares to&nbsp;open up for Covid-19 vaccinated tourists.</p>\n<p>Many airline stocks have climbed sharply since the end of last year amid hopes for a bumper summer holiday period, but with the season drawing closer, such a recovery now looks more in the balance.</p>\n<p><b>ASIA</b></p>\n<p>Singapore Airlines&nbsp;(ticker: C6L.Singapore) reported a record 4.27 billion Singapore dollars ($3.2 billion) annual loss in what it described as the“toughest year in its history.”Passenger numbers slumped 98% to just 596,000 in the year to March 31.</p>\n<p>Singapore’s national airlines raised doubts over the air-travel recovery, warning that its trajectory remained “unclear.”</p>\n<p>Despite a resurgence of Covid-19 cases across much of Asia and other parts of the world, the airline said accelerating Covid-19 vaccination programs in key markets meant it was hopeful for further improvement in international demand in the second half of 2021. The stock climbed 1.3% after earnings and is now 11% up year-to-date.</p>\n<p>Restrictions in Singapore and Taiwan have been tightened in recent days following spikes in Covid-19 cases, while other countries such as Thailand and Malaysia are also battling rising cases. Vaccine rollouts are also proving slow in the region, particularly in comparison to the U.S., the United Kingdom, and parts of Europe.</p>\n<p><b>EUROPE</b></p>\n<p>Low-cost European carrier&nbsp;EasyJet&nbsp;(EZJ.UK) posted a pretax loss of £701 million ($990.4 million) in the six months to the end of March, down from a £193 million loss the previous year. Unsurprisingly, passenger numbers fell 89% to 4.1 million year-over-year.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Airlines Just Posted Updates. Here’s What That Means for the Recovery.</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\">\n3 Airlines Just Posted Updates. Here’s What That Means for the Recovery.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-20 21:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/three-airlines-just-posted-updates-heres-what-that-means-for-the-recovery-51621517066?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>EasyJet, Singapore Airlines, and Qantas Airways all reminded investors that heavy losses were still hitting the sector on Thursday, and issued cautious warnings over the air-travel recovery.\nThe trio ...</p>\n\n<a href=\"https://www.barrons.com/articles/three-airlines-just-posted-updates-heres-what-that-means-for-the-recovery-51621517066?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SINGF":"Singapore Airlines Ltd.","QAN.AU":"QANTAS AIRWAYS LIMITED","C6L.SI":"新加坡航空公司","EZJ.UK":"易捷航空","QUBSF":"Qantas Airways Ltd.","SINGY":"Singapore Airlines Ltd.","ESYJY":"easyJet Plc","QABSY":"Qantas Airways Ltd.","EJTTF":"easyJet Plc"},"source_url":"https://www.barrons.com/articles/three-airlines-just-posted-updates-heres-what-that-means-for-the-recovery-51621517066?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104495274","content_text":"EasyJet, Singapore Airlines, and Qantas Airways all reminded investors that heavy losses were still hitting the sector on Thursday, and issued cautious warnings over the air-travel recovery.\nThe trio painted a picture of uncertainty surrounding the recovery, even as many countries begin easing travel restrictions and the European Union prepares to open up for Covid-19 vaccinated tourists.\nThe trio painted a picture of uncertainty surrounding the recovery, even as many countries begin easing travel restrictions and the European Union prepares to open up for Covid-19 vaccinated tourists.\nMany airline stocks have climbed sharply since the end of last year amid hopes for a bumper summer holiday period, but with the season drawing closer, such a recovery now looks more in the balance.\nASIA\nSingapore Airlines (ticker: C6L.Singapore) reported a record 4.27 billion Singapore dollars ($3.2 billion) annual loss in what it described as the“toughest year in its history.”Passenger numbers slumped 98% to just 596,000 in the year to March 31.\nSingapore’s national airlines raised doubts over the air-travel recovery, warning that its trajectory remained “unclear.”\nDespite a resurgence of Covid-19 cases across much of Asia and other parts of the world, the airline said accelerating Covid-19 vaccination programs in key markets meant it was hopeful for further improvement in international demand in the second half of 2021. The stock climbed 1.3% after earnings and is now 11% up year-to-date.\nRestrictions in Singapore and Taiwan have been tightened in recent days following spikes in Covid-19 cases, while other countries such as Thailand and Malaysia are also battling rising cases. Vaccine rollouts are also proving slow in the region, particularly in comparison to the U.S., the United Kingdom, and parts of Europe.\nEUROPE\nLow-cost European carrier EasyJet (EZJ.UK) posted a pretax loss of £701 million ($990.4 million) in the six months to the end of March, down from a £193 million loss the previous year. Unsurprisingly, passenger numbers fell 89% to 4.1 million year-over-year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130189006,"gmtCreate":1621518876605,"gmtModify":1704358964821,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"New trend to EV","listText":"New trend to EV","text":"New trend to EV","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130189006","repostId":"1138243341","repostType":4,"isVote":1,"tweetType":1,"viewCount":207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130117772,"gmtCreate":1621518852596,"gmtModify":1704358963527,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Big market to go","listText":"Big market to go","text":"Big market to go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/130117772","repostId":"2136010949","repostType":4,"repost":{"id":"2136010949","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621525460,"share":"https://ttm.financial/m/news/2136010949?lang=&edition=fundamental","pubTime":"2021-05-20 23:44","market":"us","language":"en","title":"Oatly spikes 25% on its first day of trading","url":"https://stock-news.laohu8.com/highlight/detail?id=2136010949","media":"Tiger Newspress","summary":"Oatly shares opened at $21.36 each on Thursday, about 25% higher than the company’s IPO price.Oatly ","content":"<p>Oatly shares opened at $21.36&nbsp;each on Thursday, about 25% higher than the company’s IPO price.</p><p><img src=\"https://static.tigerbbs.com/dea20942dd681dbc49dc4d9b993e2bf2\" tg-width=\"1920\" tg-height=\"1080\" referrerpolicy=\"no-referrer\"></p><p>Oatly is preparing for the next generation of diners who bring with them 'a new set of values and expectations'</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d1d5a4af914d52b8e97b3e053101a658\" tg-width=\"1260\" tg-height=\"841\" referrerpolicy=\"no-referrer\"><span>Oatly said in its prospectus that it's focused on health and sustainability, two areas of importance to customers.</span></p><p>After first filing for its IPO confidentially in February , plant-based food company <a href=\"https://laohu8.com/S/OTLY\">Oatly Group AB</a> go public Thursday.</p><p>On Wednesday, Oatly priced its initial public offering at $17 a share , at the high end of its expected range, offering 84.4 million American Depository Shares. Selling stockholders will offer 19.7 million of those shares.</p><p>The pricing valued the company at about $10 billion, and will raise about $1.43 billion. The company will trade on the Nasdaq under the ticker \"OTLY.\"</p><p>Oatly Group changed its name from Havre Global AB on March 1.</p><p>There are nine lead underwriters for the filing: <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>, JPMorgan, Credit Suisse, Barclays, Jeffries, BNP Paribas, BofA Securities, Piper Sandler and RBC Capital Markets.</p><p>Oatly is backed by private-equity group Blackstone Group, as well as celebrity names like Oprah Winfrey and Jay Z who invested $200 million in the company last summer. That investment valued the company at $2 billion at the time, according to The Wall Street Journal .</p><p>Based in Malmö, Sweden, Oatly has been in the oat milk business for 25 years. The company's product lineup now also includes frozen desserts and \"oatgurt,\" an alternative yogurt.</p><p>Toni Petersson has been Oatly's chief executive since 2012, and will join the board once the company is publicly-traded.</p><p>Christian Hanke, a former Nasdaq Stockholm executive, has served as Oatly's chief financial officer since March 2020.</p><p>The company is going public at a time when climate change and sustainability issues are top of mind for many consumers, particularly younger ones.</p><p>\"Generation Z and Millennials will become the dominant global generations in the coming years, bringing to the market a new set of values and expectations,\" the company said in its prospectus.</p><p>\"These combined factors are driving a clear rapid, accelerating growth and influx of new consumers to the plant-based dairy market.\"</p><p>According to the Plant Based Foods Association and Good Foods Institute, plant-based-food sales reached $7 billion in 2020.</p><p>Consumer Insights data quoted in the prospectus says the plant-based milk category will grow 20% to 25% over the next three years.</p><p>Oatly is focused on its role in helping to transform the food industry in order to be better for the environment and meet the health needs of its customers. The company points out that substituting a cup of Oatly for a cup of cow's milk reduces greenhouse gas emissions, land use and energy consumption.</p><p>Tastewise, which provides food and beverage data and intelligence, said in a December 2020 report that \"plant-based everything\" will be <a href=\"https://laohu8.com/S/AONE\">one</a> of the top 10 U.S. trends for this year.</p><p>\"The number <a href=\"https://laohu8.com/S/AONE.U\">one</a> reason consumers turn to plant-based food and beverage? Health,\" the report said.</p><p>\"Plant-based is no longer just an 'alternative' to meat, but rather a significantcategory in itself.\"</p><p>Oatly's key markets are Sweden, Germany and the U.K., though its products were available in 60,000 retail stores and 32,200 coffee shops around the world as of December 31, 2020. Among the places where customers can find Oatly is Starbucks <a href=\"https://laohu8.com/S/SBUX\">$(SBUX)$</a>, where demand was so high there was a shortage soon after the coffee chain introduced beverages made with the item.</p><p>COVID-19 has impacted Oatly's business as lockdowns around the world limited access to restaurants, bars and other dining establishments.</p><p>In 2020, Oatly had revenue of $421.4 million, up from $204.0 million the year before. However, the company reported a loss of $60.4 million \"reflecting our continued investment in production, brand awareness, new markets and product development,\" the prospectus said.</p><p>Oatly is classified as an \"emerging growth company,\" which means it does not have to make the same disclosures required of bigger public companies. A business remains an emerging growth company until it reaches a number of milestones, including annual revenue of more than $1.07 billion.</p><p>Oatly warns that it has reported losses over the last \"several\" years and expects operating and capital expenses to rise \"substantially.\"</p><p>\"Our expansion efforts may take longer or prove more expensive than we anticipate, particularly in light of the COVID-19 pandemic, and we may not succeed in increasing our revenue and margins sufficiently to offset the anticipated higher expenses,\" the company said in its prospectus.</p><p>\"We incur significant expenses in researching and developing our innovative products, building out our production and manufacturing facilities, obtaining and storing ingredients and other products and marketing the products we offer.\"</p><p>Here are five more things to know about Oatly ahead of its public debut:</p><p>Oatly will not pay a dividend for the \"foreseeable future.\" The company plans to use the proceeds from the offering as working capital, for incremental growth, including expansion, and other general purposes.</p><p>Coffee provided a gateway for Oatly in the U.S. Oatly arrived in the U.S. in 2017. The company says it \"focused on targeting coffee's tastemakers, professional baristas at independent coffee shops\" as a way to enter the market.\"</p><p>By December 31, 2020, Oatly was in more than 7,500 retail shops and 10,000 coffee shops in the U.S. Revenue in 2020 totaled $100 million in the U.S.</p><p>Oatly can also be found in 11,000 coffee and tea shops in China, and at more than 6,000 retail and specialty shops across the country, including thousands of Starbucks locations.</p><p>Limited oat supply could have a financial impact. Oatly depends on five suppliers for the oats it uses, purchasing this ingredient through millers in Sweden, Denmark, the U.S. and Belgium.</p><p>\"We have in the past experienced interruptions in the supply of oats from one supplier that resulted in delays in delivery to us,\" the company said, noting that its oat supply is also vulnerable to natural disasters such as drought or floods.</p><p>\"We could experience similar delays in the future from any of these suppliers.\"</p><p>The company also depends on select suppliers for enzymes, including one supplier that provides an enzyme for some of Oatly's products, including Barista Edition oat milk.</p><p>The main components of the company's products are manufactured in four primary facilities as of March 2021, which could also be a problem if something significant happens at any one facility.</p><p>The dairy market is highly competitive. Oatly identifies conventional dairy companies, including Dean Foods Inc. (DFODQ) and Lactalis as competitors, as well as the growing array of plant-based dairy alternative companies that are entering the market, including soy, almond, hemp and cashew milk brands.</p><p>All of these companies are competing for a finite number of retail stores, coffee shops, foodservice clients and consumers.</p><p>\"In order for us to not only maintain our market position, but also to continue to grow and acquire more consumers, some of which may be switching from traditional dairy to plant-based alternatives, we must continue to provide delicious, high-quality products, and consumers must believe in our vision for a food system that is better for people and the planet,\" the company said.</p><p>Oatly's marketing and COVID-19 might be a hurdle to growth. Oatly says that its history of \"provocative and unconventional marketing and advertising campaigns\" has gotten them into hot water, including a 2014 lawsuit filed by the Swedish dairy lobby in which the courts found Oatly was \"disparaging to dairy products.\"</p><p>\"The decision resulted in a ban on our further use of a number of expressions marketing our products in Sweden, under the penalty of liquidated damages of SEK 2 million per expression,\" the prospectus said.</p><p>The company cautions that future marketing could drive other legal action.</p><p>More recently, Oatly's Super Bowl ad made headlines , but mostly for provoking laughter.</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>Oatly spikes 25% on its first day of trading</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\">\nOatly spikes 25% on its first day of trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-20 23:44</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Oatly shares opened at $21.36&nbsp;each on Thursday, about 25% higher than the company’s IPO price.</p><p><img src=\"https://static.tigerbbs.com/dea20942dd681dbc49dc4d9b993e2bf2\" tg-width=\"1920\" tg-height=\"1080\" referrerpolicy=\"no-referrer\"></p><p>Oatly is preparing for the next generation of diners who bring with them 'a new set of values and expectations'</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d1d5a4af914d52b8e97b3e053101a658\" tg-width=\"1260\" tg-height=\"841\" referrerpolicy=\"no-referrer\"><span>Oatly said in its prospectus that it's focused on health and sustainability, two areas of importance to customers.</span></p><p>After first filing for its IPO confidentially in February , plant-based food company <a href=\"https://laohu8.com/S/OTLY\">Oatly Group AB</a> go public Thursday.</p><p>On Wednesday, Oatly priced its initial public offering at $17 a share , at the high end of its expected range, offering 84.4 million American Depository Shares. Selling stockholders will offer 19.7 million of those shares.</p><p>The pricing valued the company at about $10 billion, and will raise about $1.43 billion. The company will trade on the Nasdaq under the ticker \"OTLY.\"</p><p>Oatly Group changed its name from Havre Global AB on March 1.</p><p>There are nine lead underwriters for the filing: <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>, JPMorgan, Credit Suisse, Barclays, Jeffries, BNP Paribas, BofA Securities, Piper Sandler and RBC Capital Markets.</p><p>Oatly is backed by private-equity group Blackstone Group, as well as celebrity names like Oprah Winfrey and Jay Z who invested $200 million in the company last summer. That investment valued the company at $2 billion at the time, according to The Wall Street Journal .</p><p>Based in Malmö, Sweden, Oatly has been in the oat milk business for 25 years. The company's product lineup now also includes frozen desserts and \"oatgurt,\" an alternative yogurt.</p><p>Toni Petersson has been Oatly's chief executive since 2012, and will join the board once the company is publicly-traded.</p><p>Christian Hanke, a former Nasdaq Stockholm executive, has served as Oatly's chief financial officer since March 2020.</p><p>The company is going public at a time when climate change and sustainability issues are top of mind for many consumers, particularly younger ones.</p><p>\"Generation Z and Millennials will become the dominant global generations in the coming years, bringing to the market a new set of values and expectations,\" the company said in its prospectus.</p><p>\"These combined factors are driving a clear rapid, accelerating growth and influx of new consumers to the plant-based dairy market.\"</p><p>According to the Plant Based Foods Association and Good Foods Institute, plant-based-food sales reached $7 billion in 2020.</p><p>Consumer Insights data quoted in the prospectus says the plant-based milk category will grow 20% to 25% over the next three years.</p><p>Oatly is focused on its role in helping to transform the food industry in order to be better for the environment and meet the health needs of its customers. The company points out that substituting a cup of Oatly for a cup of cow's milk reduces greenhouse gas emissions, land use and energy consumption.</p><p>Tastewise, which provides food and beverage data and intelligence, said in a December 2020 report that \"plant-based everything\" will be <a href=\"https://laohu8.com/S/AONE\">one</a> of the top 10 U.S. trends for this year.</p><p>\"The number <a href=\"https://laohu8.com/S/AONE.U\">one</a> reason consumers turn to plant-based food and beverage? Health,\" the report said.</p><p>\"Plant-based is no longer just an 'alternative' to meat, but rather a significantcategory in itself.\"</p><p>Oatly's key markets are Sweden, Germany and the U.K., though its products were available in 60,000 retail stores and 32,200 coffee shops around the world as of December 31, 2020. Among the places where customers can find Oatly is Starbucks <a href=\"https://laohu8.com/S/SBUX\">$(SBUX)$</a>, where demand was so high there was a shortage soon after the coffee chain introduced beverages made with the item.</p><p>COVID-19 has impacted Oatly's business as lockdowns around the world limited access to restaurants, bars and other dining establishments.</p><p>In 2020, Oatly had revenue of $421.4 million, up from $204.0 million the year before. However, the company reported a loss of $60.4 million \"reflecting our continued investment in production, brand awareness, new markets and product development,\" the prospectus said.</p><p>Oatly is classified as an \"emerging growth company,\" which means it does not have to make the same disclosures required of bigger public companies. A business remains an emerging growth company until it reaches a number of milestones, including annual revenue of more than $1.07 billion.</p><p>Oatly warns that it has reported losses over the last \"several\" years and expects operating and capital expenses to rise \"substantially.\"</p><p>\"Our expansion efforts may take longer or prove more expensive than we anticipate, particularly in light of the COVID-19 pandemic, and we may not succeed in increasing our revenue and margins sufficiently to offset the anticipated higher expenses,\" the company said in its prospectus.</p><p>\"We incur significant expenses in researching and developing our innovative products, building out our production and manufacturing facilities, obtaining and storing ingredients and other products and marketing the products we offer.\"</p><p>Here are five more things to know about Oatly ahead of its public debut:</p><p>Oatly will not pay a dividend for the \"foreseeable future.\" The company plans to use the proceeds from the offering as working capital, for incremental growth, including expansion, and other general purposes.</p><p>Coffee provided a gateway for Oatly in the U.S. Oatly arrived in the U.S. in 2017. The company says it \"focused on targeting coffee's tastemakers, professional baristas at independent coffee shops\" as a way to enter the market.\"</p><p>By December 31, 2020, Oatly was in more than 7,500 retail shops and 10,000 coffee shops in the U.S. Revenue in 2020 totaled $100 million in the U.S.</p><p>Oatly can also be found in 11,000 coffee and tea shops in China, and at more than 6,000 retail and specialty shops across the country, including thousands of Starbucks locations.</p><p>Limited oat supply could have a financial impact. Oatly depends on five suppliers for the oats it uses, purchasing this ingredient through millers in Sweden, Denmark, the U.S. and Belgium.</p><p>\"We have in the past experienced interruptions in the supply of oats from one supplier that resulted in delays in delivery to us,\" the company said, noting that its oat supply is also vulnerable to natural disasters such as drought or floods.</p><p>\"We could experience similar delays in the future from any of these suppliers.\"</p><p>The company also depends on select suppliers for enzymes, including one supplier that provides an enzyme for some of Oatly's products, including Barista Edition oat milk.</p><p>The main components of the company's products are manufactured in four primary facilities as of March 2021, which could also be a problem if something significant happens at any one facility.</p><p>The dairy market is highly competitive. Oatly identifies conventional dairy companies, including Dean Foods Inc. (DFODQ) and Lactalis as competitors, as well as the growing array of plant-based dairy alternative companies that are entering the market, including soy, almond, hemp and cashew milk brands.</p><p>All of these companies are competing for a finite number of retail stores, coffee shops, foodservice clients and consumers.</p><p>\"In order for us to not only maintain our market position, but also to continue to grow and acquire more consumers, some of which may be switching from traditional dairy to plant-based alternatives, we must continue to provide delicious, high-quality products, and consumers must believe in our vision for a food system that is better for people and the planet,\" the company said.</p><p>Oatly's marketing and COVID-19 might be a hurdle to growth. Oatly says that its history of \"provocative and unconventional marketing and advertising campaigns\" has gotten them into hot water, including a 2014 lawsuit filed by the Swedish dairy lobby in which the courts found Oatly was \"disparaging to dairy products.\"</p><p>\"The decision resulted in a ban on our further use of a number of expressions marketing our products in Sweden, under the penalty of liquidated damages of SEK 2 million per expression,\" the prospectus said.</p><p>The company cautions that future marketing could drive other legal action.</p><p>More recently, Oatly's Super Bowl ad made headlines , but mostly for provoking laughter.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SBUX":"星巴克","OTLY":"Oatly Group AB"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2136010949","content_text":"Oatly shares opened at $21.36 each on Thursday, about 25% higher than the company’s IPO price.Oatly is preparing for the next generation of diners who bring with them 'a new set of values and expectations'Oatly said in its prospectus that it's focused on health and sustainability, two areas of importance to customers.After first filing for its IPO confidentially in February , plant-based food company Oatly Group AB go public Thursday.On Wednesday, Oatly priced its initial public offering at $17 a share , at the high end of its expected range, offering 84.4 million American Depository Shares. Selling stockholders will offer 19.7 million of those shares.The pricing valued the company at about $10 billion, and will raise about $1.43 billion. The company will trade on the Nasdaq under the ticker \"OTLY.\"Oatly Group changed its name from Havre Global AB on March 1.There are nine lead underwriters for the filing: Morgan Stanley, JPMorgan, Credit Suisse, Barclays, Jeffries, BNP Paribas, BofA Securities, Piper Sandler and RBC Capital Markets.Oatly is backed by private-equity group Blackstone Group, as well as celebrity names like Oprah Winfrey and Jay Z who invested $200 million in the company last summer. That investment valued the company at $2 billion at the time, according to The Wall Street Journal .Based in Malmö, Sweden, Oatly has been in the oat milk business for 25 years. The company's product lineup now also includes frozen desserts and \"oatgurt,\" an alternative yogurt.Toni Petersson has been Oatly's chief executive since 2012, and will join the board once the company is publicly-traded.Christian Hanke, a former Nasdaq Stockholm executive, has served as Oatly's chief financial officer since March 2020.The company is going public at a time when climate change and sustainability issues are top of mind for many consumers, particularly younger ones.\"Generation Z and Millennials will become the dominant global generations in the coming years, bringing to the market a new set of values and expectations,\" the company said in its prospectus.\"These combined factors are driving a clear rapid, accelerating growth and influx of new consumers to the plant-based dairy market.\"According to the Plant Based Foods Association and Good Foods Institute, plant-based-food sales reached $7 billion in 2020.Consumer Insights data quoted in the prospectus says the plant-based milk category will grow 20% to 25% over the next three years.Oatly is focused on its role in helping to transform the food industry in order to be better for the environment and meet the health needs of its customers. The company points out that substituting a cup of Oatly for a cup of cow's milk reduces greenhouse gas emissions, land use and energy consumption.Tastewise, which provides food and beverage data and intelligence, said in a December 2020 report that \"plant-based everything\" will be one of the top 10 U.S. trends for this year.\"The number one reason consumers turn to plant-based food and beverage? Health,\" the report said.\"Plant-based is no longer just an 'alternative' to meat, but rather a significantcategory in itself.\"Oatly's key markets are Sweden, Germany and the U.K., though its products were available in 60,000 retail stores and 32,200 coffee shops around the world as of December 31, 2020. Among the places where customers can find Oatly is Starbucks $(SBUX)$, where demand was so high there was a shortage soon after the coffee chain introduced beverages made with the item.COVID-19 has impacted Oatly's business as lockdowns around the world limited access to restaurants, bars and other dining establishments.In 2020, Oatly had revenue of $421.4 million, up from $204.0 million the year before. However, the company reported a loss of $60.4 million \"reflecting our continued investment in production, brand awareness, new markets and product development,\" the prospectus said.Oatly is classified as an \"emerging growth company,\" which means it does not have to make the same disclosures required of bigger public companies. A business remains an emerging growth company until it reaches a number of milestones, including annual revenue of more than $1.07 billion.Oatly warns that it has reported losses over the last \"several\" years and expects operating and capital expenses to rise \"substantially.\"\"Our expansion efforts may take longer or prove more expensive than we anticipate, particularly in light of the COVID-19 pandemic, and we may not succeed in increasing our revenue and margins sufficiently to offset the anticipated higher expenses,\" the company said in its prospectus.\"We incur significant expenses in researching and developing our innovative products, building out our production and manufacturing facilities, obtaining and storing ingredients and other products and marketing the products we offer.\"Here are five more things to know about Oatly ahead of its public debut:Oatly will not pay a dividend for the \"foreseeable future.\" The company plans to use the proceeds from the offering as working capital, for incremental growth, including expansion, and other general purposes.Coffee provided a gateway for Oatly in the U.S. Oatly arrived in the U.S. in 2017. The company says it \"focused on targeting coffee's tastemakers, professional baristas at independent coffee shops\" as a way to enter the market.\"By December 31, 2020, Oatly was in more than 7,500 retail shops and 10,000 coffee shops in the U.S. Revenue in 2020 totaled $100 million in the U.S.Oatly can also be found in 11,000 coffee and tea shops in China, and at more than 6,000 retail and specialty shops across the country, including thousands of Starbucks locations.Limited oat supply could have a financial impact. Oatly depends on five suppliers for the oats it uses, purchasing this ingredient through millers in Sweden, Denmark, the U.S. and Belgium.\"We have in the past experienced interruptions in the supply of oats from one supplier that resulted in delays in delivery to us,\" the company said, noting that its oat supply is also vulnerable to natural disasters such as drought or floods.\"We could experience similar delays in the future from any of these suppliers.\"The company also depends on select suppliers for enzymes, including one supplier that provides an enzyme for some of Oatly's products, including Barista Edition oat milk.The main components of the company's products are manufactured in four primary facilities as of March 2021, which could also be a problem if something significant happens at any one facility.The dairy market is highly competitive. Oatly identifies conventional dairy companies, including Dean Foods Inc. (DFODQ) and Lactalis as competitors, as well as the growing array of plant-based dairy alternative companies that are entering the market, including soy, almond, hemp and cashew milk brands.All of these companies are competing for a finite number of retail stores, coffee shops, foodservice clients and consumers.\"In order for us to not only maintain our market position, but also to continue to grow and acquire more consumers, some of which may be switching from traditional dairy to plant-based alternatives, we must continue to provide delicious, high-quality products, and consumers must believe in our vision for a food system that is better for people and the planet,\" the company said.Oatly's marketing and COVID-19 might be a hurdle to growth. Oatly says that its history of \"provocative and unconventional marketing and advertising campaigns\" has gotten them into hot water, including a 2014 lawsuit filed by the Swedish dairy lobby in which the courts found Oatly was \"disparaging to dairy products.\"\"The decision resulted in a ban on our further use of a number of expressions marketing our products in Sweden, under the penalty of liquidated damages of SEK 2 million per expression,\" the prospectus said.The company cautions that future marketing could drive other legal action.More recently, Oatly's Super Bowl ad made headlines , but mostly for provoking laughter.","news_type":1},"isVote":1,"tweetType":1,"viewCount":94,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":195122590,"gmtCreate":1621263969210,"gmtModify":1704354892712,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Buy price at 227/211/196","listText":"Buy price at 227/211/196","text":"Buy price at 227/211/196","images":[{"img":"https://static.tigerbbs.com/71195cbbe1e427fb982c2abd83430467","width":"1125","height":"2575"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/195122590","isVote":1,"tweetType":1,"viewCount":326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":192825716,"gmtCreate":1621180531935,"gmtModify":1704353678069,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Strong BABA YoY&nbsp;growth","listText":"Strong BABA YoY&nbsp;growth","text":"Strong BABA YoY growth","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192825716","repostId":"2135989766","repostType":2,"repost":{"id":"2135989766","pubTimestamp":1621145492,"share":"https://ttm.financial/m/news/2135989766?lang=&edition=fundamental","pubTime":"2021-05-16 14:11","market":"hk","language":"zh","title":"拆解阿里2021年财报，一条主线三个点","url":"https://stock-news.laohu8.com/highlight/detail?id=2135989766","media":"来咖智库","summary":"持续资本投入，内需、云计算高科技、全球化成关键。","content":"<p>因垄断被罚后，阿里交出了首份财报。</p><p>5月13日，<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>发布2021财年年度报告，2021财年整体线上实物GMV同比增长21%，公司实现营业收入7173亿元，同比增长41%；调整EBITDA为1968亿元，同比增长25%；实现归属股东的Non-GAAP净利润为1720亿元，同比增长30%。</p><p>2021年第四季度实现营业收入1874亿元，同比增长64%；调整EBITDA为299亿元，同比增长18%；实现归属股东的Non-GAAP净利润为262亿元，同比增长18%。截至2021年3月中国零售市场移动月活用户数达到9.25亿，活跃买家数增速回升。</p><p>“这些成绩建立于我们为消费者和商家提供的清晰价值之上。”阿里巴巴集团董事会主席兼首席执行官张勇说，“得益于生活及工作等各方面均在加速数字化，我们对中国消费驱动的经济增长充满期待。我们将继续聚焦用户体验，专注于通过创新创造客户价值，从而实践在数字时代让天下没有难做的生意之使命。”</p><p>阿里巴巴集团首席财务官武卫表示：“我们计划将2022财年所有增量利润及额外资本投入用于支持平台商家，以及投资于新业务和关键战略领域，这将有助我们增加消费者的消费份额，并进入新的潜在市场。”</p><p><b>对于这份财报所传递的核心信息，就是阿里对生态业务的持续投入力度，特别是通过强化技术来支撑不同业务领域，这包括内需（核心商业、新零售、社区服务和本地服务）、云计算高科技以及国际业务这三个关键点。</b>而投入的结果，是希望获得用户量的增长、用户粘性的提高，以及商家从阿里的服务中获得价值。</p><p>但接受来咖智库采访的券商人士也表示，在面对其他互联网巨头的多维度竞争中，阿里在获客拉新、产品结构、数字化运营等层面均具有较强优势，<b>但反垄断政策执行力度超预期、疫情影响终端消费需求、电商行业竞争加剧，以及下沉发展不达预期等，也将是阿里未来经营的风险因素。</b></p><h2>垄断罚款计入损益，带动季度首次由盈转亏</h2><p>阿里垄断被罚的影响，直接反映在此次财报上。</p><p>今年4月10日，市场监管总局依法对阿里巴巴实施垄断行为作出行政处罚决定，责令阿里巴巴集团停止违法行为，并处以其2019年中国境内销售额4557.12亿元4%的罚款，计182.28亿元。</p><p>本次财报显示，阿里巴巴当季收入为1873.95亿元，同比增长64%，虽然营收增长较为亮眼，但182亿元的高额罚款一次性进入到本季度损益，也让阿里巴巴本季度直接由盈转亏，净亏损76.54亿元，这也是阿里上市以来首次季度亏损。<b>当然，若剔除该影响及其他若干项目，Non-GAAP阿里四季度净利润仍处于增长状态，同比增长18%至262.16亿元。</b></p><p>在财报发布后的分析师电话会上，张勇也首先谈及此项处罚，“2021年的4月收到国家市场监督管理总局行政处罚决定书，对此处罚公司诚恳接受，坚决服从。”他还表示，此次事件使得阿里巴巴能够更深刻审视平台经济发展和社会发展的关系，更加坚定地认识到阿里作为一个平台性企业的社会责任和担当，将利用这次处罚契机进行充分反思和调整，让阿里巴巴能够更好的服务消费者、商家和合作伙伴。</p><h2>核心商业基本盘稳固，消费端生态扩大</h2><p>在2021财年，阿里核心商业的基本盘依然稳固，GMV、营收以及用户等各项数据均创下新高。</p><p>在GMV方面，财报数据显示，2021财年阿里巴巴中国零售平台年度GMV达到8.119万亿，较上年再增长1.066万亿，主要包括中国零售市场GMV为7.494万亿元，以及跨境及全球零售市场和本地生活服务GMV。</p><p>此外，2021财年整体线上实物GMV（剔除未支付订单）同比增长21%，主要受到快消品和家居装饰品类所推动。3月份季度天猫线上实物GMV（剔除未支付订单）同比增长26%，高于上季度19%的增速。3月份季度整体线上实物GMV同比增长为33%，中小企业已从疫情中恢复过来而呈现更快的同比增长。</p><p>与此同时，阿里2021财年中国零售商业的收入为4737亿元，同比增长42%，其中客户管理收入同比增长24%，<b>主要由于包括推荐信息流在内的新变现模式的收入增长强劲，搜索变现单次点击平均单价及付费点击量的上升，以及中国零售市场线上实物商品GMV的强劲增长。经测算，阿里2021财年佣金+广告货币化率为4.08%，同比提升0.34pct。</b></p><p><a href=\"https://laohu8.com/S/601688\">华泰证券</a>报告分析认为，阿里核心商业的交易市场业务地位稳固，将保持稳健的收入和盈利增长，主因公司可以在客户触达和提升经营效率方面为商户带来较大价值，这有助于留存商户和抵抗竞争压力。阿里将商户的部分成熟营销工具由付费改为免费，这或于短期影响变现能力的提高，但认为长远来看这有望提升付费商户转化率。</p><p><b>阿里巴巴在财报中还表示，中国零售市场表现稳健，四季度淘宝GMV增长加快，淘宝直播财年GMV超5000亿元。</b></p><p>在用户表现方面，阿里巴巴2021财年全球活跃消费者（AAC）超过10亿，其中8.91亿来自中国零售市场、本地生活和数字媒体及娱乐平台，约2.40亿来自海外。截至3月31日止12个月期间，中国零售市场AAC为8.11亿，单季度增加3200万，季度环比为9个季度以来新高。</p><p><b>阿里巴巴在财报中重申其用户增长主要来自下沉市场，2021财年大约70%的新增年度活跃消费者来自欠发达地区，其中淘宝特价版的年度活跃用户已超1.5亿。</b>“这是一个非常好的起步。”张勇在电话会上也强调，未来在下沉市场依然存在巨大的人口空间，而淘宝特价版，恰恰是面向这部分对价格敏感的消费者，他将其视为阿里平台在中国零售市场的一个正面补充，并表态，接下来会继续加大投资，之于竞争对手的影响也会“马上到来”。</p><p>与此同时，阿里还在进一步扩大其在消费端的生态业务。阿里巴巴在财报中透露，公司于2021年初成立了新的事业群，以整合阿里巴巴生态体系的资源和能力，加速器社区商业平台业务增长。阿里巴巴称，其社区商业平台计划在未来12个月广泛覆盖内地市场。此前多家媒体报道称，阿里成立新MMC事业群，主要聚焦社区团购业务，称投入不设上限。</p><p>而阿里对本地生活服务的投入，则主要体现在新用户获取和提升消费者体验。去年7月，饿了么宣布从餐饮外卖平台升级为解决用户身边一切即时需求的生活服务平台，之后又推出了百亿补贴计划，为消费者省钱的同时，也为商家持续吸粉、增加用户黏性。参与百亿补贴的商家，订单增速较日常翻了一倍。第四财季，阿里巴巴本地生活服务营收72.49亿元，同比增长50%，增长较为理想。目前来看，本地生活业务依托阿里生态还可以有更大的发挥空间。</p><p><b>正如张勇在电话会上指出，阿里一直在考虑如何利用技术来增强自身的竞争力，能够有如此强大的技术开发的能力，并且能够在竞争激烈的市场环境中，不停的把研发的新技术整合到实际的运营当中。</b>在国内消费内需来讲，一个大的问题就是如何不停的获取新客，如何留住市场上的消费者，这需要依靠完全自动化的人工<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>驱动的匹配技术，来不停的提高和优化转化率，进而通过满足客户多元化需求来提高交易额；另一方面就是在获得新的消费者之后，要考虑如何把每一个客户的生命周期价值最大化，通过建立用户画像以及了解用户需求，结合不同产品的特性，能够不断的为客户提供新的产品和服务以及个性化的定制。</p><h2>丢单致阿里云季度放缓，将持续在技术上投入</h2><p>在企服和技术领域，财报显示，2021财年阿里云营收达601.2亿元，比上一财年400亿元收入大幅增长50%。财报表示，阿里云收入增长主要得益于互联网、公共部门及金融行业客户收入增长推动，预计未来收入结构将进一步多样化。</p><p>2021财年，阿里云的经营亏损为90.50亿元，经调整EBITA亏损1.66亿元，而2020财年经调整EBITA亏损14.14亿元，主要因实现规模经济效益所致。</p><p><b>从2021年前三个月来看，阿里云收入同比增长37%至167.61亿元，季度收入增长放缓主要由于来自互联网行业单一头部客户的收入下降。该客户在海外拥有规模业务，过去一直采用阿里云的海外云服务，但基于非产品相关的要求，该客户决定终止其国际业务与阿里云的关系。</b>而剔除此客户，阿里云前10位非关联公司客户的收入贡献，合计不超过阿里云2021财年总收入的8%。</p><p><b>据了解，2015财年阿里巴巴首次披露云计算营收，当年阿里云全年收入为12.71亿元，到2021财年营收601.2亿元，7年间增长46倍。</b>其中，阿里云深耕政企服务市场，政企行业收入占比持续上升。Gartner最新数据显示，全球IaaS云基础设施市场上，<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>、<a href=\"https://laohu8.com/S/MSFT\">微软</a>和阿里云为前三位，其中阿里云市场份额持续五年增长。其中，在亚太市场上，阿里云更具优势，市场份额排名第一，份额是微软和亚马逊的总和。</p><p>在财报电话会上，张勇提到，在技术领域尤其是云计算，这是一个时代的机会，所以在核心技术上特别是云计算和大数据的上，还会增加投入，这些投入不仅涉及到云，还会在科技的投入上，对下一代的消费体验，对物流这些方面技术上我们能够进行投入，这是我们坚信这样技术上的投入会使我们内需的增长、全球化的进展都能够受益。<b>“我们不停的投资云方面的技术，云产品不仅对标国内，也对标国际上竞争对手的核心云产品，从而确保产品处在同类产品的最好水平。”</b></p><h2>国际化业务强劲增长，未来消费者基数翻倍</h2><p>随着疫情的好转，阿里的国际业务也继续保持增长。</p><p>比如在跨境及全球零售商业方面，截至2021年3月31日止三个月，跨境及全球零售商业收入为94.96亿元，较2020年同期增长77%，增长的主要原因来自Lazada、速卖通和Trendyol的收入增长，收入同比增长相对高，主要由于去年同期正值新冠肺炎疫情初期，受疫情影响经济活动严重放缓。</p><p><b>其中于2021年3月31日止，主要有Lazada及速卖通组成的全球零售商业的年度活跃消费者快速增长，达到约2.4亿，并且Lazada在2021年财年及季度的订单量均实现同比三位数增长，速卖通于2021财年实现用户和GMV的强劲增长。</b></p><p>而跨境及全球批发商业上，截至2021年3月31日止三个月，跨境及全球批发商业收入为39.2亿元，较2020年同期增长59%，增长的主要愿意来自Alibaba.com付费会员数量的增加和付费会员的平均收入上升，以及与跨境业务相关的增值服务收入的增长。</p><p><b>与此同时，菜鸟网络多年投资打造的全球智能物流基础设施，为其财务表现强劲的关键、越来越多来自阿里快速发展的跨境业务，例如速卖通和天猫国际的商家，采用了该全球智能物流基础设施提供的“菜鸟履约”服务。</b>2021年3月，菜鸟网络的全球包裹网络的日均包裹量超过500万件。尤其在跨境及全球零售商业业务的拉动下，菜鸟网络物流服务国际业务的订单量和单均收入上升，其第四财季收入达99.59亿元，同比大增101%。不过，这与去年疫情导致经济活动放缓也有关联。</p><p>张勇表示，在全球化的领域现在很高兴看到在海外的AAC已经达到2.4亿，我们会继续投入，增加我们的海外消费者基数，希望能够在未来几年把这个数字翻倍。</p><h2>小结</h2><p>从上述的财报数据以及分析来看，在内需、云计算高科技、全球化三个战略领域，阿里仍然潜力巨大，并且投资于长期增长的决心依然明确。阿里也正在步入新的发展阶段，一方面通过优化和扩大消费需求，来促进消费者的成长以及消费频次的增长，另一方面，通过多个措施降低商家经营成本，为线上和线下零售商持续创造价值，借此获取增量的机会，而这些都会成为助推阿里长期收入和盈利增长的重要基石。</p>","source":"36kr_stock","collect":0,"html":"<!DOCTYPE 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}\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\">\n拆解阿里2021年财报，一条主线三个点\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-16 14:11 北京时间&nbsp;&nbsp;&nbsp;<a href=https://36kr.com/p/1224423591939713><strong>来咖智库</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>因垄断被罚后，阿里交出了首份财报。5月13日，阿里巴巴发布2021财年年度报告，2021财年整体线上实物GMV同比增长21%，公司实现营业收入7173亿元，同比增长41%；调整EBITDA为1968亿元，同比增长25%；实现归属股东的Non-GAAP净利润为1720亿元，同比增长30%。2021年第四季度实现营业收入1874亿元，同比增长64%；调整EBITDA为299亿元，同比增长18%；实现...</p>\n\n<a href=\"https://36kr.com/p/1224423591939713\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://img.36krcdn.com/20210514/v2_6c20b0eda7894a3e83b6ff24c8bca9ab_img_000","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://36kr.com/p/1224423591939713","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2135989766","content_text":"因垄断被罚后，阿里交出了首份财报。5月13日，阿里巴巴发布2021财年年度报告，2021财年整体线上实物GMV同比增长21%，公司实现营业收入7173亿元，同比增长41%；调整EBITDA为1968亿元，同比增长25%；实现归属股东的Non-GAAP净利润为1720亿元，同比增长30%。2021年第四季度实现营业收入1874亿元，同比增长64%；调整EBITDA为299亿元，同比增长18%；实现归属股东的Non-GAAP净利润为262亿元，同比增长18%。截至2021年3月中国零售市场移动月活用户数达到9.25亿，活跃买家数增速回升。“这些成绩建立于我们为消费者和商家提供的清晰价值之上。”阿里巴巴集团董事会主席兼首席执行官张勇说，“得益于生活及工作等各方面均在加速数字化，我们对中国消费驱动的经济增长充满期待。我们将继续聚焦用户体验，专注于通过创新创造客户价值，从而实践在数字时代让天下没有难做的生意之使命。”阿里巴巴集团首席财务官武卫表示：“我们计划将2022财年所有增量利润及额外资本投入用于支持平台商家，以及投资于新业务和关键战略领域，这将有助我们增加消费者的消费份额，并进入新的潜在市场。”对于这份财报所传递的核心信息，就是阿里对生态业务的持续投入力度，特别是通过强化技术来支撑不同业务领域，这包括内需（核心商业、新零售、社区服务和本地服务）、云计算高科技以及国际业务这三个关键点。而投入的结果，是希望获得用户量的增长、用户粘性的提高，以及商家从阿里的服务中获得价值。但接受来咖智库采访的券商人士也表示，在面对其他互联网巨头的多维度竞争中，阿里在获客拉新、产品结构、数字化运营等层面均具有较强优势，但反垄断政策执行力度超预期、疫情影响终端消费需求、电商行业竞争加剧，以及下沉发展不达预期等，也将是阿里未来经营的风险因素。垄断罚款计入损益，带动季度首次由盈转亏阿里垄断被罚的影响，直接反映在此次财报上。今年4月10日，市场监管总局依法对阿里巴巴实施垄断行为作出行政处罚决定，责令阿里巴巴集团停止违法行为，并处以其2019年中国境内销售额4557.12亿元4%的罚款，计182.28亿元。本次财报显示，阿里巴巴当季收入为1873.95亿元，同比增长64%，虽然营收增长较为亮眼，但182亿元的高额罚款一次性进入到本季度损益，也让阿里巴巴本季度直接由盈转亏，净亏损76.54亿元，这也是阿里上市以来首次季度亏损。当然，若剔除该影响及其他若干项目，Non-GAAP阿里四季度净利润仍处于增长状态，同比增长18%至262.16亿元。在财报发布后的分析师电话会上，张勇也首先谈及此项处罚，“2021年的4月收到国家市场监督管理总局行政处罚决定书，对此处罚公司诚恳接受，坚决服从。”他还表示，此次事件使得阿里巴巴能够更深刻审视平台经济发展和社会发展的关系，更加坚定地认识到阿里作为一个平台性企业的社会责任和担当，将利用这次处罚契机进行充分反思和调整，让阿里巴巴能够更好的服务消费者、商家和合作伙伴。核心商业基本盘稳固，消费端生态扩大在2021财年，阿里核心商业的基本盘依然稳固，GMV、营收以及用户等各项数据均创下新高。在GMV方面，财报数据显示，2021财年阿里巴巴中国零售平台年度GMV达到8.119万亿，较上年再增长1.066万亿，主要包括中国零售市场GMV为7.494万亿元，以及跨境及全球零售市场和本地生活服务GMV。此外，2021财年整体线上实物GMV（剔除未支付订单）同比增长21%，主要受到快消品和家居装饰品类所推动。3月份季度天猫线上实物GMV（剔除未支付订单）同比增长26%，高于上季度19%的增速。3月份季度整体线上实物GMV同比增长为33%，中小企业已从疫情中恢复过来而呈现更快的同比增长。与此同时，阿里2021财年中国零售商业的收入为4737亿元，同比增长42%，其中客户管理收入同比增长24%，主要由于包括推荐信息流在内的新变现模式的收入增长强劲，搜索变现单次点击平均单价及付费点击量的上升，以及中国零售市场线上实物商品GMV的强劲增长。经测算，阿里2021财年佣金+广告货币化率为4.08%，同比提升0.34pct。华泰证券报告分析认为，阿里核心商业的交易市场业务地位稳固，将保持稳健的收入和盈利增长，主因公司可以在客户触达和提升经营效率方面为商户带来较大价值，这有助于留存商户和抵抗竞争压力。阿里将商户的部分成熟营销工具由付费改为免费，这或于短期影响变现能力的提高，但认为长远来看这有望提升付费商户转化率。阿里巴巴在财报中还表示，中国零售市场表现稳健，四季度淘宝GMV增长加快，淘宝直播财年GMV超5000亿元。在用户表现方面，阿里巴巴2021财年全球活跃消费者（AAC）超过10亿，其中8.91亿来自中国零售市场、本地生活和数字媒体及娱乐平台，约2.40亿来自海外。截至3月31日止12个月期间，中国零售市场AAC为8.11亿，单季度增加3200万，季度环比为9个季度以来新高。阿里巴巴在财报中重申其用户增长主要来自下沉市场，2021财年大约70%的新增年度活跃消费者来自欠发达地区，其中淘宝特价版的年度活跃用户已超1.5亿。“这是一个非常好的起步。”张勇在电话会上也强调，未来在下沉市场依然存在巨大的人口空间，而淘宝特价版，恰恰是面向这部分对价格敏感的消费者，他将其视为阿里平台在中国零售市场的一个正面补充，并表态，接下来会继续加大投资，之于竞争对手的影响也会“马上到来”。与此同时，阿里还在进一步扩大其在消费端的生态业务。阿里巴巴在财报中透露，公司于2021年初成立了新的事业群，以整合阿里巴巴生态体系的资源和能力，加速器社区商业平台业务增长。阿里巴巴称，其社区商业平台计划在未来12个月广泛覆盖内地市场。此前多家媒体报道称，阿里成立新MMC事业群，主要聚焦社区团购业务，称投入不设上限。而阿里对本地生活服务的投入，则主要体现在新用户获取和提升消费者体验。去年7月，饿了么宣布从餐饮外卖平台升级为解决用户身边一切即时需求的生活服务平台，之后又推出了百亿补贴计划，为消费者省钱的同时，也为商家持续吸粉、增加用户黏性。参与百亿补贴的商家，订单增速较日常翻了一倍。第四财季，阿里巴巴本地生活服务营收72.49亿元，同比增长50%，增长较为理想。目前来看，本地生活业务依托阿里生态还可以有更大的发挥空间。正如张勇在电话会上指出，阿里一直在考虑如何利用技术来增强自身的竞争力，能够有如此强大的技术开发的能力，并且能够在竞争激烈的市场环境中，不停的把研发的新技术整合到实际的运营当中。在国内消费内需来讲，一个大的问题就是如何不停的获取新客，如何留住市场上的消费者，这需要依靠完全自动化的人工智能驱动的匹配技术，来不停的提高和优化转化率，进而通过满足客户多元化需求来提高交易额；另一方面就是在获得新的消费者之后，要考虑如何把每一个客户的生命周期价值最大化，通过建立用户画像以及了解用户需求，结合不同产品的特性，能够不断的为客户提供新的产品和服务以及个性化的定制。丢单致阿里云季度放缓，将持续在技术上投入在企服和技术领域，财报显示，2021财年阿里云营收达601.2亿元，比上一财年400亿元收入大幅增长50%。财报表示，阿里云收入增长主要得益于互联网、公共部门及金融行业客户收入增长推动，预计未来收入结构将进一步多样化。2021财年，阿里云的经营亏损为90.50亿元，经调整EBITA亏损1.66亿元，而2020财年经调整EBITA亏损14.14亿元，主要因实现规模经济效益所致。从2021年前三个月来看，阿里云收入同比增长37%至167.61亿元，季度收入增长放缓主要由于来自互联网行业单一头部客户的收入下降。该客户在海外拥有规模业务，过去一直采用阿里云的海外云服务，但基于非产品相关的要求，该客户决定终止其国际业务与阿里云的关系。而剔除此客户，阿里云前10位非关联公司客户的收入贡献，合计不超过阿里云2021财年总收入的8%。据了解，2015财年阿里巴巴首次披露云计算营收，当年阿里云全年收入为12.71亿元，到2021财年营收601.2亿元，7年间增长46倍。其中，阿里云深耕政企服务市场，政企行业收入占比持续上升。Gartner最新数据显示，全球IaaS云基础设施市场上，亚马逊、微软和阿里云为前三位，其中阿里云市场份额持续五年增长。其中，在亚太市场上，阿里云更具优势，市场份额排名第一，份额是微软和亚马逊的总和。在财报电话会上，张勇提到，在技术领域尤其是云计算，这是一个时代的机会，所以在核心技术上特别是云计算和大数据的上，还会增加投入，这些投入不仅涉及到云，还会在科技的投入上，对下一代的消费体验，对物流这些方面技术上我们能够进行投入，这是我们坚信这样技术上的投入会使我们内需的增长、全球化的进展都能够受益。“我们不停的投资云方面的技术，云产品不仅对标国内，也对标国际上竞争对手的核心云产品，从而确保产品处在同类产品的最好水平。”国际化业务强劲增长，未来消费者基数翻倍随着疫情的好转，阿里的国际业务也继续保持增长。比如在跨境及全球零售商业方面，截至2021年3月31日止三个月，跨境及全球零售商业收入为94.96亿元，较2020年同期增长77%，增长的主要原因来自Lazada、速卖通和Trendyol的收入增长，收入同比增长相对高，主要由于去年同期正值新冠肺炎疫情初期，受疫情影响经济活动严重放缓。其中于2021年3月31日止，主要有Lazada及速卖通组成的全球零售商业的年度活跃消费者快速增长，达到约2.4亿，并且Lazada在2021年财年及季度的订单量均实现同比三位数增长，速卖通于2021财年实现用户和GMV的强劲增长。而跨境及全球批发商业上，截至2021年3月31日止三个月，跨境及全球批发商业收入为39.2亿元，较2020年同期增长59%，增长的主要愿意来自Alibaba.com付费会员数量的增加和付费会员的平均收入上升，以及与跨境业务相关的增值服务收入的增长。与此同时，菜鸟网络多年投资打造的全球智能物流基础设施，为其财务表现强劲的关键、越来越多来自阿里快速发展的跨境业务，例如速卖通和天猫国际的商家，采用了该全球智能物流基础设施提供的“菜鸟履约”服务。2021年3月，菜鸟网络的全球包裹网络的日均包裹量超过500万件。尤其在跨境及全球零售商业业务的拉动下，菜鸟网络物流服务国际业务的订单量和单均收入上升，其第四财季收入达99.59亿元，同比大增101%。不过，这与去年疫情导致经济活动放缓也有关联。张勇表示，在全球化的领域现在很高兴看到在海外的AAC已经达到2.4亿，我们会继续投入，增加我们的海外消费者基数，希望能够在未来几年把这个数字翻倍。小结从上述的财报数据以及分析来看，在内需、云计算高科技、全球化三个战略领域，阿里仍然潜力巨大，并且投资于长期增长的决心依然明确。阿里也正在步入新的发展阶段，一方面通过优化和扩大消费需求，来促进消费者的成长以及消费频次的增长，另一方面，通过多个措施降低商家经营成本，为线上和线下零售商持续创造价值，借此获取增量的机会，而这些都会成为助推阿里长期收入和盈利增长的重要基石。","news_type":1},"isVote":1,"tweetType":1,"viewCount":528,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192825887,"gmtCreate":1621180439949,"gmtModify":1704353676750,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Strong growth of BAC. Next target 48/54","listText":"Strong growth of BAC. Next target 48/54","text":"Strong growth of BAC. Next target 48/54","images":[{"img":"https://static.tigerbbs.com/04265a0bed1ea517f7bc4cf8ed846046","width":"1125","height":"2344"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192825887","isVote":1,"tweetType":1,"viewCount":207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":196946787,"gmtCreate":1621008295949,"gmtModify":1704351954683,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Buy in portion at 227/211/196","listText":"Buy in portion at 227/211/196","text":"Buy in portion at 227/211/196","images":[{"img":"https://static.tigerbbs.com/1f247bf11af4a13dac98d7a1df8361d8","width":"1125","height":"2330"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/196946787","isVote":1,"tweetType":1,"viewCount":203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":193955286,"gmtCreate":1620747693445,"gmtModify":1704347841797,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"To grab at 3 different supports - 227/211/196","listText":"To grab at 3 different supports - 227/211/196","text":"To grab at 3 different supports - 227/211/196","images":[{"img":"https://static.tigerbbs.com/d65ec298b82ec5454369b978a162889c","width":"1125","height":"2412"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193955286","isVote":1,"tweetType":1,"viewCount":254,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":133312090,"gmtCreate":1621697844010,"gmtModify":1704361567528,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Wow!","listText":"Wow!","text":"Wow!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/133312090","repostId":"2137907575","repostType":4,"repost":{"id":"2137907575","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":1621610772,"share":"https://ttm.financial/m/news/2137907575?lang=&edition=fundamental","pubTime":"2021-05-21 23:26","market":"us","language":"en","title":"U.S. Congress to hold hearing on SPACs, ramping up scrutiny","url":"https://stock-news.laohu8.com/highlight/detail?id=2137907575","media":"Reuters","summary":"WASHINGTON, May 21 (Reuters) - U.S. lawmakers are ramping up scrutiny of special purpose acquisition","content":"<p>WASHINGTON, May 21 (Reuters) - U.S. lawmakers are ramping up scrutiny of special purpose acquisition companies, or SPACs, with a hearing set for Monday as they consider legislation aimed at curbing liability protections for the industry.</p>\n<p>The U.S. Securities and Exchange Commission <a href=\"https://laohu8.com/S/SEC.UK\">$(SEC.UK)$</a> has heightened its focus on SPACs in recent months through a series of public statements, new guidance and a Wall Street bank inquiry led by the agency's enforcement team. Republican Senator John Kennedy from Louisiana last month introduced a bill aimed at boosting transparency for investors in SPACs.</p>\n<p>SPACs are shell companies that raise money via a listing to acquire a private company with the purpose of taking it public, sidestepping a traditional initial public offering <a href=\"https://laohu8.com/S/IPO.UK\">$(IPO.UK)$</a> process. Critics say banks and SPAC sponsors have reaped big payoffs at a cost to later-stage investors.</p>\n<p>Monday's hearing in a House Financial Services subcommittee is aimed at SPACs, direct listings and IPOs, according to a hearing notice published on May 19. The House is considering legislation that would redefine \"blank check company\" from a key 1995 law to include special purpose acquisition companies, according to the notice.</p>\n<p>The law created a safe harbor that protects listed companies from shareholder litigation provided forward-looking statements are made in good faith, identified as such and couched in cautionary language.</p>\n<p>The safe harbor does not protect IPOs or certain blank check companies, but sponsors have generally operated on the basis that it does apply to SPAC deals, and have leaned on it heavily to issue growth projections. The SEC has been mulling guidance that would curb these projections, Reuters reported earlier this month.</p>\n<p>The prospects for the bill to become law are unclear, but it signals growing Congressional attention on the industry.</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>U.S. Congress to hold hearing on SPACs, ramping up scrutiny</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\">\nU.S. Congress to hold hearing on SPACs, ramping up scrutiny\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\">2021-05-21 23:26</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>WASHINGTON, May 21 (Reuters) - U.S. lawmakers are ramping up scrutiny of special purpose acquisition companies, or SPACs, with a hearing set for Monday as they consider legislation aimed at curbing liability protections for the industry.</p>\n<p>The U.S. Securities and Exchange Commission <a href=\"https://laohu8.com/S/SEC.UK\">$(SEC.UK)$</a> has heightened its focus on SPACs in recent months through a series of public statements, new guidance and a Wall Street bank inquiry led by the agency's enforcement team. Republican Senator John Kennedy from Louisiana last month introduced a bill aimed at boosting transparency for investors in SPACs.</p>\n<p>SPACs are shell companies that raise money via a listing to acquire a private company with the purpose of taking it public, sidestepping a traditional initial public offering <a href=\"https://laohu8.com/S/IPO.UK\">$(IPO.UK)$</a> process. Critics say banks and SPAC sponsors have reaped big payoffs at a cost to later-stage investors.</p>\n<p>Monday's hearing in a House Financial Services subcommittee is aimed at SPACs, direct listings and IPOs, according to a hearing notice published on May 19. The House is considering legislation that would redefine \"blank check company\" from a key 1995 law to include special purpose acquisition companies, according to the notice.</p>\n<p>The law created a safe harbor that protects listed companies from shareholder litigation provided forward-looking statements are made in good faith, identified as such and couched in cautionary language.</p>\n<p>The safe harbor does not protect IPOs or certain blank check companies, but sponsors have generally operated on the basis that it does apply to SPAC deals, and have leaned on it heavily to issue growth projections. The SEC has been mulling guidance that would curb these projections, Reuters reported earlier this month.</p>\n<p>The prospects for the bill to become law are unclear, but it signals growing Congressional attention on the industry.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137907575","content_text":"WASHINGTON, May 21 (Reuters) - U.S. lawmakers are ramping up scrutiny of special purpose acquisition companies, or SPACs, with a hearing set for Monday as they consider legislation aimed at curbing liability protections for the industry.\nThe U.S. Securities and Exchange Commission $(SEC.UK)$ has heightened its focus on SPACs in recent months through a series of public statements, new guidance and a Wall Street bank inquiry led by the agency's enforcement team. Republican Senator John Kennedy from Louisiana last month introduced a bill aimed at boosting transparency for investors in SPACs.\nSPACs are shell companies that raise money via a listing to acquire a private company with the purpose of taking it public, sidestepping a traditional initial public offering $(IPO.UK)$ process. Critics say banks and SPAC sponsors have reaped big payoffs at a cost to later-stage investors.\nMonday's hearing in a House Financial Services subcommittee is aimed at SPACs, direct listings and IPOs, according to a hearing notice published on May 19. The House is considering legislation that would redefine \"blank check company\" from a key 1995 law to include special purpose acquisition companies, according to the notice.\nThe law created a safe harbor that protects listed companies from shareholder litigation provided forward-looking statements are made in good faith, identified as such and couched in cautionary language.\nThe safe harbor does not protect IPOs or certain blank check companies, but sponsors have generally operated on the basis that it does apply to SPAC deals, and have leaned on it heavily to issue growth projections. The SEC has been mulling guidance that would curb these projections, Reuters reported earlier this month.\nThe prospects for the bill to become law are unclear, but it signals growing Congressional attention on the industry.","news_type":1},"isVote":1,"tweetType":1,"viewCount":351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133312983,"gmtCreate":1621697858142,"gmtModify":1704361567691,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Wow!","listText":"Wow!","text":"Wow!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/133312983","repostId":"1153943475","repostType":4,"repost":{"id":"1153943475","pubTimestamp":1621610182,"share":"https://ttm.financial/m/news/1153943475?lang=&edition=fundamental","pubTime":"2021-05-21 23:16","market":"us","language":"en","title":"U.S., South Korea Announce Vaccine, Semiconductor Partnership","url":"https://stock-news.laohu8.com/highlight/detail?id=1153943475","media":"Bloomberg","summary":"Commerce Secretary Raimondo met with South Korea’s Moon Friday\nSouth Korea needs Covid vaccines, U.S","content":"<ul>\n <li>Commerce Secretary Raimondo met with South Korea’s Moon Friday</li>\n <li>South Korea needs Covid vaccines, U.S. faces chip shortage</li>\n</ul>\n<p>U.S. Commerce Secretary Gina Raimondo and South Korean President Moon Jae-in announced an agreement to deepen cooperation in a range of industries including pharmaceutical companies making Covid-19 vaccines, electric-vehicle batteries and semiconductor producers.</p>\n<p>“The importance of this bilateral relationship for both nations cannot be overstated,” Raimondo said. “As we recover from the pandemic, our countries will benefit from deepening that collaboration, particularly in sectors that are critical to the future of our economies.”</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4def3d2ef68db771f0c78737eb004855\" tg-width=\"1000\" tg-height=\"736\"><span>Gina RaimondoPhotographer: Leigh Vogel/UPI/Bloomberg</span></p>\n<p>South Korea is eager to secure supplies of Covid-19 vaccines that the U.S. has recently allowed to be exported. At the same time, the U.S. has sought help from allies including South Korea to alleviate a semiconductorshortagethat’s led to idling of auto plants across North America.</p>\n<p>Raimondo on Friday morning held a roundtable on supply chain issues with South Korean Minister of Trade, Industry and Energy Moon Sung-wook. The meeting was attended by more than a dozen executives from companies including&nbsp;Samsung Electronics Co.,LG Corp.,Qualcomm Inc.a&nbsp;nd&nbsp;Hyundai Motor Group.</p>\n<p>Moon is set to participate in a bilateral meeting with President Joe Biden on Friday afternoon and later hold a joint press conference.</p>","source":"lsy1584095487587","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>U.S., South Korea Announce Vaccine, Semiconductor Partnership</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\">\nU.S., South Korea Announce Vaccine, Semiconductor Partnership\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 23:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-05-21/u-s-south-korea-announce-vaccine-semiconductor-partnership?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Commerce Secretary Raimondo met with South Korea’s Moon Friday\nSouth Korea needs Covid vaccines, U.S. faces chip shortage\n\nU.S. Commerce Secretary Gina Raimondo and South Korean President Moon Jae-in ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-05-21/u-s-south-korea-announce-vaccine-semiconductor-partnership?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SSNLF":"三星电子",".DJI":"道琼斯","QCOM":"高通",".IXIC":"NASDAQ Composite","LGCOF":"Legal & Gen Ucits ETF Plc ",".SPX":"S&P 500 Index","HYMLF":"Hyundai Motor Co., Ltd."},"source_url":"https://www.bloomberg.com/news/articles/2021-05-21/u-s-south-korea-announce-vaccine-semiconductor-partnership?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153943475","content_text":"Commerce Secretary Raimondo met with South Korea’s Moon Friday\nSouth Korea needs Covid vaccines, U.S. faces chip shortage\n\nU.S. Commerce Secretary Gina Raimondo and South Korean President Moon Jae-in announced an agreement to deepen cooperation in a range of industries including pharmaceutical companies making Covid-19 vaccines, electric-vehicle batteries and semiconductor producers.\n“The importance of this bilateral relationship for both nations cannot be overstated,” Raimondo said. “As we recover from the pandemic, our countries will benefit from deepening that collaboration, particularly in sectors that are critical to the future of our economies.”\nGina RaimondoPhotographer: Leigh Vogel/UPI/Bloomberg\nSouth Korea is eager to secure supplies of Covid-19 vaccines that the U.S. has recently allowed to be exported. At the same time, the U.S. has sought help from allies including South Korea to alleviate a semiconductorshortagethat’s led to idling of auto plants across North America.\nRaimondo on Friday morning held a roundtable on supply chain issues with South Korean Minister of Trade, Industry and Energy Moon Sung-wook. The meeting was attended by more than a dozen executives from companies including Samsung Electronics Co.,LG Corp.,Qualcomm Inc.a nd Hyundai Motor Group.\nMoon is set to participate in a bilateral meeting with President Joe Biden on Friday afternoon and later hold a joint press conference.","news_type":1},"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178971344,"gmtCreate":1626785943688,"gmtModify":1703765120750,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Apple is expending its growth in new entertainment&nbsp;industries&nbsp;","listText":"Apple is expending its growth in new entertainment&nbsp;industries&nbsp;","text":"Apple is expending its growth in new entertainment industries","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/178971344","repostId":"1162061196","repostType":4,"isVote":1,"tweetType":1,"viewCount":256,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178973232,"gmtCreate":1626785900226,"gmtModify":1703765119455,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Strong growth for GPU demands.","listText":"Strong growth for GPU demands.","text":"Strong growth for GPU demands.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/178973232","repostId":"1149610166","repostType":4,"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178970828,"gmtCreate":1626785761664,"gmtModify":1703765116384,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Event Type: TENDER OFFEREvent Name: BANK OF AMERICA CORPOFFER PRICE: USD 47.00 PER SHARE","listText":"Event Type: TENDER OFFEREvent Name: BANK OF AMERICA CORPOFFER PRICE: USD 47.00 PER SHARE","text":"Event Type: TENDER OFFEREvent Name: BANK OF AMERICA CORPOFFER PRICE: USD 47.00 PER 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go away","text":"May go away","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/106454909","repostId":"1180068632","repostType":4,"repost":{"id":"1180068632","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620138358,"share":"https://ttm.financial/m/news/1180068632?lang=&edition=fundamental","pubTime":"2021-05-04 22:25","market":"us","language":"en","title":"Nasdaq fell nearly 2% as tech shares lead losses","url":"https://stock-news.laohu8.com/highlight/detail?id=1180068632","media":"Tiger Newspress","summary":"(May 4) Nasdaq drops nearly 2% as tech shares lead losses. Apple, NVDA, Paypal fell more than3%.","content":"<p>(May 4)&nbsp;Nasdaq drops nearly&nbsp;2% as tech shares lead losses.&nbsp;Apple,&nbsp;NVDA,&nbsp;Paypal&nbsp;fell&nbsp;more&nbsp;than3%.</p><p><img src=\"https://static.tigerbbs.com/bf1960ead233b9384cec85af5c90acae\" tg-width=\"910\" tg-height=\"479\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f72deebc90969bf827ab4e18b05f7324\" tg-width=\"1866\" tg-height=\"894\" referrerpolicy=\"no-referrer\"></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>Nasdaq fell nearly 2% as tech shares lead losses</title>\n<style 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4)&nbsp;Nasdaq drops nearly&nbsp;2% as tech shares lead losses.&nbsp;Apple,&nbsp;NVDA,&nbsp;Paypal&nbsp;fell&nbsp;more&nbsp;than3%.</p><p><img src=\"https://static.tigerbbs.com/bf1960ead233b9384cec85af5c90acae\" tg-width=\"910\" tg-height=\"479\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f72deebc90969bf827ab4e18b05f7324\" tg-width=\"1866\" tg-height=\"894\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180068632","content_text":"(May 4) Nasdaq drops nearly 2% as tech shares lead losses. Apple, NVDA, Paypal fell more than3%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":12,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178979750,"gmtCreate":1626785858470,"gmtModify":1703765118649,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Strong growth from FAANMG","listText":"Strong growth from FAANMG","text":"Strong growth from FAANMG","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/178979750","repostId":"1158912810","repostType":4,"isVote":1,"tweetType":1,"viewCount":422,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116779843,"gmtCreate":1622821343082,"gmtModify":1704191975726,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"High performance&nbsp;","listText":"High performance&nbsp;","text":"High performance","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/116779843","repostId":"1154364832","repostType":2,"repost":{"id":"1154364832","pubTimestamp":1621824866,"share":"https://ttm.financial/m/news/1154364832?lang=&edition=fundamental","pubTime":"2021-05-24 10:54","market":"us","language":"en","title":"Sea Limited Is Ready To Fire On All Cylinders","url":"https://stock-news.laohu8.com/highlight/detail?id=1154364832","media":"seekingalpha","summary":"SummarySea Limited continues to extend its leadership across all its business segments with a blockb","content":"<p>Summary</p><ul><li>Sea Limited continues to extend its leadership across all its business segments with a blockbuster Q1’21 performance.</li><li>Investors need to pay attention to its potential cash flow margins that could far exceed even AMZN and MELI.</li><li>At the current price, investors are getting a bargain even at the bear case of its fair value range with a DCF framework.</li></ul><p><img src=\"https://static.tigerbbs.com/04fbbc1a372c45d5d8e903015e5b0dfe\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\">Photo by Wachiwit/iStock Editorial via Getty ImagesInvestment Thesis</p><p>Sea Limited (SE) has fallen about 13% from its all-time high. The company has continued to dominate its markets and looks certain to further extend its leadership position and expand its verticals to take even more market share away from its competitors. Investors should take advantage of the consolidation to initiate or add positions to this potential massive cash flow generator.</p><p><b>Earnings Review and What To Look Out For?</b></p><p>Sea Limited is the largest integrated Internet company in South East Asia, with operations spanning across gaming, e-commerce, and fintech.</p><p>The company’s recent Q1’21 results were another blockbuster across all business segments, demonstrating the company’s strong leadership and well-executed growth strategies towards itsvision:</p><blockquote>We think we stand in the best position to capitalize on the opportunity to build the largest consumer Internet ecosystem in the region. And we'll continue to focus on executing on our core businesses as well as building those ecosystems.</blockquote><p>As a reminder, for its e-commerce segment Shopee, Sea considers its region to comprise the following markets: Indonesia, Taiwan, Vietnam, Thailand, the Philippines, Malaysia, and Singapore, of which Indonesia is the company’s largest market.</p><p>For its gaming segmentGarena, the company’s largest and growing markets comprise Southeast Asia, Taiwan, Brazil, Mexico, India, North America, Russia, and the Middle East.</p><p><img src=\"https://static.tigerbbs.com/932ec3694e935afbfa643e9c904ce964\" tg-width=\"1280\" tg-height=\"636\" referrerpolicy=\"no-referrer\">SE’s Quarterly Results. Data Source: S&amp;P Global Market Intelligence</p><p>Q1’21 YoY revenue growth accelerated to 146.7%. In fact, Q1’21 is the 11th consecutive quarter of &gt;100% YoY revenue growth. The company’s main revenue driverGarena recorded a 111.4% YoY rise, while Shopee and other services recorded a 189.8% YoY increase.</p><p>Gross margin also improved significantly compared to the prior year. Q1’21 gross margin came in at 36.6% as compared to 28.9% a year ago. In its respective segments, Garena’s gross margin also improved to 68.2% from 38.6% a year ago, while Shopee’s gross margin went up to 13.7% from 7.1% a year ago.</p><p><img src=\"https://static.tigerbbs.com/6d9651b44ee4d09b2dcf3d8c49e72213\" tg-width=\"1280\" tg-height=\"629\" referrerpolicy=\"no-referrer\"></p><p>SE’s LTM results. Data Source: S&amp;P Global Market Intelligence</p><p>Looking across the longer-term trend using the LTM basis, we could also see similar fantastic top line performance. LTM YoY revenue growth came in at 113.7%, and gross margin also improved to 33% compared to 30.4% a year ago. Therefore, investors should be encouraged to know that Sea’s top line performance has been consistently getting better and better even as it scaled up fast, improving its cost of revenue ratio, showing just how capable the company is in being able to execute its growth strategies across multiple countries within its region.</p><p>Investors may want to continue paying attention to the company’s sales and marketing spend as it still accounted for the majority of the operating expenses in both the Q and LTM results, respectively. More importantly, sales and marketing spend as a percentage of revenue has continued to fall as the company scaled up, reflecting improving cost efficiencies over time.</p><p><img src=\"https://static.tigerbbs.com/695523a022549fe176d5ac4f89f3c4cb\" tg-width=\"1004\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p><p>SE’s OPEX as a % of Revenue (LTM Trend). Data Source: S&amp;P Global Market Intelligence</p><p>This has certainly helped to improve the company’s overall cost efficiencies over time, showing clearly the benefits of economies of scale of the company’s business model. LTM sales and marketing spend improved to 40.6% of revenue from 43.3% a year ago, while LTM overall operating expenses improved to 59.9% of revenue from 67.4% a year ago.</p><p>This has helped to narrow the company’s LTM negative operating margin to -27% from -37%. Investors should be reminded not to focus on SE’s near-term operating margins as a gauge of the company’s core operating performance. This is because the company is still in the early stages (despite growing so rapidly) of penetrating Southeast Asia’s massive e-commerce market, of which it is the clear leader currently. The company is expected to continue investing heavily in sales and marketing, in order to drive the massive potential for growth in the region and to establish itself as the future undisputed e-commerce leader in the region taking the large majority of the pie, leaving the rest of its competitors to only be able to compete in their much smaller respective niche market segments, just like what Amazon (AMZN) had done in its established markets.</p><p>In fact, Sea’s CEOForrest Li, who was named “Singapore Businessman of the Year at the 35th Singapore Business Awards in Nov 20” added:</p><blockquote>Let me put it this way, it (Shopee) can be profitable anytime. But I think what's really important to us is we think it's still very early days for e-commerce development. We are in a very good situation because Garena has been profitable - actually it's pretty profitable, and this gives us the resources to invest in Shopee, invest in SeaMoney. I think pretty soon, Shopee will turn to be profitable as well. In certain markets, like Taiwan, it's already profitable. And then we will have more resources; two cash flow generators: Garena and Shopee. This allows us to continually invest in future opportunities.</blockquote><p>I have previously discussed (articles listedhereandhere) how important it is for investors to focus on cash flows for companies with massive scalability potential like Coupang (CPNG) and Opendoor Technologies (OPEN) which are still in their early days of penetrating their respective markets.</p><p>It is the same focus for Sea as we attempt to delve deeper into its cash flow generating ability. Sea uses Adjusted EBITDA to report its cash flow performance. I will present the discussion from FCF and EBITDA point of view first as a matter of consistency, before going over to the Adjusted EBITDA metrics.</p><p><img src=\"https://static.tigerbbs.com/ae1db2d81fcf921eaba649f93cbbf9e0\" tg-width=\"1280\" tg-height=\"601\" referrerpolicy=\"no-referrer\"></p><p>SE’s LTM CFO Margin and LTM FCF Margin. Data Source: S&amp;P Global Market Intelligence</p><p>A quick glance over to its cash flow statement unveiled just how well-performing SE has been with its cash flow management. In fact, SE’s CFO and FCF performance has been improving remarkably over time as it scaled up quickly, and the company is just getting started. Its LTM CFO margins have been steadily improving over the previous year from -5.36% to 17.28% for the Q1’21 quarter. In addition, its LTM FCF margins also improved steadily over the previous year from -13.4% to 11.08%.</p><p><img src=\"https://static.tigerbbs.com/2c3f20175798dec1212a5aac70feb8cc\" tg-width=\"1280\" tg-height=\"826\" referrerpolicy=\"no-referrer\"></p><p>SE’s EBITDA Margin &amp; EBIT Margin. Data Source: S&amp;P Global Market Intelligence</p><p>When we move over to its EBITDA margins, the improvement in trend of its core operating performance is also clearly discernible. Although it has yet to turn EBITDA positive, it was due mainly to necessary investments in sales and marketing.</p><p><img src=\"https://static.tigerbbs.com/5b82c3c4bf6f1a5698e05c68eaddbe2e\" tg-width=\"1280\" tg-height=\"819\" referrerpolicy=\"no-referrer\"></p><p><b>SE’s CapEx Margin &amp; CFO Margin. Data Source: S&amp;P Global Market Intelligence</b></p><p>SE has also benefited from the huge improvement in its core operating performance as seen in its CFO margin trend, while its heavy earlier CapEx investments have started to bear fruit as it scaled, as the CapEx margin is trending lower, and its CFO will now be able to sustain its CapEx moving forward.</p><p>It’s very clear that SE’s business has well cleared its inflection point of heavy investments to scale up, and the company is well on its way to generate huge cash flows in the future as it continues to power ahead in its market penetration.</p><p><img src=\"https://static.tigerbbs.com/88fb528aaddb4c6a12d219ac9c2e9f64\" tg-width=\"1280\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></p><p>SE’s EBITDA Margin Forecast &amp; CapEx Margin Forecast. Data Source: S&amp;P Global Market Intelligence</p><p>Moving ahead, we can also see that SE’s forward EBITDA margin trend is expected to significantly expand, while CapEx margin is expected to continue to fall. The company is on track to be a massive cash flow generator, with EBITDA margin expected to be about 43.8% by FY 30. Therefore, investors must be aligned with Sea’s long-term vision of focusing on growing its cash flows as it continues to penetrate the region’s markets. Based on its current growth trajectory, SE’s cash flow generating potential looks massive.</p><p><img src=\"https://static.tigerbbs.com/46dd783ffd94d877ef749555e8869764\" tg-width=\"1280\" tg-height=\"735\" referrerpolicy=\"no-referrer\"></p><p>AMZN’s &amp; SE’s EBITDA Margin Forecast &amp; CapEx Margin Forecast. Data Source: S&amp;P Global Market Intelligence</p><p>When we bring in AMZN’s forecasts, I believe investors can clearly see what I mean. AMZN is already quite profitable based on its EBITDA margin, while SE’s EBITDA margin profitability is probably just getting started and SE is expected to grow its EBITDA margins much faster than AMZN, and this only goes to show the tremendous potential of the markets that SE is operating in. Investors are clearly reminded to give Shopee time to scale up to deliver the kind of cash flow profitability that will drive future returns.</p><p><img src=\"https://static.tigerbbs.com/37f1f59f3a8d0e8ef6e74b521330d9f7\" tg-width=\"1280\" tg-height=\"714\" referrerpolicy=\"no-referrer\">SE’s Adjusted EBITDA. Source: SE 6-K</p><p>As we move on to the segmented Adjusted EBITDA presented by the company, we can then infer what SE CEO Forrest Li meant by “Garena providing the resources for the company to invest in Shopee and SeaMoney.”</p><p>The company is continuing to build on Garena’s success to deliver the resources needed to invest in Shopee and SeaMoney. Investors should consider Shopee and SeaMoney as an entity because they have tremendous synergies and are each other’s flywheel. Garena offers clear cash flow visibility for Shopee and SeaMoney to grow.</p><p>Garena’s bookings reached $1.1B in Q1’21, which represents a 117.4% YoY increase. The bookings consist of current revenue and change in deferred revenue, the part which provides visibility into future revenue recognition.</p><p>As can be seen, based on Adjusted EBITDA, which also included change in deferred revenue, SE has turned profitable. Unlike many other e-commerce companies or internet companies, SE already has a cash flow profitable Garena segment to provide the resources to drive its e-commerce and fintech segment growth. This combination is extremely powerful and, coupled with the company’s remarkable execution, has already brought FCF profitability to its operations, and soon EBITDA profitable. This will certainly allow SE to push even harder to drive more sustainable investments into more verticals and products to expand its ecosystem and further reduce the share of the pie available and pull itself further away from its closest competitors.</p><p>Therefore, investors must continue to pay attention to the key growth drivers in Garena, and how the company intends to stretch its leadership further to protect its key cash flow generator until Shopee and SeaMoney become self-sustainable.</p><p><img src=\"https://static.tigerbbs.com/3291643e2334f5cf171810ba13d16ca2\" tg-width=\"1100\" tg-height=\"604\" referrerpolicy=\"no-referrer\"></p><p>Shopee’s Adjusted EBITDA per order. Source:Techinasia</p><p>As Shopee continues to drive its fast expansion across the region, its unit economics have continued to improve remarkably, as it achieved operating efficiencies over time, leading to further reductions in Adjusted EBITDA loss per order. For Q1’21, the Adjusted EBITDA loss per order improved to $0.38, which represents a 38% YoY decline. As the company has guided earlier, it would not be long before Shopee achieves self-sustaining EBITDA profitability.</p><p><b>What’s Next for Garena?</b></p><p>At the Pocket Gamer Awards 2021, Garena received the Best Mobile Publisher Award, and Free Fire was also named the Best Battle Royale Game.</p><p>Yet, according to the company, Garena’s most popular self-developedFree Fireis</p><blockquote>still at an early stage of driving growth on the user base as well as pay user base for this game and developing it into a social platform where people not only come to play the core gameplay, but also enjoy other modes hangout, listen to music, social lives.”</blockquote><p>The company’s focus on Free Fire is notable as it is Garena’s most important revenue driver. Therefore the ability to scale Free Fire beyond just a game but into a social platform would bring Free Fire into its next phase of growth while continuing to grow its active user base and paying users. Sea also emphasized that the company continues to see “stickiness” in its active user metrics as the average active user spends about 2 to 3 hours daily on its platform. Not only has Garena grown its quarterly paying users 123.5% YoY, its quarterly paying users also represented 12.3% of quarterly active users (QAU) for Q1’21 as compared to 8.9% a year ago. Therefore driving the stickiness of the platform and encouraging more time spent among its active users would help to drive its paying user ratio up.</p><p>Sea believes that one of the key factors that could help to drive Garena towards its vision of a social platform is dramatically increasing its modes of engagement with its users. This is not just restricted to online activities, but also offline community engagement programs. The whole intent is to develop a “broad-based platform stickiness” beyond its top active users, by building and growing the platform into a much larger community and provide the users ample opportunities to socialize and engage through its ongoing content development, and its promotion of community engagement.</p><p>A key aspect of its community engagement strategies is focused on eSports. Sea believes that it operates the “largest mobile-game professional league in Southeast Asia, Taiwan and Brazil” and Free Fire was also named the “eSports Mobile Game of the Year at the eSports Awards 2020”. (Source: SE 20-F). The company continues to hold very large-scale eSports tournaments and events to strengthen its community engagement strategies such as Free Fire League Latinoamerica 2021, and its flagship Garena World event in April. On the 28th May, theFree Fire World Series 2021 Singapore(FFWS 2021 SG), which is Free Fire’s most prestigious eSports tournament, will take place in Singapore with a massive prize pool of US2M. Sea is showing no signs of ever letting the company’s most important revenue driver and most profitable segment to slip through its grip. Instead, it continues to build on its success as the leading eSports organizer in its markets.</p><p>Garena is also looking way beyond the success of Free Fire and is constantly developing its games portfolio pipeline through constant R&amp;D and product development with its “significant number of our more than 1,000 in-house game developers globally are constantly working on new ideas, while we continue to engage with third-party game studios for collaboration on promising and complementary game development and publishing opportunities.” (Source: SE Q1’21 earnings transcript)</p><p><b>Expanding Shopee’s Global Footprint and Verticals</b></p><p>Sea is actively expanding its presence in LatAm’s largest e-commerce market:Brazil, taking on MercadoLibre (MELI) in its most important market and with eyes on the whole LatAm. Although Sea is a relatively new player in e-commerce, having set up Shopee only in2015, the company is no stranger to taking on big incumbents. Shopee has already unseated the incumbent Alibaba-backed (BABA)Lazadaas the number one e-commerce platform in Southeast Asia. In addition, in its most important market, Indonesia, the company has also unseated incumbent Tokopedia as the leader, and Shopee was also recently reported to be themost visited e-commerce websiteamong Indonesian consumers in 2020.</p><p>Sea further highlighted that the company continued to rank first in MAU and total time spent on apps in the shopping category across its markets in Southeast Asia, and in Indonesia it also recorded its fastest quarterly YoY growth rates on record. (Source: SE Q1’21 earnings transcript)</p><p>Therefore, Sea is an extremely well-managed company, capable of pulling off challenging growth strategies against other large incumbents. Don’t bet against Sea.</p><p>In addition, the company has also ventured into other verticals such as food delivery to expand its ecosystem. Sea sees food delivery as a complementary offering in Shopee. In Vietnam, Sea-owned food delivery service Now which it acquired in 2017 is already themarket leader, having unseated the incumbent Grab. The company also recently launched its food delivery service in Jakarta, Indonesia, with plans to launch into other cities in the future.</p><p><b>The SeaMoney Synergies</b></p><p>Sea’s fintech platform SeaMoney continues to see continued success and growth as mobile wallet services TPV recorded a YoY growth of almost 209% to $3.4B, as ShopeePay continues to ride on the coattails of Shopee’s rapid growth. The company also highlighted that according to Snapcart Indonesia’s survey in March, “ShopeePay was the most used, the most remembered and most liked mobile wallet by Indonesian consumers during the first quarter.” (Source: SE Q1’21 earnings transcript)</p><p>The company is also aggressively expanding its off-platform use cases by establishing “partnerships with major consumer brands in Indonesia, one of which is their partnership with Indomaret, a leading Indonesian convenience store chain, as well as with Wendy’s(NASDAQ:WEN)and Domino’s Pizza(NYSE:DPZ).”</p><p>The company has also continued to improve the utility within ShopeePay adding new features such as “Deals Near Me”, which was said to have driven “significant footfall to its onboarded offline merchants.”</p><p>The strategy of incorporating the higher-margin digital financial services products such as wealth management products is also within the pipeline and is a natural extension of its fintech strategy. Although I believe this may be the most challenging aspect among its growth strategies within SeaMoney as financial services is a highly regulated market and the Southeast Asia region’s regulatory landscape largely differs between countries. Yet, it is still a key area of growth within the company’s overall fintech blueprint.</p><p><b>GoTo: What Should Investors Look Out For In The Tokopedia And Gojek Merger?</b></p><p>Much has been said recently regarding the SoftBank(OTCPK:SFTBY)and Alibaba-backedmergerbetween Tokopedia and Gojek and the risks it may pose to Sea’s leadership.</p><p>What’s important for investors to note is that in my opinion, the move seems born out of a measure of “desperation” to save their own businesses from the growing prowess of Grab (AGC) and SE in Gojek’s case and SE in Tokopedia’s case who have been aggressively taking away their respective market share, eventually culminating in them losing their respective market leadership. Therefore, it’s a marriage of two “losing” incumbents who have failed to stem the charge of their strong and well-managed new market entrants in Sea and Grab. Sea and Grab are themselves no strangers to dislodging market-leading incumbents, with Grab having sentUber Technologies(UBER) packing home from Southeast Asia and BABA-backed Lazada getting overtaken by Sea in the Southeast Asian market.</p><p>Grab’s food delivery business was reported to account for 53% of Indonesia’s food delivery market, while its ride-hailing business was reported to account for 64% of the Indonesian ride-hailing market in2019. Grab sees Indonesia as the crown jewel in its Southeast Asian portfolio, with Grab CEOAnthony Tanreportedly having spent a lot of time in Indonesia to oversee its growth strategies. With Grab projected to turnEBITDA profitable by 2023, I feel Gojek may have already crucially lost the initiative to Grab.</p><p>Tokopedia, which was founded in 2009 had a head start of close to 6 years over Shopee, a huge amount of time in Tech before Shopee commenced operations in 2015. In just a short span of 6 years, not only has Tokopedia lost its leadership position to Shopee, ShopeePay has also overtaken all the other e-payment players in Indonesia in a mere two years, as ShopeePay now holds a38% share, well ahead of Grab-backed OVO and Gojek’s GoPay, both holding 19% share each. Remember the Shopee and ShopeePay’s synergies, it’s like a flywheel, each driving increased usage of the other, and leading further to increased GMV and TPV respectively. Shopee also reportedly understands Indonesian consumers’ needs better, especially among the female consumers as compared to Tokopedia according to a report byMomentum Works:</p><blockquote>For Shopee, fashion and beauty are the most popular product categories. On the other hand, Tokopedia is more established in mobile and electronics. This explains why many of the female Indonesians are going to Shopee instead. For mobile and electronics, you probably only buy them once or twice a year. For fashion and beauty, it’s a different story. You can buy it every other month and even if you do not buy, you browse a lot – sending traffic to the platform. Impulse buying is also common for these categories, which is just nice for an ecosystem of shoppers, products as well as influencers.</blockquote><p>With Sea having already turned Adjusted EBITDA profitable in Q1’21, the company is well ready to take on the challenges of this merger between the two incumbents, who may have already crucially lost their opportunities to “turn back time”, even with a merger that is perhaps too little too late.</p><p><b>Valuations</b></p><p><img src=\"https://static.tigerbbs.com/9af1f1703d974dcc9562883dc04d1f13\" tg-width=\"1134\" tg-height=\"518\" referrerpolicy=\"no-referrer\"></p><p>Peers EV / Fwd Rev. Data Source: S&amp;P Global Market Intelligence</p><p>With such huge potential growth coming from Sea’s markets, Sea obviously trades at a premium when compared to its e-commerce peers, if we simply base off their respective expected revenue growth.</p><p><img src=\"https://static.tigerbbs.com/3607c4899ac3e4b1beccce944f68a638\" tg-width=\"1280\" tg-height=\"728\" referrerpolicy=\"no-referrer\"></p><p>Peers’ EBITDA Margin Forecast &amp; CapEx Forecast. Data Source: S&amp;P Global Market Intelligence</p><p>However, when we peek into Sea’s superior future cash flow generating capability using its projected EBITDA margins, we can see that Sea is only just getting started.</p><p>Since the company is expected to produce predictable cash flows moving forward, I find it meaningful to conduct a DCF valuation framework to determine a range of fair values with the results presented below.</p><p>Based on the DCF framework, I find SE undervalued by about 26% at the midpoint of its fair value range, with respect to the stock price of $246.33 as at 21 May 21. Therefore, I find the price level highly attractive.</p><p><img src=\"https://static.tigerbbs.com/0e8d8cce67ca4c035e6314b345d5f05a\" tg-width=\"1280\" tg-height=\"277\" referrerpolicy=\"no-referrer\"></p><p>Range of Fair Values. Data Source: S&amp;P Global Market Intelligence</p><p><img src=\"https://static.tigerbbs.com/84cb6fe959ae96e28a8f3a60146ec35f\" tg-width=\"1154\" tg-height=\"726\" referrerpolicy=\"no-referrer\"></p><p>WACC computation. Data Source: S&amp;P Global Market Intelligence</p><p><img src=\"https://static.tigerbbs.com/8982fb5ac9e8bb059635b287f81fe221\" tg-width=\"1280\" tg-height=\"206\" referrerpolicy=\"no-referrer\"></p><p>Fwd Rev &amp; Fwd EBITDA. Data Source: S&amp;P Global Market Intelligence</p><p><img src=\"https://static.tigerbbs.com/4e1e7da44b94ab543e888920747044ca\" tg-width=\"1172\" tg-height=\"934\" referrerpolicy=\"no-referrer\"></p><p>Unlevered FCF &amp; Enterprise Value. Data Source: S&amp;P Global Market Intelligence</p><p><img src=\"https://static.tigerbbs.com/75f2f24a8f6afecdf6bf0644d9bf8423\" tg-width=\"1014\" tg-height=\"696\" referrerpolicy=\"no-referrer\"></p><p>Equity Value Bridge. Data Source: S&amp;P Global Market Intelligence</p><p><b>Price Action and Technical Analysis</b></p><p><img src=\"https://static.tigerbbs.com/bab4482ce4bebbe89bc6636f5d39f10d\" tg-width=\"1280\" tg-height=\"798\" referrerpolicy=\"no-referrer\">Source: TradingView</p><p>SE has been on a meteoric rise since Mar 20, and as at the date of writing (21 May 21), the stock was down by about 13% from its all-time high in Feb 21. The price level between $275 and $285 looks to be an area of key resistance and bull traps previously set to lure in late buyers.</p><p>Key support is at $200, with the 50-period MA also serving as a key dynamic support area. I may continue to add more positions into this stock if the price level retraces nearer to $200 at the next retracement.</p><p>Otherwise, investors who wish to initiate or add more positions may find the current price attractive.</p><p>Further key support levels are currently at $179 and $155, areas that I would likely add very aggressively if the price was to retrace to those areas.</p><p><b>Conclusion</b></p><p>Sea is a very well-managed and ambitious integrated Internet company that looks to be at the next phase of its rapid growth and profitability. Investors may wish to take advantage of the current consolidation phase to gain entry or add positions to this potentially massive cash flow machine.</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>Sea Limited Is Ready To Fire On All Cylinders</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea Limited Is Ready To Fire On All Cylinders\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-24 10:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4430755-sea-limited-stock-se-ready-to-fire-on-all-cylinders><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummarySea Limited continues to extend its leadership across all its business segments with a blockbuster Q1’21 performance.Investors need to pay attention to its potential cash flow margins that ...</p>\n\n<a href=\"https://seekingalpha.com/article/4430755-sea-limited-stock-se-ready-to-fire-on-all-cylinders\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4430755-sea-limited-stock-se-ready-to-fire-on-all-cylinders","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1154364832","content_text":"SummarySea Limited continues to extend its leadership across all its business segments with a blockbuster Q1’21 performance.Investors need to pay attention to its potential cash flow margins that could far exceed even AMZN and MELI.At the current price, investors are getting a bargain even at the bear case of its fair value range with a DCF framework.Photo by Wachiwit/iStock Editorial via Getty ImagesInvestment ThesisSea Limited (SE) has fallen about 13% from its all-time high. The company has continued to dominate its markets and looks certain to further extend its leadership position and expand its verticals to take even more market share away from its competitors. Investors should take advantage of the consolidation to initiate or add positions to this potential massive cash flow generator.Earnings Review and What To Look Out For?Sea Limited is the largest integrated Internet company in South East Asia, with operations spanning across gaming, e-commerce, and fintech.The company’s recent Q1’21 results were another blockbuster across all business segments, demonstrating the company’s strong leadership and well-executed growth strategies towards itsvision:We think we stand in the best position to capitalize on the opportunity to build the largest consumer Internet ecosystem in the region. And we'll continue to focus on executing on our core businesses as well as building those ecosystems.As a reminder, for its e-commerce segment Shopee, Sea considers its region to comprise the following markets: Indonesia, Taiwan, Vietnam, Thailand, the Philippines, Malaysia, and Singapore, of which Indonesia is the company’s largest market.For its gaming segmentGarena, the company’s largest and growing markets comprise Southeast Asia, Taiwan, Brazil, Mexico, India, North America, Russia, and the Middle East.SE’s Quarterly Results. Data Source: S&P Global Market IntelligenceQ1’21 YoY revenue growth accelerated to 146.7%. In fact, Q1’21 is the 11th consecutive quarter of >100% YoY revenue growth. The company’s main revenue driverGarena recorded a 111.4% YoY rise, while Shopee and other services recorded a 189.8% YoY increase.Gross margin also improved significantly compared to the prior year. Q1’21 gross margin came in at 36.6% as compared to 28.9% a year ago. In its respective segments, Garena’s gross margin also improved to 68.2% from 38.6% a year ago, while Shopee’s gross margin went up to 13.7% from 7.1% a year ago.SE’s LTM results. Data Source: S&P Global Market IntelligenceLooking across the longer-term trend using the LTM basis, we could also see similar fantastic top line performance. LTM YoY revenue growth came in at 113.7%, and gross margin also improved to 33% compared to 30.4% a year ago. Therefore, investors should be encouraged to know that Sea’s top line performance has been consistently getting better and better even as it scaled up fast, improving its cost of revenue ratio, showing just how capable the company is in being able to execute its growth strategies across multiple countries within its region.Investors may want to continue paying attention to the company’s sales and marketing spend as it still accounted for the majority of the operating expenses in both the Q and LTM results, respectively. More importantly, sales and marketing spend as a percentage of revenue has continued to fall as the company scaled up, reflecting improving cost efficiencies over time.SE’s OPEX as a % of Revenue (LTM Trend). Data Source: S&P Global Market IntelligenceThis has certainly helped to improve the company’s overall cost efficiencies over time, showing clearly the benefits of economies of scale of the company’s business model. LTM sales and marketing spend improved to 40.6% of revenue from 43.3% a year ago, while LTM overall operating expenses improved to 59.9% of revenue from 67.4% a year ago.This has helped to narrow the company’s LTM negative operating margin to -27% from -37%. Investors should be reminded not to focus on SE’s near-term operating margins as a gauge of the company’s core operating performance. This is because the company is still in the early stages (despite growing so rapidly) of penetrating Southeast Asia’s massive e-commerce market, of which it is the clear leader currently. The company is expected to continue investing heavily in sales and marketing, in order to drive the massive potential for growth in the region and to establish itself as the future undisputed e-commerce leader in the region taking the large majority of the pie, leaving the rest of its competitors to only be able to compete in their much smaller respective niche market segments, just like what Amazon (AMZN) had done in its established markets.In fact, Sea’s CEOForrest Li, who was named “Singapore Businessman of the Year at the 35th Singapore Business Awards in Nov 20” added:Let me put it this way, it (Shopee) can be profitable anytime. But I think what's really important to us is we think it's still very early days for e-commerce development. We are in a very good situation because Garena has been profitable - actually it's pretty profitable, and this gives us the resources to invest in Shopee, invest in SeaMoney. I think pretty soon, Shopee will turn to be profitable as well. In certain markets, like Taiwan, it's already profitable. And then we will have more resources; two cash flow generators: Garena and Shopee. This allows us to continually invest in future opportunities.I have previously discussed (articles listedhereandhere) how important it is for investors to focus on cash flows for companies with massive scalability potential like Coupang (CPNG) and Opendoor Technologies (OPEN) which are still in their early days of penetrating their respective markets.It is the same focus for Sea as we attempt to delve deeper into its cash flow generating ability. Sea uses Adjusted EBITDA to report its cash flow performance. I will present the discussion from FCF and EBITDA point of view first as a matter of consistency, before going over to the Adjusted EBITDA metrics.SE’s LTM CFO Margin and LTM FCF Margin. Data Source: S&P Global Market IntelligenceA quick glance over to its cash flow statement unveiled just how well-performing SE has been with its cash flow management. In fact, SE’s CFO and FCF performance has been improving remarkably over time as it scaled up quickly, and the company is just getting started. Its LTM CFO margins have been steadily improving over the previous year from -5.36% to 17.28% for the Q1’21 quarter. In addition, its LTM FCF margins also improved steadily over the previous year from -13.4% to 11.08%.SE’s EBITDA Margin & EBIT Margin. Data Source: S&P Global Market IntelligenceWhen we move over to its EBITDA margins, the improvement in trend of its core operating performance is also clearly discernible. Although it has yet to turn EBITDA positive, it was due mainly to necessary investments in sales and marketing.SE’s CapEx Margin & CFO Margin. Data Source: S&P Global Market IntelligenceSE has also benefited from the huge improvement in its core operating performance as seen in its CFO margin trend, while its heavy earlier CapEx investments have started to bear fruit as it scaled, as the CapEx margin is trending lower, and its CFO will now be able to sustain its CapEx moving forward.It’s very clear that SE’s business has well cleared its inflection point of heavy investments to scale up, and the company is well on its way to generate huge cash flows in the future as it continues to power ahead in its market penetration.SE’s EBITDA Margin Forecast & CapEx Margin Forecast. Data Source: S&P Global Market IntelligenceMoving ahead, we can also see that SE’s forward EBITDA margin trend is expected to significantly expand, while CapEx margin is expected to continue to fall. The company is on track to be a massive cash flow generator, with EBITDA margin expected to be about 43.8% by FY 30. Therefore, investors must be aligned with Sea’s long-term vision of focusing on growing its cash flows as it continues to penetrate the region’s markets. Based on its current growth trajectory, SE’s cash flow generating potential looks massive.AMZN’s & SE’s EBITDA Margin Forecast & CapEx Margin Forecast. Data Source: S&P Global Market IntelligenceWhen we bring in AMZN’s forecasts, I believe investors can clearly see what I mean. AMZN is already quite profitable based on its EBITDA margin, while SE’s EBITDA margin profitability is probably just getting started and SE is expected to grow its EBITDA margins much faster than AMZN, and this only goes to show the tremendous potential of the markets that SE is operating in. Investors are clearly reminded to give Shopee time to scale up to deliver the kind of cash flow profitability that will drive future returns.SE’s Adjusted EBITDA. Source: SE 6-KAs we move on to the segmented Adjusted EBITDA presented by the company, we can then infer what SE CEO Forrest Li meant by “Garena providing the resources for the company to invest in Shopee and SeaMoney.”The company is continuing to build on Garena’s success to deliver the resources needed to invest in Shopee and SeaMoney. Investors should consider Shopee and SeaMoney as an entity because they have tremendous synergies and are each other’s flywheel. Garena offers clear cash flow visibility for Shopee and SeaMoney to grow.Garena’s bookings reached $1.1B in Q1’21, which represents a 117.4% YoY increase. The bookings consist of current revenue and change in deferred revenue, the part which provides visibility into future revenue recognition.As can be seen, based on Adjusted EBITDA, which also included change in deferred revenue, SE has turned profitable. Unlike many other e-commerce companies or internet companies, SE already has a cash flow profitable Garena segment to provide the resources to drive its e-commerce and fintech segment growth. This combination is extremely powerful and, coupled with the company’s remarkable execution, has already brought FCF profitability to its operations, and soon EBITDA profitable. This will certainly allow SE to push even harder to drive more sustainable investments into more verticals and products to expand its ecosystem and further reduce the share of the pie available and pull itself further away from its closest competitors.Therefore, investors must continue to pay attention to the key growth drivers in Garena, and how the company intends to stretch its leadership further to protect its key cash flow generator until Shopee and SeaMoney become self-sustainable.Shopee’s Adjusted EBITDA per order. Source:TechinasiaAs Shopee continues to drive its fast expansion across the region, its unit economics have continued to improve remarkably, as it achieved operating efficiencies over time, leading to further reductions in Adjusted EBITDA loss per order. For Q1’21, the Adjusted EBITDA loss per order improved to $0.38, which represents a 38% YoY decline. As the company has guided earlier, it would not be long before Shopee achieves self-sustaining EBITDA profitability.What’s Next for Garena?At the Pocket Gamer Awards 2021, Garena received the Best Mobile Publisher Award, and Free Fire was also named the Best Battle Royale Game.Yet, according to the company, Garena’s most popular self-developedFree Fireisstill at an early stage of driving growth on the user base as well as pay user base for this game and developing it into a social platform where people not only come to play the core gameplay, but also enjoy other modes hangout, listen to music, social lives.”The company’s focus on Free Fire is notable as it is Garena’s most important revenue driver. Therefore the ability to scale Free Fire beyond just a game but into a social platform would bring Free Fire into its next phase of growth while continuing to grow its active user base and paying users. Sea also emphasized that the company continues to see “stickiness” in its active user metrics as the average active user spends about 2 to 3 hours daily on its platform. Not only has Garena grown its quarterly paying users 123.5% YoY, its quarterly paying users also represented 12.3% of quarterly active users (QAU) for Q1’21 as compared to 8.9% a year ago. Therefore driving the stickiness of the platform and encouraging more time spent among its active users would help to drive its paying user ratio up.Sea believes that one of the key factors that could help to drive Garena towards its vision of a social platform is dramatically increasing its modes of engagement with its users. This is not just restricted to online activities, but also offline community engagement programs. The whole intent is to develop a “broad-based platform stickiness” beyond its top active users, by building and growing the platform into a much larger community and provide the users ample opportunities to socialize and engage through its ongoing content development, and its promotion of community engagement.A key aspect of its community engagement strategies is focused on eSports. Sea believes that it operates the “largest mobile-game professional league in Southeast Asia, Taiwan and Brazil” and Free Fire was also named the “eSports Mobile Game of the Year at the eSports Awards 2020”. (Source: SE 20-F). The company continues to hold very large-scale eSports tournaments and events to strengthen its community engagement strategies such as Free Fire League Latinoamerica 2021, and its flagship Garena World event in April. On the 28th May, theFree Fire World Series 2021 Singapore(FFWS 2021 SG), which is Free Fire’s most prestigious eSports tournament, will take place in Singapore with a massive prize pool of US2M. Sea is showing no signs of ever letting the company’s most important revenue driver and most profitable segment to slip through its grip. Instead, it continues to build on its success as the leading eSports organizer in its markets.Garena is also looking way beyond the success of Free Fire and is constantly developing its games portfolio pipeline through constant R&D and product development with its “significant number of our more than 1,000 in-house game developers globally are constantly working on new ideas, while we continue to engage with third-party game studios for collaboration on promising and complementary game development and publishing opportunities.” (Source: SE Q1’21 earnings transcript)Expanding Shopee’s Global Footprint and VerticalsSea is actively expanding its presence in LatAm’s largest e-commerce market:Brazil, taking on MercadoLibre (MELI) in its most important market and with eyes on the whole LatAm. Although Sea is a relatively new player in e-commerce, having set up Shopee only in2015, the company is no stranger to taking on big incumbents. Shopee has already unseated the incumbent Alibaba-backed (BABA)Lazadaas the number one e-commerce platform in Southeast Asia. In addition, in its most important market, Indonesia, the company has also unseated incumbent Tokopedia as the leader, and Shopee was also recently reported to be themost visited e-commerce websiteamong Indonesian consumers in 2020.Sea further highlighted that the company continued to rank first in MAU and total time spent on apps in the shopping category across its markets in Southeast Asia, and in Indonesia it also recorded its fastest quarterly YoY growth rates on record. (Source: SE Q1’21 earnings transcript)Therefore, Sea is an extremely well-managed company, capable of pulling off challenging growth strategies against other large incumbents. Don’t bet against Sea.In addition, the company has also ventured into other verticals such as food delivery to expand its ecosystem. Sea sees food delivery as a complementary offering in Shopee. In Vietnam, Sea-owned food delivery service Now which it acquired in 2017 is already themarket leader, having unseated the incumbent Grab. The company also recently launched its food delivery service in Jakarta, Indonesia, with plans to launch into other cities in the future.The SeaMoney SynergiesSea’s fintech platform SeaMoney continues to see continued success and growth as mobile wallet services TPV recorded a YoY growth of almost 209% to $3.4B, as ShopeePay continues to ride on the coattails of Shopee’s rapid growth. The company also highlighted that according to Snapcart Indonesia’s survey in March, “ShopeePay was the most used, the most remembered and most liked mobile wallet by Indonesian consumers during the first quarter.” (Source: SE Q1’21 earnings transcript)The company is also aggressively expanding its off-platform use cases by establishing “partnerships with major consumer brands in Indonesia, one of which is their partnership with Indomaret, a leading Indonesian convenience store chain, as well as with Wendy’s(NASDAQ:WEN)and Domino’s Pizza(NYSE:DPZ).”The company has also continued to improve the utility within ShopeePay adding new features such as “Deals Near Me”, which was said to have driven “significant footfall to its onboarded offline merchants.”The strategy of incorporating the higher-margin digital financial services products such as wealth management products is also within the pipeline and is a natural extension of its fintech strategy. Although I believe this may be the most challenging aspect among its growth strategies within SeaMoney as financial services is a highly regulated market and the Southeast Asia region’s regulatory landscape largely differs between countries. Yet, it is still a key area of growth within the company’s overall fintech blueprint.GoTo: What Should Investors Look Out For In The Tokopedia And Gojek Merger?Much has been said recently regarding the SoftBank(OTCPK:SFTBY)and Alibaba-backedmergerbetween Tokopedia and Gojek and the risks it may pose to Sea’s leadership.What’s important for investors to note is that in my opinion, the move seems born out of a measure of “desperation” to save their own businesses from the growing prowess of Grab (AGC) and SE in Gojek’s case and SE in Tokopedia’s case who have been aggressively taking away their respective market share, eventually culminating in them losing their respective market leadership. Therefore, it’s a marriage of two “losing” incumbents who have failed to stem the charge of their strong and well-managed new market entrants in Sea and Grab. Sea and Grab are themselves no strangers to dislodging market-leading incumbents, with Grab having sentUber Technologies(UBER) packing home from Southeast Asia and BABA-backed Lazada getting overtaken by Sea in the Southeast Asian market.Grab’s food delivery business was reported to account for 53% of Indonesia’s food delivery market, while its ride-hailing business was reported to account for 64% of the Indonesian ride-hailing market in2019. Grab sees Indonesia as the crown jewel in its Southeast Asian portfolio, with Grab CEOAnthony Tanreportedly having spent a lot of time in Indonesia to oversee its growth strategies. With Grab projected to turnEBITDA profitable by 2023, I feel Gojek may have already crucially lost the initiative to Grab.Tokopedia, which was founded in 2009 had a head start of close to 6 years over Shopee, a huge amount of time in Tech before Shopee commenced operations in 2015. In just a short span of 6 years, not only has Tokopedia lost its leadership position to Shopee, ShopeePay has also overtaken all the other e-payment players in Indonesia in a mere two years, as ShopeePay now holds a38% share, well ahead of Grab-backed OVO and Gojek’s GoPay, both holding 19% share each. Remember the Shopee and ShopeePay’s synergies, it’s like a flywheel, each driving increased usage of the other, and leading further to increased GMV and TPV respectively. Shopee also reportedly understands Indonesian consumers’ needs better, especially among the female consumers as compared to Tokopedia according to a report byMomentum Works:For Shopee, fashion and beauty are the most popular product categories. On the other hand, Tokopedia is more established in mobile and electronics. This explains why many of the female Indonesians are going to Shopee instead. For mobile and electronics, you probably only buy them once or twice a year. For fashion and beauty, it’s a different story. You can buy it every other month and even if you do not buy, you browse a lot – sending traffic to the platform. Impulse buying is also common for these categories, which is just nice for an ecosystem of shoppers, products as well as influencers.With Sea having already turned Adjusted EBITDA profitable in Q1’21, the company is well ready to take on the challenges of this merger between the two incumbents, who may have already crucially lost their opportunities to “turn back time”, even with a merger that is perhaps too little too late.ValuationsPeers EV / Fwd Rev. Data Source: S&P Global Market IntelligenceWith such huge potential growth coming from Sea’s markets, Sea obviously trades at a premium when compared to its e-commerce peers, if we simply base off their respective expected revenue growth.Peers’ EBITDA Margin Forecast & CapEx Forecast. Data Source: S&P Global Market IntelligenceHowever, when we peek into Sea’s superior future cash flow generating capability using its projected EBITDA margins, we can see that Sea is only just getting started.Since the company is expected to produce predictable cash flows moving forward, I find it meaningful to conduct a DCF valuation framework to determine a range of fair values with the results presented below.Based on the DCF framework, I find SE undervalued by about 26% at the midpoint of its fair value range, with respect to the stock price of $246.33 as at 21 May 21. Therefore, I find the price level highly attractive.Range of Fair Values. Data Source: S&P Global Market IntelligenceWACC computation. Data Source: S&P Global Market IntelligenceFwd Rev & Fwd EBITDA. Data Source: S&P Global Market IntelligenceUnlevered FCF & Enterprise Value. Data Source: S&P Global Market IntelligenceEquity Value Bridge. Data Source: S&P Global Market IntelligencePrice Action and Technical AnalysisSource: TradingViewSE has been on a meteoric rise since Mar 20, and as at the date of writing (21 May 21), the stock was down by about 13% from its all-time high in Feb 21. The price level between $275 and $285 looks to be an area of key resistance and bull traps previously set to lure in late buyers.Key support is at $200, with the 50-period MA also serving as a key dynamic support area. I may continue to add more positions into this stock if the price level retraces nearer to $200 at the next retracement.Otherwise, investors who wish to initiate or add more positions may find the current price attractive.Further key support levels are currently at $179 and $155, areas that I would likely add very aggressively if the price was to retrace to those areas.ConclusionSea is a very well-managed and ambitious integrated Internet company that looks to be at the next phase of its rapid growth and profitability. Investors may wish to take advantage of the current consolidation phase to gain entry or add positions to this potentially massive cash flow machine.","news_type":1},"isVote":1,"tweetType":1,"viewCount":269,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116770457,"gmtCreate":1622821315379,"gmtModify":1704191974419,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Well done analysis!","listText":"Well done analysis!","text":"Well done analysis!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/116770457","repostId":"1157072297","repostType":2,"repost":{"id":"1157072297","pubTimestamp":1622179098,"share":"https://ttm.financial/m/news/1157072297?lang=&edition=fundamental","pubTime":"2021-05-28 13:18","market":"us","language":"en","title":"How Much Is Palantir Worth?","url":"https://stock-news.laohu8.com/highlight/detail?id=1157072297","media":"seekingalpha","summary":"SummaryPLTR has a wide moat Gotham business, and its Foundry business has massive growth potential.T","content":"<p><b>Summary</b></p><ul><li>PLTR has a wide moat Gotham business, and its Foundry business has massive growth potential.</li><li>The company continues to forego GAAP profitability today in order to invest aggressively for the long term.</li><li>What are PLTR shares worth today? We detail our full valuation model.</li></ul><p>Oneof our fewand our highest conviction tech investments, Palantir(NYSE:PLTR)has a wide moat Gotham (government) business and its Foundry (commercial) business has massive growth potential. Despite posting fat adjusted gross margins, the company continues to forego GAAP profitability today in order to invest aggressively for the long term.</p><p>What are PLTR shares worth today? In the following sections, we will attempt to give an estimate.</p><p><b>1. Qualitative Analysis</b></p><p>For a more thorough appraisal of the qualitative aspects of PLTR, please check out ourfull investment thesis. That said, in order to provide the proper context for our quantitative assumptions and analysis we will briefly outline our qualitative appraisal of the company here:</p><ul><li><i>Strong Government-Backed Moat</i></li></ul><p>PLTR's high-quality data analytics and artificial intelligence Gotham platform combine with its decades of successful partnership with US and US-aligned government agencies to give it a very strong competitive standing for winning additional government projects. As Big Data and A.I. grow in importance for national security in the years to come, we expect PLTR's share of the pie of government spending to only increase.</p><p>In fact, itsQ1 resultsshowed exactly that with total government revenue surging by 76% year-over-year and US government business growing by an even faster 83%.</p><p><img src=\"https://static.tigerbbs.com/76849a1437b60ad615d46d63da06e109\" tg-width=\"627\" tg-height=\"621\" referrerpolicy=\"no-referrer\"><i>source</i></p><p>The contracts it is winning include a 5-year contract worth up to $90 million to help protect and manage the U.S. nuclear stockpile, powering all 11 DoD combatant commands for major exercises, servicing other major defense contractors, and - most recently -expanding its Space Force partnership.</p><p>This robust growth should continue for the foreseeable future as their total government revenue is less than 10 basis points of total US defense spending and senior US government personnel remain thrilled with their product. As Space Force Colonel Krolikowski stated in the wake of the expanded Space Force partnership:</p><blockquote><i>I’m excited about this partnership and the work we are doing to provide better data-driven decision making to our leadership. Palantir’s technology and framework has truly accelerated our ability to remove data stovepipes throughout the community and create actionable knowledge</i></blockquote><ul><li><i>Accelerating Foundry Growth</i></li></ul><p>PLTR's other major platform - Foundry - is seeing accelerating growth in its pursuit of commercial contracts and it is investing aggressively in ensuring that momentum continues. In fact, PLTR expects that their Foundry business may one day become their largest source of revenue.</p><p>In Q1, US commercial revenue grew by 72% and overall revenue grew by 49% year-over-year fueled by 11 new commercial customers coming on board and 29% growth in revenue per customer. Q2 should see similarly strong growth, with management forecasting 43% year-over-year growth with 30%+ annual growth expected through 2025 as management is pursuing multiple strategic growth initiatives:</p><p>(1) Afree Foundry trialfor select companies to assist them with re-opening after COVID-19 and hopefully win their long-term business.</p><p>(2) Investing heavily in growing and enhancing their sales team by adding nearly 50 sales personnel in Q1 with the expectation of growing by over 100 by year-end.</p><p>(3) Buying equity in some of its smaller clients that it believes will be long-term winners while also creating a symbiotic relationship with them.</p><p>(4)Exploringways to play a role with Bitcoin and the broader emergence of cryptocurrency.</p><p>(5) Adapting their product and marketing to attract a wider range of businesses, thereby boosting their qualified pipeline by 2.5 times in the U.S. and U.K.</p><ul><li><i>Solid Balance Sheet</i></li></ul><p>With billions of dollars in cash on the balance sheet, minimal debt, and adjusted free cash flow positive, PLTR is well-capitalized and sufficiently liquid to continue investing aggressively in its growth initiatives.</p><ul><li><i>Strong Brain Trust</i></li></ul><p>Operating in a space where technical and innovative capabilities are the name of the game, PLTR is well-positioned to win given its ability to attract and retain the best and brightest minds in the industry.</p><p><b>2. Quantitative Analysis</b></p><p>Now that we have established that PLTR is a high-quality company in virtually every respect with strong growth momentum and a lengthy runway, let's dig into numbers to see if we can get a sense of how much it is actually worth.</p><p>The company is currently valued at an enterprise value of $38.4 billion as its market cap of $40.3 billion includes a substantial net cash position. The company is expected to generate ~$1.5 billion in revenue in 2021 and just over $1.9 billion in 2022. Meanwhile, its EBITDA is expected to come in at $363.2 million in 2021 and $508.3 million in 2022. By 2025, PLTR has an announced goal of achieving $4 billion in revenues.</p><p><img src=\"https://static.tigerbbs.com/d5ac0eb66cdb91fcbb57a41107924119\" tg-width=\"448\" tg-height=\"203\" referrerpolicy=\"no-referrer\"><i>source</i></p><p>They view their total addressable market as currently being ~$119 billion and we expect this to grow rapidly as the quantity and role of data and A.I. are increasing quickly and PLTR continues to invest in developing new capabilities which should expand its sphere of addressable operations over time.</p><p>Their government and commercial addressable markets are both roughly equivalent, and the U.S. government total addressable market is a whopping $26 billion currently. Given that we believe their US government business is by far their strongest, this is an important number for us to latch onto in our projections.</p><p>We believe that the US will continue to place an ever-increasing amount of trust in PLTR as it desperately strives to defeat China in the A.I. race over the next several decades. Seeing that PLTR has already won some extremely important contracts with the US government, we expect them to be the odds-on favorites to win a large portion of the US total addressable market in the years to come.</p><p>While we are optimistic that they will capture at least 25% of their current total addressable market from the U.S. government by the end of the decade and will see solid growth in their other business opportunities, they do face some stiff competition in the commercial space from companies like Microsoft (MSFT) and foreign governments - even if US-aligned - may be somewhat cautious of linking their critical government agencies to a US company.</p><p>As a result, we see them capturing a more conservative 5% of current total addressable market in each of these categories over the next decade (which is quite conservative given that these total addressable markets will likely grow significantly during that span). In fact, the global big data market isexpected to growat a CAGR of 22.4% through 2030, with the North American big data market expected to grow at a 15.6% CAGR and Europe's big data market expected to grow at a CAGR of 19.1%, so they would only need to capture only a few percentage points of the total addressable market at that point to reach $10+ billion in revenue.</p><p>Using these assumptions means that we expect their revenue to grow from ~$1.5 billion at year-end 2021 to ~$11 billion by the end of 2030. While this might sound ludicrous, we see little reason to expect their growth rate to slow after this year as they are making aggressive investments in their business and are only now starting to really ramp up their sales team while also partnering with vaunted sales teams at companies like IBM (IBM) and with Amazon's (AMZN) Web Services business to facilitate growth. To reach $11 billion by the end of 2030, they would only need to grow at an annualized 25% rate, which we believe is very doable given their aforementioned strengths and initiatives, particularly in the US government business, along with the fact that they are likely to not pay out any dividends or buy back shares over that period and instead continue investing aggressively in their business.</p><p>Now that we have arrived at a revenue number, let's look at the profitability potential.</p><p>PLTR demonstrated during Q1 that its operating profitability is improving rapidly. During Q1, they generated earnings-per-share of $0.04 as the adjusted gross margin expanded by 800 basis points year-over-year to 83% and the contribution margin soared by 1900 basis points to 60%.</p><p>As a result, adjusted operating income improved $133 million year-over-year, coming in at $117 million in Q1 2021 (adjusted operating margin of 34%). Adjusted free cash flow was $151 million in Q1, good for a 44% adjusted free cash flow margin.</p><p>While these numbers look fantastic as a 34% adjusted operating margin would imply ~$3.75 billion in operating income by 2030 which, given that they will likely still be growing by 20%+ annually at that point under our assumptions, would likely warrant a multiple of ~50x (depending on interest rates and overall macroeconomic conditions). As a result, the company would conservatively be worth ~$190 billion by 2030, making it a near 5x over the next 9 years (which would represent a ~20% CAGR to 2030). Under this assumption, PLTR should be worth an enterprise value of ~$85 billion today (which would represent a 9%-10% CAGR to 2030), which would put the shares at a fair value of between $45 and $50 today.</p><p>However, this model overlooks one major negative factor that makes the adjusted free cash flow numbers misleading: stock-based compensation. While we do not take issue with this management practice given that it is being used to attract and retain the best talent in the industry without draining the company's cash pile that it needs to invest aggressively to win long-term in the space, it is still important to account for its impact when modeling the company's valuation.</p><p>In Q1 2021, stock-based compensation and employer payroll taxes related to stock-based compensation totaled a whopping ~$230 million. While this figure will likely grow to some degree as the company continues to grow and add payroll, it will ultimately decline as a percentage of the total revenues as the company continues to grow. Stock-based compensation currently accounts for ~2.3% of the company's total equity valuation and we expect this to decline over time as the company will likely grow faster than its payroll.</p><p>Therefore, through 2030, we conservatively estimate average annual dilution of ~1.5% from stock-based compensation and estimate it will be at $2 billion annually by 2030. This would leave GAAP operating income at just $1.75 billion in 2030, and, at a 50x multiple would imply the company would be worth just $87.5 billion at that point, making it a mere 2.3x from its present value. Adding in the dilutive impact of 1.5% annualized stock-based compensation and the estimated per-share value in 2030 would be $44, making it a double over a 9-year period (i.e., just a mediocre ~8% CAGR).</p><p>As a result, it is reasonable to conclude that shares are currently fairly valued. However, at the same time, it is important to realize that there are two factors that will significantly impact this assessment:</p><p><i>(1) Operating Margin:</i>The company has significant momentum in improving its operating margins. As they continue to scale rapidly, there is a strong likelihood that operating margins will improve further. Of course, competition will also increase, so there will be pressure on gross margins. Ultimately, we expect them to reach an adjusted operating margin of 40% as rapid scaling should more than offset competitive pressures, especially in their government business, which should enjoy fatter margins than their narrower moat commercial business. This 600 basis point improvement alone would raise their estimated 2030 valuation by a whopping 37% and push their expected shareholder CAGR firmly into the double digits.</p><p><i>(2) Growth Rates:</i>We used somewhat conservative growth rate assumptions in our model as we do not want to bank on their commercial business becoming a powerhouse given that competition is likely to be stiff.</p><p>That said, all of that stock-based compensation is going towards attracting and retaining some of the brightest data analytics, machine learning, and software engineering minds, which should not be underestimated. As a result, we would not be shocked at all to see them gain better headway in the commercial market than our initial model assumes and therefore significantly outperform their 2025 and our 2030 revenue estimates.</p><p>While it is true that it is easier to sustain a high growth rate at their current (relatively) small size and that the bigger you scale the harder it is to sustain that growth rate, we also know that they are only know really trying to scale their sales team, they are reinvesting aggressively into their business, and the role of data, machine learning, and software is likely to explode exponentially in the coming decade, providing a massive tailwind to their growth.</p><p>While we assume a 25% annualized growth rate through 2030 from the present, if they can simply increase that to 30%, their revenue will be closer to $16 billion, which in turn would likely lead to even higher operating margins and immensely higher operating income, making their stock-based compensation even a smaller portion of the pie and their upside potential immensely higher than it is perceived to be today.</p><p>Of course, the downside risk is that their Foundry platform will fail to make any significant headway in the private sector, leading to dramatically declining growth rates and them having to continue leaning heavily on their government business. Such a scenario would lead to mediocre total returns as their revenue would likely only end up in the $8 billion range and - though their stock-based compensation would obviously be lower as well - their operating income would probably wind up being ~$1.5 billion, making the company worth only $75 billion, or presenting a mere mid-single digit CAGR through 2030 which would make it a rather unappealing comparative investment.</p><p><b>Investor Takeaway</b></p><p>PLTR is a great company and is very likely to remain a mission-critical component of US government technical infrastructure for the foreseeable future. That alone gives the business significant stability concerning its future and will likely lead to strong growth.</p><p>However, stock-based compensation and lingering uncertainty about the long-term competitive strength of its Foundry platform are the main overhangs weighing on the stock right now. While we believe that the former overhang is a major key to positively resolving the latter uncertainty, only time will tell.</p><p>Based on our assumptions of 25%+ annualized revenue growth through 2030, 40% adjusted operating margins in 2030, and $2 billion in 2030 stock-based compensation, we expect the company to be worth at least 3x what it is today and generate ~12%-13% annualized returns over that period, making it a buy today and a strong buy at $20 or less.</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>How Much Is Palantir Worth?</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\">\nHow Much Is Palantir Worth?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-28 13:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4431750-how-much-is-palantir-worth><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryPLTR has a wide moat Gotham business, and its Foundry business has massive growth potential.The company continues to forego GAAP profitability today in order to invest aggressively for the long...</p>\n\n<a href=\"https://seekingalpha.com/article/4431750-how-much-is-palantir-worth\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4431750-how-much-is-palantir-worth","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1157072297","content_text":"SummaryPLTR has a wide moat Gotham business, and its Foundry business has massive growth potential.The company continues to forego GAAP profitability today in order to invest aggressively for the long term.What are PLTR shares worth today? We detail our full valuation model.Oneof our fewand our highest conviction tech investments, Palantir(NYSE:PLTR)has a wide moat Gotham (government) business and its Foundry (commercial) business has massive growth potential. Despite posting fat adjusted gross margins, the company continues to forego GAAP profitability today in order to invest aggressively for the long term.What are PLTR shares worth today? In the following sections, we will attempt to give an estimate.1. Qualitative AnalysisFor a more thorough appraisal of the qualitative aspects of PLTR, please check out ourfull investment thesis. That said, in order to provide the proper context for our quantitative assumptions and analysis we will briefly outline our qualitative appraisal of the company here:Strong Government-Backed MoatPLTR's high-quality data analytics and artificial intelligence Gotham platform combine with its decades of successful partnership with US and US-aligned government agencies to give it a very strong competitive standing for winning additional government projects. As Big Data and A.I. grow in importance for national security in the years to come, we expect PLTR's share of the pie of government spending to only increase.In fact, itsQ1 resultsshowed exactly that with total government revenue surging by 76% year-over-year and US government business growing by an even faster 83%.sourceThe contracts it is winning include a 5-year contract worth up to $90 million to help protect and manage the U.S. nuclear stockpile, powering all 11 DoD combatant commands for major exercises, servicing other major defense contractors, and - most recently -expanding its Space Force partnership.This robust growth should continue for the foreseeable future as their total government revenue is less than 10 basis points of total US defense spending and senior US government personnel remain thrilled with their product. As Space Force Colonel Krolikowski stated in the wake of the expanded Space Force partnership:I’m excited about this partnership and the work we are doing to provide better data-driven decision making to our leadership. Palantir’s technology and framework has truly accelerated our ability to remove data stovepipes throughout the community and create actionable knowledgeAccelerating Foundry GrowthPLTR's other major platform - Foundry - is seeing accelerating growth in its pursuit of commercial contracts and it is investing aggressively in ensuring that momentum continues. In fact, PLTR expects that their Foundry business may one day become their largest source of revenue.In Q1, US commercial revenue grew by 72% and overall revenue grew by 49% year-over-year fueled by 11 new commercial customers coming on board and 29% growth in revenue per customer. Q2 should see similarly strong growth, with management forecasting 43% year-over-year growth with 30%+ annual growth expected through 2025 as management is pursuing multiple strategic growth initiatives:(1) Afree Foundry trialfor select companies to assist them with re-opening after COVID-19 and hopefully win their long-term business.(2) Investing heavily in growing and enhancing their sales team by adding nearly 50 sales personnel in Q1 with the expectation of growing by over 100 by year-end.(3) Buying equity in some of its smaller clients that it believes will be long-term winners while also creating a symbiotic relationship with them.(4)Exploringways to play a role with Bitcoin and the broader emergence of cryptocurrency.(5) Adapting their product and marketing to attract a wider range of businesses, thereby boosting their qualified pipeline by 2.5 times in the U.S. and U.K.Solid Balance SheetWith billions of dollars in cash on the balance sheet, minimal debt, and adjusted free cash flow positive, PLTR is well-capitalized and sufficiently liquid to continue investing aggressively in its growth initiatives.Strong Brain TrustOperating in a space where technical and innovative capabilities are the name of the game, PLTR is well-positioned to win given its ability to attract and retain the best and brightest minds in the industry.2. Quantitative AnalysisNow that we have established that PLTR is a high-quality company in virtually every respect with strong growth momentum and a lengthy runway, let's dig into numbers to see if we can get a sense of how much it is actually worth.The company is currently valued at an enterprise value of $38.4 billion as its market cap of $40.3 billion includes a substantial net cash position. The company is expected to generate ~$1.5 billion in revenue in 2021 and just over $1.9 billion in 2022. Meanwhile, its EBITDA is expected to come in at $363.2 million in 2021 and $508.3 million in 2022. By 2025, PLTR has an announced goal of achieving $4 billion in revenues.sourceThey view their total addressable market as currently being ~$119 billion and we expect this to grow rapidly as the quantity and role of data and A.I. are increasing quickly and PLTR continues to invest in developing new capabilities which should expand its sphere of addressable operations over time.Their government and commercial addressable markets are both roughly equivalent, and the U.S. government total addressable market is a whopping $26 billion currently. Given that we believe their US government business is by far their strongest, this is an important number for us to latch onto in our projections.We believe that the US will continue to place an ever-increasing amount of trust in PLTR as it desperately strives to defeat China in the A.I. race over the next several decades. Seeing that PLTR has already won some extremely important contracts with the US government, we expect them to be the odds-on favorites to win a large portion of the US total addressable market in the years to come.While we are optimistic that they will capture at least 25% of their current total addressable market from the U.S. government by the end of the decade and will see solid growth in their other business opportunities, they do face some stiff competition in the commercial space from companies like Microsoft (MSFT) and foreign governments - even if US-aligned - may be somewhat cautious of linking their critical government agencies to a US company.As a result, we see them capturing a more conservative 5% of current total addressable market in each of these categories over the next decade (which is quite conservative given that these total addressable markets will likely grow significantly during that span). In fact, the global big data market isexpected to growat a CAGR of 22.4% through 2030, with the North American big data market expected to grow at a 15.6% CAGR and Europe's big data market expected to grow at a CAGR of 19.1%, so they would only need to capture only a few percentage points of the total addressable market at that point to reach $10+ billion in revenue.Using these assumptions means that we expect their revenue to grow from ~$1.5 billion at year-end 2021 to ~$11 billion by the end of 2030. While this might sound ludicrous, we see little reason to expect their growth rate to slow after this year as they are making aggressive investments in their business and are only now starting to really ramp up their sales team while also partnering with vaunted sales teams at companies like IBM (IBM) and with Amazon's (AMZN) Web Services business to facilitate growth. To reach $11 billion by the end of 2030, they would only need to grow at an annualized 25% rate, which we believe is very doable given their aforementioned strengths and initiatives, particularly in the US government business, along with the fact that they are likely to not pay out any dividends or buy back shares over that period and instead continue investing aggressively in their business.Now that we have arrived at a revenue number, let's look at the profitability potential.PLTR demonstrated during Q1 that its operating profitability is improving rapidly. During Q1, they generated earnings-per-share of $0.04 as the adjusted gross margin expanded by 800 basis points year-over-year to 83% and the contribution margin soared by 1900 basis points to 60%.As a result, adjusted operating income improved $133 million year-over-year, coming in at $117 million in Q1 2021 (adjusted operating margin of 34%). Adjusted free cash flow was $151 million in Q1, good for a 44% adjusted free cash flow margin.While these numbers look fantastic as a 34% adjusted operating margin would imply ~$3.75 billion in operating income by 2030 which, given that they will likely still be growing by 20%+ annually at that point under our assumptions, would likely warrant a multiple of ~50x (depending on interest rates and overall macroeconomic conditions). As a result, the company would conservatively be worth ~$190 billion by 2030, making it a near 5x over the next 9 years (which would represent a ~20% CAGR to 2030). Under this assumption, PLTR should be worth an enterprise value of ~$85 billion today (which would represent a 9%-10% CAGR to 2030), which would put the shares at a fair value of between $45 and $50 today.However, this model overlooks one major negative factor that makes the adjusted free cash flow numbers misleading: stock-based compensation. While we do not take issue with this management practice given that it is being used to attract and retain the best talent in the industry without draining the company's cash pile that it needs to invest aggressively to win long-term in the space, it is still important to account for its impact when modeling the company's valuation.In Q1 2021, stock-based compensation and employer payroll taxes related to stock-based compensation totaled a whopping ~$230 million. While this figure will likely grow to some degree as the company continues to grow and add payroll, it will ultimately decline as a percentage of the total revenues as the company continues to grow. Stock-based compensation currently accounts for ~2.3% of the company's total equity valuation and we expect this to decline over time as the company will likely grow faster than its payroll.Therefore, through 2030, we conservatively estimate average annual dilution of ~1.5% from stock-based compensation and estimate it will be at $2 billion annually by 2030. This would leave GAAP operating income at just $1.75 billion in 2030, and, at a 50x multiple would imply the company would be worth just $87.5 billion at that point, making it a mere 2.3x from its present value. Adding in the dilutive impact of 1.5% annualized stock-based compensation and the estimated per-share value in 2030 would be $44, making it a double over a 9-year period (i.e., just a mediocre ~8% CAGR).As a result, it is reasonable to conclude that shares are currently fairly valued. However, at the same time, it is important to realize that there are two factors that will significantly impact this assessment:(1) Operating Margin:The company has significant momentum in improving its operating margins. As they continue to scale rapidly, there is a strong likelihood that operating margins will improve further. Of course, competition will also increase, so there will be pressure on gross margins. Ultimately, we expect them to reach an adjusted operating margin of 40% as rapid scaling should more than offset competitive pressures, especially in their government business, which should enjoy fatter margins than their narrower moat commercial business. This 600 basis point improvement alone would raise their estimated 2030 valuation by a whopping 37% and push their expected shareholder CAGR firmly into the double digits.(2) Growth Rates:We used somewhat conservative growth rate assumptions in our model as we do not want to bank on their commercial business becoming a powerhouse given that competition is likely to be stiff.That said, all of that stock-based compensation is going towards attracting and retaining some of the brightest data analytics, machine learning, and software engineering minds, which should not be underestimated. As a result, we would not be shocked at all to see them gain better headway in the commercial market than our initial model assumes and therefore significantly outperform their 2025 and our 2030 revenue estimates.While it is true that it is easier to sustain a high growth rate at their current (relatively) small size and that the bigger you scale the harder it is to sustain that growth rate, we also know that they are only know really trying to scale their sales team, they are reinvesting aggressively into their business, and the role of data, machine learning, and software is likely to explode exponentially in the coming decade, providing a massive tailwind to their growth.While we assume a 25% annualized growth rate through 2030 from the present, if they can simply increase that to 30%, their revenue will be closer to $16 billion, which in turn would likely lead to even higher operating margins and immensely higher operating income, making their stock-based compensation even a smaller portion of the pie and their upside potential immensely higher than it is perceived to be today.Of course, the downside risk is that their Foundry platform will fail to make any significant headway in the private sector, leading to dramatically declining growth rates and them having to continue leaning heavily on their government business. Such a scenario would lead to mediocre total returns as their revenue would likely only end up in the $8 billion range and - though their stock-based compensation would obviously be lower as well - their operating income would probably wind up being ~$1.5 billion, making the company worth only $75 billion, or presenting a mere mid-single digit CAGR through 2030 which would make it a rather unappealing comparative investment.Investor TakeawayPLTR is a great company and is very likely to remain a mission-critical component of US government technical infrastructure for the foreseeable future. That alone gives the business significant stability concerning its future and will likely lead to strong growth.However, stock-based compensation and lingering uncertainty about the long-term competitive strength of its Foundry platform are the main overhangs weighing on the stock right now. While we believe that the former overhang is a major key to positively resolving the latter uncertainty, only time will tell.Based on our assumptions of 25%+ annualized revenue growth through 2030, 40% adjusted operating margins in 2030, and $2 billion in 2030 stock-based compensation, we expect the company to be worth at least 3x what it is today and generate ~12%-13% annualized returns over that period, making it a buy today and a strong buy at $20 or less.","news_type":1},"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131531920,"gmtCreate":1621866582860,"gmtModify":1704363572597,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Good growth&nbsp;","listText":"Good growth&nbsp;","text":"Good growth","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/131531920","repostId":"1171939255","repostType":4,"repost":{"id":"1171939255","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621864267,"share":"https://ttm.financial/m/news/1171939255?lang=&edition=fundamental","pubTime":"2021-05-24 21:51","market":"us","language":"en","title":"UiPath shares surges more than 7%.","url":"https://stock-news.laohu8.com/highlight/detail?id=1171939255","media":"Tiger Newspress","summary":"UiPath shares surges more than 7%.It's said that Firstsource in Collaboration with UiPath Unveils th","content":"<p>UiPath&nbsp;shares&nbsp;surges&nbsp;more&nbsp;than&nbsp;7%.</p><p><img src=\"https://static.tigerbbs.com/50d9730685e9814e0c0fbbe5b1aa43f4\" tg-width=\"1281\" tg-height=\"582\" referrerpolicy=\"no-referrer\">It's&nbsp;said&nbsp;that&nbsp;Firstsource in Collaboration with UiPath Unveils the Firstsource Automation League Program.</p><p>Firstsource Solutions Limited (NSE: FSL, BSE: 532809), a leading provider of Business Process Management (BPM) services and an RP-Sanjiv Goenka Group company, unveiled the Firstsource Automation League – a citizen development program to democratize automation and empower the workforce. The program equips employees, even those without a programming background, to identify automation opportunities and build solutions, accelerating efficiency and cycle time. The Firstsource Automation League training methodology has been developed in collaboration with the company’s automation partner <a href=\"https://laohu8.com/S/PATH\">UiPath</a>.</p><p>The research conducted during the run-up to the project highlighted the importance of both instilling an automation mindset as well as establishing automation skilling and rigorous mentoring programs. In keeping with the findings, Firstsource developed a structured curriculum in partnership with leading digital transformation trainers Tiny Magiq. The curriculum harnesses the cumulative power of making small changes using motivational techniques, based on Stanford behavioral scientist B.J. Fogg’s model of creating tiny habits.</p><p>“The urgency and need for automation technologies is stronger now than ever. As part of the First Automation League pilot program, citizen developers have built over a hundred bots. The program is helping build a digital mindset culture across Firstsource, driving innovation, boosting efficiency, and enhancing customer experience,” said<b>Sundara Sukavanam, Chief Digital Officer at Firstsource</b>.</p><p>Citizen developers across Firstsource are currently being trained on the UiPath platform. First, they identify tasks that are best suited for automation using the Automation Hub and follow it up by building and publishing the solution in Studio X - the no-code platform with pre-designed templates for accelerated development<i>.</i></p><p>“Firstsource is embracing the power and potential of citizen developers with StudioX. It’s a pleasure to partner with an organization as committed to unlocking human potential through automation, as we are,” said<b>Brandon Nott, SVP Product Management at UiPath</b>.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UiPath shares surges more than 7%.</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\">\nUiPath shares surges more than 7%.\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-24 21:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>UiPath&nbsp;shares&nbsp;surges&nbsp;more&nbsp;than&nbsp;7%.</p><p><img src=\"https://static.tigerbbs.com/50d9730685e9814e0c0fbbe5b1aa43f4\" tg-width=\"1281\" tg-height=\"582\" referrerpolicy=\"no-referrer\">It's&nbsp;said&nbsp;that&nbsp;Firstsource in Collaboration with UiPath Unveils the Firstsource Automation League Program.</p><p>Firstsource Solutions Limited (NSE: FSL, BSE: 532809), a leading provider of Business Process Management (BPM) services and an RP-Sanjiv Goenka Group company, unveiled the Firstsource Automation League – a citizen development program to democratize automation and empower the workforce. The program equips employees, even those without a programming background, to identify automation opportunities and build solutions, accelerating efficiency and cycle time. The Firstsource Automation League training methodology has been developed in collaboration with the company’s automation partner <a href=\"https://laohu8.com/S/PATH\">UiPath</a>.</p><p>The research conducted during the run-up to the project highlighted the importance of both instilling an automation mindset as well as establishing automation skilling and rigorous mentoring programs. In keeping with the findings, Firstsource developed a structured curriculum in partnership with leading digital transformation trainers Tiny Magiq. The curriculum harnesses the cumulative power of making small changes using motivational techniques, based on Stanford behavioral scientist B.J. Fogg’s model of creating tiny habits.</p><p>“The urgency and need for automation technologies is stronger now than ever. As part of the First Automation League pilot program, citizen developers have built over a hundred bots. The program is helping build a digital mindset culture across Firstsource, driving innovation, boosting efficiency, and enhancing customer experience,” said<b>Sundara Sukavanam, Chief Digital Officer at Firstsource</b>.</p><p>Citizen developers across Firstsource are currently being trained on the UiPath platform. First, they identify tasks that are best suited for automation using the Automation Hub and follow it up by building and publishing the solution in Studio X - the no-code platform with pre-designed templates for accelerated development<i>.</i></p><p>“Firstsource is embracing the power and potential of citizen developers with StudioX. It’s a pleasure to partner with an organization as committed to unlocking human potential through automation, as we are,” said<b>Brandon Nott, SVP Product Management at UiPath</b>.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PATH":"UiPath"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171939255","content_text":"UiPath shares surges more than 7%.It's said that Firstsource in Collaboration with UiPath Unveils the Firstsource Automation League Program.Firstsource Solutions Limited (NSE: FSL, BSE: 532809), a leading provider of Business Process Management (BPM) services and an RP-Sanjiv Goenka Group company, unveiled the Firstsource Automation League – a citizen development program to democratize automation and empower the workforce. The program equips employees, even those without a programming background, to identify automation opportunities and build solutions, accelerating efficiency and cycle time. The Firstsource Automation League training methodology has been developed in collaboration with the company’s automation partner UiPath.The research conducted during the run-up to the project highlighted the importance of both instilling an automation mindset as well as establishing automation skilling and rigorous mentoring programs. In keeping with the findings, Firstsource developed a structured curriculum in partnership with leading digital transformation trainers Tiny Magiq. The curriculum harnesses the cumulative power of making small changes using motivational techniques, based on Stanford behavioral scientist B.J. Fogg’s model of creating tiny habits.“The urgency and need for automation technologies is stronger now than ever. As part of the First Automation League pilot program, citizen developers have built over a hundred bots. The program is helping build a digital mindset culture across Firstsource, driving innovation, boosting efficiency, and enhancing customer experience,” saidSundara Sukavanam, Chief Digital Officer at Firstsource.Citizen developers across Firstsource are currently being trained on the UiPath platform. First, they identify tasks that are best suited for automation using the Automation Hub and follow it up by building and publishing the solution in Studio X - the no-code platform with pre-designed templates for accelerated development.“Firstsource is embracing the power and potential of citizen developers with StudioX. It’s a pleasure to partner with an organization as committed to unlocking human potential through automation, as we are,” saidBrandon Nott, SVP Product Management at UiPath.","news_type":1},"isVote":1,"tweetType":1,"viewCount":386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199045066,"gmtCreate":1620658734855,"gmtModify":1704346342447,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"That’s sharp drop.MEITUAN CEO did a post that suspect triggered Chinese concept stocks drop.","listText":"That’s sharp drop.MEITUAN CEO did a post that suspect triggered Chinese concept stocks drop.","text":"That’s sharp drop.MEITUAN CEO did a post that suspect triggered Chinese concept stocks drop.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/199045066","repostId":"1175551541","repostType":4,"repost":{"id":"1175551541","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620655672,"share":"https://ttm.financial/m/news/1175551541?lang=&edition=fundamental","pubTime":"2021-05-10 22:07","market":"us","language":"en","title":"Most of Chinese stocks fell, pinduoduo plunged about 12%","url":"https://stock-news.laohu8.com/highlight/detail?id=1175551541","media":"Tiger Newspress","summary":"(May 10) Most of Chinese stocks fell, pinduodduo plunged about 12%. Shanghai Consumer Council interv","content":"<p>(May 10)&nbsp;Most of Chinese stocks fell, pinduodduo plunged about 12%.&nbsp;Shanghai Consumer Council interviewed Pinduoduo today and pointed out the problems that Pinduoduo has in the protection of consumer rights and interests.</p><p><img src=\"https://static.tigerbbs.com/c73a36bcff161c9cf6c392e19b2e4d9d\" tg-width=\"342\" tg-height=\"640\" referrerpolicy=\"no-referrer\">In&nbsp;addition,&nbsp;days&nbsp;ago,&nbsp;Bloomberg&nbsp;said&nbsp;that&nbsp;<a href=\"https://laohu8.com/S/CAAS\">China</a> considers tighter rules for firms listing overseas.</p><p>China’s securities regulator is weighing tighter rules for companies seeking to list in Hong Kong or overseas, a move that could hit technology firms already smarting from months of clampdowns, according to people familiar with the matter.</p><p>The China Securities Regulatory Commission is considering proposals that would require firms seeking initial public offerings outside mainland China to submit listing documents to ensure they’re compliant with local laws and regulations, the people said. The scrutiny would also seek to prevent any leaks of sensitive data that might be of national security interest, the people added, requesting they not be identified as the matter is private. The discussions are preliminary and could be subject to change.</p><p>When asked if it was considering such changes, the CSRC issued a brief denial without elaborating.</p><p>The heightened regulatory concerns come as the U.S. tightens restrictions on Chinese firms listed on its exchanges, with legislation that requires the companies to allow inspectors to review their financial audits. China has long refused to let the U.S. <a href=\"https://laohu8.com/S/00626\">Public</a> Company Accounting Oversight Board examine audits of firms whose shares trade in America, citing national security interests.</p><p>The measures, if rolled out, could have far-reaching implications for a raft of upstarts that are on the verge of going public. Among them are Bytedance Ltd., which is said to be weighing a listing of some of its China units, and ride-hailing giant Didi Chuxing, people familiar have said. The changes could also ensnare Chinese firms that already trade in foreign markets, requiring them to submit filings to regulators as well, <a href=\"https://laohu8.com/S/AONE\">one</a> of the people said.</p><p>China’s current rules require all locally registered companies and some firms with offshore registrations to seek approval from the securities watchdog when they list in Hong Kong or outside the country. However, many internet stars like Tencent Holdings Ltd. and <a href=\"https://laohu8.com/S/BABA\">Alibaba</a> Group Holding Ltd., registered in places like Cayman Islands or the British Virgin Islands, fall outside the scope of the current regulations. The new rules would seek to lay out more specific reporting guidelines and standardize them across firms, <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the people said.</p><p>It is unclear what impact any news rules may have for companies that operate a so-called Variable Interest Entity -- a vehicle through which virtually every major Chinese internet company attracts foreign investment and lists overseas.</p><p>Regulators have issued a slew of measures placing greater scrutiny on the nation’s tech giants, curtailing their operations on everything from data collection and monopolistic practices. Among the orders issued by financial regulators in April were new guidelines on securitizing assets and seeking overseas listings.</p><p>China has already tightened measures for listings on domestic exchanges including Shanghai’s <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a>-style Star board. It’s restricted listings of fintech companies, and banned IPOs by firms that operate mainly in real estate and sectors related to financial investment.</p><p>The clampdown on tech firms led to the postponement of a $35 billion IPO by Jack Ma’s Ant Group Co. in November. On orders from regulators, Ant must drastically revamp its business and will be supervised more like a bank, a move with far-reaching implications for its growth.</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>Most of Chinese stocks fell, pinduoduo plunged about 12%</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\">\nMost of Chinese stocks fell, pinduoduo plunged about 12%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-10 22:07</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(May 10)&nbsp;Most of Chinese stocks fell, pinduodduo plunged about 12%.&nbsp;Shanghai Consumer Council interviewed Pinduoduo today and pointed out the problems that Pinduoduo has in the protection of consumer rights and interests.</p><p><img src=\"https://static.tigerbbs.com/c73a36bcff161c9cf6c392e19b2e4d9d\" tg-width=\"342\" tg-height=\"640\" referrerpolicy=\"no-referrer\">In&nbsp;addition,&nbsp;days&nbsp;ago,&nbsp;Bloomberg&nbsp;said&nbsp;that&nbsp;<a href=\"https://laohu8.com/S/CAAS\">China</a> considers tighter rules for firms listing overseas.</p><p>China’s securities regulator is weighing tighter rules for companies seeking to list in Hong Kong or overseas, a move that could hit technology firms already smarting from months of clampdowns, according to people familiar with the matter.</p><p>The China Securities Regulatory Commission is considering proposals that would require firms seeking initial public offerings outside mainland China to submit listing documents to ensure they’re compliant with local laws and regulations, the people said. The scrutiny would also seek to prevent any leaks of sensitive data that might be of national security interest, the people added, requesting they not be identified as the matter is private. The discussions are preliminary and could be subject to change.</p><p>When asked if it was considering such changes, the CSRC issued a brief denial without elaborating.</p><p>The heightened regulatory concerns come as the U.S. tightens restrictions on Chinese firms listed on its exchanges, with legislation that requires the companies to allow inspectors to review their financial audits. China has long refused to let the U.S. <a href=\"https://laohu8.com/S/00626\">Public</a> Company Accounting Oversight Board examine audits of firms whose shares trade in America, citing national security interests.</p><p>The measures, if rolled out, could have far-reaching implications for a raft of upstarts that are on the verge of going public. Among them are Bytedance Ltd., which is said to be weighing a listing of some of its China units, and ride-hailing giant Didi Chuxing, people familiar have said. The changes could also ensnare Chinese firms that already trade in foreign markets, requiring them to submit filings to regulators as well, <a href=\"https://laohu8.com/S/AONE\">one</a> of the people said.</p><p>China’s current rules require all locally registered companies and some firms with offshore registrations to seek approval from the securities watchdog when they list in Hong Kong or outside the country. However, many internet stars like Tencent Holdings Ltd. and <a href=\"https://laohu8.com/S/BABA\">Alibaba</a> Group Holding Ltd., registered in places like Cayman Islands or the British Virgin Islands, fall outside the scope of the current regulations. The new rules would seek to lay out more specific reporting guidelines and standardize them across firms, <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the people said.</p><p>It is unclear what impact any news rules may have for companies that operate a so-called Variable Interest Entity -- a vehicle through which virtually every major Chinese internet company attracts foreign investment and lists overseas.</p><p>Regulators have issued a slew of measures placing greater scrutiny on the nation’s tech giants, curtailing their operations on everything from data collection and monopolistic practices. Among the orders issued by financial regulators in April were new guidelines on securitizing assets and seeking overseas listings.</p><p>China has already tightened measures for listings on domestic exchanges including Shanghai’s <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a>-style Star board. It’s restricted listings of fintech companies, and banned IPOs by firms that operate mainly in real estate and sectors related to financial investment.</p><p>The clampdown on tech firms led to the postponement of a $35 billion IPO by Jack Ma’s Ant Group Co. in November. On orders from regulators, Ant must drastically revamp its business and will be supervised more like a bank, a move with far-reaching implications for its growth.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175551541","content_text":"(May 10) Most of Chinese stocks fell, pinduodduo plunged about 12%. Shanghai Consumer Council interviewed Pinduoduo today and pointed out the problems that Pinduoduo has in the protection of consumer rights and interests.In addition, days ago, Bloomberg said that China considers tighter rules for firms listing overseas.China’s securities regulator is weighing tighter rules for companies seeking to list in Hong Kong or overseas, a move that could hit technology firms already smarting from months of clampdowns, according to people familiar with the matter.The China Securities Regulatory Commission is considering proposals that would require firms seeking initial public offerings outside mainland China to submit listing documents to ensure they’re compliant with local laws and regulations, the people said. The scrutiny would also seek to prevent any leaks of sensitive data that might be of national security interest, the people added, requesting they not be identified as the matter is private. The discussions are preliminary and could be subject to change.When asked if it was considering such changes, the CSRC issued a brief denial without elaborating.The heightened regulatory concerns come as the U.S. tightens restrictions on Chinese firms listed on its exchanges, with legislation that requires the companies to allow inspectors to review their financial audits. China has long refused to let the U.S. Public Company Accounting Oversight Board examine audits of firms whose shares trade in America, citing national security interests.The measures, if rolled out, could have far-reaching implications for a raft of upstarts that are on the verge of going public. Among them are Bytedance Ltd., which is said to be weighing a listing of some of its China units, and ride-hailing giant Didi Chuxing, people familiar have said. The changes could also ensnare Chinese firms that already trade in foreign markets, requiring them to submit filings to regulators as well, one of the people said.China’s current rules require all locally registered companies and some firms with offshore registrations to seek approval from the securities watchdog when they list in Hong Kong or outside the country. However, many internet stars like Tencent Holdings Ltd. and Alibaba Group Holding Ltd., registered in places like Cayman Islands or the British Virgin Islands, fall outside the scope of the current regulations. The new rules would seek to lay out more specific reporting guidelines and standardize them across firms, one of the people said.It is unclear what impact any news rules may have for companies that operate a so-called Variable Interest Entity -- a vehicle through which virtually every major Chinese internet company attracts foreign investment and lists overseas.Regulators have issued a slew of measures placing greater scrutiny on the nation’s tech giants, curtailing their operations on everything from data collection and monopolistic practices. Among the orders issued by financial regulators in April were new guidelines on securitizing assets and seeking overseas listings.China has already tightened measures for listings on domestic exchanges including Shanghai’s Nasdaq-style Star board. It’s restricted listings of fintech companies, and banned IPOs by firms that operate mainly in real estate and sectors related to financial investment.The clampdown on tech firms led to the postponement of a $35 billion IPO by Jack Ma’s Ant Group Co. in November. On orders from regulators, Ant must drastically revamp its business and will be supervised more like a bank, a move with far-reaching implications for its growth.","news_type":1},"isVote":1,"tweetType":1,"viewCount":234,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107650935,"gmtCreate":1620484505827,"gmtModify":1704344283340,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Steady growth&nbsp;","listText":"Steady growth&nbsp;","text":"Steady growth","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107650935","repostId":"1131099456","repostType":4,"repost":{"id":"1131099456","pubTimestamp":1620451917,"share":"https://ttm.financial/m/news/1131099456?lang=&edition=fundamental","pubTime":"2021-05-08 13:31","market":"us","language":"en","title":"Berkshire Hathaway Stock Hits a Record. What’s Behind Its Amazing Week.","url":"https://stock-news.laohu8.com/highlight/detail?id=1131099456","media":"Barrons","summary":"Berkshire Hathaway stock is surging as investors tune out the controversy about recent shareholder p","content":"<p>Berkshire Hathaway&nbsp;stock is surging as investors tune out the controversy about recent shareholder proposals on climate and diversity and focus on the company’sstrong earningsand exposure to an improving U.S. economy.</p><p>Berkshire’s Class A shares, at $436,847, are up 6% since the company’s profit report on May 1 and have risen 25% this year. They’re comfortably ahead of theS&amp;P 500’stotal return of 13%, after badly lagging behind the index in 2019 and 2020. The stock ticked up 0.4% Friday after hitting a record high earlier in the session. The more liquid Class B shares rose 0.3% to $290.56 in recent trading Friday.</p><p>The conglomerate’s first-quarter after-tax operating earnings rose almost 20% to $7 billion, and on a per-share basis gained 26% to $4,577, handily topping the consensus estimate of $3,792 a share.</p><p>With the stock rallying, investors will be interested to see if Berkshire continues to scale back its stock buyback program, given that CEO Warren Buffett has said the company will be “price sensitive.” The stock now trades for 1.5 times its March 31 book value of around $294,000 a share. That is above the 1.4 times book average of the past five years and considerably above a low of 1.1 times book a year ago.</p><p>Berkshire bought back $6.6 billion of stock in the first quarter, below the $9 billion repurchased in the third and fourth quarters of 2020. And<i>Barron’s</i>estimates buybacks of about $1.4 billion from March 31 to April 22, based on the share count disclosed in Berkshire’s 10-Q.</p><p>First-quarter profits were higher at Berkshire’s large insurance businesses, notably auto insurer Geico. Earnings also rose 5% at the Burlington Northern Santa Fe railroad, while profits jumped more than 50% at Berkshire Hathaway Energy, the company’s utility business.</p><p>Profits at Berkshire’s diversified manufacturing operations rose 15% to $2.4 billion. This segment includes chemical maker Lubrizol and an array of other businesses.</p><p>Berkshire has exposure to thehot housing sectorthrough Clayton Homes, a maker of manufactured housing whose profits nearly doubled in the first quarter. It also owns Benjamin Moore (paints) and Shaw (flooring) and Johns Manville (insulation and roofing).</p><p>“Operating earnings reflected widespread improvement relative to the comparable period in 2020, which was impacted by the pandemic-driven economic slowdown,” wrote Edward Jones analyst James Shanahan, who has a Buy rating on the stock.</p><p>With Berkshire continuing to sell stocks—about $4 billion of net sales in the first quarter—cash continues to build on Berkshire’s balance sheet with the company holding $145 billion of cash and equivalents at the end of the first quarter, up from $138 billion at year-end 2020.</p><p>That buildup may continue with Buffett pessimistic on finding a large acquisition and if the buyback slows.</p><p>“With the buyback decelerating, we could be looking at $165 billion of cash a year from now,” Shanahan says. He argues that Berkshire ought to pay a dividend, given the cash buildup and limited investment opportunities. Buffett, however, rejected the idea at the annual meeting last week, arguing that most shareholders don’t want one.</p><p>Berkshire shareholders rejected shareholder resolutions supported by some notable institutional investors that sought to have the company provide more disclosure about climate change and workforce diversity. Buffett also opposed these proposals.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire Hathaway Stock Hits a Record. What’s Behind Its Amazing Week.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway Stock Hits a Record. What’s Behind Its Amazing Week.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-08 13:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/berkshire-hathaway-stock-record-51620402590?refsec=markets><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Berkshire Hathaway stock is surging as investors tune out the controversy about recent shareholder proposals on climate and diversity and focus on the company’sstrong earningsand exposure to an ...</p>\n\n<a href=\"https://www.barrons.com/articles/berkshire-hathaway-stock-record-51620402590?refsec=markets\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔"},"source_url":"https://www.barrons.com/articles/berkshire-hathaway-stock-record-51620402590?refsec=markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131099456","content_text":"Berkshire Hathaway stock is surging as investors tune out the controversy about recent shareholder proposals on climate and diversity and focus on the company’sstrong earningsand exposure to an improving U.S. economy.Berkshire’s Class A shares, at $436,847, are up 6% since the company’s profit report on May 1 and have risen 25% this year. They’re comfortably ahead of theS&P 500’stotal return of 13%, after badly lagging behind the index in 2019 and 2020. The stock ticked up 0.4% Friday after hitting a record high earlier in the session. The more liquid Class B shares rose 0.3% to $290.56 in recent trading Friday.The conglomerate’s first-quarter after-tax operating earnings rose almost 20% to $7 billion, and on a per-share basis gained 26% to $4,577, handily topping the consensus estimate of $3,792 a share.With the stock rallying, investors will be interested to see if Berkshire continues to scale back its stock buyback program, given that CEO Warren Buffett has said the company will be “price sensitive.” The stock now trades for 1.5 times its March 31 book value of around $294,000 a share. That is above the 1.4 times book average of the past five years and considerably above a low of 1.1 times book a year ago.Berkshire bought back $6.6 billion of stock in the first quarter, below the $9 billion repurchased in the third and fourth quarters of 2020. AndBarron’sestimates buybacks of about $1.4 billion from March 31 to April 22, based on the share count disclosed in Berkshire’s 10-Q.First-quarter profits were higher at Berkshire’s large insurance businesses, notably auto insurer Geico. Earnings also rose 5% at the Burlington Northern Santa Fe railroad, while profits jumped more than 50% at Berkshire Hathaway Energy, the company’s utility business.Profits at Berkshire’s diversified manufacturing operations rose 15% to $2.4 billion. This segment includes chemical maker Lubrizol and an array of other businesses.Berkshire has exposure to thehot housing sectorthrough Clayton Homes, a maker of manufactured housing whose profits nearly doubled in the first quarter. It also owns Benjamin Moore (paints) and Shaw (flooring) and Johns Manville (insulation and roofing).“Operating earnings reflected widespread improvement relative to the comparable period in 2020, which was impacted by the pandemic-driven economic slowdown,” wrote Edward Jones analyst James Shanahan, who has a Buy rating on the stock.With Berkshire continuing to sell stocks—about $4 billion of net sales in the first quarter—cash continues to build on Berkshire’s balance sheet with the company holding $145 billion of cash and equivalents at the end of the first quarter, up from $138 billion at year-end 2020.That buildup may continue with Buffett pessimistic on finding a large acquisition and if the buyback slows.“With the buyback decelerating, we could be looking at $165 billion of cash a year from now,” Shanahan says. He argues that Berkshire ought to pay a dividend, given the cash buildup and limited investment opportunities. Buffett, however, rejected the idea at the annual meeting last week, arguing that most shareholders don’t want one.Berkshire shareholders rejected shareholder resolutions supported by some notable institutional investors that sought to have the company provide more disclosure about climate change and workforce diversity. Buffett also opposed these proposals.","news_type":1},"isVote":1,"tweetType":1,"viewCount":145,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103223358,"gmtCreate":1619789103474,"gmtModify":1704272380410,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>Strong support at 227 range.","listText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>Strong support at 227 range.","text":"$Alibaba(BABA)$Strong support at 227 range.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/103223358","isVote":1,"tweetType":1,"viewCount":253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103264314,"gmtCreate":1619788654538,"gmtModify":1704272374615,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"That’s an amazing idea!","listText":"That’s an amazing idea!","text":"That’s an amazing idea!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/103264314","repostId":"1198321864","repostType":4,"repost":{"id":"1198321864","pubTimestamp":1619776602,"share":"https://ttm.financial/m/news/1198321864?lang=&edition=fundamental","pubTime":"2021-04-30 17:56","market":"us","language":"en","title":"Why Warren Buffett invested in Coca-Cola and its lesson","url":"https://stock-news.laohu8.com/highlight/detail?id=1198321864","media":"Yahoo","summary":"Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing ","content":"<p>Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing some of the best returns, with the stock up over 2,000% since the Oracle of Omaha started buying it 33 years ago. Modern investors looking to navigate the next decade would be well-served to learn how Buffett made this profitable calculation.</p>\n<p>At a recentYahoo Finance Plus webinar, Bill Smead, chief investment officer at Smead Capital Management, began the lesson by explaining how Buffett manages growth and value in the Berkshire portfolio.</p>\n<p>\"To Buffett and [Charlie] Munger, all investing is value investing. They want to buy the bird in the hand, which is worth two in the bush. They want to buy something for well less than they think it's worth. So the ideal thing in investing is based on the mathematics of common stock investing. If you buy a stock for $30 and you pay cash, the worst thing that could possibly happen to you is it goes to zero. But the best thing that could possibly happen to you is exponential,\" says Smead.</p>\n<p>Smead explains how Buffett and Munger differ from legendary value investor Benjamin Graham and why value and growth aren't mutually exclusive. Graham would \"buy 200 cigar butts at half the price that they're worth, and through the market's movements [would] get wealthier doing that,\" says Smead.</p>\n<p>Buffett, on the other hand, wants to \"buy a business that is growing over the decades at a time when other people are scared to death or don't understand why it's going to be such a good thing over the next 20 or 30 years — and then enjoy a double whammy, which is the re-evaluation.\" Smead explains this is \"the price that people are willing to pay for each dollar of earnings growth as well as the earnings number [itself] grows.\"</p>\n<p>Coca-Cola a risky bet</p>\n<p>Berkshire first bought Coke stock from 1988 to 1989,scooping upover 23 million shares. WhenBuffett first started buying in the first quarter, many investors were still skittish from the Black Monday crash in October 1987. Buffett going big on the stock was considered risky, especially because it was not a typical Berkshire investment.</p>\n<p>Buffett defended the position in the 1988 annual Berkshire letter to shareholders with what would become one of hismost famous aphorisms. \"In 1988 we made major purchases of Federal Home Loan Mortgage ... and Coca Cola. We expect to hold these securities for a long time. In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,\" said Buffett.</p>\n<p>Berkshire more than quadrupled the position to 100 million shares by 1994 and to this day hasn't sold any. After two stock splits, the share count is now 400 million, but Berkshire's cost basis has remained $1.3 billion since 1994. As of year-end 2020, the investment was worth $21.5 billion, a return of 1550%, not including dividends. (Berkshire owns 9.3% of all Coke shares outstanding as of 2020 year-end.)</p>\n<p>But the 1987 crash hangover had faded for Buffett, and the world was changing. The Soviet empire was beginning to crumble, and the Berlin Wall was about to topple — which it finally did in November 1989.</p>\n<p>Smead relates his own experience as a broker in the 1980s to Buffett, saying, \"Buffett [was buying] Coca-Cola in '89 at about 18 times earnings. Well, I started in the investment business in 1980 as a stockbroker at Drexel Burnham Lambert. And my first stock that I was pitching to people was Coca-Cola — $30 a share. It was at six times earnings paying a 5% dividend. When Buffett bought in eight years later, he paid six times what I was trying to pay for it.\"</p>\n<p>Smead explains how investor sentiment changed throughout the 1980s, as memories of the tumultuous 1970s faded and morphed into optimism over abull marketthat would become one of history's longest and most profitable.</p>\n<p>\"I would be destitute and living in a tent in downtown Phoenix or Downtown Seattle if I kept pitching [Coca-Cola] stock because no one would buy it. Virtually, no one wanted it. Common stock ownership in 1981 was 8% of U.S. household assets — off the charts low. No one wanted that company,\" he says.</p>\n<p>Smead explains how the changing political environment would also change the macro picture, providing new opportunities and markets for companies. \"[A] number of countries that used to be closed were going to open their doors. And the Coca-Cola corporation was going to be able to sell their beverages to a huge part of the population that they had never sold it to before. And in emerging markets and less wealthy countries, that 'clean, something to drink' was very valuable.\"</p>\n<p>New investment opportunities post-COVID</p>\n<p>In the present day, the pandemic has thrown the macro picture into upheaval again, presenting investors with a new set of challenges. Smead assesses the demographic changes afoot and sets the stage for what he believes are new, secular investment opportunities.</p>\n<p>\"We looked at the prior time when the 30- to 45-year-old-age group was dramatically larger than the previous group, the ones that preceded them. And that was the baby boomers taking the place of the silent generation in the 70s and 80s ... And we now have 90 million millennials — not too long from now, 95 million — that are going to take 65 million Gen Xers place in the 30- to 45-year-old age bracket. So that just creates a huge amount of demand for necessities,\" he says.</p>\n<p>Smead references research from Fundstrat Global Advisors that ranks the industries it expects millennials to disrupt as their spending eclipses that of boomers. \"At the top of that list is mortgage interest and finance charges. So long before it was in the news, long before it was popular to think about, we have been over-owning the homebuilders, knowing that we have years of building homes to make up the differential between demand for homes, that population will drive the existing homes for sale,\" Smead says.</p>\n<p>Smead expectsstock pickers to outperformpassive investors over the coming decade. He also sees the footwear and household furnishings and equipment industries to outperform based on the same demographic trends relating to homebuilders.</p>\n<p>\"[T]he irony of the pandemic is: It's actually catalyzed one of our most important themes, which is the necessity spending of the millennial age group,\" says Smead.</p>","source":"lsy1584348713084","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>Why Warren Buffett invested in Coca-Cola and its lesson</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\">\nWhy Warren Buffett invested in Coca-Cola and its lesson\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-30 17:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/why-warren-buffett-invested-in-coca-cola-165914721.html><strong>Yahoo</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing some of the best returns, with the stock up over 2,000% since the Oracle of Omaha started buying it ...</p>\n\n<a href=\"https://finance.yahoo.com/news/why-warren-buffett-invested-in-coca-cola-165914721.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/why-warren-buffett-invested-in-coca-cola-165914721.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198321864","content_text":"Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing some of the best returns, with the stock up over 2,000% since the Oracle of Omaha started buying it 33 years ago. Modern investors looking to navigate the next decade would be well-served to learn how Buffett made this profitable calculation.\nAt a recentYahoo Finance Plus webinar, Bill Smead, chief investment officer at Smead Capital Management, began the lesson by explaining how Buffett manages growth and value in the Berkshire portfolio.\n\"To Buffett and [Charlie] Munger, all investing is value investing. They want to buy the bird in the hand, which is worth two in the bush. They want to buy something for well less than they think it's worth. So the ideal thing in investing is based on the mathematics of common stock investing. If you buy a stock for $30 and you pay cash, the worst thing that could possibly happen to you is it goes to zero. But the best thing that could possibly happen to you is exponential,\" says Smead.\nSmead explains how Buffett and Munger differ from legendary value investor Benjamin Graham and why value and growth aren't mutually exclusive. Graham would \"buy 200 cigar butts at half the price that they're worth, and through the market's movements [would] get wealthier doing that,\" says Smead.\nBuffett, on the other hand, wants to \"buy a business that is growing over the decades at a time when other people are scared to death or don't understand why it's going to be such a good thing over the next 20 or 30 years — and then enjoy a double whammy, which is the re-evaluation.\" Smead explains this is \"the price that people are willing to pay for each dollar of earnings growth as well as the earnings number [itself] grows.\"\nCoca-Cola a risky bet\nBerkshire first bought Coke stock from 1988 to 1989,scooping upover 23 million shares. WhenBuffett first started buying in the first quarter, many investors were still skittish from the Black Monday crash in October 1987. Buffett going big on the stock was considered risky, especially because it was not a typical Berkshire investment.\nBuffett defended the position in the 1988 annual Berkshire letter to shareholders with what would become one of hismost famous aphorisms. \"In 1988 we made major purchases of Federal Home Loan Mortgage ... and Coca Cola. We expect to hold these securities for a long time. In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,\" said Buffett.\nBerkshire more than quadrupled the position to 100 million shares by 1994 and to this day hasn't sold any. After two stock splits, the share count is now 400 million, but Berkshire's cost basis has remained $1.3 billion since 1994. As of year-end 2020, the investment was worth $21.5 billion, a return of 1550%, not including dividends. (Berkshire owns 9.3% of all Coke shares outstanding as of 2020 year-end.)\nBut the 1987 crash hangover had faded for Buffett, and the world was changing. The Soviet empire was beginning to crumble, and the Berlin Wall was about to topple — which it finally did in November 1989.\nSmead relates his own experience as a broker in the 1980s to Buffett, saying, \"Buffett [was buying] Coca-Cola in '89 at about 18 times earnings. Well, I started in the investment business in 1980 as a stockbroker at Drexel Burnham Lambert. And my first stock that I was pitching to people was Coca-Cola — $30 a share. It was at six times earnings paying a 5% dividend. When Buffett bought in eight years later, he paid six times what I was trying to pay for it.\"\nSmead explains how investor sentiment changed throughout the 1980s, as memories of the tumultuous 1970s faded and morphed into optimism over abull marketthat would become one of history's longest and most profitable.\n\"I would be destitute and living in a tent in downtown Phoenix or Downtown Seattle if I kept pitching [Coca-Cola] stock because no one would buy it. Virtually, no one wanted it. Common stock ownership in 1981 was 8% of U.S. household assets — off the charts low. No one wanted that company,\" he says.\nSmead explains how the changing political environment would also change the macro picture, providing new opportunities and markets for companies. \"[A] number of countries that used to be closed were going to open their doors. And the Coca-Cola corporation was going to be able to sell their beverages to a huge part of the population that they had never sold it to before. And in emerging markets and less wealthy countries, that 'clean, something to drink' was very valuable.\"\nNew investment opportunities post-COVID\nIn the present day, the pandemic has thrown the macro picture into upheaval again, presenting investors with a new set of challenges. Smead assesses the demographic changes afoot and sets the stage for what he believes are new, secular investment opportunities.\n\"We looked at the prior time when the 30- to 45-year-old-age group was dramatically larger than the previous group, the ones that preceded them. And that was the baby boomers taking the place of the silent generation in the 70s and 80s ... And we now have 90 million millennials — not too long from now, 95 million — that are going to take 65 million Gen Xers place in the 30- to 45-year-old age bracket. So that just creates a huge amount of demand for necessities,\" he says.\nSmead references research from Fundstrat Global Advisors that ranks the industries it expects millennials to disrupt as their spending eclipses that of boomers. \"At the top of that list is mortgage interest and finance charges. So long before it was in the news, long before it was popular to think about, we have been over-owning the homebuilders, knowing that we have years of building homes to make up the differential between demand for homes, that population will drive the existing homes for sale,\" Smead says.\nSmead expectsstock pickers to outperformpassive investors over the coming decade. He also sees the footwear and household furnishings and equipment industries to outperform based on the same demographic trends relating to homebuilders.\n\"[T]he irony of the pandemic is: It's actually catalyzed one of our most important themes, which is the necessity spending of the millennial age group,\" says Smead.","news_type":1},"isVote":1,"tweetType":1,"viewCount":72,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134389051,"gmtCreate":1622208045573,"gmtModify":1704181473375,"author":{"id":"3582542839042354","authorId":"3582542839042354","name":"chuahweihuan","avatar":"https://static.tigerbbs.com/f63803cf3640e27f1b3ebea9fa1593cf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582542839042354","authorIdStr":"3582542839042354"},"themes":[],"htmlText":"Buy at 227/211/196","listText":"Buy at 227/211/196","text":"Buy at 227/211/196","images":[{"img":"https://static.tigerbbs.com/df874f6abfd66cad4564e093765383bc","width":"1125","height":"2507"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134389051","isVote":1,"tweetType":1,"viewCount":675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}