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2021-11-18

Great!

NVIDIA Q3 Adj. EPS $1.17 Beats $1.10 Estimate, Sales $7.10B Beat $6.83B Estimate<blockquote>NVIDIA 第三季度调整后。每股收益 1.17 美元，超出预期 1.10 美元，销售额 7.10B 美元，超出预期 6.83B 美元</blockquote>

2021-11-08

Great

抱歉，原内容已删除

2021-10-12

It's time

抱歉，原内容已删除

2021-10-09

Great

Airbnb: Good Prospects Jeopardized By High Expectations<blockquote>爱彼迎：高期望危及良好前景</blockquote>

2021-09-15

Yeah

抱歉，原内容已删除

2021-09-03

Great

抱歉，原内容已删除

2021-08-12

Good

抱歉，原内容已删除

2021-07-23

Yes

Is Netflix Stock A Buy After Q2 Earnings Report?<blockquote>第二季度收益报告发布后，网飞股票值得买入吗？</blockquote>

2021-07-10

Great

抱歉，原内容已删除

2021-07-07

Monitor

XPeng shares fell 3% in premarket trading.<blockquote>小鹏汽车股价在盘前交易中下跌 3%。</blockquote>

2021-06-29

Good

US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week<blockquote>美国 IPO 前一周：滴滴在 IPO 第 17 周首次筹集数十亿美元</blockquote>

2021-06-28

Yeah

This Casino Company Has A Better 5-Year Return Than Alibaba, Amazon, Disney And Ford<blockquote>这家赌场公司的 5 年回报率优于阿里巴巴-SW、亚马逊、迪斯尼和福特</blockquote>

2021-06-21

Great!

5 Stocks To Watch For June 21, 2021<blockquote>2021 年 6 月 21 日值得关注的 5 只股票</blockquote>

2021-06-17

Its time

Gold sector stocks fell in morning trading<blockquote>黄金板块股票早盘下跌</blockquote>

2021-06-17

Tell me

Why Ford's Stock Is Moving Today<blockquote>为什么福特股价今天会上涨</blockquote>

2021-06-17

Nice

抱歉，原内容已删除

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EPS $1.17 Beats $1.10 Estimate, Sales $7.10B Beat $6.83B Estimate<blockquote>NVIDIA 第三季度调整后。每股收益 1.17 美元，超出预期 1.10 美元，销售额 7.10B 美元，超出预期 6.83B 美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2184985152","media":"Benzinga Earnings","summary":"NVIDIA (NASDAQ:NVDA) reported quarterly earnings of $1.17 per share which beat the analyst consensus estimate of $1.10 by 6.36 percent. This is a 60.27 percent increase over earnings of $0.73 per share from the same","content":"<p><html><body>NVIDIA (NASDAQ:NVDA) reported quarterly earnings of $1.17 per share which beat the analyst consensus estimate of $1.10 by 6.36 percent. This is a 60.27 percent increase over earnings of $0.73 per share from the same period last year.  The company reported quarterly sales of $7.10 billion which beat the analyst consensus estimate of $6.83 billion by 3.95 percent.  This is a 50.23 percent increase over sales of $4.73 billion the same period last year.</p><p><blockquote><html><body>英伟达（纳斯达克股票代码：NVDA）公布的季度收益为每股 1.17 美元，比分析师普遍预期的 1.10 美元高出 6.36%。这比去年同期每股收益 0.73 美元增长了 60.27%。该公司公布季度销售额为 71 亿美元，比分析师普遍预期的 68.3 亿美元高出 3.95%。这比去年同期 47.3 亿美元的销售额增长了 50.23%。</body></html></blockquote></p><p></body></html></p><p><blockquote></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>NVIDIA Q3 Adj. EPS $1.17 Beats $1.10 Estimate, Sales $7.10B Beat $6.83B Estimate<blockquote>NVIDIA 第三季度调整后。每股收益 1.17 美元，超出预期 1.10 美元，销售额 7.10B 美元，超出预期 6.83B 美元</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\">\nNVIDIA Q3 Adj. EPS $1.17 Beats $1.10 Estimate, Sales $7.10B Beat $6.83B Estimate<blockquote>NVIDIA 第三季度调整后。每股收益 1.17 美元，超出预期 1.10 美元，销售额 7.10B 美元，超出预期 6.83B 美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-11-18 06:20</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><html><body>NVIDIA (NASDAQ:NVDA) reported quarterly earnings of $1.17 per share which beat the analyst consensus estimate of $1.10 by 6.36 percent. This is a 60.27 percent increase over earnings of $0.73 per share from the same period last year.  The company reported quarterly sales of $7.10 billion which beat the analyst consensus estimate of $6.83 billion by 3.95 percent.  This is a 50.23 percent increase over sales of $4.73 billion the same period last year.</p><p><blockquote><html><body>英伟达（纳斯达克股票代码：NVDA）公布的季度收益为每股 1.17 美元，比分析师普遍预期的 1.10 美元高出 6.36%。这比去年同期每股收益 0.73 美元增长了 60.27%。该公司公布季度销售额为 71 亿美元，比分析师普遍预期的 68.3 亿美元高出 3.95%。这比去年同期 47.3 亿美元的销售额增长了 50.23%。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://www.benzinga.com/news/earnings/21/11/24157815/nvidia-q3-adj-eps-1-17-beats-1-10-estimate-sales-7-10b-beat-6-83b-estimate","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2184985152","content_text":"NVIDIA (NASDAQ:NVDA) reported quarterly earnings of $1.17 per share which beat the analyst consensus estimate of $1.10 by 6.36 percent. This is a 60.27 percent increase over earnings of $0.73 per share from the same period last year.  The company reported quarterly sales of $7.10 billion which beat the analyst consensus estimate of $6.83 billion by 3.95 percent.  This is a 50.23 percent increase over sales of $4.73 billion the same period last year.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":4449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":845463886,"gmtCreate":1636361750458,"gmtModify":1636361750554,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/845463886","repostId":"2181772408","repostType":4,"isVote":1,"tweetType":1,"viewCount":2829,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826618633,"gmtCreate":1634012137352,"gmtModify":1634012137487,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"It's time","listText":"It's time","text":"It's time","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826618633","repostId":"1158847869","repostType":4,"isVote":1,"tweetType":1,"viewCount":3213,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":821781695,"gmtCreate":1633790527653,"gmtModify":1633790527653,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821781695","repostId":"1157362059","repostType":2,"repost":{"id":"1157362059","kind":"news","pubTimestamp":1633670528,"share":"https://www.laohunote.com/m/news/1157362059?lang=zh_CN&edition=full","pubTime":"2021-10-08 13:22","market":"us","language":"en","title":"Airbnb: Good Prospects Jeopardized By High Expectations<blockquote>爱彼迎：高期望危及良好前景</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157362059","media":"Seeking Alpha","summary":"Summary\n\nDespite the financial struggles, Airbnb is coming out of the pandemic with brighter long-te","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Despite the financial struggles, Airbnb is coming out of the pandemic with brighter long-term prospects than how it went in.</li>  <li>Now, with the reopening and unwind of pandemic measures, Airbnb will see unprecedented demand.</li>  <li>Near-term cyclical swing benefits seem to be reflected in Street expectations and company valuation. Airbnb will be penalized severely if it underdelivers.</li>  <li>Despite the long-term prospects, Airbnb isn’t the company for me today. I see better risk-reward elsewhere.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86f89e4405d20534ffb04abe21c93360\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>hocus-focus/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>尽管面临财务困境，但爱彼迎走出疫情的长期前景比疫情时更加光明。</li><li>现在，随着疫情措施的重新开放和放松，爱彼迎将看到前所未有的需求。</li><li>近期周期性波动收益似乎反映在华尔街预期和公司估值上。如果爱彼迎交付不足，将受到严厉处罚。</li><li>尽管有长远的前景，但爱彼迎并不是我今天最喜欢的公司。我在其他地方看到了更好的风险回报。</li></ul><p class=\"t-img-caption\"><span>hocus-focus/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> Investment Thesis</p><p><blockquote>投资论文</blockquote></p><p> Airbnb(NASDAQ:ABNB)was a pandemic winner from a long-term perspective. The company will see unprecedented demand over the coming months. It also benefits from secular long-term tailwinds. To cap it all off, it has clear and concrete verticals that it could easily tap to generate new revenue streams.</p><p><blockquote>从长期角度来看，爱彼迎（纳斯达克股票代码：ABNB）是大流行的赢家。未来几个月，该公司将面临前所未有的需求。它还受益于长期的顺风。最重要的是，它拥有清晰具体的垂直领域，可以轻松地利用这些领域来产生新的收入来源。</blockquote></p><p> However, expectations seem to have factored all of these benefits in. The near-term revenue estimates are high and have gotten higher as the reopening picture became clearer. The company's multiple is higher than both industry peers and category leaders, implying high expectations of the future. High expectations and high valuations open the door to large drawdowns from likely disappointments.</p><p><blockquote>然而，预期似乎已经考虑到了所有这些好处。近期收入预期很高，并且随着重新开放的前景变得更加明朗，收入预期还会更高。该公司的市盈率高于行业同行和品类领导者，意味着对未来的高期望。高期望和高估值为可能令人失望的大幅提款打开了大门。</blockquote></p><p> Putting it all together, risks outweigh the rewards for me as I see better reopening plays elsewhere.</p><p><blockquote>总而言之，对我来说，风险大于回报，因为我看到其他地方有更好的重新开放。</blockquote></p><p> <b>Airbnb is a Reopening Winner Boosted by the Pandemic</b></p><p><blockquote><b>受疫情推动，爱彼迎成为重新开放的赢家</b></blockquote></p><p> Accommodation providers were among the worst-hit losers of the pandemic. Lockdowns forced people to stay at home. Even without lockdowns, most borders were closed. And even with open borders, people were fearing the virus and didn’t travel. This unprecedented halt in demand truly tested the resiliency of the sector.</p><p><blockquote>住宿提供商是疫情受影响最严重的输家之一。封锁迫使人们呆在家里。即使没有封锁，大多数边境也是关闭的。即使边境开放，人们也害怕病毒，不敢出行。这种前所未有的需求停滞真正考验了该行业的弹性。</blockquote></p><p> Airbnb, though, managed to capitalize on the pandemic both in the short and long term. Alternate accommodation benefited from closed borders and the inability and risk of long-distance travel as well as from social distancing. Many consumers opted for nearby vacation homes where they could get to safely and didn’t need to interact with other guests or hotel staff. Airbnb, as the leading alternate accommodation player, benefited. Airbnb used 2021 to improve itself and grow its sector. It&nbsp;announced in early 2021&nbsp;that it was going to educate the world about Airbnb, recruit more hosts, simplify the guest journey, and deliver world-class service. The plan seems to be working as evident in Airbnb’s revenue recovery. The company’s 2021 Q2 revenues were more than the most recent pre-pandemic data point of 2019 Q4 and this is extraordinary given the performance of Airbnb’s peers (all peers significantly below pre-pandemic levels, chart below). The shift to alternate accommodation arising from extraordinary factors was free advertising for Airbnb. Many people that had tried or would not try Airbnb were pushed into being a customer. Those that have had good experiences are likely to return. Airbnb’s pandemic struggles will result in long-term gains thanks to good crisis management.</p><p><blockquote>然而，爱彼迎设法在短期和长期内利用了疫情。替代住宿受益于关闭的边境、长途旅行的能力和风险以及社会距离。许多消费者选择了附近的度假屋，在那里他们可以安全到达，不需要与其他客人或酒店工作人员互动。爱彼迎作为领先的替代住宿参与者，从中受益。爱彼迎利用2021年改善自己并发展其行业。它在2021年初宣布，它将向世界普及爱彼迎，招募更多的主持人，简化客人旅程，并提供世界一流的服务。该计划似乎在爱彼迎的收入复苏中显而易见。该公司 2021 年第二季度的收入超过了 2019 年第四季度大流行前的最新数据点，考虑到爱彼迎同行的表现（所有同行均大大低于大流行前的水平，如下图所示），这是非同寻常的。由特殊因素引起的向替代住宿的转变对爱彼迎来说是免费的广告。许多尝试过或不想尝试爱彼迎的人被迫成为顾客。那些有过良好经历的人可能会回来。由于良好的危机管理，爱彼迎在大流行病方面的斗争将带来长期收益。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7bb3fa959db14ded964a37401dc9632\" tg-width=\"640\" tg-height=\"177\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ, author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ，作者分析</span></p></blockquote></p><p> The next leg of the pandemic is an unwind of what we’ve seen so far. With vaccination rates rising in the West and case counts inflecting lower, reopening awaits us. The reopening will see massive growth in travel. Consumers have been forced indoors for a year and a half and will make up for the lost time. The pent-up demand combined with the unused vacation days and unspent hotel points and airline miles will boost the travel industry over the coming months.</p><p><blockquote>大流行病的下一阶段是对我们迄今为止所看到的情况的放松。随着西方疫苗接种率的上升和病例数的下降，重新开放正等待着我们。重新开放将见证旅游业的大规模增长。消费者被迫在室内呆了一年半，会弥补失去的时间。被压抑的需求加上未使用的假期天数以及未使用的酒店积分和航空里程将在未来几个月推动旅游业的发展。</blockquote></p><p> Overall spending budgets will be boosted by high accumulated savings. Social distancing has dramatically decreased in-person discretionary spending, while massive government aid increased disposable incomes to bring the&nbsp;personal savings rate to all-time highs. These savings will melt towards discretionary purchases in the coming months and one of the wallet share winners will be travel.</p><p><blockquote>高累积储蓄将提高总体支出预算。社交距离大幅减少了个人可自由支配支出，而大规模的政府援助增加了可支配收入，使个人储蓄率达到历史最高水平。这些储蓄将在未来几个月内用于非必需品购买，而旅行将是钱包份额的赢家之一。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a628b854734591ce062c9c245a9201cf\" tg-width=\"640\" tg-height=\"195\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> Airbnb is well-positioned to capitalize on the reopening. The company is aware of the potential and its “single priority for 2021 has been to prepare for the travel rebound”. Many consumers will still be afraid of catching the virus despite potentially low case counts and vaccination. Additionally, a significant portion of pre-pandemic hotel preferers will opt for Airbnb. Airbnb will gain a large portion of the larger reopening wallet share. The pandemic-induced habit of using Airbnb will likely linger in the reopening.</p><p><blockquote>爱彼迎处于有利地位，可以利用重新开放。该公司意识到了这一潜力，“2021 年的唯一首要任务就是为旅游业反弹做好准备”。尽管病例数和疫苗接种可能很低，但许多消费者仍然害怕感染病毒。此外，很大一部分疫情前的酒店爱好者将选择爱彼迎。爱彼迎将获得更大的重新开放钱包份额的很大一部分。疫情引发的使用爱彼迎的习惯可能会在重新开放时挥之不去。</blockquote></p><p> Airbnb will not only be one of the key, but also one of the first beneficiaries of the reopening. Airbnb had a major city and cross-border travel focus before the pandemic of&nbsp;about 50% of revenue. The company’s supply depends on hosts and hosts are in major cities. People traveling to new countries want to see landmark cities. Tourism towards major cities is disproportionally dependent on international travel. Luckily for Airbnb, major cities where we’ve seen the worst of the pandemic and international travel, especially within the West (Airbnb makes ~80% of revenues from North America and EU) will be among the earlier areas to open.</p><p><blockquote>爱彼迎将不仅是关键之一，也是重新开放的首批受益者之一。在疫情之前，爱彼迎有一个主要的城市和跨境旅游重点，约占收入的50%。该公司的供应取决于主机，而主机位于各大城市。去新国家旅行的人想看看地标性的城市。前往主要城市的旅游业过度依赖国际旅行。对爱彼迎来说幸运的是，我们目睹了大流行病和国际旅行最严重的大城市，尤其是西部地区（爱彼迎约 80% 的收入来自北美和欧盟），将是较早开放的地区之一。</blockquote></p><p> One worries whether the supply is a constraint for the reopening as the number of hosts and lodging could be a limiting factor given unprecedented coming demand. But this is unlikely an issue as Airbnb has been growing its supply over the past two years&nbsp;while nights and experiences booked fell. Again, management is aware of the travel rebound and is doing its best to monetize it. While hotels may not be able to work at full capacity due to government mandate and won’t be able to build new rooms, excess capacity will be available at Airbnb as demand comes.</p><p><blockquote>人们担心供应是否会成为重新开放的限制因素，因为考虑到前所未有的需求，主机和住宿的数量可能是一个限制因素。但这不太可能是一个问题，因为爱彼迎在过去两年中一直在增加供应，而预订的住宿和体验却在下降。同样，管理层意识到了旅游业的反弹，并正在尽最大努力将其货币化。虽然由于政府的规定，酒店可能无法满负荷运营，也无法建造新的客房，但随着需求的增加，爱彼迎将有多余的客房。</blockquote></p><p> Overall, despite being hurt financially by the pandemic, Airbnb is a hidden pandemic winner with long-term gains. The company is well situated to be a winner over the short term as well by capitalizing on the upcoming extraordinary travel demand.</p><p><blockquote>总体而言，尽管受到疫情的经济损失，但爱彼迎是一个隐藏的疫情赢家，并获得了长期收益。通过利用即将到来的非凡旅行需求，该公司也有能力在短期内成为赢家。</blockquote></p><p> <b>Airbnb Will be a More Profitable Company Going Forward</b></p><p><blockquote><b>爱彼迎未来将成为一家更有利可图的公司</b></blockquote></p><p> Airbnb became a leaner company throughout the pandemic. The company cut 1,900 jobs or&nbsp;25% of its workforce&nbsp;during the crisis and&nbsp;halted most non-essential spending. These cost-cutting measures should remain sticky and boost long-term profitability. Airbnb may face lower acquisition costs out of the pandemic as well. Brand value of Airbnb grew to become a household name. The company’s services will be the go-to place for travel bookings for many consumers. This will result in lower costs paid to third parties to acquire traffic. The street expects 23% EBITDA margins from the company in 2023, which is much higher than what we’ve seen so far and closer to peers. Airbnb will be more profitable thanks to the pandemic.</p><p><blockquote>爱彼迎在整个疫情成为一家更精简的公司。危机期间，该公司裁员 1,900 人，占员工总数的 25%，并停止了大部分非必要支出。这些削减成本的措施应该会保持粘性，并提高长期盈利能力。爱彼迎在疫情之外也可能面临较低的收购成本。爱彼迎的品牌价值逐渐成为家喻户晓的名字。该公司的服务将成为许多消费者旅行预订的首选。这将降低支付给第三方获取流量的成本。华尔街预计该公司 2023 年的 EBITDA 利润率为 23%，远高于我们目前看到的水平，也更接近同行。得益于疫情，爱彼迎的利润将会更高。</blockquote></p><p> <b>The Reopening Benefit is Expected</b></p><p><blockquote><b>重新开放的好处是预期的</b></blockquote></p><p> Reopening winners are a key focus for me in the coming months. I see a lot of alpha in buying winners where consensus is lacking behind. This is a good risk-reward trade for me due to the near-term time horizon and the specific catalyst.</p><p><blockquote>在接下来的几个月里，重新开放赢家是我的一个重点。我在购买缺乏共识的赢家方面看到了很多阿尔法。由于近期时间范围和特定的催化剂，这对我来说是一个很好的风险回报交易。</blockquote></p><p> Unfortunately, Airbnb doesn’t seem to be what I’m looking for. If we look at consensus expectations of Airbnb we see that they reflect what I explained above. The market increased Airbnb revenue estimates with expectations of a recovery. Revenue estimates for FY22 increased by 20% since last December. I say increased with expectations of recovery due to the front-load of revisions. The rate of positive revisions declines as further out the estimates go (charts below).</p><p><blockquote>不幸的是，爱彼迎似乎不是我想要的。如果我们看看爱彼迎的共识期望，我们会发现它们反映了我上面解释的内容。市场提高了对爱彼迎收入的预期，预期会复苏。自去年 12 月以来，2022 财年的收入预期增长了 20%。我说，由于修订的前期负荷，随着复苏的预期而增加。随着估计的进一步进行，积极修正的比率会下降（下图）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bad3d3c8df5d1b861b36eee38bee10f5\" tg-width=\"320\" tg-height=\"104\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ, author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ，作者分析</span></p></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8564e09b5c2d77f0ad0e2db50b29144\" tg-width=\"640\" tg-height=\"304\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/84c6b27f9bf316f8d16b667576fc3d21\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dcebffd8c9af4c6d1d63655c454f9c99\" tg-width=\"640\" tg-height=\"290\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p> Consensus isn’t getting sandbagged here as well. Some companies manage Street expectations by setting the bar low to anchor analyst estimates and then over-deliver, Airbnb doesn’t seem to be one of those companies currently. Analysts were expecting 20% more revenue than the $1.65 bn Airbnb guided towards at the time of guidance and are up to 24% currently for Q3. This is a much larger gap than one would normally see and shows the high expectations of Airbnb.</p><p><blockquote>共识在这里也没有被打包。有些公司通过设定较低的门槛来锚定分析师的预期，然后超额交付来管理华尔街的预期，爱彼迎目前似乎并不在其中。分析师预计爱彼迎的收入将比指导时的 16.5 亿美元高出 20%，目前第三季度的收入将高达 24%。这比人们通常看到的差距要大得多，显示了人们对爱彼迎的高期望。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e6e454f555a0b0ff085397cfddf30380\" tg-width=\"640\" tg-height=\"173\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p></p><p> The consensus is aggressive. All the upward revisions have resulted in revenue expectations that are 35%, 80%, and 120% higher than what Airbnb achieved in the last twelve months for FY22, FY23, and FY24 respectively. Airbnb could of course deliver, it is perfectly situated to deliver amazing quarters, but it isn’t the reopening play for me. I see better risk-reward in other reopening winners with much easier bars to clear (see my articles on&nbsp;Ulta(NASDAQ:ULTA),Revolve(NYSE:RVLV), and&nbsp;Square(NYSE:SQ)).</p><p><blockquote>共识是激进的。所有上调导致 Airbnb 在过去 12 个月中实现的 22 财年、2023财年和 24 财年的收入预期分别高出 35%、80% 和 120%。爱彼迎当然可以表现出色，它完全有能力表现出色，但对我来说，这并不是重新开场的比赛。我在其他重新开放的赢家身上看到了更好的风险回报，并且更容易清除酒吧（请参阅我关于 Ulta（纳斯达克股票代码：ULTA）、Revolve（纽约证券交易所股票代码：RVLV）和 Square（纽约证券交易所股票代码：SQ）的文章）。</blockquote></p><p> <b>Airbnb Price is High</b></p><p><blockquote><b>爱彼迎价格高</b></blockquote></p><p> If Airbnb has depressed multiples, it could deliver even if it falls short of consensus estimates. Conversely, high multiples mean high confidence in future growth and are a broad reflection of positive sentiment. Positive sentiment is generally a disadvantage as it's much easier to turn a positive sentiment neutral or negative with an earnings miss than it is to turn it even more positive with a blowout quarter.</p><p><blockquote>如果爱彼迎降低了市盈率，即使低于市场普遍预期，它也可能实现盈利。相反，高倍数意味着对未来增长的高信心，是积极情绪的广泛反映。积极情绪通常是一个劣势，因为在盈利低迷的情况下将积极情绪转变为中性或负面，比在井喷的季度将其转变为更加积极要容易得多。</blockquote></p><p> I want to judge Airbnb’s valuation as fairly as possible. The market values future growth for a name like Airbnb, which I agree with. I factor in future growth by looking at multiples over CY23 revenues and the speed of growth between CY20 and CY23 in my comparison. Bulls also like to separate Airbnb from its peers as a category leader, which I don’t agree with. It may be not the same as a hotel, but it sure is a substitute in the eyes of the consumer in the overwhelming majority of cases (for now at least). But I will also compare its multiples and growth expectations to other category leaders to give it the benefit of the doubt.</p><p><blockquote>我想尽可能公平地判断爱彼迎的估值。市场看重爱彼迎这样的名字的未来增长，我同意这一点。在我的比较中，我通过观察 23 财年收入的倍数以及 20 财年和 23 财年之间的增长速度来考虑未来的增长。公牛队还喜欢将爱彼迎与同行区分开来，成为该类别的领导者，我不同意这种观点。它可能和酒店不一样，但在绝大多数情况下（至少现在是这样），在消费者眼中，它肯定是一种替代品。但我也会将其倍数和增长预期与其他类别领导者进行比较，以确信其无罪。</blockquote></p><p> The valuation is rich. For me, Booking Holdings(NASDAQ:BKNG)is a good comparison. Booking also is a travel marketplace with fast growth and a bright future. One might say that Booking is also richly priced as it is well above its peers, but Airbnb is on another level trading at more than double where Booking is despite having similar growth expectations. Booking is more profitable, having EBITDA margins of 14% vs. extremely negative margins of Airbnb (-64%), and is expected to remain significantly more profitable into the future with 37% FY23 expected EBITDA margins vs. 23% for Airbnb. Let’s not forget that rest of these companies are well situated to benefit from the reopening as well, perhaps even more so than Airbnb with hotels gaining back lost share.</p><p><blockquote>估值丰富。对我来说，Booking Holdings（纳斯达克股票代码：BKNG）是一个很好的比较。预订也是一个快速增长、前景光明的旅游市场。有人可能会说，Booking 的定价也很高，因为它远高于同行，但尽管有类似的增长预期，但爱彼迎的交易价格是 Booking 的两倍多。Booking 的利润更高，EBITDA 利润率为 14%，而 Airbnb 的利润率为极低 (-64%)，预计未来利润仍将明显更高，2023财年预计 EBITDA 利润率为 37%，而 Airbnb 为 23%。我们不要忘记，这些公司中的其他公司也有能力从重新开业中受益，甚至可能比爱彼迎的酒店夺回失去的份额还要多。</blockquote></p><p> Sector leader comparison is kinder, but still yields the same result. Here we have DoorDash(NYSE:DASH)as the closest peer in terms of multiples, but is still significantly less expensive despite having a similar growth rate. Uber(NYSE:UBER)for example is another name that will benefit from the reopening due to its mobility and sharing focus, is trading grossly cheaper than Airbnb, while expected to grow at a similar rate.</p><p><blockquote>行业领导者的比较更友好，但仍然产生相同的结果。就倍数而言，我们将 DoorDash（纽约证券交易所股票代码：DASH）视为最接近的同行，但尽管增长率相似，但价格仍然要低得多。例如，优步（纽约证券交易所股票代码：UBER）是另一个因其移动性和共享重点而将从重新开放中受益的品牌，其交易价格远低于爱彼迎，但预计将以类似的速度增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5704bdc5cf32c4889f12fceb24245303\" tg-width=\"640\" tg-height=\"377\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ, author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ，作者分析</span></p></blockquote></p><p> Airbnb is expected to trade much richer than the sector for a long time. I went and looked at when Airbnb’s extremely high multiples would compress enough to reach those of its peers thinking that the higher growth would bring them down quickly. This isn’t the case. With the current enterprise value and consensus, Airbnb will reach Booking’s next twelve-month revenue and EBITDA multiples in 5 years and earnings multiples in 7. Again, let’s not forget that Booking is also growing fast and will also compress its multiples. I see that Airbnb has clearer options to add new revenue streams but a lot of this is clearly in the price today.</p><p><blockquote>预计在很长一段时间内，爱彼迎的贸易将比该行业丰富得多。我去看了看，爱彼迎极高的市盈率何时会压缩到足以让那些认为更高的增长会让他们迅速下跌的同行感受到。事实并非如此。凭借目前的企业价值和共识，爱彼迎将在 5 年内达到 Booking 未来 12 个月的收入和 EBITDA 倍数，在 7 年内达到盈利倍数。同样，我们不要忘记，预订量也在快速增长，同时也会压缩其倍数。我看到爱彼迎有更明确的选择来增加新的收入来源，但其中很多显然已经包含在今天的价格中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ce82fbe26634b44aeb8417204b1ebda\" tg-width=\"413\" tg-height=\"188\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ, author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ，作者分析</span></p></blockquote></p><p> Overall, I see poor risk-reward for the reopening bull thesis of Airbnb. Expectations factor in maybe not all but a good portion of outperformance over the near term. The valuation is high and has a lot of expectations built in. This makes the stock price vulnerable to changes in near-term sentiment despite the long-term nature of these expectations.</p><p><blockquote>总体而言，我认为爱彼迎重新开放牛市论点的风险回报很低。预期可能不是短期内表现优异的全部因素，而是很大一部分因素。估值很高，内置了很多预期。这使得股价容易受到近期情绪变化的影响，尽管这些预期具有长期性。</blockquote></p><p> Interest Rate Sensitivity</p><p><blockquote>利率敏感性</blockquote></p><p> Airbnb is vulnerable to macroeconomic risks. I wrote before on my views on the future of rates and the vulnerability of the growth complex in depth (hereandhere). I expect a bear steepener environment over the coming months, that is rising rates accompanied by a steepening curve. This, if correct, would result in a higher discount factor via a higher risk-free rate. A high risk-free rate will have an outsized effect on fast growth equities with far-out cash flows. Airbnb is amongst the longest duration names with a price to sales multiple of 23x. A higher discount rate would dramatically change the company valuation and, in theory, decrease the stock price.</p><p><blockquote>爱彼迎容易受到宏观经济风险的影响。我之前写过我对利率未来和增长复合体脆弱性的看法（这里和这里）。我预计未来几个月熊市环境将更加陡峭，即利率上升伴随着曲线陡峭。如果这是正确的，这将通过更高的无风险利率导致更高的贴现率。高无风险利率将对现金流丰富的快速增长股票产生巨大影响。爱彼迎是持续时间最长的公司之一，市销率为 23 倍。较高的贴现率将极大地改变公司估值，理论上会降低股价。</blockquote></p><p> <b>Excellent Prospects for the Long Term</b></p><p><blockquote><b>长期前景良好</b></blockquote></p><p></p><p> Despite my unattraction for the near term, Airbnb has a lot going for it. Just the shift from hotels to alternative accommodations alone should boost growth for many years to come. The company is at the beginning of its journey of gaining a significant share out of the massive global lodging market. In addition to this, Airbnb has a lot of initiatives that it can take to create new revenue streams.</p><p><blockquote>尽管我对近期没有吸引力，但爱彼迎有很多优势。仅仅从酒店到替代住宿的转变就应该会在未来许多年内促进增长。该公司正处于从庞大的全球住宿市场获得重要份额的旅程的开始。除此之外，爱彼迎还可以采取许多举措来创造新的收入来源。</blockquote></p><p> The easiest of these are short-term rentals. By short I mean longer than vacation stay, so from about a couple of weeks to a year or so. This is an underserved market for which there is a lot of demand. Expats, project-focused business travelers, students especially ones studying abroad, interns, and long vacationers are all target markets for such a product. It’d be easy for Airbnb to add services in this category as well, as it already has the supply and the marketing capabilities. I expect longer-term rentals to become an important category for Airbnb in the future.</p><p><blockquote>其中最简单的是短期租赁。简而言之，我的意思是比假期停留时间更长，所以从大约几周到一年左右。这是一个服务不足的市场，需求很大。外籍人士、注重项目的商务旅行者、学生尤其是出国留学的学生、实习生和长假者都是这种产品的目标市场。爱彼迎也很容易增加这一类别的服务，因为它已经具备了供应和营销能力。我预计未来长期租赁将成为爱彼迎的一个重要类别。</blockquote></p><p> Airbnb could gain a larger share of value by integrating upstream. Airbnb could host or co-host. It has demand data and financial capabilities which would make it a great investor in properties. Airbnb-hosted properties would resemble private label products sold in chain supermarkets, or on Amazon(NASDAQ:AMZN)for that matter. I doubt that the company would prioritize this as it may push current hosts away, but I’d be surprised if Airbnb didn’t delve into hosting in the future.</p><p><blockquote>爱彼迎可以通过上游整合获得更大的价值份额。爱彼迎可以主办或共同主办。它拥有需求数据和财务能力，这将使它成为房地产的伟大投资者。爱彼迎托管的房产类似于连锁超市或亚马逊（纳斯达克股票代码：AMZN）上销售的自有品牌产品。我怀疑该公司是否会优先考虑这一点，因为这可能会把现有的主机推开，但如果爱彼迎未来不深入研究主机业务，我会感到惊讶。</blockquote></p><p> Airbnb could begin to sell ancillary services. Airbnb could provide cleaning services with its own cleaning crew. Cleaning is a necessity before every booking and could significantly increase monetization. Airbnb could also provide insurance for hosts. One of the main worries of people thinking of becoming hosts is damage to or loss of property. Airbnb has a lot of data on claims and could provide insurance to hosts with an efficient actuary. An insurance offer would also increase the supply of properties as well with more hosts joining the platform.</p><p><blockquote>爱彼迎可以开始销售辅助服务。爱彼迎可以用自己的清洁人员提供清洁服务。每次预订前清洁都是必要的，可以大大增加货币化。爱彼迎还可以为主机提供保险。考虑成为房东的人们的主要担忧之一是财产损失或损坏。爱彼迎有很多关于索赔的数据，可以通过高效的精算师为主机提供保险。随着更多的主机加入该平台，保险优惠也将增加房产的供应。</blockquote></p><p> There are a lot of growth levers that Airbnb could pull but I expect none in the near term. Airbnb has all of its focus on capitalizing on the travel rebound and with 25% fewer employees due to cost cuts it’s unlikely to add new products soon.</p><p><blockquote>爱彼迎可以拉动很多增长杠杆，但我预计短期内不会有任何增长杠杆。爱彼迎的全部精力都放在了利用旅游业的反弹上，由于成本削减，员工人数减少了 25%，因此不太可能很快增加新产品。</blockquote></p><p> <b>Overall the Risk-Reward isn’t Favorable For Me (Today)</b></p><p><blockquote><b>总体而言，风险回报对我不利（今天）</b></blockquote></p><p> I like Airbnb’s operations, track record, and near and short-term prospects. It’s done very well navigating through choppy times and took advantage of the pandemic with agility. I expect Airbnb to see tremendous growth over the near term and to gain a growing share of the hospitality market over the long term.</p><p><blockquote>我喜欢爱彼迎的运营、业绩记录以及近期和短期前景。它很好地度过了动荡时期，并敏捷地利用了大流行病。我预计爱彼迎将在短期内实现巨大增长，并在长期内获得越来越大的酒店市场份额。</blockquote></p><p> However, my expectations of Airbnb seem to be reflected in Street estimates and the company’s valuation. I see high execution risk and a large potential downwards stock reaction to any disappointments but capped upside unless we see blowout quarters. Thus, I am on the sidelines on Airbnb for now.</p><p><blockquote>不过，我对爱彼迎的期望似乎反映在华尔街的估值和公司的估值中。我认为执行风险很高，股票对任何失望都会有很大的潜在下跌反应，但除非我们看到井喷季度，否则上涨空间是有限的。因此，我现在对爱彼迎持观望态度。</blockquote></p><p> <b>How I Could be Wrong Either Way</b></p><p><blockquote><b>我怎么会错呢</b></blockquote></p><p> I always want to give the entire picture in my analysis and in this section, I will try to provide how the stock price could meaningfully move higher or lower from areas I haven’t covered in the article.</p><p><blockquote>我总是想在我的分析中给出全貌，在本节中，我将尝试提供股价如何从我在文章中没有涉及的领域有意义地走高或走低。</blockquote></p><p> The consumer preference between hotels vs. alternate accommodation highly influences Airbnb. The pandemic saw the latter win. It is reasonable to expect an unwind of this trend. I didn’t mention this in my article as I think it will be gradual and the high upcoming demand will overcome the micro move. But my assumption could be wrong, consumers could overwhelmingly prefer hotels which would make life very difficult for Airbnb. Conversely, pandemic choices could remain sticky and Airbnb could keep its pandemic era gains. Consumer preferences of style of stay will be highly decisive for Airbnb in the future.</p><p><blockquote>消费者对酒店和其他住宿的偏好极大地影响了爱彼迎。疫情看到了后者的胜利。有理由预期这一趋势会放缓。我在文章中没有提到这一点，因为我认为这将是一个渐进的过程，即将到来的高需求将战胜微观变动。但我的假设可能是错误的，消费者可能会压倒性地更喜欢酒店，这将使爱彼迎的生活变得非常困难。相反，大流行的选择可能仍然具有粘性，爱彼迎可能会保持其大流行时代的收益。消费者对住宿方式的偏好将对未来的爱彼迎起到决定性作用。</blockquote></p><p> The macroeconomic picture will be another deciding factor. A better than expected reopening demand will be a tide lifts all boats situation, while a subdued one would wreak havoc in the hospitality industry. A prolonged pandemic, especially in a situation with less government aid, would also significantly harm Airbnb prospects. I mentioned that I expected a rising rate environment and that Airbnb valuation would be harmed by it, the vice versa of what I wrote is true. Airbnb would greatly benefit from falling rates all else equal.</p><p><blockquote>宏观经济形势将是另一个决定性因素。好于预期的重新开放需求将是一个提振所有船只的潮汐，而一个被抑制的需求将在酒店业造成严重破坏。长期的疫情，尤其是在政府援助减少的情况下，也将严重损害爱彼迎的前景。我提到，我预计利率环境会上升，爱彼迎估值会受到损害，我所写的恰恰相反。在其他条件相同的情况下，爱彼迎将从利率下降中受益匪浅。</blockquote></p><p></p><p> Profitability will be an area to watch coming out of the pandemic. I already mentioned higher margins going forward. But these margins are still significantly below what is expected of peers (consensus EBITDA margins for CY23: Airbnb 23% vs. TripAdvisor(NASDAQ:TRIP)33%, Booking Holdings 37%). Airbnb could deliver on the upside in an environment of excess demand. Moreover, the low traffic acquisition costs I wrote about may not be in the consensus and could provide an upside. Conversely, some job cuts may have been premature and/or crisis management, and Airbnb could need to regrow its workforce contracting margins back down.</p><p><blockquote>盈利能力将是疫情后一个值得关注的领域。我已经提到了未来更高的利润率。但这些利润率仍远低于同行的预期（2023 财年共识 EBITDA 利润率：爱彼迎 23%，TripAdvisor（纳斯达克股票代码：TRIP）33%，Booking Holdings 37%）。在需求过剩的环境下，爱彼迎可以实现上行。此外，我所写的低流量获取成本可能不在共识范围内，但可能会带来好处。相反，一些裁员可能是过早的和/或危机管理，爱彼迎可能需要重新增加其劳动力合同利润率。</blockquote></p><p> Despite unlikely with the management’s reopening focus and reduced headcount, if Airbnb manages to launch one of the products I’ve mentioned, it will likely be met with a positive reaction. A new revenue stream will cause analysts to reevaluate long-term growth expectations and increase revenue estimates.</p><p><blockquote>尽管管理层不太可能重新开业并减少员工人数，但如果爱彼迎能够推出我提到的产品之一，很可能会得到积极的反响。新的收入流将导致分析师重新评估长期增长预期并提高收入预期。</blockquote></p><p> Let’s not forget about the big risk facing Airbnb, regulation. A lot of cities were pressured to impose regulations on Airbnb pre-pandemic. Regulatory risks clout the future and uncertainty is always a big negative for investors. These issues resurfacing, despite the outcome, could hamper Airbnb stock.</p><p><blockquote>我们不要忘记爱彼迎面临的巨大风险--监管。在疫情之前，许多城市都面临着对爱彼迎实施监管的压力。监管风险影响未来，不确定性对投资者来说始终是一大负面影响。不管结果如何，这些问题重新浮出水面，可能会阻碍爱彼迎股票。</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>Airbnb: Good Prospects Jeopardized By High Expectations<blockquote>爱彼迎：高期望危及良好前景</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\">\nAirbnb: Good Prospects Jeopardized By High Expectations<blockquote>爱彼迎：高期望危及良好前景</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\">2021-10-08 13:22</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>Despite the financial struggles, Airbnb is coming out of the pandemic with brighter long-term prospects than how it went in.</li>  <li>Now, with the reopening and unwind of pandemic measures, Airbnb will see unprecedented demand.</li>  <li>Near-term cyclical swing benefits seem to be reflected in Street expectations and company valuation. Airbnb will be penalized severely if it underdelivers.</li>  <li>Despite the long-term prospects, Airbnb isn’t the company for me today. I see better risk-reward elsewhere.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86f89e4405d20534ffb04abe21c93360\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>hocus-focus/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>尽管面临财务困境，但爱彼迎走出疫情的长期前景比疫情时更加光明。</li><li>现在，随着疫情措施的重新开放和放松，爱彼迎将看到前所未有的需求。</li><li>近期周期性波动收益似乎反映在华尔街预期和公司估值上。如果爱彼迎交付不足，将受到严厉处罚。</li><li>尽管有长远的前景，但爱彼迎并不是我今天最喜欢的公司。我在其他地方看到了更好的风险回报。</li></ul><p class=\"t-img-caption\"><span>hocus-focus/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> Investment Thesis</p><p><blockquote>投资论文</blockquote></p><p> Airbnb(NASDAQ:ABNB)was a pandemic winner from a long-term perspective. The company will see unprecedented demand over the coming months. It also benefits from secular long-term tailwinds. To cap it all off, it has clear and concrete verticals that it could easily tap to generate new revenue streams.</p><p><blockquote>从长期角度来看，爱彼迎（纳斯达克股票代码：ABNB）是大流行的赢家。未来几个月，该公司将面临前所未有的需求。它还受益于长期的顺风。最重要的是，它拥有清晰具体的垂直领域，可以轻松地利用这些领域来产生新的收入来源。</blockquote></p><p> However, expectations seem to have factored all of these benefits in. The near-term revenue estimates are high and have gotten higher as the reopening picture became clearer. The company's multiple is higher than both industry peers and category leaders, implying high expectations of the future. High expectations and high valuations open the door to large drawdowns from likely disappointments.</p><p><blockquote>然而，预期似乎已经考虑到了所有这些好处。近期收入预期很高，并且随着重新开放的前景变得更加明朗，收入预期还会更高。该公司的市盈率高于行业同行和品类领导者，意味着对未来的高期望。高期望和高估值为可能令人失望的大幅提款打开了大门。</blockquote></p><p> Putting it all together, risks outweigh the rewards for me as I see better reopening plays elsewhere.</p><p><blockquote>总而言之，对我来说，风险大于回报，因为我看到其他地方有更好的重新开放。</blockquote></p><p> <b>Airbnb is a Reopening Winner Boosted by the Pandemic</b></p><p><blockquote><b>受疫情推动，爱彼迎成为重新开放的赢家</b></blockquote></p><p> Accommodation providers were among the worst-hit losers of the pandemic. Lockdowns forced people to stay at home. Even without lockdowns, most borders were closed. And even with open borders, people were fearing the virus and didn’t travel. This unprecedented halt in demand truly tested the resiliency of the sector.</p><p><blockquote>住宿提供商是疫情受影响最严重的输家之一。封锁迫使人们呆在家里。即使没有封锁，大多数边境也是关闭的。即使边境开放，人们也害怕病毒，不敢出行。这种前所未有的需求停滞真正考验了该行业的弹性。</blockquote></p><p> Airbnb, though, managed to capitalize on the pandemic both in the short and long term. Alternate accommodation benefited from closed borders and the inability and risk of long-distance travel as well as from social distancing. Many consumers opted for nearby vacation homes where they could get to safely and didn’t need to interact with other guests or hotel staff. Airbnb, as the leading alternate accommodation player, benefited. Airbnb used 2021 to improve itself and grow its sector. It&nbsp;announced in early 2021&nbsp;that it was going to educate the world about Airbnb, recruit more hosts, simplify the guest journey, and deliver world-class service. The plan seems to be working as evident in Airbnb’s revenue recovery. The company’s 2021 Q2 revenues were more than the most recent pre-pandemic data point of 2019 Q4 and this is extraordinary given the performance of Airbnb’s peers (all peers significantly below pre-pandemic levels, chart below). The shift to alternate accommodation arising from extraordinary factors was free advertising for Airbnb. Many people that had tried or would not try Airbnb were pushed into being a customer. Those that have had good experiences are likely to return. Airbnb’s pandemic struggles will result in long-term gains thanks to good crisis management.</p><p><blockquote>然而，爱彼迎设法在短期和长期内利用了疫情。替代住宿受益于关闭的边境、长途旅行的能力和风险以及社会距离。许多消费者选择了附近的度假屋，在那里他们可以安全到达，不需要与其他客人或酒店工作人员互动。爱彼迎作为领先的替代住宿参与者，从中受益。爱彼迎利用2021年改善自己并发展其行业。它在2021年初宣布，它将向世界普及爱彼迎，招募更多的主持人，简化客人旅程，并提供世界一流的服务。该计划似乎在爱彼迎的收入复苏中显而易见。该公司 2021 年第二季度的收入超过了 2019 年第四季度大流行前的最新数据点，考虑到爱彼迎同行的表现（所有同行均大大低于大流行前的水平，如下图所示），这是非同寻常的。由特殊因素引起的向替代住宿的转变对爱彼迎来说是免费的广告。许多尝试过或不想尝试爱彼迎的人被迫成为顾客。那些有过良好经历的人可能会回来。由于良好的危机管理，爱彼迎在大流行病方面的斗争将带来长期收益。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7bb3fa959db14ded964a37401dc9632\" tg-width=\"640\" tg-height=\"177\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ, author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ，作者分析</span></p></blockquote></p><p> The next leg of the pandemic is an unwind of what we’ve seen so far. With vaccination rates rising in the West and case counts inflecting lower, reopening awaits us. The reopening will see massive growth in travel. Consumers have been forced indoors for a year and a half and will make up for the lost time. The pent-up demand combined with the unused vacation days and unspent hotel points and airline miles will boost the travel industry over the coming months.</p><p><blockquote>大流行病的下一阶段是对我们迄今为止所看到的情况的放松。随着西方疫苗接种率的上升和病例数的下降，重新开放正等待着我们。重新开放将见证旅游业的大规模增长。消费者被迫在室内呆了一年半，会弥补失去的时间。被压抑的需求加上未使用的假期天数以及未使用的酒店积分和航空里程将在未来几个月推动旅游业的发展。</blockquote></p><p> Overall spending budgets will be boosted by high accumulated savings. Social distancing has dramatically decreased in-person discretionary spending, while massive government aid increased disposable incomes to bring the&nbsp;personal savings rate to all-time highs. These savings will melt towards discretionary purchases in the coming months and one of the wallet share winners will be travel.</p><p><blockquote>高累积储蓄将提高总体支出预算。社交距离大幅减少了个人可自由支配支出，而大规模的政府援助增加了可支配收入，使个人储蓄率达到历史最高水平。这些储蓄将在未来几个月内用于非必需品购买，而旅行将是钱包份额的赢家之一。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a628b854734591ce062c9c245a9201cf\" tg-width=\"640\" tg-height=\"195\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> Airbnb is well-positioned to capitalize on the reopening. The company is aware of the potential and its “single priority for 2021 has been to prepare for the travel rebound”. Many consumers will still be afraid of catching the virus despite potentially low case counts and vaccination. Additionally, a significant portion of pre-pandemic hotel preferers will opt for Airbnb. Airbnb will gain a large portion of the larger reopening wallet share. The pandemic-induced habit of using Airbnb will likely linger in the reopening.</p><p><blockquote>爱彼迎处于有利地位，可以利用重新开放。该公司意识到了这一潜力，“2021 年的唯一首要任务就是为旅游业反弹做好准备”。尽管病例数和疫苗接种可能很低，但许多消费者仍然害怕感染病毒。此外，很大一部分疫情前的酒店爱好者将选择爱彼迎。爱彼迎将获得更大的重新开放钱包份额的很大一部分。疫情引发的使用爱彼迎的习惯可能会在重新开放时挥之不去。</blockquote></p><p> Airbnb will not only be one of the key, but also one of the first beneficiaries of the reopening. Airbnb had a major city and cross-border travel focus before the pandemic of&nbsp;about 50% of revenue. The company’s supply depends on hosts and hosts are in major cities. People traveling to new countries want to see landmark cities. Tourism towards major cities is disproportionally dependent on international travel. Luckily for Airbnb, major cities where we’ve seen the worst of the pandemic and international travel, especially within the West (Airbnb makes ~80% of revenues from North America and EU) will be among the earlier areas to open.</p><p><blockquote>爱彼迎将不仅是关键之一，也是重新开放的首批受益者之一。在疫情之前，爱彼迎有一个主要的城市和跨境旅游重点，约占收入的50%。该公司的供应取决于主机，而主机位于各大城市。去新国家旅行的人想看看地标性的城市。前往主要城市的旅游业过度依赖国际旅行。对爱彼迎来说幸运的是，我们目睹了大流行病和国际旅行最严重的大城市，尤其是西部地区（爱彼迎约 80% 的收入来自北美和欧盟），将是较早开放的地区之一。</blockquote></p><p> One worries whether the supply is a constraint for the reopening as the number of hosts and lodging could be a limiting factor given unprecedented coming demand. But this is unlikely an issue as Airbnb has been growing its supply over the past two years&nbsp;while nights and experiences booked fell. Again, management is aware of the travel rebound and is doing its best to monetize it. While hotels may not be able to work at full capacity due to government mandate and won’t be able to build new rooms, excess capacity will be available at Airbnb as demand comes.</p><p><blockquote>人们担心供应是否会成为重新开放的限制因素，因为考虑到前所未有的需求，主机和住宿的数量可能是一个限制因素。但这不太可能是一个问题，因为爱彼迎在过去两年中一直在增加供应，而预订的住宿和体验却在下降。同样，管理层意识到了旅游业的反弹，并正在尽最大努力将其货币化。虽然由于政府的规定，酒店可能无法满负荷运营，也无法建造新的客房，但随着需求的增加，爱彼迎将有多余的客房。</blockquote></p><p> Overall, despite being hurt financially by the pandemic, Airbnb is a hidden pandemic winner with long-term gains. The company is well situated to be a winner over the short term as well by capitalizing on the upcoming extraordinary travel demand.</p><p><blockquote>总体而言，尽管受到疫情的经济损失，但爱彼迎是一个隐藏的疫情赢家，并获得了长期收益。通过利用即将到来的非凡旅行需求，该公司也有能力在短期内成为赢家。</blockquote></p><p> <b>Airbnb Will be a More Profitable Company Going Forward</b></p><p><blockquote><b>爱彼迎未来将成为一家更有利可图的公司</b></blockquote></p><p> Airbnb became a leaner company throughout the pandemic. The company cut 1,900 jobs or&nbsp;25% of its workforce&nbsp;during the crisis and&nbsp;halted most non-essential spending. These cost-cutting measures should remain sticky and boost long-term profitability. Airbnb may face lower acquisition costs out of the pandemic as well. Brand value of Airbnb grew to become a household name. The company’s services will be the go-to place for travel bookings for many consumers. This will result in lower costs paid to third parties to acquire traffic. The street expects 23% EBITDA margins from the company in 2023, which is much higher than what we’ve seen so far and closer to peers. Airbnb will be more profitable thanks to the pandemic.</p><p><blockquote>爱彼迎在整个疫情成为一家更精简的公司。危机期间，该公司裁员 1,900 人，占员工总数的 25%，并停止了大部分非必要支出。这些削减成本的措施应该会保持粘性，并提高长期盈利能力。爱彼迎在疫情之外也可能面临较低的收购成本。爱彼迎的品牌价值逐渐成为家喻户晓的名字。该公司的服务将成为许多消费者旅行预订的首选。这将降低支付给第三方获取流量的成本。华尔街预计该公司 2023 年的 EBITDA 利润率为 23%，远高于我们目前看到的水平，也更接近同行。得益于疫情，爱彼迎的利润将会更高。</blockquote></p><p> <b>The Reopening Benefit is Expected</b></p><p><blockquote><b>重新开放的好处是预期的</b></blockquote></p><p> Reopening winners are a key focus for me in the coming months. I see a lot of alpha in buying winners where consensus is lacking behind. This is a good risk-reward trade for me due to the near-term time horizon and the specific catalyst.</p><p><blockquote>在接下来的几个月里，重新开放赢家是我的一个重点。我在购买缺乏共识的赢家方面看到了很多阿尔法。由于近期时间范围和特定的催化剂，这对我来说是一个很好的风险回报交易。</blockquote></p><p> Unfortunately, Airbnb doesn’t seem to be what I’m looking for. If we look at consensus expectations of Airbnb we see that they reflect what I explained above. The market increased Airbnb revenue estimates with expectations of a recovery. Revenue estimates for FY22 increased by 20% since last December. I say increased with expectations of recovery due to the front-load of revisions. The rate of positive revisions declines as further out the estimates go (charts below).</p><p><blockquote>不幸的是，爱彼迎似乎不是我想要的。如果我们看看爱彼迎的共识期望，我们会发现它们反映了我上面解释的内容。市场提高了对爱彼迎收入的预期，预期会复苏。自去年 12 月以来，2022 财年的收入预期增长了 20%。我说，由于修订的前期负荷，随着复苏的预期而增加。随着估计的进一步进行，积极修正的比率会下降（下图）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bad3d3c8df5d1b861b36eee38bee10f5\" tg-width=\"320\" tg-height=\"104\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ, author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ，作者分析</span></p></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8564e09b5c2d77f0ad0e2db50b29144\" tg-width=\"640\" tg-height=\"304\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/84c6b27f9bf316f8d16b667576fc3d21\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dcebffd8c9af4c6d1d63655c454f9c99\" tg-width=\"640\" tg-height=\"290\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p> Consensus isn’t getting sandbagged here as well. Some companies manage Street expectations by setting the bar low to anchor analyst estimates and then over-deliver, Airbnb doesn’t seem to be one of those companies currently. Analysts were expecting 20% more revenue than the $1.65 bn Airbnb guided towards at the time of guidance and are up to 24% currently for Q3. This is a much larger gap than one would normally see and shows the high expectations of Airbnb.</p><p><blockquote>共识在这里也没有被打包。有些公司通过设定较低的门槛来锚定分析师的预期，然后超额交付来管理华尔街的预期，爱彼迎目前似乎并不在其中。分析师预计爱彼迎的收入将比指导时的 16.5 亿美元高出 20%，目前第三季度的收入将高达 24%。这比人们通常看到的差距要大得多，显示了人们对爱彼迎的高期望。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e6e454f555a0b0ff085397cfddf30380\" tg-width=\"640\" tg-height=\"173\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p></p><p> The consensus is aggressive. All the upward revisions have resulted in revenue expectations that are 35%, 80%, and 120% higher than what Airbnb achieved in the last twelve months for FY22, FY23, and FY24 respectively. Airbnb could of course deliver, it is perfectly situated to deliver amazing quarters, but it isn’t the reopening play for me. I see better risk-reward in other reopening winners with much easier bars to clear (see my articles on&nbsp;Ulta(NASDAQ:ULTA),Revolve(NYSE:RVLV), and&nbsp;Square(NYSE:SQ)).</p><p><blockquote>共识是激进的。所有上调导致 Airbnb 在过去 12 个月中实现的 22 财年、2023财年和 24 财年的收入预期分别高出 35%、80% 和 120%。爱彼迎当然可以表现出色，它完全有能力表现出色，但对我来说，这并不是重新开场的比赛。我在其他重新开放的赢家身上看到了更好的风险回报，并且更容易清除酒吧（请参阅我关于 Ulta（纳斯达克股票代码：ULTA）、Revolve（纽约证券交易所股票代码：RVLV）和 Square（纽约证券交易所股票代码：SQ）的文章）。</blockquote></p><p> <b>Airbnb Price is High</b></p><p><blockquote><b>爱彼迎价格高</b></blockquote></p><p> If Airbnb has depressed multiples, it could deliver even if it falls short of consensus estimates. Conversely, high multiples mean high confidence in future growth and are a broad reflection of positive sentiment. Positive sentiment is generally a disadvantage as it's much easier to turn a positive sentiment neutral or negative with an earnings miss than it is to turn it even more positive with a blowout quarter.</p><p><blockquote>如果爱彼迎降低了市盈率，即使低于市场普遍预期，它也可能实现盈利。相反，高倍数意味着对未来增长的高信心，是积极情绪的广泛反映。积极情绪通常是一个劣势，因为在盈利低迷的情况下将积极情绪转变为中性或负面，比在井喷的季度将其转变为更加积极要容易得多。</blockquote></p><p> I want to judge Airbnb’s valuation as fairly as possible. The market values future growth for a name like Airbnb, which I agree with. I factor in future growth by looking at multiples over CY23 revenues and the speed of growth between CY20 and CY23 in my comparison. Bulls also like to separate Airbnb from its peers as a category leader, which I don’t agree with. It may be not the same as a hotel, but it sure is a substitute in the eyes of the consumer in the overwhelming majority of cases (for now at least). But I will also compare its multiples and growth expectations to other category leaders to give it the benefit of the doubt.</p><p><blockquote>我想尽可能公平地判断爱彼迎的估值。市场看重爱彼迎这样的名字的未来增长，我同意这一点。在我的比较中，我通过观察 23 财年收入的倍数以及 20 财年和 23 财年之间的增长速度来考虑未来的增长。公牛队还喜欢将爱彼迎与同行区分开来，成为该类别的领导者，我不同意这种观点。它可能和酒店不一样，但在绝大多数情况下（至少现在是这样），在消费者眼中，它肯定是一种替代品。但我也会将其倍数和增长预期与其他类别领导者进行比较，以确信其无罪。</blockquote></p><p> The valuation is rich. For me, Booking Holdings(NASDAQ:BKNG)is a good comparison. Booking also is a travel marketplace with fast growth and a bright future. One might say that Booking is also richly priced as it is well above its peers, but Airbnb is on another level trading at more than double where Booking is despite having similar growth expectations. Booking is more profitable, having EBITDA margins of 14% vs. extremely negative margins of Airbnb (-64%), and is expected to remain significantly more profitable into the future with 37% FY23 expected EBITDA margins vs. 23% for Airbnb. Let’s not forget that rest of these companies are well situated to benefit from the reopening as well, perhaps even more so than Airbnb with hotels gaining back lost share.</p><p><blockquote>估值丰富。对我来说，Booking Holdings（纳斯达克股票代码：BKNG）是一个很好的比较。预订也是一个快速增长、前景光明的旅游市场。有人可能会说，Booking 的定价也很高，因为它远高于同行，但尽管有类似的增长预期，但爱彼迎的交易价格是 Booking 的两倍多。Booking 的利润更高，EBITDA 利润率为 14%，而 Airbnb 的利润率为极低 (-64%)，预计未来利润仍将明显更高，2023财年预计 EBITDA 利润率为 37%，而 Airbnb 为 23%。我们不要忘记，这些公司中的其他公司也有能力从重新开业中受益，甚至可能比爱彼迎的酒店夺回失去的份额还要多。</blockquote></p><p> Sector leader comparison is kinder, but still yields the same result. Here we have DoorDash(NYSE:DASH)as the closest peer in terms of multiples, but is still significantly less expensive despite having a similar growth rate. Uber(NYSE:UBER)for example is another name that will benefit from the reopening due to its mobility and sharing focus, is trading grossly cheaper than Airbnb, while expected to grow at a similar rate.</p><p><blockquote>行业领导者的比较更友好，但仍然产生相同的结果。就倍数而言，我们将 DoorDash（纽约证券交易所股票代码：DASH）视为最接近的同行，但尽管增长率相似，但价格仍然要低得多。例如，优步（纽约证券交易所股票代码：UBER）是另一个因其移动性和共享重点而将从重新开放中受益的品牌，其交易价格远低于爱彼迎，但预计将以类似的速度增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5704bdc5cf32c4889f12fceb24245303\" tg-width=\"640\" tg-height=\"377\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ, author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ，作者分析</span></p></blockquote></p><p> Airbnb is expected to trade much richer than the sector for a long time. I went and looked at when Airbnb’s extremely high multiples would compress enough to reach those of its peers thinking that the higher growth would bring them down quickly. This isn’t the case. With the current enterprise value and consensus, Airbnb will reach Booking’s next twelve-month revenue and EBITDA multiples in 5 years and earnings multiples in 7. Again, let’s not forget that Booking is also growing fast and will also compress its multiples. I see that Airbnb has clearer options to add new revenue streams but a lot of this is clearly in the price today.</p><p><blockquote>预计在很长一段时间内，爱彼迎的贸易将比该行业丰富得多。我去看了看，爱彼迎极高的市盈率何时会压缩到足以让那些认为更高的增长会让他们迅速下跌的同行感受到。事实并非如此。凭借目前的企业价值和共识，爱彼迎将在 5 年内达到 Booking 未来 12 个月的收入和 EBITDA 倍数，在 7 年内达到盈利倍数。同样，我们不要忘记，预订量也在快速增长，同时也会压缩其倍数。我看到爱彼迎有更明确的选择来增加新的收入来源，但其中很多显然已经包含在今天的价格中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ce82fbe26634b44aeb8417204b1ebda\" tg-width=\"413\" tg-height=\"188\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ, author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ，作者分析</span></p></blockquote></p><p> Overall, I see poor risk-reward for the reopening bull thesis of Airbnb. Expectations factor in maybe not all but a good portion of outperformance over the near term. The valuation is high and has a lot of expectations built in. This makes the stock price vulnerable to changes in near-term sentiment despite the long-term nature of these expectations.</p><p><blockquote>总体而言，我认为爱彼迎重新开放牛市论点的风险回报很低。预期可能不是短期内表现优异的全部因素，而是很大一部分因素。估值很高，内置了很多预期。这使得股价容易受到近期情绪变化的影响，尽管这些预期具有长期性。</blockquote></p><p> Interest Rate Sensitivity</p><p><blockquote>利率敏感性</blockquote></p><p> Airbnb is vulnerable to macroeconomic risks. I wrote before on my views on the future of rates and the vulnerability of the growth complex in depth (hereandhere). I expect a bear steepener environment over the coming months, that is rising rates accompanied by a steepening curve. This, if correct, would result in a higher discount factor via a higher risk-free rate. A high risk-free rate will have an outsized effect on fast growth equities with far-out cash flows. Airbnb is amongst the longest duration names with a price to sales multiple of 23x. A higher discount rate would dramatically change the company valuation and, in theory, decrease the stock price.</p><p><blockquote>爱彼迎容易受到宏观经济风险的影响。我之前写过我对利率未来和增长复合体脆弱性的看法（这里和这里）。我预计未来几个月熊市环境将更加陡峭，即利率上升伴随着曲线陡峭。如果这是正确的，这将通过更高的无风险利率导致更高的贴现率。高无风险利率将对现金流丰富的快速增长股票产生巨大影响。爱彼迎是持续时间最长的公司之一，市销率为 23 倍。较高的贴现率将极大地改变公司估值，理论上会降低股价。</blockquote></p><p> <b>Excellent Prospects for the Long Term</b></p><p><blockquote><b>长期前景良好</b></blockquote></p><p></p><p> Despite my unattraction for the near term, Airbnb has a lot going for it. Just the shift from hotels to alternative accommodations alone should boost growth for many years to come. The company is at the beginning of its journey of gaining a significant share out of the massive global lodging market. In addition to this, Airbnb has a lot of initiatives that it can take to create new revenue streams.</p><p><blockquote>尽管我对近期没有吸引力，但爱彼迎有很多优势。仅仅从酒店到替代住宿的转变就应该会在未来许多年内促进增长。该公司正处于从庞大的全球住宿市场获得重要份额的旅程的开始。除此之外，爱彼迎还可以采取许多举措来创造新的收入来源。</blockquote></p><p> The easiest of these are short-term rentals. By short I mean longer than vacation stay, so from about a couple of weeks to a year or so. This is an underserved market for which there is a lot of demand. Expats, project-focused business travelers, students especially ones studying abroad, interns, and long vacationers are all target markets for such a product. It’d be easy for Airbnb to add services in this category as well, as it already has the supply and the marketing capabilities. I expect longer-term rentals to become an important category for Airbnb in the future.</p><p><blockquote>其中最简单的是短期租赁。简而言之，我的意思是比假期停留时间更长，所以从大约几周到一年左右。这是一个服务不足的市场，需求很大。外籍人士、注重项目的商务旅行者、学生尤其是出国留学的学生、实习生和长假者都是这种产品的目标市场。爱彼迎也很容易增加这一类别的服务，因为它已经具备了供应和营销能力。我预计未来长期租赁将成为爱彼迎的一个重要类别。</blockquote></p><p> Airbnb could gain a larger share of value by integrating upstream. Airbnb could host or co-host. It has demand data and financial capabilities which would make it a great investor in properties. Airbnb-hosted properties would resemble private label products sold in chain supermarkets, or on Amazon(NASDAQ:AMZN)for that matter. I doubt that the company would prioritize this as it may push current hosts away, but I’d be surprised if Airbnb didn’t delve into hosting in the future.</p><p><blockquote>爱彼迎可以通过上游整合获得更大的价值份额。爱彼迎可以主办或共同主办。它拥有需求数据和财务能力，这将使它成为房地产的伟大投资者。爱彼迎托管的房产类似于连锁超市或亚马逊（纳斯达克股票代码：AMZN）上销售的自有品牌产品。我怀疑该公司是否会优先考虑这一点，因为这可能会把现有的主机推开，但如果爱彼迎未来不深入研究主机业务，我会感到惊讶。</blockquote></p><p> Airbnb could begin to sell ancillary services. Airbnb could provide cleaning services with its own cleaning crew. Cleaning is a necessity before every booking and could significantly increase monetization. Airbnb could also provide insurance for hosts. One of the main worries of people thinking of becoming hosts is damage to or loss of property. Airbnb has a lot of data on claims and could provide insurance to hosts with an efficient actuary. An insurance offer would also increase the supply of properties as well with more hosts joining the platform.</p><p><blockquote>爱彼迎可以开始销售辅助服务。爱彼迎可以用自己的清洁人员提供清洁服务。每次预订前清洁都是必要的，可以大大增加货币化。爱彼迎还可以为主机提供保险。考虑成为房东的人们的主要担忧之一是财产损失或损坏。爱彼迎有很多关于索赔的数据，可以通过高效的精算师为主机提供保险。随着更多的主机加入该平台，保险优惠也将增加房产的供应。</blockquote></p><p> There are a lot of growth levers that Airbnb could pull but I expect none in the near term. Airbnb has all of its focus on capitalizing on the travel rebound and with 25% fewer employees due to cost cuts it’s unlikely to add new products soon.</p><p><blockquote>爱彼迎可以拉动很多增长杠杆，但我预计短期内不会有任何增长杠杆。爱彼迎的全部精力都放在了利用旅游业的反弹上，由于成本削减，员工人数减少了 25%，因此不太可能很快增加新产品。</blockquote></p><p> <b>Overall the Risk-Reward isn’t Favorable For Me (Today)</b></p><p><blockquote><b>总体而言，风险回报对我不利（今天）</b></blockquote></p><p> I like Airbnb’s operations, track record, and near and short-term prospects. It’s done very well navigating through choppy times and took advantage of the pandemic with agility. I expect Airbnb to see tremendous growth over the near term and to gain a growing share of the hospitality market over the long term.</p><p><blockquote>我喜欢爱彼迎的运营、业绩记录以及近期和短期前景。它很好地度过了动荡时期，并敏捷地利用了大流行病。我预计爱彼迎将在短期内实现巨大增长，并在长期内获得越来越大的酒店市场份额。</blockquote></p><p> However, my expectations of Airbnb seem to be reflected in Street estimates and the company’s valuation. I see high execution risk and a large potential downwards stock reaction to any disappointments but capped upside unless we see blowout quarters. Thus, I am on the sidelines on Airbnb for now.</p><p><blockquote>不过，我对爱彼迎的期望似乎反映在华尔街的估值和公司的估值中。我认为执行风险很高，股票对任何失望都会有很大的潜在下跌反应，但除非我们看到井喷季度，否则上涨空间是有限的。因此，我现在对爱彼迎持观望态度。</blockquote></p><p> <b>How I Could be Wrong Either Way</b></p><p><blockquote><b>我怎么会错呢</b></blockquote></p><p> I always want to give the entire picture in my analysis and in this section, I will try to provide how the stock price could meaningfully move higher or lower from areas I haven’t covered in the article.</p><p><blockquote>我总是想在我的分析中给出全貌，在本节中，我将尝试提供股价如何从我在文章中没有涉及的领域有意义地走高或走低。</blockquote></p><p> The consumer preference between hotels vs. alternate accommodation highly influences Airbnb. The pandemic saw the latter win. It is reasonable to expect an unwind of this trend. I didn’t mention this in my article as I think it will be gradual and the high upcoming demand will overcome the micro move. But my assumption could be wrong, consumers could overwhelmingly prefer hotels which would make life very difficult for Airbnb. Conversely, pandemic choices could remain sticky and Airbnb could keep its pandemic era gains. Consumer preferences of style of stay will be highly decisive for Airbnb in the future.</p><p><blockquote>消费者对酒店和其他住宿的偏好极大地影响了爱彼迎。疫情看到了后者的胜利。有理由预期这一趋势会放缓。我在文章中没有提到这一点，因为我认为这将是一个渐进的过程，即将到来的高需求将战胜微观变动。但我的假设可能是错误的，消费者可能会压倒性地更喜欢酒店，这将使爱彼迎的生活变得非常困难。相反，大流行的选择可能仍然具有粘性，爱彼迎可能会保持其大流行时代的收益。消费者对住宿方式的偏好将对未来的爱彼迎起到决定性作用。</blockquote></p><p> The macroeconomic picture will be another deciding factor. A better than expected reopening demand will be a tide lifts all boats situation, while a subdued one would wreak havoc in the hospitality industry. A prolonged pandemic, especially in a situation with less government aid, would also significantly harm Airbnb prospects. I mentioned that I expected a rising rate environment and that Airbnb valuation would be harmed by it, the vice versa of what I wrote is true. Airbnb would greatly benefit from falling rates all else equal.</p><p><blockquote>宏观经济形势将是另一个决定性因素。好于预期的重新开放需求将是一个提振所有船只的潮汐，而一个被抑制的需求将在酒店业造成严重破坏。长期的疫情，尤其是在政府援助减少的情况下，也将严重损害爱彼迎的前景。我提到，我预计利率环境会上升，爱彼迎估值会受到损害，我所写的恰恰相反。在其他条件相同的情况下，爱彼迎将从利率下降中受益匪浅。</blockquote></p><p></p><p> Profitability will be an area to watch coming out of the pandemic. I already mentioned higher margins going forward. But these margins are still significantly below what is expected of peers (consensus EBITDA margins for CY23: Airbnb 23% vs. TripAdvisor(NASDAQ:TRIP)33%, Booking Holdings 37%). Airbnb could deliver on the upside in an environment of excess demand. Moreover, the low traffic acquisition costs I wrote about may not be in the consensus and could provide an upside. Conversely, some job cuts may have been premature and/or crisis management, and Airbnb could need to regrow its workforce contracting margins back down.</p><p><blockquote>盈利能力将是疫情后一个值得关注的领域。我已经提到了未来更高的利润率。但这些利润率仍远低于同行的预期（2023 财年共识 EBITDA 利润率：爱彼迎 23%，TripAdvisor（纳斯达克股票代码：TRIP）33%，Booking Holdings 37%）。在需求过剩的环境下，爱彼迎可以实现上行。此外，我所写的低流量获取成本可能不在共识范围内，但可能会带来好处。相反，一些裁员可能是过早的和/或危机管理，爱彼迎可能需要重新增加其劳动力合同利润率。</blockquote></p><p> Despite unlikely with the management’s reopening focus and reduced headcount, if Airbnb manages to launch one of the products I’ve mentioned, it will likely be met with a positive reaction. A new revenue stream will cause analysts to reevaluate long-term growth expectations and increase revenue estimates.</p><p><blockquote>尽管管理层不太可能重新开业并减少员工人数，但如果爱彼迎能够推出我提到的产品之一，很可能会得到积极的反响。新的收入流将导致分析师重新评估长期增长预期并提高收入预期。</blockquote></p><p> Let’s not forget about the big risk facing Airbnb, regulation. A lot of cities were pressured to impose regulations on Airbnb pre-pandemic. Regulatory risks clout the future and uncertainty is always a big negative for investors. These issues resurfacing, despite the outcome, could hamper Airbnb stock.</p><p><blockquote>我们不要忘记爱彼迎面临的巨大风险--监管。在疫情之前，许多城市都面临着对爱彼迎实施监管的压力。监管风险影响未来，不确定性对投资者来说始终是一大负面影响。不管结果如何，这些问题重新浮出水面，可能会阻碍爱彼迎股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4458951-airbnb-good-prospects-jeopardized-by-high-expectations\">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":{"ABNB":"爱彼迎"},"source_url":"https://seekingalpha.com/article/4458951-airbnb-good-prospects-jeopardized-by-high-expectations","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157362059","content_text":"Summary\n\nDespite the financial struggles, Airbnb is coming out of the pandemic with brighter long-term prospects than how it went in.\nNow, with the reopening and unwind of pandemic measures, Airbnb will see unprecedented demand.\nNear-term cyclical swing benefits seem to be reflected in Street expectations and company valuation. Airbnb will be penalized severely if it underdelivers.\nDespite the long-term prospects, Airbnb isn’t the company for me today. I see better risk-reward elsewhere.\n\nhocus-focus/iStock Unreleased via Getty Images\nInvestment Thesis\nAirbnb(NASDAQ:ABNB)was a pandemic winner from a long-term perspective. The company will see unprecedented demand over the coming months. It also benefits from secular long-term tailwinds. To cap it all off, it has clear and concrete verticals that it could easily tap to generate new revenue streams.\nHowever, expectations seem to have factored all of these benefits in. The near-term revenue estimates are high and have gotten higher as the reopening picture became clearer. The company's multiple is higher than both industry peers and category leaders, implying high expectations of the future. High expectations and high valuations open the door to large drawdowns from likely disappointments.\nPutting it all together, risks outweigh the rewards for me as I see better reopening plays elsewhere.\nAirbnb is a Reopening Winner Boosted by the Pandemic\nAccommodation providers were among the worst-hit losers of the pandemic. Lockdowns forced people to stay at home. Even without lockdowns, most borders were closed. And even with open borders, people were fearing the virus and didn’t travel. This unprecedented halt in demand truly tested the resiliency of the sector.\nAirbnb, though, managed to capitalize on the pandemic both in the short and long term. Alternate accommodation benefited from closed borders and the inability and risk of long-distance travel as well as from social distancing. Many consumers opted for nearby vacation homes where they could get to safely and didn’t need to interact with other guests or hotel staff. Airbnb, as the leading alternate accommodation player, benefited. Airbnb used 2021 to improve itself and grow its sector. It announced in early 2021 that it was going to educate the world about Airbnb, recruit more hosts, simplify the guest journey, and deliver world-class service. The plan seems to be working as evident in Airbnb’s revenue recovery. The company’s 2021 Q2 revenues were more than the most recent pre-pandemic data point of 2019 Q4 and this is extraordinary given the performance of Airbnb’s peers (all peers significantly below pre-pandemic levels, chart below). The shift to alternate accommodation arising from extraordinary factors was free advertising for Airbnb. Many people that had tried or would not try Airbnb were pushed into being a customer. Those that have had good experiences are likely to return. Airbnb’s pandemic struggles will result in long-term gains thanks to good crisis management.\nSource: CapitalIQ, author analysis\nThe next leg of the pandemic is an unwind of what we’ve seen so far. With vaccination rates rising in the West and case counts inflecting lower, reopening awaits us. The reopening will see massive growth in travel. Consumers have been forced indoors for a year and a half and will make up for the lost time. The pent-up demand combined with the unused vacation days and unspent hotel points and airline miles will boost the travel industry over the coming months.\nOverall spending budgets will be boosted by high accumulated savings. Social distancing has dramatically decreased in-person discretionary spending, while massive government aid increased disposable incomes to bring the personal savings rate to all-time highs. These savings will melt towards discretionary purchases in the coming months and one of the wallet share winners will be travel.\n\nAirbnb is well-positioned to capitalize on the reopening. The company is aware of the potential and its “single priority for 2021 has been to prepare for the travel rebound”. Many consumers will still be afraid of catching the virus despite potentially low case counts and vaccination. Additionally, a significant portion of pre-pandemic hotel preferers will opt for Airbnb. Airbnb will gain a large portion of the larger reopening wallet share. The pandemic-induced habit of using Airbnb will likely linger in the reopening.\nAirbnb will not only be one of the key, but also one of the first beneficiaries of the reopening. Airbnb had a major city and cross-border travel focus before the pandemic of about 50% of revenue. The company’s supply depends on hosts and hosts are in major cities. People traveling to new countries want to see landmark cities. Tourism towards major cities is disproportionally dependent on international travel. Luckily for Airbnb, major cities where we’ve seen the worst of the pandemic and international travel, especially within the West (Airbnb makes ~80% of revenues from North America and EU) will be among the earlier areas to open.\nOne worries whether the supply is a constraint for the reopening as the number of hosts and lodging could be a limiting factor given unprecedented coming demand. But this is unlikely an issue as Airbnb has been growing its supply over the past two years while nights and experiences booked fell. Again, management is aware of the travel rebound and is doing its best to monetize it. While hotels may not be able to work at full capacity due to government mandate and won’t be able to build new rooms, excess capacity will be available at Airbnb as demand comes.\nOverall, despite being hurt financially by the pandemic, Airbnb is a hidden pandemic winner with long-term gains. The company is well situated to be a winner over the short term as well by capitalizing on the upcoming extraordinary travel demand.\nAirbnb Will be a More Profitable Company Going Forward\nAirbnb became a leaner company throughout the pandemic. The company cut 1,900 jobs or 25% of its workforce during the crisis and halted most non-essential spending. These cost-cutting measures should remain sticky and boost long-term profitability. Airbnb may face lower acquisition costs out of the pandemic as well. Brand value of Airbnb grew to become a household name. The company’s services will be the go-to place for travel bookings for many consumers. This will result in lower costs paid to third parties to acquire traffic. The street expects 23% EBITDA margins from the company in 2023, which is much higher than what we’ve seen so far and closer to peers. Airbnb will be more profitable thanks to the pandemic.\nThe Reopening Benefit is Expected\nReopening winners are a key focus for me in the coming months. I see a lot of alpha in buying winners where consensus is lacking behind. This is a good risk-reward trade for me due to the near-term time horizon and the specific catalyst.\nUnfortunately, Airbnb doesn’t seem to be what I’m looking for. If we look at consensus expectations of Airbnb we see that they reflect what I explained above. The market increased Airbnb revenue estimates with expectations of a recovery. Revenue estimates for FY22 increased by 20% since last December. I say increased with expectations of recovery due to the front-load of revisions. The rate of positive revisions declines as further out the estimates go (charts below).\nSource: CapitalIQ, author analysis\n\nSource: CapitalIQ\nConsensus isn’t getting sandbagged here as well. Some companies manage Street expectations by setting the bar low to anchor analyst estimates and then over-deliver, Airbnb doesn’t seem to be one of those companies currently. Analysts were expecting 20% more revenue than the $1.65 bn Airbnb guided towards at the time of guidance and are up to 24% currently for Q3. This is a much larger gap than one would normally see and shows the high expectations of Airbnb.\nSource: CapitalIQ\nThe consensus is aggressive. All the upward revisions have resulted in revenue expectations that are 35%, 80%, and 120% higher than what Airbnb achieved in the last twelve months for FY22, FY23, and FY24 respectively. Airbnb could of course deliver, it is perfectly situated to deliver amazing quarters, but it isn’t the reopening play for me. I see better risk-reward in other reopening winners with much easier bars to clear (see my articles on Ulta(NASDAQ:ULTA),Revolve(NYSE:RVLV), and Square(NYSE:SQ)).\nAirbnb Price is High\nIf Airbnb has depressed multiples, it could deliver even if it falls short of consensus estimates. Conversely, high multiples mean high confidence in future growth and are a broad reflection of positive sentiment. Positive sentiment is generally a disadvantage as it's much easier to turn a positive sentiment neutral or negative with an earnings miss than it is to turn it even more positive with a blowout quarter.\nI want to judge Airbnb’s valuation as fairly as possible. The market values future growth for a name like Airbnb, which I agree with. I factor in future growth by looking at multiples over CY23 revenues and the speed of growth between CY20 and CY23 in my comparison. Bulls also like to separate Airbnb from its peers as a category leader, which I don’t agree with. It may be not the same as a hotel, but it sure is a substitute in the eyes of the consumer in the overwhelming majority of cases (for now at least). But I will also compare its multiples and growth expectations to other category leaders to give it the benefit of the doubt.\nThe valuation is rich. For me, Booking Holdings(NASDAQ:BKNG)is a good comparison. Booking also is a travel marketplace with fast growth and a bright future. One might say that Booking is also richly priced as it is well above its peers, but Airbnb is on another level trading at more than double where Booking is despite having similar growth expectations. Booking is more profitable, having EBITDA margins of 14% vs. extremely negative margins of Airbnb (-64%), and is expected to remain significantly more profitable into the future with 37% FY23 expected EBITDA margins vs. 23% for Airbnb. Let’s not forget that rest of these companies are well situated to benefit from the reopening as well, perhaps even more so than Airbnb with hotels gaining back lost share.\nSector leader comparison is kinder, but still yields the same result. Here we have DoorDash(NYSE:DASH)as the closest peer in terms of multiples, but is still significantly less expensive despite having a similar growth rate. Uber(NYSE:UBER)for example is another name that will benefit from the reopening due to its mobility and sharing focus, is trading grossly cheaper than Airbnb, while expected to grow at a similar rate.\nSource: CapitalIQ, author analysis\nAirbnb is expected to trade much richer than the sector for a long time. I went and looked at when Airbnb’s extremely high multiples would compress enough to reach those of its peers thinking that the higher growth would bring them down quickly. This isn’t the case. With the current enterprise value and consensus, Airbnb will reach Booking’s next twelve-month revenue and EBITDA multiples in 5 years and earnings multiples in 7. Again, let’s not forget that Booking is also growing fast and will also compress its multiples. I see that Airbnb has clearer options to add new revenue streams but a lot of this is clearly in the price today.\nSource: CapitalIQ, author analysis\nOverall, I see poor risk-reward for the reopening bull thesis of Airbnb. Expectations factor in maybe not all but a good portion of outperformance over the near term. The valuation is high and has a lot of expectations built in. This makes the stock price vulnerable to changes in near-term sentiment despite the long-term nature of these expectations.\nInterest Rate Sensitivity\nAirbnb is vulnerable to macroeconomic risks. I wrote before on my views on the future of rates and the vulnerability of the growth complex in depth (hereandhere). I expect a bear steepener environment over the coming months, that is rising rates accompanied by a steepening curve. This, if correct, would result in a higher discount factor via a higher risk-free rate. A high risk-free rate will have an outsized effect on fast growth equities with far-out cash flows. Airbnb is amongst the longest duration names with a price to sales multiple of 23x. A higher discount rate would dramatically change the company valuation and, in theory, decrease the stock price.\nExcellent Prospects for the Long Term\nDespite my unattraction for the near term, Airbnb has a lot going for it. Just the shift from hotels to alternative accommodations alone should boost growth for many years to come. The company is at the beginning of its journey of gaining a significant share out of the massive global lodging market. In addition to this, Airbnb has a lot of initiatives that it can take to create new revenue streams.\nThe easiest of these are short-term rentals. By short I mean longer than vacation stay, so from about a couple of weeks to a year or so. This is an underserved market for which there is a lot of demand. Expats, project-focused business travelers, students especially ones studying abroad, interns, and long vacationers are all target markets for such a product. It’d be easy for Airbnb to add services in this category as well, as it already has the supply and the marketing capabilities. I expect longer-term rentals to become an important category for Airbnb in the future.\nAirbnb could gain a larger share of value by integrating upstream. Airbnb could host or co-host. It has demand data and financial capabilities which would make it a great investor in properties. Airbnb-hosted properties would resemble private label products sold in chain supermarkets, or on Amazon(NASDAQ:AMZN)for that matter. I doubt that the company would prioritize this as it may push current hosts away, but I’d be surprised if Airbnb didn’t delve into hosting in the future.\nAirbnb could begin to sell ancillary services. Airbnb could provide cleaning services with its own cleaning crew. Cleaning is a necessity before every booking and could significantly increase monetization. Airbnb could also provide insurance for hosts. One of the main worries of people thinking of becoming hosts is damage to or loss of property. Airbnb has a lot of data on claims and could provide insurance to hosts with an efficient actuary. An insurance offer would also increase the supply of properties as well with more hosts joining the platform.\nThere are a lot of growth levers that Airbnb could pull but I expect none in the near term. Airbnb has all of its focus on capitalizing on the travel rebound and with 25% fewer employees due to cost cuts it’s unlikely to add new products soon.\nOverall the Risk-Reward isn’t Favorable For Me (Today)\nI like Airbnb’s operations, track record, and near and short-term prospects. It’s done very well navigating through choppy times and took advantage of the pandemic with agility. I expect Airbnb to see tremendous growth over the near term and to gain a growing share of the hospitality market over the long term.\nHowever, my expectations of Airbnb seem to be reflected in Street estimates and the company’s valuation. I see high execution risk and a large potential downwards stock reaction to any disappointments but capped upside unless we see blowout quarters. Thus, I am on the sidelines on Airbnb for now.\nHow I Could be Wrong Either Way\nI always want to give the entire picture in my analysis and in this section, I will try to provide how the stock price could meaningfully move higher or lower from areas I haven’t covered in the article.\nThe consumer preference between hotels vs. alternate accommodation highly influences Airbnb. The pandemic saw the latter win. It is reasonable to expect an unwind of this trend. I didn’t mention this in my article as I think it will be gradual and the high upcoming demand will overcome the micro move. But my assumption could be wrong, consumers could overwhelmingly prefer hotels which would make life very difficult for Airbnb. Conversely, pandemic choices could remain sticky and Airbnb could keep its pandemic era gains. Consumer preferences of style of stay will be highly decisive for Airbnb in the future.\nThe macroeconomic picture will be another deciding factor. A better than expected reopening demand will be a tide lifts all boats situation, while a subdued one would wreak havoc in the hospitality industry. A prolonged pandemic, especially in a situation with less government aid, would also significantly harm Airbnb prospects. I mentioned that I expected a rising rate environment and that Airbnb valuation would be harmed by it, the vice versa of what I wrote is true. Airbnb would greatly benefit from falling rates all else equal.\nProfitability will be an area to watch coming out of the pandemic. I already mentioned higher margins going forward. But these margins are still significantly below what is expected of peers (consensus EBITDA margins for CY23: Airbnb 23% vs. TripAdvisor(NASDAQ:TRIP)33%, Booking Holdings 37%). Airbnb could deliver on the upside in an environment of excess demand. Moreover, the low traffic acquisition costs I wrote about may not be in the consensus and could provide an upside. Conversely, some job cuts may have been premature and/or crisis management, and Airbnb could need to regrow its workforce contracting margins back down.\nDespite unlikely with the management’s reopening focus and reduced headcount, if Airbnb manages to launch one of the products I’ve mentioned, it will likely be met with a positive reaction. A new revenue stream will cause analysts to reevaluate long-term growth expectations and increase revenue estimates.\nLet’s not forget about the big risk facing Airbnb, regulation. A lot of cities were pressured to impose regulations on Airbnb pre-pandemic. Regulatory risks clout the future and uncertainty is always a big negative for investors. These issues resurfacing, despite the outcome, could hamper Airbnb stock.","news_type":1,"symbols_score_info":{"ABNB":0.9}},"isVote":1,"tweetType":1,"viewCount":5582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":882489962,"gmtCreate":1631714729956,"gmtModify":1632806653834,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Yeah","listText":"Yeah","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/882489962","repostId":"2167659355","repostType":4,"isVote":1,"tweetType":1,"viewCount":2419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815321723,"gmtCreate":1630646917062,"gmtModify":1632468534542,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/815321723","repostId":"1135954770","repostType":4,"isVote":1,"tweetType":1,"viewCount":6019,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895263928,"gmtCreate":1628748100164,"gmtModify":1633689789685,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/895263928","repostId":"2151957589","repostType":2,"isVote":1,"tweetType":1,"viewCount":2913,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175694818,"gmtCreate":1627027804334,"gmtModify":1633768657739,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175694818","repostId":"1194129855","repostType":4,"repost":{"id":"1194129855","kind":"news","pubTimestamp":1627026914,"share":"https://www.laohunote.com/m/news/1194129855?lang=zh_CN&edition=full","pubTime":"2021-07-23 15:55","market":"us","language":"en","title":"Is Netflix Stock A Buy After Q2 Earnings Report?<blockquote>第二季度收益报告发布后，网飞股票值得买入吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194129855","media":"investing.com","summary":"The video-streaming giant Netflix, Inc. reported its latest earnings this week and they proved to be","content":"<p><div> The video-streaming giant Netflix, Inc. reported its latest earnings this week and they proved to be a mixed bag for investors. While the company beat analysts' expectations for thequarterthat ended ...</p><p><blockquote><div>视频流巨头 Netflix, Inc. 本周公布了最新财报，事实证明，这对投资者来说喜忧参半。虽然该公司在上一季度的业绩超出了分析师的预期……</div></blockquote></p><p>  <a href=\"https://www.investing.com/analysis/is-netflix-stock-a-buy-after-q2-earnings-report-200593068\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.investing.com/analysis/is-netflix-stock-a-buy-after-q2-earnings-report-200593068\">网页连接</a></blockquote></p><p></p>","source":"lsy1594375853987","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Netflix Stock A Buy After Q2 Earnings Report?<blockquote>第二季度收益报告发布后，网飞股票值得买入吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Netflix Stock A Buy After Q2 Earnings Report?<blockquote>第二季度收益报告发布后，网飞股票值得买入吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investing.com</strong><span class=\"h-time small\">2021-07-23 15:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> The video-streaming giant Netflix, Inc. reported its latest earnings this week and they proved to be a mixed bag for investors. While the company beat analysts' expectations for thequarterthat ended ...</p><p><blockquote><div>视频流巨头 Netflix, Inc. 本周公布了最新财报，事实证明，这对投资者来说喜忧参半。虽然该公司在上一季度的业绩超出了分析师的预期……</div></blockquote></p><p>  <a href=\"https://www.investing.com/analysis/is-netflix-stock-a-buy-after-q2-earnings-report-200593068\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.investing.com/analysis/is-netflix-stock-a-buy-after-q2-earnings-report-200593068\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investing.com/analysis/is-netflix-stock-a-buy-after-q2-earnings-report-200593068\">investing.com</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":{"QTWO":"Q2 Holdings Inc","MS":"摩根士丹利","JPM":"摩根大通","QNETCN":"纳斯达克中美互联网老虎指数","NFLX":"奈飞"},"source_url":"https://www.investing.com/analysis/is-netflix-stock-a-buy-after-q2-earnings-report-200593068","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194129855","content_text":"The video-streaming giant Netflix, Inc. reported its latest earnings this week and they proved to be a mixed bag for investors.\nWhile the company beat analysts' expectations for thequarterthat ended June 30, its forecast for the current period was tepid, suggesting that the slowdown that started early this year has more room to run.\nThe company added 1.54 million customers in the second quarter. While that was above the 1.12 million forecasted by analysts—and Netflix’s own estimate of 1 million—it’s nowhere near the company’s growth performance last year, when nearly 26 million new customers signed up for Netflix service in the first half. That was the time when people were stuck at home during the pandemic and flocked to its movies and shows.\nThe company also told investors that it’s expecting to add 3.5 million subscribers in the third quarter, well short of the 5.86 million analysts had projected. With another disappointing report, Netflix shares came under renewed pressure, falling more than 3% on Wednesday and adding to their 13% decline since January this year. Yesterday, shares closed at $511.77, down 0.36% on the day.\nNetflix Weekly Chart.\nBut this weakness in Netflix shares is a buying opportunity, as some top analysts believe the streaming giant hasn’t yet reached a saturation point when it comes to growth. JPMorgan Chase analyst Doug Anmuth raised his price target after the report to $625 a share from $600, with an overweight rating.\nAnmuth wrote in a note:\n\n “This may seem counterintuitive as our 2H subs come down and 2022 consensus net adds are likely to as well. However, we are increasingly confident in the 2H content slate and more reasonable expectations into 2022 should make NFLX safer to own.”\n\nHis note continued:\n\n “‘Clearing event’ may be an overused phrase on NFLX near term, but we believe it is appropriate nonetheless, and NFLX still has significant global secular growth opportunity ahead.”\n\nNew Growth Areas\nDuring the first half of this year, Netflix had fewer big shows to offer as the pandemic disrupted production, but the company now believes it will build up through the course of the year. Netflix’s upcoming releases include new seasons of 'La Casa de Papel' and 'The Witcher,' two popular shows.\nAnother reason analysts are bullish on Netflix growth prospects is that the company is considering entering a highly lucrative video games market to broaden its appeal. The company will add games to its streaming service in the next 12 months at no additional cost to its customers, and its first games will be designed for mobile devices.\n“We are thinking about it as a core part of our subscription offering,” Chief Product Officer Greg Peters said Tuesday. Netflix will both develop games in-house and license games from outside studios, as it does with film and TV.\nMorgan Stanley, which has an overweight rating on Netflix with a $650 price target, said in a note that both Q2 results and Q3 guidance were broadly in-line with expectations and don’t look bad when the economy is reopening. “Looking to 4Q, content investment will ramp substantially and net additions should follow. Video games emerge as the next content genre extension, but it remains early,” its note stated.\nAnalysts’ consensus estimate on Investing.com shows that Netflix stock has a 20% upside from its current stock price, with 33 of 43 analysts assigning an outperform rating on the stock.\nBottom Line\nNetflix growth is slowing after a strong year, when it added a record number of new subscribers. Despite this slowdown, the majority of Wall Street analysts are bullish on Netflix stock as they are convinced that the company has more growth upside, especially when it’s venturing into video games.","news_type":1,"symbols_score_info":{"QNETCN":0.9,"JPM":0.9,"MS":0.9,"QTWO":0.9,"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":3995,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141756703,"gmtCreate":1625894054402,"gmtModify":1633936272055,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141756703","repostId":"1101087642","repostType":4,"isVote":1,"tweetType":1,"viewCount":2723,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140829613,"gmtCreate":1625647391032,"gmtModify":1633938750503,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Monitor","listText":"Monitor","text":"Monitor","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140829613","repostId":"1131738801","repostType":4,"repost":{"id":"1131738801","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625645247,"share":"https://www.laohunote.com/m/news/1131738801?lang=zh_CN&edition=full","pubTime":"2021-07-07 16:07","market":"us","language":"en","title":"XPeng shares fell 3% in premarket trading.<blockquote>小鹏汽车股价在盘前交易中下跌 3%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131738801","media":"Tiger Newspress","summary":"XPeng shares fell 3% in premarket trading.\nShares of Chinese electric vehicle maker Xpeng Inc trade ","content":"<p>XPeng&nbsp;shares&nbsp;fell 3% in premarket&nbsp;trading.</p><p><blockquote>小鹏汽车股价在盘前交易中下跌 3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bfcb0a6ca8a7d5337dcf5cc5e4831321\" tg-width=\"1284\" tg-height=\"619\">Shares of Chinese electric vehicle&nbsp;maker Xpeng Inc&nbsp;trade as low as HK$159.30, down 3.5% from the offer price of HK$165 apiece in the company's dual primary listing debut in Hong Kong.</p><p><blockquote>中国电动汽车制造商小鹏汽车（Xpeng Inc.）的股价最低为159.30港元，较该公司在香港首次双重主要上市时每股165港元的发售价下跌3.5%。</blockquote></p><p> Xpeng, which on Wednesday raised $1.8 bln by selling 85 mln shares in Hong Kong listing, will develop future models based on product platforms designed for international markets, its chief executive said</p><p><blockquote>小鹏汽车首席执行官表示，该公司周三在香港上市，出售 8500 万股股票，筹集了 18 亿美元，将基于专为国际市场设计的产品平台开发未来车型</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>XPeng shares fell 3% in premarket trading.<blockquote>小鹏汽车股价在盘前交易中下跌 3%。</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\">\nXPeng shares fell 3% in premarket trading.<blockquote>小鹏汽车股价在盘前交易中下跌 3%。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-07 16:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>XPeng&nbsp;shares&nbsp;fell 3% in premarket&nbsp;trading.</p><p><blockquote>小鹏汽车股价在盘前交易中下跌 3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bfcb0a6ca8a7d5337dcf5cc5e4831321\" tg-width=\"1284\" tg-height=\"619\">Shares of Chinese electric vehicle&nbsp;maker Xpeng Inc&nbsp;trade as low as HK$159.30, down 3.5% from the offer price of HK$165 apiece in the company's dual primary listing debut in Hong Kong.</p><p><blockquote>中国电动汽车制造商小鹏汽车（Xpeng Inc.）的股价最低为159.30港元，较该公司在香港首次双重主要上市时每股165港元的发售价下跌3.5%。</blockquote></p><p> Xpeng, which on Wednesday raised $1.8 bln by selling 85 mln shares in Hong Kong listing, will develop future models based on product platforms designed for international markets, its chief executive said</p><p><blockquote>小鹏汽车首席执行官表示，该公司周三在香港上市，出售 8500 万股股票，筹集了 18 亿美元，将基于专为国际市场设计的产品平台开发未来车型</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏集团"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131738801","content_text":"XPeng shares fell 3% in premarket trading.\nShares of Chinese electric vehicle maker Xpeng Inc trade as low as HK$159.30, down 3.5% from the offer price of HK$165 apiece in the company's dual primary listing debut in Hong Kong.\nXpeng, which on Wednesday raised $1.8 bln by selling 85 mln shares in Hong Kong listing, will develop future models based on product platforms designed for international markets, its chief executive said","news_type":1,"symbols_score_info":{"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":4136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159870557,"gmtCreate":1624958536279,"gmtModify":1633946525512,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159870557","repostId":"1150095060","repostType":2,"repost":{"id":"1150095060","kind":"news","pubTimestamp":1624874134,"share":"https://www.laohunote.com/m/news/1150095060?lang=zh_CN&edition=full","pubTime":"2021-06-28 17:55","market":"us","language":"en","title":"US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week<blockquote>美国 IPO 前一周：滴滴在 IPO 第 17 周首次筹集数十亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150095060","media":"Renaissance Capital","summary":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant $DiDi Global Inc.$.DiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.Cybersecurity platform $SentinelOne, Inc$","content":"<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant<b>&nbsp;<a href=\"https://laohu8.com/S/DIDI\">DiDi Global Inc.</a>.</b></p><p><blockquote>由期待已久的中国打车巨头牵头，本周将有 17 家 IPO 预计筹集 91 亿美元<b> <a href=\"https://laohu8.com/S/DIDI\">滴滴全球公司。</a>.</b></blockquote></p><p> <b>DiDi</b>&nbsp;plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.</p><p><blockquote><b>滴滴</b>计划以 675 亿美元的市值筹集 39 亿美元。滴滴是中国占主导地位的打车应用，在 4000 个城镇拥有 1500 万司机。随着业务在大流行后复苏，这家未盈利的公司在2021年第一季度的收入增加了一倍多。新老投资者打算购买 13 亿美元的 IPO。</blockquote></p><p> Cybersecurity platform&nbsp;<b><a href=\"https://laohu8.com/S/S\">SentinelOne, Inc</a></b> plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.</p><p><blockquote>网络安全平台<b><a href=\"https://laohu8.com/S/S\">哨兵龙公司</a></b>计划以82亿美元的市值筹集8.8亿美元。SentinelOne的Singularity平台是一个人工智能驱动的扩展检测和响应平台，可以接收、关联和查询PB级的结构化和非结构化数据，以提供自主网络安全防御。该公司快速增长且无利可图，截至 2021 年 4 月 30 日，该公司拥有超过 4,700 名客户，高于一年前的 2,700 名。</blockquote></p><p> Turkish e-commerce platform&nbsp;<b>D-MARKET Electronic Services &amp; Trading</b>(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.</p><p><blockquote>土耳其电子商务平台<b>D-MARKET 电子服务与交易</b>(HEPS) 计划以 39 亿美元的市值筹集 6.81 亿美元。该公司以Hepsiburada的名义运营，2020年连接了3300万会员、900万活跃客户和约4.5万活跃商户。该公司发展迅速，但2021年第一季度的 EBITDA 为负值。</blockquote></p><p> Doughnut brand&nbsp;<a href=\"https://laohu8.com/S/DNUT\"><b>Krispy Kreme, Inc.</a> </b>plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.</p><p><blockquote>甜甜圈品牌<a href=\"https://laohu8.com/S/DNUT\"><b>克里斯皮奶油公司。</b></a>计划以38亿美元的市值筹集6亿美元。Krispy Kreme是一家全渠道企业，通过甜甜圈店网络、与零售商的合作伙伴关系以及电子商务和送货业务运营。该公司拥有悠久的业绩记录和强大的品牌知名度，尽管其增长战略尚未得到证实。</blockquote></p><p> Legal solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com, Inc</a> </b>plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.</p><p><blockquote>法律解决方案提供商<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com公司</a></b>计划以53亿美元的市值筹集4.88亿美元。LegalZoom表示，它是法律和合规解决方案的领先在线平台，声称2020年美国10%的新有限责任公司和5%的新公司是通过LegalZoom成立的。该公司在2021年第一季度的EBITDA基础上盈利，业务遍及美国所有50个州和3,000多个县。</blockquote></p><p> Identity verification platform&nbsp;<b><a href=\"https://laohu8.com/S/YOU\">Clear Secure, Inc.</a></b> plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.</p><p><blockquote>身份验证平台<b><a href=\"https://laohu8.com/S/YOU\">清晰安全公司。</a></b>计划以 41 亿美元的市值筹集 3.76 亿美元。Clear Secure的安全身份平台用于自动化身份验证过程，主要产品包括消费者航空订阅服务Clear Plus和两个移动应用程序。截至2021年5月31日，Clear Secure的网络包括38个机场、26个体育和娱乐合作伙伴以及67个支持健康通行证的合作伙伴。</blockquote></p><p> Chinese grocery delivery platform&nbsp;<b><a href=\"https://laohu8.com/S/DDL\">Dingdong (Cayman) Limited</a> </b>plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.</p><p><blockquote>中国杂货配送平台<b><a href=\"https://laohu8.com/S/DDL\">叮咚（开曼）有限公司</a></b>计划以 60 亿美元的市值筹集 3.43 亿美元。以生鲜杂货为核心产品类别，叮咚自称是中国发展最快的按需电商公司。该公司未盈利但呈爆炸式增长，2020年按GMV计算，该公司在按需电子商务市场的份额为10%。</blockquote></p><p> SaaS solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce Inc.</a></b> plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness &amp; Wellness Services.</p><p><blockquote>SaaS解决方案提供商<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce公司。</a></b>计划以34亿美元的市值筹集3.25亿美元。EverCommerce是为基于服务的中小型企业提供集成、垂直定制的SaaS解决方案的领先提供商。该公司在三个核心垂直领域为超过500,000名客户提供服务：家庭服务、健康服务以及健身和健康服务。</blockquote></p><p> Software provider&nbsp;<b><a href=\"https://laohu8.com/S/INTA\">Intapp, Inc.</a> </b>plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.</p><p><blockquote>软件提供商<b><a href=\"https://laohu8.com/S/INTA\">因塔普公司。</a></b>计划以 19 亿美元的市值筹集 2.78 亿美元。Intapp为全球专业和金融服务行业提供特定于行业的、基于云的软件解决方案。截至 2021 年 3 月 31 日，该公司拥有 1,600 多家客户，目前有 20 多家客户的合同金额超过 100 万美元。</blockquote></p><p> Online manufacturing marketplace&nbsp;<b><a href=\"https://laohu8.com/S/XMTR\">Xometry, Inc.</a></b> plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.</p><p><blockquote>在线制造市场<b><a href=\"https://laohu8.com/S/XMTR\">Xometry公司。</a></b>计划以 19 亿美元的市值筹集 2.75 亿美元。Xometry 表示，它是按需制造的领先人工智能市场。其买家包括从自筹资金的初创企业到财富100强公司的企业。自成立以来，已通过 Xometry 平台制造了超过 600 万个零件。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/IAS\">Integral Ad Science Holding LLC</a> </b>plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.</p><p><blockquote><b><a href=\"https://laohu8.com/S/IAS\">综合广告科学控股有限责任公司</a></b>计划以 25 亿美元的市值筹集 2.4 亿美元。该公司的技术提供的指标旨在验证数字广告是否提供给真实的人，是否可以在屏幕上看到，是否出现在品牌安全和合适的环境中，出现在正确的地理位置。截至 2021 年 3 月 31 日，Integral Ad Science 以息税前利润为基础，为 2,000 多名客户提供服务。</blockquote></p><p></p><p> Plus-sized women’s apparel brand&nbsp;<b><a href=\"https://laohu8.com/S/CURV\">Torrid Holdings</a> </b>plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.</p><p><blockquote>大码女装品牌<b><a href=\"https://laohu8.com/S/CURV\">托里德控股</a></b>计划以 21 亿美元的市值筹集 1.56 亿美元。按净销售额计算，Torrid是北美最大的直接面向消费者的女式大码服装和内衣品牌。这家盈利的公司通过实体店及其电子商务平台直接向消费者进行营销，这占截至 2021 年 5 月 1 日 12 个月销售额的大部分。</blockquote></p><p> Alzheimer’s biotech&nbsp;<b><a href=\"https://laohu8.com/S/ABOS\">Acumen Pharmaceuticals, Inc.</a></b> plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.</p><p><blockquote>阿尔茨海默病生物技术<b><a href=\"https://laohu8.com/S/ABOS\">敏锐制药公司。</a></b>计划以 6.07 亿美元的市值筹集 1.25 亿美元。该公司的主要候选药物 ACU193 是一种选择性靶向淀粉样蛋白 β 寡聚体的人源化单克隆抗体。ACU193在2021年第二季度针对轻度痴呆或AD导致的认知障碍患者进行了1期试验，数据预计将于2022年底公布。</blockquote></p><p> Digital financial services provider&nbsp;<b>AMTD Digital</b>(<a href=\"https://laohu8.com/S/HKD\">$(HKD)$</a>) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.</p><p><blockquote>数字金融服务提供商<b>尚乘数码</b>(<a href=\"https://laohu8.com/S/HKD\">$(港元)$</a>) 计划以 14 亿美元的市值筹集 1.2 亿美元。尚乘数字表示，它是尚乘蜘蛛网生态系统核心的“聚变反应堆”，在亚洲运营着一个全面的数字解决方案平台。该公司实现了爆炸式增长，盈利能力主要来自两项业务的费用和佣金。</blockquote></p><p> Drug formulation developer&nbsp;<b>Aerovate Therapeutics</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.</p><p><blockquote>药物制剂开发商<b>Aerovate疗法</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) 计划以 3.25 亿美元的市值筹集 1 亿美元。Aerovate 最初的重点是推进 AV-101，这是一种伊马替尼的干粉吸入制剂，用于治疗肺动脉高压 (PAH)。该公司已经在健康志愿者中完成了一项1期研究，并预计在2H21开始在PAH患者中进行2b/3期试验。</blockquote></p><p> Neuromodulation device provider<b>&nbsp;<a href=\"https://laohu8.com/S/CVRX\">CVRx Inc</a> </b>plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.</p><p><blockquote>神经调节装置提供者<b> <a href=\"https://laohu8.com/S/CVRX\">CVRx公司</a></b>计划以 3.33 亿美元的市值筹集 1 亿美元。CVRx在其专有的BAROSTIM平台上制造和销售其微创神经调节解决方案。该公司表示，其 BAROSTEM NEO 产品是第一个也是唯一一个商业化的神经调节设备，可改善射血分数降低的心力衰竭患者的症状。</blockquote></p><p> Belgium-listed&nbsp;<b>Nyxoah</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.</p><p><blockquote>比利时上市<b>尼克索阿</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>）计划以 8.03 亿美元的市值筹集 8700 万美元。Nyxoah的主导产品是Genio系统，这是一种带有CE标志的微创舌下神经刺激疗法，用于治疗阻塞性睡眠呼吸暂停。该公司于2020年7月开始从欧洲的Genio获得收入，目前正在进行一项旨在支持美国营销授权的关键试验。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/58f28d5f7f3b8e686c0bd006c2968b99\" tg-width=\"1131\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/508f1118f1d92b2b76391bc3610bd6c4\" tg-width=\"1131\" tg-height=\"657\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ed04cd42fa30b460fcf67e07efa6ddc7\" tg-width=\"1130\" tg-height=\"166\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&amp;P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月24日，文艺复兴IPO指数年初至今上涨2.7%，而标普500上涨13.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 1.5%，而 ACWX 指数上涨 10.3%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Smoore International 和 EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week<blockquote>美国 IPO 前一周：滴滴在 IPO 第 17 周首次筹集数十亿美元</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\">\nUS IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week<blockquote>美国 IPO 前一周：滴滴在 IPO 第 17 周首次筹集数十亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-28 17:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant<b>&nbsp;<a href=\"https://laohu8.com/S/DIDI\">DiDi Global Inc.</a>.</b></p><p><blockquote>由期待已久的中国打车巨头牵头，本周将有 17 家 IPO 预计筹集 91 亿美元<b> <a href=\"https://laohu8.com/S/DIDI\">滴滴全球公司。</a>.</b></blockquote></p><p> <b>DiDi</b>&nbsp;plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.</p><p><blockquote><b>滴滴</b>计划以 675 亿美元的市值筹集 39 亿美元。滴滴是中国占主导地位的打车应用，在 4000 个城镇拥有 1500 万司机。随着业务在大流行后复苏，这家未盈利的公司在2021年第一季度的收入增加了一倍多。新老投资者打算购买 13 亿美元的 IPO。</blockquote></p><p> Cybersecurity platform&nbsp;<b><a href=\"https://laohu8.com/S/S\">SentinelOne, Inc</a></b> plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.</p><p><blockquote>网络安全平台<b><a href=\"https://laohu8.com/S/S\">哨兵龙公司</a></b>计划以82亿美元的市值筹集8.8亿美元。SentinelOne的Singularity平台是一个人工智能驱动的扩展检测和响应平台，可以接收、关联和查询PB级的结构化和非结构化数据，以提供自主网络安全防御。该公司快速增长且无利可图，截至 2021 年 4 月 30 日，该公司拥有超过 4,700 名客户，高于一年前的 2,700 名。</blockquote></p><p> Turkish e-commerce platform&nbsp;<b>D-MARKET Electronic Services &amp; Trading</b>(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.</p><p><blockquote>土耳其电子商务平台<b>D-MARKET 电子服务与交易</b>(HEPS) 计划以 39 亿美元的市值筹集 6.81 亿美元。该公司以Hepsiburada的名义运营，2020年连接了3300万会员、900万活跃客户和约4.5万活跃商户。该公司发展迅速，但2021年第一季度的 EBITDA 为负值。</blockquote></p><p> Doughnut brand&nbsp;<a href=\"https://laohu8.com/S/DNUT\"><b>Krispy Kreme, Inc.</a> </b>plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.</p><p><blockquote>甜甜圈品牌<a href=\"https://laohu8.com/S/DNUT\"><b>克里斯皮奶油公司。</b></a>计划以38亿美元的市值筹集6亿美元。Krispy Kreme是一家全渠道企业，通过甜甜圈店网络、与零售商的合作伙伴关系以及电子商务和送货业务运营。该公司拥有悠久的业绩记录和强大的品牌知名度，尽管其增长战略尚未得到证实。</blockquote></p><p> Legal solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com, Inc</a> </b>plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.</p><p><blockquote>法律解决方案提供商<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com公司</a></b>计划以53亿美元的市值筹集4.88亿美元。LegalZoom表示，它是法律和合规解决方案的领先在线平台，声称2020年美国10%的新有限责任公司和5%的新公司是通过LegalZoom成立的。该公司在2021年第一季度的EBITDA基础上盈利，业务遍及美国所有50个州和3,000多个县。</blockquote></p><p> Identity verification platform&nbsp;<b><a href=\"https://laohu8.com/S/YOU\">Clear Secure, Inc.</a></b> plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.</p><p><blockquote>身份验证平台<b><a href=\"https://laohu8.com/S/YOU\">清晰安全公司。</a></b>计划以 41 亿美元的市值筹集 3.76 亿美元。Clear Secure的安全身份平台用于自动化身份验证过程，主要产品包括消费者航空订阅服务Clear Plus和两个移动应用程序。截至2021年5月31日，Clear Secure的网络包括38个机场、26个体育和娱乐合作伙伴以及67个支持健康通行证的合作伙伴。</blockquote></p><p> Chinese grocery delivery platform&nbsp;<b><a href=\"https://laohu8.com/S/DDL\">Dingdong (Cayman) Limited</a> </b>plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.</p><p><blockquote>中国杂货配送平台<b><a href=\"https://laohu8.com/S/DDL\">叮咚（开曼）有限公司</a></b>计划以 60 亿美元的市值筹集 3.43 亿美元。以生鲜杂货为核心产品类别，叮咚自称是中国发展最快的按需电商公司。该公司未盈利但呈爆炸式增长，2020年按GMV计算，该公司在按需电子商务市场的份额为10%。</blockquote></p><p> SaaS solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce Inc.</a></b> plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness &amp; Wellness Services.</p><p><blockquote>SaaS解决方案提供商<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce公司。</a></b>计划以34亿美元的市值筹集3.25亿美元。EverCommerce是为基于服务的中小型企业提供集成、垂直定制的SaaS解决方案的领先提供商。该公司在三个核心垂直领域为超过500,000名客户提供服务：家庭服务、健康服务以及健身和健康服务。</blockquote></p><p> Software provider&nbsp;<b><a href=\"https://laohu8.com/S/INTA\">Intapp, Inc.</a> </b>plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.</p><p><blockquote>软件提供商<b><a href=\"https://laohu8.com/S/INTA\">因塔普公司。</a></b>计划以 19 亿美元的市值筹集 2.78 亿美元。Intapp为全球专业和金融服务行业提供特定于行业的、基于云的软件解决方案。截至 2021 年 3 月 31 日，该公司拥有 1,600 多家客户，目前有 20 多家客户的合同金额超过 100 万美元。</blockquote></p><p> Online manufacturing marketplace&nbsp;<b><a href=\"https://laohu8.com/S/XMTR\">Xometry, Inc.</a></b> plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.</p><p><blockquote>在线制造市场<b><a href=\"https://laohu8.com/S/XMTR\">Xometry公司。</a></b>计划以 19 亿美元的市值筹集 2.75 亿美元。Xometry 表示，它是按需制造的领先人工智能市场。其买家包括从自筹资金的初创企业到财富100强公司的企业。自成立以来，已通过 Xometry 平台制造了超过 600 万个零件。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/IAS\">Integral Ad Science Holding LLC</a> </b>plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.</p><p><blockquote><b><a href=\"https://laohu8.com/S/IAS\">综合广告科学控股有限责任公司</a></b>计划以 25 亿美元的市值筹集 2.4 亿美元。该公司的技术提供的指标旨在验证数字广告是否提供给真实的人，是否可以在屏幕上看到，是否出现在品牌安全和合适的环境中，出现在正确的地理位置。截至 2021 年 3 月 31 日，Integral Ad Science 以息税前利润为基础，为 2,000 多名客户提供服务。</blockquote></p><p></p><p> Plus-sized women’s apparel brand&nbsp;<b><a href=\"https://laohu8.com/S/CURV\">Torrid Holdings</a> </b>plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.</p><p><blockquote>大码女装品牌<b><a href=\"https://laohu8.com/S/CURV\">托里德控股</a></b>计划以 21 亿美元的市值筹集 1.56 亿美元。按净销售额计算，Torrid是北美最大的直接面向消费者的女式大码服装和内衣品牌。这家盈利的公司通过实体店及其电子商务平台直接向消费者进行营销，这占截至 2021 年 5 月 1 日 12 个月销售额的大部分。</blockquote></p><p> Alzheimer’s biotech&nbsp;<b><a href=\"https://laohu8.com/S/ABOS\">Acumen Pharmaceuticals, Inc.</a></b> plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.</p><p><blockquote>阿尔茨海默病生物技术<b><a href=\"https://laohu8.com/S/ABOS\">敏锐制药公司。</a></b>计划以 6.07 亿美元的市值筹集 1.25 亿美元。该公司的主要候选药物 ACU193 是一种选择性靶向淀粉样蛋白 β 寡聚体的人源化单克隆抗体。ACU193在2021年第二季度针对轻度痴呆或AD导致的认知障碍患者进行了1期试验，数据预计将于2022年底公布。</blockquote></p><p> Digital financial services provider&nbsp;<b>AMTD Digital</b>(<a href=\"https://laohu8.com/S/HKD\">$(HKD)$</a>) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.</p><p><blockquote>数字金融服务提供商<b>尚乘数码</b>(<a href=\"https://laohu8.com/S/HKD\">$(港元)$</a>) 计划以 14 亿美元的市值筹集 1.2 亿美元。尚乘数字表示，它是尚乘蜘蛛网生态系统核心的“聚变反应堆”，在亚洲运营着一个全面的数字解决方案平台。该公司实现了爆炸式增长，盈利能力主要来自两项业务的费用和佣金。</blockquote></p><p> Drug formulation developer&nbsp;<b>Aerovate Therapeutics</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.</p><p><blockquote>药物制剂开发商<b>Aerovate疗法</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) 计划以 3.25 亿美元的市值筹集 1 亿美元。Aerovate 最初的重点是推进 AV-101，这是一种伊马替尼的干粉吸入制剂，用于治疗肺动脉高压 (PAH)。该公司已经在健康志愿者中完成了一项1期研究，并预计在2H21开始在PAH患者中进行2b/3期试验。</blockquote></p><p> Neuromodulation device provider<b>&nbsp;<a href=\"https://laohu8.com/S/CVRX\">CVRx Inc</a> </b>plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.</p><p><blockquote>神经调节装置提供者<b> <a href=\"https://laohu8.com/S/CVRX\">CVRx公司</a></b>计划以 3.33 亿美元的市值筹集 1 亿美元。CVRx在其专有的BAROSTIM平台上制造和销售其微创神经调节解决方案。该公司表示，其 BAROSTEM NEO 产品是第一个也是唯一一个商业化的神经调节设备，可改善射血分数降低的心力衰竭患者的症状。</blockquote></p><p> Belgium-listed&nbsp;<b>Nyxoah</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.</p><p><blockquote>比利时上市<b>尼克索阿</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>）计划以 8.03 亿美元的市值筹集 8700 万美元。Nyxoah的主导产品是Genio系统，这是一种带有CE标志的微创舌下神经刺激疗法，用于治疗阻塞性睡眠呼吸暂停。该公司于2020年7月开始从欧洲的Genio获得收入，目前正在进行一项旨在支持美国营销授权的关键试验。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/58f28d5f7f3b8e686c0bd006c2968b99\" tg-width=\"1131\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/508f1118f1d92b2b76391bc3610bd6c4\" tg-width=\"1131\" tg-height=\"657\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ed04cd42fa30b460fcf67e07efa6ddc7\" tg-width=\"1130\" tg-height=\"166\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&amp;P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月24日，文艺复兴IPO指数年初至今上涨2.7%，而标普500上涨13.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 1.5%，而 ACWX 指数上涨 10.3%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Smoore International 和 EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week\">Renaissance Capital</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":{"DNUT":"Krispy Kreme, Inc.","S":"SentinelOne, Inc","HEPS":"D-MARKET Electronic Services & Trading","XMTR":"Xometry, Inc.","LZ":"LegalZoom.com, Inc","ABOS":"Acumen Pharmaceuticals, Inc.","CURV":"Torrid Holdings","DDL":"叮咚买菜","INTA":"Intapp, Inc.","YOU":"Clear Secure, Inc.","DIDI":"滴滴(已退市)","CVRX":"CVRx, Inc.","EVCM":"EverCommerce Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150095060","content_text":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant DiDi Global Inc..\nDiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.\nCybersecurity platform SentinelOne, Inc plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.\nTurkish e-commerce platform D-MARKET Electronic Services & Trading(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.\nDoughnut brand Krispy Kreme, Inc. plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.\nLegal solutions provider LegalZoom.com, Inc plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.\nIdentity verification platform Clear Secure, Inc. plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.\nChinese grocery delivery platform Dingdong (Cayman) Limited plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.\nSaaS solutions provider EverCommerce Inc. plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness & Wellness Services.\nSoftware provider Intapp, Inc. plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.\nOnline manufacturing marketplace Xometry, Inc. plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.\nIntegral Ad Science Holding LLC plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.\nPlus-sized women’s apparel brand Torrid Holdings plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.\nAlzheimer’s biotech Acumen Pharmaceuticals, Inc. plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.\nDigital financial services provider AMTD Digital($(HKD)$) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.\nDrug formulation developer Aerovate Therapeutics($(AVTE)$) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.\nNeuromodulation device provider CVRx Inc plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.\nBelgium-listed Nyxoah($(NYXH)$) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1,"symbols_score_info":{"HKIB":0.9,"IAS":0.9,"ABOS":0.9,"S":0.9,"CURV":0.9,"YOU":0.9,"CVRX":0.9,"DDL":0.9,"EVCM":0.9,"XMTR":0.9,"DNUT":0.9,"INTA":0.9,"DIDI":0.9,"HEPS":0.9,"LZ":0.9}},"isVote":1,"tweetType":1,"viewCount":604,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150816846,"gmtCreate":1624892531485,"gmtModify":1633947362910,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Yeah","listText":"Yeah","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/150816846","repostId":"1109276407","repostType":2,"repost":{"id":"1109276407","kind":"news","pubTimestamp":1624847918,"share":"https://www.laohunote.com/m/news/1109276407?lang=zh_CN&edition=full","pubTime":"2021-06-28 10:38","market":"us","language":"en","title":"This Casino Company Has A Better 5-Year Return Than Alibaba, Amazon, Disney And Ford<blockquote>这家赌场公司的 5 年回报率优于阿里巴巴-SW、亚马逊、迪斯尼和福特</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109276407","media":"Benzinga","summary":"It may not be as exciting as a round of Texas hold'em or slot machines with family and friends, but ","content":"<p><div> It may not be as exciting as a round of Texas hold'em or slot machines with family and friends, but an investment in Penn National Gaming, Inc(NASDAQ:PENN) has been a fun ride for many investors. ...</p><p><blockquote><div>这可能不像与家人和朋友一起玩德州扑克或吃角子老虎机那么令人兴奋，但对许多投资者来说，投资宾夕法尼亚国家博彩公司（纳斯达克股票代码：PENN）是一次有趣的旅程。...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21726750/this-casino-company-has-a-better-5-year-return-than-alibaba-amazon-disney-and-ford\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21726750/this-casino-company-has-a-better-5-year-return-than-alibaba-amazon-disney-and-ford\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This Casino Company Has A Better 5-Year Return Than Alibaba, Amazon, Disney And Ford<blockquote>这家赌场公司的 5 年回报率优于阿里巴巴-SW、亚马逊、迪斯尼和福特</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\">\nThis Casino Company Has A Better 5-Year Return Than Alibaba, Amazon, Disney And Ford<blockquote>这家赌场公司的 5 年回报率优于阿里巴巴-SW、亚马逊、迪斯尼和福特</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-06-28 10:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> It may not be as exciting as a round of Texas hold'em or slot machines with family and friends, but an investment in Penn National Gaming, Inc(NASDAQ:PENN) has been a fun ride for many investors. ...</p><p><blockquote><div>这可能不像与家人和朋友一起玩德州扑克或吃角子老虎机那么令人兴奋，但对许多投资者来说，投资宾夕法尼亚国家博彩公司（纳斯达克股票代码：PENN）是一次有趣的旅程。...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21726750/this-casino-company-has-a-better-5-year-return-than-alibaba-amazon-disney-and-ford\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21726750/this-casino-company-has-a-better-5-year-return-than-alibaba-amazon-disney-and-ford\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21726750/this-casino-company-has-a-better-5-year-return-than-alibaba-amazon-disney-and-ford\">Benzinga</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":{"BABA":"阿里巴巴","AMZN":"亚马逊","F":"福特汽车","DIS":"迪士尼","PENN":"佩恩国民博彩"},"source_url":"https://www.benzinga.com/trading-ideas/long-ideas/21/06/21726750/this-casino-company-has-a-better-5-year-return-than-alibaba-amazon-disney-and-ford","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109276407","content_text":"It may not be as exciting as a round of Texas hold'em or slot machines with family and friends, but an investment in Penn National Gaming, Inc(NASDAQ:PENN) has been a fun ride for many investors.\nSince 2016, Penn National Gaming stock's five-year return has managed to beat some of the world’s largest e-commerce, media and automotive companies:Alibaba Group Holding Ltd – ADR(NYSE:BABA),Walt Disney Co(NYSE:DIS),Ford Motor Company(NYSE:F) and Amazon.com, Inc.(NASDAQ:AMZN).\nPenn operates gaming and racing properties the U.S. The company has garnered popularity throughout 2020 and into 2021 thanks to its retail sports bettingofferingswith digital media company Barstool Sports.\nPenn offers live sports betting at its properties in Colorado, Illinois, Indiana, Iowa, Michigan, Mississippi, Pennsylvania and West Virginia.\nHere's how the returns break down from June 2016 to present:\n\nAlibaba is up from $76.29 a share to $224.72 for a return of 194.56%\nDisney is up from $95.72 a share to $177.74 for a return of 85.68%\nFord is up from $12.52 a share to $15.38 for a return of 22.84%\nAmazon is up from $698.96 a share to $3406.75 for a return of 387.40%\nAnd finally, Penn is up from $13.95 a share to $75.36 for a return of 440.22%","news_type":1,"symbols_score_info":{"DIS":0.9,"F":0.9,"PENN":0.9,"BABA":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1134,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167620626,"gmtCreate":1624266213165,"gmtModify":1634008686784,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Great!&nbsp;","listText":"Great!&nbsp;","text":"Great!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167620626","repostId":"2145086044","repostType":4,"repost":{"id":"2145086044","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1624263746,"share":"https://www.laohunote.com/m/news/2145086044?lang=zh_CN&edition=full","pubTime":"2021-06-21 16:22","market":"us","language":"en","title":"5 Stocks To Watch For June 21, 2021<blockquote>2021 年 6 月 21 日值得关注的 5 只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2145086044","media":"Benzinga Earnings","summary":"Some of the stocks that may grab investor focus today are:","content":"<p>Some of the stocks that may grab investor focus today are:</p><p><blockquote>今天可能吸引投资者关注的一些股票是：</blockquote></p><p> <ul>  <li><b>Amazon.com, Inc. </b> (NASDAQ:AMZN) will remain in focus with the company’s two-day Prime shopping event beginning today. Amazon Prime Day was first observed on July 15, 2015, in celebration of the company’s 20th anniversary. Amazon shares slipped 0.1% to settle at $3,486.90 on Friday.</li>  <li><b>Pfizer Inc </b>(NYSE:PFE) COVID-19 vaccine received provisional approval for use in the age group 12 to 15 from New Zealand's medical regulator, Stuff reported. Pfizer shares fell 0.3% to close at $38.70 on Friday.</li>  <li><b>Orphazyme A S ADR </b>(NASDAQ:ORPH) shares dipped around 50% on Friday after the company announced it received a Complete Response Letter from the FDA for its treatment for Niemann-Pick Disease Type C and also cut its FY2021 outlook. Orphazyme shares tumbled 49.7% to close at $7.33 on Friday.</li>  <li><b>Globus Maritime Ltd </b>(NASDAQ:GLBS) reported total comprehensive loss of $0.8 million for the first quarter, compared to $9 million loss in the year-ago period. Its voyage revenues surged to $5.2 million from $2.3 million. Globus Maritime shares gained 0.8% to close at $5.06 on Friday.</li>  <li><b>Beigene Ltd </b>(NASDAQ:BGNE) disclosed that BRUKINSA received an approval from the China National Medical Products Administration for the treatment of adult patients with relapsed or refractory Waldenström’s macroglobulinemia. Beigene shares dropped 2.2% to settle at $321.81 on Friday.</li> </ul></p><p><blockquote><ul><li><b>亚马逊公司。</b>(纳斯达克股票代码：AMZN）将继续成为该公司为期两天的 Prime 购物活动的焦点。亚马逊 Prime Day 于 2015 年 7 月 15 日首次举办，以庆祝公司成立 20 周年。亚马逊股价周五下跌 0.1%，收于 3,486.90 美元。</li><li><b>辉瑞公司</b>据 Stuff 报道，（纽约证券交易所股票代码：PFE）COVID-19 疫苗已获得新西兰医疗监管机构的临时批准，可在 12 至 15 岁年龄段使用。辉瑞股价周五下跌 0.3%，收于 38.70 美元。</li><li><b>Orphazyme As ADR</b>（纳斯达克股票代码：ORPH）周五股价下跌约 50%，此前该公司宣布收到 FDA 对其治疗 C 型尼曼匹克病的完整回复信，并下调了 2021 财年展望。Orphazyme 股价周五暴跌 49.7%，收于 7.33 美元。</li><li><b>环球海事有限公司</b>（纳斯达克股票代码：GLBS）报告第一季度综合亏损总额为 80 万美元，而去年同期亏损 900 万美元。其航行收入从 230 万美元飙升至 520 万美元。Globus Maritime 股价周五上涨 0.8%，收于 5.06 美元。</li><li><b>百济神州有限公司</b>（纳斯达克股票代码：BGNE）披露，BRUKINSA获得中国国家药品监督管理局批准，用于治疗复发或难治性Waldenström巨球蛋白血症成人患者。百济神州股价周五下跌 2.2%，收于 321.81 美元。</li></ul></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>5 Stocks To Watch For June 21, 2021<blockquote>2021 年 6 月 21 日值得关注的 5 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\">\n5 Stocks To Watch For June 21, 2021<blockquote>2021 年 6 月 21 日值得关注的 5 只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-06-21 16:22</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Some of the stocks that may grab investor focus today are:</p><p><blockquote>今天可能吸引投资者关注的一些股票是：</blockquote></p><p> <ul>  <li><b>Amazon.com, Inc. </b> (NASDAQ:AMZN) will remain in focus with the company’s two-day Prime shopping event beginning today. Amazon Prime Day was first observed on July 15, 2015, in celebration of the company’s 20th anniversary. Amazon shares slipped 0.1% to settle at $3,486.90 on Friday.</li>  <li><b>Pfizer Inc </b>(NYSE:PFE) COVID-19 vaccine received provisional approval for use in the age group 12 to 15 from New Zealand's medical regulator, Stuff reported. Pfizer shares fell 0.3% to close at $38.70 on Friday.</li>  <li><b>Orphazyme A S ADR </b>(NASDAQ:ORPH) shares dipped around 50% on Friday after the company announced it received a Complete Response Letter from the FDA for its treatment for Niemann-Pick Disease Type C and also cut its FY2021 outlook. Orphazyme shares tumbled 49.7% to close at $7.33 on Friday.</li>  <li><b>Globus Maritime Ltd </b>(NASDAQ:GLBS) reported total comprehensive loss of $0.8 million for the first quarter, compared to $9 million loss in the year-ago period. Its voyage revenues surged to $5.2 million from $2.3 million. Globus Maritime shares gained 0.8% to close at $5.06 on Friday.</li>  <li><b>Beigene Ltd </b>(NASDAQ:BGNE) disclosed that BRUKINSA received an approval from the China National Medical Products Administration for the treatment of adult patients with relapsed or refractory Waldenström’s macroglobulinemia. Beigene shares dropped 2.2% to settle at $321.81 on Friday.</li> </ul></p><p><blockquote><ul><li><b>亚马逊公司。</b>(纳斯达克股票代码：AMZN）将继续成为该公司为期两天的 Prime 购物活动的焦点。亚马逊 Prime Day 于 2015 年 7 月 15 日首次举办，以庆祝公司成立 20 周年。亚马逊股价周五下跌 0.1%，收于 3,486.90 美元。</li><li><b>辉瑞公司</b>据 Stuff 报道，（纽约证券交易所股票代码：PFE）COVID-19 疫苗已获得新西兰医疗监管机构的临时批准，可在 12 至 15 岁年龄段使用。辉瑞股价周五下跌 0.3%，收于 38.70 美元。</li><li><b>Orphazyme As ADR</b>（纳斯达克股票代码：ORPH）周五股价下跌约 50%，此前该公司宣布收到 FDA 对其治疗 C 型尼曼匹克病的完整回复信，并下调了 2021 财年展望。Orphazyme 股价周五暴跌 49.7%，收于 7.33 美元。</li><li><b>环球海事有限公司</b>（纳斯达克股票代码：GLBS）报告第一季度综合亏损总额为 80 万美元，而去年同期亏损 900 万美元。其航行收入从 230 万美元飙升至 520 万美元。Globus Maritime 股价周五上涨 0.8%，收于 5.06 美元。</li><li><b>百济神州有限公司</b>（纳斯达克股票代码：BGNE）披露，BRUKINSA获得中国国家药品监督管理局批准，用于治疗复发或难治性Waldenström巨球蛋白血症成人患者。百济神州股价周五下跌 2.2%，收于 321.81 美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GLBS":"Globus Maritime Limited","03086":"华夏纳指","AMZN":"亚马逊","09086":"华夏纳指-U","QNETCN":"纳斯达克中美互联网老虎指数","PFE":"辉瑞"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145086044","content_text":"Some of the stocks that may grab investor focus today are:\n\nAmazon.com, Inc.  (NASDAQ:AMZN) will remain in focus with the company’s two-day Prime shopping event beginning today. Amazon Prime Day was first observed on July 15, 2015, in celebration of the company’s 20th anniversary. Amazon shares slipped 0.1% to settle at $3,486.90 on Friday.\nPfizer Inc (NYSE:PFE) COVID-19 vaccine received provisional approval for use in the age group 12 to 15 from New Zealand's medical regulator, Stuff reported. Pfizer shares fell 0.3% to close at $38.70 on Friday.\nOrphazyme A S ADR (NASDAQ:ORPH) shares dipped around 50% on Friday after the company announced it received a Complete Response Letter from the FDA for its treatment for Niemann-Pick Disease Type C and also cut its FY2021 outlook. Orphazyme shares tumbled 49.7% to close at $7.33 on Friday.\nGlobus Maritime Ltd (NASDAQ:GLBS) reported total comprehensive loss of $0.8 million for the first quarter, compared to $9 million loss in the year-ago period. Its voyage revenues surged to $5.2 million from $2.3 million. Globus Maritime shares gained 0.8% to close at $5.06 on Friday.\nBeigene Ltd (NASDAQ:BGNE) disclosed that BRUKINSA received an approval from the China National Medical Products Administration for the treatment of adult patients with relapsed or refractory Waldenström’s macroglobulinemia. Beigene shares dropped 2.2% to settle at $321.81 on Friday.","news_type":1,"symbols_score_info":{"GLBS":0.9,"ORPH":0.9,"QNETCN":0.9,"09086":0.9,"PFE":0.9,"03086":0.9,"BGNE":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161771668,"gmtCreate":1623942115354,"gmtModify":1634025509986,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Its time","listText":"Its time","text":"Its time","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161771668","repostId":"1198660084","repostType":4,"repost":{"id":"1198660084","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623937153,"share":"https://www.laohunote.com/m/news/1198660084?lang=zh_CN&edition=full","pubTime":"2021-06-17 21:39","market":"us","language":"en","title":"Gold sector stocks fell in morning trading<blockquote>黄金板块股票早盘下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198660084","media":"Tiger Newspress","summary":"Gold sector stocks fell in morning trading，GOLD and RGLD shares tumbled nearly 3%,KGC shares dropped","content":"<p>Gold&nbsp;sector&nbsp;stocks&nbsp;fell&nbsp;in&nbsp;morning&nbsp;trading，GOLD&nbsp;and&nbsp;RGLD&nbsp;shares&nbsp;tumbled&nbsp;nearly&nbsp;3%,KGC&nbsp;shares&nbsp;dropped&nbsp;more&nbsp;than&nbsp;4%.</p><p><blockquote>黄金板块股票早盘下跌，黄金和RGLD股价暴跌近3%，KGC股价下跌超过4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d4ade715c0085abc49f388d1a668f1e\" tg-width=\"797\" tg-height=\"578\">Gold slumped below $1,800 an ounce as the Federal Reserve sped up its expected pace of policy tightening amid optimism about the labor market and heightened concerns over inflation.</p><p><blockquote>由于对劳动力市场的乐观情绪和对通胀的担忧加剧，美联储加快了预期的政策紧缩步伐，金价跌破每盎司 1,800 美元。</blockquote></p><p> The metal slipped to the lowest in six weeks on Thursday as the dollar continued to strengthen, the day after Fed Chair Jerome Powell said the central bank would begin a discussion about scaling back bond purchases. It’s the first major hawkish turn from the central bank whose deluge of stimulus has been critical to bullion’s strong performance since the start of the pandemic.</p><p><blockquote>周四，随着美元继续走强，金价跌至六周以来的最低点，此前一天，美联储主席杰罗姆·鲍威尔表示，美联储将开始讨论缩减债券购买规模。这是央行首次采取强硬立场，自大流行病开始以来，央行的大量刺激措施对金银的强劲表现至关重要。</blockquote></p><p> The central bank also released forecasts that show it anticipates two interest-rate increases by the end of 2023 -- sooner than many thought -- which helped boost the dollar and U.S. bond yields, hurting gold. Bullion, which declined the most in five months on Wednesday, broke through a number of key technical support levels, including falling below its 100-day moving average.</p><p><blockquote>央行还发布的预测显示，预计到 2023 年底将加息两次——比许多人想象的要早——这有助于推高美元和美国债券收益率，从而损害黄金。金价周三跌幅为五个月来最大，突破了多个关键技术支撑位，包括跌破 100 日移动平均线。</blockquote></p><p> “We have a negative outlook, expecting gold to fall to $1,600 an ounce over the next six to 12 months,” said Giovanni Staunovo, an analyst at UBS Group AG. “At some point the Fed will not talk about taper but also implement it.”</p><p><blockquote>“瑞银集团（UBS Group AG）分析师乔瓦尼-斯陶诺沃（Giovanni Staunovo）说：”我们的前景是负面的，预计黄金价格将在未来6到12个月内跌至每盎司1600美元。“在某个时候，美联储不会谈论缩减规模，而是会实施缩减规模。”</blockquote></p><p> Spot gold declined 1.7% to $1,780.97 an ounce as of 2:07 p.m. in London, after earlier dropping to $1,776.08, the lowest intraday level since May 5. Silver, platinum and palladium also declined. The Bloomberg Dollar Spot Index gained 0.5% after rising 0.9% on Wednesday.</p><p><blockquote>截至伦敦下午 2:07，现货黄金下跌 1.7%，至每盎司 1,780.97 美元，此前早些时候跌至 1,776.08 美元，为 5 月 5 日以来的最低盘中水平。白银、铂金和钯金也下跌。彭博美元现货指数继周三上涨0.9%后上涨0.5%。</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>Gold sector stocks fell in morning trading<blockquote>黄金板块股票早盘下跌</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\">\nGold sector stocks fell in morning trading<blockquote>黄金板块股票早盘下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-17 21:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Gold&nbsp;sector&nbsp;stocks&nbsp;fell&nbsp;in&nbsp;morning&nbsp;trading，GOLD&nbsp;and&nbsp;RGLD&nbsp;shares&nbsp;tumbled&nbsp;nearly&nbsp;3%,KGC&nbsp;shares&nbsp;dropped&nbsp;more&nbsp;than&nbsp;4%.</p><p><blockquote>黄金板块股票早盘下跌，黄金和RGLD股价暴跌近3%，KGC股价下跌超过4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d4ade715c0085abc49f388d1a668f1e\" tg-width=\"797\" tg-height=\"578\">Gold slumped below $1,800 an ounce as the Federal Reserve sped up its expected pace of policy tightening amid optimism about the labor market and heightened concerns over inflation.</p><p><blockquote>由于对劳动力市场的乐观情绪和对通胀的担忧加剧，美联储加快了预期的政策紧缩步伐，金价跌破每盎司 1,800 美元。</blockquote></p><p> The metal slipped to the lowest in six weeks on Thursday as the dollar continued to strengthen, the day after Fed Chair Jerome Powell said the central bank would begin a discussion about scaling back bond purchases. It’s the first major hawkish turn from the central bank whose deluge of stimulus has been critical to bullion’s strong performance since the start of the pandemic.</p><p><blockquote>周四，随着美元继续走强，金价跌至六周以来的最低点，此前一天，美联储主席杰罗姆·鲍威尔表示，美联储将开始讨论缩减债券购买规模。这是央行首次采取强硬立场，自大流行病开始以来，央行的大量刺激措施对金银的强劲表现至关重要。</blockquote></p><p> The central bank also released forecasts that show it anticipates two interest-rate increases by the end of 2023 -- sooner than many thought -- which helped boost the dollar and U.S. bond yields, hurting gold. Bullion, which declined the most in five months on Wednesday, broke through a number of key technical support levels, including falling below its 100-day moving average.</p><p><blockquote>央行还发布的预测显示，预计到 2023 年底将加息两次——比许多人想象的要早——这有助于推高美元和美国债券收益率，从而损害黄金。金价周三跌幅为五个月来最大，突破了多个关键技术支撑位，包括跌破 100 日移动平均线。</blockquote></p><p> “We have a negative outlook, expecting gold to fall to $1,600 an ounce over the next six to 12 months,” said Giovanni Staunovo, an analyst at UBS Group AG. “At some point the Fed will not talk about taper but also implement it.”</p><p><blockquote>“瑞银集团（UBS Group AG）分析师乔瓦尼-斯陶诺沃（Giovanni Staunovo）说：”我们的前景是负面的，预计黄金价格将在未来6到12个月内跌至每盎司1600美元。“在某个时候，美联储不会谈论缩减规模，而是会实施缩减规模。”</blockquote></p><p> Spot gold declined 1.7% to $1,780.97 an ounce as of 2:07 p.m. in London, after earlier dropping to $1,776.08, the lowest intraday level since May 5. Silver, platinum and palladium also declined. The Bloomberg Dollar Spot Index gained 0.5% after rising 0.9% on Wednesday.</p><p><blockquote>截至伦敦下午 2:07，现货黄金下跌 1.7%，至每盎司 1,780.97 美元，此前早些时候跌至 1,776.08 美元，为 5 月 5 日以来的最低盘中水平。白银、铂金和钯金也下跌。彭博美元现货指数继周三上涨0.9%后上涨0.5%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RGLD":"皇家黄金","GOLD":"Gold.com","KGC":"金罗斯黄金"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198660084","content_text":"Gold sector stocks fell in morning trading，GOLD and RGLD shares tumbled nearly 3%,KGC shares dropped more than 4%.\nGold slumped below $1,800 an ounce as the Federal Reserve sped up its expected pace of policy tightening amid optimism about the labor market and heightened concerns over inflation.\nThe metal slipped to the lowest in six weeks on Thursday as the dollar continued to strengthen, the day after Fed Chair Jerome Powell said the central bank would begin a discussion about scaling back bond purchases. It’s the first major hawkish turn from the central bank whose deluge of stimulus has been critical to bullion’s strong performance since the start of the pandemic.\nThe central bank also released forecasts that show it anticipates two interest-rate increases by the end of 2023 -- sooner than many thought -- which helped boost the dollar and U.S. bond yields, hurting gold. Bullion, which declined the most in five months on Wednesday, broke through a number of key technical support levels, including falling below its 100-day moving average.\n“We have a negative outlook, expecting gold to fall to $1,600 an ounce over the next six to 12 months,” said Giovanni Staunovo, an analyst at UBS Group AG. “At some point the Fed will not talk about taper but also implement it.”\nSpot gold declined 1.7% to $1,780.97 an ounce as of 2:07 p.m. in London, after earlier dropping to $1,776.08, the lowest intraday level since May 5. Silver, platinum and palladium also declined. The Bloomberg Dollar Spot Index gained 0.5% after rising 0.9% on Wednesday.","news_type":1,"symbols_score_info":{"GOLD":0.9,"RGLD":0.9,"KGC":0.9}},"isVote":1,"tweetType":1,"viewCount":1037,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161779952,"gmtCreate":1623942025076,"gmtModify":1634025511649,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Tell me","listText":"Tell me","text":"Tell me","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161779952","repostId":"1133589209","repostType":4,"repost":{"id":"1133589209","kind":"news","pubTimestamp":1623938567,"share":"https://www.laohunote.com/m/news/1133589209?lang=zh_CN&edition=full","pubTime":"2021-06-17 22:02","market":"us","language":"en","title":"Why Ford's Stock Is Moving Today<blockquote>为什么福特股价今天会上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133589209","media":"benzinga","summary":"Ford Motor Company shares are trading higher after the company issued strong second-quarter guidance","content":"<p><div> Ford Motor Company shares are trading higher after the company issued strong second-quarter guidance ahead of its fireside chat Thursday at the Deutsche Bank Auto Conference. Here are some key ...</p><p><blockquote><div>福特汽车公司在周四德意志银行汽车会议上的炉边谈话之前发布了强劲的第二季度指引，该公司股价走高。这里有一些关键……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/06/21605013/why-fords-stock-is-moving-today\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/06/21605013/why-fords-stock-is-moving-today\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Ford's Stock Is Moving Today<blockquote>为什么福特股价今天会上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Ford's Stock Is Moving Today<blockquote>为什么福特股价今天会上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">benzinga</strong><span class=\"h-time small\">2021-06-17 22:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Ford Motor Company shares are trading higher after the company issued strong second-quarter guidance ahead of its fireside chat Thursday at the Deutsche Bank Auto Conference. Here are some key ...</p><p><blockquote><div>福特汽车公司在周四德意志银行汽车会议上的炉边谈话之前发布了强劲的第二季度指引，该公司股价走高。这里有一些关键……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/06/21605013/why-fords-stock-is-moving-today\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/06/21605013/why-fords-stock-is-moving-today\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/21/06/21605013/why-fords-stock-is-moving-today\">benzinga</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":{"F":"福特汽车"},"source_url":"https://www.benzinga.com/news/21/06/21605013/why-fords-stock-is-moving-today","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133589209","content_text":"Ford Motor Company shares are trading higher after the company issued strong second-quarter guidance ahead of its fireside chat Thursday at the Deutsche Bank Auto Conference.\nHere are some key takeaways:\n\nFord sees adjusted EBIT as being significantly better year-over-year.\nFord highlighted strong customer reservations for four new vehicles: a full-size Bronco SUV, a battery-electric F-150 Lightning pickup, a Maverick compact truck and all-electric E-Transit commercial van.\nFord said improvement in autos is being driven by lower-than-anticipated costs and favorable market factors. Higher vehicle auction values are benefiting Ford Credit, the company said.\nFord sees second-quarter net income as being substantially lower year-over-year as a result of $3.5-billion investment in Argo AI.\nFord reported 36,000 customer reservations for the all-new Maverick compact pickup and 20,000 for the all-electric E-Transit commercial van.\n\nF Price Action:Ford shares were up 2.8% at $15.44 at last check premarket Thursday.\nThe stock has a 52-week high of $16.45 and a 52-week low of $5.74.","news_type":1,"symbols_score_info":{"F":0.9}},"isVote":1,"tweetType":1,"viewCount":776,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161744635,"gmtCreate":1623941946327,"gmtModify":1634025513354,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161744635","repostId":"1138970454","repostType":2,"isVote":1,"tweetType":1,"viewCount":1065,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":878618285,"gmtCreate":1637189122295,"gmtModify":1637189122295,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Great!&nbsp;","listText":"Great!&nbsp;","text":"Great!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/878618285","repostId":"2184985152","repostType":2,"repost":{"id":"2184985152","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1637187638,"share":"https://www.laohunote.com/m/news/2184985152?lang=zh_CN&edition=full","pubTime":"2021-11-18 06:20","market":"hk","language":"en","title":"NVIDIA Q3 Adj. EPS $1.17 Beats $1.10 Estimate, Sales $7.10B Beat $6.83B Estimate<blockquote>NVIDIA 第三季度调整后。每股收益 1.17 美元，超出预期 1.10 美元，销售额 7.10B 美元，超出预期 6.83B 美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2184985152","media":"Benzinga Earnings","summary":"NVIDIA (NASDAQ:NVDA) reported quarterly earnings of $1.17 per share which beat the analyst consensus estimate of $1.10 by 6.36 percent. This is a 60.27 percent increase over earnings of $0.73 per share from the same","content":"<p><html><body>NVIDIA (NASDAQ:NVDA) reported quarterly earnings of $1.17 per share which beat the analyst consensus estimate of $1.10 by 6.36 percent. This is a 60.27 percent increase over earnings of $0.73 per share from the same period last year.  The company reported quarterly sales of $7.10 billion which beat the analyst consensus estimate of $6.83 billion by 3.95 percent.  This is a 50.23 percent increase over sales of $4.73 billion the same period last year.</p><p><blockquote><html><body>英伟达（纳斯达克股票代码：NVDA）公布的季度收益为每股 1.17 美元，比分析师普遍预期的 1.10 美元高出 6.36%。这比去年同期每股收益 0.73 美元增长了 60.27%。该公司公布季度销售额为 71 亿美元，比分析师普遍预期的 68.3 亿美元高出 3.95%。这比去年同期 47.3 亿美元的销售额增长了 50.23%。</body></html></blockquote></p><p></body></html></p><p><blockquote></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>NVIDIA Q3 Adj. EPS $1.17 Beats $1.10 Estimate, Sales $7.10B Beat $6.83B Estimate<blockquote>NVIDIA 第三季度调整后。每股收益 1.17 美元，超出预期 1.10 美元，销售额 7.10B 美元，超出预期 6.83B 美元</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\">\nNVIDIA Q3 Adj. EPS $1.17 Beats $1.10 Estimate, Sales $7.10B Beat $6.83B Estimate<blockquote>NVIDIA 第三季度调整后。每股收益 1.17 美元，超出预期 1.10 美元，销售额 7.10B 美元，超出预期 6.83B 美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-11-18 06:20</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><html><body>NVIDIA (NASDAQ:NVDA) reported quarterly earnings of $1.17 per share which beat the analyst consensus estimate of $1.10 by 6.36 percent. This is a 60.27 percent increase over earnings of $0.73 per share from the same period last year.  The company reported quarterly sales of $7.10 billion which beat the analyst consensus estimate of $6.83 billion by 3.95 percent.  This is a 50.23 percent increase over sales of $4.73 billion the same period last year.</p><p><blockquote><html><body>英伟达（纳斯达克股票代码：NVDA）公布的季度收益为每股 1.17 美元，比分析师普遍预期的 1.10 美元高出 6.36%。这比去年同期每股收益 0.73 美元增长了 60.27%。该公司公布季度销售额为 71 亿美元，比分析师普遍预期的 68.3 亿美元高出 3.95%。这比去年同期 47.3 亿美元的销售额增长了 50.23%。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://www.benzinga.com/news/earnings/21/11/24157815/nvidia-q3-adj-eps-1-17-beats-1-10-estimate-sales-7-10b-beat-6-83b-estimate","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2184985152","content_text":"NVIDIA (NASDAQ:NVDA) reported quarterly earnings of $1.17 per share which beat the analyst consensus estimate of $1.10 by 6.36 percent. This is a 60.27 percent increase over earnings of $0.73 per share from the same period last year.  The company reported quarterly sales of $7.10 billion which beat the analyst consensus estimate of $6.83 billion by 3.95 percent.  This is a 50.23 percent increase over sales of $4.73 billion the same period last year.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":4449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826618633,"gmtCreate":1634012137352,"gmtModify":1634012137487,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"It's time","listText":"It's time","text":"It's time","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826618633","repostId":"1158847869","repostType":4,"isVote":1,"tweetType":1,"viewCount":3213,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":140829613,"gmtCreate":1625647391032,"gmtModify":1633938750503,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Monitor","listText":"Monitor","text":"Monitor","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140829613","repostId":"1131738801","repostType":4,"repost":{"id":"1131738801","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625645247,"share":"https://www.laohunote.com/m/news/1131738801?lang=zh_CN&edition=full","pubTime":"2021-07-07 16:07","market":"us","language":"en","title":"XPeng shares fell 3% in premarket trading.<blockquote>小鹏汽车股价在盘前交易中下跌 3%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131738801","media":"Tiger Newspress","summary":"XPeng shares fell 3% in premarket trading.\nShares of Chinese electric vehicle maker Xpeng Inc trade ","content":"<p>XPeng&nbsp;shares&nbsp;fell 3% in premarket&nbsp;trading.</p><p><blockquote>小鹏汽车股价在盘前交易中下跌 3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bfcb0a6ca8a7d5337dcf5cc5e4831321\" tg-width=\"1284\" tg-height=\"619\">Shares of Chinese electric vehicle&nbsp;maker Xpeng Inc&nbsp;trade as low as HK$159.30, down 3.5% from the offer price of HK$165 apiece in the company's dual primary listing debut in Hong Kong.</p><p><blockquote>中国电动汽车制造商小鹏汽车（Xpeng Inc.）的股价最低为159.30港元，较该公司在香港首次双重主要上市时每股165港元的发售价下跌3.5%。</blockquote></p><p> Xpeng, which on Wednesday raised $1.8 bln by selling 85 mln shares in Hong Kong listing, will develop future models based on product platforms designed for international markets, its chief executive said</p><p><blockquote>小鹏汽车首席执行官表示，该公司周三在香港上市，出售 8500 万股股票，筹集了 18 亿美元，将基于专为国际市场设计的产品平台开发未来车型</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>XPeng shares fell 3% in premarket trading.<blockquote>小鹏汽车股价在盘前交易中下跌 3%。</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\">\nXPeng shares fell 3% in premarket trading.<blockquote>小鹏汽车股价在盘前交易中下跌 3%。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-07 16:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>XPeng&nbsp;shares&nbsp;fell 3% in premarket&nbsp;trading.</p><p><blockquote>小鹏汽车股价在盘前交易中下跌 3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bfcb0a6ca8a7d5337dcf5cc5e4831321\" tg-width=\"1284\" tg-height=\"619\">Shares of Chinese electric vehicle&nbsp;maker Xpeng Inc&nbsp;trade as low as HK$159.30, down 3.5% from the offer price of HK$165 apiece in the company's dual primary listing debut in Hong Kong.</p><p><blockquote>中国电动汽车制造商小鹏汽车（Xpeng Inc.）的股价最低为159.30港元，较该公司在香港首次双重主要上市时每股165港元的发售价下跌3.5%。</blockquote></p><p> Xpeng, which on Wednesday raised $1.8 bln by selling 85 mln shares in Hong Kong listing, will develop future models based on product platforms designed for international markets, its chief executive said</p><p><blockquote>小鹏汽车首席执行官表示，该公司周三在香港上市，出售 8500 万股股票，筹集了 18 亿美元，将基于专为国际市场设计的产品平台开发未来车型</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏集团"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131738801","content_text":"XPeng shares fell 3% in premarket trading.\nShares of Chinese electric vehicle maker Xpeng Inc trade as low as HK$159.30, down 3.5% from the offer price of HK$165 apiece in the company's dual primary listing debut in Hong Kong.\nXpeng, which on Wednesday raised $1.8 bln by selling 85 mln shares in Hong Kong listing, will develop future models based on product platforms designed for international markets, its chief executive said","news_type":1,"symbols_score_info":{"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":4136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":845463886,"gmtCreate":1636361750458,"gmtModify":1636361750554,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/845463886","repostId":"2181772408","repostType":4,"isVote":1,"tweetType":1,"viewCount":2829,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":815321723,"gmtCreate":1630646917062,"gmtModify":1632468534542,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/815321723","repostId":"1135954770","repostType":4,"isVote":1,"tweetType":1,"viewCount":6019,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161744635,"gmtCreate":1623941946327,"gmtModify":1634025513354,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161744635","repostId":"1138970454","repostType":2,"isVote":1,"tweetType":1,"viewCount":1065,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":821781695,"gmtCreate":1633790527653,"gmtModify":1633790527653,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821781695","repostId":"1157362059","repostType":2,"repost":{"id":"1157362059","kind":"news","pubTimestamp":1633670528,"share":"https://www.laohunote.com/m/news/1157362059?lang=zh_CN&edition=full","pubTime":"2021-10-08 13:22","market":"us","language":"en","title":"Airbnb: Good Prospects Jeopardized By High Expectations<blockquote>爱彼迎：高期望危及良好前景</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157362059","media":"Seeking Alpha","summary":"Summary\n\nDespite the financial struggles, Airbnb is coming out of the pandemic with brighter long-te","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Despite the financial struggles, Airbnb is coming out of the pandemic with brighter long-term prospects than how it went in.</li>  <li>Now, with the reopening and unwind of pandemic measures, Airbnb will see unprecedented demand.</li>  <li>Near-term cyclical swing benefits seem to be reflected in Street expectations and company valuation. Airbnb will be penalized severely if it underdelivers.</li>  <li>Despite the long-term prospects, Airbnb isn’t the company for me today. I see better risk-reward elsewhere.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86f89e4405d20534ffb04abe21c93360\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>hocus-focus/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>尽管面临财务困境，但爱彼迎走出疫情的长期前景比疫情时更加光明。</li><li>现在，随着疫情措施的重新开放和放松，爱彼迎将看到前所未有的需求。</li><li>近期周期性波动收益似乎反映在华尔街预期和公司估值上。如果爱彼迎交付不足，将受到严厉处罚。</li><li>尽管有长远的前景，但爱彼迎并不是我今天最喜欢的公司。我在其他地方看到了更好的风险回报。</li></ul><p class=\"t-img-caption\"><span>hocus-focus/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> Investment Thesis</p><p><blockquote>投资论文</blockquote></p><p> Airbnb(NASDAQ:ABNB)was a pandemic winner from a long-term perspective. The company will see unprecedented demand over the coming months. It also benefits from secular long-term tailwinds. To cap it all off, it has clear and concrete verticals that it could easily tap to generate new revenue streams.</p><p><blockquote>从长期角度来看，爱彼迎（纳斯达克股票代码：ABNB）是大流行的赢家。未来几个月，该公司将面临前所未有的需求。它还受益于长期的顺风。最重要的是，它拥有清晰具体的垂直领域，可以轻松地利用这些领域来产生新的收入来源。</blockquote></p><p> However, expectations seem to have factored all of these benefits in. The near-term revenue estimates are high and have gotten higher as the reopening picture became clearer. The company's multiple is higher than both industry peers and category leaders, implying high expectations of the future. High expectations and high valuations open the door to large drawdowns from likely disappointments.</p><p><blockquote>然而，预期似乎已经考虑到了所有这些好处。近期收入预期很高，并且随着重新开放的前景变得更加明朗，收入预期还会更高。该公司的市盈率高于行业同行和品类领导者，意味着对未来的高期望。高期望和高估值为可能令人失望的大幅提款打开了大门。</blockquote></p><p> Putting it all together, risks outweigh the rewards for me as I see better reopening plays elsewhere.</p><p><blockquote>总而言之，对我来说，风险大于回报，因为我看到其他地方有更好的重新开放。</blockquote></p><p> <b>Airbnb is a Reopening Winner Boosted by the Pandemic</b></p><p><blockquote><b>受疫情推动，爱彼迎成为重新开放的赢家</b></blockquote></p><p> Accommodation providers were among the worst-hit losers of the pandemic. Lockdowns forced people to stay at home. Even without lockdowns, most borders were closed. And even with open borders, people were fearing the virus and didn’t travel. This unprecedented halt in demand truly tested the resiliency of the sector.</p><p><blockquote>住宿提供商是疫情受影响最严重的输家之一。封锁迫使人们呆在家里。即使没有封锁，大多数边境也是关闭的。即使边境开放，人们也害怕病毒，不敢出行。这种前所未有的需求停滞真正考验了该行业的弹性。</blockquote></p><p> Airbnb, though, managed to capitalize on the pandemic both in the short and long term. Alternate accommodation benefited from closed borders and the inability and risk of long-distance travel as well as from social distancing. Many consumers opted for nearby vacation homes where they could get to safely and didn’t need to interact with other guests or hotel staff. Airbnb, as the leading alternate accommodation player, benefited. Airbnb used 2021 to improve itself and grow its sector. It&nbsp;announced in early 2021&nbsp;that it was going to educate the world about Airbnb, recruit more hosts, simplify the guest journey, and deliver world-class service. The plan seems to be working as evident in Airbnb’s revenue recovery. The company’s 2021 Q2 revenues were more than the most recent pre-pandemic data point of 2019 Q4 and this is extraordinary given the performance of Airbnb’s peers (all peers significantly below pre-pandemic levels, chart below). The shift to alternate accommodation arising from extraordinary factors was free advertising for Airbnb. Many people that had tried or would not try Airbnb were pushed into being a customer. Those that have had good experiences are likely to return. Airbnb’s pandemic struggles will result in long-term gains thanks to good crisis management.</p><p><blockquote>然而，爱彼迎设法在短期和长期内利用了疫情。替代住宿受益于关闭的边境、长途旅行的能力和风险以及社会距离。许多消费者选择了附近的度假屋，在那里他们可以安全到达，不需要与其他客人或酒店工作人员互动。爱彼迎作为领先的替代住宿参与者，从中受益。爱彼迎利用2021年改善自己并发展其行业。它在2021年初宣布，它将向世界普及爱彼迎，招募更多的主持人，简化客人旅程，并提供世界一流的服务。该计划似乎在爱彼迎的收入复苏中显而易见。该公司 2021 年第二季度的收入超过了 2019 年第四季度大流行前的最新数据点，考虑到爱彼迎同行的表现（所有同行均大大低于大流行前的水平，如下图所示），这是非同寻常的。由特殊因素引起的向替代住宿的转变对爱彼迎来说是免费的广告。许多尝试过或不想尝试爱彼迎的人被迫成为顾客。那些有过良好经历的人可能会回来。由于良好的危机管理，爱彼迎在大流行病方面的斗争将带来长期收益。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7bb3fa959db14ded964a37401dc9632\" tg-width=\"640\" tg-height=\"177\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ, author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ，作者分析</span></p></blockquote></p><p> The next leg of the pandemic is an unwind of what we’ve seen so far. With vaccination rates rising in the West and case counts inflecting lower, reopening awaits us. The reopening will see massive growth in travel. Consumers have been forced indoors for a year and a half and will make up for the lost time. The pent-up demand combined with the unused vacation days and unspent hotel points and airline miles will boost the travel industry over the coming months.</p><p><blockquote>大流行病的下一阶段是对我们迄今为止所看到的情况的放松。随着西方疫苗接种率的上升和病例数的下降，重新开放正等待着我们。重新开放将见证旅游业的大规模增长。消费者被迫在室内呆了一年半，会弥补失去的时间。被压抑的需求加上未使用的假期天数以及未使用的酒店积分和航空里程将在未来几个月推动旅游业的发展。</blockquote></p><p> Overall spending budgets will be boosted by high accumulated savings. Social distancing has dramatically decreased in-person discretionary spending, while massive government aid increased disposable incomes to bring the&nbsp;personal savings rate to all-time highs. These savings will melt towards discretionary purchases in the coming months and one of the wallet share winners will be travel.</p><p><blockquote>高累积储蓄将提高总体支出预算。社交距离大幅减少了个人可自由支配支出，而大规模的政府援助增加了可支配收入，使个人储蓄率达到历史最高水平。这些储蓄将在未来几个月内用于非必需品购买，而旅行将是钱包份额的赢家之一。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a628b854734591ce062c9c245a9201cf\" tg-width=\"640\" tg-height=\"195\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> Airbnb is well-positioned to capitalize on the reopening. The company is aware of the potential and its “single priority for 2021 has been to prepare for the travel rebound”. Many consumers will still be afraid of catching the virus despite potentially low case counts and vaccination. Additionally, a significant portion of pre-pandemic hotel preferers will opt for Airbnb. Airbnb will gain a large portion of the larger reopening wallet share. The pandemic-induced habit of using Airbnb will likely linger in the reopening.</p><p><blockquote>爱彼迎处于有利地位，可以利用重新开放。该公司意识到了这一潜力，“2021 年的唯一首要任务就是为旅游业反弹做好准备”。尽管病例数和疫苗接种可能很低，但许多消费者仍然害怕感染病毒。此外，很大一部分疫情前的酒店爱好者将选择爱彼迎。爱彼迎将获得更大的重新开放钱包份额的很大一部分。疫情引发的使用爱彼迎的习惯可能会在重新开放时挥之不去。</blockquote></p><p> Airbnb will not only be one of the key, but also one of the first beneficiaries of the reopening. Airbnb had a major city and cross-border travel focus before the pandemic of&nbsp;about 50% of revenue. The company’s supply depends on hosts and hosts are in major cities. People traveling to new countries want to see landmark cities. Tourism towards major cities is disproportionally dependent on international travel. Luckily for Airbnb, major cities where we’ve seen the worst of the pandemic and international travel, especially within the West (Airbnb makes ~80% of revenues from North America and EU) will be among the earlier areas to open.</p><p><blockquote>爱彼迎将不仅是关键之一，也是重新开放的首批受益者之一。在疫情之前，爱彼迎有一个主要的城市和跨境旅游重点，约占收入的50%。该公司的供应取决于主机，而主机位于各大城市。去新国家旅行的人想看看地标性的城市。前往主要城市的旅游业过度依赖国际旅行。对爱彼迎来说幸运的是，我们目睹了大流行病和国际旅行最严重的大城市，尤其是西部地区（爱彼迎约 80% 的收入来自北美和欧盟），将是较早开放的地区之一。</blockquote></p><p> One worries whether the supply is a constraint for the reopening as the number of hosts and lodging could be a limiting factor given unprecedented coming demand. But this is unlikely an issue as Airbnb has been growing its supply over the past two years&nbsp;while nights and experiences booked fell. Again, management is aware of the travel rebound and is doing its best to monetize it. While hotels may not be able to work at full capacity due to government mandate and won’t be able to build new rooms, excess capacity will be available at Airbnb as demand comes.</p><p><blockquote>人们担心供应是否会成为重新开放的限制因素，因为考虑到前所未有的需求，主机和住宿的数量可能是一个限制因素。但这不太可能是一个问题，因为爱彼迎在过去两年中一直在增加供应，而预订的住宿和体验却在下降。同样，管理层意识到了旅游业的反弹，并正在尽最大努力将其货币化。虽然由于政府的规定，酒店可能无法满负荷运营，也无法建造新的客房，但随着需求的增加，爱彼迎将有多余的客房。</blockquote></p><p> Overall, despite being hurt financially by the pandemic, Airbnb is a hidden pandemic winner with long-term gains. The company is well situated to be a winner over the short term as well by capitalizing on the upcoming extraordinary travel demand.</p><p><blockquote>总体而言，尽管受到疫情的经济损失，但爱彼迎是一个隐藏的疫情赢家，并获得了长期收益。通过利用即将到来的非凡旅行需求，该公司也有能力在短期内成为赢家。</blockquote></p><p> <b>Airbnb Will be a More Profitable Company Going Forward</b></p><p><blockquote><b>爱彼迎未来将成为一家更有利可图的公司</b></blockquote></p><p> Airbnb became a leaner company throughout the pandemic. The company cut 1,900 jobs or&nbsp;25% of its workforce&nbsp;during the crisis and&nbsp;halted most non-essential spending. These cost-cutting measures should remain sticky and boost long-term profitability. Airbnb may face lower acquisition costs out of the pandemic as well. Brand value of Airbnb grew to become a household name. The company’s services will be the go-to place for travel bookings for many consumers. This will result in lower costs paid to third parties to acquire traffic. The street expects 23% EBITDA margins from the company in 2023, which is much higher than what we’ve seen so far and closer to peers. Airbnb will be more profitable thanks to the pandemic.</p><p><blockquote>爱彼迎在整个疫情成为一家更精简的公司。危机期间，该公司裁员 1,900 人，占员工总数的 25%，并停止了大部分非必要支出。这些削减成本的措施应该会保持粘性，并提高长期盈利能力。爱彼迎在疫情之外也可能面临较低的收购成本。爱彼迎的品牌价值逐渐成为家喻户晓的名字。该公司的服务将成为许多消费者旅行预订的首选。这将降低支付给第三方获取流量的成本。华尔街预计该公司 2023 年的 EBITDA 利润率为 23%，远高于我们目前看到的水平，也更接近同行。得益于疫情，爱彼迎的利润将会更高。</blockquote></p><p> <b>The Reopening Benefit is Expected</b></p><p><blockquote><b>重新开放的好处是预期的</b></blockquote></p><p> Reopening winners are a key focus for me in the coming months. I see a lot of alpha in buying winners where consensus is lacking behind. This is a good risk-reward trade for me due to the near-term time horizon and the specific catalyst.</p><p><blockquote>在接下来的几个月里，重新开放赢家是我的一个重点。我在购买缺乏共识的赢家方面看到了很多阿尔法。由于近期时间范围和特定的催化剂，这对我来说是一个很好的风险回报交易。</blockquote></p><p> Unfortunately, Airbnb doesn’t seem to be what I’m looking for. If we look at consensus expectations of Airbnb we see that they reflect what I explained above. The market increased Airbnb revenue estimates with expectations of a recovery. Revenue estimates for FY22 increased by 20% since last December. I say increased with expectations of recovery due to the front-load of revisions. The rate of positive revisions declines as further out the estimates go (charts below).</p><p><blockquote>不幸的是，爱彼迎似乎不是我想要的。如果我们看看爱彼迎的共识期望，我们会发现它们反映了我上面解释的内容。市场提高了对爱彼迎收入的预期，预期会复苏。自去年 12 月以来，2022 财年的收入预期增长了 20%。我说，由于修订的前期负荷，随着复苏的预期而增加。随着估计的进一步进行，积极修正的比率会下降（下图）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bad3d3c8df5d1b861b36eee38bee10f5\" tg-width=\"320\" tg-height=\"104\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ, author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ，作者分析</span></p></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8564e09b5c2d77f0ad0e2db50b29144\" tg-width=\"640\" tg-height=\"304\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/84c6b27f9bf316f8d16b667576fc3d21\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dcebffd8c9af4c6d1d63655c454f9c99\" tg-width=\"640\" tg-height=\"290\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p> Consensus isn’t getting sandbagged here as well. Some companies manage Street expectations by setting the bar low to anchor analyst estimates and then over-deliver, Airbnb doesn’t seem to be one of those companies currently. Analysts were expecting 20% more revenue than the $1.65 bn Airbnb guided towards at the time of guidance and are up to 24% currently for Q3. This is a much larger gap than one would normally see and shows the high expectations of Airbnb.</p><p><blockquote>共识在这里也没有被打包。有些公司通过设定较低的门槛来锚定分析师的预期，然后超额交付来管理华尔街的预期，爱彼迎目前似乎并不在其中。分析师预计爱彼迎的收入将比指导时的 16.5 亿美元高出 20%，目前第三季度的收入将高达 24%。这比人们通常看到的差距要大得多，显示了人们对爱彼迎的高期望。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e6e454f555a0b0ff085397cfddf30380\" tg-width=\"640\" tg-height=\"173\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p></p><p> The consensus is aggressive. All the upward revisions have resulted in revenue expectations that are 35%, 80%, and 120% higher than what Airbnb achieved in the last twelve months for FY22, FY23, and FY24 respectively. Airbnb could of course deliver, it is perfectly situated to deliver amazing quarters, but it isn’t the reopening play for me. I see better risk-reward in other reopening winners with much easier bars to clear (see my articles on&nbsp;Ulta(NASDAQ:ULTA),Revolve(NYSE:RVLV), and&nbsp;Square(NYSE:SQ)).</p><p><blockquote>共识是激进的。所有上调导致 Airbnb 在过去 12 个月中实现的 22 财年、2023财年和 24 财年的收入预期分别高出 35%、80% 和 120%。爱彼迎当然可以表现出色，它完全有能力表现出色，但对我来说，这并不是重新开场的比赛。我在其他重新开放的赢家身上看到了更好的风险回报，并且更容易清除酒吧（请参阅我关于 Ulta（纳斯达克股票代码：ULTA）、Revolve（纽约证券交易所股票代码：RVLV）和 Square（纽约证券交易所股票代码：SQ）的文章）。</blockquote></p><p> <b>Airbnb Price is High</b></p><p><blockquote><b>爱彼迎价格高</b></blockquote></p><p> If Airbnb has depressed multiples, it could deliver even if it falls short of consensus estimates. Conversely, high multiples mean high confidence in future growth and are a broad reflection of positive sentiment. Positive sentiment is generally a disadvantage as it's much easier to turn a positive sentiment neutral or negative with an earnings miss than it is to turn it even more positive with a blowout quarter.</p><p><blockquote>如果爱彼迎降低了市盈率，即使低于市场普遍预期，它也可能实现盈利。相反，高倍数意味着对未来增长的高信心，是积极情绪的广泛反映。积极情绪通常是一个劣势，因为在盈利低迷的情况下将积极情绪转变为中性或负面，比在井喷的季度将其转变为更加积极要容易得多。</blockquote></p><p> I want to judge Airbnb’s valuation as fairly as possible. The market values future growth for a name like Airbnb, which I agree with. I factor in future growth by looking at multiples over CY23 revenues and the speed of growth between CY20 and CY23 in my comparison. Bulls also like to separate Airbnb from its peers as a category leader, which I don’t agree with. It may be not the same as a hotel, but it sure is a substitute in the eyes of the consumer in the overwhelming majority of cases (for now at least). But I will also compare its multiples and growth expectations to other category leaders to give it the benefit of the doubt.</p><p><blockquote>我想尽可能公平地判断爱彼迎的估值。市场看重爱彼迎这样的名字的未来增长，我同意这一点。在我的比较中，我通过观察 23 财年收入的倍数以及 20 财年和 23 财年之间的增长速度来考虑未来的增长。公牛队还喜欢将爱彼迎与同行区分开来，成为该类别的领导者，我不同意这种观点。它可能和酒店不一样，但在绝大多数情况下（至少现在是这样），在消费者眼中，它肯定是一种替代品。但我也会将其倍数和增长预期与其他类别领导者进行比较，以确信其无罪。</blockquote></p><p> The valuation is rich. For me, Booking Holdings(NASDAQ:BKNG)is a good comparison. Booking also is a travel marketplace with fast growth and a bright future. One might say that Booking is also richly priced as it is well above its peers, but Airbnb is on another level trading at more than double where Booking is despite having similar growth expectations. Booking is more profitable, having EBITDA margins of 14% vs. extremely negative margins of Airbnb (-64%), and is expected to remain significantly more profitable into the future with 37% FY23 expected EBITDA margins vs. 23% for Airbnb. Let’s not forget that rest of these companies are well situated to benefit from the reopening as well, perhaps even more so than Airbnb with hotels gaining back lost share.</p><p><blockquote>估值丰富。对我来说，Booking Holdings（纳斯达克股票代码：BKNG）是一个很好的比较。预订也是一个快速增长、前景光明的旅游市场。有人可能会说，Booking 的定价也很高，因为它远高于同行，但尽管有类似的增长预期，但爱彼迎的交易价格是 Booking 的两倍多。Booking 的利润更高，EBITDA 利润率为 14%，而 Airbnb 的利润率为极低 (-64%)，预计未来利润仍将明显更高，2023财年预计 EBITDA 利润率为 37%，而 Airbnb 为 23%。我们不要忘记，这些公司中的其他公司也有能力从重新开业中受益，甚至可能比爱彼迎的酒店夺回失去的份额还要多。</blockquote></p><p> Sector leader comparison is kinder, but still yields the same result. Here we have DoorDash(NYSE:DASH)as the closest peer in terms of multiples, but is still significantly less expensive despite having a similar growth rate. Uber(NYSE:UBER)for example is another name that will benefit from the reopening due to its mobility and sharing focus, is trading grossly cheaper than Airbnb, while expected to grow at a similar rate.</p><p><blockquote>行业领导者的比较更友好，但仍然产生相同的结果。就倍数而言，我们将 DoorDash（纽约证券交易所股票代码：DASH）视为最接近的同行，但尽管增长率相似，但价格仍然要低得多。例如，优步（纽约证券交易所股票代码：UBER）是另一个因其移动性和共享重点而将从重新开放中受益的品牌，其交易价格远低于爱彼迎，但预计将以类似的速度增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5704bdc5cf32c4889f12fceb24245303\" tg-width=\"640\" tg-height=\"377\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ, author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ，作者分析</span></p></blockquote></p><p> Airbnb is expected to trade much richer than the sector for a long time. I went and looked at when Airbnb’s extremely high multiples would compress enough to reach those of its peers thinking that the higher growth would bring them down quickly. This isn’t the case. With the current enterprise value and consensus, Airbnb will reach Booking’s next twelve-month revenue and EBITDA multiples in 5 years and earnings multiples in 7. Again, let’s not forget that Booking is also growing fast and will also compress its multiples. I see that Airbnb has clearer options to add new revenue streams but a lot of this is clearly in the price today.</p><p><blockquote>预计在很长一段时间内，爱彼迎的贸易将比该行业丰富得多。我去看了看，爱彼迎极高的市盈率何时会压缩到足以让那些认为更高的增长会让他们迅速下跌的同行感受到。事实并非如此。凭借目前的企业价值和共识，爱彼迎将在 5 年内达到 Booking 未来 12 个月的收入和 EBITDA 倍数，在 7 年内达到盈利倍数。同样，我们不要忘记，预订量也在快速增长，同时也会压缩其倍数。我看到爱彼迎有更明确的选择来增加新的收入来源，但其中很多显然已经包含在今天的价格中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ce82fbe26634b44aeb8417204b1ebda\" tg-width=\"413\" tg-height=\"188\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ, author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ，作者分析</span></p></blockquote></p><p> Overall, I see poor risk-reward for the reopening bull thesis of Airbnb. Expectations factor in maybe not all but a good portion of outperformance over the near term. The valuation is high and has a lot of expectations built in. This makes the stock price vulnerable to changes in near-term sentiment despite the long-term nature of these expectations.</p><p><blockquote>总体而言，我认为爱彼迎重新开放牛市论点的风险回报很低。预期可能不是短期内表现优异的全部因素，而是很大一部分因素。估值很高，内置了很多预期。这使得股价容易受到近期情绪变化的影响，尽管这些预期具有长期性。</blockquote></p><p> Interest Rate Sensitivity</p><p><blockquote>利率敏感性</blockquote></p><p> Airbnb is vulnerable to macroeconomic risks. I wrote before on my views on the future of rates and the vulnerability of the growth complex in depth (hereandhere). I expect a bear steepener environment over the coming months, that is rising rates accompanied by a steepening curve. This, if correct, would result in a higher discount factor via a higher risk-free rate. A high risk-free rate will have an outsized effect on fast growth equities with far-out cash flows. Airbnb is amongst the longest duration names with a price to sales multiple of 23x. A higher discount rate would dramatically change the company valuation and, in theory, decrease the stock price.</p><p><blockquote>爱彼迎容易受到宏观经济风险的影响。我之前写过我对利率未来和增长复合体脆弱性的看法（这里和这里）。我预计未来几个月熊市环境将更加陡峭，即利率上升伴随着曲线陡峭。如果这是正确的，这将通过更高的无风险利率导致更高的贴现率。高无风险利率将对现金流丰富的快速增长股票产生巨大影响。爱彼迎是持续时间最长的公司之一，市销率为 23 倍。较高的贴现率将极大地改变公司估值，理论上会降低股价。</blockquote></p><p> <b>Excellent Prospects for the Long Term</b></p><p><blockquote><b>长期前景良好</b></blockquote></p><p></p><p> Despite my unattraction for the near term, Airbnb has a lot going for it. Just the shift from hotels to alternative accommodations alone should boost growth for many years to come. The company is at the beginning of its journey of gaining a significant share out of the massive global lodging market. In addition to this, Airbnb has a lot of initiatives that it can take to create new revenue streams.</p><p><blockquote>尽管我对近期没有吸引力，但爱彼迎有很多优势。仅仅从酒店到替代住宿的转变就应该会在未来许多年内促进增长。该公司正处于从庞大的全球住宿市场获得重要份额的旅程的开始。除此之外，爱彼迎还可以采取许多举措来创造新的收入来源。</blockquote></p><p> The easiest of these are short-term rentals. By short I mean longer than vacation stay, so from about a couple of weeks to a year or so. This is an underserved market for which there is a lot of demand. Expats, project-focused business travelers, students especially ones studying abroad, interns, and long vacationers are all target markets for such a product. It’d be easy for Airbnb to add services in this category as well, as it already has the supply and the marketing capabilities. I expect longer-term rentals to become an important category for Airbnb in the future.</p><p><blockquote>其中最简单的是短期租赁。简而言之，我的意思是比假期停留时间更长，所以从大约几周到一年左右。这是一个服务不足的市场，需求很大。外籍人士、注重项目的商务旅行者、学生尤其是出国留学的学生、实习生和长假者都是这种产品的目标市场。爱彼迎也很容易增加这一类别的服务，因为它已经具备了供应和营销能力。我预计未来长期租赁将成为爱彼迎的一个重要类别。</blockquote></p><p> Airbnb could gain a larger share of value by integrating upstream. Airbnb could host or co-host. It has demand data and financial capabilities which would make it a great investor in properties. Airbnb-hosted properties would resemble private label products sold in chain supermarkets, or on Amazon(NASDAQ:AMZN)for that matter. I doubt that the company would prioritize this as it may push current hosts away, but I’d be surprised if Airbnb didn’t delve into hosting in the future.</p><p><blockquote>爱彼迎可以通过上游整合获得更大的价值份额。爱彼迎可以主办或共同主办。它拥有需求数据和财务能力，这将使它成为房地产的伟大投资者。爱彼迎托管的房产类似于连锁超市或亚马逊（纳斯达克股票代码：AMZN）上销售的自有品牌产品。我怀疑该公司是否会优先考虑这一点，因为这可能会把现有的主机推开，但如果爱彼迎未来不深入研究主机业务，我会感到惊讶。</blockquote></p><p> Airbnb could begin to sell ancillary services. Airbnb could provide cleaning services with its own cleaning crew. Cleaning is a necessity before every booking and could significantly increase monetization. Airbnb could also provide insurance for hosts. One of the main worries of people thinking of becoming hosts is damage to or loss of property. Airbnb has a lot of data on claims and could provide insurance to hosts with an efficient actuary. An insurance offer would also increase the supply of properties as well with more hosts joining the platform.</p><p><blockquote>爱彼迎可以开始销售辅助服务。爱彼迎可以用自己的清洁人员提供清洁服务。每次预订前清洁都是必要的，可以大大增加货币化。爱彼迎还可以为主机提供保险。考虑成为房东的人们的主要担忧之一是财产损失或损坏。爱彼迎有很多关于索赔的数据，可以通过高效的精算师为主机提供保险。随着更多的主机加入该平台，保险优惠也将增加房产的供应。</blockquote></p><p> There are a lot of growth levers that Airbnb could pull but I expect none in the near term. Airbnb has all of its focus on capitalizing on the travel rebound and with 25% fewer employees due to cost cuts it’s unlikely to add new products soon.</p><p><blockquote>爱彼迎可以拉动很多增长杠杆，但我预计短期内不会有任何增长杠杆。爱彼迎的全部精力都放在了利用旅游业的反弹上，由于成本削减，员工人数减少了 25%，因此不太可能很快增加新产品。</blockquote></p><p> <b>Overall the Risk-Reward isn’t Favorable For Me (Today)</b></p><p><blockquote><b>总体而言，风险回报对我不利（今天）</b></blockquote></p><p> I like Airbnb’s operations, track record, and near and short-term prospects. It’s done very well navigating through choppy times and took advantage of the pandemic with agility. I expect Airbnb to see tremendous growth over the near term and to gain a growing share of the hospitality market over the long term.</p><p><blockquote>我喜欢爱彼迎的运营、业绩记录以及近期和短期前景。它很好地度过了动荡时期，并敏捷地利用了大流行病。我预计爱彼迎将在短期内实现巨大增长，并在长期内获得越来越大的酒店市场份额。</blockquote></p><p> However, my expectations of Airbnb seem to be reflected in Street estimates and the company’s valuation. I see high execution risk and a large potential downwards stock reaction to any disappointments but capped upside unless we see blowout quarters. Thus, I am on the sidelines on Airbnb for now.</p><p><blockquote>不过，我对爱彼迎的期望似乎反映在华尔街的估值和公司的估值中。我认为执行风险很高，股票对任何失望都会有很大的潜在下跌反应，但除非我们看到井喷季度，否则上涨空间是有限的。因此，我现在对爱彼迎持观望态度。</blockquote></p><p> <b>How I Could be Wrong Either Way</b></p><p><blockquote><b>我怎么会错呢</b></blockquote></p><p> I always want to give the entire picture in my analysis and in this section, I will try to provide how the stock price could meaningfully move higher or lower from areas I haven’t covered in the article.</p><p><blockquote>我总是想在我的分析中给出全貌，在本节中，我将尝试提供股价如何从我在文章中没有涉及的领域有意义地走高或走低。</blockquote></p><p> The consumer preference between hotels vs. alternate accommodation highly influences Airbnb. The pandemic saw the latter win. It is reasonable to expect an unwind of this trend. I didn’t mention this in my article as I think it will be gradual and the high upcoming demand will overcome the micro move. But my assumption could be wrong, consumers could overwhelmingly prefer hotels which would make life very difficult for Airbnb. Conversely, pandemic choices could remain sticky and Airbnb could keep its pandemic era gains. Consumer preferences of style of stay will be highly decisive for Airbnb in the future.</p><p><blockquote>消费者对酒店和其他住宿的偏好极大地影响了爱彼迎。疫情看到了后者的胜利。有理由预期这一趋势会放缓。我在文章中没有提到这一点，因为我认为这将是一个渐进的过程，即将到来的高需求将战胜微观变动。但我的假设可能是错误的，消费者可能会压倒性地更喜欢酒店，这将使爱彼迎的生活变得非常困难。相反，大流行的选择可能仍然具有粘性，爱彼迎可能会保持其大流行时代的收益。消费者对住宿方式的偏好将对未来的爱彼迎起到决定性作用。</blockquote></p><p> The macroeconomic picture will be another deciding factor. A better than expected reopening demand will be a tide lifts all boats situation, while a subdued one would wreak havoc in the hospitality industry. A prolonged pandemic, especially in a situation with less government aid, would also significantly harm Airbnb prospects. I mentioned that I expected a rising rate environment and that Airbnb valuation would be harmed by it, the vice versa of what I wrote is true. Airbnb would greatly benefit from falling rates all else equal.</p><p><blockquote>宏观经济形势将是另一个决定性因素。好于预期的重新开放需求将是一个提振所有船只的潮汐，而一个被抑制的需求将在酒店业造成严重破坏。长期的疫情，尤其是在政府援助减少的情况下，也将严重损害爱彼迎的前景。我提到，我预计利率环境会上升，爱彼迎估值会受到损害，我所写的恰恰相反。在其他条件相同的情况下，爱彼迎将从利率下降中受益匪浅。</blockquote></p><p></p><p> Profitability will be an area to watch coming out of the pandemic. I already mentioned higher margins going forward. But these margins are still significantly below what is expected of peers (consensus EBITDA margins for CY23: Airbnb 23% vs. TripAdvisor(NASDAQ:TRIP)33%, Booking Holdings 37%). Airbnb could deliver on the upside in an environment of excess demand. Moreover, the low traffic acquisition costs I wrote about may not be in the consensus and could provide an upside. Conversely, some job cuts may have been premature and/or crisis management, and Airbnb could need to regrow its workforce contracting margins back down.</p><p><blockquote>盈利能力将是疫情后一个值得关注的领域。我已经提到了未来更高的利润率。但这些利润率仍远低于同行的预期（2023 财年共识 EBITDA 利润率：爱彼迎 23%，TripAdvisor（纳斯达克股票代码：TRIP）33%，Booking Holdings 37%）。在需求过剩的环境下，爱彼迎可以实现上行。此外，我所写的低流量获取成本可能不在共识范围内，但可能会带来好处。相反，一些裁员可能是过早的和/或危机管理，爱彼迎可能需要重新增加其劳动力合同利润率。</blockquote></p><p> Despite unlikely with the management’s reopening focus and reduced headcount, if Airbnb manages to launch one of the products I’ve mentioned, it will likely be met with a positive reaction. A new revenue stream will cause analysts to reevaluate long-term growth expectations and increase revenue estimates.</p><p><blockquote>尽管管理层不太可能重新开业并减少员工人数，但如果爱彼迎能够推出我提到的产品之一，很可能会得到积极的反响。新的收入流将导致分析师重新评估长期增长预期并提高收入预期。</blockquote></p><p> Let’s not forget about the big risk facing Airbnb, regulation. A lot of cities were pressured to impose regulations on Airbnb pre-pandemic. Regulatory risks clout the future and uncertainty is always a big negative for investors. These issues resurfacing, despite the outcome, could hamper Airbnb stock.</p><p><blockquote>我们不要忘记爱彼迎面临的巨大风险--监管。在疫情之前，许多城市都面临着对爱彼迎实施监管的压力。监管风险影响未来，不确定性对投资者来说始终是一大负面影响。不管结果如何，这些问题重新浮出水面，可能会阻碍爱彼迎股票。</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>Airbnb: Good Prospects Jeopardized By High Expectations<blockquote>爱彼迎：高期望危及良好前景</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\">\nAirbnb: Good Prospects Jeopardized By High Expectations<blockquote>爱彼迎：高期望危及良好前景</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\">2021-10-08 13:22</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>Despite the financial struggles, Airbnb is coming out of the pandemic with brighter long-term prospects than how it went in.</li>  <li>Now, with the reopening and unwind of pandemic measures, Airbnb will see unprecedented demand.</li>  <li>Near-term cyclical swing benefits seem to be reflected in Street expectations and company valuation. Airbnb will be penalized severely if it underdelivers.</li>  <li>Despite the long-term prospects, Airbnb isn’t the company for me today. I see better risk-reward elsewhere.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86f89e4405d20534ffb04abe21c93360\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>hocus-focus/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>尽管面临财务困境，但爱彼迎走出疫情的长期前景比疫情时更加光明。</li><li>现在，随着疫情措施的重新开放和放松，爱彼迎将看到前所未有的需求。</li><li>近期周期性波动收益似乎反映在华尔街预期和公司估值上。如果爱彼迎交付不足，将受到严厉处罚。</li><li>尽管有长远的前景，但爱彼迎并不是我今天最喜欢的公司。我在其他地方看到了更好的风险回报。</li></ul><p class=\"t-img-caption\"><span>hocus-focus/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> Investment Thesis</p><p><blockquote>投资论文</blockquote></p><p> Airbnb(NASDAQ:ABNB)was a pandemic winner from a long-term perspective. The company will see unprecedented demand over the coming months. It also benefits from secular long-term tailwinds. To cap it all off, it has clear and concrete verticals that it could easily tap to generate new revenue streams.</p><p><blockquote>从长期角度来看，爱彼迎（纳斯达克股票代码：ABNB）是大流行的赢家。未来几个月，该公司将面临前所未有的需求。它还受益于长期的顺风。最重要的是，它拥有清晰具体的垂直领域，可以轻松地利用这些领域来产生新的收入来源。</blockquote></p><p> However, expectations seem to have factored all of these benefits in. The near-term revenue estimates are high and have gotten higher as the reopening picture became clearer. The company's multiple is higher than both industry peers and category leaders, implying high expectations of the future. High expectations and high valuations open the door to large drawdowns from likely disappointments.</p><p><blockquote>然而，预期似乎已经考虑到了所有这些好处。近期收入预期很高，并且随着重新开放的前景变得更加明朗，收入预期还会更高。该公司的市盈率高于行业同行和品类领导者，意味着对未来的高期望。高期望和高估值为可能令人失望的大幅提款打开了大门。</blockquote></p><p> Putting it all together, risks outweigh the rewards for me as I see better reopening plays elsewhere.</p><p><blockquote>总而言之，对我来说，风险大于回报，因为我看到其他地方有更好的重新开放。</blockquote></p><p> <b>Airbnb is a Reopening Winner Boosted by the Pandemic</b></p><p><blockquote><b>受疫情推动，爱彼迎成为重新开放的赢家</b></blockquote></p><p> Accommodation providers were among the worst-hit losers of the pandemic. Lockdowns forced people to stay at home. Even without lockdowns, most borders were closed. And even with open borders, people were fearing the virus and didn’t travel. This unprecedented halt in demand truly tested the resiliency of the sector.</p><p><blockquote>住宿提供商是疫情受影响最严重的输家之一。封锁迫使人们呆在家里。即使没有封锁，大多数边境也是关闭的。即使边境开放，人们也害怕病毒，不敢出行。这种前所未有的需求停滞真正考验了该行业的弹性。</blockquote></p><p> Airbnb, though, managed to capitalize on the pandemic both in the short and long term. Alternate accommodation benefited from closed borders and the inability and risk of long-distance travel as well as from social distancing. Many consumers opted for nearby vacation homes where they could get to safely and didn’t need to interact with other guests or hotel staff. Airbnb, as the leading alternate accommodation player, benefited. Airbnb used 2021 to improve itself and grow its sector. It&nbsp;announced in early 2021&nbsp;that it was going to educate the world about Airbnb, recruit more hosts, simplify the guest journey, and deliver world-class service. The plan seems to be working as evident in Airbnb’s revenue recovery. The company’s 2021 Q2 revenues were more than the most recent pre-pandemic data point of 2019 Q4 and this is extraordinary given the performance of Airbnb’s peers (all peers significantly below pre-pandemic levels, chart below). The shift to alternate accommodation arising from extraordinary factors was free advertising for Airbnb. Many people that had tried or would not try Airbnb were pushed into being a customer. Those that have had good experiences are likely to return. Airbnb’s pandemic struggles will result in long-term gains thanks to good crisis management.</p><p><blockquote>然而，爱彼迎设法在短期和长期内利用了疫情。替代住宿受益于关闭的边境、长途旅行的能力和风险以及社会距离。许多消费者选择了附近的度假屋，在那里他们可以安全到达，不需要与其他客人或酒店工作人员互动。爱彼迎作为领先的替代住宿参与者，从中受益。爱彼迎利用2021年改善自己并发展其行业。它在2021年初宣布，它将向世界普及爱彼迎，招募更多的主持人，简化客人旅程，并提供世界一流的服务。该计划似乎在爱彼迎的收入复苏中显而易见。该公司 2021 年第二季度的收入超过了 2019 年第四季度大流行前的最新数据点，考虑到爱彼迎同行的表现（所有同行均大大低于大流行前的水平，如下图所示），这是非同寻常的。由特殊因素引起的向替代住宿的转变对爱彼迎来说是免费的广告。许多尝试过或不想尝试爱彼迎的人被迫成为顾客。那些有过良好经历的人可能会回来。由于良好的危机管理，爱彼迎在大流行病方面的斗争将带来长期收益。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7bb3fa959db14ded964a37401dc9632\" tg-width=\"640\" tg-height=\"177\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ, author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ，作者分析</span></p></blockquote></p><p> The next leg of the pandemic is an unwind of what we’ve seen so far. With vaccination rates rising in the West and case counts inflecting lower, reopening awaits us. The reopening will see massive growth in travel. Consumers have been forced indoors for a year and a half and will make up for the lost time. The pent-up demand combined with the unused vacation days and unspent hotel points and airline miles will boost the travel industry over the coming months.</p><p><blockquote>大流行病的下一阶段是对我们迄今为止所看到的情况的放松。随着西方疫苗接种率的上升和病例数的下降，重新开放正等待着我们。重新开放将见证旅游业的大规模增长。消费者被迫在室内呆了一年半，会弥补失去的时间。被压抑的需求加上未使用的假期天数以及未使用的酒店积分和航空里程将在未来几个月推动旅游业的发展。</blockquote></p><p> Overall spending budgets will be boosted by high accumulated savings. Social distancing has dramatically decreased in-person discretionary spending, while massive government aid increased disposable incomes to bring the&nbsp;personal savings rate to all-time highs. These savings will melt towards discretionary purchases in the coming months and one of the wallet share winners will be travel.</p><p><blockquote>高累积储蓄将提高总体支出预算。社交距离大幅减少了个人可自由支配支出，而大规模的政府援助增加了可支配收入，使个人储蓄率达到历史最高水平。这些储蓄将在未来几个月内用于非必需品购买，而旅行将是钱包份额的赢家之一。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a628b854734591ce062c9c245a9201cf\" tg-width=\"640\" tg-height=\"195\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> Airbnb is well-positioned to capitalize on the reopening. The company is aware of the potential and its “single priority for 2021 has been to prepare for the travel rebound”. Many consumers will still be afraid of catching the virus despite potentially low case counts and vaccination. Additionally, a significant portion of pre-pandemic hotel preferers will opt for Airbnb. Airbnb will gain a large portion of the larger reopening wallet share. The pandemic-induced habit of using Airbnb will likely linger in the reopening.</p><p><blockquote>爱彼迎处于有利地位，可以利用重新开放。该公司意识到了这一潜力，“2021 年的唯一首要任务就是为旅游业反弹做好准备”。尽管病例数和疫苗接种可能很低，但许多消费者仍然害怕感染病毒。此外，很大一部分疫情前的酒店爱好者将选择爱彼迎。爱彼迎将获得更大的重新开放钱包份额的很大一部分。疫情引发的使用爱彼迎的习惯可能会在重新开放时挥之不去。</blockquote></p><p> Airbnb will not only be one of the key, but also one of the first beneficiaries of the reopening. Airbnb had a major city and cross-border travel focus before the pandemic of&nbsp;about 50% of revenue. The company’s supply depends on hosts and hosts are in major cities. People traveling to new countries want to see landmark cities. Tourism towards major cities is disproportionally dependent on international travel. Luckily for Airbnb, major cities where we’ve seen the worst of the pandemic and international travel, especially within the West (Airbnb makes ~80% of revenues from North America and EU) will be among the earlier areas to open.</p><p><blockquote>爱彼迎将不仅是关键之一，也是重新开放的首批受益者之一。在疫情之前，爱彼迎有一个主要的城市和跨境旅游重点，约占收入的50%。该公司的供应取决于主机，而主机位于各大城市。去新国家旅行的人想看看地标性的城市。前往主要城市的旅游业过度依赖国际旅行。对爱彼迎来说幸运的是，我们目睹了大流行病和国际旅行最严重的大城市，尤其是西部地区（爱彼迎约 80% 的收入来自北美和欧盟），将是较早开放的地区之一。</blockquote></p><p> One worries whether the supply is a constraint for the reopening as the number of hosts and lodging could be a limiting factor given unprecedented coming demand. But this is unlikely an issue as Airbnb has been growing its supply over the past two years&nbsp;while nights and experiences booked fell. Again, management is aware of the travel rebound and is doing its best to monetize it. While hotels may not be able to work at full capacity due to government mandate and won’t be able to build new rooms, excess capacity will be available at Airbnb as demand comes.</p><p><blockquote>人们担心供应是否会成为重新开放的限制因素，因为考虑到前所未有的需求，主机和住宿的数量可能是一个限制因素。但这不太可能是一个问题，因为爱彼迎在过去两年中一直在增加供应，而预订的住宿和体验却在下降。同样，管理层意识到了旅游业的反弹，并正在尽最大努力将其货币化。虽然由于政府的规定，酒店可能无法满负荷运营，也无法建造新的客房，但随着需求的增加，爱彼迎将有多余的客房。</blockquote></p><p> Overall, despite being hurt financially by the pandemic, Airbnb is a hidden pandemic winner with long-term gains. The company is well situated to be a winner over the short term as well by capitalizing on the upcoming extraordinary travel demand.</p><p><blockquote>总体而言，尽管受到疫情的经济损失，但爱彼迎是一个隐藏的疫情赢家，并获得了长期收益。通过利用即将到来的非凡旅行需求，该公司也有能力在短期内成为赢家。</blockquote></p><p> <b>Airbnb Will be a More Profitable Company Going Forward</b></p><p><blockquote><b>爱彼迎未来将成为一家更有利可图的公司</b></blockquote></p><p> Airbnb became a leaner company throughout the pandemic. The company cut 1,900 jobs or&nbsp;25% of its workforce&nbsp;during the crisis and&nbsp;halted most non-essential spending. These cost-cutting measures should remain sticky and boost long-term profitability. Airbnb may face lower acquisition costs out of the pandemic as well. Brand value of Airbnb grew to become a household name. The company’s services will be the go-to place for travel bookings for many consumers. This will result in lower costs paid to third parties to acquire traffic. The street expects 23% EBITDA margins from the company in 2023, which is much higher than what we’ve seen so far and closer to peers. Airbnb will be more profitable thanks to the pandemic.</p><p><blockquote>爱彼迎在整个疫情成为一家更精简的公司。危机期间，该公司裁员 1,900 人，占员工总数的 25%，并停止了大部分非必要支出。这些削减成本的措施应该会保持粘性，并提高长期盈利能力。爱彼迎在疫情之外也可能面临较低的收购成本。爱彼迎的品牌价值逐渐成为家喻户晓的名字。该公司的服务将成为许多消费者旅行预订的首选。这将降低支付给第三方获取流量的成本。华尔街预计该公司 2023 年的 EBITDA 利润率为 23%，远高于我们目前看到的水平，也更接近同行。得益于疫情，爱彼迎的利润将会更高。</blockquote></p><p> <b>The Reopening Benefit is Expected</b></p><p><blockquote><b>重新开放的好处是预期的</b></blockquote></p><p> Reopening winners are a key focus for me in the coming months. I see a lot of alpha in buying winners where consensus is lacking behind. This is a good risk-reward trade for me due to the near-term time horizon and the specific catalyst.</p><p><blockquote>在接下来的几个月里，重新开放赢家是我的一个重点。我在购买缺乏共识的赢家方面看到了很多阿尔法。由于近期时间范围和特定的催化剂，这对我来说是一个很好的风险回报交易。</blockquote></p><p> Unfortunately, Airbnb doesn’t seem to be what I’m looking for. If we look at consensus expectations of Airbnb we see that they reflect what I explained above. The market increased Airbnb revenue estimates with expectations of a recovery. Revenue estimates for FY22 increased by 20% since last December. I say increased with expectations of recovery due to the front-load of revisions. The rate of positive revisions declines as further out the estimates go (charts below).</p><p><blockquote>不幸的是，爱彼迎似乎不是我想要的。如果我们看看爱彼迎的共识期望，我们会发现它们反映了我上面解释的内容。市场提高了对爱彼迎收入的预期，预期会复苏。自去年 12 月以来，2022 财年的收入预期增长了 20%。我说，由于修订的前期负荷，随着复苏的预期而增加。随着估计的进一步进行，积极修正的比率会下降（下图）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bad3d3c8df5d1b861b36eee38bee10f5\" tg-width=\"320\" tg-height=\"104\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ, author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ，作者分析</span></p></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8564e09b5c2d77f0ad0e2db50b29144\" tg-width=\"640\" tg-height=\"304\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/84c6b27f9bf316f8d16b667576fc3d21\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dcebffd8c9af4c6d1d63655c454f9c99\" tg-width=\"640\" tg-height=\"290\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p> Consensus isn’t getting sandbagged here as well. Some companies manage Street expectations by setting the bar low to anchor analyst estimates and then over-deliver, Airbnb doesn’t seem to be one of those companies currently. Analysts were expecting 20% more revenue than the $1.65 bn Airbnb guided towards at the time of guidance and are up to 24% currently for Q3. This is a much larger gap than one would normally see and shows the high expectations of Airbnb.</p><p><blockquote>共识在这里也没有被打包。有些公司通过设定较低的门槛来锚定分析师的预期，然后超额交付来管理华尔街的预期，爱彼迎目前似乎并不在其中。分析师预计爱彼迎的收入将比指导时的 16.5 亿美元高出 20%，目前第三季度的收入将高达 24%。这比人们通常看到的差距要大得多，显示了人们对爱彼迎的高期望。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e6e454f555a0b0ff085397cfddf30380\" tg-width=\"640\" tg-height=\"173\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p></p><p> The consensus is aggressive. All the upward revisions have resulted in revenue expectations that are 35%, 80%, and 120% higher than what Airbnb achieved in the last twelve months for FY22, FY23, and FY24 respectively. Airbnb could of course deliver, it is perfectly situated to deliver amazing quarters, but it isn’t the reopening play for me. I see better risk-reward in other reopening winners with much easier bars to clear (see my articles on&nbsp;Ulta(NASDAQ:ULTA),Revolve(NYSE:RVLV), and&nbsp;Square(NYSE:SQ)).</p><p><blockquote>共识是激进的。所有上调导致 Airbnb 在过去 12 个月中实现的 22 财年、2023财年和 24 财年的收入预期分别高出 35%、80% 和 120%。爱彼迎当然可以表现出色，它完全有能力表现出色，但对我来说，这并不是重新开场的比赛。我在其他重新开放的赢家身上看到了更好的风险回报，并且更容易清除酒吧（请参阅我关于 Ulta（纳斯达克股票代码：ULTA）、Revolve（纽约证券交易所股票代码：RVLV）和 Square（纽约证券交易所股票代码：SQ）的文章）。</blockquote></p><p> <b>Airbnb Price is High</b></p><p><blockquote><b>爱彼迎价格高</b></blockquote></p><p> If Airbnb has depressed multiples, it could deliver even if it falls short of consensus estimates. Conversely, high multiples mean high confidence in future growth and are a broad reflection of positive sentiment. Positive sentiment is generally a disadvantage as it's much easier to turn a positive sentiment neutral or negative with an earnings miss than it is to turn it even more positive with a blowout quarter.</p><p><blockquote>如果爱彼迎降低了市盈率，即使低于市场普遍预期，它也可能实现盈利。相反，高倍数意味着对未来增长的高信心，是积极情绪的广泛反映。积极情绪通常是一个劣势，因为在盈利低迷的情况下将积极情绪转变为中性或负面，比在井喷的季度将其转变为更加积极要容易得多。</blockquote></p><p> I want to judge Airbnb’s valuation as fairly as possible. The market values future growth for a name like Airbnb, which I agree with. I factor in future growth by looking at multiples over CY23 revenues and the speed of growth between CY20 and CY23 in my comparison. Bulls also like to separate Airbnb from its peers as a category leader, which I don’t agree with. It may be not the same as a hotel, but it sure is a substitute in the eyes of the consumer in the overwhelming majority of cases (for now at least). But I will also compare its multiples and growth expectations to other category leaders to give it the benefit of the doubt.</p><p><blockquote>我想尽可能公平地判断爱彼迎的估值。市场看重爱彼迎这样的名字的未来增长，我同意这一点。在我的比较中，我通过观察 23 财年收入的倍数以及 20 财年和 23 财年之间的增长速度来考虑未来的增长。公牛队还喜欢将爱彼迎与同行区分开来，成为该类别的领导者，我不同意这种观点。它可能和酒店不一样，但在绝大多数情况下（至少现在是这样），在消费者眼中，它肯定是一种替代品。但我也会将其倍数和增长预期与其他类别领导者进行比较，以确信其无罪。</blockquote></p><p> The valuation is rich. For me, Booking Holdings(NASDAQ:BKNG)is a good comparison. Booking also is a travel marketplace with fast growth and a bright future. One might say that Booking is also richly priced as it is well above its peers, but Airbnb is on another level trading at more than double where Booking is despite having similar growth expectations. Booking is more profitable, having EBITDA margins of 14% vs. extremely negative margins of Airbnb (-64%), and is expected to remain significantly more profitable into the future with 37% FY23 expected EBITDA margins vs. 23% for Airbnb. Let’s not forget that rest of these companies are well situated to benefit from the reopening as well, perhaps even more so than Airbnb with hotels gaining back lost share.</p><p><blockquote>估值丰富。对我来说，Booking Holdings（纳斯达克股票代码：BKNG）是一个很好的比较。预订也是一个快速增长、前景光明的旅游市场。有人可能会说，Booking 的定价也很高，因为它远高于同行，但尽管有类似的增长预期，但爱彼迎的交易价格是 Booking 的两倍多。Booking 的利润更高，EBITDA 利润率为 14%，而 Airbnb 的利润率为极低 (-64%)，预计未来利润仍将明显更高，2023财年预计 EBITDA 利润率为 37%，而 Airbnb 为 23%。我们不要忘记，这些公司中的其他公司也有能力从重新开业中受益，甚至可能比爱彼迎的酒店夺回失去的份额还要多。</blockquote></p><p> Sector leader comparison is kinder, but still yields the same result. Here we have DoorDash(NYSE:DASH)as the closest peer in terms of multiples, but is still significantly less expensive despite having a similar growth rate. Uber(NYSE:UBER)for example is another name that will benefit from the reopening due to its mobility and sharing focus, is trading grossly cheaper than Airbnb, while expected to grow at a similar rate.</p><p><blockquote>行业领导者的比较更友好，但仍然产生相同的结果。就倍数而言，我们将 DoorDash（纽约证券交易所股票代码：DASH）视为最接近的同行，但尽管增长率相似，但价格仍然要低得多。例如，优步（纽约证券交易所股票代码：UBER）是另一个因其移动性和共享重点而将从重新开放中受益的品牌，其交易价格远低于爱彼迎，但预计将以类似的速度增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5704bdc5cf32c4889f12fceb24245303\" tg-width=\"640\" tg-height=\"377\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ, author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ，作者分析</span></p></blockquote></p><p> Airbnb is expected to trade much richer than the sector for a long time. I went and looked at when Airbnb’s extremely high multiples would compress enough to reach those of its peers thinking that the higher growth would bring them down quickly. This isn’t the case. With the current enterprise value and consensus, Airbnb will reach Booking’s next twelve-month revenue and EBITDA multiples in 5 years and earnings multiples in 7. Again, let’s not forget that Booking is also growing fast and will also compress its multiples. I see that Airbnb has clearer options to add new revenue streams but a lot of this is clearly in the price today.</p><p><blockquote>预计在很长一段时间内，爱彼迎的贸易将比该行业丰富得多。我去看了看，爱彼迎极高的市盈率何时会压缩到足以让那些认为更高的增长会让他们迅速下跌的同行感受到。事实并非如此。凭借目前的企业价值和共识，爱彼迎将在 5 年内达到 Booking 未来 12 个月的收入和 EBITDA 倍数，在 7 年内达到盈利倍数。同样，我们不要忘记，预订量也在快速增长，同时也会压缩其倍数。我看到爱彼迎有更明确的选择来增加新的收入来源，但其中很多显然已经包含在今天的价格中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ce82fbe26634b44aeb8417204b1ebda\" tg-width=\"413\" tg-height=\"188\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ, author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ，作者分析</span></p></blockquote></p><p> Overall, I see poor risk-reward for the reopening bull thesis of Airbnb. Expectations factor in maybe not all but a good portion of outperformance over the near term. The valuation is high and has a lot of expectations built in. This makes the stock price vulnerable to changes in near-term sentiment despite the long-term nature of these expectations.</p><p><blockquote>总体而言，我认为爱彼迎重新开放牛市论点的风险回报很低。预期可能不是短期内表现优异的全部因素，而是很大一部分因素。估值很高，内置了很多预期。这使得股价容易受到近期情绪变化的影响，尽管这些预期具有长期性。</blockquote></p><p> Interest Rate Sensitivity</p><p><blockquote>利率敏感性</blockquote></p><p> Airbnb is vulnerable to macroeconomic risks. I wrote before on my views on the future of rates and the vulnerability of the growth complex in depth (hereandhere). I expect a bear steepener environment over the coming months, that is rising rates accompanied by a steepening curve. This, if correct, would result in a higher discount factor via a higher risk-free rate. A high risk-free rate will have an outsized effect on fast growth equities with far-out cash flows. Airbnb is amongst the longest duration names with a price to sales multiple of 23x. A higher discount rate would dramatically change the company valuation and, in theory, decrease the stock price.</p><p><blockquote>爱彼迎容易受到宏观经济风险的影响。我之前写过我对利率未来和增长复合体脆弱性的看法（这里和这里）。我预计未来几个月熊市环境将更加陡峭，即利率上升伴随着曲线陡峭。如果这是正确的，这将通过更高的无风险利率导致更高的贴现率。高无风险利率将对现金流丰富的快速增长股票产生巨大影响。爱彼迎是持续时间最长的公司之一，市销率为 23 倍。较高的贴现率将极大地改变公司估值，理论上会降低股价。</blockquote></p><p> <b>Excellent Prospects for the Long Term</b></p><p><blockquote><b>长期前景良好</b></blockquote></p><p></p><p> Despite my unattraction for the near term, Airbnb has a lot going for it. Just the shift from hotels to alternative accommodations alone should boost growth for many years to come. The company is at the beginning of its journey of gaining a significant share out of the massive global lodging market. In addition to this, Airbnb has a lot of initiatives that it can take to create new revenue streams.</p><p><blockquote>尽管我对近期没有吸引力，但爱彼迎有很多优势。仅仅从酒店到替代住宿的转变就应该会在未来许多年内促进增长。该公司正处于从庞大的全球住宿市场获得重要份额的旅程的开始。除此之外，爱彼迎还可以采取许多举措来创造新的收入来源。</blockquote></p><p> The easiest of these are short-term rentals. By short I mean longer than vacation stay, so from about a couple of weeks to a year or so. This is an underserved market for which there is a lot of demand. Expats, project-focused business travelers, students especially ones studying abroad, interns, and long vacationers are all target markets for such a product. It’d be easy for Airbnb to add services in this category as well, as it already has the supply and the marketing capabilities. I expect longer-term rentals to become an important category for Airbnb in the future.</p><p><blockquote>其中最简单的是短期租赁。简而言之，我的意思是比假期停留时间更长，所以从大约几周到一年左右。这是一个服务不足的市场，需求很大。外籍人士、注重项目的商务旅行者、学生尤其是出国留学的学生、实习生和长假者都是这种产品的目标市场。爱彼迎也很容易增加这一类别的服务，因为它已经具备了供应和营销能力。我预计未来长期租赁将成为爱彼迎的一个重要类别。</blockquote></p><p> Airbnb could gain a larger share of value by integrating upstream. Airbnb could host or co-host. It has demand data and financial capabilities which would make it a great investor in properties. Airbnb-hosted properties would resemble private label products sold in chain supermarkets, or on Amazon(NASDAQ:AMZN)for that matter. I doubt that the company would prioritize this as it may push current hosts away, but I’d be surprised if Airbnb didn’t delve into hosting in the future.</p><p><blockquote>爱彼迎可以通过上游整合获得更大的价值份额。爱彼迎可以主办或共同主办。它拥有需求数据和财务能力，这将使它成为房地产的伟大投资者。爱彼迎托管的房产类似于连锁超市或亚马逊（纳斯达克股票代码：AMZN）上销售的自有品牌产品。我怀疑该公司是否会优先考虑这一点，因为这可能会把现有的主机推开，但如果爱彼迎未来不深入研究主机业务，我会感到惊讶。</blockquote></p><p> Airbnb could begin to sell ancillary services. Airbnb could provide cleaning services with its own cleaning crew. Cleaning is a necessity before every booking and could significantly increase monetization. Airbnb could also provide insurance for hosts. One of the main worries of people thinking of becoming hosts is damage to or loss of property. Airbnb has a lot of data on claims and could provide insurance to hosts with an efficient actuary. An insurance offer would also increase the supply of properties as well with more hosts joining the platform.</p><p><blockquote>爱彼迎可以开始销售辅助服务。爱彼迎可以用自己的清洁人员提供清洁服务。每次预订前清洁都是必要的，可以大大增加货币化。爱彼迎还可以为主机提供保险。考虑成为房东的人们的主要担忧之一是财产损失或损坏。爱彼迎有很多关于索赔的数据，可以通过高效的精算师为主机提供保险。随着更多的主机加入该平台，保险优惠也将增加房产的供应。</blockquote></p><p> There are a lot of growth levers that Airbnb could pull but I expect none in the near term. Airbnb has all of its focus on capitalizing on the travel rebound and with 25% fewer employees due to cost cuts it’s unlikely to add new products soon.</p><p><blockquote>爱彼迎可以拉动很多增长杠杆，但我预计短期内不会有任何增长杠杆。爱彼迎的全部精力都放在了利用旅游业的反弹上，由于成本削减，员工人数减少了 25%，因此不太可能很快增加新产品。</blockquote></p><p> <b>Overall the Risk-Reward isn’t Favorable For Me (Today)</b></p><p><blockquote><b>总体而言，风险回报对我不利（今天）</b></blockquote></p><p> I like Airbnb’s operations, track record, and near and short-term prospects. It’s done very well navigating through choppy times and took advantage of the pandemic with agility. I expect Airbnb to see tremendous growth over the near term and to gain a growing share of the hospitality market over the long term.</p><p><blockquote>我喜欢爱彼迎的运营、业绩记录以及近期和短期前景。它很好地度过了动荡时期，并敏捷地利用了大流行病。我预计爱彼迎将在短期内实现巨大增长，并在长期内获得越来越大的酒店市场份额。</blockquote></p><p> However, my expectations of Airbnb seem to be reflected in Street estimates and the company’s valuation. I see high execution risk and a large potential downwards stock reaction to any disappointments but capped upside unless we see blowout quarters. Thus, I am on the sidelines on Airbnb for now.</p><p><blockquote>不过，我对爱彼迎的期望似乎反映在华尔街的估值和公司的估值中。我认为执行风险很高，股票对任何失望都会有很大的潜在下跌反应，但除非我们看到井喷季度，否则上涨空间是有限的。因此，我现在对爱彼迎持观望态度。</blockquote></p><p> <b>How I Could be Wrong Either Way</b></p><p><blockquote><b>我怎么会错呢</b></blockquote></p><p> I always want to give the entire picture in my analysis and in this section, I will try to provide how the stock price could meaningfully move higher or lower from areas I haven’t covered in the article.</p><p><blockquote>我总是想在我的分析中给出全貌，在本节中，我将尝试提供股价如何从我在文章中没有涉及的领域有意义地走高或走低。</blockquote></p><p> The consumer preference between hotels vs. alternate accommodation highly influences Airbnb. The pandemic saw the latter win. It is reasonable to expect an unwind of this trend. I didn’t mention this in my article as I think it will be gradual and the high upcoming demand will overcome the micro move. But my assumption could be wrong, consumers could overwhelmingly prefer hotels which would make life very difficult for Airbnb. Conversely, pandemic choices could remain sticky and Airbnb could keep its pandemic era gains. Consumer preferences of style of stay will be highly decisive for Airbnb in the future.</p><p><blockquote>消费者对酒店和其他住宿的偏好极大地影响了爱彼迎。疫情看到了后者的胜利。有理由预期这一趋势会放缓。我在文章中没有提到这一点，因为我认为这将是一个渐进的过程，即将到来的高需求将战胜微观变动。但我的假设可能是错误的，消费者可能会压倒性地更喜欢酒店，这将使爱彼迎的生活变得非常困难。相反，大流行的选择可能仍然具有粘性，爱彼迎可能会保持其大流行时代的收益。消费者对住宿方式的偏好将对未来的爱彼迎起到决定性作用。</blockquote></p><p> The macroeconomic picture will be another deciding factor. A better than expected reopening demand will be a tide lifts all boats situation, while a subdued one would wreak havoc in the hospitality industry. A prolonged pandemic, especially in a situation with less government aid, would also significantly harm Airbnb prospects. I mentioned that I expected a rising rate environment and that Airbnb valuation would be harmed by it, the vice versa of what I wrote is true. Airbnb would greatly benefit from falling rates all else equal.</p><p><blockquote>宏观经济形势将是另一个决定性因素。好于预期的重新开放需求将是一个提振所有船只的潮汐，而一个被抑制的需求将在酒店业造成严重破坏。长期的疫情，尤其是在政府援助减少的情况下，也将严重损害爱彼迎的前景。我提到，我预计利率环境会上升，爱彼迎估值会受到损害，我所写的恰恰相反。在其他条件相同的情况下，爱彼迎将从利率下降中受益匪浅。</blockquote></p><p></p><p> Profitability will be an area to watch coming out of the pandemic. I already mentioned higher margins going forward. But these margins are still significantly below what is expected of peers (consensus EBITDA margins for CY23: Airbnb 23% vs. TripAdvisor(NASDAQ:TRIP)33%, Booking Holdings 37%). Airbnb could deliver on the upside in an environment of excess demand. Moreover, the low traffic acquisition costs I wrote about may not be in the consensus and could provide an upside. Conversely, some job cuts may have been premature and/or crisis management, and Airbnb could need to regrow its workforce contracting margins back down.</p><p><blockquote>盈利能力将是疫情后一个值得关注的领域。我已经提到了未来更高的利润率。但这些利润率仍远低于同行的预期（2023 财年共识 EBITDA 利润率：爱彼迎 23%，TripAdvisor（纳斯达克股票代码：TRIP）33%，Booking Holdings 37%）。在需求过剩的环境下，爱彼迎可以实现上行。此外，我所写的低流量获取成本可能不在共识范围内，但可能会带来好处。相反，一些裁员可能是过早的和/或危机管理，爱彼迎可能需要重新增加其劳动力合同利润率。</blockquote></p><p> Despite unlikely with the management’s reopening focus and reduced headcount, if Airbnb manages to launch one of the products I’ve mentioned, it will likely be met with a positive reaction. A new revenue stream will cause analysts to reevaluate long-term growth expectations and increase revenue estimates.</p><p><blockquote>尽管管理层不太可能重新开业并减少员工人数，但如果爱彼迎能够推出我提到的产品之一，很可能会得到积极的反响。新的收入流将导致分析师重新评估长期增长预期并提高收入预期。</blockquote></p><p> Let’s not forget about the big risk facing Airbnb, regulation. A lot of cities were pressured to impose regulations on Airbnb pre-pandemic. Regulatory risks clout the future and uncertainty is always a big negative for investors. These issues resurfacing, despite the outcome, could hamper Airbnb stock.</p><p><blockquote>我们不要忘记爱彼迎面临的巨大风险--监管。在疫情之前，许多城市都面临着对爱彼迎实施监管的压力。监管风险影响未来，不确定性对投资者来说始终是一大负面影响。不管结果如何，这些问题重新浮出水面，可能会阻碍爱彼迎股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4458951-airbnb-good-prospects-jeopardized-by-high-expectations\">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":{"ABNB":"爱彼迎"},"source_url":"https://seekingalpha.com/article/4458951-airbnb-good-prospects-jeopardized-by-high-expectations","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157362059","content_text":"Summary\n\nDespite the financial struggles, Airbnb is coming out of the pandemic with brighter long-term prospects than how it went in.\nNow, with the reopening and unwind of pandemic measures, Airbnb will see unprecedented demand.\nNear-term cyclical swing benefits seem to be reflected in Street expectations and company valuation. Airbnb will be penalized severely if it underdelivers.\nDespite the long-term prospects, Airbnb isn’t the company for me today. I see better risk-reward elsewhere.\n\nhocus-focus/iStock Unreleased via Getty Images\nInvestment Thesis\nAirbnb(NASDAQ:ABNB)was a pandemic winner from a long-term perspective. The company will see unprecedented demand over the coming months. It also benefits from secular long-term tailwinds. To cap it all off, it has clear and concrete verticals that it could easily tap to generate new revenue streams.\nHowever, expectations seem to have factored all of these benefits in. The near-term revenue estimates are high and have gotten higher as the reopening picture became clearer. The company's multiple is higher than both industry peers and category leaders, implying high expectations of the future. High expectations and high valuations open the door to large drawdowns from likely disappointments.\nPutting it all together, risks outweigh the rewards for me as I see better reopening plays elsewhere.\nAirbnb is a Reopening Winner Boosted by the Pandemic\nAccommodation providers were among the worst-hit losers of the pandemic. Lockdowns forced people to stay at home. Even without lockdowns, most borders were closed. And even with open borders, people were fearing the virus and didn’t travel. This unprecedented halt in demand truly tested the resiliency of the sector.\nAirbnb, though, managed to capitalize on the pandemic both in the short and long term. Alternate accommodation benefited from closed borders and the inability and risk of long-distance travel as well as from social distancing. Many consumers opted for nearby vacation homes where they could get to safely and didn’t need to interact with other guests or hotel staff. Airbnb, as the leading alternate accommodation player, benefited. Airbnb used 2021 to improve itself and grow its sector. It announced in early 2021 that it was going to educate the world about Airbnb, recruit more hosts, simplify the guest journey, and deliver world-class service. The plan seems to be working as evident in Airbnb’s revenue recovery. The company’s 2021 Q2 revenues were more than the most recent pre-pandemic data point of 2019 Q4 and this is extraordinary given the performance of Airbnb’s peers (all peers significantly below pre-pandemic levels, chart below). The shift to alternate accommodation arising from extraordinary factors was free advertising for Airbnb. Many people that had tried or would not try Airbnb were pushed into being a customer. Those that have had good experiences are likely to return. Airbnb’s pandemic struggles will result in long-term gains thanks to good crisis management.\nSource: CapitalIQ, author analysis\nThe next leg of the pandemic is an unwind of what we’ve seen so far. With vaccination rates rising in the West and case counts inflecting lower, reopening awaits us. The reopening will see massive growth in travel. Consumers have been forced indoors for a year and a half and will make up for the lost time. The pent-up demand combined with the unused vacation days and unspent hotel points and airline miles will boost the travel industry over the coming months.\nOverall spending budgets will be boosted by high accumulated savings. Social distancing has dramatically decreased in-person discretionary spending, while massive government aid increased disposable incomes to bring the personal savings rate to all-time highs. These savings will melt towards discretionary purchases in the coming months and one of the wallet share winners will be travel.\n\nAirbnb is well-positioned to capitalize on the reopening. The company is aware of the potential and its “single priority for 2021 has been to prepare for the travel rebound”. Many consumers will still be afraid of catching the virus despite potentially low case counts and vaccination. Additionally, a significant portion of pre-pandemic hotel preferers will opt for Airbnb. Airbnb will gain a large portion of the larger reopening wallet share. The pandemic-induced habit of using Airbnb will likely linger in the reopening.\nAirbnb will not only be one of the key, but also one of the first beneficiaries of the reopening. Airbnb had a major city and cross-border travel focus before the pandemic of about 50% of revenue. The company’s supply depends on hosts and hosts are in major cities. People traveling to new countries want to see landmark cities. Tourism towards major cities is disproportionally dependent on international travel. Luckily for Airbnb, major cities where we’ve seen the worst of the pandemic and international travel, especially within the West (Airbnb makes ~80% of revenues from North America and EU) will be among the earlier areas to open.\nOne worries whether the supply is a constraint for the reopening as the number of hosts and lodging could be a limiting factor given unprecedented coming demand. But this is unlikely an issue as Airbnb has been growing its supply over the past two years while nights and experiences booked fell. Again, management is aware of the travel rebound and is doing its best to monetize it. While hotels may not be able to work at full capacity due to government mandate and won’t be able to build new rooms, excess capacity will be available at Airbnb as demand comes.\nOverall, despite being hurt financially by the pandemic, Airbnb is a hidden pandemic winner with long-term gains. The company is well situated to be a winner over the short term as well by capitalizing on the upcoming extraordinary travel demand.\nAirbnb Will be a More Profitable Company Going Forward\nAirbnb became a leaner company throughout the pandemic. The company cut 1,900 jobs or 25% of its workforce during the crisis and halted most non-essential spending. These cost-cutting measures should remain sticky and boost long-term profitability. Airbnb may face lower acquisition costs out of the pandemic as well. Brand value of Airbnb grew to become a household name. The company’s services will be the go-to place for travel bookings for many consumers. This will result in lower costs paid to third parties to acquire traffic. The street expects 23% EBITDA margins from the company in 2023, which is much higher than what we’ve seen so far and closer to peers. Airbnb will be more profitable thanks to the pandemic.\nThe Reopening Benefit is Expected\nReopening winners are a key focus for me in the coming months. I see a lot of alpha in buying winners where consensus is lacking behind. This is a good risk-reward trade for me due to the near-term time horizon and the specific catalyst.\nUnfortunately, Airbnb doesn’t seem to be what I’m looking for. If we look at consensus expectations of Airbnb we see that they reflect what I explained above. The market increased Airbnb revenue estimates with expectations of a recovery. Revenue estimates for FY22 increased by 20% since last December. I say increased with expectations of recovery due to the front-load of revisions. The rate of positive revisions declines as further out the estimates go (charts below).\nSource: CapitalIQ, author analysis\n\nSource: CapitalIQ\nConsensus isn’t getting sandbagged here as well. Some companies manage Street expectations by setting the bar low to anchor analyst estimates and then over-deliver, Airbnb doesn’t seem to be one of those companies currently. Analysts were expecting 20% more revenue than the $1.65 bn Airbnb guided towards at the time of guidance and are up to 24% currently for Q3. This is a much larger gap than one would normally see and shows the high expectations of Airbnb.\nSource: CapitalIQ\nThe consensus is aggressive. All the upward revisions have resulted in revenue expectations that are 35%, 80%, and 120% higher than what Airbnb achieved in the last twelve months for FY22, FY23, and FY24 respectively. Airbnb could of course deliver, it is perfectly situated to deliver amazing quarters, but it isn’t the reopening play for me. I see better risk-reward in other reopening winners with much easier bars to clear (see my articles on Ulta(NASDAQ:ULTA),Revolve(NYSE:RVLV), and Square(NYSE:SQ)).\nAirbnb Price is High\nIf Airbnb has depressed multiples, it could deliver even if it falls short of consensus estimates. Conversely, high multiples mean high confidence in future growth and are a broad reflection of positive sentiment. Positive sentiment is generally a disadvantage as it's much easier to turn a positive sentiment neutral or negative with an earnings miss than it is to turn it even more positive with a blowout quarter.\nI want to judge Airbnb’s valuation as fairly as possible. The market values future growth for a name like Airbnb, which I agree with. I factor in future growth by looking at multiples over CY23 revenues and the speed of growth between CY20 and CY23 in my comparison. Bulls also like to separate Airbnb from its peers as a category leader, which I don’t agree with. It may be not the same as a hotel, but it sure is a substitute in the eyes of the consumer in the overwhelming majority of cases (for now at least). But I will also compare its multiples and growth expectations to other category leaders to give it the benefit of the doubt.\nThe valuation is rich. For me, Booking Holdings(NASDAQ:BKNG)is a good comparison. Booking also is a travel marketplace with fast growth and a bright future. One might say that Booking is also richly priced as it is well above its peers, but Airbnb is on another level trading at more than double where Booking is despite having similar growth expectations. Booking is more profitable, having EBITDA margins of 14% vs. extremely negative margins of Airbnb (-64%), and is expected to remain significantly more profitable into the future with 37% FY23 expected EBITDA margins vs. 23% for Airbnb. Let’s not forget that rest of these companies are well situated to benefit from the reopening as well, perhaps even more so than Airbnb with hotels gaining back lost share.\nSector leader comparison is kinder, but still yields the same result. Here we have DoorDash(NYSE:DASH)as the closest peer in terms of multiples, but is still significantly less expensive despite having a similar growth rate. Uber(NYSE:UBER)for example is another name that will benefit from the reopening due to its mobility and sharing focus, is trading grossly cheaper than Airbnb, while expected to grow at a similar rate.\nSource: CapitalIQ, author analysis\nAirbnb is expected to trade much richer than the sector for a long time. I went and looked at when Airbnb’s extremely high multiples would compress enough to reach those of its peers thinking that the higher growth would bring them down quickly. This isn’t the case. With the current enterprise value and consensus, Airbnb will reach Booking’s next twelve-month revenue and EBITDA multiples in 5 years and earnings multiples in 7. Again, let’s not forget that Booking is also growing fast and will also compress its multiples. I see that Airbnb has clearer options to add new revenue streams but a lot of this is clearly in the price today.\nSource: CapitalIQ, author analysis\nOverall, I see poor risk-reward for the reopening bull thesis of Airbnb. Expectations factor in maybe not all but a good portion of outperformance over the near term. The valuation is high and has a lot of expectations built in. This makes the stock price vulnerable to changes in near-term sentiment despite the long-term nature of these expectations.\nInterest Rate Sensitivity\nAirbnb is vulnerable to macroeconomic risks. I wrote before on my views on the future of rates and the vulnerability of the growth complex in depth (hereandhere). I expect a bear steepener environment over the coming months, that is rising rates accompanied by a steepening curve. This, if correct, would result in a higher discount factor via a higher risk-free rate. A high risk-free rate will have an outsized effect on fast growth equities with far-out cash flows. Airbnb is amongst the longest duration names with a price to sales multiple of 23x. A higher discount rate would dramatically change the company valuation and, in theory, decrease the stock price.\nExcellent Prospects for the Long Term\nDespite my unattraction for the near term, Airbnb has a lot going for it. Just the shift from hotels to alternative accommodations alone should boost growth for many years to come. The company is at the beginning of its journey of gaining a significant share out of the massive global lodging market. In addition to this, Airbnb has a lot of initiatives that it can take to create new revenue streams.\nThe easiest of these are short-term rentals. By short I mean longer than vacation stay, so from about a couple of weeks to a year or so. This is an underserved market for which there is a lot of demand. Expats, project-focused business travelers, students especially ones studying abroad, interns, and long vacationers are all target markets for such a product. It’d be easy for Airbnb to add services in this category as well, as it already has the supply and the marketing capabilities. I expect longer-term rentals to become an important category for Airbnb in the future.\nAirbnb could gain a larger share of value by integrating upstream. Airbnb could host or co-host. It has demand data and financial capabilities which would make it a great investor in properties. Airbnb-hosted properties would resemble private label products sold in chain supermarkets, or on Amazon(NASDAQ:AMZN)for that matter. I doubt that the company would prioritize this as it may push current hosts away, but I’d be surprised if Airbnb didn’t delve into hosting in the future.\nAirbnb could begin to sell ancillary services. Airbnb could provide cleaning services with its own cleaning crew. Cleaning is a necessity before every booking and could significantly increase monetization. Airbnb could also provide insurance for hosts. One of the main worries of people thinking of becoming hosts is damage to or loss of property. Airbnb has a lot of data on claims and could provide insurance to hosts with an efficient actuary. An insurance offer would also increase the supply of properties as well with more hosts joining the platform.\nThere are a lot of growth levers that Airbnb could pull but I expect none in the near term. Airbnb has all of its focus on capitalizing on the travel rebound and with 25% fewer employees due to cost cuts it’s unlikely to add new products soon.\nOverall the Risk-Reward isn’t Favorable For Me (Today)\nI like Airbnb’s operations, track record, and near and short-term prospects. It’s done very well navigating through choppy times and took advantage of the pandemic with agility. I expect Airbnb to see tremendous growth over the near term and to gain a growing share of the hospitality market over the long term.\nHowever, my expectations of Airbnb seem to be reflected in Street estimates and the company’s valuation. I see high execution risk and a large potential downwards stock reaction to any disappointments but capped upside unless we see blowout quarters. Thus, I am on the sidelines on Airbnb for now.\nHow I Could be Wrong Either Way\nI always want to give the entire picture in my analysis and in this section, I will try to provide how the stock price could meaningfully move higher or lower from areas I haven’t covered in the article.\nThe consumer preference between hotels vs. alternate accommodation highly influences Airbnb. The pandemic saw the latter win. It is reasonable to expect an unwind of this trend. I didn’t mention this in my article as I think it will be gradual and the high upcoming demand will overcome the micro move. But my assumption could be wrong, consumers could overwhelmingly prefer hotels which would make life very difficult for Airbnb. Conversely, pandemic choices could remain sticky and Airbnb could keep its pandemic era gains. Consumer preferences of style of stay will be highly decisive for Airbnb in the future.\nThe macroeconomic picture will be another deciding factor. A better than expected reopening demand will be a tide lifts all boats situation, while a subdued one would wreak havoc in the hospitality industry. A prolonged pandemic, especially in a situation with less government aid, would also significantly harm Airbnb prospects. I mentioned that I expected a rising rate environment and that Airbnb valuation would be harmed by it, the vice versa of what I wrote is true. Airbnb would greatly benefit from falling rates all else equal.\nProfitability will be an area to watch coming out of the pandemic. I already mentioned higher margins going forward. But these margins are still significantly below what is expected of peers (consensus EBITDA margins for CY23: Airbnb 23% vs. TripAdvisor(NASDAQ:TRIP)33%, Booking Holdings 37%). Airbnb could deliver on the upside in an environment of excess demand. Moreover, the low traffic acquisition costs I wrote about may not be in the consensus and could provide an upside. Conversely, some job cuts may have been premature and/or crisis management, and Airbnb could need to regrow its workforce contracting margins back down.\nDespite unlikely with the management’s reopening focus and reduced headcount, if Airbnb manages to launch one of the products I’ve mentioned, it will likely be met with a positive reaction. A new revenue stream will cause analysts to reevaluate long-term growth expectations and increase revenue estimates.\nLet’s not forget about the big risk facing Airbnb, regulation. A lot of cities were pressured to impose regulations on Airbnb pre-pandemic. Regulatory risks clout the future and uncertainty is always a big negative for investors. These issues resurfacing, despite the outcome, could hamper Airbnb stock.","news_type":1,"symbols_score_info":{"ABNB":0.9}},"isVote":1,"tweetType":1,"viewCount":5582,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":141756703,"gmtCreate":1625894054402,"gmtModify":1633936272055,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141756703","repostId":"1101087642","repostType":4,"isVote":1,"tweetType":1,"viewCount":2723,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159870557,"gmtCreate":1624958536279,"gmtModify":1633946525512,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159870557","repostId":"1150095060","repostType":2,"repost":{"id":"1150095060","kind":"news","pubTimestamp":1624874134,"share":"https://www.laohunote.com/m/news/1150095060?lang=zh_CN&edition=full","pubTime":"2021-06-28 17:55","market":"us","language":"en","title":"US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week<blockquote>美国 IPO 前一周：滴滴在 IPO 第 17 周首次筹集数十亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150095060","media":"Renaissance Capital","summary":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant $DiDi Global Inc.$.DiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.Cybersecurity platform $SentinelOne, Inc$","content":"<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant<b>&nbsp;<a href=\"https://laohu8.com/S/DIDI\">DiDi Global Inc.</a>.</b></p><p><blockquote>由期待已久的中国打车巨头牵头，本周将有 17 家 IPO 预计筹集 91 亿美元<b> <a href=\"https://laohu8.com/S/DIDI\">滴滴全球公司。</a>.</b></blockquote></p><p> <b>DiDi</b>&nbsp;plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.</p><p><blockquote><b>滴滴</b>计划以 675 亿美元的市值筹集 39 亿美元。滴滴是中国占主导地位的打车应用，在 4000 个城镇拥有 1500 万司机。随着业务在大流行后复苏，这家未盈利的公司在2021年第一季度的收入增加了一倍多。新老投资者打算购买 13 亿美元的 IPO。</blockquote></p><p> Cybersecurity platform&nbsp;<b><a href=\"https://laohu8.com/S/S\">SentinelOne, Inc</a></b> plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.</p><p><blockquote>网络安全平台<b><a href=\"https://laohu8.com/S/S\">哨兵龙公司</a></b>计划以82亿美元的市值筹集8.8亿美元。SentinelOne的Singularity平台是一个人工智能驱动的扩展检测和响应平台，可以接收、关联和查询PB级的结构化和非结构化数据，以提供自主网络安全防御。该公司快速增长且无利可图，截至 2021 年 4 月 30 日，该公司拥有超过 4,700 名客户，高于一年前的 2,700 名。</blockquote></p><p> Turkish e-commerce platform&nbsp;<b>D-MARKET Electronic Services &amp; Trading</b>(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.</p><p><blockquote>土耳其电子商务平台<b>D-MARKET 电子服务与交易</b>(HEPS) 计划以 39 亿美元的市值筹集 6.81 亿美元。该公司以Hepsiburada的名义运营，2020年连接了3300万会员、900万活跃客户和约4.5万活跃商户。该公司发展迅速，但2021年第一季度的 EBITDA 为负值。</blockquote></p><p> Doughnut brand&nbsp;<a href=\"https://laohu8.com/S/DNUT\"><b>Krispy Kreme, Inc.</a> </b>plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.</p><p><blockquote>甜甜圈品牌<a href=\"https://laohu8.com/S/DNUT\"><b>克里斯皮奶油公司。</b></a>计划以38亿美元的市值筹集6亿美元。Krispy Kreme是一家全渠道企业，通过甜甜圈店网络、与零售商的合作伙伴关系以及电子商务和送货业务运营。该公司拥有悠久的业绩记录和强大的品牌知名度，尽管其增长战略尚未得到证实。</blockquote></p><p> Legal solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com, Inc</a> </b>plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.</p><p><blockquote>法律解决方案提供商<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com公司</a></b>计划以53亿美元的市值筹集4.88亿美元。LegalZoom表示，它是法律和合规解决方案的领先在线平台，声称2020年美国10%的新有限责任公司和5%的新公司是通过LegalZoom成立的。该公司在2021年第一季度的EBITDA基础上盈利，业务遍及美国所有50个州和3,000多个县。</blockquote></p><p> Identity verification platform&nbsp;<b><a href=\"https://laohu8.com/S/YOU\">Clear Secure, Inc.</a></b> plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.</p><p><blockquote>身份验证平台<b><a href=\"https://laohu8.com/S/YOU\">清晰安全公司。</a></b>计划以 41 亿美元的市值筹集 3.76 亿美元。Clear Secure的安全身份平台用于自动化身份验证过程，主要产品包括消费者航空订阅服务Clear Plus和两个移动应用程序。截至2021年5月31日，Clear Secure的网络包括38个机场、26个体育和娱乐合作伙伴以及67个支持健康通行证的合作伙伴。</blockquote></p><p> Chinese grocery delivery platform&nbsp;<b><a href=\"https://laohu8.com/S/DDL\">Dingdong (Cayman) Limited</a> </b>plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.</p><p><blockquote>中国杂货配送平台<b><a href=\"https://laohu8.com/S/DDL\">叮咚（开曼）有限公司</a></b>计划以 60 亿美元的市值筹集 3.43 亿美元。以生鲜杂货为核心产品类别，叮咚自称是中国发展最快的按需电商公司。该公司未盈利但呈爆炸式增长，2020年按GMV计算，该公司在按需电子商务市场的份额为10%。</blockquote></p><p> SaaS solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce Inc.</a></b> plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness &amp; Wellness Services.</p><p><blockquote>SaaS解决方案提供商<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce公司。</a></b>计划以34亿美元的市值筹集3.25亿美元。EverCommerce是为基于服务的中小型企业提供集成、垂直定制的SaaS解决方案的领先提供商。该公司在三个核心垂直领域为超过500,000名客户提供服务：家庭服务、健康服务以及健身和健康服务。</blockquote></p><p> Software provider&nbsp;<b><a href=\"https://laohu8.com/S/INTA\">Intapp, Inc.</a> </b>plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.</p><p><blockquote>软件提供商<b><a href=\"https://laohu8.com/S/INTA\">因塔普公司。</a></b>计划以 19 亿美元的市值筹集 2.78 亿美元。Intapp为全球专业和金融服务行业提供特定于行业的、基于云的软件解决方案。截至 2021 年 3 月 31 日，该公司拥有 1,600 多家客户，目前有 20 多家客户的合同金额超过 100 万美元。</blockquote></p><p> Online manufacturing marketplace&nbsp;<b><a href=\"https://laohu8.com/S/XMTR\">Xometry, Inc.</a></b> plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.</p><p><blockquote>在线制造市场<b><a href=\"https://laohu8.com/S/XMTR\">Xometry公司。</a></b>计划以 19 亿美元的市值筹集 2.75 亿美元。Xometry 表示，它是按需制造的领先人工智能市场。其买家包括从自筹资金的初创企业到财富100强公司的企业。自成立以来，已通过 Xometry 平台制造了超过 600 万个零件。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/IAS\">Integral Ad Science Holding LLC</a> </b>plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.</p><p><blockquote><b><a href=\"https://laohu8.com/S/IAS\">综合广告科学控股有限责任公司</a></b>计划以 25 亿美元的市值筹集 2.4 亿美元。该公司的技术提供的指标旨在验证数字广告是否提供给真实的人，是否可以在屏幕上看到，是否出现在品牌安全和合适的环境中，出现在正确的地理位置。截至 2021 年 3 月 31 日，Integral Ad Science 以息税前利润为基础，为 2,000 多名客户提供服务。</blockquote></p><p></p><p> Plus-sized women’s apparel brand&nbsp;<b><a href=\"https://laohu8.com/S/CURV\">Torrid Holdings</a> </b>plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.</p><p><blockquote>大码女装品牌<b><a href=\"https://laohu8.com/S/CURV\">托里德控股</a></b>计划以 21 亿美元的市值筹集 1.56 亿美元。按净销售额计算，Torrid是北美最大的直接面向消费者的女式大码服装和内衣品牌。这家盈利的公司通过实体店及其电子商务平台直接向消费者进行营销，这占截至 2021 年 5 月 1 日 12 个月销售额的大部分。</blockquote></p><p> Alzheimer’s biotech&nbsp;<b><a href=\"https://laohu8.com/S/ABOS\">Acumen Pharmaceuticals, Inc.</a></b> plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.</p><p><blockquote>阿尔茨海默病生物技术<b><a href=\"https://laohu8.com/S/ABOS\">敏锐制药公司。</a></b>计划以 6.07 亿美元的市值筹集 1.25 亿美元。该公司的主要候选药物 ACU193 是一种选择性靶向淀粉样蛋白 β 寡聚体的人源化单克隆抗体。ACU193在2021年第二季度针对轻度痴呆或AD导致的认知障碍患者进行了1期试验，数据预计将于2022年底公布。</blockquote></p><p> Digital financial services provider&nbsp;<b>AMTD Digital</b>(<a href=\"https://laohu8.com/S/HKD\">$(HKD)$</a>) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.</p><p><blockquote>数字金融服务提供商<b>尚乘数码</b>(<a href=\"https://laohu8.com/S/HKD\">$(港元)$</a>) 计划以 14 亿美元的市值筹集 1.2 亿美元。尚乘数字表示，它是尚乘蜘蛛网生态系统核心的“聚变反应堆”，在亚洲运营着一个全面的数字解决方案平台。该公司实现了爆炸式增长，盈利能力主要来自两项业务的费用和佣金。</blockquote></p><p> Drug formulation developer&nbsp;<b>Aerovate Therapeutics</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.</p><p><blockquote>药物制剂开发商<b>Aerovate疗法</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) 计划以 3.25 亿美元的市值筹集 1 亿美元。Aerovate 最初的重点是推进 AV-101，这是一种伊马替尼的干粉吸入制剂，用于治疗肺动脉高压 (PAH)。该公司已经在健康志愿者中完成了一项1期研究，并预计在2H21开始在PAH患者中进行2b/3期试验。</blockquote></p><p> Neuromodulation device provider<b>&nbsp;<a href=\"https://laohu8.com/S/CVRX\">CVRx Inc</a> </b>plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.</p><p><blockquote>神经调节装置提供者<b> <a href=\"https://laohu8.com/S/CVRX\">CVRx公司</a></b>计划以 3.33 亿美元的市值筹集 1 亿美元。CVRx在其专有的BAROSTIM平台上制造和销售其微创神经调节解决方案。该公司表示，其 BAROSTEM NEO 产品是第一个也是唯一一个商业化的神经调节设备，可改善射血分数降低的心力衰竭患者的症状。</blockquote></p><p> Belgium-listed&nbsp;<b>Nyxoah</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.</p><p><blockquote>比利时上市<b>尼克索阿</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>）计划以 8.03 亿美元的市值筹集 8700 万美元。Nyxoah的主导产品是Genio系统，这是一种带有CE标志的微创舌下神经刺激疗法，用于治疗阻塞性睡眠呼吸暂停。该公司于2020年7月开始从欧洲的Genio获得收入，目前正在进行一项旨在支持美国营销授权的关键试验。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/58f28d5f7f3b8e686c0bd006c2968b99\" tg-width=\"1131\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/508f1118f1d92b2b76391bc3610bd6c4\" tg-width=\"1131\" tg-height=\"657\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ed04cd42fa30b460fcf67e07efa6ddc7\" tg-width=\"1130\" tg-height=\"166\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&amp;P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月24日，文艺复兴IPO指数年初至今上涨2.7%，而标普500上涨13.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 1.5%，而 ACWX 指数上涨 10.3%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Smoore International 和 EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week<blockquote>美国 IPO 前一周：滴滴在 IPO 第 17 周首次筹集数十亿美元</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\">\nUS IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week<blockquote>美国 IPO 前一周：滴滴在 IPO 第 17 周首次筹集数十亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-28 17:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant<b>&nbsp;<a href=\"https://laohu8.com/S/DIDI\">DiDi Global Inc.</a>.</b></p><p><blockquote>由期待已久的中国打车巨头牵头，本周将有 17 家 IPO 预计筹集 91 亿美元<b> <a href=\"https://laohu8.com/S/DIDI\">滴滴全球公司。</a>.</b></blockquote></p><p> <b>DiDi</b>&nbsp;plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.</p><p><blockquote><b>滴滴</b>计划以 675 亿美元的市值筹集 39 亿美元。滴滴是中国占主导地位的打车应用，在 4000 个城镇拥有 1500 万司机。随着业务在大流行后复苏，这家未盈利的公司在2021年第一季度的收入增加了一倍多。新老投资者打算购买 13 亿美元的 IPO。</blockquote></p><p> Cybersecurity platform&nbsp;<b><a href=\"https://laohu8.com/S/S\">SentinelOne, Inc</a></b> plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.</p><p><blockquote>网络安全平台<b><a href=\"https://laohu8.com/S/S\">哨兵龙公司</a></b>计划以82亿美元的市值筹集8.8亿美元。SentinelOne的Singularity平台是一个人工智能驱动的扩展检测和响应平台，可以接收、关联和查询PB级的结构化和非结构化数据，以提供自主网络安全防御。该公司快速增长且无利可图，截至 2021 年 4 月 30 日，该公司拥有超过 4,700 名客户，高于一年前的 2,700 名。</blockquote></p><p> Turkish e-commerce platform&nbsp;<b>D-MARKET Electronic Services &amp; Trading</b>(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.</p><p><blockquote>土耳其电子商务平台<b>D-MARKET 电子服务与交易</b>(HEPS) 计划以 39 亿美元的市值筹集 6.81 亿美元。该公司以Hepsiburada的名义运营，2020年连接了3300万会员、900万活跃客户和约4.5万活跃商户。该公司发展迅速，但2021年第一季度的 EBITDA 为负值。</blockquote></p><p> Doughnut brand&nbsp;<a href=\"https://laohu8.com/S/DNUT\"><b>Krispy Kreme, Inc.</a> </b>plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.</p><p><blockquote>甜甜圈品牌<a href=\"https://laohu8.com/S/DNUT\"><b>克里斯皮奶油公司。</b></a>计划以38亿美元的市值筹集6亿美元。Krispy Kreme是一家全渠道企业，通过甜甜圈店网络、与零售商的合作伙伴关系以及电子商务和送货业务运营。该公司拥有悠久的业绩记录和强大的品牌知名度，尽管其增长战略尚未得到证实。</blockquote></p><p> Legal solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com, Inc</a> </b>plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.</p><p><blockquote>法律解决方案提供商<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com公司</a></b>计划以53亿美元的市值筹集4.88亿美元。LegalZoom表示，它是法律和合规解决方案的领先在线平台，声称2020年美国10%的新有限责任公司和5%的新公司是通过LegalZoom成立的。该公司在2021年第一季度的EBITDA基础上盈利，业务遍及美国所有50个州和3,000多个县。</blockquote></p><p> Identity verification platform&nbsp;<b><a href=\"https://laohu8.com/S/YOU\">Clear Secure, Inc.</a></b> plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.</p><p><blockquote>身份验证平台<b><a href=\"https://laohu8.com/S/YOU\">清晰安全公司。</a></b>计划以 41 亿美元的市值筹集 3.76 亿美元。Clear Secure的安全身份平台用于自动化身份验证过程，主要产品包括消费者航空订阅服务Clear Plus和两个移动应用程序。截至2021年5月31日，Clear Secure的网络包括38个机场、26个体育和娱乐合作伙伴以及67个支持健康通行证的合作伙伴。</blockquote></p><p> Chinese grocery delivery platform&nbsp;<b><a href=\"https://laohu8.com/S/DDL\">Dingdong (Cayman) Limited</a> </b>plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.</p><p><blockquote>中国杂货配送平台<b><a href=\"https://laohu8.com/S/DDL\">叮咚（开曼）有限公司</a></b>计划以 60 亿美元的市值筹集 3.43 亿美元。以生鲜杂货为核心产品类别，叮咚自称是中国发展最快的按需电商公司。该公司未盈利但呈爆炸式增长，2020年按GMV计算，该公司在按需电子商务市场的份额为10%。</blockquote></p><p> SaaS solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce Inc.</a></b> plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness &amp; Wellness Services.</p><p><blockquote>SaaS解决方案提供商<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce公司。</a></b>计划以34亿美元的市值筹集3.25亿美元。EverCommerce是为基于服务的中小型企业提供集成、垂直定制的SaaS解决方案的领先提供商。该公司在三个核心垂直领域为超过500,000名客户提供服务：家庭服务、健康服务以及健身和健康服务。</blockquote></p><p> Software provider&nbsp;<b><a href=\"https://laohu8.com/S/INTA\">Intapp, Inc.</a> </b>plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.</p><p><blockquote>软件提供商<b><a href=\"https://laohu8.com/S/INTA\">因塔普公司。</a></b>计划以 19 亿美元的市值筹集 2.78 亿美元。Intapp为全球专业和金融服务行业提供特定于行业的、基于云的软件解决方案。截至 2021 年 3 月 31 日，该公司拥有 1,600 多家客户，目前有 20 多家客户的合同金额超过 100 万美元。</blockquote></p><p> Online manufacturing marketplace&nbsp;<b><a href=\"https://laohu8.com/S/XMTR\">Xometry, Inc.</a></b> plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.</p><p><blockquote>在线制造市场<b><a href=\"https://laohu8.com/S/XMTR\">Xometry公司。</a></b>计划以 19 亿美元的市值筹集 2.75 亿美元。Xometry 表示，它是按需制造的领先人工智能市场。其买家包括从自筹资金的初创企业到财富100强公司的企业。自成立以来，已通过 Xometry 平台制造了超过 600 万个零件。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/IAS\">Integral Ad Science Holding LLC</a> </b>plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.</p><p><blockquote><b><a href=\"https://laohu8.com/S/IAS\">综合广告科学控股有限责任公司</a></b>计划以 25 亿美元的市值筹集 2.4 亿美元。该公司的技术提供的指标旨在验证数字广告是否提供给真实的人，是否可以在屏幕上看到，是否出现在品牌安全和合适的环境中，出现在正确的地理位置。截至 2021 年 3 月 31 日，Integral Ad Science 以息税前利润为基础，为 2,000 多名客户提供服务。</blockquote></p><p></p><p> Plus-sized women’s apparel brand&nbsp;<b><a href=\"https://laohu8.com/S/CURV\">Torrid Holdings</a> </b>plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.</p><p><blockquote>大码女装品牌<b><a href=\"https://laohu8.com/S/CURV\">托里德控股</a></b>计划以 21 亿美元的市值筹集 1.56 亿美元。按净销售额计算，Torrid是北美最大的直接面向消费者的女式大码服装和内衣品牌。这家盈利的公司通过实体店及其电子商务平台直接向消费者进行营销，这占截至 2021 年 5 月 1 日 12 个月销售额的大部分。</blockquote></p><p> Alzheimer’s biotech&nbsp;<b><a href=\"https://laohu8.com/S/ABOS\">Acumen Pharmaceuticals, Inc.</a></b> plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.</p><p><blockquote>阿尔茨海默病生物技术<b><a href=\"https://laohu8.com/S/ABOS\">敏锐制药公司。</a></b>计划以 6.07 亿美元的市值筹集 1.25 亿美元。该公司的主要候选药物 ACU193 是一种选择性靶向淀粉样蛋白 β 寡聚体的人源化单克隆抗体。ACU193在2021年第二季度针对轻度痴呆或AD导致的认知障碍患者进行了1期试验，数据预计将于2022年底公布。</blockquote></p><p> Digital financial services provider&nbsp;<b>AMTD Digital</b>(<a href=\"https://laohu8.com/S/HKD\">$(HKD)$</a>) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.</p><p><blockquote>数字金融服务提供商<b>尚乘数码</b>(<a href=\"https://laohu8.com/S/HKD\">$(港元)$</a>) 计划以 14 亿美元的市值筹集 1.2 亿美元。尚乘数字表示，它是尚乘蜘蛛网生态系统核心的“聚变反应堆”，在亚洲运营着一个全面的数字解决方案平台。该公司实现了爆炸式增长，盈利能力主要来自两项业务的费用和佣金。</blockquote></p><p> Drug formulation developer&nbsp;<b>Aerovate Therapeutics</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.</p><p><blockquote>药物制剂开发商<b>Aerovate疗法</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) 计划以 3.25 亿美元的市值筹集 1 亿美元。Aerovate 最初的重点是推进 AV-101，这是一种伊马替尼的干粉吸入制剂，用于治疗肺动脉高压 (PAH)。该公司已经在健康志愿者中完成了一项1期研究，并预计在2H21开始在PAH患者中进行2b/3期试验。</blockquote></p><p> Neuromodulation device provider<b>&nbsp;<a href=\"https://laohu8.com/S/CVRX\">CVRx Inc</a> </b>plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.</p><p><blockquote>神经调节装置提供者<b> <a href=\"https://laohu8.com/S/CVRX\">CVRx公司</a></b>计划以 3.33 亿美元的市值筹集 1 亿美元。CVRx在其专有的BAROSTIM平台上制造和销售其微创神经调节解决方案。该公司表示，其 BAROSTEM NEO 产品是第一个也是唯一一个商业化的神经调节设备，可改善射血分数降低的心力衰竭患者的症状。</blockquote></p><p> Belgium-listed&nbsp;<b>Nyxoah</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.</p><p><blockquote>比利时上市<b>尼克索阿</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>）计划以 8.03 亿美元的市值筹集 8700 万美元。Nyxoah的主导产品是Genio系统，这是一种带有CE标志的微创舌下神经刺激疗法，用于治疗阻塞性睡眠呼吸暂停。该公司于2020年7月开始从欧洲的Genio获得收入，目前正在进行一项旨在支持美国营销授权的关键试验。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/58f28d5f7f3b8e686c0bd006c2968b99\" tg-width=\"1131\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/508f1118f1d92b2b76391bc3610bd6c4\" tg-width=\"1131\" tg-height=\"657\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ed04cd42fa30b460fcf67e07efa6ddc7\" tg-width=\"1130\" tg-height=\"166\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&amp;P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2021年6月24日，文艺复兴IPO指数年初至今上涨2.7%，而标普500上涨13.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 1.5%，而 ACWX 指数上涨 10.3%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Smoore International 和 EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week\">Renaissance Capital</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":{"DNUT":"Krispy Kreme, Inc.","S":"SentinelOne, Inc","HEPS":"D-MARKET Electronic Services & Trading","XMTR":"Xometry, Inc.","LZ":"LegalZoom.com, Inc","ABOS":"Acumen Pharmaceuticals, Inc.","CURV":"Torrid Holdings","DDL":"叮咚买菜","INTA":"Intapp, Inc.","YOU":"Clear Secure, Inc.","DIDI":"滴滴(已退市)","CVRX":"CVRx, Inc.","EVCM":"EverCommerce Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150095060","content_text":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant DiDi Global Inc..\nDiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.\nCybersecurity platform SentinelOne, Inc plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.\nTurkish e-commerce platform D-MARKET Electronic Services & Trading(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.\nDoughnut brand Krispy Kreme, Inc. plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.\nLegal solutions provider LegalZoom.com, Inc plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.\nIdentity verification platform Clear Secure, Inc. plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.\nChinese grocery delivery platform Dingdong (Cayman) Limited plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.\nSaaS solutions provider EverCommerce Inc. plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness & Wellness Services.\nSoftware provider Intapp, Inc. plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.\nOnline manufacturing marketplace Xometry, Inc. plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.\nIntegral Ad Science Holding LLC plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.\nPlus-sized women’s apparel brand Torrid Holdings plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.\nAlzheimer’s biotech Acumen Pharmaceuticals, Inc. plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.\nDigital financial services provider AMTD Digital($(HKD)$) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.\nDrug formulation developer Aerovate Therapeutics($(AVTE)$) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.\nNeuromodulation device provider CVRx Inc plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.\nBelgium-listed Nyxoah($(NYXH)$) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1,"symbols_score_info":{"HKIB":0.9,"IAS":0.9,"ABOS":0.9,"S":0.9,"CURV":0.9,"YOU":0.9,"CVRX":0.9,"DDL":0.9,"EVCM":0.9,"XMTR":0.9,"DNUT":0.9,"INTA":0.9,"DIDI":0.9,"HEPS":0.9,"LZ":0.9}},"isVote":1,"tweetType":1,"viewCount":604,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167620626,"gmtCreate":1624266213165,"gmtModify":1634008686784,"author":{"id":"3574941433887716","authorId":"3574941433887716","name":"CFloe","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574941433887716","authorIdStr":"3574941433887716"},"themes":[],"title":"","htmlText":"Great!&nbsp;","listText":"Great!&nbsp;","text":"Great!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167620626","repostId":"2145086044","repostType":4,"repost":{"id":"2145086044","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1624263746,"share":"https://www.laohunote.com/m/news/2145086044?lang=zh_CN&edition=full","pubTime":"2021-06-21 16:22","market":"us","language":"en","title":"5 Stocks To Watch For June 21, 2021<blockquote>2021 年 6 月 21 日值得关注的 5 只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2145086044","media":"Benzinga Earnings","summary":"Some of the stocks that may grab investor focus today are:","content":"<p>Some of the stocks that may grab investor focus today are:</p><p><blockquote>今天可能吸引投资者关注的一些股票是：</blockquote></p><p> <ul>  <li><b>Amazon.com, Inc. </b> (NASDAQ:AMZN) will remain in focus with the company’s two-day Prime shopping event beginning today. Amazon Prime Day was first observed on July 15, 2015, in celebration of the company’s 20th anniversary. Amazon shares slipped 0.1% to settle at $3,486.90 on Friday.</li>  <li><b>Pfizer Inc </b>(NYSE:PFE) COVID-19 vaccine received provisional approval for use in the age group 12 to 15 from New Zealand's medical regulator, Stuff reported. Pfizer shares fell 0.3% to close at $38.70 on Friday.</li>  <li><b>Orphazyme A S ADR </b>(NASDAQ:ORPH) shares dipped around 50% on Friday after the company announced it received a Complete Response Letter from the FDA for its treatment for Niemann-Pick Disease Type C and also cut its FY2021 outlook. Orphazyme shares tumbled 49.7% to close at $7.33 on Friday.</li>  <li><b>Globus Maritime Ltd </b>(NASDAQ:GLBS) reported total comprehensive loss of $0.8 million for the first quarter, compared to $9 million loss in the year-ago period. Its voyage revenues surged to $5.2 million from $2.3 million. Globus Maritime shares gained 0.8% to close at $5.06 on Friday.</li>  <li><b>Beigene Ltd </b>(NASDAQ:BGNE) disclosed that BRUKINSA received an approval from the China National Medical Products Administration for the treatment of adult patients with relapsed or refractory Waldenström’s macroglobulinemia. Beigene shares dropped 2.2% to settle at $321.81 on Friday.</li> </ul></p><p><blockquote><ul><li><b>亚马逊公司。</b>(纳斯达克股票代码：AMZN）将继续成为该公司为期两天的 Prime 购物活动的焦点。亚马逊 Prime Day 于 2015 年 7 月 15 日首次举办，以庆祝公司成立 20 周年。亚马逊股价周五下跌 0.1%，收于 3,486.90 美元。</li><li><b>辉瑞公司</b>据 Stuff 报道，（纽约证券交易所股票代码：PFE）COVID-19 疫苗已获得新西兰医疗监管机构的临时批准，可在 12 至 15 岁年龄段使用。辉瑞股价周五下跌 0.3%，收于 38.70 美元。</li><li><b>Orphazyme As ADR</b>（纳斯达克股票代码：ORPH）周五股价下跌约 50%，此前该公司宣布收到 FDA 对其治疗 C 型尼曼匹克病的完整回复信，并下调了 2021 财年展望。Orphazyme 股价周五暴跌 49.7%，收于 7.33 美元。</li><li><b>环球海事有限公司</b>（纳斯达克股票代码：GLBS）报告第一季度综合亏损总额为 80 万美元，而去年同期亏损 900 万美元。其航行收入从 230 万美元飙升至 520 万美元。Globus Maritime 股价周五上涨 0.8%，收于 5.06 美元。</li><li><b>百济神州有限公司</b>（纳斯达克股票代码：BGNE）披露，BRUKINSA获得中国国家药品监督管理局批准，用于治疗复发或难治性Waldenström巨球蛋白血症成人患者。百济神州股价周五下跌 2.2%，收于 321.81 美元。</li></ul></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>5 Stocks To Watch For June 21, 2021<blockquote>2021 年 6 月 21 日值得关注的 5 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\">\n5 Stocks To Watch For June 21, 2021<blockquote>2021 年 6 月 21 日值得关注的 5 只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-06-21 16:22</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Some of the stocks that may grab investor focus today are:</p><p><blockquote>今天可能吸引投资者关注的一些股票是：</blockquote></p><p> <ul>  <li><b>Amazon.com, Inc. </b> (NASDAQ:AMZN) will remain in focus with the company’s two-day Prime shopping event beginning today. Amazon Prime Day was first observed on July 15, 2015, in celebration of the company’s 20th anniversary. Amazon shares slipped 0.1% to settle at $3,486.90 on Friday.</li>  <li><b>Pfizer Inc </b>(NYSE:PFE) COVID-19 vaccine received provisional approval for use in the age group 12 to 15 from New Zealand's medical regulator, Stuff reported. Pfizer shares fell 0.3% to close at $38.70 on Friday.</li>  <li><b>Orphazyme A S ADR </b>(NASDAQ:ORPH) shares dipped around 50% on Friday after the company announced it received a Complete Response Letter from the FDA for its treatment for Niemann-Pick Disease Type C and also cut its FY2021 outlook. Orphazyme shares tumbled 49.7% to close at $7.33 on Friday.</li>  <li><b>Globus Maritime Ltd </b>(NASDAQ:GLBS) reported total comprehensive loss of $0.8 million for the first quarter, compared to $9 million loss in the year-ago period. Its voyage revenues surged to $5.2 million from $2.3 million. Globus Maritime shares gained 0.8% to close at $5.06 on Friday.</li>  <li><b>Beigene Ltd </b>(NASDAQ:BGNE) disclosed that BRUKINSA received an approval from the China National Medical Products Administration for the treatment of adult patients with relapsed or refractory Waldenström’s macroglobulinemia. Beigene shares dropped 2.2% to settle at $321.81 on Friday.</li> </ul></p><p><blockquote><ul><li><b>亚马逊公司。</b>(纳斯达克股票代码：AMZN）将继续成为该公司为期两天的 Prime 购物活动的焦点。亚马逊 Prime Day 于 2015 年 7 月 15 日首次举办，以庆祝公司成立 20 周年。亚马逊股价周五下跌 0.1%，收于 3,486.90 美元。</li><li><b>辉瑞公司</b>据 Stuff 报道，（纽约证券交易所股票代码：PFE）COVID-19 疫苗已获得新西兰医疗监管机构的临时批准，可在 12 至 15 岁年龄段使用。辉瑞股价周五下跌 0.3%，收于 38.70 美元。</li><li><b>Orphazyme As ADR</b>（纳斯达克股票代码：ORPH）周五股价下跌约 50%，此前该公司宣布收到 FDA 对其治疗 C 型尼曼匹克病的完整回复信，并下调了 2021 财年展望。Orphazyme 股价周五暴跌 49.7%，收于 7.33 美元。</li><li><b>环球海事有限公司</b>（纳斯达克股票代码：GLBS）报告第一季度综合亏损总额为 80 万美元，而去年同期亏损 900 万美元。其航行收入从 230 万美元飙升至 520 万美元。Globus Maritime 股价周五上涨 0.8%，收于 5.06 美元。</li><li><b>百济神州有限公司</b>（纳斯达克股票代码：BGNE）披露，BRUKINSA获得中国国家药品监督管理局批准，用于治疗复发或难治性Waldenström巨球蛋白血症成人患者。百济神州股价周五下跌 2.2%，收于 321.81 美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GLBS":"Globus Maritime Limited","03086":"华夏纳指","AMZN":"亚马逊","09086":"华夏纳指-U","QNETCN":"纳斯达克中美互联网老虎指数","PFE":"辉瑞"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145086044","content_text":"Some of the stocks that may grab investor focus today are:\n\nAmazon.com, Inc.  (NASDAQ:AMZN) will remain in focus with the company’s two-day Prime shopping event beginning today. Amazon Prime Day was first observed on July 15, 2015, in celebration of the company’s 20th anniversary. Amazon shares slipped 0.1% to settle at $3,486.90 on Friday.\nPfizer Inc (NYSE:PFE) COVID-19 vaccine received provisional approval for use in the age group 12 to 15 from New Zealand's medical regulator, Stuff reported. Pfizer shares fell 0.3% to close at $38.70 on Friday.\nOrphazyme A S ADR (NASDAQ:ORPH) shares dipped around 50% on Friday after the company announced it received a Complete Response Letter from the FDA for its treatment for Niemann-Pick Disease Type C and also cut its FY2021 outlook. Orphazyme shares tumbled 49.7% to close at $7.33 on Friday.\nGlobus Maritime Ltd (NASDAQ:GLBS) reported total comprehensive loss of $0.8 million for the first quarter, compared to $9 million loss in the year-ago period. Its voyage revenues surged to $5.2 million from $2.3 million. Globus Maritime shares gained 0.8% to close at $5.06 on Friday.\nBeigene Ltd (NASDAQ:BGNE) disclosed that BRUKINSA received an approval from the China National Medical Products Administration for the treatment of adult patients with relapsed or refractory Waldenström’s macroglobulinemia. Beigene shares dropped 2.2% to settle at $321.81 on Friday.","news_type":1,"symbols_score_info":{"GLBS":0.9,"ORPH":0.9,"QNETCN":0.9,"09086":0.9,"PFE":0.9,"03086":0.9,"BGNE":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}