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2021-07-14

So many ipos all coming in the most

抱歉，原内容已删除

2021-04-24

Amd is eating Intel's lunch !

Why AMD Stock Popped After Intel's Earnings Beat<blockquote>为什么英特尔盈利超出预期后AMD股价上涨</blockquote>

2021-03-15

Ok

Higher Rates Won’t Kill the Stock Market. What to Do Now.<blockquote>更高的利率不会扼杀股市。现在该怎么办。</blockquote>

2021-07-26

In a bull mkt everyone is a genius

A British Trust Managing $39M In Assets Sells DoorDash And VMware Holdings<blockquote>管理3900万美元资产的英国信托出售DoorDash和VMware Holdings</blockquote>

2021-05-07

Amazon needs stocksplit

Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>

2021-04-26

Competition is hotting up

抱歉，原内容已删除

2021-05-21

Still overvalued

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2021-03-19

Ger ready for 600

抱歉，原内容已删除

2021-06-03

Who got into AMC?

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2021-05-07

Maybe stock split needed to make it affordable

Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>

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A filing with the Securities and Exchange ...</p><p><blockquote><div>发生了什么：一家管理着390亿美元资产的英国医疗慈善机构披露了第二季度其在美国交易的股票持有量的变化。向证券交易所提交的文件...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/07/22140442/a-british-trust-managing-39m-in-assets-sells-doordash-and-vmware-holdings\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/07/22140442/a-british-trust-managing-39m-in-assets-sells-doordash-and-vmware-holdings\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A British Trust Managing $39M In Assets Sells DoorDash And VMware Holdings<blockquote>管理3900万美元资产的英国信托出售DoorDash和VMware Holdings</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\">\nA British Trust Managing $39M In Assets Sells DoorDash And VMware Holdings<blockquote>管理3900万美元资产的英国信托出售DoorDash和VMware Holdings</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-07-26 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> What happened:A British medical charity that manages $39 billion in assets has disclosed changes to its U.S. traded stock holdings during the second quarter. A filing with the Securities and Exchange ...</p><p><blockquote><div>发生了什么：一家管理着390亿美元资产的英国医疗慈善机构披露了第二季度其在美国交易的股票持有量的变化。向证券交易所提交的文件...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/07/22140442/a-british-trust-managing-39m-in-assets-sells-doordash-and-vmware-holdings\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/07/22140442/a-british-trust-managing-39m-in-assets-sells-doordash-and-vmware-holdings\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/21/07/22140442/a-british-trust-managing-39m-in-assets-sells-doordash-and-vmware-holdings\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VMW":"威睿","NOW":"ServiceNow","LIN":"林德气体","DASH":"DoorDash, Inc."},"source_url":"https://www.benzinga.com/news/21/07/22140442/a-british-trust-managing-39m-in-assets-sells-doordash-and-vmware-holdings","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103373914","content_text":"What happened:A British medical charity that manages $39 billion in assets has disclosed changes to its U.S. traded stock holdings during the second quarter.\nA filing with the Securities and Exchange Commission shows Wellcome Trust significantly reduced its investment in DoorDash , and sold off holdings in VMware , while buying more Linde shares, and taking a new position in ServiceNow , according toBarron's.\nWhy it’s important:London-based Wellcome Trust is one of the largest foundations in the world and is known for its investment expertise, and insight into the healthcare industry. The director of the trust, Jeremy Farrar, provided a warning to a group of money managers in January of 2020 that the coronavirus would have a dramatic impact world markets.\nWellcome sold 2.8 million shares of DoorDash shares in the second quarter, and now holds 7.3 million shares of the company's stock.\nThe trust also sold all 1.7 million VMware shares it had owned at the end of March. Dell Technologies Inc owns 80.6% of the cloud-software firm, and plans to spin off those shares to its shareholders in the fourth quarter.\nWhat’s next:The filing indicates Wellcome purchased 2.8 million more shares of Lindefor a total investment of 3.3 million shares. The foundation also initiated a stake of 456,927 ServiceNowshares in the second quarter. The company is a provider of workflow-management software.","news_type":1,"symbols_score_info":{"VMW":0.9,"LIN":0.9,"NOW":0.9,"DASH":0.9}},"isVote":1,"tweetType":1,"viewCount":2912,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145789136,"gmtCreate":1626245700725,"gmtModify":1631891792453,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"So many ipos all coming in the most&nbsp;","listText":"So many ipos all coming in the most&nbsp;","text":"So many ipos all coming in the most","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/145789136","repostId":"1138450370","repostType":4,"isVote":1,"tweetType":1,"viewCount":1685,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183697413,"gmtCreate":1623327064732,"gmtModify":1631891792456,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"Great//<a href=\"https://laohu8.com/U/3554042150050333\">@Iinus</a>: Fed is not going to increase rates till 2022 end&nbsp;","listText":"Great//<a href=\"https://laohu8.com/U/3554042150050333\">@Iinus</a>: Fed is not going to increase rates till 2022 end&nbsp;","text":"Great//@Iinus: Fed is not going to increase rates till 2022 end","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/183697413","repostId":"1142408805","repostType":4,"repost":{"id":"1142408805","kind":"news","pubTimestamp":1623280126,"share":"https://www.laohu8.com/m/news/1142408805?lang=zh_CN&edition=full","pubTime":"2021-06-10 07:08","market":"us","language":"en","title":"U.S. stocks end lower ahead of inflation report<blockquote>美股在通胀报告公布前收低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142408805","media":"reuters","summary":"NEW YORK (Reuters) - Wall Street ended a see-saw session lower on Wednesday as market participants a","content":"<p>NEW YORK (Reuters) - Wall Street ended a see-saw session lower on Wednesday as market participants awaited inflation data for clues as to when the U.S. Federal Reserve might tighten its dovish monetary policy.</p><p><blockquote>纽约（路透社）-华尔街周三收盘走低，市场参与者等待通胀数据，以寻找美联储何时可能收紧鸽派货币政策的线索。</blockquote></p><p> The retail “meme stock” craze continued unabated.</p><p><blockquote>零售“模因股”热潮不减。</blockquote></p><p> All three major U.S. stock indexes reversed earlier gains, but remained range-bound in the absence of any clear market catalysts.</p><p><blockquote>美国三大股指均扭转稍早涨势，但在缺乏任何明显市场催化剂的情况下仍维持区间震荡。</blockquote></p><p> “There’s a lull period in terms of news,” said Chuck Carlson, chief executive at Horizon Investment Services in Hammond, Indiana. “We’re through earnings period and people are waiting for inflation numbers tomorrow, so you have a mixed market where the major averages aren’t doing much of anything.”</p><p><blockquote>印第安纳州哈蒙德地平线投资服务公司首席执行官查克·卡尔森表示：“新闻方面有一段平静期。”“我们已经过了财报期，人们正在等待明天的通胀数据，因此市场好坏参半，主要股指没有采取太多行动。”</blockquote></p><p> Heavily shorted meme stocks extended their social media-driven rally, with Aethlon Medical soaring 388.2%.</p><p><blockquote>严重做空的meme股票延续了社交媒体推动的涨势，Aethlon Medical飙升388.2%。</blockquote></p><p> Reddit chatter also helped to lift shares of prison operator GEO Group and World Wrestling Entertainment 38.4% and 10.9%, respectively.</p><p><blockquote>Reddit聊天还帮助监狱运营商GEO Group和World Wrestling Entertainment的股价分别上涨38.4%和10.9%。</blockquote></p><p> However, other meme stocks such as Clover Health, AMC Entertainment and Bed Bath &amp; Beyond closed lower.</p><p><blockquote>然而，Clover Health、AMC院线和Bed Bath&amp;Beyond等其他模因股票收盘走低。</blockquote></p><p> Retail volume has returned to its January peak, according to Vanda Research, as social media forums scramble to identify the next GameStop Corp, the stock that kicked off the phenomenon.</p><p><blockquote>Vanda Research的数据显示，随着社交媒体论坛争先恐后地寻找下一个游戏驿站公司，即引发这一现象的股票，零售额已回到一月份的峰值。</blockquote></p><p> “It feels like alternative stock market,” Carlson added. It’s an indication of speculation. You can be successful if you get in at the right moment but it’s very difficult to play successfully over time.”</p><p><blockquote>“这感觉就像另类股票市场，”卡尔森补充道。这是猜测的迹象。如果你在正确的时间进入，你就可以成功，但随着时间的推移，很难成功地发挥作用。”</blockquote></p><p> “I don’t think you should read too much regarding the broader market.”</p><p><blockquote>“我认为你不应该阅读太多关于大盘的信息。”</blockquote></p><p> GameStop named Matt Furlong as its new CEO ahead of its earnings report, which showed a quarterly loss of $1.01 per share. Its shares fell over 4% in after-hours trading.</p><p><blockquote>游戏驿站在发布财报之前任命马特·弗隆为新任首席执行官，财报显示季度亏损为每股1.01美元。其股价在盘后交易中下跌超过4%。</blockquote></p><p> U.S. President Joe Biden changed course in ongoing negotiations to reach a bipartisan agreement on infrastructure spending after one-on-one talks with Senator Shelley Capito broke down.</p><p><blockquote>在与参议员雪莱·卡皮托的一对一会谈破裂后，美国总统乔·拜登在正在进行的谈判中改变了路线，以就基础设施支出达成两党协议。</blockquote></p><p> Industrial stocks, which stand to benefit from an infrastructure deal, slid by 1%.</p><p><blockquote>将从基础设施交易中受益的工业股下跌1%。</blockquote></p><p> Washington lawmakers passed a sweeping bill designed to boost the United States’ ability to compete against Chinese technology, providing funds for research and semiconductor production amid an ongoing chip supply drought. The bill now heads to the House of Representatives.</p><p><blockquote>华盛顿立法者通过了一项全面的法案，旨在提高美国与中国技术竞争的能力，在持续的芯片供应干旱的情况下为研究和半导体生产提供资金。该法案现已提交众议院。</blockquote></p><p> Even so, the Philadelphia SE Semiconductor index slipped 0.4%.</p><p><blockquote>即便如此，费城SE半导体指数仍下跌0.4%。</blockquote></p><p> The Labor Department’s consumer price index report due out Thursday will provide another take on inflation amid the recovery’s demand/supply imbalance as investors determine whether inflationary pressures, as the Fed asserts, will be transitory.</p><p><blockquote>美国劳工部将于周四发布的消费者价格指数报告将在复苏的供需失衡中提供对通胀的另一种看法，因为投资者将确定通胀压力是否如美联储所称的那样是暂时的。</blockquote></p><p> The Dow Jones Industrial Average fell 152.68 points, or 0.44%, to 34,447.14; the S&amp;P 500 lost 7.71 points, or 0.18%, at 4,219.55; and the Nasdaq Composite dropped 13.16 points, or 0.09%, to 13,911.75.</p><p><blockquote>道琼工业指数跌152.68点，或0.44%，报34447.14点；标普500下跌7.71点，或0.18%，报4,219.55点；纳斯达克综合指数下跌13.16点，跌幅0.09%，至13,911.75点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P 500, healthcare gained the most.</p><p><blockquote>标普500 11大板块中，医疗保健涨幅最大。</blockquote></p><p> Benchmark Treasury yields dropped below 1.5% for the first time since May, weighing on interest-sensitive financials.</p><p><blockquote>基准美国国债收益率自5月以来首次跌破1.5%，令对利率敏感的金融股承压。</blockquote></p><p> Campbell Soup Co missed quarterly profit expectations and slashed its full-year earnings forecast, sending its shares down 6.5%.</p><p><blockquote>金宝汤公司未达到季度利润预期，并下调了全年盈利预期，导致其股价下跌6.5%。</blockquote></p><p> Drugmaker Merck &amp; Co rose 2.3% on the heels of its announcement the U.S. government had agreed to buy about 1.7 million courses of the company’s experimental COVID-19 treatment, molnupiravir, for about $1.2 billion, if the drug meets regulatory approval.</p><p><blockquote>制药商默克公司股价上涨2.3%，此前该公司宣布，如果该药物获得监管部门批准，美国政府已同意以约12亿美元的价格购买该公司约170万个疗程的实验性COVID-19治疗药物molnupiravir。</blockquote></p><p> Declining issues outnumbered advancers on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.13-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.12比1；在纳斯达克，1.13比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 38 new 52-week highs and two new lows; the Nasdaq Composite recorded 126 new highs and 14 new lows.</p><p><blockquote>标普500创下38个52周新高和两个新低；纳斯达克综合指数录得126个新高和14个新低。</blockquote></p><p> Volume on U.S. exchanges was 11.53 billion shares, compared with the 10.74 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为115.3亿股，而过去20个交易日的平均成交量为107.4亿股。</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>U.S. stocks end lower ahead of inflation report<blockquote>美股在通胀报告公布前收低</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; 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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\">\nU.S. stocks end lower ahead of inflation report<blockquote>美股在通胀报告公布前收低</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">reuters</strong><span class=\"h-time small\">2021-06-10 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - Wall Street ended a see-saw session lower on Wednesday as market participants awaited inflation data for clues as to when the U.S. Federal Reserve might tighten its dovish monetary policy.</p><p><blockquote>纽约（路透社）-华尔街周三收盘走低，市场参与者等待通胀数据，以寻找美联储何时可能收紧鸽派货币政策的线索。</blockquote></p><p> The retail “meme stock” craze continued unabated.</p><p><blockquote>零售“模因股”热潮不减。</blockquote></p><p> All three major U.S. stock indexes reversed earlier gains, but remained range-bound in the absence of any clear market catalysts.</p><p><blockquote>美国三大股指均扭转稍早涨势，但在缺乏任何明显市场催化剂的情况下仍维持区间震荡。</blockquote></p><p> “There’s a lull period in terms of news,” said Chuck Carlson, chief executive at Horizon Investment Services in Hammond, Indiana. “We’re through earnings period and people are waiting for inflation numbers tomorrow, so you have a mixed market where the major averages aren’t doing much of anything.”</p><p><blockquote>印第安纳州哈蒙德地平线投资服务公司首席执行官查克·卡尔森表示：“新闻方面有一段平静期。”“我们已经过了财报期，人们正在等待明天的通胀数据，因此市场好坏参半，主要股指没有采取太多行动。”</blockquote></p><p> Heavily shorted meme stocks extended their social media-driven rally, with Aethlon Medical soaring 388.2%.</p><p><blockquote>严重做空的meme股票延续了社交媒体推动的涨势，Aethlon Medical飙升388.2%。</blockquote></p><p> Reddit chatter also helped to lift shares of prison operator GEO Group and World Wrestling Entertainment 38.4% and 10.9%, respectively.</p><p><blockquote>Reddit聊天还帮助监狱运营商GEO Group和World Wrestling Entertainment的股价分别上涨38.4%和10.9%。</blockquote></p><p> However, other meme stocks such as Clover Health, AMC Entertainment and Bed Bath &amp; Beyond closed lower.</p><p><blockquote>然而，Clover Health、AMC院线和Bed Bath&amp;Beyond等其他模因股票收盘走低。</blockquote></p><p> Retail volume has returned to its January peak, according to Vanda Research, as social media forums scramble to identify the next GameStop Corp, the stock that kicked off the phenomenon.</p><p><blockquote>Vanda Research的数据显示，随着社交媒体论坛争先恐后地寻找下一个游戏驿站公司，即引发这一现象的股票，零售额已回到一月份的峰值。</blockquote></p><p> “It feels like alternative stock market,” Carlson added. It’s an indication of speculation. You can be successful if you get in at the right moment but it’s very difficult to play successfully over time.”</p><p><blockquote>“这感觉就像另类股票市场，”卡尔森补充道。这是猜测的迹象。如果你在正确的时间进入，你就可以成功，但随着时间的推移，很难成功地发挥作用。”</blockquote></p><p> “I don’t think you should read too much regarding the broader market.”</p><p><blockquote>“我认为你不应该阅读太多关于大盘的信息。”</blockquote></p><p> GameStop named Matt Furlong as its new CEO ahead of its earnings report, which showed a quarterly loss of $1.01 per share. Its shares fell over 4% in after-hours trading.</p><p><blockquote>游戏驿站在发布财报之前任命马特·弗隆为新任首席执行官，财报显示季度亏损为每股1.01美元。其股价在盘后交易中下跌超过4%。</blockquote></p><p> U.S. President Joe Biden changed course in ongoing negotiations to reach a bipartisan agreement on infrastructure spending after one-on-one talks with Senator Shelley Capito broke down.</p><p><blockquote>在与参议员雪莱·卡皮托的一对一会谈破裂后，美国总统乔·拜登在正在进行的谈判中改变了路线，以就基础设施支出达成两党协议。</blockquote></p><p> Industrial stocks, which stand to benefit from an infrastructure deal, slid by 1%.</p><p><blockquote>将从基础设施交易中受益的工业股下跌1%。</blockquote></p><p> Washington lawmakers passed a sweeping bill designed to boost the United States’ ability to compete against Chinese technology, providing funds for research and semiconductor production amid an ongoing chip supply drought. The bill now heads to the House of Representatives.</p><p><blockquote>华盛顿立法者通过了一项全面的法案，旨在提高美国与中国技术竞争的能力，在持续的芯片供应干旱的情况下为研究和半导体生产提供资金。该法案现已提交众议院。</blockquote></p><p> Even so, the Philadelphia SE Semiconductor index slipped 0.4%.</p><p><blockquote>即便如此，费城SE半导体指数仍下跌0.4%。</blockquote></p><p> The Labor Department’s consumer price index report due out Thursday will provide another take on inflation amid the recovery’s demand/supply imbalance as investors determine whether inflationary pressures, as the Fed asserts, will be transitory.</p><p><blockquote>美国劳工部将于周四发布的消费者价格指数报告将在复苏的供需失衡中提供对通胀的另一种看法，因为投资者将确定通胀压力是否如美联储所称的那样是暂时的。</blockquote></p><p> The Dow Jones Industrial Average fell 152.68 points, or 0.44%, to 34,447.14; the S&amp;P 500 lost 7.71 points, or 0.18%, at 4,219.55; and the Nasdaq Composite dropped 13.16 points, or 0.09%, to 13,911.75.</p><p><blockquote>道琼工业指数跌152.68点，或0.44%，报34447.14点；标普500下跌7.71点，或0.18%，报4,219.55点；纳斯达克综合指数下跌13.16点，跌幅0.09%，至13,911.75点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P 500, healthcare gained the most.</p><p><blockquote>标普500 11大板块中，医疗保健涨幅最大。</blockquote></p><p> Benchmark Treasury yields dropped below 1.5% for the first time since May, weighing on interest-sensitive financials.</p><p><blockquote>基准美国国债收益率自5月以来首次跌破1.5%，令对利率敏感的金融股承压。</blockquote></p><p> Campbell Soup Co missed quarterly profit expectations and slashed its full-year earnings forecast, sending its shares down 6.5%.</p><p><blockquote>金宝汤公司未达到季度利润预期，并下调了全年盈利预期，导致其股价下跌6.5%。</blockquote></p><p> Drugmaker Merck &amp; Co rose 2.3% on the heels of its announcement the U.S. government had agreed to buy about 1.7 million courses of the company’s experimental COVID-19 treatment, molnupiravir, for about $1.2 billion, if the drug meets regulatory approval.</p><p><blockquote>制药商默克公司股价上涨2.3%，此前该公司宣布，如果该药物获得监管部门批准，美国政府已同意以约12亿美元的价格购买该公司约170万个疗程的实验性COVID-19治疗药物molnupiravir。</blockquote></p><p> Declining issues outnumbered advancers on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.13-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.12比1；在纳斯达克，1.13比1的比率有利于下跌股。</blockquote></p><p> The S&amp;P 500 posted 38 new 52-week highs and two new lows; the Nasdaq Composite recorded 126 new highs and 14 new lows.</p><p><blockquote>标普500创下38个52周新高和两个新低；纳斯达克综合指数录得126个新高和14个新低。</blockquote></p><p> Volume on U.S. exchanges was 11.53 billion shares, compared with the 10.74 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为115.3亿股，而过去20个交易日的平均成交量为107.4亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-u-s-stocks-end-lower-ahead-of-inflation-report-idUSL2N2NR2UG\">reuters</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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","AEMD":"Aethlon Medical Inc",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-u-s-stocks-end-lower-ahead-of-inflation-report-idUSL2N2NR2UG","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142408805","content_text":"NEW YORK (Reuters) - Wall Street ended a see-saw session lower on Wednesday as market participants awaited inflation data for clues as to when the U.S. Federal Reserve might tighten its dovish monetary policy.\nThe retail “meme stock” craze continued unabated.\nAll three major U.S. stock indexes reversed earlier gains, but remained range-bound in the absence of any clear market catalysts.\n“There’s a lull period in terms of news,” said Chuck Carlson, chief executive at Horizon Investment Services in Hammond, Indiana. “We’re through earnings period and people are waiting for inflation numbers tomorrow, so you have a mixed market where the major averages aren’t doing much of anything.”\nHeavily shorted meme stocks extended their social media-driven rally, with Aethlon Medical soaring 388.2%.\nReddit chatter also helped to lift shares of prison operator GEO Group and World Wrestling Entertainment 38.4% and 10.9%, respectively.\nHowever, other meme stocks such as Clover Health, AMC Entertainment and Bed Bath & Beyond closed lower.\nRetail volume has returned to its January peak, according to Vanda Research, as social media forums scramble to identify the next GameStop Corp, the stock that kicked off the phenomenon.\n“It feels like alternative stock market,” Carlson added. It’s an indication of speculation. You can be successful if you get in at the right moment but it’s very difficult to play successfully over time.”\n“I don’t think you should read too much regarding the broader market.”\nGameStop named Matt Furlong as its new CEO ahead of its earnings report, which showed a quarterly loss of $1.01 per share. Its shares fell over 4% in after-hours trading.\nU.S. President Joe Biden changed course in ongoing negotiations to reach a bipartisan agreement on infrastructure spending after one-on-one talks with Senator Shelley Capito broke down.\nIndustrial stocks, which stand to benefit from an infrastructure deal, slid by 1%.\nWashington lawmakers passed a sweeping bill designed to boost the United States’ ability to compete against Chinese technology, providing funds for research and semiconductor production amid an ongoing chip supply drought. The bill now heads to the House of Representatives.\nEven so, the Philadelphia SE Semiconductor index slipped 0.4%.\nThe Labor Department’s consumer price index report due out Thursday will provide another take on inflation amid the recovery’s demand/supply imbalance as investors determine whether inflationary pressures, as the Fed asserts, will be transitory.\nThe Dow Jones Industrial Average fell 152.68 points, or 0.44%, to 34,447.14; the S&P 500 lost 7.71 points, or 0.18%, at 4,219.55; and the Nasdaq Composite dropped 13.16 points, or 0.09%, to 13,911.75.\nAmong the 11 major sectors in the S&P 500, healthcare gained the most.\nBenchmark Treasury yields dropped below 1.5% for the first time since May, weighing on interest-sensitive financials.\nCampbell Soup Co missed quarterly profit expectations and slashed its full-year earnings forecast, sending its shares down 6.5%.\nDrugmaker Merck & Co rose 2.3% on the heels of its announcement the U.S. government had agreed to buy about 1.7 million courses of the company’s experimental COVID-19 treatment, molnupiravir, for about $1.2 billion, if the drug meets regulatory approval.\nDeclining issues outnumbered advancers on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.13-to-1 ratio favored decliners.\nThe S&P 500 posted 38 new 52-week highs and two new lows; the Nasdaq Composite recorded 126 new highs and 14 new lows.\nVolume on U.S. exchanges was 11.53 billion shares, compared with the 10.74 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{"AEMD":0.9,".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111103828,"gmtCreate":1622656681864,"gmtModify":1631891792459,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"Who got into AMC?","listText":"Who got into AMC?","text":"Who got into AMC?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/111103828","repostId":"2140617694","repostType":4,"isVote":1,"tweetType":1,"viewCount":1739,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111103026,"gmtCreate":1622656558065,"gmtModify":1631891792461,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"Meme stonks coming back into the play.who managed to get into AMC?","listText":"Meme stonks coming back into the play.who managed to get into AMC?","text":"Meme stonks coming back into the play.who managed to get into AMC?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/111103026","repostId":"2140617694","repostType":4,"isVote":1,"tweetType":1,"viewCount":2109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139099192,"gmtCreate":1621571526716,"gmtModify":1631891792465,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"Still overvalued","listText":"Still overvalued","text":"Still overvalued","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/139099192","repostId":"2136115927","repostType":4,"isVote":1,"tweetType":1,"viewCount":4348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104185096,"gmtCreate":1620363750715,"gmtModify":1631891792467,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"Amazon needs stocksplit","listText":"Amazon needs stocksplit","text":"Amazon needs stocksplit","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/104185096","repostId":"1157328258","repostType":4,"repost":{"id":"1157328258","kind":"news","pubTimestamp":1620360165,"share":"https://www.laohu8.com/m/news/1157328258?lang=zh_CN&edition=full","pubTime":"2021-05-07 12:02","market":"us","language":"en","title":"Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157328258","media":"Seeking alpha","summary":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entere","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></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: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</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: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking alpha</strong><span class=\"h-time small\">2021-05-07 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company\">Seeking alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157328258","content_text":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.#1 Price vs. GrowthFirst of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:Source: VisualizedAnalytics.comThe 'Third-Party Seller Services' segment - the exponential growth continues:Source: VisualizedAnalytics.comThe 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:Source: VisualizedAnalytics.comThe 'Other' (advertising services) segment has also showed a significant acceleration:Source: VisualizedAnalytics.comThe growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:Source: VisualizedAnalytics.comGeographically, Amazon's revenue was also significantly better than the trend:Source: VisualizedAnalytics.comSo, statistically, not subjectively, we should recognize the acceleration of the company's growthin all key segments. In my opinion, this is exactly what is expected from Amazon.Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:Source: VisualizedAnalytics.comThere is also a certain influence of the company's revenue growth rate on its multiples:Source: VisualizedAnalytics.comBased on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:Source: VisualizedAnalytics.comAs you can see, firstly, this model indicates that the company's current price is alreadybelow the balanced level. And secondly, it assumes a25% growthin capitalization in the next four quarters.#2 Comparative ValuationIn the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:Source: VisualizedAnalytics.comAs you can see, judging by this multiple, Amazon is significantly undervalued.#3 Discounted Cash Flow ModelWhen predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:Source: Seeking Alpha ProWhen predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.Here is the calculation of the Weighted Average Cost of Capital:Source: AuthorSome explanations:In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.Here is the model itself:(In high resolution)Source: AuthorThe DCF-based target price of Amazon's shares is $4,280, offering 29% upside.Final thoughtsAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company isundervalued.Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company ismuch cheaperthan the market.DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,it is better to invest in a company facing growth problems than aging problems.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2026,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104188873,"gmtCreate":1620363584792,"gmtModify":1631891792472,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"Maybe stock split needed to make it affordable","listText":"Maybe stock split needed to make it affordable","text":"Maybe stock split needed to make it affordable","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/104188873","repostId":"1157328258","repostType":4,"repost":{"id":"1157328258","kind":"news","pubTimestamp":1620360165,"share":"https://www.laohu8.com/m/news/1157328258?lang=zh_CN&edition=full","pubTime":"2021-05-07 12:02","market":"us","language":"en","title":"Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157328258","media":"Seeking alpha","summary":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entere","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></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: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</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: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking alpha</strong><span class=\"h-time small\">2021-05-07 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company\">Seeking alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157328258","content_text":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.#1 Price vs. GrowthFirst of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:Source: VisualizedAnalytics.comThe 'Third-Party Seller Services' segment - the exponential growth continues:Source: VisualizedAnalytics.comThe 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:Source: VisualizedAnalytics.comThe 'Other' (advertising services) segment has also showed a significant acceleration:Source: VisualizedAnalytics.comThe growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:Source: VisualizedAnalytics.comGeographically, Amazon's revenue was also significantly better than the trend:Source: VisualizedAnalytics.comSo, statistically, not subjectively, we should recognize the acceleration of the company's growthin all key segments. In my opinion, this is exactly what is expected from Amazon.Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:Source: VisualizedAnalytics.comThere is also a certain influence of the company's revenue growth rate on its multiples:Source: VisualizedAnalytics.comBased on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:Source: VisualizedAnalytics.comAs you can see, firstly, this model indicates that the company's current price is alreadybelow the balanced level. And secondly, it assumes a25% growthin capitalization in the next four quarters.#2 Comparative ValuationIn the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:Source: VisualizedAnalytics.comAs you can see, judging by this multiple, Amazon is significantly undervalued.#3 Discounted Cash Flow ModelWhen predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:Source: Seeking Alpha ProWhen predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.Here is the calculation of the Weighted Average Cost of Capital:Source: AuthorSome explanations:In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.Here is the model itself:(In high resolution)Source: AuthorThe DCF-based target price of Amazon's shares is $4,280, offering 29% upside.Final thoughtsAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company isundervalued.Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company ismuch cheaperthan the market.DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,it is better to invest in a company facing growth problems than aging problems.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2799,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106379829,"gmtCreate":1620090428361,"gmtModify":1631891792475,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"Ethan more stronger than btc now&nbsp;","listText":"Ethan more stronger than btc now&nbsp;","text":"Ethan more stronger than btc now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/106379829","repostId":"1144690690","repostType":4,"repost":{"id":"1144690690","kind":"news","pubTimestamp":1620088900,"share":"https://www.laohu8.com/m/news/1144690690?lang=zh_CN&edition=full","pubTime":"2021-05-04 08:41","market":"us","language":"en","title":"Ethereum extends gains to fresh record above $3,400<blockquote>以太币将涨幅扩大至3,400美元以上的新纪录</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144690690","media":"Reuters","summary":"Cryptocurrency ether extended gains to another record peak on Tuesday, after breaking above $3,000 f","content":"<p>Cryptocurrency ether extended gains to another record peak on Tuesday, after breaking above $3,000 for the first time a day earlier as investors bet on its growing utility.</p><p><blockquote>由于投资者押注其不断增长的效用，加密货币以太币在一天前首次突破3,000美元后，周二将涨幅扩大至另一个历史新高。</blockquote></p><p>Early in Asia trade it traded as high as $3,457.64 on the bitstamp exchange , for a session rise of about 17%.</p><p><blockquote>亚洲交易早盘，bitstamp交易所的交易价格高达3,457.64美元，盘中上涨约17%。</blockquote></p><p>Traders have attributed the gains - which amount to some 365% for the year to date - to a catch up on bitcoin's late 2020 leap and as upgrades to the ethereum blockchain make it more useful.read more</p><p><blockquote>交易员将这一涨幅（今年迄今为止约为365%）归因于追赶比特币2020年底的飞跃，以及以太币区块链的升级使其变得更加有用。了解更多</blockquote></p><p>The ether/bitcoin cross rate stood at its highest in more than two-and-a-half years on Tuesday while bitcoin was steady at $57,295.</p><p><blockquote>周二，以太/比特币交叉汇率达到两年半多来的最高水平，而比特币则稳定在57,295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>Ethereum extends gains to fresh record above $3,400<blockquote>以太币将涨幅扩大至3,400美元以上的新纪录</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEthereum extends gains to fresh record above $3,400<blockquote>以太币将涨幅扩大至3,400美元以上的新纪录</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-05-04 08:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Cryptocurrency ether extended gains to another record peak on Tuesday, after breaking above $3,000 for the first time a day earlier as investors bet on its growing utility.</p><p><blockquote>由于投资者押注其不断增长的效用，加密货币以太币在一天前首次突破3,000美元后，周二将涨幅扩大至另一个历史新高。</blockquote></p><p>Early in Asia trade it traded as high as $3,457.64 on the bitstamp exchange , for a session rise of about 17%.</p><p><blockquote>亚洲交易早盘，bitstamp交易所的交易价格高达3,457.64美元，盘中上涨约17%。</blockquote></p><p>Traders have attributed the gains - which amount to some 365% for the year to date - to a catch up on bitcoin's late 2020 leap and as upgrades to the ethereum blockchain make it more useful.read more</p><p><blockquote>交易员将这一涨幅（今年迄今为止约为365%）归因于追赶比特币2020年底的飞跃，以及以太币区块链的升级使其变得更加有用。了解更多</blockquote></p><p>The ether/bitcoin cross rate stood at its highest in more than two-and-a-half years on Tuesday while bitcoin was steady at $57,295.</p><p><blockquote>周二，以太/比特币交叉汇率达到两年半多来的最高水平，而比特币则稳定在57,295美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/technology/ethereum-extends-gains-fresh-record-above-3400-2021-05-04/\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.reuters.com/technology/ethereum-extends-gains-fresh-record-above-3400-2021-05-04/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144690690","content_text":"Cryptocurrency ether extended gains to another record peak on Tuesday, after breaking above $3,000 for the first time a day earlier as investors bet on its growing utility.Early in Asia trade it traded as high as $3,457.64 on the bitstamp exchange , for a session rise of about 17%.Traders have attributed the gains - which amount to some 365% for the year to date - to a catch up on bitcoin's late 2020 leap and as upgrades to the ethereum blockchain make it more useful.read moreThe ether/bitcoin cross rate stood at its highest in more than two-and-a-half years on Tuesday while bitcoin was steady at $57,295.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2878,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375570037,"gmtCreate":1619371546929,"gmtModify":1631891792477,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"Price seems to be going down&nbsp;","listText":"Price seems to be going down&nbsp;","text":"Price seems to be going down","images":[{"img":"https://static.tigerbbs.com/0e5d942bf1e4a206fcf218d53463708f","width":"1080","height":"3234"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/375570037","isVote":1,"tweetType":1,"viewCount":2227,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":375547479,"gmtCreate":1619371458491,"gmtModify":1634273979067,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"Competition is hotting up","listText":"Competition is hotting up","text":"Competition is hotting up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/375547479","repostId":"1132391349","repostType":4,"isVote":1,"tweetType":1,"viewCount":585,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375992667,"gmtCreate":1619272648959,"gmtModify":1634287343952,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"Amd is eating Intel's lunch !","listText":"Amd is eating Intel's lunch !","text":"Amd is eating Intel's lunch !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/375992667","repostId":"1180713929","repostType":4,"repost":{"id":"1180713929","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":1619191972,"share":"https://www.laohu8.com/m/news/1180713929?lang=zh_CN&edition=full","pubTime":"2021-04-23 23:32","market":"us","language":"en","title":"Why AMD Stock Popped After Intel's Earnings Beat<blockquote>为什么英特尔盈利超出预期后AMD股价上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180713929","media":"Tiger Newspress","summary":"Here's a hint: It's not because Intel reported great news.What happenedShares of rising Intel (NASDA","content":"<p>Here's a hint: It's not because Intel reported great news.</p><p><blockquote>这里有一个提示：这并不是因为英特尔报道了好消息。</blockquote></p><p><b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p>Shares of rising&nbsp;<b>Intel</b>&nbsp;(NASDAQ:INTC)&nbsp;rival and fellow&nbsp;semiconductors&nbsp;giant&nbsp;<b>Advanced Micro Devices</b>&nbsp;(NASDAQ:AMD)&nbsp;popped in early trading on the Nasdaq Friday, the first day afterIntel's disappointing Q1 2021 earnings report. AMD's shares were up 4.5% as of 11:30 a.m. EDT.</p><p><blockquote>瑞星股份<b>英特尔</b>（纳斯达克：INTC）竞争对手和半导体巨头<b>先进微设备公司</b>（纳斯达克：AMD）周五在纳斯达克早盘交易中上涨，这是英特尔发布令人失望的2021年第一季度收益报告的第一天。截至美国东部时间上午11:30，AMD股价上涨4.5%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/368e9bc79febd0164dab4a88ffd13c42\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cf04377bf945cfdaa9a52157bb5560f7\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p>Intel, if you haven't heard, actually&nbsp;beat&nbsp;on its Q1 earnings. Despite sales declining 1% year over year, the company managed to report a pro forma profit of $1.39 per share, which was ahead of analyst expectations.</p><p><blockquote>如果您还没有听说过，英特尔第一季度的盈利实际上超出了预期。尽管销售额同比下降1%，但该公司仍报告预计每股利润为1.39美元，超出分析师预期。</blockquote></p><p>Regardless, Intel reported a steep 540 basis point decline in its gross margin to 55.2%, and it saw its operating margin cut nearly in half as the company spent heavily to race to catch up to its rivals in advanced computer chips. Analysts at Citigroup commented yesterday that Intel stock appears to be close to its peak valuation and is likely to decline as investors acclimate to the new environment in which Intel is losing, not gaining, market share.</p><p><blockquote>无论如何，英特尔报告称其毛利率大幅下降540个基点至55.2%，并且由于该公司斥巨资追赶先进计算机芯片领域的竞争对手，其营业利润率几乎减半。花旗集团分析师昨日评论称，英特尔股价似乎已接近其估值峰值，随着投资者适应英特尔正在失去而非获得市场份额的新环境，英特尔股价可能会下跌。</blockquote></p><p>And the reason this is good news for&nbsp;AMD&nbsp;is that, according to Citi at least, it's AMD that's taking that market share away from Intel.</p><p><blockquote>这对AMD来说是个好消息的原因是，至少根据花旗的说法，AMD正在从英特尔手中夺走市场份额。</blockquote></p><p><b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p>So what's an investor to do with all this information?</p><p><blockquote>那么投资者如何处理所有这些信息呢？</blockquote></p><p>At a valuation of just 13.6 times trailing earnings, Intel stock certainly looks like a relative bargain when compared with AMD stock, which trades at 38.4 times earnings. But AMD has acash-rich balance sheet, versus Intel that's carrying $13.5 billion in net debt. And analysts see Intel's earnings growing only 10% annually over the next five years, while AMD is pegged for 29.5% annualized earnings growth, according toS&amp;P Global Market Intelligencedata.</p><p><blockquote>英特尔股票的市盈率仅为13.6倍，与AMD股票的市盈率为38.4倍相比，英特尔股票看起来确实相对便宜。但AMD的资产负债表现金充裕，而英特尔的净债务为135亿美元。根据标准普尔全球市场情报数据，分析师预计英特尔未来五年的盈利年增长率仅为10%，而AMD的年化盈利增长率预计为29.5%。</blockquote></p><p>Intel may&nbsp;look&nbsp;like&nbsp;a value stockright now, but it's AMD that's gotall the momentum.</p><p><blockquote>英特尔现在可能看起来像一只价值股，但拥有所有动力的是AMD。</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>Why AMD Stock Popped After Intel's Earnings Beat<blockquote>为什么英特尔盈利超出预期后AMD股价上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy AMD Stock Popped After Intel's Earnings Beat<blockquote>为什么英特尔盈利超出预期后AMD股价上涨</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\">2021-04-23 23:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Here's a hint: It's not because Intel reported great news.</p><p><blockquote>这里有一个提示：这并不是因为英特尔报道了好消息。</blockquote></p><p><b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p>Shares of rising&nbsp;<b>Intel</b>&nbsp;(NASDAQ:INTC)&nbsp;rival and fellow&nbsp;semiconductors&nbsp;giant&nbsp;<b>Advanced Micro Devices</b>&nbsp;(NASDAQ:AMD)&nbsp;popped in early trading on the Nasdaq Friday, the first day afterIntel's disappointing Q1 2021 earnings report. AMD's shares were up 4.5% as of 11:30 a.m. EDT.</p><p><blockquote>瑞星股份<b>英特尔</b>（纳斯达克：INTC）竞争对手和半导体巨头<b>先进微设备公司</b>（纳斯达克：AMD）周五在纳斯达克早盘交易中上涨，这是英特尔发布令人失望的2021年第一季度收益报告的第一天。截至美国东部时间上午11:30，AMD股价上涨4.5%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/368e9bc79febd0164dab4a88ffd13c42\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cf04377bf945cfdaa9a52157bb5560f7\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p>Intel, if you haven't heard, actually&nbsp;beat&nbsp;on its Q1 earnings. Despite sales declining 1% year over year, the company managed to report a pro forma profit of $1.39 per share, which was ahead of analyst expectations.</p><p><blockquote>如果您还没有听说过，英特尔第一季度的盈利实际上超出了预期。尽管销售额同比下降1%，但该公司仍报告预计每股利润为1.39美元，超出分析师预期。</blockquote></p><p>Regardless, Intel reported a steep 540 basis point decline in its gross margin to 55.2%, and it saw its operating margin cut nearly in half as the company spent heavily to race to catch up to its rivals in advanced computer chips. Analysts at Citigroup commented yesterday that Intel stock appears to be close to its peak valuation and is likely to decline as investors acclimate to the new environment in which Intel is losing, not gaining, market share.</p><p><blockquote>无论如何，英特尔报告称其毛利率大幅下降540个基点至55.2%，并且由于该公司斥巨资追赶先进计算机芯片领域的竞争对手，其营业利润率几乎减半。花旗集团分析师昨日评论称，英特尔股价似乎已接近其估值峰值，随着投资者适应英特尔正在失去而非获得市场份额的新环境，英特尔股价可能会下跌。</blockquote></p><p>And the reason this is good news for&nbsp;AMD&nbsp;is that, according to Citi at least, it's AMD that's taking that market share away from Intel.</p><p><blockquote>这对AMD来说是个好消息的原因是，至少根据花旗的说法，AMD正在从英特尔手中夺走市场份额。</blockquote></p><p><b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p>So what's an investor to do with all this information?</p><p><blockquote>那么投资者如何处理所有这些信息呢？</blockquote></p><p>At a valuation of just 13.6 times trailing earnings, Intel stock certainly looks like a relative bargain when compared with AMD stock, which trades at 38.4 times earnings. But AMD has acash-rich balance sheet, versus Intel that's carrying $13.5 billion in net debt. And analysts see Intel's earnings growing only 10% annually over the next five years, while AMD is pegged for 29.5% annualized earnings growth, according toS&amp;P Global Market Intelligencedata.</p><p><blockquote>英特尔股票的市盈率仅为13.6倍，与AMD股票的市盈率为38.4倍相比，英特尔股票看起来确实相对便宜。但AMD的资产负债表现金充裕，而英特尔的净债务为135亿美元。根据标准普尔全球市场情报数据，分析师预计英特尔未来五年的盈利年增长率仅为10%，而AMD的年化盈利增长率预计为29.5%。</blockquote></p><p>Intel may&nbsp;look&nbsp;like&nbsp;a value stockright now, but it's AMD that's gotall the momentum.</p><p><blockquote>英特尔现在可能看起来像一只价值股，但拥有所有动力的是AMD。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔","AMD":"美国超微公司"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180713929","content_text":"Here's a hint: It's not because Intel reported great news.What happenedShares of rising Intel (NASDAQ:INTC) rival and fellow semiconductors giant Advanced Micro Devices (NASDAQ:AMD) popped in early trading on the Nasdaq Friday, the first day afterIntel's disappointing Q1 2021 earnings report. AMD's shares were up 4.5% as of 11:30 a.m. EDT.So whatIntel, if you haven't heard, actually beat on its Q1 earnings. Despite sales declining 1% year over year, the company managed to report a pro forma profit of $1.39 per share, which was ahead of analyst expectations.Regardless, Intel reported a steep 540 basis point decline in its gross margin to 55.2%, and it saw its operating margin cut nearly in half as the company spent heavily to race to catch up to its rivals in advanced computer chips. Analysts at Citigroup commented yesterday that Intel stock appears to be close to its peak valuation and is likely to decline as investors acclimate to the new environment in which Intel is losing, not gaining, market share.And the reason this is good news for AMD is that, according to Citi at least, it's AMD that's taking that market share away from Intel.Now whatSo what's an investor to do with all this information?At a valuation of just 13.6 times trailing earnings, Intel stock certainly looks like a relative bargain when compared with AMD stock, which trades at 38.4 times earnings. But AMD has acash-rich balance sheet, versus Intel that's carrying $13.5 billion in net debt. And analysts see Intel's earnings growing only 10% annually over the next five years, while AMD is pegged for 29.5% annualized earnings growth, according toS&P Global Market Intelligencedata.Intel may look like a value stockright now, but it's AMD that's gotall the momentum.","news_type":1,"symbols_score_info":{"AMD":0.9,"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358797116,"gmtCreate":1616728470935,"gmtModify":1634524325222,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"When will they start making profit ?","listText":"When will they start making profit ?","text":"When will they start making profit ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/358797116","repostId":"1194064603","repostType":4,"repost":{"id":"1194064603","kind":"news","pubTimestamp":1616728056,"share":"https://www.laohu8.com/m/news/1194064603?lang=zh_CN&edition=full","pubTime":"2021-03-26 11:07","market":"us","language":"en","title":"If You Liked These IPOs Before You'll Love Them at 50% Off Now<blockquote>如果您以前喜欢这些IPO，现在您会以50%的折扣喜欢它们</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194064603","media":"fool","summary":"There have been a lot of compelling new stocks hitting the market over the past year. They may have ","content":"<p>There have been a lot of compelling new stocks hitting the market over the past year. They may have hit the ground running, but initial public offerings (IPOs) have been among the hardest-hit names during the recent correction for growth stocks.</p><p><blockquote>过去一年，市场上出现了许多引人注目的新股。它们可能已经起步，但在最近成长型股票的调整中，首次公开募股（IPO）一直是受打击最严重的股票之一。</blockquote></p><p> <b>Unity Software</b>,<b>fuboTV</b>, and<b>Lemonade</b>are three fast-growing companies that went public over the past year. They were all hot rookies early in their publicly traded tenure but have sold off sharply in recent weeks. Let's see why these three stocks that have been roughly cut in half as of Wednesday's market close since peaking deserve your due diligence.</p><p><blockquote><b>Unity软件</b>,<b>富波电视</b>，和<b>柠檬汽水</b>是过去一年上市的三家快速增长的公司。它们在上市初期都是炙手可热的新秀，但最近几周大幅抛售。让我们看看为什么这三只自见顶以来截至周三收盘已大致腰斩的股票值得您进行尽职调查。</blockquote></p><p> 1. Unity Software -- Down 47%</p><p><blockquote>1.Unity软件——下跌47%</blockquote></p><p> The game's afoot at Unity Software. The cloud-based platform for real-time 3D content creation was originally a hit with game developers, but a wider net has been tossed out to Hollywood studios, architects, engineers, and graphic designers. The client base is expanding, and Unity has acouple of revenue streamsto make the most of its newfound popularity.</p><p><blockquote>游戏正在Unity软件公司进行。基于云的实时3D内容创作平台最初受到游戏开发商的欢迎，但更广泛的网络已经抛向好莱坞工作室、建筑师、工程师和平面设计师。客户群正在扩大，Unity有几个收入来源来充分利用其新发现的受欢迎程度。</blockquote></p><p> Unity's not hurting for business. Revenue rose 43% last year, including a 39% year-over-year increase in February's fourth-quarter report. Customers are staying close, too. Unity's dollar-based net expansion rate -- a popular metric for software-as-a-service(SaaS) stocksthat measures client engagement -- has grown from 133% to 138% over the past year. In other words, the average returning account is spending 38% more on Unity's platform than a year earlier.</p><p><blockquote>团结对生意没有坏处。去年营收增长43%，其中2月份第四季度报告同比增长39%。顾客也离得很近。Unity以美元为基础的净增长率（衡量客户参与度的软件即服务(SaaS)股票的流行指标）在过去一年中从133%增长到138%。换句话说，平均回头客在Unity平台上的支出比一年前增加了38%。</blockquote></p><p> 2. fuboTV -- Down 57%</p><p><blockquote>2.fuboTV——下跌57%</blockquote></p><p> Folks are cutting the cord, and live-TV streaming services are growing quickly as a way to fill the digital void for folks craving live sports and network programming. The fastest-growing player in this niche is fuboTV.</p><p><blockquote>人们正在切断联系，直播电视流媒体服务正在迅速增长，作为填补渴望直播体育和网络节目的人们的数字空白的一种方式。这个利基市场中增长最快的玩家是fuboTV。</blockquote></p><p> Its customer count has risen 73% over the past year. While it'snot the top dog here, its 547,880 customers are generating nearly $70 a month in revenue between subscriptions and rapidly growing ad revenue.</p><p><blockquote>过去一年，其客户数量增长了73%。虽然它不是这里的老大，但其547,880名客户在订阅和快速增长的广告收入之间每月产生近70美元的收入。</blockquote></p><p> FuboTV is hoping to monetize its \"sports first\" market positioning this year. It will roll out a fantasy sports platform for its viewers this summer and expects to launch an online sportsbook in the fourth quarter. Despite the company's accelerating growth and its short history of jacking up guidance, this is the one name on the list that has actually surrendered more than half of its value since peaking three months ago.</p><p><blockquote>富波电视希望今年将其“体育第一”的市场定位货币化。它将在今年夏天为观众推出一个梦幻体育平台，并预计在第四季度推出在线体育书籍。尽管该公司正在加速增长，而且上调指引的历史也很短，但自三个月前达到顶峰以来，这是名单上唯一一家实际上已经放弃了一半以上价值的公司。</blockquote></p><p> 3. Lemonade -- Down 53%</p><p><blockquote>3.柠檬水——下跌53%</blockquote></p><p> Lemons may make you pucker up, and investors who have seen their Lemonade shares give up nearly half of their peak gains may feel the same way. The high tech and potentially disruptive insurance company is still a name worth sipping. Lemonade has reinvented the insurance shopping and claims reporting experience. It leans on artificial-intelligence chatbots to serve up quotes, and the claims process can sometimes be completed the same way.</p><p><blockquote>柠檬可能会让你皱起眉头，看到柠檬水股票回吐近一半峰值涨幅的投资者可能也有同感。这家高科技且具有潜在颠覆性的保险公司仍然是一个值得啜饮的名字。Lemonade重塑了保险购物和索赔报告体验。它依靠人工智能聊天机器人来提供报价，索赔过程有时也可以以同样的方式完成。</blockquote></p><p> Lemonade initially launched as a platform for renters and homeowners but recently rolled out policies for pet owners. Consumers -- primarily young renters and first-time homebuyers -- are flocking to Lemonade. It's seen its active policies climb 56% over the past year, and now is serving1 million accounts. Premiums paid per account are up 20%, on average, over the past year, and its gross loss ratio keeps improving alongside the platform's scalability.</p><p><blockquote>Lemonade最初是作为租房者和房主的平台推出的，但最近推出了针对宠物主人的政策。消费者——主要是年轻租房者和首次购房者——正涌向柠檬水。过去一年，其活跃保单增长了56%，目前为100万个账户提供服务。过去一年，每个账户支付的保费平均增长了20%，其毛损失率随着平台的可扩展性而不断提高。</blockquote></p><p> Unity Software, fuboTV, and Lemonade would have to roughly double to get back to their earlier highs. They may not all get there, but this is an opportunistic time to consider adding one of these three fallen IPO angels to your watch list.</p><p><blockquote>Unity Software、fuboTV和Lemonade的股价必须上涨大约一倍才能回到之前的高点。他们可能不会全部到达那里，但这是一个机会时机，可以考虑将这三位倒下的IPO天使中的一位添加到您的观察名单中。</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>If You Liked These IPOs Before You'll Love Them at 50% Off Now<blockquote>如果您以前喜欢这些IPO，现在您会以50%的折扣喜欢它们</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\">\nIf You Liked These IPOs Before You'll Love Them at 50% Off Now<blockquote>如果您以前喜欢这些IPO，现在您会以50%的折扣喜欢它们</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fool</strong><span class=\"h-time small\">2021-03-26 11:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>There have been a lot of compelling new stocks hitting the market over the past year. They may have hit the ground running, but initial public offerings (IPOs) have been among the hardest-hit names during the recent correction for growth stocks.</p><p><blockquote>过去一年，市场上出现了许多引人注目的新股。它们可能已经起步，但在最近成长型股票的调整中，首次公开募股（IPO）一直是受打击最严重的股票之一。</blockquote></p><p> <b>Unity Software</b>,<b>fuboTV</b>, and<b>Lemonade</b>are three fast-growing companies that went public over the past year. They were all hot rookies early in their publicly traded tenure but have sold off sharply in recent weeks. Let's see why these three stocks that have been roughly cut in half as of Wednesday's market close since peaking deserve your due diligence.</p><p><blockquote><b>Unity软件</b>,<b>富波电视</b>，和<b>柠檬汽水</b>是过去一年上市的三家快速增长的公司。它们在上市初期都是炙手可热的新秀，但最近几周大幅抛售。让我们看看为什么这三只自见顶以来截至周三收盘已大致腰斩的股票值得您进行尽职调查。</blockquote></p><p> 1. Unity Software -- Down 47%</p><p><blockquote>1.Unity软件——下跌47%</blockquote></p><p> The game's afoot at Unity Software. The cloud-based platform for real-time 3D content creation was originally a hit with game developers, but a wider net has been tossed out to Hollywood studios, architects, engineers, and graphic designers. The client base is expanding, and Unity has acouple of revenue streamsto make the most of its newfound popularity.</p><p><blockquote>游戏正在Unity软件公司进行。基于云的实时3D内容创作平台最初受到游戏开发商的欢迎，但更广泛的网络已经抛向好莱坞工作室、建筑师、工程师和平面设计师。客户群正在扩大，Unity有几个收入来源来充分利用其新发现的受欢迎程度。</blockquote></p><p> Unity's not hurting for business. Revenue rose 43% last year, including a 39% year-over-year increase in February's fourth-quarter report. Customers are staying close, too. Unity's dollar-based net expansion rate -- a popular metric for software-as-a-service(SaaS) stocksthat measures client engagement -- has grown from 133% to 138% over the past year. In other words, the average returning account is spending 38% more on Unity's platform than a year earlier.</p><p><blockquote>团结对生意没有坏处。去年营收增长43%，其中2月份第四季度报告同比增长39%。顾客也离得很近。Unity以美元为基础的净增长率（衡量客户参与度的软件即服务(SaaS)股票的流行指标）在过去一年中从133%增长到138%。换句话说，平均回头客在Unity平台上的支出比一年前增加了38%。</blockquote></p><p> 2. fuboTV -- Down 57%</p><p><blockquote>2.fuboTV——下跌57%</blockquote></p><p> Folks are cutting the cord, and live-TV streaming services are growing quickly as a way to fill the digital void for folks craving live sports and network programming. The fastest-growing player in this niche is fuboTV.</p><p><blockquote>人们正在切断联系，直播电视流媒体服务正在迅速增长，作为填补渴望直播体育和网络节目的人们的数字空白的一种方式。这个利基市场中增长最快的玩家是fuboTV。</blockquote></p><p> Its customer count has risen 73% over the past year. While it'snot the top dog here, its 547,880 customers are generating nearly $70 a month in revenue between subscriptions and rapidly growing ad revenue.</p><p><blockquote>过去一年，其客户数量增长了73%。虽然它不是这里的老大，但其547,880名客户在订阅和快速增长的广告收入之间每月产生近70美元的收入。</blockquote></p><p> FuboTV is hoping to monetize its \"sports first\" market positioning this year. It will roll out a fantasy sports platform for its viewers this summer and expects to launch an online sportsbook in the fourth quarter. Despite the company's accelerating growth and its short history of jacking up guidance, this is the one name on the list that has actually surrendered more than half of its value since peaking three months ago.</p><p><blockquote>富波电视希望今年将其“体育第一”的市场定位货币化。它将在今年夏天为观众推出一个梦幻体育平台，并预计在第四季度推出在线体育书籍。尽管该公司正在加速增长，而且上调指引的历史也很短，但自三个月前达到顶峰以来，这是名单上唯一一家实际上已经放弃了一半以上价值的公司。</blockquote></p><p> 3. Lemonade -- Down 53%</p><p><blockquote>3.柠檬水——下跌53%</blockquote></p><p> Lemons may make you pucker up, and investors who have seen their Lemonade shares give up nearly half of their peak gains may feel the same way. The high tech and potentially disruptive insurance company is still a name worth sipping. Lemonade has reinvented the insurance shopping and claims reporting experience. It leans on artificial-intelligence chatbots to serve up quotes, and the claims process can sometimes be completed the same way.</p><p><blockquote>柠檬可能会让你皱起眉头，看到柠檬水股票回吐近一半峰值涨幅的投资者可能也有同感。这家高科技且具有潜在颠覆性的保险公司仍然是一个值得啜饮的名字。Lemonade重塑了保险购物和索赔报告体验。它依靠人工智能聊天机器人来提供报价，索赔过程有时也可以以同样的方式完成。</blockquote></p><p> Lemonade initially launched as a platform for renters and homeowners but recently rolled out policies for pet owners. Consumers -- primarily young renters and first-time homebuyers -- are flocking to Lemonade. It's seen its active policies climb 56% over the past year, and now is serving1 million accounts. Premiums paid per account are up 20%, on average, over the past year, and its gross loss ratio keeps improving alongside the platform's scalability.</p><p><blockquote>Lemonade最初是作为租房者和房主的平台推出的，但最近推出了针对宠物主人的政策。消费者——主要是年轻租房者和首次购房者——正涌向柠檬水。过去一年，其活跃保单增长了56%，目前为100万个账户提供服务。过去一年，每个账户支付的保费平均增长了20%，其毛损失率随着平台的可扩展性而不断提高。</blockquote></p><p> Unity Software, fuboTV, and Lemonade would have to roughly double to get back to their earlier highs. They may not all get there, but this is an opportunistic time to consider adding one of these three fallen IPO angels to your watch list.</p><p><blockquote>Unity Software、fuboTV和Lemonade的股价必须上涨大约一倍才能回到之前的高点。他们可能不会全部到达那里，但这是一个机会时机，可以考虑将这三位倒下的IPO天使中的一位添加到您的观察名单中。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/25/if-you-liked-these-ipos-before-youll-love-them-at/\">fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.fool.com/investing/2021/03/25/if-you-liked-these-ipos-before-youll-love-them-at/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194064603","content_text":"There have been a lot of compelling new stocks hitting the market over the past year. They may have hit the ground running, but initial public offerings (IPOs) have been among the hardest-hit names during the recent correction for growth stocks.\nUnity Software,fuboTV, andLemonadeare three fast-growing companies that went public over the past year. They were all hot rookies early in their publicly traded tenure but have sold off sharply in recent weeks. Let's see why these three stocks that have been roughly cut in half as of Wednesday's market close since peaking deserve your due diligence.\n1. Unity Software -- Down 47%\nThe game's afoot at Unity Software. The cloud-based platform for real-time 3D content creation was originally a hit with game developers, but a wider net has been tossed out to Hollywood studios, architects, engineers, and graphic designers. The client base is expanding, and Unity has acouple of revenue streamsto make the most of its newfound popularity.\nUnity's not hurting for business. Revenue rose 43% last year, including a 39% year-over-year increase in February's fourth-quarter report. Customers are staying close, too. Unity's dollar-based net expansion rate -- a popular metric for software-as-a-service(SaaS) stocksthat measures client engagement -- has grown from 133% to 138% over the past year. In other words, the average returning account is spending 38% more on Unity's platform than a year earlier.\n2. fuboTV -- Down 57%\nFolks are cutting the cord, and live-TV streaming services are growing quickly as a way to fill the digital void for folks craving live sports and network programming. The fastest-growing player in this niche is fuboTV.\nIts customer count has risen 73% over the past year. While it'snot the top dog here, its 547,880 customers are generating nearly $70 a month in revenue between subscriptions and rapidly growing ad revenue.\nFuboTV is hoping to monetize its \"sports first\" market positioning this year. It will roll out a fantasy sports platform for its viewers this summer and expects to launch an online sportsbook in the fourth quarter. Despite the company's accelerating growth and its short history of jacking up guidance, this is the one name on the list that has actually surrendered more than half of its value since peaking three months ago.\n3. Lemonade -- Down 53%\nLemons may make you pucker up, and investors who have seen their Lemonade shares give up nearly half of their peak gains may feel the same way. The high tech and potentially disruptive insurance company is still a name worth sipping. Lemonade has reinvented the insurance shopping and claims reporting experience. It leans on artificial-intelligence chatbots to serve up quotes, and the claims process can sometimes be completed the same way.\nLemonade initially launched as a platform for renters and homeowners but recently rolled out policies for pet owners. Consumers -- primarily young renters and first-time homebuyers -- are flocking to Lemonade. It's seen its active policies climb 56% over the past year, and now is serving1 million accounts. Premiums paid per account are up 20%, on average, over the past year, and its gross loss ratio keeps improving alongside the platform's scalability.\nUnity Software, fuboTV, and Lemonade would have to roughly double to get back to their earlier highs. They may not all get there, but this is an opportunistic time to consider adding one of these three fallen IPO angels to your watch list.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350188211,"gmtCreate":1616166342033,"gmtModify":1634526897213,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"Ger ready for 600","listText":"Ger ready for 600","text":"Ger ready for 600","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/350188211","repostId":"1147661553","repostType":4,"isVote":1,"tweetType":1,"viewCount":478,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324679078,"gmtCreate":1615991695194,"gmtModify":1703496099047,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"[摊手]&nbsp;","listText":"[摊手]&nbsp;","text":"[摊手]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/324679078","repostId":"1140170853","repostType":4,"repost":{"id":"1140170853","kind":"news","pubTimestamp":1615989472,"share":"https://www.laohu8.com/m/news/1140170853?lang=zh_CN&edition=full","pubTime":"2021-03-17 21:57","market":"us","language":"en","title":"Plug Power to Restate Financials, Stock Plummets<blockquote>普拉格能源重申财务状况，股价暴跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1140170853","media":"The Street","summary":"Shares of Plug Power (PLUG) -Get Report plummeted more than 13% on Wednesday, after the fuel-cell co","content":"<p>Shares of Plug Power&nbsp;(<b>PLUG</b>) -Get Report&nbsp;plummeted more than 13% on Wednesday, after the fuel-cell company said it will restate its financial results going back to 2018.</p><p><blockquote>普拉格能源股份(<b>插头</b>)-Get Report周三暴跌超过13%，此前这家燃料电池公司表示将重述2018年的财务业绩。</blockquote></p><p><img src=\"https://static.tigerbbs.com/28a6c7b5b383dfb719c7d2920d6846d5\" tg-width=\"685\" tg-height=\"479\"></p><p><blockquote></blockquote></p><p>Plug Power said in anews releasewill restate its financial statements for fiscal years 2018 and 2019 and its quarterly filings for 2019 and 2020, which will be disclosed in the Form 10-K for the year ended Dec. 31, 2020.</p><p><blockquote>普拉格能源在新闻稿中表示，将重述2018和2019财年的财务报表以及2019和2020财年的季度文件，这些文件将在截至2020年12月31日的10-K表格中披露。</blockquote></p><p>KPMG, the company's accounting firm, management and the audit committee of Plug Power’s board of directors \"determined that the company’s prior period financial statements need to be restated due to errors in accounting primarily related to several non-cash items, including:</p><p><blockquote>公司会计师事务所毕马威会计师事务所、管理层和普拉格能源董事会审计委员会“确定公司前期财务报表需要重述，原因是主要与几个非现金项目相关的会计错误，包括：</blockquote></p><p><ul><li>The reported book value of right of use assets and related finance obligations;</li><li>Loss accruals for certain service contracts;</li><li>The impairment of certain long-lived assets; and</li><li>The classification of certain costs, resulting in a decrease in research and development expense and a corresponding increase in cost of revenue.</li></ul>“The accounting related to the restatement is complex and technical and involves significant judgments in how to apply U.S. GAAP, given the innovative nature of the company’s business and its leading position in a new and rapidly developing industry,” Plug Power said.</p><p><blockquote><ul><li>使用权资产及相关融资责任的呈报账面值；</li><li>若干服务合约的应计亏损；</li><li>若干长期资产的减值；和</li><li>部分成本的分类，导致研发费用减少，收入成本相应增加。</li></ul>普拉格能源表示：“鉴于公司业务的创新性质及其在快速发展的新兴行业中的领先地位，与重述相关的会计工作复杂且技术性强，涉及如何应用美国公认会计原则的重大判断。”</blockquote></p><p>As a result of the corrections, Plug Power will not file its form 10K by Tuesday as planned, it said, but will do so “as soon as possible.”</p><p><blockquote>该公司表示，由于这些更正，普拉格能源不会按计划在周二之前提交10K表格，但会“尽快”提交。</blockquote></p><p>After it reported fourth-quarter&nbsp;results&nbsp;in February, the company and&nbsp;KPMG identified the issues, which it said did not “result from any override of controls or misconduct.”</p><p><blockquote>在二月份报告第四季度业绩后，该公司和毕马威会计师事务所发现了这些问题，并表示这些问题并非“任何控制措施被推翻或不当行为造成的”。</blockquote></p><p>Shares of Plug Power were up 1,446% over the past year, compared with gains of more than 60% for the S&amp;P 500 index. At the start of March,JP Morgan upgraded the hydrogen fuel cell companyto overweight from neutral.</p><p><blockquote>普拉格能源股价在过去一年上涨了1,446%，而标普500指数的涨幅超过60%。3月初，摩根大通将这家氢燃料电池公司的评级从中性上调至跑赢大盘。</blockquote></p><p>Shares fell 8.14% in regular trade Tuesday to close at $42.68. In late trade, the stock was down 11.4% to $37.82.</p><p><blockquote>周二常规交易中股价下跌8.14%，收于42.68美元。尾盘交易中，该股下跌11.4%，至37.82美元。</blockquote></p><p>On Wall Street Tuesday,stocks finished mixedas the Dow Jones Industrial Average and S&amp;P 500 fell from records and investors turned their attention to the Federal Reserve for the central bank's projections on the economy.</p><p><blockquote>周二，华尔街股市收盘涨跌互现，道琼斯工业平均指数和标普500均跌至创纪录水平，投资者将注意力转向美联储，以了解央行对经济的预测。</blockquote></p><p>The Dow Jones Industrial Average finished down 127 points, or 0.39%, to 32,825. The blue-chip index closed higher Monday for a seventh straight session.</p><p><blockquote>道琼斯工业平均指数收盘下跌127点，或0.39%，至32,825点。蓝筹股指数周一连续第七个交易日收高。</blockquote></p><p><img src=\"https://static.tigerbbs.com/afceffb177ea9e9ae7b19db3068a0ae1\" tg-width=\"685\" tg-height=\"498\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1610613172068","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>Plug Power to Restate Financials, Stock Plummets<blockquote>普拉格能源重申财务状况，股价暴跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPlug Power to Restate Financials, Stock Plummets<blockquote>普拉格能源重申财务状况，股价暴跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-03-17 21:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Shares of Plug Power&nbsp;(<b>PLUG</b>) -Get Report&nbsp;plummeted more than 13% on Wednesday, after the fuel-cell company said it will restate its financial results going back to 2018.</p><p><blockquote>普拉格能源股份(<b>插头</b>)-Get Report周三暴跌超过13%，此前这家燃料电池公司表示将重述2018年的财务业绩。</blockquote></p><p><img src=\"https://static.tigerbbs.com/28a6c7b5b383dfb719c7d2920d6846d5\" tg-width=\"685\" tg-height=\"479\"></p><p><blockquote></blockquote></p><p>Plug Power said in anews releasewill restate its financial statements for fiscal years 2018 and 2019 and its quarterly filings for 2019 and 2020, which will be disclosed in the Form 10-K for the year ended Dec. 31, 2020.</p><p><blockquote>普拉格能源在新闻稿中表示，将重述2018和2019财年的财务报表以及2019和2020财年的季度文件，这些文件将在截至2020年12月31日的10-K表格中披露。</blockquote></p><p>KPMG, the company's accounting firm, management and the audit committee of Plug Power’s board of directors \"determined that the company’s prior period financial statements need to be restated due to errors in accounting primarily related to several non-cash items, including:</p><p><blockquote>公司会计师事务所毕马威会计师事务所、管理层和普拉格能源董事会审计委员会“确定公司前期财务报表需要重述，原因是主要与几个非现金项目相关的会计错误，包括：</blockquote></p><p><ul><li>The reported book value of right of use assets and related finance obligations;</li><li>Loss accruals for certain service contracts;</li><li>The impairment of certain long-lived assets; and</li><li>The classification of certain costs, resulting in a decrease in research and development expense and a corresponding increase in cost of revenue.</li></ul>“The accounting related to the restatement is complex and technical and involves significant judgments in how to apply U.S. GAAP, given the innovative nature of the company’s business and its leading position in a new and rapidly developing industry,” Plug Power said.</p><p><blockquote><ul><li>使用权资产及相关融资责任的呈报账面值；</li><li>若干服务合约的应计亏损；</li><li>若干长期资产的减值；和</li><li>部分成本的分类，导致研发费用减少，收入成本相应增加。</li></ul>普拉格能源表示：“鉴于公司业务的创新性质及其在快速发展的新兴行业中的领先地位，与重述相关的会计工作复杂且技术性强，涉及如何应用美国公认会计原则的重大判断。”</blockquote></p><p>As a result of the corrections, Plug Power will not file its form 10K by Tuesday as planned, it said, but will do so “as soon as possible.”</p><p><blockquote>该公司表示，由于这些更正，普拉格能源不会按计划在周二之前提交10K表格，但会“尽快”提交。</blockquote></p><p>After it reported fourth-quarter&nbsp;results&nbsp;in February, the company and&nbsp;KPMG identified the issues, which it said did not “result from any override of controls or misconduct.”</p><p><blockquote>在二月份报告第四季度业绩后，该公司和毕马威会计师事务所发现了这些问题，并表示这些问题并非“任何控制措施被推翻或不当行为造成的”。</blockquote></p><p>Shares of Plug Power were up 1,446% over the past year, compared with gains of more than 60% for the S&amp;P 500 index. At the start of March,JP Morgan upgraded the hydrogen fuel cell companyto overweight from neutral.</p><p><blockquote>普拉格能源股价在过去一年上涨了1,446%，而标普500指数的涨幅超过60%。3月初，摩根大通将这家氢燃料电池公司的评级从中性上调至跑赢大盘。</blockquote></p><p>Shares fell 8.14% in regular trade Tuesday to close at $42.68. In late trade, the stock was down 11.4% to $37.82.</p><p><blockquote>周二常规交易中股价下跌8.14%，收于42.68美元。尾盘交易中，该股下跌11.4%，至37.82美元。</blockquote></p><p>On Wall Street Tuesday,stocks finished mixedas the Dow Jones Industrial Average and S&amp;P 500 fell from records and investors turned their attention to the Federal Reserve for the central bank's projections on the economy.</p><p><blockquote>周二，华尔街股市收盘涨跌互现，道琼斯工业平均指数和标普500均跌至创纪录水平，投资者将注意力转向美联储，以了解央行对经济的预测。</blockquote></p><p>The Dow Jones Industrial Average finished down 127 points, or 0.39%, to 32,825. The blue-chip index closed higher Monday for a seventh straight session.</p><p><blockquote>道琼斯工业平均指数收盘下跌127点，或0.39%，至32,825点。蓝筹股指数周一连续第七个交易日收高。</blockquote></p><p><img src=\"https://static.tigerbbs.com/afceffb177ea9e9ae7b19db3068a0ae1\" tg-width=\"685\" tg-height=\"498\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/plug-power-to-restate-financials-stock-plummets\">The Street</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":{"PLUG":"普拉格能源"},"source_url":"https://www.thestreet.com/investing/plug-power-to-restate-financials-stock-plummets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140170853","content_text":"Shares of Plug Power (PLUG) -Get Report plummeted more than 13% on Wednesday, after the fuel-cell company said it will restate its financial results going back to 2018.Plug Power said in anews releasewill restate its financial statements for fiscal years 2018 and 2019 and its quarterly filings for 2019 and 2020, which will be disclosed in the Form 10-K for the year ended Dec. 31, 2020.KPMG, the company's accounting firm, management and the audit committee of Plug Power’s board of directors \"determined that the company’s prior period financial statements need to be restated due to errors in accounting primarily related to several non-cash items, including:The reported book value of right of use assets and related finance obligations;Loss accruals for certain service contracts;The impairment of certain long-lived assets; andThe classification of certain costs, resulting in a decrease in research and development expense and a corresponding increase in cost of revenue.“The accounting related to the restatement is complex and technical and involves significant judgments in how to apply U.S. GAAP, given the innovative nature of the company’s business and its leading position in a new and rapidly developing industry,” Plug Power said.As a result of the corrections, Plug Power will not file its form 10K by Tuesday as planned, it said, but will do so “as soon as possible.”After it reported fourth-quarter results in February, the company and KPMG identified the issues, which it said did not “result from any override of controls or misconduct.”Shares of Plug Power were up 1,446% over the past year, compared with gains of more than 60% for the S&P 500 index. At the start of March,JP Morgan upgraded the hydrogen fuel cell companyto overweight from neutral.Shares fell 8.14% in regular trade Tuesday to close at $42.68. In late trade, the stock was down 11.4% to $37.82.On Wall Street Tuesday,stocks finished mixedas the Dow Jones Industrial Average and S&P 500 fell from records and investors turned their attention to the Federal Reserve for the central bank's projections on the economy.The Dow Jones Industrial Average finished down 127 points, or 0.39%, to 32,825. The blue-chip index closed higher Monday for a seventh straight session.","news_type":1,"symbols_score_info":{"PLUG":0.9}},"isVote":1,"tweetType":1,"viewCount":1245,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":322385183,"gmtCreate":1615774098242,"gmtModify":1703492747702,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/322385183","repostId":"1143590834","repostType":4,"repost":{"id":"1143590834","kind":"news","pubTimestamp":1615773783,"share":"https://www.laohu8.com/m/news/1143590834?lang=zh_CN&edition=full","pubTime":"2021-03-15 10:03","market":"us","language":"en","title":"Higher Rates Won’t Kill the Stock Market. What to Do Now.<blockquote>更高的利率不会扼杀股市。现在该怎么办。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143590834","media":"Barrons","summary":"Sometimes when the water gets rough, the first inclination is to find a port to ride out the storm. ","content":"<p>Sometimes when the water gets rough, the first inclination is to find a port to ride out the storm. This isn’t one of those times. Investors would be wise tosail on.</p><p><blockquote>有时当水变得汹涌时，第一个倾向是找一个港口安然度过风暴。这不是那种时候。投资者明智的做法是继续航行。</blockquote></p><p> Sure, the major indexes finished higher on the week after settingrecord highsalong the way. Value stocks continued their run-up. Butheightened volatility—especially on theNasdaq Composite—made things look a lot more blustery. The tech-heavy index moved up or down more than 2% three of the five days this past week. On Wednesday, a relatively calm day, the Nasdaq had a 1.8% intraday swing.</p><p><blockquote>当然，主要股指在一路上创下历史新高后，本周收高。价值股继续上涨。但波动性加剧——尤其是纳斯达克综合指数——让事情看起来更加狂风大作。以科技股为主的指数在过去一周的五天中有三天上涨或下跌超过2%。周三，相对平静的一天，纳斯达克盘中波动1.8%。</blockquote></p><p> TheDow Jones Industrial Average,for its part, rose five straight days, gaining almost 1,300 points, or 4.1%, closing at 32,779. That’s its best weekly gain since November. TheS&amp;P 500 index’sintraweek range was almost 4%. It ended up rising four out of five days and finishing up the week 2.6%, at 3,943. The Nasdaq broke a three week losing streak, despite the volatility, riding a big 3.7% Tuesday gain to finish up 3.1% for the week at 13,320.</p><p><blockquote>道琼斯工业平均指数则连续五天上涨，上涨近1,300点，涨幅4.1%，收于32,779点。这是自11月以来的最佳单周涨幅。标准普尔500指数的上周涨幅接近4%。最终五天中有四天上涨，本周收于3,943点，上涨2.6%。尽管波动较大，纳斯达克还是打破了连续三周的下跌，周二大幅上涨3.7%，本周收盘上涨3.1%，至13,320点。</blockquote></p><p> Rising interest rates—and what they signal about rising inflation—are the reason for the volatility. But higher rates aren’t a signal that investors should sell now. The market could well rise higher still. The stocks leading the market, however, might be a little different than the ones that led it to records in 2020.</p><p><blockquote>利率上升——以及它们对通胀上升的信号——是波动的原因。但利率上升并不是投资者现在应该卖出的信号。市场很可能会进一步上涨。然而，引领市场的股票可能与2020年引领市场创下纪录的股票略有不同。</blockquote></p><p> Investors fear rising rates for two reasons. First, they make it harder to finance businesses. Higher interest expenses means bondholders, and not stockholders, get a bit more of a company’s cash. Second, theyreduce the valueof future cash flow and dividends, hitting growth stocks especially hard.</p><p><blockquote>投资者担心利率上升有两个原因。首先，它们使企业融资变得更加困难。更高的利息支出意味着债券持有人，而不是股东，可以获得更多的公司现金。其次，它们降低了未来现金流和股息的价值，对成长型股票的打击尤其严重。</blockquote></p><p> Yet rates aren’t even all that high. The 10-year Treasury yield has gone from about 1.2% to 1.6% over the past month. Rates were higher than that back in January 2020, before the pandemic. What is really vexing investors is how fast they have risen.</p><p><blockquote>然而，利率甚至没有那么高。过去一个月，10年期国债收益率从约1.2%升至1.6%。利率高于2020年1月大流行之前的水平。真正让投资者烦恼的是它们上涨的速度有多快。</blockquote></p><p> At the end of 2020’s third quarter, the 10-year Treasury yield was about 0.7%. On Feb. 16—the date the Nasdaq reached its all-time high—it was 1.3%, a 60-basis-point increase. (A basis point is 1/100th of a percentage point.) The Nasdaq rose 21% over that span. Then bond yields went from 1.3% to 1.6% between Feb. 16 and March 8, just after the Nasdaq entered correction territory. That’s a 30-basis-point move in less than a month. The Nasdaq tanked, dropping 10%.</p><p><blockquote>2020年第三季度末，10年期国债收益率约为0.7%。2月16日——纳斯达克创下历史新高的那一天——为1.3%，上涨了60个基点。（一个基点是1/100个百分点。）在此期间，纳斯达克上涨了21%。2月16日至3月8日期间，就在纳斯达克进入调整区域后，债券收益率从1.3%升至1.6%。这是在不到一个月的时间里30个基点的变动。纳斯达克暴跌，下跌10%。</blockquote></p><p> “When rates creep higher, the market can take that,”Andrew Slimmon, a senior portfolio manager at Morgan Stanley Investment Management, tells<i>Barron’s</i>. “The path of rates—the speed at which rates move—is the key question.”</p><p><blockquote>摩根士丹利投资管理公司高级投资组合经理安德鲁·斯利蒙表示：“当利率攀升时，市场可以接受。”<i>巴伦周刊</i>“利率路径——利率变动的速度——是关键问题。”</blockquote></p><p> Rates matter, but they can’t explain all the swings of the Nasdaq this past week. U.S. inflation data, for instance, was benign on Wednesday. Consumer prices rose at a slower rate than expected, and bond yields fell. Still, the Nasdaq, which had jumped almost 2% early in the day, gave up all its gains and closed lower.Tesla(ticker: TSLA), ahighflying growth stock, which had risen more than 6% that day, closed down 0.8%.</p><p><blockquote>利率很重要，但它们无法解释过去一周纳斯达克的所有波动。例如，周三美国通胀数据表现良好。消费者价格上涨速度低于预期，债券收益率下降。尽管如此，当天早些时候上涨近2%的纳斯达克回吐所有涨幅，收跌。特斯拉（股票代码：TSLA）是一只高飞成长股，当天上涨超过6%，收盘下跌0.8%。</blockquote></p><p> The reason? “Investors were worried about being overweight growth stocks,” says Slimmon. Growth stocks have trounced value stocks for years, but more recentlyvalue has made a comeback. TheRussell 1000 Value index,for instance, is up about 11% year to date. TheRussell 1000 Growth indexis down slightly.</p><p><blockquote>原因？“投资者担心跑赢大盘成长型股票，”斯利蒙说。多年来，成长型股票一直击败价值型股票，但最近价值型股票卷土重来。例如，罗素1000价值指数今年迄今上涨了约11%。罗素1000增长指数小幅下跌。</blockquote></p><p> Slimmon sees value stocks continuing their momentum. Analysts’ earnings estimates for the coming year are rising faster among financial and industrial companies than tech names. Such revisions are a useful way to see which sectors are getting better, or worse, and at what rate. Big positive earnings revisions typically mean good things for stocks down the road.</p><p><blockquote>斯利蒙认为价值股将继续保持势头。分析师对金融和工业公司来年盈利预期的上升速度快于科技公司。这种修正是一种有用的方法，可以了解哪些行业正在变得更好或更差，以及速度如何。大幅积极的盈利修正通常对未来的股市来说意味着好事。</blockquote></p><p> Brian Rauscher, Fundstrat Global Advisors’ head of global portfolio strategy and asset allocation, also looks at earnings estimate revisions to help clients allocate investment dollars. He’s still bullish. “Accelerating estimate revisions and good [monetary and fiscal] policy do not signal the end of a bull market, even if people feel uncomfortable,” he says.</p><p><blockquote>Fundstrat Global Advisors全球投资组合策略和资产配置主管Brian Rauscher也关注盈利预测修订，以帮助客户分配投资资金。他仍然看涨。他表示：“即使人们感到不舒服，加速预估修正和良好的（货币和财政）政策并不意味着牛市的结束。”</blockquote></p><p> Most of his clients feel agitated right now, Rauscher says. Growth managers want to know if they should buy the recent dip. Value managers wonder if they should ride the recent rally further. For him, tech stocks aren’t dead, but value-oriented, cyclical stocks such as industrial companies, financials, materials producers, and travel companies look even more attractive.</p><p><blockquote>劳舍尔说，他的大多数客户现在都感到焦虑。成长型经理想知道他们是否应该买入最近的下跌。价值经理想知道他们是否应该进一步利用最近的反弹。对他来说，科技股并没有消亡，但工业公司、金融股、材料生产商和旅游公司等价值导向的周期性股票看起来更具吸引力。</blockquote></p><p> Marketwide valuations area little high, he acknowledges. That’s another risk his clients are worried about. “Elevated, not stretched,” is how Rauscher characterizes the situation. “Is the market above fair value? Sure. Is it ridiculous? No.”</p><p><blockquote>他承认，整个市场的估值有点高。这是他的客户担心的另一个风险。劳舍尔对这种情况的描述是“升高，而不是拉伸”。“市场是否高于公允价值？当然。这很荒谬吗？不。”</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Higher Rates Won’t Kill the Stock Market. What to Do Now.<blockquote>更高的利率不会扼杀股市。现在该怎么办。</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\">\nHigher Rates Won’t Kill the Stock Market. What to Do Now.<blockquote>更高的利率不会扼杀股市。现在该怎么办。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-15 10:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Sometimes when the water gets rough, the first inclination is to find a port to ride out the storm. This isn’t one of those times. Investors would be wise tosail on.</p><p><blockquote>有时当水变得汹涌时，第一个倾向是找一个港口安然度过风暴。这不是那种时候。投资者明智的做法是继续航行。</blockquote></p><p> Sure, the major indexes finished higher on the week after settingrecord highsalong the way. Value stocks continued their run-up. Butheightened volatility—especially on theNasdaq Composite—made things look a lot more blustery. The tech-heavy index moved up or down more than 2% three of the five days this past week. On Wednesday, a relatively calm day, the Nasdaq had a 1.8% intraday swing.</p><p><blockquote>当然，主要股指在一路上创下历史新高后，本周收高。价值股继续上涨。但波动性加剧——尤其是纳斯达克综合指数——让事情看起来更加狂风大作。以科技股为主的指数在过去一周的五天中有三天上涨或下跌超过2%。周三，相对平静的一天，纳斯达克盘中波动1.8%。</blockquote></p><p> TheDow Jones Industrial Average,for its part, rose five straight days, gaining almost 1,300 points, or 4.1%, closing at 32,779. That’s its best weekly gain since November. TheS&amp;P 500 index’sintraweek range was almost 4%. It ended up rising four out of five days and finishing up the week 2.6%, at 3,943. The Nasdaq broke a three week losing streak, despite the volatility, riding a big 3.7% Tuesday gain to finish up 3.1% for the week at 13,320.</p><p><blockquote>道琼斯工业平均指数则连续五天上涨，上涨近1,300点，涨幅4.1%，收于32,779点。这是自11月以来的最佳单周涨幅。标准普尔500指数的上周涨幅接近4%。最终五天中有四天上涨，本周收于3,943点，上涨2.6%。尽管波动较大，纳斯达克还是打破了连续三周的下跌，周二大幅上涨3.7%，本周收盘上涨3.1%，至13,320点。</blockquote></p><p> Rising interest rates—and what they signal about rising inflation—are the reason for the volatility. But higher rates aren’t a signal that investors should sell now. The market could well rise higher still. The stocks leading the market, however, might be a little different than the ones that led it to records in 2020.</p><p><blockquote>利率上升——以及它们对通胀上升的信号——是波动的原因。但利率上升并不是投资者现在应该卖出的信号。市场很可能会进一步上涨。然而，引领市场的股票可能与2020年引领市场创下纪录的股票略有不同。</blockquote></p><p> Investors fear rising rates for two reasons. First, they make it harder to finance businesses. Higher interest expenses means bondholders, and not stockholders, get a bit more of a company’s cash. Second, theyreduce the valueof future cash flow and dividends, hitting growth stocks especially hard.</p><p><blockquote>投资者担心利率上升有两个原因。首先，它们使企业融资变得更加困难。更高的利息支出意味着债券持有人，而不是股东，可以获得更多的公司现金。其次，它们降低了未来现金流和股息的价值，对成长型股票的打击尤其严重。</blockquote></p><p> Yet rates aren’t even all that high. The 10-year Treasury yield has gone from about 1.2% to 1.6% over the past month. Rates were higher than that back in January 2020, before the pandemic. What is really vexing investors is how fast they have risen.</p><p><blockquote>然而，利率甚至没有那么高。过去一个月，10年期国债收益率从约1.2%升至1.6%。利率高于2020年1月大流行之前的水平。真正让投资者烦恼的是它们上涨的速度有多快。</blockquote></p><p> At the end of 2020’s third quarter, the 10-year Treasury yield was about 0.7%. On Feb. 16—the date the Nasdaq reached its all-time high—it was 1.3%, a 60-basis-point increase. (A basis point is 1/100th of a percentage point.) The Nasdaq rose 21% over that span. Then bond yields went from 1.3% to 1.6% between Feb. 16 and March 8, just after the Nasdaq entered correction territory. That’s a 30-basis-point move in less than a month. The Nasdaq tanked, dropping 10%.</p><p><blockquote>2020年第三季度末，10年期国债收益率约为0.7%。2月16日——纳斯达克创下历史新高的那一天——为1.3%，上涨了60个基点。（一个基点是1/100个百分点。）在此期间，纳斯达克上涨了21%。2月16日至3月8日期间，就在纳斯达克进入调整区域后，债券收益率从1.3%升至1.6%。这是在不到一个月的时间里30个基点的变动。纳斯达克暴跌，下跌10%。</blockquote></p><p> “When rates creep higher, the market can take that,”Andrew Slimmon, a senior portfolio manager at Morgan Stanley Investment Management, tells<i>Barron’s</i>. “The path of rates—the speed at which rates move—is the key question.”</p><p><blockquote>摩根士丹利投资管理公司高级投资组合经理安德鲁·斯利蒙表示：“当利率攀升时，市场可以接受。”<i>巴伦周刊</i>“利率路径——利率变动的速度——是关键问题。”</blockquote></p><p> Rates matter, but they can’t explain all the swings of the Nasdaq this past week. U.S. inflation data, for instance, was benign on Wednesday. Consumer prices rose at a slower rate than expected, and bond yields fell. Still, the Nasdaq, which had jumped almost 2% early in the day, gave up all its gains and closed lower.Tesla(ticker: TSLA), ahighflying growth stock, which had risen more than 6% that day, closed down 0.8%.</p><p><blockquote>利率很重要，但它们无法解释过去一周纳斯达克的所有波动。例如，周三美国通胀数据表现良好。消费者价格上涨速度低于预期，债券收益率下降。尽管如此，当天早些时候上涨近2%的纳斯达克回吐所有涨幅，收跌。特斯拉（股票代码：TSLA）是一只高飞成长股，当天上涨超过6%，收盘下跌0.8%。</blockquote></p><p> The reason? “Investors were worried about being overweight growth stocks,” says Slimmon. Growth stocks have trounced value stocks for years, but more recentlyvalue has made a comeback. TheRussell 1000 Value index,for instance, is up about 11% year to date. TheRussell 1000 Growth indexis down slightly.</p><p><blockquote>原因？“投资者担心跑赢大盘成长型股票，”斯利蒙说。多年来，成长型股票一直击败价值型股票，但最近价值型股票卷土重来。例如，罗素1000价值指数今年迄今上涨了约11%。罗素1000增长指数小幅下跌。</blockquote></p><p> Slimmon sees value stocks continuing their momentum. Analysts’ earnings estimates for the coming year are rising faster among financial and industrial companies than tech names. Such revisions are a useful way to see which sectors are getting better, or worse, and at what rate. Big positive earnings revisions typically mean good things for stocks down the road.</p><p><blockquote>斯利蒙认为价值股将继续保持势头。分析师对金融和工业公司来年盈利预期的上升速度快于科技公司。这种修正是一种有用的方法，可以了解哪些行业正在变得更好或更差，以及速度如何。大幅积极的盈利修正通常对未来的股市来说意味着好事。</blockquote></p><p> Brian Rauscher, Fundstrat Global Advisors’ head of global portfolio strategy and asset allocation, also looks at earnings estimate revisions to help clients allocate investment dollars. He’s still bullish. “Accelerating estimate revisions and good [monetary and fiscal] policy do not signal the end of a bull market, even if people feel uncomfortable,” he says.</p><p><blockquote>Fundstrat Global Advisors全球投资组合策略和资产配置主管Brian Rauscher也关注盈利预测修订，以帮助客户分配投资资金。他仍然看涨。他表示：“即使人们感到不舒服，加速预估修正和良好的（货币和财政）政策并不意味着牛市的结束。”</blockquote></p><p> Most of his clients feel agitated right now, Rauscher says. Growth managers want to know if they should buy the recent dip. Value managers wonder if they should ride the recent rally further. For him, tech stocks aren’t dead, but value-oriented, cyclical stocks such as industrial companies, financials, materials producers, and travel companies look even more attractive.</p><p><blockquote>劳舍尔说，他的大多数客户现在都感到焦虑。成长型经理想知道他们是否应该买入最近的下跌。价值经理想知道他们是否应该进一步利用最近的反弹。对他来说，科技股并没有消亡，但工业公司、金融股、材料生产商和旅游公司等价值导向的周期性股票看起来更具吸引力。</blockquote></p><p> Marketwide valuations area little high, he acknowledges. That’s another risk his clients are worried about. “Elevated, not stretched,” is how Rauscher characterizes the situation. “Is the market above fair value? Sure. Is it ridiculous? No.”</p><p><blockquote>他承认，整个市场的估值有点高。这是他的客户担心的另一个风险。劳舍尔对这种情况的描述是“升高，而不是拉伸”。“市场是否高于公允价值？当然。这很荒谬吗？不。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/higher-rates-wont-kill-the-stock-market-what-to-do-now-51615599362?mod=RTA\">Barrons</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":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/higher-rates-wont-kill-the-stock-market-what-to-do-now-51615599362?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143590834","content_text":"Sometimes when the water gets rough, the first inclination is to find a port to ride out the storm. This isn’t one of those times. Investors would be wise tosail on.\nSure, the major indexes finished higher on the week after settingrecord highsalong the way. Value stocks continued their run-up. Butheightened volatility—especially on theNasdaq Composite—made things look a lot more blustery. The tech-heavy index moved up or down more than 2% three of the five days this past week. On Wednesday, a relatively calm day, the Nasdaq had a 1.8% intraday swing.\nTheDow Jones Industrial Average,for its part, rose five straight days, gaining almost 1,300 points, or 4.1%, closing at 32,779. That’s its best weekly gain since November. TheS&P 500 index’sintraweek range was almost 4%. It ended up rising four out of five days and finishing up the week 2.6%, at 3,943. The Nasdaq broke a three week losing streak, despite the volatility, riding a big 3.7% Tuesday gain to finish up 3.1% for the week at 13,320.\nRising interest rates—and what they signal about rising inflation—are the reason for the volatility. But higher rates aren’t a signal that investors should sell now. The market could well rise higher still. The stocks leading the market, however, might be a little different than the ones that led it to records in 2020.\nInvestors fear rising rates for two reasons. First, they make it harder to finance businesses. Higher interest expenses means bondholders, and not stockholders, get a bit more of a company’s cash. Second, theyreduce the valueof future cash flow and dividends, hitting growth stocks especially hard.\nYet rates aren’t even all that high. The 10-year Treasury yield has gone from about 1.2% to 1.6% over the past month. Rates were higher than that back in January 2020, before the pandemic. What is really vexing investors is how fast they have risen.\nAt the end of 2020’s third quarter, the 10-year Treasury yield was about 0.7%. On Feb. 16—the date the Nasdaq reached its all-time high—it was 1.3%, a 60-basis-point increase. (A basis point is 1/100th of a percentage point.) The Nasdaq rose 21% over that span. Then bond yields went from 1.3% to 1.6% between Feb. 16 and March 8, just after the Nasdaq entered correction territory. That’s a 30-basis-point move in less than a month. The Nasdaq tanked, dropping 10%.\n“When rates creep higher, the market can take that,”Andrew Slimmon, a senior portfolio manager at Morgan Stanley Investment Management, tellsBarron’s. “The path of rates—the speed at which rates move—is the key question.”\nRates matter, but they can’t explain all the swings of the Nasdaq this past week. U.S. inflation data, for instance, was benign on Wednesday. Consumer prices rose at a slower rate than expected, and bond yields fell. Still, the Nasdaq, which had jumped almost 2% early in the day, gave up all its gains and closed lower.Tesla(ticker: TSLA), ahighflying growth stock, which had risen more than 6% that day, closed down 0.8%.\nThe reason? “Investors were worried about being overweight growth stocks,” says Slimmon. Growth stocks have trounced value stocks for years, but more recentlyvalue has made a comeback. TheRussell 1000 Value index,for instance, is up about 11% year to date. TheRussell 1000 Growth indexis down slightly.\nSlimmon sees value stocks continuing their momentum. Analysts’ earnings estimates for the coming year are rising faster among financial and industrial companies than tech names. Such revisions are a useful way to see which sectors are getting better, or worse, and at what rate. Big positive earnings revisions typically mean good things for stocks down the road.\nBrian Rauscher, Fundstrat Global Advisors’ head of global portfolio strategy and asset allocation, also looks at earnings estimate revisions to help clients allocate investment dollars. He’s still bullish. “Accelerating estimate revisions and good [monetary and fiscal] policy do not signal the end of a bull market, even if people feel uncomfortable,” he says.\nMost of his clients feel agitated right now, Rauscher says. Growth managers want to know if they should buy the recent dip. Value managers wonder if they should ride the recent rally further. For him, tech stocks aren’t dead, but value-oriented, cyclical stocks such as industrial companies, financials, materials producers, and travel companies look even more attractive.\nMarketwide valuations area little high, he acknowledges. That’s another risk his clients are worried about. “Elevated, not stretched,” is how Rauscher characterizes the situation. “Is the market above fair value? Sure. Is it ridiculous? No.”","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":915,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360821788,"gmtCreate":1613887167444,"gmtModify":1634551946533,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"[白眼]&nbsp;","listText":"[白眼]&nbsp;","text":"[白眼]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/360821788","repostId":"1137053250","repostType":4,"isVote":1,"tweetType":1,"viewCount":1190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":360823387,"gmtCreate":1613886817749,"gmtModify":1634551947872,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"10c has their finger in everything&nbsp;","listText":"10c has their finger in everything&nbsp;","text":"10c has their finger in everything","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/360823387","repostId":"1163973263","repostType":4,"isVote":1,"tweetType":1,"viewCount":766,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360867432,"gmtCreate":1613886310526,"gmtModify":1634551949819,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"When will the bubble burst","listText":"When will the bubble burst","text":"When will the bubble burst","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/360867432","repostId":"1179306002","repostType":4,"isVote":1,"tweetType":1,"viewCount":870,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382036891,"gmtCreate":1613297524413,"gmtModify":1634553981517,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576172021938420","authorIdStr":"3576172021938420"},"themes":[],"htmlText":"Marker keeps making new ath","listText":"Marker keeps making new ath","text":"Marker keeps making new ath","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/382036891","repostId":"2110200430","repostType":4,"isVote":1,"tweetType":1,"viewCount":994,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":145789136,"gmtCreate":1626245700725,"gmtModify":1631891792453,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576172021938420","idStr":"3576172021938420"},"themes":[],"htmlText":"So many ipos all coming in the most&nbsp;","listText":"So many ipos all coming in the most&nbsp;","text":"So many ipos all coming in the most","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/145789136","repostId":"1138450370","repostType":4,"isVote":1,"tweetType":1,"viewCount":1685,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375992667,"gmtCreate":1619272648959,"gmtModify":1634287343952,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576172021938420","idStr":"3576172021938420"},"themes":[],"htmlText":"Amd is eating Intel's lunch !","listText":"Amd is eating Intel's lunch !","text":"Amd is eating Intel's lunch !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/375992667","repostId":"1180713929","repostType":4,"repost":{"id":"1180713929","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":1619191972,"share":"https://www.laohu8.com/m/news/1180713929?lang=zh_CN&edition=full","pubTime":"2021-04-23 23:32","market":"us","language":"en","title":"Why AMD Stock Popped After Intel's Earnings Beat<blockquote>为什么英特尔盈利超出预期后AMD股价上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180713929","media":"Tiger Newspress","summary":"Here's a hint: It's not because Intel reported great news.What happenedShares of rising Intel (NASDA","content":"<p>Here's a hint: It's not because Intel reported great news.</p><p><blockquote>这里有一个提示：这并不是因为英特尔报道了好消息。</blockquote></p><p><b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p>Shares of rising&nbsp;<b>Intel</b>&nbsp;(NASDAQ:INTC)&nbsp;rival and fellow&nbsp;semiconductors&nbsp;giant&nbsp;<b>Advanced Micro Devices</b>&nbsp;(NASDAQ:AMD)&nbsp;popped in early trading on the Nasdaq Friday, the first day afterIntel's disappointing Q1 2021 earnings report. AMD's shares were up 4.5% as of 11:30 a.m. EDT.</p><p><blockquote>瑞星股份<b>英特尔</b>（纳斯达克：INTC）竞争对手和半导体巨头<b>先进微设备公司</b>（纳斯达克：AMD）周五在纳斯达克早盘交易中上涨，这是英特尔发布令人失望的2021年第一季度收益报告的第一天。截至美国东部时间上午11:30，AMD股价上涨4.5%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/368e9bc79febd0164dab4a88ffd13c42\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cf04377bf945cfdaa9a52157bb5560f7\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p>Intel, if you haven't heard, actually&nbsp;beat&nbsp;on its Q1 earnings. Despite sales declining 1% year over year, the company managed to report a pro forma profit of $1.39 per share, which was ahead of analyst expectations.</p><p><blockquote>如果您还没有听说过，英特尔第一季度的盈利实际上超出了预期。尽管销售额同比下降1%，但该公司仍报告预计每股利润为1.39美元，超出分析师预期。</blockquote></p><p>Regardless, Intel reported a steep 540 basis point decline in its gross margin to 55.2%, and it saw its operating margin cut nearly in half as the company spent heavily to race to catch up to its rivals in advanced computer chips. Analysts at Citigroup commented yesterday that Intel stock appears to be close to its peak valuation and is likely to decline as investors acclimate to the new environment in which Intel is losing, not gaining, market share.</p><p><blockquote>无论如何，英特尔报告称其毛利率大幅下降540个基点至55.2%，并且由于该公司斥巨资追赶先进计算机芯片领域的竞争对手，其营业利润率几乎减半。花旗集团分析师昨日评论称，英特尔股价似乎已接近其估值峰值，随着投资者适应英特尔正在失去而非获得市场份额的新环境，英特尔股价可能会下跌。</blockquote></p><p>And the reason this is good news for&nbsp;AMD&nbsp;is that, according to Citi at least, it's AMD that's taking that market share away from Intel.</p><p><blockquote>这对AMD来说是个好消息的原因是，至少根据花旗的说法，AMD正在从英特尔手中夺走市场份额。</blockquote></p><p><b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p>So what's an investor to do with all this information?</p><p><blockquote>那么投资者如何处理所有这些信息呢？</blockquote></p><p>At a valuation of just 13.6 times trailing earnings, Intel stock certainly looks like a relative bargain when compared with AMD stock, which trades at 38.4 times earnings. But AMD has acash-rich balance sheet, versus Intel that's carrying $13.5 billion in net debt. And analysts see Intel's earnings growing only 10% annually over the next five years, while AMD is pegged for 29.5% annualized earnings growth, according toS&amp;P Global Market Intelligencedata.</p><p><blockquote>英特尔股票的市盈率仅为13.6倍，与AMD股票的市盈率为38.4倍相比，英特尔股票看起来确实相对便宜。但AMD的资产负债表现金充裕，而英特尔的净债务为135亿美元。根据标准普尔全球市场情报数据，分析师预计英特尔未来五年的盈利年增长率仅为10%，而AMD的年化盈利增长率预计为29.5%。</blockquote></p><p>Intel may&nbsp;look&nbsp;like&nbsp;a value stockright now, but it's AMD that's gotall the momentum.</p><p><blockquote>英特尔现在可能看起来像一只价值股，但拥有所有动力的是AMD。</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>Why AMD Stock Popped After Intel's Earnings Beat<blockquote>为什么英特尔盈利超出预期后AMD股价上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy AMD Stock Popped After Intel's Earnings Beat<blockquote>为什么英特尔盈利超出预期后AMD股价上涨</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\">2021-04-23 23:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Here's a hint: It's not because Intel reported great news.</p><p><blockquote>这里有一个提示：这并不是因为英特尔报道了好消息。</blockquote></p><p><b>What happened</b></p><p><blockquote><b>发生了什么</b></blockquote></p><p>Shares of rising&nbsp;<b>Intel</b>&nbsp;(NASDAQ:INTC)&nbsp;rival and fellow&nbsp;semiconductors&nbsp;giant&nbsp;<b>Advanced Micro Devices</b>&nbsp;(NASDAQ:AMD)&nbsp;popped in early trading on the Nasdaq Friday, the first day afterIntel's disappointing Q1 2021 earnings report. AMD's shares were up 4.5% as of 11:30 a.m. EDT.</p><p><blockquote>瑞星股份<b>英特尔</b>（纳斯达克：INTC）竞争对手和半导体巨头<b>先进微设备公司</b>（纳斯达克：AMD）周五在纳斯达克早盘交易中上涨，这是英特尔发布令人失望的2021年第一季度收益报告的第一天。截至美国东部时间上午11:30，AMD股价上涨4.5%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/368e9bc79febd0164dab4a88ffd13c42\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cf04377bf945cfdaa9a52157bb5560f7\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p>Intel, if you haven't heard, actually&nbsp;beat&nbsp;on its Q1 earnings. Despite sales declining 1% year over year, the company managed to report a pro forma profit of $1.39 per share, which was ahead of analyst expectations.</p><p><blockquote>如果您还没有听说过，英特尔第一季度的盈利实际上超出了预期。尽管销售额同比下降1%，但该公司仍报告预计每股利润为1.39美元，超出分析师预期。</blockquote></p><p>Regardless, Intel reported a steep 540 basis point decline in its gross margin to 55.2%, and it saw its operating margin cut nearly in half as the company spent heavily to race to catch up to its rivals in advanced computer chips. Analysts at Citigroup commented yesterday that Intel stock appears to be close to its peak valuation and is likely to decline as investors acclimate to the new environment in which Intel is losing, not gaining, market share.</p><p><blockquote>无论如何，英特尔报告称其毛利率大幅下降540个基点至55.2%，并且由于该公司斥巨资追赶先进计算机芯片领域的竞争对手，其营业利润率几乎减半。花旗集团分析师昨日评论称，英特尔股价似乎已接近其估值峰值，随着投资者适应英特尔正在失去而非获得市场份额的新环境，英特尔股价可能会下跌。</blockquote></p><p>And the reason this is good news for&nbsp;AMD&nbsp;is that, according to Citi at least, it's AMD that's taking that market share away from Intel.</p><p><blockquote>这对AMD来说是个好消息的原因是，至少根据花旗的说法，AMD正在从英特尔手中夺走市场份额。</blockquote></p><p><b>Now what</b></p><p><blockquote><b>现在怎么办</b></blockquote></p><p>So what's an investor to do with all this information?</p><p><blockquote>那么投资者如何处理所有这些信息呢？</blockquote></p><p>At a valuation of just 13.6 times trailing earnings, Intel stock certainly looks like a relative bargain when compared with AMD stock, which trades at 38.4 times earnings. But AMD has acash-rich balance sheet, versus Intel that's carrying $13.5 billion in net debt. And analysts see Intel's earnings growing only 10% annually over the next five years, while AMD is pegged for 29.5% annualized earnings growth, according toS&amp;P Global Market Intelligencedata.</p><p><blockquote>英特尔股票的市盈率仅为13.6倍，与AMD股票的市盈率为38.4倍相比，英特尔股票看起来确实相对便宜。但AMD的资产负债表现金充裕，而英特尔的净债务为135亿美元。根据标准普尔全球市场情报数据，分析师预计英特尔未来五年的盈利年增长率仅为10%，而AMD的年化盈利增长率预计为29.5%。</blockquote></p><p>Intel may&nbsp;look&nbsp;like&nbsp;a value stockright now, but it's AMD that's gotall the momentum.</p><p><blockquote>英特尔现在可能看起来像一只价值股，但拥有所有动力的是AMD。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔","AMD":"美国超微公司"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180713929","content_text":"Here's a hint: It's not because Intel reported great news.What happenedShares of rising Intel (NASDAQ:INTC) rival and fellow semiconductors giant Advanced Micro Devices (NASDAQ:AMD) popped in early trading on the Nasdaq Friday, the first day afterIntel's disappointing Q1 2021 earnings report. AMD's shares were up 4.5% as of 11:30 a.m. EDT.So whatIntel, if you haven't heard, actually beat on its Q1 earnings. Despite sales declining 1% year over year, the company managed to report a pro forma profit of $1.39 per share, which was ahead of analyst expectations.Regardless, Intel reported a steep 540 basis point decline in its gross margin to 55.2%, and it saw its operating margin cut nearly in half as the company spent heavily to race to catch up to its rivals in advanced computer chips. Analysts at Citigroup commented yesterday that Intel stock appears to be close to its peak valuation and is likely to decline as investors acclimate to the new environment in which Intel is losing, not gaining, market share.And the reason this is good news for AMD is that, according to Citi at least, it's AMD that's taking that market share away from Intel.Now whatSo what's an investor to do with all this information?At a valuation of just 13.6 times trailing earnings, Intel stock certainly looks like a relative bargain when compared with AMD stock, which trades at 38.4 times earnings. But AMD has acash-rich balance sheet, versus Intel that's carrying $13.5 billion in net debt. And analysts see Intel's earnings growing only 10% annually over the next five years, while AMD is pegged for 29.5% annualized earnings growth, according toS&P Global Market Intelligencedata.Intel may look like a value stockright now, but it's AMD that's gotall the momentum.","news_type":1,"symbols_score_info":{"AMD":0.9,"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322385183,"gmtCreate":1615774098242,"gmtModify":1703492747702,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576172021938420","idStr":"3576172021938420"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/322385183","repostId":"1143590834","repostType":4,"repost":{"id":"1143590834","kind":"news","pubTimestamp":1615773783,"share":"https://www.laohu8.com/m/news/1143590834?lang=zh_CN&edition=full","pubTime":"2021-03-15 10:03","market":"us","language":"en","title":"Higher Rates Won’t Kill the Stock Market. What to Do Now.<blockquote>更高的利率不会扼杀股市。现在该怎么办。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143590834","media":"Barrons","summary":"Sometimes when the water gets rough, the first inclination is to find a port to ride out the storm. ","content":"<p>Sometimes when the water gets rough, the first inclination is to find a port to ride out the storm. This isn’t one of those times. Investors would be wise tosail on.</p><p><blockquote>有时当水变得汹涌时，第一个倾向是找一个港口安然度过风暴。这不是那种时候。投资者明智的做法是继续航行。</blockquote></p><p> Sure, the major indexes finished higher on the week after settingrecord highsalong the way. Value stocks continued their run-up. Butheightened volatility—especially on theNasdaq Composite—made things look a lot more blustery. The tech-heavy index moved up or down more than 2% three of the five days this past week. On Wednesday, a relatively calm day, the Nasdaq had a 1.8% intraday swing.</p><p><blockquote>当然，主要股指在一路上创下历史新高后，本周收高。价值股继续上涨。但波动性加剧——尤其是纳斯达克综合指数——让事情看起来更加狂风大作。以科技股为主的指数在过去一周的五天中有三天上涨或下跌超过2%。周三，相对平静的一天，纳斯达克盘中波动1.8%。</blockquote></p><p> TheDow Jones Industrial Average,for its part, rose five straight days, gaining almost 1,300 points, or 4.1%, closing at 32,779. That’s its best weekly gain since November. TheS&amp;P 500 index’sintraweek range was almost 4%. It ended up rising four out of five days and finishing up the week 2.6%, at 3,943. The Nasdaq broke a three week losing streak, despite the volatility, riding a big 3.7% Tuesday gain to finish up 3.1% for the week at 13,320.</p><p><blockquote>道琼斯工业平均指数则连续五天上涨，上涨近1,300点，涨幅4.1%，收于32,779点。这是自11月以来的最佳单周涨幅。标准普尔500指数的上周涨幅接近4%。最终五天中有四天上涨，本周收于3,943点，上涨2.6%。尽管波动较大，纳斯达克还是打破了连续三周的下跌，周二大幅上涨3.7%，本周收盘上涨3.1%，至13,320点。</blockquote></p><p> Rising interest rates—and what they signal about rising inflation—are the reason for the volatility. But higher rates aren’t a signal that investors should sell now. The market could well rise higher still. The stocks leading the market, however, might be a little different than the ones that led it to records in 2020.</p><p><blockquote>利率上升——以及它们对通胀上升的信号——是波动的原因。但利率上升并不是投资者现在应该卖出的信号。市场很可能会进一步上涨。然而，引领市场的股票可能与2020年引领市场创下纪录的股票略有不同。</blockquote></p><p> Investors fear rising rates for two reasons. First, they make it harder to finance businesses. Higher interest expenses means bondholders, and not stockholders, get a bit more of a company’s cash. Second, theyreduce the valueof future cash flow and dividends, hitting growth stocks especially hard.</p><p><blockquote>投资者担心利率上升有两个原因。首先，它们使企业融资变得更加困难。更高的利息支出意味着债券持有人，而不是股东，可以获得更多的公司现金。其次，它们降低了未来现金流和股息的价值，对成长型股票的打击尤其严重。</blockquote></p><p> Yet rates aren’t even all that high. The 10-year Treasury yield has gone from about 1.2% to 1.6% over the past month. Rates were higher than that back in January 2020, before the pandemic. What is really vexing investors is how fast they have risen.</p><p><blockquote>然而，利率甚至没有那么高。过去一个月，10年期国债收益率从约1.2%升至1.6%。利率高于2020年1月大流行之前的水平。真正让投资者烦恼的是它们上涨的速度有多快。</blockquote></p><p> At the end of 2020’s third quarter, the 10-year Treasury yield was about 0.7%. On Feb. 16—the date the Nasdaq reached its all-time high—it was 1.3%, a 60-basis-point increase. (A basis point is 1/100th of a percentage point.) The Nasdaq rose 21% over that span. Then bond yields went from 1.3% to 1.6% between Feb. 16 and March 8, just after the Nasdaq entered correction territory. That’s a 30-basis-point move in less than a month. The Nasdaq tanked, dropping 10%.</p><p><blockquote>2020年第三季度末，10年期国债收益率约为0.7%。2月16日——纳斯达克创下历史新高的那一天——为1.3%，上涨了60个基点。（一个基点是1/100个百分点。）在此期间，纳斯达克上涨了21%。2月16日至3月8日期间，就在纳斯达克进入调整区域后，债券收益率从1.3%升至1.6%。这是在不到一个月的时间里30个基点的变动。纳斯达克暴跌，下跌10%。</blockquote></p><p> “When rates creep higher, the market can take that,”Andrew Slimmon, a senior portfolio manager at Morgan Stanley Investment Management, tells<i>Barron’s</i>. “The path of rates—the speed at which rates move—is the key question.”</p><p><blockquote>摩根士丹利投资管理公司高级投资组合经理安德鲁·斯利蒙表示：“当利率攀升时，市场可以接受。”<i>巴伦周刊</i>“利率路径——利率变动的速度——是关键问题。”</blockquote></p><p> Rates matter, but they can’t explain all the swings of the Nasdaq this past week. U.S. inflation data, for instance, was benign on Wednesday. Consumer prices rose at a slower rate than expected, and bond yields fell. Still, the Nasdaq, which had jumped almost 2% early in the day, gave up all its gains and closed lower.Tesla(ticker: TSLA), ahighflying growth stock, which had risen more than 6% that day, closed down 0.8%.</p><p><blockquote>利率很重要，但它们无法解释过去一周纳斯达克的所有波动。例如，周三美国通胀数据表现良好。消费者价格上涨速度低于预期，债券收益率下降。尽管如此，当天早些时候上涨近2%的纳斯达克回吐所有涨幅，收跌。特斯拉（股票代码：TSLA）是一只高飞成长股，当天上涨超过6%，收盘下跌0.8%。</blockquote></p><p> The reason? “Investors were worried about being overweight growth stocks,” says Slimmon. Growth stocks have trounced value stocks for years, but more recentlyvalue has made a comeback. TheRussell 1000 Value index,for instance, is up about 11% year to date. TheRussell 1000 Growth indexis down slightly.</p><p><blockquote>原因？“投资者担心跑赢大盘成长型股票，”斯利蒙说。多年来，成长型股票一直击败价值型股票，但最近价值型股票卷土重来。例如，罗素1000价值指数今年迄今上涨了约11%。罗素1000增长指数小幅下跌。</blockquote></p><p> Slimmon sees value stocks continuing their momentum. Analysts’ earnings estimates for the coming year are rising faster among financial and industrial companies than tech names. Such revisions are a useful way to see which sectors are getting better, or worse, and at what rate. Big positive earnings revisions typically mean good things for stocks down the road.</p><p><blockquote>斯利蒙认为价值股将继续保持势头。分析师对金融和工业公司来年盈利预期的上升速度快于科技公司。这种修正是一种有用的方法，可以了解哪些行业正在变得更好或更差，以及速度如何。大幅积极的盈利修正通常对未来的股市来说意味着好事。</blockquote></p><p> Brian Rauscher, Fundstrat Global Advisors’ head of global portfolio strategy and asset allocation, also looks at earnings estimate revisions to help clients allocate investment dollars. He’s still bullish. “Accelerating estimate revisions and good [monetary and fiscal] policy do not signal the end of a bull market, even if people feel uncomfortable,” he says.</p><p><blockquote>Fundstrat Global Advisors全球投资组合策略和资产配置主管Brian Rauscher也关注盈利预测修订，以帮助客户分配投资资金。他仍然看涨。他表示：“即使人们感到不舒服，加速预估修正和良好的（货币和财政）政策并不意味着牛市的结束。”</blockquote></p><p> Most of his clients feel agitated right now, Rauscher says. Growth managers want to know if they should buy the recent dip. Value managers wonder if they should ride the recent rally further. For him, tech stocks aren’t dead, but value-oriented, cyclical stocks such as industrial companies, financials, materials producers, and travel companies look even more attractive.</p><p><blockquote>劳舍尔说，他的大多数客户现在都感到焦虑。成长型经理想知道他们是否应该买入最近的下跌。价值经理想知道他们是否应该进一步利用最近的反弹。对他来说，科技股并没有消亡，但工业公司、金融股、材料生产商和旅游公司等价值导向的周期性股票看起来更具吸引力。</blockquote></p><p> Marketwide valuations area little high, he acknowledges. That’s another risk his clients are worried about. “Elevated, not stretched,” is how Rauscher characterizes the situation. “Is the market above fair value? Sure. Is it ridiculous? No.”</p><p><blockquote>他承认，整个市场的估值有点高。这是他的客户担心的另一个风险。劳舍尔对这种情况的描述是“升高，而不是拉伸”。“市场是否高于公允价值？当然。这很荒谬吗？不。”</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Higher Rates Won’t Kill the Stock Market. What to Do Now.<blockquote>更高的利率不会扼杀股市。现在该怎么办。</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\">\nHigher Rates Won’t Kill the Stock Market. What to Do Now.<blockquote>更高的利率不会扼杀股市。现在该怎么办。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-15 10:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Sometimes when the water gets rough, the first inclination is to find a port to ride out the storm. This isn’t one of those times. Investors would be wise tosail on.</p><p><blockquote>有时当水变得汹涌时，第一个倾向是找一个港口安然度过风暴。这不是那种时候。投资者明智的做法是继续航行。</blockquote></p><p> Sure, the major indexes finished higher on the week after settingrecord highsalong the way. Value stocks continued their run-up. Butheightened volatility—especially on theNasdaq Composite—made things look a lot more blustery. The tech-heavy index moved up or down more than 2% three of the five days this past week. On Wednesday, a relatively calm day, the Nasdaq had a 1.8% intraday swing.</p><p><blockquote>当然，主要股指在一路上创下历史新高后，本周收高。价值股继续上涨。但波动性加剧——尤其是纳斯达克综合指数——让事情看起来更加狂风大作。以科技股为主的指数在过去一周的五天中有三天上涨或下跌超过2%。周三，相对平静的一天，纳斯达克盘中波动1.8%。</blockquote></p><p> TheDow Jones Industrial Average,for its part, rose five straight days, gaining almost 1,300 points, or 4.1%, closing at 32,779. That’s its best weekly gain since November. TheS&amp;P 500 index’sintraweek range was almost 4%. It ended up rising four out of five days and finishing up the week 2.6%, at 3,943. The Nasdaq broke a three week losing streak, despite the volatility, riding a big 3.7% Tuesday gain to finish up 3.1% for the week at 13,320.</p><p><blockquote>道琼斯工业平均指数则连续五天上涨，上涨近1,300点，涨幅4.1%，收于32,779点。这是自11月以来的最佳单周涨幅。标准普尔500指数的上周涨幅接近4%。最终五天中有四天上涨，本周收于3,943点，上涨2.6%。尽管波动较大，纳斯达克还是打破了连续三周的下跌，周二大幅上涨3.7%，本周收盘上涨3.1%，至13,320点。</blockquote></p><p> Rising interest rates—and what they signal about rising inflation—are the reason for the volatility. But higher rates aren’t a signal that investors should sell now. The market could well rise higher still. The stocks leading the market, however, might be a little different than the ones that led it to records in 2020.</p><p><blockquote>利率上升——以及它们对通胀上升的信号——是波动的原因。但利率上升并不是投资者现在应该卖出的信号。市场很可能会进一步上涨。然而，引领市场的股票可能与2020年引领市场创下纪录的股票略有不同。</blockquote></p><p> Investors fear rising rates for two reasons. First, they make it harder to finance businesses. Higher interest expenses means bondholders, and not stockholders, get a bit more of a company’s cash. Second, theyreduce the valueof future cash flow and dividends, hitting growth stocks especially hard.</p><p><blockquote>投资者担心利率上升有两个原因。首先，它们使企业融资变得更加困难。更高的利息支出意味着债券持有人，而不是股东，可以获得更多的公司现金。其次，它们降低了未来现金流和股息的价值，对成长型股票的打击尤其严重。</blockquote></p><p> Yet rates aren’t even all that high. The 10-year Treasury yield has gone from about 1.2% to 1.6% over the past month. Rates were higher than that back in January 2020, before the pandemic. What is really vexing investors is how fast they have risen.</p><p><blockquote>然而，利率甚至没有那么高。过去一个月，10年期国债收益率从约1.2%升至1.6%。利率高于2020年1月大流行之前的水平。真正让投资者烦恼的是它们上涨的速度有多快。</blockquote></p><p> At the end of 2020’s third quarter, the 10-year Treasury yield was about 0.7%. On Feb. 16—the date the Nasdaq reached its all-time high—it was 1.3%, a 60-basis-point increase. (A basis point is 1/100th of a percentage point.) The Nasdaq rose 21% over that span. Then bond yields went from 1.3% to 1.6% between Feb. 16 and March 8, just after the Nasdaq entered correction territory. That’s a 30-basis-point move in less than a month. The Nasdaq tanked, dropping 10%.</p><p><blockquote>2020年第三季度末，10年期国债收益率约为0.7%。2月16日——纳斯达克创下历史新高的那一天——为1.3%，上涨了60个基点。（一个基点是1/100个百分点。）在此期间，纳斯达克上涨了21%。2月16日至3月8日期间，就在纳斯达克进入调整区域后，债券收益率从1.3%升至1.6%。这是在不到一个月的时间里30个基点的变动。纳斯达克暴跌，下跌10%。</blockquote></p><p> “When rates creep higher, the market can take that,”Andrew Slimmon, a senior portfolio manager at Morgan Stanley Investment Management, tells<i>Barron’s</i>. “The path of rates—the speed at which rates move—is the key question.”</p><p><blockquote>摩根士丹利投资管理公司高级投资组合经理安德鲁·斯利蒙表示：“当利率攀升时，市场可以接受。”<i>巴伦周刊</i>“利率路径——利率变动的速度——是关键问题。”</blockquote></p><p> Rates matter, but they can’t explain all the swings of the Nasdaq this past week. U.S. inflation data, for instance, was benign on Wednesday. Consumer prices rose at a slower rate than expected, and bond yields fell. Still, the Nasdaq, which had jumped almost 2% early in the day, gave up all its gains and closed lower.Tesla(ticker: TSLA), ahighflying growth stock, which had risen more than 6% that day, closed down 0.8%.</p><p><blockquote>利率很重要，但它们无法解释过去一周纳斯达克的所有波动。例如，周三美国通胀数据表现良好。消费者价格上涨速度低于预期，债券收益率下降。尽管如此，当天早些时候上涨近2%的纳斯达克回吐所有涨幅，收跌。特斯拉（股票代码：TSLA）是一只高飞成长股，当天上涨超过6%，收盘下跌0.8%。</blockquote></p><p> The reason? “Investors were worried about being overweight growth stocks,” says Slimmon. Growth stocks have trounced value stocks for years, but more recentlyvalue has made a comeback. TheRussell 1000 Value index,for instance, is up about 11% year to date. TheRussell 1000 Growth indexis down slightly.</p><p><blockquote>原因？“投资者担心跑赢大盘成长型股票，”斯利蒙说。多年来，成长型股票一直击败价值型股票，但最近价值型股票卷土重来。例如，罗素1000价值指数今年迄今上涨了约11%。罗素1000增长指数小幅下跌。</blockquote></p><p> Slimmon sees value stocks continuing their momentum. Analysts’ earnings estimates for the coming year are rising faster among financial and industrial companies than tech names. Such revisions are a useful way to see which sectors are getting better, or worse, and at what rate. Big positive earnings revisions typically mean good things for stocks down the road.</p><p><blockquote>斯利蒙认为价值股将继续保持势头。分析师对金融和工业公司来年盈利预期的上升速度快于科技公司。这种修正是一种有用的方法，可以了解哪些行业正在变得更好或更差，以及速度如何。大幅积极的盈利修正通常对未来的股市来说意味着好事。</blockquote></p><p> Brian Rauscher, Fundstrat Global Advisors’ head of global portfolio strategy and asset allocation, also looks at earnings estimate revisions to help clients allocate investment dollars. He’s still bullish. “Accelerating estimate revisions and good [monetary and fiscal] policy do not signal the end of a bull market, even if people feel uncomfortable,” he says.</p><p><blockquote>Fundstrat Global Advisors全球投资组合策略和资产配置主管Brian Rauscher也关注盈利预测修订，以帮助客户分配投资资金。他仍然看涨。他表示：“即使人们感到不舒服，加速预估修正和良好的（货币和财政）政策并不意味着牛市的结束。”</blockquote></p><p> Most of his clients feel agitated right now, Rauscher says. Growth managers want to know if they should buy the recent dip. Value managers wonder if they should ride the recent rally further. For him, tech stocks aren’t dead, but value-oriented, cyclical stocks such as industrial companies, financials, materials producers, and travel companies look even more attractive.</p><p><blockquote>劳舍尔说，他的大多数客户现在都感到焦虑。成长型经理想知道他们是否应该买入最近的下跌。价值经理想知道他们是否应该进一步利用最近的反弹。对他来说，科技股并没有消亡，但工业公司、金融股、材料生产商和旅游公司等价值导向的周期性股票看起来更具吸引力。</blockquote></p><p> Marketwide valuations area little high, he acknowledges. That’s another risk his clients are worried about. “Elevated, not stretched,” is how Rauscher characterizes the situation. “Is the market above fair value? Sure. Is it ridiculous? No.”</p><p><blockquote>他承认，整个市场的估值有点高。这是他的客户担心的另一个风险。劳舍尔对这种情况的描述是“升高，而不是拉伸”。“市场是否高于公允价值？当然。这很荒谬吗？不。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/higher-rates-wont-kill-the-stock-market-what-to-do-now-51615599362?mod=RTA\">Barrons</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":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/higher-rates-wont-kill-the-stock-market-what-to-do-now-51615599362?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143590834","content_text":"Sometimes when the water gets rough, the first inclination is to find a port to ride out the storm. This isn’t one of those times. Investors would be wise tosail on.\nSure, the major indexes finished higher on the week after settingrecord highsalong the way. Value stocks continued their run-up. Butheightened volatility—especially on theNasdaq Composite—made things look a lot more blustery. The tech-heavy index moved up or down more than 2% three of the five days this past week. On Wednesday, a relatively calm day, the Nasdaq had a 1.8% intraday swing.\nTheDow Jones Industrial Average,for its part, rose five straight days, gaining almost 1,300 points, or 4.1%, closing at 32,779. That’s its best weekly gain since November. TheS&P 500 index’sintraweek range was almost 4%. It ended up rising four out of five days and finishing up the week 2.6%, at 3,943. The Nasdaq broke a three week losing streak, despite the volatility, riding a big 3.7% Tuesday gain to finish up 3.1% for the week at 13,320.\nRising interest rates—and what they signal about rising inflation—are the reason for the volatility. But higher rates aren’t a signal that investors should sell now. The market could well rise higher still. The stocks leading the market, however, might be a little different than the ones that led it to records in 2020.\nInvestors fear rising rates for two reasons. First, they make it harder to finance businesses. Higher interest expenses means bondholders, and not stockholders, get a bit more of a company’s cash. Second, theyreduce the valueof future cash flow and dividends, hitting growth stocks especially hard.\nYet rates aren’t even all that high. The 10-year Treasury yield has gone from about 1.2% to 1.6% over the past month. Rates were higher than that back in January 2020, before the pandemic. What is really vexing investors is how fast they have risen.\nAt the end of 2020’s third quarter, the 10-year Treasury yield was about 0.7%. On Feb. 16—the date the Nasdaq reached its all-time high—it was 1.3%, a 60-basis-point increase. (A basis point is 1/100th of a percentage point.) The Nasdaq rose 21% over that span. Then bond yields went from 1.3% to 1.6% between Feb. 16 and March 8, just after the Nasdaq entered correction territory. That’s a 30-basis-point move in less than a month. The Nasdaq tanked, dropping 10%.\n“When rates creep higher, the market can take that,”Andrew Slimmon, a senior portfolio manager at Morgan Stanley Investment Management, tellsBarron’s. “The path of rates—the speed at which rates move—is the key question.”\nRates matter, but they can’t explain all the swings of the Nasdaq this past week. U.S. inflation data, for instance, was benign on Wednesday. Consumer prices rose at a slower rate than expected, and bond yields fell. Still, the Nasdaq, which had jumped almost 2% early in the day, gave up all its gains and closed lower.Tesla(ticker: TSLA), ahighflying growth stock, which had risen more than 6% that day, closed down 0.8%.\nThe reason? “Investors were worried about being overweight growth stocks,” says Slimmon. Growth stocks have trounced value stocks for years, but more recentlyvalue has made a comeback. TheRussell 1000 Value index,for instance, is up about 11% year to date. TheRussell 1000 Growth indexis down slightly.\nSlimmon sees value stocks continuing their momentum. Analysts’ earnings estimates for the coming year are rising faster among financial and industrial companies than tech names. Such revisions are a useful way to see which sectors are getting better, or worse, and at what rate. Big positive earnings revisions typically mean good things for stocks down the road.\nBrian Rauscher, Fundstrat Global Advisors’ head of global portfolio strategy and asset allocation, also looks at earnings estimate revisions to help clients allocate investment dollars. He’s still bullish. “Accelerating estimate revisions and good [monetary and fiscal] policy do not signal the end of a bull market, even if people feel uncomfortable,” he says.\nMost of his clients feel agitated right now, Rauscher says. Growth managers want to know if they should buy the recent dip. Value managers wonder if they should ride the recent rally further. For him, tech stocks aren’t dead, but value-oriented, cyclical stocks such as industrial companies, financials, materials producers, and travel companies look even more attractive.\nMarketwide valuations area little high, he acknowledges. That’s another risk his clients are worried about. “Elevated, not stretched,” is how Rauscher characterizes the situation. “Is the market above fair value? Sure. Is it ridiculous? No.”","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":915,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177474669,"gmtCreate":1627259991651,"gmtModify":1631891792452,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576172021938420","idStr":"3576172021938420"},"themes":[],"htmlText":"In a bull mkt everyone is a genius&nbsp;","listText":"In a bull mkt everyone is a genius&nbsp;","text":"In a bull mkt everyone is a genius","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177474669","repostId":"1103373914","repostType":4,"repost":{"id":"1103373914","kind":"news","pubTimestamp":1627259726,"share":"https://www.laohu8.com/m/news/1103373914?lang=zh_CN&edition=full","pubTime":"2021-07-26 08:35","market":"us","language":"en","title":"A British Trust Managing $39M In Assets Sells DoorDash And VMware Holdings<blockquote>管理3900万美元资产的英国信托出售DoorDash和VMware Holdings</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103373914","media":"Benzinga","summary":"What happened:A British medical charity that manages $39 billion in assets has disclosed changes to ","content":"<p><div> What happened:A British medical charity that manages $39 billion in assets has disclosed changes to its U.S. traded stock holdings during the second quarter. A filing with the Securities and Exchange ...</p><p><blockquote><div>发生了什么：一家管理着390亿美元资产的英国医疗慈善机构披露了第二季度其在美国交易的股票持有量的变化。向证券交易所提交的文件...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/07/22140442/a-british-trust-managing-39m-in-assets-sells-doordash-and-vmware-holdings\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/07/22140442/a-british-trust-managing-39m-in-assets-sells-doordash-and-vmware-holdings\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A British Trust Managing $39M In Assets Sells DoorDash And VMware Holdings<blockquote>管理3900万美元资产的英国信托出售DoorDash和VMware Holdings</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\">\nA British Trust Managing $39M In Assets Sells DoorDash And VMware Holdings<blockquote>管理3900万美元资产的英国信托出售DoorDash和VMware Holdings</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-07-26 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> What happened:A British medical charity that manages $39 billion in assets has disclosed changes to its U.S. traded stock holdings during the second quarter. A filing with the Securities and Exchange ...</p><p><blockquote><div>发生了什么：一家管理着390亿美元资产的英国医疗慈善机构披露了第二季度其在美国交易的股票持有量的变化。向证券交易所提交的文件...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/07/22140442/a-british-trust-managing-39m-in-assets-sells-doordash-and-vmware-holdings\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/07/22140442/a-british-trust-managing-39m-in-assets-sells-doordash-and-vmware-holdings\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/21/07/22140442/a-british-trust-managing-39m-in-assets-sells-doordash-and-vmware-holdings\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VMW":"威睿","NOW":"ServiceNow","LIN":"林德气体","DASH":"DoorDash, Inc."},"source_url":"https://www.benzinga.com/news/21/07/22140442/a-british-trust-managing-39m-in-assets-sells-doordash-and-vmware-holdings","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103373914","content_text":"What happened:A British medical charity that manages $39 billion in assets has disclosed changes to its U.S. traded stock holdings during the second quarter.\nA filing with the Securities and Exchange Commission shows Wellcome Trust significantly reduced its investment in DoorDash , and sold off holdings in VMware , while buying more Linde shares, and taking a new position in ServiceNow , according toBarron's.\nWhy it’s important:London-based Wellcome Trust is one of the largest foundations in the world and is known for its investment expertise, and insight into the healthcare industry. The director of the trust, Jeremy Farrar, provided a warning to a group of money managers in January of 2020 that the coronavirus would have a dramatic impact world markets.\nWellcome sold 2.8 million shares of DoorDash shares in the second quarter, and now holds 7.3 million shares of the company's stock.\nThe trust also sold all 1.7 million VMware shares it had owned at the end of March. Dell Technologies Inc owns 80.6% of the cloud-software firm, and plans to spin off those shares to its shareholders in the fourth quarter.\nWhat’s next:The filing indicates Wellcome purchased 2.8 million more shares of Lindefor a total investment of 3.3 million shares. The foundation also initiated a stake of 456,927 ServiceNowshares in the second quarter. The company is a provider of workflow-management software.","news_type":1,"symbols_score_info":{"VMW":0.9,"LIN":0.9,"NOW":0.9,"DASH":0.9}},"isVote":1,"tweetType":1,"viewCount":2912,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104185096,"gmtCreate":1620363750715,"gmtModify":1631891792467,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576172021938420","idStr":"3576172021938420"},"themes":[],"htmlText":"Amazon needs stocksplit","listText":"Amazon needs stocksplit","text":"Amazon needs stocksplit","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/104185096","repostId":"1157328258","repostType":4,"repost":{"id":"1157328258","kind":"news","pubTimestamp":1620360165,"share":"https://www.laohu8.com/m/news/1157328258?lang=zh_CN&edition=full","pubTime":"2021-05-07 12:02","market":"us","language":"en","title":"Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157328258","media":"Seeking alpha","summary":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entere","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></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: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</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: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking alpha</strong><span class=\"h-time small\">2021-05-07 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company\">Seeking alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157328258","content_text":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.#1 Price vs. GrowthFirst of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:Source: VisualizedAnalytics.comThe 'Third-Party Seller Services' segment - the exponential growth continues:Source: VisualizedAnalytics.comThe 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:Source: VisualizedAnalytics.comThe 'Other' (advertising services) segment has also showed a significant acceleration:Source: VisualizedAnalytics.comThe growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:Source: VisualizedAnalytics.comGeographically, Amazon's revenue was also significantly better than the trend:Source: VisualizedAnalytics.comSo, statistically, not subjectively, we should recognize the acceleration of the company's growthin all key segments. In my opinion, this is exactly what is expected from Amazon.Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:Source: VisualizedAnalytics.comThere is also a certain influence of the company's revenue growth rate on its multiples:Source: VisualizedAnalytics.comBased on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:Source: VisualizedAnalytics.comAs you can see, firstly, this model indicates that the company's current price is alreadybelow the balanced level. And secondly, it assumes a25% growthin capitalization in the next four quarters.#2 Comparative ValuationIn the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:Source: VisualizedAnalytics.comAs you can see, judging by this multiple, Amazon is significantly undervalued.#3 Discounted Cash Flow ModelWhen predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:Source: Seeking Alpha ProWhen predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.Here is the calculation of the Weighted Average Cost of Capital:Source: AuthorSome explanations:In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.Here is the model itself:(In high resolution)Source: AuthorThe DCF-based target price of Amazon's shares is $4,280, offering 29% upside.Final thoughtsAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company isundervalued.Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company ismuch cheaperthan the market.DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,it is better to invest in a company facing growth problems than aging problems.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2026,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375547479,"gmtCreate":1619371458491,"gmtModify":1634273979067,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576172021938420","idStr":"3576172021938420"},"themes":[],"htmlText":"Competition is hotting up","listText":"Competition is hotting up","text":"Competition is hotting up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/375547479","repostId":"1132391349","repostType":4,"isVote":1,"tweetType":1,"viewCount":585,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":139099192,"gmtCreate":1621571526716,"gmtModify":1631891792465,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576172021938420","idStr":"3576172021938420"},"themes":[],"htmlText":"Still overvalued","listText":"Still overvalued","text":"Still overvalued","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/139099192","repostId":"2136115927","repostType":4,"isVote":1,"tweetType":1,"viewCount":4348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350188211,"gmtCreate":1616166342033,"gmtModify":1634526897213,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576172021938420","idStr":"3576172021938420"},"themes":[],"htmlText":"Ger ready for 600","listText":"Ger ready for 600","text":"Ger ready for 600","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/350188211","repostId":"1147661553","repostType":4,"isVote":1,"tweetType":1,"viewCount":478,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111103828,"gmtCreate":1622656681864,"gmtModify":1631891792459,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576172021938420","idStr":"3576172021938420"},"themes":[],"htmlText":"Who got into AMC?","listText":"Who got into AMC?","text":"Who got into AMC?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/111103828","repostId":"2140617694","repostType":4,"isVote":1,"tweetType":1,"viewCount":1739,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104188873,"gmtCreate":1620363584792,"gmtModify":1631891792472,"author":{"id":"3576172021938420","authorId":"3576172021938420","name":"mahi","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576172021938420","idStr":"3576172021938420"},"themes":[],"htmlText":"Maybe stock split needed to make it affordable","listText":"Maybe stock split needed to make it affordable","text":"Maybe stock split needed to make it affordable","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/104188873","repostId":"1157328258","repostType":4,"repost":{"id":"1157328258","kind":"news","pubTimestamp":1620360165,"share":"https://www.laohu8.com/m/news/1157328258?lang=zh_CN&edition=full","pubTime":"2021-05-07 12:02","market":"us","language":"en","title":"Amazon: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157328258","media":"Seeking alpha","summary":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entere","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></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: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</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: The Most Clearly Undervalued Company<blockquote>亚马逊：最明显被低估的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking alpha</strong><span class=\"h-time small\">2021-05-07 12:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p><ul><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.</li><li>In terms of comparative valuation, AMZN is undervalued against the market.</li><li>DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.</li></ul>I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.</p><p><blockquote><ul><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。</li><li>就比较估值而言，AMZN相对于市场被低估。</li><li>基于DCF的亚马逊股价目标显示30%的上涨潜力。但我认为这甚至不是一个基本的情景，而是一个悲观的情景。</li></ul>我根据上个季度的业绩对亚马逊（AMZN）进行了全面的分析。</blockquote></p><p>#1 Price vs. Growth</p><p><blockquote>#1价格与增长</blockquote></p><p>First of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.</p><p><blockquote>首先，我们来评估一下我们是否可以从统计数据上说明亚马逊上个季度的增长是加速还是放缓。为此，让我们比较一下有和没有过去四个季度业绩的公司关键部门的收入增长趋势。</blockquote></p><p>The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:</p><p><blockquote>“在线商店”部分的动态显示出质的突破。在不考虑过去四个季度的情况下，这里观察到了接近线性的趋势。现在，它已经成为指数级增长：</blockquote></p><p><img src=\"https://static.tigerbbs.com/bac49a9df0e5b978dc15e20bedfce3da\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Third-Party Seller Services' segment - the exponential growth continues:</p><p><blockquote>“第三方卖家服务”细分市场——指数级增长仍在继续：</blockquote></p><p><img src=\"https://static.tigerbbs.com/6b58df42726bc01c8a5e5c2940d0476d\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:</p><p><blockquote>“订阅服务”（Amazon Prime）细分市场——这里的加速仍然存在，上个季度的结果好于趋势：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The 'Other' (advertising services) segment has also showed a significant acceleration:<img src=\"https://static.tigerbbs.com/a58095394bdd79d561166a74942a9e55\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>“其他”（广告服务）部门也显示出显着的加速：</blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>The growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:</p><p><blockquote>‘Amazon Web Services’的增长趋势有所放缓，但从上个季度的结果来看，有逐渐回归之前的趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/07069ccaab37c32eed56da69881e7bce\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Geographically, Amazon's revenue was also significantly better than the trend:</p><p><blockquote>从地域上看，亚马逊的营收也明显好于趋势：</blockquote></p><p><img src=\"https://static.tigerbbs.com/a1d9246e5c01aac6c62e49ad7cd73e2c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/0e7276161a3d2b2159ab3d727d3cb7d9\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>So, statistically, not subjectively, we should recognize the acceleration of the company's growth</i><i><b>in all key segments</b></i><i>. In my opinion, this is exactly what is expected from Amazon.</i></p><p><blockquote><i>因此，从统计上，而不是主观上，我们应该认识到公司增长的加速</i><i><b>在所有关键细分市场</b></i><i>.在我看来，这正是人们对亚马逊的期望。</i></blockquote></p><p>Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:</p><p><blockquote>更远地。在过去10年中，亚马逊的资本化与其收入呈定性线性关系：</blockquote></p><p><img src=\"https://static.tigerbbs.com/f105c314902d29dae4d0f0e400aa2245\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>There is also a certain influence of the company's revenue growth rate on its multiples:</p><p><blockquote>公司营收增速对其倍数也有一定影响：</blockquote></p><p><img src=\"https://static.tigerbbs.com/8beca01b5624a15aab79465c580ded6b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p>Based on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:</p><p><blockquote>基于这两种关系，并考虑到美国货币存量增长的影响，有可能建立另一个模型，使我们能够确定公司资本化的平衡水平。此外，该模型允许根据分析师当前对公司未来四个季度收入增长的预期来模拟公司资本的增长。这是这个模型：</blockquote></p><p><img src=\"https://static.tigerbbs.com/083fa1dc350e5e54cc7d3145744c9e4c\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d63f0cff5e0dd83343d26ee90552a033\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, firstly, this model indicates that the company's current price is already</i><i><b>below the balanced level</b></i><i>. And secondly, it assumes a</i><i><b>25% growth</b></i><i>in capitalization in the next four quarters.</i></p><p><blockquote><i>正如你所看到的，首先，这个模型表明公司当前的价格已经</i><i><b>低于平衡水平</b></i><i>其次，它假设</i><i><b>25%增长</b></i><i>未来四个季度的资本化。</i></blockquote></p><p>#2 Comparative Valuation</p><p><blockquote>#2比较估值</blockquote></p><p>In the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:</p><p><blockquote>在上一个模块中，我根据收入对亚马逊的均衡价格进行了建模。值得注意的是，如果我们用同样的方法使用倍数对公司进行比较估值，我们就会失败。至少我还没有找到一个基于收入的倍数来成功地将亚马逊与其他公司进行比较。但根据预期每股收益年增长率调整后的远期市盈率（下一财年）倍数使得找到合适的模型成为可能：</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/97ac0310bcef622e12c8c21d46979f7e\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8d7573ff8a7fc00719a51042f09fc989\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p><p><blockquote><i>资料来源：VisualizedAnalytics.com</i></blockquote></p><p><i>As you can see, judging by this multiple, Amazon is significantly undervalued.</i></p><p><blockquote><i>正如你所看到的，从这个倍数来看，亚马逊被严重低估了。</i></blockquote></p><p>#3 Discounted Cash Flow Model</p><p><blockquote>#3贴现现金流模型</blockquote></p><p>When predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:</p><p><blockquote>在预测亚马逊未来十年的收入时，我从分析师的平均预期出发：</blockquote></p><p><img src=\"https://static.tigerbbs.com/9f41298db73dbcd92469026cc4e767c4\" tg-width=\"640\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><i>Source: Seeking Alpha Pro</i></p><p><blockquote><i>资料来源：寻求Alpha Pro</i></blockquote></p><p>When predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.</p><p><blockquote>在预测亚马逊营业利润率的动态时，我也从分析师对公司每股收益增长的预期出发，并考虑到税率逐渐提高到25%。在我看来，在终端年将营业利润率逐步提高到8%是一个非常现实的情况。</blockquote></p><p>Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>以下是加权平均资本成本的计算方法：</blockquote></p><p><img src=\"https://static.tigerbbs.com/759163398701e54efd7cfabd11a0867d\" tg-width=\"480\" tg-height=\"374\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p>Some explanations:</p><p><blockquote>一些解释：</blockquote></p><p><ul><li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).</li><li>I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.</li><li>To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.</li></ul>Here is the model itself:</p><p><blockquote><ul><li>为了计算市场回报率，我使用了equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.6%）。</li><li>我使用了三年贝塔系数的当前值（0.92）。在最后一年，我使用Beta等于1。</li><li>为了计算债务成本，我使用2019年和2020年的利息支出除以同年的债务价值。</li></ul>以下是模型本身：</blockquote></p><p><img src=\"https://static.tigerbbs.com/0df02bca01b3ef74d3b640d95eb00590\" tg-width=\"640\" tg-height=\"528\" referrerpolicy=\"no-referrer\">(In high resolution)</p><p><blockquote>（高分辨率）</blockquote></p><p><i>Source: Author</i></p><p><blockquote><i>来源：作者</i></blockquote></p><p><i>The DCF-based target price of Amazon's shares is $4,280, offering 29% upside.</i></p><p><blockquote><i>亚马逊股票基于DCF的目标价为4,280美元，上涨空间为29%。</i></blockquote></p><p>Final thoughts</p><p><blockquote>最后的想法</blockquote></p><p><ol><li>Amazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.</li><li>The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company is<b>undervalued</b>.</li><li>Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company is<b>much cheaper</b>than the market.</li><li>DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.</li><li>When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,<i>it is better to invest in a company facing growth problems than aging problems</i>.</li></ol></p><p><blockquote><ol><li>亚马逊是增长尚未达到极限，甚至还没有进入平台期的公司之一。从某种意义上说，这是一家拥有730亿美元现金的初创公司。</li><li>亚马逊仍处于加速阶段的事实并不意味着其市值不断被低估。但在这种情况下，根据公司的资本化和收入参数之间的模式，我们可以得出结论，公司是<b>被低估</b>.</li><li>通过预期每股收益增长的棱镜将亚马逊与其他公司进行比较，必须承认该公司是<b>便宜多了</b>比市场。</li><li>基于平均预期的DCF模型分析师表示低估了30%。今年年初，类似的模型显示估值被低估了20%。</li><li>当你看亚马逊未来十年的收入预测时，你会意识到该公司将面临增长问题。但在我看来，<i>投资一家面临增长问题的公司比投资老龄化问题的公司更好</i>.</li></ol></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company\">Seeking alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4424794-amazon-clearly-undervalued-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157328258","content_text":"SummaryAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase.In terms of comparative valuation, AMZN is undervalued against the market.DCF-based Amazon stock price target suggests 30% upside potential. But I think this is not even a basic scenario, but a pessimistic scenario.I present my comprehensive Amazon (AMZN) analysis in light of the results of the last quarter.#1 Price vs. GrowthFirst of all, let's assess whether we can statistically state that Amazon's growth has accelerated or slowed down in the last quarter. To do this, let's compare the revenue growth trends of the key segments of the company with and without the results of the last four quarters.The dynamics of the 'Online Stores' segment showed a qualitative breakthrough. Without taking into account the last four quarters, a near-linear trend was observed here. Now, it has become exponential:Source: VisualizedAnalytics.comThe 'Third-Party Seller Services' segment - the exponential growth continues:Source: VisualizedAnalytics.comThe 'Subscription Services' (Amazon Prime) segment - here the acceleration remains, and the result of the last quarter was better than the trend:Source: VisualizedAnalytics.comThe 'Other' (advertising services) segment has also showed a significant acceleration:Source: VisualizedAnalytics.comThe growth trend of 'Amazon Web Services' has slowed down, but judging by the results of the last quarter, there is a gradual return to the previous trend:Source: VisualizedAnalytics.comGeographically, Amazon's revenue was also significantly better than the trend:Source: VisualizedAnalytics.comSo, statistically, not subjectively, we should recognize the acceleration of the company's growthin all key segments. In my opinion, this is exactly what is expected from Amazon.Further. Over the last 10 years, Amazon's capitalization has been in a qualitative linear relationship with its revenue:Source: VisualizedAnalytics.comThere is also a certain influence of the company's revenue growth rate on its multiples:Source: VisualizedAnalytics.comBased on these two relationships and taking into account the influence of the growth of theM2 money stockin the US, it is possible to build another model that allows us to determine the balanced level of the company's capitalization. In addition, this model allows to model the growth of the company's capitalization based on the current expectations of analysts regarding the company's revenue growth in the next four quarters. Here is this model:Source: VisualizedAnalytics.comAs you can see, firstly, this model indicates that the company's current price is alreadybelow the balanced level. And secondly, it assumes a25% growthin capitalization in the next four quarters.#2 Comparative ValuationIn the previous block, I modeled Amazon's balanced price based on revenue. What is remarkable is that if we apply the same approach to the comparative valuation of the company using multiples, we will fail. At least I have not been able to find a single revenue-based multiple that would make it possible to successfully compare Amazon to other companies. But the forward P/E (next FY) multiple adjusted by the expected EPS annual growth rate made it possible to find a suitable model:Source: VisualizedAnalytics.comAs you can see, judging by this multiple, Amazon is significantly undervalued.#3 Discounted Cash Flow ModelWhen predicting Amazon's revenue for the next decade, I proceeded from the average expectations ofanalysts:Source: Seeking Alpha ProWhen predicting the dynamics of Amazon's operating margin, I also proceeded from analysts'expectationsregarding the growth of the company's EPS, and taking into account the gradual increase in the tax rate to 25%. In my opinion, a gradual increase in the operating margin to 8% in the terminal year is a very realistic scenario.Here is the calculation of the Weighted Average Cost of Capital:Source: AuthorSome explanations:In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.6%).I used the currentvalueof the three-year beta coefficient (0.92). For the terminal year, I used Beta equal to 1.To calculate the Cost of Debt, I used the interest expense for 2019 and 2020 divided by the debt value for the same years.Here is the model itself:(In high resolution)Source: AuthorThe DCF-based target price of Amazon's shares is $4,280, offering 29% upside.Final thoughtsAmazon is one of the companies whose growth has not yet reached its limit and not even entered the plateau phase. In a sense, this is a startup with $73 billion cash.The fact that Amazon remains in the acceleration phase does not mean that its capitalization is constantly undervalued. But in this case, based on the patterns between the company's capitalization and the parameters of its revenue, we can conclude that the company isundervalued.Comparing Amazon to other companies through the prism of expected EPS growth, it must be admitted that the company ismuch cheaperthan the market.DCF model based on average expectations analysts indicate a 30% undervaluation. At the start of the year, a similarmodelindicated a 20% undervaluation.When you look at Amazon's revenue forecast for the next decade, you realize that the company will face growth problems. But in my opinion,it is better to invest in a company facing growth problems than aging problems.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":2799,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}