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ysg

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2021-07-14

okayyy

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2021-07-13

😌😌😌😌

2021-07-13

🤙🤙🤙🤙🤙

Orbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.<blockquote>Orbsat Corp股价在早盘交易中上涨近100%，该公司的全球Telesat通信部门被批准为阿里巴巴-SW金牌供应商。</blockquote>

2021-07-02

awesome

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2021-07-02

$Alibaba(BABA)$[傲娇] [傲娇] [傲娇]

2021-07-01

$Alibaba(BABA)$[流泪] [流泪] [流泪] [流泪]

2021-06-30

so sad...

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2021-06-30

$Starbucks(SBUX)$[流泪] [流泪] [流泪]

2021-06-30

commentedddd

Aerovate Therapeutics IPO: What awaits the biotech firm after market debut?<blockquote>Aerovate Therapeutics IPO：上市后等待这家生物技术公司的是什么？</blockquote>

2021-06-29

okayyyy

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2021-06-28

okayy

Boeing 777X May Not Get OK'd Until 2023: FAA<blockquote>FAA：波音777X可能要到2023年才能获得批准</blockquote>

2021-06-28

awesome

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2021-06-28

$Muscle Maker, Inc.(GRIL)$:(

2021-06-28

nice

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2021-06-28

ya

Amazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</blockquote>

2021-06-26

yeahhhhh

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2021-06-26

awesome!

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2021-06-26

awesome!

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2021-06-26

👍👍

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stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626183960,"share":"https://www.laohu8.com/m/news/1152442565?lang=zh_CN&edition=full","pubTime":"2021-07-13 21:46","market":"us","language":"en","title":"Orbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.<blockquote>Orbsat Corp股价在早盘交易中上涨近100%，该公司的全球Telesat通信部门被批准为阿里巴巴-SW金牌供应商。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152442565","media":"Tiger Newspress","summary":"Orbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications","content":"<p>Orbsat Corp&nbsp;shares&nbsp;jumps&nbsp;nearly&nbsp;100%&nbsp;in&nbsp;early&nbsp;trading,as&nbsp;the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.</p><p><blockquote>Orbsat Corp股价在早盘交易中上涨近100%，该公司的全球Telesat通信部门被批准为阿里巴巴-SW金牌供应商。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/df700e33a39e4c926a5f47fe2917a75c\" tg-width=\"1286\" tg-height=\"602\" referrerpolicy=\"no-referrer\">Orbsat Corp, a global provider of IoT and connectivity solutions through next-generation satellite technology, today announced that its Global Telesat Communications (GTC) unit has entered into an agreement with Alibaba.com, the B2B (Business-to-Business) e-commerce website owned and operated by Alibaba Group Holding Limited, also known as Alibaba Group (NYSE: BABA; HKEX: 9988), a Chinese multinational technology company specializing in e-commerce, retail, internet, and technology. GTC will be a Gold- Supplier on Alibaba.com, the world's largest Business-to-Business (B2B) e-commerce website.</p><p><blockquote>通过下一代卫星技术提供物联网和连接解决方案的全球提供商Orbsat Corp今天宣布，其全球Telesat Communications(GTC)部门已与B2B（企业对企业）阿里巴巴达成协议电子商务网站由阿里巴巴-SW集团控股有限公司（又称阿里巴巴-SW集团（纽约证券交易所代码：BABA；香港交易所代码：9988）拥有和运营，是一家专注于电子商务、零售、互联网和技术的中国跨国科技公司。GTC将成为全球最大的企业对企业(B2B)电子商务网站Alibaba.com的金牌供应商。</blockquote></p><p> \"With our launch on Alibaba.com, the world's largest B2B platform, we are significantly accelerating our global expansion plans, expanding, and deepening our e-commerce reach into nearly every country. This will allow us to better serve the needs of our enterprise customers across the world,\" said Charles M. Fernandez, Chairman and CEO of Orbsat. \"There has been explosive growth in online shopping due to the pandemic as businesses and consumers around the world embrace e-commerce. Long-term, we believe that e-commerce will be the preferred channel for businesses and consumers seeking to research and purchase our satellite IoT and connectivity products and services. We also intend to secure new integration alliances including joint commerce structures with additional connectivity partners such as those in the CubeSat space which can leverage our expanded e-commerce platforms and ground station-based infrastructure.\"</p><p><blockquote>Orbsat董事长兼首席执行官Charles M.Fernandez表示：“随着我们在全球最大的B2B平台Alibaba.com上的推出，我们正在显着加快我们的全球扩张计划，扩大和深化我们的电子商务覆盖几乎每个国家。这将使我们能够更好地满足全球企业客户的需求。”“由于疫情，随着世界各地的企业和消费者接受电子商务，在线购物出现了爆炸性增长。从长远来看，我们相信电子商务将成为寻求研究和购买我们卫星物联网和连接产品和服务的企业和消费者的首选渠道。我们还打算建立新的集成联盟，包括与其他连接合作伙伴的联合商务结构，例如CubeSat领域的合作伙伴，这些合作伙伴可以利用我们扩展的电子商务平台和基于地面站的基础设施。”</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>Orbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.<blockquote>Orbsat Corp股价在早盘交易中上涨近100%，该公司的全球Telesat通信部门被批准为阿里巴巴-SW金牌供应商。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOrbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.<blockquote>Orbsat Corp股价在早盘交易中上涨近100%，该公司的全球Telesat通信部门被批准为阿里巴巴-SW金牌供应商。</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\">2021-07-13 21:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Orbsat Corp&nbsp;shares&nbsp;jumps&nbsp;nearly&nbsp;100%&nbsp;in&nbsp;early&nbsp;trading,as&nbsp;the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.</p><p><blockquote>Orbsat Corp股价在早盘交易中上涨近100%，该公司的全球Telesat通信部门被批准为阿里巴巴-SW金牌供应商。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/df700e33a39e4c926a5f47fe2917a75c\" tg-width=\"1286\" tg-height=\"602\" referrerpolicy=\"no-referrer\">Orbsat Corp, a global provider of IoT and connectivity solutions through next-generation satellite technology, today announced that its Global Telesat Communications (GTC) unit has entered into an agreement with Alibaba.com, the B2B (Business-to-Business) e-commerce website owned and operated by Alibaba Group Holding Limited, also known as Alibaba Group (NYSE: BABA; HKEX: 9988), a Chinese multinational technology company specializing in e-commerce, retail, internet, and technology. GTC will be a Gold- Supplier on Alibaba.com, the world's largest Business-to-Business (B2B) e-commerce website.</p><p><blockquote>通过下一代卫星技术提供物联网和连接解决方案的全球提供商Orbsat Corp今天宣布，其全球Telesat Communications(GTC)部门已与B2B（企业对企业）阿里巴巴达成协议电子商务网站由阿里巴巴-SW集团控股有限公司（又称阿里巴巴-SW集团（纽约证券交易所代码：BABA；香港交易所代码：9988）拥有和运营，是一家专注于电子商务、零售、互联网和技术的中国跨国科技公司。GTC将成为全球最大的企业对企业(B2B)电子商务网站Alibaba.com的金牌供应商。</blockquote></p><p> \"With our launch on Alibaba.com, the world's largest B2B platform, we are significantly accelerating our global expansion plans, expanding, and deepening our e-commerce reach into nearly every country. This will allow us to better serve the needs of our enterprise customers across the world,\" said Charles M. Fernandez, Chairman and CEO of Orbsat. \"There has been explosive growth in online shopping due to the pandemic as businesses and consumers around the world embrace e-commerce. Long-term, we believe that e-commerce will be the preferred channel for businesses and consumers seeking to research and purchase our satellite IoT and connectivity products and services. We also intend to secure new integration alliances including joint commerce structures with additional connectivity partners such as those in the CubeSat space which can leverage our expanded e-commerce platforms and ground station-based infrastructure.\"</p><p><blockquote>Orbsat董事长兼首席执行官Charles M.Fernandez表示：“随着我们在全球最大的B2B平台Alibaba.com上的推出，我们正在显着加快我们的全球扩张计划，扩大和深化我们的电子商务覆盖几乎每个国家。这将使我们能够更好地满足全球企业客户的需求。”“由于疫情，随着世界各地的企业和消费者接受电子商务，在线购物出现了爆炸性增长。从长远来看，我们相信电子商务将成为寻求研究和购买我们卫星物联网和连接产品和服务的企业和消费者的首选渠道。我们还打算建立新的集成联盟，包括与其他连接合作伙伴的联合商务结构，例如CubeSat领域的合作伙伴，这些合作伙伴可以利用我们扩展的电子商务平台和基于地面站的基础设施。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152442565","content_text":"Orbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.\nOrbsat Corp, a global provider of IoT and connectivity solutions through next-generation satellite technology, today announced that its Global Telesat Communications (GTC) unit has entered into an agreement with Alibaba.com, the B2B (Business-to-Business) e-commerce website owned and operated by Alibaba Group Holding Limited, also known as Alibaba Group (NYSE: BABA; HKEX: 9988), a Chinese multinational technology company specializing in e-commerce, retail, internet, and technology. GTC will be a Gold- Supplier on Alibaba.com, the world's largest Business-to-Business (B2B) e-commerce website.\n\"With our launch on Alibaba.com, the world's largest B2B platform, we are significantly accelerating our global expansion plans, expanding, and deepening our e-commerce reach into nearly every country. This will allow us to better serve the needs of our enterprise customers across the world,\" said Charles M. Fernandez, Chairman and CEO of Orbsat. \"There has been explosive growth in online shopping due to the pandemic as businesses and consumers around the world embrace e-commerce. Long-term, we believe that e-commerce will be the preferred channel for businesses and consumers seeking to research and purchase our satellite IoT and connectivity products and services. 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[流泪]","images":[{"img":"https://static.tigerbbs.com/359e852563cf49a7536c9bddf8fc2aff","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/153847280","isVote":1,"tweetType":1,"viewCount":963,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":153849967,"gmtCreate":1625018876859,"gmtModify":1631892575992,"author":{"id":"3575030506881099","authorId":"3575030506881099","name":"ysg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575030506881099","authorIdStr":"3575030506881099"},"themes":[],"htmlText":"commentedddd","listText":"commentedddd","text":"commentedddd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/153849967","repostId":"1130740745","repostType":4,"repost":{"id":"1130740745","kind":"news","pubTimestamp":1625017527,"share":"https://www.laohu8.com/m/news/1130740745?lang=zh_CN&edition=full","pubTime":"2021-06-30 09:45","market":"us","language":"en","title":"Aerovate Therapeutics IPO: What awaits the biotech firm after market debut?<blockquote>Aerovate Therapeutics IPO：上市后等待这家生物技术公司的是什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130740745","media":"AlphaStreet","summary":"The company has revealed plans to list on the Nasdaq Global Market under the ticker symbol AVTE; to ","content":"<p>  The company has revealed plans to list on the Nasdaq Global Market under the ticker symbol AVTE; to offer around 7.2 million shares for $13-15 per share.  The IPO market has continued the bull run so far this year, unfazed by the virus-related uncertainties, with thetechnology and pharma sectorsstealing the limelight mostly. Biotechnology company Aerovate Therapeutics, Inc. is the latest among the healthcare firms preparing to go public.</p><p><blockquote>该公司透露计划在纳斯达克全球市场上市，股票代码为AVTE；以每股13-15美元的价格发行约720万股股票。今年迄今为止，IPO市场延续了牛市，并未受到病毒相关不确定性的影响，其中科技和制药行业最引人注目。生物技术公司Aerovate Therapeutics，Inc.是最新一家准备上市的医疗保健公司。</blockquote></p><p> In a statement submitted to the Securities and Exchange Commission, the company revealed plans to list on the Nasdaq Global Market under the ticker symbol<b><i>AVTE</i></b>. It will beoffering about 7.2 million sharesat an estimated price of $13-15 per share. Jefferies Group and Cowen are the main book-running managers.</p><p><blockquote>在提交给美国证券交易委员会的一份声明中，该公司透露计划在纳斯达克全球市场上市，股票代码为<b><i>AVTE</i></b>.它将以每股13-15美元的预计价格发行约720万股股票。杰富瑞集团和考恩是主要的账簿管理人。</blockquote></p><p> <b>Cardiopulmonary Research</b></p><p><blockquote><b>心肺研究</b></blockquote></p><p> The Boston-based drug-maker, which is focused on the development of therapies for rare cardiopulmonary diseases, was founded in July 2018 by Benjamin Dake who currently serves as its president.<b>The operations are managed by chief executive officer Timothy Noyes, a Merck (NYSE: MRK) veteran who assumed office last month.</b></p><p><blockquote>这家总部位于波士顿的制药商专注于罕见心肺疾病疗法的开发，由现任总裁本杰明·大可于2018年7月创立。<b>这些业务由首席执行官蒂莫西·诺伊斯(Timothy Noyes)管理，他是默克(NYSE：MRK)的资深人士，上个月上任。</b></blockquote></p><p> The company’s lead program involves the development of a therapy for the treatment of pulmonary arterial hypertension (PAH). The medicine,<i>AV-101</i>, is an inhaler based on tyrosine kinase inhibitor<i>imatinib</i>. PAH is a progressive proliferative disease of the pulmonary vasculature that is characterized by remodeling, constriction, and occlusion of the small pulmonary arteries, leading to high blood pressure.</p><p><blockquote>该公司的主导项目涉及开发一种治疗肺动脉高压（PAH）的疗法。药，<i>AV-101</i>，是一种基于酪氨酸激酶抑制剂的吸入剂<i>伊马替尼</i>PAH是肺脉管系统的进行性增生性疾病，其特征在于小肺动脉的重塑、收缩和闭塞，导致高血压。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2ec3c278a5ee44a50959da085f9212b5\" tg-width=\"2048\" tg-height=\"1617\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>New-Gen Drug for PAH</b></p><p><blockquote><b>治疗PAH的新一代药物</b></blockquote></p><p> <b>Early-stage clinical trials have indicated that</b><b><i>AV-101</i></b><b>is effective in treating patients suffering from PAH by acting directly on the cause of the disease.</b>In phase-II of the trial — designed to assess the safety and tolerability of the drug — around 200 patients will be enrolled. The top-line data from the study is expected in mid-2023.</p><p><blockquote><b>早期临床试验表明，</b><b><i>AV-101</i></b><b>通过直接作用于疾病的病因，可有效治疗患有PAH的患者。</b>在旨在评估该药物安全性和耐受性的II期试验中，将招募约200名患者。该研究的主要数据预计将于2023年中期公布。</blockquote></p><p> Proceeds from the upcoming offering – estimated at $100 million at the midpoint of the price range – will be used mainly for the continued development of<i>AV-101</i>and to meet costs related to its commercial launch. Once it is successfully launched in the U.S, the management would pursue additional indications for the drug and expansion of the pipeline by tapping into new product opportunities. Earlier this month, the company sold around 30 millionpreferred sharesfor $56 million.</p><p><blockquote>即将发行的收益（价格范围的中点估计为1亿美元）将主要用于继续开发<i>AV-101</i>并支付与其商业发射相关的成本。一旦该药物在美国成功上市，管理层将寻求该药物的更多适应症，并通过挖掘新产品机会扩大产品线。本月早些时候，该公司以5600万美元的价格出售了约3000万股优先股。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> It goes without saying that the outcome of the final clinical trial would be crucial as far as the company’s future is concerned. Obviously, the main risk to the program is the uncertainty surroundingCOVID-19— any potential resurgence of the pandemic might delay the process and lead to cost escalation.<b>Prolonged cost pressures can take a toll on the finances of the company, which is dependent solely on</b><b><i>AV-101</i></b><b>to become profitable.</b>Moreover, Aerovate will have to compete effectively with the likes of Verve Therapeutics to gain meaningful market share.</p><p><blockquote>不言而喻，最终临床试验的结果对于公司的未来至关重要。显然，该计划的主要风险是围绕COVID-19的不确定性——任何潜在的大流行死灰复燃都可能会推迟这一进程并导致成本上升。<b>长期的成本压力可能会对公司的财务造成损害，该公司仅依赖于</b><b><i>AV-101</i></b><b>变得有利可图。</b>此外，Aerovate必须与Verve Therapeutics等公司有效竞争，才能获得有意义的市场份额。</blockquote></p><p> Beingan emerging business, Aerovate is yet to generate revenue. In fiscal 2021, it incurred a net loss of $3.33million or $13.79 per share, compared to a loss of $9.61 million or $40.31 per share last year. The improvement reflects a dip in operating expenses, which more than halved annually.</p><p><blockquote>作为一家新兴业务，Aerovate尚未产生收入。2021财年，该公司净亏损333万美元，即每股13.79美元，而去年亏损961万美元，即每股40.31美元。这一改善反映了运营费用的下降，每年减少一半以上。</blockquote></p><p></p>","source":"lsy1609745492275","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>Aerovate Therapeutics IPO: What awaits the biotech firm after market debut?<blockquote>Aerovate Therapeutics IPO：上市后等待这家生物技术公司的是什么？</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\">\nAerovate Therapeutics IPO: What awaits the biotech firm after market debut?<blockquote>Aerovate Therapeutics IPO：上市后等待这家生物技术公司的是什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">AlphaStreet</strong><span class=\"h-time small\">2021-06-30 09:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  The company has revealed plans to list on the Nasdaq Global Market under the ticker symbol AVTE; to offer around 7.2 million shares for $13-15 per share.  The IPO market has continued the bull run so far this year, unfazed by the virus-related uncertainties, with thetechnology and pharma sectorsstealing the limelight mostly. Biotechnology company Aerovate Therapeutics, Inc. is the latest among the healthcare firms preparing to go public.</p><p><blockquote>该公司透露计划在纳斯达克全球市场上市，股票代码为AVTE；以每股13-15美元的价格发行约720万股股票。今年迄今为止，IPO市场延续了牛市，并未受到病毒相关不确定性的影响，其中科技和制药行业最引人注目。生物技术公司Aerovate Therapeutics，Inc.是最新一家准备上市的医疗保健公司。</blockquote></p><p> In a statement submitted to the Securities and Exchange Commission, the company revealed plans to list on the Nasdaq Global Market under the ticker symbol<b><i>AVTE</i></b>. It will beoffering about 7.2 million sharesat an estimated price of $13-15 per share. Jefferies Group and Cowen are the main book-running managers.</p><p><blockquote>在提交给美国证券交易委员会的一份声明中，该公司透露计划在纳斯达克全球市场上市，股票代码为<b><i>AVTE</i></b>.它将以每股13-15美元的预计价格发行约720万股股票。杰富瑞集团和考恩是主要的账簿管理人。</blockquote></p><p> <b>Cardiopulmonary Research</b></p><p><blockquote><b>心肺研究</b></blockquote></p><p> The Boston-based drug-maker, which is focused on the development of therapies for rare cardiopulmonary diseases, was founded in July 2018 by Benjamin Dake who currently serves as its president.<b>The operations are managed by chief executive officer Timothy Noyes, a Merck (NYSE: MRK) veteran who assumed office last month.</b></p><p><blockquote>这家总部位于波士顿的制药商专注于罕见心肺疾病疗法的开发，由现任总裁本杰明·大可于2018年7月创立。<b>这些业务由首席执行官蒂莫西·诺伊斯(Timothy Noyes)管理，他是默克(NYSE：MRK)的资深人士，上个月上任。</b></blockquote></p><p> The company’s lead program involves the development of a therapy for the treatment of pulmonary arterial hypertension (PAH). The medicine,<i>AV-101</i>, is an inhaler based on tyrosine kinase inhibitor<i>imatinib</i>. PAH is a progressive proliferative disease of the pulmonary vasculature that is characterized by remodeling, constriction, and occlusion of the small pulmonary arteries, leading to high blood pressure.</p><p><blockquote>该公司的主导项目涉及开发一种治疗肺动脉高压（PAH）的疗法。药，<i>AV-101</i>，是一种基于酪氨酸激酶抑制剂的吸入剂<i>伊马替尼</i>PAH是肺脉管系统的进行性增生性疾病，其特征在于小肺动脉的重塑、收缩和闭塞，导致高血压。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2ec3c278a5ee44a50959da085f9212b5\" tg-width=\"2048\" tg-height=\"1617\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>New-Gen Drug for PAH</b></p><p><blockquote><b>治疗PAH的新一代药物</b></blockquote></p><p> <b>Early-stage clinical trials have indicated that</b><b><i>AV-101</i></b><b>is effective in treating patients suffering from PAH by acting directly on the cause of the disease.</b>In phase-II of the trial — designed to assess the safety and tolerability of the drug — around 200 patients will be enrolled. The top-line data from the study is expected in mid-2023.</p><p><blockquote><b>早期临床试验表明，</b><b><i>AV-101</i></b><b>通过直接作用于疾病的病因，可有效治疗患有PAH的患者。</b>在旨在评估该药物安全性和耐受性的II期试验中，将招募约200名患者。该研究的主要数据预计将于2023年中期公布。</blockquote></p><p> Proceeds from the upcoming offering – estimated at $100 million at the midpoint of the price range – will be used mainly for the continued development of<i>AV-101</i>and to meet costs related to its commercial launch. Once it is successfully launched in the U.S, the management would pursue additional indications for the drug and expansion of the pipeline by tapping into new product opportunities. Earlier this month, the company sold around 30 millionpreferred sharesfor $56 million.</p><p><blockquote>即将发行的收益（价格范围的中点估计为1亿美元）将主要用于继续开发<i>AV-101</i>并支付与其商业发射相关的成本。一旦该药物在美国成功上市，管理层将寻求该药物的更多适应症，并通过挖掘新产品机会扩大产品线。本月早些时候，该公司以5600万美元的价格出售了约3000万股优先股。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> It goes without saying that the outcome of the final clinical trial would be crucial as far as the company’s future is concerned. Obviously, the main risk to the program is the uncertainty surroundingCOVID-19— any potential resurgence of the pandemic might delay the process and lead to cost escalation.<b>Prolonged cost pressures can take a toll on the finances of the company, which is dependent solely on</b><b><i>AV-101</i></b><b>to become profitable.</b>Moreover, Aerovate will have to compete effectively with the likes of Verve Therapeutics to gain meaningful market share.</p><p><blockquote>不言而喻，最终临床试验的结果对于公司的未来至关重要。显然，该计划的主要风险是围绕COVID-19的不确定性——任何潜在的大流行死灰复燃都可能会推迟这一进程并导致成本上升。<b>长期的成本压力可能会对公司的财务造成损害，该公司仅依赖于</b><b><i>AV-101</i></b><b>变得有利可图。</b>此外，Aerovate必须与Verve Therapeutics等公司有效竞争，才能获得有意义的市场份额。</blockquote></p><p> Beingan emerging business, Aerovate is yet to generate revenue. In fiscal 2021, it incurred a net loss of $3.33million or $13.79 per share, compared to a loss of $9.61 million or $40.31 per share last year. The improvement reflects a dip in operating expenses, which more than halved annually.</p><p><blockquote>作为一家新兴业务，Aerovate尚未产生收入。2021财年，该公司净亏损333万美元，即每股13.79美元，而去年亏损961万美元，即每股40.31美元。这一改善反映了运营费用的下降，每年减少一半以上。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://news.alphastreet.com/aerovate-therapeutics-ipo-where-the-biotech-firm-is-headed-after-market-debut/\">AlphaStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://news.alphastreet.com/aerovate-therapeutics-ipo-where-the-biotech-firm-is-headed-after-market-debut/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130740745","content_text":"The company has revealed plans to list on the Nasdaq Global Market under the ticker symbol AVTE; to offer around 7.2 million shares for $13-15 per share.\n\nThe IPO market has continued the bull run so far this year, unfazed by the virus-related uncertainties, with thetechnology and pharma sectorsstealing the limelight mostly. Biotechnology company Aerovate Therapeutics, Inc. is the latest among the healthcare firms preparing to go public.\nIn a statement submitted to the Securities and Exchange Commission, the company revealed plans to list on the Nasdaq Global Market under the ticker symbolAVTE. It will beoffering about 7.2 million sharesat an estimated price of $13-15 per share. Jefferies Group and Cowen are the main book-running managers.\nCardiopulmonary Research\nThe Boston-based drug-maker, which is focused on the development of therapies for rare cardiopulmonary diseases, was founded in July 2018 by Benjamin Dake who currently serves as its president.The operations are managed by chief executive officer Timothy Noyes, a Merck (NYSE: MRK) veteran who assumed office last month.\nThe company’s lead program involves the development of a therapy for the treatment of pulmonary arterial hypertension (PAH). The medicine,AV-101, is an inhaler based on tyrosine kinase inhibitorimatinib. PAH is a progressive proliferative disease of the pulmonary vasculature that is characterized by remodeling, constriction, and occlusion of the small pulmonary arteries, leading to high blood pressure.\n\nNew-Gen Drug for PAH\nEarly-stage clinical trials have indicated thatAV-101is effective in treating patients suffering from PAH by acting directly on the cause of the disease.In phase-II of the trial — designed to assess the safety and tolerability of the drug — around 200 patients will be enrolled. The top-line data from the study is expected in mid-2023.\nProceeds from the upcoming offering – estimated at $100 million at the midpoint of the price range – will be used mainly for the continued development ofAV-101and to meet costs related to its commercial launch. Once it is successfully launched in the U.S, the management would pursue additional indications for the drug and expansion of the pipeline by tapping into new product opportunities. Earlier this month, the company sold around 30 millionpreferred sharesfor $56 million.\nRisks\nIt goes without saying that the outcome of the final clinical trial would be crucial as far as the company’s future is concerned. Obviously, the main risk to the program is the uncertainty surroundingCOVID-19— any potential resurgence of the pandemic might delay the process and lead to cost escalation.Prolonged cost pressures can take a toll on the finances of the company, which is dependent solely onAV-101to become profitable.Moreover, Aerovate will have to compete effectively with the likes of Verve Therapeutics to gain meaningful market share.\nBeingan emerging business, Aerovate is yet to generate revenue. In fiscal 2021, it incurred a net loss of $3.33million or $13.79 per share, compared to a loss of $9.61 million or $40.31 per share last year. The improvement reflects a dip in operating expenses, which more than halved annually.","news_type":1,"symbols_score_info":{"AVTE":0.9}},"isVote":1,"tweetType":1,"viewCount":1289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150625299,"gmtCreate":1624897563111,"gmtModify":1631892575995,"author":{"id":"3575030506881099","authorId":"3575030506881099","name":"ysg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575030506881099","authorIdStr":"3575030506881099"},"themes":[],"htmlText":"okayyyy","listText":"okayyyy","text":"okayyyy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/150625299","repostId":"2146836375","repostType":4,"isVote":1,"tweetType":1,"viewCount":1006,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127410117,"gmtCreate":1624862242839,"gmtModify":1631892575997,"author":{"id":"3575030506881099","authorId":"3575030506881099","name":"ysg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575030506881099","authorIdStr":"3575030506881099"},"themes":[],"htmlText":"okayy","listText":"okayy","text":"okayy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127410117","repostId":"1110184123","repostType":4,"repost":{"id":"1110184123","kind":"news","pubTimestamp":1624860760,"share":"https://www.laohu8.com/m/news/1110184123?lang=zh_CN&edition=full","pubTime":"2021-06-28 14:12","market":"us","language":"en","title":"Boeing 777X May Not Get OK'd Until 2023: FAA<blockquote>FAA：波音777X可能要到2023年才能获得批准</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1110184123","media":"thestreet","summary":"Boeing's (BA) -Get Report upcoming, fuel-efficient 777X aircraft may be years away from getting a ke","content":"<p>Boeing's&nbsp;(<b>BA</b>) -Get Report&nbsp;upcoming, fuel-efficient 777X aircraft may be years away from getting a key federal OK, according to a letter recently made public by the Federal Aviation Administration.</p><p><blockquote>波音公司（<b>巴</b>)-获取报告根据美国联邦航空管理局最近公开的一封信，即将推出的省油777X飞机可能还需要数年时间才能获得关键的联邦批准。</blockquote></p><p> “The FAA will not approve any aircraft unless it meets our safety and certification standards,\" said the agency in a statement released on Sunday.</p><p><blockquote>“美国联邦航空局不会批准任何飞机，除非它符合我们的安全和认证标准，”该机构在周日发布的一份声明中表示。</blockquote></p><p> Stalling the release of the aerospace giant's new, huge and high-tech aircraft could prove another blow to Boeing, following the years' long saga of its 737 MAX aircraft that was grounded following two fatal crashes. The 777X has long been touted by Boeing as the world’s \"largest and most efficient\" twin-engine jet.</p><p><blockquote>继波音737 MAX飞机因两起致命坠机事故而停飞多年来的传奇故事之后，推迟这家航空航天巨头新型、大型和高科技飞机的发布可能会对波音公司造成又一次打击。777X长期以来一直被波音公司吹捧为世界上“最大、最高效”的双引擎喷气式飞机。</blockquote></p><p> The FAA sent a letter last month that noted approval of the aircraft was likely years away.</p><p><blockquote>美国联邦航空局上个月致信指出，该飞机可能还需要数年时间才能获得批准。</blockquote></p><p> \"Based on the information from Boeing, the Model 777-9 Amended Type Certification (ATC) date is realistically going to be mid to late 2023,\" reads the letter, which was obtained by<i>TheStreet,</i>and was earlier reported on by<i>Reuters</i>.</p><p><blockquote>这封信中写道：“根据波音公司的信息，777-9型修正型式认证(ATC)日期实际上是2023年中后期。”<i>街道，</i>早些时候被报道过<i>路透社</i>.</blockquote></p><p> A company statement on Sunday said that Boeing remains \"fully focused on safety as our highest priority throughout 777X development\" and implied that it wasn't expecting to have the aircraft online until around 2023 anyway.</p><p><blockquote>周日的一份公司声明称，波音公司仍然“完全专注于安全，将其作为整个777X开发过程中的首要任务”，并暗示无论如何，预计该飞机要到2023年左右才会上线。</blockquote></p><p> The company added that it is \"working through a rigorous development process to ensure we meet all applicable requirements. We continue to communicate transparently with the FAA and other global regulators about 777-9 certification.\"</p><p><blockquote>该公司补充说，它“正在通过严格的开发流程，以确保我们满足所有适用的要求。我们继续与FAA和其他全球监管机构就777-9认证进行透明的沟通。”</blockquote></p><p> The aerospace giant had been advertising the&nbsp;777X as a new offering in its advanced aircraft menu. The jet would use less fuel and give out fewer emissions -- and be cheaper to operate -- than competing aircraft, says the company that boasts the aircraft as offering \"low-risk, profitable growth, industry-leading reliability and seamless integration\" with its 777 and 787 Dreamliner offerings.</p><p><blockquote>这家航空航天巨头一直在其先进飞机菜单中宣传777 X是一种新产品。该公司表示，与竞争对手的飞机相比，这种飞机使用的燃料更少，排放更少，运营成本也更低，该公司吹嘘该飞机提供“低风险、盈利增长、行业领先的可靠性和无缝集成”。其777和787梦想飞机产品。</blockquote></p><p> But the May 13 letter from the FAA gave a list of reasons - including a lack of data and pushed-back deadlines - for not authorizing what's known as a type inspection authorization, or TIA.</p><p><blockquote>但FAA 5月13日的信函给出了一系列不授权所谓的型式检验授权（TIA）的原因，包括缺乏数据和推迟截止日期。</blockquote></p><p> \"The FAA and Boeing have been discussing the TIA readiness of the Boeing Model 777-9 in numerous meetings over the past nine months. Based on our assessment, the FAA considers that the aircraft is not yet ready for TIA, even if it is a phased TIA of limited scope with a small number of certification flight test plans (CFTPs) proposed. The technical data required for type certification has not reached a point where it appears the aircraft type design is mature and can be expected to meet the applicable regulations.\"</p><p><blockquote>“FAA和波音公司在过去9个月的多次会议上一直在讨论波音777-9型的TIA准备情况。根据我们的评估，FAA认为该飞机尚未为TIA做好准备，即使这是一个范围有限的分阶段TIA，并提出了少量认证飞行测试计划（CFTP）。型号认证所需的技术数据尚未达到飞机型号设计成熟并有望满足适用法规的程度。”</blockquote></p><p> Earlier, in 2018 and 2019, Boeing's other new jet, the 737 MAX aircraft, suffered two fatal crashes, one of a&nbsp;737 MAX Ethiopian Airlines flightand another&nbsp;of Lion Air flight that crashed over Indonesia. Thosel crashes led to the years' long grounding of the aircraft.</p><p><blockquote>此前，在2018年和2019年，波音公司的另一架新型喷气式飞机737 MAX飞机遭遇了两起致命坠机事故，其中一起是埃塞俄比亚航空公司的737 MAX航班，另一起是狮航在印度尼西亚上空坠毁的航班。Thosel坠机事件导致飞机长期停飞多年。</blockquote></p><p> Boeing had closed down to&nbsp;$248.38 on the New York Stock Exchange on Friday.</p><p><blockquote>周五，波音公司在纽约证券交易所的收盘价跌至248.38美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Boeing 777X May Not Get OK'd Until 2023: FAA<blockquote>FAA：波音777X可能要到2023年才能获得批准</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\">\nBoeing 777X May Not Get OK'd Until 2023: FAA<blockquote>FAA：波音777X可能要到2023年才能获得批准</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">thestreet</strong><span class=\"h-time small\">2021-06-28 14:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Boeing's&nbsp;(<b>BA</b>) -Get Report&nbsp;upcoming, fuel-efficient 777X aircraft may be years away from getting a key federal OK, according to a letter recently made public by the Federal Aviation Administration.</p><p><blockquote>波音公司（<b>巴</b>)-获取报告根据美国联邦航空管理局最近公开的一封信，即将推出的省油777X飞机可能还需要数年时间才能获得关键的联邦批准。</blockquote></p><p> “The FAA will not approve any aircraft unless it meets our safety and certification standards,\" said the agency in a statement released on Sunday.</p><p><blockquote>“美国联邦航空局不会批准任何飞机，除非它符合我们的安全和认证标准，”该机构在周日发布的一份声明中表示。</blockquote></p><p> Stalling the release of the aerospace giant's new, huge and high-tech aircraft could prove another blow to Boeing, following the years' long saga of its 737 MAX aircraft that was grounded following two fatal crashes. The 777X has long been touted by Boeing as the world’s \"largest and most efficient\" twin-engine jet.</p><p><blockquote>继波音737 MAX飞机因两起致命坠机事故而停飞多年来的传奇故事之后，推迟这家航空航天巨头新型、大型和高科技飞机的发布可能会对波音公司造成又一次打击。777X长期以来一直被波音公司吹捧为世界上“最大、最高效”的双引擎喷气式飞机。</blockquote></p><p> The FAA sent a letter last month that noted approval of the aircraft was likely years away.</p><p><blockquote>美国联邦航空局上个月致信指出，该飞机可能还需要数年时间才能获得批准。</blockquote></p><p> \"Based on the information from Boeing, the Model 777-9 Amended Type Certification (ATC) date is realistically going to be mid to late 2023,\" reads the letter, which was obtained by<i>TheStreet,</i>and was earlier reported on by<i>Reuters</i>.</p><p><blockquote>这封信中写道：“根据波音公司的信息，777-9型修正型式认证(ATC)日期实际上是2023年中后期。”<i>街道，</i>早些时候被报道过<i>路透社</i>.</blockquote></p><p> A company statement on Sunday said that Boeing remains \"fully focused on safety as our highest priority throughout 777X development\" and implied that it wasn't expecting to have the aircraft online until around 2023 anyway.</p><p><blockquote>周日的一份公司声明称，波音公司仍然“完全专注于安全，将其作为整个777X开发过程中的首要任务”，并暗示无论如何，预计该飞机要到2023年左右才会上线。</blockquote></p><p> The company added that it is \"working through a rigorous development process to ensure we meet all applicable requirements. We continue to communicate transparently with the FAA and other global regulators about 777-9 certification.\"</p><p><blockquote>该公司补充说，它“正在通过严格的开发流程，以确保我们满足所有适用的要求。我们继续与FAA和其他全球监管机构就777-9认证进行透明的沟通。”</blockquote></p><p> The aerospace giant had been advertising the&nbsp;777X as a new offering in its advanced aircraft menu. The jet would use less fuel and give out fewer emissions -- and be cheaper to operate -- than competing aircraft, says the company that boasts the aircraft as offering \"low-risk, profitable growth, industry-leading reliability and seamless integration\" with its 777 and 787 Dreamliner offerings.</p><p><blockquote>这家航空航天巨头一直在其先进飞机菜单中宣传777 X是一种新产品。该公司表示，与竞争对手的飞机相比，这种飞机使用的燃料更少，排放更少，运营成本也更低，该公司吹嘘该飞机提供“低风险、盈利增长、行业领先的可靠性和无缝集成”。其777和787梦想飞机产品。</blockquote></p><p> But the May 13 letter from the FAA gave a list of reasons - including a lack of data and pushed-back deadlines - for not authorizing what's known as a type inspection authorization, or TIA.</p><p><blockquote>但FAA 5月13日的信函给出了一系列不授权所谓的型式检验授权（TIA）的原因，包括缺乏数据和推迟截止日期。</blockquote></p><p> \"The FAA and Boeing have been discussing the TIA readiness of the Boeing Model 777-9 in numerous meetings over the past nine months. Based on our assessment, the FAA considers that the aircraft is not yet ready for TIA, even if it is a phased TIA of limited scope with a small number of certification flight test plans (CFTPs) proposed. The technical data required for type certification has not reached a point where it appears the aircraft type design is mature and can be expected to meet the applicable regulations.\"</p><p><blockquote>“FAA和波音公司在过去9个月的多次会议上一直在讨论波音777-9型的TIA准备情况。根据我们的评估，FAA认为该飞机尚未为TIA做好准备，即使这是一个范围有限的分阶段TIA，并提出了少量认证飞行测试计划（CFTP）。型号认证所需的技术数据尚未达到飞机型号设计成熟并有望满足适用法规的程度。”</blockquote></p><p> Earlier, in 2018 and 2019, Boeing's other new jet, the 737 MAX aircraft, suffered two fatal crashes, one of a&nbsp;737 MAX Ethiopian Airlines flightand another&nbsp;of Lion Air flight that crashed over Indonesia. Thosel crashes led to the years' long grounding of the aircraft.</p><p><blockquote>此前，在2018年和2019年，波音公司的另一架新型喷气式飞机737 MAX飞机遭遇了两起致命坠机事故，其中一起是埃塞俄比亚航空公司的737 MAX航班，另一起是狮航在印度尼西亚上空坠毁的航班。Thosel坠机事件导致飞机长期停飞多年。</blockquote></p><p> Boeing had closed down to&nbsp;$248.38 on the New York Stock Exchange on Friday.</p><p><blockquote>周五，波音公司在纽约证券交易所的收盘价跌至248.38美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/latest-news/boeing-777x-may-not-get-okd-until-2023-faa\">thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BA":"波音"},"source_url":"https://www.thestreet.com/latest-news/boeing-777x-may-not-get-okd-until-2023-faa","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110184123","content_text":"Boeing's (BA) -Get Report upcoming, fuel-efficient 777X aircraft may be years away from getting a key federal OK, according to a letter recently made public by the Federal Aviation Administration.\n“The FAA will not approve any aircraft unless it meets our safety and certification standards,\" said the agency in a statement released on Sunday.\nStalling the release of the aerospace giant's new, huge and high-tech aircraft could prove another blow to Boeing, following the years' long saga of its 737 MAX aircraft that was grounded following two fatal crashes. The 777X has long been touted by Boeing as the world’s \"largest and most efficient\" twin-engine jet.\nThe FAA sent a letter last month that noted approval of the aircraft was likely years away.\n\"Based on the information from Boeing, the Model 777-9 Amended Type Certification (ATC) date is realistically going to be mid to late 2023,\" reads the letter, which was obtained byTheStreet,and was earlier reported on byReuters.\nA company statement on Sunday said that Boeing remains \"fully focused on safety as our highest priority throughout 777X development\" and implied that it wasn't expecting to have the aircraft online until around 2023 anyway.\nThe company added that it is \"working through a rigorous development process to ensure we meet all applicable requirements. We continue to communicate transparently with the FAA and other global regulators about 777-9 certification.\"\nThe aerospace giant had been advertising the 777X as a new offering in its advanced aircraft menu. The jet would use less fuel and give out fewer emissions -- and be cheaper to operate -- than competing aircraft, says the company that boasts the aircraft as offering \"low-risk, profitable growth, industry-leading reliability and seamless integration\" with its 777 and 787 Dreamliner offerings.\nBut the May 13 letter from the FAA gave a list of reasons - including a lack of data and pushed-back deadlines - for not authorizing what's known as a type inspection authorization, or TIA.\n\"The FAA and Boeing have been discussing the TIA readiness of the Boeing Model 777-9 in numerous meetings over the past nine months. Based on our assessment, the FAA considers that the aircraft is not yet ready for TIA, even if it is a phased TIA of limited scope with a small number of certification flight test plans (CFTPs) proposed. The technical data required for type certification has not reached a point where it appears the aircraft type design is mature and can be expected to meet the applicable regulations.\"\nEarlier, in 2018 and 2019, Boeing's other new jet, the 737 MAX aircraft, suffered two fatal crashes, one of a 737 MAX Ethiopian Airlines flightand another of Lion Air flight that crashed over Indonesia. Thosel crashes led to the years' long grounding of the aircraft.\nBoeing had closed down to $248.38 on the New York Stock Exchange on Friday.","news_type":1,"symbols_score_info":{"BA":0.9}},"isVote":1,"tweetType":1,"viewCount":272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127539039,"gmtCreate":1624855380821,"gmtModify":1633947895533,"author":{"id":"3575030506881099","authorId":"3575030506881099","name":"ysg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575030506881099","authorIdStr":"3575030506881099"},"themes":[],"htmlText":"awesome","listText":"awesome","text":"awesome","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127539039","repostId":"2146883790","repostType":4,"isVote":1,"tweetType":1,"viewCount":229,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127914917,"gmtCreate":1624814024439,"gmtModify":1633948413696,"author":{"id":"3575030506881099","authorId":"3575030506881099","name":"ysg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575030506881099","authorIdStr":"3575030506881099"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GRIL\">$Muscle Maker, Inc.(GRIL)$</a>:(","listText":"<a href=\"https://laohu8.com/S/GRIL\">$Muscle Maker, Inc.(GRIL)$</a>:(","text":"$Muscle Maker, Inc.(GRIL)$:(","images":[{"img":"https://static.tigerbbs.com/8222d08d1ed0aaf68bb7bc636f3173a9","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/127914917","isVote":1,"tweetType":1,"viewCount":291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":127915706,"gmtCreate":1624813941705,"gmtModify":1633948413942,"author":{"id":"3575030506881099","authorId":"3575030506881099","name":"ysg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575030506881099","authorIdStr":"3575030506881099"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127915706","repostId":"2146090006","repostType":4,"isVote":1,"tweetType":1,"viewCount":257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127915457,"gmtCreate":1624813906479,"gmtModify":1633948414063,"author":{"id":"3575030506881099","authorId":"3575030506881099","name":"ysg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575030506881099","authorIdStr":"3575030506881099"},"themes":[],"htmlText":"ya","listText":"ya","text":"ya","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127915457","repostId":"1184001921","repostType":4,"repost":{"id":"1184001921","kind":"news","pubTimestamp":1624763737,"share":"https://www.laohu8.com/m/news/1184001921?lang=zh_CN&edition=full","pubTime":"2021-06-27 11:15","market":"us","language":"en","title":"Amazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184001921","media":"seekingalpha","summary":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce i","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Amazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.</li>  <li>Unfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.</li>  <li>This article looks at what Amazon stock is most likely worth for us investors.</li>  <li>I hope you enjoy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/451bc93115fb453c0fcb76434c40f7f4\" tg-width=\"1536\" tg-height=\"1024\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是当今世界最具创新力的公司之一，在电子商务行业和云计算服务领域处于领先地位。</li><li>不幸的是，它的价格有点过高。这与我分析过的其他一些大型股是一致的。</li><li>本文探讨了亚马逊股票对美国投资者来说最有可能的价值。</li><li>我希望你喜欢。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> Today, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.</p><p><blockquote>今天，根据我的内在价值模型，亚马逊（AMZN）的定价似乎有点过高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a82d937a2de3f0709088e1ab4548267b\" tg-width=\"371\" tg-height=\"260\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> You might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.</p><p><blockquote>您可能已经看过我的其他一些文章，其中我抨击了苹果(AAPL)或微软(MSFT)等其他热门股票。嗯，我想今天轮到亚马逊了。我只是试图分享我认为公司的价值，我发现很多公司似乎定价过高。</blockquote></p><p> In this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.</p><p><blockquote>在本文中，我将详细介绍我是如何得出亚马逊估值的。我知道关于亚马逊有很多不同的观点，所以我会尝试分享我的估值背后的理由，以帮助您在未来进行更好的投资。</blockquote></p><p> Something important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.</p><p><blockquote>你应该知道一些重要的事情——我不是亚马逊专家，我很难评估成长型股票。我真的很怀疑我有能力估计一家公司未来的增长。我通过查看过去的增长并对未来做出保守的估计来做出未来的增长估计。</blockquote></p><p> This method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.</p><p><blockquote>这种方法近乎“数据外推”，即根据过去的数据做出假设。数据外推并不好，因为未来与过去不同——所以根据过去的数据进行未来预测并不理想。</blockquote></p><p> But after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.</p><p><blockquote>但在对数百家公司进行估值后，我发现这种风格可以很好地获得大致正确的估值。我总是尽量把我的估值定低，因为低买大赚总比高买亏好。</blockquote></p><p>   Warren Buffett said, “The three most important words in investing are  <b>margin of safety</b>.” That means to buy stuff on sale... That's the whole secret to great investing.    Rule 1 Investing  This model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.</p><p><blockquote>沃伦·巴菲特说：“投资中最重要的三个词是<b>安全边际</b>意思是买打折的东西....这就是伟大投资的全部秘密。规则1投资该模型的基础是获得“大致正确”的估值，并寻求以较大的安全边际进行购买。我希望你喜欢，一如既往，我会尽量保持它的干净和常识。</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Where does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.</p><p><blockquote>亚马逊的钱从哪里来？亚马逊分为3个部分：北美、国际和AWS。</blockquote></p><p> As a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.</p><p><blockquote>作为两个高增长行业（电子商务和云计算）的市场领导者，亚马逊未来可能会继续实现高增长。在本节中，我研究了亚马逊每个部门过去的收入增长和营业利润率，并以此做出保守的未来预测。</blockquote></p><p> And later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.</p><p><blockquote>后来，我把每个部门的数字加起来，对整个公司进行预测。以下是亚马逊北美业务的概况。该部门的收入来自零售销售和订阅服务收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce022c0ecacc3829cf83378211bbfd9d\" tg-width=\"640\" tg-height=\"192\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> I projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.</p><p><blockquote>我预计该部门的收入增长将下降，营业利润率将强劲。我预计收入增长会放缓，因为我认为亚马逊在北美的收入必须有一个上限。</blockquote></p><p> Hopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.</p><p><blockquote>希望亚马逊能够超过这一收入增长。但是，我确实认为亚马逊在5年内将收入从2000亿美元增长到4000亿美元将是一个非常令人难以置信的壮举。</blockquote></p><p> Here's a look at Amazon's International segment:</p><p><blockquote>以下是亚马逊国际部门的概况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3d7a5bde370f55e863f58c888abc496\" tg-width=\"640\" tg-height=\"219\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> For Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.</p><p><blockquote>对于亚马逊的国际部门，我预计年收入将增长20%，营业利润率也将提高。我认为营业利润率将逐渐提高，直到利润率达到与亚马逊在美国市场类似的水平。</blockquote></p><p> And for Amazon's last and most exciting segment, here's AWS:</p><p><blockquote>对于亚马逊最后也是最令人兴奋的部分，AWS是：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/769700013871f2cd09e8ce47cfb10966\" tg-width=\"640\" tg-height=\"203\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> AWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about&nbsp;17.5% CAGR&nbsp;until 2025.</p><p><blockquote>AWS无疑将为亚马逊带来高增长和高利润。我预计AWS细分市场可能会继续高速增长。我预测25-30%的年收入增长率，因为云计算有很大的增长空间，根据研究和市场，云计算行业应该以17.5%的CAGR增长，直到2025年。</blockquote></p><p></p><p> Additionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.</p><p><blockquote>此外，我预计营业利润率为28%，因为AWS业务受益于运营杠杆。随着越来越多的人使用该软件，该公司能够通过将成本分摊给更多的人来获得更高的利润。亚马逊的营业利润率可能会超过28%，因此亚马逊的公允价值可能会有上升空间。</blockquote></p><p> These projections were added together to help us figure out what the entire company should be worth.</p><p><blockquote>这些预测加在一起有助于我们计算出整个公司的价值。</blockquote></p><p> <b>Capital Allocation</b></p><p><blockquote><b>资本配置</b></blockquote></p><p> How does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.</p><p><blockquote>亚马逊是怎么花钱的？你可能会发现分析亚马逊的资本配置很有趣，这样你就可以看到亚马逊用它的钱做了什么，以及它未来可能投资到哪里。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f5afa0f641ee1aae39aa69cc150165\" tg-width=\"619\" tg-height=\"499\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.</p><p><blockquote>亚马逊运营现金流的最大部分用于资本支出。据我所知，亚马逊在过去5年里没有任何分享活动。该公司已经发行了股票——但从现金流量表来看，他们似乎没有通过出售股票筹集到任何资金，也没有花任何钱回购股票。</blockquote></p><p>   In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.  <i>There were no repurchases of common stock in 2018, 2019, or 2020.</i>    Source:2020 10-K&nbsp;page 60,  <i>emphasis added</i>  But for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.</p><p><blockquote>2016年2月，董事会批准了一项回购最多50亿美元普通股的计划，没有固定到期日。<i>2018年、2019年或2020年没有回购普通股。</i>资料来源：2020 10-K第60页，<i>增加了强调</i>但就我们而言，这段报价表明亚马逊在过去3年中没有回购任何股票。他们也没有在股息上花任何钱，这很好，因为他们是一家高增长公司。</blockquote></p><p> Amazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.</p><p><blockquote>亚马逊一直在收购和偿还债务上花钱。真正有趣的是，亚马逊在过去5年里积累了大量闲钱。自2016年以来，他们的现金头寸增加了约580亿美元，从2016年底的约260亿美元增加到2020年底的约840亿美元。</blockquote></p><p> Amazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.</p><p><blockquote>亚马逊拥有比以前多得多的现金，因此我们可以看到未来的支出将用于股息、股票回购、新收购，或者更多将带来增长的商业投资。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> First, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.</p><p><blockquote>首先，我对亚马逊使用了7.7%的贴现率，因为这是我发现该公司的加权平均资本成本(WACC)。我假设股权成本为8%，而亚马逊在过去10年中的平均税率约为20-30%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c036264f19bb10fdad477a629b40f803\" tg-width=\"361\" tg-height=\"288\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> I used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.</p><p><blockquote>我今天用DCF模型找到了亚马逊的价值。在下面的模型中，您可以在顶部2个红框中看到，我预计该公司的收入增长将较低，营业利润率将强劲。</blockquote></p><p> This model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.</p><p><blockquote>该模型预计，到2025年，亚马逊的收入将超过8500亿美元。仔细想想，这绝对是疯狂的，但根据估计的收入增长，这似乎是可行的。</blockquote></p><p> Right now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.</p><p><blockquote>目前，沃尔玛（纽约证券交易所股票代码：WMT）以约550B美元的收入领先全球。亚马逊的年收入排名第三，约为3900亿美元。5年后，亚马逊很可能成为世界上收入最高的公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95c459abcbda43e35b40379a1083ecae\" tg-width=\"640\" tg-height=\"510\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Down at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.</p><p><blockquote>在该模型的底部，您可以看到有一个红色框，显示无杠杆自由现金流利润率。这基本上衡量了公司收入中有多少将成为业务利润，不包括利息或债务支付。在绿松石盒子中，我应用了贴现率来查看未来现金流今天的价值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3fa0846616fdc847a3fe1fdf7a09bed\" tg-width=\"267\" tg-height=\"404\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Today, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.</p><p><blockquote>如今，亚马逊的估值似乎略有高估。该模型预测该股票可能被高估约15%，如果我们今天投资，我们预计未来5年的年回报率约为5%。</blockquote></p><p> These estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.</p><p><blockquote>该等估计乃基于业务应产生的未来现金流量。我并不讨厌亚马逊或任何东西，我只是不认为亚马逊股票在当前价格下会是一项伟大的投资。</blockquote></p><p> Down at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.</p><p><blockquote>在底部，我提出了两个亚马逊股票可能更有吸引力的“买入价格”。这背后的想法是，AMZN股票越便宜，我们可以预期的回报就越高。</blockquote></p><p> The model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.</p><p><blockquote>该模型预计，每股2,200美元的年回报率约为15%，每股1,700美元的年回报率约为22%。</blockquote></p><p> \"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.</p><p><blockquote>“但当股票交易价格接近3,500美元时，将买入价格定为2,000美元似乎不合理吗？”有一点。亚马逊的股价似乎不太可能暴跌至2,000美元以上。</blockquote></p><p></p><p> But the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.</p><p><blockquote>但我们的想法是，如果我们有耐心，我们可能有机会以低价购买这些股票。去年2月，亚马逊的交易价格低于1,900美元（我希望当时买了一些）。我们将来可能有机会以折扣价购买亚马逊。</blockquote></p><p> <b>Recap</b></p><p><blockquote><b>回顾</b></blockquote></p><p> Today, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.</p><p><blockquote>如今，亚马逊的估值似乎略有高估，因为它似乎在未来5年内提供约5%的年回报率。这并不意味着如果您是长期持有者，您应该出售亚马逊，因为亚马逊应该继续作为电子商务和云计算领域的领导者表现出色。</blockquote></p><p> But if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.</p><p><blockquote>但如果你正在寻找下一只投资股票，亚马逊现在似乎太贵了。如果您关注亚马逊已经有一段时间了，并且正在寻求进入，那么现在不是进入亚马逊的最佳时机。</blockquote></p><p> Even if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.</p><p><blockquote>即使我们不投资该股票，我们仍然可以看到亚马逊成为世界上收入最多的公司。我们可以从研究亚马逊和杰夫·贝索斯中学到很多东西。他是个聪明人。</blockquote></p><p> Thank you very much for reading, and I hope that you have a great rest of your day.</p><p><blockquote>非常感谢您的阅读，我希望您今天休息得愉快。</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>Amazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</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\">\nAmazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-27 11:15</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>Amazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.</li>  <li>Unfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.</li>  <li>This article looks at what Amazon stock is most likely worth for us investors.</li>  <li>I hope you enjoy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/451bc93115fb453c0fcb76434c40f7f4\" tg-width=\"1536\" tg-height=\"1024\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是当今世界最具创新力的公司之一，在电子商务行业和云计算服务领域处于领先地位。</li><li>不幸的是，它的价格有点过高。这与我分析过的其他一些大型股是一致的。</li><li>本文探讨了亚马逊股票对美国投资者来说最有可能的价值。</li><li>我希望你喜欢。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> Today, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.</p><p><blockquote>今天，根据我的内在价值模型，亚马逊（AMZN）的定价似乎有点过高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a82d937a2de3f0709088e1ab4548267b\" tg-width=\"371\" tg-height=\"260\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> You might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.</p><p><blockquote>您可能已经看过我的其他一些文章，其中我抨击了苹果(AAPL)或微软(MSFT)等其他热门股票。嗯，我想今天轮到亚马逊了。我只是试图分享我认为公司的价值，我发现很多公司似乎定价过高。</blockquote></p><p> In this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.</p><p><blockquote>在本文中，我将详细介绍我是如何得出亚马逊估值的。我知道关于亚马逊有很多不同的观点，所以我会尝试分享我的估值背后的理由，以帮助您在未来进行更好的投资。</blockquote></p><p> Something important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.</p><p><blockquote>你应该知道一些重要的事情——我不是亚马逊专家，我很难评估成长型股票。我真的很怀疑我有能力估计一家公司未来的增长。我通过查看过去的增长并对未来做出保守的估计来做出未来的增长估计。</blockquote></p><p> This method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.</p><p><blockquote>这种方法近乎“数据外推”，即根据过去的数据做出假设。数据外推并不好，因为未来与过去不同——所以根据过去的数据进行未来预测并不理想。</blockquote></p><p> But after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.</p><p><blockquote>但在对数百家公司进行估值后，我发现这种风格可以很好地获得大致正确的估值。我总是尽量把我的估值定低，因为低买大赚总比高买亏好。</blockquote></p><p>   Warren Buffett said, “The three most important words in investing are  <b>margin of safety</b>.” That means to buy stuff on sale... That's the whole secret to great investing.    Rule 1 Investing  This model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.</p><p><blockquote>沃伦·巴菲特说：“投资中最重要的三个词是<b>安全边际</b>意思是买打折的东西....这就是伟大投资的全部秘密。规则1投资该模型的基础是获得“大致正确”的估值，并寻求以较大的安全边际进行购买。我希望你喜欢，一如既往，我会尽量保持它的干净和常识。</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Where does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.</p><p><blockquote>亚马逊的钱从哪里来？亚马逊分为3个部分：北美、国际和AWS。</blockquote></p><p> As a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.</p><p><blockquote>作为两个高增长行业（电子商务和云计算）的市场领导者，亚马逊未来可能会继续实现高增长。在本节中，我研究了亚马逊每个部门过去的收入增长和营业利润率，并以此做出保守的未来预测。</blockquote></p><p> And later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.</p><p><blockquote>后来，我把每个部门的数字加起来，对整个公司进行预测。以下是亚马逊北美业务的概况。该部门的收入来自零售销售和订阅服务收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce022c0ecacc3829cf83378211bbfd9d\" tg-width=\"640\" tg-height=\"192\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> I projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.</p><p><blockquote>我预计该部门的收入增长将下降，营业利润率将强劲。我预计收入增长会放缓，因为我认为亚马逊在北美的收入必须有一个上限。</blockquote></p><p> Hopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.</p><p><blockquote>希望亚马逊能够超过这一收入增长。但是，我确实认为亚马逊在5年内将收入从2000亿美元增长到4000亿美元将是一个非常令人难以置信的壮举。</blockquote></p><p> Here's a look at Amazon's International segment:</p><p><blockquote>以下是亚马逊国际部门的概况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3d7a5bde370f55e863f58c888abc496\" tg-width=\"640\" tg-height=\"219\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> For Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.</p><p><blockquote>对于亚马逊的国际部门，我预计年收入将增长20%，营业利润率也将提高。我认为营业利润率将逐渐提高，直到利润率达到与亚马逊在美国市场类似的水平。</blockquote></p><p> And for Amazon's last and most exciting segment, here's AWS:</p><p><blockquote>对于亚马逊最后也是最令人兴奋的部分，AWS是：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/769700013871f2cd09e8ce47cfb10966\" tg-width=\"640\" tg-height=\"203\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> AWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about&nbsp;17.5% CAGR&nbsp;until 2025.</p><p><blockquote>AWS无疑将为亚马逊带来高增长和高利润。我预计AWS细分市场可能会继续高速增长。我预测25-30%的年收入增长率，因为云计算有很大的增长空间，根据研究和市场，云计算行业应该以17.5%的CAGR增长，直到2025年。</blockquote></p><p></p><p> Additionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.</p><p><blockquote>此外，我预计营业利润率为28%，因为AWS业务受益于运营杠杆。随着越来越多的人使用该软件，该公司能够通过将成本分摊给更多的人来获得更高的利润。亚马逊的营业利润率可能会超过28%，因此亚马逊的公允价值可能会有上升空间。</blockquote></p><p> These projections were added together to help us figure out what the entire company should be worth.</p><p><blockquote>这些预测加在一起有助于我们计算出整个公司的价值。</blockquote></p><p> <b>Capital Allocation</b></p><p><blockquote><b>资本配置</b></blockquote></p><p> How does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.</p><p><blockquote>亚马逊是怎么花钱的？你可能会发现分析亚马逊的资本配置很有趣，这样你就可以看到亚马逊用它的钱做了什么，以及它未来可能投资到哪里。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f5afa0f641ee1aae39aa69cc150165\" tg-width=\"619\" tg-height=\"499\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.</p><p><blockquote>亚马逊运营现金流的最大部分用于资本支出。据我所知，亚马逊在过去5年里没有任何分享活动。该公司已经发行了股票——但从现金流量表来看，他们似乎没有通过出售股票筹集到任何资金，也没有花任何钱回购股票。</blockquote></p><p>   In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.  <i>There were no repurchases of common stock in 2018, 2019, or 2020.</i>    Source:2020 10-K&nbsp;page 60,  <i>emphasis added</i>  But for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.</p><p><blockquote>2016年2月，董事会批准了一项回购最多50亿美元普通股的计划，没有固定到期日。<i>2018年、2019年或2020年没有回购普通股。</i>资料来源：2020 10-K第60页，<i>增加了强调</i>但就我们而言，这段报价表明亚马逊在过去3年中没有回购任何股票。他们也没有在股息上花任何钱，这很好，因为他们是一家高增长公司。</blockquote></p><p> Amazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.</p><p><blockquote>亚马逊一直在收购和偿还债务上花钱。真正有趣的是，亚马逊在过去5年里积累了大量闲钱。自2016年以来，他们的现金头寸增加了约580亿美元，从2016年底的约260亿美元增加到2020年底的约840亿美元。</blockquote></p><p> Amazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.</p><p><blockquote>亚马逊拥有比以前多得多的现金，因此我们可以看到未来的支出将用于股息、股票回购、新收购，或者更多将带来增长的商业投资。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> First, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.</p><p><blockquote>首先，我对亚马逊使用了7.7%的贴现率，因为这是我发现该公司的加权平均资本成本(WACC)。我假设股权成本为8%，而亚马逊在过去10年中的平均税率约为20-30%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c036264f19bb10fdad477a629b40f803\" tg-width=\"361\" tg-height=\"288\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> I used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.</p><p><blockquote>我今天用DCF模型找到了亚马逊的价值。在下面的模型中，您可以在顶部2个红框中看到，我预计该公司的收入增长将较低，营业利润率将强劲。</blockquote></p><p> This model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.</p><p><blockquote>该模型预计，到2025年，亚马逊的收入将超过8500亿美元。仔细想想，这绝对是疯狂的，但根据估计的收入增长，这似乎是可行的。</blockquote></p><p> Right now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.</p><p><blockquote>目前，沃尔玛（纽约证券交易所股票代码：WMT）以约550B美元的收入领先全球。亚马逊的年收入排名第三，约为3900亿美元。5年后，亚马逊很可能成为世界上收入最高的公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95c459abcbda43e35b40379a1083ecae\" tg-width=\"640\" tg-height=\"510\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Down at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.</p><p><blockquote>在该模型的底部，您可以看到有一个红色框，显示无杠杆自由现金流利润率。这基本上衡量了公司收入中有多少将成为业务利润，不包括利息或债务支付。在绿松石盒子中，我应用了贴现率来查看未来现金流今天的价值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3fa0846616fdc847a3fe1fdf7a09bed\" tg-width=\"267\" tg-height=\"404\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Today, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.</p><p><blockquote>如今，亚马逊的估值似乎略有高估。该模型预测该股票可能被高估约15%，如果我们今天投资，我们预计未来5年的年回报率约为5%。</blockquote></p><p> These estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.</p><p><blockquote>该等估计乃基于业务应产生的未来现金流量。我并不讨厌亚马逊或任何东西，我只是不认为亚马逊股票在当前价格下会是一项伟大的投资。</blockquote></p><p> Down at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.</p><p><blockquote>在底部，我提出了两个亚马逊股票可能更有吸引力的“买入价格”。这背后的想法是，AMZN股票越便宜，我们可以预期的回报就越高。</blockquote></p><p> The model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.</p><p><blockquote>该模型预计，每股2,200美元的年回报率约为15%，每股1,700美元的年回报率约为22%。</blockquote></p><p> \"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.</p><p><blockquote>“但当股票交易价格接近3,500美元时，将买入价格定为2,000美元似乎不合理吗？”有一点。亚马逊的股价似乎不太可能暴跌至2,000美元以上。</blockquote></p><p></p><p> But the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.</p><p><blockquote>但我们的想法是，如果我们有耐心，我们可能有机会以低价购买这些股票。去年2月，亚马逊的交易价格低于1,900美元（我希望当时买了一些）。我们将来可能有机会以折扣价购买亚马逊。</blockquote></p><p> <b>Recap</b></p><p><blockquote><b>回顾</b></blockquote></p><p> Today, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.</p><p><blockquote>如今，亚马逊的估值似乎略有高估，因为它似乎在未来5年内提供约5%的年回报率。这并不意味着如果您是长期持有者，您应该出售亚马逊，因为亚马逊应该继续作为电子商务和云计算领域的领导者表现出色。</blockquote></p><p> But if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.</p><p><blockquote>但如果你正在寻找下一只投资股票，亚马逊现在似乎太贵了。如果您关注亚马逊已经有一段时间了，并且正在寻求进入，那么现在不是进入亚马逊的最佳时机。</blockquote></p><p> Even if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.</p><p><blockquote>即使我们不投资该股票，我们仍然可以看到亚马逊成为世界上收入最多的公司。我们可以从研究亚马逊和杰夫·贝索斯中学到很多东西。他是个聪明人。</blockquote></p><p> Thank you very much for reading, and I hope that you have a great rest of your day.</p><p><blockquote>非常感谢您的阅读，我希望您今天休息得愉快。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184001921","content_text":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.\nUnfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.\nThis article looks at what Amazon stock is most likely worth for us investors.\nI hope you enjoy.\n\nSundry Photography/iStock Editorial via Getty Images\nToday, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.\nSource: Author\nYou might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.\nIn this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.\nSomething important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.\nThis method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.\nBut after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.\n\n Warren Buffett said, “The three most important words in investing are\n margin of safety.” That means to buy stuff on sale... That's the whole secret to great investing.\n\n\n Rule 1 Investing\n\nThis model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.\nBusiness Model\nWhere does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.\nAs a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.\nAnd later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nI projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.\nHopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.\nHere's a look at Amazon's International segment:\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nFor Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.\nAnd for Amazon's last and most exciting segment, here's AWS:\nSource: Author\nAWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about 17.5% CAGR until 2025.\nAdditionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.\nThese projections were added together to help us figure out what the entire company should be worth.\nCapital Allocation\nHow does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.\nSource: Author\nThe biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.\n\n In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.\n There were no repurchases of common stock in 2018, 2019, or 2020.\n\n\n Source:2020 10-K page 60,\n emphasis added\n\nBut for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.\nAmazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.\nAmazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.\nValuation\nFirst, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.\nSource: Author\nI used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.\nThis model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.\nRight now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.\nSource: Author\nDown at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.\nSource: Author\nToday, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.\nThese estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.\nDown at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.\nThe model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.\n\"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.\nBut the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.\nRecap\nToday, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.\nBut if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.\nEven if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.\nThank you very much for reading, and I hope that you have a great rest of your day.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125295020,"gmtCreate":1624674054660,"gmtModify":1633949756620,"author":{"id":"3575030506881099","authorId":"3575030506881099","name":"ysg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575030506881099","authorIdStr":"3575030506881099"},"themes":[],"htmlText":"yeahhhhh","listText":"yeahhhhh","text":"yeahhhhh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125295020","repostId":"2146107083","repostType":4,"isVote":1,"tweetType":1,"viewCount":212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125292184,"gmtCreate":1624674034348,"gmtModify":1633949757360,"author":{"id":"3575030506881099","authorId":"3575030506881099","name":"ysg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575030506881099","authorIdStr":"3575030506881099"},"themes":[],"htmlText":"awesome!","listText":"awesome!","text":"awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125292184","repostId":"2146026425","repostType":4,"isVote":1,"tweetType":1,"viewCount":189,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125951409,"gmtCreate":1624642986101,"gmtModify":1633950121432,"author":{"id":"3575030506881099","authorId":"3575030506881099","name":"ysg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575030506881099","authorIdStr":"3575030506881099"},"themes":[],"htmlText":"awesome!","listText":"awesome!","text":"awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125951409","repostId":"2146023165","repostType":4,"isVote":1,"tweetType":1,"viewCount":346,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125953627,"gmtCreate":1624642862769,"gmtModify":1633950121883,"author":{"id":"3575030506881099","authorId":"3575030506881099","name":"ysg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575030506881099","authorIdStr":"3575030506881099"},"themes":[],"htmlText":"👍👍","listText":"👍👍","text":"👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/125953627","repostId":"2146023165","repostType":4,"isVote":1,"tweetType":1,"viewCount":321,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":145917933,"gmtCreate":1626186041822,"gmtModify":1631892575976,"author":{"id":"3575030506881099","authorId":"3575030506881099","name":"ysg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575030506881099","idStr":"3575030506881099"},"themes":[],"htmlText":"🤙🤙🤙🤙🤙","listText":"🤙🤙🤙🤙🤙","text":"🤙🤙🤙🤙🤙","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/145917933","repostId":"1152442565","repostType":4,"repost":{"id":"1152442565","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":1626183960,"share":"https://www.laohu8.com/m/news/1152442565?lang=zh_CN&edition=full","pubTime":"2021-07-13 21:46","market":"us","language":"en","title":"Orbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.<blockquote>Orbsat Corp股价在早盘交易中上涨近100%，该公司的全球Telesat通信部门被批准为阿里巴巴-SW金牌供应商。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152442565","media":"Tiger Newspress","summary":"Orbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications","content":"<p>Orbsat Corp&nbsp;shares&nbsp;jumps&nbsp;nearly&nbsp;100%&nbsp;in&nbsp;early&nbsp;trading,as&nbsp;the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.</p><p><blockquote>Orbsat Corp股价在早盘交易中上涨近100%，该公司的全球Telesat通信部门被批准为阿里巴巴-SW金牌供应商。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/df700e33a39e4c926a5f47fe2917a75c\" tg-width=\"1286\" tg-height=\"602\" referrerpolicy=\"no-referrer\">Orbsat Corp, a global provider of IoT and connectivity solutions through next-generation satellite technology, today announced that its Global Telesat Communications (GTC) unit has entered into an agreement with Alibaba.com, the B2B (Business-to-Business) e-commerce website owned and operated by Alibaba Group Holding Limited, also known as Alibaba Group (NYSE: BABA; HKEX: 9988), a Chinese multinational technology company specializing in e-commerce, retail, internet, and technology. GTC will be a Gold- Supplier on Alibaba.com, the world's largest Business-to-Business (B2B) e-commerce website.</p><p><blockquote>通过下一代卫星技术提供物联网和连接解决方案的全球提供商Orbsat Corp今天宣布，其全球Telesat Communications(GTC)部门已与B2B（企业对企业）阿里巴巴达成协议电子商务网站由阿里巴巴-SW集团控股有限公司（又称阿里巴巴-SW集团（纽约证券交易所代码：BABA；香港交易所代码：9988）拥有和运营，是一家专注于电子商务、零售、互联网和技术的中国跨国科技公司。GTC将成为全球最大的企业对企业(B2B)电子商务网站Alibaba.com的金牌供应商。</blockquote></p><p> \"With our launch on Alibaba.com, the world's largest B2B platform, we are significantly accelerating our global expansion plans, expanding, and deepening our e-commerce reach into nearly every country. This will allow us to better serve the needs of our enterprise customers across the world,\" said Charles M. Fernandez, Chairman and CEO of Orbsat. \"There has been explosive growth in online shopping due to the pandemic as businesses and consumers around the world embrace e-commerce. Long-term, we believe that e-commerce will be the preferred channel for businesses and consumers seeking to research and purchase our satellite IoT and connectivity products and services. We also intend to secure new integration alliances including joint commerce structures with additional connectivity partners such as those in the CubeSat space which can leverage our expanded e-commerce platforms and ground station-based infrastructure.\"</p><p><blockquote>Orbsat董事长兼首席执行官Charles M.Fernandez表示：“随着我们在全球最大的B2B平台Alibaba.com上的推出，我们正在显着加快我们的全球扩张计划，扩大和深化我们的电子商务覆盖几乎每个国家。这将使我们能够更好地满足全球企业客户的需求。”“由于疫情，随着世界各地的企业和消费者接受电子商务，在线购物出现了爆炸性增长。从长远来看，我们相信电子商务将成为寻求研究和购买我们卫星物联网和连接产品和服务的企业和消费者的首选渠道。我们还打算建立新的集成联盟，包括与其他连接合作伙伴的联合商务结构，例如CubeSat领域的合作伙伴，这些合作伙伴可以利用我们扩展的电子商务平台和基于地面站的基础设施。”</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>Orbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.<blockquote>Orbsat Corp股价在早盘交易中上涨近100%，该公司的全球Telesat通信部门被批准为阿里巴巴-SW金牌供应商。</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\">\nOrbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.<blockquote>Orbsat Corp股价在早盘交易中上涨近100%，该公司的全球Telesat通信部门被批准为阿里巴巴-SW金牌供应商。</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\">2021-07-13 21:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Orbsat Corp&nbsp;shares&nbsp;jumps&nbsp;nearly&nbsp;100%&nbsp;in&nbsp;early&nbsp;trading,as&nbsp;the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.</p><p><blockquote>Orbsat Corp股价在早盘交易中上涨近100%，该公司的全球Telesat通信部门被批准为阿里巴巴-SW金牌供应商。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/df700e33a39e4c926a5f47fe2917a75c\" tg-width=\"1286\" tg-height=\"602\" referrerpolicy=\"no-referrer\">Orbsat Corp, a global provider of IoT and connectivity solutions through next-generation satellite technology, today announced that its Global Telesat Communications (GTC) unit has entered into an agreement with Alibaba.com, the B2B (Business-to-Business) e-commerce website owned and operated by Alibaba Group Holding Limited, also known as Alibaba Group (NYSE: BABA; HKEX: 9988), a Chinese multinational technology company specializing in e-commerce, retail, internet, and technology. GTC will be a Gold- Supplier on Alibaba.com, the world's largest Business-to-Business (B2B) e-commerce website.</p><p><blockquote>通过下一代卫星技术提供物联网和连接解决方案的全球提供商Orbsat Corp今天宣布，其全球Telesat Communications(GTC)部门已与B2B（企业对企业）阿里巴巴达成协议电子商务网站由阿里巴巴-SW集团控股有限公司（又称阿里巴巴-SW集团（纽约证券交易所代码：BABA；香港交易所代码：9988）拥有和运营，是一家专注于电子商务、零售、互联网和技术的中国跨国科技公司。GTC将成为全球最大的企业对企业(B2B)电子商务网站Alibaba.com的金牌供应商。</blockquote></p><p> \"With our launch on Alibaba.com, the world's largest B2B platform, we are significantly accelerating our global expansion plans, expanding, and deepening our e-commerce reach into nearly every country. This will allow us to better serve the needs of our enterprise customers across the world,\" said Charles M. Fernandez, Chairman and CEO of Orbsat. \"There has been explosive growth in online shopping due to the pandemic as businesses and consumers around the world embrace e-commerce. Long-term, we believe that e-commerce will be the preferred channel for businesses and consumers seeking to research and purchase our satellite IoT and connectivity products and services. We also intend to secure new integration alliances including joint commerce structures with additional connectivity partners such as those in the CubeSat space which can leverage our expanded e-commerce platforms and ground station-based infrastructure.\"</p><p><blockquote>Orbsat董事长兼首席执行官Charles M.Fernandez表示：“随着我们在全球最大的B2B平台Alibaba.com上的推出，我们正在显着加快我们的全球扩张计划，扩大和深化我们的电子商务覆盖几乎每个国家。这将使我们能够更好地满足全球企业客户的需求。”“由于疫情，随着世界各地的企业和消费者接受电子商务，在线购物出现了爆炸性增长。从长远来看，我们相信电子商务将成为寻求研究和购买我们卫星物联网和连接产品和服务的企业和消费者的首选渠道。我们还打算建立新的集成联盟，包括与其他连接合作伙伴的联合商务结构，例如CubeSat领域的合作伙伴，这些合作伙伴可以利用我们扩展的电子商务平台和基于地面站的基础设施。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152442565","content_text":"Orbsat Corp shares jumps nearly 100% in early trading,as the company's Global Telesat Communications Unit Approved as an Alibaba gold supplier.\nOrbsat Corp, a global provider of IoT and connectivity solutions through next-generation satellite technology, today announced that its Global Telesat Communications (GTC) unit has entered into an agreement with Alibaba.com, the B2B (Business-to-Business) e-commerce website owned and operated by Alibaba Group Holding Limited, also known as Alibaba Group (NYSE: BABA; HKEX: 9988), a Chinese multinational technology company specializing in e-commerce, retail, internet, and technology. GTC will be a Gold- Supplier on Alibaba.com, the world's largest Business-to-Business (B2B) e-commerce website.\n\"With our launch on Alibaba.com, the world's largest B2B platform, we are significantly accelerating our global expansion plans, expanding, and deepening our e-commerce reach into nearly every country. This will allow us to better serve the needs of our enterprise customers across the world,\" said Charles M. Fernandez, Chairman and CEO of Orbsat. \"There has been explosive growth in online shopping due to the pandemic as businesses and consumers around the world embrace e-commerce. Long-term, we believe that e-commerce will be the preferred channel for businesses and consumers seeking to research and purchase our satellite IoT and connectivity products and services. We also intend to secure new integration alliances including joint commerce structures with additional connectivity partners such as those in the CubeSat space which can leverage our expanded e-commerce platforms and ground station-based infrastructure.\"","news_type":1,"symbols_score_info":{"OSAT":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":2194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151059358,"gmtCreate":1625059486174,"gmtModify":1631892575992,"author":{"id":"3575030506881099","authorId":"3575030506881099","name":"ysg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575030506881099","idStr":"3575030506881099"},"themes":[],"htmlText":"so sad...","listText":"so sad...","text":"so 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11:15","market":"us","language":"en","title":"Amazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184001921","media":"seekingalpha","summary":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce i","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Amazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.</li>  <li>Unfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.</li>  <li>This article looks at what Amazon stock is most likely worth for us investors.</li>  <li>I hope you enjoy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/451bc93115fb453c0fcb76434c40f7f4\" tg-width=\"1536\" tg-height=\"1024\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是当今世界最具创新力的公司之一，在电子商务行业和云计算服务领域处于领先地位。</li><li>不幸的是，它的价格有点过高。这与我分析过的其他一些大型股是一致的。</li><li>本文探讨了亚马逊股票对美国投资者来说最有可能的价值。</li><li>我希望你喜欢。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> Today, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.</p><p><blockquote>今天，根据我的内在价值模型，亚马逊（AMZN）的定价似乎有点过高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a82d937a2de3f0709088e1ab4548267b\" tg-width=\"371\" tg-height=\"260\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> You might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.</p><p><blockquote>您可能已经看过我的其他一些文章，其中我抨击了苹果(AAPL)或微软(MSFT)等其他热门股票。嗯，我想今天轮到亚马逊了。我只是试图分享我认为公司的价值，我发现很多公司似乎定价过高。</blockquote></p><p> In this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.</p><p><blockquote>在本文中，我将详细介绍我是如何得出亚马逊估值的。我知道关于亚马逊有很多不同的观点，所以我会尝试分享我的估值背后的理由，以帮助您在未来进行更好的投资。</blockquote></p><p> Something important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.</p><p><blockquote>你应该知道一些重要的事情——我不是亚马逊专家，我很难评估成长型股票。我真的很怀疑我有能力估计一家公司未来的增长。我通过查看过去的增长并对未来做出保守的估计来做出未来的增长估计。</blockquote></p><p> This method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.</p><p><blockquote>这种方法近乎“数据外推”，即根据过去的数据做出假设。数据外推并不好，因为未来与过去不同——所以根据过去的数据进行未来预测并不理想。</blockquote></p><p> But after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.</p><p><blockquote>但在对数百家公司进行估值后，我发现这种风格可以很好地获得大致正确的估值。我总是尽量把我的估值定低，因为低买大赚总比高买亏好。</blockquote></p><p>   Warren Buffett said, “The three most important words in investing are  <b>margin of safety</b>.” That means to buy stuff on sale... That's the whole secret to great investing.    Rule 1 Investing  This model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.</p><p><blockquote>沃伦·巴菲特说：“投资中最重要的三个词是<b>安全边际</b>意思是买打折的东西....这就是伟大投资的全部秘密。规则1投资该模型的基础是获得“大致正确”的估值，并寻求以较大的安全边际进行购买。我希望你喜欢，一如既往，我会尽量保持它的干净和常识。</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Where does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.</p><p><blockquote>亚马逊的钱从哪里来？亚马逊分为3个部分：北美、国际和AWS。</blockquote></p><p> As a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.</p><p><blockquote>作为两个高增长行业（电子商务和云计算）的市场领导者，亚马逊未来可能会继续实现高增长。在本节中，我研究了亚马逊每个部门过去的收入增长和营业利润率，并以此做出保守的未来预测。</blockquote></p><p> And later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.</p><p><blockquote>后来，我把每个部门的数字加起来，对整个公司进行预测。以下是亚马逊北美业务的概况。该部门的收入来自零售销售和订阅服务收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce022c0ecacc3829cf83378211bbfd9d\" tg-width=\"640\" tg-height=\"192\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> I projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.</p><p><blockquote>我预计该部门的收入增长将下降，营业利润率将强劲。我预计收入增长会放缓，因为我认为亚马逊在北美的收入必须有一个上限。</blockquote></p><p> Hopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.</p><p><blockquote>希望亚马逊能够超过这一收入增长。但是，我确实认为亚马逊在5年内将收入从2000亿美元增长到4000亿美元将是一个非常令人难以置信的壮举。</blockquote></p><p> Here's a look at Amazon's International segment:</p><p><blockquote>以下是亚马逊国际部门的概况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3d7a5bde370f55e863f58c888abc496\" tg-width=\"640\" tg-height=\"219\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> For Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.</p><p><blockquote>对于亚马逊的国际部门，我预计年收入将增长20%，营业利润率也将提高。我认为营业利润率将逐渐提高，直到利润率达到与亚马逊在美国市场类似的水平。</blockquote></p><p> And for Amazon's last and most exciting segment, here's AWS:</p><p><blockquote>对于亚马逊最后也是最令人兴奋的部分，AWS是：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/769700013871f2cd09e8ce47cfb10966\" tg-width=\"640\" tg-height=\"203\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> AWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about&nbsp;17.5% CAGR&nbsp;until 2025.</p><p><blockquote>AWS无疑将为亚马逊带来高增长和高利润。我预计AWS细分市场可能会继续高速增长。我预测25-30%的年收入增长率，因为云计算有很大的增长空间，根据研究和市场，云计算行业应该以17.5%的CAGR增长，直到2025年。</blockquote></p><p></p><p> Additionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.</p><p><blockquote>此外，我预计营业利润率为28%，因为AWS业务受益于运营杠杆。随着越来越多的人使用该软件，该公司能够通过将成本分摊给更多的人来获得更高的利润。亚马逊的营业利润率可能会超过28%，因此亚马逊的公允价值可能会有上升空间。</blockquote></p><p> These projections were added together to help us figure out what the entire company should be worth.</p><p><blockquote>这些预测加在一起有助于我们计算出整个公司的价值。</blockquote></p><p> <b>Capital Allocation</b></p><p><blockquote><b>资本配置</b></blockquote></p><p> How does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.</p><p><blockquote>亚马逊是怎么花钱的？你可能会发现分析亚马逊的资本配置很有趣，这样你就可以看到亚马逊用它的钱做了什么，以及它未来可能投资到哪里。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f5afa0f641ee1aae39aa69cc150165\" tg-width=\"619\" tg-height=\"499\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.</p><p><blockquote>亚马逊运营现金流的最大部分用于资本支出。据我所知，亚马逊在过去5年里没有任何分享活动。该公司已经发行了股票——但从现金流量表来看，他们似乎没有通过出售股票筹集到任何资金，也没有花任何钱回购股票。</blockquote></p><p>   In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.  <i>There were no repurchases of common stock in 2018, 2019, or 2020.</i>    Source:2020 10-K&nbsp;page 60,  <i>emphasis added</i>  But for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.</p><p><blockquote>2016年2月，董事会批准了一项回购最多50亿美元普通股的计划，没有固定到期日。<i>2018年、2019年或2020年没有回购普通股。</i>资料来源：2020 10-K第60页，<i>增加了强调</i>但就我们而言，这段报价表明亚马逊在过去3年中没有回购任何股票。他们也没有在股息上花任何钱，这很好，因为他们是一家高增长公司。</blockquote></p><p> Amazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.</p><p><blockquote>亚马逊一直在收购和偿还债务上花钱。真正有趣的是，亚马逊在过去5年里积累了大量闲钱。自2016年以来，他们的现金头寸增加了约580亿美元，从2016年底的约260亿美元增加到2020年底的约840亿美元。</blockquote></p><p> Amazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.</p><p><blockquote>亚马逊拥有比以前多得多的现金，因此我们可以看到未来的支出将用于股息、股票回购、新收购，或者更多将带来增长的商业投资。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> First, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.</p><p><blockquote>首先，我对亚马逊使用了7.7%的贴现率，因为这是我发现该公司的加权平均资本成本(WACC)。我假设股权成本为8%，而亚马逊在过去10年中的平均税率约为20-30%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c036264f19bb10fdad477a629b40f803\" tg-width=\"361\" tg-height=\"288\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> I used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.</p><p><blockquote>我今天用DCF模型找到了亚马逊的价值。在下面的模型中，您可以在顶部2个红框中看到，我预计该公司的收入增长将较低，营业利润率将强劲。</blockquote></p><p> This model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.</p><p><blockquote>该模型预计，到2025年，亚马逊的收入将超过8500亿美元。仔细想想，这绝对是疯狂的，但根据估计的收入增长，这似乎是可行的。</blockquote></p><p> Right now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.</p><p><blockquote>目前，沃尔玛（纽约证券交易所股票代码：WMT）以约550B美元的收入领先全球。亚马逊的年收入排名第三，约为3900亿美元。5年后，亚马逊很可能成为世界上收入最高的公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95c459abcbda43e35b40379a1083ecae\" tg-width=\"640\" tg-height=\"510\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Down at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.</p><p><blockquote>在该模型的底部，您可以看到有一个红色框，显示无杠杆自由现金流利润率。这基本上衡量了公司收入中有多少将成为业务利润，不包括利息或债务支付。在绿松石盒子中，我应用了贴现率来查看未来现金流今天的价值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3fa0846616fdc847a3fe1fdf7a09bed\" tg-width=\"267\" tg-height=\"404\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Today, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.</p><p><blockquote>如今，亚马逊的估值似乎略有高估。该模型预测该股票可能被高估约15%，如果我们今天投资，我们预计未来5年的年回报率约为5%。</blockquote></p><p> These estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.</p><p><blockquote>该等估计乃基于业务应产生的未来现金流量。我并不讨厌亚马逊或任何东西，我只是不认为亚马逊股票在当前价格下会是一项伟大的投资。</blockquote></p><p> Down at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.</p><p><blockquote>在底部，我提出了两个亚马逊股票可能更有吸引力的“买入价格”。这背后的想法是，AMZN股票越便宜，我们可以预期的回报就越高。</blockquote></p><p> The model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.</p><p><blockquote>该模型预计，每股2,200美元的年回报率约为15%，每股1,700美元的年回报率约为22%。</blockquote></p><p> \"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.</p><p><blockquote>“但当股票交易价格接近3,500美元时，将买入价格定为2,000美元似乎不合理吗？”有一点。亚马逊的股价似乎不太可能暴跌至2,000美元以上。</blockquote></p><p></p><p> But the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.</p><p><blockquote>但我们的想法是，如果我们有耐心，我们可能有机会以低价购买这些股票。去年2月，亚马逊的交易价格低于1,900美元（我希望当时买了一些）。我们将来可能有机会以折扣价购买亚马逊。</blockquote></p><p> <b>Recap</b></p><p><blockquote><b>回顾</b></blockquote></p><p> Today, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.</p><p><blockquote>如今，亚马逊的估值似乎略有高估，因为它似乎在未来5年内提供约5%的年回报率。这并不意味着如果您是长期持有者，您应该出售亚马逊，因为亚马逊应该继续作为电子商务和云计算领域的领导者表现出色。</blockquote></p><p> But if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.</p><p><blockquote>但如果你正在寻找下一只投资股票，亚马逊现在似乎太贵了。如果您关注亚马逊已经有一段时间了，并且正在寻求进入，那么现在不是进入亚马逊的最佳时机。</blockquote></p><p> Even if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.</p><p><blockquote>即使我们不投资该股票，我们仍然可以看到亚马逊成为世界上收入最多的公司。我们可以从研究亚马逊和杰夫·贝索斯中学到很多东西。他是个聪明人。</blockquote></p><p> Thank you very much for reading, and I hope that you have a great rest of your day.</p><p><blockquote>非常感谢您的阅读，我希望您今天休息得愉快。</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>Amazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</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\">\nAmazon: Good Stock, Not Good Price<blockquote>亚马逊：好库存，不好价格</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-27 11:15</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>Amazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.</li>  <li>Unfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.</li>  <li>This article looks at what Amazon stock is most likely worth for us investors.</li>  <li>I hope you enjoy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/451bc93115fb453c0fcb76434c40f7f4\" tg-width=\"1536\" tg-height=\"1024\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是当今世界最具创新力的公司之一，在电子商务行业和云计算服务领域处于领先地位。</li><li>不幸的是，它的价格有点过高。这与我分析过的其他一些大型股是一致的。</li><li>本文探讨了亚马逊股票对美国投资者来说最有可能的价值。</li><li>我希望你喜欢。</li></ul><p class=\"t-img-caption\"><span>杂项摄影/iStock社论来自Getty Images</span></p></blockquote></p><p> Today, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.</p><p><blockquote>今天，根据我的内在价值模型，亚马逊（AMZN）的定价似乎有点过高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a82d937a2de3f0709088e1ab4548267b\" tg-width=\"371\" tg-height=\"260\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> You might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.</p><p><blockquote>您可能已经看过我的其他一些文章，其中我抨击了苹果(AAPL)或微软(MSFT)等其他热门股票。嗯，我想今天轮到亚马逊了。我只是试图分享我认为公司的价值，我发现很多公司似乎定价过高。</blockquote></p><p> In this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.</p><p><blockquote>在本文中，我将详细介绍我是如何得出亚马逊估值的。我知道关于亚马逊有很多不同的观点，所以我会尝试分享我的估值背后的理由，以帮助您在未来进行更好的投资。</blockquote></p><p> Something important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.</p><p><blockquote>你应该知道一些重要的事情——我不是亚马逊专家，我很难评估成长型股票。我真的很怀疑我有能力估计一家公司未来的增长。我通过查看过去的增长并对未来做出保守的估计来做出未来的增长估计。</blockquote></p><p> This method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.</p><p><blockquote>这种方法近乎“数据外推”，即根据过去的数据做出假设。数据外推并不好，因为未来与过去不同——所以根据过去的数据进行未来预测并不理想。</blockquote></p><p> But after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.</p><p><blockquote>但在对数百家公司进行估值后，我发现这种风格可以很好地获得大致正确的估值。我总是尽量把我的估值定低，因为低买大赚总比高买亏好。</blockquote></p><p>   Warren Buffett said, “The three most important words in investing are  <b>margin of safety</b>.” That means to buy stuff on sale... That's the whole secret to great investing.    Rule 1 Investing  This model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.</p><p><blockquote>沃伦·巴菲特说：“投资中最重要的三个词是<b>安全边际</b>意思是买打折的东西....这就是伟大投资的全部秘密。规则1投资该模型的基础是获得“大致正确”的估值，并寻求以较大的安全边际进行购买。我希望你喜欢，一如既往，我会尽量保持它的干净和常识。</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Where does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.</p><p><blockquote>亚马逊的钱从哪里来？亚马逊分为3个部分：北美、国际和AWS。</blockquote></p><p> As a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.</p><p><blockquote>作为两个高增长行业（电子商务和云计算）的市场领导者，亚马逊未来可能会继续实现高增长。在本节中，我研究了亚马逊每个部门过去的收入增长和营业利润率，并以此做出保守的未来预测。</blockquote></p><p> And later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.</p><p><blockquote>后来，我把每个部门的数字加起来，对整个公司进行预测。以下是亚马逊北美业务的概况。该部门的收入来自零售销售和订阅服务收入。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce022c0ecacc3829cf83378211bbfd9d\" tg-width=\"640\" tg-height=\"192\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> I projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.</p><p><blockquote>我预计该部门的收入增长将下降，营业利润率将强劲。我预计收入增长会放缓，因为我认为亚马逊在北美的收入必须有一个上限。</blockquote></p><p> Hopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.</p><p><blockquote>希望亚马逊能够超过这一收入增长。但是，我确实认为亚马逊在5年内将收入从2000亿美元增长到4000亿美元将是一个非常令人难以置信的壮举。</blockquote></p><p> Here's a look at Amazon's International segment:</p><p><blockquote>以下是亚马逊国际部门的概况：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3d7a5bde370f55e863f58c888abc496\" tg-width=\"640\" tg-height=\"219\"><span>Source: Author with data from 2018 10-K,2019 10-K, and 2020 10-K</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用2018年10-K、2019年10-K和2020年10-K的数据</span></p></blockquote></p><p> For Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.</p><p><blockquote>对于亚马逊的国际部门，我预计年收入将增长20%，营业利润率也将提高。我认为营业利润率将逐渐提高，直到利润率达到与亚马逊在美国市场类似的水平。</blockquote></p><p> And for Amazon's last and most exciting segment, here's AWS:</p><p><blockquote>对于亚马逊最后也是最令人兴奋的部分，AWS是：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/769700013871f2cd09e8ce47cfb10966\" tg-width=\"640\" tg-height=\"203\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> AWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about&nbsp;17.5% CAGR&nbsp;until 2025.</p><p><blockquote>AWS无疑将为亚马逊带来高增长和高利润。我预计AWS细分市场可能会继续高速增长。我预测25-30%的年收入增长率，因为云计算有很大的增长空间，根据研究和市场，云计算行业应该以17.5%的CAGR增长，直到2025年。</blockquote></p><p></p><p> Additionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.</p><p><blockquote>此外，我预计营业利润率为28%，因为AWS业务受益于运营杠杆。随着越来越多的人使用该软件，该公司能够通过将成本分摊给更多的人来获得更高的利润。亚马逊的营业利润率可能会超过28%，因此亚马逊的公允价值可能会有上升空间。</blockquote></p><p> These projections were added together to help us figure out what the entire company should be worth.</p><p><blockquote>这些预测加在一起有助于我们计算出整个公司的价值。</blockquote></p><p> <b>Capital Allocation</b></p><p><blockquote><b>资本配置</b></blockquote></p><p> How does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.</p><p><blockquote>亚马逊是怎么花钱的？你可能会发现分析亚马逊的资本配置很有趣，这样你就可以看到亚马逊用它的钱做了什么，以及它未来可能投资到哪里。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f5afa0f641ee1aae39aa69cc150165\" tg-width=\"619\" tg-height=\"499\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.</p><p><blockquote>亚马逊运营现金流的最大部分用于资本支出。据我所知，亚马逊在过去5年里没有任何分享活动。该公司已经发行了股票——但从现金流量表来看，他们似乎没有通过出售股票筹集到任何资金，也没有花任何钱回购股票。</blockquote></p><p>   In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.  <i>There were no repurchases of common stock in 2018, 2019, or 2020.</i>    Source:2020 10-K&nbsp;page 60,  <i>emphasis added</i>  But for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.</p><p><blockquote>2016年2月，董事会批准了一项回购最多50亿美元普通股的计划，没有固定到期日。<i>2018年、2019年或2020年没有回购普通股。</i>资料来源：2020 10-K第60页，<i>增加了强调</i>但就我们而言，这段报价表明亚马逊在过去3年中没有回购任何股票。他们也没有在股息上花任何钱，这很好，因为他们是一家高增长公司。</blockquote></p><p> Amazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.</p><p><blockquote>亚马逊一直在收购和偿还债务上花钱。真正有趣的是，亚马逊在过去5年里积累了大量闲钱。自2016年以来，他们的现金头寸增加了约580亿美元，从2016年底的约260亿美元增加到2020年底的约840亿美元。</blockquote></p><p> Amazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.</p><p><blockquote>亚马逊拥有比以前多得多的现金，因此我们可以看到未来的支出将用于股息、股票回购、新收购，或者更多将带来增长的商业投资。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> First, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.</p><p><blockquote>首先，我对亚马逊使用了7.7%的贴现率，因为这是我发现该公司的加权平均资本成本(WACC)。我假设股权成本为8%，而亚马逊在过去10年中的平均税率约为20-30%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c036264f19bb10fdad477a629b40f803\" tg-width=\"361\" tg-height=\"288\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> I used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.</p><p><blockquote>我今天用DCF模型找到了亚马逊的价值。在下面的模型中，您可以在顶部2个红框中看到，我预计该公司的收入增长将较低，营业利润率将强劲。</blockquote></p><p> This model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.</p><p><blockquote>该模型预计，到2025年，亚马逊的收入将超过8500亿美元。仔细想想，这绝对是疯狂的，但根据估计的收入增长，这似乎是可行的。</blockquote></p><p> Right now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.</p><p><blockquote>目前，沃尔玛（纽约证券交易所股票代码：WMT）以约550B美元的收入领先全球。亚马逊的年收入排名第三，约为3900亿美元。5年后，亚马逊很可能成为世界上收入最高的公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95c459abcbda43e35b40379a1083ecae\" tg-width=\"640\" tg-height=\"510\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Down at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.</p><p><blockquote>在该模型的底部，您可以看到有一个红色框，显示无杠杆自由现金流利润率。这基本上衡量了公司收入中有多少将成为业务利润，不包括利息或债务支付。在绿松石盒子中，我应用了贴现率来查看未来现金流今天的价值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a3fa0846616fdc847a3fe1fdf7a09bed\" tg-width=\"267\" tg-height=\"404\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Today, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.</p><p><blockquote>如今，亚马逊的估值似乎略有高估。该模型预测该股票可能被高估约15%，如果我们今天投资，我们预计未来5年的年回报率约为5%。</blockquote></p><p> These estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.</p><p><blockquote>该等估计乃基于业务应产生的未来现金流量。我并不讨厌亚马逊或任何东西，我只是不认为亚马逊股票在当前价格下会是一项伟大的投资。</blockquote></p><p> Down at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.</p><p><blockquote>在底部，我提出了两个亚马逊股票可能更有吸引力的“买入价格”。这背后的想法是，AMZN股票越便宜，我们可以预期的回报就越高。</blockquote></p><p> The model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.</p><p><blockquote>该模型预计，每股2,200美元的年回报率约为15%，每股1,700美元的年回报率约为22%。</blockquote></p><p> \"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.</p><p><blockquote>“但当股票交易价格接近3,500美元时，将买入价格定为2,000美元似乎不合理吗？”有一点。亚马逊的股价似乎不太可能暴跌至2,000美元以上。</blockquote></p><p></p><p> But the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.</p><p><blockquote>但我们的想法是，如果我们有耐心，我们可能有机会以低价购买这些股票。去年2月，亚马逊的交易价格低于1,900美元（我希望当时买了一些）。我们将来可能有机会以折扣价购买亚马逊。</blockquote></p><p> <b>Recap</b></p><p><blockquote><b>回顾</b></blockquote></p><p> Today, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.</p><p><blockquote>如今，亚马逊的估值似乎略有高估，因为它似乎在未来5年内提供约5%的年回报率。这并不意味着如果您是长期持有者，您应该出售亚马逊，因为亚马逊应该继续作为电子商务和云计算领域的领导者表现出色。</blockquote></p><p> But if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.</p><p><blockquote>但如果你正在寻找下一只投资股票，亚马逊现在似乎太贵了。如果您关注亚马逊已经有一段时间了，并且正在寻求进入，那么现在不是进入亚马逊的最佳时机。</blockquote></p><p> Even if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.</p><p><blockquote>即使我们不投资该股票，我们仍然可以看到亚马逊成为世界上收入最多的公司。我们可以从研究亚马逊和杰夫·贝索斯中学到很多东西。他是个聪明人。</blockquote></p><p> Thank you very much for reading, and I hope that you have a great rest of your day.</p><p><blockquote>非常感谢您的阅读，我希望您今天休息得愉快。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4436641-amazon-good-stock-not-good-price","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184001921","content_text":"Summary\n\nAmazon is one of the most innovative companies in the world today, leading the E-commerce industry and cloud computing services.\nUnfortunately, it's a little overpriced. This is consistent with some of the other mega-cap stocks I've analyzed.\nThis article looks at what Amazon stock is most likely worth for us investors.\nI hope you enjoy.\n\nSundry Photography/iStock Editorial via Getty Images\nToday, Amazon (AMZN) seems to be a little overpriced based on my intrinsic value model.\nSource: Author\nYou might have seen some of my other articles where I've bashed other popular stocks like Apple (AAPL) or Microsoft (MSFT). Well, I guess today it's Amazon's turn. I just try to share what I think companies are worth, and I've found that a lot of companies seem to be overpriced.\nIn this article, I'll break down how I came up with Amazon's valuation. I know that there's tons of different opinions out there about Amazon, so I'll try to share the reasoning behind my valuation to help you make better investments in the future.\nSomething important you should know - I'm not an expert on Amazon, and I have a really difficult time valuing growth stocks. I really doubt that I have the ability to estimate a company's future growth. I made future growth estimates by looking at past growth and making conservative estimates of the future.\nThis method borders on \"data extrapolation\", which is making assumptions based on past data. Data extrapolation isn't great because the future is different from the past - so making future projections based on past data isn't ideal.\nBut after valuing hundreds of companies, I've found that this kind of style does a good job of getting the valuation approximately right. I always try to set my valuations low, because it's better to buy low and make a killing than buy high and lose money.\n\n Warren Buffett said, “The three most important words in investing are\n margin of safety.” That means to buy stuff on sale... That's the whole secret to great investing.\n\n\n Rule 1 Investing\n\nThis model is built on getting the valuation \"approximately right,\" and looking to buy with a large margin of safety. I hope you enjoy, and as always, I'll try to keep it clean and common sense.\nBusiness Model\nWhere does Amazon get its money? Amazon is split into 3 segments: North America, International, and AWS.\nAs a market leader in 2 high growth industries (E-commerce and cloud computing), Amazon will probably continue to see high growth in the future. In this section, I looked at the past revenue growth and operating margins for each of Amazon's segments, and I used this to make conservative future projections.\nAnd later, I added up the numbers from each segment to make projections for the whole company. Here's a look at AMZN's North America segment. This segment's revenue comes from retail sales and subscription service revenues.\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nI projected declining revenue growth and strong operating margins for this segment. I projected slower revenue growth, because I figure there has to be a cap on how much money Amazon can make in North America.\nHopefully, Amazon will exceed this revenue growth. But, I do think it would be a pretty incredible feat for Amazon to grow from $200B in revenue to $400B in 5 years.\nHere's a look at Amazon's International segment:\nSource: Author with data from 2018 10-K,2019 10-K, and 2020 10-K\nFor Amazon's international segment, I projected 20% annual revenue growth, and improving operating margins. I figured that operating margins would gradually improve until the margins reached a similar point to what Amazon sees in its US segment.\nAnd for Amazon's last and most exciting segment, here's AWS:\nSource: Author\nAWS is undoubtedly going to bring high growth for Amazon, and high profits. I projected that the AWS segment will probably continue to grow at a high rate. I projected a 25-30% annual revenue growth rate because cloud computing has a lot of room to grow, and according to Research and Markets, the cloud computing industry should grow at about 17.5% CAGR until 2025.\nAdditionally, I projected 28% operating margins, because the AWS business benefits from operating leverage. As more people use the software, the company is able to make higher margins as it spreads costs over more people. It's possible that Amazon could exceed 28% operating margins, so there might be upside to Amazon's fair value.\nThese projections were added together to help us figure out what the entire company should be worth.\nCapital Allocation\nHow does Amazon spend its money? You might find it interesting to analyze Amazon's capital allocation, so you can see what Amazon does with its money, and where it might be investing for the future.\nSource: Author\nThe biggest portion of Amazon's operating cash flows goes towards capital expenditures. From what I can tell, Amazon has not had any share activity over the past 5 years. The company has issued shares - but from the looks of the cash flow statement, it looks like they haven't raised any money from selling shares, and they haven't spent any money buying back shares.\n\n In February 2016, the Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock, with no fixed expiration.\n There were no repurchases of common stock in 2018, 2019, or 2020.\n\n\n Source:2020 10-K page 60,\n emphasis added\n\nBut for our purposes, this quote shows that Amazon hasn't bought back any stock over the past 3 years. They also haven't spent any money on dividends, which is good because they're a high growth company.\nAmazon has consistently spent money on acquisitions and paying down debt. What's really interesting is that Amazon has built up a lot of spare cash over the past 5 years. Their cash position has risen about $58B since 2016, going from about $26B at the end of 2016 to about $84B at the end of 2020.\nAmazon has a lot more cash than they used to, so we could see future spending go towards a dividend, share buybacks, new acquisitions, or maybe more business investments that will lead to growth.\nValuation\nFirst, I used a discount rate of 7.7% for Amazon because that's what I found the company's weighted average cost of capital, or WACC, to be. I assumed an 8% cost of equity, and Amazon has averaged somewhere around a 20-30% tax rate over the past 10 years.\nSource: Author\nI used a DCF model to find Amazon's value today. In the model down below, you can see in the top 2 red boxes that I projected that the company would have lower revenue growth and strong operating margins.\nThis model projects that Amazon will have over $850B in revenue by 2025. That's absolutely nuts if you think about it, but based on estimated revenue growth, it seems feasible.\nRight now, Walmart(NYSE:WMT)leads the world in revenue with about $550B. Amazon sits in third place for annual revenue, with about $390B. In 5 years, Amazon could easily have the largest revenue of any company in the world.\nSource: Author\nDown at the bottom of this model, you can see there's a red box that projects unlevered FCF margins. This basically measures how much of the company's revenue will become business profits, without including interest or debt payments. In the turquoise box, I applied the discount rate to see what the future cash flows are worth today.\nSource: Author\nToday, it looks like Amazon is slightly overvalued. The model projects that the stock might be about 15% overvalued, and we could expect to make about 5% annual returns over the next 5 years if we invested today.\nThese estimations are based on the future cash flows that the business should generate. I don't hate Amazon or anything, I just don't think that Amazon stock would make a great investment at current prices.\nDown at the bottom, I threw in 2 \"Buy Prices\" where Amazon stock might be more appealing. The idea behind this is that the cheaper AMZN stock gets, the higher returns we can expect.\nThe model projects that you'd make around 15% annual returns at $2,200 per share, and you might make around 22% annual returns at $1,700 per share.\n\"But doesn't it seem unreasonable to set the buy price in the $2,000s when the stock's trading near $3,500?\" It does a little bit. It seems pretty unlikely that Amazon's share price will nose dive right down past $2,000.\nBut the idea is, if we're patient, we might get an opportunity to buy these shares underpriced. Last February, Amazon traded lower than $1,900 (I wish I bought some back then). We'll probably have opportunities in the future to buy Amazon at a discount.\nRecap\nToday, it seems like Amazon is slightly overvalued, because it seems to offer about 5% annual returns over the next 5 years. That doesn't mean you should sell Amazon if you're a long time holder, because Amazon should continue to do well as a leader in E-commerce and cloud computing.\nBut if you're looking for your next stock to invest in, Amazon seems to be too expensive right now. And if you've been eyeing Amazon for a while and you're looking to get in, now's not the best time to get into Amazon.\nEven if we don't invest in the stock, we can still watch Amazon as they become the company with the most revenue in the world. And there's a lot we can learn from studying Amazon and Jeff Bezos. He's a smart dude.\nThank you very much for reading, and I hope that you have a great rest of your 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href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>[傲娇]&nbsp;[傲娇]&nbsp;[傲娇]&nbsp;","listText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>[傲娇]&nbsp;[傲娇]&nbsp;[傲娇]&nbsp;","text":"$Alibaba(BABA)$[傲娇] [傲娇] 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09:45","market":"us","language":"en","title":"Aerovate Therapeutics IPO: What awaits the biotech firm after market debut?<blockquote>Aerovate Therapeutics IPO：上市后等待这家生物技术公司的是什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130740745","media":"AlphaStreet","summary":"The company has revealed plans to list on the Nasdaq Global Market under the ticker symbol AVTE; to ","content":"<p>  The company has revealed plans to list on the Nasdaq Global Market under the ticker symbol AVTE; to offer around 7.2 million shares for $13-15 per share.  The IPO market has continued the bull run so far this year, unfazed by the virus-related uncertainties, with thetechnology and pharma sectorsstealing the limelight mostly. Biotechnology company Aerovate Therapeutics, Inc. is the latest among the healthcare firms preparing to go public.</p><p><blockquote>该公司透露计划在纳斯达克全球市场上市，股票代码为AVTE；以每股13-15美元的价格发行约720万股股票。今年迄今为止，IPO市场延续了牛市，并未受到病毒相关不确定性的影响，其中科技和制药行业最引人注目。生物技术公司Aerovate Therapeutics，Inc.是最新一家准备上市的医疗保健公司。</blockquote></p><p> In a statement submitted to the Securities and Exchange Commission, the company revealed plans to list on the Nasdaq Global Market under the ticker symbol<b><i>AVTE</i></b>. It will beoffering about 7.2 million sharesat an estimated price of $13-15 per share. Jefferies Group and Cowen are the main book-running managers.</p><p><blockquote>在提交给美国证券交易委员会的一份声明中，该公司透露计划在纳斯达克全球市场上市，股票代码为<b><i>AVTE</i></b>.它将以每股13-15美元的预计价格发行约720万股股票。杰富瑞集团和考恩是主要的账簿管理人。</blockquote></p><p> <b>Cardiopulmonary Research</b></p><p><blockquote><b>心肺研究</b></blockquote></p><p> The Boston-based drug-maker, which is focused on the development of therapies for rare cardiopulmonary diseases, was founded in July 2018 by Benjamin Dake who currently serves as its president.<b>The operations are managed by chief executive officer Timothy Noyes, a Merck (NYSE: MRK) veteran who assumed office last month.</b></p><p><blockquote>这家总部位于波士顿的制药商专注于罕见心肺疾病疗法的开发，由现任总裁本杰明·大可于2018年7月创立。<b>这些业务由首席执行官蒂莫西·诺伊斯(Timothy Noyes)管理，他是默克(NYSE：MRK)的资深人士，上个月上任。</b></blockquote></p><p> The company’s lead program involves the development of a therapy for the treatment of pulmonary arterial hypertension (PAH). The medicine,<i>AV-101</i>, is an inhaler based on tyrosine kinase inhibitor<i>imatinib</i>. PAH is a progressive proliferative disease of the pulmonary vasculature that is characterized by remodeling, constriction, and occlusion of the small pulmonary arteries, leading to high blood pressure.</p><p><blockquote>该公司的主导项目涉及开发一种治疗肺动脉高压（PAH）的疗法。药，<i>AV-101</i>，是一种基于酪氨酸激酶抑制剂的吸入剂<i>伊马替尼</i>PAH是肺脉管系统的进行性增生性疾病，其特征在于小肺动脉的重塑、收缩和闭塞，导致高血压。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2ec3c278a5ee44a50959da085f9212b5\" tg-width=\"2048\" tg-height=\"1617\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>New-Gen Drug for PAH</b></p><p><blockquote><b>治疗PAH的新一代药物</b></blockquote></p><p> <b>Early-stage clinical trials have indicated that</b><b><i>AV-101</i></b><b>is effective in treating patients suffering from PAH by acting directly on the cause of the disease.</b>In phase-II of the trial — designed to assess the safety and tolerability of the drug — around 200 patients will be enrolled. The top-line data from the study is expected in mid-2023.</p><p><blockquote><b>早期临床试验表明，</b><b><i>AV-101</i></b><b>通过直接作用于疾病的病因，可有效治疗患有PAH的患者。</b>在旨在评估该药物安全性和耐受性的II期试验中，将招募约200名患者。该研究的主要数据预计将于2023年中期公布。</blockquote></p><p> Proceeds from the upcoming offering – estimated at $100 million at the midpoint of the price range – will be used mainly for the continued development of<i>AV-101</i>and to meet costs related to its commercial launch. Once it is successfully launched in the U.S, the management would pursue additional indications for the drug and expansion of the pipeline by tapping into new product opportunities. Earlier this month, the company sold around 30 millionpreferred sharesfor $56 million.</p><p><blockquote>即将发行的收益（价格范围的中点估计为1亿美元）将主要用于继续开发<i>AV-101</i>并支付与其商业发射相关的成本。一旦该药物在美国成功上市，管理层将寻求该药物的更多适应症，并通过挖掘新产品机会扩大产品线。本月早些时候，该公司以5600万美元的价格出售了约3000万股优先股。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> It goes without saying that the outcome of the final clinical trial would be crucial as far as the company’s future is concerned. Obviously, the main risk to the program is the uncertainty surroundingCOVID-19— any potential resurgence of the pandemic might delay the process and lead to cost escalation.<b>Prolonged cost pressures can take a toll on the finances of the company, which is dependent solely on</b><b><i>AV-101</i></b><b>to become profitable.</b>Moreover, Aerovate will have to compete effectively with the likes of Verve Therapeutics to gain meaningful market share.</p><p><blockquote>不言而喻，最终临床试验的结果对于公司的未来至关重要。显然，该计划的主要风险是围绕COVID-19的不确定性——任何潜在的大流行死灰复燃都可能会推迟这一进程并导致成本上升。<b>长期的成本压力可能会对公司的财务造成损害，该公司仅依赖于</b><b><i>AV-101</i></b><b>变得有利可图。</b>此外，Aerovate必须与Verve Therapeutics等公司有效竞争，才能获得有意义的市场份额。</blockquote></p><p> Beingan emerging business, Aerovate is yet to generate revenue. In fiscal 2021, it incurred a net loss of $3.33million or $13.79 per share, compared to a loss of $9.61 million or $40.31 per share last year. The improvement reflects a dip in operating expenses, which more than halved annually.</p><p><blockquote>作为一家新兴业务，Aerovate尚未产生收入。2021财年，该公司净亏损333万美元，即每股13.79美元，而去年亏损961万美元，即每股40.31美元。这一改善反映了运营费用的下降，每年减少一半以上。</blockquote></p><p></p>","source":"lsy1609745492275","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>Aerovate Therapeutics IPO: What awaits the biotech firm after market debut?<blockquote>Aerovate Therapeutics IPO：上市后等待这家生物技术公司的是什么？</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\">\nAerovate Therapeutics IPO: What awaits the biotech firm after market debut?<blockquote>Aerovate Therapeutics IPO：上市后等待这家生物技术公司的是什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">AlphaStreet</strong><span class=\"h-time small\">2021-06-30 09:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  The company has revealed plans to list on the Nasdaq Global Market under the ticker symbol AVTE; to offer around 7.2 million shares for $13-15 per share.  The IPO market has continued the bull run so far this year, unfazed by the virus-related uncertainties, with thetechnology and pharma sectorsstealing the limelight mostly. Biotechnology company Aerovate Therapeutics, Inc. is the latest among the healthcare firms preparing to go public.</p><p><blockquote>该公司透露计划在纳斯达克全球市场上市，股票代码为AVTE；以每股13-15美元的价格发行约720万股股票。今年迄今为止，IPO市场延续了牛市，并未受到病毒相关不确定性的影响，其中科技和制药行业最引人注目。生物技术公司Aerovate Therapeutics，Inc.是最新一家准备上市的医疗保健公司。</blockquote></p><p> In a statement submitted to the Securities and Exchange Commission, the company revealed plans to list on the Nasdaq Global Market under the ticker symbol<b><i>AVTE</i></b>. It will beoffering about 7.2 million sharesat an estimated price of $13-15 per share. Jefferies Group and Cowen are the main book-running managers.</p><p><blockquote>在提交给美国证券交易委员会的一份声明中，该公司透露计划在纳斯达克全球市场上市，股票代码为<b><i>AVTE</i></b>.它将以每股13-15美元的预计价格发行约720万股股票。杰富瑞集团和考恩是主要的账簿管理人。</blockquote></p><p> <b>Cardiopulmonary Research</b></p><p><blockquote><b>心肺研究</b></blockquote></p><p> The Boston-based drug-maker, which is focused on the development of therapies for rare cardiopulmonary diseases, was founded in July 2018 by Benjamin Dake who currently serves as its president.<b>The operations are managed by chief executive officer Timothy Noyes, a Merck (NYSE: MRK) veteran who assumed office last month.</b></p><p><blockquote>这家总部位于波士顿的制药商专注于罕见心肺疾病疗法的开发，由现任总裁本杰明·大可于2018年7月创立。<b>这些业务由首席执行官蒂莫西·诺伊斯(Timothy Noyes)管理，他是默克(NYSE：MRK)的资深人士，上个月上任。</b></blockquote></p><p> The company’s lead program involves the development of a therapy for the treatment of pulmonary arterial hypertension (PAH). The medicine,<i>AV-101</i>, is an inhaler based on tyrosine kinase inhibitor<i>imatinib</i>. PAH is a progressive proliferative disease of the pulmonary vasculature that is characterized by remodeling, constriction, and occlusion of the small pulmonary arteries, leading to high blood pressure.</p><p><blockquote>该公司的主导项目涉及开发一种治疗肺动脉高压（PAH）的疗法。药，<i>AV-101</i>，是一种基于酪氨酸激酶抑制剂的吸入剂<i>伊马替尼</i>PAH是肺脉管系统的进行性增生性疾病，其特征在于小肺动脉的重塑、收缩和闭塞，导致高血压。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2ec3c278a5ee44a50959da085f9212b5\" tg-width=\"2048\" tg-height=\"1617\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>New-Gen Drug for PAH</b></p><p><blockquote><b>治疗PAH的新一代药物</b></blockquote></p><p> <b>Early-stage clinical trials have indicated that</b><b><i>AV-101</i></b><b>is effective in treating patients suffering from PAH by acting directly on the cause of the disease.</b>In phase-II of the trial — designed to assess the safety and tolerability of the drug — around 200 patients will be enrolled. The top-line data from the study is expected in mid-2023.</p><p><blockquote><b>早期临床试验表明，</b><b><i>AV-101</i></b><b>通过直接作用于疾病的病因，可有效治疗患有PAH的患者。</b>在旨在评估该药物安全性和耐受性的II期试验中，将招募约200名患者。该研究的主要数据预计将于2023年中期公布。</blockquote></p><p> Proceeds from the upcoming offering – estimated at $100 million at the midpoint of the price range – will be used mainly for the continued development of<i>AV-101</i>and to meet costs related to its commercial launch. Once it is successfully launched in the U.S, the management would pursue additional indications for the drug and expansion of the pipeline by tapping into new product opportunities. Earlier this month, the company sold around 30 millionpreferred sharesfor $56 million.</p><p><blockquote>即将发行的收益（价格范围的中点估计为1亿美元）将主要用于继续开发<i>AV-101</i>并支付与其商业发射相关的成本。一旦该药物在美国成功上市，管理层将寻求该药物的更多适应症，并通过挖掘新产品机会扩大产品线。本月早些时候，该公司以5600万美元的价格出售了约3000万股优先股。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> It goes without saying that the outcome of the final clinical trial would be crucial as far as the company’s future is concerned. Obviously, the main risk to the program is the uncertainty surroundingCOVID-19— any potential resurgence of the pandemic might delay the process and lead to cost escalation.<b>Prolonged cost pressures can take a toll on the finances of the company, which is dependent solely on</b><b><i>AV-101</i></b><b>to become profitable.</b>Moreover, Aerovate will have to compete effectively with the likes of Verve Therapeutics to gain meaningful market share.</p><p><blockquote>不言而喻，最终临床试验的结果对于公司的未来至关重要。显然，该计划的主要风险是围绕COVID-19的不确定性——任何潜在的大流行死灰复燃都可能会推迟这一进程并导致成本上升。<b>长期的成本压力可能会对公司的财务造成损害，该公司仅依赖于</b><b><i>AV-101</i></b><b>变得有利可图。</b>此外，Aerovate必须与Verve Therapeutics等公司有效竞争，才能获得有意义的市场份额。</blockquote></p><p> Beingan emerging business, Aerovate is yet to generate revenue. In fiscal 2021, it incurred a net loss of $3.33million or $13.79 per share, compared to a loss of $9.61 million or $40.31 per share last year. The improvement reflects a dip in operating expenses, which more than halved annually.</p><p><blockquote>作为一家新兴业务，Aerovate尚未产生收入。2021财年，该公司净亏损333万美元，即每股13.79美元，而去年亏损961万美元，即每股40.31美元。这一改善反映了运营费用的下降，每年减少一半以上。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://news.alphastreet.com/aerovate-therapeutics-ipo-where-the-biotech-firm-is-headed-after-market-debut/\">AlphaStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://news.alphastreet.com/aerovate-therapeutics-ipo-where-the-biotech-firm-is-headed-after-market-debut/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130740745","content_text":"The company has revealed plans to list on the Nasdaq Global Market under the ticker symbol AVTE; to offer around 7.2 million shares for $13-15 per share.\n\nThe IPO market has continued the bull run so far this year, unfazed by the virus-related uncertainties, with thetechnology and pharma sectorsstealing the limelight mostly. Biotechnology company Aerovate Therapeutics, Inc. is the latest among the healthcare firms preparing to go public.\nIn a statement submitted to the Securities and Exchange Commission, the company revealed plans to list on the Nasdaq Global Market under the ticker symbolAVTE. It will beoffering about 7.2 million sharesat an estimated price of $13-15 per share. Jefferies Group and Cowen are the main book-running managers.\nCardiopulmonary Research\nThe Boston-based drug-maker, which is focused on the development of therapies for rare cardiopulmonary diseases, was founded in July 2018 by Benjamin Dake who currently serves as its president.The operations are managed by chief executive officer Timothy Noyes, a Merck (NYSE: MRK) veteran who assumed office last month.\nThe company’s lead program involves the development of a therapy for the treatment of pulmonary arterial hypertension (PAH). The medicine,AV-101, is an inhaler based on tyrosine kinase inhibitorimatinib. PAH is a progressive proliferative disease of the pulmonary vasculature that is characterized by remodeling, constriction, and occlusion of the small pulmonary arteries, leading to high blood pressure.\n\nNew-Gen Drug for PAH\nEarly-stage clinical trials have indicated thatAV-101is effective in treating patients suffering from PAH by acting directly on the cause of the disease.In phase-II of the trial — designed to assess the safety and tolerability of the drug — around 200 patients will be enrolled. The top-line data from the study is expected in mid-2023.\nProceeds from the upcoming offering – estimated at $100 million at the midpoint of the price range – will be used mainly for the continued development ofAV-101and to meet costs related to its commercial launch. Once it is successfully launched in the U.S, the management would pursue additional indications for the drug and expansion of the pipeline by tapping into new product opportunities. Earlier this month, the company sold around 30 millionpreferred sharesfor $56 million.\nRisks\nIt goes without saying that the outcome of the final clinical trial would be crucial as far as the company’s future is concerned. Obviously, the main risk to the program is the uncertainty surroundingCOVID-19— any potential resurgence of the pandemic might delay the process and lead to cost escalation.Prolonged cost pressures can take a toll on the finances of the company, which is dependent solely onAV-101to become profitable.Moreover, Aerovate will have to compete effectively with the likes of Verve Therapeutics to gain meaningful market share.\nBeingan emerging business, Aerovate is yet to generate revenue. In fiscal 2021, it incurred a net loss of $3.33million or $13.79 per share, compared to a loss of $9.61 million or $40.31 per share last year. The improvement reflects a dip in operating expenses, which more than halved annually.","news_type":1,"symbols_score_info":{"AVTE":0.9}},"isVote":1,"tweetType":1,"viewCount":1289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127410117,"gmtCreate":1624862242839,"gmtModify":1631892575997,"author":{"id":"3575030506881099","authorId":"3575030506881099","name":"ysg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575030506881099","idStr":"3575030506881099"},"themes":[],"htmlText":"okayy","listText":"okayy","text":"okayy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127410117","repostId":"1110184123","repostType":4,"repost":{"id":"1110184123","kind":"news","pubTimestamp":1624860760,"share":"https://www.laohu8.com/m/news/1110184123?lang=zh_CN&edition=full","pubTime":"2021-06-28 14:12","market":"us","language":"en","title":"Boeing 777X May Not Get OK'd Until 2023: FAA<blockquote>FAA：波音777X可能要到2023年才能获得批准</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1110184123","media":"thestreet","summary":"Boeing's (BA) -Get Report upcoming, fuel-efficient 777X aircraft may be years away from getting a ke","content":"<p>Boeing's&nbsp;(<b>BA</b>) -Get Report&nbsp;upcoming, fuel-efficient 777X aircraft may be years away from getting a key federal OK, according to a letter recently made public by the Federal Aviation Administration.</p><p><blockquote>波音公司（<b>巴</b>)-获取报告根据美国联邦航空管理局最近公开的一封信，即将推出的省油777X飞机可能还需要数年时间才能获得关键的联邦批准。</blockquote></p><p> “The FAA will not approve any aircraft unless it meets our safety and certification standards,\" said the agency in a statement released on Sunday.</p><p><blockquote>“美国联邦航空局不会批准任何飞机，除非它符合我们的安全和认证标准，”该机构在周日发布的一份声明中表示。</blockquote></p><p> Stalling the release of the aerospace giant's new, huge and high-tech aircraft could prove another blow to Boeing, following the years' long saga of its 737 MAX aircraft that was grounded following two fatal crashes. The 777X has long been touted by Boeing as the world’s \"largest and most efficient\" twin-engine jet.</p><p><blockquote>继波音737 MAX飞机因两起致命坠机事故而停飞多年来的传奇故事之后，推迟这家航空航天巨头新型、大型和高科技飞机的发布可能会对波音公司造成又一次打击。777X长期以来一直被波音公司吹捧为世界上“最大、最高效”的双引擎喷气式飞机。</blockquote></p><p> The FAA sent a letter last month that noted approval of the aircraft was likely years away.</p><p><blockquote>美国联邦航空局上个月致信指出，该飞机可能还需要数年时间才能获得批准。</blockquote></p><p> \"Based on the information from Boeing, the Model 777-9 Amended Type Certification (ATC) date is realistically going to be mid to late 2023,\" reads the letter, which was obtained by<i>TheStreet,</i>and was earlier reported on by<i>Reuters</i>.</p><p><blockquote>这封信中写道：“根据波音公司的信息，777-9型修正型式认证(ATC)日期实际上是2023年中后期。”<i>街道，</i>早些时候被报道过<i>路透社</i>.</blockquote></p><p> A company statement on Sunday said that Boeing remains \"fully focused on safety as our highest priority throughout 777X development\" and implied that it wasn't expecting to have the aircraft online until around 2023 anyway.</p><p><blockquote>周日的一份公司声明称，波音公司仍然“完全专注于安全，将其作为整个777X开发过程中的首要任务”，并暗示无论如何，预计该飞机要到2023年左右才会上线。</blockquote></p><p> The company added that it is \"working through a rigorous development process to ensure we meet all applicable requirements. We continue to communicate transparently with the FAA and other global regulators about 777-9 certification.\"</p><p><blockquote>该公司补充说，它“正在通过严格的开发流程，以确保我们满足所有适用的要求。我们继续与FAA和其他全球监管机构就777-9认证进行透明的沟通。”</blockquote></p><p> The aerospace giant had been advertising the&nbsp;777X as a new offering in its advanced aircraft menu. The jet would use less fuel and give out fewer emissions -- and be cheaper to operate -- than competing aircraft, says the company that boasts the aircraft as offering \"low-risk, profitable growth, industry-leading reliability and seamless integration\" with its 777 and 787 Dreamliner offerings.</p><p><blockquote>这家航空航天巨头一直在其先进飞机菜单中宣传777 X是一种新产品。该公司表示，与竞争对手的飞机相比，这种飞机使用的燃料更少，排放更少，运营成本也更低，该公司吹嘘该飞机提供“低风险、盈利增长、行业领先的可靠性和无缝集成”。其777和787梦想飞机产品。</blockquote></p><p> But the May 13 letter from the FAA gave a list of reasons - including a lack of data and pushed-back deadlines - for not authorizing what's known as a type inspection authorization, or TIA.</p><p><blockquote>但FAA 5月13日的信函给出了一系列不授权所谓的型式检验授权（TIA）的原因，包括缺乏数据和推迟截止日期。</blockquote></p><p> \"The FAA and Boeing have been discussing the TIA readiness of the Boeing Model 777-9 in numerous meetings over the past nine months. Based on our assessment, the FAA considers that the aircraft is not yet ready for TIA, even if it is a phased TIA of limited scope with a small number of certification flight test plans (CFTPs) proposed. The technical data required for type certification has not reached a point where it appears the aircraft type design is mature and can be expected to meet the applicable regulations.\"</p><p><blockquote>“FAA和波音公司在过去9个月的多次会议上一直在讨论波音777-9型的TIA准备情况。根据我们的评估，FAA认为该飞机尚未为TIA做好准备，即使这是一个范围有限的分阶段TIA，并提出了少量认证飞行测试计划（CFTP）。型号认证所需的技术数据尚未达到飞机型号设计成熟并有望满足适用法规的程度。”</blockquote></p><p> Earlier, in 2018 and 2019, Boeing's other new jet, the 737 MAX aircraft, suffered two fatal crashes, one of a&nbsp;737 MAX Ethiopian Airlines flightand another&nbsp;of Lion Air flight that crashed over Indonesia. Thosel crashes led to the years' long grounding of the aircraft.</p><p><blockquote>此前，在2018年和2019年，波音公司的另一架新型喷气式飞机737 MAX飞机遭遇了两起致命坠机事故，其中一起是埃塞俄比亚航空公司的737 MAX航班，另一起是狮航在印度尼西亚上空坠毁的航班。Thosel坠机事件导致飞机长期停飞多年。</blockquote></p><p> Boeing had closed down to&nbsp;$248.38 on the New York Stock Exchange on Friday.</p><p><blockquote>周五，波音公司在纽约证券交易所的收盘价跌至248.38美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Boeing 777X May Not Get OK'd Until 2023: FAA<blockquote>FAA：波音777X可能要到2023年才能获得批准</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\">\nBoeing 777X May Not Get OK'd Until 2023: FAA<blockquote>FAA：波音777X可能要到2023年才能获得批准</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">thestreet</strong><span class=\"h-time small\">2021-06-28 14:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Boeing's&nbsp;(<b>BA</b>) -Get Report&nbsp;upcoming, fuel-efficient 777X aircraft may be years away from getting a key federal OK, according to a letter recently made public by the Federal Aviation Administration.</p><p><blockquote>波音公司（<b>巴</b>)-获取报告根据美国联邦航空管理局最近公开的一封信，即将推出的省油777X飞机可能还需要数年时间才能获得关键的联邦批准。</blockquote></p><p> “The FAA will not approve any aircraft unless it meets our safety and certification standards,\" said the agency in a statement released on Sunday.</p><p><blockquote>“美国联邦航空局不会批准任何飞机，除非它符合我们的安全和认证标准，”该机构在周日发布的一份声明中表示。</blockquote></p><p> Stalling the release of the aerospace giant's new, huge and high-tech aircraft could prove another blow to Boeing, following the years' long saga of its 737 MAX aircraft that was grounded following two fatal crashes. The 777X has long been touted by Boeing as the world’s \"largest and most efficient\" twin-engine jet.</p><p><blockquote>继波音737 MAX飞机因两起致命坠机事故而停飞多年来的传奇故事之后，推迟这家航空航天巨头新型、大型和高科技飞机的发布可能会对波音公司造成又一次打击。777X长期以来一直被波音公司吹捧为世界上“最大、最高效”的双引擎喷气式飞机。</blockquote></p><p> The FAA sent a letter last month that noted approval of the aircraft was likely years away.</p><p><blockquote>美国联邦航空局上个月致信指出，该飞机可能还需要数年时间才能获得批准。</blockquote></p><p> \"Based on the information from Boeing, the Model 777-9 Amended Type Certification (ATC) date is realistically going to be mid to late 2023,\" reads the letter, which was obtained by<i>TheStreet,</i>and was earlier reported on by<i>Reuters</i>.</p><p><blockquote>这封信中写道：“根据波音公司的信息，777-9型修正型式认证(ATC)日期实际上是2023年中后期。”<i>街道，</i>早些时候被报道过<i>路透社</i>.</blockquote></p><p> A company statement on Sunday said that Boeing remains \"fully focused on safety as our highest priority throughout 777X development\" and implied that it wasn't expecting to have the aircraft online until around 2023 anyway.</p><p><blockquote>周日的一份公司声明称，波音公司仍然“完全专注于安全，将其作为整个777X开发过程中的首要任务”，并暗示无论如何，预计该飞机要到2023年左右才会上线。</blockquote></p><p> The company added that it is \"working through a rigorous development process to ensure we meet all applicable requirements. We continue to communicate transparently with the FAA and other global regulators about 777-9 certification.\"</p><p><blockquote>该公司补充说，它“正在通过严格的开发流程，以确保我们满足所有适用的要求。我们继续与FAA和其他全球监管机构就777-9认证进行透明的沟通。”</blockquote></p><p> The aerospace giant had been advertising the&nbsp;777X as a new offering in its advanced aircraft menu. The jet would use less fuel and give out fewer emissions -- and be cheaper to operate -- than competing aircraft, says the company that boasts the aircraft as offering \"low-risk, profitable growth, industry-leading reliability and seamless integration\" with its 777 and 787 Dreamliner offerings.</p><p><blockquote>这家航空航天巨头一直在其先进飞机菜单中宣传777 X是一种新产品。该公司表示，与竞争对手的飞机相比，这种飞机使用的燃料更少，排放更少，运营成本也更低，该公司吹嘘该飞机提供“低风险、盈利增长、行业领先的可靠性和无缝集成”。其777和787梦想飞机产品。</blockquote></p><p> But the May 13 letter from the FAA gave a list of reasons - including a lack of data and pushed-back deadlines - for not authorizing what's known as a type inspection authorization, or TIA.</p><p><blockquote>但FAA 5月13日的信函给出了一系列不授权所谓的型式检验授权（TIA）的原因，包括缺乏数据和推迟截止日期。</blockquote></p><p> \"The FAA and Boeing have been discussing the TIA readiness of the Boeing Model 777-9 in numerous meetings over the past nine months. Based on our assessment, the FAA considers that the aircraft is not yet ready for TIA, even if it is a phased TIA of limited scope with a small number of certification flight test plans (CFTPs) proposed. The technical data required for type certification has not reached a point where it appears the aircraft type design is mature and can be expected to meet the applicable regulations.\"</p><p><blockquote>“FAA和波音公司在过去9个月的多次会议上一直在讨论波音777-9型的TIA准备情况。根据我们的评估，FAA认为该飞机尚未为TIA做好准备，即使这是一个范围有限的分阶段TIA，并提出了少量认证飞行测试计划（CFTP）。型号认证所需的技术数据尚未达到飞机型号设计成熟并有望满足适用法规的程度。”</blockquote></p><p> Earlier, in 2018 and 2019, Boeing's other new jet, the 737 MAX aircraft, suffered two fatal crashes, one of a&nbsp;737 MAX Ethiopian Airlines flightand another&nbsp;of Lion Air flight that crashed over Indonesia. Thosel crashes led to the years' long grounding of the aircraft.</p><p><blockquote>此前，在2018年和2019年，波音公司的另一架新型喷气式飞机737 MAX飞机遭遇了两起致命坠机事故，其中一起是埃塞俄比亚航空公司的737 MAX航班，另一起是狮航在印度尼西亚上空坠毁的航班。Thosel坠机事件导致飞机长期停飞多年。</blockquote></p><p> Boeing had closed down to&nbsp;$248.38 on the New York Stock Exchange on Friday.</p><p><blockquote>周五，波音公司在纽约证券交易所的收盘价跌至248.38美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/latest-news/boeing-777x-may-not-get-okd-until-2023-faa\">thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BA":"波音"},"source_url":"https://www.thestreet.com/latest-news/boeing-777x-may-not-get-okd-until-2023-faa","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110184123","content_text":"Boeing's (BA) -Get Report upcoming, fuel-efficient 777X aircraft may be years away from getting a key federal OK, according to a letter recently made public by the Federal Aviation Administration.\n“The FAA will not approve any aircraft unless it meets our safety and certification standards,\" said the agency in a statement released on Sunday.\nStalling the release of the aerospace giant's new, huge and high-tech aircraft could prove another blow to Boeing, following the years' long saga of its 737 MAX aircraft that was grounded following two fatal crashes. The 777X has long been touted by Boeing as the world’s \"largest and most efficient\" twin-engine jet.\nThe FAA sent a letter last month that noted approval of the aircraft was likely years away.\n\"Based on the information from Boeing, the Model 777-9 Amended Type Certification (ATC) date is realistically going to be mid to late 2023,\" reads the letter, which was obtained byTheStreet,and was earlier reported on byReuters.\nA company statement on Sunday said that Boeing remains \"fully focused on safety as our highest priority throughout 777X development\" and implied that it wasn't expecting to have the aircraft online until around 2023 anyway.\nThe company added that it is \"working through a rigorous development process to ensure we meet all applicable requirements. We continue to communicate transparently with the FAA and other global regulators about 777-9 certification.\"\nThe aerospace giant had been advertising the 777X as a new offering in its advanced aircraft menu. The jet would use less fuel and give out fewer emissions -- and be cheaper to operate -- than competing aircraft, says the company that boasts the aircraft as offering \"low-risk, profitable growth, industry-leading reliability and seamless integration\" with its 777 and 787 Dreamliner offerings.\nBut the May 13 letter from the FAA gave a list of reasons - including a lack of data and pushed-back deadlines - for not authorizing what's known as a type inspection authorization, or TIA.\n\"The FAA and Boeing have been discussing the TIA readiness of the Boeing Model 777-9 in numerous meetings over the past nine months. Based on our assessment, the FAA considers that the aircraft is not yet ready for TIA, even if it is a phased TIA of limited scope with a small number of certification flight test plans (CFTPs) proposed. The technical data required for type certification has not reached a point where it appears the aircraft type design is mature and can be expected to meet the applicable regulations.\"\nEarlier, in 2018 and 2019, Boeing's other new jet, the 737 MAX aircraft, suffered two fatal crashes, one of a 737 MAX Ethiopian Airlines flightand another of Lion Air flight that crashed over Indonesia. Thosel crashes led to the years' long grounding of the aircraft.\nBoeing had closed down to $248.38 on the New York Stock Exchange on Friday.","news_type":1,"symbols_score_info":{"BA":0.9}},"isVote":1,"tweetType":1,"viewCount":272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}