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Donokane

Donokane

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2021-09-14

Great! Should make their platform more user-friendly to ease all of us

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2021-09-10

Deep dive then lots of great vibes will get us these stocks!!!

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2021-09-09

Currency Camouflage!

Funds Go Green, but Sometimes in Name Only<blockquote>基金走向绿色，但有时只是名义上的</blockquote>

2021-09-09

"Chipping" all the way to the bank

Micron Is Too Cheap To Ignore<blockquote>美光太便宜了，不容忽视</blockquote>

2021-08-30

Three freaking hours! Sheez! Over my dead body

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2021-08-30

Bet David lives up to his name - king (CASH)

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2021-08-20

Best absorb with pinch of salt, coz not end of story "wink wink"

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2021-08-16

Get real will ya? It's enormously huge appetite

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2021-08-06

Skillz has its name implies = SKILL

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2021-08-05

Quote - Old ginger still "HOT"

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2021-08-04

Giddy-up baby!

Grab breaks company record with strong Q1 results<blockquote>Grab 凭借强劲的第一季度业绩打破公司记录</blockquote>

2021-08-03

Jeff unintentionally puncture market ozone, whoops 🤭!

Jeff Bezos is no longer the richest person on the planet after his net worth drops $13.9 billion in one day<blockquote>杰夫·贝索斯的净资产在一天内下降了139亿美元，他不再是这个星球上最富有的人</blockquote>

2021-07-29

Really? [思考]

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2021-07-27

Oh! Get a life

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2021-07-24

Me shares power, Me also sucks DATa, Me more powerful

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2021-07-22

Woah! Care for I'ntl space station snacks anyone? Yum yum

Here's Why Cassava Sciences Is Surging Today<blockquote>这就是木薯科学如今蓬勃发展的原因</blockquote>

2021-07-12

Regulatory pressures?

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2021-07-08

Hellooooo, stocks mid-year shopping before Christmas ! All right tttt

Cathie Wood Goes Bargain Hunting: 3 Stocks She Just Bought<blockquote>凯西·伍德 (Cathie Wood) 抄底：她刚刚购买的 3 只股票</blockquote>

2021-07-08

Another feather on disruptor cap.

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2021-07-07

Yeah! Hot Apple

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Should make their platform more user-friendly to ease all of us","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/886258885","repostId":"1121338781","repostType":4,"isVote":1,"tweetType":1,"viewCount":2438,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883257505,"gmtCreate":1631247753907,"gmtModify":1631891264755,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Deep dive then lots of great vibes will get us these stocks!!!","listText":"Deep dive then lots of great vibes will get us these stocks!!!","text":"Deep dive then lots of great vibes will get us these stocks!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/883257505","repostId":"2166345008","repostType":4,"isVote":1,"tweetType":1,"viewCount":2493,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883028935,"gmtCreate":1631191238627,"gmtModify":1631891264758,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Currency Camouflage!","listText":"Currency Camouflage!","text":"Currency Camouflage!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/883028935","repostId":"1117582991","repostType":4,"repost":{"id":"1117582991","kind":"news","pubTimestamp":1631190269,"share":"https://www.laohunote.com/m/news/1117582991?lang=zh_CN&edition=full","pubTime":"2021-09-09 20:24","market":"us","language":"en","title":"Funds Go Green, but Sometimes in Name Only<blockquote>基金走向绿色，但有时只是名义上的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117582991","media":"The Wall Street Journal","summary":"Companies are turning their struggling funds green to capture the flood of cash into sustainable inv","content":"<p>  <b>Companies are turning their struggling funds green to capture the flood of cash into sustainable investments.</b>  Fund companies are rebranding their out-of-fashion investment offerings as green, hoping to grab a portion of the cash pouring into sustainable products. In some cases, the rebranding has been in name only.</p><p><blockquote><b>公司正在将陷入困境的资金转变为绿色，以将大量现金转化为可持续投资。</b>基金公司正在将其过时的投资产品重新命名为绿色，希望从流入可持续产品的现金中抢占一部分。在某些情况下，品牌重塑名存实亡。</blockquote></p><p> Last year, companies that manage mutual funds and exchange-traded funds rebranded a record 25 funds as sustainable, according to Morningstar. They say these funds have adopted investment strategies that utilize data on companies’ environmental, social and governance performance to pick stocks. Since 2013, fund companies have rebranded 64 funds, which had $35 billion in assets as of June.</p><p><blockquote>据晨星公司称，去年，管理共同基金和交易所交易基金的公司将创纪录的 25 只基金重新命名为可持续基金。他们说，这些基金采用了利用公司环境、社会和治理绩效数据来挑选股票的投资策略。自2013年以来，基金公司已经对64只基金进行了重塑，截至6月份，这些基金的资产规模为350亿美元。</blockquote></p><p> The American Century Fundamental Equity Fund is now theSustainable Equity Fund, the USAA World Growth Fund is theUSAA Sustainable World Fundand the Putnam Multi-Cap Growth Fund is now thePutnam Sustainable Leaders Fund. Assets for all three are up since the rebrandings.</p><p><blockquote>美国世纪基础股票基金现为可持续股票基金，USAA世界增长基金现为USAA可持续世界基金，普特南多股增长基金现为普特南可持续领袖基金。自品牌重塑以来，这三个公司的资产都有所增加。</blockquote></p><p> Many of these funds are actively managed and were experiencing chronic outflows prior to rebranding, said Morningstar Head of Sustainability Research Jon Hale. “You have big fund companies with an inventory of funds, a lot of which aren’t really attracting assets anymore, saying ‘OK, here’s this new investment trend happening; what do we do?’” Mr. Hale said.</p><p><blockquote>晨星公司可持续发展研究主管乔恩·黑尔 (Jon Hale) 表示，其中许多基金都受到积极管理，并且在品牌重塑之前经历了长期资金外流。“黑尔先生说：”有些大型基金公司拥有大量的基金，其中很多基金不再具有真正的吸引力，他们会说'好吧，这种新的投资趋势正在发生；我们该怎么办？</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0deca5624c07ced40f8886918a46f2ff\" tg-width=\"763\" tg-height=\"517\" width=\"100%\" height=\"auto\">The shift is akin to a car company freshening up a tired model. Actively managed funds, which are run by stock pickers, have been losing investor cash for years. Similar funds with a sustainable label have been raking in money, according to Morningstar.</p><p><blockquote>这种转变类似于汽车公司更新一款疲惫的车型。由选股者管理的主动管理基金多年来一直在损失投资者现金。晨星公司表示，带有可持续发展标签的类似基金一直在赚钱。</blockquote></p><p> Of the 64 rebranded funds, 35 were suffering from investor withdrawals in the three years before they went green, according to a Wall Street Journal analysis of Morningstar data. At 13 of the funds, investors began putting in cash again. At 45, new cash plus the rising stock market have boosted overall assets.</p><p><blockquote>根据《华尔街日报》对晨星公司数据的分析，在 64 只更名基金中，有 35 只在变绿前三年遭受了投资者撤资。在13只基金中，投资者开始再次投入现金。45岁时，新的现金加上不断上涨的股市提振了整体资产。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b07f0afeb7e76ae9503bbb0f58f57345\" tg-width=\"747\" tg-height=\"525\" width=\"100%\" height=\"auto\">The $1.5 billion USAA Sustainable World Fund holds nearly $100 million in shares of 47 fossil-fuel companies, according to data from shareholder advocacy group As You Sow, the most of any repurposed fund. Last year, Victory Capital Management Inc. changed the fund’s name from USAA World Growth Fund.</p><p><blockquote>根据股东倡导组织 As You Sow 的数据，价值 15 亿美元的 USAA 可持续世界基金持有 47 家化石燃料公司近 1 亿美元的股票，是所有重新利用基金中数量最多的。去年，胜利资本管理公司（Victory Capital Management Inc.</blockquote></p><p> A disclosure was added to the fund’s prospectus noting ESG ratings are considered but fund managers may disagree with a raters’ conclusion. The Sustainable World Fund continued to hold shares of companies such as mining firmRio TintoPLC and purchased shares in oil-and-gas companies after rebranding.</p><p><blockquote>基金招股说明书中增加了一项披露，指出正在考虑进行 ESG 评级，但基金经理可能不同意评级机构的结论。可持续世界基金继续持有矿业公司Rio TintoPLC等公司的股票，并在重塑品牌后购买了石油和天然气公司的股票。</blockquote></p><p> “We believe incorporating ESG considerations into a portfolio should be an input under a larger mosaic of considerations any manager evaluates to achieve a well-balanced, diversified portfolio,” said Mannik S. Dhillon, president of VictoryShares &amp; Solutions, an investment adviser for USAA.</p><p><blockquote>“USAA 的投资顾问 VictoryShares &amp; Solutions 总裁 Mannik S. Dhillon 说：”我们认为，将 ESG 考虑因素纳入投资组合应该是任何管理者评估的更大考虑因素中的一个投入，以实现一个均衡、多元化的投资组合。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b0dbd18a17b1632df436a855a968ed74\" tg-width=\"750\" tg-height=\"536\" width=\"100%\" height=\"auto\">Investors had been pulling cash out of American Century Investment’s Fundamental Equity Fund for years before its 2016 rebranding. Three years later and under a new name, the Sustainable Equity Fund brought in a net $1.7 billion.</p><p><blockquote>在 American Century Investment 的 Fundamental Equity Fund 2016 年更名之前，投资者多年来一直在从该基金中撤出现金。三年后，以新名称，可持续股票基金带来了 17 亿美元的净收入。</blockquote></p><p> “To us, that was an affirmation that we made the right changes,” said American Century Vice President Joe Reiland. “The performance was getting better, the investment community was more interested in investing sustainably and it made us more marketable to clients.”</p><p><blockquote>“美国世纪副总裁乔-雷兰德（Joe Reiland）说：”对我们来说，这是对我们做出正确改变的肯定。“业绩越来越好，投资界对可持续投资更感兴趣，这让我们对客户更有市场。”</blockquote></p><p> The fund beat the S&amp;P 500 over the past five years and boasts its portfolio companies emit 67% fewer greenhouse gases than the index, according to the fund’s sustainability report. The fund dumped shares of 12 firms during the transition includingExxon MobilCorp.while adding electric-vehicle makerTeslaInc.</p><p><blockquote>根据该基金的可持续发展报告，该基金在过去五年中的表现优于标普500，其投资组合公司的温室气体排放量比该指数少 67%。该基金在过渡期间抛售了 12 家公司的股票，其中包括 Xxxon MobilCorp.，同时增持了电动汽车制造商特斯拉公司。</blockquote></p><p> It keptConocoPhillips,even though it is a big greenhouse-gas emitter, because it was shifting more toward sustainability, Mr. Reiland said. “After analyzing the two, ConocoPhillips was demonstrating the ability to become an ESG leader over Exxon,” Mr. Reiland said.</p><p><blockquote>雷兰德先生说，尽管康菲石油公司是一个温室气体排放大国，但它仍然保留了它，因为它正在更多地转向可持续发展。“Reiland 先生说：”在分析了这两家公司之后，康菲石油公司证明了其有能力成为超越埃克森美孚的 ESG 领导者。</blockquote></p><p> Other companies frequently dumped by rebranded funds were oil-and-gas producerDevon EnergyCorp., tobacco firmPhilip Morris InternationalInc.and aerospace companiesGeneral DynamicsCorp.andBoeingCo., according to a Journal analysis of constituents of 43 funds with historical data.</p><p><blockquote>根据期刊对 43 只具有历史数据的基金的成分分析，其他经常被更名基金抛售的公司包括石油和天然气生产商德文能源公司、烟草公司菲利普莫里斯国际公司以及航空航天公司通用动力公司和波音公司。</blockquote></p><p></p><p> Rebranded funds typically bought tech companies such as chip makerTexas InstrumentsInc.and software makerCadence Design SystemsInc.One reason sustainable funds have done well is because technology companies have trounced energy stocks in the past few years. Nearly 70% of 286 sustainable funds ranked in the top half of their performance category last year, according to Morningstar.</p><p><blockquote>更名基金通常购买芯片制造商德州仪器（Texas InstrumentsInc.）和软件制造商Cadence Design SystemsInc.）等科技公司。可持续基金表现良好的原因之一是科技公司在过去几年中击败了能源股。晨星公司的数据显示，去年 286 只可持续基金中，近 70% 的基金在其业绩类别中排名前半。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d72cd6458ddd8969b6e5d5eaa8001530\" tg-width=\"743\" tg-height=\"524\" width=\"100%\" height=\"auto\">Assets in Putnam Investments’ Putnam Multi-Cap Growth and Multi-Cap Value funds were hovering near their lowest point since the early 2000s when the company rebranded both funds.</p><p><blockquote>Putnam Investments 旗下的 Putnam Multi-Cap Growth 和 Multi-Cap Value 基金的资产一直徘徊在 2000 年代初该公司对这两只基金进行品牌重塑以来的最低点附近。</blockquote></p><p> Assets of the rechristened Putnam Sustainable Leaders Fund rose by 66% to $6.5 billion as of this June. ThePutnam Sustainable Future Fundgrew its assets by 93% to $649 million, according to the Journal’s analysis. Both funds have outperformed their benchmarks and the S&amp;P 500 in the past three years after periods of mixed performance prior to rebranding.</p><p><blockquote>截至今年6月，更名为普特南可持续领袖基金的资产增长了66%，达到65亿美元。根据该杂志的分析，普特南可持续未来基金的资产增长了 93%，达到 6.49 亿美元。在品牌重塑之前经历了一段时间的好坏参半之后，这两只基金在过去三年中的表现都优于其基准和标普500。</blockquote></p><p> The Sustainable Future Fund underwent the most dramatic change, shifting 75% of its portfolio to focus on sustainable firms, according to Putnam’s head of sustainable investing, Katherine Collins. “There are a wide range of approaches that folks are taking in developing sustainable funds, and for Putnam it was pretty far into the heavy-lift side of things.”</p><p><blockquote>普特南可持续投资主管凯瑟琳-柯林斯（Katherine Collins）表示，可持续未来基金经历了最剧烈的变化，将其 75% 的投资组合转向了可持续企业。“在开发可持续基金时，人们采取了多种多样的方法，对普特南来说，这已经走得太远了。”</blockquote></p><p> Stocks in energy firms like ConocoPhillips were dropped, and renewable-resource firms were added such as solar-panel makerSunrunInc.,which was a top contributor to the fund’s 2020 performance.</p><p><blockquote>康菲石油公司（ConocoPhillips）等能源公司的股票下跌，太阳能电池板制造商SunrunInc.等可再生资源公司的股票也被纳入，后者是该基金2020年业绩的最大贡献者。</blockquote></p><p> “We’re happy not just with the numbers but with how those numbers have been generated,” Ms. Collins said.</p><p><blockquote>“柯林斯女士说：”我们不仅对这些数字感到满意，还对这些数字的产生方式感到满意。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Funds Go Green, but Sometimes in Name Only<blockquote>基金走向绿色，但有时只是名义上的</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFunds Go Green, but Sometimes in Name Only<blockquote>基金走向绿色，但有时只是名义上的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-09-09 20:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Companies are turning their struggling funds green to capture the flood of cash into sustainable investments.</b>  Fund companies are rebranding their out-of-fashion investment offerings as green, hoping to grab a portion of the cash pouring into sustainable products. In some cases, the rebranding has been in name only.</p><p><blockquote><b>公司正在将陷入困境的资金转变为绿色，以将大量现金转化为可持续投资。</b>基金公司正在将其过时的投资产品重新命名为绿色，希望从流入可持续产品的现金中抢占一部分。在某些情况下，品牌重塑名存实亡。</blockquote></p><p> Last year, companies that manage mutual funds and exchange-traded funds rebranded a record 25 funds as sustainable, according to Morningstar. They say these funds have adopted investment strategies that utilize data on companies’ environmental, social and governance performance to pick stocks. Since 2013, fund companies have rebranded 64 funds, which had $35 billion in assets as of June.</p><p><blockquote>据晨星公司称，去年，管理共同基金和交易所交易基金的公司将创纪录的 25 只基金重新命名为可持续基金。他们说，这些基金采用了利用公司环境、社会和治理绩效数据来挑选股票的投资策略。自2013年以来，基金公司已经对64只基金进行了重塑，截至6月份，这些基金的资产规模为350亿美元。</blockquote></p><p> The American Century Fundamental Equity Fund is now theSustainable Equity Fund, the USAA World Growth Fund is theUSAA Sustainable World Fundand the Putnam Multi-Cap Growth Fund is now thePutnam Sustainable Leaders Fund. Assets for all three are up since the rebrandings.</p><p><blockquote>美国世纪基础股票基金现为可持续股票基金，USAA世界增长基金现为USAA可持续世界基金，普特南多股增长基金现为普特南可持续领袖基金。自品牌重塑以来，这三个公司的资产都有所增加。</blockquote></p><p> Many of these funds are actively managed and were experiencing chronic outflows prior to rebranding, said Morningstar Head of Sustainability Research Jon Hale. “You have big fund companies with an inventory of funds, a lot of which aren’t really attracting assets anymore, saying ‘OK, here’s this new investment trend happening; what do we do?’” Mr. Hale said.</p><p><blockquote>晨星公司可持续发展研究主管乔恩·黑尔 (Jon Hale) 表示，其中许多基金都受到积极管理，并且在品牌重塑之前经历了长期资金外流。“黑尔先生说：”有些大型基金公司拥有大量的基金，其中很多基金不再具有真正的吸引力，他们会说'好吧，这种新的投资趋势正在发生；我们该怎么办？</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0deca5624c07ced40f8886918a46f2ff\" tg-width=\"763\" tg-height=\"517\" width=\"100%\" height=\"auto\">The shift is akin to a car company freshening up a tired model. Actively managed funds, which are run by stock pickers, have been losing investor cash for years. Similar funds with a sustainable label have been raking in money, according to Morningstar.</p><p><blockquote>这种转变类似于汽车公司更新一款疲惫的车型。由选股者管理的主动管理基金多年来一直在损失投资者现金。晨星公司表示，带有可持续发展标签的类似基金一直在赚钱。</blockquote></p><p> Of the 64 rebranded funds, 35 were suffering from investor withdrawals in the three years before they went green, according to a Wall Street Journal analysis of Morningstar data. At 13 of the funds, investors began putting in cash again. At 45, new cash plus the rising stock market have boosted overall assets.</p><p><blockquote>根据《华尔街日报》对晨星公司数据的分析，在 64 只更名基金中，有 35 只在变绿前三年遭受了投资者撤资。在13只基金中，投资者开始再次投入现金。45岁时，新的现金加上不断上涨的股市提振了整体资产。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b07f0afeb7e76ae9503bbb0f58f57345\" tg-width=\"747\" tg-height=\"525\" width=\"100%\" height=\"auto\">The $1.5 billion USAA Sustainable World Fund holds nearly $100 million in shares of 47 fossil-fuel companies, according to data from shareholder advocacy group As You Sow, the most of any repurposed fund. Last year, Victory Capital Management Inc. changed the fund’s name from USAA World Growth Fund.</p><p><blockquote>根据股东倡导组织 As You Sow 的数据，价值 15 亿美元的 USAA 可持续世界基金持有 47 家化石燃料公司近 1 亿美元的股票，是所有重新利用基金中数量最多的。去年，胜利资本管理公司（Victory Capital Management Inc.</blockquote></p><p> A disclosure was added to the fund’s prospectus noting ESG ratings are considered but fund managers may disagree with a raters’ conclusion. The Sustainable World Fund continued to hold shares of companies such as mining firmRio TintoPLC and purchased shares in oil-and-gas companies after rebranding.</p><p><blockquote>基金招股说明书中增加了一项披露，指出正在考虑进行 ESG 评级，但基金经理可能不同意评级机构的结论。可持续世界基金继续持有矿业公司Rio TintoPLC等公司的股票，并在重塑品牌后购买了石油和天然气公司的股票。</blockquote></p><p> “We believe incorporating ESG considerations into a portfolio should be an input under a larger mosaic of considerations any manager evaluates to achieve a well-balanced, diversified portfolio,” said Mannik S. Dhillon, president of VictoryShares &amp; Solutions, an investment adviser for USAA.</p><p><blockquote>“USAA 的投资顾问 VictoryShares &amp; Solutions 总裁 Mannik S. Dhillon 说：”我们认为，将 ESG 考虑因素纳入投资组合应该是任何管理者评估的更大考虑因素中的一个投入，以实现一个均衡、多元化的投资组合。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b0dbd18a17b1632df436a855a968ed74\" tg-width=\"750\" tg-height=\"536\" width=\"100%\" height=\"auto\">Investors had been pulling cash out of American Century Investment’s Fundamental Equity Fund for years before its 2016 rebranding. Three years later and under a new name, the Sustainable Equity Fund brought in a net $1.7 billion.</p><p><blockquote>在 American Century Investment 的 Fundamental Equity Fund 2016 年更名之前，投资者多年来一直在从该基金中撤出现金。三年后，以新名称，可持续股票基金带来了 17 亿美元的净收入。</blockquote></p><p> “To us, that was an affirmation that we made the right changes,” said American Century Vice President Joe Reiland. “The performance was getting better, the investment community was more interested in investing sustainably and it made us more marketable to clients.”</p><p><blockquote>“美国世纪副总裁乔-雷兰德（Joe Reiland）说：”对我们来说，这是对我们做出正确改变的肯定。“业绩越来越好，投资界对可持续投资更感兴趣，这让我们对客户更有市场。”</blockquote></p><p> The fund beat the S&amp;P 500 over the past five years and boasts its portfolio companies emit 67% fewer greenhouse gases than the index, according to the fund’s sustainability report. The fund dumped shares of 12 firms during the transition includingExxon MobilCorp.while adding electric-vehicle makerTeslaInc.</p><p><blockquote>根据该基金的可持续发展报告，该基金在过去五年中的表现优于标普500，其投资组合公司的温室气体排放量比该指数少 67%。该基金在过渡期间抛售了 12 家公司的股票，其中包括 Xxxon MobilCorp.，同时增持了电动汽车制造商特斯拉公司。</blockquote></p><p> It keptConocoPhillips,even though it is a big greenhouse-gas emitter, because it was shifting more toward sustainability, Mr. Reiland said. “After analyzing the two, ConocoPhillips was demonstrating the ability to become an ESG leader over Exxon,” Mr. Reiland said.</p><p><blockquote>雷兰德先生说，尽管康菲石油公司是一个温室气体排放大国，但它仍然保留了它，因为它正在更多地转向可持续发展。“Reiland 先生说：”在分析了这两家公司之后，康菲石油公司证明了其有能力成为超越埃克森美孚的 ESG 领导者。</blockquote></p><p> Other companies frequently dumped by rebranded funds were oil-and-gas producerDevon EnergyCorp., tobacco firmPhilip Morris InternationalInc.and aerospace companiesGeneral DynamicsCorp.andBoeingCo., according to a Journal analysis of constituents of 43 funds with historical data.</p><p><blockquote>根据期刊对 43 只具有历史数据的基金的成分分析，其他经常被更名基金抛售的公司包括石油和天然气生产商德文能源公司、烟草公司菲利普莫里斯国际公司以及航空航天公司通用动力公司和波音公司。</blockquote></p><p></p><p> Rebranded funds typically bought tech companies such as chip makerTexas InstrumentsInc.and software makerCadence Design SystemsInc.One reason sustainable funds have done well is because technology companies have trounced energy stocks in the past few years. Nearly 70% of 286 sustainable funds ranked in the top half of their performance category last year, according to Morningstar.</p><p><blockquote>更名基金通常购买芯片制造商德州仪器（Texas InstrumentsInc.）和软件制造商Cadence Design SystemsInc.）等科技公司。可持续基金表现良好的原因之一是科技公司在过去几年中击败了能源股。晨星公司的数据显示，去年 286 只可持续基金中，近 70% 的基金在其业绩类别中排名前半。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d72cd6458ddd8969b6e5d5eaa8001530\" tg-width=\"743\" tg-height=\"524\" width=\"100%\" height=\"auto\">Assets in Putnam Investments’ Putnam Multi-Cap Growth and Multi-Cap Value funds were hovering near their lowest point since the early 2000s when the company rebranded both funds.</p><p><blockquote>Putnam Investments 旗下的 Putnam Multi-Cap Growth 和 Multi-Cap Value 基金的资产一直徘徊在 2000 年代初该公司对这两只基金进行品牌重塑以来的最低点附近。</blockquote></p><p> Assets of the rechristened Putnam Sustainable Leaders Fund rose by 66% to $6.5 billion as of this June. ThePutnam Sustainable Future Fundgrew its assets by 93% to $649 million, according to the Journal’s analysis. Both funds have outperformed their benchmarks and the S&amp;P 500 in the past three years after periods of mixed performance prior to rebranding.</p><p><blockquote>截至今年6月，更名为普特南可持续领袖基金的资产增长了66%，达到65亿美元。根据该杂志的分析，普特南可持续未来基金的资产增长了 93%，达到 6.49 亿美元。在品牌重塑之前经历了一段时间的好坏参半之后，这两只基金在过去三年中的表现都优于其基准和标普500。</blockquote></p><p> The Sustainable Future Fund underwent the most dramatic change, shifting 75% of its portfolio to focus on sustainable firms, according to Putnam’s head of sustainable investing, Katherine Collins. “There are a wide range of approaches that folks are taking in developing sustainable funds, and for Putnam it was pretty far into the heavy-lift side of things.”</p><p><blockquote>普特南可持续投资主管凯瑟琳-柯林斯（Katherine Collins）表示，可持续未来基金经历了最剧烈的变化，将其 75% 的投资组合转向了可持续企业。“在开发可持续基金时，人们采取了多种多样的方法，对普特南来说，这已经走得太远了。”</blockquote></p><p> Stocks in energy firms like ConocoPhillips were dropped, and renewable-resource firms were added such as solar-panel makerSunrunInc.,which was a top contributor to the fund’s 2020 performance.</p><p><blockquote>康菲石油公司（ConocoPhillips）等能源公司的股票下跌，太阳能电池板制造商SunrunInc.等可再生资源公司的股票也被纳入，后者是该基金2020年业绩的最大贡献者。</blockquote></p><p> “We’re happy not just with the numbers but with how those numbers have been generated,” Ms. Collins said.</p><p><blockquote>“柯林斯女士说：”我们不仅对这些数字感到满意，还对这些数字的产生方式感到满意。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/funds-go-green-but-sometimes-in-name-only-11631179801?mod=markets_lead_pos5\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/funds-go-green-but-sometimes-in-name-only-11631179801?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117582991","content_text":"Companies are turning their struggling funds green to capture the flood of cash into sustainable investments.\n\nFund companies are rebranding their out-of-fashion investment offerings as green, hoping to grab a portion of the cash pouring into sustainable products. In some cases, the rebranding has been in name only.\nLast year, companies that manage mutual funds and exchange-traded funds rebranded a record 25 funds as sustainable, according to Morningstar. They say these funds have adopted investment strategies that utilize data on companies’ environmental, social and governance performance to pick stocks. Since 2013, fund companies have rebranded 64 funds, which had $35 billion in assets as of June.\nThe American Century Fundamental Equity Fund is now theSustainable Equity Fund, the USAA World Growth Fund is theUSAA Sustainable World Fundand the Putnam Multi-Cap Growth Fund is now thePutnam Sustainable Leaders Fund. Assets for all three are up since the rebrandings.\nMany of these funds are actively managed and were experiencing chronic outflows prior to rebranding, said Morningstar Head of Sustainability Research Jon Hale. “You have big fund companies with an inventory of funds, a lot of which aren’t really attracting assets anymore, saying ‘OK, here’s this new investment trend happening; what do we do?’” Mr. Hale said.\nThe shift is akin to a car company freshening up a tired model. Actively managed funds, which are run by stock pickers, have been losing investor cash for years. Similar funds with a sustainable label have been raking in money, according to Morningstar.\nOf the 64 rebranded funds, 35 were suffering from investor withdrawals in the three years before they went green, according to a Wall Street Journal analysis of Morningstar data. At 13 of the funds, investors began putting in cash again. At 45, new cash plus the rising stock market have boosted overall assets.\nThe $1.5 billion USAA Sustainable World Fund holds nearly $100 million in shares of 47 fossil-fuel companies, according to data from shareholder advocacy group As You Sow, the most of any repurposed fund. Last year, Victory Capital Management Inc. changed the fund’s name from USAA World Growth Fund.\nA disclosure was added to the fund’s prospectus noting ESG ratings are considered but fund managers may disagree with a raters’ conclusion. The Sustainable World Fund continued to hold shares of companies such as mining firmRio TintoPLC and purchased shares in oil-and-gas companies after rebranding.\n“We believe incorporating ESG considerations into a portfolio should be an input under a larger mosaic of considerations any manager evaluates to achieve a well-balanced, diversified portfolio,” said Mannik S. Dhillon, president of VictoryShares & Solutions, an investment adviser for USAA.\nInvestors had been pulling cash out of American Century Investment’s Fundamental Equity Fund for years before its 2016 rebranding. Three years later and under a new name, the Sustainable Equity Fund brought in a net $1.7 billion.\n“To us, that was an affirmation that we made the right changes,” said American Century Vice President Joe Reiland. “The performance was getting better, the investment community was more interested in investing sustainably and it made us more marketable to clients.”\nThe fund beat the S&P 500 over the past five years and boasts its portfolio companies emit 67% fewer greenhouse gases than the index, according to the fund’s sustainability report. The fund dumped shares of 12 firms during the transition includingExxon MobilCorp.while adding electric-vehicle makerTeslaInc.\nIt keptConocoPhillips,even though it is a big greenhouse-gas emitter, because it was shifting more toward sustainability, Mr. Reiland said. “After analyzing the two, ConocoPhillips was demonstrating the ability to become an ESG leader over Exxon,” Mr. Reiland said.\nOther companies frequently dumped by rebranded funds were oil-and-gas producerDevon EnergyCorp., tobacco firmPhilip Morris InternationalInc.and aerospace companiesGeneral DynamicsCorp.andBoeingCo., according to a Journal analysis of constituents of 43 funds with historical data.\nRebranded funds typically bought tech companies such as chip makerTexas InstrumentsInc.and software makerCadence Design SystemsInc.One reason sustainable funds have done well is because technology companies have trounced energy stocks in the past few years. Nearly 70% of 286 sustainable funds ranked in the top half of their performance category last year, according to Morningstar.\nAssets in Putnam Investments’ Putnam Multi-Cap Growth and Multi-Cap Value funds were hovering near their lowest point since the early 2000s when the company rebranded both funds.\nAssets of the rechristened Putnam Sustainable Leaders Fund rose by 66% to $6.5 billion as of this June. ThePutnam Sustainable Future Fundgrew its assets by 93% to $649 million, according to the Journal’s analysis. Both funds have outperformed their benchmarks and the S&P 500 in the past three years after periods of mixed performance prior to rebranding.\nThe Sustainable Future Fund underwent the most dramatic change, shifting 75% of its portfolio to focus on sustainable firms, according to Putnam’s head of sustainable investing, Katherine Collins. “There are a wide range of approaches that folks are taking in developing sustainable funds, and for Putnam it was pretty far into the heavy-lift side of things.”\nStocks in energy firms like ConocoPhillips were dropped, and renewable-resource firms were added such as solar-panel makerSunrunInc.,which was a top contributor to the fund’s 2020 performance.\n“We’re happy not just with the numbers but with how those numbers have been generated,” Ms. Collins said.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2298,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889580645,"gmtCreate":1631158025588,"gmtModify":1631891264761,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"\"Chipping\" all the way to the bank","listText":"\"Chipping\" all the way to the bank","text":"\"Chipping\" all the way to the bank","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/889580645","repostId":"1135345797","repostType":4,"repost":{"id":"1135345797","kind":"news","pubTimestamp":1631156729,"share":"https://www.laohunote.com/m/news/1135345797?lang=zh_CN&edition=full","pubTime":"2021-09-09 11:05","market":"us","language":"en","title":"Micron Is Too Cheap To Ignore<blockquote>美光太便宜了，不容忽视</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135345797","media":"Seeking Alpha","summary":"I invest mainly in secular growth companies and would, therefore, avoid Micron because the memory and storage segment is highly cyclical.Micron is reporting strong growth in the past few quarters and this trend is expected to remain positive over the next couple of years.Micron Technology is a cyclical play within the semiconductor industry and I prefer to invest in secular growth companies, but its valuation is so cheap that it makes a very compelling investment right now.Micron is one of the l","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>I invest mainly in secular growth companies and would, therefore, avoid Micron because the memory and storage segment is highly cyclical.</li>  <li>Micron is reporting strong growth in the past few quarters and this trend is expected to remain positive over the next couple of years.</li>  <li>Its valuation at less than 7x forward earnings is very undemanding and makes it a good cyclical play in the semiconductor industry.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea6943b055b8a3f717a6e1f6c038c065\" tg-width=\"1536\" tg-height=\"1025\" referrerpolicy=\"no-referrer\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>我主要投资于长期成长型公司，因此会避开美光，因为内存和存储领域具有高度周期性。</li><li>美光在过去几个季度报告了强劲的增长，预计这一趋势将在未来几年保持积极。</li><li>其估值不到预期市盈率的 7 倍，要求很低，使其成为半导体行业良好的周期性投资。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Micron Technology</b>(MU) is a cyclical play within the semiconductor industry and I prefer to invest in secular growth companies, but its valuation is so cheap that it makes a very compelling investment right now.</p><p><blockquote><b>美光科技</b>(MU) 是半导体行业内的周期性公司，我更喜欢投资长期增长的公司，但其估值如此便宜，以至于目前是一项非常有吸引力的投资。</blockquote></p><p> <b>Company Overview</b></p><p><blockquote><b>公司概况</b></blockquote></p><p> Micron&nbsp;is one of the largest semiconductor companies in the world, measured by its more than $21 billion in revenues generated last year. The company is focused on the memory and storage products segment, through its DRAM, NAND and NOR technologies. By technology, DRAM is by far the most important one, being responsible for more than two thirds of Micron's revenues.</p><p><blockquote>美光是世界上最大的半导体公司之一，去年的收入超过 210 亿美元。该公司通过其 DRAM、NAND 和 NOR 技术专注于内存和存储产品领域。就技术而言，DRAM是迄今为止最重要的，占美光收入的三分之二以上。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7be545bd7d6fd523fcb30ebd5c8171d1\" tg-width=\"1007\" tg-height=\"230\" referrerpolicy=\"no-referrer\"><span>Source: Micron.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美光。</span></p></blockquote></p><p> Micron was founded in 1978 and is nowadays present in some 17 countries around the world and has 13 manufacturing sites and 14 customer labs in the U.S., China&nbsp;Mainland, Taiwan and other areas. It is traded on the NASDAQ and has a market value of about $83 billion.</p><p><blockquote>美光成立于1978年，目前业务遍及全球约17个国家，在美国、中国大陆、台湾等地区拥有13个生产基地和14个客户实验室。它在纳斯达克交易，市值约为830亿美元。</blockquote></p><p> The semiconductor industry faces fierce competition and this means that for Micron to remain competitive it must invest continuously in new products and technologies to differentiate itself from other players. Its closest competitors are&nbsp;<b>Samsung Electronics</b>(OTC:SSNLF) and SK Hynix, two companies based in South Korea, thus manufacturing costs is also an important factor for Micron to be competitive in the marketplace. According to Statista, Samsung is the largest player in this market segment, followed by SK and Micron, while other players have much smaller market shares.</p><p><blockquote>半导体行业面临激烈的竞争，这意味着美光要想保持竞争力，就必须不断投资于新产品和新技术，以区别于其他参与者。其最接近的竞争对手是<b>三星电子</b>（场外交易所代码：SSNLF）和SK海力士这两家总部位于韩国的公司，因此制造成本也是美光在市场上具有竞争力的重要因素。根据Statista的数据，三星是这一细分市场中最大的参与者，其次是SK和美光，而其他参与者的市场份额要小得多。</blockquote></p><p> Even though the semiconductor industry is generally considered to be a cyclical industry, its prospects are quite good due to new technologies that are expected to boost demand over the next few years.</p><p><blockquote>尽管半导体行业通常被认为是一个周期性行业，但由于新技术有望在未来几年提振需求，其前景相当不错。</blockquote></p><p> <b>Growth</b></p><p><blockquote><b>增长</b></blockquote></p><p> As I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road.</p><p><blockquote>正如我在之前一篇关于“ASML：长期投资者的绝佳公司”的文章中分析的那样，半导体行业具有非常好的长期增长前景，因为有几个创新来源应该会支持未来许多年的增长。</blockquote></p><p> Modern technology is constantly changing and new developments are constantly pushing for new applications of microchips, including memory and storage. The volume of data is expected to grow strongly over the coming years, through technological advances like 5G, Big Data, autonomous vehicles, the internet of things, beyond others. This backdrop is very positive for Micron's growth, being specifically exposed to secular growth trends of AI, 5G, machine learning and autonomous vehicles.</p><p><blockquote>现代技术在不断变化，新的发展不断推动微芯片的新应用，包括存储器和存储。通过5G、大数据、自动驾驶汽车、物联网等技术进步，预计未来几年数据量将强劲增长。这一背景对美光的增长非常积极，特别是接触到人工智能、5G、机器学习和自动驾驶汽车的长期增长趋势。</blockquote></p><p> This means that Micron is directly exposed to several growth sources over the coming years and its total addressable market is expected to increase substantially over the next decade. This secular growth trend was even accelerated by the coronavirus pandemic, with demand for gaming, laptops and other products increasing rapidly, being a strong cyclical support for Micron's growth beyond its secular growth tailwinds.</p><p><blockquote>这意味着美光在未来几年将直接接触到多个增长来源，其总潜在市场预计将在未来十年大幅增长。这种长期增长趋势甚至因冠状病毒大流行而加速，对游戏、笔记本电脑和其他产品的需求快速增长，成为美光超越其长期增长顺风增长的强大周期性支持。</blockquote></p><p> According to&nbsp;MarketWatch, the semiconductor memory market is expected to be around $134 in annual sales by 2027, a compounded annual growth rate of 5.9% from 2021-27. Even though this is a positive backdrop, the overall semiconductor industry is projected to grow at a CAGR of 8.6% during 2021-28, thus the memory market may not be the best sub-sector to be exposed to secular growth trends supporting this industry over the coming years. However, Micron has a higher estimate of the total available market for memory and storage by 2024, thus growth opportunities for the company may be higher than what the market is currently expecting.</p><p><blockquote>根据MarketWatch的数据，预计到2027年，半导体存储器市场的年销售额将达到134美元左右，2021-27年的复合年增长率为5.9%。尽管这是一个积极的背景，但整个半导体行业预计在2021-28年期间将以8.6%的CAGR增长，因此存储器市场可能不是未来几年支持该行业的长期增长趋势的最佳子行业。然而，美光对 2024 年内存和存储总可用市场的估计更高，因此该公司的增长机会可能高于市场目前的预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58b60021e186ca242433f7923d10fbb7\" tg-width=\"380\" tg-height=\"315\" referrerpolicy=\"no-referrer\"><span>Source: Micron.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美光。</span></p></blockquote></p><p></p><p> Despite good growth prospects over the coming years, the memory and storage segment is usually considered more cyclical than other segments and costumers are structurally reluctant to enter into long-term, fixed-price commitments. This means that Micron is highly exposed to the supply/demand situation in the market and its pricing power is somewhat low over the medium to long term.</p><p><blockquote>尽管未来几年的增长前景良好，但内存和存储领域通常被认为比其他领域更具周期性，而且客户在结构上不愿做出长期固定价格承诺。这意味着美光高度暴露于市场的供需状况，其定价能力在中长期内有些偏低。</blockquote></p><p> Beyond that, the company also accepts orders that may be adjusted in terms of pricing by the time of shipment, showing that even in the short-term its pricing power is rather low. This is also why the company does not consider its order backlog to be a good indicator of future sales, which means that forecasting Micron's revenues and earnings in a time frame of 3-5 years is a tough exercise that most likely will be incorrect compared to the actual numbers the company will report in the succeeding periods.</p><p><blockquote>除此之外，该公司还接受可能根据发货时间在定价方面进行调整的订单，这表明即使在短期内，其定价能力也相当低。这也是该公司不认为其订单积压是未来销售的良好指标的原因，这意味着预测美光在 3-5 年的时间范围内的收入和盈利是一项艰巨的任务，与实际数字相比，很可能是不正确的公司将在后续期间报告。</blockquote></p><p> <b>Financial Overview</b></p><p><blockquote><b>财务概览</b></blockquote></p><p> Regarding its financial performance, Micron has a mixed history showing that its business is clearly cyclical and can report strong swings on an annual basis. Indeed, even though Micron's revenues have increased at a compounded annual growth rate (CAGR) of 17.4% from fiscal years (FY) 2016-20 (which end s in September), its revenues declined by 23% in FY 2019 and 8.4% in FY 2020. Moreover, its net income is also highly volatile, reporting $14 billion in FY 2018 and only $2.7 billion in FY 2020.</p><p><blockquote>关于其财务业绩，美光的历史好坏参半，表明其业务明显具有周期性，并且每年都会出现强劲波动。事实上，尽管美光的收入较 2016-20 财年（截至 9 月）的复合年增长率 (CAGR) 为 17.4%，但其收入在 2019 财年下降了 23%，在 2020 财年下降了 8.4%。此外，其净利润也高度波动，2018财年为140亿美元，2020财年仅为27亿美元。</blockquote></p><p> This clearly shows that Micron is highly exposed to the ups and downs of the market, which can change quite dramatically in a short period of time. This can also be seen by Micron's long-term trend of its EBITDA margin, which is highly volatile even though it has consistently improved over the years.</p><p><blockquote>这清楚地表明，美光高度暴露于市场的起伏，而市场在短时间内可能会发生相当剧烈的变化。这一点也可以从美光EBITDA利润率的长期趋势中看出，尽管多年来一直在改善，但EBITDA利润率波动性很大。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/459155c1caccc19e677c71474158f979\" tg-width=\"291\" tg-height=\"286\" referrerpolicy=\"no-referrer\"><span>Source: Micron.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美光。</span></p></blockquote></p><p> More recently, Micron's business has been on a better operating momentum, to some extent driven by the pandemic, with demand for consumer electronics increasing substantially across the globe, which was a strong tailwind for the memory and storage chip market, while other segments reported lower demand, such as automotive.</p><p><blockquote>最近，美光的业务运营势头有所改善，这在一定程度上是受到疫情的推动，全球对消费电子产品的需求大幅增长，这对内存和存储芯片市场来说是一个强劲的推动力，而其他细分市场则报告需求较低，例如汽车。</blockquote></p><p> This mixed backdrop resulted in lower revenues during the&nbsp;FY 2020, due to a large extent from lower DRAM prices that impacted negatively Micron's revenues and gross margin, Its revenues amounted to $21.4 billion (-8.4% YoY) and its gross margin declined to 31% (vs. 46% in FY 2019). Sales of NAND products increased during the year, boosted by data center customers, but were not enough to offset weakness in the DRAM segment. Regarding costs and R&amp;D, Micron has a good discipline and these costs did not increase significantly compared to the previous year. Micron's bottom-line declined by 57% YoY to $2.7 billion, and its EPS was $2.37 (vs. $5.51 per share in FY 2019).</p><p><blockquote>这种复杂的背景导致 2020 财年收入下降，这在很大程度上是由于 DRAM 价格下降对美光的收入和毛利率产生了负面影响，其收入达到 214 亿美元（同比下降 8.4%），毛利率下降至 31%（2019 财年为 46%）。在数据中心客户的推动下，NAND 产品的销售额在年内有所增长，但不足以抵消 DRAM 分部的疲软。在成本和研发方面，美光有很好的纪律，这些成本与上一年相比并没有大幅增加。美光的利润同比下降 57% 至 27 亿美元，每股收益为 2.37 美元（2019 财年为每股 5.51 美元）。</blockquote></p><p> During the first nine months of FY 2021, Micron has reported a very strong operating momentum which has enabled it to offset the loss of Huawei as a costumer due to U.S. sanctions (it represented about 12% of Micron's revenues in FY 2019).</p><p><blockquote>在2021财年的前九个月，美光报告了非常强劲的运营势头，这使其能够抵消华为作为客户因美国制裁而造成的损失（这约占美光2019财年收入的12%）。</blockquote></p><p> In the&nbsp;third quarter of FY 2021, its revenues were 7.4 billion (+36% YoY) boosted by DRAM that reported revenue growth of 52% YoY, due to higher volumes and prices, while NAND's revenues were up by 9% YoY. Its net income more than double from the third quarter of FY 2020, to $2.17 billion, and its net profit margin improved to 29% (vs. 17% in the same quarter of last year). Its free cash flow was $1.5 billion in the quarter, a very good level of cash flow generation compared to accounting profit.</p><p><blockquote>2021财年第三季度，其收入为74亿美元（同比增长36%），这得益于DRAM，由于销量和价格上涨，DRAM报告收入同比增长52%，而NAND的收入同比增长9%。其净利润较2020财年第三季度翻了一番多，达到21.7亿美元，净利润率提高到29%（去年同期为17%）。该季度的自由现金流为 15 亿美元，与会计利润相比，现金流产生水平非常好。</blockquote></p><p> Going forward, Micron is very positive about the demand outlook in the memory segment, supported by data center costumers and new product developments that should support volume growth in the coming years. On the other hand, there is some negative sentiment in the market about future memory prices, which would be negative for the company's revenue growth in the coming quarters. For instance, a&nbsp;<b>Morgan Stanley</b>(MS) analyst has recently downgraded Micron because he expect s DRAM prices to be in a late stage cycle has the supply-demand situation is becoming more balanced.</p><p><blockquote>展望未来，美光对存储器领域的需求前景非常乐观，数据中心客户和新产品开发将支持未来几年的销量增长。另一方面，市场上对未来内存价格存在一些负面情绪，这将对公司未来几个季度的收入增长产生负面影响。例如，一个<b>摩根士丹利</b>(MS)分析师最近下调了美光的评级，因为他预计DRAM价格将处于周期的后期，供需形势正变得更加平衡。</blockquote></p><p> Nevertheless, according to&nbsp;analysts' estimates, Micron should report higher revenues in FY 2022 and FY 2023 (to $36.7 billion and $40 billion, respectively) and the business is only expected to slow down thereafter. Its bottom-line is estimated to go up by 86% YoY in FY 2022, but to drop in the following years, which show to some extent that Micron's current strong growth may not be sustainable over the medium term.</p><p><blockquote>尽管如此，根据分析师的估计，美光在 2022 财年和 2023 财年应该会报告更高的收入（分别达到 367 亿美元和 400 亿美元），此后业务预计只会放缓。其利润预计在2022财年将同比增长86%，但在随后几年将下降，这在一定程度上表明美光目前的强劲增长在中期内可能不可持续。</blockquote></p><p> Regarding its balance sheet, Micron has a good situation, given that its net cash position was around $3.1 billion at the end of last quarter, thus its financial profile is strong and it can return excess capital to shareholders.</p><p><blockquote>关于其资产负债表，美光的情况良好，鉴于其上季度末的净现金头寸约为31亿美元，因此其财务状况强劲，可以将多余资本返还给股东。</blockquote></p><p></p><p> Indeed, Micron has performed historically share buybacks, but more recently decided to start distributing a&nbsp;dividend, which shows some confidence about the company's future business prospects and its ability to return capital to shareholders in a recurring basis. Its quarterly dividend was set at only $0.10 per share, which lead to a modest dividend yield, but the goal is to gradually increase the dividend over the next few years.</p><p><blockquote>事实上，美光历来曾进行过股票回购，但最近决定开始派发股息，这表明对公司未来的业务前景及其定期向股东返还资本的能力充满信心。其季度股息仅为每股0.10美元，这导致股息收益率适中，但目标是在未来几年逐步提高股息。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Micron is reporting strong growth and medium-term prospects are good due to several growth trends of AI, 5G and others. However, the memory market is highly cyclical and there are some worries that its current strong trend may not last much.</p><p><blockquote>由于人工智能、5G等多个增长趋势，美光报告增长强劲，中期前景良好。然而，内存市场具有高度周期性，有人担心其当前的强劲趋势可能不会持续太久。</blockquote></p><p> The semiconductor industry has secular long-term growth prospects, but in my opinion the best way to invest in this theme is through companies that have some sort of competitive advantage and pricing power, such as&nbsp;<b>ASML</b>(ASML) that has a monopoly in the EUV technology. Micron does not fit that criteria and for that reason I was inclined to avoid it.</p><p><blockquote>半导体行业具有长期增长前景，但在我看来，投资这一主题的最佳方式是通过具有某种竞争优势和定价权的公司，例如<b>阿斯麦</b>（ASML）垄断了 EUV 技术。美光不符合这个标准，因此我倾向于避免它。</blockquote></p><p> However, I find its&nbsp;valuation&nbsp;as ridiculously cheap, given that based on 2022 and 2023 earnings it is currently trading at less than 7x forward earnings. This is extremely undemanding and even if earnings estimates come down somewhat, Micron would still be trading at a much lower valuation than its peers and its own historical average (about 11.5x over the past five years).</p><p><blockquote>然而，我发现它的估值便宜得离谱，因为根据 2022 年和 2023 年的收益，它目前的交易价格不到远期收益的 7 倍。这要求极低，即使盈利预期有所下降，美光的交易估值仍将远低于同行和自身历史平均水平（过去五年约为 11.5 倍）。</blockquote></p><p> This means that even though Micron is a cyclical play within the semiconductor industry (my investment approach is to buy mainly secular growth companies), its valuation is too much cheap to ignore and upside potential looks good if pricing in the memory market remains strong. I have bought a small stake in Micron (about 3% of my portfolio) and intend to hold it for a while, but if pricing in the memory market starts to show weakness I most likely will sell my stake.</p><p><blockquote>这意味着，尽管美光是半导体行业的周期性公司（我的投资方法是主要购买长期成长型公司），但其估值太便宜了，不容忽视，如果内存市场的定价保持强劲，上行潜力看起来不错。我已经购买了美光的少量股份（约占我投资组合的 3%），并打算持有一段时间，但如果内存市场的定价开始出现疲软，我很可能会出售我的股份。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Micron Is Too Cheap To Ignore<blockquote>美光太便宜了，不容忽视</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicron Is Too Cheap To Ignore<blockquote>美光太便宜了，不容忽视</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-09 11:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>I invest mainly in secular growth companies and would, therefore, avoid Micron because the memory and storage segment is highly cyclical.</li>  <li>Micron is reporting strong growth in the past few quarters and this trend is expected to remain positive over the next couple of years.</li>  <li>Its valuation at less than 7x forward earnings is very undemanding and makes it a good cyclical play in the semiconductor industry.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea6943b055b8a3f717a6e1f6c038c065\" tg-width=\"1536\" tg-height=\"1025\" referrerpolicy=\"no-referrer\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>我主要投资于长期成长型公司，因此会避开美光，因为内存和存储领域具有高度周期性。</li><li>美光在过去几个季度报告了强劲的增长，预计这一趋势将在未来几年保持积极。</li><li>其估值不到预期市盈率的 7 倍，要求很低，使其成为半导体行业良好的周期性投资。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Micron Technology</b>(MU) is a cyclical play within the semiconductor industry and I prefer to invest in secular growth companies, but its valuation is so cheap that it makes a very compelling investment right now.</p><p><blockquote><b>美光科技</b>(MU) 是半导体行业内的周期性公司，我更喜欢投资长期增长的公司，但其估值如此便宜，以至于目前是一项非常有吸引力的投资。</blockquote></p><p> <b>Company Overview</b></p><p><blockquote><b>公司概况</b></blockquote></p><p> Micron&nbsp;is one of the largest semiconductor companies in the world, measured by its more than $21 billion in revenues generated last year. The company is focused on the memory and storage products segment, through its DRAM, NAND and NOR technologies. By technology, DRAM is by far the most important one, being responsible for more than two thirds of Micron's revenues.</p><p><blockquote>美光是世界上最大的半导体公司之一，去年的收入超过 210 亿美元。该公司通过其 DRAM、NAND 和 NOR 技术专注于内存和存储产品领域。就技术而言，DRAM是迄今为止最重要的，占美光收入的三分之二以上。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7be545bd7d6fd523fcb30ebd5c8171d1\" tg-width=\"1007\" tg-height=\"230\" referrerpolicy=\"no-referrer\"><span>Source: Micron.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美光。</span></p></blockquote></p><p> Micron was founded in 1978 and is nowadays present in some 17 countries around the world and has 13 manufacturing sites and 14 customer labs in the U.S., China&nbsp;Mainland, Taiwan and other areas. It is traded on the NASDAQ and has a market value of about $83 billion.</p><p><blockquote>美光成立于1978年，目前业务遍及全球约17个国家，在美国、中国大陆、台湾等地区拥有13个生产基地和14个客户实验室。它在纳斯达克交易，市值约为830亿美元。</blockquote></p><p> The semiconductor industry faces fierce competition and this means that for Micron to remain competitive it must invest continuously in new products and technologies to differentiate itself from other players. Its closest competitors are&nbsp;<b>Samsung Electronics</b>(OTC:SSNLF) and SK Hynix, two companies based in South Korea, thus manufacturing costs is also an important factor for Micron to be competitive in the marketplace. According to Statista, Samsung is the largest player in this market segment, followed by SK and Micron, while other players have much smaller market shares.</p><p><blockquote>半导体行业面临激烈的竞争，这意味着美光要想保持竞争力，就必须不断投资于新产品和新技术，以区别于其他参与者。其最接近的竞争对手是<b>三星电子</b>（场外交易所代码：SSNLF）和SK海力士这两家总部位于韩国的公司，因此制造成本也是美光在市场上具有竞争力的重要因素。根据Statista的数据，三星是这一细分市场中最大的参与者，其次是SK和美光，而其他参与者的市场份额要小得多。</blockquote></p><p> Even though the semiconductor industry is generally considered to be a cyclical industry, its prospects are quite good due to new technologies that are expected to boost demand over the next few years.</p><p><blockquote>尽管半导体行业通常被认为是一个周期性行业，但由于新技术有望在未来几年提振需求，其前景相当不错。</blockquote></p><p> <b>Growth</b></p><p><blockquote><b>增长</b></blockquote></p><p> As I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road.</p><p><blockquote>正如我在之前一篇关于“ASML：长期投资者的绝佳公司”的文章中分析的那样，半导体行业具有非常好的长期增长前景，因为有几个创新来源应该会支持未来许多年的增长。</blockquote></p><p> Modern technology is constantly changing and new developments are constantly pushing for new applications of microchips, including memory and storage. The volume of data is expected to grow strongly over the coming years, through technological advances like 5G, Big Data, autonomous vehicles, the internet of things, beyond others. This backdrop is very positive for Micron's growth, being specifically exposed to secular growth trends of AI, 5G, machine learning and autonomous vehicles.</p><p><blockquote>现代技术在不断变化，新的发展不断推动微芯片的新应用，包括存储器和存储。通过5G、大数据、自动驾驶汽车、物联网等技术进步，预计未来几年数据量将强劲增长。这一背景对美光的增长非常积极，特别是接触到人工智能、5G、机器学习和自动驾驶汽车的长期增长趋势。</blockquote></p><p> This means that Micron is directly exposed to several growth sources over the coming years and its total addressable market is expected to increase substantially over the next decade. This secular growth trend was even accelerated by the coronavirus pandemic, with demand for gaming, laptops and other products increasing rapidly, being a strong cyclical support for Micron's growth beyond its secular growth tailwinds.</p><p><blockquote>这意味着美光在未来几年将直接接触到多个增长来源，其总潜在市场预计将在未来十年大幅增长。这种长期增长趋势甚至因冠状病毒大流行而加速，对游戏、笔记本电脑和其他产品的需求快速增长，成为美光超越其长期增长顺风增长的强大周期性支持。</blockquote></p><p> According to&nbsp;MarketWatch, the semiconductor memory market is expected to be around $134 in annual sales by 2027, a compounded annual growth rate of 5.9% from 2021-27. Even though this is a positive backdrop, the overall semiconductor industry is projected to grow at a CAGR of 8.6% during 2021-28, thus the memory market may not be the best sub-sector to be exposed to secular growth trends supporting this industry over the coming years. However, Micron has a higher estimate of the total available market for memory and storage by 2024, thus growth opportunities for the company may be higher than what the market is currently expecting.</p><p><blockquote>根据MarketWatch的数据，预计到2027年，半导体存储器市场的年销售额将达到134美元左右，2021-27年的复合年增长率为5.9%。尽管这是一个积极的背景，但整个半导体行业预计在2021-28年期间将以8.6%的CAGR增长，因此存储器市场可能不是未来几年支持该行业的长期增长趋势的最佳子行业。然而，美光对 2024 年内存和存储总可用市场的估计更高，因此该公司的增长机会可能高于市场目前的预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58b60021e186ca242433f7923d10fbb7\" tg-width=\"380\" tg-height=\"315\" referrerpolicy=\"no-referrer\"><span>Source: Micron.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美光。</span></p></blockquote></p><p></p><p> Despite good growth prospects over the coming years, the memory and storage segment is usually considered more cyclical than other segments and costumers are structurally reluctant to enter into long-term, fixed-price commitments. This means that Micron is highly exposed to the supply/demand situation in the market and its pricing power is somewhat low over the medium to long term.</p><p><blockquote>尽管未来几年的增长前景良好，但内存和存储领域通常被认为比其他领域更具周期性，而且客户在结构上不愿做出长期固定价格承诺。这意味着美光高度暴露于市场的供需状况，其定价能力在中长期内有些偏低。</blockquote></p><p> Beyond that, the company also accepts orders that may be adjusted in terms of pricing by the time of shipment, showing that even in the short-term its pricing power is rather low. This is also why the company does not consider its order backlog to be a good indicator of future sales, which means that forecasting Micron's revenues and earnings in a time frame of 3-5 years is a tough exercise that most likely will be incorrect compared to the actual numbers the company will report in the succeeding periods.</p><p><blockquote>除此之外，该公司还接受可能根据发货时间在定价方面进行调整的订单，这表明即使在短期内，其定价能力也相当低。这也是该公司不认为其订单积压是未来销售的良好指标的原因，这意味着预测美光在 3-5 年的时间范围内的收入和盈利是一项艰巨的任务，与实际数字相比，很可能是不正确的公司将在后续期间报告。</blockquote></p><p> <b>Financial Overview</b></p><p><blockquote><b>财务概览</b></blockquote></p><p> Regarding its financial performance, Micron has a mixed history showing that its business is clearly cyclical and can report strong swings on an annual basis. Indeed, even though Micron's revenues have increased at a compounded annual growth rate (CAGR) of 17.4% from fiscal years (FY) 2016-20 (which end s in September), its revenues declined by 23% in FY 2019 and 8.4% in FY 2020. Moreover, its net income is also highly volatile, reporting $14 billion in FY 2018 and only $2.7 billion in FY 2020.</p><p><blockquote>关于其财务业绩，美光的历史好坏参半，表明其业务明显具有周期性，并且每年都会出现强劲波动。事实上，尽管美光的收入较 2016-20 财年（截至 9 月）的复合年增长率 (CAGR) 为 17.4%，但其收入在 2019 财年下降了 23%，在 2020 财年下降了 8.4%。此外，其净利润也高度波动，2018财年为140亿美元，2020财年仅为27亿美元。</blockquote></p><p> This clearly shows that Micron is highly exposed to the ups and downs of the market, which can change quite dramatically in a short period of time. This can also be seen by Micron's long-term trend of its EBITDA margin, which is highly volatile even though it has consistently improved over the years.</p><p><blockquote>这清楚地表明，美光高度暴露于市场的起伏，而市场在短时间内可能会发生相当剧烈的变化。这一点也可以从美光EBITDA利润率的长期趋势中看出，尽管多年来一直在改善，但EBITDA利润率波动性很大。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/459155c1caccc19e677c71474158f979\" tg-width=\"291\" tg-height=\"286\" referrerpolicy=\"no-referrer\"><span>Source: Micron.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美光。</span></p></blockquote></p><p> More recently, Micron's business has been on a better operating momentum, to some extent driven by the pandemic, with demand for consumer electronics increasing substantially across the globe, which was a strong tailwind for the memory and storage chip market, while other segments reported lower demand, such as automotive.</p><p><blockquote>最近，美光的业务运营势头有所改善，这在一定程度上是受到疫情的推动，全球对消费电子产品的需求大幅增长，这对内存和存储芯片市场来说是一个强劲的推动力，而其他细分市场则报告需求较低，例如汽车。</blockquote></p><p> This mixed backdrop resulted in lower revenues during the&nbsp;FY 2020, due to a large extent from lower DRAM prices that impacted negatively Micron's revenues and gross margin, Its revenues amounted to $21.4 billion (-8.4% YoY) and its gross margin declined to 31% (vs. 46% in FY 2019). Sales of NAND products increased during the year, boosted by data center customers, but were not enough to offset weakness in the DRAM segment. Regarding costs and R&amp;D, Micron has a good discipline and these costs did not increase significantly compared to the previous year. Micron's bottom-line declined by 57% YoY to $2.7 billion, and its EPS was $2.37 (vs. $5.51 per share in FY 2019).</p><p><blockquote>这种复杂的背景导致 2020 财年收入下降，这在很大程度上是由于 DRAM 价格下降对美光的收入和毛利率产生了负面影响，其收入达到 214 亿美元（同比下降 8.4%），毛利率下降至 31%（2019 财年为 46%）。在数据中心客户的推动下，NAND 产品的销售额在年内有所增长，但不足以抵消 DRAM 分部的疲软。在成本和研发方面，美光有很好的纪律，这些成本与上一年相比并没有大幅增加。美光的利润同比下降 57% 至 27 亿美元，每股收益为 2.37 美元（2019 财年为每股 5.51 美元）。</blockquote></p><p> During the first nine months of FY 2021, Micron has reported a very strong operating momentum which has enabled it to offset the loss of Huawei as a costumer due to U.S. sanctions (it represented about 12% of Micron's revenues in FY 2019).</p><p><blockquote>在2021财年的前九个月，美光报告了非常强劲的运营势头，这使其能够抵消华为作为客户因美国制裁而造成的损失（这约占美光2019财年收入的12%）。</blockquote></p><p> In the&nbsp;third quarter of FY 2021, its revenues were 7.4 billion (+36% YoY) boosted by DRAM that reported revenue growth of 52% YoY, due to higher volumes and prices, while NAND's revenues were up by 9% YoY. Its net income more than double from the third quarter of FY 2020, to $2.17 billion, and its net profit margin improved to 29% (vs. 17% in the same quarter of last year). Its free cash flow was $1.5 billion in the quarter, a very good level of cash flow generation compared to accounting profit.</p><p><blockquote>2021财年第三季度，其收入为74亿美元（同比增长36%），这得益于DRAM，由于销量和价格上涨，DRAM报告收入同比增长52%，而NAND的收入同比增长9%。其净利润较2020财年第三季度翻了一番多，达到21.7亿美元，净利润率提高到29%（去年同期为17%）。该季度的自由现金流为 15 亿美元，与会计利润相比，现金流产生水平非常好。</blockquote></p><p> Going forward, Micron is very positive about the demand outlook in the memory segment, supported by data center costumers and new product developments that should support volume growth in the coming years. On the other hand, there is some negative sentiment in the market about future memory prices, which would be negative for the company's revenue growth in the coming quarters. For instance, a&nbsp;<b>Morgan Stanley</b>(MS) analyst has recently downgraded Micron because he expect s DRAM prices to be in a late stage cycle has the supply-demand situation is becoming more balanced.</p><p><blockquote>展望未来，美光对存储器领域的需求前景非常乐观，数据中心客户和新产品开发将支持未来几年的销量增长。另一方面，市场上对未来内存价格存在一些负面情绪，这将对公司未来几个季度的收入增长产生负面影响。例如，一个<b>摩根士丹利</b>(MS)分析师最近下调了美光的评级，因为他预计DRAM价格将处于周期的后期，供需形势正变得更加平衡。</blockquote></p><p> Nevertheless, according to&nbsp;analysts' estimates, Micron should report higher revenues in FY 2022 and FY 2023 (to $36.7 billion and $40 billion, respectively) and the business is only expected to slow down thereafter. Its bottom-line is estimated to go up by 86% YoY in FY 2022, but to drop in the following years, which show to some extent that Micron's current strong growth may not be sustainable over the medium term.</p><p><blockquote>尽管如此，根据分析师的估计，美光在 2022 财年和 2023 财年应该会报告更高的收入（分别达到 367 亿美元和 400 亿美元），此后业务预计只会放缓。其利润预计在2022财年将同比增长86%，但在随后几年将下降，这在一定程度上表明美光目前的强劲增长在中期内可能不可持续。</blockquote></p><p> Regarding its balance sheet, Micron has a good situation, given that its net cash position was around $3.1 billion at the end of last quarter, thus its financial profile is strong and it can return excess capital to shareholders.</p><p><blockquote>关于其资产负债表，美光的情况良好，鉴于其上季度末的净现金头寸约为31亿美元，因此其财务状况强劲，可以将多余资本返还给股东。</blockquote></p><p></p><p> Indeed, Micron has performed historically share buybacks, but more recently decided to start distributing a&nbsp;dividend, which shows some confidence about the company's future business prospects and its ability to return capital to shareholders in a recurring basis. Its quarterly dividend was set at only $0.10 per share, which lead to a modest dividend yield, but the goal is to gradually increase the dividend over the next few years.</p><p><blockquote>事实上，美光历来曾进行过股票回购，但最近决定开始派发股息，这表明对公司未来的业务前景及其定期向股东返还资本的能力充满信心。其季度股息仅为每股0.10美元，这导致股息收益率适中，但目标是在未来几年逐步提高股息。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Micron is reporting strong growth and medium-term prospects are good due to several growth trends of AI, 5G and others. However, the memory market is highly cyclical and there are some worries that its current strong trend may not last much.</p><p><blockquote>由于人工智能、5G等多个增长趋势，美光报告增长强劲，中期前景良好。然而，内存市场具有高度周期性，有人担心其当前的强劲趋势可能不会持续太久。</blockquote></p><p> The semiconductor industry has secular long-term growth prospects, but in my opinion the best way to invest in this theme is through companies that have some sort of competitive advantage and pricing power, such as&nbsp;<b>ASML</b>(ASML) that has a monopoly in the EUV technology. Micron does not fit that criteria and for that reason I was inclined to avoid it.</p><p><blockquote>半导体行业具有长期增长前景，但在我看来，投资这一主题的最佳方式是通过具有某种竞争优势和定价权的公司，例如<b>阿斯麦</b>（ASML）垄断了 EUV 技术。美光不符合这个标准，因此我倾向于避免它。</blockquote></p><p> However, I find its&nbsp;valuation&nbsp;as ridiculously cheap, given that based on 2022 and 2023 earnings it is currently trading at less than 7x forward earnings. This is extremely undemanding and even if earnings estimates come down somewhat, Micron would still be trading at a much lower valuation than its peers and its own historical average (about 11.5x over the past five years).</p><p><blockquote>然而，我发现它的估值便宜得离谱，因为根据 2022 年和 2023 年的收益，它目前的交易价格不到远期收益的 7 倍。这要求极低，即使盈利预期有所下降，美光的交易估值仍将远低于同行和自身历史平均水平（过去五年约为 11.5 倍）。</blockquote></p><p> This means that even though Micron is a cyclical play within the semiconductor industry (my investment approach is to buy mainly secular growth companies), its valuation is too much cheap to ignore and upside potential looks good if pricing in the memory market remains strong. I have bought a small stake in Micron (about 3% of my portfolio) and intend to hold it for a while, but if pricing in the memory market starts to show weakness I most likely will sell my stake.</p><p><blockquote>这意味着，尽管美光是半导体行业的周期性公司（我的投资方法是主要购买长期成长型公司），但其估值太便宜了，不容忽视，如果内存市场的定价保持强劲，上行潜力看起来不错。我已经购买了美光的少量股份（约占我投资组合的 3%），并打算持有一段时间，但如果内存市场的定价开始出现疲软，我很可能会出售我的股份。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4453997-micron-is-too-cheap-to-ignore\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MU":"美光科技"},"source_url":"https://seekingalpha.com/article/4453997-micron-is-too-cheap-to-ignore","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135345797","content_text":"Summary\n\nI invest mainly in secular growth companies and would, therefore, avoid Micron because the memory and storage segment is highly cyclical.\nMicron is reporting strong growth in the past few quarters and this trend is expected to remain positive over the next couple of years.\nIts valuation at less than 7x forward earnings is very undemanding and makes it a good cyclical play in the semiconductor industry.\n\nSundry Photography/iStock Editorial via Getty Images\nMicron Technology(MU) is a cyclical play within the semiconductor industry and I prefer to invest in secular growth companies, but its valuation is so cheap that it makes a very compelling investment right now.\nCompany Overview\nMicron is one of the largest semiconductor companies in the world, measured by its more than $21 billion in revenues generated last year. The company is focused on the memory and storage products segment, through its DRAM, NAND and NOR technologies. By technology, DRAM is by far the most important one, being responsible for more than two thirds of Micron's revenues.\nSource: Micron.\nMicron was founded in 1978 and is nowadays present in some 17 countries around the world and has 13 manufacturing sites and 14 customer labs in the U.S., China Mainland, Taiwan and other areas. It is traded on the NASDAQ and has a market value of about $83 billion.\nThe semiconductor industry faces fierce competition and this means that for Micron to remain competitive it must invest continuously in new products and technologies to differentiate itself from other players. Its closest competitors are Samsung Electronics(OTC:SSNLF) and SK Hynix, two companies based in South Korea, thus manufacturing costs is also an important factor for Micron to be competitive in the marketplace. According to Statista, Samsung is the largest player in this market segment, followed by SK and Micron, while other players have much smaller market shares.\nEven though the semiconductor industry is generally considered to be a cyclical industry, its prospects are quite good due to new technologies that are expected to boost demand over the next few years.\nGrowth\nAs I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road.\nModern technology is constantly changing and new developments are constantly pushing for new applications of microchips, including memory and storage. The volume of data is expected to grow strongly over the coming years, through technological advances like 5G, Big Data, autonomous vehicles, the internet of things, beyond others. This backdrop is very positive for Micron's growth, being specifically exposed to secular growth trends of AI, 5G, machine learning and autonomous vehicles.\nThis means that Micron is directly exposed to several growth sources over the coming years and its total addressable market is expected to increase substantially over the next decade. This secular growth trend was even accelerated by the coronavirus pandemic, with demand for gaming, laptops and other products increasing rapidly, being a strong cyclical support for Micron's growth beyond its secular growth tailwinds.\nAccording to MarketWatch, the semiconductor memory market is expected to be around $134 in annual sales by 2027, a compounded annual growth rate of 5.9% from 2021-27. Even though this is a positive backdrop, the overall semiconductor industry is projected to grow at a CAGR of 8.6% during 2021-28, thus the memory market may not be the best sub-sector to be exposed to secular growth trends supporting this industry over the coming years. However, Micron has a higher estimate of the total available market for memory and storage by 2024, thus growth opportunities for the company may be higher than what the market is currently expecting.\nSource: Micron.\nDespite good growth prospects over the coming years, the memory and storage segment is usually considered more cyclical than other segments and costumers are structurally reluctant to enter into long-term, fixed-price commitments. This means that Micron is highly exposed to the supply/demand situation in the market and its pricing power is somewhat low over the medium to long term.\nBeyond that, the company also accepts orders that may be adjusted in terms of pricing by the time of shipment, showing that even in the short-term its pricing power is rather low. This is also why the company does not consider its order backlog to be a good indicator of future sales, which means that forecasting Micron's revenues and earnings in a time frame of 3-5 years is a tough exercise that most likely will be incorrect compared to the actual numbers the company will report in the succeeding periods.\nFinancial Overview\nRegarding its financial performance, Micron has a mixed history showing that its business is clearly cyclical and can report strong swings on an annual basis. Indeed, even though Micron's revenues have increased at a compounded annual growth rate (CAGR) of 17.4% from fiscal years (FY) 2016-20 (which end s in September), its revenues declined by 23% in FY 2019 and 8.4% in FY 2020. Moreover, its net income is also highly volatile, reporting $14 billion in FY 2018 and only $2.7 billion in FY 2020.\nThis clearly shows that Micron is highly exposed to the ups and downs of the market, which can change quite dramatically in a short period of time. This can also be seen by Micron's long-term trend of its EBITDA margin, which is highly volatile even though it has consistently improved over the years.\nSource: Micron.\nMore recently, Micron's business has been on a better operating momentum, to some extent driven by the pandemic, with demand for consumer electronics increasing substantially across the globe, which was a strong tailwind for the memory and storage chip market, while other segments reported lower demand, such as automotive.\nThis mixed backdrop resulted in lower revenues during the FY 2020, due to a large extent from lower DRAM prices that impacted negatively Micron's revenues and gross margin, Its revenues amounted to $21.4 billion (-8.4% YoY) and its gross margin declined to 31% (vs. 46% in FY 2019). Sales of NAND products increased during the year, boosted by data center customers, but were not enough to offset weakness in the DRAM segment. Regarding costs and R&D, Micron has a good discipline and these costs did not increase significantly compared to the previous year. Micron's bottom-line declined by 57% YoY to $2.7 billion, and its EPS was $2.37 (vs. $5.51 per share in FY 2019).\nDuring the first nine months of FY 2021, Micron has reported a very strong operating momentum which has enabled it to offset the loss of Huawei as a costumer due to U.S. sanctions (it represented about 12% of Micron's revenues in FY 2019).\nIn the third quarter of FY 2021, its revenues were 7.4 billion (+36% YoY) boosted by DRAM that reported revenue growth of 52% YoY, due to higher volumes and prices, while NAND's revenues were up by 9% YoY. Its net income more than double from the third quarter of FY 2020, to $2.17 billion, and its net profit margin improved to 29% (vs. 17% in the same quarter of last year). Its free cash flow was $1.5 billion in the quarter, a very good level of cash flow generation compared to accounting profit.\nGoing forward, Micron is very positive about the demand outlook in the memory segment, supported by data center costumers and new product developments that should support volume growth in the coming years. On the other hand, there is some negative sentiment in the market about future memory prices, which would be negative for the company's revenue growth in the coming quarters. For instance, a Morgan Stanley(MS) analyst has recently downgraded Micron because he expect s DRAM prices to be in a late stage cycle has the supply-demand situation is becoming more balanced.\nNevertheless, according to analysts' estimates, Micron should report higher revenues in FY 2022 and FY 2023 (to $36.7 billion and $40 billion, respectively) and the business is only expected to slow down thereafter. Its bottom-line is estimated to go up by 86% YoY in FY 2022, but to drop in the following years, which show to some extent that Micron's current strong growth may not be sustainable over the medium term.\nRegarding its balance sheet, Micron has a good situation, given that its net cash position was around $3.1 billion at the end of last quarter, thus its financial profile is strong and it can return excess capital to shareholders.\nIndeed, Micron has performed historically share buybacks, but more recently decided to start distributing a dividend, which shows some confidence about the company's future business prospects and its ability to return capital to shareholders in a recurring basis. Its quarterly dividend was set at only $0.10 per share, which lead to a modest dividend yield, but the goal is to gradually increase the dividend over the next few years.\nBottom Line\nMicron is reporting strong growth and medium-term prospects are good due to several growth trends of AI, 5G and others. However, the memory market is highly cyclical and there are some worries that its current strong trend may not last much.\nThe semiconductor industry has secular long-term growth prospects, but in my opinion the best way to invest in this theme is through companies that have some sort of competitive advantage and pricing power, such as ASML(ASML) that has a monopoly in the EUV technology. Micron does not fit that criteria and for that reason I was inclined to avoid it.\nHowever, I find its valuation as ridiculously cheap, given that based on 2022 and 2023 earnings it is currently trading at less than 7x forward earnings. This is extremely undemanding and even if earnings estimates come down somewhat, Micron would still be trading at a much lower valuation than its peers and its own historical average (about 11.5x over the past five years).\nThis means that even though Micron is a cyclical play within the semiconductor industry (my investment approach is to buy mainly secular growth companies), its valuation is too much cheap to ignore and upside potential looks good if pricing in the memory market remains strong. I have bought a small stake in Micron (about 3% of my portfolio) and intend to hold it for a while, but if pricing in the memory market starts to show weakness I most likely will sell my stake.","news_type":1,"symbols_score_info":{"MU":0.9}},"isVote":1,"tweetType":1,"viewCount":2086,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811666777,"gmtCreate":1630317916999,"gmtModify":1704958339485,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Three freaking hours! Sheez! Over my dead body","listText":"Three freaking hours! Sheez! Over my dead body","text":"Three freaking hours! Sheez! Over my dead body","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/811666777","repostId":"1103245806","repostType":4,"isVote":1,"tweetType":1,"viewCount":3003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811122606,"gmtCreate":1630299946305,"gmtModify":1704958053913,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Bet David lives up to his name - king (CASH)","listText":"Bet David lives up to his name - king (CASH)","text":"Bet David lives up to his name - king (CASH)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/811122606","repostId":"1153646467","repostType":4,"isVote":1,"tweetType":1,"viewCount":3529,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836038694,"gmtCreate":1629435831018,"gmtModify":1631883953429,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Best absorb with pinch of salt, coz not end of story \"wink wink\"","listText":"Best absorb with pinch of salt, coz not end of story \"wink wink\"","text":"Best absorb with pinch of salt, coz not end of story \"wink wink\"","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836038694","repostId":"1113659023","repostType":4,"isVote":1,"tweetType":1,"viewCount":2798,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839048830,"gmtCreate":1629110672220,"gmtModify":1631887209709,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Get real will ya? It's enormously huge appetite","listText":"Get real will ya? It's enormously huge appetite","text":"Get real will ya? It's enormously huge appetite","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/839048830","repostId":"1145442681","repostType":4,"isVote":1,"tweetType":1,"viewCount":2705,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893976358,"gmtCreate":1628234307674,"gmtModify":1631891264766,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Skillz has its name implies = SKILL","listText":"Skillz has its name implies = SKILL","text":"Skillz has its name implies = SKILL","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893976358","repostId":"2157837430","repostType":4,"isVote":1,"tweetType":1,"viewCount":3113,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899007869,"gmtCreate":1628139493451,"gmtModify":1631891264770,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Quote - Old ginger still \"HOT\"","listText":"Quote - Old ginger still \"HOT\"","text":"Quote - Old ginger still \"HOT\"","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899007869","repostId":"1169931259","repostType":4,"isVote":1,"tweetType":1,"viewCount":2348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890970346,"gmtCreate":1628080173685,"gmtModify":1631891264775,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Giddy-up baby!","listText":"Giddy-up baby!","text":"Giddy-up baby!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890970346","repostId":"1100026966","repostType":4,"repost":{"id":"1100026966","kind":"news","pubTimestamp":1628078445,"share":"https://www.laohunote.com/m/news/1100026966?lang=zh_CN&edition=full","pubTime":"2021-08-04 20:00","market":"sg","language":"en","title":"Grab breaks company record with strong Q1 results<blockquote>Grab 凭借强劲的第一季度业绩打破公司记录</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100026966","media":"Singapore Business","summary":"As it prepares for its initial public listing, Grab announced milestone results in Q1 2021.\n\nGrab Ho","content":"<p>  <b><i>As it prepares for its initial public listing, Grab announced milestone results in Q1 2021.</i></b>  Grab Holdings Inc. recorded an upward trend in their financial report for the first quarter of&nbsp;(Q1) 2021 as they work towards registering as a publicly-traded company.</p><p><blockquote><b><i>在准备首次公开上市时，Grab 公布了 2021 年第一季度的里程碑式业绩。</i></b>Grab Holdings Inc.在2021年第一季度（Q1）的财务报告中记录了上升趋势，因为他们正在努力注册为上市公司。</blockquote></p><p> The recorded adjusted net sales reached a record-high $507m, with a 39% growth from last year. This resulted in revenue amounting to $216m.</p><p><blockquote>经调整后的净销售额达到创纪录的 5.07 亿美元，比去年增长 39%。这导致收入达到 2.16 亿美元。</blockquote></p><p> The company also reached its highest quarterly total payments volume at a growth of 18%.</p><p><blockquote>该公司的季度总支付量也达到了最高水平，增长了 18%。</blockquote></p><p> Grab also reported a boost in their adjusted earnings before interest, taxes, depreciation, and amortization&nbsp;(EBITDA) at $111m, which improved by $233m on a yearly basis.</p><p><blockquote>Grab 还报告称，调整后的息税折旧摊销前利润 (EBITDA) 增至 1.11 亿美元，同比增长 2.33 亿美元。</blockquote></p><p> As of 31 March, Grab has a total of $4.9b cash and cash equivalents, an uptick of&nbsp; $1.4b from the $3.5b shown last 31 December 2020.</p><p><blockquote>截至3月31日，Grab的现金和现金等价物总额为49亿美元，比2020年12月31日显示的35亿美元增加了14亿美元。</blockquote></p><p> Grab also took note of several areas of growth in their services, which includes GrabMart&nbsp;app download statistics and mobility.</p><p><blockquote>Grab还注意到其服务的几个增长领域，包括GrabMart应用程序下载统计和移动性。</blockquote></p><p> This comes amidst the difficulties posed to them by the COVID-19 pandemic and restrictions.</p><p><blockquote>这是在新冠肺炎疫情和限制给他们带来的困难中发生的。</blockquote></p><p> Peter Oey, CFO of Grab, confirmed that these achievements were notable for Grab as a company.</p><p><blockquote>Grab 首席财务官 Peter Oey 证实，这些成就对于 Grab 作为一家公司来说意义重大。</blockquote></p><p> “We exceeded our internal targets for adjusted net sales and adjusted EBITDA for Q1 2021, and continued the strong growth momentum of our deliveries business.”</p><p><blockquote>“我们超过了 2021 年第一季度调整后净销售额和调整后 EBITDA 的内部目标，并延续了快递业务的强劲增长势头。”</blockquote></p><p> These achievements come as Grab continues to work on their proposed merger with Altimeter Growth Corporation, a technology-focused investment firm.</p><p><blockquote>这些成就是在 Grab 继续推进与专注于技术的投资公司 Altimeter Growth Corporation 的合并提案之际取得的。</blockquote></p><p> Grab CEO and Co-founder&nbsp;Anthony Tan&nbsp;sees this as a positive showing as they move closer to their public listing.</p><p><blockquote>Grab 首席执行官兼联合创始人 Anthony Tan 认为这是一个积极的迹象，因为他们离公开上市越来越近。</blockquote></p><p> “As we prepare to become a listed company, we’re sharing our first-ever quarterly financial results and we continue to deliver strong growth, despite the ongoing impact of COVID-19. Southeast Asian consumers trust Grab to meet their everyday needs in a growing number of ways, and we are excited about the emerging growth opportunities we see in our grocery delivery and financial services offerings.”</p><p><blockquote>“在我们准备成为上市公司之际，我们首次公布了季度财务业绩，尽管受到 COVID-19 的持续影响，但我们仍继续实现强劲增长。东南亚消费者越来越相信 Grab 能以越来越多的方式满足他们的日常需求，我们对杂货配送和金融服务产品中出现的新兴增长机会感到兴奋。”</blockquote></p><p></p>","source":"lsy1618986048053","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>Grab breaks company record with strong Q1 results<blockquote>Grab 凭借强劲的第一季度业绩打破公司记录</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGrab breaks company record with strong Q1 results<blockquote>Grab 凭借强劲的第一季度业绩打破公司记录</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Singapore Business</strong><span class=\"h-time small\">2021-08-04 20:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b><i>As it prepares for its initial public listing, Grab announced milestone results in Q1 2021.</i></b>  Grab Holdings Inc. recorded an upward trend in their financial report for the first quarter of&nbsp;(Q1) 2021 as they work towards registering as a publicly-traded company.</p><p><blockquote><b><i>在准备首次公开上市时，Grab 公布了 2021 年第一季度的里程碑式业绩。</i></b>Grab Holdings Inc.在2021年第一季度（Q1）的财务报告中记录了上升趋势，因为他们正在努力注册为上市公司。</blockquote></p><p> The recorded adjusted net sales reached a record-high $507m, with a 39% growth from last year. This resulted in revenue amounting to $216m.</p><p><blockquote>经调整后的净销售额达到创纪录的 5.07 亿美元，比去年增长 39%。这导致收入达到 2.16 亿美元。</blockquote></p><p> The company also reached its highest quarterly total payments volume at a growth of 18%.</p><p><blockquote>该公司的季度总支付量也达到了最高水平，增长了 18%。</blockquote></p><p> Grab also reported a boost in their adjusted earnings before interest, taxes, depreciation, and amortization&nbsp;(EBITDA) at $111m, which improved by $233m on a yearly basis.</p><p><blockquote>Grab 还报告称，调整后的息税折旧摊销前利润 (EBITDA) 增至 1.11 亿美元，同比增长 2.33 亿美元。</blockquote></p><p> As of 31 March, Grab has a total of $4.9b cash and cash equivalents, an uptick of&nbsp; $1.4b from the $3.5b shown last 31 December 2020.</p><p><blockquote>截至3月31日，Grab的现金和现金等价物总额为49亿美元，比2020年12月31日显示的35亿美元增加了14亿美元。</blockquote></p><p> Grab also took note of several areas of growth in their services, which includes GrabMart&nbsp;app download statistics and mobility.</p><p><blockquote>Grab还注意到其服务的几个增长领域，包括GrabMart应用程序下载统计和移动性。</blockquote></p><p> This comes amidst the difficulties posed to them by the COVID-19 pandemic and restrictions.</p><p><blockquote>这是在新冠肺炎疫情和限制给他们带来的困难中发生的。</blockquote></p><p> Peter Oey, CFO of Grab, confirmed that these achievements were notable for Grab as a company.</p><p><blockquote>Grab 首席财务官 Peter Oey 证实，这些成就对于 Grab 作为一家公司来说意义重大。</blockquote></p><p> “We exceeded our internal targets for adjusted net sales and adjusted EBITDA for Q1 2021, and continued the strong growth momentum of our deliveries business.”</p><p><blockquote>“我们超过了 2021 年第一季度调整后净销售额和调整后 EBITDA 的内部目标，并延续了快递业务的强劲增长势头。”</blockquote></p><p> These achievements come as Grab continues to work on their proposed merger with Altimeter Growth Corporation, a technology-focused investment firm.</p><p><blockquote>这些成就是在 Grab 继续推进与专注于技术的投资公司 Altimeter Growth Corporation 的合并提案之际取得的。</blockquote></p><p> Grab CEO and Co-founder&nbsp;Anthony Tan&nbsp;sees this as a positive showing as they move closer to their public listing.</p><p><blockquote>Grab 首席执行官兼联合创始人 Anthony Tan 认为这是一个积极的迹象，因为他们离公开上市越来越近。</blockquote></p><p> “As we prepare to become a listed company, we’re sharing our first-ever quarterly financial results and we continue to deliver strong growth, despite the ongoing impact of COVID-19. Southeast Asian consumers trust Grab to meet their everyday needs in a growing number of ways, and we are excited about the emerging growth opportunities we see in our grocery delivery and financial services offerings.”</p><p><blockquote>“在我们准备成为上市公司之际，我们首次公布了季度财务业绩，尽管受到 COVID-19 的持续影响，但我们仍继续实现强劲增长。东南亚消费者越来越相信 Grab 能以越来越多的方式满足他们的日常需求，我们对杂货配送和金融服务产品中出现的新兴增长机会感到兴奋。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://sbr.com.sg/transport-logistics/news/grab-breaks-company-record-strong-q1-results\">Singapore Business</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://sbr.com.sg/transport-logistics/news/grab-breaks-company-record-strong-q1-results","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100026966","content_text":"As it prepares for its initial public listing, Grab announced milestone results in Q1 2021.\n\nGrab Holdings Inc. recorded an upward trend in their financial report for the first quarter of (Q1) 2021 as they work towards registering as a publicly-traded company.\nThe recorded adjusted net sales reached a record-high $507m, with a 39% growth from last year. This resulted in revenue amounting to $216m.\nThe company also reached its highest quarterly total payments volume at a growth of 18%.\nGrab also reported a boost in their adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) at $111m, which improved by $233m on a yearly basis.\nAs of 31 March, Grab has a total of $4.9b cash and cash equivalents, an uptick of  $1.4b from the $3.5b shown last 31 December 2020.\nGrab also took note of several areas of growth in their services, which includes GrabMart app download statistics and mobility.\nThis comes amidst the difficulties posed to them by the COVID-19 pandemic and restrictions.\nPeter Oey, CFO of Grab, confirmed that these achievements were notable for Grab as a company.\n“We exceeded our internal targets for adjusted net sales and adjusted EBITDA for Q1 2021, and continued the strong growth momentum of our deliveries business.”\nThese achievements come as Grab continues to work on their proposed merger with Altimeter Growth Corporation, a technology-focused investment firm.\nGrab CEO and Co-founder Anthony Tan sees this as a positive showing as they move closer to their public listing.\n“As we prepare to become a listed company, we’re sharing our first-ever quarterly financial results and we continue to deliver strong growth, despite the ongoing impact of COVID-19. Southeast Asian consumers trust Grab to meet their everyday needs in a growing number of ways, and we are excited about the emerging growth opportunities we see in our grocery delivery and financial services offerings.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804665254,"gmtCreate":1627954611978,"gmtModify":1631891264777,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Jeff unintentionally puncture market ozone, whoops 🤭!","listText":"Jeff unintentionally puncture market ozone, whoops 🤭!","text":"Jeff unintentionally puncture market ozone, whoops 🤭!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/804665254","repostId":"1159936560","repostType":4,"repost":{"id":"1159936560","kind":"news","pubTimestamp":1627953917,"share":"https://www.laohunote.com/m/news/1159936560?lang=zh_CN&edition=full","pubTime":"2021-08-03 09:25","market":"us","language":"en","title":"Jeff Bezos is no longer the richest person on the planet after his net worth drops $13.9 billion in one day<blockquote>杰夫·贝索斯的净资产在一天内下降了139亿美元，他不再是这个星球上最富有的人</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159936560","media":"MarketWatch","summary":"Jeff Bezos momentarily forfeited his title of “richest person on the planet” on July 20 when his Blu","content":"<p>Jeff Bezos momentarily forfeited his title of “richest person on the planet” on July 20 when his Blue Origin spacecraft reached&nbsp;suborbital flight&nbsp;for a few minutes.</p><p><blockquote>7 月 20 日，杰夫·贝索斯乘坐的蓝色起源飞船在亚轨道飞行了几分钟，暂时失去了 “地球上最富有的人 ”的称号。</blockquote></p><p> Now, the multibillionaire is once again without the title, but this time because his net worth actually tumbled — by&nbsp;$13.9 billion&nbsp;in one day.</p><p><blockquote>现在，这位亿万富翁再次失去了头衔，但这一次是因为他的净资产实际上暴跌了——一天之内暴跌了 139 亿美元。</blockquote></p><p> Bezos’ net worth fell because Amazon’s&nbsp;stock price took a hit last week,sliding 7%&nbsp;after the company reported less-than-anticipated second-quarter growth.</p><p><blockquote>贝佐斯的净资产下降是因为亚马逊股价上周受到打击，该公司公布的第二季度增长低于预期，股价下滑了 7%。</blockquote></p><p> The drop in Bezos’ net worth allowed for French tycoon Bernard Arnault to claim the No. 1 spot of the ultra-wealthy. Arnault heads the luxury goods conglomerate LVMH,whose subsidiaries include Louis Vuitton, Sephora, Moët &amp; Chandon and Tiffany &amp; Co.</p><p><blockquote>贝索斯净资产的下降让法国大亨伯纳德-阿尔诺（Bernard Arnault）登上了超级富豪的头把交椅。阿尔诺是奢侈品集团 LVMH 的负责人，该集团的子公司包括路易威登、丝芙兰、酩悦香槟和蒂芙尼公司。</blockquote></p><p> It might seem that a global pandemic and economic recession would set the luxury goods market back a bit, but Arnault remarkably grew his wealth by&nbsp;nearly $100 billion&nbsp;during the first year of the pandemic.</p><p><blockquote>全球疫情和经济衰退似乎会让奢侈品市场稍微倒退，但阿尔诺在疫情的第一年就显著增加了近1000亿美元的财富。</blockquote></p><p> Arnault’s net worth sat at&nbsp;$195.8 billion&nbsp;as of Monday, while Bezos’ hovered at&nbsp;$192.6 billion.</p><p><blockquote>截至周一，阿尔诺的净资产为 1,958 亿美元，而贝佐斯的净资产则徘徊在 1,926 亿美元。</blockquote></p><p> Bezos made history in 2020 as the first person ever to be worth&nbsp;$200 billion, as Amazon enjoyed big gains from pandemic lockdowns.</p><p><blockquote>贝佐斯在 2020 年创造了历史，成为第一个身价达到 2000 亿美元的人，亚马逊从疫情封锁中获得了巨额利润。</blockquote></p><p> The two billionaires had jockeyed for the top spot throughout May and June of this year, but the recent toss up put an end to Bezos’ 50-day streak at the top of the heap, according to&nbsp;Forbes.</p><p><blockquote>据《福布斯》报道，这两位亿万富翁在今年 5 月和 6 月一直在争夺榜首位置，但最近的一场争夺终结了贝索斯 50 天的榜首纪录。</blockquote></p><p> In total, there are 2,755 billionaires worldwide, 86% of which are&nbsp;richer than they were a year ago&nbsp;for a combined $5 trillion increase in wealth in 2020.</p><p><blockquote>全球共有 2,755 位亿万富翁，其中 86% 的亿万富翁比一年前更富有，到 2020 年财富总额将增加 5 万亿美元。</blockquote></p><p> Meanwhile, the median net worth for American families is&nbsp;$121,700.</p><p><blockquote>与此同时，美国家庭的净资产中位数为 121,700 美元。</blockquote></p><p></p>","source":"lsy1603348471595","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>Jeff Bezos is no longer the richest person on the planet after his net worth drops $13.9 billion in one day<blockquote>杰夫·贝索斯的净资产在一天内下降了139亿美元，他不再是这个星球上最富有的人</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJeff Bezos is no longer the richest person on the planet after his net worth drops $13.9 billion in one day<blockquote>杰夫·贝索斯的净资产在一天内下降了139亿美元，他不再是这个星球上最富有的人</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-03 09:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Jeff Bezos momentarily forfeited his title of “richest person on the planet” on July 20 when his Blue Origin spacecraft reached&nbsp;suborbital flight&nbsp;for a few minutes.</p><p><blockquote>7 月 20 日，杰夫·贝索斯乘坐的蓝色起源飞船在亚轨道飞行了几分钟，暂时失去了 “地球上最富有的人 ”的称号。</blockquote></p><p> Now, the multibillionaire is once again without the title, but this time because his net worth actually tumbled — by&nbsp;$13.9 billion&nbsp;in one day.</p><p><blockquote>现在，这位亿万富翁再次失去了头衔，但这一次是因为他的净资产实际上暴跌了——一天之内暴跌了 139 亿美元。</blockquote></p><p> Bezos’ net worth fell because Amazon’s&nbsp;stock price took a hit last week,sliding 7%&nbsp;after the company reported less-than-anticipated second-quarter growth.</p><p><blockquote>贝佐斯的净资产下降是因为亚马逊股价上周受到打击，该公司公布的第二季度增长低于预期，股价下滑了 7%。</blockquote></p><p> The drop in Bezos’ net worth allowed for French tycoon Bernard Arnault to claim the No. 1 spot of the ultra-wealthy. Arnault heads the luxury goods conglomerate LVMH,whose subsidiaries include Louis Vuitton, Sephora, Moët &amp; Chandon and Tiffany &amp; Co.</p><p><blockquote>贝索斯净资产的下降让法国大亨伯纳德-阿尔诺（Bernard Arnault）登上了超级富豪的头把交椅。阿尔诺是奢侈品集团 LVMH 的负责人，该集团的子公司包括路易威登、丝芙兰、酩悦香槟和蒂芙尼公司。</blockquote></p><p> It might seem that a global pandemic and economic recession would set the luxury goods market back a bit, but Arnault remarkably grew his wealth by&nbsp;nearly $100 billion&nbsp;during the first year of the pandemic.</p><p><blockquote>全球疫情和经济衰退似乎会让奢侈品市场稍微倒退，但阿尔诺在疫情的第一年就显著增加了近1000亿美元的财富。</blockquote></p><p> Arnault’s net worth sat at&nbsp;$195.8 billion&nbsp;as of Monday, while Bezos’ hovered at&nbsp;$192.6 billion.</p><p><blockquote>截至周一，阿尔诺的净资产为 1,958 亿美元，而贝佐斯的净资产则徘徊在 1,926 亿美元。</blockquote></p><p> Bezos made history in 2020 as the first person ever to be worth&nbsp;$200 billion, as Amazon enjoyed big gains from pandemic lockdowns.</p><p><blockquote>贝佐斯在 2020 年创造了历史，成为第一个身价达到 2000 亿美元的人，亚马逊从疫情封锁中获得了巨额利润。</blockquote></p><p> The two billionaires had jockeyed for the top spot throughout May and June of this year, but the recent toss up put an end to Bezos’ 50-day streak at the top of the heap, according to&nbsp;Forbes.</p><p><blockquote>据《福布斯》报道，这两位亿万富翁在今年 5 月和 6 月一直在争夺榜首位置，但最近的一场争夺终结了贝索斯 50 天的榜首纪录。</blockquote></p><p> In total, there are 2,755 billionaires worldwide, 86% of which are&nbsp;richer than they were a year ago&nbsp;for a combined $5 trillion increase in wealth in 2020.</p><p><blockquote>全球共有 2,755 位亿万富翁，其中 86% 的亿万富翁比一年前更富有，到 2020 年财富总额将增加 5 万亿美元。</blockquote></p><p> Meanwhile, the median net worth for American families is&nbsp;$121,700.</p><p><blockquote>与此同时，美国家庭的净资产中位数为 121,700 美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/jeff-bezos-is-no-longer-the-richest-person-on-the-planet-after-he-loses-13-9-billion-in-one-day-11627926841?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://www.marketwatch.com/story/jeff-bezos-is-no-longer-the-richest-person-on-the-planet-after-he-loses-13-9-billion-in-one-day-11627926841?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159936560","content_text":"Jeff Bezos momentarily forfeited his title of “richest person on the planet” on July 20 when his Blue Origin spacecraft reached suborbital flight for a few minutes.\nNow, the multibillionaire is once again without the title, but this time because his net worth actually tumbled — by $13.9 billion in one day.\nBezos’ net worth fell because Amazon’s stock price took a hit last week,sliding 7% after the company reported less-than-anticipated second-quarter growth.\nThe drop in Bezos’ net worth allowed for French tycoon Bernard Arnault to claim the No. 1 spot of the ultra-wealthy. Arnault heads the luxury goods conglomerate LVMH,whose subsidiaries include Louis Vuitton, Sephora, Moët & Chandon and Tiffany & Co.\nIt might seem that a global pandemic and economic recession would set the luxury goods market back a bit, but Arnault remarkably grew his wealth by nearly $100 billion during the first year of the pandemic.\nArnault’s net worth sat at $195.8 billion as of Monday, while Bezos’ hovered at $192.6 billion.\nBezos made history in 2020 as the first person ever to be worth $200 billion, as Amazon enjoyed big gains from pandemic lockdowns.\nThe two billionaires had jockeyed for the top spot throughout May and June of this year, but the recent toss up put an end to Bezos’ 50-day streak at the top of the heap, according to Forbes.\nIn total, there are 2,755 billionaires worldwide, 86% of which are richer than they were a year ago for a combined $5 trillion increase in wealth in 2020.\nMeanwhile, the median net worth for American families is $121,700.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1262,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801483283,"gmtCreate":1627527957542,"gmtModify":1631891264782,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Really?&nbsp;[思考]&nbsp;","listText":"Really?&nbsp;[思考]&nbsp;","text":"Really? [思考]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/801483283","repostId":"1184074920","repostType":4,"isVote":1,"tweetType":1,"viewCount":1925,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":803010936,"gmtCreate":1627396125525,"gmtModify":1631887209842,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Oh! Get a life","listText":"Oh! Get a life","text":"Oh! Get a life","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/803010936","repostId":"2154156259","repostType":4,"isVote":1,"tweetType":1,"viewCount":551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174217361,"gmtCreate":1627101072153,"gmtModify":1633767939908,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Me shares power, Me also sucks DATa, Me more powerful&nbsp;","listText":"Me shares power, Me also sucks DATa, Me more powerful&nbsp;","text":"Me shares power, Me also sucks DATa, Me more powerful","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/174217361","repostId":"1109439356","repostType":4,"isVote":1,"tweetType":1,"viewCount":1346,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172920679,"gmtCreate":1626928480291,"gmtModify":1631888967488,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Woah! Care for&nbsp;I'ntl space station snacks anyone? Yum yum","listText":"Woah! Care for&nbsp;I'ntl space station snacks anyone? Yum yum","text":"Woah! Care for I'ntl space station snacks anyone? Yum yum","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172920679","repostId":"1146624774","repostType":4,"repost":{"id":"1146624774","kind":"news","pubTimestamp":1626926115,"share":"https://www.laohunote.com/m/news/1146624774?lang=zh_CN&edition=full","pubTime":"2021-07-22 11:55","market":"us","language":"en","title":"Here's Why Cassava Sciences Is Surging Today<blockquote>这就是木薯科学如今蓬勃发展的原因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146624774","media":"The Motley Fool","summary":"Key Points\n\nCassava Sciences will present the results of an interim analysis for the first 50 Alzhei","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Cassava Sciences will present the results of an interim analysis for the first 50 Alzheimer's disease patients to complete nine months of treatment with its lead candidate, simufilam, in an open-label study.</li> </ul> <h2><b>What happened</b></h2> Shares of&nbsp;<b><a href=\"https://laohu8.com/S/SAVA\">Cassava Sciences Inc</a></b>, a clinical-stage biopharmaceutical company, gained 26.6% as of 3:05 p.m. EDT on Wednesday. Investors are anticipating a new set of clinical-trial data from the company's lead candidate, simufilam, to be presented at the Alzheimer's Association International Conference (AAIC) later this month.</p><p><blockquote><ul><li>Cassava Sciences 将在一项开放标签研究中公布首批 50 名阿尔茨海默病患者的中期分析结果，这些患者完成了其主要候选药物 simufilam 的九个月治疗。</li></ul><h2><b>发生了什么事</b></h2>股份<b><a href=\"https://laohu8.com/S/SAVA\">木薯科学公司</a></b>截至下午 3:05，一家临床阶段生物制药公司上涨 26.6%。美国东部时间周三。投资者预计该公司主要候选药物 simufilam 的一组新的临床试验数据将于本月晚些时候在阿尔茨海默氏症协会国际会议 (AAIC) 上公布。</blockquote></p><p> <h2><b>So what</b></h2> The FDA's controversial approval of Aduhelm from&nbsp;<b><a href=\"https://laohu8.com/S/BIIB\">Biogen</a></b>&nbsp;this June has many retail investors excited about the next potential Alzheimer's disease treatment. More than 6 million Americans are living with this progressive and ultimately fatal form of dementia, and the only available treatmentisn't supported by evidence of efficacy.</p><p><blockquote><h2><b>那又怎样</b></h2>FDA 对 Aduhelm 的争议性批准<b><a href=\"https://laohu8.com/S/BIIB\">百健</a></b>今年六月，许多散户投资者对下一个潜在的阿尔茨海默病治疗方法感到兴奋。超过600万美国人患有这种进行性并最终致命的痴呆症，而唯一可用的治疗方法没有疗效证据支持。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/283ff788d77e7317a9f096803e24ca4f\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\">IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p> Cassava Sciences stock jumped higher on Wednesday because the company simply announced an upcoming presentation at AAIC's annual conference. On July 29, 2021, the company will present new data from a phase 2 trial with simufilam, a potential first-in-class stabilizer of a structural protein called filamin A.</p><p><blockquote>Cassava Sciences 股价周三上涨，因为该公司只是宣布即将在 AAIC 年会上进行演讲。2021年7月29日，该公司将展示simufilam的2期试验的新数据，simufilam是一种名为filamin A的结构蛋白的潜在一流稳定剂。</blockquote></p><p> <h2><b>Now what</b></h2> Signs that simufilam can help slow down patients' loss of cognitive abilities have beenencouragingand worthy of further study. At recent prices, though, Cassava Sciences sports a $4.6 billion market cap. That's a lot for a company with no products to sell and oneexperimental drugin mid-stage testing.</p><p><blockquote><h2><b>现在呢</b></h2>simufilam可以帮助减缓患者认知能力丧失的迹象令人鼓舞，值得进一步研究。不过，按最近的价格计算，Cassava Sciences 的市值为 46 亿美元。对于一家没有产品销售且正在进行中期测试的实验性药物的公司来说，这是一个很大的数字。</blockquote></p><p> Last September, Cassava Sciences showed how 28 days of treatment with simufilam significantly reduced signs of worsening dementia as measured from samples of cerebrospinal fluid (CSF). Cognitive measurements from this phase 2 study showed signs of a benefit compared to a placebo, but the company hasn't even started a phase 3 trial that could support a new drug application.</p><p><blockquote>去年 9 月，Cassava Sciences 展示了 28 天的 simufilam 治疗如何显着减少从脑脊液 (CSF) 样本中测量的痴呆症恶化迹象。这项 2 期研究的认知测量显示出与安慰剂相比有益的迹象，但该公司甚至尚未开始可以支持新药申请的 3 期试验。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here's Why Cassava Sciences Is Surging Today<blockquote>这就是木薯科学如今蓬勃发展的原因</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere's Why Cassava Sciences Is Surging Today<blockquote>这就是木薯科学如今蓬勃发展的原因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Motley Fool</strong><span class=\"h-time small\">2021-07-22 11:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Cassava Sciences will present the results of an interim analysis for the first 50 Alzheimer's disease patients to complete nine months of treatment with its lead candidate, simufilam, in an open-label study.</li> </ul> <h2><b>What happened</b></h2> Shares of&nbsp;<b><a href=\"https://laohu8.com/S/SAVA\">Cassava Sciences Inc</a></b>, a clinical-stage biopharmaceutical company, gained 26.6% as of 3:05 p.m. EDT on Wednesday. Investors are anticipating a new set of clinical-trial data from the company's lead candidate, simufilam, to be presented at the Alzheimer's Association International Conference (AAIC) later this month.</p><p><blockquote><ul><li>Cassava Sciences 将在一项开放标签研究中公布首批 50 名阿尔茨海默病患者的中期分析结果，这些患者完成了其主要候选药物 simufilam 的九个月治疗。</li></ul><h2><b>发生了什么事</b></h2>股份<b><a href=\"https://laohu8.com/S/SAVA\">木薯科学公司</a></b>截至下午 3:05，一家临床阶段生物制药公司上涨 26.6%。美国东部时间周三。投资者预计该公司主要候选药物 simufilam 的一组新的临床试验数据将于本月晚些时候在阿尔茨海默氏症协会国际会议 (AAIC) 上公布。</blockquote></p><p> <h2><b>So what</b></h2> The FDA's controversial approval of Aduhelm from&nbsp;<b><a href=\"https://laohu8.com/S/BIIB\">Biogen</a></b>&nbsp;this June has many retail investors excited about the next potential Alzheimer's disease treatment. More than 6 million Americans are living with this progressive and ultimately fatal form of dementia, and the only available treatmentisn't supported by evidence of efficacy.</p><p><blockquote><h2><b>那又怎样</b></h2>FDA 对 Aduhelm 的争议性批准<b><a href=\"https://laohu8.com/S/BIIB\">百健</a></b>今年六月，许多散户投资者对下一个潜在的阿尔茨海默病治疗方法感到兴奋。超过600万美国人患有这种进行性并最终致命的痴呆症，而唯一可用的治疗方法没有疗效证据支持。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/283ff788d77e7317a9f096803e24ca4f\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\">IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p> Cassava Sciences stock jumped higher on Wednesday because the company simply announced an upcoming presentation at AAIC's annual conference. On July 29, 2021, the company will present new data from a phase 2 trial with simufilam, a potential first-in-class stabilizer of a structural protein called filamin A.</p><p><blockquote>Cassava Sciences 股价周三上涨，因为该公司只是宣布即将在 AAIC 年会上进行演讲。2021年7月29日，该公司将展示simufilam的2期试验的新数据，simufilam是一种名为filamin A的结构蛋白的潜在一流稳定剂。</blockquote></p><p> <h2><b>Now what</b></h2> Signs that simufilam can help slow down patients' loss of cognitive abilities have beenencouragingand worthy of further study. At recent prices, though, Cassava Sciences sports a $4.6 billion market cap. That's a lot for a company with no products to sell and oneexperimental drugin mid-stage testing.</p><p><blockquote><h2><b>现在呢</b></h2>simufilam可以帮助减缓患者认知能力丧失的迹象令人鼓舞，值得进一步研究。不过，按最近的价格计算，Cassava Sciences 的市值为 46 亿美元。对于一家没有产品销售且正在进行中期测试的实验性药物的公司来说，这是一个很大的数字。</blockquote></p><p> Last September, Cassava Sciences showed how 28 days of treatment with simufilam significantly reduced signs of worsening dementia as measured from samples of cerebrospinal fluid (CSF). Cognitive measurements from this phase 2 study showed signs of a benefit compared to a placebo, but the company hasn't even started a phase 3 trial that could support a new drug application.</p><p><blockquote>去年 9 月，Cassava Sciences 展示了 28 天的 simufilam 治疗如何显着减少从脑脊液 (CSF) 样本中测量的痴呆症恶化迹象。这项 2 期研究的认知测量显示出与安慰剂相比有益的迹象，但该公司甚至尚未开始可以支持新药申请的 3 期试验。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/07/21/heres-why-cassava-sciences-is-surging-today/\">The Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIIB":"渤健公司"},"source_url":"https://www.fool.com/investing/2021/07/21/heres-why-cassava-sciences-is-surging-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146624774","content_text":"Key Points\n\nCassava Sciences will present the results of an interim analysis for the first 50 Alzheimer's disease patients to complete nine months of treatment with its lead candidate, simufilam, in an open-label study.\n\nWhat happened\nShares of Cassava Sciences Inc, a clinical-stage biopharmaceutical company, gained 26.6% as of 3:05 p.m. EDT on Wednesday. Investors are anticipating a new set of clinical-trial data from the company's lead candidate, simufilam, to be presented at the Alzheimer's Association International Conference (AAIC) later this month.\nSo what\nThe FDA's controversial approval of Aduhelm from Biogen this June has many retail investors excited about the next potential Alzheimer's disease treatment. More than 6 million Americans are living with this progressive and ultimately fatal form of dementia, and the only available treatmentisn't supported by evidence of efficacy.\nIMAGE SOURCE: GETTY IMAGES.\nCassava Sciences stock jumped higher on Wednesday because the company simply announced an upcoming presentation at AAIC's annual conference. On July 29, 2021, the company will present new data from a phase 2 trial with simufilam, a potential first-in-class stabilizer of a structural protein called filamin A.\nNow what\nSigns that simufilam can help slow down patients' loss of cognitive abilities have beenencouragingand worthy of further study. At recent prices, though, Cassava Sciences sports a $4.6 billion market cap. That's a lot for a company with no products to sell and oneexperimental drugin mid-stage testing.\nLast September, Cassava Sciences showed how 28 days of treatment with simufilam significantly reduced signs of worsening dementia as measured from samples of cerebrospinal fluid (CSF). Cognitive measurements from this phase 2 study showed signs of a benefit compared to a placebo, but the company hasn't even started a phase 3 trial that could support a new drug application.","news_type":1,"symbols_score_info":{"SAVA":0.9,"BIIB":0.9}},"isVote":1,"tweetType":1,"viewCount":733,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146408962,"gmtCreate":1626094654156,"gmtModify":1633930220492,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"&nbsp;Regulatory pressures?","listText":"&nbsp;Regulatory pressures?","text":"Regulatory pressures?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146408962","repostId":"1161734090","repostType":4,"isVote":1,"tweetType":1,"viewCount":696,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149672901,"gmtCreate":1625726307903,"gmtModify":1633937962564,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Hellooooo, stocks mid-year shopping before Christmas ! All right tttt","listText":"Hellooooo, stocks mid-year shopping before Christmas ! All right tttt","text":"Hellooooo, stocks mid-year shopping before Christmas ! All right tttt","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/149672901","repostId":"1112751985","repostType":4,"repost":{"id":"1112751985","kind":"news","pubTimestamp":1625711773,"share":"https://www.laohunote.com/m/news/1112751985?lang=zh_CN&edition=full","pubTime":"2021-07-08 10:36","market":"us","language":"en","title":"Cathie Wood Goes Bargain Hunting: 3 Stocks She Just Bought<blockquote>凯西·伍德 (Cathie Wood) 抄底：她刚刚购买的 3 只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112751985","media":"Nasdaq","summary":"Last year's market guru is rolling again. ARK Invest's Cathie Wood is seeing her exchange-traded fun","content":"<p>Last year's market guru is rolling again. ARK Invest's Cathie Wood is seeing her exchange-traded funds (ETFs)bounce back in recent weeks, regaining the momentum that made her high-growth investing style the envy of fund managers in 2020.</p><p><blockquote>去年的市场大师又开始滚动了。ARK Investment 的 Cathie Wood 最近几周看到她的交易所交易基金 (ETF) 反弹，重新获得了使她的高增长投资风格在 2020 年成为基金经理羡慕的势头。</blockquote></p><p> She's been shopping for bargains these days, and with her strong track record she may have found some this week. On Tuesday she increased her positions in<b><a href=\"https://laohu8.com/S/DIS\">Walt Disney</a></b>(NYSE: DIS),<b>DocuSign</b>(NASDAQ: DOCU), and<b><a href=\"https://laohu8.com/S/PATH\">UiPath</a></b>(NYSE: PATH). Let's take a closer look at her shopping list.<img src=\"https://static.tigerbbs.com/e6d9ca3c185b1bc045d69bb06287cc7e\" tg-width=\"700\" tg-height=\"394\" referrerpolicy=\"no-referrer\">Image source: <a href=\"https://laohu8.com/S/DIS\">Walt Disney</a>.</p><p><blockquote>这些天她一直在买便宜货，凭借她良好的记录，她可能会在本周找到一些。周二，她增加了在<b><a href=\"https://laohu8.com/S/DIS\">华特·迪士尼</a></b>（纽约证券交易所代码：DIS）<b>文档签名</b>（纳斯达克：DOCU），以及<b><a href=\"https://laohu8.com/S/PATH\">UiPath</a></b>（纽约证券交易所代码：PATH）。让我们仔细看看她的购物清单。图片来源：<a href=\"https://laohu8.com/S/DIS\">华特·迪士尼</a>.</blockquote></p><p> <b>Walt Disney</b></p><p><blockquote><b>华特·迪士尼</b></blockquote></p><p> Disney isn't a name investors typically associate with Wood's aggressive growth style of investing, but there's no denying that the House of Mouse can be disruptive. It's a major player in streaming with the success of Disney+ and Hulu. Its 10-figure acquisitions of Pixar, Marvel, and Lucasfilm give it an unmatched catalog of intellectual property. Disney's theme parks are the most visited gated attractions in the world.</p><p><blockquote>投资者通常不会将迪士尼这个名字与伍德激进的增长投资风格联系在一起，但不可否认的是，《老鼠之家》可能具有颠覆性。随着Disney+和Hulu的成功，它是流媒体领域的主要参与者。它对皮克斯、漫威和卢卡斯影业的10位数收购赋予了它无与伦比的知识产权目录。迪士尼的主题公园是世界上游客最多的门控景点。</blockquote></p><p> Disney hit an all-time high just above $203 four months ago, fueled by the success of Disney+ and the market anticipating a reopening of the economy. It has given back some of those gains, and now tradesnearly 15% awayfrom revisiting that high-water mark.</p><p><blockquote>四个月前，迪士尼创下了略高于 203 美元的历史新高，这得益于 Disney+ 的成功和市场对经济重新开放的预期。它已经收回了其中的一些收益，现在距离重新回到高水位水平还有近 15%。</blockquote></p><p> It's hard to bet against Disney. Disney+ has been around for less than two years, and it has already topped 100 million subscribers. Disney films routinely top box office reports, and now that folks are returning to the multiplex, theme park, and eventually cruise ship, Disney is everywhere families will be in the near future.</p><p><blockquote>很难和迪士尼打赌。Disney+诞生还不到两年，就已经突破了1亿用户。迪士尼电影通常是票房最高的报告，现在人们正在回到多厅影院、主题公园，最终是游轮，在不久的将来，迪士尼无处不在。</blockquote></p><p> <b>DocuSign</b></p><p><blockquote><b>文档签名</b></blockquote></p><p> The pandemic made in-office signing of contracts, leases, and other important documents a thing of the past, and there's no going back to wet signatures now. DocuSign has emerged as a niche leader in this booming field, and unlike many companies that thrived through the COVID-19 crisis it's easy to see DocuSign continuing to grow in the next phase of humanity's recovery.</p><p><blockquote>疫情使得在办公室签署合同、租约和其他重要文件成为过去，现在已经不能回到湿签名了。DocuSign 已成为这一蓬勃发展领域的利基领导者，与许多在 COVID-19 危机中蓬勃发展的公司不同，很容易看到 DocuSign 在人类复苏的下一阶段继续增长。</blockquote></p><p> DocuSign has evolved into a full digital documents management specialist, and the growth has been stellar. Revenue rose 39% and then 49% in its last two fiscal years, and the 58% increase it posted in its latest report is its headiest growth as a public company.</p><p><blockquote>DocuSign已经发展成为一个完整的数字文档管理专家，并且增长非常迅猛。过去两个财年的收入增长了 39%，然后增长了 49%，最新报告中公布的 58% 的增长是其作为上市公司最令人兴奋的增长。</blockquote></p><p> This isn't just a top-line growth story. DocuSign is now profitable, and it has beaten Wall Street's profit target by at least 57% in each of the past quarters. The stock peaked in the fall of last year, butit's been rallyingto the point that it's just a good trading day away or two from setting a new high.</p><p><blockquote>这不仅仅是一个顶线增长故事。DocuSign 现已实现盈利，并且在过去每个季度都比华尔街的利润目标至少高出 57%。该股在去年秋天达到顶峰，但一直在反弹，距离创下新高只有一两个交易日的时间了。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/PATH\">UiPath</a></b></p><p><blockquote><b><a href=\"https://laohu8.com/S/PATH\">UiPath</a></b></blockquote></p><p> Finally we have to talk about UiPath. Wood added to her UiPath position in three of ARK Invest's ETFs. UiPath isn't a household name, but it's a name that growth investors are warming up to as a leading provider of enterprise software for robotics and automation.</p><p><blockquote>最后我们不得不谈谈UiPath。Wood 增加了她在 ARK Investment 三只 ETF 中的 UiPath 头寸。UiPath 并不是一个家喻户晓的名字，但作为机器人和自动化企业软件的领先提供商，成长型投资者正在关注它。</blockquote></p><p> UiPath has been public forless than three months, but it's been a wild ride. UiPath went public at $56, peaking at $90 in May before falling back to the high $60s. UiPath is living up to the initial hype with its growth. UiPath's top line rose 65% in its latest quarter, and that follows an 81% top-line pop in fiscal 2021. UiPath is the only name on this list that isn't profitable these days, but the ceiling remains high for the company.</p><p><blockquote>UiPath已经上市三个多月了，但这是一次疯狂的旅程。UiPath 以 56 美元的价格上市，5 月份达到 90 美元的峰值，然后回落至 60 美元的高位。UiPath 的增长不负众望。UiPath 最近一个季度的营收增长了 65%，而 2021 财年的营收增长了 81%。UiPath 是这份名单上唯一一家目前尚未盈利的公司，但该公司的上限仍然很高。</blockquote></p><p> Wood knows what she's doing. It's good to always keep an eye on what she's buying.</p><p><blockquote>伍德知道她在做什么。时刻留意她买的东西是件好事。</blockquote></p><p></p>","source":"lsy1603171495471","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>Cathie Wood Goes Bargain Hunting: 3 Stocks She Just Bought<blockquote>凯西·伍德 (Cathie Wood) 抄底：她刚刚购买的 3 只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCathie Wood Goes Bargain Hunting: 3 Stocks She Just Bought<blockquote>凯西·伍德 (Cathie Wood) 抄底：她刚刚购买的 3 只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Nasdaq</strong><span class=\"h-time small\">2021-07-08 10:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Last year's market guru is rolling again. ARK Invest's Cathie Wood is seeing her exchange-traded funds (ETFs)bounce back in recent weeks, regaining the momentum that made her high-growth investing style the envy of fund managers in 2020.</p><p><blockquote>去年的市场大师又开始滚动了。ARK Investment 的 Cathie Wood 最近几周看到她的交易所交易基金 (ETF) 反弹，重新获得了使她的高增长投资风格在 2020 年成为基金经理羡慕的势头。</blockquote></p><p> She's been shopping for bargains these days, and with her strong track record she may have found some this week. On Tuesday she increased her positions in<b><a href=\"https://laohu8.com/S/DIS\">Walt Disney</a></b>(NYSE: DIS),<b>DocuSign</b>(NASDAQ: DOCU), and<b><a href=\"https://laohu8.com/S/PATH\">UiPath</a></b>(NYSE: PATH). Let's take a closer look at her shopping list.<img src=\"https://static.tigerbbs.com/e6d9ca3c185b1bc045d69bb06287cc7e\" tg-width=\"700\" tg-height=\"394\" referrerpolicy=\"no-referrer\">Image source: <a href=\"https://laohu8.com/S/DIS\">Walt Disney</a>.</p><p><blockquote>这些天她一直在买便宜货，凭借她良好的记录，她可能会在本周找到一些。周二，她增加了在<b><a href=\"https://laohu8.com/S/DIS\">华特·迪士尼</a></b>（纽约证券交易所代码：DIS）<b>文档签名</b>（纳斯达克：DOCU），以及<b><a href=\"https://laohu8.com/S/PATH\">UiPath</a></b>（纽约证券交易所代码：PATH）。让我们仔细看看她的购物清单。图片来源：<a href=\"https://laohu8.com/S/DIS\">华特·迪士尼</a>.</blockquote></p><p> <b>Walt Disney</b></p><p><blockquote><b>华特·迪士尼</b></blockquote></p><p> Disney isn't a name investors typically associate with Wood's aggressive growth style of investing, but there's no denying that the House of Mouse can be disruptive. It's a major player in streaming with the success of Disney+ and Hulu. Its 10-figure acquisitions of Pixar, Marvel, and Lucasfilm give it an unmatched catalog of intellectual property. Disney's theme parks are the most visited gated attractions in the world.</p><p><blockquote>投资者通常不会将迪士尼这个名字与伍德激进的增长投资风格联系在一起，但不可否认的是，《老鼠之家》可能具有颠覆性。随着Disney+和Hulu的成功，它是流媒体领域的主要参与者。它对皮克斯、漫威和卢卡斯影业的10位数收购赋予了它无与伦比的知识产权目录。迪士尼的主题公园是世界上游客最多的门控景点。</blockquote></p><p> Disney hit an all-time high just above $203 four months ago, fueled by the success of Disney+ and the market anticipating a reopening of the economy. It has given back some of those gains, and now tradesnearly 15% awayfrom revisiting that high-water mark.</p><p><blockquote>四个月前，迪士尼创下了略高于 203 美元的历史新高，这得益于 Disney+ 的成功和市场对经济重新开放的预期。它已经收回了其中的一些收益，现在距离重新回到高水位水平还有近 15%。</blockquote></p><p> It's hard to bet against Disney. Disney+ has been around for less than two years, and it has already topped 100 million subscribers. Disney films routinely top box office reports, and now that folks are returning to the multiplex, theme park, and eventually cruise ship, Disney is everywhere families will be in the near future.</p><p><blockquote>很难和迪士尼打赌。Disney+诞生还不到两年，就已经突破了1亿用户。迪士尼电影通常是票房最高的报告，现在人们正在回到多厅影院、主题公园，最终是游轮，在不久的将来，迪士尼无处不在。</blockquote></p><p> <b>DocuSign</b></p><p><blockquote><b>文档签名</b></blockquote></p><p> The pandemic made in-office signing of contracts, leases, and other important documents a thing of the past, and there's no going back to wet signatures now. DocuSign has emerged as a niche leader in this booming field, and unlike many companies that thrived through the COVID-19 crisis it's easy to see DocuSign continuing to grow in the next phase of humanity's recovery.</p><p><blockquote>疫情使得在办公室签署合同、租约和其他重要文件成为过去，现在已经不能回到湿签名了。DocuSign 已成为这一蓬勃发展领域的利基领导者，与许多在 COVID-19 危机中蓬勃发展的公司不同，很容易看到 DocuSign 在人类复苏的下一阶段继续增长。</blockquote></p><p> DocuSign has evolved into a full digital documents management specialist, and the growth has been stellar. Revenue rose 39% and then 49% in its last two fiscal years, and the 58% increase it posted in its latest report is its headiest growth as a public company.</p><p><blockquote>DocuSign已经发展成为一个完整的数字文档管理专家，并且增长非常迅猛。过去两个财年的收入增长了 39%，然后增长了 49%，最新报告中公布的 58% 的增长是其作为上市公司最令人兴奋的增长。</blockquote></p><p> This isn't just a top-line growth story. DocuSign is now profitable, and it has beaten Wall Street's profit target by at least 57% in each of the past quarters. The stock peaked in the fall of last year, butit's been rallyingto the point that it's just a good trading day away or two from setting a new high.</p><p><blockquote>这不仅仅是一个顶线增长故事。DocuSign 现已实现盈利，并且在过去每个季度都比华尔街的利润目标至少高出 57%。该股在去年秋天达到顶峰，但一直在反弹，距离创下新高只有一两个交易日的时间了。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/PATH\">UiPath</a></b></p><p><blockquote><b><a href=\"https://laohu8.com/S/PATH\">UiPath</a></b></blockquote></p><p> Finally we have to talk about UiPath. Wood added to her UiPath position in three of ARK Invest's ETFs. UiPath isn't a household name, but it's a name that growth investors are warming up to as a leading provider of enterprise software for robotics and automation.</p><p><blockquote>最后我们不得不谈谈UiPath。Wood 增加了她在 ARK Investment 三只 ETF 中的 UiPath 头寸。UiPath 并不是一个家喻户晓的名字，但作为机器人和自动化企业软件的领先提供商，成长型投资者正在关注它。</blockquote></p><p> UiPath has been public forless than three months, but it's been a wild ride. UiPath went public at $56, peaking at $90 in May before falling back to the high $60s. UiPath is living up to the initial hype with its growth. UiPath's top line rose 65% in its latest quarter, and that follows an 81% top-line pop in fiscal 2021. UiPath is the only name on this list that isn't profitable these days, but the ceiling remains high for the company.</p><p><blockquote>UiPath已经上市三个多月了，但这是一次疯狂的旅程。UiPath 以 56 美元的价格上市，5 月份达到 90 美元的峰值，然后回落至 60 美元的高位。UiPath 的增长不负众望。UiPath 最近一个季度的营收增长了 65%，而 2021 财年的营收增长了 81%。UiPath 是这份名单上唯一一家目前尚未盈利的公司，但该公司的上限仍然很高。</blockquote></p><p> Wood knows what she's doing. It's good to always keep an eye on what she's buying.</p><p><blockquote>伍德知道她在做什么。时刻留意她买的东西是件好事。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nasdaq.com/articles/cathie-wood-goes-bargain-hunting%3A-3-stocks-she-just-bought-2021-07-07\">Nasdaq</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DOCU":"Docusign","DIS":"迪士尼","PATH":"UiPath"},"source_url":"https://www.nasdaq.com/articles/cathie-wood-goes-bargain-hunting%3A-3-stocks-she-just-bought-2021-07-07","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112751985","content_text":"Last year's market guru is rolling again. ARK Invest's Cathie Wood is seeing her exchange-traded funds (ETFs)bounce back in recent weeks, regaining the momentum that made her high-growth investing style the envy of fund managers in 2020.\nShe's been shopping for bargains these days, and with her strong track record she may have found some this week. On Tuesday she increased her positions inWalt Disney(NYSE: DIS),DocuSign(NASDAQ: DOCU), andUiPath(NYSE: PATH). Let's take a closer look at her shopping list.Image source: Walt Disney.\nWalt Disney\nDisney isn't a name investors typically associate with Wood's aggressive growth style of investing, but there's no denying that the House of Mouse can be disruptive. It's a major player in streaming with the success of Disney+ and Hulu. Its 10-figure acquisitions of Pixar, Marvel, and Lucasfilm give it an unmatched catalog of intellectual property. Disney's theme parks are the most visited gated attractions in the world.\nDisney hit an all-time high just above $203 four months ago, fueled by the success of Disney+ and the market anticipating a reopening of the economy. It has given back some of those gains, and now tradesnearly 15% awayfrom revisiting that high-water mark.\nIt's hard to bet against Disney. Disney+ has been around for less than two years, and it has already topped 100 million subscribers. Disney films routinely top box office reports, and now that folks are returning to the multiplex, theme park, and eventually cruise ship, Disney is everywhere families will be in the near future.\nDocuSign\nThe pandemic made in-office signing of contracts, leases, and other important documents a thing of the past, and there's no going back to wet signatures now. DocuSign has emerged as a niche leader in this booming field, and unlike many companies that thrived through the COVID-19 crisis it's easy to see DocuSign continuing to grow in the next phase of humanity's recovery.\nDocuSign has evolved into a full digital documents management specialist, and the growth has been stellar. Revenue rose 39% and then 49% in its last two fiscal years, and the 58% increase it posted in its latest report is its headiest growth as a public company.\nThis isn't just a top-line growth story. DocuSign is now profitable, and it has beaten Wall Street's profit target by at least 57% in each of the past quarters. The stock peaked in the fall of last year, butit's been rallyingto the point that it's just a good trading day away or two from setting a new high.\nUiPath\nFinally we have to talk about UiPath. Wood added to her UiPath position in three of ARK Invest's ETFs. UiPath isn't a household name, but it's a name that growth investors are warming up to as a leading provider of enterprise software for robotics and automation.\nUiPath has been public forless than three months, but it's been a wild ride. UiPath went public at $56, peaking at $90 in May before falling back to the high $60s. UiPath is living up to the initial hype with its growth. UiPath's top line rose 65% in its latest quarter, and that follows an 81% top-line pop in fiscal 2021. UiPath is the only name on this list that isn't profitable these days, but the ceiling remains high for the company.\nWood knows what she's doing. It's good to always keep an eye on what she's buying.","news_type":1,"symbols_score_info":{"JE":0.9,"PATH":0.9,"DOCU":0.9,"ARKIU":0.9,"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":889,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149867189,"gmtCreate":1625715561341,"gmtModify":1633938054434,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Another feather on disruptor cap.","listText":"Another feather on disruptor cap.","text":"Another feather on disruptor cap.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/149867189","repostId":"2149313796","repostType":4,"isVote":1,"tweetType":1,"viewCount":939,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140646536,"gmtCreate":1625657117425,"gmtModify":1633938676936,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574372584321621","idStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Yeah! Hot Apple","listText":"Yeah! Hot Apple","text":"Yeah! Hot Apple","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140646536","repostId":"2149697283","repostType":4,"isVote":1,"tweetType":1,"viewCount":1298,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":811666777,"gmtCreate":1630317916999,"gmtModify":1704958339485,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Three freaking hours! Sheez! Over my dead body","listText":"Three freaking hours! Sheez! Over my dead body","text":"Three freaking hours! Sheez! Over my dead body","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/811666777","repostId":"1103245806","repostType":4,"isVote":1,"tweetType":1,"viewCount":3003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124098175,"gmtCreate":1624703322097,"gmtModify":1633949424562,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Apple has FANGs&nbsp; ... Lookout","listText":"Apple has FANGs&nbsp; ... Lookout","text":"Apple has FANGs ... Lookout","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/124098175","repostId":"1108941456","repostType":4,"isVote":1,"tweetType":1,"viewCount":629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886258885,"gmtCreate":1631598464347,"gmtModify":1631891264752,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Great! Should make their platform more user-friendly to ease all of us","listText":"Great! Should make their platform more user-friendly to ease all of us","text":"Great! Should make their platform more user-friendly to ease all of us","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/886258885","repostId":"1121338781","repostType":4,"isVote":1,"tweetType":1,"viewCount":2438,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883257505,"gmtCreate":1631247753907,"gmtModify":1631891264755,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Deep dive then lots of great vibes will get us these stocks!!!","listText":"Deep dive then lots of great vibes will get us these stocks!!!","text":"Deep dive then lots of great vibes will get us these stocks!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/883257505","repostId":"2166345008","repostType":4,"isVote":1,"tweetType":1,"viewCount":2493,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803010936,"gmtCreate":1627396125525,"gmtModify":1631887209842,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Oh! Get a life","listText":"Oh! Get a life","text":"Oh! Get a life","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/803010936","repostId":"2154156259","repostType":4,"isVote":1,"tweetType":1,"viewCount":551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893976358,"gmtCreate":1628234307674,"gmtModify":1631891264766,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Skillz has its name implies = SKILL","listText":"Skillz has its name implies = SKILL","text":"Skillz has its name implies = SKILL","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893976358","repostId":"2157837430","repostType":4,"isVote":1,"tweetType":1,"viewCount":3113,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191433128,"gmtCreate":1620896935264,"gmtModify":1634195478323,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Care for early warning system? Will notch tis","listText":"Care for early warning system? Will notch tis","text":"Care for early warning system? Will notch tis","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/191433128","repostId":"1186620588","repostType":4,"isVote":1,"tweetType":1,"viewCount":795,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889580645,"gmtCreate":1631158025588,"gmtModify":1631891264761,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"title":"","htmlText":"\"Chipping\" all the way to the bank","listText":"\"Chipping\" all the way to the bank","text":"\"Chipping\" all the way to the bank","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/889580645","repostId":"1135345797","repostType":4,"repost":{"id":"1135345797","kind":"news","pubTimestamp":1631156729,"share":"https://www.laohunote.com/m/news/1135345797?lang=zh_CN&edition=full","pubTime":"2021-09-09 11:05","market":"us","language":"en","title":"Micron Is Too Cheap To Ignore<blockquote>美光太便宜了，不容忽视</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135345797","media":"Seeking Alpha","summary":"I invest mainly in secular growth companies and would, therefore, avoid Micron because the memory and storage segment is highly cyclical.Micron is reporting strong growth in the past few quarters and this trend is expected to remain positive over the next couple of years.Micron Technology is a cyclical play within the semiconductor industry and I prefer to invest in secular growth companies, but its valuation is so cheap that it makes a very compelling investment right now.Micron is one of the l","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>I invest mainly in secular growth companies and would, therefore, avoid Micron because the memory and storage segment is highly cyclical.</li>  <li>Micron is reporting strong growth in the past few quarters and this trend is expected to remain positive over the next couple of years.</li>  <li>Its valuation at less than 7x forward earnings is very undemanding and makes it a good cyclical play in the semiconductor industry.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea6943b055b8a3f717a6e1f6c038c065\" tg-width=\"1536\" tg-height=\"1025\" referrerpolicy=\"no-referrer\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>我主要投资于长期成长型公司，因此会避开美光，因为内存和存储领域具有高度周期性。</li><li>美光在过去几个季度报告了强劲的增长，预计这一趋势将在未来几年保持积极。</li><li>其估值不到预期市盈率的 7 倍，要求很低，使其成为半导体行业良好的周期性投资。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Micron Technology</b>(MU) is a cyclical play within the semiconductor industry and I prefer to invest in secular growth companies, but its valuation is so cheap that it makes a very compelling investment right now.</p><p><blockquote><b>美光科技</b>(MU) 是半导体行业内的周期性公司，我更喜欢投资长期增长的公司，但其估值如此便宜，以至于目前是一项非常有吸引力的投资。</blockquote></p><p> <b>Company Overview</b></p><p><blockquote><b>公司概况</b></blockquote></p><p> Micron&nbsp;is one of the largest semiconductor companies in the world, measured by its more than $21 billion in revenues generated last year. The company is focused on the memory and storage products segment, through its DRAM, NAND and NOR technologies. By technology, DRAM is by far the most important one, being responsible for more than two thirds of Micron's revenues.</p><p><blockquote>美光是世界上最大的半导体公司之一，去年的收入超过 210 亿美元。该公司通过其 DRAM、NAND 和 NOR 技术专注于内存和存储产品领域。就技术而言，DRAM是迄今为止最重要的，占美光收入的三分之二以上。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7be545bd7d6fd523fcb30ebd5c8171d1\" tg-width=\"1007\" tg-height=\"230\" referrerpolicy=\"no-referrer\"><span>Source: Micron.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美光。</span></p></blockquote></p><p> Micron was founded in 1978 and is nowadays present in some 17 countries around the world and has 13 manufacturing sites and 14 customer labs in the U.S., China&nbsp;Mainland, Taiwan and other areas. It is traded on the NASDAQ and has a market value of about $83 billion.</p><p><blockquote>美光成立于1978年，目前业务遍及全球约17个国家，在美国、中国大陆、台湾等地区拥有13个生产基地和14个客户实验室。它在纳斯达克交易，市值约为830亿美元。</blockquote></p><p> The semiconductor industry faces fierce competition and this means that for Micron to remain competitive it must invest continuously in new products and technologies to differentiate itself from other players. Its closest competitors are&nbsp;<b>Samsung Electronics</b>(OTC:SSNLF) and SK Hynix, two companies based in South Korea, thus manufacturing costs is also an important factor for Micron to be competitive in the marketplace. According to Statista, Samsung is the largest player in this market segment, followed by SK and Micron, while other players have much smaller market shares.</p><p><blockquote>半导体行业面临激烈的竞争，这意味着美光要想保持竞争力，就必须不断投资于新产品和新技术，以区别于其他参与者。其最接近的竞争对手是<b>三星电子</b>（场外交易所代码：SSNLF）和SK海力士这两家总部位于韩国的公司，因此制造成本也是美光在市场上具有竞争力的重要因素。根据Statista的数据，三星是这一细分市场中最大的参与者，其次是SK和美光，而其他参与者的市场份额要小得多。</blockquote></p><p> Even though the semiconductor industry is generally considered to be a cyclical industry, its prospects are quite good due to new technologies that are expected to boost demand over the next few years.</p><p><blockquote>尽管半导体行业通常被认为是一个周期性行业，但由于新技术有望在未来几年提振需求，其前景相当不错。</blockquote></p><p> <b>Growth</b></p><p><blockquote><b>增长</b></blockquote></p><p> As I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road.</p><p><blockquote>正如我在之前一篇关于“ASML：长期投资者的绝佳公司”的文章中分析的那样，半导体行业具有非常好的长期增长前景，因为有几个创新来源应该会支持未来许多年的增长。</blockquote></p><p> Modern technology is constantly changing and new developments are constantly pushing for new applications of microchips, including memory and storage. The volume of data is expected to grow strongly over the coming years, through technological advances like 5G, Big Data, autonomous vehicles, the internet of things, beyond others. This backdrop is very positive for Micron's growth, being specifically exposed to secular growth trends of AI, 5G, machine learning and autonomous vehicles.</p><p><blockquote>现代技术在不断变化，新的发展不断推动微芯片的新应用，包括存储器和存储。通过5G、大数据、自动驾驶汽车、物联网等技术进步，预计未来几年数据量将强劲增长。这一背景对美光的增长非常积极，特别是接触到人工智能、5G、机器学习和自动驾驶汽车的长期增长趋势。</blockquote></p><p> This means that Micron is directly exposed to several growth sources over the coming years and its total addressable market is expected to increase substantially over the next decade. This secular growth trend was even accelerated by the coronavirus pandemic, with demand for gaming, laptops and other products increasing rapidly, being a strong cyclical support for Micron's growth beyond its secular growth tailwinds.</p><p><blockquote>这意味着美光在未来几年将直接接触到多个增长来源，其总潜在市场预计将在未来十年大幅增长。这种长期增长趋势甚至因冠状病毒大流行而加速，对游戏、笔记本电脑和其他产品的需求快速增长，成为美光超越其长期增长顺风增长的强大周期性支持。</blockquote></p><p> According to&nbsp;MarketWatch, the semiconductor memory market is expected to be around $134 in annual sales by 2027, a compounded annual growth rate of 5.9% from 2021-27. Even though this is a positive backdrop, the overall semiconductor industry is projected to grow at a CAGR of 8.6% during 2021-28, thus the memory market may not be the best sub-sector to be exposed to secular growth trends supporting this industry over the coming years. However, Micron has a higher estimate of the total available market for memory and storage by 2024, thus growth opportunities for the company may be higher than what the market is currently expecting.</p><p><blockquote>根据MarketWatch的数据，预计到2027年，半导体存储器市场的年销售额将达到134美元左右，2021-27年的复合年增长率为5.9%。尽管这是一个积极的背景，但整个半导体行业预计在2021-28年期间将以8.6%的CAGR增长，因此存储器市场可能不是未来几年支持该行业的长期增长趋势的最佳子行业。然而，美光对 2024 年内存和存储总可用市场的估计更高，因此该公司的增长机会可能高于市场目前的预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58b60021e186ca242433f7923d10fbb7\" tg-width=\"380\" tg-height=\"315\" referrerpolicy=\"no-referrer\"><span>Source: Micron.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美光。</span></p></blockquote></p><p></p><p> Despite good growth prospects over the coming years, the memory and storage segment is usually considered more cyclical than other segments and costumers are structurally reluctant to enter into long-term, fixed-price commitments. This means that Micron is highly exposed to the supply/demand situation in the market and its pricing power is somewhat low over the medium to long term.</p><p><blockquote>尽管未来几年的增长前景良好，但内存和存储领域通常被认为比其他领域更具周期性，而且客户在结构上不愿做出长期固定价格承诺。这意味着美光高度暴露于市场的供需状况，其定价能力在中长期内有些偏低。</blockquote></p><p> Beyond that, the company also accepts orders that may be adjusted in terms of pricing by the time of shipment, showing that even in the short-term its pricing power is rather low. This is also why the company does not consider its order backlog to be a good indicator of future sales, which means that forecasting Micron's revenues and earnings in a time frame of 3-5 years is a tough exercise that most likely will be incorrect compared to the actual numbers the company will report in the succeeding periods.</p><p><blockquote>除此之外，该公司还接受可能根据发货时间在定价方面进行调整的订单，这表明即使在短期内，其定价能力也相当低。这也是该公司不认为其订单积压是未来销售的良好指标的原因，这意味着预测美光在 3-5 年的时间范围内的收入和盈利是一项艰巨的任务，与实际数字相比，很可能是不正确的公司将在后续期间报告。</blockquote></p><p> <b>Financial Overview</b></p><p><blockquote><b>财务概览</b></blockquote></p><p> Regarding its financial performance, Micron has a mixed history showing that its business is clearly cyclical and can report strong swings on an annual basis. Indeed, even though Micron's revenues have increased at a compounded annual growth rate (CAGR) of 17.4% from fiscal years (FY) 2016-20 (which end s in September), its revenues declined by 23% in FY 2019 and 8.4% in FY 2020. Moreover, its net income is also highly volatile, reporting $14 billion in FY 2018 and only $2.7 billion in FY 2020.</p><p><blockquote>关于其财务业绩，美光的历史好坏参半，表明其业务明显具有周期性，并且每年都会出现强劲波动。事实上，尽管美光的收入较 2016-20 财年（截至 9 月）的复合年增长率 (CAGR) 为 17.4%，但其收入在 2019 财年下降了 23%，在 2020 财年下降了 8.4%。此外，其净利润也高度波动，2018财年为140亿美元，2020财年仅为27亿美元。</blockquote></p><p> This clearly shows that Micron is highly exposed to the ups and downs of the market, which can change quite dramatically in a short period of time. This can also be seen by Micron's long-term trend of its EBITDA margin, which is highly volatile even though it has consistently improved over the years.</p><p><blockquote>这清楚地表明，美光高度暴露于市场的起伏，而市场在短时间内可能会发生相当剧烈的变化。这一点也可以从美光EBITDA利润率的长期趋势中看出，尽管多年来一直在改善，但EBITDA利润率波动性很大。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/459155c1caccc19e677c71474158f979\" tg-width=\"291\" tg-height=\"286\" referrerpolicy=\"no-referrer\"><span>Source: Micron.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美光。</span></p></blockquote></p><p> More recently, Micron's business has been on a better operating momentum, to some extent driven by the pandemic, with demand for consumer electronics increasing substantially across the globe, which was a strong tailwind for the memory and storage chip market, while other segments reported lower demand, such as automotive.</p><p><blockquote>最近，美光的业务运营势头有所改善，这在一定程度上是受到疫情的推动，全球对消费电子产品的需求大幅增长，这对内存和存储芯片市场来说是一个强劲的推动力，而其他细分市场则报告需求较低，例如汽车。</blockquote></p><p> This mixed backdrop resulted in lower revenues during the&nbsp;FY 2020, due to a large extent from lower DRAM prices that impacted negatively Micron's revenues and gross margin, Its revenues amounted to $21.4 billion (-8.4% YoY) and its gross margin declined to 31% (vs. 46% in FY 2019). Sales of NAND products increased during the year, boosted by data center customers, but were not enough to offset weakness in the DRAM segment. Regarding costs and R&amp;D, Micron has a good discipline and these costs did not increase significantly compared to the previous year. Micron's bottom-line declined by 57% YoY to $2.7 billion, and its EPS was $2.37 (vs. $5.51 per share in FY 2019).</p><p><blockquote>这种复杂的背景导致 2020 财年收入下降，这在很大程度上是由于 DRAM 价格下降对美光的收入和毛利率产生了负面影响，其收入达到 214 亿美元（同比下降 8.4%），毛利率下降至 31%（2019 财年为 46%）。在数据中心客户的推动下，NAND 产品的销售额在年内有所增长，但不足以抵消 DRAM 分部的疲软。在成本和研发方面，美光有很好的纪律，这些成本与上一年相比并没有大幅增加。美光的利润同比下降 57% 至 27 亿美元，每股收益为 2.37 美元（2019 财年为每股 5.51 美元）。</blockquote></p><p> During the first nine months of FY 2021, Micron has reported a very strong operating momentum which has enabled it to offset the loss of Huawei as a costumer due to U.S. sanctions (it represented about 12% of Micron's revenues in FY 2019).</p><p><blockquote>在2021财年的前九个月，美光报告了非常强劲的运营势头，这使其能够抵消华为作为客户因美国制裁而造成的损失（这约占美光2019财年收入的12%）。</blockquote></p><p> In the&nbsp;third quarter of FY 2021, its revenues were 7.4 billion (+36% YoY) boosted by DRAM that reported revenue growth of 52% YoY, due to higher volumes and prices, while NAND's revenues were up by 9% YoY. Its net income more than double from the third quarter of FY 2020, to $2.17 billion, and its net profit margin improved to 29% (vs. 17% in the same quarter of last year). Its free cash flow was $1.5 billion in the quarter, a very good level of cash flow generation compared to accounting profit.</p><p><blockquote>2021财年第三季度，其收入为74亿美元（同比增长36%），这得益于DRAM，由于销量和价格上涨，DRAM报告收入同比增长52%，而NAND的收入同比增长9%。其净利润较2020财年第三季度翻了一番多，达到21.7亿美元，净利润率提高到29%（去年同期为17%）。该季度的自由现金流为 15 亿美元，与会计利润相比，现金流产生水平非常好。</blockquote></p><p> Going forward, Micron is very positive about the demand outlook in the memory segment, supported by data center costumers and new product developments that should support volume growth in the coming years. On the other hand, there is some negative sentiment in the market about future memory prices, which would be negative for the company's revenue growth in the coming quarters. For instance, a&nbsp;<b>Morgan Stanley</b>(MS) analyst has recently downgraded Micron because he expect s DRAM prices to be in a late stage cycle has the supply-demand situation is becoming more balanced.</p><p><blockquote>展望未来，美光对存储器领域的需求前景非常乐观，数据中心客户和新产品开发将支持未来几年的销量增长。另一方面，市场上对未来内存价格存在一些负面情绪，这将对公司未来几个季度的收入增长产生负面影响。例如，一个<b>摩根士丹利</b>(MS)分析师最近下调了美光的评级，因为他预计DRAM价格将处于周期的后期，供需形势正变得更加平衡。</blockquote></p><p> Nevertheless, according to&nbsp;analysts' estimates, Micron should report higher revenues in FY 2022 and FY 2023 (to $36.7 billion and $40 billion, respectively) and the business is only expected to slow down thereafter. Its bottom-line is estimated to go up by 86% YoY in FY 2022, but to drop in the following years, which show to some extent that Micron's current strong growth may not be sustainable over the medium term.</p><p><blockquote>尽管如此，根据分析师的估计，美光在 2022 财年和 2023 财年应该会报告更高的收入（分别达到 367 亿美元和 400 亿美元），此后业务预计只会放缓。其利润预计在2022财年将同比增长86%，但在随后几年将下降，这在一定程度上表明美光目前的强劲增长在中期内可能不可持续。</blockquote></p><p> Regarding its balance sheet, Micron has a good situation, given that its net cash position was around $3.1 billion at the end of last quarter, thus its financial profile is strong and it can return excess capital to shareholders.</p><p><blockquote>关于其资产负债表，美光的情况良好，鉴于其上季度末的净现金头寸约为31亿美元，因此其财务状况强劲，可以将多余资本返还给股东。</blockquote></p><p></p><p> Indeed, Micron has performed historically share buybacks, but more recently decided to start distributing a&nbsp;dividend, which shows some confidence about the company's future business prospects and its ability to return capital to shareholders in a recurring basis. Its quarterly dividend was set at only $0.10 per share, which lead to a modest dividend yield, but the goal is to gradually increase the dividend over the next few years.</p><p><blockquote>事实上，美光历来曾进行过股票回购，但最近决定开始派发股息，这表明对公司未来的业务前景及其定期向股东返还资本的能力充满信心。其季度股息仅为每股0.10美元，这导致股息收益率适中，但目标是在未来几年逐步提高股息。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Micron is reporting strong growth and medium-term prospects are good due to several growth trends of AI, 5G and others. However, the memory market is highly cyclical and there are some worries that its current strong trend may not last much.</p><p><blockquote>由于人工智能、5G等多个增长趋势，美光报告增长强劲，中期前景良好。然而，内存市场具有高度周期性，有人担心其当前的强劲趋势可能不会持续太久。</blockquote></p><p> The semiconductor industry has secular long-term growth prospects, but in my opinion the best way to invest in this theme is through companies that have some sort of competitive advantage and pricing power, such as&nbsp;<b>ASML</b>(ASML) that has a monopoly in the EUV technology. Micron does not fit that criteria and for that reason I was inclined to avoid it.</p><p><blockquote>半导体行业具有长期增长前景，但在我看来，投资这一主题的最佳方式是通过具有某种竞争优势和定价权的公司，例如<b>阿斯麦</b>（ASML）垄断了 EUV 技术。美光不符合这个标准，因此我倾向于避免它。</blockquote></p><p> However, I find its&nbsp;valuation&nbsp;as ridiculously cheap, given that based on 2022 and 2023 earnings it is currently trading at less than 7x forward earnings. This is extremely undemanding and even if earnings estimates come down somewhat, Micron would still be trading at a much lower valuation than its peers and its own historical average (about 11.5x over the past five years).</p><p><blockquote>然而，我发现它的估值便宜得离谱，因为根据 2022 年和 2023 年的收益，它目前的交易价格不到远期收益的 7 倍。这要求极低，即使盈利预期有所下降，美光的交易估值仍将远低于同行和自身历史平均水平（过去五年约为 11.5 倍）。</blockquote></p><p> This means that even though Micron is a cyclical play within the semiconductor industry (my investment approach is to buy mainly secular growth companies), its valuation is too much cheap to ignore and upside potential looks good if pricing in the memory market remains strong. I have bought a small stake in Micron (about 3% of my portfolio) and intend to hold it for a while, but if pricing in the memory market starts to show weakness I most likely will sell my stake.</p><p><blockquote>这意味着，尽管美光是半导体行业的周期性公司（我的投资方法是主要购买长期成长型公司），但其估值太便宜了，不容忽视，如果内存市场的定价保持强劲，上行潜力看起来不错。我已经购买了美光的少量股份（约占我投资组合的 3%），并打算持有一段时间，但如果内存市场的定价开始出现疲软，我很可能会出售我的股份。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Micron Is Too Cheap To Ignore<blockquote>美光太便宜了，不容忽视</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicron Is Too Cheap To Ignore<blockquote>美光太便宜了，不容忽视</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-09-09 11:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>I invest mainly in secular growth companies and would, therefore, avoid Micron because the memory and storage segment is highly cyclical.</li>  <li>Micron is reporting strong growth in the past few quarters and this trend is expected to remain positive over the next couple of years.</li>  <li>Its valuation at less than 7x forward earnings is very undemanding and makes it a good cyclical play in the semiconductor industry.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea6943b055b8a3f717a6e1f6c038c065\" tg-width=\"1536\" tg-height=\"1025\" referrerpolicy=\"no-referrer\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>我主要投资于长期成长型公司，因此会避开美光，因为内存和存储领域具有高度周期性。</li><li>美光在过去几个季度报告了强劲的增长，预计这一趋势将在未来几年保持积极。</li><li>其估值不到预期市盈率的 7 倍，要求很低，使其成为半导体行业良好的周期性投资。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Micron Technology</b>(MU) is a cyclical play within the semiconductor industry and I prefer to invest in secular growth companies, but its valuation is so cheap that it makes a very compelling investment right now.</p><p><blockquote><b>美光科技</b>(MU) 是半导体行业内的周期性公司，我更喜欢投资长期增长的公司，但其估值如此便宜，以至于目前是一项非常有吸引力的投资。</blockquote></p><p> <b>Company Overview</b></p><p><blockquote><b>公司概况</b></blockquote></p><p> Micron&nbsp;is one of the largest semiconductor companies in the world, measured by its more than $21 billion in revenues generated last year. The company is focused on the memory and storage products segment, through its DRAM, NAND and NOR technologies. By technology, DRAM is by far the most important one, being responsible for more than two thirds of Micron's revenues.</p><p><blockquote>美光是世界上最大的半导体公司之一，去年的收入超过 210 亿美元。该公司通过其 DRAM、NAND 和 NOR 技术专注于内存和存储产品领域。就技术而言，DRAM是迄今为止最重要的，占美光收入的三分之二以上。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7be545bd7d6fd523fcb30ebd5c8171d1\" tg-width=\"1007\" tg-height=\"230\" referrerpolicy=\"no-referrer\"><span>Source: Micron.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美光。</span></p></blockquote></p><p> Micron was founded in 1978 and is nowadays present in some 17 countries around the world and has 13 manufacturing sites and 14 customer labs in the U.S., China&nbsp;Mainland, Taiwan and other areas. It is traded on the NASDAQ and has a market value of about $83 billion.</p><p><blockquote>美光成立于1978年，目前业务遍及全球约17个国家，在美国、中国大陆、台湾等地区拥有13个生产基地和14个客户实验室。它在纳斯达克交易，市值约为830亿美元。</blockquote></p><p> The semiconductor industry faces fierce competition and this means that for Micron to remain competitive it must invest continuously in new products and technologies to differentiate itself from other players. Its closest competitors are&nbsp;<b>Samsung Electronics</b>(OTC:SSNLF) and SK Hynix, two companies based in South Korea, thus manufacturing costs is also an important factor for Micron to be competitive in the marketplace. According to Statista, Samsung is the largest player in this market segment, followed by SK and Micron, while other players have much smaller market shares.</p><p><blockquote>半导体行业面临激烈的竞争，这意味着美光要想保持竞争力，就必须不断投资于新产品和新技术，以区别于其他参与者。其最接近的竞争对手是<b>三星电子</b>（场外交易所代码：SSNLF）和SK海力士这两家总部位于韩国的公司，因此制造成本也是美光在市场上具有竞争力的重要因素。根据Statista的数据，三星是这一细分市场中最大的参与者，其次是SK和美光，而其他参与者的市场份额要小得多。</blockquote></p><p> Even though the semiconductor industry is generally considered to be a cyclical industry, its prospects are quite good due to new technologies that are expected to boost demand over the next few years.</p><p><blockquote>尽管半导体行业通常被认为是一个周期性行业，但由于新技术有望在未来几年提振需求，其前景相当不错。</blockquote></p><p> <b>Growth</b></p><p><blockquote><b>增长</b></blockquote></p><p> As I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road.</p><p><blockquote>正如我在之前一篇关于“ASML：长期投资者的绝佳公司”的文章中分析的那样，半导体行业具有非常好的长期增长前景，因为有几个创新来源应该会支持未来许多年的增长。</blockquote></p><p> Modern technology is constantly changing and new developments are constantly pushing for new applications of microchips, including memory and storage. The volume of data is expected to grow strongly over the coming years, through technological advances like 5G, Big Data, autonomous vehicles, the internet of things, beyond others. This backdrop is very positive for Micron's growth, being specifically exposed to secular growth trends of AI, 5G, machine learning and autonomous vehicles.</p><p><blockquote>现代技术在不断变化，新的发展不断推动微芯片的新应用，包括存储器和存储。通过5G、大数据、自动驾驶汽车、物联网等技术进步，预计未来几年数据量将强劲增长。这一背景对美光的增长非常积极，特别是接触到人工智能、5G、机器学习和自动驾驶汽车的长期增长趋势。</blockquote></p><p> This means that Micron is directly exposed to several growth sources over the coming years and its total addressable market is expected to increase substantially over the next decade. This secular growth trend was even accelerated by the coronavirus pandemic, with demand for gaming, laptops and other products increasing rapidly, being a strong cyclical support for Micron's growth beyond its secular growth tailwinds.</p><p><blockquote>这意味着美光在未来几年将直接接触到多个增长来源，其总潜在市场预计将在未来十年大幅增长。这种长期增长趋势甚至因冠状病毒大流行而加速，对游戏、笔记本电脑和其他产品的需求快速增长，成为美光超越其长期增长顺风增长的强大周期性支持。</blockquote></p><p> According to&nbsp;MarketWatch, the semiconductor memory market is expected to be around $134 in annual sales by 2027, a compounded annual growth rate of 5.9% from 2021-27. Even though this is a positive backdrop, the overall semiconductor industry is projected to grow at a CAGR of 8.6% during 2021-28, thus the memory market may not be the best sub-sector to be exposed to secular growth trends supporting this industry over the coming years. However, Micron has a higher estimate of the total available market for memory and storage by 2024, thus growth opportunities for the company may be higher than what the market is currently expecting.</p><p><blockquote>根据MarketWatch的数据，预计到2027年，半导体存储器市场的年销售额将达到134美元左右，2021-27年的复合年增长率为5.9%。尽管这是一个积极的背景，但整个半导体行业预计在2021-28年期间将以8.6%的CAGR增长，因此存储器市场可能不是未来几年支持该行业的长期增长趋势的最佳子行业。然而，美光对 2024 年内存和存储总可用市场的估计更高，因此该公司的增长机会可能高于市场目前的预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58b60021e186ca242433f7923d10fbb7\" tg-width=\"380\" tg-height=\"315\" referrerpolicy=\"no-referrer\"><span>Source: Micron.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美光。</span></p></blockquote></p><p></p><p> Despite good growth prospects over the coming years, the memory and storage segment is usually considered more cyclical than other segments and costumers are structurally reluctant to enter into long-term, fixed-price commitments. This means that Micron is highly exposed to the supply/demand situation in the market and its pricing power is somewhat low over the medium to long term.</p><p><blockquote>尽管未来几年的增长前景良好，但内存和存储领域通常被认为比其他领域更具周期性，而且客户在结构上不愿做出长期固定价格承诺。这意味着美光高度暴露于市场的供需状况，其定价能力在中长期内有些偏低。</blockquote></p><p> Beyond that, the company also accepts orders that may be adjusted in terms of pricing by the time of shipment, showing that even in the short-term its pricing power is rather low. This is also why the company does not consider its order backlog to be a good indicator of future sales, which means that forecasting Micron's revenues and earnings in a time frame of 3-5 years is a tough exercise that most likely will be incorrect compared to the actual numbers the company will report in the succeeding periods.</p><p><blockquote>除此之外，该公司还接受可能根据发货时间在定价方面进行调整的订单，这表明即使在短期内，其定价能力也相当低。这也是该公司不认为其订单积压是未来销售的良好指标的原因，这意味着预测美光在 3-5 年的时间范围内的收入和盈利是一项艰巨的任务，与实际数字相比，很可能是不正确的公司将在后续期间报告。</blockquote></p><p> <b>Financial Overview</b></p><p><blockquote><b>财务概览</b></blockquote></p><p> Regarding its financial performance, Micron has a mixed history showing that its business is clearly cyclical and can report strong swings on an annual basis. Indeed, even though Micron's revenues have increased at a compounded annual growth rate (CAGR) of 17.4% from fiscal years (FY) 2016-20 (which end s in September), its revenues declined by 23% in FY 2019 and 8.4% in FY 2020. Moreover, its net income is also highly volatile, reporting $14 billion in FY 2018 and only $2.7 billion in FY 2020.</p><p><blockquote>关于其财务业绩，美光的历史好坏参半，表明其业务明显具有周期性，并且每年都会出现强劲波动。事实上，尽管美光的收入较 2016-20 财年（截至 9 月）的复合年增长率 (CAGR) 为 17.4%，但其收入在 2019 财年下降了 23%，在 2020 财年下降了 8.4%。此外，其净利润也高度波动，2018财年为140亿美元，2020财年仅为27亿美元。</blockquote></p><p> This clearly shows that Micron is highly exposed to the ups and downs of the market, which can change quite dramatically in a short period of time. This can also be seen by Micron's long-term trend of its EBITDA margin, which is highly volatile even though it has consistently improved over the years.</p><p><blockquote>这清楚地表明，美光高度暴露于市场的起伏，而市场在短时间内可能会发生相当剧烈的变化。这一点也可以从美光EBITDA利润率的长期趋势中看出，尽管多年来一直在改善，但EBITDA利润率波动性很大。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/459155c1caccc19e677c71474158f979\" tg-width=\"291\" tg-height=\"286\" referrerpolicy=\"no-referrer\"><span>Source: Micron.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美光。</span></p></blockquote></p><p> More recently, Micron's business has been on a better operating momentum, to some extent driven by the pandemic, with demand for consumer electronics increasing substantially across the globe, which was a strong tailwind for the memory and storage chip market, while other segments reported lower demand, such as automotive.</p><p><blockquote>最近，美光的业务运营势头有所改善，这在一定程度上是受到疫情的推动，全球对消费电子产品的需求大幅增长，这对内存和存储芯片市场来说是一个强劲的推动力，而其他细分市场则报告需求较低，例如汽车。</blockquote></p><p> This mixed backdrop resulted in lower revenues during the&nbsp;FY 2020, due to a large extent from lower DRAM prices that impacted negatively Micron's revenues and gross margin, Its revenues amounted to $21.4 billion (-8.4% YoY) and its gross margin declined to 31% (vs. 46% in FY 2019). Sales of NAND products increased during the year, boosted by data center customers, but were not enough to offset weakness in the DRAM segment. Regarding costs and R&amp;D, Micron has a good discipline and these costs did not increase significantly compared to the previous year. Micron's bottom-line declined by 57% YoY to $2.7 billion, and its EPS was $2.37 (vs. $5.51 per share in FY 2019).</p><p><blockquote>这种复杂的背景导致 2020 财年收入下降，这在很大程度上是由于 DRAM 价格下降对美光的收入和毛利率产生了负面影响，其收入达到 214 亿美元（同比下降 8.4%），毛利率下降至 31%（2019 财年为 46%）。在数据中心客户的推动下，NAND 产品的销售额在年内有所增长，但不足以抵消 DRAM 分部的疲软。在成本和研发方面，美光有很好的纪律，这些成本与上一年相比并没有大幅增加。美光的利润同比下降 57% 至 27 亿美元，每股收益为 2.37 美元（2019 财年为每股 5.51 美元）。</blockquote></p><p> During the first nine months of FY 2021, Micron has reported a very strong operating momentum which has enabled it to offset the loss of Huawei as a costumer due to U.S. sanctions (it represented about 12% of Micron's revenues in FY 2019).</p><p><blockquote>在2021财年的前九个月，美光报告了非常强劲的运营势头，这使其能够抵消华为作为客户因美国制裁而造成的损失（这约占美光2019财年收入的12%）。</blockquote></p><p> In the&nbsp;third quarter of FY 2021, its revenues were 7.4 billion (+36% YoY) boosted by DRAM that reported revenue growth of 52% YoY, due to higher volumes and prices, while NAND's revenues were up by 9% YoY. Its net income more than double from the third quarter of FY 2020, to $2.17 billion, and its net profit margin improved to 29% (vs. 17% in the same quarter of last year). Its free cash flow was $1.5 billion in the quarter, a very good level of cash flow generation compared to accounting profit.</p><p><blockquote>2021财年第三季度，其收入为74亿美元（同比增长36%），这得益于DRAM，由于销量和价格上涨，DRAM报告收入同比增长52%，而NAND的收入同比增长9%。其净利润较2020财年第三季度翻了一番多，达到21.7亿美元，净利润率提高到29%（去年同期为17%）。该季度的自由现金流为 15 亿美元，与会计利润相比，现金流产生水平非常好。</blockquote></p><p> Going forward, Micron is very positive about the demand outlook in the memory segment, supported by data center costumers and new product developments that should support volume growth in the coming years. On the other hand, there is some negative sentiment in the market about future memory prices, which would be negative for the company's revenue growth in the coming quarters. For instance, a&nbsp;<b>Morgan Stanley</b>(MS) analyst has recently downgraded Micron because he expect s DRAM prices to be in a late stage cycle has the supply-demand situation is becoming more balanced.</p><p><blockquote>展望未来，美光对存储器领域的需求前景非常乐观，数据中心客户和新产品开发将支持未来几年的销量增长。另一方面，市场上对未来内存价格存在一些负面情绪，这将对公司未来几个季度的收入增长产生负面影响。例如，一个<b>摩根士丹利</b>(MS)分析师最近下调了美光的评级，因为他预计DRAM价格将处于周期的后期，供需形势正变得更加平衡。</blockquote></p><p> Nevertheless, according to&nbsp;analysts' estimates, Micron should report higher revenues in FY 2022 and FY 2023 (to $36.7 billion and $40 billion, respectively) and the business is only expected to slow down thereafter. Its bottom-line is estimated to go up by 86% YoY in FY 2022, but to drop in the following years, which show to some extent that Micron's current strong growth may not be sustainable over the medium term.</p><p><blockquote>尽管如此，根据分析师的估计，美光在 2022 财年和 2023 财年应该会报告更高的收入（分别达到 367 亿美元和 400 亿美元），此后业务预计只会放缓。其利润预计在2022财年将同比增长86%，但在随后几年将下降，这在一定程度上表明美光目前的强劲增长在中期内可能不可持续。</blockquote></p><p> Regarding its balance sheet, Micron has a good situation, given that its net cash position was around $3.1 billion at the end of last quarter, thus its financial profile is strong and it can return excess capital to shareholders.</p><p><blockquote>关于其资产负债表，美光的情况良好，鉴于其上季度末的净现金头寸约为31亿美元，因此其财务状况强劲，可以将多余资本返还给股东。</blockquote></p><p></p><p> Indeed, Micron has performed historically share buybacks, but more recently decided to start distributing a&nbsp;dividend, which shows some confidence about the company's future business prospects and its ability to return capital to shareholders in a recurring basis. Its quarterly dividend was set at only $0.10 per share, which lead to a modest dividend yield, but the goal is to gradually increase the dividend over the next few years.</p><p><blockquote>事实上，美光历来曾进行过股票回购，但最近决定开始派发股息，这表明对公司未来的业务前景及其定期向股东返还资本的能力充满信心。其季度股息仅为每股0.10美元，这导致股息收益率适中，但目标是在未来几年逐步提高股息。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Micron is reporting strong growth and medium-term prospects are good due to several growth trends of AI, 5G and others. However, the memory market is highly cyclical and there are some worries that its current strong trend may not last much.</p><p><blockquote>由于人工智能、5G等多个增长趋势，美光报告增长强劲，中期前景良好。然而，内存市场具有高度周期性，有人担心其当前的强劲趋势可能不会持续太久。</blockquote></p><p> The semiconductor industry has secular long-term growth prospects, but in my opinion the best way to invest in this theme is through companies that have some sort of competitive advantage and pricing power, such as&nbsp;<b>ASML</b>(ASML) that has a monopoly in the EUV technology. Micron does not fit that criteria and for that reason I was inclined to avoid it.</p><p><blockquote>半导体行业具有长期增长前景，但在我看来，投资这一主题的最佳方式是通过具有某种竞争优势和定价权的公司，例如<b>阿斯麦</b>（ASML）垄断了 EUV 技术。美光不符合这个标准，因此我倾向于避免它。</blockquote></p><p> However, I find its&nbsp;valuation&nbsp;as ridiculously cheap, given that based on 2022 and 2023 earnings it is currently trading at less than 7x forward earnings. This is extremely undemanding and even if earnings estimates come down somewhat, Micron would still be trading at a much lower valuation than its peers and its own historical average (about 11.5x over the past five years).</p><p><blockquote>然而，我发现它的估值便宜得离谱，因为根据 2022 年和 2023 年的收益，它目前的交易价格不到远期收益的 7 倍。这要求极低，即使盈利预期有所下降，美光的交易估值仍将远低于同行和自身历史平均水平（过去五年约为 11.5 倍）。</blockquote></p><p> This means that even though Micron is a cyclical play within the semiconductor industry (my investment approach is to buy mainly secular growth companies), its valuation is too much cheap to ignore and upside potential looks good if pricing in the memory market remains strong. I have bought a small stake in Micron (about 3% of my portfolio) and intend to hold it for a while, but if pricing in the memory market starts to show weakness I most likely will sell my stake.</p><p><blockquote>这意味着，尽管美光是半导体行业的周期性公司（我的投资方法是主要购买长期成长型公司），但其估值太便宜了，不容忽视，如果内存市场的定价保持强劲，上行潜力看起来不错。我已经购买了美光的少量股份（约占我投资组合的 3%），并打算持有一段时间，但如果内存市场的定价开始出现疲软，我很可能会出售我的股份。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4453997-micron-is-too-cheap-to-ignore\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MU":"美光科技"},"source_url":"https://seekingalpha.com/article/4453997-micron-is-too-cheap-to-ignore","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135345797","content_text":"Summary\n\nI invest mainly in secular growth companies and would, therefore, avoid Micron because the memory and storage segment is highly cyclical.\nMicron is reporting strong growth in the past few quarters and this trend is expected to remain positive over the next couple of years.\nIts valuation at less than 7x forward earnings is very undemanding and makes it a good cyclical play in the semiconductor industry.\n\nSundry Photography/iStock Editorial via Getty Images\nMicron Technology(MU) is a cyclical play within the semiconductor industry and I prefer to invest in secular growth companies, but its valuation is so cheap that it makes a very compelling investment right now.\nCompany Overview\nMicron is one of the largest semiconductor companies in the world, measured by its more than $21 billion in revenues generated last year. The company is focused on the memory and storage products segment, through its DRAM, NAND and NOR technologies. By technology, DRAM is by far the most important one, being responsible for more than two thirds of Micron's revenues.\nSource: Micron.\nMicron was founded in 1978 and is nowadays present in some 17 countries around the world and has 13 manufacturing sites and 14 customer labs in the U.S., China Mainland, Taiwan and other areas. It is traded on the NASDAQ and has a market value of about $83 billion.\nThe semiconductor industry faces fierce competition and this means that for Micron to remain competitive it must invest continuously in new products and technologies to differentiate itself from other players. Its closest competitors are Samsung Electronics(OTC:SSNLF) and SK Hynix, two companies based in South Korea, thus manufacturing costs is also an important factor for Micron to be competitive in the marketplace. According to Statista, Samsung is the largest player in this market segment, followed by SK and Micron, while other players have much smaller market shares.\nEven though the semiconductor industry is generally considered to be a cyclical industry, its prospects are quite good due to new technologies that are expected to boost demand over the next few years.\nGrowth\nAs I've analyzed in a previous article on \"ASML: A Fantastic Company For Long-Term Investors\", the semiconductor industry has very good long-term growth prospects due to several sources of innovation that should support growth for many years down the road.\nModern technology is constantly changing and new developments are constantly pushing for new applications of microchips, including memory and storage. The volume of data is expected to grow strongly over the coming years, through technological advances like 5G, Big Data, autonomous vehicles, the internet of things, beyond others. This backdrop is very positive for Micron's growth, being specifically exposed to secular growth trends of AI, 5G, machine learning and autonomous vehicles.\nThis means that Micron is directly exposed to several growth sources over the coming years and its total addressable market is expected to increase substantially over the next decade. This secular growth trend was even accelerated by the coronavirus pandemic, with demand for gaming, laptops and other products increasing rapidly, being a strong cyclical support for Micron's growth beyond its secular growth tailwinds.\nAccording to MarketWatch, the semiconductor memory market is expected to be around $134 in annual sales by 2027, a compounded annual growth rate of 5.9% from 2021-27. Even though this is a positive backdrop, the overall semiconductor industry is projected to grow at a CAGR of 8.6% during 2021-28, thus the memory market may not be the best sub-sector to be exposed to secular growth trends supporting this industry over the coming years. However, Micron has a higher estimate of the total available market for memory and storage by 2024, thus growth opportunities for the company may be higher than what the market is currently expecting.\nSource: Micron.\nDespite good growth prospects over the coming years, the memory and storage segment is usually considered more cyclical than other segments and costumers are structurally reluctant to enter into long-term, fixed-price commitments. This means that Micron is highly exposed to the supply/demand situation in the market and its pricing power is somewhat low over the medium to long term.\nBeyond that, the company also accepts orders that may be adjusted in terms of pricing by the time of shipment, showing that even in the short-term its pricing power is rather low. This is also why the company does not consider its order backlog to be a good indicator of future sales, which means that forecasting Micron's revenues and earnings in a time frame of 3-5 years is a tough exercise that most likely will be incorrect compared to the actual numbers the company will report in the succeeding periods.\nFinancial Overview\nRegarding its financial performance, Micron has a mixed history showing that its business is clearly cyclical and can report strong swings on an annual basis. Indeed, even though Micron's revenues have increased at a compounded annual growth rate (CAGR) of 17.4% from fiscal years (FY) 2016-20 (which end s in September), its revenues declined by 23% in FY 2019 and 8.4% in FY 2020. Moreover, its net income is also highly volatile, reporting $14 billion in FY 2018 and only $2.7 billion in FY 2020.\nThis clearly shows that Micron is highly exposed to the ups and downs of the market, which can change quite dramatically in a short period of time. This can also be seen by Micron's long-term trend of its EBITDA margin, which is highly volatile even though it has consistently improved over the years.\nSource: Micron.\nMore recently, Micron's business has been on a better operating momentum, to some extent driven by the pandemic, with demand for consumer electronics increasing substantially across the globe, which was a strong tailwind for the memory and storage chip market, while other segments reported lower demand, such as automotive.\nThis mixed backdrop resulted in lower revenues during the FY 2020, due to a large extent from lower DRAM prices that impacted negatively Micron's revenues and gross margin, Its revenues amounted to $21.4 billion (-8.4% YoY) and its gross margin declined to 31% (vs. 46% in FY 2019). Sales of NAND products increased during the year, boosted by data center customers, but were not enough to offset weakness in the DRAM segment. Regarding costs and R&D, Micron has a good discipline and these costs did not increase significantly compared to the previous year. Micron's bottom-line declined by 57% YoY to $2.7 billion, and its EPS was $2.37 (vs. $5.51 per share in FY 2019).\nDuring the first nine months of FY 2021, Micron has reported a very strong operating momentum which has enabled it to offset the loss of Huawei as a costumer due to U.S. sanctions (it represented about 12% of Micron's revenues in FY 2019).\nIn the third quarter of FY 2021, its revenues were 7.4 billion (+36% YoY) boosted by DRAM that reported revenue growth of 52% YoY, due to higher volumes and prices, while NAND's revenues were up by 9% YoY. Its net income more than double from the third quarter of FY 2020, to $2.17 billion, and its net profit margin improved to 29% (vs. 17% in the same quarter of last year). Its free cash flow was $1.5 billion in the quarter, a very good level of cash flow generation compared to accounting profit.\nGoing forward, Micron is very positive about the demand outlook in the memory segment, supported by data center costumers and new product developments that should support volume growth in the coming years. On the other hand, there is some negative sentiment in the market about future memory prices, which would be negative for the company's revenue growth in the coming quarters. For instance, a Morgan Stanley(MS) analyst has recently downgraded Micron because he expect s DRAM prices to be in a late stage cycle has the supply-demand situation is becoming more balanced.\nNevertheless, according to analysts' estimates, Micron should report higher revenues in FY 2022 and FY 2023 (to $36.7 billion and $40 billion, respectively) and the business is only expected to slow down thereafter. Its bottom-line is estimated to go up by 86% YoY in FY 2022, but to drop in the following years, which show to some extent that Micron's current strong growth may not be sustainable over the medium term.\nRegarding its balance sheet, Micron has a good situation, given that its net cash position was around $3.1 billion at the end of last quarter, thus its financial profile is strong and it can return excess capital to shareholders.\nIndeed, Micron has performed historically share buybacks, but more recently decided to start distributing a dividend, which shows some confidence about the company's future business prospects and its ability to return capital to shareholders in a recurring basis. Its quarterly dividend was set at only $0.10 per share, which lead to a modest dividend yield, but the goal is to gradually increase the dividend over the next few years.\nBottom Line\nMicron is reporting strong growth and medium-term prospects are good due to several growth trends of AI, 5G and others. However, the memory market is highly cyclical and there are some worries that its current strong trend may not last much.\nThe semiconductor industry has secular long-term growth prospects, but in my opinion the best way to invest in this theme is through companies that have some sort of competitive advantage and pricing power, such as ASML(ASML) that has a monopoly in the EUV technology. Micron does not fit that criteria and for that reason I was inclined to avoid it.\nHowever, I find its valuation as ridiculously cheap, given that based on 2022 and 2023 earnings it is currently trading at less than 7x forward earnings. This is extremely undemanding and even if earnings estimates come down somewhat, Micron would still be trading at a much lower valuation than its peers and its own historical average (about 11.5x over the past five years).\nThis means that even though Micron is a cyclical play within the semiconductor industry (my investment approach is to buy mainly secular growth companies), its valuation is too much cheap to ignore and upside potential looks good if pricing in the memory market remains strong. I have bought a small stake in Micron (about 3% of my portfolio) and intend to hold it for a while, but if pricing in the memory market starts to show weakness I most likely will sell my stake.","news_type":1,"symbols_score_info":{"MU":0.9}},"isVote":1,"tweetType":1,"viewCount":2086,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811122606,"gmtCreate":1630299946305,"gmtModify":1704958053913,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Bet David lives up to his name - king (CASH)","listText":"Bet David lives up to his name - king (CASH)","text":"Bet David lives up to his name - king (CASH)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/811122606","repostId":"1153646467","repostType":4,"isVote":1,"tweetType":1,"viewCount":3529,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801483283,"gmtCreate":1627527957542,"gmtModify":1631891264782,"author":{"id":"3574372584321621","authorId":"3574372584321621","name":"Donokane","avatar":"https://static.tigerbbs.com/b672fbcb32dfabc5e8ff43920dc4c61e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"title":"","htmlText":"Really?&nbsp;[思考]&nbsp;","listText":"Really?&nbsp;[思考]&nbsp;","text":"Really? [思考]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/801483283","repostId":"1184074920","repostType":4,"isVote":1,"tweetType":1,"viewCount":1925,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}