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Tecky

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2021-06-25

Tesla overrated

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2021-06-25

Let’s go to the moon

Nokia Stock: From 5G Winner To Disappointment To Meme<blockquote>诺基亚股票：从5G赢家到失望再到模因</blockquote>

2021-06-28

Buy buy buy

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2021-06-25

Rockets

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2021-06-28

Let’s go

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2021-06-27

Okay buy

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2021-06-21

Buy buy buy

Apple: Winter Is Coming<blockquote>苹果：冬天来了</blockquote>

2021-06-28

Buy?

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2021-06-28

Time to buy

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2021-06-25

Good timing to buy

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stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624953947,"share":"https://www.laohu8.com/m/news/1159190160?lang=zh_CN&edition=full","pubTime":"2021-06-29 16:05","market":"us","language":"en","title":"Marin Software surged another 41% in premarket trading<blockquote>Marin Software在盘前交易中又飙升41%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159190160","media":"Tiger Newspress","summary":"Marin Software surged another 41% in premarket trading.\n\nLast week, Marin shares shot up after it sa","content":"<p>Marin Software surged another 41% in premarket trading.</p><p><blockquote>Marin Software在盘前交易中又飙升了41%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7b80f30aba6d274244ed4f664e997a50\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Last week, Marin shares shot up after it said it had added the ability to manage Instacart advertisements to its flagship MarinOne platform.</p><p><blockquote>上周，Marin表示已在其旗舰MarinOne平台上添加了管理Instacart广告的功能，该公司股价飙升。</blockquote></p><p> For the first quarter, Marin revenues totaled $6.3 million, a year-over-year increase of 27%, while earnings per share stood at minus 0.22.</p><p><blockquote>第一季度，Marin营收总计630万美元，同比增长27%，而每股收益为-0.22。</blockquote></p><p> On a year-to-date basis, MRIN shares have shot up 271.3%. Early Tuesday, Marin topped the list of 10 trending streams as arranged by Stocktwits.</p><p><blockquote>今年迄今，MRIN股价已飙升271.3%。周二早些时候，马林在Stocktwits排列的10个趋势流中名列前茅。</blockquote></p><p> On Monday, Marin shares skyrocketed 96.85% to $7.5 in the regular session and rose another 25.33% in the after-hours session to $9.40.</p><p><blockquote>周一，Marin股价在常规交易中飙升96.85%至7.5美元，在盘后交易中又上涨25.33%至9.40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>Marin Software surged another 41% in premarket trading<blockquote>Marin Software在盘前交易中又飙升41%</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\">\nMarin Software surged another 41% in premarket trading<blockquote>Marin Software在盘前交易中又飙升41%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-29 16:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Marin Software surged another 41% in premarket trading.</p><p><blockquote>Marin Software在盘前交易中又飙升了41%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7b80f30aba6d274244ed4f664e997a50\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Last week, Marin shares shot up after it said it had added the ability to manage Instacart advertisements to its flagship MarinOne platform.</p><p><blockquote>上周，Marin表示已在其旗舰MarinOne平台上添加了管理Instacart广告的功能，该公司股价飙升。</blockquote></p><p> For the first quarter, Marin revenues totaled $6.3 million, a year-over-year increase of 27%, while earnings per share stood at minus 0.22.</p><p><blockquote>第一季度，Marin营收总计630万美元，同比增长27%，而每股收益为-0.22。</blockquote></p><p> On a year-to-date basis, MRIN shares have shot up 271.3%. Early Tuesday, Marin topped the list of 10 trending streams as arranged by Stocktwits.</p><p><blockquote>今年迄今，MRIN股价已飙升271.3%。周二早些时候，马林在Stocktwits排列的10个趋势流中名列前茅。</blockquote></p><p> On Monday, Marin shares skyrocketed 96.85% to $7.5 in the regular session and rose another 25.33% in the after-hours session to $9.40.</p><p><blockquote>周一，Marin股价在常规交易中飙升96.85%至7.5美元，在盘后交易中又上涨25.33%至9.40美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159190160","content_text":"Marin Software surged another 41% in premarket trading.\n\nLast week, Marin shares shot up after it said it had added the ability to manage Instacart advertisements to its flagship MarinOne platform.\nFor the first quarter, Marin revenues totaled $6.3 million, a year-over-year increase of 27%, while earnings per share stood at minus 0.22.\nOn a year-to-date basis, MRIN shares have shot up 271.3%. Early Tuesday, Marin topped the list of 10 trending streams as arranged by Stocktwits.\nOn Monday, Marin shares skyrocketed 96.85% to $7.5 in the regular session and rose another 25.33% in the after-hours session to $9.40.","news_type":1,"symbols_score_info":{"MRIN":0.9}},"isVote":1,"tweetType":1,"viewCount":1255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127746546,"gmtCreate":1624871349385,"gmtModify":1631889702238,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Buy buy buy","listText":"Buy buy buy","text":"Buy buy buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127746546","repostId":"1150627164","repostType":4,"isVote":1,"tweetType":1,"viewCount":1842,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127207869,"gmtCreate":1624849250951,"gmtModify":1631885483017,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Time to buy!","listText":"Time to buy!","text":"Time to buy!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127207869","repostId":"1104974895","repostType":4,"repost":{"id":"1104974895","kind":"news","pubTimestamp":1624764940,"share":"https://www.laohu8.com/m/news/1104974895?lang=zh_CN&edition=full","pubTime":"2021-06-27 11:35","market":"us","language":"en","title":"Microsoft Rides Its Cloud Business to a $2 Trillion Market Cap. It’s Not Done Yet.<blockquote>微软的云业务市值达到2万亿美元。还没做完呢。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104974895","media":"Barrons","summary":"Microsoft is now the second company to boast a $2 trillion market capitalization, following Apple,wh","content":"<p>Microsoft&nbsp;is now the second company to boast a $2 trillion market capitalization, following&nbsp;Apple,which breached that level last August. And Microsoft may go higher yet.</p><p><blockquote>微软现在是继去年8月突破这一水平的苹果之后第二家市值达到2万亿美元的公司。微软可能会走得更高。</blockquote></p><p> Wedbush analyst Daniel Ives this past week reiterated his Outperform rating on the software giant, lifting his price target on the shares to $325 from $310. That represents a potential gain of more than 20%, which would take the company’s market value to $2.4 trillion. His enthusiasm for the stock is driven by Microsoft’s cloud business, Azure.</p><p><blockquote>Wedbush分析师丹尼尔·艾夫斯(Daniel Ives)上周重申了对这家软件巨头的跑赢大盘评级，将该股目标价从310美元上调至325美元。这意味着潜在涨幅超过20%，这将使该公司的市值达到2.4万亿美元。他对该股的热情是由微软的云业务Azure推动的。</blockquote></p><p> On Wednesday, Microsoft shares inched up 0.1% to $265.79, a new high, boosting its market cap to $2.004 trillion. (Apple is at roughly $2.2 trillion.) Ives notes that June channel checks find improving demand for Azure. “The Azure cloud growth story is hitting its next gear of growth,” he writes. “We are seeing deal sizes continue to increase markedly as enterprisewide digital transformation shifts are accelerating with CIOs all focused on readying their respective enterprises for a cloud-driven architecture.”</p><p><blockquote>周三，微软股价小幅上涨0.1%，至265.79美元，创下新高，市值增至2.004万亿美元。（苹果的市值约为2.2万亿美元。）Ives指出，6月份的渠道检查发现对Azure的需求有所改善。“Azure云的增长故事正在进入下一个增长阶段，”他写道。“随着企业范围内数字化转型的加速，我们看到交易规模继续显着增加，首席信息官都专注于让各自的企业为云驱动架构做好准备。”</blockquote></p><p> Wall Street concerns that cloud growth will moderate coming out of the pandemic run counter to the deal activity Microsoft is seeing, Ives writes, noting that June-quarter results appear to be “robust.” He thinks Microsoft is still only about 35% into the conversion of its installed application base into the cloud.</p><p><blockquote>Ives写道，华尔街担心云增长将因疫情而放缓，这与微软看到的交易活动背道而驰，并指出6月份季度的业绩似乎“强劲”。他认为微软在将其已安装的应用程序基础向云的转换方面仍仅完成了约35%。</blockquote></p><p> Ives sees continuing global “digital transformation” as a $1 trillion opportunity, and says Microsoft will disproportionately benefit. “Microsoft remains our favorite large-cap cloud play and we believe the stock will start to move higher over the coming quarters...,” he writes. “The growth story at Microsoft is not slowing down.”</p><p><blockquote>Ives认为持续的全球“数字化转型”是一个1万亿美元的机会，并表示微软将不成比例地受益。“微软仍然是我们最喜欢的大盘云股票，我们相信该股将在未来几个季度开始走高……”他写道。“微软的增长故事并没有放缓。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19e4bb0961389beaa2711931e02dc060\" tg-width=\"970\" tg-height=\"672\"><img src=\"https://static.tigerbbs.com/1a62e0638b1f4f9c28301e4d93721571\" tg-width=\"981\" tg-height=\"684\"></p><p><blockquote></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>Microsoft Rides Its Cloud Business to a $2 Trillion Market Cap. It’s Not Done Yet.<blockquote>微软的云业务市值达到2万亿美元。还没做完呢。</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\">\nMicrosoft Rides Its Cloud Business to a $2 Trillion Market Cap. It’s Not Done Yet.<blockquote>微软的云业务市值达到2万亿美元。还没做完呢。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-27 11:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Microsoft&nbsp;is now the second company to boast a $2 trillion market capitalization, following&nbsp;Apple,which breached that level last August. And Microsoft may go higher yet.</p><p><blockquote>微软现在是继去年8月突破这一水平的苹果之后第二家市值达到2万亿美元的公司。微软可能会走得更高。</blockquote></p><p> Wedbush analyst Daniel Ives this past week reiterated his Outperform rating on the software giant, lifting his price target on the shares to $325 from $310. That represents a potential gain of more than 20%, which would take the company’s market value to $2.4 trillion. His enthusiasm for the stock is driven by Microsoft’s cloud business, Azure.</p><p><blockquote>Wedbush分析师丹尼尔·艾夫斯(Daniel Ives)上周重申了对这家软件巨头的跑赢大盘评级，将该股目标价从310美元上调至325美元。这意味着潜在涨幅超过20%，这将使该公司的市值达到2.4万亿美元。他对该股的热情是由微软的云业务Azure推动的。</blockquote></p><p> On Wednesday, Microsoft shares inched up 0.1% to $265.79, a new high, boosting its market cap to $2.004 trillion. (Apple is at roughly $2.2 trillion.) Ives notes that June channel checks find improving demand for Azure. “The Azure cloud growth story is hitting its next gear of growth,” he writes. “We are seeing deal sizes continue to increase markedly as enterprisewide digital transformation shifts are accelerating with CIOs all focused on readying their respective enterprises for a cloud-driven architecture.”</p><p><blockquote>周三，微软股价小幅上涨0.1%，至265.79美元，创下新高，市值增至2.004万亿美元。（苹果的市值约为2.2万亿美元。）Ives指出，6月份的渠道检查发现对Azure的需求有所改善。“Azure云的增长故事正在进入下一个增长阶段，”他写道。“随着企业范围内数字化转型的加速，我们看到交易规模继续显着增加，首席信息官都专注于让各自的企业为云驱动架构做好准备。”</blockquote></p><p> Wall Street concerns that cloud growth will moderate coming out of the pandemic run counter to the deal activity Microsoft is seeing, Ives writes, noting that June-quarter results appear to be “robust.” He thinks Microsoft is still only about 35% into the conversion of its installed application base into the cloud.</p><p><blockquote>Ives写道，华尔街担心云增长将因疫情而放缓，这与微软看到的交易活动背道而驰，并指出6月份季度的业绩似乎“强劲”。他认为微软在将其已安装的应用程序基础向云的转换方面仍仅完成了约35%。</blockquote></p><p> Ives sees continuing global “digital transformation” as a $1 trillion opportunity, and says Microsoft will disproportionately benefit. “Microsoft remains our favorite large-cap cloud play and we believe the stock will start to move higher over the coming quarters...,” he writes. “The growth story at Microsoft is not slowing down.”</p><p><blockquote>Ives认为持续的全球“数字化转型”是一个1万亿美元的机会，并表示微软将不成比例地受益。“微软仍然是我们最喜欢的大盘云股票，我们相信该股将在未来几个季度开始走高……”他写道。“微软的增长故事并没有放缓。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19e4bb0961389beaa2711931e02dc060\" tg-width=\"970\" tg-height=\"672\"><img src=\"https://static.tigerbbs.com/1a62e0638b1f4f9c28301e4d93721571\" tg-width=\"981\" tg-height=\"684\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/microsoft-market-cap-51624670572?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":{"MSFT":"微软"},"source_url":"https://www.barrons.com/articles/microsoft-market-cap-51624670572?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104974895","content_text":"Microsoft is now the second company to boast a $2 trillion market capitalization, following Apple,which breached that level last August. And Microsoft may go higher yet.\nWedbush analyst Daniel Ives this past week reiterated his Outperform rating on the software giant, lifting his price target on the shares to $325 from $310. That represents a potential gain of more than 20%, which would take the company’s market value to $2.4 trillion. His enthusiasm for the stock is driven by Microsoft’s cloud business, Azure.\nOn Wednesday, Microsoft shares inched up 0.1% to $265.79, a new high, boosting its market cap to $2.004 trillion. (Apple is at roughly $2.2 trillion.) Ives notes that June channel checks find improving demand for Azure. “The Azure cloud growth story is hitting its next gear of growth,” he writes. “We are seeing deal sizes continue to increase markedly as enterprisewide digital transformation shifts are accelerating with CIOs all focused on readying their respective enterprises for a cloud-driven architecture.”\nWall Street concerns that cloud growth will moderate coming out of the pandemic run counter to the deal activity Microsoft is seeing, Ives writes, noting that June-quarter results appear to be “robust.” He thinks Microsoft is still only about 35% into the conversion of its installed application base into the cloud.\nIves sees continuing global “digital transformation” as a $1 trillion opportunity, and says Microsoft will disproportionately benefit. “Microsoft remains our favorite large-cap cloud play and we believe the stock will start to move higher over the coming quarters...,” he writes. “The growth story at Microsoft is not slowing down.”","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":2986,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127204676,"gmtCreate":1624849211895,"gmtModify":1631889702249,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Buy?","listText":"Buy?","text":"Buy?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127204676","repostId":"2146007321","repostType":4,"isVote":1,"tweetType":1,"viewCount":2165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127205535,"gmtCreate":1624849174927,"gmtModify":1631889702276,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Haha","listText":"Haha","text":"Haha","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127205535","repostId":"2146000147","repostType":4,"isVote":1,"tweetType":1,"viewCount":2898,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127205364,"gmtCreate":1624849154858,"gmtModify":1631889702279,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127205364","repostId":"1174604007","repostType":4,"repost":{"id":"1174604007","kind":"news","pubTimestamp":1624843205,"share":"https://www.laohu8.com/m/news/1174604007?lang=zh_CN&edition=full","pubTime":"2021-06-28 09:20","market":"hk","language":"en","title":"Hong Kong Exchanges Cancels Morning Session Due to Rainstorm Warning<blockquote>香港交易所因暴雨警告取消上午交易</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1174604007","media":"Marketwatch","summary":"The Hong Kong exchange's Monday morning trading session has been cancelled due to a severe rainstorm","content":"<p>The Hong Kong exchange's Monday morning trading session has been cancelled due to a severe rainstorm alert.</p><p><blockquote>由于严重暴雨警报，香港交易所周一上午的交易时段已被取消。</blockquote></p><p> The suspension and potential cancellation also applies to Hong Kong-China stock connect trading, Hong Kong Exchanges and Clearing Ltd. said on Monday.</p><p><blockquote>香港交易及结算所有限公司周一表示，暂停和可能取消也适用于港股通交易。</blockquote></p><p> If the rainstorm alert is cancelled at or before noon, HKEX said it will resume trading for major products of its securities and derivatives markets in the afternoon.</p><p><blockquote>如果暴雨警告在中午或之前取消，港交所表示将于下午恢复旗下证券及衍生品市场主要产品的交易。</blockquote></p><p> If the alert remains at noon, all afternoon trading will be cancelled as well, it said.</p><p><blockquote>它说，如果警报持续到中午，所有下午的交易也将被取消。</blockquote></p><p></p>","source":"market_watch","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>Hong Kong Exchanges Cancels Morning Session Due to Rainstorm Warning<blockquote>香港交易所因暴雨警告取消上午交易</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\">\nHong Kong Exchanges Cancels Morning Session Due to Rainstorm Warning<blockquote>香港交易所因暴雨警告取消上午交易</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-06-28 09:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Hong Kong exchange's Monday morning trading session has been cancelled due to a severe rainstorm alert.</p><p><blockquote>由于严重暴雨警报，香港交易所周一上午的交易时段已被取消。</blockquote></p><p> The suspension and potential cancellation also applies to Hong Kong-China stock connect trading, Hong Kong Exchanges and Clearing Ltd. said on Monday.</p><p><blockquote>香港交易及结算所有限公司周一表示，暂停和可能取消也适用于港股通交易。</blockquote></p><p> If the rainstorm alert is cancelled at or before noon, HKEX said it will resume trading for major products of its securities and derivatives markets in the afternoon.</p><p><blockquote>如果暴雨警告在中午或之前取消，港交所表示将于下午恢复旗下证券及衍生品市场主要产品的交易。</blockquote></p><p> If the alert remains at noon, all afternoon trading will be cancelled as well, it said.</p><p><blockquote>它说，如果警报持续到中午，所有下午的交易也将被取消。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/hong-kong-delays-morning-session-due-to-rainstorm-warning-271624842516\">Marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HSI":"恒生指数"},"source_url":"https://www.marketwatch.com/story/hong-kong-delays-morning-session-due-to-rainstorm-warning-271624842516","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1174604007","content_text":"The Hong Kong exchange's Monday morning trading session has been cancelled due to a severe rainstorm alert.\nThe suspension and potential cancellation also applies to Hong Kong-China stock connect trading, Hong Kong Exchanges and Clearing Ltd. said on Monday.\nIf the rainstorm alert is cancelled at or before noon, HKEX said it will resume trading for major products of its securities and derivatives markets in the afternoon.\nIf the alert remains at noon, all afternoon trading will be cancelled as well, it said.","news_type":1,"symbols_score_info":{"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":1821,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127202493,"gmtCreate":1624849140712,"gmtModify":1631885483019,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Time to buy","listText":"Time to buy","text":"Time to 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buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122234699","repostId":"2146023165","repostType":4,"isVote":1,"tweetType":1,"viewCount":3472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122235279,"gmtCreate":1624622142391,"gmtModify":1631885483180,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Time to buy","listText":"Time to buy","text":"Time to buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122235279","repostId":"2145685250","repostType":2,"repost":{"id":"2145685250","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"T-Reuters","id":"1086160438","head_image":"https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5"},"pubTimestamp":1624373550,"share":"https://www.laohu8.com/m/news/2145685250?lang=zh_CN&edition=full","pubTime":"2021-06-22 22:52","market":"us","language":"en","title":"Janssen Says European Commission Has Granted Marketing Authorisation For Expanded Use Of Darzalex Subcutaneous Formulation In Two New Indications<blockquote>杨森表示，欧盟委员会已授予Darzalex皮下制剂在两种新适应症中扩大使用的营销授权</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2145685250","media":"T-Reuters","summary":"Janssen:Janssen - European Commission Has Granted Marketing Authorisation For Expanded Use Of Darzal","content":"<p><html><body>Janssen:Janssen - European Commission Has Granted Marketing Authorisation For Expanded Use Of Darzalex Subcutaneous Formulation In <a href=\"https://laohu8.com/S/TWOA.U\">Two</a> New Indications.Janssen - Darzalex Sc Formulation Becomes First Approved Treatment For Newly Diagnosed Systemic Light Chain Amyloidosis In Europe.Janssen - Darzalex Sc Formulation Gains An Additional Approval In Pre-Treated Multiple Myeloma.</p><p><blockquote><html><body>杨森：杨森-欧盟委员会已授予Darzalex皮下制剂在以下领域扩大使用的营销授权<a href=\"https://laohu8.com/S/TWOA.U\">两个</a>新适应症。让桑-Darzalex Sc制剂成为欧洲首个被批准治疗新诊断的系统性轻链淀粉样变性的药物。让桑-Darzalex Sc制剂在预处理多发性骨髓瘤中获得额外批准。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Janssen Says European Commission Has Granted Marketing Authorisation For Expanded Use Of Darzalex Subcutaneous Formulation In Two New Indications<blockquote>杨森表示，欧盟委员会已授予Darzalex皮下制剂在两种新适应症中扩大使用的营销授权</blockquote></title>\n<style 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class=\"h-name\">T-Reuters </p>\n<p class=\"h-time smaller\">2021-06-22 22:52</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>Janssen:Janssen - European Commission Has Granted Marketing Authorisation For Expanded Use Of Darzalex Subcutaneous Formulation In <a href=\"https://laohu8.com/S/TWOA.U\">Two</a> New Indications.Janssen - Darzalex Sc Formulation Becomes First Approved Treatment For Newly Diagnosed Systemic Light Chain Amyloidosis In Europe.Janssen - Darzalex Sc Formulation Gains An Additional Approval In Pre-Treated Multiple Myeloma.</p><p><blockquote><html><body>杨森：杨森-欧盟委员会已授予Darzalex皮下制剂在以下领域扩大使用的营销授权<a href=\"https://laohu8.com/S/TWOA.U\">两个</a>新适应症。让桑-Darzalex Sc制剂成为欧洲首个被批准治疗新诊断的系统性轻链淀粉样变性的药物。让桑-Darzalex Sc制剂在预处理多发性骨髓瘤中获得额外批准。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NGD":"New Gold","JNJ":"强生"},"source_url":"https://www.trkd.thomsonreuters.com","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145685250","content_text":"Janssen:Janssen - European Commission Has Granted Marketing Authorisation For Expanded Use Of Darzalex Subcutaneous Formulation In Two New Indications.Janssen - Darzalex Sc Formulation Becomes First Approved Treatment For Newly Diagnosed Systemic Light Chain Amyloidosis In Europe.Janssen - Darzalex Sc Formulation Gains An Additional Approval In Pre-Treated Multiple Myeloma.","news_type":1,"symbols_score_info":{"TWOA.U":1,"NGD":1,"JNJ":0.9,"TWOA":1}},"isVote":1,"tweetType":1,"viewCount":704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122235877,"gmtCreate":1624622121499,"gmtModify":1631889702326,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Overrated telsa","listText":"Overrated telsa","text":"Overrated telsa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122235877","repostId":"2145657710","repostType":2,"repost":{"id":"2145657710","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"T-Reuters","id":"1086160438","head_image":"https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5"},"pubTimestamp":1624390489,"share":"https://www.laohu8.com/m/news/2145657710?lang=zh_CN&edition=full","pubTime":"2021-06-23 03:34","market":"hk","language":"en","title":"Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus<blockquote>特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2145657710","media":"T-Reuters","summary":"June 22 (Reuters) - :Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Au","content":"<p><html><body>June 22 (Reuters) - :Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus. ((Reuters.Briefs@Thomsonreuters.Com;)).</p><p><blockquote><html><body>路透6月22日-：特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队。（（Reuters.Briefs@Thomsonreuters.Com；））。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus<blockquote>特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队</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\">\nLynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus<blockquote>特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086160438\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">T-Reuters </p>\n<p class=\"h-time smaller\">2021-06-23 03:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>June 22 (Reuters) - :Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus. ((Reuters.Briefs@Thomsonreuters.Com;)).</p><p><blockquote><html><body>路透6月22日-：特斯拉前副总法律顾问Lynn Miller加入自动驾驶卡车运输技术公司Plus的执行团队。（（Reuters.Briefs@Thomsonreuters.Com；））。</body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","BGC":"BGC GROUP","TISI":"Team Inc"},"source_url":"https://www.trkd.thomsonreuters.com","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145657710","content_text":"June 22 (Reuters) - :Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus. ((Reuters.Briefs@Thomsonreuters.Com;)).","news_type":1,"symbols_score_info":{"BGC":1,"TISI":1,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":682,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122343937,"gmtCreate":1624599878429,"gmtModify":1631889702338,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Let’s go to the moon","listText":"Let’s go to the moon","text":"Let’s go to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/122343937","repostId":"1170542603","repostType":4,"repost":{"id":"1170542603","kind":"news","pubTimestamp":1624592567,"share":"https://www.laohu8.com/m/news/1170542603?lang=zh_CN&edition=full","pubTime":"2021-06-25 11:42","market":"us","language":"en","title":"Nokia Stock: From 5G Winner To Disappointment To Meme<blockquote>诺基亚股票：从5G赢家到失望再到模因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170542603","media":"thestreet","summary":"Nokia has gone from (1) failed mobile phone powerhouse to (2) likely winner in one key technology tr","content":"<p>Nokia has gone from (1) failed mobile phone powerhouse to (2) likely winner in one key technology transformation cycle to (3) a source of “juicy tendies” for Wall Street Bets traders. Five years ago, it would have been hard to guess what would have happened to Nokia stock&nbsp;(<b>NOKIA</b>)&nbsp;since the mid-2010s.</p><p><blockquote>诺基亚已经从（1）失败的手机巨头变成了（2）一个关键技术转型周期中可能的赢家，变成了（3）华尔街投注交易者的“多汁倾向”来源。五年前，很难猜测诺基亚股票会发生什么（<b>诺基亚</b>）自2010年代中期以来。</blockquote></p><p> Wall Street Meme tells the story of this tech stock that has morphed from growth to value to meme – and that after fits and starts, still trades around pre-dot com bubble prices.</p><p><blockquote>《华尔街迷因》讲述了这只科技股从增长型到价值型再到迷因型的故事，而且在经历了断断续续之后，其交易价格仍然围绕互联网泡沫前的价格进行。</blockquote></p><p> <b>Nokia: an unlikely journey</b></p><p><blockquote><b>诺基亚：不太可能的旅程</b></blockquote></p><p> In 2007, moments before Apple’s iPhone disrupted (or perhaps reinvented) the world of consumer mobile devices forever, Nokiacontrolled50% of the smartphone market. But the company’s fall from grace did not take long: Nokia accounted for less than 3% of the market by late 2012.</p><p><blockquote>2007年，就在苹果的iPhone永远颠覆（或者重塑）消费移动设备世界之前，诺基亚控制了智能手机市场50%的份额。但该公司的失宠并没有持续多久：截至2012年底，诺基亚的市场份额还不到3%。</blockquote></p><p> However, the Finnish growth story did not end there. Between 2016-2017, Nokia began drawing the attention of investors looking to bet on the 5G upgrade cycle that would likely start a couple of years later. The company’s network division had been struggling, but the management team believed in a turnaround as 5G infrastructure had to be built around the globe.</p><p><blockquote>然而，芬兰的增长故事并没有就此结束。2016年至2017年间，诺基亚开始吸引投资者的注意，他们希望押注可能在几年后开始的5G升级周期。该公司的网络部门一直在苦苦挣扎，但管理团队相信，随着5G基础设施必须在全球范围内建设，情况会有所好转。</blockquote></p><p> True to its roots, unfortunately,Nokia disappointed yet again. In 2019, the company warned that its recovery was in jeopardy, as competition with Ericsson and Huawei for 5G contracts became too fierce for Nokia to handle. The company’s dividend payment was slashed, and a restructuring process began.</p><p><blockquote>忠于其根源，不幸的是，诺基亚再次失望了。2019年，该公司警告称，其复苏处于危险之中，因为与爱立信和华为争夺5G合同的竞争变得过于激烈，诺基亚无法应对。该公司的股息支付被大幅削减，重组过程开始。</blockquote></p><p> <b>Meme stock for a day</b></p><p><blockquote><b>一天的模因股票</b></blockquote></p><p> For the past five years, Nokia stock consistently traded between $3 and $5 per share, with the eventual spikes and dips in share price eventually correcting. The notable exception happened on January 27 of this year.</p><p><blockquote>在过去的五年里，诺基亚股票的交易价格一直在每股3美元至5美元之间，股价的上涨和下跌最终都会有所调整。值得注意的例外发生在今年1月27日。</blockquote></p><p> On that day, Nokia climbed to $6.55 per share, from only $3.87 two weeks earlier. The stock was “victim” of a bullish Wall Street Bets meme attack, around the time that short interest reached a five-year high of 60 million shares – fertile ground for a short squeeze.</p><p><blockquote>当天，诺基亚股价从两周前的3.87美元攀升至每股6.55美元。该股是华尔街看涨押注模因攻击的“受害者”，当时空头兴趣达到了6000万股的五年高点——这是轧空的沃土。</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>Nokia Stock: From 5G Winner To Disappointment To Meme<blockquote>诺基亚股票：从5G赢家到失望再到模因</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNokia Stock: From 5G Winner To Disappointment To Meme<blockquote>诺基亚股票：从5G赢家到失望再到模因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">thestreet</strong><span class=\"h-time small\">2021-06-25 11:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nokia has gone from (1) failed mobile phone powerhouse to (2) likely winner in one key technology transformation cycle to (3) a source of “juicy tendies” for Wall Street Bets traders. Five years ago, it would have been hard to guess what would have happened to Nokia stock&nbsp;(<b>NOKIA</b>)&nbsp;since the mid-2010s.</p><p><blockquote>诺基亚已经从（1）失败的手机巨头变成了（2）一个关键技术转型周期中可能的赢家，变成了（3）华尔街投注交易者的“多汁倾向”来源。五年前，很难猜测诺基亚股票会发生什么（<b>诺基亚</b>）自2010年代中期以来。</blockquote></p><p> Wall Street Meme tells the story of this tech stock that has morphed from growth to value to meme – and that after fits and starts, still trades around pre-dot com bubble prices.</p><p><blockquote>《华尔街迷因》讲述了这只科技股从增长型到价值型再到迷因型的故事，而且在经历了断断续续之后，其交易价格仍然围绕互联网泡沫前的价格进行。</blockquote></p><p> <b>Nokia: an unlikely journey</b></p><p><blockquote><b>诺基亚：不太可能的旅程</b></blockquote></p><p> In 2007, moments before Apple’s iPhone disrupted (or perhaps reinvented) the world of consumer mobile devices forever, Nokiacontrolled50% of the smartphone market. But the company’s fall from grace did not take long: Nokia accounted for less than 3% of the market by late 2012.</p><p><blockquote>2007年，就在苹果的iPhone永远颠覆（或者重塑）消费移动设备世界之前，诺基亚控制了智能手机市场50%的份额。但该公司的失宠并没有持续多久：截至2012年底，诺基亚的市场份额还不到3%。</blockquote></p><p> However, the Finnish growth story did not end there. Between 2016-2017, Nokia began drawing the attention of investors looking to bet on the 5G upgrade cycle that would likely start a couple of years later. The company’s network division had been struggling, but the management team believed in a turnaround as 5G infrastructure had to be built around the globe.</p><p><blockquote>然而，芬兰的增长故事并没有就此结束。2016年至2017年间，诺基亚开始吸引投资者的注意，他们希望押注可能在几年后开始的5G升级周期。该公司的网络部门一直在苦苦挣扎，但管理团队相信，随着5G基础设施必须在全球范围内建设，情况会有所好转。</blockquote></p><p> True to its roots, unfortunately,Nokia disappointed yet again. In 2019, the company warned that its recovery was in jeopardy, as competition with Ericsson and Huawei for 5G contracts became too fierce for Nokia to handle. The company’s dividend payment was slashed, and a restructuring process began.</p><p><blockquote>忠于其根源，不幸的是，诺基亚再次失望了。2019年，该公司警告称，其复苏处于危险之中，因为与爱立信和华为争夺5G合同的竞争变得过于激烈，诺基亚无法应对。该公司的股息支付被大幅削减，重组过程开始。</blockquote></p><p> <b>Meme stock for a day</b></p><p><blockquote><b>一天的模因股票</b></blockquote></p><p> For the past five years, Nokia stock consistently traded between $3 and $5 per share, with the eventual spikes and dips in share price eventually correcting. The notable exception happened on January 27 of this year.</p><p><blockquote>在过去的五年里，诺基亚股票的交易价格一直在每股3美元至5美元之间，股价的上涨和下跌最终都会有所调整。值得注意的例外发生在今年1月27日。</blockquote></p><p> On that day, Nokia climbed to $6.55 per share, from only $3.87 two weeks earlier. The stock was “victim” of a bullish Wall Street Bets meme attack, around the time that short interest reached a five-year high of 60 million shares – fertile ground for a short squeeze.</p><p><blockquote>当天，诺基亚股价从两周前的3.87美元攀升至每股6.55美元。该股是华尔街看涨押注模因攻击的“受害者”，当时空头兴趣达到了6000万股的五年高点——这是轧空的沃土。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/memestocks/other-memes/nokia-stock-from-5g-winner-to-disappointment-to-meme\">thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NOK":"诺基亚"},"source_url":"https://www.thestreet.com/memestocks/other-memes/nokia-stock-from-5g-winner-to-disappointment-to-meme","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170542603","content_text":"Nokia has gone from (1) failed mobile phone powerhouse to (2) likely winner in one key technology transformation cycle to (3) a source of “juicy tendies” for Wall Street Bets traders. Five years ago, it would have been hard to guess what would have happened to Nokia stock (NOKIA) since the mid-2010s.\nWall Street Meme tells the story of this tech stock that has morphed from growth to value to meme – and that after fits and starts, still trades around pre-dot com bubble prices.\nNokia: an unlikely journey\nIn 2007, moments before Apple’s iPhone disrupted (or perhaps reinvented) the world of consumer mobile devices forever, Nokiacontrolled50% of the smartphone market. But the company’s fall from grace did not take long: Nokia accounted for less than 3% of the market by late 2012.\nHowever, the Finnish growth story did not end there. Between 2016-2017, Nokia began drawing the attention of investors looking to bet on the 5G upgrade cycle that would likely start a couple of years later. The company’s network division had been struggling, but the management team believed in a turnaround as 5G infrastructure had to be built around the globe.\nTrue to its roots, unfortunately,Nokia disappointed yet again. In 2019, the company warned that its recovery was in jeopardy, as competition with Ericsson and Huawei for 5G contracts became too fierce for Nokia to handle. The company’s dividend payment was slashed, and a restructuring process began.\nMeme stock for a day\nFor the past five years, Nokia stock consistently traded between $3 and $5 per share, with the eventual spikes and dips in share price eventually correcting. The notable exception happened on January 27 of this year.\nOn that day, Nokia climbed to $6.55 per share, from only $3.87 two weeks earlier. The stock was “victim” of a bullish Wall Street Bets meme attack, around the time that short interest reached a five-year high of 60 million shares – fertile ground for a short squeeze.","news_type":1,"symbols_score_info":{"NOK":0.9}},"isVote":1,"tweetType":1,"viewCount":705,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122349833,"gmtCreate":1624599850722,"gmtModify":1631892212842,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Tesla overrated&nbsp;","listText":"Tesla overrated&nbsp;","text":"Tesla overrated","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/122349833","repostId":"1180366049","repostType":4,"isVote":1,"tweetType":1,"viewCount":598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122340450,"gmtCreate":1624599827570,"gmtModify":1631892212843,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Rockets","listText":"Rockets","text":"Rockets","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122340450","repostId":"2146025387","repostType":4,"isVote":1,"tweetType":1,"viewCount":815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122394886,"gmtCreate":1624596495645,"gmtModify":1631892212849,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Buy buy buy","listText":"Buy buy buy","text":"Buy buy buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122394886","repostId":"1170542603","repostType":4,"repost":{"id":"1170542603","kind":"news","pubTimestamp":1624592567,"share":"https://www.laohu8.com/m/news/1170542603?lang=zh_CN&edition=full","pubTime":"2021-06-25 11:42","market":"us","language":"en","title":"Nokia Stock: From 5G Winner To Disappointment To Meme<blockquote>诺基亚股票：从5G赢家到失望再到模因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170542603","media":"thestreet","summary":"Nokia has gone from (1) failed mobile phone powerhouse to (2) likely winner in one key technology tr","content":"<p>Nokia has gone from (1) failed mobile phone powerhouse to (2) likely winner in one key technology transformation cycle to (3) a source of “juicy tendies” for Wall Street Bets traders. Five years ago, it would have been hard to guess what would have happened to Nokia stock&nbsp;(<b>NOKIA</b>)&nbsp;since the mid-2010s.</p><p><blockquote>诺基亚已经从（1）失败的手机巨头变成了（2）一个关键技术转型周期中可能的赢家，变成了（3）华尔街投注交易者的“多汁倾向”来源。五年前，很难猜测诺基亚股票会发生什么（<b>诺基亚</b>）自2010年代中期以来。</blockquote></p><p> Wall Street Meme tells the story of this tech stock that has morphed from growth to value to meme – and that after fits and starts, still trades around pre-dot com bubble prices.</p><p><blockquote>《华尔街迷因》讲述了这只科技股从增长型到价值型再到迷因型的故事，而且在经历了断断续续之后，其交易价格仍然围绕互联网泡沫前的价格进行。</blockquote></p><p> <b>Nokia: an unlikely journey</b></p><p><blockquote><b>诺基亚：不太可能的旅程</b></blockquote></p><p> In 2007, moments before Apple’s iPhone disrupted (or perhaps reinvented) the world of consumer mobile devices forever, Nokiacontrolled50% of the smartphone market. But the company’s fall from grace did not take long: Nokia accounted for less than 3% of the market by late 2012.</p><p><blockquote>2007年，就在苹果的iPhone永远颠覆（或者重塑）消费移动设备世界之前，诺基亚控制了智能手机市场50%的份额。但该公司的失宠并没有持续多久：截至2012年底，诺基亚的市场份额还不到3%。</blockquote></p><p> However, the Finnish growth story did not end there. Between 2016-2017, Nokia began drawing the attention of investors looking to bet on the 5G upgrade cycle that would likely start a couple of years later. The company’s network division had been struggling, but the management team believed in a turnaround as 5G infrastructure had to be built around the globe.</p><p><blockquote>然而，芬兰的增长故事并没有就此结束。2016年至2017年间，诺基亚开始吸引投资者的注意，他们希望押注可能在几年后开始的5G升级周期。该公司的网络部门一直在苦苦挣扎，但管理团队相信，随着5G基础设施必须在全球范围内建设，情况会有所好转。</blockquote></p><p> True to its roots, unfortunately,Nokia disappointed yet again. In 2019, the company warned that its recovery was in jeopardy, as competition with Ericsson and Huawei for 5G contracts became too fierce for Nokia to handle. The company’s dividend payment was slashed, and a restructuring process began.</p><p><blockquote>忠于其根源，不幸的是，诺基亚再次失望了。2019年，该公司警告称，其复苏处于危险之中，因为与爱立信和华为争夺5G合同的竞争变得过于激烈，诺基亚无法应对。该公司的股息支付被大幅削减，重组过程开始。</blockquote></p><p> <b>Meme stock for a day</b></p><p><blockquote><b>一天的模因股票</b></blockquote></p><p> For the past five years, Nokia stock consistently traded between $3 and $5 per share, with the eventual spikes and dips in share price eventually correcting. The notable exception happened on January 27 of this year.</p><p><blockquote>在过去的五年里，诺基亚股票的交易价格一直在每股3美元至5美元之间，股价的上涨和下跌最终都会有所调整。值得注意的例外发生在今年1月27日。</blockquote></p><p> On that day, Nokia climbed to $6.55 per share, from only $3.87 two weeks earlier. The stock was “victim” of a bullish Wall Street Bets meme attack, around the time that short interest reached a five-year high of 60 million shares – fertile ground for a short squeeze.</p><p><blockquote>当天，诺基亚股价从两周前的3.87美元攀升至每股6.55美元。该股是华尔街看涨押注模因攻击的“受害者”，当时空头兴趣达到了6000万股的五年高点——这是轧空的沃土。</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>Nokia Stock: From 5G Winner To Disappointment To Meme<blockquote>诺基亚股票：从5G赢家到失望再到模因</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNokia Stock: From 5G Winner To Disappointment To Meme<blockquote>诺基亚股票：从5G赢家到失望再到模因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">thestreet</strong><span class=\"h-time small\">2021-06-25 11:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nokia has gone from (1) failed mobile phone powerhouse to (2) likely winner in one key technology transformation cycle to (3) a source of “juicy tendies” for Wall Street Bets traders. Five years ago, it would have been hard to guess what would have happened to Nokia stock&nbsp;(<b>NOKIA</b>)&nbsp;since the mid-2010s.</p><p><blockquote>诺基亚已经从（1）失败的手机巨头变成了（2）一个关键技术转型周期中可能的赢家，变成了（3）华尔街投注交易者的“多汁倾向”来源。五年前，很难猜测诺基亚股票会发生什么（<b>诺基亚</b>）自2010年代中期以来。</blockquote></p><p> Wall Street Meme tells the story of this tech stock that has morphed from growth to value to meme – and that after fits and starts, still trades around pre-dot com bubble prices.</p><p><blockquote>《华尔街迷因》讲述了这只科技股从增长型到价值型再到迷因型的故事，而且在经历了断断续续之后，其交易价格仍然围绕互联网泡沫前的价格进行。</blockquote></p><p> <b>Nokia: an unlikely journey</b></p><p><blockquote><b>诺基亚：不太可能的旅程</b></blockquote></p><p> In 2007, moments before Apple’s iPhone disrupted (or perhaps reinvented) the world of consumer mobile devices forever, Nokiacontrolled50% of the smartphone market. But the company’s fall from grace did not take long: Nokia accounted for less than 3% of the market by late 2012.</p><p><blockquote>2007年，就在苹果的iPhone永远颠覆（或者重塑）消费移动设备世界之前，诺基亚控制了智能手机市场50%的份额。但该公司的失宠并没有持续多久：截至2012年底，诺基亚的市场份额还不到3%。</blockquote></p><p> However, the Finnish growth story did not end there. Between 2016-2017, Nokia began drawing the attention of investors looking to bet on the 5G upgrade cycle that would likely start a couple of years later. The company’s network division had been struggling, but the management team believed in a turnaround as 5G infrastructure had to be built around the globe.</p><p><blockquote>然而，芬兰的增长故事并没有就此结束。2016年至2017年间，诺基亚开始吸引投资者的注意，他们希望押注可能在几年后开始的5G升级周期。该公司的网络部门一直在苦苦挣扎，但管理团队相信，随着5G基础设施必须在全球范围内建设，情况会有所好转。</blockquote></p><p> True to its roots, unfortunately,Nokia disappointed yet again. In 2019, the company warned that its recovery was in jeopardy, as competition with Ericsson and Huawei for 5G contracts became too fierce for Nokia to handle. The company’s dividend payment was slashed, and a restructuring process began.</p><p><blockquote>忠于其根源，不幸的是，诺基亚再次失望了。2019年，该公司警告称，其复苏处于危险之中，因为与爱立信和华为争夺5G合同的竞争变得过于激烈，诺基亚无法应对。该公司的股息支付被大幅削减，重组过程开始。</blockquote></p><p> <b>Meme stock for a day</b></p><p><blockquote><b>一天的模因股票</b></blockquote></p><p> For the past five years, Nokia stock consistently traded between $3 and $5 per share, with the eventual spikes and dips in share price eventually correcting. The notable exception happened on January 27 of this year.</p><p><blockquote>在过去的五年里，诺基亚股票的交易价格一直在每股3美元至5美元之间，股价的上涨和下跌最终都会有所调整。值得注意的例外发生在今年1月27日。</blockquote></p><p> On that day, Nokia climbed to $6.55 per share, from only $3.87 two weeks earlier. The stock was “victim” of a bullish Wall Street Bets meme attack, around the time that short interest reached a five-year high of 60 million shares – fertile ground for a short squeeze.</p><p><blockquote>当天，诺基亚股价从两周前的3.87美元攀升至每股6.55美元。该股是华尔街看涨押注模因攻击的“受害者”，当时空头兴趣达到了6000万股的五年高点——这是轧空的沃土。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/memestocks/other-memes/nokia-stock-from-5g-winner-to-disappointment-to-meme\">thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NOK":"诺基亚"},"source_url":"https://www.thestreet.com/memestocks/other-memes/nokia-stock-from-5g-winner-to-disappointment-to-meme","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170542603","content_text":"Nokia has gone from (1) failed mobile phone powerhouse to (2) likely winner in one key technology transformation cycle to (3) a source of “juicy tendies” for Wall Street Bets traders. Five years ago, it would have been hard to guess what would have happened to Nokia stock (NOKIA) since the mid-2010s.\nWall Street Meme tells the story of this tech stock that has morphed from growth to value to meme – and that after fits and starts, still trades around pre-dot com bubble prices.\nNokia: an unlikely journey\nIn 2007, moments before Apple’s iPhone disrupted (or perhaps reinvented) the world of consumer mobile devices forever, Nokiacontrolled50% of the smartphone market. But the company’s fall from grace did not take long: Nokia accounted for less than 3% of the market by late 2012.\nHowever, the Finnish growth story did not end there. Between 2016-2017, Nokia began drawing the attention of investors looking to bet on the 5G upgrade cycle that would likely start a couple of years later. The company’s network division had been struggling, but the management team believed in a turnaround as 5G infrastructure had to be built around the globe.\nTrue to its roots, unfortunately,Nokia disappointed yet again. In 2019, the company warned that its recovery was in jeopardy, as competition with Ericsson and Huawei for 5G contracts became too fierce for Nokia to handle. The company’s dividend payment was slashed, and a restructuring process began.\nMeme stock for a day\nFor the past five years, Nokia stock consistently traded between $3 and $5 per share, with the eventual spikes and dips in share price eventually correcting. The notable exception happened on January 27 of this year.\nOn that day, Nokia climbed to $6.55 per share, from only $3.87 two weeks earlier. The stock was “victim” of a bullish Wall Street Bets meme attack, around the time that short interest reached a five-year high of 60 million shares – fertile ground for a short squeeze.","news_type":1,"symbols_score_info":{"NOK":0.9}},"isVote":1,"tweetType":1,"viewCount":612,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129685285,"gmtCreate":1624371075147,"gmtModify":1631892212850,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"To the moon!","listText":"To the moon!","text":"To the moon!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129685285","repostId":"1163697674","repostType":4,"repost":{"id":"1163697674","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":1624370501,"share":"https://www.laohu8.com/m/news/1163697674?lang=zh_CN&edition=full","pubTime":"2021-06-22 22:01","market":"us","language":"en","title":"Clover Health rally Tuesday, rose over 17% in morning trading<blockquote>Clover Health周二上涨，早盘上涨超过17%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163697674","media":"Tiger Newspress","summary":"(June 22) Clover Health rally Tuesday, rose over 17% in morning trading.","content":"<p>(June 22)&nbsp;Clover Health rally Tuesday, rose over 17% in morning trading.</p><p><blockquote>（6月22日）三叶草健康周二反弹，早盘上涨超过17%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8220041ca1b41ddcd04ef608958edf3\" tg-width=\"658\" tg-height=\"477\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Clover Health rally Tuesday, rose over 17% in morning trading<blockquote>Clover Health周二上涨，早盘上涨超过17%</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\">\nClover Health rally Tuesday, rose over 17% in morning trading<blockquote>Clover Health周二上涨，早盘上涨超过17%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-22 22:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 22)&nbsp;Clover Health rally Tuesday, rose over 17% in morning trading.</p><p><blockquote>（6月22日）三叶草健康周二反弹，早盘上涨超过17%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8220041ca1b41ddcd04ef608958edf3\" tg-width=\"658\" tg-height=\"477\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CLOV":"Clover Health Corp"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163697674","content_text":"(June 22) Clover Health rally Tuesday, rose over 17% in morning trading.","news_type":1,"symbols_score_info":{"CLOV":0.9}},"isVote":1,"tweetType":1,"viewCount":671,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167668896,"gmtCreate":1624265906015,"gmtModify":1631892212852,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Buy buy buy","listText":"Buy buy buy","text":"Buy buy buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167668896","repostId":"1175906479","repostType":4,"repost":{"id":"1175906479","kind":"news","pubTimestamp":1624242000,"share":"https://www.laohu8.com/m/news/1175906479?lang=zh_CN&edition=full","pubTime":"2021-06-21 10:20","market":"us","language":"en","title":"Apple: Winter Is Coming<blockquote>苹果：冬天来了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175906479","media":"seekingalpha","summary":"Apple's stock has rallied 449% in the last five years, outperforming the 102% rise in the S&P 500 over the same period.I initiate Apple with a Neutral rating and a fair value of $111.42/share .In the enterprise market, customers across many industries are accelerating their adoption of iPhone 12 and 5G as a key platform for the future of their business. Delta Airlines, for example, is putting iPhone 12 and 5G connectivity into the hands of flight attendants so they can provide the best passenger","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple's stock has rallied 449% in the last five years, outperforming the 102% rise in the S&amp;P 500 over the same period.</li>  <li>I initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share).</li>  <li>From the technical analysis point of view, the stock price is following its ascending triangle pattern and it is heading to the price target of $137/share.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4dc5052119e6bbc5b693cf7385d8738\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\"><span>Michael M. Santiago/Getty Images NewsCompany Overview</span></p><p><blockquote><ul><li>苹果股价在过去五年中上涨了449%，跑赢了标普500同期102%的涨幅。</li><li>我给予苹果中性评级，公允价值为111.42美元/股（当前价格为131.7美元/股）。</li><li>从技术分析角度来看，股价正遵循上升三角形形态，正向137美元/股的目标价迈进。</li></ul><p class=\"t-img-caption\"><span>Michael M.Santiago/Getty Images新闻公司概述</span></p></blockquote></p><p> Apple Inc (AAPL) stock has rallied 449% in the last five years, outperforming the 102% rise in the S&amp;P 500 over the same period. An outstanding return supported by underlying fundamentals. In particular, I would like to start the analysis with the latter.</p><p><blockquote>苹果公司(AAPL)股价在过去五年中上涨了449%，跑赢了标普500同期102%的涨幅。由基本面支持的出色回报。我特别想从后者开始分析。</blockquote></p><p> Over the last two decades, the dominant driver of Apple's success has been the iPhone. In 2016, iPhones accounted for 63% of total sales. This was a problem for Apple, and they knew it. The problem existed due to two main factors: first, the smartphone business was mature (with low growth rates); second, it was (and it is) a highly competitive business. However, Apple had something other competitors didn't have, a big iPhone owner base (which allows to sell more services for instance). Through the years Apple has been able to effectively diversify its revenue stream and it currently presents the structure represented below.</p><p><blockquote>在过去的二十年里，苹果成功的主要驱动力一直是iPhone。2016年，iPhone占总销量的63%。这对苹果来说是个问题，他们知道这一点。这个问题的存在主要有两个因素：第一，智能手机业务已经成熟（增长率较低）；其次，它过去是（现在也是）一个竞争激烈的行业。然而，苹果拥有其他竞争对手所没有的东西，即庞大的iPhone用户群（例如，这允许销售更多服务）。多年来，苹果一直能够有效地实现其收入来源多元化，目前的结构如下所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4602be0c6fa92191baf04a7496c4e024\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> Let's now take a look at each of these segments:</p><p><blockquote>现在让我们来看看这些部分：</blockquote></p><p> <b>1. iPhone</b></p><p><blockquote><b>1.iPhone</b></blockquote></p><p> From 2016 to 2020, the iPhone segment grew at a CAGR of 0.20% and it changed from representing 63.4% (2016) of total sales to 51% (\"TTM\"). I present below the growth rate for the iPhone segment over the last 5 years (2016-TTM).</p><p><blockquote>自2016年至2020年，iPhone分部的复合年增长率为0.20%，并由佔总销售额的63.4%（2016年）变为51%（“TTM”）。我在下面展示了iPhone细分市场在过去5年（2016-TTM）的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/916b48499e3e3ed2c0c167af3ba62bdb\" tg-width=\"607\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告的数据进行的估计</span></p></blockquote></p><p> So far this year the iPhone segment is showing a growth rate of 18.5% TTM, fueled by the new family of iPhone12 with 5G capabilities, and with interesting data coming from China. I believe that the transition to 5G will be the main driver of the growth in this segment. In this manner, I would like to report a piece of the transcript from theQ2 earnings call.</p><p><blockquote>今年到目前为止，在具有5G功能的新iPhone12系列以及来自中国的有趣数据的推动下，iPhone细分市场的TTM增长率为18.5%。我相信向5G的过渡将是该细分市场增长的主要驱动力。我想以这种方式报告第二季度收益看涨期权的一段文字记录。</blockquote></p><p>   <i>In the enterprise market, customers across many industries are accelerating their adoption of iPhone 12 and 5G as a key platform for the future of their business. Delta Airlines, for example, is putting iPhone 12 and 5G connectivity into the hands of flight attendants so they can provide the best passenger service possible as air travel rebounds.Openreach in the U.K. has started equipping tens of thousands of field engineers with iPhone 12 to speed up their deployment of broadband services to homes around the country. And UCHealth, a large health care provider in Colorado, was able to reduce per patient vaccination time from 3 minutes to only 30 seconds largely by moving from PC stations to iPhones. This has allowed their staff to rapidly scan and register new patients and vastly increase their daily vaccination capacity.</i>  <b>2. iPad</b></p><p><blockquote><i>在企业市场，许多行业的客户都在加速采用iPhone 12和5G，将其作为未来业务的关键平台。例如，达美航空正在将iPhone 12和5G连接交给空乘人员，以便他们能够在航空旅行反弹时提供尽可能最好的乘客服务。英国的Openreach已开始为数万名现场工程师配备iPhone 12加快向全国家庭部署宽带服务。科罗拉多州的一家大型医疗保健提供商UCHealth能够将每位患者的疫苗接种时间从3分钟减少到30秒，这主要是通过从PC工作站转移到iPhone。这使得他们的工作人员能够快速扫描和登记新患者，并大大提高他们的日常疫苗接种能力。</i><b>2.iPad</b></blockquote></p><p> As it was in the past, the iPad segment is more or less a constant number as a % of total sales, 9.6% in 2016 vs 9.1% TTM. From 2016 to 2020, the iPad segment grew at a CAGR of 3.56% (with an improving overall trend). I present below the growth rate for the iPad segment over the last 5 years (2016-TTM).</p><p><blockquote>与过去一样，iPad细分市场占总销售额的百分比或多或少是一个恒定的数字，2016年为9.6%，而TTM为9.1%。从2016年到2020年，iPad细分市场的CAGR增长率为3.56%（整体趋势有所改善）。我在下面展示了iPad细分市场在过去5年（2016-TTM）的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6faf9ddb8d29d662fcaa46bbda862f48\" tg-width=\"616\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> The TTM numbers show us an interesting picture with a growth rate of 24.9% TTM for the iPad segment which are driven by 3 factors: the M1 chip, the new 5G capabilities, and the fact that we were all at home. I see a lot of ways in which this new generation of iPads can be implemented. However, I also have to admit that there is a big player swimming in the same sea, the new 2-1 Laptops. The new 2-1 Laptops are a very interesting solution for those looking to have the best of the two worlds. In this last view, the iPad segment may represent a lower % of total sales, around 7.8% (vs current 9.1%).</p><p><blockquote>TTM数据向我们展示了一幅有趣的画面，iPad细分市场的TTM增长率为24.9%，这是由三个因素推动的：M1芯片、新的5G功能以及我们都在家的事实。我看到了很多实现新一代iPads的方法。不过，我也不得不承认，还有一个大玩家在同一个海里游泳，那就是新的2-1笔记本电脑。对于那些希望两全其美的人来说，新的2-1笔记本电脑是一个非常有趣的解决方案。在最后一种观点中，iPad细分市场占总销售额的比例可能较低，约为7.8%（目前为9.1%）。</blockquote></p><p> <b>3. Mac</b></p><p><blockquote><b>3.三月</b></blockquote></p><p></p><p> From 2016 to 2020, the Mac segment grew at a CAGR of 5.81%, and also here, as it is for the iPad segment, the Mac segment represents a more or less constant number as % of total sales 10.6% in 2016 vs 10.4% TTM. I present below the growth rate for the Mac segment over the last 5 years (2016-TTM).</p><p><blockquote>从2016年到2020年，Mac细分市场的CAGR增长率为5.81%，与iPad细分市场一样，Mac细分市场在2016年占总销售额的比例为10.6%，而TTM为10.4%。我在下面介绍了过去5年（2016-TTM）Mac细分市场的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2494d89c1d5cd70a4cf0c5fb31fb20a\" tg-width=\"614\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> The generation of new Macs powered by the M1 chip seems to be appreciated by the customers, in fact, the Mac segment presents a growth rate of 18.4% TTM so far this year. I personally tried this new generation of Macs and I have to admit, Apple knows very well how to delight its customers. Personal PCs are a highly competitive market and, even if I like and I use Apple products, I prefer to work with a Lenovo.</p><p><blockquote>采用M1芯片的新一代Mac似乎受到了客户的赞赏，事实上，今年迄今为止，Mac细分市场的TTM增长率为18.4%。我亲自尝试了这款新一代MAC电脑，我不得不承认，苹果非常知道如何取悦顾客。个人电脑是一个竞争激烈的市场，即使我喜欢并使用苹果产品，我也更喜欢与联想合作。</blockquote></p><p> <b>4. Wearables, Home, and Accessories (WH&amp;A)</b></p><p><blockquote><b>4.可穿戴设备、家居和配件（WH&amp;A）</b></blockquote></p><p> The Wearables, Home, and Accessories segment includes sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod, etc. This is where it gets interesting. From 2016 to 2020, the WH&amp;A segment grew at a CAGR of 28.78%, and it changed from representing only 5.2% of total sales in 2016 to represent 10.8% TTM. I present below the growth rate for the WH&amp;A segment over the last 5 years (2016-TTM).</p><p><blockquote>可穿戴设备、家居和配件部门包括AirPods、苹果电视、苹果手表、Beats产品、HomePod等的销售。这就是有趣的地方。从2016年到2020年，WH&amp;A分部的复合年增长率为28.78%，从2016年仅占总销售额的5.2%变为占TTM的10.8%。我在下面列出了过去5年（2016-TTM）WH&amp;A细分市场的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e16432a1ae66aa9dda7a4f969a9cfcdf\" tg-width=\"607\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> The WH&amp;A segment is showing a growth rate of 14.7% TTM driven by a strong performance from both Apple Watch Series 6 and Apple Watch SE. Apple Watch may have a very bright future in the years ahead, driven by Apple entering into the healthcare market. In fact, it can be used to monitor the health status of the person. Imagine you being close to having a heart attack, your Apple Watch may call an ambulance and save your life, not bad no? Finally, let's don't forget also the launch of Apple TV 4K and of the newest accessory, AirTag (I don't see a market for the latter, but I may be wrong).</p><p><blockquote>在苹果手表系列6和苹果手表SE的强劲表现的推动下，WH&amp;A细分市场的TTM增长率为14.7%。在苹果进入医疗保健市场的推动下，苹果观察在未来几年可能会有一个非常光明的未来。事实上，它可以用来监测人的健康状况。想象一下，你即将心脏病发作，你的苹果手表可能会看涨期权一辆救护车并挽救你的生命，不错不是吗？最后，我们不要忘记苹果电视4K和最新配件AirTag的推出（我没有看到后者的市场，但我可能是错的）。</blockquote></p><p> <b>5. Services</b></p><p><blockquote><b>5.服务</b></blockquote></p><p> Services include sales from the Company’s advertising, AppleCare, digital content, and other services. From 2016 to 2020, the Services segment grew at a CAGR of 21.9% and it changed from representing 11.3% of total sales in 2016 to represent 18.6% TTM. I present below the growth rate for the Services segment over the last 5 years (2016-TTM).</p><p><blockquote>服务包括公司广告、AppleCare、数字内容和其他服务的销售。于二零一六年至二零二零年，服务分部的复合年增长率为21.9%，并由二零一六年佔总销售额的11.3%变为佔TTM的18.6%。我在下面列出了过去5年（2016-TTM）服务部门的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af34eb1ba8fffd690a75318f8cf805f7\" tg-width=\"610\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> To date, the Services segment is showing a growth rate of 12.3% TTM. The growth is driven by App Store, Cloud Services, Music, Advertising, and Payment Services. The new services, Apple TV+, Apple Arcade, Apple News+, and Apple Card, are also starting to contribute to overall services growth, and continue to add users, content, and features. I believe that in the future, the Services segment will be the company's dominant segment. Below I present an interesting part I extrapolated from theQ4 earnings call.</p><p><blockquote>迄今为止，服务部门的TTM增长率为12.3%。这一增长是由应用商店、云服务、音乐、广告和支付服务推动的。苹果TV+、苹果街机、苹果新闻+和苹果卡等新服务也开始为整体服务增长做出贡献，并继续增加用户、内容和功能。我相信，未来，服务板块将是公司的主导板块。下面我展示了我从第四季度收益看涨期权中推断出来的有趣部分。</blockquote></p><p>   <i>First, our installed base continues to grow and is at an all-time high across each major product category. Second, the number of both transacting and paid accounts on our digital content stores reached a new all-time high during the September quarter, with paid accounts increasing double digits in each of our geographic segments.Third, paid subscriptions grew more than 35 million sequentially, and we now have over 585 million paid subscriptions across the services on our platform, up 135 million from just a year ago. With this momentum, we are very confident to reach and exceed our increased target of 600 million paid subscriptions before the end of calendar 2020.</i>  <b>Company Analysis</b></p><p><blockquote><i>首先，我们的安装基础持续增长，并且在每个主要产品类别中都处于历史最高水平。其次，我们数字内容商店上的交易账户和付费账户数量在9月份季度均创下历史新高，每个地理区域的付费账户均以两位数增长。第三，付费订阅量环比增长超过3500万，目前我们平台上的服务付费订阅量超过5.85亿，比一年前增加了1.35亿。凭借这一势头，我们非常有信心在2020年底前达到并超过6亿付费订阅的增加目标。</i><b>公司分析</b></blockquote></p><p> I initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share). The fair value is an algorithm-adjusted value that accounts for different factors, fundamental and technical (e.g. DCF fair value, Momentum, etc.), and so it takes into consideration the Mr. Market mood. At the same time, the fair value which I obtained through the DCF model is equal to $105.68/share. Now before showing the results, the numbers used as the base are the trailing twelve-month numbers. Moreover, I also restated the financials since I capitalized on R&amp;D expenses with an amortizable life of 3 years. I don't believe that in the case of Apple, R&amp;D is an operating expense and for this reason, I treat it as CapEx. By taking into account the R&amp;D, the following metrics have been restated (all numbers in $mm).</p><p><blockquote>我给予苹果中性评级，公允价值为111.42美元/股（当前价格为131.7美元/股）。公允价值是算法调整后的价值，考虑了不同的因素，基本面和技术面（如DCF公允价值、动量等）。），因此它考虑了市场先生的情绪。同时，我通过DCF模型获得的公允价值等于105.68美元/股。现在，在显示结果之前，用作基数的数字是过去12个月的数字。此外，我还重述了财务数据，因为我将可摊销期限为3年的研发费用资本化。我不认为就苹果而言，研发是一项运营费用，因此，我将其视为资本支出。考虑到研发，以下指标已被重述（所有数字均以百万美元为单位）。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7a2222a8e8b9088e619b0b971193a1f\" tg-width=\"569\" tg-height=\"262\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> It is very important to capitalize on R&amp;D expense, if we don't, we are just keeping the company's biggest asset off-balance sheet.</p><p><blockquote>利用研发费用非常重要，如果我们不这样做，我们只是将公司最大的资产保留在资产负债表之外。</blockquote></p><p> <b>Discounted Cash Flow Model</b></p><p><blockquote><b>折现现金流量模型</b></blockquote></p><p> Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p><p><blockquote>现在，让我们转向贴现现金流估值部分。下面，你可以看到我所做的相对假设的结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2da633d931f51b493d897d9c87ecee5\" tg-width=\"640\" tg-height=\"262\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> Now, this time I also present along with my estimates three possible scenarios:</p><p><blockquote>现在，这次我还提出了三种可能的情况以及我的估计：</blockquote></p><p> <ul>  <li><i>Base Case Scenario</i>: The above DCF model represents my base case scenario. In the base case scenario, I assume the drivers of growth to be: the iPhone segment (driven by 5G transition), the Services segment (driven by a broader customer base), and the new powered M1 Macs segment. Under this scenario, I assume a Y1 growth rate of 12%, a CAGR Y2-Y5 of 7.1%, and a target operating margin in Y10 of 27%. The DCF fair value under this scenario is $105.68/share.</li>  <li><i>Best Case Scenario</i>: The business is booming! In the best-case scenario, I see again as the main drivers the one which I described for the base case scenario, however, in addition, I see a greater market penetration in China. Over the last 5 years, we can observe a falling pattern for sales in China, however, this year sales jumped 39.7% (with the iPhone segment rising substantially). Under this scenario, I assume a Y1 growth rate of 14%, a CAGR Y2-Y5 of 9.1%, and a target operating margin in Y10 of 30%. The DCF fair value under this scenario is $130.32/share.</li>  <li><i>Worst Case Scenario</i>: Well, this is a scenario that I would like to call like \"mature company scenario\". Under this scenario I see Apple growing a little above the growth rate of the economy and for this reason, I assume a Y1 growth rate of 10%, a CAGR Y2-Y5 of 3.1%, and a target operating margin in Y10 of 25%. The DCF fair value under this scenario is $81.03/share.</li> </ul> Finally, for each scenario, I see Apple entering into the health care market with its Apple Watch. As you can imagine, I assign a different likelihood of market penetration in each of these scenarios.</p><p><blockquote><ul><li><i>基本情况</i>：上面的DCF模型代表了我的基本情况。在基本情况下，我假设增长的驱动力是：iPhone细分市场（由5G过渡驱动）、服务细分市场（由更广泛的客户群驱动）和新的M1 MAC细分市场。在这种情况下，我假设Y1增长率为12%，Y2-Y5复合年增长率为7.1%，Y10的目标营业利润率为27%。在这种情况下，DCF公允价值为105.68美元/股。</li><li><i>最佳情况</i>：生意火爆！在最好的情况下，我再次将我在基本情况中描述的主要驱动因素视为主要驱动因素，但是，此外，我还看到中国的市场渗透率更高。在过去的5年里，我们可以观察到中国的销售额呈下降趋势，然而，今年的销售额增长了39.7%（iPhone细分市场大幅增长）。在这种情况下，我假设Y1增长率为14%，Y2-Y5复合年增长率为9.1%，Y10的目标营业利润率为30%。在这种情况下，DCF公允价值为130.32美元/股。</li><li><i>最坏的情况</i>：嗯，这是一个我想看涨期权为“成熟公司场景”的场景。在这种情况下，我认为苹果的增长略高于经济增长率，因此，我假设Y1增长率为10%，Y2-Y5复合年增长率为3.1%，Y10的目标营业利润率为25%。在这种情况下，DCF公允价值为81.03美元/股。</li></ul>最后，对于每种情况，我都看到苹果凭借其苹果手表进入医疗保健市场。正如你可以想象的那样，我在每种情况下分配了不同的市场渗透可能性。</blockquote></p><p> <b>Sensitivity Analysis</b></p><p><blockquote><b>敏感性分析</b></blockquote></p><p> Moreover, I also would like to provide the sensitivity analysis for the base case scenario.</p><p><blockquote>此外，我还想提供基本情况的敏感性分析。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95f00eba768526d07d68fd846ecf998d\" tg-width=\"640\" tg-height=\"462\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> <b>Technical Analysis</b></p><p><blockquote><b>技术分析</b></blockquote></p><p> From the technical analysis point of view, I don't see any problem yet. The stock price is in a bullish mode, currently within an ascending triangle pattern. As of right now, the stock price is following its pattern and it is heading to the price target of $137/share or point D, where it is likely to bounce and head back to point E. If this scenario happens, point E is usually the point where stock price bounces once again and from that point, the stock goes higher (it is just a technical analysis assumption, take it as is).</p><p><blockquote>从技术分析的角度来看，我还没有看到任何问题。股价处于看涨模式，目前处于上升三角形形态。截至目前，股价正在遵循其模式，正朝着137美元/股或D点的目标价迈进，在那里它可能会反弹并回到E点。如果这种情况发生，E点通常是股价再次反弹的点，从该点开始，股票走高（这只是一个技术分析假设，照原样）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ecf3e5f45dcb5e30b092c02bbf94d6f9\" tg-width=\"640\" tg-height=\"317\" referrerpolicy=\"no-referrer\"><span>Source:TradingView.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView.com</span></p></blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Apple is a mature company that is able to see a problem and solve it years ahead. By looking at the fair value, computed under the base case scenario, we can argue that the stock is currently overvalued but not by that much. For what concern risks, the difference between the best-case and the worst-case scenario can be used as a proxy of risk. Taking this into consideration I don't see big reasoning to panic, however, it is also true that I see an upcoming correction for the market. Many indicators, technical and fundamental, are suggesting to me that the market is too heavy right now (even if the S&amp;P500 may go higher, perhaps in the 4400 area). To conclude, I don't think to close out my whole Apple position, however, I will close out 60% of it once it reaches my price target.</p><p><blockquote>苹果是一家成熟的公司，能够在未来几年发现问题并解决它。通过查看在基本情况下计算的公允价值，我们可以认为该股票目前被高估，但没有高估那么多。对于什么关注风险，最好情况和最坏情况之间的差异可以用作风险的代理。考虑到这一点，我认为没有什么理由恐慌，但是，我确实看到市场即将出现调整。许多技术和基本面指标都向我表明，市场目前过于沉重（即使标准普尔500指数可能会走高，也许会在4400点区域）。总而言之，我不认为要平仓我的整个苹果头寸，但是，一旦达到我的价格目标，我会平仓其中的60%。</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>Apple: Winter Is Coming<blockquote>苹果：冬天来了</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\">\nApple: Winter Is Coming<blockquote>苹果：冬天来了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-21 10:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple's stock has rallied 449% in the last five years, outperforming the 102% rise in the S&amp;P 500 over the same period.</li>  <li>I initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share).</li>  <li>From the technical analysis point of view, the stock price is following its ascending triangle pattern and it is heading to the price target of $137/share.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4dc5052119e6bbc5b693cf7385d8738\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\"><span>Michael M. Santiago/Getty Images NewsCompany Overview</span></p><p><blockquote><ul><li>苹果股价在过去五年中上涨了449%，跑赢了标普500同期102%的涨幅。</li><li>我给予苹果中性评级，公允价值为111.42美元/股（当前价格为131.7美元/股）。</li><li>从技术分析角度来看，股价正遵循上升三角形形态，正向137美元/股的目标价迈进。</li></ul><p class=\"t-img-caption\"><span>Michael M.Santiago/Getty Images新闻公司概述</span></p></blockquote></p><p> Apple Inc (AAPL) stock has rallied 449% in the last five years, outperforming the 102% rise in the S&amp;P 500 over the same period. An outstanding return supported by underlying fundamentals. In particular, I would like to start the analysis with the latter.</p><p><blockquote>苹果公司(AAPL)股价在过去五年中上涨了449%，跑赢了标普500同期102%的涨幅。由基本面支持的出色回报。我特别想从后者开始分析。</blockquote></p><p> Over the last two decades, the dominant driver of Apple's success has been the iPhone. In 2016, iPhones accounted for 63% of total sales. This was a problem for Apple, and they knew it. The problem existed due to two main factors: first, the smartphone business was mature (with low growth rates); second, it was (and it is) a highly competitive business. However, Apple had something other competitors didn't have, a big iPhone owner base (which allows to sell more services for instance). Through the years Apple has been able to effectively diversify its revenue stream and it currently presents the structure represented below.</p><p><blockquote>在过去的二十年里，苹果成功的主要驱动力一直是iPhone。2016年，iPhone占总销量的63%。这对苹果来说是个问题，他们知道这一点。这个问题的存在主要有两个因素：第一，智能手机业务已经成熟（增长率较低）；其次，它过去是（现在也是）一个竞争激烈的行业。然而，苹果拥有其他竞争对手所没有的东西，即庞大的iPhone用户群（例如，这允许销售更多服务）。多年来，苹果一直能够有效地实现其收入来源多元化，目前的结构如下所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4602be0c6fa92191baf04a7496c4e024\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> Let's now take a look at each of these segments:</p><p><blockquote>现在让我们来看看这些部分：</blockquote></p><p> <b>1. iPhone</b></p><p><blockquote><b>1.iPhone</b></blockquote></p><p> From 2016 to 2020, the iPhone segment grew at a CAGR of 0.20% and it changed from representing 63.4% (2016) of total sales to 51% (\"TTM\"). I present below the growth rate for the iPhone segment over the last 5 years (2016-TTM).</p><p><blockquote>自2016年至2020年，iPhone分部的复合年增长率为0.20%，并由佔总销售额的63.4%（2016年）变为51%（“TTM”）。我在下面展示了iPhone细分市场在过去5年（2016-TTM）的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/916b48499e3e3ed2c0c167af3ba62bdb\" tg-width=\"607\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告的数据进行的估计</span></p></blockquote></p><p> So far this year the iPhone segment is showing a growth rate of 18.5% TTM, fueled by the new family of iPhone12 with 5G capabilities, and with interesting data coming from China. I believe that the transition to 5G will be the main driver of the growth in this segment. In this manner, I would like to report a piece of the transcript from theQ2 earnings call.</p><p><blockquote>今年到目前为止，在具有5G功能的新iPhone12系列以及来自中国的有趣数据的推动下，iPhone细分市场的TTM增长率为18.5%。我相信向5G的过渡将是该细分市场增长的主要驱动力。我想以这种方式报告第二季度收益看涨期权的一段文字记录。</blockquote></p><p>   <i>In the enterprise market, customers across many industries are accelerating their adoption of iPhone 12 and 5G as a key platform for the future of their business. Delta Airlines, for example, is putting iPhone 12 and 5G connectivity into the hands of flight attendants so they can provide the best passenger service possible as air travel rebounds.Openreach in the U.K. has started equipping tens of thousands of field engineers with iPhone 12 to speed up their deployment of broadband services to homes around the country. And UCHealth, a large health care provider in Colorado, was able to reduce per patient vaccination time from 3 minutes to only 30 seconds largely by moving from PC stations to iPhones. This has allowed their staff to rapidly scan and register new patients and vastly increase their daily vaccination capacity.</i>  <b>2. iPad</b></p><p><blockquote><i>在企业市场，许多行业的客户都在加速采用iPhone 12和5G，将其作为未来业务的关键平台。例如，达美航空正在将iPhone 12和5G连接交给空乘人员，以便他们能够在航空旅行反弹时提供尽可能最好的乘客服务。英国的Openreach已开始为数万名现场工程师配备iPhone 12加快向全国家庭部署宽带服务。科罗拉多州的一家大型医疗保健提供商UCHealth能够将每位患者的疫苗接种时间从3分钟减少到30秒，这主要是通过从PC工作站转移到iPhone。这使得他们的工作人员能够快速扫描和登记新患者，并大大提高他们的日常疫苗接种能力。</i><b>2.iPad</b></blockquote></p><p> As it was in the past, the iPad segment is more or less a constant number as a % of total sales, 9.6% in 2016 vs 9.1% TTM. From 2016 to 2020, the iPad segment grew at a CAGR of 3.56% (with an improving overall trend). I present below the growth rate for the iPad segment over the last 5 years (2016-TTM).</p><p><blockquote>与过去一样，iPad细分市场占总销售额的百分比或多或少是一个恒定的数字，2016年为9.6%，而TTM为9.1%。从2016年到2020年，iPad细分市场的CAGR增长率为3.56%（整体趋势有所改善）。我在下面展示了iPad细分市场在过去5年（2016-TTM）的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6faf9ddb8d29d662fcaa46bbda862f48\" tg-width=\"616\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> The TTM numbers show us an interesting picture with a growth rate of 24.9% TTM for the iPad segment which are driven by 3 factors: the M1 chip, the new 5G capabilities, and the fact that we were all at home. I see a lot of ways in which this new generation of iPads can be implemented. However, I also have to admit that there is a big player swimming in the same sea, the new 2-1 Laptops. The new 2-1 Laptops are a very interesting solution for those looking to have the best of the two worlds. In this last view, the iPad segment may represent a lower % of total sales, around 7.8% (vs current 9.1%).</p><p><blockquote>TTM数据向我们展示了一幅有趣的画面，iPad细分市场的TTM增长率为24.9%，这是由三个因素推动的：M1芯片、新的5G功能以及我们都在家的事实。我看到了很多实现新一代iPads的方法。不过，我也不得不承认，还有一个大玩家在同一个海里游泳，那就是新的2-1笔记本电脑。对于那些希望两全其美的人来说，新的2-1笔记本电脑是一个非常有趣的解决方案。在最后一种观点中，iPad细分市场占总销售额的比例可能较低，约为7.8%（目前为9.1%）。</blockquote></p><p> <b>3. Mac</b></p><p><blockquote><b>3.三月</b></blockquote></p><p></p><p> From 2016 to 2020, the Mac segment grew at a CAGR of 5.81%, and also here, as it is for the iPad segment, the Mac segment represents a more or less constant number as % of total sales 10.6% in 2016 vs 10.4% TTM. I present below the growth rate for the Mac segment over the last 5 years (2016-TTM).</p><p><blockquote>从2016年到2020年，Mac细分市场的CAGR增长率为5.81%，与iPad细分市场一样，Mac细分市场在2016年占总销售额的比例为10.6%，而TTM为10.4%。我在下面介绍了过去5年（2016-TTM）Mac细分市场的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2494d89c1d5cd70a4cf0c5fb31fb20a\" tg-width=\"614\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> The generation of new Macs powered by the M1 chip seems to be appreciated by the customers, in fact, the Mac segment presents a growth rate of 18.4% TTM so far this year. I personally tried this new generation of Macs and I have to admit, Apple knows very well how to delight its customers. Personal PCs are a highly competitive market and, even if I like and I use Apple products, I prefer to work with a Lenovo.</p><p><blockquote>采用M1芯片的新一代Mac似乎受到了客户的赞赏，事实上，今年迄今为止，Mac细分市场的TTM增长率为18.4%。我亲自尝试了这款新一代MAC电脑，我不得不承认，苹果非常知道如何取悦顾客。个人电脑是一个竞争激烈的市场，即使我喜欢并使用苹果产品，我也更喜欢与联想合作。</blockquote></p><p> <b>4. Wearables, Home, and Accessories (WH&amp;A)</b></p><p><blockquote><b>4.可穿戴设备、家居和配件（WH&amp;A）</b></blockquote></p><p> The Wearables, Home, and Accessories segment includes sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod, etc. This is where it gets interesting. From 2016 to 2020, the WH&amp;A segment grew at a CAGR of 28.78%, and it changed from representing only 5.2% of total sales in 2016 to represent 10.8% TTM. I present below the growth rate for the WH&amp;A segment over the last 5 years (2016-TTM).</p><p><blockquote>可穿戴设备、家居和配件部门包括AirPods、苹果电视、苹果手表、Beats产品、HomePod等的销售。这就是有趣的地方。从2016年到2020年，WH&amp;A分部的复合年增长率为28.78%，从2016年仅占总销售额的5.2%变为占TTM的10.8%。我在下面列出了过去5年（2016-TTM）WH&amp;A细分市场的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e16432a1ae66aa9dda7a4f969a9cfcdf\" tg-width=\"607\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> The WH&amp;A segment is showing a growth rate of 14.7% TTM driven by a strong performance from both Apple Watch Series 6 and Apple Watch SE. Apple Watch may have a very bright future in the years ahead, driven by Apple entering into the healthcare market. In fact, it can be used to monitor the health status of the person. Imagine you being close to having a heart attack, your Apple Watch may call an ambulance and save your life, not bad no? Finally, let's don't forget also the launch of Apple TV 4K and of the newest accessory, AirTag (I don't see a market for the latter, but I may be wrong).</p><p><blockquote>在苹果手表系列6和苹果手表SE的强劲表现的推动下，WH&amp;A细分市场的TTM增长率为14.7%。在苹果进入医疗保健市场的推动下，苹果观察在未来几年可能会有一个非常光明的未来。事实上，它可以用来监测人的健康状况。想象一下，你即将心脏病发作，你的苹果手表可能会看涨期权一辆救护车并挽救你的生命，不错不是吗？最后，我们不要忘记苹果电视4K和最新配件AirTag的推出（我没有看到后者的市场，但我可能是错的）。</blockquote></p><p> <b>5. Services</b></p><p><blockquote><b>5.服务</b></blockquote></p><p> Services include sales from the Company’s advertising, AppleCare, digital content, and other services. From 2016 to 2020, the Services segment grew at a CAGR of 21.9% and it changed from representing 11.3% of total sales in 2016 to represent 18.6% TTM. I present below the growth rate for the Services segment over the last 5 years (2016-TTM).</p><p><blockquote>服务包括公司广告、AppleCare、数字内容和其他服务的销售。于二零一六年至二零二零年，服务分部的复合年增长率为21.9%，并由二零一六年佔总销售额的11.3%变为佔TTM的18.6%。我在下面列出了过去5年（2016-TTM）服务部门的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af34eb1ba8fffd690a75318f8cf805f7\" tg-width=\"610\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> To date, the Services segment is showing a growth rate of 12.3% TTM. The growth is driven by App Store, Cloud Services, Music, Advertising, and Payment Services. The new services, Apple TV+, Apple Arcade, Apple News+, and Apple Card, are also starting to contribute to overall services growth, and continue to add users, content, and features. I believe that in the future, the Services segment will be the company's dominant segment. Below I present an interesting part I extrapolated from theQ4 earnings call.</p><p><blockquote>迄今为止，服务部门的TTM增长率为12.3%。这一增长是由应用商店、云服务、音乐、广告和支付服务推动的。苹果TV+、苹果街机、苹果新闻+和苹果卡等新服务也开始为整体服务增长做出贡献，并继续增加用户、内容和功能。我相信，未来，服务板块将是公司的主导板块。下面我展示了我从第四季度收益看涨期权中推断出来的有趣部分。</blockquote></p><p>   <i>First, our installed base continues to grow and is at an all-time high across each major product category. Second, the number of both transacting and paid accounts on our digital content stores reached a new all-time high during the September quarter, with paid accounts increasing double digits in each of our geographic segments.Third, paid subscriptions grew more than 35 million sequentially, and we now have over 585 million paid subscriptions across the services on our platform, up 135 million from just a year ago. With this momentum, we are very confident to reach and exceed our increased target of 600 million paid subscriptions before the end of calendar 2020.</i>  <b>Company Analysis</b></p><p><blockquote><i>首先，我们的安装基础持续增长，并且在每个主要产品类别中都处于历史最高水平。其次，我们数字内容商店上的交易账户和付费账户数量在9月份季度均创下历史新高，每个地理区域的付费账户均以两位数增长。第三，付费订阅量环比增长超过3500万，目前我们平台上的服务付费订阅量超过5.85亿，比一年前增加了1.35亿。凭借这一势头，我们非常有信心在2020年底前达到并超过6亿付费订阅的增加目标。</i><b>公司分析</b></blockquote></p><p> I initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share). The fair value is an algorithm-adjusted value that accounts for different factors, fundamental and technical (e.g. DCF fair value, Momentum, etc.), and so it takes into consideration the Mr. Market mood. At the same time, the fair value which I obtained through the DCF model is equal to $105.68/share. Now before showing the results, the numbers used as the base are the trailing twelve-month numbers. Moreover, I also restated the financials since I capitalized on R&amp;D expenses with an amortizable life of 3 years. I don't believe that in the case of Apple, R&amp;D is an operating expense and for this reason, I treat it as CapEx. By taking into account the R&amp;D, the following metrics have been restated (all numbers in $mm).</p><p><blockquote>我给予苹果中性评级，公允价值为111.42美元/股（当前价格为131.7美元/股）。公允价值是算法调整后的价值，考虑了不同的因素，基本面和技术面（如DCF公允价值、动量等）。），因此它考虑了市场先生的情绪。同时，我通过DCF模型获得的公允价值等于105.68美元/股。现在，在显示结果之前，用作基数的数字是过去12个月的数字。此外，我还重述了财务数据，因为我将可摊销期限为3年的研发费用资本化。我不认为就苹果而言，研发是一项运营费用，因此，我将其视为资本支出。考虑到研发，以下指标已被重述（所有数字均以百万美元为单位）。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7a2222a8e8b9088e619b0b971193a1f\" tg-width=\"569\" tg-height=\"262\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> It is very important to capitalize on R&amp;D expense, if we don't, we are just keeping the company's biggest asset off-balance sheet.</p><p><blockquote>利用研发费用非常重要，如果我们不这样做，我们只是将公司最大的资产保留在资产负债表之外。</blockquote></p><p> <b>Discounted Cash Flow Model</b></p><p><blockquote><b>折现现金流量模型</b></blockquote></p><p> Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p><p><blockquote>现在，让我们转向贴现现金流估值部分。下面，你可以看到我所做的相对假设的结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2da633d931f51b493d897d9c87ecee5\" tg-width=\"640\" tg-height=\"262\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> Now, this time I also present along with my estimates three possible scenarios:</p><p><blockquote>现在，这次我还提出了三种可能的情况以及我的估计：</blockquote></p><p> <ul>  <li><i>Base Case Scenario</i>: The above DCF model represents my base case scenario. In the base case scenario, I assume the drivers of growth to be: the iPhone segment (driven by 5G transition), the Services segment (driven by a broader customer base), and the new powered M1 Macs segment. Under this scenario, I assume a Y1 growth rate of 12%, a CAGR Y2-Y5 of 7.1%, and a target operating margin in Y10 of 27%. The DCF fair value under this scenario is $105.68/share.</li>  <li><i>Best Case Scenario</i>: The business is booming! In the best-case scenario, I see again as the main drivers the one which I described for the base case scenario, however, in addition, I see a greater market penetration in China. Over the last 5 years, we can observe a falling pattern for sales in China, however, this year sales jumped 39.7% (with the iPhone segment rising substantially). Under this scenario, I assume a Y1 growth rate of 14%, a CAGR Y2-Y5 of 9.1%, and a target operating margin in Y10 of 30%. The DCF fair value under this scenario is $130.32/share.</li>  <li><i>Worst Case Scenario</i>: Well, this is a scenario that I would like to call like \"mature company scenario\". Under this scenario I see Apple growing a little above the growth rate of the economy and for this reason, I assume a Y1 growth rate of 10%, a CAGR Y2-Y5 of 3.1%, and a target operating margin in Y10 of 25%. The DCF fair value under this scenario is $81.03/share.</li> </ul> Finally, for each scenario, I see Apple entering into the health care market with its Apple Watch. As you can imagine, I assign a different likelihood of market penetration in each of these scenarios.</p><p><blockquote><ul><li><i>基本情况</i>：上面的DCF模型代表了我的基本情况。在基本情况下，我假设增长的驱动力是：iPhone细分市场（由5G过渡驱动）、服务细分市场（由更广泛的客户群驱动）和新的M1 MAC细分市场。在这种情况下，我假设Y1增长率为12%，Y2-Y5复合年增长率为7.1%，Y10的目标营业利润率为27%。在这种情况下，DCF公允价值为105.68美元/股。</li><li><i>最佳情况</i>：生意火爆！在最好的情况下，我再次将我在基本情况中描述的主要驱动因素视为主要驱动因素，但是，此外，我还看到中国的市场渗透率更高。在过去的5年里，我们可以观察到中国的销售额呈下降趋势，然而，今年的销售额增长了39.7%（iPhone细分市场大幅增长）。在这种情况下，我假设Y1增长率为14%，Y2-Y5复合年增长率为9.1%，Y10的目标营业利润率为30%。在这种情况下，DCF公允价值为130.32美元/股。</li><li><i>最坏的情况</i>：嗯，这是一个我想看涨期权为“成熟公司场景”的场景。在这种情况下，我认为苹果的增长略高于经济增长率，因此，我假设Y1增长率为10%，Y2-Y5复合年增长率为3.1%，Y10的目标营业利润率为25%。在这种情况下，DCF公允价值为81.03美元/股。</li></ul>最后，对于每种情况，我都看到苹果凭借其苹果手表进入医疗保健市场。正如你可以想象的那样，我在每种情况下分配了不同的市场渗透可能性。</blockquote></p><p> <b>Sensitivity Analysis</b></p><p><blockquote><b>敏感性分析</b></blockquote></p><p> Moreover, I also would like to provide the sensitivity analysis for the base case scenario.</p><p><blockquote>此外，我还想提供基本情况的敏感性分析。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95f00eba768526d07d68fd846ecf998d\" tg-width=\"640\" tg-height=\"462\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> <b>Technical Analysis</b></p><p><blockquote><b>技术分析</b></blockquote></p><p> From the technical analysis point of view, I don't see any problem yet. The stock price is in a bullish mode, currently within an ascending triangle pattern. As of right now, the stock price is following its pattern and it is heading to the price target of $137/share or point D, where it is likely to bounce and head back to point E. If this scenario happens, point E is usually the point where stock price bounces once again and from that point, the stock goes higher (it is just a technical analysis assumption, take it as is).</p><p><blockquote>从技术分析的角度来看，我还没有看到任何问题。股价处于看涨模式，目前处于上升三角形形态。截至目前，股价正在遵循其模式，正朝着137美元/股或D点的目标价迈进，在那里它可能会反弹并回到E点。如果这种情况发生，E点通常是股价再次反弹的点，从该点开始，股票走高（这只是一个技术分析假设，照原样）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ecf3e5f45dcb5e30b092c02bbf94d6f9\" tg-width=\"640\" tg-height=\"317\" referrerpolicy=\"no-referrer\"><span>Source:TradingView.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView.com</span></p></blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Apple is a mature company that is able to see a problem and solve it years ahead. By looking at the fair value, computed under the base case scenario, we can argue that the stock is currently overvalued but not by that much. For what concern risks, the difference between the best-case and the worst-case scenario can be used as a proxy of risk. Taking this into consideration I don't see big reasoning to panic, however, it is also true that I see an upcoming correction for the market. Many indicators, technical and fundamental, are suggesting to me that the market is too heavy right now (even if the S&amp;P500 may go higher, perhaps in the 4400 area). To conclude, I don't think to close out my whole Apple position, however, I will close out 60% of it once it reaches my price target.</p><p><blockquote>苹果是一家成熟的公司，能够在未来几年发现问题并解决它。通过查看在基本情况下计算的公允价值，我们可以认为该股票目前被高估，但没有高估那么多。对于什么关注风险，最好情况和最坏情况之间的差异可以用作风险的代理。考虑到这一点，我认为没有什么理由恐慌，但是，我确实看到市场即将出现调整。许多技术和基本面指标都向我表明，市场目前过于沉重（即使标准普尔500指数可能会走高，也许会在4400点区域）。总而言之，我不认为要平仓我的整个苹果头寸，但是，一旦达到我的价格目标，我会平仓其中的60%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435760-apple-stock-aapl-winter-is-coming\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4435760-apple-stock-aapl-winter-is-coming","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175906479","content_text":"Summary\n\nApple's stock has rallied 449% in the last five years, outperforming the 102% rise in the S&P 500 over the same period.\nI initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share).\nFrom the technical analysis point of view, the stock price is following its ascending triangle pattern and it is heading to the price target of $137/share.\n\nMichael M. Santiago/Getty Images NewsCompany Overview\nApple Inc (AAPL) stock has rallied 449% in the last five years, outperforming the 102% rise in the S&P 500 over the same period. An outstanding return supported by underlying fundamentals. In particular, I would like to start the analysis with the latter.\nOver the last two decades, the dominant driver of Apple's success has been the iPhone. In 2016, iPhones accounted for 63% of total sales. This was a problem for Apple, and they knew it. The problem existed due to two main factors: first, the smartphone business was mature (with low growth rates); second, it was (and it is) a highly competitive business. However, Apple had something other competitors didn't have, a big iPhone owner base (which allows to sell more services for instance). Through the years Apple has been able to effectively diversify its revenue stream and it currently presents the structure represented below.\nSource:Author's estimates using data from the latest 10-K report\nLet's now take a look at each of these segments:\n1. iPhone\nFrom 2016 to 2020, the iPhone segment grew at a CAGR of 0.20% and it changed from representing 63.4% (2016) of total sales to 51% (\"TTM\"). I present below the growth rate for the iPhone segment over the last 5 years (2016-TTM).\nSource:Author's estimates using data from the latest10-K report\nSo far this year the iPhone segment is showing a growth rate of 18.5% TTM, fueled by the new family of iPhone12 with 5G capabilities, and with interesting data coming from China. I believe that the transition to 5G will be the main driver of the growth in this segment. In this manner, I would like to report a piece of the transcript from theQ2 earnings call.\n\nIn the enterprise market, customers across many industries are accelerating their adoption of iPhone 12 and 5G as a key platform for the future of their business. Delta Airlines, for example, is putting iPhone 12 and 5G connectivity into the hands of flight attendants so they can provide the best passenger service possible as air travel rebounds.Openreach in the U.K. has started equipping tens of thousands of field engineers with iPhone 12 to speed up their deployment of broadband services to homes around the country. And UCHealth, a large health care provider in Colorado, was able to reduce per patient vaccination time from 3 minutes to only 30 seconds largely by moving from PC stations to iPhones. This has allowed their staff to rapidly scan and register new patients and vastly increase their daily vaccination capacity.\n\n2. iPad\nAs it was in the past, the iPad segment is more or less a constant number as a % of total sales, 9.6% in 2016 vs 9.1% TTM. From 2016 to 2020, the iPad segment grew at a CAGR of 3.56% (with an improving overall trend). I present below the growth rate for the iPad segment over the last 5 years (2016-TTM).\nSource:Author's estimates using data from the latest 10-K report\nThe TTM numbers show us an interesting picture with a growth rate of 24.9% TTM for the iPad segment which are driven by 3 factors: the M1 chip, the new 5G capabilities, and the fact that we were all at home. I see a lot of ways in which this new generation of iPads can be implemented. However, I also have to admit that there is a big player swimming in the same sea, the new 2-1 Laptops. The new 2-1 Laptops are a very interesting solution for those looking to have the best of the two worlds. In this last view, the iPad segment may represent a lower % of total sales, around 7.8% (vs current 9.1%).\n3. Mac\nFrom 2016 to 2020, the Mac segment grew at a CAGR of 5.81%, and also here, as it is for the iPad segment, the Mac segment represents a more or less constant number as % of total sales 10.6% in 2016 vs 10.4% TTM. I present below the growth rate for the Mac segment over the last 5 years (2016-TTM).\nSource:Author's estimates using data from the latest 10-K report\nThe generation of new Macs powered by the M1 chip seems to be appreciated by the customers, in fact, the Mac segment presents a growth rate of 18.4% TTM so far this year. I personally tried this new generation of Macs and I have to admit, Apple knows very well how to delight its customers. Personal PCs are a highly competitive market and, even if I like and I use Apple products, I prefer to work with a Lenovo.\n4. Wearables, Home, and Accessories (WH&A)\nThe Wearables, Home, and Accessories segment includes sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod, etc. This is where it gets interesting. From 2016 to 2020, the WH&A segment grew at a CAGR of 28.78%, and it changed from representing only 5.2% of total sales in 2016 to represent 10.8% TTM. I present below the growth rate for the WH&A segment over the last 5 years (2016-TTM).\nSource:Author's estimates using data from the latest 10-K report\nThe WH&A segment is showing a growth rate of 14.7% TTM driven by a strong performance from both Apple Watch Series 6 and Apple Watch SE. Apple Watch may have a very bright future in the years ahead, driven by Apple entering into the healthcare market. In fact, it can be used to monitor the health status of the person. Imagine you being close to having a heart attack, your Apple Watch may call an ambulance and save your life, not bad no? Finally, let's don't forget also the launch of Apple TV 4K and of the newest accessory, AirTag (I don't see a market for the latter, but I may be wrong).\n5. Services\nServices include sales from the Company’s advertising, AppleCare, digital content, and other services. From 2016 to 2020, the Services segment grew at a CAGR of 21.9% and it changed from representing 11.3% of total sales in 2016 to represent 18.6% TTM. I present below the growth rate for the Services segment over the last 5 years (2016-TTM).\nSource:Author's estimates using data from the latest 10-K report\nTo date, the Services segment is showing a growth rate of 12.3% TTM. The growth is driven by App Store, Cloud Services, Music, Advertising, and Payment Services. The new services, Apple TV+, Apple Arcade, Apple News+, and Apple Card, are also starting to contribute to overall services growth, and continue to add users, content, and features. I believe that in the future, the Services segment will be the company's dominant segment. Below I present an interesting part I extrapolated from theQ4 earnings call.\n\nFirst, our installed base continues to grow and is at an all-time high across each major product category. Second, the number of both transacting and paid accounts on our digital content stores reached a new all-time high during the September quarter, with paid accounts increasing double digits in each of our geographic segments.Third, paid subscriptions grew more than 35 million sequentially, and we now have over 585 million paid subscriptions across the services on our platform, up 135 million from just a year ago. With this momentum, we are very confident to reach and exceed our increased target of 600 million paid subscriptions before the end of calendar 2020.\n\nCompany Analysis\nI initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share). The fair value is an algorithm-adjusted value that accounts for different factors, fundamental and technical (e.g. DCF fair value, Momentum, etc.), and so it takes into consideration the Mr. Market mood. At the same time, the fair value which I obtained through the DCF model is equal to $105.68/share. Now before showing the results, the numbers used as the base are the trailing twelve-month numbers. Moreover, I also restated the financials since I capitalized on R&D expenses with an amortizable life of 3 years. I don't believe that in the case of Apple, R&D is an operating expense and for this reason, I treat it as CapEx. By taking into account the R&D, the following metrics have been restated (all numbers in $mm).\nSource:Author's estimates using data from the latest 10-K report\nIt is very important to capitalize on R&D expense, if we don't, we are just keeping the company's biggest asset off-balance sheet.\nDiscounted Cash Flow Model\nNow, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.\nSource:Author's estimates using data from the latest 10-K report\nNow, this time I also present along with my estimates three possible scenarios:\n\nBase Case Scenario: The above DCF model represents my base case scenario. In the base case scenario, I assume the drivers of growth to be: the iPhone segment (driven by 5G transition), the Services segment (driven by a broader customer base), and the new powered M1 Macs segment. Under this scenario, I assume a Y1 growth rate of 12%, a CAGR Y2-Y5 of 7.1%, and a target operating margin in Y10 of 27%. The DCF fair value under this scenario is $105.68/share.\nBest Case Scenario: The business is booming! In the best-case scenario, I see again as the main drivers the one which I described for the base case scenario, however, in addition, I see a greater market penetration in China. Over the last 5 years, we can observe a falling pattern for sales in China, however, this year sales jumped 39.7% (with the iPhone segment rising substantially). Under this scenario, I assume a Y1 growth rate of 14%, a CAGR Y2-Y5 of 9.1%, and a target operating margin in Y10 of 30%. The DCF fair value under this scenario is $130.32/share.\nWorst Case Scenario: Well, this is a scenario that I would like to call like \"mature company scenario\". Under this scenario I see Apple growing a little above the growth rate of the economy and for this reason, I assume a Y1 growth rate of 10%, a CAGR Y2-Y5 of 3.1%, and a target operating margin in Y10 of 25%. The DCF fair value under this scenario is $81.03/share.\n\nFinally, for each scenario, I see Apple entering into the health care market with its Apple Watch. As you can imagine, I assign a different likelihood of market penetration in each of these scenarios.\nSensitivity Analysis\nMoreover, I also would like to provide the sensitivity analysis for the base case scenario.\nSource:Author's estimates using data from the latest 10-K report\nTechnical Analysis\nFrom the technical analysis point of view, I don't see any problem yet. The stock price is in a bullish mode, currently within an ascending triangle pattern. As of right now, the stock price is following its pattern and it is heading to the price target of $137/share or point D, where it is likely to bounce and head back to point E. If this scenario happens, point E is usually the point where stock price bounces once again and from that point, the stock goes higher (it is just a technical analysis assumption, take it as is).\nSource:TradingView.com\nFinal Thoughts\nApple is a mature company that is able to see a problem and solve it years ahead. By looking at the fair value, computed under the base case scenario, we can argue that the stock is currently overvalued but not by that much. For what concern risks, the difference between the best-case and the worst-case scenario can be used as a proxy of risk. Taking this into consideration I don't see big reasoning to panic, however, it is also true that I see an upcoming correction for the market. Many indicators, technical and fundamental, are suggesting to me that the market is too heavy right now (even if the S&P500 may go higher, perhaps in the 4400 area). To conclude, I don't think to close out my whole Apple position, however, I will close out 60% of it once it reaches my price target.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1009,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166623118,"gmtCreate":1624007069434,"gmtModify":1631892212854,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166623118","repostId":"1107863941","repostType":4,"repost":{"id":"1107863941","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":1624004900,"share":"https://www.laohu8.com/m/news/1107863941?lang=zh_CN&edition=full","pubTime":"2021-06-18 16:28","market":"us","language":"en","title":"CAI shares soared nearly 45% in pre-market，as it has agreed to a $1.1 billion takeover by Mitsubishi HC Capital Inc.<blockquote>CAI股价盘前飙升近45%，因该公司已同意三菱慧聪资本公司(Mitsubishi HC Capital Inc.)以11亿美元收购。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107863941","media":"Tiger Newspress","summary":"CAI shares soared nearly 45% in pre-market，as it has agreed to a $1.1 billion takeover by Mitsubishi","content":"<p>CAI&nbsp;shares&nbsp;soared&nbsp;nearly&nbsp;45% in pre-market，as&nbsp;it has agreed to a $1.1 billion takeover by Mitsubishi HC Capital Inc.</p><p><blockquote>CAI股价盘前飙升近45%，因该公司已同意三菱慧聪资本公司(Mitsubishi HC Capital Inc.)以11亿美元收购。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a2922db8924ea9786a2bc69ae8bfc166\" tg-width=\"1289\" tg-height=\"605\" referrerpolicy=\"no-referrer\">The deal consists of $104 million worth of preferred stock and $986 million of common stock equity value, and has an enterprise value of $2.9 billion, CAI said on Thursday.</p><p><blockquote>蔡周四表示，该交易包括价值1.04亿美元的优先股和9.86亿美元的普通股股权价值，企业价值为29亿美元。</blockquote></p><p> Mitsubishi HC Capital has offered $56 per share in cash according to the company's statement, marking a 46.8% premium over CAI's last closing price.</p><p><blockquote>根据该公司的声明，三菱慧聪资本已提出每股56美元现金，较CAI最后收盘价溢价46.8%。</blockquote></p><p> The deal has been unanimously approved by CAI's board of directors, the company said, adding that shares of CAI will no longer be listed on the New York Stock Exchange after the deal is completed.</p><p><blockquote>该公司表示，该交易已获得CAI董事会的一致批准，并补充说，交易完成后，CAI的股票将不再在纽约证券交易所上市。</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>CAI shares soared nearly 45% in pre-market，as it has agreed to a $1.1 billion takeover by Mitsubishi HC Capital Inc.<blockquote>CAI股价盘前飙升近45%，因该公司已同意三菱慧聪资本公司(Mitsubishi HC Capital Inc.)以11亿美元收购。</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{ 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCAI shares soared nearly 45% in pre-market，as it has agreed to a $1.1 billion takeover by Mitsubishi HC Capital Inc.<blockquote>CAI股价盘前飙升近45%，因该公司已同意三菱慧聪资本公司(Mitsubishi HC Capital Inc.)以11亿美元收购。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-18 16:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>CAI&nbsp;shares&nbsp;soared&nbsp;nearly&nbsp;45% in pre-market，as&nbsp;it has agreed to a $1.1 billion takeover by Mitsubishi HC Capital Inc.</p><p><blockquote>CAI股价盘前飙升近45%，因该公司已同意三菱慧聪资本公司(Mitsubishi HC Capital Inc.)以11亿美元收购。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a2922db8924ea9786a2bc69ae8bfc166\" tg-width=\"1289\" tg-height=\"605\" referrerpolicy=\"no-referrer\">The deal consists of $104 million worth of preferred stock and $986 million of common stock equity value, and has an enterprise value of $2.9 billion, CAI said on Thursday.</p><p><blockquote>蔡周四表示，该交易包括价值1.04亿美元的优先股和9.86亿美元的普通股股权价值，企业价值为29亿美元。</blockquote></p><p> Mitsubishi HC Capital has offered $56 per share in cash according to the company's statement, marking a 46.8% premium over CAI's last closing price.</p><p><blockquote>根据该公司的声明，三菱慧聪资本已提出每股56美元现金，较CAI最后收盘价溢价46.8%。</blockquote></p><p> The deal has been unanimously approved by CAI's board of directors, the company said, adding that shares of CAI will no longer be listed on the New York Stock Exchange after the deal is completed.</p><p><blockquote>该公司表示，该交易已获得CAI董事会的一致批准，并补充说，交易完成后，CAI的股票将不再在纽约证券交易所上市。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CAI":"Caris Life Sciences, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107863941","content_text":"CAI shares soared nearly 45% in pre-market，as it has agreed to a $1.1 billion takeover by Mitsubishi HC Capital Inc.\nThe deal consists of $104 million worth of preferred stock and $986 million of common stock equity value, and has an enterprise value of $2.9 billion, CAI said on Thursday.\nMitsubishi HC Capital has offered $56 per share in cash according to the company's statement, marking a 46.8% premium over CAI's last closing price.\nThe deal has been unanimously approved by CAI's board of directors, the company said, adding that shares of CAI will no longer be listed on the New York Stock Exchange after the deal is completed.","news_type":1,"symbols_score_info":{"CAI":0.9}},"isVote":1,"tweetType":1,"viewCount":706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":122349833,"gmtCreate":1624599850722,"gmtModify":1631892212842,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Tesla overrated&nbsp;","listText":"Tesla overrated&nbsp;","text":"Tesla overrated","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/122349833","repostId":"1180366049","repostType":4,"isVote":1,"tweetType":1,"viewCount":598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122343937,"gmtCreate":1624599878429,"gmtModify":1631889702338,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Let’s go to the moon","listText":"Let’s go to the moon","text":"Let’s go to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/122343937","repostId":"1170542603","repostType":4,"repost":{"id":"1170542603","kind":"news","pubTimestamp":1624592567,"share":"https://www.laohu8.com/m/news/1170542603?lang=zh_CN&edition=full","pubTime":"2021-06-25 11:42","market":"us","language":"en","title":"Nokia Stock: From 5G Winner To Disappointment To Meme<blockquote>诺基亚股票：从5G赢家到失望再到模因</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170542603","media":"thestreet","summary":"Nokia has gone from (1) failed mobile phone powerhouse to (2) likely winner in one key technology tr","content":"<p>Nokia has gone from (1) failed mobile phone powerhouse to (2) likely winner in one key technology transformation cycle to (3) a source of “juicy tendies” for Wall Street Bets traders. Five years ago, it would have been hard to guess what would have happened to Nokia stock&nbsp;(<b>NOKIA</b>)&nbsp;since the mid-2010s.</p><p><blockquote>诺基亚已经从（1）失败的手机巨头变成了（2）一个关键技术转型周期中可能的赢家，变成了（3）华尔街投注交易者的“多汁倾向”来源。五年前，很难猜测诺基亚股票会发生什么（<b>诺基亚</b>）自2010年代中期以来。</blockquote></p><p> Wall Street Meme tells the story of this tech stock that has morphed from growth to value to meme – and that after fits and starts, still trades around pre-dot com bubble prices.</p><p><blockquote>《华尔街迷因》讲述了这只科技股从增长型到价值型再到迷因型的故事，而且在经历了断断续续之后，其交易价格仍然围绕互联网泡沫前的价格进行。</blockquote></p><p> <b>Nokia: an unlikely journey</b></p><p><blockquote><b>诺基亚：不太可能的旅程</b></blockquote></p><p> In 2007, moments before Apple’s iPhone disrupted (or perhaps reinvented) the world of consumer mobile devices forever, Nokiacontrolled50% of the smartphone market. But the company’s fall from grace did not take long: Nokia accounted for less than 3% of the market by late 2012.</p><p><blockquote>2007年，就在苹果的iPhone永远颠覆（或者重塑）消费移动设备世界之前，诺基亚控制了智能手机市场50%的份额。但该公司的失宠并没有持续多久：截至2012年底，诺基亚的市场份额还不到3%。</blockquote></p><p> However, the Finnish growth story did not end there. Between 2016-2017, Nokia began drawing the attention of investors looking to bet on the 5G upgrade cycle that would likely start a couple of years later. The company’s network division had been struggling, but the management team believed in a turnaround as 5G infrastructure had to be built around the globe.</p><p><blockquote>然而，芬兰的增长故事并没有就此结束。2016年至2017年间，诺基亚开始吸引投资者的注意，他们希望押注可能在几年后开始的5G升级周期。该公司的网络部门一直在苦苦挣扎，但管理团队相信，随着5G基础设施必须在全球范围内建设，情况会有所好转。</blockquote></p><p> True to its roots, unfortunately,Nokia disappointed yet again. In 2019, the company warned that its recovery was in jeopardy, as competition with Ericsson and Huawei for 5G contracts became too fierce for Nokia to handle. The company’s dividend payment was slashed, and a restructuring process began.</p><p><blockquote>忠于其根源，不幸的是，诺基亚再次失望了。2019年，该公司警告称，其复苏处于危险之中，因为与爱立信和华为争夺5G合同的竞争变得过于激烈，诺基亚无法应对。该公司的股息支付被大幅削减，重组过程开始。</blockquote></p><p> <b>Meme stock for a day</b></p><p><blockquote><b>一天的模因股票</b></blockquote></p><p> For the past five years, Nokia stock consistently traded between $3 and $5 per share, with the eventual spikes and dips in share price eventually correcting. The notable exception happened on January 27 of this year.</p><p><blockquote>在过去的五年里，诺基亚股票的交易价格一直在每股3美元至5美元之间，股价的上涨和下跌最终都会有所调整。值得注意的例外发生在今年1月27日。</blockquote></p><p> On that day, Nokia climbed to $6.55 per share, from only $3.87 two weeks earlier. The stock was “victim” of a bullish Wall Street Bets meme attack, around the time that short interest reached a five-year high of 60 million shares – fertile ground for a short squeeze.</p><p><blockquote>当天，诺基亚股价从两周前的3.87美元攀升至每股6.55美元。该股是华尔街看涨押注模因攻击的“受害者”，当时空头兴趣达到了6000万股的五年高点——这是轧空的沃土。</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>Nokia Stock: From 5G Winner To Disappointment To Meme<blockquote>诺基亚股票：从5G赢家到失望再到模因</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNokia Stock: From 5G Winner To Disappointment To Meme<blockquote>诺基亚股票：从5G赢家到失望再到模因</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">thestreet</strong><span class=\"h-time small\">2021-06-25 11:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nokia has gone from (1) failed mobile phone powerhouse to (2) likely winner in one key technology transformation cycle to (3) a source of “juicy tendies” for Wall Street Bets traders. Five years ago, it would have been hard to guess what would have happened to Nokia stock&nbsp;(<b>NOKIA</b>)&nbsp;since the mid-2010s.</p><p><blockquote>诺基亚已经从（1）失败的手机巨头变成了（2）一个关键技术转型周期中可能的赢家，变成了（3）华尔街投注交易者的“多汁倾向”来源。五年前，很难猜测诺基亚股票会发生什么（<b>诺基亚</b>）自2010年代中期以来。</blockquote></p><p> Wall Street Meme tells the story of this tech stock that has morphed from growth to value to meme – and that after fits and starts, still trades around pre-dot com bubble prices.</p><p><blockquote>《华尔街迷因》讲述了这只科技股从增长型到价值型再到迷因型的故事，而且在经历了断断续续之后，其交易价格仍然围绕互联网泡沫前的价格进行。</blockquote></p><p> <b>Nokia: an unlikely journey</b></p><p><blockquote><b>诺基亚：不太可能的旅程</b></blockquote></p><p> In 2007, moments before Apple’s iPhone disrupted (or perhaps reinvented) the world of consumer mobile devices forever, Nokiacontrolled50% of the smartphone market. But the company’s fall from grace did not take long: Nokia accounted for less than 3% of the market by late 2012.</p><p><blockquote>2007年，就在苹果的iPhone永远颠覆（或者重塑）消费移动设备世界之前，诺基亚控制了智能手机市场50%的份额。但该公司的失宠并没有持续多久：截至2012年底，诺基亚的市场份额还不到3%。</blockquote></p><p> However, the Finnish growth story did not end there. Between 2016-2017, Nokia began drawing the attention of investors looking to bet on the 5G upgrade cycle that would likely start a couple of years later. The company’s network division had been struggling, but the management team believed in a turnaround as 5G infrastructure had to be built around the globe.</p><p><blockquote>然而，芬兰的增长故事并没有就此结束。2016年至2017年间，诺基亚开始吸引投资者的注意，他们希望押注可能在几年后开始的5G升级周期。该公司的网络部门一直在苦苦挣扎，但管理团队相信，随着5G基础设施必须在全球范围内建设，情况会有所好转。</blockquote></p><p> True to its roots, unfortunately,Nokia disappointed yet again. In 2019, the company warned that its recovery was in jeopardy, as competition with Ericsson and Huawei for 5G contracts became too fierce for Nokia to handle. The company’s dividend payment was slashed, and a restructuring process began.</p><p><blockquote>忠于其根源，不幸的是，诺基亚再次失望了。2019年，该公司警告称，其复苏处于危险之中，因为与爱立信和华为争夺5G合同的竞争变得过于激烈，诺基亚无法应对。该公司的股息支付被大幅削减，重组过程开始。</blockquote></p><p> <b>Meme stock for a day</b></p><p><blockquote><b>一天的模因股票</b></blockquote></p><p> For the past five years, Nokia stock consistently traded between $3 and $5 per share, with the eventual spikes and dips in share price eventually correcting. The notable exception happened on January 27 of this year.</p><p><blockquote>在过去的五年里，诺基亚股票的交易价格一直在每股3美元至5美元之间，股价的上涨和下跌最终都会有所调整。值得注意的例外发生在今年1月27日。</blockquote></p><p> On that day, Nokia climbed to $6.55 per share, from only $3.87 two weeks earlier. The stock was “victim” of a bullish Wall Street Bets meme attack, around the time that short interest reached a five-year high of 60 million shares – fertile ground for a short squeeze.</p><p><blockquote>当天，诺基亚股价从两周前的3.87美元攀升至每股6.55美元。该股是华尔街看涨押注模因攻击的“受害者”，当时空头兴趣达到了6000万股的五年高点——这是轧空的沃土。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/memestocks/other-memes/nokia-stock-from-5g-winner-to-disappointment-to-meme\">thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NOK":"诺基亚"},"source_url":"https://www.thestreet.com/memestocks/other-memes/nokia-stock-from-5g-winner-to-disappointment-to-meme","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170542603","content_text":"Nokia has gone from (1) failed mobile phone powerhouse to (2) likely winner in one key technology transformation cycle to (3) a source of “juicy tendies” for Wall Street Bets traders. Five years ago, it would have been hard to guess what would have happened to Nokia stock (NOKIA) since the mid-2010s.\nWall Street Meme tells the story of this tech stock that has morphed from growth to value to meme – and that after fits and starts, still trades around pre-dot com bubble prices.\nNokia: an unlikely journey\nIn 2007, moments before Apple’s iPhone disrupted (or perhaps reinvented) the world of consumer mobile devices forever, Nokiacontrolled50% of the smartphone market. But the company’s fall from grace did not take long: Nokia accounted for less than 3% of the market by late 2012.\nHowever, the Finnish growth story did not end there. Between 2016-2017, Nokia began drawing the attention of investors looking to bet on the 5G upgrade cycle that would likely start a couple of years later. The company’s network division had been struggling, but the management team believed in a turnaround as 5G infrastructure had to be built around the globe.\nTrue to its roots, unfortunately,Nokia disappointed yet again. In 2019, the company warned that its recovery was in jeopardy, as competition with Ericsson and Huawei for 5G contracts became too fierce for Nokia to handle. The company’s dividend payment was slashed, and a restructuring process began.\nMeme stock for a day\nFor the past five years, Nokia stock consistently traded between $3 and $5 per share, with the eventual spikes and dips in share price eventually correcting. The notable exception happened on January 27 of this year.\nOn that day, Nokia climbed to $6.55 per share, from only $3.87 two weeks earlier. The stock was “victim” of a bullish Wall Street Bets meme attack, around the time that short interest reached a five-year high of 60 million shares – fertile ground for a short squeeze.","news_type":1,"symbols_score_info":{"NOK":0.9}},"isVote":1,"tweetType":1,"viewCount":705,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127746546,"gmtCreate":1624871349385,"gmtModify":1631889702238,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Buy buy buy","listText":"Buy buy buy","text":"Buy buy buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127746546","repostId":"1150627164","repostType":4,"isVote":1,"tweetType":1,"viewCount":1842,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122340450,"gmtCreate":1624599827570,"gmtModify":1631892212843,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Rockets","listText":"Rockets","text":"Rockets","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122340450","repostId":"2146025387","repostType":4,"isVote":1,"tweetType":1,"viewCount":815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127208372,"gmtCreate":1624848997796,"gmtModify":1631889702285,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Let’s go","listText":"Let’s go","text":"Let’s go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/127208372","repostId":"2146071490","repostType":4,"isVote":1,"tweetType":1,"viewCount":3041,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127018901,"gmtCreate":1624802425303,"gmtModify":1631889702299,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Okay buy","listText":"Okay buy","text":"Okay buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/127018901","repostId":"2146073358","repostType":4,"isVote":1,"tweetType":1,"viewCount":2072,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167668896,"gmtCreate":1624265906015,"gmtModify":1631892212852,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Buy buy buy","listText":"Buy buy buy","text":"Buy buy buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167668896","repostId":"1175906479","repostType":4,"repost":{"id":"1175906479","kind":"news","pubTimestamp":1624242000,"share":"https://www.laohu8.com/m/news/1175906479?lang=zh_CN&edition=full","pubTime":"2021-06-21 10:20","market":"us","language":"en","title":"Apple: Winter Is Coming<blockquote>苹果：冬天来了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175906479","media":"seekingalpha","summary":"Apple's stock has rallied 449% in the last five years, outperforming the 102% rise in the S&P 500 over the same period.I initiate Apple with a Neutral rating and a fair value of $111.42/share .In the enterprise market, customers across many industries are accelerating their adoption of iPhone 12 and 5G as a key platform for the future of their business. Delta Airlines, for example, is putting iPhone 12 and 5G connectivity into the hands of flight attendants so they can provide the best passenger","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple's stock has rallied 449% in the last five years, outperforming the 102% rise in the S&amp;P 500 over the same period.</li>  <li>I initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share).</li>  <li>From the technical analysis point of view, the stock price is following its ascending triangle pattern and it is heading to the price target of $137/share.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4dc5052119e6bbc5b693cf7385d8738\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\"><span>Michael M. Santiago/Getty Images NewsCompany Overview</span></p><p><blockquote><ul><li>苹果股价在过去五年中上涨了449%，跑赢了标普500同期102%的涨幅。</li><li>我给予苹果中性评级，公允价值为111.42美元/股（当前价格为131.7美元/股）。</li><li>从技术分析角度来看，股价正遵循上升三角形形态，正向137美元/股的目标价迈进。</li></ul><p class=\"t-img-caption\"><span>Michael M.Santiago/Getty Images新闻公司概述</span></p></blockquote></p><p> Apple Inc (AAPL) stock has rallied 449% in the last five years, outperforming the 102% rise in the S&amp;P 500 over the same period. An outstanding return supported by underlying fundamentals. In particular, I would like to start the analysis with the latter.</p><p><blockquote>苹果公司(AAPL)股价在过去五年中上涨了449%，跑赢了标普500同期102%的涨幅。由基本面支持的出色回报。我特别想从后者开始分析。</blockquote></p><p> Over the last two decades, the dominant driver of Apple's success has been the iPhone. In 2016, iPhones accounted for 63% of total sales. This was a problem for Apple, and they knew it. The problem existed due to two main factors: first, the smartphone business was mature (with low growth rates); second, it was (and it is) a highly competitive business. However, Apple had something other competitors didn't have, a big iPhone owner base (which allows to sell more services for instance). Through the years Apple has been able to effectively diversify its revenue stream and it currently presents the structure represented below.</p><p><blockquote>在过去的二十年里，苹果成功的主要驱动力一直是iPhone。2016年，iPhone占总销量的63%。这对苹果来说是个问题，他们知道这一点。这个问题的存在主要有两个因素：第一，智能手机业务已经成熟（增长率较低）；其次，它过去是（现在也是）一个竞争激烈的行业。然而，苹果拥有其他竞争对手所没有的东西，即庞大的iPhone用户群（例如，这允许销售更多服务）。多年来，苹果一直能够有效地实现其收入来源多元化，目前的结构如下所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4602be0c6fa92191baf04a7496c4e024\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> Let's now take a look at each of these segments:</p><p><blockquote>现在让我们来看看这些部分：</blockquote></p><p> <b>1. iPhone</b></p><p><blockquote><b>1.iPhone</b></blockquote></p><p> From 2016 to 2020, the iPhone segment grew at a CAGR of 0.20% and it changed from representing 63.4% (2016) of total sales to 51% (\"TTM\"). I present below the growth rate for the iPhone segment over the last 5 years (2016-TTM).</p><p><blockquote>自2016年至2020年，iPhone分部的复合年增长率为0.20%，并由佔总销售额的63.4%（2016年）变为51%（“TTM”）。我在下面展示了iPhone细分市场在过去5年（2016-TTM）的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/916b48499e3e3ed2c0c167af3ba62bdb\" tg-width=\"607\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告的数据进行的估计</span></p></blockquote></p><p> So far this year the iPhone segment is showing a growth rate of 18.5% TTM, fueled by the new family of iPhone12 with 5G capabilities, and with interesting data coming from China. I believe that the transition to 5G will be the main driver of the growth in this segment. In this manner, I would like to report a piece of the transcript from theQ2 earnings call.</p><p><blockquote>今年到目前为止，在具有5G功能的新iPhone12系列以及来自中国的有趣数据的推动下，iPhone细分市场的TTM增长率为18.5%。我相信向5G的过渡将是该细分市场增长的主要驱动力。我想以这种方式报告第二季度收益看涨期权的一段文字记录。</blockquote></p><p>   <i>In the enterprise market, customers across many industries are accelerating their adoption of iPhone 12 and 5G as a key platform for the future of their business. Delta Airlines, for example, is putting iPhone 12 and 5G connectivity into the hands of flight attendants so they can provide the best passenger service possible as air travel rebounds.Openreach in the U.K. has started equipping tens of thousands of field engineers with iPhone 12 to speed up their deployment of broadband services to homes around the country. And UCHealth, a large health care provider in Colorado, was able to reduce per patient vaccination time from 3 minutes to only 30 seconds largely by moving from PC stations to iPhones. This has allowed their staff to rapidly scan and register new patients and vastly increase their daily vaccination capacity.</i>  <b>2. iPad</b></p><p><blockquote><i>在企业市场，许多行业的客户都在加速采用iPhone 12和5G，将其作为未来业务的关键平台。例如，达美航空正在将iPhone 12和5G连接交给空乘人员，以便他们能够在航空旅行反弹时提供尽可能最好的乘客服务。英国的Openreach已开始为数万名现场工程师配备iPhone 12加快向全国家庭部署宽带服务。科罗拉多州的一家大型医疗保健提供商UCHealth能够将每位患者的疫苗接种时间从3分钟减少到30秒，这主要是通过从PC工作站转移到iPhone。这使得他们的工作人员能够快速扫描和登记新患者，并大大提高他们的日常疫苗接种能力。</i><b>2.iPad</b></blockquote></p><p> As it was in the past, the iPad segment is more or less a constant number as a % of total sales, 9.6% in 2016 vs 9.1% TTM. From 2016 to 2020, the iPad segment grew at a CAGR of 3.56% (with an improving overall trend). I present below the growth rate for the iPad segment over the last 5 years (2016-TTM).</p><p><blockquote>与过去一样，iPad细分市场占总销售额的百分比或多或少是一个恒定的数字，2016年为9.6%，而TTM为9.1%。从2016年到2020年，iPad细分市场的CAGR增长率为3.56%（整体趋势有所改善）。我在下面展示了iPad细分市场在过去5年（2016-TTM）的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6faf9ddb8d29d662fcaa46bbda862f48\" tg-width=\"616\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> The TTM numbers show us an interesting picture with a growth rate of 24.9% TTM for the iPad segment which are driven by 3 factors: the M1 chip, the new 5G capabilities, and the fact that we were all at home. I see a lot of ways in which this new generation of iPads can be implemented. However, I also have to admit that there is a big player swimming in the same sea, the new 2-1 Laptops. The new 2-1 Laptops are a very interesting solution for those looking to have the best of the two worlds. In this last view, the iPad segment may represent a lower % of total sales, around 7.8% (vs current 9.1%).</p><p><blockquote>TTM数据向我们展示了一幅有趣的画面，iPad细分市场的TTM增长率为24.9%，这是由三个因素推动的：M1芯片、新的5G功能以及我们都在家的事实。我看到了很多实现新一代iPads的方法。不过，我也不得不承认，还有一个大玩家在同一个海里游泳，那就是新的2-1笔记本电脑。对于那些希望两全其美的人来说，新的2-1笔记本电脑是一个非常有趣的解决方案。在最后一种观点中，iPad细分市场占总销售额的比例可能较低，约为7.8%（目前为9.1%）。</blockquote></p><p> <b>3. Mac</b></p><p><blockquote><b>3.三月</b></blockquote></p><p></p><p> From 2016 to 2020, the Mac segment grew at a CAGR of 5.81%, and also here, as it is for the iPad segment, the Mac segment represents a more or less constant number as % of total sales 10.6% in 2016 vs 10.4% TTM. I present below the growth rate for the Mac segment over the last 5 years (2016-TTM).</p><p><blockquote>从2016年到2020年，Mac细分市场的CAGR增长率为5.81%，与iPad细分市场一样，Mac细分市场在2016年占总销售额的比例为10.6%，而TTM为10.4%。我在下面介绍了过去5年（2016-TTM）Mac细分市场的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2494d89c1d5cd70a4cf0c5fb31fb20a\" tg-width=\"614\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> The generation of new Macs powered by the M1 chip seems to be appreciated by the customers, in fact, the Mac segment presents a growth rate of 18.4% TTM so far this year. I personally tried this new generation of Macs and I have to admit, Apple knows very well how to delight its customers. Personal PCs are a highly competitive market and, even if I like and I use Apple products, I prefer to work with a Lenovo.</p><p><blockquote>采用M1芯片的新一代Mac似乎受到了客户的赞赏，事实上，今年迄今为止，Mac细分市场的TTM增长率为18.4%。我亲自尝试了这款新一代MAC电脑，我不得不承认，苹果非常知道如何取悦顾客。个人电脑是一个竞争激烈的市场，即使我喜欢并使用苹果产品，我也更喜欢与联想合作。</blockquote></p><p> <b>4. Wearables, Home, and Accessories (WH&amp;A)</b></p><p><blockquote><b>4.可穿戴设备、家居和配件（WH&amp;A）</b></blockquote></p><p> The Wearables, Home, and Accessories segment includes sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod, etc. This is where it gets interesting. From 2016 to 2020, the WH&amp;A segment grew at a CAGR of 28.78%, and it changed from representing only 5.2% of total sales in 2016 to represent 10.8% TTM. I present below the growth rate for the WH&amp;A segment over the last 5 years (2016-TTM).</p><p><blockquote>可穿戴设备、家居和配件部门包括AirPods、苹果电视、苹果手表、Beats产品、HomePod等的销售。这就是有趣的地方。从2016年到2020年，WH&amp;A分部的复合年增长率为28.78%，从2016年仅占总销售额的5.2%变为占TTM的10.8%。我在下面列出了过去5年（2016-TTM）WH&amp;A细分市场的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e16432a1ae66aa9dda7a4f969a9cfcdf\" tg-width=\"607\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> The WH&amp;A segment is showing a growth rate of 14.7% TTM driven by a strong performance from both Apple Watch Series 6 and Apple Watch SE. Apple Watch may have a very bright future in the years ahead, driven by Apple entering into the healthcare market. In fact, it can be used to monitor the health status of the person. Imagine you being close to having a heart attack, your Apple Watch may call an ambulance and save your life, not bad no? Finally, let's don't forget also the launch of Apple TV 4K and of the newest accessory, AirTag (I don't see a market for the latter, but I may be wrong).</p><p><blockquote>在苹果手表系列6和苹果手表SE的强劲表现的推动下，WH&amp;A细分市场的TTM增长率为14.7%。在苹果进入医疗保健市场的推动下，苹果观察在未来几年可能会有一个非常光明的未来。事实上，它可以用来监测人的健康状况。想象一下，你即将心脏病发作，你的苹果手表可能会看涨期权一辆救护车并挽救你的生命，不错不是吗？最后，我们不要忘记苹果电视4K和最新配件AirTag的推出（我没有看到后者的市场，但我可能是错的）。</blockquote></p><p> <b>5. Services</b></p><p><blockquote><b>5.服务</b></blockquote></p><p> Services include sales from the Company’s advertising, AppleCare, digital content, and other services. From 2016 to 2020, the Services segment grew at a CAGR of 21.9% and it changed from representing 11.3% of total sales in 2016 to represent 18.6% TTM. I present below the growth rate for the Services segment over the last 5 years (2016-TTM).</p><p><blockquote>服务包括公司广告、AppleCare、数字内容和其他服务的销售。于二零一六年至二零二零年，服务分部的复合年增长率为21.9%，并由二零一六年佔总销售额的11.3%变为佔TTM的18.6%。我在下面列出了过去5年（2016-TTM）服务部门的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af34eb1ba8fffd690a75318f8cf805f7\" tg-width=\"610\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> To date, the Services segment is showing a growth rate of 12.3% TTM. The growth is driven by App Store, Cloud Services, Music, Advertising, and Payment Services. The new services, Apple TV+, Apple Arcade, Apple News+, and Apple Card, are also starting to contribute to overall services growth, and continue to add users, content, and features. I believe that in the future, the Services segment will be the company's dominant segment. Below I present an interesting part I extrapolated from theQ4 earnings call.</p><p><blockquote>迄今为止，服务部门的TTM增长率为12.3%。这一增长是由应用商店、云服务、音乐、广告和支付服务推动的。苹果TV+、苹果街机、苹果新闻+和苹果卡等新服务也开始为整体服务增长做出贡献，并继续增加用户、内容和功能。我相信，未来，服务板块将是公司的主导板块。下面我展示了我从第四季度收益看涨期权中推断出来的有趣部分。</blockquote></p><p>   <i>First, our installed base continues to grow and is at an all-time high across each major product category. Second, the number of both transacting and paid accounts on our digital content stores reached a new all-time high during the September quarter, with paid accounts increasing double digits in each of our geographic segments.Third, paid subscriptions grew more than 35 million sequentially, and we now have over 585 million paid subscriptions across the services on our platform, up 135 million from just a year ago. With this momentum, we are very confident to reach and exceed our increased target of 600 million paid subscriptions before the end of calendar 2020.</i>  <b>Company Analysis</b></p><p><blockquote><i>首先，我们的安装基础持续增长，并且在每个主要产品类别中都处于历史最高水平。其次，我们数字内容商店上的交易账户和付费账户数量在9月份季度均创下历史新高，每个地理区域的付费账户均以两位数增长。第三，付费订阅量环比增长超过3500万，目前我们平台上的服务付费订阅量超过5.85亿，比一年前增加了1.35亿。凭借这一势头，我们非常有信心在2020年底前达到并超过6亿付费订阅的增加目标。</i><b>公司分析</b></blockquote></p><p> I initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share). The fair value is an algorithm-adjusted value that accounts for different factors, fundamental and technical (e.g. DCF fair value, Momentum, etc.), and so it takes into consideration the Mr. Market mood. At the same time, the fair value which I obtained through the DCF model is equal to $105.68/share. Now before showing the results, the numbers used as the base are the trailing twelve-month numbers. Moreover, I also restated the financials since I capitalized on R&amp;D expenses with an amortizable life of 3 years. I don't believe that in the case of Apple, R&amp;D is an operating expense and for this reason, I treat it as CapEx. By taking into account the R&amp;D, the following metrics have been restated (all numbers in $mm).</p><p><blockquote>我给予苹果中性评级，公允价值为111.42美元/股（当前价格为131.7美元/股）。公允价值是算法调整后的价值，考虑了不同的因素，基本面和技术面（如DCF公允价值、动量等）。），因此它考虑了市场先生的情绪。同时，我通过DCF模型获得的公允价值等于105.68美元/股。现在，在显示结果之前，用作基数的数字是过去12个月的数字。此外，我还重述了财务数据，因为我将可摊销期限为3年的研发费用资本化。我不认为就苹果而言，研发是一项运营费用，因此，我将其视为资本支出。考虑到研发，以下指标已被重述（所有数字均以百万美元为单位）。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7a2222a8e8b9088e619b0b971193a1f\" tg-width=\"569\" tg-height=\"262\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> It is very important to capitalize on R&amp;D expense, if we don't, we are just keeping the company's biggest asset off-balance sheet.</p><p><blockquote>利用研发费用非常重要，如果我们不这样做，我们只是将公司最大的资产保留在资产负债表之外。</blockquote></p><p> <b>Discounted Cash Flow Model</b></p><p><blockquote><b>折现现金流量模型</b></blockquote></p><p> Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p><p><blockquote>现在，让我们转向贴现现金流估值部分。下面，你可以看到我所做的相对假设的结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2da633d931f51b493d897d9c87ecee5\" tg-width=\"640\" tg-height=\"262\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> Now, this time I also present along with my estimates three possible scenarios:</p><p><blockquote>现在，这次我还提出了三种可能的情况以及我的估计：</blockquote></p><p> <ul>  <li><i>Base Case Scenario</i>: The above DCF model represents my base case scenario. In the base case scenario, I assume the drivers of growth to be: the iPhone segment (driven by 5G transition), the Services segment (driven by a broader customer base), and the new powered M1 Macs segment. Under this scenario, I assume a Y1 growth rate of 12%, a CAGR Y2-Y5 of 7.1%, and a target operating margin in Y10 of 27%. The DCF fair value under this scenario is $105.68/share.</li>  <li><i>Best Case Scenario</i>: The business is booming! In the best-case scenario, I see again as the main drivers the one which I described for the base case scenario, however, in addition, I see a greater market penetration in China. Over the last 5 years, we can observe a falling pattern for sales in China, however, this year sales jumped 39.7% (with the iPhone segment rising substantially). Under this scenario, I assume a Y1 growth rate of 14%, a CAGR Y2-Y5 of 9.1%, and a target operating margin in Y10 of 30%. The DCF fair value under this scenario is $130.32/share.</li>  <li><i>Worst Case Scenario</i>: Well, this is a scenario that I would like to call like \"mature company scenario\". Under this scenario I see Apple growing a little above the growth rate of the economy and for this reason, I assume a Y1 growth rate of 10%, a CAGR Y2-Y5 of 3.1%, and a target operating margin in Y10 of 25%. The DCF fair value under this scenario is $81.03/share.</li> </ul> Finally, for each scenario, I see Apple entering into the health care market with its Apple Watch. As you can imagine, I assign a different likelihood of market penetration in each of these scenarios.</p><p><blockquote><ul><li><i>基本情况</i>：上面的DCF模型代表了我的基本情况。在基本情况下，我假设增长的驱动力是：iPhone细分市场（由5G过渡驱动）、服务细分市场（由更广泛的客户群驱动）和新的M1 MAC细分市场。在这种情况下，我假设Y1增长率为12%，Y2-Y5复合年增长率为7.1%，Y10的目标营业利润率为27%。在这种情况下，DCF公允价值为105.68美元/股。</li><li><i>最佳情况</i>：生意火爆！在最好的情况下，我再次将我在基本情况中描述的主要驱动因素视为主要驱动因素，但是，此外，我还看到中国的市场渗透率更高。在过去的5年里，我们可以观察到中国的销售额呈下降趋势，然而，今年的销售额增长了39.7%（iPhone细分市场大幅增长）。在这种情况下，我假设Y1增长率为14%，Y2-Y5复合年增长率为9.1%，Y10的目标营业利润率为30%。在这种情况下，DCF公允价值为130.32美元/股。</li><li><i>最坏的情况</i>：嗯，这是一个我想看涨期权为“成熟公司场景”的场景。在这种情况下，我认为苹果的增长略高于经济增长率，因此，我假设Y1增长率为10%，Y2-Y5复合年增长率为3.1%，Y10的目标营业利润率为25%。在这种情况下，DCF公允价值为81.03美元/股。</li></ul>最后，对于每种情况，我都看到苹果凭借其苹果手表进入医疗保健市场。正如你可以想象的那样，我在每种情况下分配了不同的市场渗透可能性。</blockquote></p><p> <b>Sensitivity Analysis</b></p><p><blockquote><b>敏感性分析</b></blockquote></p><p> Moreover, I also would like to provide the sensitivity analysis for the base case scenario.</p><p><blockquote>此外，我还想提供基本情况的敏感性分析。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95f00eba768526d07d68fd846ecf998d\" tg-width=\"640\" tg-height=\"462\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> <b>Technical Analysis</b></p><p><blockquote><b>技术分析</b></blockquote></p><p> From the technical analysis point of view, I don't see any problem yet. The stock price is in a bullish mode, currently within an ascending triangle pattern. As of right now, the stock price is following its pattern and it is heading to the price target of $137/share or point D, where it is likely to bounce and head back to point E. If this scenario happens, point E is usually the point where stock price bounces once again and from that point, the stock goes higher (it is just a technical analysis assumption, take it as is).</p><p><blockquote>从技术分析的角度来看，我还没有看到任何问题。股价处于看涨模式，目前处于上升三角形形态。截至目前，股价正在遵循其模式，正朝着137美元/股或D点的目标价迈进，在那里它可能会反弹并回到E点。如果这种情况发生，E点通常是股价再次反弹的点，从该点开始，股票走高（这只是一个技术分析假设，照原样）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ecf3e5f45dcb5e30b092c02bbf94d6f9\" tg-width=\"640\" tg-height=\"317\" referrerpolicy=\"no-referrer\"><span>Source:TradingView.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView.com</span></p></blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Apple is a mature company that is able to see a problem and solve it years ahead. By looking at the fair value, computed under the base case scenario, we can argue that the stock is currently overvalued but not by that much. For what concern risks, the difference between the best-case and the worst-case scenario can be used as a proxy of risk. Taking this into consideration I don't see big reasoning to panic, however, it is also true that I see an upcoming correction for the market. Many indicators, technical and fundamental, are suggesting to me that the market is too heavy right now (even if the S&amp;P500 may go higher, perhaps in the 4400 area). To conclude, I don't think to close out my whole Apple position, however, I will close out 60% of it once it reaches my price target.</p><p><blockquote>苹果是一家成熟的公司，能够在未来几年发现问题并解决它。通过查看在基本情况下计算的公允价值，我们可以认为该股票目前被高估，但没有高估那么多。对于什么关注风险，最好情况和最坏情况之间的差异可以用作风险的代理。考虑到这一点，我认为没有什么理由恐慌，但是，我确实看到市场即将出现调整。许多技术和基本面指标都向我表明，市场目前过于沉重（即使标准普尔500指数可能会走高，也许会在4400点区域）。总而言之，我不认为要平仓我的整个苹果头寸，但是，一旦达到我的价格目标，我会平仓其中的60%。</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>Apple: Winter Is Coming<blockquote>苹果：冬天来了</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\">\nApple: Winter Is Coming<blockquote>苹果：冬天来了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-21 10:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple's stock has rallied 449% in the last five years, outperforming the 102% rise in the S&amp;P 500 over the same period.</li>  <li>I initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share).</li>  <li>From the technical analysis point of view, the stock price is following its ascending triangle pattern and it is heading to the price target of $137/share.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4dc5052119e6bbc5b693cf7385d8738\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\"><span>Michael M. Santiago/Getty Images NewsCompany Overview</span></p><p><blockquote><ul><li>苹果股价在过去五年中上涨了449%，跑赢了标普500同期102%的涨幅。</li><li>我给予苹果中性评级，公允价值为111.42美元/股（当前价格为131.7美元/股）。</li><li>从技术分析角度来看，股价正遵循上升三角形形态，正向137美元/股的目标价迈进。</li></ul><p class=\"t-img-caption\"><span>Michael M.Santiago/Getty Images新闻公司概述</span></p></blockquote></p><p> Apple Inc (AAPL) stock has rallied 449% in the last five years, outperforming the 102% rise in the S&amp;P 500 over the same period. An outstanding return supported by underlying fundamentals. In particular, I would like to start the analysis with the latter.</p><p><blockquote>苹果公司(AAPL)股价在过去五年中上涨了449%，跑赢了标普500同期102%的涨幅。由基本面支持的出色回报。我特别想从后者开始分析。</blockquote></p><p> Over the last two decades, the dominant driver of Apple's success has been the iPhone. In 2016, iPhones accounted for 63% of total sales. This was a problem for Apple, and they knew it. The problem existed due to two main factors: first, the smartphone business was mature (with low growth rates); second, it was (and it is) a highly competitive business. However, Apple had something other competitors didn't have, a big iPhone owner base (which allows to sell more services for instance). Through the years Apple has been able to effectively diversify its revenue stream and it currently presents the structure represented below.</p><p><blockquote>在过去的二十年里，苹果成功的主要驱动力一直是iPhone。2016年，iPhone占总销量的63%。这对苹果来说是个问题，他们知道这一点。这个问题的存在主要有两个因素：第一，智能手机业务已经成熟（增长率较低）；其次，它过去是（现在也是）一个竞争激烈的行业。然而，苹果拥有其他竞争对手所没有的东西，即庞大的iPhone用户群（例如，这允许销售更多服务）。多年来，苹果一直能够有效地实现其收入来源多元化，目前的结构如下所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4602be0c6fa92191baf04a7496c4e024\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> Let's now take a look at each of these segments:</p><p><blockquote>现在让我们来看看这些部分：</blockquote></p><p> <b>1. iPhone</b></p><p><blockquote><b>1.iPhone</b></blockquote></p><p> From 2016 to 2020, the iPhone segment grew at a CAGR of 0.20% and it changed from representing 63.4% (2016) of total sales to 51% (\"TTM\"). I present below the growth rate for the iPhone segment over the last 5 years (2016-TTM).</p><p><blockquote>自2016年至2020年，iPhone分部的复合年增长率为0.20%，并由佔总销售额的63.4%（2016年）变为51%（“TTM”）。我在下面展示了iPhone细分市场在过去5年（2016-TTM）的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/916b48499e3e3ed2c0c167af3ba62bdb\" tg-width=\"607\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告的数据进行的估计</span></p></blockquote></p><p> So far this year the iPhone segment is showing a growth rate of 18.5% TTM, fueled by the new family of iPhone12 with 5G capabilities, and with interesting data coming from China. I believe that the transition to 5G will be the main driver of the growth in this segment. In this manner, I would like to report a piece of the transcript from theQ2 earnings call.</p><p><blockquote>今年到目前为止，在具有5G功能的新iPhone12系列以及来自中国的有趣数据的推动下，iPhone细分市场的TTM增长率为18.5%。我相信向5G的过渡将是该细分市场增长的主要驱动力。我想以这种方式报告第二季度收益看涨期权的一段文字记录。</blockquote></p><p>   <i>In the enterprise market, customers across many industries are accelerating their adoption of iPhone 12 and 5G as a key platform for the future of their business. Delta Airlines, for example, is putting iPhone 12 and 5G connectivity into the hands of flight attendants so they can provide the best passenger service possible as air travel rebounds.Openreach in the U.K. has started equipping tens of thousands of field engineers with iPhone 12 to speed up their deployment of broadband services to homes around the country. And UCHealth, a large health care provider in Colorado, was able to reduce per patient vaccination time from 3 minutes to only 30 seconds largely by moving from PC stations to iPhones. This has allowed their staff to rapidly scan and register new patients and vastly increase their daily vaccination capacity.</i>  <b>2. iPad</b></p><p><blockquote><i>在企业市场，许多行业的客户都在加速采用iPhone 12和5G，将其作为未来业务的关键平台。例如，达美航空正在将iPhone 12和5G连接交给空乘人员，以便他们能够在航空旅行反弹时提供尽可能最好的乘客服务。英国的Openreach已开始为数万名现场工程师配备iPhone 12加快向全国家庭部署宽带服务。科罗拉多州的一家大型医疗保健提供商UCHealth能够将每位患者的疫苗接种时间从3分钟减少到30秒，这主要是通过从PC工作站转移到iPhone。这使得他们的工作人员能够快速扫描和登记新患者，并大大提高他们的日常疫苗接种能力。</i><b>2.iPad</b></blockquote></p><p> As it was in the past, the iPad segment is more or less a constant number as a % of total sales, 9.6% in 2016 vs 9.1% TTM. From 2016 to 2020, the iPad segment grew at a CAGR of 3.56% (with an improving overall trend). I present below the growth rate for the iPad segment over the last 5 years (2016-TTM).</p><p><blockquote>与过去一样，iPad细分市场占总销售额的百分比或多或少是一个恒定的数字，2016年为9.6%，而TTM为9.1%。从2016年到2020年，iPad细分市场的CAGR增长率为3.56%（整体趋势有所改善）。我在下面展示了iPad细分市场在过去5年（2016-TTM）的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6faf9ddb8d29d662fcaa46bbda862f48\" tg-width=\"616\" tg-height=\"360\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> The TTM numbers show us an interesting picture with a growth rate of 24.9% TTM for the iPad segment which are driven by 3 factors: the M1 chip, the new 5G capabilities, and the fact that we were all at home. I see a lot of ways in which this new generation of iPads can be implemented. However, I also have to admit that there is a big player swimming in the same sea, the new 2-1 Laptops. The new 2-1 Laptops are a very interesting solution for those looking to have the best of the two worlds. In this last view, the iPad segment may represent a lower % of total sales, around 7.8% (vs current 9.1%).</p><p><blockquote>TTM数据向我们展示了一幅有趣的画面，iPad细分市场的TTM增长率为24.9%，这是由三个因素推动的：M1芯片、新的5G功能以及我们都在家的事实。我看到了很多实现新一代iPads的方法。不过，我也不得不承认，还有一个大玩家在同一个海里游泳，那就是新的2-1笔记本电脑。对于那些希望两全其美的人来说，新的2-1笔记本电脑是一个非常有趣的解决方案。在最后一种观点中，iPad细分市场占总销售额的比例可能较低，约为7.8%（目前为9.1%）。</blockquote></p><p> <b>3. Mac</b></p><p><blockquote><b>3.三月</b></blockquote></p><p></p><p> From 2016 to 2020, the Mac segment grew at a CAGR of 5.81%, and also here, as it is for the iPad segment, the Mac segment represents a more or less constant number as % of total sales 10.6% in 2016 vs 10.4% TTM. I present below the growth rate for the Mac segment over the last 5 years (2016-TTM).</p><p><blockquote>从2016年到2020年，Mac细分市场的CAGR增长率为5.81%，与iPad细分市场一样，Mac细分市场在2016年占总销售额的比例为10.6%，而TTM为10.4%。我在下面介绍了过去5年（2016-TTM）Mac细分市场的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2494d89c1d5cd70a4cf0c5fb31fb20a\" tg-width=\"614\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> The generation of new Macs powered by the M1 chip seems to be appreciated by the customers, in fact, the Mac segment presents a growth rate of 18.4% TTM so far this year. I personally tried this new generation of Macs and I have to admit, Apple knows very well how to delight its customers. Personal PCs are a highly competitive market and, even if I like and I use Apple products, I prefer to work with a Lenovo.</p><p><blockquote>采用M1芯片的新一代Mac似乎受到了客户的赞赏，事实上，今年迄今为止，Mac细分市场的TTM增长率为18.4%。我亲自尝试了这款新一代MAC电脑，我不得不承认，苹果非常知道如何取悦顾客。个人电脑是一个竞争激烈的市场，即使我喜欢并使用苹果产品，我也更喜欢与联想合作。</blockquote></p><p> <b>4. Wearables, Home, and Accessories (WH&amp;A)</b></p><p><blockquote><b>4.可穿戴设备、家居和配件（WH&amp;A）</b></blockquote></p><p> The Wearables, Home, and Accessories segment includes sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod, etc. This is where it gets interesting. From 2016 to 2020, the WH&amp;A segment grew at a CAGR of 28.78%, and it changed from representing only 5.2% of total sales in 2016 to represent 10.8% TTM. I present below the growth rate for the WH&amp;A segment over the last 5 years (2016-TTM).</p><p><blockquote>可穿戴设备、家居和配件部门包括AirPods、苹果电视、苹果手表、Beats产品、HomePod等的销售。这就是有趣的地方。从2016年到2020年，WH&amp;A分部的复合年增长率为28.78%，从2016年仅占总销售额的5.2%变为占TTM的10.8%。我在下面列出了过去5年（2016-TTM）WH&amp;A细分市场的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e16432a1ae66aa9dda7a4f969a9cfcdf\" tg-width=\"607\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> The WH&amp;A segment is showing a growth rate of 14.7% TTM driven by a strong performance from both Apple Watch Series 6 and Apple Watch SE. Apple Watch may have a very bright future in the years ahead, driven by Apple entering into the healthcare market. In fact, it can be used to monitor the health status of the person. Imagine you being close to having a heart attack, your Apple Watch may call an ambulance and save your life, not bad no? Finally, let's don't forget also the launch of Apple TV 4K and of the newest accessory, AirTag (I don't see a market for the latter, but I may be wrong).</p><p><blockquote>在苹果手表系列6和苹果手表SE的强劲表现的推动下，WH&amp;A细分市场的TTM增长率为14.7%。在苹果进入医疗保健市场的推动下，苹果观察在未来几年可能会有一个非常光明的未来。事实上，它可以用来监测人的健康状况。想象一下，你即将心脏病发作，你的苹果手表可能会看涨期权一辆救护车并挽救你的生命，不错不是吗？最后，我们不要忘记苹果电视4K和最新配件AirTag的推出（我没有看到后者的市场，但我可能是错的）。</blockquote></p><p> <b>5. Services</b></p><p><blockquote><b>5.服务</b></blockquote></p><p> Services include sales from the Company’s advertising, AppleCare, digital content, and other services. From 2016 to 2020, the Services segment grew at a CAGR of 21.9% and it changed from representing 11.3% of total sales in 2016 to represent 18.6% TTM. I present below the growth rate for the Services segment over the last 5 years (2016-TTM).</p><p><blockquote>服务包括公司广告、AppleCare、数字内容和其他服务的销售。于二零一六年至二零二零年，服务分部的复合年增长率为21.9%，并由二零一六年佔总销售额的11.3%变为佔TTM的18.6%。我在下面列出了过去5年（2016-TTM）服务部门的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af34eb1ba8fffd690a75318f8cf805f7\" tg-width=\"610\" tg-height=\"363\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> To date, the Services segment is showing a growth rate of 12.3% TTM. The growth is driven by App Store, Cloud Services, Music, Advertising, and Payment Services. The new services, Apple TV+, Apple Arcade, Apple News+, and Apple Card, are also starting to contribute to overall services growth, and continue to add users, content, and features. I believe that in the future, the Services segment will be the company's dominant segment. Below I present an interesting part I extrapolated from theQ4 earnings call.</p><p><blockquote>迄今为止，服务部门的TTM增长率为12.3%。这一增长是由应用商店、云服务、音乐、广告和支付服务推动的。苹果TV+、苹果街机、苹果新闻+和苹果卡等新服务也开始为整体服务增长做出贡献，并继续增加用户、内容和功能。我相信，未来，服务板块将是公司的主导板块。下面我展示了我从第四季度收益看涨期权中推断出来的有趣部分。</blockquote></p><p>   <i>First, our installed base continues to grow and is at an all-time high across each major product category. Second, the number of both transacting and paid accounts on our digital content stores reached a new all-time high during the September quarter, with paid accounts increasing double digits in each of our geographic segments.Third, paid subscriptions grew more than 35 million sequentially, and we now have over 585 million paid subscriptions across the services on our platform, up 135 million from just a year ago. With this momentum, we are very confident to reach and exceed our increased target of 600 million paid subscriptions before the end of calendar 2020.</i>  <b>Company Analysis</b></p><p><blockquote><i>首先，我们的安装基础持续增长，并且在每个主要产品类别中都处于历史最高水平。其次，我们数字内容商店上的交易账户和付费账户数量在9月份季度均创下历史新高，每个地理区域的付费账户均以两位数增长。第三，付费订阅量环比增长超过3500万，目前我们平台上的服务付费订阅量超过5.85亿，比一年前增加了1.35亿。凭借这一势头，我们非常有信心在2020年底前达到并超过6亿付费订阅的增加目标。</i><b>公司分析</b></blockquote></p><p> I initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share). The fair value is an algorithm-adjusted value that accounts for different factors, fundamental and technical (e.g. DCF fair value, Momentum, etc.), and so it takes into consideration the Mr. Market mood. At the same time, the fair value which I obtained through the DCF model is equal to $105.68/share. Now before showing the results, the numbers used as the base are the trailing twelve-month numbers. Moreover, I also restated the financials since I capitalized on R&amp;D expenses with an amortizable life of 3 years. I don't believe that in the case of Apple, R&amp;D is an operating expense and for this reason, I treat it as CapEx. By taking into account the R&amp;D, the following metrics have been restated (all numbers in $mm).</p><p><blockquote>我给予苹果中性评级，公允价值为111.42美元/股（当前价格为131.7美元/股）。公允价值是算法调整后的价值，考虑了不同的因素，基本面和技术面（如DCF公允价值、动量等）。），因此它考虑了市场先生的情绪。同时，我通过DCF模型获得的公允价值等于105.68美元/股。现在，在显示结果之前，用作基数的数字是过去12个月的数字。此外，我还重述了财务数据，因为我将可摊销期限为3年的研发费用资本化。我不认为就苹果而言，研发是一项运营费用，因此，我将其视为资本支出。考虑到研发，以下指标已被重述（所有数字均以百万美元为单位）。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7a2222a8e8b9088e619b0b971193a1f\" tg-width=\"569\" tg-height=\"262\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> It is very important to capitalize on R&amp;D expense, if we don't, we are just keeping the company's biggest asset off-balance sheet.</p><p><blockquote>利用研发费用非常重要，如果我们不这样做，我们只是将公司最大的资产保留在资产负债表之外。</blockquote></p><p> <b>Discounted Cash Flow Model</b></p><p><blockquote><b>折现现金流量模型</b></blockquote></p><p> Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p><p><blockquote>现在，让我们转向贴现现金流估值部分。下面，你可以看到我所做的相对假设的结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2da633d931f51b493d897d9c87ecee5\" tg-width=\"640\" tg-height=\"262\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> Now, this time I also present along with my estimates three possible scenarios:</p><p><blockquote>现在，这次我还提出了三种可能的情况以及我的估计：</blockquote></p><p> <ul>  <li><i>Base Case Scenario</i>: The above DCF model represents my base case scenario. In the base case scenario, I assume the drivers of growth to be: the iPhone segment (driven by 5G transition), the Services segment (driven by a broader customer base), and the new powered M1 Macs segment. Under this scenario, I assume a Y1 growth rate of 12%, a CAGR Y2-Y5 of 7.1%, and a target operating margin in Y10 of 27%. The DCF fair value under this scenario is $105.68/share.</li>  <li><i>Best Case Scenario</i>: The business is booming! In the best-case scenario, I see again as the main drivers the one which I described for the base case scenario, however, in addition, I see a greater market penetration in China. Over the last 5 years, we can observe a falling pattern for sales in China, however, this year sales jumped 39.7% (with the iPhone segment rising substantially). Under this scenario, I assume a Y1 growth rate of 14%, a CAGR Y2-Y5 of 9.1%, and a target operating margin in Y10 of 30%. The DCF fair value under this scenario is $130.32/share.</li>  <li><i>Worst Case Scenario</i>: Well, this is a scenario that I would like to call like \"mature company scenario\". Under this scenario I see Apple growing a little above the growth rate of the economy and for this reason, I assume a Y1 growth rate of 10%, a CAGR Y2-Y5 of 3.1%, and a target operating margin in Y10 of 25%. The DCF fair value under this scenario is $81.03/share.</li> </ul> Finally, for each scenario, I see Apple entering into the health care market with its Apple Watch. As you can imagine, I assign a different likelihood of market penetration in each of these scenarios.</p><p><blockquote><ul><li><i>基本情况</i>：上面的DCF模型代表了我的基本情况。在基本情况下，我假设增长的驱动力是：iPhone细分市场（由5G过渡驱动）、服务细分市场（由更广泛的客户群驱动）和新的M1 MAC细分市场。在这种情况下，我假设Y1增长率为12%，Y2-Y5复合年增长率为7.1%，Y10的目标营业利润率为27%。在这种情况下，DCF公允价值为105.68美元/股。</li><li><i>最佳情况</i>：生意火爆！在最好的情况下，我再次将我在基本情况中描述的主要驱动因素视为主要驱动因素，但是，此外，我还看到中国的市场渗透率更高。在过去的5年里，我们可以观察到中国的销售额呈下降趋势，然而，今年的销售额增长了39.7%（iPhone细分市场大幅增长）。在这种情况下，我假设Y1增长率为14%，Y2-Y5复合年增长率为9.1%，Y10的目标营业利润率为30%。在这种情况下，DCF公允价值为130.32美元/股。</li><li><i>最坏的情况</i>：嗯，这是一个我想看涨期权为“成熟公司场景”的场景。在这种情况下，我认为苹果的增长略高于经济增长率，因此，我假设Y1增长率为10%，Y2-Y5复合年增长率为3.1%，Y10的目标营业利润率为25%。在这种情况下，DCF公允价值为81.03美元/股。</li></ul>最后，对于每种情况，我都看到苹果凭借其苹果手表进入医疗保健市场。正如你可以想象的那样，我在每种情况下分配了不同的市场渗透可能性。</blockquote></p><p> <b>Sensitivity Analysis</b></p><p><blockquote><b>敏感性分析</b></blockquote></p><p> Moreover, I also would like to provide the sensitivity analysis for the base case scenario.</p><p><blockquote>此外，我还想提供基本情况的敏感性分析。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/95f00eba768526d07d68fd846ecf998d\" tg-width=\"640\" tg-height=\"462\" referrerpolicy=\"no-referrer\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新10-K报告数据进行的估计</span></p></blockquote></p><p> <b>Technical Analysis</b></p><p><blockquote><b>技术分析</b></blockquote></p><p> From the technical analysis point of view, I don't see any problem yet. The stock price is in a bullish mode, currently within an ascending triangle pattern. As of right now, the stock price is following its pattern and it is heading to the price target of $137/share or point D, where it is likely to bounce and head back to point E. If this scenario happens, point E is usually the point where stock price bounces once again and from that point, the stock goes higher (it is just a technical analysis assumption, take it as is).</p><p><blockquote>从技术分析的角度来看，我还没有看到任何问题。股价处于看涨模式，目前处于上升三角形形态。截至目前，股价正在遵循其模式，正朝着137美元/股或D点的目标价迈进，在那里它可能会反弹并回到E点。如果这种情况发生，E点通常是股价再次反弹的点，从该点开始，股票走高（这只是一个技术分析假设，照原样）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ecf3e5f45dcb5e30b092c02bbf94d6f9\" tg-width=\"640\" tg-height=\"317\" referrerpolicy=\"no-referrer\"><span>Source:TradingView.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView.com</span></p></blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Apple is a mature company that is able to see a problem and solve it years ahead. By looking at the fair value, computed under the base case scenario, we can argue that the stock is currently overvalued but not by that much. For what concern risks, the difference between the best-case and the worst-case scenario can be used as a proxy of risk. Taking this into consideration I don't see big reasoning to panic, however, it is also true that I see an upcoming correction for the market. Many indicators, technical and fundamental, are suggesting to me that the market is too heavy right now (even if the S&amp;P500 may go higher, perhaps in the 4400 area). To conclude, I don't think to close out my whole Apple position, however, I will close out 60% of it once it reaches my price target.</p><p><blockquote>苹果是一家成熟的公司，能够在未来几年发现问题并解决它。通过查看在基本情况下计算的公允价值，我们可以认为该股票目前被高估，但没有高估那么多。对于什么关注风险，最好情况和最坏情况之间的差异可以用作风险的代理。考虑到这一点，我认为没有什么理由恐慌，但是，我确实看到市场即将出现调整。许多技术和基本面指标都向我表明，市场目前过于沉重（即使标准普尔500指数可能会走高，也许会在4400点区域）。总而言之，我不认为要平仓我的整个苹果头寸，但是，一旦达到我的价格目标，我会平仓其中的60%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435760-apple-stock-aapl-winter-is-coming\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4435760-apple-stock-aapl-winter-is-coming","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175906479","content_text":"Summary\n\nApple's stock has rallied 449% in the last five years, outperforming the 102% rise in the S&P 500 over the same period.\nI initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share).\nFrom the technical analysis point of view, the stock price is following its ascending triangle pattern and it is heading to the price target of $137/share.\n\nMichael M. Santiago/Getty Images NewsCompany Overview\nApple Inc (AAPL) stock has rallied 449% in the last five years, outperforming the 102% rise in the S&P 500 over the same period. An outstanding return supported by underlying fundamentals. In particular, I would like to start the analysis with the latter.\nOver the last two decades, the dominant driver of Apple's success has been the iPhone. In 2016, iPhones accounted for 63% of total sales. This was a problem for Apple, and they knew it. The problem existed due to two main factors: first, the smartphone business was mature (with low growth rates); second, it was (and it is) a highly competitive business. However, Apple had something other competitors didn't have, a big iPhone owner base (which allows to sell more services for instance). Through the years Apple has been able to effectively diversify its revenue stream and it currently presents the structure represented below.\nSource:Author's estimates using data from the latest 10-K report\nLet's now take a look at each of these segments:\n1. iPhone\nFrom 2016 to 2020, the iPhone segment grew at a CAGR of 0.20% and it changed from representing 63.4% (2016) of total sales to 51% (\"TTM\"). I present below the growth rate for the iPhone segment over the last 5 years (2016-TTM).\nSource:Author's estimates using data from the latest10-K report\nSo far this year the iPhone segment is showing a growth rate of 18.5% TTM, fueled by the new family of iPhone12 with 5G capabilities, and with interesting data coming from China. I believe that the transition to 5G will be the main driver of the growth in this segment. In this manner, I would like to report a piece of the transcript from theQ2 earnings call.\n\nIn the enterprise market, customers across many industries are accelerating their adoption of iPhone 12 and 5G as a key platform for the future of their business. Delta Airlines, for example, is putting iPhone 12 and 5G connectivity into the hands of flight attendants so they can provide the best passenger service possible as air travel rebounds.Openreach in the U.K. has started equipping tens of thousands of field engineers with iPhone 12 to speed up their deployment of broadband services to homes around the country. And UCHealth, a large health care provider in Colorado, was able to reduce per patient vaccination time from 3 minutes to only 30 seconds largely by moving from PC stations to iPhones. This has allowed their staff to rapidly scan and register new patients and vastly increase their daily vaccination capacity.\n\n2. iPad\nAs it was in the past, the iPad segment is more or less a constant number as a % of total sales, 9.6% in 2016 vs 9.1% TTM. From 2016 to 2020, the iPad segment grew at a CAGR of 3.56% (with an improving overall trend). I present below the growth rate for the iPad segment over the last 5 years (2016-TTM).\nSource:Author's estimates using data from the latest 10-K report\nThe TTM numbers show us an interesting picture with a growth rate of 24.9% TTM for the iPad segment which are driven by 3 factors: the M1 chip, the new 5G capabilities, and the fact that we were all at home. I see a lot of ways in which this new generation of iPads can be implemented. However, I also have to admit that there is a big player swimming in the same sea, the new 2-1 Laptops. The new 2-1 Laptops are a very interesting solution for those looking to have the best of the two worlds. In this last view, the iPad segment may represent a lower % of total sales, around 7.8% (vs current 9.1%).\n3. Mac\nFrom 2016 to 2020, the Mac segment grew at a CAGR of 5.81%, and also here, as it is for the iPad segment, the Mac segment represents a more or less constant number as % of total sales 10.6% in 2016 vs 10.4% TTM. I present below the growth rate for the Mac segment over the last 5 years (2016-TTM).\nSource:Author's estimates using data from the latest 10-K report\nThe generation of new Macs powered by the M1 chip seems to be appreciated by the customers, in fact, the Mac segment presents a growth rate of 18.4% TTM so far this year. I personally tried this new generation of Macs and I have to admit, Apple knows very well how to delight its customers. Personal PCs are a highly competitive market and, even if I like and I use Apple products, I prefer to work with a Lenovo.\n4. Wearables, Home, and Accessories (WH&A)\nThe Wearables, Home, and Accessories segment includes sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod, etc. This is where it gets interesting. From 2016 to 2020, the WH&A segment grew at a CAGR of 28.78%, and it changed from representing only 5.2% of total sales in 2016 to represent 10.8% TTM. I present below the growth rate for the WH&A segment over the last 5 years (2016-TTM).\nSource:Author's estimates using data from the latest 10-K report\nThe WH&A segment is showing a growth rate of 14.7% TTM driven by a strong performance from both Apple Watch Series 6 and Apple Watch SE. Apple Watch may have a very bright future in the years ahead, driven by Apple entering into the healthcare market. In fact, it can be used to monitor the health status of the person. Imagine you being close to having a heart attack, your Apple Watch may call an ambulance and save your life, not bad no? Finally, let's don't forget also the launch of Apple TV 4K and of the newest accessory, AirTag (I don't see a market for the latter, but I may be wrong).\n5. Services\nServices include sales from the Company’s advertising, AppleCare, digital content, and other services. From 2016 to 2020, the Services segment grew at a CAGR of 21.9% and it changed from representing 11.3% of total sales in 2016 to represent 18.6% TTM. I present below the growth rate for the Services segment over the last 5 years (2016-TTM).\nSource:Author's estimates using data from the latest 10-K report\nTo date, the Services segment is showing a growth rate of 12.3% TTM. The growth is driven by App Store, Cloud Services, Music, Advertising, and Payment Services. The new services, Apple TV+, Apple Arcade, Apple News+, and Apple Card, are also starting to contribute to overall services growth, and continue to add users, content, and features. I believe that in the future, the Services segment will be the company's dominant segment. Below I present an interesting part I extrapolated from theQ4 earnings call.\n\nFirst, our installed base continues to grow and is at an all-time high across each major product category. Second, the number of both transacting and paid accounts on our digital content stores reached a new all-time high during the September quarter, with paid accounts increasing double digits in each of our geographic segments.Third, paid subscriptions grew more than 35 million sequentially, and we now have over 585 million paid subscriptions across the services on our platform, up 135 million from just a year ago. With this momentum, we are very confident to reach and exceed our increased target of 600 million paid subscriptions before the end of calendar 2020.\n\nCompany Analysis\nI initiate Apple with a Neutral rating and a fair value of $111.42/share (vs. the current price of $131.7/share). The fair value is an algorithm-adjusted value that accounts for different factors, fundamental and technical (e.g. DCF fair value, Momentum, etc.), and so it takes into consideration the Mr. Market mood. At the same time, the fair value which I obtained through the DCF model is equal to $105.68/share. Now before showing the results, the numbers used as the base are the trailing twelve-month numbers. Moreover, I also restated the financials since I capitalized on R&D expenses with an amortizable life of 3 years. I don't believe that in the case of Apple, R&D is an operating expense and for this reason, I treat it as CapEx. By taking into account the R&D, the following metrics have been restated (all numbers in $mm).\nSource:Author's estimates using data from the latest 10-K report\nIt is very important to capitalize on R&D expense, if we don't, we are just keeping the company's biggest asset off-balance sheet.\nDiscounted Cash Flow Model\nNow, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.\nSource:Author's estimates using data from the latest 10-K report\nNow, this time I also present along with my estimates three possible scenarios:\n\nBase Case Scenario: The above DCF model represents my base case scenario. In the base case scenario, I assume the drivers of growth to be: the iPhone segment (driven by 5G transition), the Services segment (driven by a broader customer base), and the new powered M1 Macs segment. Under this scenario, I assume a Y1 growth rate of 12%, a CAGR Y2-Y5 of 7.1%, and a target operating margin in Y10 of 27%. The DCF fair value under this scenario is $105.68/share.\nBest Case Scenario: The business is booming! In the best-case scenario, I see again as the main drivers the one which I described for the base case scenario, however, in addition, I see a greater market penetration in China. Over the last 5 years, we can observe a falling pattern for sales in China, however, this year sales jumped 39.7% (with the iPhone segment rising substantially). Under this scenario, I assume a Y1 growth rate of 14%, a CAGR Y2-Y5 of 9.1%, and a target operating margin in Y10 of 30%. The DCF fair value under this scenario is $130.32/share.\nWorst Case Scenario: Well, this is a scenario that I would like to call like \"mature company scenario\". Under this scenario I see Apple growing a little above the growth rate of the economy and for this reason, I assume a Y1 growth rate of 10%, a CAGR Y2-Y5 of 3.1%, and a target operating margin in Y10 of 25%. The DCF fair value under this scenario is $81.03/share.\n\nFinally, for each scenario, I see Apple entering into the health care market with its Apple Watch. As you can imagine, I assign a different likelihood of market penetration in each of these scenarios.\nSensitivity Analysis\nMoreover, I also would like to provide the sensitivity analysis for the base case scenario.\nSource:Author's estimates using data from the latest 10-K report\nTechnical Analysis\nFrom the technical analysis point of view, I don't see any problem yet. The stock price is in a bullish mode, currently within an ascending triangle pattern. As of right now, the stock price is following its pattern and it is heading to the price target of $137/share or point D, where it is likely to bounce and head back to point E. If this scenario happens, point E is usually the point where stock price bounces once again and from that point, the stock goes higher (it is just a technical analysis assumption, take it as is).\nSource:TradingView.com\nFinal Thoughts\nApple is a mature company that is able to see a problem and solve it years ahead. By looking at the fair value, computed under the base case scenario, we can argue that the stock is currently overvalued but not by that much. For what concern risks, the difference between the best-case and the worst-case scenario can be used as a proxy of risk. Taking this into consideration I don't see big reasoning to panic, however, it is also true that I see an upcoming correction for the market. Many indicators, technical and fundamental, are suggesting to me that the market is too heavy right now (even if the S&P500 may go higher, perhaps in the 4400 area). To conclude, I don't think to close out my whole Apple position, however, I will close out 60% of it once it reaches my price target.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1009,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127204676,"gmtCreate":1624849211895,"gmtModify":1631889702249,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Buy?","listText":"Buy?","text":"Buy?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127204676","repostId":"2146007321","repostType":4,"isVote":1,"tweetType":1,"viewCount":2165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127202493,"gmtCreate":1624849140712,"gmtModify":1631885483019,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Time to buy","listText":"Time to buy","text":"Time to buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127202493","repostId":"1102536611","repostType":4,"isVote":1,"tweetType":1,"viewCount":1654,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122234699,"gmtCreate":1624622169811,"gmtModify":1631889702313,"author":{"id":"3578609589691468","authorId":"3578609589691468","name":"Tecky","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578609589691468","idStr":"3578609589691468"},"themes":[],"htmlText":"Good timing to buy","listText":"Good timing to buy","text":"Good timing to buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122234699","repostId":"2146023165","repostType":4,"isVote":1,"tweetType":1,"viewCount":3472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}