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peilinnggg

peilinnggg

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2021-06-28

Good

US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week

2021-06-27

Good chance

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2021-06-26

Good

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2021-06-11

Good buy

How Much Longer Will Alibaba Stay Cheap?

2021-06-10

Good turnaround

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2021-06-09

Screw the FUD

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2021-06-06

Like

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2021-06-05

No way

AMC Stock Is Up 3,100%. Should You Buy or Sell?

2021-06-04

Buy the dip

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2021-06-03

Let’s go

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2021-06-02

Too much competition

Analyzing Sea Limited's Relentless Growth

2021-06-01

Buy

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2021-05-30

Strong buy

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2021-05-29

Generational company

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2021-05-27

Let’s go!!

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2021-05-26

Perfect

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2021-05-24

Good stuff

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2021-05-23

Hmm

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2021-05-22

Nice

Tesla’s New Plaid Model Is Ready. That Should Help the Stock.

2021-05-21

Nice

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17:55","market":"us","language":"en","title":"US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week","url":"https://stock-news.laohu8.com/highlight/detail?id=1150095060","media":"Renaissance Capital","summary":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant $DiDi Global Inc.$.DiDi plans to raise $3.9 billion at a $67.5 billion market cap. 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The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.</p>\n<p>Cybersecurity platform&nbsp;<b><a href=\"https://laohu8.com/S/S\">SentinelOne, Inc</a></b> plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.</p>\n<p>Turkish e-commerce platform&nbsp;<b>D-MARKET Electronic Services &amp; Trading</b>(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.</p>\n<p>Doughnut brand&nbsp;<a href=\"https://laohu8.com/S/DNUT\"><b>Krispy Kreme, Inc.</a> </b>plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.</p>\n<p>Legal solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com, Inc</a> </b>plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.</p>\n<p>Identity verification platform&nbsp;<b><a href=\"https://laohu8.com/S/YOU\">Clear Secure, Inc.</a></b> plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.</p>\n<p>Chinese grocery delivery platform&nbsp;<b><a href=\"https://laohu8.com/S/DDL\">Dingdong (Cayman) Limited</a> </b>plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.</p>\n<p>SaaS solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce Inc.</a></b> plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness &amp; Wellness Services.</p>\n<p>Software provider&nbsp;<b><a href=\"https://laohu8.com/S/INTA\">Intapp, Inc.</a> </b>plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.</p>\n<p>Online manufacturing marketplace&nbsp;<b><a href=\"https://laohu8.com/S/XMTR\">Xometry, Inc.</a></b> plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.</p>\n<p><b><a href=\"https://laohu8.com/S/IAS\">Integral Ad Science Holding LLC</a> </b>plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.</p>\n<p>Plus-sized women’s apparel brand&nbsp;<b><a href=\"https://laohu8.com/S/CURV\">Torrid Holdings</a> </b>plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.</p>\n<p>Alzheimer’s biotech&nbsp;<b><a href=\"https://laohu8.com/S/ABOS\">Acumen Pharmaceuticals, Inc.</a></b> plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.</p>\n<p>Digital financial services provider&nbsp;<b>AMTD Digital</b>(<a href=\"https://laohu8.com/S/HKD\">$(HKD)$</a>) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.</p>\n<p>Drug formulation developer&nbsp;<b>Aerovate Therapeutics</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.</p>\n<p>Neuromodulation device provider<b>&nbsp;<a href=\"https://laohu8.com/S/CVRX\">CVRx Inc</a> </b>plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.</p>\n<p>Belgium-listed&nbsp;<b>Nyxoah</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.</p>\n<p><img src=\"https://static.tigerbbs.com/58f28d5f7f3b8e686c0bd006c2968b99\" tg-width=\"1131\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/508f1118f1d92b2b76391bc3610bd6c4\" tg-width=\"1131\" tg-height=\"657\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ed04cd42fa30b460fcf67e07efa6ddc7\" tg-width=\"1130\" tg-height=\"166\" referrerpolicy=\"no-referrer\"></p>\n<p><b>IPO Market Snapshot</b></p>\n<p>The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&amp;P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p>","source":"lsy1603787993745","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>US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 17:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week><strong>Renaissance Capital</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant DiDi Global Inc..\nDiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s ...</p>\n\n<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"S":"SentinelOne, Inc","LZ":"LegalZoom.com, Inc","INTA":"Intapp, Inc.","ABOS":"Acumen Pharmaceuticals, Inc.","CVRX":"CVRx, Inc.","YOU":"Clear Secure, Inc.","CURV":"Torrid Holdings","DIDI":"滴滴(已退市)","HEPS":"D-MARKET Electronic Services & Trading","DNUT":"Krispy Kreme, Inc.","EVCM":"EverCommerce Inc.","IAS":"Integral Ad Science Holding","DDL":"叮咚买菜","XMTR":"Xometry, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150095060","content_text":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant DiDi Global Inc..\nDiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.\nCybersecurity platform SentinelOne, Inc plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.\nTurkish e-commerce platform D-MARKET Electronic Services & Trading(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.\nDoughnut brand Krispy Kreme, Inc. plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.\nLegal solutions provider LegalZoom.com, Inc plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.\nIdentity verification platform Clear Secure, Inc. plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.\nChinese grocery delivery platform Dingdong (Cayman) Limited plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.\nSaaS solutions provider EverCommerce Inc. plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness & Wellness Services.\nSoftware provider Intapp, Inc. plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.\nOnline manufacturing marketplace Xometry, Inc. plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.\nIntegral Ad Science Holding LLC plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.\nPlus-sized women’s apparel brand Torrid Holdings plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.\nAlzheimer’s biotech Acumen Pharmaceuticals, Inc. plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.\nDigital financial services provider AMTD Digital($(HKD)$) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.\nDrug formulation developer Aerovate Therapeutics($(AVTE)$) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.\nNeuromodulation device provider CVRx Inc plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.\nBelgium-listed Nyxoah($(NYXH)$) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1,"symbols_score_info":{"HEPS":0.9,"INTA":0.9,"XMTR":0.9,"IAS":0.9,"DNUT":0.9,"LZ":0.9,"DIDI":0.9,"EVCM":0.9,"CURV":0.9,"HKIB":0.9,"ABOS":0.9,"S":0.9,"CVRX":0.9,"DDL":0.9,"YOU":0.9}},"isVote":1,"tweetType":1,"viewCount":1225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124943480,"gmtCreate":1624723542640,"gmtModify":1631889892178,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Good chance","listText":"Good chance","text":"Good chance","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/124943480","repostId":"1164137597","repostType":4,"isVote":1,"tweetType":1,"viewCount":1603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125280904,"gmtCreate":1624674973808,"gmtModify":1631889892180,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125280904","repostId":"1108941456","repostType":4,"isVote":1,"tweetType":1,"viewCount":2382,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181446801,"gmtCreate":1623409083303,"gmtModify":1631889892186,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Good buy","listText":"Good buy","text":"Good buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/181446801","repostId":"1180091968","repostType":4,"repost":{"id":"1180091968","kind":"news","pubTimestamp":1623403203,"share":"https://www.laohu8.com/m/news/1180091968?lang=&edition=full","pubTime":"2021-06-11 17:20","market":"us","language":"en","title":"How Much Longer Will Alibaba Stay Cheap?","url":"https://stock-news.laohu8.com/highlight/detail?id=1180091968","media":"Seekingalpha","summary":"Summary\n\nDown over the past year, shares of Alibaba have not participated with the general rally in ","content":"<p><b>Summary</b></p>\n<ul>\n <li>Down over the past year, shares of Alibaba have not participated with the general rally in the markets.</li>\n <li>Alibaba is a strong business with accelerating free cash flow generation and a clean balance sheet. The company has deep pockets to continue growing.</li>\n <li>The valuation that shares trade at is compressed, but seems poised to rebound. Fundamentals eventually steer the share price.</li>\n</ul>\n<p>E-commerce has been a powerful investing theme throughout the pandemic. While many stocks that sell over the internet have been thriving, Chinese conglomerate Alibaba Group Holding Limited (BABA) has been a notable laggard. Shares of Alibaba are in the red over the past year, while the S&amp;P 500 has ripped higher, gaining 32%.</p>\n<p>Alibaba has been caught in some controversy surrounding thefailed IPOof Ant Group and its founderJack Ma. While the market has focused on these distractions, the actual underlying business of Alibaba is performing at a high level. With strong fundamentals and rapidly growing free cash flow, it's only a matter of time before the market begins to focus on what matters...the business. We will outline our investment thesis below.</p>\n<p><b>Free Cash Flow Growth Is Stellar</b></p>\n<p>Alibaba is a frequently covered business on Seeking Alpha, so I won't rehash the basics about the business or dive into the political controversy that has plagued the stock. Instead, I want to focus on the financial inflection point that Alibaba has recently hit.</p>\n<p>The company ended its fiscal year at the end of March. What we see is a diversified business with several growing segments that align with macroeconomic trends.</p>\n<p><img src=\"https://static.tigerbbs.com/862988aec2c33c72dc1786de483f952a\" tg-width=\"640\" tg-height=\"391\" referrerpolicy=\"no-referrer\">source: Alibaba Group Holding Limited</p>\n<p>The largest revenue contributor, of course, is the company's retail operations. While its commerce segment continues to narrate revenue growth (total core commerce grew 2020 revenues 42% versus company revenues growing 41%), some smaller segments are showing strong growth.</p>\n<p>For example, Alibaba's cloud computing operations grew 50% in 2020, and its new retail and direct sales businesses grew 94% year-over-year. What is most promising is that Alibaba is accelerating its free cash flow growth in recent years. The company's $26.35 billion in 2021 FCF is a 29% year-over-year jump from 2020. Alibaba grew FCF 25% from 2019 to 2020.</p>\n<p><img src=\"https://static.tigerbbs.com/ba9d4b224eedbd99d8d22f0a2092b204\" tg-width=\"640\" tg-height=\"98\" referrerpolicy=\"no-referrer\">source: Alibaba Holding Group Limited</p>\n<p>With $72 billion in cash on hand as of March 31st and the business generating more than $26 billion in free cash flow, Alibaba has deep pockets to develop its growing business segments and seek out opportunities to create new growth with M&amp;A or other developments.</p>\n<p><b>How Long Can Alibaba Stay \"Cheap\"?</b></p>\n<p>It's hard to understand just how beaten down Alibaba's stock is until you look at things from a free cash flow perspective. Alibaba is currently trading with an FCF yield approaching 6%. By comparison, the next highest FCF yield is Amazon (AMZN), with a yield of just 1.3%.</p>\n<p><img src=\"https://static.tigerbbs.com/3423f615c0dc856b040442e4ff17b78f\" tg-width=\"640\" tg-height=\"521\" referrerpolicy=\"no-referrer\">source: YCharts</p>\n<p>This is a tremendous discount to Alibaba's peer group, despite the company accelerating FCF growth and having a ton of cash on hand. And because Alibaba is a healthy and growing company, the stock is poised to become even more attractively valued.</p>\n<p><img src=\"https://static.tigerbbs.com/6d76517c900c76b94c5bd4aaf02ec91a\" tg-width=\"640\" tg-height=\"226\" referrerpolicy=\"no-referrer\">source: Seeking Alpha</p>\n<p>The company is estimated to continue growing revenues at a swift clip, approaching $210 billion in annual revenue over the next three years. If we apply the company's 24% conversion rate of revenue to FCF, that will give us 2024 FCF of $50 billion. In other words, an FCF yield of 8.6% on today's share price. This is simply something you don't often see for a company's stock growing so rapidly at such an already large size.</p>\n<p>The stock is clearly being punished for some of the drama that Alibaba has faced over the past year and some of the current tension between the United States and China. This is a risk that investors need to keep in mind, as anything can happen, and Alibaba may become collateral damage of political conflict. However, if it becomes clear to the market that the outlook is promising, Alibaba could aggressively rerate. Even if Alibaba saw its FCF yield fall to around 3%, it would imply an upside in shares of 46%. This would put Alibaba at an enterprise value of more than $800 billion, but I believe those shoes the company could certainly fill.</p>\n<p><b>Wrapping Up</b></p>\n<p>Alibaba is a fantastic business that has been caught up in some political drama. Despite its size, the company is growing rapidly, is profitable, and generates tons of free cash flow. Investors cannot ignore the political risks, but the upside is tremendous for brave and patient investors.</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>How Much Longer Will Alibaba Stay Cheap?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Much Longer Will Alibaba Stay Cheap?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-11 17:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4434229-how-much-longer-will-alibaba-stay-cheap><strong>Seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nDown over the past year, shares of Alibaba have not participated with the general rally in the markets.\nAlibaba is a strong business with accelerating free cash flow generation and a clean ...</p>\n\n<a href=\"https://seekingalpha.com/article/4434229-how-much-longer-will-alibaba-stay-cheap\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4434229-how-much-longer-will-alibaba-stay-cheap","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180091968","content_text":"Summary\n\nDown over the past year, shares of Alibaba have not participated with the general rally in the markets.\nAlibaba is a strong business with accelerating free cash flow generation and a clean balance sheet. The company has deep pockets to continue growing.\nThe valuation that shares trade at is compressed, but seems poised to rebound. Fundamentals eventually steer the share price.\n\nE-commerce has been a powerful investing theme throughout the pandemic. While many stocks that sell over the internet have been thriving, Chinese conglomerate Alibaba Group Holding Limited (BABA) has been a notable laggard. Shares of Alibaba are in the red over the past year, while the S&P 500 has ripped higher, gaining 32%.\nAlibaba has been caught in some controversy surrounding thefailed IPOof Ant Group and its founderJack Ma. While the market has focused on these distractions, the actual underlying business of Alibaba is performing at a high level. With strong fundamentals and rapidly growing free cash flow, it's only a matter of time before the market begins to focus on what matters...the business. We will outline our investment thesis below.\nFree Cash Flow Growth Is Stellar\nAlibaba is a frequently covered business on Seeking Alpha, so I won't rehash the basics about the business or dive into the political controversy that has plagued the stock. Instead, I want to focus on the financial inflection point that Alibaba has recently hit.\nThe company ended its fiscal year at the end of March. What we see is a diversified business with several growing segments that align with macroeconomic trends.\nsource: Alibaba Group Holding Limited\nThe largest revenue contributor, of course, is the company's retail operations. While its commerce segment continues to narrate revenue growth (total core commerce grew 2020 revenues 42% versus company revenues growing 41%), some smaller segments are showing strong growth.\nFor example, Alibaba's cloud computing operations grew 50% in 2020, and its new retail and direct sales businesses grew 94% year-over-year. What is most promising is that Alibaba is accelerating its free cash flow growth in recent years. The company's $26.35 billion in 2021 FCF is a 29% year-over-year jump from 2020. Alibaba grew FCF 25% from 2019 to 2020.\nsource: Alibaba Holding Group Limited\nWith $72 billion in cash on hand as of March 31st and the business generating more than $26 billion in free cash flow, Alibaba has deep pockets to develop its growing business segments and seek out opportunities to create new growth with M&A or other developments.\nHow Long Can Alibaba Stay \"Cheap\"?\nIt's hard to understand just how beaten down Alibaba's stock is until you look at things from a free cash flow perspective. Alibaba is currently trading with an FCF yield approaching 6%. By comparison, the next highest FCF yield is Amazon (AMZN), with a yield of just 1.3%.\nsource: YCharts\nThis is a tremendous discount to Alibaba's peer group, despite the company accelerating FCF growth and having a ton of cash on hand. And because Alibaba is a healthy and growing company, the stock is poised to become even more attractively valued.\nsource: Seeking Alpha\nThe company is estimated to continue growing revenues at a swift clip, approaching $210 billion in annual revenue over the next three years. If we apply the company's 24% conversion rate of revenue to FCF, that will give us 2024 FCF of $50 billion. In other words, an FCF yield of 8.6% on today's share price. This is simply something you don't often see for a company's stock growing so rapidly at such an already large size.\nThe stock is clearly being punished for some of the drama that Alibaba has faced over the past year and some of the current tension between the United States and China. This is a risk that investors need to keep in mind, as anything can happen, and Alibaba may become collateral damage of political conflict. However, if it becomes clear to the market that the outlook is promising, Alibaba could aggressively rerate. Even if Alibaba saw its FCF yield fall to around 3%, it would imply an upside in shares of 46%. This would put Alibaba at an enterprise value of more than $800 billion, but I believe those shoes the company could certainly fill.\nWrapping Up\nAlibaba is a fantastic business that has been caught up in some political drama. Despite its size, the company is growing rapidly, is profitable, and generates tons of free cash flow. Investors cannot ignore the political risks, but the upside is tremendous for brave and patient investors.","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":1622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189794156,"gmtCreate":1623287942975,"gmtModify":1631889892188,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Good turnaround","listText":"Good turnaround","text":"Good turnaround","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/189794156","repostId":"1107886026","repostType":4,"isVote":1,"tweetType":1,"viewCount":968,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180754368,"gmtCreate":1623228766554,"gmtModify":1631889892189,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Screw the FUD","listText":"Screw the FUD","text":"Screw the FUD","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/180754368","repostId":"1133238185","repostType":4,"isVote":1,"tweetType":1,"viewCount":908,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115019530,"gmtCreate":1622940525420,"gmtModify":1631889892194,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/115019530","repostId":"1162722289","repostType":4,"isVote":1,"tweetType":1,"viewCount":2767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112107112,"gmtCreate":1622854303736,"gmtModify":1631889892198,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"No way","listText":"No way","text":"No way","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/112107112","repostId":"1132937041","repostType":4,"repost":{"id":"1132937041","kind":"news","pubTimestamp":1622853341,"share":"https://www.laohu8.com/m/news/1132937041?lang=&edition=full","pubTime":"2021-06-05 08:35","market":"us","language":"en","title":"AMC Stock Is Up 3,100%. Should You Buy or Sell?","url":"https://stock-news.laohu8.com/highlight/detail?id=1132937041","media":"Barrons","summary":"Photo illustration by Chris Mihal / Dreamstime.com\nIn a market like this, popcorn can become a Buy s","content":"<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3d95919779e01e359f19f34476e91d00\" tg-width=\"1260\" tg-height=\"840\"><span>Photo illustration by Chris Mihal / Dreamstime.com</span></p>\n<p>In a market like this, popcorn can become a Buy signal.</p>\n<p>Shares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this past Wednesday after the movie-theater chain announced a new rewards program for shareholders that includes a free large popcorn. The next day, a plan to sell 11.55 million shares (which eventually sold at an average price of $50.85) sent AMC (ticker: AMC) tumbling.</p>\n<p>Even with Thursday’s decline, the stock has soared 297% over the past nine trading sessions, and is up an eye-popping 2,160% for the year.</p>\n<p>After&nbsp;GameStop(GME) and&nbsp;BlackBerry(BB), there seems to be little stopping the latest hot meme stock,not even a warning from AMC itself: “Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company said on Thursday in the filing to sell the shares.</p>\n<p>Earlier in the week, AMC sold 8.5 million shares to investment firm Mudrick Capital Management, which sold its stake at a profit that same day,Bloomberg reported. AMC called it a “very smart raising of cash so that we can grow this company.”</p>\n<p>More dilution could be coming. The company will ask shareholders to authorize the sale of an additional 25 million shares, starting in 2022, at its annual meeting next month.</p>\n<p>Despite the unusual warning and the dilution, some users doubled down on their enthusiasm for the stock in online forums this past week, noting that GameStop experienced similar volatility during its January rise. That just confounds and outrages traditional investors.</p>\n<p>“The surge in shares of AMC Entertainment is yet another sign of the reckless meme-stock-driven investing landscape that we find ourselves in today,” David Trainer, CEO of investment research firm New Constructs, recently wrote. “Wall Street insiders are preying on the naiveté of retail meme-stock traders. There is no fundamental reason to be buying shares of AMC Entertainment.”</p>\n<p>Trying to identify a fundamental narrative that can justify AMC’s ascent is admittedly difficult. Still, it is an exercise that might provide some insights for investors.</p>\n<p><img src=\"https://static.tigerbbs.com/62d362d944fe5c0a23bee485799d1195\" tg-width=\"956\" tg-height=\"637\"></p>\n<p>With the recent share sale, AMC has an enterprise value of about $35 billion, almost six times what it was at the end of 2018, a record-breaking year at the U.S. box office. At that time, the enterprise value for the three largest publicly traded theater operators was about 1.6 times the total domestic box office. (Theater chains typically have a lot of debt, making enterprise value a better measure.)</p>\n<p>AMC’s enterprise value is now about 17 times the dreadful, pandemic-affected domestic box office haul of just $2.1 billion in 2020.</p>\n<p>Roughly two-thirds of sales typically come from tickets. The rest comes from soda and, yes, popcorn. The challenge for the industry is whether enough moviegoers return and spend as they did before, after a year of staying home and streaming.</p>\n<p>The business might go through a period of consolidation, as it did earlier this century, when a shift to stadium seating pushed some operators into bankruptcy and mergers. Regal Cinemas, one of the large U.S. theater chains, filed for bankruptcy in 2001. Coming out of bankruptcy, Regal became a cash-generating machine—fewer movie-theater operators helped. And fewer now could usher in another era of higher returns on investment and better cash generation.</p>\n<p>Indeed, the hope is that AMC could be opportunistic in&nbsp;the postpandemic world, perhaps by making acquisitions. The recent gains in the stock have made that hope self-fulfilling, allowing the company to raise new capital—$1.25 billion through stock sales in this quarter alone.</p>\n<p>“With our increased liquidity, an increasingly vaccinated population, and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” CEO Adam Aron said this past Tuesday.</p>\n<p>If AMC can boost market share, and if U.S. box office sales return to 2018 levels, the company’s total sales might hit $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 were $5.5 billion.</p>\n<p>Then, if profit margins improve with better industry scale, and if AMC’s investment in new theaters can drop as new capacity isn’t really needed, the company might be able to generate $600 million in free cash flow annually. That is about three times the cash-generating potential of prior, prepandemic years.</p>\n<p>With $600 million in free cash flow, the stock’s free-cash-flow yield works out to about 2.4%, based on recent prices. That yield makes the stock look expensive, but not completely unreasonable. The&nbsp;S&amp;P 500&nbsp;index trades for about a 3.4% free-cash-flow yield; other consumer-discretionary stocks in the S&amp;P trade at a free-cash-flow yield of about 3.1%.</p>\n<p>While that may offer a faint glimmer of hope for fundamental investors, there are problems with the $600 million free-cash-flow scenario. There are a lot of ifs and mights—and AMC has never generated cash flow like that in the past.</p>\n<p>Consolidation in the industry is also no guarantee of success. AMC’s share of the market might rise, but there are still competitors: Regal Cinemas, now owned by&nbsp;Cineworld Group(CINE.UK), and&nbsp;Cinemark Holdings(CNK).</p>\n<p>Neither one is trading like AMC: Cineworld stock is up 283% from its 52-week low, but is off 78% from all-time highs, while Cinemark shares are up 183% from their 52-week low, but down 51% from their all-time high. AMC stock, by comparison, is up 2,320% from its 52-week low.</p>\n<p>And AMC and its peers also have to compete with streaming. Windows for exclusive theater showings are shrinking, and the pandemic has accelerated that.</p>\n<p>Wall Street doesn’t see the potential. Ten analysts cover the stock, and the average price target is $5.25. The highest is $18 a share. Before the pandemic, the average analyst price target was $15. There were fewer shares of AMC at the time. The old target prices implied an enterprise value of roughly $7 billion—a far cry from $35 billion.</p>\n<p>Analysts do, however, have positive free cash flow projected for AMC in the future—about $13 million in 2022 and $90 million in 2023.</p>\n<p>At these levels, the fundamental case for AMC stock is, to put it mildly, a stretch. Yet overvaluation alone is never a good reason to sell a stock short, betting on a price decline. High numbers of shares shorted are typically an element in the meme-fueled rises. These days, the risk of&nbsp;short squeezes&nbsp;has become far larger than the potential gain from the market realizing that a stock is too expensive.</p>\n<p>In the end, investing and trading are different skills. Both can make people money. The important thing is not to confuse the two.</p>\n<p>AMC investors may understand that. “I think that for most of the retail investors that you see buying quote-unquote meme stocks, it really is to prove a point,” says Natalie Camacho, a 27-year-old writer from California’s San Fernando Valley.</p>\n<p>She says she bought 11 shares of AMC in January for $100 as the meme-stock wave began to build. She expected the company to benefit by the reopening from Covid-19.</p>\n<p>Camacho says that she had felt as if the world of investing was closed to her, because she didn’t have $10,000 to put into stocks. On social media, the AMC trade has been portrayed as a battle of the little guys against the big Wall Street firms, which appeals to her.</p>\n<p>“What draws me to it is that communal sense, that we’re all in this together,” she says. “There’s a sense that if we pool our money together, we might not be rich, but we’ll have enough to make a difference.”</p>\n<p>Regardless of how it plays out, she is betting with money she can afford to lose. As of Thursday morning, her $100 investment had grown to $460. “Maybe it’s a long-term bad idea, but for now we’re holding,” she says.</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>AMC Stock Is Up 3,100%. Should You Buy or Sell?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMC Stock Is Up 3,100%. Should You Buy or Sell?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-05 08:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/buy-sell-amc-stock-51622844305?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Photo illustration by Chris Mihal / Dreamstime.com\nIn a market like this, popcorn can become a Buy signal.\nShares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this ...</p>\n\n<a href=\"https://www.barrons.com/articles/buy-sell-amc-stock-51622844305?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.barrons.com/articles/buy-sell-amc-stock-51622844305?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132937041","content_text":"Photo illustration by Chris Mihal / Dreamstime.com\nIn a market like this, popcorn can become a Buy signal.\nShares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this past Wednesday after the movie-theater chain announced a new rewards program for shareholders that includes a free large popcorn. The next day, a plan to sell 11.55 million shares (which eventually sold at an average price of $50.85) sent AMC (ticker: AMC) tumbling.\nEven with Thursday’s decline, the stock has soared 297% over the past nine trading sessions, and is up an eye-popping 2,160% for the year.\nAfter GameStop(GME) and BlackBerry(BB), there seems to be little stopping the latest hot meme stock,not even a warning from AMC itself: “Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company said on Thursday in the filing to sell the shares.\nEarlier in the week, AMC sold 8.5 million shares to investment firm Mudrick Capital Management, which sold its stake at a profit that same day,Bloomberg reported. AMC called it a “very smart raising of cash so that we can grow this company.”\nMore dilution could be coming. The company will ask shareholders to authorize the sale of an additional 25 million shares, starting in 2022, at its annual meeting next month.\nDespite the unusual warning and the dilution, some users doubled down on their enthusiasm for the stock in online forums this past week, noting that GameStop experienced similar volatility during its January rise. That just confounds and outrages traditional investors.\n“The surge in shares of AMC Entertainment is yet another sign of the reckless meme-stock-driven investing landscape that we find ourselves in today,” David Trainer, CEO of investment research firm New Constructs, recently wrote. “Wall Street insiders are preying on the naiveté of retail meme-stock traders. There is no fundamental reason to be buying shares of AMC Entertainment.”\nTrying to identify a fundamental narrative that can justify AMC’s ascent is admittedly difficult. Still, it is an exercise that might provide some insights for investors.\n\nWith the recent share sale, AMC has an enterprise value of about $35 billion, almost six times what it was at the end of 2018, a record-breaking year at the U.S. box office. At that time, the enterprise value for the three largest publicly traded theater operators was about 1.6 times the total domestic box office. (Theater chains typically have a lot of debt, making enterprise value a better measure.)\nAMC’s enterprise value is now about 17 times the dreadful, pandemic-affected domestic box office haul of just $2.1 billion in 2020.\nRoughly two-thirds of sales typically come from tickets. The rest comes from soda and, yes, popcorn. The challenge for the industry is whether enough moviegoers return and spend as they did before, after a year of staying home and streaming.\nThe business might go through a period of consolidation, as it did earlier this century, when a shift to stadium seating pushed some operators into bankruptcy and mergers. Regal Cinemas, one of the large U.S. theater chains, filed for bankruptcy in 2001. Coming out of bankruptcy, Regal became a cash-generating machine—fewer movie-theater operators helped. And fewer now could usher in another era of higher returns on investment and better cash generation.\nIndeed, the hope is that AMC could be opportunistic in the postpandemic world, perhaps by making acquisitions. The recent gains in the stock have made that hope self-fulfilling, allowing the company to raise new capital—$1.25 billion through stock sales in this quarter alone.\n“With our increased liquidity, an increasingly vaccinated population, and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” CEO Adam Aron said this past Tuesday.\nIf AMC can boost market share, and if U.S. box office sales return to 2018 levels, the company’s total sales might hit $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 were $5.5 billion.\nThen, if profit margins improve with better industry scale, and if AMC’s investment in new theaters can drop as new capacity isn’t really needed, the company might be able to generate $600 million in free cash flow annually. That is about three times the cash-generating potential of prior, prepandemic years.\nWith $600 million in free cash flow, the stock’s free-cash-flow yield works out to about 2.4%, based on recent prices. That yield makes the stock look expensive, but not completely unreasonable. The S&P 500 index trades for about a 3.4% free-cash-flow yield; other consumer-discretionary stocks in the S&P trade at a free-cash-flow yield of about 3.1%.\nWhile that may offer a faint glimmer of hope for fundamental investors, there are problems with the $600 million free-cash-flow scenario. There are a lot of ifs and mights—and AMC has never generated cash flow like that in the past.\nConsolidation in the industry is also no guarantee of success. AMC’s share of the market might rise, but there are still competitors: Regal Cinemas, now owned by Cineworld Group(CINE.UK), and Cinemark Holdings(CNK).\nNeither one is trading like AMC: Cineworld stock is up 283% from its 52-week low, but is off 78% from all-time highs, while Cinemark shares are up 183% from their 52-week low, but down 51% from their all-time high. AMC stock, by comparison, is up 2,320% from its 52-week low.\nAnd AMC and its peers also have to compete with streaming. Windows for exclusive theater showings are shrinking, and the pandemic has accelerated that.\nWall Street doesn’t see the potential. Ten analysts cover the stock, and the average price target is $5.25. The highest is $18 a share. Before the pandemic, the average analyst price target was $15. There were fewer shares of AMC at the time. The old target prices implied an enterprise value of roughly $7 billion—a far cry from $35 billion.\nAnalysts do, however, have positive free cash flow projected for AMC in the future—about $13 million in 2022 and $90 million in 2023.\nAt these levels, the fundamental case for AMC stock is, to put it mildly, a stretch. Yet overvaluation alone is never a good reason to sell a stock short, betting on a price decline. High numbers of shares shorted are typically an element in the meme-fueled rises. These days, the risk of short squeezes has become far larger than the potential gain from the market realizing that a stock is too expensive.\nIn the end, investing and trading are different skills. Both can make people money. The important thing is not to confuse the two.\nAMC investors may understand that. “I think that for most of the retail investors that you see buying quote-unquote meme stocks, it really is to prove a point,” says Natalie Camacho, a 27-year-old writer from California’s San Fernando Valley.\nShe says she bought 11 shares of AMC in January for $100 as the meme-stock wave began to build. She expected the company to benefit by the reopening from Covid-19.\nCamacho says that she had felt as if the world of investing was closed to her, because she didn’t have $10,000 to put into stocks. On social media, the AMC trade has been portrayed as a battle of the little guys against the big Wall Street firms, which appeals to her.\n“What draws me to it is that communal sense, that we’re all in this together,” she says. “There’s a sense that if we pool our money together, we might not be rich, but we’ll have enough to make a difference.”\nRegardless of how it plays out, she is betting with money she can afford to lose. As of Thursday morning, her $100 investment had grown to $460. “Maybe it’s a long-term bad idea, but for now we’re holding,” she says.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1199,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116068516,"gmtCreate":1622766495735,"gmtModify":1631889892208,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Buy the dip","listText":"Buy the dip","text":"Buy the dip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/116068516","repostId":"1182667134","repostType":4,"isVote":1,"tweetType":1,"viewCount":2572,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111497834,"gmtCreate":1622690696128,"gmtModify":1631889892207,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Let’s go","listText":"Let’s go","text":"Let’s go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/111497834","repostId":"1142937923","repostType":4,"isVote":1,"tweetType":1,"viewCount":1282,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113526030,"gmtCreate":1622627865620,"gmtModify":1631893612658,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Too much competition&nbsp;","listText":"Too much competition&nbsp;","text":"Too much competition","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/113526030","repostId":"1100705667","repostType":4,"repost":{"id":"1100705667","kind":"news","pubTimestamp":1622626441,"share":"https://www.laohu8.com/m/news/1100705667?lang=&edition=full","pubTime":"2021-06-02 17:34","market":"us","language":"en","title":"Analyzing Sea Limited's Relentless Growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1100705667","media":"seekingalpha","summary":"Summary\n\nThis article focuses on the growth engine that enables Sea Group. I provide a high-level ov","content":"<p><b>Summary</b></p>\n<ul>\n <li>This article focuses on the growth engine that enables Sea Group. I provide a high-level overview and dive deeper into each operating segment.</li>\n <li>The company has a significant advantage through segments that cross-pollinate each other with cash. Garena is currently funding the growth of Shopee and SeaMoney. This is a key moat contributor.</li>\n <li>Shopee continues to be the key top-line driver with substantial Gross Merchandise Value growth forecasted in Southeast Asia. Consequently, increasing take rates will likely lead to even higher revenue growth.</li>\n <li>Looking at overall online spending, the six largest Southeast Asian countries are forecasted to grow from $100B GMV in 2020 to $300B GMV in 2025. Sea stands to benefit across the board.</li>\n <li>At an FY2023 EV/S of ~8.3x, Sea Group is fairly priced for an investment. It is a long-term conviction \"buy and hold\" for me.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e27123526e3031d4a551f336a9189f19\" tg-width=\"1536\" tg-height=\"1025\"><span>Photo by Wachiwit/iStock Editorial via Getty Images</span></p>\n<p>Sea Group (NYSE:SE) is still running in hyper-growth mode (&gt;100% YoY last quarter and on a last-twelve-month basis).</p>\n<p>It's been over a year since I first wrote about Sea on Seeking Alpha. The company's rise has been staggering and the business has continued to surpass most expectations, with the stock returning over 300% in the last 12 months. I'd like to use this article as an opportunity to dive into what makes such growth at a ~$120B market cap possible and put forward my opinion on why the company is positioned to win more in the coming years. While a lot of alpha has been captured in the past, I still expect substantial broad index outperformance going forward over the long term. I'm long SE.</p>\n<p><b>Recap</b></p>\n<p>Here's a quick recap of what the company constitutes. Sea Group is a Singapore-based consumer internet company that has three major divisions: Digital Entertainment, E-Commerce, and Digital Financial Services. In layman's terms, think of it as a smaller and younger version of Tencent (OTCPK:TCEHY) with a Southeast Asia focus.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd938ae2a667d8bf6c2c8b8094ff94ab\" tg-width=\"600\" tg-height=\"320\"><span>Source: Author, Logos from Sea Group Media Resources</span></p>\n<p><b>Garena</b></p>\n<p>Their Digital Entertainment arm known as \"Garena\" began as a third party game licensor and operator for popular online games (mostly by Tencent) for the South East Asia region. It consequently grew into an independent mobile game developer, and they now operate one of the most widely played mobile games on the planet, Free Fire, which has about 650 million quarterly active users worldwide. Free Fire is a battle-royale style multiplayer game, optimized to run smoothly on mobile phones with lower computing power specifications<i>.</i>The game generates revenue primarily from in-app purchases. It also features social media aspects, and more recently, an e-sports ecosystem built around it to host global tournaments streamed across the world. The cohesive gaming, social media, and entertainment aspects have led it to be highly engaging and relatively sticky with low churn as far as mobile games go.</p>\n<p><b>Shopee</b></p>\n<p>Shopee is the leading e-commerce platform in Southeast Asia + Taiwan, spanning about 7 countries with a population of over 600 million people. They also have a large presence in Latin America, including Mexico and Brazil (add another 300 million population). The app facilitated ~$12.6B in Gross Merchandise Value (GMV) last quarter. Almost all the markets it operates in features rising middle classes, rapid digital consumerization, and strong GDP growth rates. These geographies have also been historically underpenetrated on the digital front, and are currently experiencing consumer internet adoption at a higher rate than their developed country counterparts. The pandemic catalyzed the seemingly inevitable trend of e-commerce adoption.</p>\n<p><b>SeaMoney</b></p>\n<p>This is Sea Group's \"Digital Financial Services\" (Fintech) arm. SeaMoney includes a digital wallet, payments processing, credit offerings, and other financial services. The segment had over 26 million quarterly paying users with over $3.4B in total payment volume facilitated last quarter. It is Sea Group's youngest division but arguably presents the largest opportunity for the company given that most of the Southeast Asian population has historically been underbanked. Theoretically, investments, loans, credit, debit, and insurance are all potential pieces that can weave together under a unified consumer financial services ecosystem.</p>\n<p>To summarize, Sea Group is a consumer internet titan with an ecosystem of high growth business divisions that are in total, likely touching over a billion people worldwide. On an LTM basis, the company's combined revenue grew 113.7% YoY. Sea is serving emerging markets that are experiencing internet adoption at accelerated rates, and is ballooning into a Tencent-like internet beast (consequently, they're Tencent-backed as well). A key factor in an investment consideration, is, of course, growth going forward. In the next few sections, I attempt to deconstruct growth using readily available-reported metrics and alternative data to make inferences on prospects.</p>\n<p><b>Group Growth Through Cross-Pollination</b></p>\n<p>Big growth requires cash. Chasing an underpenetrated e-commerce opportunity spanning 100s of millions of consumers requires a lot of cash. Sea has executed well in raising capital and putting it to work for growth, often playing its cards close to the chest pre-2020. The secret sauce for effective cash utilization, however, lies in the company's three-headed ecosystem structure. Shopee's growth would not be possible without the preceding success of Garena. And it's fair to say that SeaMoney's odds of success are substantially better because of Shopee's proliferation. The following diagram explains this.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6629de9aa49e0ca3375f92306d80c289\" tg-width=\"640\" tg-height=\"338\"><span>Source: Author, Logos from Sea Group Media Resources</span></p>\n<p>A popular concept in venture capital is the \"Valley of Death\". A freshly funded startup enterprise tends to burn cash to invest in product development, overhead, sales, etc. It continues to burn cash until it finds product-market fit, and revenues eventually grow large enough to make the system work and turn the company cash flow generative. Businesses are vulnerable from a financial standpoint during the cash burn and have to beat the clock as their limited cash pours out rapidly until sales balance out expenditure. Many seed-stage startups just die due to this. Since venture capital proliferated in the last two decades and access to private funding has supplied enormous cash ammunition to growth businesses post product-market fit, the burn phase has extended to the public markets as well. If a public company's strategy doesn't work, it tends to downsize, get mildly profitable at modest growth rates, and turn into an acquisition target. Alternatively, it may collect in the vast land of unfulfilled public tech stocks. That's the anatomy of a modern tech company in a nutshell.</p>\n<p>Expanding upon this concept, Sea Group isn't one company. It's a lot like three companies. As of 2021, Garena is well out of the cash flow valley of death, Shopee is burning big cash but is seemingly at a trough, and SeaMoney is just getting started. Proceeds from mature segments like Garena are used to pollinate growth in segments that have lower market penetration and longer growth runways (like Shopee &amp; SeaMoney).<b>In totality, Sea Group is an ecosystem that continues to evolve with the next big company still embedded within, still in the making, all the time.</b>What's impressive is that Shopee's market potential is larger than Garena's, and SeaMoney has an even larger theoretical market though any success might be early to call. The access to cash makes Sea Group's growth outright suffocating for competitors because individual non-ecosystems simply cannot compete on pricing, marketing budgets, and moderate economies of scale in the case of e-commerce. That's not to take away from Sea's excellent product and sales execution anyway. The following sections break down the three sub-companies and draw inferences from their growth metrics.</p>\n<p><b>Garena (Digital Entertainment)</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/18d10df5e5cd40c3f8cdb6fa3565fb1e\" tg-width=\"510\" tg-height=\"264\"><span>Source: Author,Data from Company Filings</span></p>\n<p>The charts above pertain to the Digital Entertainment segment, with the marked lines displaying YoY (Year-over-Year), and QoQ (Quarter-over-Quarter) percentage growth. Gross Bookings are the key top-line metric as they represent revenues that are yet to be recognized on the GAAP front. Due to the nature of in-app purchases and other payments made on apps like Free Fire etc., there's a fairly substantial difference between the two. Previously reported as Adjusted Revenues, Gross Bookings have held strong and have recently recorded 10% QoQ growth for the first quarter even though the pandemic has been easing off with a reopening trend. Q1-Q3 2020 saw rapid growth, while the last few quarters have tapered down to levels that are seemingly more muted. This should be expected to continue.</p>\n<p>It is worth mentioning how Free Fire has stuck around instead of temporarily leading top mobile gaming charts like most other games. In the gaming world, you have temporarily viral games, and then you have games that have a dedicated following across millions of users that evolve and provide engagement over sustained periods of time. The latter includes Call of Duty, PUBG, League of Legends, and Fortnite to name a few. Ultimately, the revenues of these games are predictable and sticky enough. It appears as though Free Fire has joined this group.</p>\n<p>The way Free Fire was built from the ground up is relatively contrarian. It's optimized to work on cheaper Android-powered smartphones instead of consoles and dedicated devices that are often seen as staple purchases for many gamers in developed countries. Getting a Switch, Xbox, or PC for most people in emerging markets is a serious expense. With Free Fire, you can get away with what you already have in India, Brazil, Mexico, and Indonesia. All you need is a smartphone and you're getting bang for your buck gaming and entertainment. This aspect has made it a perfect emerging market game.<b>While most of the industry was focused on higher ticket experiences, Garena's contrarian outlook on making a game specifically for ignored categories of mobile players has helped it succeed.</b></p>\n<p><img src=\"https://static.tigerbbs.com/a46c2a9d96ac17e0ad6c91fe7eb13f24\" tg-width=\"508\" tg-height=\"265\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/21c5e5ecd14f6544b380b4c99aa42150\" tg-width=\"508\" tg-height=\"265\"><span>Source: Author, Data from Company Filings</span></p>\n<p>Despite going after large populations of price-sensitive emerging market gamers, we see a surprising number of users actually paying for in-app purchases every quarter. QPU growth has outpaced QAU growth, with a larger proportion of the overall user mix trending towards paying users over time (11.4%, 12.0%, and 12.3% respectively for the last three quarters). This is key for the division's bookings and revenues. About a year ago, I expressed concern regarding the over-reliance on Free Fire as a sustainable cash source. I questioned whether it was truly here to stay and won't be replaced by the next hot game. This concern was abated when I learned that the e-sports events were amassing millions of viewers, the game continued to evolve with seasons and geography-specific features, and the social media angle that resulted in network effects across players.<b>It's impressive enough for a game to go to #1, but to stay in the top charts for 2-years running requires some excellent execution.</b></p>\n<p>Here's a table of Play Store rankings for the \"Games: Action\" category. I've included the Play Store since the majority of emerging market users are on Android as opposed to iOS.</p>\n<table>\n <tbody>\n  <tr>\n   <td><b>India</b></td>\n   <td><b>Indonesia</b></td>\n   <td><b>Pakistan</b></td>\n   <td><b>Brazil</b></td>\n   <td><b>Nigeria</b></td>\n   <td><b>Bangladesh</b></td>\n   <td><b>Mexico</b></td>\n   <td><b>Philippines</b></td>\n   <td><b>Vietnam</b></td>\n   <td><b>Thailand</b></td>\n  </tr>\n  <tr>\n   <td><b>Downloads: Gaming</b></td>\n   <td>10</td>\n   <td>17</td>\n   <td>18</td>\n   <td>8</td>\n   <td>7</td>\n   <td>3</td>\n   <td>11</td>\n   <td>135</td>\n   <td>11</td>\n   <td>10</td>\n  </tr>\n  <tr>\n   <td><b>Downloads: Gaming Action</b></td>\n   <td>2</td>\n   <td>4</td>\n   <td>3</td>\n   <td>2</td>\n   <td>1</td>\n   <td>1</td>\n   <td>3</td>\n   <td>27</td>\n   <td>2</td>\n   <td>2</td>\n  </tr>\n  <tr>\n   <td><b>Grossing: Gaming</b></td>\n   <td>1</td>\n   <td>1</td>\n   <td>2</td>\n   <td>1</td>\n   <td>8</td>\n   <td>2</td>\n   <td>1</td>\n   <td>20</td>\n   <td>1</td>\n   <td>1</td>\n  </tr>\n  <tr>\n   <td><b>Grossing: Gaming Action</b></td>\n   <td>1</td>\n   <td>1</td>\n   <td>2</td>\n   <td>1</td>\n   <td>2</td>\n   <td>1</td>\n   <td>1</td>\n   <td>4</td>\n   <td>1</td>\n   <td>1</td>\n  </tr>\n </tbody>\n</table>\n<p><i>Source: App Annie, As of 28th May 2021</i></p>\n<p>The above charts are compiled from some of the most populated emerging market countries I could find, along with my free App Annie account. While new downloads might have reduced over the last two quarters from the pandemic boost last year, the numbers are still impressive and Free Fire remains the top-grossing game amongst most of the geographies above. Importantly, it is the consistency of these rankings over time.</p>\n<p><b>Going by the growth metrics, long-term engagement is likely to be sustained, but there should be a sequential slowdown in new user adds and incremental gross bookings in the coming months.</b>This is consistent with what the management expects and reasonable given the reopening and saturation of the game across the global market. On the bright side, Digital Entertainment recorded an Adjusted EBITDA margin of 64% last quarter that should scale proportionately with gross bookings. After building out the game, there isn't too much in terms of costs to take away from the bottom line. Large sales and marketing expenditure isn't quite needed now that the game has global network effects. It's really about back-end, maintenance, and continued development work to keep evolving the already successful game and ecosystem.</p>\n<p>Shopee (E-Commerce)</p>\n<p>The following two charts present gross orders and gross merchandise value (GMV) for the e-commerce division.</p>\n<p><img src=\"https://static.tigerbbs.com/cb09b8563ac1df1a5d8e7458b30c3054\" tg-width=\"512\" tg-height=\"264\" referrerpolicy=\"no-referrer\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/628c3b271ee17e9c430045d0f686f75c\" tg-width=\"512\" tg-height=\"264\"><span>Source: Author, Data from Company Filings</span></p>\n<p>The trends are similar across both charts. Q2 2020 saw acceleration due to the pandemic, Q4 2020 saw a seasonal high, and Q1 2021 saw QoQ deceleration going out of the holiday season across most geographies. As Gross Orders have outpaced GMV, we can conclude that more people are ordering cheaper items on the platform on average. If we consider seasonality, the 5-6% QoQ growth in Q1 2021 isn't particularly concerning and we'll likely see a sequential pickup in the next quarter. It's fair to expect the reopening trend to put some downward pressure on growth but the long term feasibility of the platform has likely cemented itself for consumers. The convenience and product pricing on e-commerce is simply hard to compete with for brick &amp; mortar, and we're not going back to pre-pandemic levels of online retail again. The following earnings release excerpt provides some colour on e-commerce GAAP Revenue.</p>\n<blockquote>\n GAAP revenue was US$922.3 million, up 250.4% year-on-year.\n</blockquote>\n<blockquote>\n GAAP revenue included US$715.9 million of GAAP marketplace revenue, up 285.0% year-on-year, and US$206.4 million of GAAP product revenue, up 167.1% year-on-year.\n</blockquote>\n<blockquote>\n <i>Source:Q1 2021 Earnings Press Release</i>\n</blockquote>\n<p>Comparing the above information to the GMV chart, we can infer that<b>Sales have substantially outpaced GMV growth. This indicates a very deliberate move by the company to increase their take rates in dominant geographies.</b>Take rates are a function of the GMV and represent the proportion of the total GMV that makes it to revenues. As the standard consumer internet company goes, you expand and acquire customers at all costs, then you increase prices and get profitable after capturing a market and habituating consumers to your platform. Overall, the actions have also decreased Adjusted EBITDA losses substantially and that allows Sea to play the balancing cash flow act on demand.</p>\n<blockquote>\n Both in Southeast Asia and in Taiwan, Shopee ranked first in the Shopping category by average monthly active users and total time spent in-app on Android for the first quarter of 2021, according to App Annie.\n</blockquote>\n<blockquote>\n In Indonesia, where Shopee further accelerated its year-on-year growth in gross orders, it continued to rank first by average monthly active users and total time spent in app on Android in the Shopping category for the first quarter of 2021, according to App Annie.\n</blockquote>\n<blockquote>\n <i>Source:Q1 2021 Earnings Press Release</i>\n</blockquote>\n<p>From a high-level view, Southeast Asia &amp; Taiwan seem pretty much covered. However, within this region, Indonesia still presents the fiercest battleground for Shopee as it competes against the SoftBank-backed Tokopedia. The following charts show monthly website visits for both companies.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/49440f62634a1c3ccc9ebfdd0c7a33ba\" tg-width=\"481\" tg-height=\"289\"><span>Source:Southeast Asia Map of eCommerce, iPrice Group</span></p>\n<p>Monthly web visits from the iPrice Group show that Tokopedia saw more traffic (not necessarily sales) during the last quarter while it was behind during the last few. However, on mobile (App Store &amp; Android), Shopee is the undisputed leader in the Shopping category. This is reassuring since mobile e-commerce has been outpacing total e-commerce as a category in almost every geography across every platform.</p>\n<table>\n <tbody>\n  <tr>\n   <td><b>Indonesia Mobile Rankings</b></td>\n   <td><b>Q1 20</b></td>\n   <td><b>Q2 20</b></td>\n   <td><b>Q3 20</b></td>\n   <td><b>Q4 20</b></td>\n   <td><b>Q1 21</b></td>\n  </tr>\n  <tr>\n   <td>Shopee App Store</td>\n   <td>1</td>\n   <td>1</td>\n   <td>1</td>\n   <td>1</td>\n   <td>1</td>\n  </tr>\n  <tr>\n   <td>Shopee PlayStore</td>\n   <td>1</td>\n   <td>1</td>\n   <td>1</td>\n   <td>1</td>\n   <td>1</td>\n  </tr>\n  <tr>\n   <td>Tokopedia App Store</td>\n   <td>2</td>\n   <td>2</td>\n   <td>2</td>\n   <td>2</td>\n   <td>2</td>\n  </tr>\n  <tr>\n   <td>Tokopedia PlayStore</td>\n   <td>3</td>\n   <td>3</td>\n   <td>4</td>\n   <td>4</td>\n   <td>4</td>\n  </tr>\n </tbody>\n</table>\n<p><i>Source: Southeast Asia Map of eCommerce, iPrice Group</i></p>\n<p>I would conclude that Tokopedia is a key competitor that needs to be watched closely and will prevent Shopee from exercising its take rates more liberally in the country. Furthermore, Indonesia represents the largest Southeast Asian market for e-commerce.<b>Cross-pollination isn't just occurring across Sea's segments but also across Shopee's different e-commerce geographies.</b>Profits from Shopee Thailand, for example, may be used to bring forth more competitive product pricing to Shopee Indonesia. Tokopedia is distinctly e-Commerce and limited to Indonesia, and likely doesn't have these internal cash generative advantages.</p>\n<p>Let's take a look at what's happening across the globe in Latin America. Shopee is growing like wildfire in Mexico and Brazil. The charts below represent recent data as of late May.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e59030ed9023a1f492a597a9af00d646\" tg-width=\"640\" tg-height=\"247\"><span>Source: App Annie, Rankings by Country in the \"Shopping\" category</span></p>\n<p>Brazil and Mexico together make up for a population of ~330 million. The other e-commerce star in the category, MercadoLibre (MELI) ranks behind Shopee on Android for both Brazil and Mexico. The rankings depend on downloads instead of engagement, and MercadoLibre is often pegged to have a majority market share in Latin America as a whole (dominates Argentina). However, what the above alternative data above tell us is that Shopee has momentum in user share acquisition on an absolute basis. One can infer that more people are downloading Shopee in Mexico and Brazil as of late May compared to MercadoLibre at a faster rate. Higher downloads often translate to higher relatively higher market share gains.</p>\n<p>Add all the Shopee geographies together and they represent a billion people and a combined GDP of $6.5T according to my calculations (<i>Source for GDP:Worldometer</i>). I reckon this is where to start when drawing up true long-term potential before narrowing down further.</p>\n<p><b>SeaMoney (Digital Financial Services)</b></p>\n<ul>\n <li>Total Payment Volumes increased to $3.4B in Q1 21, from $1.0B during the same period last year</li>\n <li>Quarterly Paying Users increased to 26.1 million in Q1 21, from ~10 million during the same period last year</li>\n</ul>\n<p><i>Source:Q1 2021 Earnings Release</i></p>\n<p>SeaMoney is the umbrella under which Sea Group operates multiple Fintech Apps including Shopee Pay. Current products include payments and payment processing, but if one were to look beyond into other Fintech Apps in China or the West, digital financial services tend to coalesce into super apps. For many people living in Southeast Asia, it isn't even about disruption but rather their first introduction to financial services of any sort. Unfortunately, a glance at the Fintech environment would leave any public market investor a bit confused.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09e8a02fd03188b0d9cb12841f889fe5\" tg-width=\"1280\" tg-height=\"501\"><span>Source:FintechNews.SG</span></p>\n<p>26.1 million quarterly paying users (QPUs), and not monthly-PUs or daily-PUs for that matter doesn't give us much granularity in data or how the segment is truly performing. $3.4B in Transaction Payment Volume is somewhat impressive, considering the last quarter saw about $12.6B in GMV on Shopee. Ultimately, the broader adoption of SeaMoney by both merchants and consumers beyond the Shopee platform is important to catalyze network large scale effects. The greater the versatility of SeaMoney across instances in real-life, the better the hold the division would have over consumers. Longer-term, offering just payments is not enough. Credit, Debit, Investing, and other financial services, all in one app have been shown to differentiate the winners from the losers in geographies like China, or in the United States with Cash App by Square (SQ).</p>\n<p>What can be said though, is that chances for continued growth, and winning market share are higher due to the group cross-pollination effects and network effects against Shopee customers. I would still see the segment through the eyes of an embedded option in the share price that would produce asymmetric reward if it does expand to more customers.</p>\n<p><b>The Runway Ahead</b></p>\n<p>The excerpts below were taken from a report published in late 2020 by Google, Temasek, and Bain &amp; Company. The report highlights internet spending forecasts over six major markets in Southeast Asia: Singapore, Indonesia, Philippines, Thailand, Malaysia, and Vietnam.</p>\n<p><img src=\"https://static.tigerbbs.com/bffb6329895d550a13b311bb474fde85\" tg-width=\"640\" tg-height=\"222\" referrerpolicy=\"no-referrer\"></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6a66aadbe2d042623e0efa580879f9f2\" tg-width=\"640\" tg-height=\"335\"><span>Source:e-Conomy SEA 2020; by Google, Temasek, and Bain &amp; Company</span></p>\n<p>As a whole, the internet economy in these countries is expected to compound at a CAGR (Compound Annual Growth Rate) of 24%, almost tripling from $105B in GMV in 2020 to $309B in 2025. This provides a sense of scale for the region and the internet opportunity that Sea currently operates in as a leader. Note that these numbers exclude Taiwan and Latin America.</p>\n<p>For Digital Entertainment, Garena's Free Fire market appears to be a lot closer to saturation considering it is already one of the highest-grossing mobile games on the planet. Other Garena endeavours have a chance of success though I'd argue that \"Free Fire\"-like success is hard to come by especially in mobile gaming. Digital Financial Services is still early to call at least until it achieves broader mass adoption across the region. 26 million paying users is significant, though we'll have to give the business time until we can call it a meaningful sales contributor that in turn drives the stock price. As of now, it's a cash burn.</p>\n<p>That leaves e-Commerce as the main sales driver for the company in the next 2-3 years. Here are some country-specific forecasts for e-Commerce by the same source.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b13ad7630877eaae1221848e7aa7d6e3\" tg-width=\"640\" tg-height=\"321\"><span>Source:e-Conomy SEA 2020, Local Highlights</span></p>\n<p>As one would expect, Indonesia is the largest market. Vietnam is expected to compound at the fastest rate over the next few years. It's important to note that while the CAGRs are drawn in the 20-30% range, 2021 will see the highest rate while 2025 will see the lowest. 40%+ YoY SEA GMV growth for 2021 is quite likely in my opinion while 2025 could be closer to 15%.</p>\n<p>The above chart uses GMV or Gross Merchandise Value. As discussed earlier, sales are a function of the take rate and the GMV. The take rate increases, the sales increase. Sea does this by dominating geographies and then deliberately increasing the take rate when network effects or the habituation of consumers on Shopee works at scale. Therefore, Sea's sales growth is set to outpace GMV expansion, especially when they widen their lead in a market. Given Latin America is also experiencing rapid Shopee adoption, it is reasonable to expect hyper-growth in the e-Commerce segment for years. The company expects 112% YoY growth for Shopee in FY2021 at the midpoint of their guidance (<i>Source:Q4 20 Transcript</i>).</p>\n<p>Weave the above pieces together, Sea has an immense growth runway. The e-Commerce opportunity indicates that the company can theoretically be in hyper-growth mode for another 2-3 years, well into 2023.</p>\n<p>With an established competitive moat, if there's one company to bet on to capitalize and win on the $300B internet GMV opportunity for 2025 (not counting Latin America &amp; Taiwan), Sea seems to be it. I expect the management will also come up with newer verticals that could expand their TAM further. Online in-app investing? travel? TV and movies? Streaming? With network effects this good, they have an unfair advantage. The management has already executed across multiple businesses and seems to deeply understand how the emerging market consumer thinks. They've also displayed evidence of tailoring apps, like Free Fire, to individual geography tastes to maximize execution. Let's look at the financials and valuation multiples to see how much of their future success is already factored in.</p>\n<p><b>Group Financial Overview</b></p>\n<p>I previously mentioned the cash flow valley of death and how segments balance out to achieve cash flow generative growth. The company reports Adjusted EBITDA figures by segment that display similar trends. The \"adjustments\" are quite substantial compared to GAAP metrics, but they're a reasonable indicator after removing stock-based compensation, convertible interest payments, and non-core profitability generation. We're looking long-term here, so the game becomes comparing profitability to itself across time rather than other businesses. I'm more interested in trends and margin expansion rather than absolute values for now. The following chart shows how the breakdown balances out.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d09aa44220209f2c3a08bdf77363fee\" tg-width=\"640\" tg-height=\"347\"><span>Source: Author, Data from Company Filings</span></p>\n<p>The trends were seen above follow the cash flow valley diagram. Digital Entertainment is funding Shopee and SeaMoney, and the net result (the bright pink line) is Group Adjusted EBITDA positive for the past four quarters. Going forward, I expect e-Commerce to pass its valley shortly as sales growth decelerates, and expect digital financial services to continue to burn cash at higher amounts sequentially. The group's total financial performance is encapsulated in the chart below:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/50cdf1dd4ad0cc063ae074d6bec713bd\" tg-width=\"605\" tg-height=\"352\"><span>Source: Author, Data from Company Filings</span></p>\n<p>Gross Profits have risen due to higher take rates in e-Commerce and improving incremental margins on Digital Entertainment. These margins would come under some pressure as Shopee will outpace Garena, and the lower-margin e-commerce will make a larger proportion of the gross profit mix. Adjusted EBITDA is under control, and while the company is unprofitable on a GAAP basis, I believe it is still fair given that the top-line is growing at triple-digit percentages. Total Revenue for Q4 has grown 12.6% QoQ and 146.7% YoY. On an LTM basis, Revenues have grown 113.7% YoY. With a long-runway ahead, and with the currently phenomenal product and sales execution, Sea Group is a financially healthy company.<b>The profit tradeoff for growth is fair, even though it's a rarity given the sheer scale of the business.</b></p>\n<p>Investors would take some relief in the fact that the company has amassed ~$5.8B in Cash &amp; Equivalents on its balance sheet that would fund losses for some time. If need be, there is a profit switch in Shopee that the company can activate that will result in larger take rates to boost profitability. Sellers on the platform may have no choice in such a situation, considering the breadth, reach, and engagement on the Shopee platform and would go along with the asking price. There is a substantial moat here and the resulting pricing power can be exercised on demand to boost profitability. This isn't new information; Amazon's (AMZN) US e-commerce for example has made similar moves.</p>\n<p><b>Valuation</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c5cf2d88f832fa4e10dd048d0492f1d\" tg-width=\"640\" tg-height=\"331\"><span>Source: Koyfin</span></p>\n<p>Group Gross Profits are at the 30% range and Shopee specific metrics are expectedly lower. So a 23.7x LTM EV/S multiple is obviously huge. When contextualizing growth prospects and the excellent competitive positioning, the forward EV/S metrics are far more reasonable. According to the Koyfin database, the analyst consensus forward multiples are as follow:</p>\n<ul>\n <li>FY 2021 EV/S of 16.0x</li>\n <li>FY 2022 EV/S of 11.1x</li>\n <li>FY 2023 EV/S of 8.3x</li>\n</ul>\n<p><i>Source: Koyfin</i></p>\n<p>Analysts have historically been on the side of conservatism for almost every high-growth tech company. Sea Group has almost always beaten its revenue figures though they usually fall slightly short on profitability. The 8.3x for 2023 means it's valued on Tencent-like multiples (adjusted for lower gross profits) but in three years. It is indeed a baby Tencent, and I would also argue that&nbsp;OTCPK:TCEHY&nbsp;itself is somewhat undervalued given the low sentiment surrounding regulations and foreign investments in Chinese tech. Are these multiples reasonable? And where is the upside? I believe SE's current price fair, but the upside will have to come from sustained revenue beats, continued product developments, and mass-scale user acquisition. Multiple compression may need to counter share price dilution, and then actually give us a reasonable rate of return. This is a situation where the following wisdom is applicable in my opinion:</p>\n<blockquote>\n It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price-Warren Buffett\n</blockquote>\n<p><b>In my experience, when the quality of the company shines for a fair price, it's still worth an investment. Winners continue to win, and Sea Group is a rockstar business factoring in most qualitative aspects.</b>Given the visionary management (Forrest Li &amp; Co.) and what they've achieved so far, I'd put the odds in their favour.</p>\n<p>Speaking of odds, there are potential catalysts that could pull the future towards us. One would hypothesise that Shopee winning in Indonesia on a more definitive basis would result in sales getting a boost from a strategic take-rate expansion. Across the planet, the Latin American story is looking impressive and shouldn't be underestimated given the size of Brazil and Mexico. That's an additional 50% e-Commerce TAM compared to Southeast Asia. SeaMoney still has a lot to prove but the network effects from Shopee should help sustain an onboarding of customers. The overall business has optionality. By that I mean, embedded options that could be triggered by a few developments and unlock share price appreciation. These are worth a premium.</p>\n<p>I'm currently long SE. I reckon there's still substantial outperformance potential over benchmarks though the easy alpha potential like we saw in 2020 is unlikely to present itself ever again. The bull thesis is too obvious now, everyone knows it, but it should still play out with alpha in my opinion. Every tech hedge fund in the world seems to be holding SE, and I agree with them. On the other hand, let's look at risks.</p>\n<p><b>Risks</b></p>\n<ul>\n <li><b>Free Fire Concentration:</b>The mobile gaming industry is fast, dynamic, and always changing. The next great game is always around the corner and it's entirely possible that Free Fire's popularity fades and the accompanying cash generation dries up. I believe this risk has reduced over the last year, but it's still worth considering.</li>\n <li><b>Competition:</b>Tokopedia in Indonesia, MercadoLibre in Latin America, and other internet businesses like Grab &amp; Gojek. There's plenty of competition at multiple fronts throughout the ecosystem.</li>\n <li><b>Overly aggressive expansion strategy:</b>Sea Group's expansion into 7-8 countries and counting demonstrates a uniquely aggressive growth strategy. While their approach has worked out so far, it may work against them in the future. Knowing when to give up in a market that doesn't play out can stop unnecessary cash burn when the prize isn't significant enough.</li>\n <li><b>Systemic Risks:</b>As a GAAP net loss business, Sea Group is subject to higher volatility, deep drawdowns, and sector/style selloffs. The sell-off in March is a recent example.</li>\n <li><b>Macro:</b>Regulations and geopolitical factors in the emerging market geographies are typically more volatile than those in the US. A variety of macro risks and F/X risks are present at large.</li>\n</ul>\n<p><b>Ending Notes</b></p>\n<p>Concerns about overvaluation are perhaps warranted on a short-term outlook. In this situation, I do not have a strong near-term opinion but instead, harbour conviction in the company's long-term prospects. If one were to think in years rather than months, it is apparent to me that no competitor comes close to Sea Group in its chances for dominating e-commerce market share in most of its operating geographies. Indonesia is a key country to watch as Tokopedia is still putting up a fight. I'd put the odds on Sea since Tokopedia is a vanilla e-commerce player and doesn't have the scale and cross-pollination advantage unless they merge with another giant. Latin America is also looking like it will be a meaningful push to the top-line if not near term profitability. With excellent execution, Sea Group is leveraging its competitive positioning and is winning more often than not. The cross-pollination effect is a key advantage for internal cash generation and will help sustain the relentless growth as the business captures the massive opportunity that remains.</p>\n<p>I imagine many experienced investors that caught the Amazon (AMZN) train early would look back on their investment as a staple component of their portfolio over the years. In my opinion, Sea Group offers a similar proposition a bit earlier in its lifecycle. Currently trading at a market cap of $130B, Sea can theoretically double in a few years once again in my opinion. Tencent in a duopolistic landscape (withBABA) features a $748B market cap across a 1.3 billion Chinese population. SE can go a third of that in a few years with a monopolistic position in Southeast Asia, scaling to a 1 billion strong emerging market population. This isn't a pure alpha opportunity as multiples have substantially expanded, but I would ballpark the company to deliver a 20%+ compounded return for investors that continue to hold it for a few years.<b>I'm long SE.</b></p>\n<p>*****</p>\n<p>Thanks for reading! On a separate note, I'm excited to announce that I will be releasing a Marketplace subscription service soon called The Abstract Portfolio. High growth tech investing can involve a lot of fragmented information, sentiment, and noise. The Abstract Portfolio aims to bring focus and clarity by weaving together what matters and filtering out what doesn't. The service will feature a concentrated portfolio of cherry-picked stocks backed by rigorous fundamental research, assembled to deliver high absolute returns. Stay tuned!</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>Analyzing Sea Limited's Relentless Growth</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAnalyzing Sea Limited's Relentless Growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-02 17:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4432517-analyzing-sea-limiteds-relentless-growth><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThis article focuses on the growth engine that enables Sea Group. I provide a high-level overview and dive deeper into each operating segment.\nThe company has a significant advantage through ...</p>\n\n<a href=\"https://seekingalpha.com/article/4432517-analyzing-sea-limiteds-relentless-growth\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4432517-analyzing-sea-limiteds-relentless-growth","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100705667","content_text":"Summary\n\nThis article focuses on the growth engine that enables Sea Group. I provide a high-level overview and dive deeper into each operating segment.\nThe company has a significant advantage through segments that cross-pollinate each other with cash. Garena is currently funding the growth of Shopee and SeaMoney. This is a key moat contributor.\nShopee continues to be the key top-line driver with substantial Gross Merchandise Value growth forecasted in Southeast Asia. Consequently, increasing take rates will likely lead to even higher revenue growth.\nLooking at overall online spending, the six largest Southeast Asian countries are forecasted to grow from $100B GMV in 2020 to $300B GMV in 2025. Sea stands to benefit across the board.\nAt an FY2023 EV/S of ~8.3x, Sea Group is fairly priced for an investment. It is a long-term conviction \"buy and hold\" for me.\n\nPhoto by Wachiwit/iStock Editorial via Getty Images\nSea Group (NYSE:SE) is still running in hyper-growth mode (>100% YoY last quarter and on a last-twelve-month basis).\nIt's been over a year since I first wrote about Sea on Seeking Alpha. The company's rise has been staggering and the business has continued to surpass most expectations, with the stock returning over 300% in the last 12 months. I'd like to use this article as an opportunity to dive into what makes such growth at a ~$120B market cap possible and put forward my opinion on why the company is positioned to win more in the coming years. While a lot of alpha has been captured in the past, I still expect substantial broad index outperformance going forward over the long term. I'm long SE.\nRecap\nHere's a quick recap of what the company constitutes. Sea Group is a Singapore-based consumer internet company that has three major divisions: Digital Entertainment, E-Commerce, and Digital Financial Services. In layman's terms, think of it as a smaller and younger version of Tencent (OTCPK:TCEHY) with a Southeast Asia focus.\nSource: Author, Logos from Sea Group Media Resources\nGarena\nTheir Digital Entertainment arm known as \"Garena\" began as a third party game licensor and operator for popular online games (mostly by Tencent) for the South East Asia region. It consequently grew into an independent mobile game developer, and they now operate one of the most widely played mobile games on the planet, Free Fire, which has about 650 million quarterly active users worldwide. Free Fire is a battle-royale style multiplayer game, optimized to run smoothly on mobile phones with lower computing power specifications.The game generates revenue primarily from in-app purchases. It also features social media aspects, and more recently, an e-sports ecosystem built around it to host global tournaments streamed across the world. The cohesive gaming, social media, and entertainment aspects have led it to be highly engaging and relatively sticky with low churn as far as mobile games go.\nShopee\nShopee is the leading e-commerce platform in Southeast Asia + Taiwan, spanning about 7 countries with a population of over 600 million people. They also have a large presence in Latin America, including Mexico and Brazil (add another 300 million population). The app facilitated ~$12.6B in Gross Merchandise Value (GMV) last quarter. Almost all the markets it operates in features rising middle classes, rapid digital consumerization, and strong GDP growth rates. These geographies have also been historically underpenetrated on the digital front, and are currently experiencing consumer internet adoption at a higher rate than their developed country counterparts. The pandemic catalyzed the seemingly inevitable trend of e-commerce adoption.\nSeaMoney\nThis is Sea Group's \"Digital Financial Services\" (Fintech) arm. SeaMoney includes a digital wallet, payments processing, credit offerings, and other financial services. The segment had over 26 million quarterly paying users with over $3.4B in total payment volume facilitated last quarter. It is Sea Group's youngest division but arguably presents the largest opportunity for the company given that most of the Southeast Asian population has historically been underbanked. Theoretically, investments, loans, credit, debit, and insurance are all potential pieces that can weave together under a unified consumer financial services ecosystem.\nTo summarize, Sea Group is a consumer internet titan with an ecosystem of high growth business divisions that are in total, likely touching over a billion people worldwide. On an LTM basis, the company's combined revenue grew 113.7% YoY. Sea is serving emerging markets that are experiencing internet adoption at accelerated rates, and is ballooning into a Tencent-like internet beast (consequently, they're Tencent-backed as well). A key factor in an investment consideration, is, of course, growth going forward. In the next few sections, I attempt to deconstruct growth using readily available-reported metrics and alternative data to make inferences on prospects.\nGroup Growth Through Cross-Pollination\nBig growth requires cash. Chasing an underpenetrated e-commerce opportunity spanning 100s of millions of consumers requires a lot of cash. Sea has executed well in raising capital and putting it to work for growth, often playing its cards close to the chest pre-2020. The secret sauce for effective cash utilization, however, lies in the company's three-headed ecosystem structure. Shopee's growth would not be possible without the preceding success of Garena. And it's fair to say that SeaMoney's odds of success are substantially better because of Shopee's proliferation. The following diagram explains this.\nSource: Author, Logos from Sea Group Media Resources\nA popular concept in venture capital is the \"Valley of Death\". A freshly funded startup enterprise tends to burn cash to invest in product development, overhead, sales, etc. It continues to burn cash until it finds product-market fit, and revenues eventually grow large enough to make the system work and turn the company cash flow generative. Businesses are vulnerable from a financial standpoint during the cash burn and have to beat the clock as their limited cash pours out rapidly until sales balance out expenditure. Many seed-stage startups just die due to this. Since venture capital proliferated in the last two decades and access to private funding has supplied enormous cash ammunition to growth businesses post product-market fit, the burn phase has extended to the public markets as well. If a public company's strategy doesn't work, it tends to downsize, get mildly profitable at modest growth rates, and turn into an acquisition target. Alternatively, it may collect in the vast land of unfulfilled public tech stocks. That's the anatomy of a modern tech company in a nutshell.\nExpanding upon this concept, Sea Group isn't one company. It's a lot like three companies. As of 2021, Garena is well out of the cash flow valley of death, Shopee is burning big cash but is seemingly at a trough, and SeaMoney is just getting started. Proceeds from mature segments like Garena are used to pollinate growth in segments that have lower market penetration and longer growth runways (like Shopee & SeaMoney).In totality, Sea Group is an ecosystem that continues to evolve with the next big company still embedded within, still in the making, all the time.What's impressive is that Shopee's market potential is larger than Garena's, and SeaMoney has an even larger theoretical market though any success might be early to call. The access to cash makes Sea Group's growth outright suffocating for competitors because individual non-ecosystems simply cannot compete on pricing, marketing budgets, and moderate economies of scale in the case of e-commerce. That's not to take away from Sea's excellent product and sales execution anyway. The following sections break down the three sub-companies and draw inferences from their growth metrics.\nGarena (Digital Entertainment)\nSource: Author,Data from Company Filings\nThe charts above pertain to the Digital Entertainment segment, with the marked lines displaying YoY (Year-over-Year), and QoQ (Quarter-over-Quarter) percentage growth. Gross Bookings are the key top-line metric as they represent revenues that are yet to be recognized on the GAAP front. Due to the nature of in-app purchases and other payments made on apps like Free Fire etc., there's a fairly substantial difference between the two. Previously reported as Adjusted Revenues, Gross Bookings have held strong and have recently recorded 10% QoQ growth for the first quarter even though the pandemic has been easing off with a reopening trend. Q1-Q3 2020 saw rapid growth, while the last few quarters have tapered down to levels that are seemingly more muted. This should be expected to continue.\nIt is worth mentioning how Free Fire has stuck around instead of temporarily leading top mobile gaming charts like most other games. In the gaming world, you have temporarily viral games, and then you have games that have a dedicated following across millions of users that evolve and provide engagement over sustained periods of time. The latter includes Call of Duty, PUBG, League of Legends, and Fortnite to name a few. Ultimately, the revenues of these games are predictable and sticky enough. It appears as though Free Fire has joined this group.\nThe way Free Fire was built from the ground up is relatively contrarian. It's optimized to work on cheaper Android-powered smartphones instead of consoles and dedicated devices that are often seen as staple purchases for many gamers in developed countries. Getting a Switch, Xbox, or PC for most people in emerging markets is a serious expense. With Free Fire, you can get away with what you already have in India, Brazil, Mexico, and Indonesia. All you need is a smartphone and you're getting bang for your buck gaming and entertainment. This aspect has made it a perfect emerging market game.While most of the industry was focused on higher ticket experiences, Garena's contrarian outlook on making a game specifically for ignored categories of mobile players has helped it succeed.\n\nSource: Author, Data from Company Filings\nDespite going after large populations of price-sensitive emerging market gamers, we see a surprising number of users actually paying for in-app purchases every quarter. QPU growth has outpaced QAU growth, with a larger proportion of the overall user mix trending towards paying users over time (11.4%, 12.0%, and 12.3% respectively for the last three quarters). This is key for the division's bookings and revenues. About a year ago, I expressed concern regarding the over-reliance on Free Fire as a sustainable cash source. I questioned whether it was truly here to stay and won't be replaced by the next hot game. This concern was abated when I learned that the e-sports events were amassing millions of viewers, the game continued to evolve with seasons and geography-specific features, and the social media angle that resulted in network effects across players.It's impressive enough for a game to go to #1, but to stay in the top charts for 2-years running requires some excellent execution.\nHere's a table of Play Store rankings for the \"Games: Action\" category. I've included the Play Store since the majority of emerging market users are on Android as opposed to iOS.\n\n\n\nIndia\nIndonesia\nPakistan\nBrazil\nNigeria\nBangladesh\nMexico\nPhilippines\nVietnam\nThailand\n\n\nDownloads: Gaming\n10\n17\n18\n8\n7\n3\n11\n135\n11\n10\n\n\nDownloads: Gaming Action\n2\n4\n3\n2\n1\n1\n3\n27\n2\n2\n\n\nGrossing: Gaming\n1\n1\n2\n1\n8\n2\n1\n20\n1\n1\n\n\nGrossing: Gaming Action\n1\n1\n2\n1\n2\n1\n1\n4\n1\n1\n\n\n\nSource: App Annie, As of 28th May 2021\nThe above charts are compiled from some of the most populated emerging market countries I could find, along with my free App Annie account. While new downloads might have reduced over the last two quarters from the pandemic boost last year, the numbers are still impressive and Free Fire remains the top-grossing game amongst most of the geographies above. Importantly, it is the consistency of these rankings over time.\nGoing by the growth metrics, long-term engagement is likely to be sustained, but there should be a sequential slowdown in new user adds and incremental gross bookings in the coming months.This is consistent with what the management expects and reasonable given the reopening and saturation of the game across the global market. On the bright side, Digital Entertainment recorded an Adjusted EBITDA margin of 64% last quarter that should scale proportionately with gross bookings. After building out the game, there isn't too much in terms of costs to take away from the bottom line. Large sales and marketing expenditure isn't quite needed now that the game has global network effects. It's really about back-end, maintenance, and continued development work to keep evolving the already successful game and ecosystem.\nShopee (E-Commerce)\nThe following two charts present gross orders and gross merchandise value (GMV) for the e-commerce division.\n\nSource: Author, Data from Company Filings\nThe trends are similar across both charts. Q2 2020 saw acceleration due to the pandemic, Q4 2020 saw a seasonal high, and Q1 2021 saw QoQ deceleration going out of the holiday season across most geographies. As Gross Orders have outpaced GMV, we can conclude that more people are ordering cheaper items on the platform on average. If we consider seasonality, the 5-6% QoQ growth in Q1 2021 isn't particularly concerning and we'll likely see a sequential pickup in the next quarter. It's fair to expect the reopening trend to put some downward pressure on growth but the long term feasibility of the platform has likely cemented itself for consumers. The convenience and product pricing on e-commerce is simply hard to compete with for brick & mortar, and we're not going back to pre-pandemic levels of online retail again. The following earnings release excerpt provides some colour on e-commerce GAAP Revenue.\n\n GAAP revenue was US$922.3 million, up 250.4% year-on-year.\n\n\n GAAP revenue included US$715.9 million of GAAP marketplace revenue, up 285.0% year-on-year, and US$206.4 million of GAAP product revenue, up 167.1% year-on-year.\n\n\nSource:Q1 2021 Earnings Press Release\n\nComparing the above information to the GMV chart, we can infer thatSales have substantially outpaced GMV growth. This indicates a very deliberate move by the company to increase their take rates in dominant geographies.Take rates are a function of the GMV and represent the proportion of the total GMV that makes it to revenues. As the standard consumer internet company goes, you expand and acquire customers at all costs, then you increase prices and get profitable after capturing a market and habituating consumers to your platform. Overall, the actions have also decreased Adjusted EBITDA losses substantially and that allows Sea to play the balancing cash flow act on demand.\n\n Both in Southeast Asia and in Taiwan, Shopee ranked first in the Shopping category by average monthly active users and total time spent in-app on Android for the first quarter of 2021, according to App Annie.\n\n\n In Indonesia, where Shopee further accelerated its year-on-year growth in gross orders, it continued to rank first by average monthly active users and total time spent in app on Android in the Shopping category for the first quarter of 2021, according to App Annie.\n\n\nSource:Q1 2021 Earnings Press Release\n\nFrom a high-level view, Southeast Asia & Taiwan seem pretty much covered. However, within this region, Indonesia still presents the fiercest battleground for Shopee as it competes against the SoftBank-backed Tokopedia. The following charts show monthly website visits for both companies.\nSource:Southeast Asia Map of eCommerce, iPrice Group\nMonthly web visits from the iPrice Group show that Tokopedia saw more traffic (not necessarily sales) during the last quarter while it was behind during the last few. However, on mobile (App Store & Android), Shopee is the undisputed leader in the Shopping category. This is reassuring since mobile e-commerce has been outpacing total e-commerce as a category in almost every geography across every platform.\n\n\n\nIndonesia Mobile Rankings\nQ1 20\nQ2 20\nQ3 20\nQ4 20\nQ1 21\n\n\nShopee App Store\n1\n1\n1\n1\n1\n\n\nShopee PlayStore\n1\n1\n1\n1\n1\n\n\nTokopedia App Store\n2\n2\n2\n2\n2\n\n\nTokopedia PlayStore\n3\n3\n4\n4\n4\n\n\n\nSource: Southeast Asia Map of eCommerce, iPrice Group\nI would conclude that Tokopedia is a key competitor that needs to be watched closely and will prevent Shopee from exercising its take rates more liberally in the country. Furthermore, Indonesia represents the largest Southeast Asian market for e-commerce.Cross-pollination isn't just occurring across Sea's segments but also across Shopee's different e-commerce geographies.Profits from Shopee Thailand, for example, may be used to bring forth more competitive product pricing to Shopee Indonesia. Tokopedia is distinctly e-Commerce and limited to Indonesia, and likely doesn't have these internal cash generative advantages.\nLet's take a look at what's happening across the globe in Latin America. Shopee is growing like wildfire in Mexico and Brazil. The charts below represent recent data as of late May.\nSource: App Annie, Rankings by Country in the \"Shopping\" category\nBrazil and Mexico together make up for a population of ~330 million. The other e-commerce star in the category, MercadoLibre (MELI) ranks behind Shopee on Android for both Brazil and Mexico. The rankings depend on downloads instead of engagement, and MercadoLibre is often pegged to have a majority market share in Latin America as a whole (dominates Argentina). However, what the above alternative data above tell us is that Shopee has momentum in user share acquisition on an absolute basis. One can infer that more people are downloading Shopee in Mexico and Brazil as of late May compared to MercadoLibre at a faster rate. Higher downloads often translate to higher relatively higher market share gains.\nAdd all the Shopee geographies together and they represent a billion people and a combined GDP of $6.5T according to my calculations (Source for GDP:Worldometer). I reckon this is where to start when drawing up true long-term potential before narrowing down further.\nSeaMoney (Digital Financial Services)\n\nTotal Payment Volumes increased to $3.4B in Q1 21, from $1.0B during the same period last year\nQuarterly Paying Users increased to 26.1 million in Q1 21, from ~10 million during the same period last year\n\nSource:Q1 2021 Earnings Release\nSeaMoney is the umbrella under which Sea Group operates multiple Fintech Apps including Shopee Pay. Current products include payments and payment processing, but if one were to look beyond into other Fintech Apps in China or the West, digital financial services tend to coalesce into super apps. For many people living in Southeast Asia, it isn't even about disruption but rather their first introduction to financial services of any sort. Unfortunately, a glance at the Fintech environment would leave any public market investor a bit confused.\nSource:FintechNews.SG\n26.1 million quarterly paying users (QPUs), and not monthly-PUs or daily-PUs for that matter doesn't give us much granularity in data or how the segment is truly performing. $3.4B in Transaction Payment Volume is somewhat impressive, considering the last quarter saw about $12.6B in GMV on Shopee. Ultimately, the broader adoption of SeaMoney by both merchants and consumers beyond the Shopee platform is important to catalyze network large scale effects. The greater the versatility of SeaMoney across instances in real-life, the better the hold the division would have over consumers. Longer-term, offering just payments is not enough. Credit, Debit, Investing, and other financial services, all in one app have been shown to differentiate the winners from the losers in geographies like China, or in the United States with Cash App by Square (SQ).\nWhat can be said though, is that chances for continued growth, and winning market share are higher due to the group cross-pollination effects and network effects against Shopee customers. I would still see the segment through the eyes of an embedded option in the share price that would produce asymmetric reward if it does expand to more customers.\nThe Runway Ahead\nThe excerpts below were taken from a report published in late 2020 by Google, Temasek, and Bain & Company. The report highlights internet spending forecasts over six major markets in Southeast Asia: Singapore, Indonesia, Philippines, Thailand, Malaysia, and Vietnam.\n\nSource:e-Conomy SEA 2020; by Google, Temasek, and Bain & Company\nAs a whole, the internet economy in these countries is expected to compound at a CAGR (Compound Annual Growth Rate) of 24%, almost tripling from $105B in GMV in 2020 to $309B in 2025. This provides a sense of scale for the region and the internet opportunity that Sea currently operates in as a leader. Note that these numbers exclude Taiwan and Latin America.\nFor Digital Entertainment, Garena's Free Fire market appears to be a lot closer to saturation considering it is already one of the highest-grossing mobile games on the planet. Other Garena endeavours have a chance of success though I'd argue that \"Free Fire\"-like success is hard to come by especially in mobile gaming. Digital Financial Services is still early to call at least until it achieves broader mass adoption across the region. 26 million paying users is significant, though we'll have to give the business time until we can call it a meaningful sales contributor that in turn drives the stock price. As of now, it's a cash burn.\nThat leaves e-Commerce as the main sales driver for the company in the next 2-3 years. Here are some country-specific forecasts for e-Commerce by the same source.\nSource:e-Conomy SEA 2020, Local Highlights\nAs one would expect, Indonesia is the largest market. Vietnam is expected to compound at the fastest rate over the next few years. It's important to note that while the CAGRs are drawn in the 20-30% range, 2021 will see the highest rate while 2025 will see the lowest. 40%+ YoY SEA GMV growth for 2021 is quite likely in my opinion while 2025 could be closer to 15%.\nThe above chart uses GMV or Gross Merchandise Value. As discussed earlier, sales are a function of the take rate and the GMV. The take rate increases, the sales increase. Sea does this by dominating geographies and then deliberately increasing the take rate when network effects or the habituation of consumers on Shopee works at scale. Therefore, Sea's sales growth is set to outpace GMV expansion, especially when they widen their lead in a market. Given Latin America is also experiencing rapid Shopee adoption, it is reasonable to expect hyper-growth in the e-Commerce segment for years. The company expects 112% YoY growth for Shopee in FY2021 at the midpoint of their guidance (Source:Q4 20 Transcript).\nWeave the above pieces together, Sea has an immense growth runway. The e-Commerce opportunity indicates that the company can theoretically be in hyper-growth mode for another 2-3 years, well into 2023.\nWith an established competitive moat, if there's one company to bet on to capitalize and win on the $300B internet GMV opportunity for 2025 (not counting Latin America & Taiwan), Sea seems to be it. I expect the management will also come up with newer verticals that could expand their TAM further. Online in-app investing? travel? TV and movies? Streaming? With network effects this good, they have an unfair advantage. The management has already executed across multiple businesses and seems to deeply understand how the emerging market consumer thinks. They've also displayed evidence of tailoring apps, like Free Fire, to individual geography tastes to maximize execution. Let's look at the financials and valuation multiples to see how much of their future success is already factored in.\nGroup Financial Overview\nI previously mentioned the cash flow valley of death and how segments balance out to achieve cash flow generative growth. The company reports Adjusted EBITDA figures by segment that display similar trends. The \"adjustments\" are quite substantial compared to GAAP metrics, but they're a reasonable indicator after removing stock-based compensation, convertible interest payments, and non-core profitability generation. We're looking long-term here, so the game becomes comparing profitability to itself across time rather than other businesses. I'm more interested in trends and margin expansion rather than absolute values for now. The following chart shows how the breakdown balances out.\nSource: Author, Data from Company Filings\nThe trends were seen above follow the cash flow valley diagram. Digital Entertainment is funding Shopee and SeaMoney, and the net result (the bright pink line) is Group Adjusted EBITDA positive for the past four quarters. Going forward, I expect e-Commerce to pass its valley shortly as sales growth decelerates, and expect digital financial services to continue to burn cash at higher amounts sequentially. The group's total financial performance is encapsulated in the chart below:\nSource: Author, Data from Company Filings\nGross Profits have risen due to higher take rates in e-Commerce and improving incremental margins on Digital Entertainment. These margins would come under some pressure as Shopee will outpace Garena, and the lower-margin e-commerce will make a larger proportion of the gross profit mix. Adjusted EBITDA is under control, and while the company is unprofitable on a GAAP basis, I believe it is still fair given that the top-line is growing at triple-digit percentages. Total Revenue for Q4 has grown 12.6% QoQ and 146.7% YoY. On an LTM basis, Revenues have grown 113.7% YoY. With a long-runway ahead, and with the currently phenomenal product and sales execution, Sea Group is a financially healthy company.The profit tradeoff for growth is fair, even though it's a rarity given the sheer scale of the business.\nInvestors would take some relief in the fact that the company has amassed ~$5.8B in Cash & Equivalents on its balance sheet that would fund losses for some time. If need be, there is a profit switch in Shopee that the company can activate that will result in larger take rates to boost profitability. Sellers on the platform may have no choice in such a situation, considering the breadth, reach, and engagement on the Shopee platform and would go along with the asking price. There is a substantial moat here and the resulting pricing power can be exercised on demand to boost profitability. This isn't new information; Amazon's (AMZN) US e-commerce for example has made similar moves.\nValuation\nSource: Koyfin\nGroup Gross Profits are at the 30% range and Shopee specific metrics are expectedly lower. So a 23.7x LTM EV/S multiple is obviously huge. When contextualizing growth prospects and the excellent competitive positioning, the forward EV/S metrics are far more reasonable. According to the Koyfin database, the analyst consensus forward multiples are as follow:\n\nFY 2021 EV/S of 16.0x\nFY 2022 EV/S of 11.1x\nFY 2023 EV/S of 8.3x\n\nSource: Koyfin\nAnalysts have historically been on the side of conservatism for almost every high-growth tech company. Sea Group has almost always beaten its revenue figures though they usually fall slightly short on profitability. The 8.3x for 2023 means it's valued on Tencent-like multiples (adjusted for lower gross profits) but in three years. It is indeed a baby Tencent, and I would also argue that OTCPK:TCEHY itself is somewhat undervalued given the low sentiment surrounding regulations and foreign investments in Chinese tech. Are these multiples reasonable? And where is the upside? I believe SE's current price fair, but the upside will have to come from sustained revenue beats, continued product developments, and mass-scale user acquisition. Multiple compression may need to counter share price dilution, and then actually give us a reasonable rate of return. This is a situation where the following wisdom is applicable in my opinion:\n\n It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price-Warren Buffett\n\nIn my experience, when the quality of the company shines for a fair price, it's still worth an investment. Winners continue to win, and Sea Group is a rockstar business factoring in most qualitative aspects.Given the visionary management (Forrest Li & Co.) and what they've achieved so far, I'd put the odds in their favour.\nSpeaking of odds, there are potential catalysts that could pull the future towards us. One would hypothesise that Shopee winning in Indonesia on a more definitive basis would result in sales getting a boost from a strategic take-rate expansion. Across the planet, the Latin American story is looking impressive and shouldn't be underestimated given the size of Brazil and Mexico. That's an additional 50% e-Commerce TAM compared to Southeast Asia. SeaMoney still has a lot to prove but the network effects from Shopee should help sustain an onboarding of customers. The overall business has optionality. By that I mean, embedded options that could be triggered by a few developments and unlock share price appreciation. These are worth a premium.\nI'm currently long SE. I reckon there's still substantial outperformance potential over benchmarks though the easy alpha potential like we saw in 2020 is unlikely to present itself ever again. The bull thesis is too obvious now, everyone knows it, but it should still play out with alpha in my opinion. Every tech hedge fund in the world seems to be holding SE, and I agree with them. On the other hand, let's look at risks.\nRisks\n\nFree Fire Concentration:The mobile gaming industry is fast, dynamic, and always changing. The next great game is always around the corner and it's entirely possible that Free Fire's popularity fades and the accompanying cash generation dries up. I believe this risk has reduced over the last year, but it's still worth considering.\nCompetition:Tokopedia in Indonesia, MercadoLibre in Latin America, and other internet businesses like Grab & Gojek. There's plenty of competition at multiple fronts throughout the ecosystem.\nOverly aggressive expansion strategy:Sea Group's expansion into 7-8 countries and counting demonstrates a uniquely aggressive growth strategy. While their approach has worked out so far, it may work against them in the future. Knowing when to give up in a market that doesn't play out can stop unnecessary cash burn when the prize isn't significant enough.\nSystemic Risks:As a GAAP net loss business, Sea Group is subject to higher volatility, deep drawdowns, and sector/style selloffs. The sell-off in March is a recent example.\nMacro:Regulations and geopolitical factors in the emerging market geographies are typically more volatile than those in the US. A variety of macro risks and F/X risks are present at large.\n\nEnding Notes\nConcerns about overvaluation are perhaps warranted on a short-term outlook. In this situation, I do not have a strong near-term opinion but instead, harbour conviction in the company's long-term prospects. If one were to think in years rather than months, it is apparent to me that no competitor comes close to Sea Group in its chances for dominating e-commerce market share in most of its operating geographies. Indonesia is a key country to watch as Tokopedia is still putting up a fight. I'd put the odds on Sea since Tokopedia is a vanilla e-commerce player and doesn't have the scale and cross-pollination advantage unless they merge with another giant. Latin America is also looking like it will be a meaningful push to the top-line if not near term profitability. With excellent execution, Sea Group is leveraging its competitive positioning and is winning more often than not. The cross-pollination effect is a key advantage for internal cash generation and will help sustain the relentless growth as the business captures the massive opportunity that remains.\nI imagine many experienced investors that caught the Amazon (AMZN) train early would look back on their investment as a staple component of their portfolio over the years. In my opinion, Sea Group offers a similar proposition a bit earlier in its lifecycle. Currently trading at a market cap of $130B, Sea can theoretically double in a few years once again in my opinion. Tencent in a duopolistic landscape (withBABA) features a $748B market cap across a 1.3 billion Chinese population. SE can go a third of that in a few years with a monopolistic position in Southeast Asia, scaling to a 1 billion strong emerging market population. This isn't a pure alpha opportunity as multiples have substantially expanded, but I would ballpark the company to deliver a 20%+ compounded return for investors that continue to hold it for a few years.I'm long SE.\n*****\nThanks for reading! On a separate note, I'm excited to announce that I will be releasing a Marketplace subscription service soon called The Abstract Portfolio. High growth tech investing can involve a lot of fragmented information, sentiment, and noise. The Abstract Portfolio aims to bring focus and clarity by weaving together what matters and filtering out what doesn't. The service will feature a concentrated portfolio of cherry-picked stocks backed by rigorous fundamental research, assembled to deliver high absolute returns. Stay 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23:10","market":"us","language":"en","title":"Tesla’s New Plaid Model Is Ready. That Should Help the Stock.","url":"https://stock-news.laohu8.com/highlight/detail?id=1111747453","media":"Barrons","summary":"Tesla’s updated Model S sedan is ready.CEO Elon Musk tweeted out Thursday that his company will host a delivery event for the Plaid model of its Model S electric car on June 3. That is a milestone investors who are bullish on Tesla stock have been waiting for, but it isn’t the most important one.Tesla stock rose 4.1% amid a broad market rally Thursday, but the gain still left shares down for the week. Tesla stock was up another 0.8% in Friday trading, a touch better than the 0.7% gain in the Dow","content":"<p>Tesla’s updated Model S sedan is ready.</p>\n<p>CEO Elon Musk tweeted out Thursday that his company will host a delivery event for the Plaid model of its Model S electric car on June 3. That is a milestone investors who are bullish on Tesla stock have been waiting for, but it isn’t the most important one.</p>\n<p>Beginning deliveries should help the stock—-a little.</p>\n<p>Tesla(ticker: TSLA) stock rose 4.1% amid a broad market rally Thursday, but the gain still left shares down for the week. Tesla stock was up another 0.8% in Friday trading, a touch better than the 0.7% gain in the&nbsp;Dow Jones Industrial Average.The&nbsp;S&amp;P 500&nbsp;was up 0.5%.</p>\n<p><img src=\"https://static.tigerbbs.com/b73c480440da121bd6da538ca389d0ef\" tg-width=\"834\" tg-height=\"414\"></p>\n<p>The Plaid is billed by Tesla as the fastest production car ever, going zero to 60 in under 2 seconds. A&nbsp;Bugatti Chiron, which costs about $2.3 million and is equipped with a 16-cylinder, four-turbocharger engine, can go zero to 60 in about 2.3 seconds.</p>\n<p>Electric motors have better torque at zero revolutions a minute, giving drivers an incredible jolt from their initial acceleration.</p>\n<p>The&nbsp;Plaid edition&nbsp;of the Model S won’t cost anywhere near as much as a Chiron, but it will still run buyers $120,000 or more. Prices like that mean the car won’t sell in the high volumes seen from the Tesla Model 3 or Model Y. Those cars can be had for what a nicely equipped sedan from&nbsp;BMW&nbsp;(BMW.Germany) or evenToyota Motor&nbsp;(TM) or&nbsp;Honda&nbsp;(HMC) can cost.</p>\n<p>Still, the launch highlights Tesla’s ability to update its designs. The first Model S went into production almost a decade ago. Its performance shows Tesla is improving on its technologies for battery management and electric motors.</p>\n<p>All that is important for perceptions about Tesla, but there are bigger things on investors’ minds. Tesla is building new capacity in Austin, Texas, andBerlin. Investors want to see both plants on line by the end of the year, giving Tesla the output capacity needed to increase sales.</p>\n<p>Investors also want updates about the company’s autonomous driving programs. Musk has boasted the company is close to&nbsp;achieving fully autonomous cars&nbsp;with newer versions of its self-driving software. The new versions probably won’t mean drivers can actually leave the driver seat, but better driver-assistance functions are a competitive advantage for auto makers.</p>\n<p>The next version of the Tesla software is due to roll out in coming weeks.</p>\n<p>Capacity and autonomous driving have the potential to lift the stock in coming years. The Model S Plaid can help it in coming quarters.</p>\n<p>Tesla stock is in need of a lift. Shares are down about 35% from their 52-week high of more than $900, reached in January.</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>Tesla’s New Plaid Model Is Ready. That Should Help the Stock.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla’s New Plaid Model Is Ready. That Should Help the Stock.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 23:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/tesla-model-s-new-plaid-model-ready-51621608150?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla’s updated Model S sedan is ready.\nCEO Elon Musk tweeted out Thursday that his company will host a delivery event for the Plaid model of its Model S electric car on June 3. That is a milestone ...</p>\n\n<a href=\"https://www.barrons.com/articles/tesla-model-s-new-plaid-model-ready-51621608150?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-model-s-new-plaid-model-ready-51621608150?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111747453","content_text":"Tesla’s updated Model S sedan is ready.\nCEO Elon Musk tweeted out Thursday that his company will host a delivery event for the Plaid model of its Model S electric car on June 3. That is a milestone investors who are bullish on Tesla stock have been waiting for, but it isn’t the most important one.\nBeginning deliveries should help the stock—-a little.\nTesla(ticker: TSLA) stock rose 4.1% amid a broad market rally Thursday, but the gain still left shares down for the week. Tesla stock was up another 0.8% in Friday trading, a touch better than the 0.7% gain in the Dow Jones Industrial Average.The S&P 500 was up 0.5%.\n\nThe Plaid is billed by Tesla as the fastest production car ever, going zero to 60 in under 2 seconds. A Bugatti Chiron, which costs about $2.3 million and is equipped with a 16-cylinder, four-turbocharger engine, can go zero to 60 in about 2.3 seconds.\nElectric motors have better torque at zero revolutions a minute, giving drivers an incredible jolt from their initial acceleration.\nThe Plaid edition of the Model S won’t cost anywhere near as much as a Chiron, but it will still run buyers $120,000 or more. Prices like that mean the car won’t sell in the high volumes seen from the Tesla Model 3 or Model Y. Those cars can be had for what a nicely equipped sedan from BMW (BMW.Germany) or evenToyota Motor (TM) or Honda (HMC) can cost.\nStill, the launch highlights Tesla’s ability to update its designs. The first Model S went into production almost a decade ago. Its performance shows Tesla is improving on its technologies for battery management and electric motors.\nAll that is important for perceptions about Tesla, but there are bigger things on investors’ minds. Tesla is building new capacity in Austin, Texas, andBerlin. Investors want to see both plants on line by the end of the year, giving Tesla the output capacity needed to increase sales.\nInvestors also want updates about the company’s autonomous driving programs. Musk has boasted the company is close to achieving fully autonomous cars with newer versions of its self-driving software. The new versions probably won’t mean drivers can actually leave the driver seat, but better driver-assistance functions are a competitive advantage for auto makers.\nThe next version of the Tesla software is due to roll out in coming weeks.\nCapacity and autonomous driving have the potential to lift the stock in coming years. The Model S Plaid can help it in coming quarters.\nTesla stock is in need of a lift. Shares are down about 35% from their 52-week high of more than $900, reached in January.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130503308,"gmtCreate":1621555252204,"gmtModify":1631893612689,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/130503308","repostId":"2137763179","repostType":4,"isVote":1,"tweetType":1,"viewCount":428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":133829049,"gmtCreate":1621736230281,"gmtModify":1631893612678,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/133829049","repostId":"2137990425","repostType":4,"isVote":1,"tweetType":1,"viewCount":339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194709940,"gmtCreate":1621397740080,"gmtModify":1631893612687,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/194709940","repostId":"2136738931","repostType":4,"repost":{"id":"2136738931","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621318800,"share":"https://www.laohu8.com/m/news/2136738931?lang=&edition=full","pubTime":"2021-05-18 14:20","market":"hk","language":"en","title":"JD Logistics launches Hong Kong IPO to raise up to US$3.4 billion","url":"https://stock-news.laohu8.com/highlight/detail?id=2136738931","media":"Tiger Newspress","summary":"The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering  to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion  if the deal is priced at the top end.JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.JD Logistics' offering is expected to be the second multibilli","content":"<p>The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（Click here To apply for the JD Logistics Shares）</b></a><b></b></p><p>JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.</p><p>JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.</p><p><img src=\"https://static.tigerbbs.com/cd9320033ea7302952fa2cb6ece8339a\" tg-width=\"958\" tg-height=\"464\"></p><p>Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.</p><p><img src=\"https://static.tigerbbs.com/b1f72efeb4b54a02dbfe728ebb1099dd\" tg-width=\"958\" tg-height=\"437\"></p><p>JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.</p><p>Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.</p><p>The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.</p><p>BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.</p><p>Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.</p><p>Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.</p><p>Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.</p><p>\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.</p><p>JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.</p><p>Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.</p><p>Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.</p><p>SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.</p><p>Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.</p><p>China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.</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>JD Logistics launches Hong Kong IPO to raise up to US$3.4 billion</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJD Logistics launches Hong Kong IPO to raise up to US$3.4 billion\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-18 14:20</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（Click here To apply for the JD Logistics Shares）</b></a><b></b></p><p>JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.</p><p>JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.</p><p><img src=\"https://static.tigerbbs.com/cd9320033ea7302952fa2cb6ece8339a\" tg-width=\"958\" tg-height=\"464\"></p><p>Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.</p><p><img src=\"https://static.tigerbbs.com/b1f72efeb4b54a02dbfe728ebb1099dd\" tg-width=\"958\" tg-height=\"437\"></p><p>JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.</p><p>Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.</p><p>The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.</p><p>BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.</p><p>Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.</p><p>Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.</p><p>Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.</p><p>\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.</p><p>JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.</p><p>Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.</p><p>Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.</p><p>SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.</p><p>Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.</p><p>China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"02618":"京东物流"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2136738931","content_text":"The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.（Click here To apply for the JD Logistics Shares）JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.","news_type":1,"symbols_score_info":{"02618":0.9}},"isVote":1,"tweetType":1,"viewCount":302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196172449,"gmtCreate":1621039311781,"gmtModify":1634194419005,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Overvalued","listText":"Overvalued","text":"Overvalued","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/196172449","repostId":"1103478451","repostType":4,"isVote":1,"tweetType":1,"viewCount":345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136027511,"gmtCreate":1621987059533,"gmtModify":1631889780364,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Perfect","listText":"Perfect","text":"Perfect","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/136027511","repostId":"1116025923","repostType":4,"isVote":1,"tweetType":1,"viewCount":491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116068516,"gmtCreate":1622766495735,"gmtModify":1631889892208,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Buy 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stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620346875,"share":"https://www.laohu8.com/m/news/1160617696?lang=&edition=full","pubTime":"2021-05-07 08:21","market":"us","language":"en","title":"Dropbox Q1 Earnings and Revenues Beat Estimates","url":"https://stock-news.laohu8.com/highlight/detail?id=1160617696","media":"Tiger Newspress","summary":"Dropbox (DBX) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estim","content":"<p>Dropbox (DBX) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.30 per share. This compares to earnings of $0.17 per share a year ago. These figures are adjusted for non-recurring items.</p><p>This quarterly report represents an earnings surprise of 16.67%. A quarter ago, it was expected that this online file-sharing company would post earnings of $0.23 per share when it actually produced earnings of $0.28, delivering a surprise of 21.74%.</p><p>Over the last four quarters, the company has surpassed consensus EPS estimates four times.<img src=\"https://static.tigerbbs.com/68ff6254e338162714e082084eea6316\" tg-width=\"1215\" tg-height=\"819\" referrerpolicy=\"no-referrer\">Dropbox, which belongs to the Zacks Internet - Services industry, posted revenues of $511.6 million for the quarter ended March 2021, surpassing the Zacks Consensus Estimate by 1.31%. This compares to year-ago revenues of $455 million. The company has topped consensus revenue estimates four times over the last four quarters.</p><p>The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.</p><p>Dropbox shares have added about 12% since the beginning of the year versus the S&amp;P 500's gain of 11%.<img src=\"https://static.tigerbbs.com/885fe7a072fef98025bd635c35e92b22\" tg-width=\"706\" tg-height=\"569\" referrerpolicy=\"no-referrer\"><b>What's Next for Dropbox?</b></p><p>While Dropbox has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?</p><p>There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.</p><p>Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.</p><p>Ahead of this earnings release, the estimate revisions trend for Dropbox was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.</p><p>It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.31 on $518.51 million in revenues for the coming quarter and $1.27 on $2.1 billion in revenues for the current fiscal year.</p><p>Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Services is currently in the bottom 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.</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>Dropbox Q1 Earnings and Revenues Beat Estimates</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDropbox Q1 Earnings and Revenues Beat Estimates\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-07 08:21</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Dropbox (DBX) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.30 per share. This compares to earnings of $0.17 per share a year ago. These figures are adjusted for non-recurring items.</p><p>This quarterly report represents an earnings surprise of 16.67%. A quarter ago, it was expected that this online file-sharing company would post earnings of $0.23 per share when it actually produced earnings of $0.28, delivering a surprise of 21.74%.</p><p>Over the last four quarters, the company has surpassed consensus EPS estimates four times.<img src=\"https://static.tigerbbs.com/68ff6254e338162714e082084eea6316\" tg-width=\"1215\" tg-height=\"819\" referrerpolicy=\"no-referrer\">Dropbox, which belongs to the Zacks Internet - Services industry, posted revenues of $511.6 million for the quarter ended March 2021, surpassing the Zacks Consensus Estimate by 1.31%. This compares to year-ago revenues of $455 million. The company has topped consensus revenue estimates four times over the last four quarters.</p><p>The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.</p><p>Dropbox shares have added about 12% since the beginning of the year versus the S&amp;P 500's gain of 11%.<img src=\"https://static.tigerbbs.com/885fe7a072fef98025bd635c35e92b22\" tg-width=\"706\" tg-height=\"569\" referrerpolicy=\"no-referrer\"><b>What's Next for Dropbox?</b></p><p>While Dropbox has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?</p><p>There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.</p><p>Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.</p><p>Ahead of this earnings release, the estimate revisions trend for Dropbox was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.</p><p>It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.31 on $518.51 million in revenues for the coming quarter and $1.27 on $2.1 billion in revenues for the current fiscal year.</p><p>Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Services is currently in the bottom 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DBX":"Dropbox Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160617696","content_text":"Dropbox (DBX) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.30 per share. This compares to earnings of $0.17 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 16.67%. A quarter ago, it was expected that this online file-sharing company would post earnings of $0.23 per share when it actually produced earnings of $0.28, delivering a surprise of 21.74%.Over the last four quarters, the company has surpassed consensus EPS estimates four times.Dropbox, which belongs to the Zacks Internet - Services industry, posted revenues of $511.6 million for the quarter ended March 2021, surpassing the Zacks Consensus Estimate by 1.31%. This compares to year-ago revenues of $455 million. The company has topped consensus revenue estimates four times over the last four quarters.The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.Dropbox shares have added about 12% since the beginning of the year versus the S&P 500's gain of 11%.What's Next for Dropbox?While Dropbox has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.Ahead of this earnings release, the estimate revisions trend for Dropbox was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.31 on $518.51 million in revenues for the coming quarter and $1.27 on $2.1 billion in revenues for the current fiscal year.Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Services is currently in the bottom 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.","news_type":1,"symbols_score_info":{"DBX":0.9}},"isVote":1,"tweetType":1,"viewCount":224,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115019530,"gmtCreate":1622940525420,"gmtModify":1631889892194,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/115019530","repostId":"1162722289","repostType":4,"isVote":1,"tweetType":1,"viewCount":2767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137292741,"gmtCreate":1622347942583,"gmtModify":1631893612665,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Strong 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go!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/132837816","repostId":"1167309966","repostType":4,"isVote":1,"tweetType":1,"viewCount":474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111497834,"gmtCreate":1622690696128,"gmtModify":1631889892207,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Let’s go","listText":"Let’s go","text":"Let’s 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22:22","market":"us","language":"en","title":"This Day In Market History: Panic Of 1893 Crashes Stock Market","url":"https://stock-news.laohu8.com/highlight/detail?id=1148686352","media":"benzinga","summary":"What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the ","content":"<div>\n<p>What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.\nWhere The Market Was:The Dow finished the day at 30.02.\nWhat Else Was Going On In The World?In...</p>\n\n<a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">Web Link</a>\n\n</div>\n","source":"lsy1606299360108","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>This Day In Market History: Panic Of 1893 Crashes Stock Market</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{ 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.h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis Day In Market History: Panic Of 1893 Crashes Stock Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-05 22:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market><strong>benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.\nWhere The Market Was:The Dow finished the day at 30.02.\nWhat Else Was Going On In The World?In...</p>\n\n<a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148686352","content_text":"What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.\nWhere The Market Was:The Dow finished the day at 30.02.\nWhat Else Was Going On In The World?In 1893, Thomas Edison completed the world’s first movie studio in West Orange, New Jersey. Lizzie Borden was acquitted of the ax murders of her father and stepmother. A fresh, one-pound beef steak cost 10 cents.\nPanic Of 1893:On May 5, 1893, the Dow Jones Index dropped more than 24% from 39.90 to 30.02. It would mark the worst intraday sell-off in U.S. history at the time, a record that would stand until 1929.\nThe Panic of 1893 was triggered in part by falling gold reserves in the U.S. Treasury. At the time, the U.S. was on the gold standard, meaning U.S. dollars could be redeemed for physical gold. When Treasury gold reserves dropped from $190 million in 1890 to $100 million by 1893, Americans grew concerned that the Treasury might run out of gold and began withdrawing bank notes and converting them to gold, placing extreme strain on the U.S. banking industry and credit markets.\nThe May 5 sell-off was triggered in part by the bankruptcy of Nation Cordage the day before.General Electric CompanyGE 0.34%shares dropped 28% on the day from $80 to $58.\nFortunately for investors, the Panic of 1893 didn’t last for long. By the end of the day, the market nearly completely recovered its losses. GE, for example, closed the session at $78.50.\nThe Panic of 1893 would ravage the U.S. economy, triggering a severe four-year depression. Roughly 14,000 U.S. businesses closed, and unemployment rose to 20%. The event would mark the worst economic downturn in U.S. history until the Great Depression began in 1929.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":607,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150998018,"gmtCreate":1624880180034,"gmtModify":1631889892174,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/150998018","repostId":"1150095060","repostType":4,"repost":{"id":"1150095060","kind":"news","pubTimestamp":1624874134,"share":"https://www.laohu8.com/m/news/1150095060?lang=&edition=full","pubTime":"2021-06-28 17:55","market":"us","language":"en","title":"US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week","url":"https://stock-news.laohu8.com/highlight/detail?id=1150095060","media":"Renaissance Capital","summary":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant $DiDi Global Inc.$.DiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.Cybersecurity platform $SentinelOne, Inc$","content":"<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant<b>&nbsp;<a href=\"https://laohu8.com/S/DIDI\">DiDi Global Inc.</a>.</b></p>\n<p><b>DiDi</b>&nbsp;plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.</p>\n<p>Cybersecurity platform&nbsp;<b><a href=\"https://laohu8.com/S/S\">SentinelOne, Inc</a></b> plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.</p>\n<p>Turkish e-commerce platform&nbsp;<b>D-MARKET Electronic Services &amp; Trading</b>(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.</p>\n<p>Doughnut brand&nbsp;<a href=\"https://laohu8.com/S/DNUT\"><b>Krispy Kreme, Inc.</a> </b>plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.</p>\n<p>Legal solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com, Inc</a> </b>plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.</p>\n<p>Identity verification platform&nbsp;<b><a href=\"https://laohu8.com/S/YOU\">Clear Secure, Inc.</a></b> plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.</p>\n<p>Chinese grocery delivery platform&nbsp;<b><a href=\"https://laohu8.com/S/DDL\">Dingdong (Cayman) Limited</a> </b>plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.</p>\n<p>SaaS solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce Inc.</a></b> plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness &amp; Wellness Services.</p>\n<p>Software provider&nbsp;<b><a href=\"https://laohu8.com/S/INTA\">Intapp, Inc.</a> </b>plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.</p>\n<p>Online manufacturing marketplace&nbsp;<b><a href=\"https://laohu8.com/S/XMTR\">Xometry, Inc.</a></b> plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.</p>\n<p><b><a href=\"https://laohu8.com/S/IAS\">Integral Ad Science Holding LLC</a> </b>plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.</p>\n<p>Plus-sized women’s apparel brand&nbsp;<b><a href=\"https://laohu8.com/S/CURV\">Torrid Holdings</a> </b>plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.</p>\n<p>Alzheimer’s biotech&nbsp;<b><a href=\"https://laohu8.com/S/ABOS\">Acumen Pharmaceuticals, Inc.</a></b> plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.</p>\n<p>Digital financial services provider&nbsp;<b>AMTD Digital</b>(<a href=\"https://laohu8.com/S/HKD\">$(HKD)$</a>) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.</p>\n<p>Drug formulation developer&nbsp;<b>Aerovate Therapeutics</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.</p>\n<p>Neuromodulation device provider<b>&nbsp;<a href=\"https://laohu8.com/S/CVRX\">CVRx Inc</a> </b>plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.</p>\n<p>Belgium-listed&nbsp;<b>Nyxoah</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.</p>\n<p><img src=\"https://static.tigerbbs.com/58f28d5f7f3b8e686c0bd006c2968b99\" tg-width=\"1131\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/508f1118f1d92b2b76391bc3610bd6c4\" tg-width=\"1131\" tg-height=\"657\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ed04cd42fa30b460fcf67e07efa6ddc7\" tg-width=\"1130\" tg-height=\"166\" referrerpolicy=\"no-referrer\"></p>\n<p><b>IPO Market Snapshot</b></p>\n<p>The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&amp;P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p>","source":"lsy1603787993745","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>US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 17:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week><strong>Renaissance Capital</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant DiDi Global Inc..\nDiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s ...</p>\n\n<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"S":"SentinelOne, Inc","LZ":"LegalZoom.com, Inc","INTA":"Intapp, Inc.","ABOS":"Acumen Pharmaceuticals, Inc.","CVRX":"CVRx, Inc.","YOU":"Clear Secure, Inc.","CURV":"Torrid Holdings","DIDI":"滴滴(已退市)","HEPS":"D-MARKET Electronic Services & Trading","DNUT":"Krispy Kreme, Inc.","EVCM":"EverCommerce Inc.","IAS":"Integral Ad Science Holding","DDL":"叮咚买菜","XMTR":"Xometry, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150095060","content_text":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant DiDi Global Inc..\nDiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.\nCybersecurity platform SentinelOne, Inc plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.\nTurkish e-commerce platform D-MARKET Electronic Services & Trading(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.\nDoughnut brand Krispy Kreme, Inc. plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.\nLegal solutions provider LegalZoom.com, Inc plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.\nIdentity verification platform Clear Secure, Inc. plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.\nChinese grocery delivery platform Dingdong (Cayman) Limited plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.\nSaaS solutions provider EverCommerce Inc. plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness & Wellness Services.\nSoftware provider Intapp, Inc. plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.\nOnline manufacturing marketplace Xometry, Inc. plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.\nIntegral Ad Science Holding LLC plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.\nPlus-sized women’s apparel brand Torrid Holdings plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.\nAlzheimer’s biotech Acumen Pharmaceuticals, Inc. plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.\nDigital financial services provider AMTD Digital($(HKD)$) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.\nDrug formulation developer Aerovate Therapeutics($(AVTE)$) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.\nNeuromodulation device provider CVRx Inc plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.\nBelgium-listed Nyxoah($(NYXH)$) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1,"symbols_score_info":{"HEPS":0.9,"INTA":0.9,"XMTR":0.9,"IAS":0.9,"DNUT":0.9,"LZ":0.9,"DIDI":0.9,"EVCM":0.9,"CURV":0.9,"HKIB":0.9,"ABOS":0.9,"S":0.9,"CVRX":0.9,"DDL":0.9,"YOU":0.9}},"isVote":1,"tweetType":1,"viewCount":1225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125280904,"gmtCreate":1624674973808,"gmtModify":1631889892180,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125280904","repostId":"1108941456","repostType":4,"isVote":1,"tweetType":1,"viewCount":2382,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139444237,"gmtCreate":1621653041829,"gmtModify":1631893612685,"author":{"id":"3572261394011317","authorId":"3572261394011317","name":"peilinnggg","avatar":"https://static.tigerbbs.com/a19b0160838ba3d9a2736c3a8ed8abd0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572261394011317","idStr":"3572261394011317"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/139444237","repostId":"1111747453","repostType":4,"repost":{"id":"1111747453","kind":"news","pubTimestamp":1621609858,"share":"https://www.laohu8.com/m/news/1111747453?lang=&edition=full","pubTime":"2021-05-21 23:10","market":"us","language":"en","title":"Tesla’s New Plaid Model Is Ready. That Should Help the Stock.","url":"https://stock-news.laohu8.com/highlight/detail?id=1111747453","media":"Barrons","summary":"Tesla’s updated Model S sedan is ready.CEO Elon Musk tweeted out Thursday that his company will host a delivery event for the Plaid model of its Model S electric car on June 3. That is a milestone investors who are bullish on Tesla stock have been waiting for, but it isn’t the most important one.Tesla stock rose 4.1% amid a broad market rally Thursday, but the gain still left shares down for the week. Tesla stock was up another 0.8% in Friday trading, a touch better than the 0.7% gain in the Dow","content":"<p>Tesla’s updated Model S sedan is ready.</p>\n<p>CEO Elon Musk tweeted out Thursday that his company will host a delivery event for the Plaid model of its Model S electric car on June 3. That is a milestone investors who are bullish on Tesla stock have been waiting for, but it isn’t the most important one.</p>\n<p>Beginning deliveries should help the stock—-a little.</p>\n<p>Tesla(ticker: TSLA) stock rose 4.1% amid a broad market rally Thursday, but the gain still left shares down for the week. Tesla stock was up another 0.8% in Friday trading, a touch better than the 0.7% gain in the&nbsp;Dow Jones Industrial Average.The&nbsp;S&amp;P 500&nbsp;was up 0.5%.</p>\n<p><img src=\"https://static.tigerbbs.com/b73c480440da121bd6da538ca389d0ef\" tg-width=\"834\" tg-height=\"414\"></p>\n<p>The Plaid is billed by Tesla as the fastest production car ever, going zero to 60 in under 2 seconds. A&nbsp;Bugatti Chiron, which costs about $2.3 million and is equipped with a 16-cylinder, four-turbocharger engine, can go zero to 60 in about 2.3 seconds.</p>\n<p>Electric motors have better torque at zero revolutions a minute, giving drivers an incredible jolt from their initial acceleration.</p>\n<p>The&nbsp;Plaid edition&nbsp;of the Model S won’t cost anywhere near as much as a Chiron, but it will still run buyers $120,000 or more. Prices like that mean the car won’t sell in the high volumes seen from the Tesla Model 3 or Model Y. Those cars can be had for what a nicely equipped sedan from&nbsp;BMW&nbsp;(BMW.Germany) or evenToyota Motor&nbsp;(TM) or&nbsp;Honda&nbsp;(HMC) can cost.</p>\n<p>Still, the launch highlights Tesla’s ability to update its designs. The first Model S went into production almost a decade ago. Its performance shows Tesla is improving on its technologies for battery management and electric motors.</p>\n<p>All that is important for perceptions about Tesla, but there are bigger things on investors’ minds. Tesla is building new capacity in Austin, Texas, andBerlin. Investors want to see both plants on line by the end of the year, giving Tesla the output capacity needed to increase sales.</p>\n<p>Investors also want updates about the company’s autonomous driving programs. Musk has boasted the company is close to&nbsp;achieving fully autonomous cars&nbsp;with newer versions of its self-driving software. The new versions probably won’t mean drivers can actually leave the driver seat, but better driver-assistance functions are a competitive advantage for auto makers.</p>\n<p>The next version of the Tesla software is due to roll out in coming weeks.</p>\n<p>Capacity and autonomous driving have the potential to lift the stock in coming years. The Model S Plaid can help it in coming quarters.</p>\n<p>Tesla stock is in need of a lift. Shares are down about 35% from their 52-week high of more than $900, reached in January.</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>Tesla’s New Plaid Model Is Ready. That Should Help the Stock.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla’s New Plaid Model Is Ready. That Should Help the Stock.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-21 23:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/tesla-model-s-new-plaid-model-ready-51621608150?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla’s updated Model S sedan is ready.\nCEO Elon Musk tweeted out Thursday that his company will host a delivery event for the Plaid model of its Model S electric car on June 3. That is a milestone ...</p>\n\n<a href=\"https://www.barrons.com/articles/tesla-model-s-new-plaid-model-ready-51621608150?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-model-s-new-plaid-model-ready-51621608150?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111747453","content_text":"Tesla’s updated Model S sedan is ready.\nCEO Elon Musk tweeted out Thursday that his company will host a delivery event for the Plaid model of its Model S electric car on June 3. That is a milestone investors who are bullish on Tesla stock have been waiting for, but it isn’t the most important one.\nBeginning deliveries should help the stock—-a little.\nTesla(ticker: TSLA) stock rose 4.1% amid a broad market rally Thursday, but the gain still left shares down for the week. Tesla stock was up another 0.8% in Friday trading, a touch better than the 0.7% gain in the Dow Jones Industrial Average.The S&P 500 was up 0.5%.\n\nThe Plaid is billed by Tesla as the fastest production car ever, going zero to 60 in under 2 seconds. A Bugatti Chiron, which costs about $2.3 million and is equipped with a 16-cylinder, four-turbocharger engine, can go zero to 60 in about 2.3 seconds.\nElectric motors have better torque at zero revolutions a minute, giving drivers an incredible jolt from their initial acceleration.\nThe Plaid edition of the Model S won’t cost anywhere near as much as a Chiron, but it will still run buyers $120,000 or more. Prices like that mean the car won’t sell in the high volumes seen from the Tesla Model 3 or Model Y. Those cars can be had for what a nicely equipped sedan from BMW (BMW.Germany) or evenToyota Motor (TM) or Honda (HMC) can cost.\nStill, the launch highlights Tesla’s ability to update its designs. The first Model S went into production almost a decade ago. Its performance shows Tesla is improving on its technologies for battery management and electric motors.\nAll that is important for perceptions about Tesla, but there are bigger things on investors’ minds. Tesla is building new capacity in Austin, Texas, andBerlin. Investors want to see both plants on line by the end of the year, giving Tesla the output capacity needed to increase sales.\nInvestors also want updates about the company’s autonomous driving programs. Musk has boasted the company is close to achieving fully autonomous cars with newer versions of its self-driving software. The new versions probably won’t mean drivers can actually leave the driver seat, but better driver-assistance functions are a competitive advantage for auto makers.\nThe next version of the Tesla software is due to roll out in coming weeks.\nCapacity and autonomous driving have the potential to lift the stock in coming years. The Model S Plaid can help it in coming quarters.\nTesla stock is in need of a lift. Shares are down about 35% from their 52-week high of more than $900, reached in January.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}