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Donokane

Donokane

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2021-08-30

Three freaking hours! Sheez! Over my dead body

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2021-06-26

Apple has FANGs ... Lookout

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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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2021-07-27

Oh! Get a life

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2021-08-06

Skillz has its name implies = SKILL

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2021-05-13

Care for early warning system? Will notch tis

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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

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

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2021-07-29

Really? [思考]

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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":1834,"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":[],"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":1850,"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,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"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.laohu8.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，但有时形同虚设</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向绿色，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产品，希望从涌入可持续产品的现金中攫取一部分。在某些情况下，品牌重塑只是名义上的。</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只基金更名为可持续基金。他们表示，这些基金采用了利用公司环境、社会和治理表现数据来挑选股票的投资策略。自2013年以来，基金公司已对64只基金进行了更名，截至6月，这些基金的资产达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>美国世纪基本股票基金现在是可持续股票基金，USAA世界增长基金是USAA可持续世界基金，普特南多股增长基金现在是普特南可持续领袖基金。自品牌重塑以来，这三家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，其中许多基金都是积极管理的，并且在品牌重塑之前经历了长期资金外流。“大型基金公司拥有大量基金，其中许多不再真正吸引资产，他们会说‘好吧，这种新的投资趋势正在发生；我们该怎么办？’”黑尔先生说。</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>这种转变类似于一家汽车公司更新一款陈旧的车型。由选股者管理的主动管理型基金多年来一直在损失投资者现金。晨星公司表示，带有可持续标签的类似基金一直在赚大钱。</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》对晨星数据的分析，在64只更名基金中，有35只在走向绿色之前的三年内遭受了投资者撤资。其中13只基金的投资者开始再次投入现金。45，新增现金加上股市上涨提振了整体资产。</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>根据股东权益组织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，是所有重新调整用途的基金中最多的。去年，Victory Capital Management Inc.将该基金的名称从USAA World Growth Fund更名为。</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>该基金的招股说明书中添加了一项披露，指出会考虑ESG评级，但基金经理可能不同意评级者的结论。可持续世界基金继续持有矿业公司力拓等公司的股票，并在品牌重塑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投资顾问VictoryShares&amp;Solutions总裁Mannik S.Dhillon表示：“我们认为，将ESG考虑因素纳入投资组合应该是任何经理为实现平衡、多元化的投资组合而评估的更大考虑因素中的一个输入。”。</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2016年更名之前，投资者多年来一直从American Century Investment的基本股票基金中提取现金。三年后，以新名称命名的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>“对我们来说，这是对我们做出正确改变的肯定，”美国世纪副总裁乔·雷兰德说。“业绩越来越好，投资界对可持续投资更感兴趣，这使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击败了标普500，并以其投资组合公司的温室气体排放量比该指数少67%而自豪。该基金在转型期间抛售了包括埃克森美孚公司在内的12家公司的股票，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>雷兰表示，尽管康菲石油公司是一个温室气体排放大国，但它保留了康菲石油公司，因为它正在更多地转向可持续发展。“在分析了这两者后，康菲石油公司展示了超越埃克森美孚成为ESG领导者的能力，”雷兰先生说。</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《华尔街日报》对43只具有历史数据的基金成分的分析，其他经常被更名基金抛弃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>更名后的基金通常会收购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。根据晨星公司的数据，去年286只可持续基金中有近70%在其业绩类别中排名前一半。</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基金的资产徘徊在2000年代初该公司更名以来的最低点附近。</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，更名后的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《华尔街日报》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表现好坏参半后，这两只基金在过去三年中的表现均优于基准和标普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戏剧性的变化，将75%的投资组合转向专注于可持续发展公司。“人们在开发可持续基金方面采取了多种方法，对于普特南来说，这已经是相当困难的事情了。”</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上涨，该公司是该基金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>“我们不仅对这些数字感到满意，而且对这些数字的产生方式感到满意，”柯林斯女士说。</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，但有时形同虚设</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，但有时形同虚设</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向绿色，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产品，希望从涌入可持续产品的现金中攫取一部分。在某些情况下，品牌重塑只是名义上的。</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只基金更名为可持续基金。他们表示，这些基金采用了利用公司环境、社会和治理表现数据来挑选股票的投资策略。自2013年以来，基金公司已对64只基金进行了更名，截至6月，这些基金的资产达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>美国世纪基本股票基金现在是可持续股票基金，USAA世界增长基金是USAA可持续世界基金，普特南多股增长基金现在是普特南可持续领袖基金。自品牌重塑以来，这三家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，其中许多基金都是积极管理的，并且在品牌重塑之前经历了长期资金外流。“大型基金公司拥有大量基金，其中许多不再真正吸引资产，他们会说‘好吧，这种新的投资趋势正在发生；我们该怎么办？’”黑尔先生说。</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>这种转变类似于一家汽车公司更新一款陈旧的车型。由选股者管理的主动管理型基金多年来一直在损失投资者现金。晨星公司表示，带有可持续标签的类似基金一直在赚大钱。</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》对晨星数据的分析，在64只更名基金中，有35只在走向绿色之前的三年内遭受了投资者撤资。其中13只基金的投资者开始再次投入现金。45，新增现金加上股市上涨提振了整体资产。</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>根据股东权益组织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，是所有重新调整用途的基金中最多的。去年，Victory Capital Management Inc.将该基金的名称从USAA World Growth Fund更名为。</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>该基金的招股说明书中添加了一项披露，指出会考虑ESG评级，但基金经理可能不同意评级者的结论。可持续世界基金继续持有矿业公司力拓等公司的股票，并在品牌重塑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投资顾问VictoryShares&amp;Solutions总裁Mannik S.Dhillon表示：“我们认为，将ESG考虑因素纳入投资组合应该是任何经理为实现平衡、多元化的投资组合而评估的更大考虑因素中的一个输入。”。</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2016年更名之前，投资者多年来一直从American Century Investment的基本股票基金中提取现金。三年后，以新名称命名的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>“对我们来说，这是对我们做出正确改变的肯定，”美国世纪副总裁乔·雷兰德说。“业绩越来越好，投资界对可持续投资更感兴趣，这使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击败了标普500，并以其投资组合公司的温室气体排放量比该指数少67%而自豪。该基金在转型期间抛售了包括埃克森美孚公司在内的12家公司的股票，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>雷兰表示，尽管康菲石油公司是一个温室气体排放大国，但它保留了康菲石油公司，因为它正在更多地转向可持续发展。“在分析了这两者后，康菲石油公司展示了超越埃克森美孚成为ESG领导者的能力，”雷兰先生说。</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《华尔街日报》对43只具有历史数据的基金成分的分析，其他经常被更名基金抛弃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>更名后的基金通常会收购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。根据晨星公司的数据，去年286只可持续基金中有近70%在其业绩类别中排名前一半。</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基金的资产徘徊在2000年代初该公司更名以来的最低点附近。</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，更名后的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《华尔街日报》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表现好坏参半后，这两只基金在过去三年中的表现均优于基准和标普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戏剧性的变化，将75%的投资组合转向专注于可持续发展公司。“人们在开发可持续基金方面采取了多种方法，对于普特南来说，这已经是相当困难的事情了。”</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上涨，该公司是该基金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>“我们不仅对这些数字感到满意，而且对这些数字的产生方式感到满意，”柯林斯女士说。</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":1733,"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":[],"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.laohu8.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>我主要投资于长期增长型公司，因此会避开美光科技，因为内存和存储领域具有高度周期性。</li><li>美光科技报告称，过去几个季度增长强劲，预计这一趋势将在未来几年保持积极势头。</li><li>其预期市盈率不到7倍，要求非常低，使其成为半导体行业中良好的周期性股票。</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)是半导体行业中的周期性公司，我更喜欢投资长期增长型公司，但它的估值非常便宜，目前是一项非常引人注目的投资。</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>美光科技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技术，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>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、台湾和其他地区拥有13个制造基地和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，这意味着美光科技要保持竞争力，必须不断投资于新产品和技术，以使自己与其他参与者区分开来。它最接近的竞争对手是<b>三星电子</b>（场外交易代码：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，三星是该细分市场的最大参与者，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>正如我在之前关于“ASML：一家适合长期投资者的出色公司”的文章中所分析的那样，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。这种背景对美光科技的增长非常积极，特别是受到人工智能、5G、机器学习和自动驾驶汽车的长期增长趋势的影响。</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>这意味着美光科技在未来几年将直接面临多种增长来源，预计其总目标市场将在未来十年大幅增长。冠状病毒大流行甚至加速了这种长期增长趋势，对游戏、笔记本电脑和其他产品的需求迅速增加，为美光科技的增长提供了强大的周期性支持，超出了其长期增长的顺风。</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在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，因此内存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>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，客户在结构上不愿意做出长期、固定价格的承诺。这意味着美光科技很容易受到市场供需状况的影响，从中长期来看，其定价能力较低。</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，该公司还接受发货时可能会调整定价的订单，这表明即使在短期内其定价能力也相当低。这也是为什么该公司不认为其积压订单是未来销售的良好指标，这意味着预测美光科技在3-5年内的收入和收益是一项艰巨的任务，与相比很可能是不正确的。公司将在后续期间报告的实际数字。</blockquote></p><p> <b>Financial Overview</b></p><p><blockquote><b>财务概况</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，美光科技的历史好坏参半，表明其业务具有明显的周期性，并且每年都会出现强劲的波动。事实上，尽管美光科技的收入较2016-20财年（9月结束）以17.4%的复合年增长率(CAGR)增长，但其收入在2019财年下降了23%，在2020财年下降了8.4%。此外，其净利润也波动很大，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，美光科技很容易受到市场波动的影响，市场波动可能在短时间内发生巨大变化。这也可以从美光的EBITDA利润率的长期趋势中看出，尽管多年来一直在改善，但该利润率波动很大。</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>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，美光科技的业务在一定程度上受到疫情的推动，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较低需求，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214亿美元（同比-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细分市场的疲软。关于成本和研发，美光有很好的纪律性，这些成本与前一年相比没有明显增加。美光科技的净利润同比下降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，美光科技报告了非常强劲的运营势头，这使其能够抵消华为因美国制裁而失去的客户（华为约占美光科技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，DRAM的收入为74亿美元（同比增长36%），由于销量和价格上涨，DRAM的收入同比增长52%，而NAND的收入同比增长9%。其净利润较2020财年第三季度增长了一倍多，达到21.7亿美元，净利润率提高至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，现金流生成水平非常好。</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，美光科技对内存领域的需求前景非常乐观，这得益于数据中心客户和新产品开发，这将支持未来几年的销量增长。另一方面，市场对未来内存价格存在一些负面情绪，这将不利于公司未来几个季度的收入增长。例如，a<b>摩根士丹利</b>(MS)分析师最近下调了美光的评级，因为他预计随着供需形势变得更加平衡，s DRAM价格将处于周期的后期阶段。</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，美光科技在2022财年和2023财年的收入应该会更高（分别达到367亿美元和400亿美元），预计此后业务只会放缓。预计2022财年其利润将同比增长86%，但随后几年将下降，这在一定程度上表明美光科技目前的强劲增长在中期内可能无法持续。</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，美光科技的情况良好，因为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，可以向股东返还多余的资本。</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，美光科技历史上曾进行过股票回购，但最近决定开始分配股息，这表明人们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。其季度股息仅定为每股0.10美元，这导致股息收益率适中，但目标是在未来几年内逐步增加股息。</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，美光科技报告强劲增长，中期前景良好。然而，内存市场具有很强的周期性，有人担心其目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，投资该主题的最佳方式是通过具有某种竞争优势和定价能力的公司，例如<b>ASML</b>（ASML）在EUV技术上拥有垄断地位。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，我发现它的估值低得离谱，因为根据2022年和2023年的收益，它目前的预期收益不到7倍。这要求极低，即使盈利预期有所下降，美光科技的估值仍将远低于同行及其历史平均水平（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内的周期性公司（我的投资方法是主要购买长期增长型公司），但其估值太便宜，不容忽视，如果内存市场的定价保持强劲，上涨潜力看起来不错。我已经购买了美光科技的少量股份（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显示疲软，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>我主要投资于长期增长型公司，因此会避开美光科技，因为内存和存储领域具有高度周期性。</li><li>美光科技报告称，过去几个季度增长强劲，预计这一趋势将在未来几年保持积极势头。</li><li>其预期市盈率不到7倍，要求非常低，使其成为半导体行业中良好的周期性股票。</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)是半导体行业中的周期性公司，我更喜欢投资长期增长型公司，但它的估值非常便宜，目前是一项非常引人注目的投资。</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>美光科技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技术，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>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、台湾和其他地区拥有13个制造基地和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，这意味着美光科技要保持竞争力，必须不断投资于新产品和技术，以使自己与其他参与者区分开来。它最接近的竞争对手是<b>三星电子</b>（场外交易代码：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，三星是该细分市场的最大参与者，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>正如我在之前关于“ASML：一家适合长期投资者的出色公司”的文章中所分析的那样，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。这种背景对美光科技的增长非常积极，特别是受到人工智能、5G、机器学习和自动驾驶汽车的长期增长趋势的影响。</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>这意味着美光科技在未来几年将直接面临多种增长来源，预计其总目标市场将在未来十年大幅增长。冠状病毒大流行甚至加速了这种长期增长趋势，对游戏、笔记本电脑和其他产品的需求迅速增加，为美光科技的增长提供了强大的周期性支持，超出了其长期增长的顺风。</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在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，因此内存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>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，客户在结构上不愿意做出长期、固定价格的承诺。这意味着美光科技很容易受到市场供需状况的影响，从中长期来看，其定价能力较低。</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，该公司还接受发货时可能会调整定价的订单，这表明即使在短期内其定价能力也相当低。这也是为什么该公司不认为其积压订单是未来销售的良好指标，这意味着预测美光科技在3-5年内的收入和收益是一项艰巨的任务，与相比很可能是不正确的。公司将在后续期间报告的实际数字。</blockquote></p><p> <b>Financial Overview</b></p><p><blockquote><b>财务概况</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，美光科技的历史好坏参半，表明其业务具有明显的周期性，并且每年都会出现强劲的波动。事实上，尽管美光科技的收入较2016-20财年（9月结束）以17.4%的复合年增长率(CAGR)增长，但其收入在2019财年下降了23%，在2020财年下降了8.4%。此外，其净利润也波动很大，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，美光科技很容易受到市场波动的影响，市场波动可能在短时间内发生巨大变化。这也可以从美光的EBITDA利润率的长期趋势中看出，尽管多年来一直在改善，但该利润率波动很大。</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>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，美光科技的业务在一定程度上受到疫情的推动，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较低需求，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214亿美元（同比-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细分市场的疲软。关于成本和研发，美光有很好的纪律性，这些成本与前一年相比没有明显增加。美光科技的净利润同比下降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，美光科技报告了非常强劲的运营势头，这使其能够抵消华为因美国制裁而失去的客户（华为约占美光科技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，DRAM的收入为74亿美元（同比增长36%），由于销量和价格上涨，DRAM的收入同比增长52%，而NAND的收入同比增长9%。其净利润较2020财年第三季度增长了一倍多，达到21.7亿美元，净利润率提高至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，现金流生成水平非常好。</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，美光科技对内存领域的需求前景非常乐观，这得益于数据中心客户和新产品开发，这将支持未来几年的销量增长。另一方面，市场对未来内存价格存在一些负面情绪，这将不利于公司未来几个季度的收入增长。例如，a<b>摩根士丹利</b>(MS)分析师最近下调了美光的评级，因为他预计随着供需形势变得更加平衡，s DRAM价格将处于周期的后期阶段。</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，美光科技在2022财年和2023财年的收入应该会更高（分别达到367亿美元和400亿美元），预计此后业务只会放缓。预计2022财年其利润将同比增长86%，但随后几年将下降，这在一定程度上表明美光科技目前的强劲增长在中期内可能无法持续。</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，美光科技的情况良好，因为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，可以向股东返还多余的资本。</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，美光科技历史上曾进行过股票回购，但最近决定开始分配股息，这表明人们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。其季度股息仅定为每股0.10美元，这导致股息收益率适中，但目标是在未来几年内逐步增加股息。</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，美光科技报告强劲增长，中期前景良好。然而，内存市场具有很强的周期性，有人担心其目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，投资该主题的最佳方式是通过具有某种竞争优势和定价能力的公司，例如<b>ASML</b>（ASML）在EUV技术上拥有垄断地位。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，我发现它的估值低得离谱，因为根据2022年和2023年的收益，它目前的预期收益不到7倍。这要求极低，即使盈利预期有所下降，美光科技的估值仍将远低于同行及其历史平均水平（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内的周期性公司（我的投资方法是主要购买长期增长型公司），但其估值太便宜，不容忽视，如果内存市场的定价保持强劲，上涨潜力看起来不错。我已经购买了美光科技的少量股份（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显示疲软，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":1586,"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,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"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":2370,"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":[],"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":2886,"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,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"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":2319,"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,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"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":1916,"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":[],"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":2554,"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,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"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":1812,"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,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"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.laohu8.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宣布了2021年第一季度的里程碑式业绩。</i></b>Grab Holdings Inc.在其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>调整后净销售额达到创纪录的5.07亿美元，较去年增长39%。这带来了2.16亿美元的收入。</blockquote></p><p> The company also reached its highest quarterly total payments volume at a growth of 18%.</p><p><blockquote>该公司还创下了季度支付总额的最高水平，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，调整后息税折旧摊销前利润(EBITDA)增长至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，其中包括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困难的情况下发生的。</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作为一家公司来说是值得注意的。</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>“我们超额完成了2021年第一季度调整后净销售额和调整后EBITDA的内部目标，并延续了交付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继续致力于与Altimeter Growth Corporation（一家专注于技术的投资公司）合并之际取得的。</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，随着他们距离公开上市越来越近，这是一个积极的表现。</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>“随着我们准备成为一家上市公司，我们正在分享有史以来第一份季度财务业绩，尽管受到COVID-19的持续影响，我们仍继续实现强劲增长。东南亚消费者相信Grab能够满足他们的日常需求越来越多，我们对杂货配送和金融服务产品中看到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宣布了2021年第一季度的里程碑式业绩。</i></b>Grab Holdings Inc.在其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>调整后净销售额达到创纪录的5.07亿美元，较去年增长39%。这带来了2.16亿美元的收入。</blockquote></p><p> The company also reached its highest quarterly total payments volume at a growth of 18%.</p><p><blockquote>该公司还创下了季度支付总额的最高水平，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，调整后息税折旧摊销前利润(EBITDA)增长至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，其中包括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困难的情况下发生的。</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作为一家公司来说是值得注意的。</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>“我们超额完成了2021年第一季度调整后净销售额和调整后EBITDA的内部目标，并延续了交付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继续致力于与Altimeter Growth Corporation（一家专注于技术的投资公司）合并之际取得的。</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，随着他们距离公开上市越来越近，这是一个积极的表现。</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>“随着我们准备成为一家上市公司，我们正在分享有史以来第一份季度财务业绩，尽管受到COVID-19的持续影响，我们仍继续实现强劲增长。东南亚消费者相信Grab能够满足他们的日常需求越来越多，我们对杂货配送和金融服务产品中看到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":418,"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,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"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.laohu8.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(Elon Musk)的净资产一天内暴跌139亿美元，不再是全球首富</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，当他的蓝色起源飞船到达亚轨道飞行几分钟时，杰夫·贝索斯暂时失去了“地球上最富有的人”的头衔。</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这个头衔，但这一次是因为他的净资产实际上暴跌了——一天之内减少了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>贝佐斯的净资产下跌是因为亚马逊股价上周遭受重创，在该公司公布第二季度增长低于预期后，该公司股价下跌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>贝佐斯净资产的下降让法国大亨伯纳德·阿尔诺(Bernard Arnault)登上了超级富豪第一的宝座。阿尔诺领导着奢侈品集团LVMH，其子公司包括路易威登、丝芙兰、酩悦香槟和蒂芙尼。</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有所倒退，但阿尔诺的财富在疫情的第一年就显著增加了近1000亿美元。</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1958亿美元，而贝佐斯的净资产徘徊在1926亿美元。</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，亚马逊从大流行封锁中获得了巨大收益。</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，但最近的掷硬币结束了贝佐斯连续50天位居榜首的纪录。</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>全球总共有2755名亿万富翁，其中86%的人比一年前更富有，2020年财富总计增加了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(Elon Musk)的净资产一天内暴跌139亿美元，不再是全球首富</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(Elon Musk)的净资产一天内暴跌139亿美元，不再是全球首富</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，当他的蓝色起源飞船到达亚轨道飞行几分钟时，杰夫·贝索斯暂时失去了“地球上最富有的人”的头衔。</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这个头衔，但这一次是因为他的净资产实际上暴跌了——一天之内减少了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>贝佐斯的净资产下跌是因为亚马逊股价上周遭受重创，在该公司公布第二季度增长低于预期后，该公司股价下跌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>贝佐斯净资产的下降让法国大亨伯纳德·阿尔诺(Bernard Arnault)登上了超级富豪第一的宝座。阿尔诺领导着奢侈品集团LVMH，其子公司包括路易威登、丝芙兰、酩悦香槟和蒂芙尼。</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有所倒退，但阿尔诺的财富在疫情的第一年就显著增加了近1000亿美元。</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1958亿美元，而贝佐斯的净资产徘徊在1926亿美元。</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，亚马逊从大流行封锁中获得了巨大收益。</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，但最近的掷硬币结束了贝佐斯连续50天位居榜首的纪录。</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>全球总共有2755名亿万富翁，其中86%的人比一年前更富有，2020年财富总计增加了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":1129,"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":[],"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":1797,"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,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"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":401,"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,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"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":1054,"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,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"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.laohu8.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>这就是木薯科学今天飙升的原因</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展示首批50名阿尔茨海默病患者的中期分析结果，这些患者将使用其主要候选药物simufilam完成9个月的治疗。</li></ul><h2><b>发生了什么</b></h2>本公司之股份<b><a href=\"https://laohu8.com/S/SAVA\">木薯科学公司</a></b>截至下午3:05，一家处于临床阶段的生物制药公司上涨26.6%。美国东部时间周三。投资者期待该公司主要候选药物simufilam的一组新临床试验数据将于本月晚些时候在阿尔茨海默病协会国际会议(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的有争议的批准<b><a href=\"https://laohu8.com/S/BIIB\">Biogen</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且最终致命的痴呆症，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，因为该公司刚刚宣布即将在AAIC年会上发表演讲。2021年7月29日，该公司将展示simufilam 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>现在怎么办</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，按照最近的价格计算，Cassava Sciences的市值为46亿美元。对于一家没有产品可供销售且正在进行实验性药物中期测试的公司来说，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展示了通过脑脊液(CSF)样本测量的simufilam治疗28天如何显着减少痴呆症恶化的迹象。这项2期研究的认知测量显示出与安慰剂相比有益处的迹象，但该公司甚至还没有开始可以支持新药应用的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>这就是木薯科学今天飙升的原因</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>这就是木薯科学今天飙升的原因</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展示首批50名阿尔茨海默病患者的中期分析结果，这些患者将使用其主要候选药物simufilam完成9个月的治疗。</li></ul><h2><b>发生了什么</b></h2>本公司之股份<b><a href=\"https://laohu8.com/S/SAVA\">木薯科学公司</a></b>截至下午3:05，一家处于临床阶段的生物制药公司上涨26.6%。美国东部时间周三。投资者期待该公司主要候选药物simufilam的一组新临床试验数据将于本月晚些时候在阿尔茨海默病协会国际会议(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的有争议的批准<b><a href=\"https://laohu8.com/S/BIIB\">Biogen</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且最终致命的痴呆症，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，因为该公司刚刚宣布即将在AAIC年会上发表演讲。2021年7月29日，该公司将展示simufilam 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>现在怎么办</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，按照最近的价格计算，Cassava Sciences的市值为46亿美元。对于一家没有产品可供销售且正在进行实验性药物中期测试的公司来说，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展示了通过脑脊液(CSF)样本测量的simufilam治疗28天如何显着减少痴呆症恶化的迹象。这项2期研究的认知测量显示出与安慰剂相比有益处的迹象，但该公司甚至还没有开始可以支持新药应用的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":{"SAVA":"Cassava Sciences Inc","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":510,"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,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"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":612,"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,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"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.laohu8.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)逢低买入：她刚刚买入的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>去年的市场大师又来了。ARK Invest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，本周她可能会找到一些。周二她加仓了<b><a href=\"https://laohu8.com/S/DIS\">迪斯尼</a></b>（纽约证券交易所代码：DIS），<b>DocuSign</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\">迪斯尼</a>.</blockquote></p><p> <b>Walt Disney</b></p><p><blockquote><b>迪斯尼</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，它成为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位数收购使其拥有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，在Disney+的成功和市场对经济重新开放的预期的推动下，迪士尼创下了略高于203美元的历史新高。它已经回吐了部分涨幅，目前距离重新回到高水位还有近15%的距离。</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>很难押注迪士尼。Disney+推出不到两年，订阅用户已经突破1亿。迪士尼电影经常在票房报告中名列前茅，现在人们正在回到多厅影院、主题公园，并最终回到游轮上，迪士尼在不久的将来无处不在。</blockquote></p><p> <b>DocuSign</b></p><p><blockquote><b>DocuSign</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>疫情让在办公室签署合同、租约和其他重要文件成为过去，现在再也回不到湿签名了。DocuSign已经成为这个蓬勃发展的领域的利基领导者，与许多在新冠肺炎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，并且增长非常快。过去两个财年的收入增长了39%，然后增长了49%，其在最新报告中公布的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>这不仅仅是一个营收增长的故事。DocuSign现已实现盈利，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，但一直在上涨，距离创下新高只有一两个交易日的时间。</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>最后我们要谈谈UiPath。Wood增加了她在ARK Invest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，成长型投资者正在热衷这个名字。</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上市还不到三个月，但这是一段疯狂的旅程。UiPath的上市价格为56美元，5月份达到90美元的峰值，随后回落至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个目前没有盈利的公司，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。时刻关注她买的东西是有好处的。</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)逢低买入：她刚刚买入的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)逢低买入：她刚刚买入的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>去年的市场大师又来了。ARK Invest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，本周她可能会找到一些。周二她加仓了<b><a href=\"https://laohu8.com/S/DIS\">迪斯尼</a></b>（纽约证券交易所代码：DIS），<b>DocuSign</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\">迪斯尼</a>.</blockquote></p><p> <b>Walt Disney</b></p><p><blockquote><b>迪斯尼</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，它成为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位数收购使其拥有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，在Disney+的成功和市场对经济重新开放的预期的推动下，迪士尼创下了略高于203美元的历史新高。它已经回吐了部分涨幅，目前距离重新回到高水位还有近15%的距离。</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>很难押注迪士尼。Disney+推出不到两年，订阅用户已经突破1亿。迪士尼电影经常在票房报告中名列前茅，现在人们正在回到多厅影院、主题公园，并最终回到游轮上，迪士尼在不久的将来无处不在。</blockquote></p><p> <b>DocuSign</b></p><p><blockquote><b>DocuSign</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>疫情让在办公室签署合同、租约和其他重要文件成为过去，现在再也回不到湿签名了。DocuSign已经成为这个蓬勃发展的领域的利基领导者，与许多在新冠肺炎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，并且增长非常快。过去两个财年的收入增长了39%，然后增长了49%，其在最新报告中公布的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>这不仅仅是一个营收增长的故事。DocuSign现已实现盈利，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，但一直在上涨，距离创下新高只有一两个交易日的时间。</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>最后我们要谈谈UiPath。Wood增加了她在ARK Invest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，成长型投资者正在热衷这个名字。</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上市还不到三个月，但这是一段疯狂的旅程。UiPath的上市价格为56美元，5月份达到90美元的峰值，随后回落至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个目前没有盈利的公司，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。时刻关注她买的东西是有好处的。</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":{"DIS":"迪士尼","DOCU":"Docusign","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":{"PATH":0.9,"JE":0.9,"ARKIU":0.9,"DOCU":0.9,"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":775,"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,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"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":803,"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,"idStr":"3574372584321621","authorIdStr":"3574372584321621"},"themes":[],"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":776,"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":[],"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":2370,"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":[],"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":485,"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":[],"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":1834,"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":[],"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":1850,"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":[],"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":401,"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":[],"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":2554,"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":[],"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":579,"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":[],"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.laohu8.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>我主要投资于长期增长型公司，因此会避开美光科技，因为内存和存储领域具有高度周期性。</li><li>美光科技报告称，过去几个季度增长强劲，预计这一趋势将在未来几年保持积极势头。</li><li>其预期市盈率不到7倍，要求非常低，使其成为半导体行业中良好的周期性股票。</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)是半导体行业中的周期性公司，我更喜欢投资长期增长型公司，但它的估值非常便宜，目前是一项非常引人注目的投资。</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>美光科技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技术，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>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、台湾和其他地区拥有13个制造基地和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，这意味着美光科技要保持竞争力，必须不断投资于新产品和技术，以使自己与其他参与者区分开来。它最接近的竞争对手是<b>三星电子</b>（场外交易代码：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，三星是该细分市场的最大参与者，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>正如我在之前关于“ASML：一家适合长期投资者的出色公司”的文章中所分析的那样，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。这种背景对美光科技的增长非常积极，特别是受到人工智能、5G、机器学习和自动驾驶汽车的长期增长趋势的影响。</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>这意味着美光科技在未来几年将直接面临多种增长来源，预计其总目标市场将在未来十年大幅增长。冠状病毒大流行甚至加速了这种长期增长趋势，对游戏、笔记本电脑和其他产品的需求迅速增加，为美光科技的增长提供了强大的周期性支持，超出了其长期增长的顺风。</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在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，因此内存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>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，客户在结构上不愿意做出长期、固定价格的承诺。这意味着美光科技很容易受到市场供需状况的影响，从中长期来看，其定价能力较低。</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，该公司还接受发货时可能会调整定价的订单，这表明即使在短期内其定价能力也相当低。这也是为什么该公司不认为其积压订单是未来销售的良好指标，这意味着预测美光科技在3-5年内的收入和收益是一项艰巨的任务，与相比很可能是不正确的。公司将在后续期间报告的实际数字。</blockquote></p><p> <b>Financial Overview</b></p><p><blockquote><b>财务概况</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，美光科技的历史好坏参半，表明其业务具有明显的周期性，并且每年都会出现强劲的波动。事实上，尽管美光科技的收入较2016-20财年（9月结束）以17.4%的复合年增长率(CAGR)增长，但其收入在2019财年下降了23%，在2020财年下降了8.4%。此外，其净利润也波动很大，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，美光科技很容易受到市场波动的影响，市场波动可能在短时间内发生巨大变化。这也可以从美光的EBITDA利润率的长期趋势中看出，尽管多年来一直在改善，但该利润率波动很大。</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>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，美光科技的业务在一定程度上受到疫情的推动，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较低需求，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214亿美元（同比-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细分市场的疲软。关于成本和研发，美光有很好的纪律性，这些成本与前一年相比没有明显增加。美光科技的净利润同比下降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，美光科技报告了非常强劲的运营势头，这使其能够抵消华为因美国制裁而失去的客户（华为约占美光科技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，DRAM的收入为74亿美元（同比增长36%），由于销量和价格上涨，DRAM的收入同比增长52%，而NAND的收入同比增长9%。其净利润较2020财年第三季度增长了一倍多，达到21.7亿美元，净利润率提高至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，现金流生成水平非常好。</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，美光科技对内存领域的需求前景非常乐观，这得益于数据中心客户和新产品开发，这将支持未来几年的销量增长。另一方面，市场对未来内存价格存在一些负面情绪，这将不利于公司未来几个季度的收入增长。例如，a<b>摩根士丹利</b>(MS)分析师最近下调了美光的评级，因为他预计随着供需形势变得更加平衡，s DRAM价格将处于周期的后期阶段。</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，美光科技在2022财年和2023财年的收入应该会更高（分别达到367亿美元和400亿美元），预计此后业务只会放缓。预计2022财年其利润将同比增长86%，但随后几年将下降，这在一定程度上表明美光科技目前的强劲增长在中期内可能无法持续。</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，美光科技的情况良好，因为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，可以向股东返还多余的资本。</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，美光科技历史上曾进行过股票回购，但最近决定开始分配股息，这表明人们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。其季度股息仅定为每股0.10美元，这导致股息收益率适中，但目标是在未来几年内逐步增加股息。</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，美光科技报告强劲增长，中期前景良好。然而，内存市场具有很强的周期性，有人担心其目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，投资该主题的最佳方式是通过具有某种竞争优势和定价能力的公司，例如<b>ASML</b>（ASML）在EUV技术上拥有垄断地位。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，我发现它的估值低得离谱，因为根据2022年和2023年的收益，它目前的预期收益不到7倍。这要求极低，即使盈利预期有所下降，美光科技的估值仍将远低于同行及其历史平均水平（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内的周期性公司（我的投资方法是主要购买长期增长型公司），但其估值太便宜，不容忽视，如果内存市场的定价保持强劲，上涨潜力看起来不错。我已经购买了美光科技的少量股份（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显示疲软，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>我主要投资于长期增长型公司，因此会避开美光科技，因为内存和存储领域具有高度周期性。</li><li>美光科技报告称，过去几个季度增长强劲，预计这一趋势将在未来几年保持积极势头。</li><li>其预期市盈率不到7倍，要求非常低，使其成为半导体行业中良好的周期性股票。</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)是半导体行业中的周期性公司，我更喜欢投资长期增长型公司，但它的估值非常便宜，目前是一项非常引人注目的投资。</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>美光科技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技术，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>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、台湾和其他地区拥有13个制造基地和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，这意味着美光科技要保持竞争力，必须不断投资于新产品和技术，以使自己与其他参与者区分开来。它最接近的竞争对手是<b>三星电子</b>（场外交易代码：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，三星是该细分市场的最大参与者，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>正如我在之前关于“ASML：一家适合长期投资者的出色公司”的文章中所分析的那样，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。这种背景对美光科技的增长非常积极，特别是受到人工智能、5G、机器学习和自动驾驶汽车的长期增长趋势的影响。</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>这意味着美光科技在未来几年将直接面临多种增长来源，预计其总目标市场将在未来十年大幅增长。冠状病毒大流行甚至加速了这种长期增长趋势，对游戏、笔记本电脑和其他产品的需求迅速增加，为美光科技的增长提供了强大的周期性支持，超出了其长期增长的顺风。</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在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，因此内存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>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，客户在结构上不愿意做出长期、固定价格的承诺。这意味着美光科技很容易受到市场供需状况的影响，从中长期来看，其定价能力较低。</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，该公司还接受发货时可能会调整定价的订单，这表明即使在短期内其定价能力也相当低。这也是为什么该公司不认为其积压订单是未来销售的良好指标，这意味着预测美光科技在3-5年内的收入和收益是一项艰巨的任务，与相比很可能是不正确的。公司将在后续期间报告的实际数字。</blockquote></p><p> <b>Financial Overview</b></p><p><blockquote><b>财务概况</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，美光科技的历史好坏参半，表明其业务具有明显的周期性，并且每年都会出现强劲的波动。事实上，尽管美光科技的收入较2016-20财年（9月结束）以17.4%的复合年增长率(CAGR)增长，但其收入在2019财年下降了23%，在2020财年下降了8.4%。此外，其净利润也波动很大，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，美光科技很容易受到市场波动的影响，市场波动可能在短时间内发生巨大变化。这也可以从美光的EBITDA利润率的长期趋势中看出，尽管多年来一直在改善，但该利润率波动很大。</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>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，美光科技的业务在一定程度上受到疫情的推动，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较低需求，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214亿美元（同比-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细分市场的疲软。关于成本和研发，美光有很好的纪律性，这些成本与前一年相比没有明显增加。美光科技的净利润同比下降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，美光科技报告了非常强劲的运营势头，这使其能够抵消华为因美国制裁而失去的客户（华为约占美光科技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，DRAM的收入为74亿美元（同比增长36%），由于销量和价格上涨，DRAM的收入同比增长52%，而NAND的收入同比增长9%。其净利润较2020财年第三季度增长了一倍多，达到21.7亿美元，净利润率提高至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，现金流生成水平非常好。</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，美光科技对内存领域的需求前景非常乐观，这得益于数据中心客户和新产品开发，这将支持未来几年的销量增长。另一方面，市场对未来内存价格存在一些负面情绪，这将不利于公司未来几个季度的收入增长。例如，a<b>摩根士丹利</b>(MS)分析师最近下调了美光的评级，因为他预计随着供需形势变得更加平衡，s DRAM价格将处于周期的后期阶段。</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，美光科技在2022财年和2023财年的收入应该会更高（分别达到367亿美元和400亿美元），预计此后业务只会放缓。预计2022财年其利润将同比增长86%，但随后几年将下降，这在一定程度上表明美光科技目前的强劲增长在中期内可能无法持续。</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，美光科技的情况良好，因为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，可以向股东返还多余的资本。</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，美光科技历史上曾进行过股票回购，但最近决定开始分配股息，这表明人们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。其季度股息仅定为每股0.10美元，这导致股息收益率适中，但目标是在未来几年内逐步增加股息。</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，美光科技报告强劲增长，中期前景良好。然而，内存市场具有很强的周期性，有人担心其目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，投资该主题的最佳方式是通过具有某种竞争优势和定价能力的公司，例如<b>ASML</b>（ASML）在EUV技术上拥有垄断地位。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，我发现它的估值低得离谱，因为根据2022年和2023年的收益，它目前的预期收益不到7倍。这要求极低，即使盈利预期有所下降，美光科技的估值仍将远低于同行及其历史平均水平（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内的周期性公司（我的投资方法是主要购买长期增长型公司），但其估值太便宜，不容忽视，如果内存市场的定价保持强劲，上涨潜力看起来不错。我已经购买了美光科技的少量股份（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显示疲软，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":1586,"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":[],"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":2886,"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":[],"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":1797,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}