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Danchen

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2023-11-15

Amzn is very much participating in the AI growth story. Ignore at your own risk :)

Sorry, the original content has been removed

2023-05-31

What a silly commentary. On the contrary, AMZN launched 'Bedrock' and 'Titan' AI products.

Amazon Likely Won't Participate In AI Hype, 3 Reasons

2023-03-21

$Meta Platforms, Inc.(META)$

2023-02-28

$KEPPEL DC REIT(AJBU.SI)$

2023-02-23

$KEPPEL DC REIT(AJBU.SI)$ Why is this counter making so many moves 3% up and down daily?

2023-02-20

$KEPPEL DC REIT(AJBU.SI)$

2023-02-13

$KEPPEL DC REIT(AJBU.SI)$ Pump and dump happened

2023-02-01

$KEPPEL DC REIT(AJBU.SI)$ Why?

2023-01-30

Why?

Hot Chinese ADRs Slid in Premarket Trading

2023-01-27

$KEPPEL DC REIT(AJBU.SI)$ On a tear lately!

2023-01-17

$UNITED OVERSEAS BANK LIMITED(U11.SI)$

2022-07-29

$KEPPEL DC REIT(AJBU.SI)$Thank you for increasing your dividends.

2022-03-30

The analyst must be receiving a lot of threat now.

Amazon Gets First ‘Sell’ Rating Since 2020

2022-03-23

$KEPPEL DC REIT(AJBU.SI)$Check out this commentary on Singapore datacenters. https://www.channelnewsasia.com/commentary/data-centres-energy-digital-economy-jobs-sustainability-2550996#datacentre #reits

2022-03-03

$KEPPEL DC REIT(AJBU.SI)$Finally some positive moves in the past few days.

2022-03-01

Only buy buy buy.

Sea Limited: Buy, Sell Or Hold?

2022-02-14

Why though what's causing this fall?

Sea Shares Fell 13% in Morning Trading

2022-02-09

1% increase is not really a jump is it?

Sorry, the original content has been removed

2022-01-27

Why is it down pre-market if it posted record earnings?

Sorry, the original content has been removed

2022-01-19

With such good earnings. How is the stock down pre-market?

Bank of America Q4 EPS $0.82 Beats $0.76 Estimate

Go to Tiger App to see more news

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is very much participating in the AI growth story. Ignore at your own risk :)","listText":"Amzn is very much participating in the AI growth story. Ignore at your own risk :)","text":"Amzn is very much participating in the AI growth story. Ignore at your own risk :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/241475285537032","repostId":"2339686231","repostType":2,"isVote":1,"tweetType":1,"viewCount":371,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182243574116448,"gmtCreate":1685502135457,"gmtModify":1685502274136,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"What a silly commentary. On the contrary, AMZN launched 'Bedrock' and 'Titan' AI products.","listText":"What a silly commentary. On the contrary, AMZN launched 'Bedrock' and 'Titan' AI products.","text":"What a silly commentary. On the contrary, AMZN launched 'Bedrock' and 'Titan' AI products.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182243574116448","repostId":"2339686231","repostType":2,"repost":{"id":"2339686231","kind":"highlight","pubTimestamp":1685499900,"share":"https://ttm.financial/m/news/2339686231?lang=&edition=fundamental","pubTime":"2023-05-31 10:25","market":"us","language":"en","title":"Amazon Likely Won't Participate In AI Hype, 3 Reasons","url":"https://stock-news.laohu8.com/highlight/detail?id=2339686231","media":"Seeking Alpha","summary":"SummaryAmazon.com, Inc. is not a growth company anymore but is still priced as a growth story.While ","content":"<html><head></head><body><h2 style=\"text-align: left;\">Summary</h2><ul><li><p>Amazon.com, Inc. is not a growth company anymore but is still priced as a growth story.</p></li><li><p>While artificial intelligence has potential benefits for ecommerce companies, it is uncertain how it will impact Amazon&#39;s future, and the hype surrounding AI should be examined critically.</p></li><li><p>Investors are overly optimistic about Amazon&#39;s AI prospects, overlooking crucial aspects such as declining growth rates, and the challenge of finding a significant revenue stream in AI.</p></li><li><p>Valuation is a crucial factor, and at more than 45x its 2024 EPS, Amazon&#39;s stock appears overpriced considering its growth rate.</p></li><li><p>Success in investing lies in buying stocks below intrinsic value, a criterion that Amazon doesn&#39;t meet right now.</p></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/56f7e2740a50796186f6605711a648b7\" alt=\"fabioderby\" title=\"fabioderby\" tg-width=\"750\" tg-height=\"500\"/><span>fabioderby</span></p><h2>Investment Thesis</h2><p>I argue that investors should not chase <strong>Amazon.com, Inc.</strong> (NASDAQ:AMZN).</p><p>In this analysis, I lay out 3 reasons, with 3 arguments in each section, as to why Amazon is not likely to benefit from the AI hype.</p><p>At the core of my argument is the fact that Amazon is not a growth company any longer and that it&#39;s still priced as a growth story.</p><p>This doesn&#39;t provide investors with the right setup to benefit from this investment at the current valuation - even if the share price is rallying hard on the back of Wall Street&#39;s AI-fever.</p><h2>AI is A Game Changer</h2><p>Here are three aspects where AI will benefit commerce companies:</p><ul><li><p>Companies can deploy AI to analyze vast amounts of customer data to personalize recommendations.</p></li><li><p>AI can automate repetitive tasks and streamline supply chain operations.</p></li><li><p>AI can optimize inventory management and reduce operational costs by providing real-time customer support (think chatbots).</p></li></ul><p>How will AI impact Amazon? As Niels Bohr said, it is difficult to make predictions, especially about the future.</p><p>For now, there&#39;s just so much excitement about AI. But let&#39;s attempt to move beyond the hype and the alluring narrative, to look into Amazon&#39;s fundamentals.</p><h2>Why Investors Are Getting Too Bullish on Amazon&#39;s AI Prospects</h2><p>Here are three crucial aspects of why investors are getting too bullish on Amazon&#39;s AI prospects.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/37093ce2fbfc724edcaf89e4335e193c\" alt=\"AMZN revenue growth rates\" title=\"AMZN revenue growth rates\" tg-width=\"1869\" tg-height=\"565\"/><span>AMZN revenue growth rates</span></p><p>In the first instance, it&#39;s important to keep in mind that Amazon&#39;s growth rates are now reporting meaningfully less than 20% CAGR. In fact, the guidance for Q2 2023 is up against relatively easy comparables, and at the high end Amazon is guided for around 10%. Even if Amazon ends up growing by 12% CAGR, I believe that in H2 2023 its growth rates will not move higher than 12% CAGR.</p><p>Secondly, by the end of 2023, Amazon&#39;s retail operations will generate $500 billion in revenues. That comes from selling merchandise. To find a needle-moving revenue stream in AI that will be significant enough to meaningfully change the direction of its core business will be quite a stretch.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b48f3f1c5354627daca759863db3440a\" alt=\"AMZN Q1 2023\" title=\"AMZN Q1 2023\" tg-width=\"1085\" tg-height=\"157\"/><span>AMZN Q1 2023</span></p><p>Particularly, when we consider that even today Amazon&#39;s International segment is still a money-losing operation. Meaning that outside of North America, after years upon years of investing in its International segment, Amazon still hasn&#39;t figured out a way to be profitable.</p><p>And thirdly, Amazon succeeded with Amazon Web Services, or AWS, because it was years ahead of anyone else in figuring out the need for storage. Indeed, I&#39;m confident that I don&#39;t need to remind anyone of Warren Buffett&#39;s quote on AWS. Can the objective Amazon shareholder say that the same applies here? I believe that Amazon was caught just as flatfooted on AI as Alphabet Inc. (GOOGL, GOOG) aka Google. Or perhaps even more flatfooted.</p><h2>Valuation Still Matters</h2><p>Here are 3 quick summaries of bubbles that happened in the past 10 years:</p><ul><li><p>The housing bubble of the early 2000s. Home prices soared driven by speculation on the belief that housing prices would continue to rise indefinitely.</p></li><li><p>3D printing of 2013-2014 (although this one repeats every so many years)</p></li><li><p>The cannabis bubble, as the legalization of cannabis gained momentum drew significant investor attention.</p></li></ul><p>I&#39;ve not included cryptocurrency because that&#39;s more nuanced. Even though most cryptocurrencies have died OUT, some are still thriving. My point here is that on every occurrence, investors honestly believed that this time was different. It always starts off with a half-truth. And as they say, a half-truth is more dangerous than a lie.</p><p>As we look out to 2024, investors are being asked to pay more than 45x forward EPS. And I know the refrain very well, that Amazon isn&#39;t priced on earnings, because its investing for growth.</p><p>However, on that basis, I question, where&#39;s the growth? Because from what I see, the stock is growing at less than 15% CAGR.</p><h2>The Bottom Line</h2><blockquote>The only thing we know about the future is that it will be different. (Peter Drucker.)</blockquote><p>The reason why Warren Buffett succeeds in investing is not because he is able to predict the future better than anyone. Making predictions about the future is not the way to compound wealth. The way to compound wealth is to buy stocks that are selling for less than intrinsic value.</p><p>I don&#39;t believe that Amazon.com, Inc. stock is being priced for less than intrinsic value. And even if right now the share price appears to be smiling away, we both know from a look back to 2022 that the Amazon.com, Inc. share price is not immune to selling off.</p><p><em>This article is written by </em><strong><em>Michael Wiggins De Oliveira</em></strong><em> for reference only. Please note the risks.</em></p></body></html>","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>Amazon Likely Won't Participate In AI Hype, 3 Reasons</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon Likely Won't Participate In AI Hype, 3 Reasons\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-05-31 10:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4608297-amazon-likely-wont-participate-in-ai-hype-3-reasons><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryAmazon.com, Inc. is not a growth company anymore but is still priced as a growth story.While artificial intelligence has potential benefits for ecommerce companies, it is uncertain how it will ...</p>\n\n<a href=\"https://seekingalpha.com/article/4608297-amazon-likely-wont-participate-in-ai-hype-3-reasons\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0456855351.SGD":"JPMorgan Funds - 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US Appreciation A Acc USD","LU0861579265.USD":"联博低波幅策略股票基金A","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0882574139.USD":"富达环球消费行业基金A ACC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC"},"source_url":"https://seekingalpha.com/article/4608297-amazon-likely-wont-participate-in-ai-hype-3-reasons","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2339686231","content_text":"SummaryAmazon.com, Inc. is not a growth company anymore but is still priced as a growth story.While artificial intelligence has potential benefits for ecommerce companies, it is uncertain how it will impact Amazon's future, and the hype surrounding AI should be examined critically.Investors are overly optimistic about Amazon's AI prospects, overlooking crucial aspects such as declining growth rates, and the challenge of finding a significant revenue stream in AI.Valuation is a crucial factor, and at more than 45x its 2024 EPS, Amazon's stock appears overpriced considering its growth rate.Success in investing lies in buying stocks below intrinsic value, a criterion that Amazon doesn't meet right now.fabioderbyInvestment ThesisI argue that investors should not chase Amazon.com, Inc. (NASDAQ:AMZN).In this analysis, I lay out 3 reasons, with 3 arguments in each section, as to why Amazon is not likely to benefit from the AI hype.At the core of my argument is the fact that Amazon is not a growth company any longer and that it's still priced as a growth story.This doesn't provide investors with the right setup to benefit from this investment at the current valuation - even if the share price is rallying hard on the back of Wall Street's AI-fever.AI is A Game ChangerHere are three aspects where AI will benefit commerce companies:Companies can deploy AI to analyze vast amounts of customer data to personalize recommendations.AI can automate repetitive tasks and streamline supply chain operations.AI can optimize inventory management and reduce operational costs by providing real-time customer support (think chatbots).How will AI impact Amazon? As Niels Bohr said, it is difficult to make predictions, especially about the future.For now, there's just so much excitement about AI. But let's attempt to move beyond the hype and the alluring narrative, to look into Amazon's fundamentals.Why Investors Are Getting Too Bullish on Amazon's AI ProspectsHere are three crucial aspects of why investors are getting too bullish on Amazon's AI prospects.AMZN revenue growth ratesIn the first instance, it's important to keep in mind that Amazon's growth rates are now reporting meaningfully less than 20% CAGR. In fact, the guidance for Q2 2023 is up against relatively easy comparables, and at the high end Amazon is guided for around 10%. Even if Amazon ends up growing by 12% CAGR, I believe that in H2 2023 its growth rates will not move higher than 12% CAGR.Secondly, by the end of 2023, Amazon's retail operations will generate $500 billion in revenues. That comes from selling merchandise. To find a needle-moving revenue stream in AI that will be significant enough to meaningfully change the direction of its core business will be quite a stretch.AMZN Q1 2023Particularly, when we consider that even today Amazon's International segment is still a money-losing operation. Meaning that outside of North America, after years upon years of investing in its International segment, Amazon still hasn't figured out a way to be profitable.And thirdly, Amazon succeeded with Amazon Web Services, or AWS, because it was years ahead of anyone else in figuring out the need for storage. Indeed, I'm confident that I don't need to remind anyone of Warren Buffett's quote on AWS. Can the objective Amazon shareholder say that the same applies here? I believe that Amazon was caught just as flatfooted on AI as Alphabet Inc. (GOOGL, GOOG) aka Google. Or perhaps even more flatfooted.Valuation Still MattersHere are 3 quick summaries of bubbles that happened in the past 10 years:The housing bubble of the early 2000s. Home prices soared driven by speculation on the belief that housing prices would continue to rise indefinitely.3D printing of 2013-2014 (although this one repeats every so many years)The cannabis bubble, as the legalization of cannabis gained momentum drew significant investor attention.I've not included cryptocurrency because that's more nuanced. Even though most cryptocurrencies have died OUT, some are still thriving. My point here is that on every occurrence, investors honestly believed that this time was different. It always starts off with a half-truth. And as they say, a half-truth is more dangerous than a lie.As we look out to 2024, investors are being asked to pay more than 45x forward EPS. And I know the refrain very well, that Amazon isn't priced on earnings, because its investing for growth.However, on that basis, I question, where's the growth? Because from what I see, the stock is growing at less than 15% CAGR.The Bottom LineThe only thing we know about the future is that it will be different. (Peter Drucker.)The reason why Warren Buffett succeeds in investing is not because he is able to predict the future better than anyone. Making predictions about the future is not the way to compound wealth. The way to compound wealth is to buy stocks that are selling for less than intrinsic value.I don't believe that Amazon.com, Inc. stock is being priced for less than intrinsic value. And even if right now the share price appears to be smiling away, we both know from a look back to 2022 that the Amazon.com, Inc. share price is not immune to selling off.This article is written by Michael Wiggins De Oliveira for reference only. Please note the risks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":347,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943664356,"gmtCreate":1679412451176,"gmtModify":1679412453972,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$Meta Platforms, 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REIT(AJBU.SI)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957749245","isVote":1,"tweetType":1,"viewCount":201,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957141756,"gmtCreate":1677119494875,"gmtModify":1677119497894,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$&nbsp;</a>Why is this counter making so many moves 3% up and down daily?","listText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$&nbsp;</a>Why is this counter making so many moves 3% up and down daily?","text":"$KEPPEL DC 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REIT(AJBU.SI)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957910113","isVote":1,"tweetType":1,"viewCount":140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9954870977,"gmtCreate":1676275598200,"gmtModify":1676275600880,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$&nbsp;</a>Pump and dump happened","listText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$&nbsp;</a>Pump and dump happened","text":"$KEPPEL DC REIT(AJBU.SI)$ Pump and dump happened","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954870977","isVote":1,"tweetType":1,"viewCount":253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955379026,"gmtCreate":1675241344166,"gmtModify":1676538986246,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>Why?","listText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>Why?","text":"$KEPPEL DC REIT(AJBU.SI)$ Why?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955379026","isVote":1,"tweetType":1,"viewCount":351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955016923,"gmtCreate":1675069439062,"gmtModify":1676538973676,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"Why?","listText":"Why?","text":"Why?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9955016923","repostId":"1117698925","repostType":2,"repost":{"id":"1117698925","kind":"news","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":1675069225,"share":"https://ttm.financial/m/news/1117698925?lang=&edition=fundamental","pubTime":"2023-01-30 17:00","market":"us","language":"en","title":"Hot Chinese ADRs Slid in Premarket Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1117698925","media":"Tiger Newspress","summary":"Hot Chinese ADRs slid in premarket trading.Bilibili fell over 7%; Alibaba fell over 6%; XPeng fell o","content":"<html><head></head><body><p>Hot Chinese ADRs slid in premarket trading.</p><p>Bilibili fell over 7%; Alibaba fell over 6%; XPeng fell over 5%; NIO fell over 4%.</p><p><img src=\"https://static.tigerbbs.com/632b62fd88e87bb82c56d0c3350eb405\" tg-width=\"482\" tg-height=\"471\" referrerpolicy=\"no-referrer\"/></p></body></html>","collect":0,"html":"<!DOCTYPE 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{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\">\nHot Chinese ADRs Slid in Premarket 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\">2023-01-30 17:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Hot Chinese ADRs slid in premarket trading.</p><p>Bilibili fell over 7%; Alibaba fell over 6%; XPeng fell over 5%; NIO fell over 4%.</p><p><img src=\"https://static.tigerbbs.com/632b62fd88e87bb82c56d0c3350eb405\" tg-width=\"482\" tg-height=\"471\" referrerpolicy=\"no-referrer\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","XPEV":"小鹏汽车","BABA":"阿里巴巴"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117698925","content_text":"Hot Chinese ADRs slid in premarket trading.Bilibili fell over 7%; Alibaba fell over 6%; XPeng fell over 5%; NIO fell over 4%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":227,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9952501322,"gmtCreate":1674790560366,"gmtModify":1676538958909,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$&nbsp;</a>On a tear lately!","listText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$&nbsp;</a>On a tear lately!","text":"$KEPPEL DC REIT(AJBU.SI)$ On a tear lately!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9952501322","isVote":1,"tweetType":1,"viewCount":388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9956101123,"gmtCreate":1673920671262,"gmtModify":1676538903245,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U11.SI\">$UNITED OVERSEAS BANK LIMITED(U11.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/U11.SI\">$UNITED OVERSEAS BANK LIMITED(U11.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$UNITED OVERSEAS BANK LIMITED(U11.SI)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9956101123","isVote":1,"tweetType":1,"viewCount":83,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9903777368,"gmtCreate":1659087042754,"gmtModify":1676536255975,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Thank you for increasing your dividends.","listText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Thank you for increasing your dividends.","text":"$KEPPEL DC REIT(AJBU.SI)$Thank you for increasing your dividends.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9903777368","isVote":1,"tweetType":1,"viewCount":89,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9013030459,"gmtCreate":1648650969693,"gmtModify":1676534371615,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"The analyst must be receiving a lot of threat now.","listText":"The analyst must be receiving a lot of threat now.","text":"The analyst must be receiving a lot of threat now.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9013030459","repostId":"1120281495","repostType":4,"repost":{"id":"1120281495","kind":"news","pubTimestamp":1648632506,"share":"https://ttm.financial/m/news/1120281495?lang=&edition=fundamental","pubTime":"2022-03-30 17:28","market":"us","language":"en","title":"Amazon Gets First ‘Sell’ Rating Since 2020","url":"https://stock-news.laohu8.com/highlight/detail?id=1120281495","media":"Bloomberg","summary":"Analyst’s price target for Amazon implies 17% downsideThe stock is up more than 20% off the low hit ","content":"<html><head></head><body><ul><li>Analyst’s price target for Amazon implies 17% downside</li><li>The stock is up more than 20% off the low hit this month</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/35e0cace1e22efd457dcc395703e924f\" tg-width=\"1000\" tg-height=\"667\" width=\"100%\" height=\"auto\"/><span>Photographer: Kathy Tran/Bloomberg</span></p><p>Wall Street’s analysts are no longer marching in bullish lockstep when it comes to Amazon.com Inc.</p><p>BNP Paribas Exane analyst Stefan Slowinski initiated coverage of the e-commerce giant with an underperform rating. That makes him the only analyst among 58 tracked by Bloomberg with the equivalent of a sell call on the fourth-most valuable company in America. The last time an analyst had a sell rating on Amazon was in 2020, according to Bloomberg data.</p><p>Slowinski’s 12-month price target of $2,800, a new Street-low, is 17% below Tuesday’s close. The average analyst target is $4,102, or 21% above current levels.</p><p><img src=\"https://static.tigerbbs.com/a540630db9c6e68bd2038e3a28292f6b\" tg-width=\"930\" tg-height=\"523\" width=\"100%\" height=\"auto\"/></p><p>The call comes in the wake of a strong rally in Amazon shares. The stock is up 24% from a low hit this month, and iterased its lossesfor the year on Monday.</p><p>While big technology shares rallied recently, Amazon has also been supported by a 20-for-1 stock split announced this month. That move, which has fueled retail interest in the shares, followed fourth-quarter earnings that were much stronger than expected.</p></body></html>","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>Amazon Gets First ‘Sell’ Rating Since 2020</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon Gets First ‘Sell’ Rating Since 2020\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-30 17:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-03-30/amazon-gets-only-sell-rating-from-bnp-exane-after-sharp-rally?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Analyst’s price target for Amazon implies 17% downsideThe stock is up more than 20% off the low hit this monthPhotographer: Kathy Tran/BloombergWall Street’s analysts are no longer marching in bullish...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-03-30/amazon-gets-only-sell-rating-from-bnp-exane-after-sharp-rally?srnd=markets-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://www.bloomberg.com/news/articles/2022-03-30/amazon-gets-only-sell-rating-from-bnp-exane-after-sharp-rally?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120281495","content_text":"Analyst’s price target for Amazon implies 17% downsideThe stock is up more than 20% off the low hit this monthPhotographer: Kathy Tran/BloombergWall Street’s analysts are no longer marching in bullish lockstep when it comes to Amazon.com Inc.BNP Paribas Exane analyst Stefan Slowinski initiated coverage of the e-commerce giant with an underperform rating. That makes him the only analyst among 58 tracked by Bloomberg with the equivalent of a sell call on the fourth-most valuable company in America. The last time an analyst had a sell rating on Amazon was in 2020, according to Bloomberg data.Slowinski’s 12-month price target of $2,800, a new Street-low, is 17% below Tuesday’s close. The average analyst target is $4,102, or 21% above current levels.The call comes in the wake of a strong rally in Amazon shares. The stock is up 24% from a low hit this month, and iterased its lossesfor the year on Monday.While big technology shares rallied recently, Amazon has also been supported by a 20-for-1 stock split announced this month. That move, which has fueled retail interest in the shares, followed fourth-quarter earnings that were much stronger than expected.","news_type":1},"isVote":1,"tweetType":1,"viewCount":124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9037956062,"gmtCreate":1648011570351,"gmtModify":1676534292883,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Check out this commentary on Singapore datacenters. https://www.channelnewsasia.com/commentary/data-centres-energy-digital-economy-jobs-sustainability-2550996#datacentre #reits","listText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Check out this commentary on Singapore datacenters. https://www.channelnewsasia.com/commentary/data-centres-energy-digital-economy-jobs-sustainability-2550996#datacentre #reits","text":"$KEPPEL DC REIT(AJBU.SI)$Check out this commentary on Singapore datacenters. https://www.channelnewsasia.com/commentary/data-centres-energy-digital-economy-jobs-sustainability-2550996#datacentre #reits","images":[{"img":"https://community-static.tradeup.com/news/36689b5b0a54d97f44160c0cc5871159","width":"1125","height":"2687"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9037956062","isVote":1,"tweetType":1,"viewCount":813,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"content":"You wouldnt like volitiity with Reit which pays a good dividend","text":"You wouldnt like volitiity with Reit which pays a good dividend","html":"You wouldnt like volitiity with Reit which pays a good dividend"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9033250587,"gmtCreate":1646292516991,"gmtModify":1676534113772,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Finally some positive moves in the past few days.","listText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Finally some positive moves in the past few days.","text":"$KEPPEL DC REIT(AJBU.SI)$Finally some positive moves in the past few days.","images":[{"img":"https://static.itradeup.com/news/9ca900d74889b57a2f67d18b32f5fb83","width":"1125","height":"2687"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":19,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9033250587","isVote":1,"tweetType":1,"viewCount":328,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3574766349354741","authorId":"3574766349354741","name":"TK360","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"idStr":"3574766349354741","authorIdStr":"3574766349354741"},"content":"Data centre stock should be growing.","text":"Data centre stock should be growing.","html":"Data centre stock should be growing."}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9039731684,"gmtCreate":1646118764433,"gmtModify":1676534093280,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"Only buy buy buy.","listText":"Only buy buy buy.","text":"Only buy buy buy.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9039731684","repostId":"1140639018","repostType":2,"repost":{"id":"1140639018","kind":"news","pubTimestamp":1646113621,"share":"https://ttm.financial/m/news/1140639018?lang=&edition=fundamental","pubTime":"2022-03-01 13:47","market":"us","language":"en","title":"Sea Limited: Buy, Sell Or Hold?","url":"https://stock-news.laohu8.com/highlight/detail?id=1140639018","media":"seekingalpha","summary":"SummarySea Limited is a technology conglomerate consisting of digital entertainment, e-commerce, and","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Sea Limited is a technology conglomerate consisting of digital entertainment, e-commerce, and digital financial services.</li><li>The company is still not profitable, but can report extremely impressive growth rates in the last few quarters.</li><li>And although Sea Limited will face headwinds and competition, analysts are still expecting high growth rates for the years to come.</li></ul><p>What we witnessed in the last few years could be described as a kind of &#34;tech massacre&#34; - we have several stocks (especially technology companies) declining more than 50% and while the major indices in the United States are still close to all-time highs. Therefore, it would be wrong to talk about a major bear market or stock market crash, but it would also be wrong to ignore, that several technology stocks (in different countries around the world) declined rather steep.</p><p>One of those stocks was Sea Limited (SE). Together with many other technology stocks, Sea Limited could increase the stock price in an impressive way and from January 01, 2020, till the peak in late 2021, the stock price increased more than 800%; however, in the recent past we saw a similar steep decline with Sea Limited declining about 65% in just a few weeks.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/effe101a2592d47983328c50a2f51497\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"/><span>Data by YCharts</span></p><p>And after such a steep decline, the question arises quite naturally, if we are dealing with a bargain. Without any doubt, a stock losing 65% of its previous value might seem cheap. But increasing more than 800% in less than two years is impressive and might indicate overvaluation. We probably won&#39;t answer the question by just looking at the stock price but must go deeper and look at the fundamental business.</p><p><b>Business Description</b></p><p>Sea Limited is a technology conglomerate consisting of digital entertainment, e-commerce, and digital financial services. The company, which was founded in 2009, was formerly known as Garena Interactive Holding Limited and changed its name to Sea Limited in April 2017. Today, the business has 33,000 employees and is the holding company for three major businesses:</p><ul><li><b>Garena</b>: A digital entertainment platform and one of the leaders in games development (games are including the famous and success Garena Free Fire) and probably the leader in esports in Southeast Asia, Taiwan, and Brazil (according to Annual Report). In Q3/21, the business had 729 million quarterly active users and 93.2 million quarterly paying users.</li><li><b>Shopee</b>: An ecommerce platform connecting buyers and sellers and the largest in Southeast Asia and Taiwan, which offers integrated payment and logistics infrastructure and other services for sellers. It was the largest e-commerce platform in Southeast Asia in 2020 by GMV and total orders and in Q3/21, gross merchandise value was $16.8 billion and gross orders were 1.7 billion in total.</li><li><b>SeaMoney</b>: The financial services and payment segment, which is the leading financial services and payment provider in Southeast Asia. It offers mobile wallet and payments services like AirPay, ShopeePay or SPayLater. In Q3/21, the total payment volume for mobile wallet was $4.6 billion.</li></ul><p>In fiscal 2020, Sea Limited generated $4,376 million in revenue and compared to $2,175 million in revenue in the previous year, this is an increase of 101.1%. And while the company could increase its gross profit from $605 million in 2019 to $1,349 million in 2020, it still had to report an operating loss in 2020 ($1,303 million and therefore an even higher loss than in 2019). However, adjusted EBITDA was $107 million in 2020 compared to a loss of $179 million in the year before.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/69bb400205973c8ac991cd0418cfa22e\" tg-width=\"640\" tg-height=\"1013\" width=\"100%\" height=\"auto\"/><span>Sea Limited Q3/21 Infographic</span></p><p>In the third quarter of fiscal 2021, Sea Limited generated $2,689 million in revenue and compared to $1,212 million in revenue in the same quarter last year, this is an increase of 122%. But while gross profit could increase 147.5% to $1,009 million, the company still is reporting an operating loss.</p><p>The business is reporting in two segments and three sub-segments: &#34;Service revenue&#34; (consisting of &#34;digital entertainment&#34; as well as &#34;E-commerce and other services&#34;) and &#34;Sales of Goods&#34;:</p><ul><li><b>Digital Entertainment</b>: This segment is offering mobile and PC online games and is generating revenue primarily by selling in-game items to players of the freemium games. It is also generating revenue from offering eSports operations and other entertainment content. In Q3/21, this segment generated $1,099 million in quarterly revenue (41% of total revenue).</li><li><b>E-commerce and other services</b>: This segment is mostly generating revenue from e-commerce marketplace services and digital financial services. The business is offering sellers paid advertisement services and is charging transaction-based fees. Additionally, Sea Limited is generating revenue from interest and fees from loans granted to commercial and consumer customers. In Q3/21, this segment generated $1,310 million in quarterly revenue (49% of total revenue).</li><li><b>Sales of Goods</b>: Sea Limited is generating revenue as the company is also purchasing products from manufacturer or third parties and is selling it directly on its own Shopee platform. In Q3/21, this segment generated $280 million in revenue (10% of total revenue).</li></ul><p>When looking at digital entertainment, quarterly active users increased from 572.4 million in Q3/20 to 729.0 million in Q3/21 (resulting in 27% YoY growth). Quarterly paying users increased even 43% YoY from 65.3 million in Q3/20 to 93.2 million in Q3/21.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/db774740c4f143c0ade000bc242cc4d2\" tg-width=\"640\" tg-height=\"361\" width=\"100%\" height=\"auto\"/><span>Sea Limited Q3/21 Presentation</span></p><p>When looking at e-commerce, we see much higher growth rates. Total number of gross orders increased from 0.7 billion in Q3/20 to 1.7 billion in Q3/21, which is resulting in 123% year-over-year growth. And gross merchandise volume increased from $9.3 billion in Q3/20 to $16.8 billion in Q3/21 resulting in 81% YoY growth.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/90b2945a1a34073d6712a4facc20b9a4\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"/><span>Sea Limited Q3/21 Presentation</span></p><p><b>Headwinds</b></p><p>Despite these impressive growth rates Sea Limited is reporting, the stock nevertheless fell 60% in a very short timeframe, and we can assume that the business is facing some headwinds. And a few weeks ago, it was announced that Tencent Holdings Limited (OTCPK:TCEHY) is selling its stake in Sea Limited, which caused the stock of Sea Limited to tumble about 10%. We therefore can assume, that Tencent selling its stake is a bad sign for the long-term prospects of Sea Limited, but we must put this into context. First,Tencent sold only about $3 billion worth of shares and trimmed its stake from 21.3% to 18.7%. Second, Tencent is also selling other stakes it has: The company also announced it will distribute its shares ofJD.com(JD) as special dividend to its shareholders. And therefore, we should not be worried. Tencent is probably trying to be less like a monopoly, that has controlling stakes in many different businesses to avoid getting in the crosshairs of the Chinese government in the future.</p><p>And while the news, that Tencent was selling shares made the stock slip more than 10%, the news a few weeks ago, that India&#39;s government had issued a ban of 54 apps, which it links to China - including Garena Free Fire - sent the shares of Sea Limited even 20% down in a single day. India has already banned several apps in June 2020 - including TikTok and WeChat. But we also must put these numbers into context. According to different sources , Free Fire sales in India are only responsible for 3% of Sea&#39;s gaming revenue and only for 1.2% of total sales. In the 2020 Annual Report (20-F file), I could only find the information, that &#34;Rest of Asia&#34; - which is including India - was responsible for 15.0% of total revenue in fiscal 2020. Losing India as market will probably hurt Sea Limited, but in this early phase it should not create a serious, long-term problem.</p><p><b>Profitability and Competition</b></p><p>The two above mentioned headwinds are probably rather short-term. A bigger problem could be the fact, that Sea Limited is still not profitable. When looking at the last ten quarters, Sea Limited wasn&#39;t profitable in any of them, and operating losses increased - at least in absolute numbers. In relative numbers, the operating loss in the last quarter was only 17% of revenue compared to 68% of revenue in Q1/19. And while R&amp;D expenses are stable at around 8%, especially selling, general &amp; administrative expenses decreased.</p><p><img src=\"https://static.tigerbbs.com/46a85e0448b35bbefc81e143554694b8\" tg-width=\"640\" tg-height=\"281\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>And when considering increasing competition, Sea Limited not being profitable could become a problem. Especially when your competitors are called Alibaba (BABA) and Amazon (AMZN), this is no cause for joy. In December 2021, Amazonannounced, that it is planning to expand Amazon Prime Video to Southeast Asia and Amazon is already active in Southeast Asia - despite itslate arrivalin 2017. But not only the U.S. retail and technology giant is a serious competitor - the Chinese retail and technology giant Alibaba is also a serious competitor. During its Investor Day in December 2021, Alibaba announced its plans to drive expansion in Southeast Asia and Lazada, which is owned by Alibaba, aims to achieve much higher sales in the region. Alibaba&#39;s vision is to serve more than 300 million customers and achieve $100 billion in gross merchandise volume in a market that is expected to increase to $260 billion in 2025.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93615c3cb2728beaebe18c1813a932d7\" tg-width=\"640\" tg-height=\"297\" width=\"100%\" height=\"auto\"/><span>Alibaba Investor Day 2021 Presentation</span></p><p>While I don&#39;t know how serious Amazon must be taken as a competitor - Lazada (and therefore Alibaba) should not be ignored.</p><p><b>Balance Sheet</b></p><p>Amazon and Alibaba are certainly two competitors, Sea Limited must take seriously. But in this context, it is worth mentioning, that Sea Limited has a great balance sheet, which is a valuable asset.</p><p>As of September 30, 2021, Sea Limited has no debt on its balance sheet, which is great for a company that is not yet profitable. On the asset side, Sea Limited has $477 million in goodwill (only 2.5% of $18,549 million in total assets) and $706 million in short-term investments as well as $11,126 million in cash and cash equivalents. This is resulting in almost $12 billion of very liquid assets, that Sea Limited can use to drive growth and expand its business. At the time of writing, these liquid assets are about one sixth of the company&#39;s market capitalization.</p><p>And Sea Limited already managed to generate a positive free cash flow in the last few quarters - therefore we also must not be afraid of Sea Limited burning cash and decreasing the short-term investments and cash reserves on the balance sheet.</p><p><b>Growth</b></p><p>But while Sea Limited is still not profitable and might be facing increased competition, the company is also reporting extremely impressive growth rates. When looking at the last ten quarters, there is only a single quarter in which Sea Limited could not grow in the triple-digits. And gross profit is growing at even higher rates than revenue.</p><p><img src=\"https://static.tigerbbs.com/221525dd315705d008debaa5e6ce8cd5\" tg-width=\"640\" tg-height=\"154\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Analysts are expecting growth rates to slow down in the years to come. Analysts are also not really providing estimates for earnings per share as this number is difficult to estimate. But analysts are providing estimates for revenue, and we can see growth slowing down (not anywhere near to the triple-digit growth rates of the last few quarters). On the other hand, growth rates between 10% and 20% for revenue are still extremely impressive.</p><p><img src=\"https://static.tigerbbs.com/60acae4293bf3942c4e6cc3a1c1b21c5\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>When asking the question where growth could stem from, the Southeast Asia e-commerce market is expected to grow with a high pace. According to the above-mentioned Alibaba investor presentation, the market is expected to grow with a CAGR of 27% between 2020 and 2025 and this should enable Sea Limited to grow with the market at a high pace (even without taking market shares).</p><p>And Sea Limited is generating about two thirds of its revenue in Southeast Asia (fiscal 2020 numbers), but the company is also expanding to other markets. Especially revenue from Latin America is increasing with a high pace. While in 2018, only 1.8% of revenue stemmed from Latin America, in 2020 it was already 18.1% of total revenue. And according to Statista, retail e-commerce sales are also expected to increase with a high pace - from $85 billion in 2021 to $160 billion in 2025 resulting in a CAGR of 17%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ccd6e627c089bd4304ecb325a571c93a\" tg-width=\"640\" tg-height=\"182\" width=\"100%\" height=\"auto\"/><span>Sea Limited Annual Report 2020</span></p><p>Sea Limited is also writing in its annual report about the growth potential:</p><blockquote>Our seven markets in Southeast Asia and Taiwan were estimated to have 608.1 million people and a GDP of US$3.6 trillion in 2020 according to the IMF World Economic Outlook Database. Southeast Asia and Taiwan region is also one of the world&#39;s fastest growing regions based on per capita GDP and, moreover, at the early stages of internet penetration. In addition, the Latin America region (including the Caribbean) was estimated to have 637.1 million people and a GDP of US$4.2 trillion in 2020 according to the IMF World Economic Outlook Database. Many of our global markets are experiencing a generational transition to the new digital economy, with digital inclusion bringing consumers ever more closely to each other and online services, by leading internet business models such as our own. Our culturally rich and diverse markets observe a rise in traditionally underserved digital consumers, who require dedicated focus, resources, and respective local market knowledge.</blockquote><p>Without much doubt, high growth rates can be achieved in Southeast Asia as well as Latin America. And aspects like gaming and e-commerce could take off in the years to come and Sea Limited is set up to profit from this growing market. However, many different scenarios are possible. In theory, Sea Limited can increase its revenue substantially for years to come as it can still grow in its core markets, which are expected to grow with a high pace and Sea Limited can also expand to other countries and markets. But if the company is successful against competitors is a different story and hard to predict.</p><p><b>Intrinsic Value Calculation</b></p><p>In a final step, as always, we must look at the stock price and compare it to the fundamental business to determine if we are talking about a solid investment or not. In case of Sea Limited, we can&#39;t look at the P/E ratio as the company is not profitable yet. Instead, we can look at the price-to-free-cash-flow ratio, but the numbers are not useful at this point (260 times free cash flow right now). The only useful simple valuation metric is the price-sales ratio.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ee0c00f5fa2822e47170487befb92d3\" tg-width=\"635\" tg-height=\"467\" width=\"100%\" height=\"auto\"/><span>Data by YCharts</span></p><p>Sea Limited is trading for 9.33 times sales right now after it had already been trading for 30 times sales about one year ago. When comparing to some peers, we see Alibaba trading only for 2.77 times sales and Amazon trading for 3.43 times sales. And from that point of view, Sea Limited seems to be expensive. But we must point out, that Sea Limited is probably able to grow with a much higher pace for several years to come and especially due to its gaming segment, Sea Limited should be able to achieve higher margins justifying a higher P/S ratio. We can rather compare the business to Tencent (also generating a huge part of its sales from gaming and fintech), which is trading for 7.01 times sales and therefore in a similar range as Sea Limited.</p><p>Usually, I am trying to calculate an intrinsic value by using a discount cash flow calculation, but this is extremely difficult as we have so many variables affecting the calculation and stability as well as consistency are still missing. For example, the number of outstanding shares is still increasing. And although this is not untypical for younger companies, it is not what shareholders like to see and it is making it difficult to calculate an intrinsic value by using DCF analysis.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1524f6ae7e7435b02326948f99bfafc\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"/><span>Data by YCharts</span></p><p>It is also difficult to estimate growth rates in the years to come: While it seems obvious that growth will slow down, we don&#39;t know how fast. And finally, we must estimate when Sea Limited will get profitable, what margins the company can achieve and how much free cash flow it can generate. Summing up, I don&#39;t want to put a price tag on Sea Limited right now as I don&#39;t think I can provide a useful intrinsic value calculation for the stock at this point. However, if Sea Limited should be able to grow with a high pace (and we don&#39;t have to see triple digit or high double-digit growth) and become profitable to a similar level as Tencent, the business could be undervalued right now.</p><p><b>Conclusion</b></p><p>I usually try to avoid investing in unprofitable businesses as a huge range of outcomes is possible for these rather young companies. And investing is always a bet to some degree as we can never be certain. I am not saying that Sea Limited could not be an incredible investment, but it is extremely difficult for me to put a price tag on the stock. And extreme fluctuations will continue as investors could have extremely different opinions what the stock should be worth.</p><p>I would rate Sea Limited as a hold right now as it is difficult to make a case for Sea Limited being undervalued or overvalued. On March 01, 2022, Sea Limited will report the next quarterly results, and this might give us some hints again how to valuate Sea Limited.</p></body></html>","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: Buy, Sell Or Hold?</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: Buy, Sell Or Hold?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-01 13:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4491285-sea-limited-stock-buy-sell-hold><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummarySea Limited is a technology conglomerate consisting of digital entertainment, e-commerce, and digital financial services.The company is still not profitable, but can report extremely impressive...</p>\n\n<a href=\"https://seekingalpha.com/article/4491285-sea-limited-stock-buy-sell-hold\">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/4491285-sea-limited-stock-buy-sell-hold","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1140639018","content_text":"SummarySea Limited is a technology conglomerate consisting of digital entertainment, e-commerce, and digital financial services.The company is still not profitable, but can report extremely impressive growth rates in the last few quarters.And although Sea Limited will face headwinds and competition, analysts are still expecting high growth rates for the years to come.What we witnessed in the last few years could be described as a kind of \"tech massacre\" - we have several stocks (especially technology companies) declining more than 50% and while the major indices in the United States are still close to all-time highs. Therefore, it would be wrong to talk about a major bear market or stock market crash, but it would also be wrong to ignore, that several technology stocks (in different countries around the world) declined rather steep.One of those stocks was Sea Limited (SE). Together with many other technology stocks, Sea Limited could increase the stock price in an impressive way and from January 01, 2020, till the peak in late 2021, the stock price increased more than 800%; however, in the recent past we saw a similar steep decline with Sea Limited declining about 65% in just a few weeks.Data by YChartsAnd after such a steep decline, the question arises quite naturally, if we are dealing with a bargain. Without any doubt, a stock losing 65% of its previous value might seem cheap. But increasing more than 800% in less than two years is impressive and might indicate overvaluation. We probably won't answer the question by just looking at the stock price but must go deeper and look at the fundamental business.Business DescriptionSea Limited is a technology conglomerate consisting of digital entertainment, e-commerce, and digital financial services. The company, which was founded in 2009, was formerly known as Garena Interactive Holding Limited and changed its name to Sea Limited in April 2017. Today, the business has 33,000 employees and is the holding company for three major businesses:Garena: A digital entertainment platform and one of the leaders in games development (games are including the famous and success Garena Free Fire) and probably the leader in esports in Southeast Asia, Taiwan, and Brazil (according to Annual Report). In Q3/21, the business had 729 million quarterly active users and 93.2 million quarterly paying users.Shopee: An ecommerce platform connecting buyers and sellers and the largest in Southeast Asia and Taiwan, which offers integrated payment and logistics infrastructure and other services for sellers. It was the largest e-commerce platform in Southeast Asia in 2020 by GMV and total orders and in Q3/21, gross merchandise value was $16.8 billion and gross orders were 1.7 billion in total.SeaMoney: The financial services and payment segment, which is the leading financial services and payment provider in Southeast Asia. It offers mobile wallet and payments services like AirPay, ShopeePay or SPayLater. In Q3/21, the total payment volume for mobile wallet was $4.6 billion.In fiscal 2020, Sea Limited generated $4,376 million in revenue and compared to $2,175 million in revenue in the previous year, this is an increase of 101.1%. And while the company could increase its gross profit from $605 million in 2019 to $1,349 million in 2020, it still had to report an operating loss in 2020 ($1,303 million and therefore an even higher loss than in 2019). However, adjusted EBITDA was $107 million in 2020 compared to a loss of $179 million in the year before.Sea Limited Q3/21 InfographicIn the third quarter of fiscal 2021, Sea Limited generated $2,689 million in revenue and compared to $1,212 million in revenue in the same quarter last year, this is an increase of 122%. But while gross profit could increase 147.5% to $1,009 million, the company still is reporting an operating loss.The business is reporting in two segments and three sub-segments: \"Service revenue\" (consisting of \"digital entertainment\" as well as \"E-commerce and other services\") and \"Sales of Goods\":Digital Entertainment: This segment is offering mobile and PC online games and is generating revenue primarily by selling in-game items to players of the freemium games. It is also generating revenue from offering eSports operations and other entertainment content. In Q3/21, this segment generated $1,099 million in quarterly revenue (41% of total revenue).E-commerce and other services: This segment is mostly generating revenue from e-commerce marketplace services and digital financial services. The business is offering sellers paid advertisement services and is charging transaction-based fees. Additionally, Sea Limited is generating revenue from interest and fees from loans granted to commercial and consumer customers. In Q3/21, this segment generated $1,310 million in quarterly revenue (49% of total revenue).Sales of Goods: Sea Limited is generating revenue as the company is also purchasing products from manufacturer or third parties and is selling it directly on its own Shopee platform. In Q3/21, this segment generated $280 million in revenue (10% of total revenue).When looking at digital entertainment, quarterly active users increased from 572.4 million in Q3/20 to 729.0 million in Q3/21 (resulting in 27% YoY growth). Quarterly paying users increased even 43% YoY from 65.3 million in Q3/20 to 93.2 million in Q3/21.Sea Limited Q3/21 PresentationWhen looking at e-commerce, we see much higher growth rates. Total number of gross orders increased from 0.7 billion in Q3/20 to 1.7 billion in Q3/21, which is resulting in 123% year-over-year growth. And gross merchandise volume increased from $9.3 billion in Q3/20 to $16.8 billion in Q3/21 resulting in 81% YoY growth.Sea Limited Q3/21 PresentationHeadwindsDespite these impressive growth rates Sea Limited is reporting, the stock nevertheless fell 60% in a very short timeframe, and we can assume that the business is facing some headwinds. And a few weeks ago, it was announced that Tencent Holdings Limited (OTCPK:TCEHY) is selling its stake in Sea Limited, which caused the stock of Sea Limited to tumble about 10%. We therefore can assume, that Tencent selling its stake is a bad sign for the long-term prospects of Sea Limited, but we must put this into context. First,Tencent sold only about $3 billion worth of shares and trimmed its stake from 21.3% to 18.7%. Second, Tencent is also selling other stakes it has: The company also announced it will distribute its shares ofJD.com(JD) as special dividend to its shareholders. And therefore, we should not be worried. Tencent is probably trying to be less like a monopoly, that has controlling stakes in many different businesses to avoid getting in the crosshairs of the Chinese government in the future.And while the news, that Tencent was selling shares made the stock slip more than 10%, the news a few weeks ago, that India's government had issued a ban of 54 apps, which it links to China - including Garena Free Fire - sent the shares of Sea Limited even 20% down in a single day. India has already banned several apps in June 2020 - including TikTok and WeChat. But we also must put these numbers into context. According to different sources , Free Fire sales in India are only responsible for 3% of Sea's gaming revenue and only for 1.2% of total sales. In the 2020 Annual Report (20-F file), I could only find the information, that \"Rest of Asia\" - which is including India - was responsible for 15.0% of total revenue in fiscal 2020. Losing India as market will probably hurt Sea Limited, but in this early phase it should not create a serious, long-term problem.Profitability and CompetitionThe two above mentioned headwinds are probably rather short-term. A bigger problem could be the fact, that Sea Limited is still not profitable. When looking at the last ten quarters, Sea Limited wasn't profitable in any of them, and operating losses increased - at least in absolute numbers. In relative numbers, the operating loss in the last quarter was only 17% of revenue compared to 68% of revenue in Q1/19. And while R&D expenses are stable at around 8%, especially selling, general & administrative expenses decreased.And when considering increasing competition, Sea Limited not being profitable could become a problem. Especially when your competitors are called Alibaba (BABA) and Amazon (AMZN), this is no cause for joy. In December 2021, Amazonannounced, that it is planning to expand Amazon Prime Video to Southeast Asia and Amazon is already active in Southeast Asia - despite itslate arrivalin 2017. But not only the U.S. retail and technology giant is a serious competitor - the Chinese retail and technology giant Alibaba is also a serious competitor. During its Investor Day in December 2021, Alibaba announced its plans to drive expansion in Southeast Asia and Lazada, which is owned by Alibaba, aims to achieve much higher sales in the region. Alibaba's vision is to serve more than 300 million customers and achieve $100 billion in gross merchandise volume in a market that is expected to increase to $260 billion in 2025.Alibaba Investor Day 2021 PresentationWhile I don't know how serious Amazon must be taken as a competitor - Lazada (and therefore Alibaba) should not be ignored.Balance SheetAmazon and Alibaba are certainly two competitors, Sea Limited must take seriously. But in this context, it is worth mentioning, that Sea Limited has a great balance sheet, which is a valuable asset.As of September 30, 2021, Sea Limited has no debt on its balance sheet, which is great for a company that is not yet profitable. On the asset side, Sea Limited has $477 million in goodwill (only 2.5% of $18,549 million in total assets) and $706 million in short-term investments as well as $11,126 million in cash and cash equivalents. This is resulting in almost $12 billion of very liquid assets, that Sea Limited can use to drive growth and expand its business. At the time of writing, these liquid assets are about one sixth of the company's market capitalization.And Sea Limited already managed to generate a positive free cash flow in the last few quarters - therefore we also must not be afraid of Sea Limited burning cash and decreasing the short-term investments and cash reserves on the balance sheet.GrowthBut while Sea Limited is still not profitable and might be facing increased competition, the company is also reporting extremely impressive growth rates. When looking at the last ten quarters, there is only a single quarter in which Sea Limited could not grow in the triple-digits. And gross profit is growing at even higher rates than revenue.Analysts are expecting growth rates to slow down in the years to come. Analysts are also not really providing estimates for earnings per share as this number is difficult to estimate. But analysts are providing estimates for revenue, and we can see growth slowing down (not anywhere near to the triple-digit growth rates of the last few quarters). On the other hand, growth rates between 10% and 20% for revenue are still extremely impressive.When asking the question where growth could stem from, the Southeast Asia e-commerce market is expected to grow with a high pace. According to the above-mentioned Alibaba investor presentation, the market is expected to grow with a CAGR of 27% between 2020 and 2025 and this should enable Sea Limited to grow with the market at a high pace (even without taking market shares).And Sea Limited is generating about two thirds of its revenue in Southeast Asia (fiscal 2020 numbers), but the company is also expanding to other markets. Especially revenue from Latin America is increasing with a high pace. While in 2018, only 1.8% of revenue stemmed from Latin America, in 2020 it was already 18.1% of total revenue. And according to Statista, retail e-commerce sales are also expected to increase with a high pace - from $85 billion in 2021 to $160 billion in 2025 resulting in a CAGR of 17%.Sea Limited Annual Report 2020Sea Limited is also writing in its annual report about the growth potential:Our seven markets in Southeast Asia and Taiwan were estimated to have 608.1 million people and a GDP of US$3.6 trillion in 2020 according to the IMF World Economic Outlook Database. Southeast Asia and Taiwan region is also one of the world's fastest growing regions based on per capita GDP and, moreover, at the early stages of internet penetration. In addition, the Latin America region (including the Caribbean) was estimated to have 637.1 million people and a GDP of US$4.2 trillion in 2020 according to the IMF World Economic Outlook Database. Many of our global markets are experiencing a generational transition to the new digital economy, with digital inclusion bringing consumers ever more closely to each other and online services, by leading internet business models such as our own. Our culturally rich and diverse markets observe a rise in traditionally underserved digital consumers, who require dedicated focus, resources, and respective local market knowledge.Without much doubt, high growth rates can be achieved in Southeast Asia as well as Latin America. And aspects like gaming and e-commerce could take off in the years to come and Sea Limited is set up to profit from this growing market. However, many different scenarios are possible. In theory, Sea Limited can increase its revenue substantially for years to come as it can still grow in its core markets, which are expected to grow with a high pace and Sea Limited can also expand to other countries and markets. But if the company is successful against competitors is a different story and hard to predict.Intrinsic Value CalculationIn a final step, as always, we must look at the stock price and compare it to the fundamental business to determine if we are talking about a solid investment or not. In case of Sea Limited, we can't look at the P/E ratio as the company is not profitable yet. Instead, we can look at the price-to-free-cash-flow ratio, but the numbers are not useful at this point (260 times free cash flow right now). The only useful simple valuation metric is the price-sales ratio.Data by YChartsSea Limited is trading for 9.33 times sales right now after it had already been trading for 30 times sales about one year ago. When comparing to some peers, we see Alibaba trading only for 2.77 times sales and Amazon trading for 3.43 times sales. And from that point of view, Sea Limited seems to be expensive. But we must point out, that Sea Limited is probably able to grow with a much higher pace for several years to come and especially due to its gaming segment, Sea Limited should be able to achieve higher margins justifying a higher P/S ratio. We can rather compare the business to Tencent (also generating a huge part of its sales from gaming and fintech), which is trading for 7.01 times sales and therefore in a similar range as Sea Limited.Usually, I am trying to calculate an intrinsic value by using a discount cash flow calculation, but this is extremely difficult as we have so many variables affecting the calculation and stability as well as consistency are still missing. For example, the number of outstanding shares is still increasing. And although this is not untypical for younger companies, it is not what shareholders like to see and it is making it difficult to calculate an intrinsic value by using DCF analysis.Data by YChartsIt is also difficult to estimate growth rates in the years to come: While it seems obvious that growth will slow down, we don't know how fast. And finally, we must estimate when Sea Limited will get profitable, what margins the company can achieve and how much free cash flow it can generate. Summing up, I don't want to put a price tag on Sea Limited right now as I don't think I can provide a useful intrinsic value calculation for the stock at this point. However, if Sea Limited should be able to grow with a high pace (and we don't have to see triple digit or high double-digit growth) and become profitable to a similar level as Tencent, the business could be undervalued right now.ConclusionI usually try to avoid investing in unprofitable businesses as a huge range of outcomes is possible for these rather young companies. And investing is always a bet to some degree as we can never be certain. I am not saying that Sea Limited could not be an incredible investment, but it is extremely difficult for me to put a price tag on the stock. And extreme fluctuations will continue as investors could have extremely different opinions what the stock should be worth.I would rate Sea Limited as a hold right now as it is difficult to make a case for Sea Limited being undervalued or overvalued. On March 01, 2022, Sea Limited will report the next quarterly results, and this might give us some hints again how to valuate Sea Limited.","news_type":1},"isVote":1,"tweetType":1,"viewCount":150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9095134910,"gmtCreate":1644849501455,"gmtModify":1676533967621,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"Why though what's causing this fall?","listText":"Why though what's causing this fall?","text":"Why though what's causing this fall?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095134910","repostId":"1198659303","repostType":2,"repost":{"id":"1198659303","kind":"news","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":1644849356,"share":"https://ttm.financial/m/news/1198659303?lang=&edition=fundamental","pubTime":"2022-02-14 22:35","market":"us","language":"en","title":"Sea Shares Fell 13% in Morning Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1198659303","media":"Tiger Newspress","summary":"Sea shares fell 13% in morning trading.The government of India banned its Garena Free Fire game for ","content":"<html><head></head><body><p>Sea shares fell 13% in morning trading.</p><p><img src=\"https://static.tigerbbs.com/eb4fcfb6538e7f372c7801454eb08ef9\" tg-width=\"711\" tg-height=\"598\" referrerpolicy=\"no-referrer\"/>The government of India banned its Garena Free Fire game for download owing to security concerns of the game&#39;s code. Free Fire accounts for some 10% of Sea&#39;s gaming revenue according to some estimates, but gaming in general - and the optimistic assumptions built into its further growth - have been a key part of Sea&#39;s valuation.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea Shares Fell 13% in Morning 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\">\nSea Shares Fell 13% in Morning 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\">2022-02-14 22:35</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Sea shares fell 13% in morning trading.</p><p><img src=\"https://static.tigerbbs.com/eb4fcfb6538e7f372c7801454eb08ef9\" tg-width=\"711\" tg-height=\"598\" referrerpolicy=\"no-referrer\"/>The government of India banned its Garena Free Fire game for download owing to security concerns of the game&#39;s code. Free Fire accounts for some 10% of Sea&#39;s gaming revenue according to some estimates, but gaming in general - and the optimistic assumptions built into its further growth - have been a key part of Sea&#39;s valuation.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198659303","content_text":"Sea shares fell 13% in morning trading.The government of India banned its Garena Free Fire game for download owing to security concerns of the game's code. Free Fire accounts for some 10% of Sea's gaming revenue according to some estimates, but gaming in general - and the optimistic assumptions built into its further growth - have been a key part of Sea's valuation.","news_type":1},"isVote":1,"tweetType":1,"viewCount":168,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4107136975875500","authorId":"4107136975875500","name":"AneeshAneesh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"idStr":"4107136975875500","authorIdStr":"4107136975875500"},"content":"long story short, they are operating at a loss to gain market share.","text":"long story short, they are operating at a loss to gain market share.","html":"long story short, they are operating at a loss to gain market share."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9096214413,"gmtCreate":1644398048941,"gmtModify":1676533921070,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"1% increase&nbsp;is not really a jump is it?","listText":"1% increase&nbsp;is not really a jump is it?","text":"1% increase is not really a jump is it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096214413","repostId":"1189391853","repostType":4,"isVote":1,"tweetType":1,"viewCount":190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9090469388,"gmtCreate":1643245639410,"gmtModify":1676533789916,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"Why is it down pre-market if it posted record earnings?","listText":"Why is it down pre-market if it posted record earnings?","text":"Why is it down pre-market if it posted record earnings?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9090469388","repostId":"1178016989","repostType":2,"isVote":1,"tweetType":1,"viewCount":51,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3566532164444643","authorId":"3566532164444643","name":"ZEROHERO","avatar":"https://static.tigerbbs.com/62813b6df1c4722e559d112fadd5486a","crmLevel":8,"crmLevelSwitch":1,"idStr":"3566532164444643","authorIdStr":"3566532164444643"},"content":"FED talks cause the plunge","text":"FED talks cause the plunge","html":"FED talks cause the plunge"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9004650497,"gmtCreate":1642592902758,"gmtModify":1676533725569,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"With such good earnings. How is the stock down pre-market?","listText":"With such good earnings. How is the stock down pre-market?","text":"With such good earnings. How is the stock down pre-market?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9004650497","repostId":"2204030097","repostType":2,"repost":{"id":"2204030097","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1642596279,"share":"https://ttm.financial/m/news/2204030097?lang=&edition=fundamental","pubTime":"2022-01-19 20:44","market":"hk","language":"en","title":"Bank of America Q4 EPS $0.82 Beats $0.76 Estimate","url":"https://stock-news.laohu8.com/highlight/detail?id=2204030097","media":"Benzinga","summary":"-Reuters","content":"<html><body><p>-Reuters</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bank of America Q4 EPS $0.82 Beats $0.76 Estimate</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\">\nBank of America Q4 EPS $0.82 Beats $0.76 Estimate\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2022-01-19 20:44</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>-Reuters</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BAC":"美国银行"},"source_url":"https://www.benzinga.com/news/earnings/22/01/25104140/bank-of-america-q4-eps-0-82-beats-0-76-estimate","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2204030097","content_text":"-Reuters","news_type":1},"isVote":1,"tweetType":1,"viewCount":292,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9033250587,"gmtCreate":1646292516991,"gmtModify":1676534113772,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Finally some positive moves in the past few days.","listText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Finally some positive moves in the past few days.","text":"$KEPPEL DC REIT(AJBU.SI)$Finally some positive moves in the past few days.","images":[{"img":"https://static.itradeup.com/news/9ca900d74889b57a2f67d18b32f5fb83","width":"1125","height":"2687"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":19,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9033250587","isVote":1,"tweetType":1,"viewCount":328,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3574766349354741","authorId":"3574766349354741","name":"TK360","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"idStr":"3574766349354741","authorIdStr":"3574766349354741"},"content":"Data centre stock should be growing.","text":"Data centre stock should be growing.","html":"Data centre stock should be growing."}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9037956062,"gmtCreate":1648011570351,"gmtModify":1676534292883,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Check out this commentary on Singapore datacenters. https://www.channelnewsasia.com/commentary/data-centres-energy-digital-economy-jobs-sustainability-2550996#datacentre #reits","listText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Check out this commentary on Singapore datacenters. https://www.channelnewsasia.com/commentary/data-centres-energy-digital-economy-jobs-sustainability-2550996#datacentre #reits","text":"$KEPPEL DC REIT(AJBU.SI)$Check out this commentary on Singapore datacenters. https://www.channelnewsasia.com/commentary/data-centres-energy-digital-economy-jobs-sustainability-2550996#datacentre #reits","images":[{"img":"https://community-static.tradeup.com/news/36689b5b0a54d97f44160c0cc5871159","width":"1125","height":"2687"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9037956062","isVote":1,"tweetType":1,"viewCount":813,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"content":"You wouldnt like volitiity with Reit which pays a good dividend","text":"You wouldnt like volitiity with Reit which pays a good dividend","html":"You wouldnt like volitiity with Reit which pays a good dividend"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9006552469,"gmtCreate":1641793830313,"gmtModify":1676533648722,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Seriously what is going on with this reit? Can someone please help me understand?","listText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Seriously what is going on with this reit? Can someone please help me understand?","text":"$KEPPEL DC REIT(AJBU.SI)$Seriously what is going on with this reit? Can someone please help me understand?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9006552469","isVote":1,"tweetType":1,"viewCount":2926,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4101621994407160","authorId":"4101621994407160","name":"Wahlao","avatar":"https://static.tigerbbs.com/3f71e04984b05f0f66a80394e0ead950","crmLevel":5,"crmLevelSwitch":0,"idStr":"4101621994407160","authorIdStr":"4101621994407160"},"content":"No reason to go down. Just like sometime NTUC got discount, nobody understand also.","text":"No reason to go down. Just like sometime NTUC got discount, nobody understand also.","html":"No reason to go down. Just like sometime NTUC got discount, nobody understand also."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9095134910,"gmtCreate":1644849501455,"gmtModify":1676533967621,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"Why though what's causing this fall?","listText":"Why though what's causing this fall?","text":"Why though what's causing this fall?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095134910","repostId":"1198659303","repostType":2,"isVote":1,"tweetType":1,"viewCount":168,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4107136975875500","authorId":"4107136975875500","name":"AneeshAneesh","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"idStr":"4107136975875500","authorIdStr":"4107136975875500"},"content":"long story short, they are operating at a loss to gain market share.","text":"long story short, they are operating at a loss to gain market share.","html":"long story short, they are operating at a loss to gain market share."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9003351791,"gmtCreate":1640886897598,"gmtModify":1676533551381,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"Let’s go SE keep the momentum going.","listText":"Let’s go SE keep the momentum going.","text":"Let’s go SE keep the momentum going.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9003351791","repostId":"1106092668","repostType":4,"repost":{"id":"1106092668","kind":"news","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":1640876653,"share":"https://ttm.financial/m/news/1106092668?lang=&edition=fundamental","pubTime":"2021-12-30 23:04","market":"us","language":"en","title":"Sea Limited Shares Jumped More Than 4% in Morning Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1106092668","media":"Tiger Newspress","summary":"Sea Limited shares jumped more than 4% in morning trading.Also Read:Sea Limited: A Deep Dive To Unde","content":"<html><head></head><body><p>Sea Limited shares jumped more than 4% in morning trading.</p><p><img src=\"https://static.tigerbbs.com/448dcc7d589843674730e046aa6ef96a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><b>Also Read:</b><b>Sea Limited: A Deep Dive To Understand The Recent Selloff</b></p><p><b>Summary</b></p><ul><li>Sea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.</li><li>I dive into each of its segments to understand the recent selloff and justify the current valuation.</li><li>I consider Sea one of my ten highest conviction investments.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa5cbe0a30acc723a2c6f62300024002\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>kokkai/iStock Unreleased via Getty Images</span></p><p><b>Thesis</b></p><p>A by-parts analysis of Sea Limited&#39;s (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.</p><p><b>Introduction</b></p><p>I recently wrote an article highlighting my top 10 stock picks for 2022. I&#39;d already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.</p><p>Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don&#39;t speculate on short-term market movements, but I personally added to my Sea shares recently. It&#39;s one of my only losing positions that I didn&#39;t sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.</p><p>It&#39;s also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it&#39;s the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.</p><p>Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.</p><p><b>Gaming</b></p><p>Sea Limited&#39;s gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.</p><p>The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it&#39;s particularly popular in emerging markets like SEA, LATAM, and India, where it&#39;s been the highest-grossing mobile game for over two years.</p><p>With the game having been popular for a long time already, there&#39;s some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.</p><p>Regardless, Garena is a critical part of Sea because it&#39;s the only profitable segment and it doubles a social platform that provides free advertising for Sea&#39;s non-gaming products. Cross-promotion is a huge competitive advantage for Sea.</p><p>Thus, one reason for Sea&#39;s recent selloff could be the Q4 guidance implied for Garena.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e299727cc28a887a36d88831aec8f53\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\"/><span>Source: Earnings Call Presentation</span></p><p>In Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.</p><p>While 20% isn&#39;t a terrible deceleration, 0% certainly is. Even 20% growth isn&#39;t spectacular compared to the historic levels. At the 10% midpoint, Garena&#39;s growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).</p><p>Garena&#39;s implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I&#39;ll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today&#39;s market.</p><p>This means Garena is worth $23.5B based on the high end of management&#39;s guidance.</p><p>I believe this valuation is actually conservative for a few reasons:</p><ul><li>Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.</li><li>The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.</li><li>Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.</li><li>Although I&#39;d obviously prefer that Garena develops more games in house, in the meantime it&#39;s still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena&#39;s revenue.</li></ul><p><b>E-Commerce</b></p><p>Sea&#39;s e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.</p><p>There&#39;s always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba&#39;s (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don&#39;t publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn&#39;t published explicit revenue numbers for some countries like Brazil.</p><p>One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/180367a2b64bccebf243c5b6d8fb776a\" tg-width=\"455\" tg-height=\"353\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from Alexa</span></p><p>Shopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6544f014a5d70d13ee14dab0ac8b6782\" tg-width=\"422\" tg-height=\"403\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from AppAnnie</span></p><p>On the mobile side, there&#39;s no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.</p><p>Of course, traffic doesn&#39;t always translate to GMV. But for a shopping app where most people will use the app to buy something, it&#39;s a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It&#39;s Shopee&#39;s dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.</p><p>So why would a company with so much potential sell off?</p><p>After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it&#39;s bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO&#39;s comments that they don&#39;t have a concrete measure of success in these earlier stage countries won&#39;t help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they&#39;re successful, then it could drive even more unexpected growth in the future.</p><p>Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it&#39;s hard to complain when the overall sales increased a lot despite a decrease in basket size.</p><p>The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That&#39;s 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon&#39;s $340B in 2020 e-commerce sales, Shopee looks like it&#39;s just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA&#39;s.</p><p>Despite being in a blue skies industry, it&#39;s more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee&#39;s success is not guaranteed because it&#39;s not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.</p><p>For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it&#39;s difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it&#39;s worth noting that despite being unprofitable, Sea&#39;s Rule of 40 score of 104 is better than most SaaS companies&#39;, and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).</p><p>To understand Shopee&#39;s terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon&#39;s high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.</p><p>If Shopee keeps doubling revenue over the next couple of years (which it&#39;s easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon&#39;s P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.</p><p>Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee&#39;s mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment&#39;s future. I recognize that it&#39;s currently an unprofitable and thus risky segment, but I also see the massive potential.</p><p>So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.</p><p>Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let&#39;s look at the other parts of Sea.</p><p><b>FinTech &amp; Investments</b></p><p>The easiest addition to my computed valuation is Sea&#39;s $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won&#39;t be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.</p><p>Then there is Sea&#39;s FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a &#34;take rate&#34; of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I&#39;m not worried about SeaMoney losing money while it scales.</p><p>Despite SeaMoney being a small segment, it&#39;s now reaching a point where it can be factored into the valuation. Maybe it&#39;s only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea&#39;s sales would today be worth more than the gaming segment. But Sea&#39;s management - combined with Garena&#39;s ability to fund new segments and drive their viral adoption - made it happen. It&#39;s certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.</p><p>If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre&#39;s revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa&#39;s, Mastercard&#39;s (NYSE:MA), and Affirm&#39;s (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies&#39;, but we don&#39;t even need to speculate about what a fair multiple is, since we can reach Sea&#39;s current valuation by using 16x P/S in my model valuation.</p><p>One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started &#34;early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech.&#34; These guys sure know how to hop on the latest high growth trend.</p><p>Finally, there&#39;s the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There&#39;s strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea&#39;s investment arm is very early stage, so I don&#39;t include it in my valuation model. But it doesn&#39;t have to be factored in to justify the current share price. It&#39;s just one more area that might be worth a large part of Sea one day.</p><p><b>Conclusion</b></p><p>Looking at each of Sea&#39;s segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn&#39;t account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea&#39;s business. With the FinTech segment currently growing at 818% year over year, it doesn&#39;t take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.</p><p>This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven&#39;t been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today&#39;s prices. It&#39;s a steep drop for sure, but most companies in today&#39;s market would be looking at such a decline if one were to use the most conservative valuation standards possible.</p><p>Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It&#39;s one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea Limited Shares Jumped More Than 4% in Morning 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\">\nSea Limited Shares Jumped More Than 4% in Morning 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\">2021-12-30 23:04</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Sea Limited shares jumped more than 4% in morning trading.</p><p><img src=\"https://static.tigerbbs.com/448dcc7d589843674730e046aa6ef96a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><b>Also Read:</b><b>Sea Limited: A Deep Dive To Understand The Recent Selloff</b></p><p><b>Summary</b></p><ul><li>Sea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.</li><li>I dive into each of its segments to understand the recent selloff and justify the current valuation.</li><li>I consider Sea one of my ten highest conviction investments.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa5cbe0a30acc723a2c6f62300024002\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>kokkai/iStock Unreleased via Getty Images</span></p><p><b>Thesis</b></p><p>A by-parts analysis of Sea Limited&#39;s (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.</p><p><b>Introduction</b></p><p>I recently wrote an article highlighting my top 10 stock picks for 2022. I&#39;d already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.</p><p>Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don&#39;t speculate on short-term market movements, but I personally added to my Sea shares recently. It&#39;s one of my only losing positions that I didn&#39;t sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.</p><p>It&#39;s also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it&#39;s the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.</p><p>Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.</p><p><b>Gaming</b></p><p>Sea Limited&#39;s gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.</p><p>The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it&#39;s particularly popular in emerging markets like SEA, LATAM, and India, where it&#39;s been the highest-grossing mobile game for over two years.</p><p>With the game having been popular for a long time already, there&#39;s some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.</p><p>Regardless, Garena is a critical part of Sea because it&#39;s the only profitable segment and it doubles a social platform that provides free advertising for Sea&#39;s non-gaming products. Cross-promotion is a huge competitive advantage for Sea.</p><p>Thus, one reason for Sea&#39;s recent selloff could be the Q4 guidance implied for Garena.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e299727cc28a887a36d88831aec8f53\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\"/><span>Source: Earnings Call Presentation</span></p><p>In Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.</p><p>While 20% isn&#39;t a terrible deceleration, 0% certainly is. Even 20% growth isn&#39;t spectacular compared to the historic levels. At the 10% midpoint, Garena&#39;s growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).</p><p>Garena&#39;s implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I&#39;ll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today&#39;s market.</p><p>This means Garena is worth $23.5B based on the high end of management&#39;s guidance.</p><p>I believe this valuation is actually conservative for a few reasons:</p><ul><li>Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.</li><li>The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.</li><li>Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.</li><li>Although I&#39;d obviously prefer that Garena develops more games in house, in the meantime it&#39;s still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena&#39;s revenue.</li></ul><p><b>E-Commerce</b></p><p>Sea&#39;s e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.</p><p>There&#39;s always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba&#39;s (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don&#39;t publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn&#39;t published explicit revenue numbers for some countries like Brazil.</p><p>One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/180367a2b64bccebf243c5b6d8fb776a\" tg-width=\"455\" tg-height=\"353\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from Alexa</span></p><p>Shopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6544f014a5d70d13ee14dab0ac8b6782\" tg-width=\"422\" tg-height=\"403\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from AppAnnie</span></p><p>On the mobile side, there&#39;s no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.</p><p>Of course, traffic doesn&#39;t always translate to GMV. But for a shopping app where most people will use the app to buy something, it&#39;s a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It&#39;s Shopee&#39;s dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.</p><p>So why would a company with so much potential sell off?</p><p>After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it&#39;s bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO&#39;s comments that they don&#39;t have a concrete measure of success in these earlier stage countries won&#39;t help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they&#39;re successful, then it could drive even more unexpected growth in the future.</p><p>Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it&#39;s hard to complain when the overall sales increased a lot despite a decrease in basket size.</p><p>The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That&#39;s 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon&#39;s $340B in 2020 e-commerce sales, Shopee looks like it&#39;s just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA&#39;s.</p><p>Despite being in a blue skies industry, it&#39;s more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee&#39;s success is not guaranteed because it&#39;s not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.</p><p>For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it&#39;s difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it&#39;s worth noting that despite being unprofitable, Sea&#39;s Rule of 40 score of 104 is better than most SaaS companies&#39;, and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).</p><p>To understand Shopee&#39;s terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon&#39;s high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.</p><p>If Shopee keeps doubling revenue over the next couple of years (which it&#39;s easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon&#39;s P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.</p><p>Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee&#39;s mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment&#39;s future. I recognize that it&#39;s currently an unprofitable and thus risky segment, but I also see the massive potential.</p><p>So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.</p><p>Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let&#39;s look at the other parts of Sea.</p><p><b>FinTech &amp; Investments</b></p><p>The easiest addition to my computed valuation is Sea&#39;s $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won&#39;t be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.</p><p>Then there is Sea&#39;s FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a &#34;take rate&#34; of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I&#39;m not worried about SeaMoney losing money while it scales.</p><p>Despite SeaMoney being a small segment, it&#39;s now reaching a point where it can be factored into the valuation. Maybe it&#39;s only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea&#39;s sales would today be worth more than the gaming segment. But Sea&#39;s management - combined with Garena&#39;s ability to fund new segments and drive their viral adoption - made it happen. It&#39;s certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.</p><p>If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre&#39;s revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa&#39;s, Mastercard&#39;s (NYSE:MA), and Affirm&#39;s (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies&#39;, but we don&#39;t even need to speculate about what a fair multiple is, since we can reach Sea&#39;s current valuation by using 16x P/S in my model valuation.</p><p>One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started &#34;early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech.&#34; These guys sure know how to hop on the latest high growth trend.</p><p>Finally, there&#39;s the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There&#39;s strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea&#39;s investment arm is very early stage, so I don&#39;t include it in my valuation model. But it doesn&#39;t have to be factored in to justify the current share price. It&#39;s just one more area that might be worth a large part of Sea one day.</p><p><b>Conclusion</b></p><p>Looking at each of Sea&#39;s segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn&#39;t account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea&#39;s business. With the FinTech segment currently growing at 818% year over year, it doesn&#39;t take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.</p><p>This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven&#39;t been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today&#39;s prices. It&#39;s a steep drop for sure, but most companies in today&#39;s market would be looking at such a decline if one were to use the most conservative valuation standards possible.</p><p>Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It&#39;s one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106092668","content_text":"Sea Limited shares jumped more than 4% in morning trading.Also Read:Sea Limited: A Deep Dive To Understand The Recent SelloffSummarySea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.I dive into each of its segments to understand the recent selloff and justify the current valuation.I consider Sea one of my ten highest conviction investments.kokkai/iStock Unreleased via Getty ImagesThesisA by-parts analysis of Sea Limited's (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.IntroductionI recently wrote an article highlighting my top 10 stock picks for 2022. I'd already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don't speculate on short-term market movements, but I personally added to my Sea shares recently. It's one of my only losing positions that I didn't sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.It's also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it's the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.GamingSea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it's particularly popular in emerging markets like SEA, LATAM, and India, where it's been the highest-grossing mobile game for over two years.With the game having been popular for a long time already, there's some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.Regardless, Garena is a critical part of Sea because it's the only profitable segment and it doubles a social platform that provides free advertising for Sea's non-gaming products. Cross-promotion is a huge competitive advantage for Sea.Thus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.Source: Earnings Call PresentationIn Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.While 20% isn't a terrible deceleration, 0% certainly is. Even 20% growth isn't spectacular compared to the historic levels. At the 10% midpoint, Garena's growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).Garena's implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I'll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today's market.This means Garena is worth $23.5B based on the high end of management's guidance.I believe this valuation is actually conservative for a few reasons:Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.Although I'd obviously prefer that Garena develops more games in house, in the meantime it's still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena's revenue.E-CommerceSea's e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.There's always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba's (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don't publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn't published explicit revenue numbers for some countries like Brazil.One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.Source: The Author, compiled from AlexaShopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.Source: The Author, compiled from AppAnnieOn the mobile side, there's no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.Of course, traffic doesn't always translate to GMV. But for a shopping app where most people will use the app to buy something, it's a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It's Shopee's dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.So why would a company with so much potential sell off?After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it's bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO's comments that they don't have a concrete measure of success in these earlier stage countries won't help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they're successful, then it could drive even more unexpected growth in the future.Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it's hard to complain when the overall sales increased a lot despite a decrease in basket size.The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That's 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon's $340B in 2020 e-commerce sales, Shopee looks like it's just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA's.Despite being in a blue skies industry, it's more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee's success is not guaranteed because it's not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it's difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it's worth noting that despite being unprofitable, Sea's Rule of 40 score of 104 is better than most SaaS companies', and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).To understand Shopee's terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon's high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.If Shopee keeps doubling revenue over the next couple of years (which it's easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon's P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee's mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment's future. I recognize that it's currently an unprofitable and thus risky segment, but I also see the massive potential.So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let's look at the other parts of Sea.FinTech & InvestmentsThe easiest addition to my computed valuation is Sea's $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won't be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.Then there is Sea's FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a \"take rate\" of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I'm not worried about SeaMoney losing money while it scales.Despite SeaMoney being a small segment, it's now reaching a point where it can be factored into the valuation. Maybe it's only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea's sales would today be worth more than the gaming segment. But Sea's management - combined with Garena's ability to fund new segments and drive their viral adoption - made it happen. It's certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre's revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa's, Mastercard's (NYSE:MA), and Affirm's (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies', but we don't even need to speculate about what a fair multiple is, since we can reach Sea's current valuation by using 16x P/S in my model valuation.One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started \"early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech.\" These guys sure know how to hop on the latest high growth trend.Finally, there's the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There's strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea's investment arm is very early stage, so I don't include it in my valuation model. But it doesn't have to be factored in to justify the current share price. It's just one more area that might be worth a large part of Sea one day.ConclusionLooking at each of Sea's segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn't account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea's business. With the FinTech segment currently growing at 818% year over year, it doesn't take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven't been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today's prices. It's a steep drop for sure, but most companies in today's market would be looking at such a decline if one were to use the most conservative valuation standards possible.Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It's one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.","news_type":1},"isVote":1,"tweetType":1,"viewCount":194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9008967391,"gmtCreate":1641348839438,"gmtModify":1676533603774,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"This opinion piece does not cover rumoured new products like the Apple car.","listText":"This opinion piece does not cover rumoured new products like the Apple car.","text":"This opinion piece does not cover rumoured new products like the Apple car.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9008967391","repostId":"1158741589","repostType":2,"repost":{"id":"1158741589","kind":"news","pubTimestamp":1641348441,"share":"https://ttm.financial/m/news/1158741589?lang=&edition=fundamental","pubTime":"2022-01-05 10:07","market":"us","language":"en","title":"Is Apple Stock's Next Stop $2 Trillion or $4 Trillion?","url":"https://stock-news.laohu8.com/highlight/detail?id=1158741589","media":"Motley Fool","summary":"Apple(NASDAQ:AAPL)kicked off the New Year with flair, becoming the first publicly traded company to ","content":"<html><head></head><body><p><b>Apple</b>(NASDAQ:AAPL)kicked off the New Year with flair, becoming the first publicly traded company to top $3 trillion in market capitalization on Monday. It&#39;s a big feat, and a big round number. What can the world&#39;s most valuable company do for an encore later in 2022?</p><p>Will the first company to hit $3 trillion become the first one to surpass $4 trillion? It&#39;s a logical choice, and inertia is certainly in its favor. However, it&#39;s just as easy to see Apple fall to $2 trillion -- especially if the market corrects after a year that was more than kind for the titans of tech while neglecting most of the smaller growth stocks.</p><p>The battlefield is set. Will Apple fall to $2 trillion? Will it keep climbing to $4 trillion? The math is easy with Apple at $3 trillion, as it basically boils down to whether it will lose a third of its value or rise by a third of its value. Let&#39;s check with both camps.</p><p><b>The case for $2 trillion</b></p><p>The consumer tech tastemaker has been a wealth-altering investment over the years, but that doesn&#39;t mean that it only moves up. Apple has shed more than a third of its value five times over the past 16 years, averaging a major drawdown every three years. The last pullback was naturally two years ago, when the market initially tanked as a result of the COVID-19 crisis hitting the U.S., but Apple fared better than most growth stocks with a mere 35% decline at that point. The stock has more than tripled from the last drawdown 22 months ago, so one might even suggest that Apple is due for a swift correction.</p><p>Right now it&#39;s easy to be bullish on Apple. As big as the class act of Cupertino may be, it still managed to grow its net sales by 33% in fiscal 2021. However, just as the stock averages a drawdown every three years, it has seen a spike in sales once every three years when there&#39;s a major iPhone upgrade. Apple&#39;s top line saw double-digit growth in fiscal 2012, 2015, 2018, and 2021. The years between those pops all saw single-digit or sometimes even negative top-line growth. History looks set to repeat, as analysts see net sales climbing just 4% this year and 5% in fiscal 2023.</p><p>Another thing about the iPhone -- clearly the primary driver here at 52% of the $365.8 billion in sales Apple posted for all of fiscal 2021 -- is that it&#39;s not growing market share. This continues to be an Android world for the masses, and that&#39;s not expected to change anytime soon.</p><p>The iPhone&#39;s market share peaked nine years ago. It&#39;s been sliding outside of the short-lived spikes, with Android growing at the expense of Apple&#39;s iOS. Here&#39;s the percentage of worldwide smartphone shipments that are expected to be iPhones in the coming years, according to industry tracker IDC:</p><ul><li>2021 -- 16.2%</li><li>2022 -- 15.9%</li><li>2023 -- 15.6%</li><li>2024 -- 15.3%</li><li>2025 -- 15.1%</li></ul><p>The iPhone may have the high-end market cornered, and the new M1-powered Macs look pretty sweet. However, these are premium products. If the economy buckles -- and you know that&#39;s a very realistic scenario right now -- Apple could easily give back a third of the monster gains it has garnered over the past two years.</p><p><b>The case for $4 trillion</b></p><p>Apple stock isn&#39;t exactly cheap, and at 33 times trailing earnings it&#39;s a rich price for a stock that musters double-digit growth just once every three years. However, there&#39;s something to be said about essentially cornering the market for people willing to pay a premium for phones, tablets, and computers.</p><p>Apple&#39;s ability to command a healthy mark-up on its products makes it special, and that&#39;s before we consider the high-margin power of its services segment, which now accounts for nearly a fifth of its revenue. Apple may be at $3 trillion for the time being, but the company itself has never been as potent as it is right now.</p><p>What if this isn&#39;t the peak? What if the mobile5G revolution extends the upgrade cycle? Apple has routinely defined markets -- for everything from tablets to smartphones to smartwatches -- where others have fallen short. Do you really think an Apple car wouldn&#39;t sell briskly if it ever came out? Apple is unique in that it succeeds far more than it fails when it thinks outside the box. It&#39;s true that the stock&#39;s valuation isn&#39;t for the timid, and it&#39;s not as if its 0.5% yield is wooing income investors. However, Apple finds a way to make magic happen. Hitting $4 trillion would be just the next trick for tech&#39;s ultimate magician that can always read your mind. It&#39;s a gift that you don&#39;t want to be against.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Apple Stock's Next Stop $2 Trillion or $4 Trillion?</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\">\nIs Apple Stock's Next Stop $2 Trillion or $4 Trillion?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-05 10:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/01/04/is-apple-stocks-next-stop-2-trillion-or-4-trillion/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple(NASDAQ:AAPL)kicked off the New Year with flair, becoming the first publicly traded company to top $3 trillion in market capitalization on Monday. It's a big feat, and a big round number. What ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/01/04/is-apple-stocks-next-stop-2-trillion-or-4-trillion/\">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://www.fool.com/investing/2022/01/04/is-apple-stocks-next-stop-2-trillion-or-4-trillion/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158741589","content_text":"Apple(NASDAQ:AAPL)kicked off the New Year with flair, becoming the first publicly traded company to top $3 trillion in market capitalization on Monday. It's a big feat, and a big round number. What can the world's most valuable company do for an encore later in 2022?Will the first company to hit $3 trillion become the first one to surpass $4 trillion? It's a logical choice, and inertia is certainly in its favor. However, it's just as easy to see Apple fall to $2 trillion -- especially if the market corrects after a year that was more than kind for the titans of tech while neglecting most of the smaller growth stocks.The battlefield is set. Will Apple fall to $2 trillion? Will it keep climbing to $4 trillion? The math is easy with Apple at $3 trillion, as it basically boils down to whether it will lose a third of its value or rise by a third of its value. Let's check with both camps.The case for $2 trillionThe consumer tech tastemaker has been a wealth-altering investment over the years, but that doesn't mean that it only moves up. Apple has shed more than a third of its value five times over the past 16 years, averaging a major drawdown every three years. The last pullback was naturally two years ago, when the market initially tanked as a result of the COVID-19 crisis hitting the U.S., but Apple fared better than most growth stocks with a mere 35% decline at that point. The stock has more than tripled from the last drawdown 22 months ago, so one might even suggest that Apple is due for a swift correction.Right now it's easy to be bullish on Apple. As big as the class act of Cupertino may be, it still managed to grow its net sales by 33% in fiscal 2021. However, just as the stock averages a drawdown every three years, it has seen a spike in sales once every three years when there's a major iPhone upgrade. Apple's top line saw double-digit growth in fiscal 2012, 2015, 2018, and 2021. The years between those pops all saw single-digit or sometimes even negative top-line growth. History looks set to repeat, as analysts see net sales climbing just 4% this year and 5% in fiscal 2023.Another thing about the iPhone -- clearly the primary driver here at 52% of the $365.8 billion in sales Apple posted for all of fiscal 2021 -- is that it's not growing market share. This continues to be an Android world for the masses, and that's not expected to change anytime soon.The iPhone's market share peaked nine years ago. It's been sliding outside of the short-lived spikes, with Android growing at the expense of Apple's iOS. Here's the percentage of worldwide smartphone shipments that are expected to be iPhones in the coming years, according to industry tracker IDC:2021 -- 16.2%2022 -- 15.9%2023 -- 15.6%2024 -- 15.3%2025 -- 15.1%The iPhone may have the high-end market cornered, and the new M1-powered Macs look pretty sweet. However, these are premium products. If the economy buckles -- and you know that's a very realistic scenario right now -- Apple could easily give back a third of the monster gains it has garnered over the past two years.The case for $4 trillionApple stock isn't exactly cheap, and at 33 times trailing earnings it's a rich price for a stock that musters double-digit growth just once every three years. However, there's something to be said about essentially cornering the market for people willing to pay a premium for phones, tablets, and computers.Apple's ability to command a healthy mark-up on its products makes it special, and that's before we consider the high-margin power of its services segment, which now accounts for nearly a fifth of its revenue. Apple may be at $3 trillion for the time being, but the company itself has never been as potent as it is right now.What if this isn't the peak? What if the mobile5G revolution extends the upgrade cycle? Apple has routinely defined markets -- for everything from tablets to smartphones to smartwatches -- where others have fallen short. Do you really think an Apple car wouldn't sell briskly if it ever came out? Apple is unique in that it succeeds far more than it fails when it thinks outside the box. It's true that the stock's valuation isn't for the timid, and it's not as if its 0.5% yield is wooing income investors. However, Apple finds a way to make magic happen. Hitting $4 trillion would be just the next trick for tech's ultimate magician that can always read your mind. It's a gift that you don't want to be against.","news_type":1},"isVote":1,"tweetType":1,"viewCount":228,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9090469388,"gmtCreate":1643245639410,"gmtModify":1676533789916,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"Why is it down pre-market if it posted record earnings?","listText":"Why is it down pre-market if it posted record earnings?","text":"Why is it down pre-market if it posted record earnings?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9090469388","repostId":"1178016989","repostType":2,"repost":{"id":"1178016989","kind":"news","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":1643235363,"share":"https://ttm.financial/m/news/1178016989?lang=&edition=fundamental","pubTime":"2022-01-27 06:16","market":"us","language":"en","title":"Tesla Earnings and Revenue Beat Estimates","url":"https://stock-news.laohu8.com/highlight/detail?id=1178016989","media":"Tiger Newspress","summary":"Tesla Incon Wednesday forecast supply chain issues would persist throughout 2022 and limit electric vehicle production, while posting record quarterly revenue that beat Wall Street expectations.The ou","content":"<html><head></head><body><p>Tesla Inc on Wednesday forecast supply chain issues would persist throughout 2022 and limit electric vehicle production, while posting record quarterly revenue that beat Wall Street expectations.</p><p>The outlook showed that even Tesla cannot avoid the shortages that were pitfalls for many larger automakers last year. And Tesla has the additional challenge of opening two new factories this year with chips and other parts in short supply.</p><p>Shares rose 1% in after-hours trade after an initial drop.</p><p><img src=\"https://static.tigerbbs.com/46f007552cb80008adaf35c64c2efdef\" tg-width=\"840\" tg-height=\"618\" referrerpolicy=\"no-referrer\"/></p><p>Here’s how the company performed:</p><ul><li><b>Earnings (adjusted):</b> $2.52 per share, vs. $2.36 per share expected by analysts, according to Refinitiv</li><li><b>Revenue:</b>$17.72 billion, vs. $16.57 billion expected by analysts, according to Refinitiv</li></ul><p>Revenue rose 65% year over year in the quarter, while automotive revenue totaled $15.97 billion, up 71%, according to a statement.</p><p>Energy generation and storage revenue was $688 million, which was down 8% and below the StreetAccount consensus of $815.1 million. It was the lowest revenue for that division since the first quarter of 2021.</p><p>Net income, at $2.32 billion, was up some 760%, and Tesla said it had a 27.4% gross margin, compared with 26.6% in the previous quarter.</p><p>“Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through 2022,” the company said.</p><p>In 2021,Tesla delivered 936,172 vehicles, an 87% increase versus 2020 when it reported its first annual profit on deliveries of 499,647. Its 2021 deliveries included 308,600 electric vehicles in the fourth quarter. (Deliveries are the closest approximation to sales reported by Tesla.)</p><p>Full-year GAAP profit rose to $5.5 billion from $721 million in 2020, while 2021 sales rose 71% to $53.8 billion, from $31.5 billion in 2020. Tesla said it ended the quarter with $2.8 billion in free cash flow. Total debt excluding vehicle and energy-product financing fell to $1.4 billion at the end of the year, it said.</p><p>The company said it started building Model Ys in late 2021 at its factory in Austin, Texas, and plans to start deliveries of the compact SUV after final certifications. The Tesla Fremont factory in the San Francisco Bay Area reached “record production” last year, and could expand its capacity beyond 600,000 vehicles a year, Tesla said.</p><p>Tesla&#39;s $4.09 billion in adjusted earnings before interest, tax, depreciation and amortization (EBITDA) beat the consensus estimate of $3.89 billion, according to Refinitiv. That appeared to qualify Chief Executive Officer Elon Musk for an additional options payout under his 2018 compensation package.</p><p>Quarterly profits took a $340 million hit from payroll taxes related to Musk exercising options related to his 2012 compensation package.</p><p>The profits also reflected rising raw material, commodity and logistics costs and expenses related to warranties and recalls. Tesla is recalling more than 475,000 of its Model 3 and Model S electric cars to address rearview camera and trunk issues that increase the risk of crashing.</p><p>CEO Elon Musk and other execs are expected to give a progress update on the company’s long-delayed heavy duty Semi truck, experimental Cybertruck pickup, and plans for driverless vehicle systems and a $25,000 compact car.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Earnings and Revenue Beat Estimates</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\">\nTesla Earnings and Revenue Beat Estimates\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\">2022-01-27 06:16</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Tesla Inc on Wednesday forecast supply chain issues would persist throughout 2022 and limit electric vehicle production, while posting record quarterly revenue that beat Wall Street expectations.</p><p>The outlook showed that even Tesla cannot avoid the shortages that were pitfalls for many larger automakers last year. And Tesla has the additional challenge of opening two new factories this year with chips and other parts in short supply.</p><p>Shares rose 1% in after-hours trade after an initial drop.</p><p><img src=\"https://static.tigerbbs.com/46f007552cb80008adaf35c64c2efdef\" tg-width=\"840\" tg-height=\"618\" referrerpolicy=\"no-referrer\"/></p><p>Here’s how the company performed:</p><ul><li><b>Earnings (adjusted):</b> $2.52 per share, vs. $2.36 per share expected by analysts, according to Refinitiv</li><li><b>Revenue:</b>$17.72 billion, vs. $16.57 billion expected by analysts, according to Refinitiv</li></ul><p>Revenue rose 65% year over year in the quarter, while automotive revenue totaled $15.97 billion, up 71%, according to a statement.</p><p>Energy generation and storage revenue was $688 million, which was down 8% and below the StreetAccount consensus of $815.1 million. It was the lowest revenue for that division since the first quarter of 2021.</p><p>Net income, at $2.32 billion, was up some 760%, and Tesla said it had a 27.4% gross margin, compared with 26.6% in the previous quarter.</p><p>“Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through 2022,” the company said.</p><p>In 2021,Tesla delivered 936,172 vehicles, an 87% increase versus 2020 when it reported its first annual profit on deliveries of 499,647. Its 2021 deliveries included 308,600 electric vehicles in the fourth quarter. (Deliveries are the closest approximation to sales reported by Tesla.)</p><p>Full-year GAAP profit rose to $5.5 billion from $721 million in 2020, while 2021 sales rose 71% to $53.8 billion, from $31.5 billion in 2020. Tesla said it ended the quarter with $2.8 billion in free cash flow. Total debt excluding vehicle and energy-product financing fell to $1.4 billion at the end of the year, it said.</p><p>The company said it started building Model Ys in late 2021 at its factory in Austin, Texas, and plans to start deliveries of the compact SUV after final certifications. The Tesla Fremont factory in the San Francisco Bay Area reached “record production” last year, and could expand its capacity beyond 600,000 vehicles a year, Tesla said.</p><p>Tesla&#39;s $4.09 billion in adjusted earnings before interest, tax, depreciation and amortization (EBITDA) beat the consensus estimate of $3.89 billion, according to Refinitiv. That appeared to qualify Chief Executive Officer Elon Musk for an additional options payout under his 2018 compensation package.</p><p>Quarterly profits took a $340 million hit from payroll taxes related to Musk exercising options related to his 2012 compensation package.</p><p>The profits also reflected rising raw material, commodity and logistics costs and expenses related to warranties and recalls. Tesla is recalling more than 475,000 of its Model 3 and Model S electric cars to address rearview camera and trunk issues that increase the risk of crashing.</p><p>CEO Elon Musk and other execs are expected to give a progress update on the company’s long-delayed heavy duty Semi truck, experimental Cybertruck pickup, and plans for driverless vehicle systems and a $25,000 compact car.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178016989","content_text":"Tesla Inc on Wednesday forecast supply chain issues would persist throughout 2022 and limit electric vehicle production, while posting record quarterly revenue that beat Wall Street expectations.The outlook showed that even Tesla cannot avoid the shortages that were pitfalls for many larger automakers last year. And Tesla has the additional challenge of opening two new factories this year with chips and other parts in short supply.Shares rose 1% in after-hours trade after an initial drop.Here’s how the company performed:Earnings (adjusted): $2.52 per share, vs. $2.36 per share expected by analysts, according to RefinitivRevenue:$17.72 billion, vs. $16.57 billion expected by analysts, according to RefinitivRevenue rose 65% year over year in the quarter, while automotive revenue totaled $15.97 billion, up 71%, according to a statement.Energy generation and storage revenue was $688 million, which was down 8% and below the StreetAccount consensus of $815.1 million. It was the lowest revenue for that division since the first quarter of 2021.Net income, at $2.32 billion, was up some 760%, and Tesla said it had a 27.4% gross margin, compared with 26.6% in the previous quarter.“Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through 2022,” the company said.In 2021,Tesla delivered 936,172 vehicles, an 87% increase versus 2020 when it reported its first annual profit on deliveries of 499,647. Its 2021 deliveries included 308,600 electric vehicles in the fourth quarter. (Deliveries are the closest approximation to sales reported by Tesla.)Full-year GAAP profit rose to $5.5 billion from $721 million in 2020, while 2021 sales rose 71% to $53.8 billion, from $31.5 billion in 2020. Tesla said it ended the quarter with $2.8 billion in free cash flow. Total debt excluding vehicle and energy-product financing fell to $1.4 billion at the end of the year, it said.The company said it started building Model Ys in late 2021 at its factory in Austin, Texas, and plans to start deliveries of the compact SUV after final certifications. The Tesla Fremont factory in the San Francisco Bay Area reached “record production” last year, and could expand its capacity beyond 600,000 vehicles a year, Tesla said.Tesla's $4.09 billion in adjusted earnings before interest, tax, depreciation and amortization (EBITDA) beat the consensus estimate of $3.89 billion, according to Refinitiv. That appeared to qualify Chief Executive Officer Elon Musk for an additional options payout under his 2018 compensation package.Quarterly profits took a $340 million hit from payroll taxes related to Musk exercising options related to his 2012 compensation package.The profits also reflected rising raw material, commodity and logistics costs and expenses related to warranties and recalls. Tesla is recalling more than 475,000 of its Model 3 and Model S electric cars to address rearview camera and trunk issues that increase the risk of crashing.CEO Elon Musk and other execs are expected to give a progress update on the company’s long-delayed heavy duty Semi truck, experimental Cybertruck pickup, and plans for driverless vehicle systems and a $25,000 compact car.","news_type":1},"isVote":1,"tweetType":1,"viewCount":51,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3566532164444643","authorId":"3566532164444643","name":"ZEROHERO","avatar":"https://static.tigerbbs.com/62813b6df1c4722e559d112fadd5486a","crmLevel":8,"crmLevelSwitch":1,"idStr":"3566532164444643","authorIdStr":"3566532164444643"},"content":"FED talks cause the plunge","text":"FED talks cause the plunge","html":"FED talks cause the plunge"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9001373758,"gmtCreate":1641178222648,"gmtModify":1676533579735,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"Great opinion piece!","listText":"Great opinion piece!","text":"Great opinion piece!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9001373758","repostId":"1171608797","repostType":4,"repost":{"id":"1171608797","kind":"news","pubTimestamp":1641177163,"share":"https://ttm.financial/m/news/1171608797?lang=&edition=fundamental","pubTime":"2022-01-03 10:32","market":"us","language":"en","title":"Sea Limited: Engaging Wars On Multiple Fronts","url":"https://stock-news.laohu8.com/highlight/detail?id=1171608797","media":"Seeking Alpha","summary":"SummaryShopee is taking a long-term approach by re-investing its margins to expand into new markets ","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Shopee is taking a long-term approach by re-investing its margins to expand into new markets and pursue more market share.</li><li>While Garena growth seems to be tapering down, we do not think its growth has peaked yet due to its strong monetization capabilities in the U.S and others.</li><li>SeaMoney is intentionally ramping up its sales and marketing efforts to drive more adoption to ShopeePay, and that is temporarily suppressing its margins.</li><li>Using a sum-of-parts valuation, the intrinsic value of the business is $341.33, a 55% upside from the current share price.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e67f7a326258558c1021793376f4c25\" tg-width=\"1536\" tg-height=\"1025\" referrerpolicy=\"no-referrer\"/><span>Wachiwit/iStock Editorial via Getty Images</span></p><p><b>Overview</b></p><p>Sea Limited is an internet platform company that consists of three main business segments – Garena (digital entertainment), Shopee (e-commerce), and SeaMoney (digital financial services). Throughout the years, Sea Limited has been reinvesting aggressively into their business to capture market share rapidly and grow their user base in every region. Starting out from Singapore, they have since achieved a respectable presence in Southeast Asia, Taiwan, and most recently in Latin America. In this article, we will be unpacking Sea Limited Q3’21 results, as we share our thoughts on the quarter. Do also head to the previous article we have written for Sea Limited.</p><p><b>Garena</b></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/11f0e27a4acd7a2b1671fd01bf86d291\" tg-width=\"1280\" tg-height=\"791\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Quarterly Report</span></p><p>In Q3’21, Garena’s quarterly active users (“QAU”) grew 0.5% sequentially to 729 million, a slowdown in users growth due the law of large numbers. Bookings growth has also stagnated as a result. More users are increasingly transitioning into paying users as the paying user ratio (“PUR”) rose to 12.8%. Based on the low PUR, there is still a large opportunity to convert its existing user base into paying users.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/614efda95d41b79b0ed25736f40cbec8\" tg-width=\"1056\" tg-height=\"652\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Quarterly Report</span></p><p>Next, Garena’s average revenue per paying user (“ARPPU”) continues to taper down to $12.88, and that is likely due to most users coming from India and Latin America with much lower spending power. We will not rule out the possibility that Garena may increase the pricing of its in-game items to increase its monetization. Over time, the two key metrics that we should be measuring closely are PUR and ARPPU, and both tell us whether Garena can improve its monetizing capabilities to sustain its growth rate.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac621fe91314553c8c3337633f7055c6\" tg-width=\"970\" tg-height=\"759\" referrerpolicy=\"no-referrer\"/><span>Source: Sensortower</span></p><p>What is impressive during the quarter is that Garena Free Fire (“FF”) revenue per download (“RPD”) heavily surpassed its rivals in the United States, even though it has a much smaller user base. And despite PUBG re-launching in India in Q2&#39;21, FF is still leading by the highest RPD, as well as app rankings, showing that it has better monetization capabilities than its peers. According to SensorTower, FF was also the top five most downloaded games worldwide for six consecutive quarters, and in Q3’21, it was ranked as top three. With the game nearing five years of operation, this removes any doubt that its growth has peaked, and it is well on its way to building an enduring franchise.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4cb798c3496a01756720d7566f71ec6f\" tg-width=\"900\" tg-height=\"900\" referrerpolicy=\"no-referrer\"/><span>Source: Free Fire Twitter</span></p><p>Garena Free Fire Max, an enhanced version of the current FF game was also launched in the quarter. Interestingly, what caught our eye was the introduction of a new feature called “Craftland”, where FF offers a “platform” for users to unleash their creativity through creating their own maps and inviting their friends over to play. This helps to increase social interaction, engagements, and also the stickiness of the game. As of today, it has over 4.57 million downloads on Google Play Store and it has a high review of over 4 stars. If we head over to Youtube, there are plenty of videos related to “Craftland”, showing how well received it is by the FF community. Looking ahead, Garena seeks to introduce more content, features, modes, and gameplays to sustain its existing strong base of users.</p><p>On top of that, Garena’s strong global presence has also received accelerated interest from worldwide studios looking to partner up with them, and management states that they are working on new ideas in the pipeline.</p><p><b>Shopee</b></p><p><b>Expansion into other markets</b></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a9be6ee805f0031bdbda5f9091e2d818\" tg-width=\"748\" tg-height=\"556\" referrerpolicy=\"no-referrer\"/><span>Source: Shopee India</span></p><p>Shopee has also expanded into multiple markets, including France,Poland,Spain,India, and also Argentina. If we head to the websites, there are a few common traits that we observed, and that is Shopee replicating its playbook by giving out free shipping, free commission (to sellers), cashback, and vouchers across its platform to entice users to use the platform and to spur the flywheel effect. This has proven to work in countries in SEA and Brazil, as evident from its market leadership.</p><p><b>Operating and Financial Metrics</b></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e705eacc3dc34accf3e60455b81f0112\" tg-width=\"1280\" tg-height=\"791\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Quarterly Report</span></p><p>Shopee recorded a growth rate of 80% which saw its GMV reach US$16.8 billion. Recently, Alibaba (NYSE:BABA) has disclosed the LTM revenue of Lazada, which is US$21 billion, up 60% YOY. By comparison, Shopee LTM GMV grew 90% YOY to $US56 billion, heavily surpassing that of its rival.</p><p>There are also signs of improving monetization as the take-rate increased sequentially to 8.93% during the quarter. As Shopee scales larger over time, it has the ability to increase its take-rate without losing its sellers as it is able to bring higher sales volume to its sellers than any other platform.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3f793d575a267fe3e4fe60299189f29e\" tg-width=\"1200\" tg-height=\"742\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Quarterly Report</span></p><p>Based on the total addressable market (“TAM”) of US$260 billion GMV, Shopee is the clear market leader with 21% of the TAM, followed by Lazada&#39;s 8%. This shows how quickly Shopee has been gobbling up market share, making it an undisputed leader in the region.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88f5af1de4543fd03fcebaa9de4c1e3c\" tg-width=\"1280\" tg-height=\"678\" referrerpolicy=\"no-referrer\"/><span>Source: Google Trend</span></p><p>Data from Google Trend also shows that Shopee continues to lead ahead of Lazada and Tokopedia. Interestingly, Alibaba’s management has also laid out a goal to achieve a $US 100 billion GMV, although a timeline is not given. Alibaba is re-focusing its attention on the Southeast Asia market.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0411927ec3f53dbbbd0a669cae109dc7\" tg-width=\"1200\" tg-height=\"742\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Quarterly Report</span></p><p>Shopee’s order volume grew 129% YOY, which is its ninth-consecutive quarter of triple-digit growth rate. By comparison, Lazada’s order growth rate was only 82%. This tells us that users are spending more on Shopee than Lazada, which is not surprising due to Shopee’s overwhelming consumers’ mindshare. To get an outlook into next quarter’s results, Shopee recorded 13 times more items sold on an average day in the first 2 hours of its 12.12 event promotion, revealing how successful the campaign was.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3f5b0365bf05142d748d698ab1c3d0f1\" tg-width=\"1200\" tg-height=\"742\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Quarterly Report</span></p><p>The average order value (&#34;AOV&#34;) continues to decline to $9.88 in the quarter. In our view, this is not a cause for worry. In the newer markets that Shopee has expanded into, users tend to start with smaller purchases with lower AOV. Over time, as they established more trust with the platform, they will increasingly move towards purchasing higher-ticket items.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3be44b2dc1e75eaf3db57e1d823ecaa\" tg-width=\"1200\" tg-height=\"742\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Quarterly Report</span></p><p>Turning to profitability, Shopee’s gross profit margin (“GPM”) was 26.72%, compared to 31.94% in Q2’21. This was largely due to the higher cost of revenue in the quarter, including higher logistic costs associated with order growth and value-added services such as inventory management and fulfillment services provided to customers.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d06185d6b36d451ed2095fabbc052ba6\" tg-width=\"1280\" tg-height=\"790\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Quarterly Report</span></p><p>Sales and marketing expenses (“S&amp;M”) expenses increased 124% YOY to $689 million, as Shopee ramp up its S&amp;M efforts to capture more market share across its existing and new markets. As a result, S&amp;M expenses as a % of GMV continue to fluctuate at 4.10%. Considering that some of its operating markets are in the early stages, investments may increase if the management spots any clear opportunities.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8aaa58e08ff935169c615806c98eadca\" tg-width=\"1200\" tg-height=\"742\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Quarterly Report</span></p><p>As a result of the lower gross profit and higher S&amp;M expenses, Shopee’s adjusted loss per order fluctuates at a negative $0.40 in the quarter. This is notable considering Shopee entered many new countries with zero monetization, and took its profits from its matured markets to finance S&amp;M expenses in the newer markets.</p><p>This is supported by a statement by Chief Corporate Officer Wang in Q2 2021:</p><blockquote>In terms of positive EBITDA from Malaysia, again, we&#39;re very happy to report that Malaysia has become the second market to achieve positive EBITDA after Taiwan for our Shopee business. And of course, it is followed by the results of better monetization over time as well as improving operational efficiency over time. As we stressed before that the marketplace e-commerce model in terms of profitability is highly proven and with scale and strong market leadership and ability to deliver a clear and increasing value to our seller communities, we will be able to make a strong profit down the road. And this is basically generating value to our communities and, by that, will generate value to our shareholders as well.</blockquote><p><b>Battle with the Incumbents</b></p><p>While Shopee expands aggressively, it is also important to consider the competitive landscape across its markets, and that includes the incumbent Allegro, a 20-year-old well-established local e-commerce platform in Poland, and Mercado Libre, the biggest e-commerce platform across Latin America (“LATAM”), particularly in Brazil, Mexico, and Argentina.</p><p><b>Latin America</b></p><p>According to Similarweb, Shopee’s web traffic is increasing steadily across LATAM, which include Colombia,Mexico, and Brazil, although MELI is leading by a wide margin.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d8e8ab3232fdc0a70c67186b0bae587c\" tg-width=\"552\" tg-height=\"556\" referrerpolicy=\"no-referrer\"/><span>Top shopping app in Colombia, Source: SensorTower</span></p><p>However, based on the app rankings on SensorTower, Shopee has surpassed and overtook MELI as the top shopping app across Mexico,Chile, Colombia, and Brazil. This was accomplished within a span of 6 months, excluding its operation in Brazil.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d50771a33f9bbe4451ae3b496eeed1db\" tg-width=\"1200\" tg-height=\"742\" referrerpolicy=\"no-referrer\"/><span>Source: Instagram</span></p><p>Alternatively, we can also track their social media followers as this gives us a sense of Shopee’s brand awareness in the region. As of ending Dec 2021, it has more followers than Mercardo in Colombia and Brazil, with Chile and Mexico coming close.</p><p><b>Poland</b></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/82d28504ed7a24520b23f28860b28fed\" tg-width=\"547\" tg-height=\"472\" referrerpolicy=\"no-referrer\"/><span>Figure - Shopee is the #1 shopping app in Poland, Source: Sensortower</span></p><p>Similarly in Poland, Shopee follows the same footprint whereby Allegro’s (WSE:ALE) web traffic leads by a mile, but it was overtaken by Shopee as the number one shopping app, and this was achieved within 3 months since Shopee was launched. In addition, Shopee and Allegro have 12.8k and 68k Instagram followers, respectively.</p><p>Although Allegro has over 10 million downloads on Google Play Store, this is insignificant considering that it is only a fraction of its total website visits of 222 million. This may suggest that there is lesser focus and emphasis on the mobile app.</p><p><b>Shopee Concluding Thoughts</b></p><p>It is not surprising to see this data surfaced because users in Poland and LATAM are more accustomed to shopping on the browser, and so there was much less emphasis on mobile. Therefore, Shopee leveraged its mobile-first approach, capitalizing on the opportunity and that has proven to be successful based on the data from third-party sources.</p><p>While investors seem to be concerned that Shopee is fighting too many wars on its front, including its expansion into India, Argentina, and France, the management has demonstrated that they are capable enough to execute given its strong localization capabilities. This long-term approach to sacrifice short-term profitability and pursue additional market share are also well-aligned to the shareholders.</p><p><b>Digital Finance - SeaMoney</b></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5d530155412cffe0c2f8eb8d2f56adb7\" tg-width=\"1280\" tg-height=\"791\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Quarterly Report</span></p><p>In Q3’21, SeaMoney’s total payment volume (“TPV”) grew 119% YOY to reach $4.6 billion, and this was mainly driven by the increase in customers’ adoption of ShopeePay. There are also improvements in monetization as take-rate increased to 2.9% from 0.7% in Q3’20, and as a result, revenue grew at a staggering rate of over 800% YOY.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eefc6aab1a7fe29f20f51ef27681affa\" tg-width=\"946\" tg-height=\"604\" referrerpolicy=\"no-referrer\"/><span>Source: Own&#39;s Graph</span></p><p>During the earnings call, the management also talked about an inherent flywheel effect in SeaMoney, that as more merchants join ShopeePay, the number of use cases increases. This encourages consumers to use ShopeePay and thus drives further adoption. When the user base grows larger and larger, more merchants expressed their interest to get on board, accelerating the acquisition on both sides (merchants and consumers) of the business. Users also get additional benefits such as cashback and vouchers, which help to spur the network effect. Over time, customer acquisition costs (“CAC”) will also come down as more users join organically.</p><p>ShopeePay’s use cases include bill payments, contactless payment at offline retails, paying for taxi rides (i.e. partnership with Blue Bird Taxi in Indonesia), and many more.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17a8cd811e58a9ca86e248cb272f77e5\" tg-width=\"1280\" tg-height=\"787\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Quarterly Report</span></p><p>S&amp;M expenses increased 65% YoY as SeaMoney drives more adoption to its mobile wallet business. However, S&amp;M expenses as a % of TPV have reduced to 4.26% from 5.64% a year ago, showing sales efficiency as lower marketing spending are translating into higher revenue growth. If we add back the S&amp;M expenses to its adjusted EBITDA, its normalized margin for this quarter is actually 27.8%. This shows that its margin is artificially depressed as the management is intentionally spending on S&amp;M to grow its market share.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/609d411ca867f1c02768681be73e44d6\" tg-width=\"1280\" tg-height=\"792\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Quarterly Report</span></p><p>As of Q3’21, the number of quarterly paying users (“QPU”) reached 39.7 million, a 20% sequential growth from Q2’21. This existing user base is important as its digital bank is set to launch in 2022.</p><p>Diving deeper, we can get a glimpse into the upcoming financial products that will be launched based on Linkedin’s job openings, and that includes insurance,wealth management,prepaid cards, and as well as credit services revolving around repayment loans and revolving credits. And in Sep 2021, SeaMoney also launched its digital bank app in Indonesia.</p><p><b>Risks</b></p><p>The slowdown in Garena’s growth rate</p><ul><li><p>As Garena’s growth starts to taper down, it is important for us to track whether the PUR and ARPPU are increasing over time as these tell us whether they are improving their monetization capabilities.</p></li><li><p>However, we do not expect growth to decline drastically due to the highly engaging nature of the game, and as well as new ideas in the pipeline.</p></li></ul><p>Shopee aggressive expansion into new markets</p><ul><li><p>Shopee entry into new markets and the competitive pressure may accelerate its cash burn rate and erode its profit margin over time. However, we believe the risk is mitigated for a few reasons — due to the hefty $11.2 billion cash on its balance sheet, cash cow of Garena, and not to mention, Shopee is also profitable on a GPM basis.</p></li><li><p>Going forward, we should track Shopee’s website traffic,app rankings,google trends,social media followings to see if these investments are translating into results.</p></li></ul><p><b>Valuation</b></p><p>To calculate the intrinsic value of Sea Group, we will be using the sum-of-the-parts (“SOTP”) valuation model and some comparables.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5e1008fe7564b4ddff7f3b72591d647e\" tg-width=\"1280\" tg-height=\"569\" referrerpolicy=\"no-referrer\"/><span>Source: Morningstar, OutlookIndia</span></p><p><b>Garena Valuation</b></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a02ef5f5a79b78be636a73b04be45e78\" tg-width=\"1280\" tg-height=\"137\" referrerpolicy=\"no-referrer\"/><span>Source: Own Estimates</span></p><p>To determine a reasonable multiple to assign to Garena, we cross-reference to other gaming peers such as Electronic Arts (NASDAQ:EA) and Activision Blizzard (NASDAQ:ATVI), which are trading at roughly 18x multiple. Considering that both companies are growing much faster, and growth rate in Q3’21, an implied multiple of 18x and a forward growth rate of 25% are reasonable. Therefore, Garena is worth approximately $63.83 billion.</p><p><b>Shopee Valuation</b></p><p>Looking at comparable transactions of Flipkart, Tokopedia, and Lazada, along with assessing the quality of each business, we think of a fair multiple of EV/GMV as 1x.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e90103e5677261fee18f312dd39b00\" tg-width=\"1280\" tg-height=\"129\" referrerpolicy=\"no-referrer\"/><span>Source: Own Estimates</span></p><p>With an implied EV/GMV of 1x, and a forward 100% growth rate on Shopee’s last 12 months (“LTM”) GMV of $56 billion, Shopee is worth $112.6 billion.</p><p><b>SeaMoney Valuation</b></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d5a874c9c714f6fda34c50a4354d107\" tg-width=\"423\" tg-height=\"535\" referrerpolicy=\"no-referrer\"/><span>Source: Own Estimates</span></p><p>Referencing from matured peers such as Paypal (NASDAQ: PYPL) with an operating margin of 25% and take-rate of 2.3%, we think that these financial metrics are achievable for SeaMoney. With a forward growth rate of 100% based on Q3’21 results, considering that it is still in the early stages and yet to launch its digital bank, this gives us an implied EV/TPV of 0.3x.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/08c8ea50bcca5f450ad3c27a79390bad\" tg-width=\"1280\" tg-height=\"129\" referrerpolicy=\"no-referrer\"/><span>Source: Own Estimates</span></p><p>With an implied EV/TPV of 0.3x, and a growth of 100% on the annualized TPV (based on Q3’21 TPV), SeaMoney is worth $11 billion.</p><p><b>Entire Business</b></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/340a2ecbea6bcb1460204dbe8aa82e58\" tg-width=\"1280\" tg-height=\"813\" referrerpolicy=\"no-referrer\"/><span>Source: Own Estimates</span></p><p>After calculating the individual business segments, this gives us a market cap of $196.9 billion for the entire business, after accounting for cash and debt. With shares outstanding of 576 million, after factoring in 4% dilution, this gives us an intrinsic value of $341.33 per share, a 55.4% upside from the current share price.</p><p><b>Conclusion</b></p><p>Shopee continues to extend its market leadership position by pursuing new growth opportunities in new markets. While Shopee seems to be fighting too many wars on its front, it has demonstrated that it has strong localization capabilities and the know-how to expand overseas as Shopee tops the shopping app across Latin America and Poland within a short span of 3 to 6 months. However, the incumbents are still leading by website traffic, and it is still early to judge whether Shopee could be a real threat to its rivals.</p><p>Next, while Garena’s growth seems to be slowing down, we do not think its growth has reached its peak because of its strong growth exhibited in the US, paying user ratio of only 12.8%, and potential games in the pipelines. With the management track record of creating highly engaging content on FF, we believe it can be an enduring franchise for years to come, with growth likely not to taper down so quickly.</p><p>The management is intentionally suppressing SeaMoney’s margins by ramping up the S&amp;M efforts to drive more adoption to its mobile wallet business. However, they have demonstrated sales efficiency as S&amp;M as % of revenue is declining YOY. With the digital bank set to launch in Singapore in FY2022, we believe SeaMoney is still in the early stages of growth.</p><p>Finally, based on our estimation, we believe Sea Group is worth $341.33 per share. This is a 55.4% upside from the current share price.</p><p>This article was written by Superstocks Seekers.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea Limited: Engaging Wars On Multiple Fronts</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: Engaging Wars On Multiple Fronts\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-03 10:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4477615-sea-limited-engaging-wars-multiple-fronts-buy><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryShopee is taking a long-term approach by re-investing its margins to expand into new markets and pursue more market share.While Garena growth seems to be tapering down, we do not think its ...</p>\n\n<a href=\"https://seekingalpha.com/article/4477615-sea-limited-engaging-wars-multiple-fronts-buy\">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/4477615-sea-limited-engaging-wars-multiple-fronts-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171608797","content_text":"SummaryShopee is taking a long-term approach by re-investing its margins to expand into new markets and pursue more market share.While Garena growth seems to be tapering down, we do not think its growth has peaked yet due to its strong monetization capabilities in the U.S and others.SeaMoney is intentionally ramping up its sales and marketing efforts to drive more adoption to ShopeePay, and that is temporarily suppressing its margins.Using a sum-of-parts valuation, the intrinsic value of the business is $341.33, a 55% upside from the current share price.Wachiwit/iStock Editorial via Getty ImagesOverviewSea Limited is an internet platform company that consists of three main business segments – Garena (digital entertainment), Shopee (e-commerce), and SeaMoney (digital financial services). Throughout the years, Sea Limited has been reinvesting aggressively into their business to capture market share rapidly and grow their user base in every region. Starting out from Singapore, they have since achieved a respectable presence in Southeast Asia, Taiwan, and most recently in Latin America. In this article, we will be unpacking Sea Limited Q3’21 results, as we share our thoughts on the quarter. Do also head to the previous article we have written for Sea Limited.GarenaSource: Sea Quarterly ReportIn Q3’21, Garena’s quarterly active users (“QAU”) grew 0.5% sequentially to 729 million, a slowdown in users growth due the law of large numbers. Bookings growth has also stagnated as a result. More users are increasingly transitioning into paying users as the paying user ratio (“PUR”) rose to 12.8%. Based on the low PUR, there is still a large opportunity to convert its existing user base into paying users.Source: Sea Quarterly ReportNext, Garena’s average revenue per paying user (“ARPPU”) continues to taper down to $12.88, and that is likely due to most users coming from India and Latin America with much lower spending power. We will not rule out the possibility that Garena may increase the pricing of its in-game items to increase its monetization. Over time, the two key metrics that we should be measuring closely are PUR and ARPPU, and both tell us whether Garena can improve its monetizing capabilities to sustain its growth rate.Source: SensortowerWhat is impressive during the quarter is that Garena Free Fire (“FF”) revenue per download (“RPD”) heavily surpassed its rivals in the United States, even though it has a much smaller user base. And despite PUBG re-launching in India in Q2'21, FF is still leading by the highest RPD, as well as app rankings, showing that it has better monetization capabilities than its peers. According to SensorTower, FF was also the top five most downloaded games worldwide for six consecutive quarters, and in Q3’21, it was ranked as top three. With the game nearing five years of operation, this removes any doubt that its growth has peaked, and it is well on its way to building an enduring franchise.Source: Free Fire TwitterGarena Free Fire Max, an enhanced version of the current FF game was also launched in the quarter. Interestingly, what caught our eye was the introduction of a new feature called “Craftland”, where FF offers a “platform” for users to unleash their creativity through creating their own maps and inviting their friends over to play. This helps to increase social interaction, engagements, and also the stickiness of the game. As of today, it has over 4.57 million downloads on Google Play Store and it has a high review of over 4 stars. If we head over to Youtube, there are plenty of videos related to “Craftland”, showing how well received it is by the FF community. Looking ahead, Garena seeks to introduce more content, features, modes, and gameplays to sustain its existing strong base of users.On top of that, Garena’s strong global presence has also received accelerated interest from worldwide studios looking to partner up with them, and management states that they are working on new ideas in the pipeline.ShopeeExpansion into other marketsSource: Shopee IndiaShopee has also expanded into multiple markets, including France,Poland,Spain,India, and also Argentina. If we head to the websites, there are a few common traits that we observed, and that is Shopee replicating its playbook by giving out free shipping, free commission (to sellers), cashback, and vouchers across its platform to entice users to use the platform and to spur the flywheel effect. This has proven to work in countries in SEA and Brazil, as evident from its market leadership.Operating and Financial MetricsSource: Sea Quarterly ReportShopee recorded a growth rate of 80% which saw its GMV reach US$16.8 billion. Recently, Alibaba (NYSE:BABA) has disclosed the LTM revenue of Lazada, which is US$21 billion, up 60% YOY. By comparison, Shopee LTM GMV grew 90% YOY to $US56 billion, heavily surpassing that of its rival.There are also signs of improving monetization as the take-rate increased sequentially to 8.93% during the quarter. As Shopee scales larger over time, it has the ability to increase its take-rate without losing its sellers as it is able to bring higher sales volume to its sellers than any other platform.Source: Sea Quarterly ReportBased on the total addressable market (“TAM”) of US$260 billion GMV, Shopee is the clear market leader with 21% of the TAM, followed by Lazada's 8%. This shows how quickly Shopee has been gobbling up market share, making it an undisputed leader in the region.Source: Google TrendData from Google Trend also shows that Shopee continues to lead ahead of Lazada and Tokopedia. Interestingly, Alibaba’s management has also laid out a goal to achieve a $US 100 billion GMV, although a timeline is not given. Alibaba is re-focusing its attention on the Southeast Asia market.Source: Sea Quarterly ReportShopee’s order volume grew 129% YOY, which is its ninth-consecutive quarter of triple-digit growth rate. By comparison, Lazada’s order growth rate was only 82%. This tells us that users are spending more on Shopee than Lazada, which is not surprising due to Shopee’s overwhelming consumers’ mindshare. To get an outlook into next quarter’s results, Shopee recorded 13 times more items sold on an average day in the first 2 hours of its 12.12 event promotion, revealing how successful the campaign was.Source: Sea Quarterly ReportThe average order value (\"AOV\") continues to decline to $9.88 in the quarter. In our view, this is not a cause for worry. In the newer markets that Shopee has expanded into, users tend to start with smaller purchases with lower AOV. Over time, as they established more trust with the platform, they will increasingly move towards purchasing higher-ticket items.Source: Sea Quarterly ReportTurning to profitability, Shopee’s gross profit margin (“GPM”) was 26.72%, compared to 31.94% in Q2’21. This was largely due to the higher cost of revenue in the quarter, including higher logistic costs associated with order growth and value-added services such as inventory management and fulfillment services provided to customers.Source: Sea Quarterly ReportSales and marketing expenses (“S&M”) expenses increased 124% YOY to $689 million, as Shopee ramp up its S&M efforts to capture more market share across its existing and new markets. As a result, S&M expenses as a % of GMV continue to fluctuate at 4.10%. Considering that some of its operating markets are in the early stages, investments may increase if the management spots any clear opportunities.Source: Sea Quarterly ReportAs a result of the lower gross profit and higher S&M expenses, Shopee’s adjusted loss per order fluctuates at a negative $0.40 in the quarter. This is notable considering Shopee entered many new countries with zero monetization, and took its profits from its matured markets to finance S&M expenses in the newer markets.This is supported by a statement by Chief Corporate Officer Wang in Q2 2021:In terms of positive EBITDA from Malaysia, again, we're very happy to report that Malaysia has become the second market to achieve positive EBITDA after Taiwan for our Shopee business. And of course, it is followed by the results of better monetization over time as well as improving operational efficiency over time. As we stressed before that the marketplace e-commerce model in terms of profitability is highly proven and with scale and strong market leadership and ability to deliver a clear and increasing value to our seller communities, we will be able to make a strong profit down the road. And this is basically generating value to our communities and, by that, will generate value to our shareholders as well.Battle with the IncumbentsWhile Shopee expands aggressively, it is also important to consider the competitive landscape across its markets, and that includes the incumbent Allegro, a 20-year-old well-established local e-commerce platform in Poland, and Mercado Libre, the biggest e-commerce platform across Latin America (“LATAM”), particularly in Brazil, Mexico, and Argentina.Latin AmericaAccording to Similarweb, Shopee’s web traffic is increasing steadily across LATAM, which include Colombia,Mexico, and Brazil, although MELI is leading by a wide margin.Top shopping app in Colombia, Source: SensorTowerHowever, based on the app rankings on SensorTower, Shopee has surpassed and overtook MELI as the top shopping app across Mexico,Chile, Colombia, and Brazil. This was accomplished within a span of 6 months, excluding its operation in Brazil.Source: InstagramAlternatively, we can also track their social media followers as this gives us a sense of Shopee’s brand awareness in the region. As of ending Dec 2021, it has more followers than Mercardo in Colombia and Brazil, with Chile and Mexico coming close.PolandFigure - Shopee is the #1 shopping app in Poland, Source: SensortowerSimilarly in Poland, Shopee follows the same footprint whereby Allegro’s (WSE:ALE) web traffic leads by a mile, but it was overtaken by Shopee as the number one shopping app, and this was achieved within 3 months since Shopee was launched. In addition, Shopee and Allegro have 12.8k and 68k Instagram followers, respectively.Although Allegro has over 10 million downloads on Google Play Store, this is insignificant considering that it is only a fraction of its total website visits of 222 million. This may suggest that there is lesser focus and emphasis on the mobile app.Shopee Concluding ThoughtsIt is not surprising to see this data surfaced because users in Poland and LATAM are more accustomed to shopping on the browser, and so there was much less emphasis on mobile. Therefore, Shopee leveraged its mobile-first approach, capitalizing on the opportunity and that has proven to be successful based on the data from third-party sources.While investors seem to be concerned that Shopee is fighting too many wars on its front, including its expansion into India, Argentina, and France, the management has demonstrated that they are capable enough to execute given its strong localization capabilities. This long-term approach to sacrifice short-term profitability and pursue additional market share are also well-aligned to the shareholders.Digital Finance - SeaMoneySource: Sea Quarterly ReportIn Q3’21, SeaMoney’s total payment volume (“TPV”) grew 119% YOY to reach $4.6 billion, and this was mainly driven by the increase in customers’ adoption of ShopeePay. There are also improvements in monetization as take-rate increased to 2.9% from 0.7% in Q3’20, and as a result, revenue grew at a staggering rate of over 800% YOY.Source: Own's GraphDuring the earnings call, the management also talked about an inherent flywheel effect in SeaMoney, that as more merchants join ShopeePay, the number of use cases increases. This encourages consumers to use ShopeePay and thus drives further adoption. When the user base grows larger and larger, more merchants expressed their interest to get on board, accelerating the acquisition on both sides (merchants and consumers) of the business. Users also get additional benefits such as cashback and vouchers, which help to spur the network effect. Over time, customer acquisition costs (“CAC”) will also come down as more users join organically.ShopeePay’s use cases include bill payments, contactless payment at offline retails, paying for taxi rides (i.e. partnership with Blue Bird Taxi in Indonesia), and many more.Source: Sea Quarterly ReportS&M expenses increased 65% YoY as SeaMoney drives more adoption to its mobile wallet business. However, S&M expenses as a % of TPV have reduced to 4.26% from 5.64% a year ago, showing sales efficiency as lower marketing spending are translating into higher revenue growth. If we add back the S&M expenses to its adjusted EBITDA, its normalized margin for this quarter is actually 27.8%. This shows that its margin is artificially depressed as the management is intentionally spending on S&M to grow its market share.Source: Sea Quarterly ReportAs of Q3’21, the number of quarterly paying users (“QPU”) reached 39.7 million, a 20% sequential growth from Q2’21. This existing user base is important as its digital bank is set to launch in 2022.Diving deeper, we can get a glimpse into the upcoming financial products that will be launched based on Linkedin’s job openings, and that includes insurance,wealth management,prepaid cards, and as well as credit services revolving around repayment loans and revolving credits. And in Sep 2021, SeaMoney also launched its digital bank app in Indonesia.RisksThe slowdown in Garena’s growth rateAs Garena’s growth starts to taper down, it is important for us to track whether the PUR and ARPPU are increasing over time as these tell us whether they are improving their monetization capabilities.However, we do not expect growth to decline drastically due to the highly engaging nature of the game, and as well as new ideas in the pipeline.Shopee aggressive expansion into new marketsShopee entry into new markets and the competitive pressure may accelerate its cash burn rate and erode its profit margin over time. However, we believe the risk is mitigated for a few reasons — due to the hefty $11.2 billion cash on its balance sheet, cash cow of Garena, and not to mention, Shopee is also profitable on a GPM basis.Going forward, we should track Shopee’s website traffic,app rankings,google trends,social media followings to see if these investments are translating into results.ValuationTo calculate the intrinsic value of Sea Group, we will be using the sum-of-the-parts (“SOTP”) valuation model and some comparables.Source: Morningstar, OutlookIndiaGarena ValuationSource: Own EstimatesTo determine a reasonable multiple to assign to Garena, we cross-reference to other gaming peers such as Electronic Arts (NASDAQ:EA) and Activision Blizzard (NASDAQ:ATVI), which are trading at roughly 18x multiple. Considering that both companies are growing much faster, and growth rate in Q3’21, an implied multiple of 18x and a forward growth rate of 25% are reasonable. Therefore, Garena is worth approximately $63.83 billion.Shopee ValuationLooking at comparable transactions of Flipkart, Tokopedia, and Lazada, along with assessing the quality of each business, we think of a fair multiple of EV/GMV as 1x.Source: Own EstimatesWith an implied EV/GMV of 1x, and a forward 100% growth rate on Shopee’s last 12 months (“LTM”) GMV of $56 billion, Shopee is worth $112.6 billion.SeaMoney ValuationSource: Own EstimatesReferencing from matured peers such as Paypal (NASDAQ: PYPL) with an operating margin of 25% and take-rate of 2.3%, we think that these financial metrics are achievable for SeaMoney. With a forward growth rate of 100% based on Q3’21 results, considering that it is still in the early stages and yet to launch its digital bank, this gives us an implied EV/TPV of 0.3x.Source: Own EstimatesWith an implied EV/TPV of 0.3x, and a growth of 100% on the annualized TPV (based on Q3’21 TPV), SeaMoney is worth $11 billion.Entire BusinessSource: Own EstimatesAfter calculating the individual business segments, this gives us a market cap of $196.9 billion for the entire business, after accounting for cash and debt. With shares outstanding of 576 million, after factoring in 4% dilution, this gives us an intrinsic value of $341.33 per share, a 55.4% upside from the current share price.ConclusionShopee continues to extend its market leadership position by pursuing new growth opportunities in new markets. While Shopee seems to be fighting too many wars on its front, it has demonstrated that it has strong localization capabilities and the know-how to expand overseas as Shopee tops the shopping app across Latin America and Poland within a short span of 3 to 6 months. However, the incumbents are still leading by website traffic, and it is still early to judge whether Shopee could be a real threat to its rivals.Next, while Garena’s growth seems to be slowing down, we do not think its growth has reached its peak because of its strong growth exhibited in the US, paying user ratio of only 12.8%, and potential games in the pipelines. With the management track record of creating highly engaging content on FF, we believe it can be an enduring franchise for years to come, with growth likely not to taper down so quickly.The management is intentionally suppressing SeaMoney’s margins by ramping up the S&M efforts to drive more adoption to its mobile wallet business. However, they have demonstrated sales efficiency as S&M as % of revenue is declining YOY. With the digital bank set to launch in Singapore in FY2022, we believe SeaMoney is still in the early stages of growth.Finally, based on our estimation, we believe Sea Group is worth $341.33 per share. This is a 55.4% upside from the current share price.This article was written by Superstocks Seekers.","news_type":1},"isVote":1,"tweetType":1,"viewCount":28,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815179983,"gmtCreate":1630660789642,"gmtModify":1676530369029,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"Interesting moves over the past few days.","listText":"Interesting moves over the past few days.","text":"Interesting moves over the past few days.","images":[{"img":"https://static.tigerbbs.com/65895b9d8382134caf15790ff9320789","width":"1125","height":"3542"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/815179983","isVote":1,"tweetType":1,"viewCount":308,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9096214413,"gmtCreate":1644398048941,"gmtModify":1676533921070,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"1% increase&nbsp;is not really a jump is it?","listText":"1% increase&nbsp;is not really a jump is it?","text":"1% increase is not really a jump is it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9096214413","repostId":"1189391853","repostType":4,"isVote":1,"tweetType":1,"viewCount":190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9002625304,"gmtCreate":1641999869929,"gmtModify":1676533670412,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"The headline doesn’t make sense until you read the whole article.","listText":"The headline doesn’t make sense until you read the whole article.","text":"The headline doesn’t make sense until you read the whole article.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9002625304","repostId":"1114732808","repostType":2,"repost":{"id":"1114732808","kind":"news","pubTimestamp":1641995536,"share":"https://ttm.financial/m/news/1114732808?lang=&edition=fundamental","pubTime":"2022-01-12 21:52","market":"us","language":"en","title":"Palantir: Worth $10, But I'll Buy At $15","url":"https://stock-news.laohu8.com/highlight/detail?id=1114732808","media":"seekingalpha","summary":"SummaryPalantir's share price has fallen over 30% in the last 6 months, but fundamentals look strong","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Palantir&#39;s share price has fallen over 30% in the last 6 months, but fundamentals look stronger than ever.</li><li>I see improved profitability in the future and a service that competitors will struggle to replicate.</li><li>Macro headwinds are a challenge, but just.</li><li>At worst, Palantir is worth $10, but I&#39;d definitely add at $15. There&#39;s still plenty of room for the company to surprise investors.</li></ul><p><b>Thesis Summary</b></p><p>Palantir’s(NYSE:PLTR)share price has fallen nearly 30% in the last six months amid a broader tech selloff. Bears have come out of the cave, with some going as far as declaring that the company is worth as little as $5 share.</p><p>Granted, the company has its problems, but it is still a pioneering company in a growing sector. Unlike the naysayers, I do believe that Palantir has a moat and I see evidence that it could achieve higher profitability as it scales.</p><p>What is Palantir’s “fair value”? Being conservative, I could go as low as $10/share, but the market won’t take it that low. At $15, this is a screaming buy due to its long-term potential. Growth in the private sector will be the definitive trend to watch for in the next decade.</p><p><b>Palantir does have a moat (for now)</b></p><p>One of the biggest areas of debate surrounding Palantir is the existence or lack of a “moat” around its business. When it comes to technology like AI, it can be hard for investors to understand just how “unique” a certain technology is.</p><p>Palantir offers Foundry for enterprises and Gotham for governments, which is an AI data analytics tool. Used in the right way and by the right people, it can be used to seamlessly sift through data and find patterns or trends that could potentially do anything from stopping a terrorist attack to optimizing supply chains.</p><p>Is this software unique? There are a lot of other companies in the lucrative space of data analytics, but few that have the capabilities of Palantir. Evidence of this, of course, is the large presence the company has achieved in the public sector. However, what is also misunderstood by many is that Palantir has amassed some of the best talent in the industry.</p><p>It is this combination of talent, which comes at the price of stock-based compensation, and a top of line software/AI, which give Palantir its moat.</p><p><b>Economies of scale are happening</b></p><p>The other main issue that people have with Palantir, is profitability. The company is losing cash every year and funding its operations through stock dilution. However, what people fail to see is that Palantir is funding growth and expansion. If the company wanted to, I believe it could indeed turn a profit as soon as next year. After all, the company has a levered FCF margin of around 35%.</p><p>But profitability isn’t what the company wants, as it is trying to grow revenues and expand. Having said that, for those that believe profitability is a pipedream, I found the most encouraging evidence of economies of scale in the latest earnings call presentation.During the Q&amp;A section, a very interesting point was made regarding the different modules that the company has been able to create for Foundry. In short, Palantir has been able to create specialized versions of Foundry which can be used for specific situations/industries. In other words, the company has been able to standardize its work to a degree. The data problems that one company faces, aren’t unique and from what I gather, Palantir can now deploy previously created modules to solve similar problems while decreasing the workload and deployment time.</p><p><b>How much is Palantir worth now and in the future?</b></p><p>With all of the above said, Palantir doesn’t seem to me like bad company. But is the valuation stretched? That depends on what multiples the market assigns, the actual growth rates, and the level of dilution we see moving forward.</p><p>In a previous article, I forecasted the revenue growth of Palantir based on current trends and estimates, and also looked at a possible trajectory for the overall share growth based on financing needs and balance sheet structure.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f751d9a2d6909956f9ca75d692d1eb3\" tg-width=\"717\" tg-height=\"261\" width=\"100%\" height=\"auto\"/><span>Palantir Growth</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d3c17b0966870585d0f4bc51a488ddb\" tg-width=\"728\" tg-height=\"759\" width=\"100%\" height=\"auto\"/><span>Palantir Shares</span></p><p>The projections for 2021 are on the higher side, but the growth fits the overall narrative of the company of going from a 40% growth rate to a stabilized 30% CAGR over the next decade. Also, bear in mind Palantir has typically beaten its revenue forecasts.</p><p>With this revenue and share count, we can easily calculate a target share price, all we need is to assign a P/S multiple.</p><p>In 2021, Palantir has traded at a P/S of around 20 and as high as 30. While I agree that this is on the higher end of the spectrum, it is much more reasonable than assigning a P/S of 5. I would argue the best way to find a reasonable ratio, is to find a comparable company, and I’d say Splunk Inc(NASDAQ:SPLK)is a good start. Splunk, like Palantir, is in the data business, it has similar margins and even a presence in the public sector, making it a close competitor to Palantir.</p><p>Splunk currently has a P/S of around 7.6, but it has also grown revenues at only 10% in the last year, far below Palantir’s 43% growth rate. With this in mind, I could easily justify Palantir having a P/S of 15. Even if you believe both Palantir and Splunk are due for further multiple contractions I think a P/S of 10 for Palantir is as low as the market will go. With that said, I’ll establish a price range using a P/S of 10-15 and using my forecasts for 2022 and 2025.</p><p>Therefore, my price target for 2022 based on P/S would be $11.5-$15.2. By 2025, at the same P/S, the shares would be worth between $24.6-$37. Bear in mind this implies a significant multiple contraction compared to what we have seen in 2021.</p><p><b>Other considerations</b></p><p>I think $10 is a floor that Palantir won’t break. I’d be happy to scoop up those shares at that price, and even at $15. Palantir is well-positioned for long-term growth, and it could pleasantly surprise investors, especially if it can make more inroads in the private sector. For now, indeed, unprofitable companies like Palantir are not fashionable, due to the idea that the Fed will be raising rates “soon”. This is yet to be seen.</p><p>As I’ve mentioned before, inflation will struggle to remain high while money velocity is trending lower. Could we have already seen the highest levels of inflation? Without direct fiscal stimulus (literally sending people money) inflation won’t persist, and without inflation low rates, cheap money and high growth will remain good investments.</p><p><b>Takeaway</b></p><p>Certainly, anything could happen, and it’s important to have a diversified portfolio of companies, but at these prices, Palantir offers limited downside while holding the potential to surprise investors in the next few months and even years.</p></body></html>","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>Palantir: Worth $10, But I'll Buy At $15</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\">\nPalantir: Worth $10, But I'll Buy At $15\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-12 21:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4479204-palantir-stock-worth-10-dollars-buy-at-15><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryPalantir's share price has fallen over 30% in the last 6 months, but fundamentals look stronger than ever.I see improved profitability in the future and a service that competitors will struggle...</p>\n\n<a href=\"https://seekingalpha.com/article/4479204-palantir-stock-worth-10-dollars-buy-at-15\">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/4479204-palantir-stock-worth-10-dollars-buy-at-15","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1114732808","content_text":"SummaryPalantir's share price has fallen over 30% in the last 6 months, but fundamentals look stronger than ever.I see improved profitability in the future and a service that competitors will struggle to replicate.Macro headwinds are a challenge, but just.At worst, Palantir is worth $10, but I'd definitely add at $15. There's still plenty of room for the company to surprise investors.Thesis SummaryPalantir’s(NYSE:PLTR)share price has fallen nearly 30% in the last six months amid a broader tech selloff. Bears have come out of the cave, with some going as far as declaring that the company is worth as little as $5 share.Granted, the company has its problems, but it is still a pioneering company in a growing sector. Unlike the naysayers, I do believe that Palantir has a moat and I see evidence that it could achieve higher profitability as it scales.What is Palantir’s “fair value”? Being conservative, I could go as low as $10/share, but the market won’t take it that low. At $15, this is a screaming buy due to its long-term potential. Growth in the private sector will be the definitive trend to watch for in the next decade.Palantir does have a moat (for now)One of the biggest areas of debate surrounding Palantir is the existence or lack of a “moat” around its business. When it comes to technology like AI, it can be hard for investors to understand just how “unique” a certain technology is.Palantir offers Foundry for enterprises and Gotham for governments, which is an AI data analytics tool. Used in the right way and by the right people, it can be used to seamlessly sift through data and find patterns or trends that could potentially do anything from stopping a terrorist attack to optimizing supply chains.Is this software unique? There are a lot of other companies in the lucrative space of data analytics, but few that have the capabilities of Palantir. Evidence of this, of course, is the large presence the company has achieved in the public sector. However, what is also misunderstood by many is that Palantir has amassed some of the best talent in the industry.It is this combination of talent, which comes at the price of stock-based compensation, and a top of line software/AI, which give Palantir its moat.Economies of scale are happeningThe other main issue that people have with Palantir, is profitability. The company is losing cash every year and funding its operations through stock dilution. However, what people fail to see is that Palantir is funding growth and expansion. If the company wanted to, I believe it could indeed turn a profit as soon as next year. After all, the company has a levered FCF margin of around 35%.But profitability isn’t what the company wants, as it is trying to grow revenues and expand. Having said that, for those that believe profitability is a pipedream, I found the most encouraging evidence of economies of scale in the latest earnings call presentation.During the Q&A section, a very interesting point was made regarding the different modules that the company has been able to create for Foundry. In short, Palantir has been able to create specialized versions of Foundry which can be used for specific situations/industries. In other words, the company has been able to standardize its work to a degree. The data problems that one company faces, aren’t unique and from what I gather, Palantir can now deploy previously created modules to solve similar problems while decreasing the workload and deployment time.How much is Palantir worth now and in the future?With all of the above said, Palantir doesn’t seem to me like bad company. But is the valuation stretched? That depends on what multiples the market assigns, the actual growth rates, and the level of dilution we see moving forward.In a previous article, I forecasted the revenue growth of Palantir based on current trends and estimates, and also looked at a possible trajectory for the overall share growth based on financing needs and balance sheet structure.Palantir GrowthPalantir SharesThe projections for 2021 are on the higher side, but the growth fits the overall narrative of the company of going from a 40% growth rate to a stabilized 30% CAGR over the next decade. Also, bear in mind Palantir has typically beaten its revenue forecasts.With this revenue and share count, we can easily calculate a target share price, all we need is to assign a P/S multiple.In 2021, Palantir has traded at a P/S of around 20 and as high as 30. While I agree that this is on the higher end of the spectrum, it is much more reasonable than assigning a P/S of 5. I would argue the best way to find a reasonable ratio, is to find a comparable company, and I’d say Splunk Inc(NASDAQ:SPLK)is a good start. Splunk, like Palantir, is in the data business, it has similar margins and even a presence in the public sector, making it a close competitor to Palantir.Splunk currently has a P/S of around 7.6, but it has also grown revenues at only 10% in the last year, far below Palantir’s 43% growth rate. With this in mind, I could easily justify Palantir having a P/S of 15. Even if you believe both Palantir and Splunk are due for further multiple contractions I think a P/S of 10 for Palantir is as low as the market will go. With that said, I’ll establish a price range using a P/S of 10-15 and using my forecasts for 2022 and 2025.Therefore, my price target for 2022 based on P/S would be $11.5-$15.2. By 2025, at the same P/S, the shares would be worth between $24.6-$37. Bear in mind this implies a significant multiple contraction compared to what we have seen in 2021.Other considerationsI think $10 is a floor that Palantir won’t break. I’d be happy to scoop up those shares at that price, and even at $15. Palantir is well-positioned for long-term growth, and it could pleasantly surprise investors, especially if it can make more inroads in the private sector. For now, indeed, unprofitable companies like Palantir are not fashionable, due to the idea that the Fed will be raising rates “soon”. This is yet to be seen.As I’ve mentioned before, inflation will struggle to remain high while money velocity is trending lower. Could we have already seen the highest levels of inflation? Without direct fiscal stimulus (literally sending people money) inflation won’t persist, and without inflation low rates, cheap money and high growth will remain good investments.TakeawayCertainly, anything could happen, and it’s important to have a diversified portfolio of companies, but at these prices, Palantir offers limited downside while holding the potential to surprise investors in the next few months and even years.","news_type":1},"isVote":1,"tweetType":1,"viewCount":33,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955016923,"gmtCreate":1675069439062,"gmtModify":1676538973676,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"Why?","listText":"Why?","text":"Why?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9955016923","repostId":"1117698925","repostType":2,"repost":{"id":"1117698925","kind":"news","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":1675069225,"share":"https://ttm.financial/m/news/1117698925?lang=&edition=fundamental","pubTime":"2023-01-30 17:00","market":"us","language":"en","title":"Hot Chinese ADRs Slid in Premarket Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1117698925","media":"Tiger Newspress","summary":"Hot Chinese ADRs slid in premarket trading.Bilibili fell over 7%; Alibaba fell over 6%; XPeng fell o","content":"<html><head></head><body><p>Hot Chinese ADRs slid in premarket trading.</p><p>Bilibili fell over 7%; Alibaba fell over 6%; XPeng fell over 5%; NIO fell over 4%.</p><p><img src=\"https://static.tigerbbs.com/632b62fd88e87bb82c56d0c3350eb405\" tg-width=\"482\" tg-height=\"471\" referrerpolicy=\"no-referrer\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hot Chinese ADRs Slid in Premarket 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\">\nHot Chinese ADRs Slid in Premarket 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\">2023-01-30 17:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Hot Chinese ADRs slid in premarket trading.</p><p>Bilibili fell over 7%; Alibaba fell over 6%; XPeng fell over 5%; NIO fell over 4%.</p><p><img src=\"https://static.tigerbbs.com/632b62fd88e87bb82c56d0c3350eb405\" tg-width=\"482\" tg-height=\"471\" referrerpolicy=\"no-referrer\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","XPEV":"小鹏汽车","BABA":"阿里巴巴"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117698925","content_text":"Hot Chinese ADRs slid in premarket trading.Bilibili fell over 7%; Alibaba fell over 6%; XPeng fell over 5%; NIO fell over 4%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":227,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9004650497,"gmtCreate":1642592902758,"gmtModify":1676533725569,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"With such good earnings. How is the stock down pre-market?","listText":"With such good earnings. How is the stock down pre-market?","text":"With such good earnings. How is the stock down pre-market?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9004650497","repostId":"2204030097","repostType":2,"repost":{"id":"2204030097","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1642596279,"share":"https://ttm.financial/m/news/2204030097?lang=&edition=fundamental","pubTime":"2022-01-19 20:44","market":"hk","language":"en","title":"Bank of America Q4 EPS $0.82 Beats $0.76 Estimate","url":"https://stock-news.laohu8.com/highlight/detail?id=2204030097","media":"Benzinga","summary":"-Reuters","content":"<html><body><p>-Reuters</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bank of America Q4 EPS $0.82 Beats $0.76 Estimate</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\">\nBank of America Q4 EPS $0.82 Beats $0.76 Estimate\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2022-01-19 20:44</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>-Reuters</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BAC":"美国银行"},"source_url":"https://www.benzinga.com/news/earnings/22/01/25104140/bank-of-america-q4-eps-0-82-beats-0-76-estimate","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2204030097","content_text":"-Reuters","news_type":1},"isVote":1,"tweetType":1,"viewCount":292,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9000617492,"gmtCreate":1640147198281,"gmtModify":1676533503759,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/O39.SI\">$OVERSEA-CHINESE BANKING CORP(O39.SI)$</a>Just bought 1 lot with SRS money. Have you deposited your SRS?","listText":"<a href=\"https://ttm.financial/S/O39.SI\">$OVERSEA-CHINESE BANKING CORP(O39.SI)$</a>Just bought 1 lot with SRS money. Have you deposited your SRS?","text":"$OVERSEA-CHINESE BANKING CORP(O39.SI)$Just bought 1 lot with SRS money. Have you deposited your SRS?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9000617492","isVote":1,"tweetType":1,"viewCount":271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943664356,"gmtCreate":1679412451176,"gmtModify":1679412453972,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$Meta Platforms, Inc.(META)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943664356","isVote":1,"tweetType":1,"viewCount":279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182243574116448,"gmtCreate":1685502135457,"gmtModify":1685502274136,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"What a silly commentary. On the contrary, AMZN launched 'Bedrock' and 'Titan' AI products.","listText":"What a silly commentary. On the contrary, AMZN launched 'Bedrock' and 'Titan' AI products.","text":"What a silly commentary. On the contrary, AMZN launched 'Bedrock' and 'Titan' AI products.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182243574116448","repostId":"2339686231","repostType":2,"repost":{"id":"2339686231","kind":"highlight","pubTimestamp":1685499900,"share":"https://ttm.financial/m/news/2339686231?lang=&edition=fundamental","pubTime":"2023-05-31 10:25","market":"us","language":"en","title":"Amazon Likely Won't Participate In AI Hype, 3 Reasons","url":"https://stock-news.laohu8.com/highlight/detail?id=2339686231","media":"Seeking Alpha","summary":"SummaryAmazon.com, Inc. is not a growth company anymore but is still priced as a growth story.While ","content":"<html><head></head><body><h2 style=\"text-align: left;\">Summary</h2><ul><li><p>Amazon.com, Inc. is not a growth company anymore but is still priced as a growth story.</p></li><li><p>While artificial intelligence has potential benefits for ecommerce companies, it is uncertain how it will impact Amazon&#39;s future, and the hype surrounding AI should be examined critically.</p></li><li><p>Investors are overly optimistic about Amazon&#39;s AI prospects, overlooking crucial aspects such as declining growth rates, and the challenge of finding a significant revenue stream in AI.</p></li><li><p>Valuation is a crucial factor, and at more than 45x its 2024 EPS, Amazon&#39;s stock appears overpriced considering its growth rate.</p></li><li><p>Success in investing lies in buying stocks below intrinsic value, a criterion that Amazon doesn&#39;t meet right now.</p></li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/56f7e2740a50796186f6605711a648b7\" alt=\"fabioderby\" title=\"fabioderby\" tg-width=\"750\" tg-height=\"500\"/><span>fabioderby</span></p><h2>Investment Thesis</h2><p>I argue that investors should not chase <strong>Amazon.com, Inc.</strong> (NASDAQ:AMZN).</p><p>In this analysis, I lay out 3 reasons, with 3 arguments in each section, as to why Amazon is not likely to benefit from the AI hype.</p><p>At the core of my argument is the fact that Amazon is not a growth company any longer and that it&#39;s still priced as a growth story.</p><p>This doesn&#39;t provide investors with the right setup to benefit from this investment at the current valuation - even if the share price is rallying hard on the back of Wall Street&#39;s AI-fever.</p><h2>AI is A Game Changer</h2><p>Here are three aspects where AI will benefit commerce companies:</p><ul><li><p>Companies can deploy AI to analyze vast amounts of customer data to personalize recommendations.</p></li><li><p>AI can automate repetitive tasks and streamline supply chain operations.</p></li><li><p>AI can optimize inventory management and reduce operational costs by providing real-time customer support (think chatbots).</p></li></ul><p>How will AI impact Amazon? As Niels Bohr said, it is difficult to make predictions, especially about the future.</p><p>For now, there&#39;s just so much excitement about AI. But let&#39;s attempt to move beyond the hype and the alluring narrative, to look into Amazon&#39;s fundamentals.</p><h2>Why Investors Are Getting Too Bullish on Amazon&#39;s AI Prospects</h2><p>Here are three crucial aspects of why investors are getting too bullish on Amazon&#39;s AI prospects.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/37093ce2fbfc724edcaf89e4335e193c\" alt=\"AMZN revenue growth rates\" title=\"AMZN revenue growth rates\" tg-width=\"1869\" tg-height=\"565\"/><span>AMZN revenue growth rates</span></p><p>In the first instance, it&#39;s important to keep in mind that Amazon&#39;s growth rates are now reporting meaningfully less than 20% CAGR. In fact, the guidance for Q2 2023 is up against relatively easy comparables, and at the high end Amazon is guided for around 10%. Even if Amazon ends up growing by 12% CAGR, I believe that in H2 2023 its growth rates will not move higher than 12% CAGR.</p><p>Secondly, by the end of 2023, Amazon&#39;s retail operations will generate $500 billion in revenues. That comes from selling merchandise. To find a needle-moving revenue stream in AI that will be significant enough to meaningfully change the direction of its core business will be quite a stretch.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b48f3f1c5354627daca759863db3440a\" alt=\"AMZN Q1 2023\" title=\"AMZN Q1 2023\" tg-width=\"1085\" tg-height=\"157\"/><span>AMZN Q1 2023</span></p><p>Particularly, when we consider that even today Amazon&#39;s International segment is still a money-losing operation. Meaning that outside of North America, after years upon years of investing in its International segment, Amazon still hasn&#39;t figured out a way to be profitable.</p><p>And thirdly, Amazon succeeded with Amazon Web Services, or AWS, because it was years ahead of anyone else in figuring out the need for storage. Indeed, I&#39;m confident that I don&#39;t need to remind anyone of Warren Buffett&#39;s quote on AWS. Can the objective Amazon shareholder say that the same applies here? I believe that Amazon was caught just as flatfooted on AI as Alphabet Inc. (GOOGL, GOOG) aka Google. Or perhaps even more flatfooted.</p><h2>Valuation Still Matters</h2><p>Here are 3 quick summaries of bubbles that happened in the past 10 years:</p><ul><li><p>The housing bubble of the early 2000s. Home prices soared driven by speculation on the belief that housing prices would continue to rise indefinitely.</p></li><li><p>3D printing of 2013-2014 (although this one repeats every so many years)</p></li><li><p>The cannabis bubble, as the legalization of cannabis gained momentum drew significant investor attention.</p></li></ul><p>I&#39;ve not included cryptocurrency because that&#39;s more nuanced. Even though most cryptocurrencies have died OUT, some are still thriving. My point here is that on every occurrence, investors honestly believed that this time was different. It always starts off with a half-truth. And as they say, a half-truth is more dangerous than a lie.</p><p>As we look out to 2024, investors are being asked to pay more than 45x forward EPS. And I know the refrain very well, that Amazon isn&#39;t priced on earnings, because its investing for growth.</p><p>However, on that basis, I question, where&#39;s the growth? Because from what I see, the stock is growing at less than 15% CAGR.</p><h2>The Bottom Line</h2><blockquote>The only thing we know about the future is that it will be different. (Peter Drucker.)</blockquote><p>The reason why Warren Buffett succeeds in investing is not because he is able to predict the future better than anyone. Making predictions about the future is not the way to compound wealth. The way to compound wealth is to buy stocks that are selling for less than intrinsic value.</p><p>I don&#39;t believe that Amazon.com, Inc. stock is being priced for less than intrinsic value. And even if right now the share price appears to be smiling away, we both know from a look back to 2022 that the Amazon.com, Inc. share price is not immune to selling off.</p><p><em>This article is written by </em><strong><em>Michael Wiggins De Oliveira</em></strong><em> for reference only. Please note the risks.</em></p></body></html>","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>Amazon Likely Won't Participate In AI Hype, 3 Reasons</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon Likely Won't Participate In AI Hype, 3 Reasons\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-05-31 10:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4608297-amazon-likely-wont-participate-in-ai-hype-3-reasons><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryAmazon.com, Inc. is not a growth company anymore but is still priced as a growth story.While artificial intelligence has potential benefits for ecommerce companies, it is uncertain how it will ...</p>\n\n<a href=\"https://seekingalpha.com/article/4608297-amazon-likely-wont-participate-in-ai-hype-3-reasons\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","BK4534":"瑞士信贷持仓","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","SG9999001077.SGD":"United International Growth Fund SGD","BK4587":"ChatGPT概念","LU0061474960.USD":"天利环球焦点基金AU Acc","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","BK4535":"淡马锡持仓","BK4538":"云计算","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","LU0109392836.USD":"富兰克林科技股A","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","BK4588":"碎股","AMZN":"亚马逊","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","BK4503":"景林资产持仓","BK4551":"寇图资本持仓","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","BK4573":"虚拟现实","BK4561":"索罗斯持仓","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0861579265.USD":"联博低波幅策略股票基金A","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0882574139.USD":"富达环球消费行业基金A ACC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC"},"source_url":"https://seekingalpha.com/article/4608297-amazon-likely-wont-participate-in-ai-hype-3-reasons","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2339686231","content_text":"SummaryAmazon.com, Inc. is not a growth company anymore but is still priced as a growth story.While artificial intelligence has potential benefits for ecommerce companies, it is uncertain how it will impact Amazon's future, and the hype surrounding AI should be examined critically.Investors are overly optimistic about Amazon's AI prospects, overlooking crucial aspects such as declining growth rates, and the challenge of finding a significant revenue stream in AI.Valuation is a crucial factor, and at more than 45x its 2024 EPS, Amazon's stock appears overpriced considering its growth rate.Success in investing lies in buying stocks below intrinsic value, a criterion that Amazon doesn't meet right now.fabioderbyInvestment ThesisI argue that investors should not chase Amazon.com, Inc. (NASDAQ:AMZN).In this analysis, I lay out 3 reasons, with 3 arguments in each section, as to why Amazon is not likely to benefit from the AI hype.At the core of my argument is the fact that Amazon is not a growth company any longer and that it's still priced as a growth story.This doesn't provide investors with the right setup to benefit from this investment at the current valuation - even if the share price is rallying hard on the back of Wall Street's AI-fever.AI is A Game ChangerHere are three aspects where AI will benefit commerce companies:Companies can deploy AI to analyze vast amounts of customer data to personalize recommendations.AI can automate repetitive tasks and streamline supply chain operations.AI can optimize inventory management and reduce operational costs by providing real-time customer support (think chatbots).How will AI impact Amazon? As Niels Bohr said, it is difficult to make predictions, especially about the future.For now, there's just so much excitement about AI. But let's attempt to move beyond the hype and the alluring narrative, to look into Amazon's fundamentals.Why Investors Are Getting Too Bullish on Amazon's AI ProspectsHere are three crucial aspects of why investors are getting too bullish on Amazon's AI prospects.AMZN revenue growth ratesIn the first instance, it's important to keep in mind that Amazon's growth rates are now reporting meaningfully less than 20% CAGR. In fact, the guidance for Q2 2023 is up against relatively easy comparables, and at the high end Amazon is guided for around 10%. Even if Amazon ends up growing by 12% CAGR, I believe that in H2 2023 its growth rates will not move higher than 12% CAGR.Secondly, by the end of 2023, Amazon's retail operations will generate $500 billion in revenues. That comes from selling merchandise. To find a needle-moving revenue stream in AI that will be significant enough to meaningfully change the direction of its core business will be quite a stretch.AMZN Q1 2023Particularly, when we consider that even today Amazon's International segment is still a money-losing operation. Meaning that outside of North America, after years upon years of investing in its International segment, Amazon still hasn't figured out a way to be profitable.And thirdly, Amazon succeeded with Amazon Web Services, or AWS, because it was years ahead of anyone else in figuring out the need for storage. Indeed, I'm confident that I don't need to remind anyone of Warren Buffett's quote on AWS. Can the objective Amazon shareholder say that the same applies here? I believe that Amazon was caught just as flatfooted on AI as Alphabet Inc. (GOOGL, GOOG) aka Google. Or perhaps even more flatfooted.Valuation Still MattersHere are 3 quick summaries of bubbles that happened in the past 10 years:The housing bubble of the early 2000s. Home prices soared driven by speculation on the belief that housing prices would continue to rise indefinitely.3D printing of 2013-2014 (although this one repeats every so many years)The cannabis bubble, as the legalization of cannabis gained momentum drew significant investor attention.I've not included cryptocurrency because that's more nuanced. Even though most cryptocurrencies have died OUT, some are still thriving. My point here is that on every occurrence, investors honestly believed that this time was different. It always starts off with a half-truth. And as they say, a half-truth is more dangerous than a lie.As we look out to 2024, investors are being asked to pay more than 45x forward EPS. And I know the refrain very well, that Amazon isn't priced on earnings, because its investing for growth.However, on that basis, I question, where's the growth? Because from what I see, the stock is growing at less than 15% CAGR.The Bottom LineThe only thing we know about the future is that it will be different. (Peter Drucker.)The reason why Warren Buffett succeeds in investing is not because he is able to predict the future better than anyone. Making predictions about the future is not the way to compound wealth. The way to compound wealth is to buy stocks that are selling for less than intrinsic value.I don't believe that Amazon.com, Inc. stock is being priced for less than intrinsic value. And even if right now the share price appears to be smiling away, we both know from a look back to 2022 that the Amazon.com, Inc. share price is not immune to selling off.This article is written by Michael Wiggins De Oliveira for reference only. Please note the risks.","news_type":1},"isVote":1,"tweetType":1,"viewCount":347,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9954870977,"gmtCreate":1676275598200,"gmtModify":1676275600880,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$&nbsp;</a>Pump and dump happened","listText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$&nbsp;</a>Pump and dump happened","text":"$KEPPEL DC REIT(AJBU.SI)$ Pump and dump happened","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9954870977","isVote":1,"tweetType":1,"viewCount":253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9952501322,"gmtCreate":1674790560366,"gmtModify":1676538958909,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$&nbsp;</a>On a tear lately!","listText":"<a href=\"https://ttm.financial/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$&nbsp;</a>On a tear lately!","text":"$KEPPEL DC REIT(AJBU.SI)$ On a tear lately!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9952501322","isVote":1,"tweetType":1,"viewCount":388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9956101123,"gmtCreate":1673920671262,"gmtModify":1676538903245,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U11.SI\">$UNITED OVERSEAS BANK LIMITED(U11.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>","listText":"<a href=\"https://ttm.financial/S/U11.SI\">$UNITED OVERSEAS BANK LIMITED(U11.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>","text":"$UNITED OVERSEAS BANK LIMITED(U11.SI)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9956101123","isVote":1,"tweetType":1,"viewCount":83,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9013030459,"gmtCreate":1648650969693,"gmtModify":1676534371615,"author":{"id":"3583115060100319","authorId":"3583115060100319","name":"Danchen","avatar":"https://static.tigerbbs.com/caae1f818e00264c55c27451689918ef","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583115060100319","authorIdStr":"3583115060100319"},"themes":[],"htmlText":"The analyst must be receiving a lot of threat now.","listText":"The analyst must be receiving a lot of threat now.","text":"The analyst must be receiving a lot of threat now.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9013030459","repostId":"1120281495","repostType":4,"repost":{"id":"1120281495","kind":"news","pubTimestamp":1648632506,"share":"https://ttm.financial/m/news/1120281495?lang=&edition=fundamental","pubTime":"2022-03-30 17:28","market":"us","language":"en","title":"Amazon Gets First ‘Sell’ Rating Since 2020","url":"https://stock-news.laohu8.com/highlight/detail?id=1120281495","media":"Bloomberg","summary":"Analyst’s price target for Amazon implies 17% downsideThe stock is up more than 20% off the low hit ","content":"<html><head></head><body><ul><li>Analyst’s price target for Amazon implies 17% downside</li><li>The stock is up more than 20% off the low hit this month</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/35e0cace1e22efd457dcc395703e924f\" tg-width=\"1000\" tg-height=\"667\" width=\"100%\" height=\"auto\"/><span>Photographer: Kathy Tran/Bloomberg</span></p><p>Wall Street’s analysts are no longer marching in bullish lockstep when it comes to Amazon.com Inc.</p><p>BNP Paribas Exane analyst Stefan Slowinski initiated coverage of the e-commerce giant with an underperform rating. That makes him the only analyst among 58 tracked by Bloomberg with the equivalent of a sell call on the fourth-most valuable company in America. The last time an analyst had a sell rating on Amazon was in 2020, according to Bloomberg data.</p><p>Slowinski’s 12-month price target of $2,800, a new Street-low, is 17% below Tuesday’s close. The average analyst target is $4,102, or 21% above current levels.</p><p><img src=\"https://static.tigerbbs.com/a540630db9c6e68bd2038e3a28292f6b\" tg-width=\"930\" tg-height=\"523\" width=\"100%\" height=\"auto\"/></p><p>The call comes in the wake of a strong rally in Amazon shares. The stock is up 24% from a low hit this month, and iterased its lossesfor the year on Monday.</p><p>While big technology shares rallied recently, Amazon has also been supported by a 20-for-1 stock split announced this month. That move, which has fueled retail interest in the shares, followed fourth-quarter earnings that were much stronger than expected.</p></body></html>","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>Amazon Gets First ‘Sell’ Rating Since 2020</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon Gets First ‘Sell’ Rating Since 2020\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-30 17:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-03-30/amazon-gets-only-sell-rating-from-bnp-exane-after-sharp-rally?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Analyst’s price target for Amazon implies 17% downsideThe stock is up more than 20% off the low hit this monthPhotographer: Kathy Tran/BloombergWall Street’s analysts are no longer marching in bullish...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-03-30/amazon-gets-only-sell-rating-from-bnp-exane-after-sharp-rally?srnd=markets-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://www.bloomberg.com/news/articles/2022-03-30/amazon-gets-only-sell-rating-from-bnp-exane-after-sharp-rally?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120281495","content_text":"Analyst’s price target for Amazon implies 17% downsideThe stock is up more than 20% off the low hit this monthPhotographer: Kathy Tran/BloombergWall Street’s analysts are no longer marching in bullish lockstep when it comes to Amazon.com Inc.BNP Paribas Exane analyst Stefan Slowinski initiated coverage of the e-commerce giant with an underperform rating. That makes him the only analyst among 58 tracked by Bloomberg with the equivalent of a sell call on the fourth-most valuable company in America. The last time an analyst had a sell rating on Amazon was in 2020, according to Bloomberg data.Slowinski’s 12-month price target of $2,800, a new Street-low, is 17% below Tuesday’s close. The average analyst target is $4,102, or 21% above current levels.The call comes in the wake of a strong rally in Amazon shares. The stock is up 24% from a low hit this month, and iterased its lossesfor the year on Monday.While big technology shares rallied recently, Amazon has also been supported by a 20-for-1 stock split announced this month. That move, which has fueled retail interest in the shares, followed fourth-quarter earnings that were much stronger than expected.","news_type":1},"isVote":1,"tweetType":1,"viewCount":124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}