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2021-12-28

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Sea Limited: A Deep Dive To Understand The Recent Selloff<blockquote>Sea Limited：深入了解近期抛售情况</blockquote>

2021-12-28

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Rivian Stock: 3 Things the EV Maker's CEO Wants Investors to Know<blockquote>Rivian股票：这家电动汽车制造商首席执行官希望投资者了解的 3 件事</blockquote>

2021-12-28

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Why Is My Starbucks Out Of...CEO, President Explain Product Shortages<blockquote>为什么我的星巴克停业了……首席执行官、总裁解释产品短缺</blockquote>

2021-12-28

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2021-12-27

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Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：本周须知</blockquote>

2021-12-24

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2021-12-24

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2021-12-24

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2021-12-24

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2021-12-23

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2021-12-23

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Tesla’s Touch-Screen Gaming Probed by U.S. Auto-Safety Regulator<blockquote>美国汽车安全监管机构调查特斯拉触摸屏游戏</blockquote>

2021-12-23

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2021-12-23

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2021-12-22

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SoftBank Finalizing $4 Billion Loan From Apollo-Led Group<blockquote>软银敲定阿波罗领导的集团 40 亿美元贷款</blockquote>

2021-12-22

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2021-12-22

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2021-12-21

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2021-12-21

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Oracle Faces Potential Credit Rating Downgrade to Reflect Added Debt for Cerner Deal<blockquote>甲骨文面临潜在的信用评级下调，以反映塞纳交易增加的债务</blockquote>

2021-12-21

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Is Now The Right Time To Buy Disney? Why BofA Analyst Says Stock Is Heading Higher<blockquote>现在是购买迪士尼的合适时机吗？为什么美国银行分析师称股价正在走高</blockquote>

2021-12-19

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pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696871802","repostId":"1102262158","repostType":4,"repost":{"id":"1102262158","kind":"news","pubTimestamp":1640670598,"share":"https://www.laohunote.com/m/news/1102262158?lang=zh_CN&edition=full","pubTime":"2021-12-28 13:49","market":"us","language":"en","title":"Sea Limited: A Deep Dive To Understand The Recent Selloff<blockquote>Sea Limited：深入了解近期抛售情况</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102262158","media":"Seeking Alpha","summary":"Summary\n\nSea Limited is a highly diversified business firing on all cylinders in some of the fastest","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><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><blockquote><ul><li>Sea Limited 是一家高度多元化的企业，在世界上一些增长最快的经济体中全力以赴。</li><li>我深入研究了它的每个细分市场，以了解最近的抛售情况并证明当前估值的合理性。</li><li>我认为 Sea 是我最有信心的十项投资之一。</li></ul><p class=\"t-img-caption\"><span>kokkai/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> <b>Thesis</b></p><p><blockquote><b>论文</b></blockquote></p><p> A 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.</p><p><blockquote>对 Sea Limited（纽约证券交易所股票代码：SE）各部门的部分分析表明，其目前的估值大致公平，但有许多长期增长驱动力可能会带来惊喜，并在未来几年带来非常强劲的回报。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an&nbsp;article&nbsp;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.</p><p><blockquote>我最近写了一篇文章，重点介绍了我 2022 年的十大精选股票。我已经在其他Seeking Alpha文章中对我的其他九个选择进行了深入分析，所以我认为以一篇关于海洋的文章来结束这一年会很好。</blockquote></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'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.</p><p><blockquote>此外，由于过去几个月股价大幅下跌（但今年仍略有上涨），我相信这篇文章可能是及时的。我不猜测短期市场走势，但我个人最近增持了我的Sea股票。这是我为数不多的亏损头寸之一，我没有为了税收损失而暂时卖出，在这篇文章中，我将解释为什么Sea对我来说是如此高的信念。</blockquote></p><p> 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.</p><p><blockquote>同样值得注意的是，许多专业投资者似乎也认同这一观点。Sea 是全球第 121 大公司，但在对冲基金中却是第 16 大最受欢迎的持股。这意味着，大钱是跑赢大盘海，71%的股份由机构持有。</blockquote></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><blockquote>由于 Sea 在许多不同的领域开展业务，我将对其每个运营部门进行单独分析，以证明其当前估值的合理性，并解释该估值如何在未来几年内推动意想不到的强劲回报。</blockquote></p><p> <b>Gaming</b></p><p><blockquote><b>游戏</b></blockquote></p><p> Sea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.</p><p><blockquote>Sea Limited 的游戏部门 Garena 以内部开发的移动大逃杀游戏《Free Fire》而闻名。</blockquote></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's particularly popular in emerging markets like SEA, LATAM, and India, where it's been the highest-grossing mobile game for over two years.</p><p><blockquote>该游戏于2017年发布，此后一直非常受欢迎。它目前在全球所有Android游戏中拥有第二多的月活跃用户。这款游戏在全球范围内发售，但在东南亚、拉丁美洲和印度等新兴市场尤其受欢迎，两年多来，它一直是这些市场票房最高的手机游戏。</blockquote></p><p> 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.</p><p><blockquote>随着这款游戏已经流行了很长时间，有人担心游戏玩家会转向下一件大事。虽然有一些比Free Fire更古老的手机游戏仍然非常受欢迎——如Roblox、部落冲突和Pokemon Go——但还有更多的游戏被遗忘了。在Garena发布更多游戏并证明它也能成功之前，总会有人质疑它的工作室是否是一个一鸣惊人的奇迹。</blockquote></p><p> 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.</p><p><blockquote>无论如何，Garena 是 Sea 的重要组成部分，因为它是唯一盈利的细分市场，并且它是一个为 Sea 非游戏产品提供免费广告的社交平台。交叉推广是Sea的巨大竞争优势。</blockquote></p><p> Thus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.</p><p><blockquote>因此，Sea 最近抛售的原因之一可能是 Garena 暗示的第四季度指引。</blockquote></p><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><blockquote><p class=\"t-img-caption\"><span>资料来源：盈利看涨期权演示</span></p></blockquote></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><blockquote>今年第二季度，Garena 将 2021 年预订指引上调至 $4.5B-$4.7B（从 $4.3B-$4.5B）。前三个季度的预订总额已经达到$3.5B，这意味着第四季度的预订量将达到$1.0B-$1.2B，同比增长0%至20%，并可能随后下降。相比之下，最近一个季度的增长率为 29%，全年的预计增长率为 44%。</blockquote></p><p> 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).</p><p><blockquote>虽然 20% 并不是可怕的减速，但 0% 肯定是。与历史水平相比，即使是 20% 的增长也并不引人注目。在 10% 的中点，Garena 的增长看起来更类似于动视暴雪（纳斯达克股票代码：ATVI）或 Zynga（纳斯达克股票代码：ZNGA）等成熟公司，而不是 Roblox（纽约证券交易所股票代码：RBLX）等快速增长公司。</blockquote></p><p> 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.</p><p><blockquote>Garena 的隐含估值应该——而且确实——因此受到影响。虽然像Roblox这样快速增长的公司可以获得两位数的高市盈率，但动视和Zynga的平均市盈率仅为4倍。Garena 的利润比他们略高，上行风险可能更大，因此我将使用 5 倍的市盈率作为我的隐含估值。这意味着对于一个以10%左右的速度增长的企业来说，市盈率约为10，这在当今的市场上是非常合理的。</blockquote></p><p> This means Garena is worth $23.5B based on the high end of management's guidance.</p><p><blockquote>这意味着根据管理层的高端指导，Garena 的价值为 $23.5B。</blockquote></p><p> I believe this valuation is actually conservative for a few reasons:</p><p><blockquote>我认为这个估值实际上是保守的，原因有几个：</blockquote></p><p></p><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'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.</li> </ul> <b>E-Commerce</b></p><p><blockquote><ul><li>明年的竞争很艰难，未来几年甚至明年的增长可能会再次加速，特别是如果Garena发布了一款新的热门游戏。下一季度的增长率并非基于公司的明确指导，而是基于行业预测。</li><li>我使用的同行估值来自过去一年也处于估值范围低端的公司。</li><li>Garena有着良好的业绩记录，并继续投资Free Fire。这方面的一个例子是最近发布的Free Fire MAX，它改善了高端手机用户的体验，甚至增加了一个类似元宇宙的可定制地图，名为Craftland。对我来说，这意味着 Garena 认为 Free Fire 仍处于生命周期的早期阶段。</li><li>虽然我显然更希望Garena在内部开发更多的游戏，但与此同时，它仍然不是一匹只会一招的小马。除了 Free Fire 之外，Garena 还分发腾讯控股 (OTCMKTS:OTCPK:TCEHY) 等第三方开发商的游戏。这些都是像《英雄联盟》和《使命召唤看涨期权》这样的热门游戏，有意义地分散了Garena的收入。</li></ul><b>电子商务</b></blockquote></p><p> Sea'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><blockquote>Sea 的电子商务平台 Shopee 目前是其最大的增长动力。该平台通常被认为是东南亚的亚马逊（纳斯达克股票代码：AMZN），最近它扩展到了包括巴西在内的更多市场。</blockquote></p><p> 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.</p><p><blockquote>关于谁才是一个地区的真正亚马逊，总有一些争论。Shopee 当然面临着竞争对手，包括阿里巴巴 (NYSE:BABA) 的 Lazada、印度尼西亚的 Tokopedia、巴西的 MercadoLibre (MELI)，甚至亚马逊本身。由于大多数竞争都是私营的或隐藏在一家更大的公司中，许多竞争对手不会公布确切的收入数字，这使得衡量竞争变得困难。即使是Sea也没有公布巴西等一些国家的明确收入数据。</blockquote></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><blockquote>一个可以评估的中立来源是Alexa网站排名，顾名思义，它根据网站的受欢迎程度对网站进行排名。请记住，这些都是排名，所以分数越低越好。</blockquote></p><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><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自Alexa</span></p></blockquote></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><blockquote>Shopee非常注重移动端，但上表只考虑了网站。要查看购物类别的App Store App排名，我们可以使用App Annie。</blockquote></p><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><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自AppAnnie</span></p></blockquote></p><p> On 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.</p><p><blockquote>在移动方面，没有必要关注竞争，因为Shopee一直是每个列出的国家排名第一的购物应用程序。在移动优先的世界里，这是一个非常好的兆头。即使在网络方面，Shopee 也获胜，除了在拉丁美洲和（勉强）印度尼西亚等少数特定地区，这些地区有更多的本地竞争对手。</blockquote></p><p> 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.</p><p><blockquote>当然，流量并不总是转化为GMV。但对于一个大多数人都会使用该应用程序购买东西的购物应用程序来说，它是一个不错的代理。第三方估计，Shopee 占东南亚所有电子商务的 57%。正是Shopee在移动应用排名和市场份额上的主导地位，让我认为它是东南亚的亚马逊。</blockquote></p><p> So why would a company with so much potential sell off?</p><p><blockquote>那么，为什么一家拥有如此巨大潜力的公司会被抛售呢？</blockquote></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'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.</p><p><blockquote>在最近的财报发布后，一些分析师表示担心，Shopee在当前市场验证其商业模式之前，正在向波兰和墨西哥等其他国家拓展业务。在这些国家，Shopee的存在较少；它在墨西哥应用商店购物应用的3-5名之间，在波兰的1-3名之间波动。尽管分析师讨厌不确定性——而且首席执行官评论说他们没有衡量这些早期国家成功的具体措施也无济于事——但 Shopee 有着成功进入新国家的历史，我愿意给管理层一些时间尝试扩张更多。毕竟，如果他们成功了，那么它可能会在未来推动更多意想不到的增长。</blockquote></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's hard to complain when the overall sales increased a lot despite a decrease in basket size.</p><p><blockquote>分析师的另一个抱怨是篮子大小（平均购买大小）呈下降趋势。虽然这也可能导致了最近的抛售，但尽管篮子大小缩小，但整体销售额却大幅增长，这很难抱怨。</blockquote></p><p></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'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.</p><p><blockquote>该公司在第三季度再次上调了电子商务指引，目前指引 2021 年电子商务收入为 $5.0B-$5.2B。第四季度增长了 75%-100%，全年增长了约 135%。这些数字比游戏方面令人兴奋得多，尽管指导仍然暗示第四季度会略有放缓。但与亚马逊 2020 年 3400 亿美元的电子商务销售额相比，Shopee 看起来只是触及了表面。电子商务在东南亚的渗透率仅为11%，而美国为18.7%，东南亚经济的增长速度普遍快于美国。</blockquote></p><p> 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.</p><p><blockquote>尽管处于蓝天行业，但电子商务部门更难估值，因为它亏损运营（而游戏部门利润丰厚）。Shopee 的成功并不能保证，因为目前尚不清楚该平台能否在保持市场份额的同时实现盈利。像这样的股票往往会经历更大的波动，这可以部分解释最近的抛售。</blockquote></p><p> 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).</p><p><blockquote>对于不盈利的软件公司，我喜欢用40法则来评估业务。但很难将这一规则应用于利润率自然较低的周期性更强的电子商务公司。即便如此，值得注意的是，尽管无利可图，Sea的40法则104分优于大多数SaaS公司，也优于电子商务同行亚马逊（21）、MercadoLibre（73）和阿里巴巴-SW（43）。</blockquote></p><p> 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.</p><p><blockquote>要了解Shopee盈利后的终端估值，我们可以看看行业同行。亚马逊是一家盈利且增长较慢的同行，其市盈率为 4 倍。AWS 推高了这一数字，但亚马逊对第一方销售的高曝光率抵消了这一数字。其他电子商务市场同行的估值也类似：阿里巴巴-SW市盈率为 3 倍，MercadoLibre 市盈率为 9 倍。所有这些估值基本上都是历史最低点。</blockquote></p><p> 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.</p><p><blockquote>如果 Shopee 在未来几年内保持收入翻番（自 2016 年以来，它每年都很容易做到），实现盈利（扩大规模往往会有所帮助），并在两年内达到亚马逊的市盈率，那么今天的市盈率为 16 倍，它将在两年内持平。但如果它在十年等更长的时间内保持比亚马逊快得多的增长速度，和/或如果整体行业倍数扩大到更正常的历史水平，那么即使市盈率为 16 倍，该细分市场也有潜在的上涨空间。另一方面，如果它停止增长或从未盈利，那么投资者会对任何市盈率感到非常失望。</blockquote></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'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.</p><p><blockquote>鉴于如此广泛的结果，每个人都会有自己的方式来评估这一部分。对我来说，当我看到 Shopee 在移动领域的主导地位、目前相对较小的规模、来自 Garena 的资金，以及亚马逊、阿里巴巴-SW和 MercadoLibre 为这种商业模式的可持续长期成功开创的先例时，我对这一细分市场的未来持乐观态度。我认识到目前这是一个无利可图且风险较高的领域，但我也看到了巨大的潜力。</blockquote></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><blockquote>因此，我很乐意支付 16 倍的市盈率，这意味着电子商务部门的估值为 83.2B 美元。有些人会把看涨期权定得太高，这些人可能永远不会有机会投资这家公司，不管是好是坏。</blockquote></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's look at the other parts of Sea.</p><p><blockquote>因此，仅 Garena 和 Shopee，我的 Sea 价值为 106.7B 美元。其目前的市值为 123.1B 美元。为了解释这种差异，让我们看看海洋的其他部分。</blockquote></p><p> <b>FinTech &amp; Investments</b></p><p><blockquote><b>金融科技与投资</b></blockquote></p><p> The 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.</p><p><blockquote>对我计算的估值来说，最简单的补充是 Sea 的 120 亿美元现金堆，部分被 40 亿美元债务抵消。这为该公司增加了一些不错的选择，并确保尽管在Shopee上亏损，但它不会很快破产。加上$8B的现金差异，我的计算估值为$114.7B，仅比实际估值少$8.4B。</blockquote></p><p> 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.</p><p><blockquote>然后是 Sea 的金融科技部门 SeaMoney。这里的主要产品是移动钱包，它在上一季度的支付量为46亿美元（一年内约20亿美元）。该部门第三季度收入为 1.32 亿美元，同比增长 818%。这意味着2.9%的“接受率”，甚至比Visa(V)等老牌金融科技公司还要好。由于如此高的接受率，我并不担心 SeaMoney 在扩展过程中会亏损。</blockquote></p><p> 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.</p><p><blockquote>尽管 SeaMoney 是一个很小的细分市场，但它现在已经达到了可以计入估值的程度。也许它只值几十亿，但这仅仅是个开始。五年前，没有人会想到一个占Sea销售额5%的电子商务平台今天会比游戏部门更有价值。但 Sea 的管理——加上 Garena 资助新细分市场并推动其病毒式采用的能力——实现了这一目标。当然不能保证Sea会在金融科技方面取得同样的成功，但这是有先例的。</blockquote></p><p></p><p> 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,&nbsp;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.</p><p><blockquote>如果有一天这个细分市场的价值是 Sea 的三分之一或更多（2020 年，金融科技占 MercadoLibre 收入的 36%），那么今天仅以 7% 的业务获得它将是非常值得的，即使这意味着今天该细分市场的市盈率有点高 16 倍。事实上，这个倍数已经低于 Visa、万事达卡（纽约证券交易所股票代码：MA）和 Affirm（纳斯达克股票代码：AFRM）。实际上，一个同比增长 818% 的细分市场可能会获得比这些增长较慢的公司更高的市盈率，但我们甚至不需要猜测公平的市盈率是多少，因为我们可以通过在我的模型估值中使用 16 倍市盈率来达到 Sea 目前的估值。</blockquote></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 \"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.</p><p><blockquote>这一细分市场进一步增长的一种方式是推出除移动钱包之外的更多产品。Sea 在最近的财报中指出，他们已经开始“在其他数字金融服务领域采取早期举措，例如先买后付、数字银行和保险科技”。这些人肯定知道如何抓住最新的高增长趋势。</blockquote></p><p> 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.</p><p><blockquote>最后是投资部门。Sea 正在投资早期科技公司，尤其是在东南亚。腾讯控股（其本身就是 Sea 投资者）和 Shopify（纽约证券交易所股票代码：SHOP）等公司管理成功的投资组合，最终对其估值产生有意义的影响，这有着良好的先例。目前Sea的投资部门还处于非常早期的阶段，所以我没有将其纳入我的估值模型中。但这并不一定要被考虑在内来证明当前股价的合理性。这只是有一天可能值得一大片海洋的又一个区域。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Looking 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.</p><p><blockquote>查看 Sea 的每个细分市场，我的估值模型表明 Sea 目前的估值相当合理。然而，我的模型没有考虑到较新细分市场的显著可选性。就像电子商务在过去五年中所做的那样，金融科技（和/或投资）可能会发展成为Sea业务的很大一部分。随着金融科技领域目前的年增长率为818%，不需要太多的想象力就能看出这是如何发生的。只要再以接近这一速度增长一两年，金融科技领域就会让投资者无法忽视。</blockquote></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'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.</p><p><blockquote>这种选择结合了每项业务的整体实力，使得 Sea 在过去一年的平均收入增长了 7%。盈利并没有那么强劲，我预计这将是我的估值模型的主要争论点，就像大多数不盈利的公司一样。特别是，我预计一些读者会不同意我对电子商务领域的估值。但是，即使你把电子商务一路降到5倍市盈率（这是今天增长缓慢得多的电子商务公司看到的倍数），这也意味着比今天的价格下降了54%。这肯定是一个急剧下降，但如果使用最保守的估值标准，当今市场上的大多数公司都会面临这样的下跌。</blockquote></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's one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.</p><p><blockquote>只有像 Sea 这样的快速增长的公司才能通过收入增长快速抵消这种下降。因此，最具长期潜力的企业几乎不会以最保守的估值进行交易。海洋当然具有长期潜力。这是我拥有的少数几家高增长公司之一，我可以看到这些公司在本十年内市值达到万亿美元。</blockquote></p><p></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>Sea Limited: A Deep Dive To Understand The Recent Selloff<blockquote>Sea Limited：深入了解近期抛售情况</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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: A Deep Dive To Understand The Recent Selloff<blockquote>Sea Limited：深入了解近期抛售情况</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-28 13:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><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><blockquote><ul><li>Sea Limited 是一家高度多元化的企业，在世界上一些增长最快的经济体中全力以赴。</li><li>我深入研究了它的每个细分市场，以了解最近的抛售情况并证明当前估值的合理性。</li><li>我认为 Sea 是我最有信心的十项投资之一。</li></ul><p class=\"t-img-caption\"><span>kokkai/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> <b>Thesis</b></p><p><blockquote><b>论文</b></blockquote></p><p> A 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.</p><p><blockquote>对 Sea Limited（纽约证券交易所股票代码：SE）各部门的部分分析表明，其目前的估值大致公平，但有许多长期增长驱动力可能会带来惊喜，并在未来几年带来非常强劲的回报。</blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> I recently wrote an&nbsp;article&nbsp;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.</p><p><blockquote>我最近写了一篇文章，重点介绍了我 2022 年的十大精选股票。我已经在其他Seeking Alpha文章中对我的其他九个选择进行了深入分析，所以我认为以一篇关于海洋的文章来结束这一年会很好。</blockquote></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'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.</p><p><blockquote>此外，由于过去几个月股价大幅下跌（但今年仍略有上涨），我相信这篇文章可能是及时的。我不猜测短期市场走势，但我个人最近增持了我的Sea股票。这是我为数不多的亏损头寸之一，我没有为了税收损失而暂时卖出，在这篇文章中，我将解释为什么Sea对我来说是如此高的信念。</blockquote></p><p> 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.</p><p><blockquote>同样值得注意的是，许多专业投资者似乎也认同这一观点。Sea 是全球第 121 大公司，但在对冲基金中却是第 16 大最受欢迎的持股。这意味着，大钱是跑赢大盘海，71%的股份由机构持有。</blockquote></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><blockquote>由于 Sea 在许多不同的领域开展业务，我将对其每个运营部门进行单独分析，以证明其当前估值的合理性，并解释该估值如何在未来几年内推动意想不到的强劲回报。</blockquote></p><p> <b>Gaming</b></p><p><blockquote><b>游戏</b></blockquote></p><p> Sea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.</p><p><blockquote>Sea Limited 的游戏部门 Garena 以内部开发的移动大逃杀游戏《Free Fire》而闻名。</blockquote></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's particularly popular in emerging markets like SEA, LATAM, and India, where it's been the highest-grossing mobile game for over two years.</p><p><blockquote>该游戏于2017年发布，此后一直非常受欢迎。它目前在全球所有Android游戏中拥有第二多的月活跃用户。这款游戏在全球范围内发售，但在东南亚、拉丁美洲和印度等新兴市场尤其受欢迎，两年多来，它一直是这些市场票房最高的手机游戏。</blockquote></p><p> 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.</p><p><blockquote>随着这款游戏已经流行了很长时间，有人担心游戏玩家会转向下一件大事。虽然有一些比Free Fire更古老的手机游戏仍然非常受欢迎——如Roblox、部落冲突和Pokemon Go——但还有更多的游戏被遗忘了。在Garena发布更多游戏并证明它也能成功之前，总会有人质疑它的工作室是否是一个一鸣惊人的奇迹。</blockquote></p><p> 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.</p><p><blockquote>无论如何，Garena 是 Sea 的重要组成部分，因为它是唯一盈利的细分市场，并且它是一个为 Sea 非游戏产品提供免费广告的社交平台。交叉推广是Sea的巨大竞争优势。</blockquote></p><p> Thus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.</p><p><blockquote>因此，Sea 最近抛售的原因之一可能是 Garena 暗示的第四季度指引。</blockquote></p><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><blockquote><p class=\"t-img-caption\"><span>资料来源：盈利看涨期权演示</span></p></blockquote></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><blockquote>今年第二季度，Garena 将 2021 年预订指引上调至 $4.5B-$4.7B（从 $4.3B-$4.5B）。前三个季度的预订总额已经达到$3.5B，这意味着第四季度的预订量将达到$1.0B-$1.2B，同比增长0%至20%，并可能随后下降。相比之下，最近一个季度的增长率为 29%，全年的预计增长率为 44%。</blockquote></p><p> 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).</p><p><blockquote>虽然 20% 并不是可怕的减速，但 0% 肯定是。与历史水平相比，即使是 20% 的增长也并不引人注目。在 10% 的中点，Garena 的增长看起来更类似于动视暴雪（纳斯达克股票代码：ATVI）或 Zynga（纳斯达克股票代码：ZNGA）等成熟公司，而不是 Roblox（纽约证券交易所股票代码：RBLX）等快速增长公司。</blockquote></p><p> 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.</p><p><blockquote>Garena 的隐含估值应该——而且确实——因此受到影响。虽然像Roblox这样快速增长的公司可以获得两位数的高市盈率，但动视和Zynga的平均市盈率仅为4倍。Garena 的利润比他们略高，上行风险可能更大，因此我将使用 5 倍的市盈率作为我的隐含估值。这意味着对于一个以10%左右的速度增长的企业来说，市盈率约为10，这在当今的市场上是非常合理的。</blockquote></p><p> This means Garena is worth $23.5B based on the high end of management's guidance.</p><p><blockquote>这意味着根据管理层的高端指导，Garena 的价值为 $23.5B。</blockquote></p><p> I believe this valuation is actually conservative for a few reasons:</p><p><blockquote>我认为这个估值实际上是保守的，原因有几个：</blockquote></p><p></p><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'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.</li> </ul> <b>E-Commerce</b></p><p><blockquote><ul><li>明年的竞争很艰难，未来几年甚至明年的增长可能会再次加速，特别是如果Garena发布了一款新的热门游戏。下一季度的增长率并非基于公司的明确指导，而是基于行业预测。</li><li>我使用的同行估值来自过去一年也处于估值范围低端的公司。</li><li>Garena有着良好的业绩记录，并继续投资Free Fire。这方面的一个例子是最近发布的Free Fire MAX，它改善了高端手机用户的体验，甚至增加了一个类似元宇宙的可定制地图，名为Craftland。对我来说，这意味着 Garena 认为 Free Fire 仍处于生命周期的早期阶段。</li><li>虽然我显然更希望Garena在内部开发更多的游戏，但与此同时，它仍然不是一匹只会一招的小马。除了 Free Fire 之外，Garena 还分发腾讯控股 (OTCMKTS:OTCPK:TCEHY) 等第三方开发商的游戏。这些都是像《英雄联盟》和《使命召唤看涨期权》这样的热门游戏，有意义地分散了Garena的收入。</li></ul><b>电子商务</b></blockquote></p><p> Sea'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><blockquote>Sea 的电子商务平台 Shopee 目前是其最大的增长动力。该平台通常被认为是东南亚的亚马逊（纳斯达克股票代码：AMZN），最近它扩展到了包括巴西在内的更多市场。</blockquote></p><p> 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.</p><p><blockquote>关于谁才是一个地区的真正亚马逊，总有一些争论。Shopee 当然面临着竞争对手，包括阿里巴巴 (NYSE:BABA) 的 Lazada、印度尼西亚的 Tokopedia、巴西的 MercadoLibre (MELI)，甚至亚马逊本身。由于大多数竞争都是私营的或隐藏在一家更大的公司中，许多竞争对手不会公布确切的收入数字，这使得衡量竞争变得困难。即使是Sea也没有公布巴西等一些国家的明确收入数据。</blockquote></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><blockquote>一个可以评估的中立来源是Alexa网站排名，顾名思义，它根据网站的受欢迎程度对网站进行排名。请记住，这些都是排名，所以分数越低越好。</blockquote></p><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><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自Alexa</span></p></blockquote></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><blockquote>Shopee非常注重移动端，但上表只考虑了网站。要查看购物类别的App Store App排名，我们可以使用App Annie。</blockquote></p><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><blockquote><p class=\"t-img-caption\"><span>来源：作者，编译自AppAnnie</span></p></blockquote></p><p> On 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.</p><p><blockquote>在移动方面，没有必要关注竞争，因为Shopee一直是每个列出的国家排名第一的购物应用程序。在移动优先的世界里，这是一个非常好的兆头。即使在网络方面，Shopee 也获胜，除了在拉丁美洲和（勉强）印度尼西亚等少数特定地区，这些地区有更多的本地竞争对手。</blockquote></p><p> 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.</p><p><blockquote>当然，流量并不总是转化为GMV。但对于一个大多数人都会使用该应用程序购买东西的购物应用程序来说，它是一个不错的代理。第三方估计，Shopee 占东南亚所有电子商务的 57%。正是Shopee在移动应用排名和市场份额上的主导地位，让我认为它是东南亚的亚马逊。</blockquote></p><p> So why would a company with so much potential sell off?</p><p><blockquote>那么，为什么一家拥有如此巨大潜力的公司会被抛售呢？</blockquote></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'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.</p><p><blockquote>在最近的财报发布后，一些分析师表示担心，Shopee在当前市场验证其商业模式之前，正在向波兰和墨西哥等其他国家拓展业务。在这些国家，Shopee的存在较少；它在墨西哥应用商店购物应用的3-5名之间，在波兰的1-3名之间波动。尽管分析师讨厌不确定性——而且首席执行官评论说他们没有衡量这些早期国家成功的具体措施也无济于事——但 Shopee 有着成功进入新国家的历史，我愿意给管理层一些时间尝试扩张更多。毕竟，如果他们成功了，那么它可能会在未来推动更多意想不到的增长。</blockquote></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's hard to complain when the overall sales increased a lot despite a decrease in basket size.</p><p><blockquote>分析师的另一个抱怨是篮子大小（平均购买大小）呈下降趋势。虽然这也可能导致了最近的抛售，但尽管篮子大小缩小，但整体销售额却大幅增长，这很难抱怨。</blockquote></p><p></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'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.</p><p><blockquote>该公司在第三季度再次上调了电子商务指引，目前指引 2021 年电子商务收入为 $5.0B-$5.2B。第四季度增长了 75%-100%，全年增长了约 135%。这些数字比游戏方面令人兴奋得多，尽管指导仍然暗示第四季度会略有放缓。但与亚马逊 2020 年 3400 亿美元的电子商务销售额相比，Shopee 看起来只是触及了表面。电子商务在东南亚的渗透率仅为11%，而美国为18.7%，东南亚经济的增长速度普遍快于美国。</blockquote></p><p> 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.</p><p><blockquote>尽管处于蓝天行业，但电子商务部门更难估值，因为它亏损运营（而游戏部门利润丰厚）。Shopee 的成功并不能保证，因为目前尚不清楚该平台能否在保持市场份额的同时实现盈利。像这样的股票往往会经历更大的波动，这可以部分解释最近的抛售。</blockquote></p><p> 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).</p><p><blockquote>对于不盈利的软件公司，我喜欢用40法则来评估业务。但很难将这一规则应用于利润率自然较低的周期性更强的电子商务公司。即便如此，值得注意的是，尽管无利可图，Sea的40法则104分优于大多数SaaS公司，也优于电子商务同行亚马逊（21）、MercadoLibre（73）和阿里巴巴-SW（43）。</blockquote></p><p> 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.</p><p><blockquote>要了解Shopee盈利后的终端估值，我们可以看看行业同行。亚马逊是一家盈利且增长较慢的同行，其市盈率为 4 倍。AWS 推高了这一数字，但亚马逊对第一方销售的高曝光率抵消了这一数字。其他电子商务市场同行的估值也类似：阿里巴巴-SW市盈率为 3 倍，MercadoLibre 市盈率为 9 倍。所有这些估值基本上都是历史最低点。</blockquote></p><p> 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.</p><p><blockquote>如果 Shopee 在未来几年内保持收入翻番（自 2016 年以来，它每年都很容易做到），实现盈利（扩大规模往往会有所帮助），并在两年内达到亚马逊的市盈率，那么今天的市盈率为 16 倍，它将在两年内持平。但如果它在十年等更长的时间内保持比亚马逊快得多的增长速度，和/或如果整体行业倍数扩大到更正常的历史水平，那么即使市盈率为 16 倍，该细分市场也有潜在的上涨空间。另一方面，如果它停止增长或从未盈利，那么投资者会对任何市盈率感到非常失望。</blockquote></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'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.</p><p><blockquote>鉴于如此广泛的结果，每个人都会有自己的方式来评估这一部分。对我来说，当我看到 Shopee 在移动领域的主导地位、目前相对较小的规模、来自 Garena 的资金，以及亚马逊、阿里巴巴-SW和 MercadoLibre 为这种商业模式的可持续长期成功开创的先例时，我对这一细分市场的未来持乐观态度。我认识到目前这是一个无利可图且风险较高的领域，但我也看到了巨大的潜力。</blockquote></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><blockquote>因此，我很乐意支付 16 倍的市盈率，这意味着电子商务部门的估值为 83.2B 美元。有些人会把看涨期权定得太高，这些人可能永远不会有机会投资这家公司，不管是好是坏。</blockquote></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's look at the other parts of Sea.</p><p><blockquote>因此，仅 Garena 和 Shopee，我的 Sea 价值为 106.7B 美元。其目前的市值为 123.1B 美元。为了解释这种差异，让我们看看海洋的其他部分。</blockquote></p><p> <b>FinTech &amp; Investments</b></p><p><blockquote><b>金融科技与投资</b></blockquote></p><p> The 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.</p><p><blockquote>对我计算的估值来说，最简单的补充是 Sea 的 120 亿美元现金堆，部分被 40 亿美元债务抵消。这为该公司增加了一些不错的选择，并确保尽管在Shopee上亏损，但它不会很快破产。加上$8B的现金差异，我的计算估值为$114.7B，仅比实际估值少$8.4B。</blockquote></p><p> 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.</p><p><blockquote>然后是 Sea 的金融科技部门 SeaMoney。这里的主要产品是移动钱包，它在上一季度的支付量为46亿美元（一年内约20亿美元）。该部门第三季度收入为 1.32 亿美元，同比增长 818%。这意味着2.9%的“接受率”，甚至比Visa(V)等老牌金融科技公司还要好。由于如此高的接受率，我并不担心 SeaMoney 在扩展过程中会亏损。</blockquote></p><p> 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.</p><p><blockquote>尽管 SeaMoney 是一个很小的细分市场，但它现在已经达到了可以计入估值的程度。也许它只值几十亿，但这仅仅是个开始。五年前，没有人会想到一个占Sea销售额5%的电子商务平台今天会比游戏部门更有价值。但 Sea 的管理——加上 Garena 资助新细分市场并推动其病毒式采用的能力——实现了这一目标。当然不能保证Sea会在金融科技方面取得同样的成功，但这是有先例的。</blockquote></p><p></p><p> 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,&nbsp;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.</p><p><blockquote>如果有一天这个细分市场的价值是 Sea 的三分之一或更多（2020 年，金融科技占 MercadoLibre 收入的 36%），那么今天仅以 7% 的业务获得它将是非常值得的，即使这意味着今天该细分市场的市盈率有点高 16 倍。事实上，这个倍数已经低于 Visa、万事达卡（纽约证券交易所股票代码：MA）和 Affirm（纳斯达克股票代码：AFRM）。实际上，一个同比增长 818% 的细分市场可能会获得比这些增长较慢的公司更高的市盈率，但我们甚至不需要猜测公平的市盈率是多少，因为我们可以通过在我的模型估值中使用 16 倍市盈率来达到 Sea 目前的估值。</blockquote></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 \"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.</p><p><blockquote>这一细分市场进一步增长的一种方式是推出除移动钱包之外的更多产品。Sea 在最近的财报中指出，他们已经开始“在其他数字金融服务领域采取早期举措，例如先买后付、数字银行和保险科技”。这些人肯定知道如何抓住最新的高增长趋势。</blockquote></p><p> 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.</p><p><blockquote>最后是投资部门。Sea 正在投资早期科技公司，尤其是在东南亚。腾讯控股（其本身就是 Sea 投资者）和 Shopify（纽约证券交易所股票代码：SHOP）等公司管理成功的投资组合，最终对其估值产生有意义的影响，这有着良好的先例。目前Sea的投资部门还处于非常早期的阶段，所以我没有将其纳入我的估值模型中。但这并不一定要被考虑在内来证明当前股价的合理性。这只是有一天可能值得一大片海洋的又一个区域。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Looking 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.</p><p><blockquote>查看 Sea 的每个细分市场，我的估值模型表明 Sea 目前的估值相当合理。然而，我的模型没有考虑到较新细分市场的显著可选性。就像电子商务在过去五年中所做的那样，金融科技（和/或投资）可能会发展成为Sea业务的很大一部分。随着金融科技领域目前的年增长率为818%，不需要太多的想象力就能看出这是如何发生的。只要再以接近这一速度增长一两年，金融科技领域就会让投资者无法忽视。</blockquote></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'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.</p><p><blockquote>这种选择结合了每项业务的整体实力，使得 Sea 在过去一年的平均收入增长了 7%。盈利并没有那么强劲，我预计这将是我的估值模型的主要争论点，就像大多数不盈利的公司一样。特别是，我预计一些读者会不同意我对电子商务领域的估值。但是，即使你把电子商务一路降到5倍市盈率（这是今天增长缓慢得多的电子商务公司看到的倍数），这也意味着比今天的价格下降了54%。这肯定是一个急剧下降，但如果使用最保守的估值标准，当今市场上的大多数公司都会面临这样的下跌。</blockquote></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's one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.</p><p><blockquote>只有像 Sea 这样的快速增长的公司才能通过收入增长快速抵消这种下降。因此，最具长期潜力的企业几乎不会以最保守的估值进行交易。海洋当然具有长期潜力。这是我拥有的少数几家高增长公司之一，我可以看到这些公司在本十年内市值达到万亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476940-sea-limited-understand-the-recent-selloff\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4476940-sea-limited-understand-the-recent-selloff","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102262158","content_text":"Summary\n\nSea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.\nI dive into each of its segments to understand the recent selloff and justify the current valuation.\nI consider Sea one of my ten highest conviction investments.\n\nkokkai/iStock Unreleased via Getty Images\nThesis\nA 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.\nIntroduction\nI 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.\nFurthermore, 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.\nIt'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.\nBecause 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.\nGaming\nSea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.\nThe 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.\nWith 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.\nRegardless, 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.\nThus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.\nSource: Earnings Call Presentation\nIn 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.\nWhile 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).\nGarena'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.\nThis means Garena is worth $23.5B based on the high end of management's guidance.\nI believe this valuation is actually conservative for a few reasons:\n\nNext 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.\nThe peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.\nGarena 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.\nAlthough 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.\n\nE-Commerce\nSea'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.\nThere'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.\nOne 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.\nSource: The Author, compiled from Alexa\nShopee 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.\nSource: The Author, compiled from AppAnnie\nOn 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.\nOf 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.\nSo why would a company with so much potential sell off?\nAfter 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.\nAnother 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.\nThe 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.\nDespite 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.\nFor 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).\nTo 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.\nIf 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.\nGiven 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.\nSo 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.\nThus, 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.\nFinTech & Investments\nThe 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.\nThen 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.\nDespite 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.\nIf 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.\nOne 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.\nFinally, 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.\nConclusion\nLooking 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.\nThis 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.\nOnly 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,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":3497,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696870588,"gmtCreate":1640671758795,"gmtModify":1640671759007,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/696870588","repostId":"1165616074","repostType":4,"repost":{"id":"1165616074","kind":"news","pubTimestamp":1640670632,"share":"https://www.laohunote.com/m/news/1165616074?lang=zh_CN&edition=full","pubTime":"2021-12-28 13:50","market":"us","language":"en","title":"Rivian Stock: 3 Things the EV Maker's CEO Wants Investors to Know<blockquote>Rivian股票：这家电动汽车制造商首席执行官希望投资者了解的 3 件事</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165616074","media":"TheStreet","summary":"Rivian has a $92 billion market cap even as it had produced only 652 vehicles and delivered 386 of those at the close of its first quarter as a public company.The company, of course, isn't trading based on what it has done so far, but instead on what investors expect the brand to deliver.That's still a very high bar for the company to reach as its market cap exceeds that of both Ford -Get Ford Motor Company Report and General Motors .Chief Executive RJ Scaringe, however, seems excited about the ","content":"<p>Rivian(<b>RIVN</b>)&nbsp;has a $92 billion market cap even as it had produced only 652 vehicles and delivered 386 of those at the close of its first quarter as a public company.</p><p><blockquote>Rivian<b>里夫恩</b>) 的市值为 920 亿美元，尽管它在作为上市公司的第一季度末仅生产了 652 辆汽车，并交付了其中 386 辆。</blockquote></p><p> The company, of course, isn't trading based on what it has done so far, but instead on what investors expect the brand to deliver.</p><p><blockquote>当然，该公司的交易并不是基于它迄今为止所做的事情，而是基于投资者对该品牌交付的期望。</blockquote></p><p> That's still a very high bar for the company to reach as its market cap exceeds that of both Ford(<b>F</b>) -Get Ford Motor Company Report&nbsp;and General Motors(<b>GM</b>) .</p><p><blockquote>对于该公司来说，这仍然是一个非常高的门槛，因为其市值超过了福特（<b>F</b>) -获取福特汽车公司报告和通用汽车公司(<b>通用汽车</b>).</blockquote></p><p> Chief Executive RJ Scaringe, however, seems excited about the challenge and spoke enthusiastically about what his company has accomplished and what it expects to do going forward. He talked about his plans in the company's first-ever&nbsp;earnings call&nbsp;on Dec. 17.</p><p><blockquote>然而，首席执行官RJ Scaringe似乎对这一挑战感到兴奋，并热情地谈到了他的公司已经取得的成就以及未来的期望。他在 12 月 17 日公司首次财报看涨期权上谈到了自己的计划。</blockquote></p><p> <b>Rivian Has Ambitions Beyond Profit</b></p><p><blockquote><b>Rivian的野心超越了利润</b></blockquote></p><p> Like Tesla(<b>TSLA</b>)&nbsp;CEO Elon Musk, Scaringe sees EVs as more than just a way to earn a profit. He's pretty passionate, or at least he appears to be, about the impact his company can make on the environment.</p><p><blockquote>喜欢特斯拉（<b>特斯拉</b>) 首席执行官埃隆·马斯克 (Elon Musk) 认为电动汽车不仅仅是一种盈利方式。他对他的公司对环境的影响充满热情，或者至少他看起来是这样。</blockquote></p><p>   Our generation will have profound impact on the planet and the world our kid's kid's kids will inherit. We can spend a lot of time on the specifics of climate change, but the reality is we as society are rapidly changing the composition of the atmosphere. If we want life as we know it to thrive for many generations, for now we must change. This is what inspired me to start Rivian and this is what drives the decisions we made as an organization including the decision to become a public company. The challenge of shifting on fossil fuels is as big as it comes, and it's going to require people, companies and entire industries to come together in ways we never had before. From day one, our focus has always been to maximize impact, to keep the world adventurous forever.  Those are bold statements, but people who buy EVs often do so because they feel as if they're doing right by the planet.</p><p><blockquote>我们这一代人将对地球和我们孩子的孩子将要继承的世界产生深远的影响。我们可以花很多时间在气候变化的细节上，但现实是我们作为一个社会正在迅速改变大气的成分。如果我们希望我们所知道的生活世世代代繁荣发展，现在我们必须改变。这就是激励我创办Rivian的原因，也是推动我们作为一个组织所做决定的原因，包括成为一家上市公司的决定。转向化石燃料的挑战是巨大的，它将需要人们、公司和整个行业以前所未有的方式走到一起。从第一天起，我们的重点就一直是最大化影响，让世界永远充满冒险。这些都是大胆的说法，但购买电动汽车的人通常这样做是因为他们觉得自己做的是对的。</blockquote></p><p> <b>Amazon Plays a Big Part in Rivian's Plans</b></p><p><blockquote><b>亚马逊在 Rivian 的计划中发挥着重要作用</b></blockquote></p><p> Amazon(<b>AMZN</b>)&nbsp;backed Rivian early and has placed a huge order for vans, but it can back out of taking delivery if the EV company can't deliver on its promises. Scaringe made clear that he understands the stakes.</p><p><blockquote>亚马逊（<b>亚马逊</b>）很早就支持Rivian，并下了巨额货车订单，但如果这家电动汽车公司无法兑现承诺，它可能会退出交付。斯卡林奇明确表示，他明白其中的利害关系。</blockquote></p><p>   In the commercial market, we are bringing to market the Rivian Commercial Van platform. Our first vehicle on this platform will be our 700-cubic-foot electric delivery van, or EDV 700. We designed these vehicles working closely with Amazon, who has placed an initial order of 100,000 EDVs. Our commercial vehicles are designed with a focus on safety, comfort and ease of operation. They offer a step change in driver experience while also delivering a lower total cost of ownership. Every commercial vehicle sold to Amazon is complemented by FleetOS, our proprietary end-to-end centralized fleet management platform with a recurring monthly subscription fee. The 700-cubic-foot EDV has achieved a range of 201 miles based on internal testing using official EPA test procedures.  Basically, Rivian succeeds or fails based on its ability to keep Amazon happy. The online giant won't be the only customer for its vans, but it will be the biggest and will serve as a bellwether for any other company that considers buying one (or many) for its fleet.</p><p><blockquote>在商业市场，我们正在推出Rivian商用货车平台。我们在该平台上的第一辆车将是我们的 700 立方英尺电动送货车，或 EDV 700。我们与亚马逊密切合作设计了这些车辆，亚马逊已经下了100,000辆EDV的初始订单。我们的商用车在设计时注重安全性、舒适性和易用性。它们提供了驾驶员体验的一步改变，同时也降低了总拥有成本。出售给亚马逊的每辆商用车都有FleetOS的补充，FleetOS是我们专有的端到端集中式车队管理平台，每月定期收取订阅费。根据使用 EPA 官方测试程序的内部测试，这款 700 立方英尺的 EDV 已实现 201 英里的续航里程。基本上，Rivian的成败取决于它让亚马逊开心的能力。这家在线巨头不会是其货车的唯一客户，但它将是最大的客户，并将成为任何其他考虑为其车队购买一辆（或多辆）货车的公司的风向标。</blockquote></p><p> <b>Manufacturing May Be the Biggest Challenge</b></p><p><blockquote><b>制造业可能是最大的挑战</b></blockquote></p><p> Rivian has ambitious plans and it has to move quickly to achieve its goals and not see its market cap plummet. Scaringe laid out one of the biggest hurdles facing his company.</p><p><blockquote>Rivian有雄心勃勃的计划，它必须迅速采取行动来实现其目标，并且不会看到其市值暴跌。斯卡林格列出了他的公司面临的最大障碍之一。</blockquote></p><p>   Launching and ramping production of three different vehicles within a few months is an incredibly tough challenge. This production ramp requires the simultaneous ramp of our supply chain, hiring and training of our product workforce, equipment bring-up, and rapid iterations through production quality loops. These challenges have been exacerbated, given the state of our global supply chain, tight labor market, and of course the complications from Covid.  The company, he said, will fall a few vehicles short of its stated goal to produce 1,200 cars and vans by the end of 2021. He says that the company should be able to ramp up quickly in the new year.</p><p><blockquote>在几个月内推出并提高三种不同车辆的产量是一项极其艰巨的挑战。这种生产提升需要我们供应链的同步提升、产品员工的雇佣和培训、设备的引进以及生产质量循环的快速迭代。鉴于我们全球供应链的状况、紧张的劳动力市场，当然还有Covid带来的并发症，这些挑战已经加剧。他说，该公司将比其到 2021 年底生产 1,200 辆轿车和货车的既定目标少几辆车。他表示，公司应该能够在新的一年里迅速增长。</blockquote></p><p>   Just as we're scaling our manufacturing facility, hundreds of our suppliers are also scaling their production to match our vehicle ramp rate. Our procurement team has remained nimble and continues to work with our supplier partners across all tiers to mitigate issues stemming from our supply chain delay of market delay to market and the Covid pandemic. Given the uncertainty within the supply chain, we decide to carry higher inventory levels than presumably assumed to help ensure we consistently have parts to build. The good news is we do not believe any of our supply chain challenges represent long-term systemic issues.  Rivian in 2022 also plans to begin building a second U.S. factory, in Georgia. That factory, however, won't produce saleable vehicles until 2024.</p><p><blockquote>正如我们扩大制造工厂的规模一样，我们的数百家供应商也在扩大生产规模，以匹配我们的车辆爬坡率。我们的采购团队保持灵活，并继续与各级供应商合作伙伴合作，以缓解供应链延迟、上市延迟和新冠疫情带来的问题。鉴于供应链内的不确定性，我们决定保持比假设更高的库存水平，以帮助确保我们持续有零件生产。好消息是，我们不认为我们的任何供应链挑战代表长期的系统性问题。Rivian还计划于 2022 年开始在佐治亚州建设第二家美国工厂。然而，该工厂要到 2024 年才会生产可销售的车辆。</blockquote></p><p></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>Rivian Stock: 3 Things the EV Maker's CEO Wants Investors to Know<blockquote>Rivian股票：这家电动汽车制造商首席执行官希望投资者了解的 3 件事</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nRivian Stock: 3 Things the EV Maker's CEO Wants Investors to Know<blockquote>Rivian股票：这家电动汽车制造商首席执行官希望投资者了解的 3 件事</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-28 13:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Rivian(<b>RIVN</b>)&nbsp;has a $92 billion market cap even as it had produced only 652 vehicles and delivered 386 of those at the close of its first quarter as a public company.</p><p><blockquote>Rivian<b>里夫恩</b>) 的市值为 920 亿美元，尽管它在作为上市公司的第一季度末仅生产了 652 辆汽车，并交付了其中 386 辆。</blockquote></p><p> The company, of course, isn't trading based on what it has done so far, but instead on what investors expect the brand to deliver.</p><p><blockquote>当然，该公司的交易并不是基于它迄今为止所做的事情，而是基于投资者对该品牌交付的期望。</blockquote></p><p> That's still a very high bar for the company to reach as its market cap exceeds that of both Ford(<b>F</b>) -Get Ford Motor Company Report&nbsp;and General Motors(<b>GM</b>) .</p><p><blockquote>对于该公司来说，这仍然是一个非常高的门槛，因为其市值超过了福特（<b>F</b>) -获取福特汽车公司报告和通用汽车公司(<b>通用汽车</b>).</blockquote></p><p> Chief Executive RJ Scaringe, however, seems excited about the challenge and spoke enthusiastically about what his company has accomplished and what it expects to do going forward. He talked about his plans in the company's first-ever&nbsp;earnings call&nbsp;on Dec. 17.</p><p><blockquote>然而，首席执行官RJ Scaringe似乎对这一挑战感到兴奋，并热情地谈到了他的公司已经取得的成就以及未来的期望。他在 12 月 17 日公司首次财报看涨期权上谈到了自己的计划。</blockquote></p><p> <b>Rivian Has Ambitions Beyond Profit</b></p><p><blockquote><b>Rivian的野心超越了利润</b></blockquote></p><p> Like Tesla(<b>TSLA</b>)&nbsp;CEO Elon Musk, Scaringe sees EVs as more than just a way to earn a profit. He's pretty passionate, or at least he appears to be, about the impact his company can make on the environment.</p><p><blockquote>喜欢特斯拉（<b>特斯拉</b>) 首席执行官埃隆·马斯克 (Elon Musk) 认为电动汽车不仅仅是一种盈利方式。他对他的公司对环境的影响充满热情，或者至少他看起来是这样。</blockquote></p><p>   Our generation will have profound impact on the planet and the world our kid's kid's kids will inherit. We can spend a lot of time on the specifics of climate change, but the reality is we as society are rapidly changing the composition of the atmosphere. If we want life as we know it to thrive for many generations, for now we must change. This is what inspired me to start Rivian and this is what drives the decisions we made as an organization including the decision to become a public company. The challenge of shifting on fossil fuels is as big as it comes, and it's going to require people, companies and entire industries to come together in ways we never had before. From day one, our focus has always been to maximize impact, to keep the world adventurous forever.  Those are bold statements, but people who buy EVs often do so because they feel as if they're doing right by the planet.</p><p><blockquote>我们这一代人将对地球和我们孩子的孩子将要继承的世界产生深远的影响。我们可以花很多时间在气候变化的细节上，但现实是我们作为一个社会正在迅速改变大气的成分。如果我们希望我们所知道的生活世世代代繁荣发展，现在我们必须改变。这就是激励我创办Rivian的原因，也是推动我们作为一个组织所做决定的原因，包括成为一家上市公司的决定。转向化石燃料的挑战是巨大的，它将需要人们、公司和整个行业以前所未有的方式走到一起。从第一天起，我们的重点就一直是最大化影响，让世界永远充满冒险。这些都是大胆的说法，但购买电动汽车的人通常这样做是因为他们觉得自己做的是对的。</blockquote></p><p> <b>Amazon Plays a Big Part in Rivian's Plans</b></p><p><blockquote><b>亚马逊在 Rivian 的计划中发挥着重要作用</b></blockquote></p><p> Amazon(<b>AMZN</b>)&nbsp;backed Rivian early and has placed a huge order for vans, but it can back out of taking delivery if the EV company can't deliver on its promises. Scaringe made clear that he understands the stakes.</p><p><blockquote>亚马逊（<b>亚马逊</b>）很早就支持Rivian，并下了巨额货车订单，但如果这家电动汽车公司无法兑现承诺，它可能会退出交付。斯卡林奇明确表示，他明白其中的利害关系。</blockquote></p><p>   In the commercial market, we are bringing to market the Rivian Commercial Van platform. Our first vehicle on this platform will be our 700-cubic-foot electric delivery van, or EDV 700. We designed these vehicles working closely with Amazon, who has placed an initial order of 100,000 EDVs. Our commercial vehicles are designed with a focus on safety, comfort and ease of operation. They offer a step change in driver experience while also delivering a lower total cost of ownership. Every commercial vehicle sold to Amazon is complemented by FleetOS, our proprietary end-to-end centralized fleet management platform with a recurring monthly subscription fee. The 700-cubic-foot EDV has achieved a range of 201 miles based on internal testing using official EPA test procedures.  Basically, Rivian succeeds or fails based on its ability to keep Amazon happy. The online giant won't be the only customer for its vans, but it will be the biggest and will serve as a bellwether for any other company that considers buying one (or many) for its fleet.</p><p><blockquote>在商业市场，我们正在推出Rivian商用货车平台。我们在该平台上的第一辆车将是我们的 700 立方英尺电动送货车，或 EDV 700。我们与亚马逊密切合作设计了这些车辆，亚马逊已经下了100,000辆EDV的初始订单。我们的商用车在设计时注重安全性、舒适性和易用性。它们提供了驾驶员体验的一步改变，同时也降低了总拥有成本。出售给亚马逊的每辆商用车都有FleetOS的补充，FleetOS是我们专有的端到端集中式车队管理平台，每月定期收取订阅费。根据使用 EPA 官方测试程序的内部测试，这款 700 立方英尺的 EDV 已实现 201 英里的续航里程。基本上，Rivian的成败取决于它让亚马逊开心的能力。这家在线巨头不会是其货车的唯一客户，但它将是最大的客户，并将成为任何其他考虑为其车队购买一辆（或多辆）货车的公司的风向标。</blockquote></p><p> <b>Manufacturing May Be the Biggest Challenge</b></p><p><blockquote><b>制造业可能是最大的挑战</b></blockquote></p><p> Rivian has ambitious plans and it has to move quickly to achieve its goals and not see its market cap plummet. Scaringe laid out one of the biggest hurdles facing his company.</p><p><blockquote>Rivian有雄心勃勃的计划，它必须迅速采取行动来实现其目标，并且不会看到其市值暴跌。斯卡林格列出了他的公司面临的最大障碍之一。</blockquote></p><p>   Launching and ramping production of three different vehicles within a few months is an incredibly tough challenge. This production ramp requires the simultaneous ramp of our supply chain, hiring and training of our product workforce, equipment bring-up, and rapid iterations through production quality loops. These challenges have been exacerbated, given the state of our global supply chain, tight labor market, and of course the complications from Covid.  The company, he said, will fall a few vehicles short of its stated goal to produce 1,200 cars and vans by the end of 2021. He says that the company should be able to ramp up quickly in the new year.</p><p><blockquote>在几个月内推出并提高三种不同车辆的产量是一项极其艰巨的挑战。这种生产提升需要我们供应链的同步提升、产品员工的雇佣和培训、设备的引进以及生产质量循环的快速迭代。鉴于我们全球供应链的状况、紧张的劳动力市场，当然还有Covid带来的并发症，这些挑战已经加剧。他说，该公司将比其到 2021 年底生产 1,200 辆轿车和货车的既定目标少几辆车。他表示，公司应该能够在新的一年里迅速增长。</blockquote></p><p>   Just as we're scaling our manufacturing facility, hundreds of our suppliers are also scaling their production to match our vehicle ramp rate. Our procurement team has remained nimble and continues to work with our supplier partners across all tiers to mitigate issues stemming from our supply chain delay of market delay to market and the Covid pandemic. Given the uncertainty within the supply chain, we decide to carry higher inventory levels than presumably assumed to help ensure we consistently have parts to build. The good news is we do not believe any of our supply chain challenges represent long-term systemic issues.  Rivian in 2022 also plans to begin building a second U.S. factory, in Georgia. That factory, however, won't produce saleable vehicles until 2024.</p><p><blockquote>正如我们扩大制造工厂的规模一样，我们的数百家供应商也在扩大生产规模，以匹配我们的车辆爬坡率。我们的采购团队保持灵活，并继续与各级供应商合作伙伴合作，以缓解供应链延迟、上市延迟和新冠疫情带来的问题。鉴于供应链内的不确定性，我们决定保持比假设更高的库存水平，以帮助确保我们持续有零件生产。好消息是，我们不认为我们的任何供应链挑战代表长期的系统性问题。Rivian还计划于 2022 年开始在佐治亚州建设第二家美国工厂。然而，该工厂要到 2024 年才会生产可销售的车辆。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/rivian-stock-3-things-the-ev-makers-ceo-wants-investors-to-know\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RIVN":"Rivian Automotive, Inc."},"source_url":"https://www.thestreet.com/investing/rivian-stock-3-things-the-ev-makers-ceo-wants-investors-to-know","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165616074","content_text":"Rivian(RIVN) has a $92 billion market cap even as it had produced only 652 vehicles and delivered 386 of those at the close of its first quarter as a public company.\nThe company, of course, isn't trading based on what it has done so far, but instead on what investors expect the brand to deliver.\nThat's still a very high bar for the company to reach as its market cap exceeds that of both Ford(F) -Get Ford Motor Company Report and General Motors(GM) .\nChief Executive RJ Scaringe, however, seems excited about the challenge and spoke enthusiastically about what his company has accomplished and what it expects to do going forward. He talked about his plans in the company's first-ever earnings call on Dec. 17.\nRivian Has Ambitions Beyond Profit\nLike Tesla(TSLA) CEO Elon Musk, Scaringe sees EVs as more than just a way to earn a profit. He's pretty passionate, or at least he appears to be, about the impact his company can make on the environment.\n\n Our generation will have profound impact on the planet and the world our kid's kid's kids will inherit. We can spend a lot of time on the specifics of climate change, but the reality is we as society are rapidly changing the composition of the atmosphere. If we want life as we know it to thrive for many generations, for now we must change. This is what inspired me to start Rivian and this is what drives the decisions we made as an organization including the decision to become a public company. The challenge of shifting on fossil fuels is as big as it comes, and it's going to require people, companies and entire industries to come together in ways we never had before. From day one, our focus has always been to maximize impact, to keep the world adventurous forever.\n\nThose are bold statements, but people who buy EVs often do so because they feel as if they're doing right by the planet.\nAmazon Plays a Big Part in Rivian's Plans\nAmazon(AMZN) backed Rivian early and has placed a huge order for vans, but it can back out of taking delivery if the EV company can't deliver on its promises. Scaringe made clear that he understands the stakes.\n\n In the commercial market, we are bringing to market the Rivian Commercial Van platform. Our first vehicle on this platform will be our 700-cubic-foot electric delivery van, or EDV 700. We designed these vehicles working closely with Amazon, who has placed an initial order of 100,000 EDVs. Our commercial vehicles are designed with a focus on safety, comfort and ease of operation. They offer a step change in driver experience while also delivering a lower total cost of ownership. Every commercial vehicle sold to Amazon is complemented by FleetOS, our proprietary end-to-end centralized fleet management platform with a recurring monthly subscription fee. The 700-cubic-foot EDV has achieved a range of 201 miles based on internal testing using official EPA test procedures.\n\nBasically, Rivian succeeds or fails based on its ability to keep Amazon happy. The online giant won't be the only customer for its vans, but it will be the biggest and will serve as a bellwether for any other company that considers buying one (or many) for its fleet.\nManufacturing May Be the Biggest Challenge\nRivian has ambitious plans and it has to move quickly to achieve its goals and not see its market cap plummet. Scaringe laid out one of the biggest hurdles facing his company.\n\n Launching and ramping production of three different vehicles within a few months is an incredibly tough challenge. This production ramp requires the simultaneous ramp of our supply chain, hiring and training of our product workforce, equipment bring-up, and rapid iterations through production quality loops. These challenges have been exacerbated, given the state of our global supply chain, tight labor market, and of course the complications from Covid.\n\nThe company, he said, will fall a few vehicles short of its stated goal to produce 1,200 cars and vans by the end of 2021. He says that the company should be able to ramp up quickly in the new year.\n\n Just as we're scaling our manufacturing facility, hundreds of our suppliers are also scaling their production to match our vehicle ramp rate. Our procurement team has remained nimble and continues to work with our supplier partners across all tiers to mitigate issues stemming from our supply chain delay of market delay to market and the Covid pandemic. Given the uncertainty within the supply chain, we decide to carry higher inventory levels than presumably assumed to help ensure we consistently have parts to build. The good news is we do not believe any of our supply chain challenges represent long-term systemic issues.\n\nRivian in 2022 also plans to begin building a second U.S. factory, in Georgia. That factory, however, won't produce saleable vehicles until 2024.","news_type":1,"symbols_score_info":{"RIVN":0.9}},"isVote":1,"tweetType":1,"viewCount":4340,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696870694,"gmtCreate":1640671726616,"gmtModify":1640671726822,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696870694","repostId":"1149508501","repostType":4,"repost":{"id":"1149508501","kind":"news","pubTimestamp":1640671124,"share":"https://www.laohunote.com/m/news/1149508501?lang=zh_CN&edition=full","pubTime":"2021-12-28 13:58","market":"us","language":"en","title":"Why Is My Starbucks Out Of...CEO, President Explain Product Shortages<blockquote>为什么我的星巴克停业了……首席执行官、总裁解释产品短缺</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149508501","media":"TheStreet","summary":"When you visit your local Starbucks(SBUX), hoping to buy your favorite coffee, beverage or snack, it","content":"<p>When you visit your local Starbucks(<b>SBUX</b>), hoping to buy your favorite coffee, beverage or snack, it's disappointing when you find your desired purchase out of stock.</p><p><blockquote>当您光顾当地的星巴克时（<b>斯布克斯</b>)，希望购买您最喜欢的咖啡、饮料或零食，当您发现您想要购买的商品缺货时，您会感到失望。</blockquote></p><p> That doesn't happen often, but it has been a more regular occurrence as the Seattle chain deals with changing customer habits and supply-chain issues -- both of which can be blamed on the pandemic.</p><p><blockquote>这种情况并不经常发生，但随着西雅图连锁店应对不断变化的顾客习惯和供应链问题，这种情况越来越常见——这两者都可以归咎于疫情。</blockquote></p><p> The company has not shied away from acknowledging these problems. Group President North America John Culver even addressed the shortages during the company's&nbsp;fourth-quarter earnings call.</p><p><blockquote>该公司并没有回避承认这些问题。集团北美总裁 John Culver 甚至在公司第四季度财报看涨期权上谈到了短缺问题。</blockquote></p><p> \"We are seeing impacts and that's evident by some of the inventory levels in our stores, but I feel very good about the way in which we've been able to navigate it,\" he said.</p><p><blockquote>“我们看到了影响，这从我们商店的一些库存水平中可以明显看出，但我对我们能够应对的方式感到非常满意，”他说。</blockquote></p><p> \"Those supply impacts began in mid-fiscal '21 and we would expect that they will continue into this coming year.\"</p><p><blockquote>“这些供应影响始于 21 财年中期，我们预计这些影响将持续到来年。”</blockquote></p><p> <b>Starbucks Calls the Shortages Temporary</b></p><p><blockquote><b>星巴克评级短缺暂时</b></blockquote></p><p> The coffee chain is hardly unique in having supply-chain issues during the pandemic.&nbsp;Grocery stores, restaurants and retailers have struggled to meet demand, partly because of constrained supplies and sometimes because the pandemic has made forecasting demand a challenge.</p><p><blockquote>在大流行病期间，这家咖啡连锁店遇到供应链问题并不是唯一一家。杂货店、餐馆和零售商一直在努力满足需求，部分原因是供应紧张，有时是因为大流行病使预测需求成为一项挑战。</blockquote></p><p> Starbucks acknowledged intermittent shortages in October in a statement it shared with theNew York Times.</p><p><blockquote>星巴克在与《纽约时报》分享的一份声明中承认10月份出现间歇性短缺。</blockquote></p><p>   In a statement, a spokeswoman for Starbucks said the company was experiencing “temporary supply shortages” of some of its products. She said the shortages varied by location, with some stores experiencing “outages of various items at the same time.” She added that the company was working with its vendors to restock the items as soon as possible, and that the supply-chain issues had not affected prices.  Culver further explained the issue in his remarks.</p><p><blockquote>星巴克发言人在一份声明中说，该公司的部分产品正面临 “暂时性供应短缺”。她说，缺货情况因地点而异，有些商店出现了 “各种商品同时断货”的情况。她补充说，该公司正在与供应商合作，尽快补货，供应链问题并未影响价格。卡尔弗在讲话中进一步解释了这个问题。</blockquote></p><p> \"And what we're seeing is headwinds on commodity pricing challenges around transportation and also the ability for our distributors and manufacturers to find labor to work in their factories and distribution centers,\" he added.</p><p><blockquote>他补充说：“我们看到的是运输方面的大宗商品定价挑战的阻力，以及我们的分销商和制造商寻找劳动力在其工厂和配送中心工作的能力。”</blockquote></p><p> <b>Starbucks CEO Says Progress Is Being Made</b></p><p><blockquote><b>星巴克首席执行官表示正在取得进展</b></blockquote></p><p> The pandemic disrupted normal patterns for Starbucks. With many of its customers working from home or going into the office some days but not others, purchasing patterns changed.</p><p><blockquote>疫情打乱了星巴克的正常模式。由于许多客户有时在家工作或去办公室，但有时不会，购买模式发生了变化。</blockquote></p><p> That created new challenges for the company, but Chief Executive Kevin Johnson said during the fourth-quarter earnings call that steps to solve the underlying issues&nbsp;have been taken.</p><p><blockquote>这给公司带来了新的挑战，但首席执行官 Kevin Johnson 在第四季度财报看涨期权上表示，已经采取措施解决根本问题。</blockquote></p><p> \"We made significant progress addressing supply-chain issues and experienced an overall improvement in inventory availability as we move through the quarter by increasing production at existing suppliers, onboarding new suppliers and strategically prioritizing key holiday and Q1 merchandise,\" he said.</p><p><blockquote>他说：“我们在解决供应链问题方面取得了重大进展，并在本季度通过增加现有供应商的产量、引进新供应商以及战略性地优先考虑关键假日和第一季度商品，库存可用性整体有所改善。”</blockquote></p><p> Johnson did say that further problems could come up, especially as demand increases.</p><p><blockquote>约翰逊确实表示，可能会出现更多问题，特别是随着需求的增加。</blockquote></p><p>   While we made significant progress addressing supply-chain challenges as fiscal 2021 progressed, we remain cautious and vigilant as we enter fiscal '22 given the dynamic nature of the situation. The recovery in Q4 surged forward as evidenced by the sequential acceleration of two-year comp growth. We exited Q4 with even stronger 14% two-year comp growth in September and closed to a record average ticket, driven by the strength of our fall beverage lineup, a shift in customer behavior toward more premium beverages and strong food attach.  Starbucks did not immediately respond to a request for comment. Shares in the coffee chain are up roughly 11% year to date.</p><p><blockquote>虽然随着2021财年的进展，我们在应对供应链挑战方面取得了重大进展，但鉴于形势的动态性，我们在进入2022财年时仍然保持谨慎和警惕。第四季度的复苏势头迅猛，两年同比增长的连续加速就证明了这一点。9 月份，我们以 14% 的强劲两年同比增长结束了第四季度，并以创纪录的平均票价收盘，这得益于我们秋季饮料阵容的实力、客户行为向更优质饮料的转变以及对食品的依赖。星巴克没有立即回应置评请求。今年迄今为止，这家咖啡连锁店的股价已上涨约 11%。</blockquote></p><p></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>Why Is My Starbucks Out Of...CEO, President Explain Product Shortages<blockquote>为什么我的星巴克停业了……首席执行官、总裁解释产品短缺</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Is My Starbucks Out Of...CEO, President Explain Product Shortages<blockquote>为什么我的星巴克停业了……首席执行官、总裁解释产品短缺</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-28 13:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>When you visit your local Starbucks(<b>SBUX</b>), hoping to buy your favorite coffee, beverage or snack, it's disappointing when you find your desired purchase out of stock.</p><p><blockquote>当您光顾当地的星巴克时（<b>斯布克斯</b>)，希望购买您最喜欢的咖啡、饮料或零食，当您发现您想要购买的商品缺货时，您会感到失望。</blockquote></p><p> That doesn't happen often, but it has been a more regular occurrence as the Seattle chain deals with changing customer habits and supply-chain issues -- both of which can be blamed on the pandemic.</p><p><blockquote>这种情况并不经常发生，但随着西雅图连锁店应对不断变化的顾客习惯和供应链问题，这种情况越来越常见——这两者都可以归咎于疫情。</blockquote></p><p> The company has not shied away from acknowledging these problems. Group President North America John Culver even addressed the shortages during the company's&nbsp;fourth-quarter earnings call.</p><p><blockquote>该公司并没有回避承认这些问题。集团北美总裁 John Culver 甚至在公司第四季度财报看涨期权上谈到了短缺问题。</blockquote></p><p> \"We are seeing impacts and that's evident by some of the inventory levels in our stores, but I feel very good about the way in which we've been able to navigate it,\" he said.</p><p><blockquote>“我们看到了影响，这从我们商店的一些库存水平中可以明显看出，但我对我们能够应对的方式感到非常满意，”他说。</blockquote></p><p> \"Those supply impacts began in mid-fiscal '21 and we would expect that they will continue into this coming year.\"</p><p><blockquote>“这些供应影响始于 21 财年中期，我们预计这些影响将持续到来年。”</blockquote></p><p> <b>Starbucks Calls the Shortages Temporary</b></p><p><blockquote><b>星巴克评级短缺暂时</b></blockquote></p><p> The coffee chain is hardly unique in having supply-chain issues during the pandemic.&nbsp;Grocery stores, restaurants and retailers have struggled to meet demand, partly because of constrained supplies and sometimes because the pandemic has made forecasting demand a challenge.</p><p><blockquote>在大流行病期间，这家咖啡连锁店遇到供应链问题并不是唯一一家。杂货店、餐馆和零售商一直在努力满足需求，部分原因是供应紧张，有时是因为大流行病使预测需求成为一项挑战。</blockquote></p><p> Starbucks acknowledged intermittent shortages in October in a statement it shared with theNew York Times.</p><p><blockquote>星巴克在与《纽约时报》分享的一份声明中承认10月份出现间歇性短缺。</blockquote></p><p>   In a statement, a spokeswoman for Starbucks said the company was experiencing “temporary supply shortages” of some of its products. She said the shortages varied by location, with some stores experiencing “outages of various items at the same time.” She added that the company was working with its vendors to restock the items as soon as possible, and that the supply-chain issues had not affected prices.  Culver further explained the issue in his remarks.</p><p><blockquote>星巴克发言人在一份声明中说，该公司的部分产品正面临 “暂时性供应短缺”。她说，缺货情况因地点而异，有些商店出现了 “各种商品同时断货”的情况。她补充说，该公司正在与供应商合作，尽快补货，供应链问题并未影响价格。卡尔弗在讲话中进一步解释了这个问题。</blockquote></p><p> \"And what we're seeing is headwinds on commodity pricing challenges around transportation and also the ability for our distributors and manufacturers to find labor to work in their factories and distribution centers,\" he added.</p><p><blockquote>他补充说：“我们看到的是运输方面的大宗商品定价挑战的阻力，以及我们的分销商和制造商寻找劳动力在其工厂和配送中心工作的能力。”</blockquote></p><p> <b>Starbucks CEO Says Progress Is Being Made</b></p><p><blockquote><b>星巴克首席执行官表示正在取得进展</b></blockquote></p><p> The pandemic disrupted normal patterns for Starbucks. With many of its customers working from home or going into the office some days but not others, purchasing patterns changed.</p><p><blockquote>疫情打乱了星巴克的正常模式。由于许多客户有时在家工作或去办公室，但有时不会，购买模式发生了变化。</blockquote></p><p> That created new challenges for the company, but Chief Executive Kevin Johnson said during the fourth-quarter earnings call that steps to solve the underlying issues&nbsp;have been taken.</p><p><blockquote>这给公司带来了新的挑战，但首席执行官 Kevin Johnson 在第四季度财报看涨期权上表示，已经采取措施解决根本问题。</blockquote></p><p> \"We made significant progress addressing supply-chain issues and experienced an overall improvement in inventory availability as we move through the quarter by increasing production at existing suppliers, onboarding new suppliers and strategically prioritizing key holiday and Q1 merchandise,\" he said.</p><p><blockquote>他说：“我们在解决供应链问题方面取得了重大进展，并在本季度通过增加现有供应商的产量、引进新供应商以及战略性地优先考虑关键假日和第一季度商品，库存可用性整体有所改善。”</blockquote></p><p> Johnson did say that further problems could come up, especially as demand increases.</p><p><blockquote>约翰逊确实表示，可能会出现更多问题，特别是随着需求的增加。</blockquote></p><p>   While we made significant progress addressing supply-chain challenges as fiscal 2021 progressed, we remain cautious and vigilant as we enter fiscal '22 given the dynamic nature of the situation. The recovery in Q4 surged forward as evidenced by the sequential acceleration of two-year comp growth. We exited Q4 with even stronger 14% two-year comp growth in September and closed to a record average ticket, driven by the strength of our fall beverage lineup, a shift in customer behavior toward more premium beverages and strong food attach.  Starbucks did not immediately respond to a request for comment. Shares in the coffee chain are up roughly 11% year to date.</p><p><blockquote>虽然随着2021财年的进展，我们在应对供应链挑战方面取得了重大进展，但鉴于形势的动态性，我们在进入2022财年时仍然保持谨慎和警惕。第四季度的复苏势头迅猛，两年同比增长的连续加速就证明了这一点。9 月份，我们以 14% 的强劲两年同比增长结束了第四季度，并以创纪录的平均票价收盘，这得益于我们秋季饮料阵容的实力、客户行为向更优质饮料的转变以及对食品的依赖。星巴克没有立即回应置评请求。今年迄今为止，这家咖啡连锁店的股价已上涨约 11%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/starbucks-ceo-product-shortages-supply-chain-concerns\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SBUX":"星巴克"},"source_url":"https://www.thestreet.com/investing/starbucks-ceo-product-shortages-supply-chain-concerns","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149508501","content_text":"When you visit your local Starbucks(SBUX), hoping to buy your favorite coffee, beverage or snack, it's disappointing when you find your desired purchase out of stock.\nThat doesn't happen often, but it has been a more regular occurrence as the Seattle chain deals with changing customer habits and supply-chain issues -- both of which can be blamed on the pandemic.\nThe company has not shied away from acknowledging these problems. Group President North America John Culver even addressed the shortages during the company's fourth-quarter earnings call.\n\"We are seeing impacts and that's evident by some of the inventory levels in our stores, but I feel very good about the way in which we've been able to navigate it,\" he said.\n\"Those supply impacts began in mid-fiscal '21 and we would expect that they will continue into this coming year.\"\nStarbucks Calls the Shortages Temporary\nThe coffee chain is hardly unique in having supply-chain issues during the pandemic. Grocery stores, restaurants and retailers have struggled to meet demand, partly because of constrained supplies and sometimes because the pandemic has made forecasting demand a challenge.\nStarbucks acknowledged intermittent shortages in October in a statement it shared with theNew York Times.\n\n In a statement, a spokeswoman for Starbucks said the company was experiencing “temporary supply shortages” of some of its products. She said the shortages varied by location, with some stores experiencing “outages of various items at the same time.” She added that the company was working with its vendors to restock the items as soon as possible, and that the supply-chain issues had not affected prices.\n\nCulver further explained the issue in his remarks.\n\"And what we're seeing is headwinds on commodity pricing challenges around transportation and also the ability for our distributors and manufacturers to find labor to work in their factories and distribution centers,\" he added.\nStarbucks CEO Says Progress Is Being Made\nThe pandemic disrupted normal patterns for Starbucks. With many of its customers working from home or going into the office some days but not others, purchasing patterns changed.\nThat created new challenges for the company, but Chief Executive Kevin Johnson said during the fourth-quarter earnings call that steps to solve the underlying issues have been taken.\n\"We made significant progress addressing supply-chain issues and experienced an overall improvement in inventory availability as we move through the quarter by increasing production at existing suppliers, onboarding new suppliers and strategically prioritizing key holiday and Q1 merchandise,\" he said.\nJohnson did say that further problems could come up, especially as demand increases.\n\n While we made significant progress addressing supply-chain challenges as fiscal 2021 progressed, we remain cautious and vigilant as we enter fiscal '22 given the dynamic nature of the situation. The recovery in Q4 surged forward as evidenced by the sequential acceleration of two-year comp growth. We exited Q4 with even stronger 14% two-year comp growth in September and closed to a record average ticket, driven by the strength of our fall beverage lineup, a shift in customer behavior toward more premium beverages and strong food attach.\n\nStarbucks did not immediately respond to a request for comment. Shares in the coffee chain are up roughly 11% year to date.","news_type":1,"symbols_score_info":{"SBUX":0.9}},"isVote":1,"tweetType":1,"viewCount":3528,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696870172,"gmtCreate":1640671716095,"gmtModify":1640671716313,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/696870172","repostId":"1127544468","repostType":4,"isVote":1,"tweetType":1,"viewCount":3313,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698777331,"gmtCreate":1640567468551,"gmtModify":1640567497242,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698777331","repostId":"2194177239","repostType":4,"repost":{"id":"2194177239","kind":"news","pubTimestamp":1640559609,"share":"https://www.laohunote.com/m/news/2194177239?lang=zh_CN&edition=full","pubTime":"2021-12-27 07:00","market":"us","language":"en","title":"Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：本周须知</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2194177239","media":"Yahoo Finance","summary":"As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for the coming days.The S&P 500  is entering the period known for ushering in the so-called Santa Claus Rally, or seasonally strong timeframe for stocks at the end of each year.According to data from LPL Financial, the Santa Claus Rally period encapsulates the seven days most likely to be higher in any ","content":"<p><div> As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for ...</p><p><blockquote><div>随着交易员从假期缩短的一周归来，进入新的一年的价格走势将受到密切关注——特别是考虑到相对清淡的经济数据和收益日历……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_au","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>Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：本周须知</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nSanta Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：本周须知</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2021-12-27 07:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for ...</p><p><blockquote><div>随着交易员从假期缩短的一周归来，进入新的一年的价格走势将受到密切关注——特别是考虑到相对清淡的经济数据和收益日历……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">Yahoo Finance</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4096":"电气部件与设备","BK4541":"氢能源","SPY.AU":"SPDR® S&P 500® ETF Trust","FCEL":"燃料电池能源"},"source_url":"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2194177239","content_text":"As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for the coming days.\nThe S&P 500 (^GSPC) is entering the period known for ushering in the so-called Santa Claus Rally, or seasonally strong timeframe for stocks at the end of each year.\nThe term, coined by Stock Trader's Almanac in the 1970s, encompasses the final five trading days of the year and first two sessions of the new year. This year, that Santa Claus Rally window is set to start on Monday, Dec. 27 — or the latest a Santa Claus rally has started in 11 years, due to the timing of the holidays this year.\nAccording to data from LPL Financial, the Santa Claus Rally period encapsulates the seven days most likely to be higher in any given year. Since 1950, the Santa Claus Rally period has produced a positive return for the S&P 500 78.9% of the time, with an average return of 1.33%.\n“Why are these seven days so strong?” wrote Ryan Detrick, LPL Financial chief market strategist, in a note. “Whether optimism over a coming new year, holiday spending, traders on vacation, institutions squaring up their books — or the holiday spirit — the bottom line is that bulls tend to believe in Santa.”\nAnd if history is any indication, the absence of a Santa Claus Rally has also typically served as a harbinger of lower near-term returns.\n\"Going back to the mid-1990s, there have been only six times Santa failed to show in December. January was lower five of those six times, and the full year had a solid gain only once (in 2016, but a mini-bear market early in the year),\" Detrick added.\n“Considering the bear markets of 2000 and 2008 both took place after one of the rare instances that Santa failed to show makes believers out of us,\" he said. A bear market typically refers to when stocks drop at least 20% from recent record highs. \"Should this seasonally strong period miss the mark, it could be a warning sign.\"\nAnd this year, investors do have considerable additional concerns to mull heading into the new year. Though stocks closed out Thursday's session at fresh record highs before the long holiday weekend, December still marked a volatile month to start, with renewed concerns over the Omicron variant and the potential for tighter monetary policy from the Federal Reserve weighing on risk assets. Plus, prospects for more near-term fiscal support via the Biden administration's Build Back Better bill have dwindled, and inflation concerns spiked further. Last week, the Bureau of Economic Analysis reported core personal consumption expenditures (PCE) — the Fed's preferred inflation gauge — rose at a 4.7% year-over-year clip, or the fastest since 1983.\n\"If the U.S. was not battling the Omicron variant, U.S. stocks would be dancing higher as the Santa Claus Rally would have kept the climb going into uncharted territory,\" Edward Moya, chief market strategist at OANDA, wrote in a note last week. \"It is too early to say for sure if we will get a Santa Claus Rally, but given all the short-term risks of Fed tightening, Chinese weakness, fiscal support uncertainty and COVID, Wall Street is not complaining.\"\nA man in a Santa Claus costume gestures on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on December 5, 2019 in New York. (Photo by Bryan R. Smith / AFP) (Photo by BRYAN R. SMITH/AFP via Getty Images)BRYAN R. SMITH via Getty Images\nEconomic calendar\n\nMonday: Dallas Federal Reserve Manufacturing Activity Index, Dec. (13.0 expected, 11.8 in November)\nTuesday: FHFA House Price Index, month-over-month, October (0.9% in September); S&P CoreLogic Case-Shiller 20 City Composite Index, month-over-month, October (0.9% expected, 0.96% in September); S&P CoreLogic Case-Shiller 20 City Composite Index, year-over-year, October (18.6%. expected, 19.05% in September); S&P CoreLogic Case-Shiller Home Price Index, year-over-year, November (19.51% in October); Richmond Fed Manufacturing Index, December (11 expected,11 in November)\nWednesday: Wholesale Inventories, month-over-month, November preliminary (1.7% expected, 2.3% in October); Advance Goods Trade Balance, November (-$89.0 billion expected, -$82.9 billion in October); Retail Inventories, month-over-month, November (0.5% expected, 0.1% in October); Pending Home Sales, month-over-month, November (0.5% expected, 7.5% in October)\nThursday: Initial jobless claims, week ended Dec. 25. (205,000 during prior week); Continuing claims, week ended Dec. 18 (1.859 million during prior week); MNI Chicago PMI, December (62.2 expected, 61.8 in November)\nFriday: No notable reports scheduled for release\n\nEarnings calendar\n\nMonday: No notable reports scheduled for release\nTuesday: No notable reports scheduled for release\nWednesday: FuelCell Energy Inc. (FCEL) before market open\nThursday: No notable reports scheduled for release\nFriday: No notable reports scheduled for release","news_type":1,"symbols_score_info":{"FCEL":0.9,"SPY.AU":0.9}},"isVote":1,"tweetType":1,"viewCount":3333,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698392202,"gmtCreate":1640301607508,"gmtModify":1640301608226,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698392202","repostId":"1154370846","repostType":4,"isVote":1,"tweetType":1,"viewCount":4954,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698392873,"gmtCreate":1640301597392,"gmtModify":1640301598100,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698392873","repostId":"1139149278","repostType":4,"isVote":1,"tweetType":1,"viewCount":4457,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698392917,"gmtCreate":1640301584943,"gmtModify":1640301585700,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/698392917","repostId":"1162607841","repostType":4,"isVote":1,"tweetType":1,"viewCount":3331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698392011,"gmtCreate":1640301574496,"gmtModify":1640301575236,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698392011","repostId":"2193078140","repostType":4,"isVote":1,"tweetType":1,"viewCount":3747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691257147,"gmtCreate":1640215233693,"gmtModify":1640215233891,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691257147","repostId":"1131862374","repostType":4,"isVote":1,"tweetType":1,"viewCount":4483,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691257935,"gmtCreate":1640215222493,"gmtModify":1640215222675,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/691257935","repostId":"1158266085","repostType":4,"repost":{"id":"1158266085","kind":"news","pubTimestamp":1640214329,"share":"https://www.laohunote.com/m/news/1158266085?lang=zh_CN&edition=full","pubTime":"2021-12-23 07:05","market":"us","language":"en","title":"Tesla’s Touch-Screen Gaming Probed by U.S. Auto-Safety Regulator<blockquote>美国汽车安全监管机构调查特斯拉触摸屏游戏</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158266085","media":"The Wall Street Journal","summary":"The National Highway Traffic Safety Administration says the screen may distract drivers\nVince Patton","content":"<p>The National Highway Traffic Safety Administration says the screen may distract drivers</p><p><blockquote>美国国家公路交通安全管理局表示，屏幕可能会分散司机的注意力</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f13c4a406aeab8eaadfbbe4fa762a26f\" tg-width=\"1290\" tg-height=\"860\" width=\"100%\" height=\"auto\"><span>Vince Patton, a new Tesla owner, shows how he can play videogames while driving on a closed course in Portland earlier this month.</span></p><p><blockquote><p class=\"t-img-caption\"><span>本月早些时候，特斯拉的新车主文斯·巴顿在波特兰的一个封闭赛道上展示了他如何一边开车一边玩电子游戏。</span></p></blockquote></p><p> The top U.S. auto-safety regulator has opened an investigation into a&nbsp;Tesla Inc.&nbsp;feature that allows people—including the driver—to play games on a touch screen while the vehicle is in motion.</p><p><blockquote>美国最高汽车安全监管机构已对特斯拉公司的一项功能展开调查，该功能允许人们（包括驾驶员）在车辆行驶时在触摸屏上玩游戏。</blockquote></p><p> The ability to play games while driving has been available for roughly a year in some vehicles and “may distract the driver and increase the risk of a crash,” the National Highway Traffic Safety Administration said in a document made public Wednesday. The feature previously was only enabled while vehicles were in park, the agency said, adding it launched the probe to evaluate the potential for driver distraction.</p><p><blockquote>美国国家公路交通安全管理局（National Highway Traffic Safety Administration）在周三公布的一份文件中说，一些车辆在驾驶时玩游戏的功能已经存在了大约一年，“可能会分散驾驶员的注意力，增加撞车风险”。该机构表示，该功能以前仅在车辆停放时启用，并补充说，它启动了一项调查，以评估驾驶员分心的可能性。</blockquote></p><p> The probe covers about 580,000 Tesla vehicles of all types and model years 2017 to present in some cases, NHTSA said.</p><p><blockquote>NHTSA 表示，此次调查涵盖了 2017 年约 58 万辆各种类型和型号的特斯拉汽车，其中包括某些情况。</blockquote></p><p> Tesla didn’t immediately respond to a request for comment.</p><p><blockquote>特斯拉没有立即回应置评请求。</blockquote></p><p> When a vehicle is in drive, Tesla asks those seeking to play games on the centrally located front touch screen to confirm they are a passenger. Available games include solitaire, Sky Force Reloaded and The Battle of Polytopia. Certain other games aren’t available unless the vehicle is parked.</p><p><blockquote>当车辆行驶时，特斯拉会要求那些试图在位于中央的前触摸屏上玩游戏的人确认他们是乘客。可用的游戏包括纸牌游戏、天空部队重装上阵和多乌托邦之战。除非车辆停放，否则无法玩其他某些游戏。</blockquote></p><p> NHTSA said it wasn’t aware of any crashes or injuries linked to the feature. The agency received a complaint about the functionality earlier this year that urged the regulator to prohibit live video and interactive web browsing on the centrally located front touch screen while Teslas are in motion.</p><p><blockquote>美国国家公路交通安全管理局（NHTSA）表示，目前还没有发现任何与该功能有关的车祸或人员伤亡。该机构今年早些时候收到了一份关于该功能的投诉，敦促监管机构禁止在特斯拉行驶时在位于中央的前触摸屏上进行实时视频和交互式网页浏览。</blockquote></p><p> Tesla Chief Executive&nbsp;Elon Musk&nbsp;has said he thinks&nbsp;entertainment will be highly desired&nbsp;once vehicles become autonomous. Tesla’s advanced driver-assistance system, known as Autopilot, doesn’t make vehicles autonomous.</p><p><blockquote>特斯拉首席执行官埃隆·马斯克表示，他认为一旦汽车实现自动驾驶，娱乐将非常受欢迎。特斯拉的先进驾驶辅助系统（Autopilot）并不能让车辆实现自动驾驶。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a798015f792f0f3e9247f60cab46c81e\" tg-width=\"412\" tg-height=\"451\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> NHTSA investigations can lead to recalls. Tesla&nbsp;recalled roughly 135,000 vehicles earlier this year&nbsp;over touch-screen failures after NHTSA&nbsp;urged it to do so.</p><p><blockquote>NHTSA的调查可能会导致召回。今年早些时候，在 NHTSA 敦促特斯拉因触摸屏故障召回了约 135,000 辆汽车。</blockquote></p><p> The agency is also&nbsp;investigating Tesla’s Autopilot system&nbsp;after a series of crashes involving Teslas and one or more parked emergency vehicles.</p><p><blockquote>在发生一系列涉及特斯拉和一辆或多辆停放的应急车辆的车祸后，该机构还在调查特斯拉的自动驾驶系统。</blockquote></p><p></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>Tesla’s Touch-Screen Gaming Probed by U.S. Auto-Safety Regulator<blockquote>美国汽车安全监管机构调查特斯拉触摸屏游戏</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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’s Touch-Screen Gaming Probed by U.S. Auto-Safety Regulator<blockquote>美国汽车安全监管机构调查特斯拉触摸屏游戏</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-12-23 07:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The National Highway Traffic Safety Administration says the screen may distract drivers</p><p><blockquote>美国国家公路交通安全管理局表示，屏幕可能会分散司机的注意力</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f13c4a406aeab8eaadfbbe4fa762a26f\" tg-width=\"1290\" tg-height=\"860\" width=\"100%\" height=\"auto\"><span>Vince Patton, a new Tesla owner, shows how he can play videogames while driving on a closed course in Portland earlier this month.</span></p><p><blockquote><p class=\"t-img-caption\"><span>本月早些时候，特斯拉的新车主文斯·巴顿在波特兰的一个封闭赛道上展示了他如何一边开车一边玩电子游戏。</span></p></blockquote></p><p> The top U.S. auto-safety regulator has opened an investigation into a&nbsp;Tesla Inc.&nbsp;feature that allows people—including the driver—to play games on a touch screen while the vehicle is in motion.</p><p><blockquote>美国最高汽车安全监管机构已对特斯拉公司的一项功能展开调查，该功能允许人们（包括驾驶员）在车辆行驶时在触摸屏上玩游戏。</blockquote></p><p> The ability to play games while driving has been available for roughly a year in some vehicles and “may distract the driver and increase the risk of a crash,” the National Highway Traffic Safety Administration said in a document made public Wednesday. The feature previously was only enabled while vehicles were in park, the agency said, adding it launched the probe to evaluate the potential for driver distraction.</p><p><blockquote>美国国家公路交通安全管理局（National Highway Traffic Safety Administration）在周三公布的一份文件中说，一些车辆在驾驶时玩游戏的功能已经存在了大约一年，“可能会分散驾驶员的注意力，增加撞车风险”。该机构表示，该功能以前仅在车辆停放时启用，并补充说，它启动了一项调查，以评估驾驶员分心的可能性。</blockquote></p><p> The probe covers about 580,000 Tesla vehicles of all types and model years 2017 to present in some cases, NHTSA said.</p><p><blockquote>NHTSA 表示，此次调查涵盖了 2017 年约 58 万辆各种类型和型号的特斯拉汽车，其中包括某些情况。</blockquote></p><p> Tesla didn’t immediately respond to a request for comment.</p><p><blockquote>特斯拉没有立即回应置评请求。</blockquote></p><p> When a vehicle is in drive, Tesla asks those seeking to play games on the centrally located front touch screen to confirm they are a passenger. Available games include solitaire, Sky Force Reloaded and The Battle of Polytopia. Certain other games aren’t available unless the vehicle is parked.</p><p><blockquote>当车辆行驶时，特斯拉会要求那些试图在位于中央的前触摸屏上玩游戏的人确认他们是乘客。可用的游戏包括纸牌游戏、天空部队重装上阵和多乌托邦之战。除非车辆停放，否则无法玩其他某些游戏。</blockquote></p><p> NHTSA said it wasn’t aware of any crashes or injuries linked to the feature. The agency received a complaint about the functionality earlier this year that urged the regulator to prohibit live video and interactive web browsing on the centrally located front touch screen while Teslas are in motion.</p><p><blockquote>美国国家公路交通安全管理局（NHTSA）表示，目前还没有发现任何与该功能有关的车祸或人员伤亡。该机构今年早些时候收到了一份关于该功能的投诉，敦促监管机构禁止在特斯拉行驶时在位于中央的前触摸屏上进行实时视频和交互式网页浏览。</blockquote></p><p> Tesla Chief Executive&nbsp;Elon Musk&nbsp;has said he thinks&nbsp;entertainment will be highly desired&nbsp;once vehicles become autonomous. Tesla’s advanced driver-assistance system, known as Autopilot, doesn’t make vehicles autonomous.</p><p><blockquote>特斯拉首席执行官埃隆·马斯克表示，他认为一旦汽车实现自动驾驶，娱乐将非常受欢迎。特斯拉的先进驾驶辅助系统（Autopilot）并不能让车辆实现自动驾驶。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a798015f792f0f3e9247f60cab46c81e\" tg-width=\"412\" tg-height=\"451\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> NHTSA investigations can lead to recalls. Tesla&nbsp;recalled roughly 135,000 vehicles earlier this year&nbsp;over touch-screen failures after NHTSA&nbsp;urged it to do so.</p><p><blockquote>NHTSA的调查可能会导致召回。今年早些时候，在 NHTSA 敦促特斯拉因触摸屏故障召回了约 135,000 辆汽车。</blockquote></p><p> The agency is also&nbsp;investigating Tesla’s Autopilot system&nbsp;after a series of crashes involving Teslas and one or more parked emergency vehicles.</p><p><blockquote>在发生一系列涉及特斯拉和一辆或多辆停放的应急车辆的车祸后，该机构还在调查特斯拉的自动驾驶系统。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/teslas-touch-screen-gaming-probed-by-u-s-auto-safety-regulator-11640187212?mod=hp_lista_pos5\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/teslas-touch-screen-gaming-probed-by-u-s-auto-safety-regulator-11640187212?mod=hp_lista_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158266085","content_text":"The National Highway Traffic Safety Administration says the screen may distract drivers\nVince Patton, a new Tesla owner, shows how he can play videogames while driving on a closed course in Portland earlier this month.\nThe top U.S. auto-safety regulator has opened an investigation into a Tesla Inc. feature that allows people—including the driver—to play games on a touch screen while the vehicle is in motion.\nThe ability to play games while driving has been available for roughly a year in some vehicles and “may distract the driver and increase the risk of a crash,” the National Highway Traffic Safety Administration said in a document made public Wednesday. The feature previously was only enabled while vehicles were in park, the agency said, adding it launched the probe to evaluate the potential for driver distraction.\nThe probe covers about 580,000 Tesla vehicles of all types and model years 2017 to present in some cases, NHTSA said.\nTesla didn’t immediately respond to a request for comment.\nWhen a vehicle is in drive, Tesla asks those seeking to play games on the centrally located front touch screen to confirm they are a passenger. Available games include solitaire, Sky Force Reloaded and The Battle of Polytopia. Certain other games aren’t available unless the vehicle is parked.\nNHTSA said it wasn’t aware of any crashes or injuries linked to the feature. The agency received a complaint about the functionality earlier this year that urged the regulator to prohibit live video and interactive web browsing on the centrally located front touch screen while Teslas are in motion.\nTesla Chief Executive Elon Musk has said he thinks entertainment will be highly desired once vehicles become autonomous. Tesla’s advanced driver-assistance system, known as Autopilot, doesn’t make vehicles autonomous.\n\nNHTSA investigations can lead to recalls. Tesla recalled roughly 135,000 vehicles earlier this year over touch-screen failures after NHTSA urged it to do so.\nThe agency is also investigating Tesla’s Autopilot system after a series of crashes involving Teslas and one or more parked emergency vehicles.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691257048,"gmtCreate":1640215210787,"gmtModify":1640215210975,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/691257048","repostId":"1116093171","repostType":4,"isVote":1,"tweetType":1,"viewCount":1294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691254759,"gmtCreate":1640215200776,"gmtModify":1640215200993,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/691254759","repostId":"2193113147","repostType":4,"isVote":1,"tweetType":1,"viewCount":1536,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691391382,"gmtCreate":1640133654267,"gmtModify":1640133654471,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/691391382","repostId":"1177881262","repostType":4,"repost":{"id":"1177881262","kind":"news","pubTimestamp":1640132347,"share":"https://www.laohunote.com/m/news/1177881262?lang=zh_CN&edition=full","pubTime":"2021-12-22 08:19","market":"us","language":"en","title":"SoftBank Finalizing $4 Billion Loan From Apollo-Led Group<blockquote>软银敲定阿波罗领导的集团 40 亿美元贷款</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177881262","media":"The Wall Street Journal","summary":"Deal shows Japanese conglomerate’s need for cash and Apollo’s push into lending\nSoftBank, whose hold","content":"<p>Deal shows Japanese conglomerate’s need for cash and Apollo’s push into lending</p><p><blockquote>交易显示日本企业集团对现金的需求以及阿波罗对贷款的推动</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/400e27a798f458f607897db7db26491e\" tg-width=\"1290\" tg-height=\"860\" referrerpolicy=\"no-referrer\"><span>SoftBank, whose holdings range from Japanese telecoms to European chip makers to Silicon Valley startups, has tapped its various holdings before to borrow.</span></p><p><blockquote><p class=\"t-img-caption\"><span>软银的持股范围从日本电信公司到欧洲芯片制造商再到硅谷初创公司，软银此前曾动用其各种持股进行借款。</span></p></blockquote></p><p> SoftBank Group Corp.&nbsp;is finalizing a $4 billion loan from&nbsp;Apollo Global Management Inc.&nbsp;backed by SoftBank’s stable of technology-startup stakes, as the Japanese conglomerate&nbsp;seeks to weather turbulence in its portfolio.</p><p><blockquote>软银集团公司（SoftBank Group Corp.）正在敲定阿波罗全球管理公司（Apollo Global Management Inc.）的40亿美元贷款，这笔贷款得到了软银稳定的科技初创公司股份的支持，这家日本企业集团正在寻求抵御其投资组合的动荡。</blockquote></p><p> The loan would be secured by SoftBank’s second Vision Fund, people familiar with the matter said. That roughly $40 billion pot&nbsp;includes stakes in 150 companies&nbsp;such as Indian e-commerce giant Flipkart; digital-banking startup Revolut; and Cameo, a site where celebrities&nbsp;sell personalized messages. SoftBank can use the money for a range of purposes, one of the people said.</p><p><blockquote>知情人士称，这笔贷款将由软银的第二愿景基金担保。这大约 400 亿美元的资金包括印度电子商务巨头 Flipkart 等 150 家公司的股份；数字银行初创公司 Revolut；还有Cameo，一个名人出售个性化信息的网站。其中一位知情人士表示，软银可以将这笔钱用于一系列目的。</blockquote></p><p> The deal between the investing giants shows SoftBank’s ravenous need for cash and highlights&nbsp;Apollo’s push into lending, a territory traditionally dominated by banks.</p><p><blockquote>这两家投资巨头之间的交易显示了软银对现金的渴望，也凸显了阿波罗进军贷款领域的步伐，而贷款领域传统上由银行主导。</blockquote></p><p> Using borrowed money to make investments, rather than its own cash, would increase SoftBank’s profits if those bets turn out to be winners—and exaggerate losses if they sour.</p><p><blockquote>用借来的钱进行投资，而不是用自己的现金，如果这些赌注赢了，软银的利润就会增加，如果输了，就会夸大损失。</blockquote></p><p> SoftBank, whose holdings range from Japanese telecoms to European chip makers and Silicon Valley startups, has previously tapped its various holdings to borrow. Last spring, it arranged an $8 billion loan from a group of banks secured by its stake in Chinese e-commerce giant&nbsp;Alibaba Group Holding&nbsp;Ltd.</p><p><blockquote>软银的持股范围从日本电信到欧洲芯片制造商和硅谷初创公司，此前曾利用其各种持股进行借款。去年春天，该公司从一组银行获得了一笔80亿美元的贷款，这笔贷款以其持有的中国电子商务巨头阿里巴巴-SW集团控股有限公司的股份为担保。</blockquote></p><p> The initial Vision Fund, launched in 2016 with about $100 billion, was the biggest pool ever assembled for private investing. SoftBank spent it at a brisk pace—on everything from ride-hailing apps including&nbsp;Uber Technologies&nbsp;Inc.&nbsp;to indoor-farming startups and artificial-intelligence companies. It famously bet big on WeWork Inc., the co-working company that&nbsp;flamed out before its eventual listing.</p><p><blockquote>最初的愿景基金于2016年推出，规模约为1000亿美元，是有史以来为私人投资筹集的最大资金池。软银以快速的速度花掉了这笔钱——从包括 Uber Technologies Inc. 在内的打车应用到室内农业初创公司和人工智能公司。众所周知，它在WeWork Inc.上下了很大的赌注，这家联合办公公司在最终上市前就已经破产了。</blockquote></p><p> The fund relied heavily on leverage, with $40 billion of its capital&nbsp;coming in the form of preferred stock&nbsp;carrying a 7% interest rate that is held by Abu Dhabi sovereign-wealth fund Mubadala Investment Co. and Saudi Arabia’s Public Investment Fund. The preferred stock has had the effect of magnifying wins and exacerbating losses.</p><p><blockquote>该基金严重依赖杠杆，其中 400 亿美元的资本以利率为 7% 的优先股的形式流入，由阿布扎比主权财富基金穆巴达拉投资公司和沙特阿拉伯公共投资基金持有。优先股产生了放大盈利和加剧亏损的效果。</blockquote></p><p> The sequel fund was to be even bigger, but outside investors stayed away, disillusioned by bad bets such as WeWork and&nbsp;the chaotic way the Vision Fund had operated. SoftBank instead had to rely on its own cash to make investments, but it hasn’t stopped the fund from investing at a breakneck pace that shows no sign of letting up.</p><p><blockquote>续集基金的规模将会更大，但外部投资者却置身事外，对 WeWork 等糟糕的赌注以及愿景基金混乱的运作方式感到失望。相反，软银不得不依靠自己的现金进行投资，但它并没有阻止该基金以惊人的速度进行投资，而且没有丝毫放缓的迹象。</blockquote></p><p> That cash has been in shorter supply. In November,SoftBank reported a $3.5 billion quarterly loss, hurt by&nbsp;China’s&nbsp;tech companies. Its stake in Chinese ride-hailing company&nbsp;Didi Global&nbsp;Inc.,for which it paid $12 billion, was valued at $7.5 billion. The stake in Alibaba, its largest holding, has declined by half over the past year. In total, the value of SoftBank’s assets fell by $54 billion over the previous quarter.</p><p><blockquote>这种现金一直供不应求。11 月，受中国科技公司的影响，软银公布季度亏损 35 亿美元。它斥资 120 亿美元收购了中国打车公司滴滴全球有限公司的股份，价值 75 亿美元。其最大持股阿里巴巴-SW的股份在过去一年中减少了一半。总体而言，软银的资产价值比上一季度下降了 540 亿美元。</blockquote></p><p> “We are in the middle of a blizzard,” SoftBank Chief Executive Masayoshi Son told reporters.</p><p><blockquote>“软银首席执行官孙正义对记者说：”我们正处于暴风雪之中。</blockquote></p><p> In another setback, the U.S. Federal Trade Commission this month sued to block&nbsp;Nvidia&nbsp;Corp.’s&nbsp;proposed takeover of SoftBank-owned semiconductor-design specialist Arm Holdings,arguing the deal is anticompetitive.</p><p><blockquote>美国联邦贸易委员会（U.S. Federal Trade Commission）本月提起诉讼，阻止英伟达公司（Nvidia Corp.）收购软银旗下半导体设计专家 Arm Holdings 的提议，认为该交易具有反竞争性质。</blockquote></p><p> SoftBank has pledged to spend at least $9 billion buying back its own shares, which have lost about half their value since February. That buyback is on top of a $20 billion share-repurchase program completed earlier this year.</p><p><blockquote>软银已承诺斥资至少 90 亿美元回购自己的股票，自 2 月份以来，这些股票已贬值约一半。此次回购是在今年早些时候完成的 200 亿美元股票回购计划基础上进行的。</blockquote></p><p> As of the end of September, SoftBank valued the second Vision Fund at $38 billion. Several of its holdings have recently gone public, including Chinese grocery startup&nbsp;Dingdong&nbsp;Ltd.&nbsp;and robotics company&nbsp;AutoStore Holdings&nbsp;Ltd.</p><p><blockquote>截至9月底，软银对第二愿景基金的估值为380亿美元。其几家控股公司最近上市，包括中国杂货初创公司叮咚有限公司和机器人公司 AutoStore Holdings Ltd.。</blockquote></p><p> Apollo and its insurance affiliate,Athene Holding&nbsp;Ltd., plan to lead the SoftBank loan, which would bear a mid-single-digit interest rate, joined by a group of investors including mutual funds, endowments and financial institutions, one of the people said.</p><p><blockquote>其中一位知情人士表示，Apollo 及其保险子公司 Athene Holding Ltd. 计划牵头软银贷款，该贷款的利率将达到中个位数，包括共同基金、捐赠基金和金融机构在内的一批投资者也将参与其中。</blockquote></p><p> Providing big loans is increasingly of interest to asset managers and private-equity firms. Last year,Apollo led a $4 billion bankruptcy loan&nbsp;for&nbsp;Hertz Global Holdings&nbsp;Inc.&nbsp;in partnership with Athene. In October, executives said Apollo was on track to make 30 loans of over $1 billion this year, up from one in 2019.</p><p><blockquote>资产管理公司和私募股权公司对提供大额贷款越来越感兴趣。去年， Apollo 与 Athene 合作， 为 Hertz Global Holdings Inc. 牵头提供了 40 亿美元的破产贷款。10 月份，高管们表示，阿波罗今年有望发放 30 笔超过 10 亿美元的贷款，高于 2019 年的 1 笔。</blockquote></p><p></p><p> Apollo and some of its peers are often able to underwrite complex deals that a bank wouldn’t touch because they don’t fit neatly into an established category. While most private-equity funds use leverage to do deals, SoftBank’s Vision Fund invests in earlier-stage companies that typically aren’t producing cash flows to support debt.</p><p><blockquote>阿波罗及其一些同行往往能够承保银行不会触及的复杂交易，因为这些交易并不完全符合既定类别。虽然大多数私募股权基金都使用杠杆进行交易，但软银的愿景基金投资的是早期公司，这些公司通常不会产生现金流来支持债务。</blockquote></p><p> Apollo, which expects to complete a deal in January to buy the piece of Athene it doesn’t already own, needs a constant supply of new debt deals in which to invest the insurer’s assets.</p><p><blockquote>阿波罗预计将在 1 月份完成一项交易，收购其尚未拥有的 Athene 股份，该公司需要不断提供新的债务交易来投资该保险公司的资产。</blockquote></p><p> On Monday, Athene said it would buy a company that finances clean-energy projects at commercial properties, the latest in a string of similar deals for lending businesses it has struck this year. This summer, Apollo was the runner-up bidder for&nbsp;GreenSky&nbsp;LLC, a home-improvement and medical lender that is being sold to&nbsp;Goldman Sachs Group&nbsp;Inc.,people familiar with the matter said.</p><p><blockquote>周一，雅典娜表示将收购一家为商业地产清洁能源项目提供融资的公司，这是该公司今年达成的一系列类似贷款业务交易中的最新一起。知情人士称，今年夏天，Apollo 是 GreenSky LLC 的亚军竞标者，GreenSky LLC 是一家家装和医疗贷款机构，正在出售给高盛集团 (Goldman Sachs Group Inc.)。</blockquote></p><p></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>SoftBank Finalizing $4 Billion Loan From Apollo-Led Group<blockquote>软银敲定阿波罗领导的集团 40 亿美元贷款</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nSoftBank Finalizing $4 Billion Loan From Apollo-Led Group<blockquote>软银敲定阿波罗领导的集团 40 亿美元贷款</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-12-22 08:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Deal shows Japanese conglomerate’s need for cash and Apollo’s push into lending</p><p><blockquote>交易显示日本企业集团对现金的需求以及阿波罗对贷款的推动</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/400e27a798f458f607897db7db26491e\" tg-width=\"1290\" tg-height=\"860\" referrerpolicy=\"no-referrer\"><span>SoftBank, whose holdings range from Japanese telecoms to European chip makers to Silicon Valley startups, has tapped its various holdings before to borrow.</span></p><p><blockquote><p class=\"t-img-caption\"><span>软银的持股范围从日本电信公司到欧洲芯片制造商再到硅谷初创公司，软银此前曾动用其各种持股进行借款。</span></p></blockquote></p><p> SoftBank Group Corp.&nbsp;is finalizing a $4 billion loan from&nbsp;Apollo Global Management Inc.&nbsp;backed by SoftBank’s stable of technology-startup stakes, as the Japanese conglomerate&nbsp;seeks to weather turbulence in its portfolio.</p><p><blockquote>软银集团公司（SoftBank Group Corp.）正在敲定阿波罗全球管理公司（Apollo Global Management Inc.）的40亿美元贷款，这笔贷款得到了软银稳定的科技初创公司股份的支持，这家日本企业集团正在寻求抵御其投资组合的动荡。</blockquote></p><p> The loan would be secured by SoftBank’s second Vision Fund, people familiar with the matter said. That roughly $40 billion pot&nbsp;includes stakes in 150 companies&nbsp;such as Indian e-commerce giant Flipkart; digital-banking startup Revolut; and Cameo, a site where celebrities&nbsp;sell personalized messages. SoftBank can use the money for a range of purposes, one of the people said.</p><p><blockquote>知情人士称，这笔贷款将由软银的第二愿景基金担保。这大约 400 亿美元的资金包括印度电子商务巨头 Flipkart 等 150 家公司的股份；数字银行初创公司 Revolut；还有Cameo，一个名人出售个性化信息的网站。其中一位知情人士表示，软银可以将这笔钱用于一系列目的。</blockquote></p><p> The deal between the investing giants shows SoftBank’s ravenous need for cash and highlights&nbsp;Apollo’s push into lending, a territory traditionally dominated by banks.</p><p><blockquote>这两家投资巨头之间的交易显示了软银对现金的渴望，也凸显了阿波罗进军贷款领域的步伐，而贷款领域传统上由银行主导。</blockquote></p><p> Using borrowed money to make investments, rather than its own cash, would increase SoftBank’s profits if those bets turn out to be winners—and exaggerate losses if they sour.</p><p><blockquote>用借来的钱进行投资，而不是用自己的现金，如果这些赌注赢了，软银的利润就会增加，如果输了，就会夸大损失。</blockquote></p><p> SoftBank, whose holdings range from Japanese telecoms to European chip makers and Silicon Valley startups, has previously tapped its various holdings to borrow. Last spring, it arranged an $8 billion loan from a group of banks secured by its stake in Chinese e-commerce giant&nbsp;Alibaba Group Holding&nbsp;Ltd.</p><p><blockquote>软银的持股范围从日本电信到欧洲芯片制造商和硅谷初创公司，此前曾利用其各种持股进行借款。去年春天，该公司从一组银行获得了一笔80亿美元的贷款，这笔贷款以其持有的中国电子商务巨头阿里巴巴-SW集团控股有限公司的股份为担保。</blockquote></p><p> The initial Vision Fund, launched in 2016 with about $100 billion, was the biggest pool ever assembled for private investing. SoftBank spent it at a brisk pace—on everything from ride-hailing apps including&nbsp;Uber Technologies&nbsp;Inc.&nbsp;to indoor-farming startups and artificial-intelligence companies. It famously bet big on WeWork Inc., the co-working company that&nbsp;flamed out before its eventual listing.</p><p><blockquote>最初的愿景基金于2016年推出，规模约为1000亿美元，是有史以来为私人投资筹集的最大资金池。软银以快速的速度花掉了这笔钱——从包括 Uber Technologies Inc. 在内的打车应用到室内农业初创公司和人工智能公司。众所周知，它在WeWork Inc.上下了很大的赌注，这家联合办公公司在最终上市前就已经破产了。</blockquote></p><p> The fund relied heavily on leverage, with $40 billion of its capital&nbsp;coming in the form of preferred stock&nbsp;carrying a 7% interest rate that is held by Abu Dhabi sovereign-wealth fund Mubadala Investment Co. and Saudi Arabia’s Public Investment Fund. The preferred stock has had the effect of magnifying wins and exacerbating losses.</p><p><blockquote>该基金严重依赖杠杆，其中 400 亿美元的资本以利率为 7% 的优先股的形式流入，由阿布扎比主权财富基金穆巴达拉投资公司和沙特阿拉伯公共投资基金持有。优先股产生了放大盈利和加剧亏损的效果。</blockquote></p><p> The sequel fund was to be even bigger, but outside investors stayed away, disillusioned by bad bets such as WeWork and&nbsp;the chaotic way the Vision Fund had operated. SoftBank instead had to rely on its own cash to make investments, but it hasn’t stopped the fund from investing at a breakneck pace that shows no sign of letting up.</p><p><blockquote>续集基金的规模将会更大，但外部投资者却置身事外，对 WeWork 等糟糕的赌注以及愿景基金混乱的运作方式感到失望。相反，软银不得不依靠自己的现金进行投资，但它并没有阻止该基金以惊人的速度进行投资，而且没有丝毫放缓的迹象。</blockquote></p><p> That cash has been in shorter supply. In November,SoftBank reported a $3.5 billion quarterly loss, hurt by&nbsp;China’s&nbsp;tech companies. Its stake in Chinese ride-hailing company&nbsp;Didi Global&nbsp;Inc.,for which it paid $12 billion, was valued at $7.5 billion. The stake in Alibaba, its largest holding, has declined by half over the past year. In total, the value of SoftBank’s assets fell by $54 billion over the previous quarter.</p><p><blockquote>这种现金一直供不应求。11 月，受中国科技公司的影响，软银公布季度亏损 35 亿美元。它斥资 120 亿美元收购了中国打车公司滴滴全球有限公司的股份，价值 75 亿美元。其最大持股阿里巴巴-SW的股份在过去一年中减少了一半。总体而言，软银的资产价值比上一季度下降了 540 亿美元。</blockquote></p><p> “We are in the middle of a blizzard,” SoftBank Chief Executive Masayoshi Son told reporters.</p><p><blockquote>“软银首席执行官孙正义对记者说：”我们正处于暴风雪之中。</blockquote></p><p> In another setback, the U.S. Federal Trade Commission this month sued to block&nbsp;Nvidia&nbsp;Corp.’s&nbsp;proposed takeover of SoftBank-owned semiconductor-design specialist Arm Holdings,arguing the deal is anticompetitive.</p><p><blockquote>美国联邦贸易委员会（U.S. Federal Trade Commission）本月提起诉讼，阻止英伟达公司（Nvidia Corp.）收购软银旗下半导体设计专家 Arm Holdings 的提议，认为该交易具有反竞争性质。</blockquote></p><p> SoftBank has pledged to spend at least $9 billion buying back its own shares, which have lost about half their value since February. That buyback is on top of a $20 billion share-repurchase program completed earlier this year.</p><p><blockquote>软银已承诺斥资至少 90 亿美元回购自己的股票，自 2 月份以来，这些股票已贬值约一半。此次回购是在今年早些时候完成的 200 亿美元股票回购计划基础上进行的。</blockquote></p><p> As of the end of September, SoftBank valued the second Vision Fund at $38 billion. Several of its holdings have recently gone public, including Chinese grocery startup&nbsp;Dingdong&nbsp;Ltd.&nbsp;and robotics company&nbsp;AutoStore Holdings&nbsp;Ltd.</p><p><blockquote>截至9月底，软银对第二愿景基金的估值为380亿美元。其几家控股公司最近上市，包括中国杂货初创公司叮咚有限公司和机器人公司 AutoStore Holdings Ltd.。</blockquote></p><p> Apollo and its insurance affiliate,Athene Holding&nbsp;Ltd., plan to lead the SoftBank loan, which would bear a mid-single-digit interest rate, joined by a group of investors including mutual funds, endowments and financial institutions, one of the people said.</p><p><blockquote>其中一位知情人士表示，Apollo 及其保险子公司 Athene Holding Ltd. 计划牵头软银贷款，该贷款的利率将达到中个位数，包括共同基金、捐赠基金和金融机构在内的一批投资者也将参与其中。</blockquote></p><p> Providing big loans is increasingly of interest to asset managers and private-equity firms. Last year,Apollo led a $4 billion bankruptcy loan&nbsp;for&nbsp;Hertz Global Holdings&nbsp;Inc.&nbsp;in partnership with Athene. In October, executives said Apollo was on track to make 30 loans of over $1 billion this year, up from one in 2019.</p><p><blockquote>资产管理公司和私募股权公司对提供大额贷款越来越感兴趣。去年， Apollo 与 Athene 合作， 为 Hertz Global Holdings Inc. 牵头提供了 40 亿美元的破产贷款。10 月份，高管们表示，阿波罗今年有望发放 30 笔超过 10 亿美元的贷款，高于 2019 年的 1 笔。</blockquote></p><p></p><p> Apollo and some of its peers are often able to underwrite complex deals that a bank wouldn’t touch because they don’t fit neatly into an established category. While most private-equity funds use leverage to do deals, SoftBank’s Vision Fund invests in earlier-stage companies that typically aren’t producing cash flows to support debt.</p><p><blockquote>阿波罗及其一些同行往往能够承保银行不会触及的复杂交易，因为这些交易并不完全符合既定类别。虽然大多数私募股权基金都使用杠杆进行交易，但软银的愿景基金投资的是早期公司，这些公司通常不会产生现金流来支持债务。</blockquote></p><p> Apollo, which expects to complete a deal in January to buy the piece of Athene it doesn’t already own, needs a constant supply of new debt deals in which to invest the insurer’s assets.</p><p><blockquote>阿波罗预计将在 1 月份完成一项交易，收购其尚未拥有的 Athene 股份，该公司需要不断提供新的债务交易来投资该保险公司的资产。</blockquote></p><p> On Monday, Athene said it would buy a company that finances clean-energy projects at commercial properties, the latest in a string of similar deals for lending businesses it has struck this year. This summer, Apollo was the runner-up bidder for&nbsp;GreenSky&nbsp;LLC, a home-improvement and medical lender that is being sold to&nbsp;Goldman Sachs Group&nbsp;Inc.,people familiar with the matter said.</p><p><blockquote>周一，雅典娜表示将收购一家为商业地产清洁能源项目提供融资的公司，这是该公司今年达成的一系列类似贷款业务交易中的最新一起。知情人士称，今年夏天，Apollo 是 GreenSky LLC 的亚军竞标者，GreenSky LLC 是一家家装和医疗贷款机构，正在出售给高盛集团 (Goldman Sachs Group Inc.)。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/softbank-finalizing-4-billion-loan-from-apollo-led-group-11640104307\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SFTBY":"软银集团"},"source_url":"https://www.wsj.com/articles/softbank-finalizing-4-billion-loan-from-apollo-led-group-11640104307","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177881262","content_text":"Deal shows Japanese conglomerate’s need for cash and Apollo’s push into lending\nSoftBank, whose holdings range from Japanese telecoms to European chip makers to Silicon Valley startups, has tapped its various holdings before to borrow.\nSoftBank Group Corp. is finalizing a $4 billion loan from Apollo Global Management Inc. backed by SoftBank’s stable of technology-startup stakes, as the Japanese conglomerate seeks to weather turbulence in its portfolio.\nThe loan would be secured by SoftBank’s second Vision Fund, people familiar with the matter said. That roughly $40 billion pot includes stakes in 150 companies such as Indian e-commerce giant Flipkart; digital-banking startup Revolut; and Cameo, a site where celebrities sell personalized messages. SoftBank can use the money for a range of purposes, one of the people said.\nThe deal between the investing giants shows SoftBank’s ravenous need for cash and highlights Apollo’s push into lending, a territory traditionally dominated by banks.\nUsing borrowed money to make investments, rather than its own cash, would increase SoftBank’s profits if those bets turn out to be winners—and exaggerate losses if they sour.\nSoftBank, whose holdings range from Japanese telecoms to European chip makers and Silicon Valley startups, has previously tapped its various holdings to borrow. Last spring, it arranged an $8 billion loan from a group of banks secured by its stake in Chinese e-commerce giant Alibaba Group Holding Ltd.\nThe initial Vision Fund, launched in 2016 with about $100 billion, was the biggest pool ever assembled for private investing. SoftBank spent it at a brisk pace—on everything from ride-hailing apps including Uber Technologies Inc. to indoor-farming startups and artificial-intelligence companies. It famously bet big on WeWork Inc., the co-working company that flamed out before its eventual listing.\nThe fund relied heavily on leverage, with $40 billion of its capital coming in the form of preferred stock carrying a 7% interest rate that is held by Abu Dhabi sovereign-wealth fund Mubadala Investment Co. and Saudi Arabia’s Public Investment Fund. The preferred stock has had the effect of magnifying wins and exacerbating losses.\nThe sequel fund was to be even bigger, but outside investors stayed away, disillusioned by bad bets such as WeWork and the chaotic way the Vision Fund had operated. SoftBank instead had to rely on its own cash to make investments, but it hasn’t stopped the fund from investing at a breakneck pace that shows no sign of letting up.\nThat cash has been in shorter supply. In November,SoftBank reported a $3.5 billion quarterly loss, hurt by China’s tech companies. Its stake in Chinese ride-hailing company Didi Global Inc.,for which it paid $12 billion, was valued at $7.5 billion. The stake in Alibaba, its largest holding, has declined by half over the past year. In total, the value of SoftBank’s assets fell by $54 billion over the previous quarter.\n“We are in the middle of a blizzard,” SoftBank Chief Executive Masayoshi Son told reporters.\nIn another setback, the U.S. Federal Trade Commission this month sued to block Nvidia Corp.’s proposed takeover of SoftBank-owned semiconductor-design specialist Arm Holdings,arguing the deal is anticompetitive.\nSoftBank has pledged to spend at least $9 billion buying back its own shares, which have lost about half their value since February. That buyback is on top of a $20 billion share-repurchase program completed earlier this year.\nAs of the end of September, SoftBank valued the second Vision Fund at $38 billion. Several of its holdings have recently gone public, including Chinese grocery startup Dingdong Ltd. and robotics company AutoStore Holdings Ltd.\nApollo and its insurance affiliate,Athene Holding Ltd., plan to lead the SoftBank loan, which would bear a mid-single-digit interest rate, joined by a group of investors including mutual funds, endowments and financial institutions, one of the people said.\nProviding big loans is increasingly of interest to asset managers and private-equity firms. Last year,Apollo led a $4 billion bankruptcy loan for Hertz Global Holdings Inc. in partnership with Athene. In October, executives said Apollo was on track to make 30 loans of over $1 billion this year, up from one in 2019.\nApollo and some of its peers are often able to underwrite complex deals that a bank wouldn’t touch because they don’t fit neatly into an established category. While most private-equity funds use leverage to do deals, SoftBank’s Vision Fund invests in earlier-stage companies that typically aren’t producing cash flows to support debt.\nApollo, which expects to complete a deal in January to buy the piece of Athene it doesn’t already own, needs a constant supply of new debt deals in which to invest the insurer’s assets.\nOn Monday, Athene said it would buy a company that finances clean-energy projects at commercial properties, the latest in a string of similar deals for lending businesses it has struck this year. This summer, Apollo was the runner-up bidder for GreenSky LLC, a home-improvement and medical lender that is being sold to Goldman Sachs Group Inc.,people familiar with the matter said.","news_type":1,"symbols_score_info":{"SFTBY":0.9}},"isVote":1,"tweetType":1,"viewCount":1396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691393789,"gmtCreate":1640133640097,"gmtModify":1640133640307,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691393789","repostId":"1193993437","repostType":4,"isVote":1,"tweetType":1,"viewCount":1273,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691393425,"gmtCreate":1640133626626,"gmtModify":1640133626836,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/691393425","repostId":"2193663561","repostType":4,"isVote":1,"tweetType":1,"viewCount":1144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693518278,"gmtCreate":1640049198430,"gmtModify":1640049198614,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693518278","repostId":"1198736123","repostType":4,"isVote":1,"tweetType":1,"viewCount":1271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693518810,"gmtCreate":1640049186352,"gmtModify":1640049186565,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693518810","repostId":"1156318373","repostType":4,"repost":{"id":"1156318373","kind":"news","pubTimestamp":1640047806,"share":"https://www.laohunote.com/m/news/1156318373?lang=zh_CN&edition=full","pubTime":"2021-12-21 08:50","market":"us","language":"en","title":"Oracle Faces Potential Credit Rating Downgrade to Reflect Added Debt for Cerner Deal<blockquote>甲骨文面临潜在的信用评级下调，以反映塞纳交易增加的债务</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156318373","media":"Barrons","summary":"Oracle could face a debt-rating downgrade tied to its announcement on Monday of an agreement to acqu","content":"<p>Oracle&nbsp;could face a debt-rating downgrade tied to its&nbsp;announcement&nbsp;on Monday of an agreement to acquire the electronic health records company&nbsp;Cerner&nbsp;for $28.3 billion in cash.</p><p><blockquote>甲骨文周一宣布同意以 283 亿美元现金收购电子健康记录公司 Cerner，因此可能面临债务评级下调。</blockquote></p><p> Oracle(ticker: ORCL) has agreed to buy Cerner (CERN) for $95 a share. As noted earlier, the enterprise software giant as of the end of November had about $22.8 billion in cash and securities, offset by about $73.4 billion in long-term debt, leaving them with $50.6 billion in net debt. Any way you do the math, it is clear Oracle will need to finance at least a portion of the purchase price. So far, the company has declined to provide any details on how it plans to finance the deal.</p><p><blockquote>甲骨文（股票代码：ORCL）已同意以每股 95 美元的价格收购 Cerner (CERN)。如前所述，截至 11 月底，这家企业软件巨头拥有约 228 亿美元的现金和证券，被约 734 亿美元的长期债务所抵消，净债务为 506 亿美元。无论你用什么方式计算，很明显甲骨文都需要为购买价格提供至少一部分资金。到目前为止，该公司拒绝提供有关其计划如何为该交易融资的任何细节。</blockquote></p><p> The credit-ratings firm Moody’s late Monday said it has placed its debt ratings on Oracle under review for possible downgrade “to reflect the likelihood of a meaningful deterioration in Oracle’s cash balances and financial leverage after the acquisition of Cerner.”</p><p><blockquote>信用评级公司穆迪周一晚些时候表示，已对甲骨文的债务评级进行审查，以考虑可能下调评级，“以反映甲骨文在收购 Cerner 后现金余额和财务杠杆可能出现有意义的恶化”。</blockquote></p><p> Moody’s notes that Oracle should generate about $10 billion in annual free cash flow after paying dividends and including the impact of the Cerner deal. But Moody’s adds that “it could take 2 years or more for Oracle to fully offset the initially credit-negative impact of the Cerner acquisition.”</p><p><blockquote>穆迪指出，在支付股息并计入塞纳交易的影响后，甲骨文每年应产生约 100 亿美元的自由现金流。但穆迪补充说，“甲骨文可能需要两年或更长时间才能完全抵消收购 Cerner 最初带来的负面影响”。</blockquote></p><p> Moody’s analyst Raj Joshi noted in a statement that the proposed acquisition “will strengthen Oracle’s position in the healthcare IT industry, a large industry vertical with strong long-term growth prospects.” Joshi added that Oracle is likely to generate “substantial revenue synergies from the combination over time.” But he adds that the deal “will meaningfully weaken Oracle’s financial profile initially and increase execution risk.”</p><p><blockquote>穆迪分析师拉杰-乔希（Raj Joshi）在一份声明中指出，拟议中的收购 “将加强甲骨文在医疗保健 IT 行业的地位，这是一个具有强劲长期增长前景的大型垂直行业”。乔希补充说，甲骨文很可能 “随着时间的推移，合并将产生巨大的收入协同效应”。但他补充说，这笔交易 “将在最初大大削弱甲骨文的财务状况，并增加执行风险”。</blockquote></p><p> Citi analyst Tyler Radke said in an interview that the deal likely puts at least a temporary end to Oracle’s aggressive stock repurchase program—the company bought back $7 billion of stock in the November quarter alone, and has repurchased close half of its outstanding stock over the last decade.</p><p><blockquote>花旗分析师泰勒-拉德克（Tyler Radke）在接受采访时表示，这笔交易可能至少会暂时结束甲骨文积极的股票回购计划--该公司仅在 11 月份季度就回购了 70 亿美元的股票，并在过去十年中回购了近一半的流通股。</blockquote></p><p> Radke expects Oracle will “extract a lot of costs” from Cerner, and he adds that the company is likely to shift the cloud-based versions of Cerner’s software to Oracle’s own cloud platform and away from Amazon Web Services. The analyst adds that he thinks the price Oracle is paying seems reasonable, but notes that there is “a lot of execution risk.”</p><p><blockquote>拉德克预计甲骨文将从 Cerner 身上 “榨取大量成本”，他还补充说，甲骨文很可能会将 Cerner 软件的云版本转移到甲骨文自己的云平台上，而不是亚马逊网络服务。这位分析师补充说，他认为甲骨文支付的价格似乎是合理的，但指出存在 “很大的执行风险”。</blockquote></p><p> Oracle shares in Monday’s regular session fell 5.2%, to $91.64; the stock is 0.5% higher in after-hours trading.</p><p><blockquote>甲骨文股价在周一常规交易中下跌 5.2%，至 91.64 美元；该股在盘后交易中上涨 0.5%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oracle Faces Potential Credit Rating Downgrade to Reflect Added Debt for Cerner Deal<blockquote>甲骨文面临潜在的信用评级下调，以反映塞纳交易增加的债务</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nOracle Faces Potential Credit Rating Downgrade to Reflect Added Debt for Cerner Deal<blockquote>甲骨文面临潜在的信用评级下调，以反映塞纳交易增加的债务</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-21 08:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Oracle&nbsp;could face a debt-rating downgrade tied to its&nbsp;announcement&nbsp;on Monday of an agreement to acquire the electronic health records company&nbsp;Cerner&nbsp;for $28.3 billion in cash.</p><p><blockquote>甲骨文周一宣布同意以 283 亿美元现金收购电子健康记录公司 Cerner，因此可能面临债务评级下调。</blockquote></p><p> Oracle(ticker: ORCL) has agreed to buy Cerner (CERN) for $95 a share. As noted earlier, the enterprise software giant as of the end of November had about $22.8 billion in cash and securities, offset by about $73.4 billion in long-term debt, leaving them with $50.6 billion in net debt. Any way you do the math, it is clear Oracle will need to finance at least a portion of the purchase price. So far, the company has declined to provide any details on how it plans to finance the deal.</p><p><blockquote>甲骨文（股票代码：ORCL）已同意以每股 95 美元的价格收购 Cerner (CERN)。如前所述，截至 11 月底，这家企业软件巨头拥有约 228 亿美元的现金和证券，被约 734 亿美元的长期债务所抵消，净债务为 506 亿美元。无论你用什么方式计算，很明显甲骨文都需要为购买价格提供至少一部分资金。到目前为止，该公司拒绝提供有关其计划如何为该交易融资的任何细节。</blockquote></p><p> The credit-ratings firm Moody’s late Monday said it has placed its debt ratings on Oracle under review for possible downgrade “to reflect the likelihood of a meaningful deterioration in Oracle’s cash balances and financial leverage after the acquisition of Cerner.”</p><p><blockquote>信用评级公司穆迪周一晚些时候表示，已对甲骨文的债务评级进行审查，以考虑可能下调评级，“以反映甲骨文在收购 Cerner 后现金余额和财务杠杆可能出现有意义的恶化”。</blockquote></p><p> Moody’s notes that Oracle should generate about $10 billion in annual free cash flow after paying dividends and including the impact of the Cerner deal. But Moody’s adds that “it could take 2 years or more for Oracle to fully offset the initially credit-negative impact of the Cerner acquisition.”</p><p><blockquote>穆迪指出，在支付股息并计入塞纳交易的影响后，甲骨文每年应产生约 100 亿美元的自由现金流。但穆迪补充说，“甲骨文可能需要两年或更长时间才能完全抵消收购 Cerner 最初带来的负面影响”。</blockquote></p><p> Moody’s analyst Raj Joshi noted in a statement that the proposed acquisition “will strengthen Oracle’s position in the healthcare IT industry, a large industry vertical with strong long-term growth prospects.” Joshi added that Oracle is likely to generate “substantial revenue synergies from the combination over time.” But he adds that the deal “will meaningfully weaken Oracle’s financial profile initially and increase execution risk.”</p><p><blockquote>穆迪分析师拉杰-乔希（Raj Joshi）在一份声明中指出，拟议中的收购 “将加强甲骨文在医疗保健 IT 行业的地位，这是一个具有强劲长期增长前景的大型垂直行业”。乔希补充说，甲骨文很可能 “随着时间的推移，合并将产生巨大的收入协同效应”。但他补充说，这笔交易 “将在最初大大削弱甲骨文的财务状况，并增加执行风险”。</blockquote></p><p> Citi analyst Tyler Radke said in an interview that the deal likely puts at least a temporary end to Oracle’s aggressive stock repurchase program—the company bought back $7 billion of stock in the November quarter alone, and has repurchased close half of its outstanding stock over the last decade.</p><p><blockquote>花旗分析师泰勒-拉德克（Tyler Radke）在接受采访时表示，这笔交易可能至少会暂时结束甲骨文积极的股票回购计划--该公司仅在 11 月份季度就回购了 70 亿美元的股票，并在过去十年中回购了近一半的流通股。</blockquote></p><p> Radke expects Oracle will “extract a lot of costs” from Cerner, and he adds that the company is likely to shift the cloud-based versions of Cerner’s software to Oracle’s own cloud platform and away from Amazon Web Services. The analyst adds that he thinks the price Oracle is paying seems reasonable, but notes that there is “a lot of execution risk.”</p><p><blockquote>拉德克预计甲骨文将从 Cerner 身上 “榨取大量成本”，他还补充说，甲骨文很可能会将 Cerner 软件的云版本转移到甲骨文自己的云平台上，而不是亚马逊网络服务。这位分析师补充说，他认为甲骨文支付的价格似乎是合理的，但指出存在 “很大的执行风险”。</blockquote></p><p> Oracle shares in Monday’s regular session fell 5.2%, to $91.64; the stock is 0.5% higher in after-hours trading.</p><p><blockquote>甲骨文股价在周一常规交易中下跌 5.2%，至 91.64 美元；该股在盘后交易中上涨 0.5%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/oracle-faces-potential-credit-rating-downgrade-to-reflect-added-debt-for-cerner-deal-51640044798?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ORCL":"甲骨文"},"source_url":"https://www.barrons.com/articles/oracle-faces-potential-credit-rating-downgrade-to-reflect-added-debt-for-cerner-deal-51640044798?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156318373","content_text":"Oracle could face a debt-rating downgrade tied to its announcement on Monday of an agreement to acquire the electronic health records company Cerner for $28.3 billion in cash.\nOracle(ticker: ORCL) has agreed to buy Cerner (CERN) for $95 a share. As noted earlier, the enterprise software giant as of the end of November had about $22.8 billion in cash and securities, offset by about $73.4 billion in long-term debt, leaving them with $50.6 billion in net debt. Any way you do the math, it is clear Oracle will need to finance at least a portion of the purchase price. So far, the company has declined to provide any details on how it plans to finance the deal.\nThe credit-ratings firm Moody’s late Monday said it has placed its debt ratings on Oracle under review for possible downgrade “to reflect the likelihood of a meaningful deterioration in Oracle’s cash balances and financial leverage after the acquisition of Cerner.”\nMoody’s notes that Oracle should generate about $10 billion in annual free cash flow after paying dividends and including the impact of the Cerner deal. But Moody’s adds that “it could take 2 years or more for Oracle to fully offset the initially credit-negative impact of the Cerner acquisition.”\nMoody’s analyst Raj Joshi noted in a statement that the proposed acquisition “will strengthen Oracle’s position in the healthcare IT industry, a large industry vertical with strong long-term growth prospects.” Joshi added that Oracle is likely to generate “substantial revenue synergies from the combination over time.” But he adds that the deal “will meaningfully weaken Oracle’s financial profile initially and increase execution risk.”\nCiti analyst Tyler Radke said in an interview that the deal likely puts at least a temporary end to Oracle’s aggressive stock repurchase program—the company bought back $7 billion of stock in the November quarter alone, and has repurchased close half of its outstanding stock over the last decade.\nRadke expects Oracle will “extract a lot of costs” from Cerner, and he adds that the company is likely to shift the cloud-based versions of Cerner’s software to Oracle’s own cloud platform and away from Amazon Web Services. The analyst adds that he thinks the price Oracle is paying seems reasonable, but notes that there is “a lot of execution risk.”\nOracle shares in Monday’s regular session fell 5.2%, to $91.64; the stock is 0.5% higher in after-hours trading.","news_type":1,"symbols_score_info":{"ORCL":0.9}},"isVote":1,"tweetType":1,"viewCount":1212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693518105,"gmtCreate":1640049176333,"gmtModify":1640049176508,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693518105","repostId":"1191747148","repostType":4,"repost":{"id":"1191747148","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1640048148,"share":"https://www.laohunote.com/m/news/1191747148?lang=zh_CN&edition=full","pubTime":"2021-12-21 08:55","market":"us","language":"en","title":"Is Now The Right Time To Buy Disney? Why BofA Analyst Says Stock Is Heading Higher<blockquote>现在是购买迪士尼的合适时机吗？为什么美国银行分析师称股价正在走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191747148","media":"Benzinga Earnings","summary":"A Bank of America analyst has reiterated a Buy rating and a $191 price objective for the Walt Disney","content":"<p>A Bank of America&nbsp;analyst has reiterated a Buy rating and a $191 price objective for the&nbsp;<b>Walt Disney Co.</b>, citing perceived disappointments in the company’s theatrical releases while expressing optimism for its Disney+ streaming service and near-future attendance at its theme parks.</p><p><blockquote>美国银行分析师重申了该公司的买入评级和 191 美元的目标价<b>华特迪士尼公司。</b>他指出，该公司的影院上映令人失望，同时对其 Disney+ 流媒体服务及其主题公园近期的游客人数表示乐观。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cb1da51eaf9609e137c1a52810a44865\" tg-width=\"1200\" tg-height=\"630\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>On The Small Screen:</b>In a new paper, BofA research analyst<b>Jessica Reif Ehrlich</b>stated Disney “remains well positioned for the recovery, driven by a continued increase in capacity at theme parks and an improving content slate in 2HFY22.” She estimated Disney+ will add 7 million new subscribers thanks to content additions including “The Beatles: Get Back,” “Hawkeye” and the upcoming “Boba Fett,” along with the streaming presentation of its popular theatrical films “Jungle Cruise” and “Shang-Chi and the Legend of the Ten Rings.”</p><p><blockquote><b>在小屏幕上：</b>美国银行研究分析师在一篇新论文中<b>杰西卡·雷夫·埃尔利希</b>迪士尼表示 “在主题公园容量的持续增长和 22 财年下半年内容的改善的推动下，迪士尼仍处于复苏的有利位置”。她估计，由于《披头士：回来》、《鹰眼》和即将上映的《波巴-费特》等内容的增加，以及其热门院线电影《丛林巡航》和《尚气与十环传奇》的流媒体播放，Disney+ 将新增 700 万用户。</blockquote></p><p> She also opined that the popularity of “The Beatles: Get Back” could spur Disney to diversify its content “beyond their traditional brands” in order to bring in more Disney+ subscribers.</p><p><blockquote>她还认为，《披头士乐队：回来》的流行可能会促使迪士尼 “超越传统品牌”，使其内容多样化，以吸引更多的 Disney+ 用户。</blockquote></p><p> <b>On The Big Screen:</b>In the current weekend’s theatrical release slate, Disney has four films among the top 10 grossing movies in U.S. theaters; it also has a co-financing and profit-sharing agreement with&nbsp;<b>Sony Pictures</b>&nbsp;for the current box office champ, \"Spider-Man: No Way Home,\" which Sony is releasing.</p><p><blockquote><b>在大屏幕上：</b>在本周末的影院上映名单中，迪士尼有四部影片跻身美国影院票房前十名；本集团亦与<b>索尼影业</b>对于目前的票房冠军，索尼正在上映的《蜘蛛侠：英雄无归》。</blockquote></p><p> However, Ehrlich wrote that the Disney “theatrical releases during the quarter disappointed, likely due to the surging Omicron variant. As a result, DIS will once again be forced to re-evaluate their film release strategy for 2022. We believe the success of Disney+ is a key tenet of the bull thesis, and if the box office remains depressed, films could be utilized as an important subscriber acquisition tool for DIS+.”</p><p><blockquote>不过，埃尔利希写道，迪士尼 “本季度的影院上映令人失望，这可能是由于奥密克戎变体激增所致。因此，DIS 将再次被迫重新评估 2022 年的电影发行策略。我们认为，Disney+ 的成功是牛市论点的一个关键原则，如果票房仍然低迷，电影可以作为 DIS+ 获取用户的重要工具”。</blockquote></p><p> <b>In The Theme Parks:</b>Looking at the Disney theme parks operations, Ehrlich anticipated the first quarter of 2022 “will reflect signs of improvement in attendance,” noting the omicron variant of the coronavirus has yet to have “a significant impact on attendance thus far.”</p><p><blockquote><b>在主题公园：</b>展望迪斯尼主题公园的运营情况，埃尔利希预计 2022 年第一季度 “将反映出游客人数有所改善的迹象”，并指出冠状病毒的奥密克戎变种 “迄今为止尚未对游客人数产生重大影响”。</blockquote></p><p> She also predicted that “improving operating leverage in the parks” will offset “incremental headwinds in content sales/licensing” created by a lack of political advertising, increased costs for NFL and college football and lower international channels.</p><p><blockquote>她还预测，“提高公园的运营杠杆 ”将抵消因缺乏政治广告、NFL 和大学橄榄球成本增加以及国际频道减少而造成的 “内容销售/授权方面的渐进式阻力 ”。</blockquote></p><p> <b>In The Near Future:</b>Looking forward, she forecasted a FYQ1 EBIT of $1.52 billion and earnings per share of 37 cents, up from a previous forecast of $1.50 billion and 35 cents. However, she also cautioned that potential risks await the company, including “a significant slowdown in ESPN's growth due&nbsp;to cord cutting, weakened consumer confidence and softer theme park attendance,&nbsp;advertising weakness due to softer audience delivery and/or economic conditions and/or&nbsp;film flops and poor execution with respect to the 21CF integration.”</p><p><blockquote><b>在不久的将来：</b>展望未来，她预测第一季度息税前利润为 15.2 亿美元，每股收益为 37 美分，高于之前预测的 15 亿美元和 35 美分。不过，她也警告说，潜在的风险正等待着公司，包括 “由于剪线、消费者信心减弱和主题公园游客量疲软导致 ESPN 的增长大幅放缓，由于观众交付疲软和/或经济状况和/或电影失败以及 21CF 整合执行不力导致广告疲软”。</blockquote></p><p></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>Is Now The Right Time To Buy Disney? Why BofA Analyst Says Stock Is Heading Higher<blockquote>现在是购买迪士尼的合适时机吗？为什么美国银行分析师称股价正在走高</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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 Now The Right Time To Buy Disney? Why BofA Analyst Says Stock Is Heading Higher<blockquote>现在是购买迪士尼的合适时机吗？为什么美国银行分析师称股价正在走高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\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 Earnings </p>\n<p class=\"h-time smaller\">2021-12-21 08:55</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>A Bank of America&nbsp;analyst has reiterated a Buy rating and a $191 price objective for the&nbsp;<b>Walt Disney Co.</b>, citing perceived disappointments in the company’s theatrical releases while expressing optimism for its Disney+ streaming service and near-future attendance at its theme parks.</p><p><blockquote>美国银行分析师重申了该公司的买入评级和 191 美元的目标价<b>华特迪士尼公司。</b>他指出，该公司的影院上映令人失望，同时对其 Disney+ 流媒体服务及其主题公园近期的游客人数表示乐观。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cb1da51eaf9609e137c1a52810a44865\" tg-width=\"1200\" tg-height=\"630\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>On The Small Screen:</b>In a new paper, BofA research analyst<b>Jessica Reif Ehrlich</b>stated Disney “remains well positioned for the recovery, driven by a continued increase in capacity at theme parks and an improving content slate in 2HFY22.” She estimated Disney+ will add 7 million new subscribers thanks to content additions including “The Beatles: Get Back,” “Hawkeye” and the upcoming “Boba Fett,” along with the streaming presentation of its popular theatrical films “Jungle Cruise” and “Shang-Chi and the Legend of the Ten Rings.”</p><p><blockquote><b>在小屏幕上：</b>美国银行研究分析师在一篇新论文中<b>杰西卡·雷夫·埃尔利希</b>迪士尼表示 “在主题公园容量的持续增长和 22 财年下半年内容的改善的推动下，迪士尼仍处于复苏的有利位置”。她估计，由于《披头士：回来》、《鹰眼》和即将上映的《波巴-费特》等内容的增加，以及其热门院线电影《丛林巡航》和《尚气与十环传奇》的流媒体播放，Disney+ 将新增 700 万用户。</blockquote></p><p> She also opined that the popularity of “The Beatles: Get Back” could spur Disney to diversify its content “beyond their traditional brands” in order to bring in more Disney+ subscribers.</p><p><blockquote>她还认为，《披头士乐队：回来》的流行可能会促使迪士尼 “超越传统品牌”，使其内容多样化，以吸引更多的 Disney+ 用户。</blockquote></p><p> <b>On The Big Screen:</b>In the current weekend’s theatrical release slate, Disney has four films among the top 10 grossing movies in U.S. theaters; it also has a co-financing and profit-sharing agreement with&nbsp;<b>Sony Pictures</b>&nbsp;for the current box office champ, \"Spider-Man: No Way Home,\" which Sony is releasing.</p><p><blockquote><b>在大屏幕上：</b>在本周末的影院上映名单中，迪士尼有四部影片跻身美国影院票房前十名；本集团亦与<b>索尼影业</b>对于目前的票房冠军，索尼正在上映的《蜘蛛侠：英雄无归》。</blockquote></p><p> However, Ehrlich wrote that the Disney “theatrical releases during the quarter disappointed, likely due to the surging Omicron variant. As a result, DIS will once again be forced to re-evaluate their film release strategy for 2022. We believe the success of Disney+ is a key tenet of the bull thesis, and if the box office remains depressed, films could be utilized as an important subscriber acquisition tool for DIS+.”</p><p><blockquote>不过，埃尔利希写道，迪士尼 “本季度的影院上映令人失望，这可能是由于奥密克戎变体激增所致。因此，DIS 将再次被迫重新评估 2022 年的电影发行策略。我们认为，Disney+ 的成功是牛市论点的一个关键原则，如果票房仍然低迷，电影可以作为 DIS+ 获取用户的重要工具”。</blockquote></p><p> <b>In The Theme Parks:</b>Looking at the Disney theme parks operations, Ehrlich anticipated the first quarter of 2022 “will reflect signs of improvement in attendance,” noting the omicron variant of the coronavirus has yet to have “a significant impact on attendance thus far.”</p><p><blockquote><b>在主题公园：</b>展望迪斯尼主题公园的运营情况，埃尔利希预计 2022 年第一季度 “将反映出游客人数有所改善的迹象”，并指出冠状病毒的奥密克戎变种 “迄今为止尚未对游客人数产生重大影响”。</blockquote></p><p> She also predicted that “improving operating leverage in the parks” will offset “incremental headwinds in content sales/licensing” created by a lack of political advertising, increased costs for NFL and college football and lower international channels.</p><p><blockquote>她还预测，“提高公园的运营杠杆 ”将抵消因缺乏政治广告、NFL 和大学橄榄球成本增加以及国际频道减少而造成的 “内容销售/授权方面的渐进式阻力 ”。</blockquote></p><p> <b>In The Near Future:</b>Looking forward, she forecasted a FYQ1 EBIT of $1.52 billion and earnings per share of 37 cents, up from a previous forecast of $1.50 billion and 35 cents. However, she also cautioned that potential risks await the company, including “a significant slowdown in ESPN's growth due&nbsp;to cord cutting, weakened consumer confidence and softer theme park attendance,&nbsp;advertising weakness due to softer audience delivery and/or economic conditions and/or&nbsp;film flops and poor execution with respect to the 21CF integration.”</p><p><blockquote><b>在不久的将来：</b>展望未来，她预测第一季度息税前利润为 15.2 亿美元，每股收益为 37 美分，高于之前预测的 15 亿美元和 35 美分。不过，她也警告说，潜在的风险正等待着公司，包括 “由于剪线、消费者信心减弱和主题公园游客量疲软导致 ESPN 的增长大幅放缓，由于观众交付疲软和/或经济状况和/或电影失败以及 21CF 整合执行不力导致广告疲软”。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIS":"迪士尼"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191747148","content_text":"A Bank of America analyst has reiterated a Buy rating and a $191 price objective for the Walt Disney Co., citing perceived disappointments in the company’s theatrical releases while expressing optimism for its Disney+ streaming service and near-future attendance at its theme parks.\n\nOn The Small Screen:In a new paper, BofA research analystJessica Reif Ehrlichstated Disney “remains well positioned for the recovery, driven by a continued increase in capacity at theme parks and an improving content slate in 2HFY22.” She estimated Disney+ will add 7 million new subscribers thanks to content additions including “The Beatles: Get Back,” “Hawkeye” and the upcoming “Boba Fett,” along with the streaming presentation of its popular theatrical films “Jungle Cruise” and “Shang-Chi and the Legend of the Ten Rings.”\nShe also opined that the popularity of “The Beatles: Get Back” could spur Disney to diversify its content “beyond their traditional brands” in order to bring in more Disney+ subscribers.\nOn The Big Screen:In the current weekend’s theatrical release slate, Disney has four films among the top 10 grossing movies in U.S. theaters; it also has a co-financing and profit-sharing agreement with Sony Pictures for the current box office champ, \"Spider-Man: No Way Home,\" which Sony is releasing.\nHowever, Ehrlich wrote that the Disney “theatrical releases during the quarter disappointed, likely due to the surging Omicron variant. As a result, DIS will once again be forced to re-evaluate their film release strategy for 2022. We believe the success of Disney+ is a key tenet of the bull thesis, and if the box office remains depressed, films could be utilized as an important subscriber acquisition tool for DIS+.”\nIn The Theme Parks:Looking at the Disney theme parks operations, Ehrlich anticipated the first quarter of 2022 “will reflect signs of improvement in attendance,” noting the omicron variant of the coronavirus has yet to have “a significant impact on attendance thus far.”\nShe also predicted that “improving operating leverage in the parks” will offset “incremental headwinds in content sales/licensing” created by a lack of political advertising, increased costs for NFL and college football and lower international channels.\nIn The Near Future:Looking forward, she forecasted a FYQ1 EBIT of $1.52 billion and earnings per share of 37 cents, up from a previous forecast of $1.50 billion and 35 cents. However, she also cautioned that potential risks await the company, including “a significant slowdown in ESPN's growth due to cord cutting, weakened consumer confidence and softer theme park attendance, advertising weakness due to softer audience delivery and/or economic conditions and/or film flops and poor execution with respect to the 21CF integration.”","news_type":1,"symbols_score_info":{"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":1116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693037116,"gmtCreate":1639924968787,"gmtModify":1639924968949,"author":{"id":"3559770113710833","authorId":"3559770113710833","name":"SillyOldBear","avatar":"https://static.tigerbbs.com/ef207140107fde8983f710c746a5b404","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3559770113710833","authorIdStr":"3559770113710833"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like 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