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- JadewuJadewu
  ·2021-08-31
  Ok
  Where Investors In Charge of $3 Trillion Are Putting Their Money
  As if the pandemic wasn’t warping global markets enough, China’s regulatory crackdown is suddenly ad
  Where Investors In Charge of $3 Trillion Are Putting Their Money
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- JadewuJadewu
  ·2021-08-24
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- JadewuJadewu
  ·2021-07-29
  Great
  Mastercard profit jumps 36% on vaccine-fueled spending boost
  July 29 (Reuters) - Mastercard Inc reported a second-quarter profit on Thursday that comfortably bea
  Mastercard profit jumps 36% on vaccine-fueled spending boost
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- JadewuJadewu
  ·2021-07-29
  Sell
  2 Reasons to Sell AMC Stock
  Still bag holding AMC Entertainment? It's time to jump ship.
  2 Reasons to Sell AMC Stock
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09:29","market":"us","language":"en","title":"Where Investors In Charge of $3 Trillion Are Putting Their Money","url":"https://stock-news.laohu8.com/highlight/detail?id=1118542593","media":"Bloomberg","summary":"As if the pandemic wasn’t warping global markets enough, China’s regulatory crackdown is suddenly ad","content":"<p>As if the pandemic wasn’t warping global markets enough, China’s regulatory crackdown is suddenly adding new unpredictability. So how best to invest in these strange times?</p>\n<p>Bloomberg News spoke with institutional investors with $3 trillion in combined assets under management to ask how they’re navigating economic turmoil caused by unpredictable recoveries and China’s shifting rules, which have frozen U.S. listings and almost erased the online education sector.</p>\n<p>Some are ramping up allocations to hedge funds -- reversing a years-long retreat -- hoping that active management can plot a path through a landscape of Covid-19 lockdowns and rebounds. Others are switching to undervalued stocks in Europe and India, avoiding the U.S.-China regulatory fracas.</p>\n<p>All recommended heightened caution and warned of a difficult recovery ahead.</p>\n<p>What follows is a look at their strategies.</p>\n<p><b>Temasek Holdings: AUM of S$381 billion ($283 billion)</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/515cbb4703e7e4fa67397d76091acfc2\" tg-width=\"800\" tg-height=\"532\" referrerpolicy=\"no-referrer\"><span>Nagi HamiyehPhotographer: Munshi Ahmed/Bloomberg</span></p>\n<p>Over the next 12 months, Singapore’s massive state-owned investor will look to companies that focus on digitization, e-commerce, cyber-security providers and increased sustainability, according to Nagi Hamiyeh, joint head of its investment group. The latter comes amid a rising tide of investors seeking to make their portfolios greener.</p>\n<p>None of this is entirely new. Temasek and others have plowed billions of dollars into these themes for years. But where some believe it’s fully-priced, Hamiyeh said there was still room to grow.</p>\n<p>Temasek remains bullish on China over the long term. Bets in the country account for 27% of its portfolio. Hamiyeh spoke with Bloomberg in mid-July, when China was in the midst of demonstrating its ability to inflict short-term pain. Investments in ride-hailing service Didi Global Inc. were tumbling. Since then online education providers have been eviscerated, and tensions with U.S. securities regulators have flared anew.</p>\n<p>Still, Hamiyeh expressed optimism that valuations of Chinese companies will climb over time, even if companies aren’t able to access U.S. markets. A spokesman for Temasek later added it will continue to invest in themes including the future of consumption in China and elsewhere.</p>\n<p>“There are other pools of capital, for example from Asia, that would use it as an opportunity,” he said. “So I wouldn’t say it necessarily affects the valuation. It will change the mix of institutional investors in these stocks.”</p>\n<p><b>GIC Pte: official AUM of “more than $100 billion,” estimated by SWFI at $545 billion</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/19a2539e1612af0d0c5e32753a74b730\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\"><span>Lim Chow KiatPhotographer: Wei Leng Tay/Bloomberg</span></p>\n<p>Singapore’s GIC sovereign wealth fund is also positive on China partly because of the way the country managed Covid-19, according to Chief Executive Officer Lim Chow Kiat.</p>\n<p>“China assets continue to offer good entry levels,” he said. “Especially relative to so-called developed-market valuations.”</p>\n<p>The firm is embedded in China with a team in Shanghai looking for real estate deals and another in Beijing hunting for private equity opportunities, according to Chief Investment Officer Jeffrey Jaensubhakij. The fund is delving into companies that focus on sustainability and technology, he said, adding that it is paying close attention to “what geopolitics forces companies to invest in.”</p>\n<p>Regulatory pressure in China, the U.S. and the European Union have triggered volatility in markets, creating buying opportunities for GIC. If Chinese companies can’t list in America -- thus excluding a large number of potential investors –- he sees other exchanges in places like Hong Kong and Singapore as “vibrant” alternatives.</p>\n<p>“We wouldn’t necessarily be transacting directly with a U.S. investor to take anything out of their hands,” he said, referring to buying stakes. If “prices drop and therefore our expected return on that asset moves up and becomes compelling relative to other things available to us then we naturally would look in.”</p>\n<p><b>Future Fund: AUM of A$197 billion ($144 billion)</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3dd31afd2945b9afc62231b39773ca10\" tg-width=\"800\" tg-height=\"527\" referrerpolicy=\"no-referrer\"><span>Peter CostelloPhotographer: Mark Graham/Bloomberg</span></p>\n<p>Australia’s sovereign wealth fund has pulled back from China amid the increasingly strained relationship between the respective governments, according to Future Fund chairman Peter Costello.</p>\n<p>“This is not because the government has instructed us to do it or anything like that, but we just thought in the difficulty of the situation, that we have to be careful with sovereign money,” he said in a conference call with journalists.</p>\n<p>Beyond politics, Chief Executive Officer Raphael Arndt said economic conditions were now ripe for a sustained increase in inflation - something that would be “very, very damaging” for returns given interest rates are effectively zero.</p>\n<p>“We are taking steps in the portfolio to get ready for that,” he said. The fund is considering how to allocate stocks across value and quality-type strategies, recently buying stakes in wind farm operatorTilt Renewables Ltd.andTelstra Corp.’s cell phone towers.</p>\n<p>“They’re examples of the sort of assets that we’d expect to do relatively better in that environment,” he said.</p>\n<p><b>Pictet Wealth Management: CHF 273 billion ($300 billion)</b></p>\n<p><img src=\"https://static.tigerbbs.com/c49c414ceea94f9d72fe4d2beb382ade\" tg-width=\"800\" tg-height=\"532\" referrerpolicy=\"no-referrer\">Pictet Wealth Management CIO Cesar Perez Ruiz is still positive about China markets but suggests investors apply a higher risk premium and pick Hong Kong-listed options when possible.</p>\n<p>Beyond geopolitics, hedge funds are back in favor. He says the uneven recovery from Covid-19 and its sudden twists and turns mean macro matters more than before.</p>\n<p>“For the first time in six years we’re positive on alternatives, with hedge funds being one of them,” he said. Macro and event-driven hedge funds &nbsp;-- the latter fueled by the rise in merger and acquisitions -- are now a viable way to anchor portfolios with negative correlations to other assets.</p>\n<p>While most of his peers believe inflation is transitory, Ruiz believes it’s stickier than people think. His reasoning is underpinned by high cost of shipping and increased wages as well as a lack of workers as countries attempt to produce more key goods at home.</p>\n<p>To find good picks that can survive different stages of cycles he’s skipping metrics like return on equity.</p>\n<p>“I go sector by sector and see who has been able to keep higher gross margins,” he said.</p>\n<p><b>Norges Bank Investment Management: 11.7 trillion NOK ($1.3 trillion)</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/66a0108723ce8e20e6925cca213dea3b\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\"><span>Nicolai TangenPhotographer: Odin Jaeger/Bloomberg</span></p>\n<p>For Norges Bank Investment Management CEO Nicolai Tangen, a former hedge-fund manager who’s been running Norway’s giant sovereign investment vehicle for almost a year, rising inflation could hit both its bond and stock market holdings. Because of its massive size, it has few options but to “sit through it.”</p>\n<p>Despite plans to sell down various assets over environmental, social and governance concerns, Tangen told Bloomberg Television that ESG and regulatory concerns were not necessarily reasons to cut back in China. The country accounts for 5% of its allocations.</p>\n<p>“We have large positions there and we really believe in a lot of those business models,” he said, using technology companies an example.</p>\n<p><b>China Renaissance: $8.8 billion</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cb3641ada2138b70242f7efb93205b62\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\"><span>Bao FanPhotographer: David Paul Morris/Bloomberg</span></p>\n<p>China Renaissance’s Bao Fan is looking to back Chinese startups deemed less susceptible to government scrutiny. For its latest Huaxing Growth Capital Fund III, the company scaled back on consumer internet investments and had zero exposure to core curriculum-focused tutoring companies.</p>\n<p>Smart industrial technology that can transform supply chains, contracts and transactions are targets as are providers of driverless technology, having already stakedNIO Inc.andLi Auto Inc.In health care it’s sifting through companies that provide early diagnostics, screening and monitoring devices.</p>\n<p>It’s generated internal rate of returns of 45% as of December, the company said, and invested in 122 companies. Now Bao’s mandate for investing is to focus on growth stage companies, investing in about 10 companies a year.</p>\n<p>“We’re in different times,” he said. “It is essential as a private equity investor to understand and anticipate these profound fundamental changes.”</p>\n<p><b>Lombard Odier (Private Bank): client assets of CHF 316 billion ($347 billion)</b></p>\n<p><img src=\"https://static.tigerbbs.com/fdbb03d98a0dd968988f4143f0ecc54b\" tg-width=\"800\" tg-height=\"683\" referrerpolicy=\"no-referrer\">For Stephane Monier, chief investment officer at Lombard Odier, banking, auto and energy stocks should perform well over the coming months while European equities in particular trade at a discount to U.S. peers. He predicts that increased funding from overseas investors into the region’s equities and higher rates of vaccination could fuel growth in Europe in the third quarter.</p>\n<p>Longer term, the bank continues to be bullish on China. Monier is planning to increase the fund’s China equity exposure by one percentage point to 4% as regulatory turmoils ease -- a figure that doesn’t include its indirect exposure to China via emerging-markets indexes. He expects it could take about six months for the dust to settle.</p>\n<p>“The Chinese central bank will have a more accommodative stance. We don’t think there will be risk of monetary tightening in the short future,” Monier said. “We think a large portion of the needed regulatory adjustments are now behind us.”</p>\n<p>While the increase in Chinese shares could include Chinese companies listed in the U.S. via ADRs, he sees them becoming “less and less relevant” compared with those listed in Hong Kong and mainland China over the medium to long term.</p>\n<p>He favors China-listed stocks that face less government intervention, including in banking, renewable energy, materials and industrial stocks. Monier is cautious about tech, property, education and health care.</p>\n<p><b>DWS Asia Pacific: 47 billion euros ($55 billion)</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd172b07756553948ae1f978225cd199\" tg-width=\"200\" tg-height=\"300\" referrerpolicy=\"no-referrer\"><span>Sean TaylorSource: DWS Asia Pacific</span></p>\n<p>Looking for an alternative to China? Hong Kong-based DWS APAC Chief Investment Officer Sean Taylor says the time is ripe to invest in selected Indian-listed IT service providers. Sales and profit in those companies are less dependent on domestic consumption or as affected by lockdowns because their clients are often in western markets.</p>\n<p>“They’re having a re-rating relative to Chinese and U.S. peers because they’re quite cheap,” he said. “As we see more of a pickup in India we will probably allocate more to financials and recovery plays.”</p>\n<p>Taylor remains relatively bullish on some Chinese sectors over the longer term. But where Lombard’s Monier thinks it could be six months before China’s regulations get largely sorted out to the point where investors can see the lay of the land, Taylor predicts it will continue to be tricky for longer.</p>\n<p>“We thought it’d damp down at the end of this year but I think it’ll continue for another year or so,” he said.</p>\n<p></p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Where Investors In Charge of $3 Trillion Are Putting Their Money</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\">\nWhere Investors In Charge of $3 Trillion Are Putting Their Money\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-31 09:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-08-30/where-investors-with-3-trillion-are-putting-their-money?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>As if the pandemic wasn’t warping global markets enough, China’s regulatory crackdown is suddenly adding new unpredictability. So how best to invest in these strange times?\nBloomberg News spoke with ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-08-30/where-investors-with-3-trillion-are-putting-their-money?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":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.bloomberg.com/news/articles/2021-08-30/where-investors-with-3-trillion-are-putting-their-money?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118542593","content_text":"As if the pandemic wasn’t warping global markets enough, China’s regulatory crackdown is suddenly adding new unpredictability. So how best to invest in these strange times?\nBloomberg News spoke with institutional investors with $3 trillion in combined assets under management to ask how they’re navigating economic turmoil caused by unpredictable recoveries and China’s shifting rules, which have frozen U.S. listings and almost erased the online education sector.\nSome are ramping up allocations to hedge funds -- reversing a years-long retreat -- hoping that active management can plot a path through a landscape of Covid-19 lockdowns and rebounds. Others are switching to undervalued stocks in Europe and India, avoiding the U.S.-China regulatory fracas.\nAll recommended heightened caution and warned of a difficult recovery ahead.\nWhat follows is a look at their strategies.\nTemasek Holdings: AUM of S$381 billion ($283 billion)\nNagi HamiyehPhotographer: Munshi Ahmed/Bloomberg\nOver the next 12 months, Singapore’s massive state-owned investor will look to companies that focus on digitization, e-commerce, cyber-security providers and increased sustainability, according to Nagi Hamiyeh, joint head of its investment group. The latter comes amid a rising tide of investors seeking to make their portfolios greener.\nNone of this is entirely new. Temasek and others have plowed billions of dollars into these themes for years. But where some believe it’s fully-priced, Hamiyeh said there was still room to grow.\nTemasek remains bullish on China over the long term. Bets in the country account for 27% of its portfolio. Hamiyeh spoke with Bloomberg in mid-July, when China was in the midst of demonstrating its ability to inflict short-term pain. Investments in ride-hailing service Didi Global Inc. were tumbling. Since then online education providers have been eviscerated, and tensions with U.S. securities regulators have flared anew.\nStill, Hamiyeh expressed optimism that valuations of Chinese companies will climb over time, even if companies aren’t able to access U.S. markets. A spokesman for Temasek later added it will continue to invest in themes including the future of consumption in China and elsewhere.\n“There are other pools of capital, for example from Asia, that would use it as an opportunity,” he said. “So I wouldn’t say it necessarily affects the valuation. It will change the mix of institutional investors in these stocks.”\nGIC Pte: official AUM of “more than $100 billion,” estimated by SWFI at $545 billion\nLim Chow KiatPhotographer: Wei Leng Tay/Bloomberg\nSingapore’s GIC sovereign wealth fund is also positive on China partly because of the way the country managed Covid-19, according to Chief Executive Officer Lim Chow Kiat.\n“China assets continue to offer good entry levels,” he said. “Especially relative to so-called developed-market valuations.”\nThe firm is embedded in China with a team in Shanghai looking for real estate deals and another in Beijing hunting for private equity opportunities, according to Chief Investment Officer Jeffrey Jaensubhakij. The fund is delving into companies that focus on sustainability and technology, he said, adding that it is paying close attention to “what geopolitics forces companies to invest in.”\nRegulatory pressure in China, the U.S. and the European Union have triggered volatility in markets, creating buying opportunities for GIC. If Chinese companies can’t list in America -- thus excluding a large number of potential investors –- he sees other exchanges in places like Hong Kong and Singapore as “vibrant” alternatives.\n“We wouldn’t necessarily be transacting directly with a U.S. investor to take anything out of their hands,” he said, referring to buying stakes. If “prices drop and therefore our expected return on that asset moves up and becomes compelling relative to other things available to us then we naturally would look in.”\nFuture Fund: AUM of A$197 billion ($144 billion)\nPeter CostelloPhotographer: Mark Graham/Bloomberg\nAustralia’s sovereign wealth fund has pulled back from China amid the increasingly strained relationship between the respective governments, according to Future Fund chairman Peter Costello.\n“This is not because the government has instructed us to do it or anything like that, but we just thought in the difficulty of the situation, that we have to be careful with sovereign money,” he said in a conference call with journalists.\nBeyond politics, Chief Executive Officer Raphael Arndt said economic conditions were now ripe for a sustained increase in inflation - something that would be “very, very damaging” for returns given interest rates are effectively zero.\n“We are taking steps in the portfolio to get ready for that,” he said. The fund is considering how to allocate stocks across value and quality-type strategies, recently buying stakes in wind farm operatorTilt Renewables Ltd.andTelstra Corp.’s cell phone towers.\n“They’re examples of the sort of assets that we’d expect to do relatively better in that environment,” he said.\nPictet Wealth Management: CHF 273 billion ($300 billion)\nPictet Wealth Management CIO Cesar Perez Ruiz is still positive about China markets but suggests investors apply a higher risk premium and pick Hong Kong-listed options when possible.\nBeyond geopolitics, hedge funds are back in favor. He says the uneven recovery from Covid-19 and its sudden twists and turns mean macro matters more than before.\n“For the first time in six years we’re positive on alternatives, with hedge funds being one of them,” he said. Macro and event-driven hedge funds  -- the latter fueled by the rise in merger and acquisitions -- are now a viable way to anchor portfolios with negative correlations to other assets.\nWhile most of his peers believe inflation is transitory, Ruiz believes it’s stickier than people think. His reasoning is underpinned by high cost of shipping and increased wages as well as a lack of workers as countries attempt to produce more key goods at home.\nTo find good picks that can survive different stages of cycles he’s skipping metrics like return on equity.\n“I go sector by sector and see who has been able to keep higher gross margins,” he said.\nNorges Bank Investment Management: 11.7 trillion NOK ($1.3 trillion)\nNicolai TangenPhotographer: Odin Jaeger/Bloomberg\nFor Norges Bank Investment Management CEO Nicolai Tangen, a former hedge-fund manager who’s been running Norway’s giant sovereign investment vehicle for almost a year, rising inflation could hit both its bond and stock market holdings. Because of its massive size, it has few options but to “sit through it.”\nDespite plans to sell down various assets over environmental, social and governance concerns, Tangen told Bloomberg Television that ESG and regulatory concerns were not necessarily reasons to cut back in China. The country accounts for 5% of its allocations.\n“We have large positions there and we really believe in a lot of those business models,” he said, using technology companies an example.\nChina Renaissance: $8.8 billion\nBao FanPhotographer: David Paul Morris/Bloomberg\nChina Renaissance’s Bao Fan is looking to back Chinese startups deemed less susceptible to government scrutiny. For its latest Huaxing Growth Capital Fund III, the company scaled back on consumer internet investments and had zero exposure to core curriculum-focused tutoring companies.\nSmart industrial technology that can transform supply chains, contracts and transactions are targets as are providers of driverless technology, having already stakedNIO Inc.andLi Auto Inc.In health care it’s sifting through companies that provide early diagnostics, screening and monitoring devices.\nIt’s generated internal rate of returns of 45% as of December, the company said, and invested in 122 companies. Now Bao’s mandate for investing is to focus on growth stage companies, investing in about 10 companies a year.\n“We’re in different times,” he said. “It is essential as a private equity investor to understand and anticipate these profound fundamental changes.”\nLombard Odier (Private Bank): client assets of CHF 316 billion ($347 billion)\nFor Stephane Monier, chief investment officer at Lombard Odier, banking, auto and energy stocks should perform well over the coming months while European equities in particular trade at a discount to U.S. peers. He predicts that increased funding from overseas investors into the region’s equities and higher rates of vaccination could fuel growth in Europe in the third quarter.\nLonger term, the bank continues to be bullish on China. Monier is planning to increase the fund’s China equity exposure by one percentage point to 4% as regulatory turmoils ease -- a figure that doesn’t include its indirect exposure to China via emerging-markets indexes. He expects it could take about six months for the dust to settle.\n“The Chinese central bank will have a more accommodative stance. We don’t think there will be risk of monetary tightening in the short future,” Monier said. “We think a large portion of the needed regulatory adjustments are now behind us.”\nWhile the increase in Chinese shares could include Chinese companies listed in the U.S. via ADRs, he sees them becoming “less and less relevant” compared with those listed in Hong Kong and mainland China over the medium to long term.\nHe favors China-listed stocks that face less government intervention, including in banking, renewable energy, materials and industrial stocks. Monier is cautious about tech, property, education and health care.\nDWS Asia Pacific: 47 billion euros ($55 billion)\nSean TaylorSource: DWS Asia Pacific\nLooking for an alternative to China? Hong Kong-based DWS APAC Chief Investment Officer Sean Taylor says the time is ripe to invest in selected Indian-listed IT service providers. Sales and profit in those companies are less dependent on domestic consumption or as affected by lockdowns because their clients are often in western markets.\n“They’re having a re-rating relative to Chinese and U.S. peers because they’re quite cheap,” he said. “As we see more of a pickup in India we will probably allocate more to financials and recovery plays.”\nTaylor remains relatively bullish on some Chinese sectors over the longer term. But where Lombard’s Monier thinks it could be six months before China’s regulations get largely sorted out to the point where investors can see the lay of the land, Taylor predicts it will continue to be tricky for longer.\n“We thought it’d damp down at the end of this year but I think it’ll continue for another year or so,” he said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":238,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834949461,"gmtCreate":1629768638053,"gmtModify":1676530124794,"author":{"id":"3584052040277302","authorId":"3584052040277302","name":"Jadewu","avatar":"https://static.tigerbbs.com/aa6c1378f5bef83816e7cf78d0f3ab54","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584052040277302","idStr":"3584052040277302"},"themes":[],"htmlText":"Kkkkkk","listText":"Kkkkkk","text":"Kkkkkk","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/834949461","repostId":"1140215654","repostType":4,"isVote":1,"tweetType":1,"viewCount":505,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808855787,"gmtCreate":1627570207549,"gmtModify":1703492648679,"author":{"id":"3584052040277302","authorId":"3584052040277302","name":"Jadewu","avatar":"https://static.tigerbbs.com/aa6c1378f5bef83816e7cf78d0f3ab54","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584052040277302","idStr":"3584052040277302"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/808855787","repostId":"2155902422","repostType":4,"repost":{"id":"2155902422","kind":"news","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1627560360,"share":"https://ttm.financial/m/news/2155902422?lang=&edition=fundamental","pubTime":"2021-07-29 20:06","market":"us","language":"en","title":"Mastercard profit jumps 36% on vaccine-fueled spending boost","url":"https://stock-news.laohu8.com/highlight/detail?id=2155902422","media":"Reuters","summary":"July 29 (Reuters) - Mastercard Inc reported a second-quarter profit on Thursday that comfortably bea","content":"<p>July 29 (Reuters) - Mastercard Inc&nbsp;reported a second-quarter profit on Thursday that comfortably beat estimates, helped by an improvement in overall spending and a recovery in cross-border volumes.</p>\n<p>Mastercard&nbsp;shares&nbsp;rose&nbsp;1.7%&nbsp;in premarket trading.</p>\n<p><img src=\"https://static.tigerbbs.com/44edf17aabe277ba5057d86376024838\" tg-width=\"882\" tg-height=\"639\" width=\"100%\" height=\"auto\"></p>\n<p>Card companies have benefited from a rise in spending volumes as speedy vaccination programs and a drop in the number of COVID-19 infections allowed governments to lift pandemic-induced lockdowns.</p>\n<p>Net income, excluding exceptional items, rose to $1.9 billion, or $1.95 per share, from $1.4 billion, or $1.36 per share a year earlier.</p>\n<p>Analysts on average had expected a profit of $1.75 per share, according to Refinitiv IBES data.</p>\n<p>Mastercard's cross-border volumes, which tracks spending on its cards beyond the country of issue, rose 58% on a local currency basis, driven by a pickup in international travel.</p>\n<p>Volumes had dropped 45% in the same period a year ago.</p>\n<p>\"International travel is still in the early stages of recovery and represents additional upside potential,\" Chief Executive Officer Michael Miebach said in a statement.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Mastercard profit jumps 36% on vaccine-fueled spending boost</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\">\nMastercard profit jumps 36% on vaccine-fueled spending boost\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-29 20:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>July 29 (Reuters) - Mastercard Inc&nbsp;reported a second-quarter profit on Thursday that comfortably beat estimates, helped by an improvement in overall spending and a recovery in cross-border volumes.</p>\n<p>Mastercard&nbsp;shares&nbsp;rose&nbsp;1.7%&nbsp;in premarket trading.</p>\n<p><img src=\"https://static.tigerbbs.com/44edf17aabe277ba5057d86376024838\" tg-width=\"882\" tg-height=\"639\" width=\"100%\" height=\"auto\"></p>\n<p>Card companies have benefited from a rise in spending volumes as speedy vaccination programs and a drop in the number of COVID-19 infections allowed governments to lift pandemic-induced lockdowns.</p>\n<p>Net income, excluding exceptional items, rose to $1.9 billion, or $1.95 per share, from $1.4 billion, or $1.36 per share a year earlier.</p>\n<p>Analysts on average had expected a profit of $1.75 per share, according to Refinitiv IBES data.</p>\n<p>Mastercard's cross-border volumes, which tracks spending on its cards beyond the country of issue, rose 58% on a local currency basis, driven by a pickup in international travel.</p>\n<p>Volumes had dropped 45% in the same period a year ago.</p>\n<p>\"International travel is still in the early stages of recovery and represents additional upside potential,\" Chief Executive Officer Michael Miebach said in a statement.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MA":"万事达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2155902422","content_text":"July 29 (Reuters) - Mastercard Inc reported a second-quarter profit on Thursday that comfortably beat estimates, helped by an improvement in overall spending and a recovery in cross-border volumes.\nMastercard shares rose 1.7% in premarket trading.\n\nCard companies have benefited from a rise in spending volumes as speedy vaccination programs and a drop in the number of COVID-19 infections allowed governments to lift pandemic-induced lockdowns.\nNet income, excluding exceptional items, rose to $1.9 billion, or $1.95 per share, from $1.4 billion, or $1.36 per share a year earlier.\nAnalysts on average had expected a profit of $1.75 per share, according to Refinitiv IBES data.\nMastercard's cross-border volumes, which tracks spending on its cards beyond the country of issue, rose 58% on a local currency basis, driven by a pickup in international travel.\nVolumes had dropped 45% in the same period a year ago.\n\"International travel is still in the early stages of recovery and represents additional upside potential,\" Chief Executive Officer Michael Miebach said in a statement.","news_type":1},"isVote":1,"tweetType":1,"viewCount":311,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808851899,"gmtCreate":1627570032211,"gmtModify":1703492641159,"author":{"id":"3584052040277302","authorId":"3584052040277302","name":"Jadewu","avatar":"https://static.tigerbbs.com/aa6c1378f5bef83816e7cf78d0f3ab54","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584052040277302","idStr":"3584052040277302"},"themes":[],"htmlText":"Sell","listText":"Sell","text":"Sell","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/808851899","repostId":"2155078999","repostType":4,"repost":{"id":"2155078999","kind":"highlight","pubTimestamp":1627568710,"share":"https://ttm.financial/m/news/2155078999?lang=&edition=fundamental","pubTime":"2021-07-29 22:25","market":"us","language":"en","title":"2 Reasons to Sell AMC Stock","url":"https://stock-news.laohu8.com/highlight/detail?id=2155078999","media":"Motley Fool","summary":"Still bag holding AMC Entertainment? It's time to jump ship.","content":"<p>What goes up must come down -- at least when the rally comes from speculation instead of fundamentals. And while <b>AMC Entertainment</b>'s (NYSE:AMC) shares are still up by over 1,600% year to date, the movie theater operator looks poised for a massive crash because of its deteriorating balance sheet and seismic shifts in the film industry.&nbsp;</p>\n<h2>1. Streaming is the new normal</h2>\n<p>According to the <i>Wall Street Journal</i>, AMC's multi-bagger rally was driven by retail speculation and an intentional short squeeze. Fundamentals play a smaller role, but some investors may also be optimistic about the company's ability to bounce back from the coronavirus pandemic now that 56% of Americans above age 12 are vaccinated. AMC has reopened almost all its U.S. locations. </p>\n<p>But unfortunately, the new normal isn't looking so normal for AMC.&nbsp;&nbsp;</p>\n<p class=\"t-img-caption\"><img src=\"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F635219%2Fgettyimages-900038802.jpg&amp;w=700&amp;op=resize\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p>\n<p>In July,&nbsp;<b>Disney</b> (NYSE: DIS) released <i>Black Widow</i>, the first Marvel movie to hit theaters since the pandemic. Unlike prior Marvel releases, Disney also made the film available on its streaming platform Disney+ through Premier Access, a service that allows users to rent it for a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-time charge of $30 on top of the service's regular subscription fees. </p>\n<p><i>Black Widow</i> earned $78 million from domestic theaters in its opening weekend compared to at least $60 million from Premier Access.&nbsp;</p>\n<p>The film's success on Premier Access is a terrible trend for the traditional U.S. movie theater industry. Unlike theatrical releases, Disney won't have to split ticket sales with the theaters, resulting in higher profits for the House of Mouse. Online releases also boost Disney's competitive moat against streaming rivals like <b>Netflix</b> and could help drive subscriber growth.&nbsp;</p>\n<p>It is unclear how long Disney plans to continue its dual-release strategy, but if it becomes permanent (or if other studios follow suit), AMC could become an unnecessary middleman in an industry it once dominated.&nbsp;</p>\n<h2>2. Massive cash burn and a deteriorating balance sheet</h2>\n<p>With AMC's future uncertain, investors should pay attention to the company's current performance. That picture isn't pretty. First-quarter revenue tanked 84% to $148 million -- a slight improvement from the fourth quarter (when sales were down 89% against the prior year), but not much evidence of a strong recovery. The company is also burning through cash, reporting negative operating cash flows of $313 million in the period.&nbsp;</p>\n<p>With just $813 million in cash and equivalents on its balance sheet, AMC will probably need to tap the debt and equity markets to sustain operations. And with $5.4 billion in corporate borrowings and $4.9 billion in operating lease liabilities (deferred rent for some of its properties), its balance sheet is already in bad shape.&nbsp;</p>\n<p>Considering these challenges, AMC has no business trading for a market cap of $19.5 billion, which represents a jaw-dropping 43 times its 12-month revenue. Even if the company recovered to its pre-pandemic sales figure of $5.5 billion (which looks unlikely), that would give the stock a price-to-sales (P/S) multiple of 3.5, which is quite a premium for a company with a busted balance sheet that struggled to earn consistent profits even before the pandemic. (AMC reported a net loss of $149 million in 2019.)</p>\n<h2>An obsolete company?</h2>\n<p>The symbiotic relationship between film studios and movie theaters is breaking down. And this could turn AMC Entertainment into an unnecessary intermediary in film distribution. The company's financials are also in shambles, which could mean more debt and equity dilution in the future. AMC's stock shouldn't be trading for such a high valuation in light of these challenges.&nbsp;</p>","source":"fool_stock","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>2 Reasons to Sell AMC Stock</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\">\n2 Reasons to Sell AMC Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-29 22:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/07/29/2-reasons-to-sell-amc-stock/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>What goes up must come down -- at least when the rally comes from speculation instead of fundamentals. And while AMC Entertainment's (NYSE:AMC) shares are still up by over 1,600% year to date, the ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/07/29/2-reasons-to-sell-amc-stock/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/07/29/2-reasons-to-sell-amc-stock/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2155078999","content_text":"What goes up must come down -- at least when the rally comes from speculation instead of fundamentals. And while AMC Entertainment's (NYSE:AMC) shares are still up by over 1,600% year to date, the movie theater operator looks poised for a massive crash because of its deteriorating balance sheet and seismic shifts in the film industry. \n1. Streaming is the new normal\nAccording to the Wall Street Journal, AMC's multi-bagger rally was driven by retail speculation and an intentional short squeeze. Fundamentals play a smaller role, but some investors may also be optimistic about the company's ability to bounce back from the coronavirus pandemic now that 56% of Americans above age 12 are vaccinated. AMC has reopened almost all its U.S. locations. \nBut unfortunately, the new normal isn't looking so normal for AMC.  \nImage source: Getty Images.\nIn July, Disney (NYSE: DIS) released Black Widow, the first Marvel movie to hit theaters since the pandemic. Unlike prior Marvel releases, Disney also made the film available on its streaming platform Disney+ through Premier Access, a service that allows users to rent it for a one-time charge of $30 on top of the service's regular subscription fees. \nBlack Widow earned $78 million from domestic theaters in its opening weekend compared to at least $60 million from Premier Access. \nThe film's success on Premier Access is a terrible trend for the traditional U.S. movie theater industry. Unlike theatrical releases, Disney won't have to split ticket sales with the theaters, resulting in higher profits for the House of Mouse. Online releases also boost Disney's competitive moat against streaming rivals like Netflix and could help drive subscriber growth. \nIt is unclear how long Disney plans to continue its dual-release strategy, but if it becomes permanent (or if other studios follow suit), AMC could become an unnecessary middleman in an industry it once dominated. \n2. Massive cash burn and a deteriorating balance sheet\nWith AMC's future uncertain, investors should pay attention to the company's current performance. That picture isn't pretty. First-quarter revenue tanked 84% to $148 million -- a slight improvement from the fourth quarter (when sales were down 89% against the prior year), but not much evidence of a strong recovery. The company is also burning through cash, reporting negative operating cash flows of $313 million in the period. \nWith just $813 million in cash and equivalents on its balance sheet, AMC will probably need to tap the debt and equity markets to sustain operations. And with $5.4 billion in corporate borrowings and $4.9 billion in operating lease liabilities (deferred rent for some of its properties), its balance sheet is already in bad shape. \nConsidering these challenges, AMC has no business trading for a market cap of $19.5 billion, which represents a jaw-dropping 43 times its 12-month revenue. Even if the company recovered to its pre-pandemic sales figure of $5.5 billion (which looks unlikely), that would give the stock a price-to-sales (P/S) multiple of 3.5, which is quite a premium for a company with a busted balance sheet that struggled to earn consistent profits even before the pandemic. (AMC reported a net loss of $149 million in 2019.)\nAn obsolete company?\nThe symbiotic relationship between film studios and movie theaters is breaking down. And this could turn AMC Entertainment into an unnecessary intermediary in film distribution. The company's financials are also in shambles, which could mean more debt and equity dilution in the future. AMC's stock shouldn't be trading for such a high valuation in light of these challenges.","news_type":1},"isVote":1,"tweetType":1,"viewCount":365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}