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lexxselrahc

lexxselrahc

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2021-09-13

Who can predict how gig workers behave in the new normal?

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2021-08-28

The many meanings of Futu.

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2021-08-25

Any news of any further delays? Or would this be right sizing?

Southeast Asia's Grab says to complete $40 bln SPAC merger in Q4<blockquote>东南亚 Grab 表示将在第四季度完成 400 亿美元的 SPAC 合并</blockquote>

2021-08-25

Would this contribute more to their listing in Sgp or US?

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2021-08-24

Verizon. That's the one.

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2021-08-24

JD

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2021-08-20

[财迷]

英特尔官方公布第12代处理器详细信息

2021-08-09

Coz it's already 700?

Tesla stock was up 2% in early trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.<blockquote>特斯拉股价在早盘交易中上涨 2%，此前杰富瑞将其评级上调至 “买入 ”，目标价从之前的 700 美元上调至 850 美元。</blockquote>

2021-08-08

This is key... The computing group’s efforts to refocus on cloud-based computing and spin off its old-fashioned IT services business is winning fans among investors. At the same time, it has benefitted from companies beginning to invest again as the economy reopens... Question is, is it too late in the race for IBM?

Space Race, Nasdaq, IBM, Nvidia: What to Watch When the Stock Market Opens<blockquote>太空竞赛、纳斯达克、IBM、英伟达：股市开盘时值得关注</blockquote>

2021-08-08

Really? 1.2k?

Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：走向 1,200 美元？</blockquote>

2021-08-07

Long term is the operative

Why Fiverr's Stock Dropped 24% on Thursday<blockquote>为什么 Fiverr 股价周四下跌 24%</blockquote>

2021-08-06

Way up.

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2021-08-06

How much higher?

2021-08-05

How long would the rally last?

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2021-08-05

Likely to go up then.

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2021-08-05

That explains the upward trend. Probably need to offload it after the Ex-dividend date.

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2021-08-05

Looks promising in the long term. Hold.

Intel has a plan to go beyond 3nm chips<blockquote>英特尔计划超越 3nm 芯片</blockquote>

2021-08-05

Agreed.

Grab Is Growing Fast But The Valuation Is Too High<blockquote>Grab增长迅速，但估值过高</blockquote>

2021-08-04

Won't see it bringing up the stock price by much.

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2021-07-31

How much is enough?

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去老虎APP查看更多动态

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Or would this be right sizing?&nbsp;","listText":"Any news of any&nbsp;further&nbsp;delays? Or would this be right sizing?&nbsp;","text":"Any news of any further delays? Or would this be right sizing?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837690600","repostId":"2142213600","repostType":2,"repost":{"id":"2142213600","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":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1623232805,"share":"https://www.laohunote.com/m/news/2142213600?lang=zh_CN&edition=full","pubTime":"2021-06-09 18:00","market":"us","language":"en","title":"Southeast Asia's Grab says to complete $40 bln SPAC merger in Q4<blockquote>东南亚 Grab 表示将在第四季度完成 400 亿美元的 SPAC 合并</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2142213600","media":"Reuters","summary":"SINGAPORE, June 9 (Reuters) - Southeast Asia's Grab, which is going public through a merger worth $4","content":"<p><html><body>SINGAPORE, June 9 (Reuters) - Southeast Asia's Grab, which is going public through a merger worth $40 billion with special-purpose acquisition company <a href=\"https://laohu8.com/S/AGCWW\">Altimeter Growth Corp</a></p><p><blockquote><html><body>路透新加坡6月9日电 - 东南亚的Grab将通过与特殊目的收购公司价值400亿美元的合并上市<a href=\"https://laohu8.com/S/AGCWW\">高度计增长公司</a></body></html></blockquote></p><p>  said on Wednesday it expects to complete the business combination during the fourth quarter. </p><p><blockquote>周三表示，预计将在第四季度完成业务合并。</blockquote></p><p>   The company had previously said it aimed to close the deal by July.</p><p><blockquote>该公司此前曾表示，目标是在 7 月份之前完成交易。</blockquote></p><p> (Reporting by Anshuman Daga and Aradhana Aravindan; Editing by Martin Petty)</p><p><blockquote>（Anshuman Daga 和 Aradhana Aravindan 报道；Martin Petty 编辑）</blockquote></p><p>((aradhana.aravindan@thomsonreuters.com;))</p><p><blockquote>（（aradhana.aravindan@thomsonreuters.com；））</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>Southeast Asia's Grab says to complete $40 bln SPAC merger in Q4<blockquote>东南亚 Grab 表示将在第四季度完成 400 亿美元的 SPAC 合并</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSoutheast Asia's Grab says to complete $40 bln SPAC merger in Q4<blockquote>东南亚 Grab 表示将在第四季度完成 400 亿美元的 SPAC 合并</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time smaller\">2021-06-09 18:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>SINGAPORE, June 9 (Reuters) - Southeast Asia's Grab, which is going public through a merger worth $40 billion with special-purpose acquisition company <a href=\"https://laohu8.com/S/AGCWW\">Altimeter Growth Corp</a></p><p><blockquote><html><body>路透新加坡6月9日电 - 东南亚的Grab将通过与特殊目的收购公司价值400亿美元的合并上市<a href=\"https://laohu8.com/S/AGCWW\">高度计增长公司</a></body></html></blockquote></p><p>  said on Wednesday it expects to complete the business combination during the fourth quarter. </p><p><blockquote>周三表示，预计将在第四季度完成业务合并。</blockquote></p><p>   The company had previously said it aimed to close the deal by July.</p><p><blockquote>该公司此前曾表示，目标是在 7 月份之前完成交易。</blockquote></p><p> (Reporting by Anshuman Daga and Aradhana Aravindan; Editing by Martin Petty)</p><p><blockquote>（Anshuman Daga 和 Aradhana Aravindan 报道；Martin Petty 编辑）</blockquote></p><p>((aradhana.aravindan@thomsonreuters.com;))</p><p><blockquote>（（aradhana.aravindan@thomsonreuters.com；））</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":{},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142213600","content_text":"SINGAPORE, June 9 (Reuters) - Southeast Asia's Grab, which is going public through a merger worth $40 billion with special-purpose acquisition company Altimeter Growth Corp  said on Wednesday it expects to complete the business combination during the fourth quarter.    The company had previously said it aimed to close the deal by July. (Reporting by Anshuman Daga and Aradhana Aravindan; Editing by Martin Petty)((aradhana.aravindan@thomsonreuters.com;))","news_type":1,"symbols_score_info":{"AGC":0.9}},"isVote":1,"tweetType":1,"viewCount":3158,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837607219,"gmtCreate":1629880280731,"gmtModify":1633681748570,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578739448923997","idStr":"3578739448923997"},"themes":[],"title":"","htmlText":"Would this contribute more to their listing in Sgp or US?&nbsp;","listText":"Would this contribute more to their listing in Sgp or US?&nbsp;","text":"Would this contribute more to their listing in Sgp or US?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837607219","repostId":"2154560399","repostType":2,"isVote":1,"tweetType":1,"viewCount":2801,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834488805,"gmtCreate":1629818921307,"gmtModify":1633682203493,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578739448923997","idStr":"3578739448923997"},"themes":[],"title":"","htmlText":"Verizon. That's the one.&nbsp;","listText":"Verizon. That's the one.&nbsp;","text":"Verizon. That's the one.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/834488805","repostId":"2161894088","repostType":4,"isVote":1,"tweetType":1,"viewCount":2222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834483352,"gmtCreate":1629818783076,"gmtModify":1633682205073,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578739448923997","idStr":"3578739448923997"},"themes":[],"title":"","htmlText":"JD","listText":"JD","text":"JD","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/834483352","repostId":"1189203464","repostType":4,"isVote":1,"tweetType":1,"viewCount":2212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836696463,"gmtCreate":1629473632852,"gmtModify":1633684565159,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578739448923997","idStr":"3578739448923997"},"themes":[],"title":"","htmlText":"[财迷]","listText":"[财迷]","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836696463","repostId":"2160710330","repostType":2,"repost":{"id":"2160710330","kind":"news","pubTimestamp":1629469342,"share":"https://www.laohunote.com/m/news/2160710330?lang=zh_CN&edition=full","pubTime":"2021-08-20 22:22","market":"us","language":"zh","title":"英特尔官方公布第12代处理器详细信息","url":"https://stock-news.laohu8.com/highlight/detail?id=2160710330","media":"腾讯新闻","summary":"8 月 20 日消息， 在 2021 英特尔架构日上，英特尔官方公布了 12 代 Alder Lake 处理器的详细信息。根据英特尔官方公布的消息，Alder Lake 将采用最新公布的 Intel 7 节点工艺打造，采用全新混合架构，最高 125W TDP，并搭载 Intel Thread Director 硬件调度器，支持 DDR5 和 PCIe 5.0 。英特尔表示第 12 代酷睿桌面处理器将于今年 10 月至年末正式发布，但是 Alder Lake 移动处理器系列，目前没公布发布日期。","content":"<html><body><article><p>8 月 20 日消息， 在 2021 <a href=\"https://laohu8.com/S/INTC\">英特尔</a>架构日上，英特尔官方公布了 12 代 Alder Lake 处理器的详细信息。根据英特尔官方公布的消息，Alder Lake 将采用最新公布的 Intel 7 节点工艺打造，采用全新混合架构，最高 125W TDP，并搭载 Intel Thread Director 硬件调度器，支持 DDR5 和 PCIe 5.0 。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20210820222733560d197dw6tf8xgll8\"/><p>英特尔官方表示，Alder Lake架构将最多配备 16颗 内核，其中的大核将支持超线程，最多可为 16 核 24 线程，L3 缓存最高为 30MB。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20210820222739631d1975mt4uj7fo0m\"/><p>其中，桌面版最高 8+ 8 核心，移动版最高 6 + 8 核心，超轻薄本版最高 2 + 8 核心，桌面版CPU将采用LGA 1700 接口。Alder Lake 采用全新的小核 E-Core 架构，比双核 Skylake CPU 性能提升 80% 以上，且能耗比也提升 80%。</p><p>Alder Lake将配备一个硬件线程调度器，该调度程序将与操作系统调度程序进行通信，这项技术称为 Intel Thread Director，可根据电源设置和发热情况动态调整。Alder Lake 将拥有16 条 PCIe 5.0 通道，还有 4 条 PCIe 4.0 通道。</p><p>英特尔表示第 12 代酷睿桌面处理器将于今年 10 月至年末正式发布，但是 Alder Lake 移动处理器系列，目前没公布发布日期。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20210820222740677d1973jlbypkqh8i\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20210820222746289d1975qkmv9my3z1\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20210820222759567d197p8uqo7a74de\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20210820222805225d19791xd2wqo8im\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20210820222805873d197eihmvg9as6l\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20210820222816408d197oiekshz1vhl\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20210820222816948d1979tl9xfyx6xw\"/></article></body></html>","source":"tencent","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>英特尔官方公布第12代处理器详细信息</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; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n英特尔官方公布第12代处理器详细信息\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-20 22:22 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021082022281779e4b925&s=b><strong>腾讯新闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>8 月 20 日消息， 在 2021 英特尔架构日上，英特尔官方公布了 12 代 Alder Lake 处理器的详细信息。根据英特尔官方公布的消息，Alder Lake 将采用最新公布的 Intel 7 节点工艺打造，采用全新混合架构，最高 125W TDP，并搭载 Intel Thread Director 硬件调度器，支持 DDR5 和 PCIe 5.0 。英特尔官方表示，Alder Lake...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021082022281779e4b925&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/db9d40affd7144ecdfdd62b9c8b3aed5","relate_stocks":{"INTC":"英特尔"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021082022281779e4b925&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160710330","content_text":"8 月 20 日消息， 在 2021 英特尔架构日上，英特尔官方公布了 12 代 Alder Lake 处理器的详细信息。根据英特尔官方公布的消息，Alder Lake 将采用最新公布的 Intel 7 节点工艺打造，采用全新混合架构，最高 125W TDP，并搭载 Intel Thread Director 硬件调度器，支持 DDR5 和 PCIe 5.0 。英特尔官方表示，Alder Lake架构将最多配备 16颗 内核，其中的大核将支持超线程，最多可为 16 核 24 线程，L3 缓存最高为 30MB。其中，桌面版最高 8+ 8 核心，移动版最高 6 + 8 核心，超轻薄本版最高 2 + 8 核心，桌面版CPU将采用LGA 1700 接口。Alder Lake 采用全新的小核 E-Core 架构，比双核 Skylake CPU 性能提升 80% 以上，且能耗比也提升 80%。Alder Lake将配备一个硬件线程调度器，该调度程序将与操作系统调度程序进行通信，这项技术称为 Intel Thread Director，可根据电源设置和发热情况动态调整。Alder Lake 将拥有16 条 PCIe 5.0 通道，还有 4 条 PCIe 4.0 通道。英特尔表示第 12 代酷睿桌面处理器将于今年 10 月至年末正式发布，但是 Alder Lake 移动处理器系列，目前没公布发布日期。","news_type":1,"symbols_score_info":{"INTC":1}},"isVote":1,"tweetType":1,"viewCount":2771,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":898710374,"gmtCreate":1628521241898,"gmtModify":1633746465215,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578739448923997","idStr":"3578739448923997"},"themes":[],"title":"","htmlText":"Coz it's already 700?","listText":"Coz it's already 700?","text":"Coz it's already 700?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898710374","repostId":"1132727199","repostType":2,"repost":{"id":"1132727199","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":1628517118,"share":"https://www.laohunote.com/m/news/1132727199?lang=zh_CN&edition=full","pubTime":"2021-08-09 21:51","market":"us","language":"en","title":"Tesla stock was up 2% in early trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.<blockquote>特斯拉股价在早盘交易中上涨 2%，此前杰富瑞将其评级上调至 “买入 ”，目标价从之前的 700 美元上调至 850 美元。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132727199","media":"Tiger Newspress","summary":"Tesla&nbsp;stock was up 2% in early&nbsp;trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.\n\n\n\n\n\nThe stock was earlier rated ‘neutral’ at the brokerage. The new target price is 21.6% higher from the stock’s Friday close of $699.10.","content":"<p>Tesla&nbsp;stock was up 2% in early&nbsp;trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.</p><p><blockquote>特斯拉股价在早盘交易中上涨 2%，此前杰富瑞将其评级上调至 “买入 ”，目标价从之前的 700 美元上调至 850 美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bf0e45da8943229703cc302cf4771aef\" tg-width=\"1273\" tg-height=\"631\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The stock was earlier rated ‘neutral’ at the brokerage. The new target price is 21.6% higher from the stock’s Friday close of $699.10.</p><p><blockquote>该券商此前对该股的评级为 “中性 ”。新的目标价比该股周五收盘价 699.10 美元高出 21.6%。</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>Tesla stock was up 2% in early trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.<blockquote>特斯拉股价在早盘交易中上涨 2%，此前杰富瑞将其评级上调至 “买入 ”，目标价从之前的 700 美元上调至 850 美元。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla stock was up 2% in early trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.<blockquote>特斯拉股价在早盘交易中上涨 2%，此前杰富瑞将其评级上调至 “买入 ”，目标价从之前的 700 美元上调至 850 美元。</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\">2021-08-09 21:51</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;stock was up 2% in early&nbsp;trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.</p><p><blockquote>特斯拉股价在早盘交易中上涨 2%，此前杰富瑞将其评级上调至 “买入 ”，目标价从之前的 700 美元上调至 850 美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bf0e45da8943229703cc302cf4771aef\" tg-width=\"1273\" tg-height=\"631\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The stock was earlier rated ‘neutral’ at the brokerage. The new target price is 21.6% higher from the stock’s Friday close of $699.10.</p><p><blockquote>该券商此前对该股的评级为 “中性 ”。新的目标价比该股周五收盘价 699.10 美元高出 21.6%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132727199","content_text":"Tesla stock was up 2% in early trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.\n\nThe stock was earlier rated ‘neutral’ at the brokerage. The new target price is 21.6% higher from the stock’s Friday close of $699.10.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2262,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891784163,"gmtCreate":1628430235352,"gmtModify":1633747183236,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578739448923997","idStr":"3578739448923997"},"themes":[],"title":"","htmlText":"This is key... The computing group’s efforts to refocus on cloud-based computing and spin off its old-fashioned IT services business is winning fans among investors. At the same time, it has benefitted from companies beginning to invest again as the economy reopens... Question is, is it too late in the race for IBM?&nbsp;","listText":"This is key... The computing group’s efforts to refocus on cloud-based computing and spin off its old-fashioned IT services business is winning fans among investors. At the same time, it has benefitted from companies beginning to invest again as the economy reopens... Question is, is it too late in the race for IBM?&nbsp;","text":"This is key... The computing group’s efforts to refocus on cloud-based computing and spin off its old-fashioned IT services business is winning fans among investors. At the same time, it has benefitted from companies beginning to invest again as the economy reopens... Question is, is it too late in the race for IBM?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891784163","repostId":"1159359820","repostType":4,"repost":{"id":"1159359820","kind":"news","pubTimestamp":1628264299,"share":"https://www.laohunote.com/m/news/1159359820?lang=zh_CN&edition=full","pubTime":"2021-08-06 23:38","market":"us","language":"en","title":"Space Race, Nasdaq, IBM, Nvidia: What to Watch When the Stock Market Opens<blockquote>太空竞赛、纳斯达克、IBM、英伟达：股市开盘时值得关注</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159359820","media":"The Wall Street Journal","summary":"Stock futures are higher after Monday’s slide on Wall Street.\n\n\nTo the moon! Well, not quite, butint","content":"<p>  <b>Stock futures are higher after Monday’s slide on Wall Street.</b>  </p><p><blockquote><b>周一华尔街股市下滑后，股票期货走高。</b></blockquote></p><p> To the moon! Well, not quite, butinto space at leasttoday forJeff Bezos,the billionaire baron of ecommerce. Also not going to the moon isAmazonAMZN-1.19%stock, though it is 0.3% up premarket on Tuesday morning.</p><p><blockquote>去月球!嗯，不完全是，但至少今天对于亿万富翁电子商务大亨杰夫·贝索斯来说是有空间的。AmazonAMZN-1.19% 的股票也没有上涨，尽管周二上午盘前上涨了 0.3%。</blockquote></p><p> <ul>  <li>One reason for Mr. Bezos’s rocket ride is the more earthly goal of winning government contracts for the kind of less thrilling scientific projects the provide reliable revenue. His Blue Origin company is playing catch-up withElon Musk’s SpaceX.</li>  <li>Mr. Musk’s electric vehicle makerTesla,TSLA-1.55%is getting a bit of a boost Tuesday morning ahead of the open, rising 1% premarket. It is also gaining more attention on the message boards among day traders, according to Topstonks.com. The company reports earnings next Monday and tends to see its stock rise in the days ahead as investors start hoping for exciting announcements.</li>  <li>In the wider markets, U.S. stock futures are trending higher ahead of the open following Monday’s broad selloff. S&amp;P 500 futures and Dow futures are up 0.3%, and Nasdaq-100 futures are up 0.4%.</li>  <li>Nasdaq the company, not the index, is itself rising premarket, up 1%, after TheWall Street Journal’s exclusivethat it will spin out its Private Market for shares in start-ups that trade among some investors before an initial public offering. The business will go into a standalone joint venture company and get investment from three Wall Street banks and SVB Financial Group, a tech specialist bank.</li>  <li>NvidiaNVDA-1.30%is down 0.8% on large volumes following a &nbsp;3.4% rise Monday. The shares are up nearly 80% over the past year, putting the chip makerinto the top 10list of U.S. public companies. It also executed its four-for-one stock split overnight, which has given some investorsmore ways to trade the stock-performance.</li>  <li>International Business MachinesIBM+0.54%is up 2.8% ahead of the open on Tuesday after turning in decent second-quarter numbers Monday after the close. The computing group’s efforts to refocus on cloud-based computing and spin off its old-fashioned IT services business is winning fans among investors. At the same time, it has benefitted from companies beginning to invest again as the economy reopens.</li> </ul> <ul>  <li>Advanced Micro DevicesAMD+1.43%is rising up the chat charts on social media platforms, according to Topstonks.com, gaining popularity among retail traders. Its shares are up 0.4% premarket on good volumes following a 0.8% rise Monday.</li>  <li>Growing chatter and chunky volumes Tuesday morning for another perennial retail favourite:AMC Entertainment.AMC-3.16%The cinema chain’s shares have taken a bit of a beating so far this month, but they are 1.7% higher premarket Tuesday.</li>  <li>Zoom Video CommunicationsZM-3.50%is bouncing slightly Tuesday morning, up 0.4% in premarket trading after a 2.2% drop on Monday when it revealed it would buy customer service software firmFive9.FIVN-3.04%The target’s shares jumped nearly 6% Monday, are down 0.3% premarket.</li>  <li>Shares in big U.S. investments banks, which all took a knock Monday with the drop in financial markets, look set to rebound a bit Tuesday:Goldman SachsGS+2.91%andJPMorgan ChaseJPM+2.66%are both up about 0.3%, while andMorgan StanleyMS+1.64%up about 0.5% in premarket trading.</li>  <li>Bitcoin dropped below $30,000 Tuesday for the first time in a month.</li>  <li>Netflix,NFLX-0.33%United AirlinesUAL-0.71%andChipotle Mexican GrillCMG-0.63%are due to report earnings after Tuesday’s close.</li> </ul> <img src=\"https://static.tigerbbs.com/6454f89ce9900ecbca7664b0da4ff6fa\" tg-width=\"761\" tg-height=\"567\" width=\"100%\" height=\"auto\"></p><p><blockquote><ul><li>贝索斯先生如日中天的一个原因是，他的目标更务实，那就是赢得政府合同，用于那些不那么令人兴奋、能提供可靠收入的科学项目。他的蓝色起源公司正在追赶特隆-马斯克的 SpaceX。</li><li>马斯克先生的电动汽车制造商特斯拉（TSLA-1.55%）在周二上午开盘前获得了一点提振，盘前上涨了 1%。据 Topstonks.com 称，它在日内交易者的留言板上也受到了更多关注。该公司将于下周一公布财报，随着投资者开始期待令人兴奋的公告，其股价往往会在未来几天上涨。</li><li>在大盘方面，美国股指期货在周一大面积抛售后，开盘前呈走高趋势。标普500期货和道琼斯期货上涨0.3%，纳斯达克100指数期货上涨0.4%。</li><li>纳斯达克 在《华尔街日报》独家报道称，该公司将在首次公开募股前分拆其私募市场，用于在部分投资者之间交易的初创企业的股票，而不是该指数，该公司本身在盘前上涨了 1%。该业务将成立一家独立的合资公司，并获得三家华尔街银行和科技专业银行 SVB 金融集团的投资。</li><li>NvidiaNVDA-1.30% 继周一上涨 3.4% 后，成交量下跌 0.8%。过去一年，该芯片制造商的股价上涨了近 80%，跻身美国十大上市公司之列。该公司还在一夜之间实施了四比一的股票分割，这为一些投资者提供了更多交易股票表现的方式。</li><li>国际商业机器公司 IBM+0.54% 周一收盘后公布了不错的第二季度数据，周二开盘前上涨 2.8%。这家计算集团重新专注于云计算并剥离老式 IT 服务业务的努力赢得了投资者的青睐。与此同时，随着经济重新开放，企业开始再次投资，这也使其受益。</li></ul><ul><li>据 Topstonks.com 称，Advanced Micro DevicesAMD+1.43% 正在社交媒体平台上的聊天排行榜上升，在零售商中越来越受欢迎。继周一上涨 0.8% 后，其股价盘前上涨 0.4%，成交量良好。</li><li>周二上午，另一家常年备受喜爱的零售商：AMC Entertainment.AMC-3.16%这家连锁影院的股价本月迄今为止略有下跌，但周二盘前上涨了 1.7%。</li><li>Zoom Video通信SZM-3.50%周二上午小幅反弹，在盘前交易中上涨0.4%，周一该公司透露将收购客户服务软件公司FIVE9.FIVN-3.04%该公司股价周一上涨近6%，盘前下跌0.3%。</li><li>美国大型投资银行的股价周一均因金融市场下跌而受到打击，但周二看起来将小幅反弹：高盛SGS+2.91%和摩根大通PM+2.66%均上涨约0.3%，而摩根士丹利MS+1.64%盘前交易中上涨约0.5%。</li><li>比特币周二一个月来首次跌破 3 万美元。</li><li>Netflix、NFLX-0.33% United AirlinesUAL-0.71% 和 Chipotle Mexican GrillCMG-0.63% 将在周二收盘后公布财报。</li></ul></blockquote></p><p> <ul>  <li>Stocks, commodities and other financial marketstook a stumbleMonday on growing concerns about the strength of the post-Covid-19 global recovery.</li> </ul> <b>Corrections &amp; Amplifications</b></p><p><blockquote><ul><li>由于对后 Covid-19 时代全球复苏力度的担忧日益加剧，股市、大宗商品和其他金融市场周一遭遇挫折。</li></ul><b>校正和放大</b></blockquote></p><p> Nvidia shares rose 3.4% on Monday,&nbsp;July 19. An earlier version of this article incorrectly&nbsp;said that they rose 15%. A separate version of the article incorrectly said they rose 3%. (Corrected on Aug. 6)</p><p><blockquote>7 月 19 日星期一，英伟达股价上涨 3.4%。这篇文章的早期版本错误地说他们上涨了15%。这篇文章的另一个版本错误地说他们上涨了3%。（8月6日更正）</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>Space Race, Nasdaq, IBM, Nvidia: What to Watch When the Stock Market Opens<blockquote>太空竞赛、纳斯达克、IBM、英伟达：股市开盘时值得关注</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\">\nSpace Race, Nasdaq, IBM, Nvidia: What to Watch When the Stock Market Opens<blockquote>太空竞赛、纳斯达克、IBM、英伟达：股市开盘时值得关注</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-08-06 23:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Stock futures are higher after Monday’s slide on Wall Street.</b>  </p><p><blockquote><b>周一华尔街股市下滑后，股票期货走高。</b></blockquote></p><p> To the moon! Well, not quite, butinto space at leasttoday forJeff Bezos,the billionaire baron of ecommerce. Also not going to the moon isAmazonAMZN-1.19%stock, though it is 0.3% up premarket on Tuesday morning.</p><p><blockquote>去月球!嗯，不完全是，但至少今天对于亿万富翁电子商务大亨杰夫·贝索斯来说是有空间的。AmazonAMZN-1.19% 的股票也没有上涨，尽管周二上午盘前上涨了 0.3%。</blockquote></p><p> <ul>  <li>One reason for Mr. Bezos’s rocket ride is the more earthly goal of winning government contracts for the kind of less thrilling scientific projects the provide reliable revenue. His Blue Origin company is playing catch-up withElon Musk’s SpaceX.</li>  <li>Mr. Musk’s electric vehicle makerTesla,TSLA-1.55%is getting a bit of a boost Tuesday morning ahead of the open, rising 1% premarket. It is also gaining more attention on the message boards among day traders, according to Topstonks.com. The company reports earnings next Monday and tends to see its stock rise in the days ahead as investors start hoping for exciting announcements.</li>  <li>In the wider markets, U.S. stock futures are trending higher ahead of the open following Monday’s broad selloff. S&amp;P 500 futures and Dow futures are up 0.3%, and Nasdaq-100 futures are up 0.4%.</li>  <li>Nasdaq the company, not the index, is itself rising premarket, up 1%, after TheWall Street Journal’s exclusivethat it will spin out its Private Market for shares in start-ups that trade among some investors before an initial public offering. The business will go into a standalone joint venture company and get investment from three Wall Street banks and SVB Financial Group, a tech specialist bank.</li>  <li>NvidiaNVDA-1.30%is down 0.8% on large volumes following a &nbsp;3.4% rise Monday. The shares are up nearly 80% over the past year, putting the chip makerinto the top 10list of U.S. public companies. It also executed its four-for-one stock split overnight, which has given some investorsmore ways to trade the stock-performance.</li>  <li>International Business MachinesIBM+0.54%is up 2.8% ahead of the open on Tuesday after turning in decent second-quarter numbers Monday after the close. The computing group’s efforts to refocus on cloud-based computing and spin off its old-fashioned IT services business is winning fans among investors. At the same time, it has benefitted from companies beginning to invest again as the economy reopens.</li> </ul> <ul>  <li>Advanced Micro DevicesAMD+1.43%is rising up the chat charts on social media platforms, according to Topstonks.com, gaining popularity among retail traders. Its shares are up 0.4% premarket on good volumes following a 0.8% rise Monday.</li>  <li>Growing chatter and chunky volumes Tuesday morning for another perennial retail favourite:AMC Entertainment.AMC-3.16%The cinema chain’s shares have taken a bit of a beating so far this month, but they are 1.7% higher premarket Tuesday.</li>  <li>Zoom Video CommunicationsZM-3.50%is bouncing slightly Tuesday morning, up 0.4% in premarket trading after a 2.2% drop on Monday when it revealed it would buy customer service software firmFive9.FIVN-3.04%The target’s shares jumped nearly 6% Monday, are down 0.3% premarket.</li>  <li>Shares in big U.S. investments banks, which all took a knock Monday with the drop in financial markets, look set to rebound a bit Tuesday:Goldman SachsGS+2.91%andJPMorgan ChaseJPM+2.66%are both up about 0.3%, while andMorgan StanleyMS+1.64%up about 0.5% in premarket trading.</li>  <li>Bitcoin dropped below $30,000 Tuesday for the first time in a month.</li>  <li>Netflix,NFLX-0.33%United AirlinesUAL-0.71%andChipotle Mexican GrillCMG-0.63%are due to report earnings after Tuesday’s close.</li> </ul> <img src=\"https://static.tigerbbs.com/6454f89ce9900ecbca7664b0da4ff6fa\" tg-width=\"761\" tg-height=\"567\" width=\"100%\" height=\"auto\"></p><p><blockquote><ul><li>贝索斯先生如日中天的一个原因是，他的目标更务实，那就是赢得政府合同，用于那些不那么令人兴奋、能提供可靠收入的科学项目。他的蓝色起源公司正在追赶特隆-马斯克的 SpaceX。</li><li>马斯克先生的电动汽车制造商特斯拉（TSLA-1.55%）在周二上午开盘前获得了一点提振，盘前上涨了 1%。据 Topstonks.com 称，它在日内交易者的留言板上也受到了更多关注。该公司将于下周一公布财报，随着投资者开始期待令人兴奋的公告，其股价往往会在未来几天上涨。</li><li>在大盘方面，美国股指期货在周一大面积抛售后，开盘前呈走高趋势。标普500期货和道琼斯期货上涨0.3%，纳斯达克100指数期货上涨0.4%。</li><li>纳斯达克 在《华尔街日报》独家报道称，该公司将在首次公开募股前分拆其私募市场，用于在部分投资者之间交易的初创企业的股票，而不是该指数，该公司本身在盘前上涨了 1%。该业务将成立一家独立的合资公司，并获得三家华尔街银行和科技专业银行 SVB 金融集团的投资。</li><li>NvidiaNVDA-1.30% 继周一上涨 3.4% 后，成交量下跌 0.8%。过去一年，该芯片制造商的股价上涨了近 80%，跻身美国十大上市公司之列。该公司还在一夜之间实施了四比一的股票分割，这为一些投资者提供了更多交易股票表现的方式。</li><li>国际商业机器公司 IBM+0.54% 周一收盘后公布了不错的第二季度数据，周二开盘前上涨 2.8%。这家计算集团重新专注于云计算并剥离老式 IT 服务业务的努力赢得了投资者的青睐。与此同时，随着经济重新开放，企业开始再次投资，这也使其受益。</li></ul><ul><li>据 Topstonks.com 称，Advanced Micro DevicesAMD+1.43% 正在社交媒体平台上的聊天排行榜上升，在零售商中越来越受欢迎。继周一上涨 0.8% 后，其股价盘前上涨 0.4%，成交量良好。</li><li>周二上午，另一家常年备受喜爱的零售商：AMC Entertainment.AMC-3.16%这家连锁影院的股价本月迄今为止略有下跌，但周二盘前上涨了 1.7%。</li><li>Zoom Video通信SZM-3.50%周二上午小幅反弹，在盘前交易中上涨0.4%，周一该公司透露将收购客户服务软件公司FIVE9.FIVN-3.04%该公司股价周一上涨近6%，盘前下跌0.3%。</li><li>美国大型投资银行的股价周一均因金融市场下跌而受到打击，但周二看起来将小幅反弹：高盛SGS+2.91%和摩根大通PM+2.66%均上涨约0.3%，而摩根士丹利MS+1.64%盘前交易中上涨约0.5%。</li><li>比特币周二一个月来首次跌破 3 万美元。</li><li>Netflix、NFLX-0.33% United AirlinesUAL-0.71% 和 Chipotle Mexican GrillCMG-0.63% 将在周二收盘后公布财报。</li></ul></blockquote></p><p> <ul>  <li>Stocks, commodities and other financial marketstook a stumbleMonday on growing concerns about the strength of the post-Covid-19 global recovery.</li> </ul> <b>Corrections &amp; Amplifications</b></p><p><blockquote><ul><li>由于对后 Covid-19 时代全球复苏力度的担忧日益加剧，股市、大宗商品和其他金融市场周一遭遇挫折。</li></ul><b>校正和放大</b></blockquote></p><p> Nvidia shares rose 3.4% on Monday,&nbsp;July 19. An earlier version of this article incorrectly&nbsp;said that they rose 15%. A separate version of the article incorrectly said they rose 3%. (Corrected on Aug. 6)</p><p><blockquote>7 月 19 日星期一，英伟达股价上涨 3.4%。这篇文章的早期版本错误地说他们上涨了15%。这篇文章的另一个版本错误地说他们上涨了3%。（8月6日更正）</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/space-race-nvidia-and-ibm-what-to-watch-when-the-market-opens-11626778707?mod=rss_markets_main\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.wsj.com/articles/space-race-nvidia-and-ibm-what-to-watch-when-the-market-opens-11626778707?mod=rss_markets_main","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159359820","content_text":"Stock futures are higher after Monday’s slide on Wall Street.\n\n\nTo the moon! Well, not quite, butinto space at leasttoday forJeff Bezos,the billionaire baron of ecommerce. Also not going to the moon isAmazonAMZN-1.19%stock, though it is 0.3% up premarket on Tuesday morning.\n\nOne reason for Mr. Bezos’s rocket ride is the more earthly goal of winning government contracts for the kind of less thrilling scientific projects the provide reliable revenue. His Blue Origin company is playing catch-up withElon Musk’s SpaceX.\nMr. Musk’s electric vehicle makerTesla,TSLA-1.55%is getting a bit of a boost Tuesday morning ahead of the open, rising 1% premarket. It is also gaining more attention on the message boards among day traders, according to Topstonks.com. The company reports earnings next Monday and tends to see its stock rise in the days ahead as investors start hoping for exciting announcements.\nIn the wider markets, U.S. stock futures are trending higher ahead of the open following Monday’s broad selloff. S&P 500 futures and Dow futures are up 0.3%, and Nasdaq-100 futures are up 0.4%.\nNasdaq the company, not the index, is itself rising premarket, up 1%, after TheWall Street Journal’s exclusivethat it will spin out its Private Market for shares in start-ups that trade among some investors before an initial public offering. The business will go into a standalone joint venture company and get investment from three Wall Street banks and SVB Financial Group, a tech specialist bank.\nNvidiaNVDA-1.30%is down 0.8% on large volumes following a  3.4% rise Monday. The shares are up nearly 80% over the past year, putting the chip makerinto the top 10list of U.S. public companies. It also executed its four-for-one stock split overnight, which has given some investorsmore ways to trade the stock-performance.\nInternational Business MachinesIBM+0.54%is up 2.8% ahead of the open on Tuesday after turning in decent second-quarter numbers Monday after the close. The computing group’s efforts to refocus on cloud-based computing and spin off its old-fashioned IT services business is winning fans among investors. At the same time, it has benefitted from companies beginning to invest again as the economy reopens.\n\n\nAdvanced Micro DevicesAMD+1.43%is rising up the chat charts on social media platforms, according to Topstonks.com, gaining popularity among retail traders. Its shares are up 0.4% premarket on good volumes following a 0.8% rise Monday.\nGrowing chatter and chunky volumes Tuesday morning for another perennial retail favourite:AMC Entertainment.AMC-3.16%The cinema chain’s shares have taken a bit of a beating so far this month, but they are 1.7% higher premarket Tuesday.\nZoom Video CommunicationsZM-3.50%is bouncing slightly Tuesday morning, up 0.4% in premarket trading after a 2.2% drop on Monday when it revealed it would buy customer service software firmFive9.FIVN-3.04%The target’s shares jumped nearly 6% Monday, are down 0.3% premarket.\nShares in big U.S. investments banks, which all took a knock Monday with the drop in financial markets, look set to rebound a bit Tuesday:Goldman SachsGS+2.91%andJPMorgan ChaseJPM+2.66%are both up about 0.3%, while andMorgan StanleyMS+1.64%up about 0.5% in premarket trading.\nBitcoin dropped below $30,000 Tuesday for the first time in a month.\nNetflix,NFLX-0.33%United AirlinesUAL-0.71%andChipotle Mexican GrillCMG-0.63%are due to report earnings after Tuesday’s close.\n\n\n\nStocks, commodities and other financial marketstook a stumbleMonday on growing concerns about the strength of the post-Covid-19 global recovery.\n\nCorrections & Amplifications\nNvidia shares rose 3.4% on Monday, July 19. An earlier version of this article incorrectly said that they rose 15%. A separate version of the article incorrectly said they rose 3%. (Corrected on Aug. 6)","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3818,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891782250,"gmtCreate":1628430017770,"gmtModify":1633747184456,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578739448923997","idStr":"3578739448923997"},"themes":[],"title":"","htmlText":"Really? 1.2k?","listText":"Really? 1.2k?","text":"Really? 1.2k?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891782250","repostId":"1159872041","repostType":4,"repost":{"id":"1159872041","kind":"news","pubTimestamp":1628385224,"share":"https://www.laohunote.com/m/news/1159872041?lang=zh_CN&edition=full","pubTime":"2021-08-08 09:13","market":"us","language":"en","title":"Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：走向 1,200 美元？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159872041","media":"Motley Fool","summary":"Tesla deliveries more than doubled year over year in Q2.Rising demand for electric vehicles could benefit Tesla.Investors should exercise caution when it comes to analysts' price targets.It's been a wild year for Teslastock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.In February,Piper Sandler analys","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度交付量同比增长一倍多。</li><li>对电动汽车不断增长的需求可能会使特斯拉受益。</li><li>投资者在谈到分析师的目标价时应谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克股票代码：TSLA）股票。今年年初，股价最初飙升超过 20%。但该股现在已经回吐了所有这些涨幅，今年迄今为止的回报率为负 1%。这意味着该股的表现明显逊于<b>标普500</b>今年增长了 18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会上涨。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>二月份，<b>派珀·桑德勒</b>分析师 Alexander Potter 做出了大胆的看涨期权，将 The Growth 股票的 12 个月目标价从 515 美元上调至 1,200 美元。他表示，特斯拉的交付量可能会从 2020 年的 50 万辆增加到今年的近 90 万辆。当然，这一预测是在全球供应短缺恶化之前做出的。然而，特斯拉发展极其迅速。该公司第二季度的交付量比去年同期增加了一倍多，达到 201,304 辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望从市场份额增长、公司自动驾驶软件的货币化以及特斯拉能源业务中“被低估的机会”中受益。业务，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，高达 11%，他预计特斯拉最近推出的 Autopilot 订阅服务将逐步改善这一利润率。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8 月 3 日，波特再次重申了该股的跑赢大盘评级和 1,200 美元的目标价，并表示“我们仍然非常喜欢这只股票”。他指出，总体而言，对电池电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么什么给出了呢？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的可以上涨到 1,200 美元，为什么这么多投资者似乎认为该股票的价值如此之低（基于撰写本文时该股票的价格略低于 700 美元）。毕竟，如果投资者普遍认为特斯拉股票在未来 12 个月内可能达到 1,200 美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为该股的前瞻性估值。截至撰写本文时，特斯拉股票的市盈率约为 370，预计未来几年将实现强劲增长。由于该公司的估值主要基于遥远未来的利润，因此对特斯拉未来增长轨迹的看法略有不同，就会对当今该股的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师对股票设定了较高的目标价就迅速购买特斯拉股票。尽管如此，波特对特斯拉强劲的业务势头确实有一些优点。就连特斯拉本身也重申了今年汽车交付量增长 50% 以上的指导，而这一指导是在世界各地许多公司（包括特斯拉）受到供应链短缺负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，第三季度对其汽车的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票 1,200 美元的目标价很难证明其合理性，但股价可能足够低，投资者可以开始少量持有该股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：走向 1,200 美元？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock: Headed to $1,200?<blockquote>特斯拉股票：走向 1,200 美元？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-08 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度交付量同比增长一倍多。</li><li>对电动汽车不断增长的需求可能会使特斯拉受益。</li><li>投资者在谈到分析师的目标价时应谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克股票代码：TSLA）股票。今年年初，股价最初飙升超过 20%。但该股现在已经回吐了所有这些涨幅，今年迄今为止的回报率为负 1%。这意味着该股的表现明显逊于<b>标普500</b>今年增长了 18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会上涨。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>二月份，<b>派珀·桑德勒</b>分析师 Alexander Potter 做出了大胆的看涨期权，将 The Growth 股票的 12 个月目标价从 515 美元上调至 1,200 美元。他表示，特斯拉的交付量可能会从 2020 年的 50 万辆增加到今年的近 90 万辆。当然，这一预测是在全球供应短缺恶化之前做出的。然而，特斯拉发展极其迅速。该公司第二季度的交付量比去年同期增加了一倍多，达到 201,304 辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望从市场份额增长、公司自动驾驶软件的货币化以及特斯拉能源业务中“被低估的机会”中受益。业务，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，高达 11%，他预计特斯拉最近推出的 Autopilot 订阅服务将逐步改善这一利润率。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8 月 3 日，波特再次重申了该股的跑赢大盘评级和 1,200 美元的目标价，并表示“我们仍然非常喜欢这只股票”。他指出，总体而言，对电池电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么什么给出了呢？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的可以上涨到 1,200 美元，为什么这么多投资者似乎认为该股票的价值如此之低（基于撰写本文时该股票的价格略低于 700 美元）。毕竟，如果投资者普遍认为特斯拉股票在未来 12 个月内可能达到 1,200 美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为该股的前瞻性估值。截至撰写本文时，特斯拉股票的市盈率约为 370，预计未来几年将实现强劲增长。由于该公司的估值主要基于遥远未来的利润，因此对特斯拉未来增长轨迹的看法略有不同，就会对当今该股的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师对股票设定了较高的目标价就迅速购买特斯拉股票。尽管如此，波特对特斯拉强劲的业务势头确实有一些优点。就连特斯拉本身也重申了今年汽车交付量增长 50% 以上的指导，而这一指导是在世界各地许多公司（包括特斯拉）受到供应链短缺负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，第三季度对其汽车的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票 1,200 美元的目标价很难证明其合理性，但股价可能足够低，投资者可以开始少量持有该股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159872041","content_text":"Key Points\n\nTesla deliveries more than doubled year over year in Q2.\nRising demand for electric vehicles could benefit Tesla.\nInvestors should exercise caution when it comes to analysts' price targets.\n\nIt's been a wild year for Tesla(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.\nBut one analyst thinks the stock could take off.\n\"We still really like this stock.\"\nIn February,Piper Sandler analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.\nFollowing Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.\nFurther, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.\nOn Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.\nSo what gives?\nIf shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.\nThe issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.\nInvestors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.\nWhile a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3073,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893279483,"gmtCreate":1628269122742,"gmtModify":1633752072760,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578739448923997","idStr":"3578739448923997"},"themes":[],"title":"","htmlText":"Long term is the operative","listText":"Long term is the operative","text":"Long term is the operative","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893279483","repostId":"1189197543","repostType":2,"repost":{"id":"1189197543","kind":"news","pubTimestamp":1628217951,"share":"https://www.laohunote.com/m/news/1189197543?lang=zh_CN&edition=full","pubTime":"2021-08-06 10:45","market":"us","language":"en","title":"Why Fiverr's Stock Dropped 24% on Thursday<blockquote>为什么 Fiverr 股价周四下跌 24%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1189197543","media":"Motley Fool","summary":"The second quarter was great, but guidance left a lot to be desired for investors.\nKey Points\n\nGrowt","content":"<p>The second quarter was great, but guidance left a lot to be desired for investors.</p><p><blockquote>第二季度表现不错，但指引对投资者来说还有很多不足之处。</blockquote></p><p> <b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Growth was a whopping 60% last quarter at Fiverr.</li>  <li>Guidance indicates that growth may have stalled out as the pandemic comes to an end.</li> </ul> <b>What happened</b></p><p><blockquote><ul><li>Fiverr 上季度的增长率高达 60%。</li><li>指导表明，随着疫情的结束，增长可能已经停滞。</li></ul><b>发生了什么事</b></blockquote></p><p> Shares of online marketplace for freelancers&nbsp;<b>Fiverr</b>(NYSE:FVRR)&nbsp;dropped as much as 24%&nbsp; on Thursday after reporting second-quarter 2021 financial results. </p><p><blockquote>自由职业者在线市场的份额<b>费弗尔</b>（纽约证券交易所股票代码：FVRR）在公布 2021 年第二季度财务业绩后，周四股价下跌 24%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Results for the quarter were downright outstanding. Revenue jumped 60% compared to a year ago to $75.3 million, gross margin was an incredible 83.4%, and non-generally accepted accounting principles (GAAP) net income was $7.9 million, or $0.19 per share. Analysts were expecting revenue of $74.8 million and earnings of $0.14 per share.</p><p><blockquote>本季度的业绩非常出色。收入较去年同期增长 60%，达到 7,530 万美元，毛利率高达令人难以置信的 83.4%，非公认会计准则 (GAAP) 净利润为 790 万美元，即每股 0.19 美元。分析师预计营收为 7480 万美元，每股收益为 0.14 美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/20c4a82e87c3f2484c82e3f3f4ec525d\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> Results looked great, so why is the stock down? The answer comes down to guidance. Management expects revenue in Q3 2021 to be $68 million to $72 million, down from Q2, and growth of just 30% to 38% versus a year ago. Management said the relatively weak results are the result of more normal business activity and less remote work, which is hurting the freelance market.</p><p><blockquote>结果看起来很棒，那么为什么股票下跌了呢？答案归结为指导。管理层预计 2021 年第三季度收入为 6800 万至 7200 万美元，低于第二季度，与去年同期相比仅增长 30% 至 38%。管理层表示，业绩相对疲软是由于更多的正常商业活动和更少的远程工作，这正在损害自由职业市场。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> This is a short-term hit to Fiverr, and it makes sense the stock is down big given the fact the company has a market cap of $6.3 billion and expects revenue of just $280 million to $288 million this year. That's a lofty price-to-sales ratio of 22 times at the midpoint of revenue guidance, which is a concern if revenue growth has stalled out.</p><p><blockquote>这对 Fiverr 来说是一个短期打击，考虑到该公司的市值为 63 亿美元，预计今年的收入仅为 2.8 亿至 2.88 亿美元，该股大幅下跌是有道理的。在收入指导的中点，市销率高达 22 倍，如果收入增长停滞不前，这是一个令人担忧的问题。</blockquote></p><p> I still think Fiverr has a long growth runway ahead, but the company may need to absorb the impacts of companies going back to work over the next few quarters. That will make shares volatile, and if the stock keeps dropping, it could be a great buying opportunity for investors looking to jump into this long-term&nbsp;growth stock.</p><p><blockquote>我仍然认为 Fiverr 还有很长的增长道路，但该公司可能需要吸收公司在未来几个季度复工的影响。这将导致股价波动，如果该股持续下跌，对于希望买入这只长期成长型股票的投资者来说，这可能是一个绝佳的买入机会。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Fiverr's Stock Dropped 24% on Thursday<blockquote>为什么 Fiverr 股价周四下跌 24%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Fiverr's Stock Dropped 24% on Thursday<blockquote>为什么 Fiverr 股价周四下跌 24%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-06 10:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The second quarter was great, but guidance left a lot to be desired for investors.</p><p><blockquote>第二季度表现不错，但指引对投资者来说还有很多不足之处。</blockquote></p><p> <b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Growth was a whopping 60% last quarter at Fiverr.</li>  <li>Guidance indicates that growth may have stalled out as the pandemic comes to an end.</li> </ul> <b>What happened</b></p><p><blockquote><ul><li>Fiverr 上季度的增长率高达 60%。</li><li>指导表明，随着疫情的结束，增长可能已经停滞。</li></ul><b>发生了什么事</b></blockquote></p><p> Shares of online marketplace for freelancers&nbsp;<b>Fiverr</b>(NYSE:FVRR)&nbsp;dropped as much as 24%&nbsp; on Thursday after reporting second-quarter 2021 financial results. </p><p><blockquote>自由职业者在线市场的份额<b>费弗尔</b>（纽约证券交易所股票代码：FVRR）在公布 2021 年第二季度财务业绩后，周四股价下跌 24%。</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Results for the quarter were downright outstanding. Revenue jumped 60% compared to a year ago to $75.3 million, gross margin was an incredible 83.4%, and non-generally accepted accounting principles (GAAP) net income was $7.9 million, or $0.19 per share. Analysts were expecting revenue of $74.8 million and earnings of $0.14 per share.</p><p><blockquote>本季度的业绩非常出色。收入较去年同期增长 60%，达到 7,530 万美元，毛利率高达令人难以置信的 83.4%，非公认会计准则 (GAAP) 净利润为 790 万美元，即每股 0.19 美元。分析师预计营收为 7480 万美元，每股收益为 0.14 美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/20c4a82e87c3f2484c82e3f3f4ec525d\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> Results looked great, so why is the stock down? The answer comes down to guidance. Management expects revenue in Q3 2021 to be $68 million to $72 million, down from Q2, and growth of just 30% to 38% versus a year ago. Management said the relatively weak results are the result of more normal business activity and less remote work, which is hurting the freelance market.</p><p><blockquote>结果看起来很棒，那么为什么股票下跌了呢？答案归结为指导。管理层预计 2021 年第三季度收入为 6800 万至 7200 万美元，低于第二季度，与去年同期相比仅增长 30% 至 38%。管理层表示，业绩相对疲软是由于更多的正常商业活动和更少的远程工作，这正在损害自由职业市场。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> This is a short-term hit to Fiverr, and it makes sense the stock is down big given the fact the company has a market cap of $6.3 billion and expects revenue of just $280 million to $288 million this year. That's a lofty price-to-sales ratio of 22 times at the midpoint of revenue guidance, which is a concern if revenue growth has stalled out.</p><p><blockquote>这对 Fiverr 来说是一个短期打击，考虑到该公司的市值为 63 亿美元，预计今年的收入仅为 2.8 亿至 2.88 亿美元，该股大幅下跌是有道理的。在收入指导的中点，市销率高达 22 倍，如果收入增长停滞不前，这是一个令人担忧的问题。</blockquote></p><p> I still think Fiverr has a long growth runway ahead, but the company may need to absorb the impacts of companies going back to work over the next few quarters. That will make shares volatile, and if the stock keeps dropping, it could be a great buying opportunity for investors looking to jump into this long-term&nbsp;growth stock.</p><p><blockquote>我仍然认为 Fiverr 还有很长的增长道路，但该公司可能需要吸收公司在未来几个季度复工的影响。这将导致股价波动，如果该股持续下跌，对于希望买入这只长期成长型股票的投资者来说，这可能是一个绝佳的买入机会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/05/why-fiverrs-stock-dropped-248-today/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FVRR":"Fiverr International Ltd"},"source_url":"https://www.fool.com/investing/2021/08/05/why-fiverrs-stock-dropped-248-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189197543","content_text":"The second quarter was great, but guidance left a lot to be desired for investors.\nKey Points\n\nGrowth was a whopping 60% last quarter at Fiverr.\nGuidance indicates that growth may have stalled out as the pandemic comes to an end.\n\nWhat happened\nShares of online marketplace for freelancers Fiverr(NYSE:FVRR) dropped as much as 24%  on Thursday after reporting second-quarter 2021 financial results. \nSo what\nResults for the quarter were downright outstanding. Revenue jumped 60% compared to a year ago to $75.3 million, gross margin was an incredible 83.4%, and non-generally accepted accounting principles (GAAP) net income was $7.9 million, or $0.19 per share. Analysts were expecting revenue of $74.8 million and earnings of $0.14 per share.\nIMAGE SOURCE: GETTY IMAGES.\nResults looked great, so why is the stock down? The answer comes down to guidance. Management expects revenue in Q3 2021 to be $68 million to $72 million, down from Q2, and growth of just 30% to 38% versus a year ago. Management said the relatively weak results are the result of more normal business activity and less remote work, which is hurting the freelance market.\nNow what\nThis is a short-term hit to Fiverr, and it makes sense the stock is down big given the fact the company has a market cap of $6.3 billion and expects revenue of just $280 million to $288 million this year. That's a lofty price-to-sales ratio of 22 times at the midpoint of revenue guidance, which is a concern if revenue growth has stalled out.\nI still think Fiverr has a long growth runway ahead, but the company may need to absorb the impacts of companies going back to work over the next few quarters. That will make shares volatile, and if the stock keeps dropping, it could be a great buying opportunity for investors looking to jump into this long-term growth stock.","news_type":1,"symbols_score_info":{"FVRR":0.9}},"isVote":1,"tweetType":1,"viewCount":1074,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893875620,"gmtCreate":1628257686160,"gmtModify":1633752185477,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578739448923997","idStr":"3578739448923997"},"themes":[],"title":"","htmlText":"Way up.&nbsp;","listText":"Way up.&nbsp;","text":"Way up.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893875620","repostId":"2157545948","repostType":2,"isVote":1,"tweetType":1,"viewCount":1507,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899200129,"gmtCreate":1628184528461,"gmtModify":1633752825727,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578739448923997","idStr":"3578739448923997"},"themes":[],"title":"","htmlText":"How much higher?&nbsp;","listText":"How much higher?&nbsp;","text":"How much higher?","images":[{"img":"https://static.tigerbbs.com/c51a4ddf06ce99edeaa270c43c4a244b","width":"1080","height":"3106"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899200129","isVote":1,"tweetType":1,"viewCount":1292,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":899803296,"gmtCreate":1628171822315,"gmtModify":1633752956164,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578739448923997","idStr":"3578739448923997"},"themes":[],"title":"","htmlText":"How long would the rally last?&nbsp;","listText":"How long would the rally last?&nbsp;","text":"How long would the rally last?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899803296","repostId":"2157626484","repostType":2,"isVote":1,"tweetType":1,"viewCount":767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899800148,"gmtCreate":1628171747184,"gmtModify":1633752957697,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578739448923997","idStr":"3578739448923997"},"themes":[],"title":"","htmlText":"Likely to go up then.&nbsp;","listText":"Likely to go up then.&nbsp;","text":"Likely to go up then.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899800148","repostId":"2155182974","repostType":2,"isVote":1,"tweetType":1,"viewCount":1002,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899177053,"gmtCreate":1628171700472,"gmtModify":1633752958855,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578739448923997","idStr":"3578739448923997"},"themes":[],"title":"","htmlText":"That explains the upward trend. Probably need to offload it after the Ex-dividend date.&nbsp;","listText":"That explains the upward trend. Probably need to offload it after the Ex-dividend date.&nbsp;","text":"That explains the upward trend. Probably need to offload it after the Ex-dividend date.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899177053","repostId":"2156127620","repostType":2,"isVote":1,"tweetType":1,"viewCount":913,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899175365,"gmtCreate":1628171633857,"gmtModify":1633752960157,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578739448923997","idStr":"3578739448923997"},"themes":[],"title":"","htmlText":"Looks promising in the long term. Hold.&nbsp;","listText":"Looks promising in the long term. Hold.&nbsp;","text":"Looks promising in the long term. Hold.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899175365","repostId":"1119138550","repostType":2,"repost":{"id":"1119138550","kind":"news","pubTimestamp":1628157065,"share":"https://www.laohunote.com/m/news/1119138550?lang=zh_CN&edition=full","pubTime":"2021-08-05 17:51","market":"us","language":"en","title":"Intel has a plan to go beyond 3nm chips<blockquote>英特尔计划超越 3nm 芯片</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1119138550","media":"engadget","summary":"Its moving past nanometers, in more than one way.\n\nEarlier this year, Intel announced they were plan","content":"<p>  Its moving past nanometers, in more than <a href=\"https://laohu8.com/S/AONE.U\">one</a> way.  Earlier this year, <a href=\"https://laohu8.com/S/INTC\">Intel</a> announced they were planning toretake the CPU manufacturing leadand \"unquestioned leadership\" in the PC world. These were impressive goals, but what was missing was any sense of how they'd actually achieve them. Now, we finally know Intel's plan.</p><p><blockquote>它超越纳米，超过<a href=\"https://laohu8.com/S/AONE.U\">一</a>方式。今年早些时候，<a href=\"https://laohu8.com/S/INTC\">英特尔</a>宣布他们计划夺取CPU制造的领先地位，并在个人电脑领域取得“无可争议的领导地位”。这些都是令人印象深刻的目标，但缺少的是他们如何实际实现这些目标的任何感觉。现在，我们终于知道了英特尔的计划。</blockquote></p><p> Intel's CEO Pat Gelsinger and SVP of Technology Development Dr. Ann Kelleher,laid out the company's plan for the future.For starters, Intel is renaming its manufacturing nodes. What used to be 10nm \"Enhanced Superfin\" is now just \"7.\" This may feel a little duplicitous — \"just wave a wand a you've got better technology!\" — but to be fair to intel, the nanometer measurements of process nodes don't really correspond to anything physical any more, and in terms of density Intel's current 10nm chips are competitive with TSMC and Samsung's 7nm.</p><p><blockquote>英特尔首席执行官帕特·基辛格和技术开发高级副总裁安·凯莱赫博士阐述了公司的未来计划。首先，英特尔正在重新命名其制造节点。曾经的 10 纳米“增强型超鳍”现在只有“7”。这可能感觉有点口是心非——“只要挥动魔杖，你就有更好的技术!”——但公平地说，制程节点的纳米测量已经不再与任何物理测量相对应，就密度而言，英特尔目前的 10 纳米芯片与台积电和三星的 7 纳米芯片具有竞争力。</blockquote></p><p> Looking beyond 7nm, Intel is targeting an aggressive release schedule with major product updates happening annually. We're expecting their Alder Lake chips this fall, which will mix high and low-powered cores, followed by now-4nm Meteor Lake chips that will move to a \"tile\" (chiplet) design, and incorporate Intel's <a href=\"https://laohu8.com/S/DDD\">3D</a> stacked-chip technology, Foveros.</p><p><blockquote>除了 7nm 之外，英特尔的目标是积极的发布计划，每年都会进行重大产品更新。我们预计他们将在今年秋天推出 Alder Lake 芯片，该芯片将混合高功率和低功耗内核，随后是现在的 4nm Meteor Lake 芯片，该芯片将采用“瓷砖”（chiplet）设计，并采用英特尔的<a href=\"https://laohu8.com/S/DDD\">三维</a>堆叠芯片技术，Foveros。</blockquote></p><p> Beyond that, Intel has technology mapped out for an EUV-based 3nm node that will use the high-energy manufacturing process to streamline chip creation, and a \"20A\" for angstrom node. This is one ten-billionth of a meter (meaning it's 2nm), and will be followed by a 18A node that Intel hopes to start moving into production in 2025 for products sometime in the 2nd half of the decade. Again, while node measurements don't really correspond to physical structures any more, a silicon atom is in the area of 2 angstroms wide, so these are seriously tiny transistors.</p><p><blockquote>除此之外，英特尔还为基于 EUV 的 3nm 节点规划了技术，该节点将使用高能制造工艺来简化芯片制造，并为埃节点规划了“20A”技术。这是一米的百亿分之一（意味着它是 2 纳米），随后将是 18A 节点，英特尔希望在 2025 年开始生产，用于本世纪下半叶的产品。同样，虽然节点测量不再真正对应于物理结构，但硅原子的宽度为2埃，因此这些晶体管非常小。</blockquote></p><p> This release schedule seems aggressive, and Intel does not have the best track record of meeting targets for new nodes, but if it can even come close to these goals, expect your laptops and desktops to get a huge performance boost in the next few years.</p><p><blockquote>这个发布时间表似乎很激进，英特尔也没有实现新节点目标的最佳记录，但如果它甚至能接近这些目标，预计您的笔记本电脑和台式机将在未来几年获得巨大的性能提升。</blockquote></p><p></p>","source":"lsy1628157128723","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>Intel has a plan to go beyond 3nm chips<blockquote>英特尔计划超越 3nm 芯片</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\">\nIntel has a plan to go beyond 3nm chips<blockquote>英特尔计划超越 3nm 芯片</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">engadget</strong><span class=\"h-time small\">2021-08-05 17:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Its moving past nanometers, in more than <a href=\"https://laohu8.com/S/AONE.U\">one</a> way.  Earlier this year, <a href=\"https://laohu8.com/S/INTC\">Intel</a> announced they were planning toretake the CPU manufacturing leadand \"unquestioned leadership\" in the PC world. These were impressive goals, but what was missing was any sense of how they'd actually achieve them. Now, we finally know Intel's plan.</p><p><blockquote>它超越纳米，超过<a href=\"https://laohu8.com/S/AONE.U\">一</a>方式。今年早些时候，<a href=\"https://laohu8.com/S/INTC\">英特尔</a>宣布他们计划夺取CPU制造的领先地位，并在个人电脑领域取得“无可争议的领导地位”。这些都是令人印象深刻的目标，但缺少的是他们如何实际实现这些目标的任何感觉。现在，我们终于知道了英特尔的计划。</blockquote></p><p> Intel's CEO Pat Gelsinger and SVP of Technology Development Dr. Ann Kelleher,laid out the company's plan for the future.For starters, Intel is renaming its manufacturing nodes. What used to be 10nm \"Enhanced Superfin\" is now just \"7.\" This may feel a little duplicitous — \"just wave a wand a you've got better technology!\" — but to be fair to intel, the nanometer measurements of process nodes don't really correspond to anything physical any more, and in terms of density Intel's current 10nm chips are competitive with TSMC and Samsung's 7nm.</p><p><blockquote>英特尔首席执行官帕特·基辛格和技术开发高级副总裁安·凯莱赫博士阐述了公司的未来计划。首先，英特尔正在重新命名其制造节点。曾经的 10 纳米“增强型超鳍”现在只有“7”。这可能感觉有点口是心非——“只要挥动魔杖，你就有更好的技术!”——但公平地说，制程节点的纳米测量已经不再与任何物理测量相对应，就密度而言，英特尔目前的 10 纳米芯片与台积电和三星的 7 纳米芯片具有竞争力。</blockquote></p><p> Looking beyond 7nm, Intel is targeting an aggressive release schedule with major product updates happening annually. We're expecting their Alder Lake chips this fall, which will mix high and low-powered cores, followed by now-4nm Meteor Lake chips that will move to a \"tile\" (chiplet) design, and incorporate Intel's <a href=\"https://laohu8.com/S/DDD\">3D</a> stacked-chip technology, Foveros.</p><p><blockquote>除了 7nm 之外，英特尔的目标是积极的发布计划，每年都会进行重大产品更新。我们预计他们将在今年秋天推出 Alder Lake 芯片，该芯片将混合高功率和低功耗内核，随后是现在的 4nm Meteor Lake 芯片，该芯片将采用“瓷砖”（chiplet）设计，并采用英特尔的<a href=\"https://laohu8.com/S/DDD\">三维</a>堆叠芯片技术，Foveros。</blockquote></p><p> Beyond that, Intel has technology mapped out for an EUV-based 3nm node that will use the high-energy manufacturing process to streamline chip creation, and a \"20A\" for angstrom node. This is one ten-billionth of a meter (meaning it's 2nm), and will be followed by a 18A node that Intel hopes to start moving into production in 2025 for products sometime in the 2nd half of the decade. Again, while node measurements don't really correspond to physical structures any more, a silicon atom is in the area of 2 angstroms wide, so these are seriously tiny transistors.</p><p><blockquote>除此之外，英特尔还为基于 EUV 的 3nm 节点规划了技术，该节点将使用高能制造工艺来简化芯片制造，并为埃节点规划了“20A”技术。这是一米的百亿分之一（意味着它是 2 纳米），随后将是 18A 节点，英特尔希望在 2025 年开始生产，用于本世纪下半叶的产品。同样，虽然节点测量不再真正对应于物理结构，但硅原子的宽度为2埃，因此这些晶体管非常小。</blockquote></p><p> This release schedule seems aggressive, and Intel does not have the best track record of meeting targets for new nodes, but if it can even come close to these goals, expect your laptops and desktops to get a huge performance boost in the next few years.</p><p><blockquote>这个发布时间表似乎很激进，英特尔也没有实现新节点目标的最佳记录，但如果它甚至能接近这些目标，预计您的笔记本电脑和台式机将在未来几年获得巨大的性能提升。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.engadget.com/intel-laid-out-an-aggressive-plan-to-build-angstrom-scale-transistors-within-the-next-five-years-180020485.html\">engadget</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":{"INTC":"英特尔","03086":"华夏纳指","09086":"华夏纳指-U"},"source_url":"https://www.engadget.com/intel-laid-out-an-aggressive-plan-to-build-angstrom-scale-transistors-within-the-next-five-years-180020485.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119138550","content_text":"Its moving past nanometers, in more than one way.\n\nEarlier this year, Intel announced they were planning toretake the CPU manufacturing leadand \"unquestioned leadership\" in the PC world. These were impressive goals, but what was missing was any sense of how they'd actually achieve them. Now, we finally know Intel's plan.\nIntel's CEO Pat Gelsinger and SVP of Technology Development Dr. Ann Kelleher,laid out the company's plan for the future.For starters, Intel is renaming its manufacturing nodes. What used to be 10nm \"Enhanced Superfin\" is now just \"7.\" This may feel a little duplicitous — \"just wave a wand a you've got better technology!\" — but to be fair to intel, the nanometer measurements of process nodes don't really correspond to anything physical any more, and in terms of density Intel's current 10nm chips are competitive with TSMC and Samsung's 7nm.\nLooking beyond 7nm, Intel is targeting an aggressive release schedule with major product updates happening annually. We're expecting their Alder Lake chips this fall, which will mix high and low-powered cores, followed by now-4nm Meteor Lake chips that will move to a \"tile\" (chiplet) design, and incorporate Intel's 3D stacked-chip technology, Foveros.\nBeyond that, Intel has technology mapped out for an EUV-based 3nm node that will use the high-energy manufacturing process to streamline chip creation, and a \"20A\" for angstrom node. This is one ten-billionth of a meter (meaning it's 2nm), and will be followed by a 18A node that Intel hopes to start moving into production in 2025 for products sometime in the 2nd half of the decade. Again, while node measurements don't really correspond to physical structures any more, a silicon atom is in the area of 2 angstroms wide, so these are seriously tiny transistors.\nThis release schedule seems aggressive, and Intel does not have the best track record of meeting targets for new nodes, but if it can even come close to these goals, expect your laptops and desktops to get a huge performance boost in the next few years.","news_type":1,"symbols_score_info":{"09086":0.9,"INTC":0.9,"03086":0.9}},"isVote":1,"tweetType":1,"viewCount":869,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899178282,"gmtCreate":1628171537546,"gmtModify":1633752962175,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578739448923997","idStr":"3578739448923997"},"themes":[],"title":"","htmlText":"Agreed.&nbsp;","listText":"Agreed.&nbsp;","text":"Agreed.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899178282","repostId":"1132789984","repostType":2,"repost":{"id":"1132789984","kind":"news","pubTimestamp":1628132627,"share":"https://www.laohunote.com/m/news/1132789984?lang=zh_CN&edition=full","pubTime":"2021-08-05 11:03","market":"us","language":"en","title":"Grab Is Growing Fast But The Valuation Is Too High<blockquote>Grab增长迅速，但估值过高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132789984","media":"seekingalpha","summary":"Summary\n\nGrab is set to merge with SPAC Altimeter Growth Corp. by the end of the year. Investors wan","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Grab is set to merge with SPAC Altimeter Growth Corp. by the end of the year. Investors wanting to invest in the company can do so by buying the SPAC shares now.</li>  <li>The company is valued at ~$45 billion, which we believe is way too generous.</li>  <li>It is still worth watching given the fact that it is the biggest super app in South East Asia and it offers a multitude of services.</li>  <li>Economic growth in South East Asia is expected to be robust, with annual growth estimated at 4.9% per year.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed14131a10fe9b0fe4ffdc2d166eedfc\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>bankkgraphy/iStock via Getty Images</span></p><p><blockquote><ul><li>Grab 将于今年年底与 SPAC Altimeter Growth Corp. 合并。想要投资该公司的投资者可以立即购买 SPAC 股票。</li><li>该公司估值约为 450 亿美元，我们认为这太过慷慨了。</li><li>鉴于它是东南亚最大的超级应用程序，并且提供多种服务，它仍然值得一看。</li><li>东南亚的经济增长预计将强劲，年增长率估计为4.9%。</li></ul><p class=\"t-img-caption\"><span>bankkgraphy/iStock 来自 Getty Images</span></p></blockquote></p><p> Grab is the number one super app in Southeast Asia, investors not familiar with it can think of it as merging Uber with a banking app. Its services include mobility, package deliveries, food deliveries, and financial services. The company is still private but it is set to combine with SPAC Altimeter Growth Corp (AGC) by the end of the year.</p><p><blockquote>Grab是东南亚排名第一的超级应用，不熟悉它的投资者可以将其视为将优步与银行应用合并。其服务包括移动、包裹递送、食品递送和金融服务。该公司仍然是私营企业，但将在今年年底前与 SPAC Altimeter Growth Corp (AGC) 合并。</blockquote></p><p> So what is a super app? Grab imagines customers can use the app for many of their daily needs, from ordering a ride to ordering food, or even booking a hotel.</p><p><blockquote>那么什么是超级app呢？Grab设想客户可以使用该应用程序满足他们的许多日常需求，从叫车到订餐，甚至预订酒店。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/053fd9283dc37b6e74500543dc4cda48\" tg-width=\"640\" tg-height=\"298\" width=\"100%\" height=\"auto\"><span>Source: Grab Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Grab 投资者演示</span></p></blockquote></p><p> Such ubiquity and number of service offerings has resulted in enormous growth for the app, reaching a Gross Merchandise Value (GMV) on its platform of $12.5 billion in 2020. Its net adjusted revenue reaching $1.6 billion, thanks to 1.9 billion transactions, making the app the number one in the region for deliveries, mobility, and financial services.</p><p><blockquote>这种无处不在和服务产品的数量导致了该应用程序的巨大增长，到2020年，其平台上的商品总价值（GMV）将达到125亿美元。得益于 19 亿笔交易，其调整后净收入达到 16 亿美元，使该应用成为该地区送货、移动和金融服务领域的第一大应用。</blockquote></p><p> This gives the platform significant scale, with year 2020 GMV of $5.5 billion for food deliveries, $3.2 billion for mobility, and $8.9 billion for financial services.</p><p><blockquote>这使得该平台具有巨大的规模，2020年食品配送的GMV为55亿美元，移动为32亿美元，金融服务为89亿美元。</blockquote></p><p> Such ubiquity and number of service offerings has resulted in enormous growth for the app, reaching a Gross Merchandise Value (GMV) on its platform of $12.5 billion in 2020. Its net adjusted revenue reaching $1.6 billion, thanks to 1.9 billion transactions, making the app the number one in the region for deliveries, mobility, and financial services.</p><p><blockquote>这种无处不在和服务产品的数量导致了该应用程序的巨大增长，到2020年，其平台上的商品总价值（GMV）将达到125亿美元。得益于 19 亿笔交易，其调整后净收入达到 16 亿美元，使该应用成为该地区送货、移动和金融服务领域的第一大应用。</blockquote></p><p> This gives the platform significant scale, with year 2020 GMV of $5.5 billion for food deliveries, $3.2 billion for mobility, and $8.9 billion for financial services.</p><p><blockquote>这使得该平台具有巨大的规模，2020年食品配送的GMV为55亿美元，移动为32亿美元，金融服务为89亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c22a14f058c5206c6f97c9ee6555c40\" tg-width=\"640\" tg-height=\"350\" width=\"100%\" height=\"auto\"><span>Source: Grab Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Grab 投资者演示</span></p></blockquote></p><p> <b>Cohort Analysis</b></p><p><blockquote><b>队列分析</b></blockquote></p><p> Looking at the different cohorts of users it is clear that the longer they have the app installed the more they transact on it. After three years users approximately double the transaction amount, and by year five they more than triple their transactions. This speaks to significant stickiness for the app, and it reflects high user satisfaction with it.</p><p><blockquote>看看不同的用户群体，很明显，他们安装应用程序的时间越长，他们在上面进行的交易就越多。三年后，用户的交易量大约翻了一番，到第五年，他们的交易量增加了两倍多。这说明了该应用程序的显著粘性，并反映了用户对它的高满意度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0b1048371138429abea215d9d0f75b78\" tg-width=\"640\" tg-height=\"350\" width=\"100%\" height=\"auto\"><span>Source: Grab Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Grab 投资者演示</span></p></blockquote></p><p> <b>International Expansion</b></p><p><blockquote><b>国际扩张</b></blockquote></p><p> One of the more exciting things about Grab is how many countries it operates in, and the number of services it offers in each. The slide below shows the services offered in each of the markets served by Grab.</p><p><blockquote>Grab更令人兴奋的事情之一是它在多少个国家开展业务，以及它在每个国家提供的服务数量。下面的幻灯片显示了Grab服务的每个市场提供的服务。</blockquote></p><p> While users come to the app initially for food deliveries and rides, we believe it will be the financial services that really bring profitable growth for the company. Things like loans, micro-credits, and insurance products should bring profitable growth for the company.</p><p><blockquote>虽然用户最初使用该应用程序是为了送餐和乘车，但我们相信，真正为公司带来盈利增长的将是金融服务。贷款、小额信贷和保险产品等产品应该会给公司带来盈利增长。</blockquote></p><p> According to the OECD,GDP for the region&nbsp;is expected to grow by 4.9% per year during the period 2020-2024, slightly down from the average rate of 5% in 2013-2017.</p><p><blockquote>根据经合组织的数据，2020-2024年期间，该地区的GDP预计每年增长4.9%，略低于2013-2017年5%的平均增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b094b954a6ff2a9be4fc65c073208521\" tg-width=\"640\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>Source: Grab Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Grab 投资者演示</span></p></blockquote></p><p> <b>Financials</b></p><p><blockquote><b>财务</b></blockquote></p><p> Turning our attention to the financials we see that the company isn't projecting to become EBITDA profitable until 2023, when it is projected to reach $0.5 billion. This gives the company an EV/EBITDA 2023 multiple of ~60x, which we find excessive given the uncertainty of the financial projections and the level of risk. We understand some investors are confident the company will achieve operating leverage and that it will continue growing for many years, but even then we believe the valuation to be too demanding given the level of uncertainty for future results.</p><p><blockquote>将我们的注意力转向财务状况，我们发现该公司预计要到 2023 年才能实现 EBITDA 盈利，届时预计将达到 5 亿美元。这使得该公司的 2023 年 EV/EBITDA 倍数约为 60 倍，考虑到财务预测的不确定性和风险水平，我们认为该倍数过高。我们理解一些投资者相信该公司将实现运营杠杆并将继续增长多年，但即便如此，考虑到未来业绩的不确定性，我们认为估值要求过高。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05b52eab933ed612ab245e32a04c21a8\" tg-width=\"640\" tg-height=\"350\" width=\"100%\" height=\"auto\"><span>Source: Grab Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Grab 投资者演示</span></p></blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> The main risk we see with an investment in Grab is over paying for the shares. While the company's app is ubiquitous in South East Asia the current valuation already prices significant growth and profitability improvements. In other words, it is priced for perfection.</p><p><blockquote>我们看到投资 Grab 的主要风险是为股票支付过高的价格。虽然该公司的应用程序在东南亚无处不在，但目前的估值已经表明了显着的增长和盈利能力的提高。换句话说，它是为完美定价的。</blockquote></p><p> There is also the matter of competition, where several well funded companies are going to fight for market share and erode profitability. These include Uber in some markets, but mainly&nbsp;Indonesia's GoTo,the company created through the merger of ride-sharing firm Gojek and e-commerce company Tokopedia.</p><p><blockquote>还有竞争问题，几家资金雄厚的公司将争夺市场份额并侵蚀盈利能力。其中包括一些市场的 Uber，但主要是印度尼西亚的 GoTo，该公司由拼车公司 Gojek 和电子商务公司 Tokopedia 合并而成。</blockquote></p><p> We find the company exciting and will continue to follow its progress, but at this time we are not buyers of the shares.</p><p><blockquote>我们发现该公司令人兴奋，并将继续关注其进展，但目前我们不是股票的买家。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Grab is one of the most exciting companies right now that offers broad exposure to the economic growth in South East Asia. The&nbsp;company keeps&nbsp;growing and adding services to its app, while gaining users and getting closer to profitability.</p><p><blockquote>Grab是目前最令人兴奋的公司之一，它为东南亚的经济增长提供了广泛的机会。该公司不断发展并为其应用程序添加服务，同时获得用户并接近盈利。</blockquote></p><p> The one problem we have with an investment in the company is that at current prices much of the growth is already priced in. Unless the company manages to exceed expectations we do not see how investors at this price could get a good return on investment.</p><p><blockquote>我们投资该公司的一个问题是，按照目前的价格，大部分增长已经被定价了。除非该公司设法超出预期，否则我们看不出投资者如何以这个价格获得良好的投资回报。</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>Grab Is Growing Fast But The Valuation Is Too High<blockquote>Grab增长迅速，但估值过高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGrab Is Growing Fast But The Valuation Is Too High<blockquote>Grab增长迅速，但估值过高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-05 11:03</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>Grab is set to merge with SPAC Altimeter Growth Corp. by the end of the year. Investors wanting to invest in the company can do so by buying the SPAC shares now.</li>  <li>The company is valued at ~$45 billion, which we believe is way too generous.</li>  <li>It is still worth watching given the fact that it is the biggest super app in South East Asia and it offers a multitude of services.</li>  <li>Economic growth in South East Asia is expected to be robust, with annual growth estimated at 4.9% per year.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed14131a10fe9b0fe4ffdc2d166eedfc\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>bankkgraphy/iStock via Getty Images</span></p><p><blockquote><ul><li>Grab 将于今年年底与 SPAC Altimeter Growth Corp. 合并。想要投资该公司的投资者可以立即购买 SPAC 股票。</li><li>该公司估值约为 450 亿美元，我们认为这太过慷慨了。</li><li>鉴于它是东南亚最大的超级应用程序，并且提供多种服务，它仍然值得一看。</li><li>东南亚的经济增长预计将强劲，年增长率估计为4.9%。</li></ul><p class=\"t-img-caption\"><span>bankkgraphy/iStock 来自 Getty Images</span></p></blockquote></p><p> Grab is the number one super app in Southeast Asia, investors not familiar with it can think of it as merging Uber with a banking app. Its services include mobility, package deliveries, food deliveries, and financial services. The company is still private but it is set to combine with SPAC Altimeter Growth Corp (AGC) by the end of the year.</p><p><blockquote>Grab是东南亚排名第一的超级应用，不熟悉它的投资者可以将其视为将优步与银行应用合并。其服务包括移动、包裹递送、食品递送和金融服务。该公司仍然是私营企业，但将在今年年底前与 SPAC Altimeter Growth Corp (AGC) 合并。</blockquote></p><p> So what is a super app? Grab imagines customers can use the app for many of their daily needs, from ordering a ride to ordering food, or even booking a hotel.</p><p><blockquote>那么什么是超级app呢？Grab设想客户可以使用该应用程序满足他们的许多日常需求，从叫车到订餐，甚至预订酒店。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/053fd9283dc37b6e74500543dc4cda48\" tg-width=\"640\" tg-height=\"298\" width=\"100%\" height=\"auto\"><span>Source: Grab Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Grab 投资者演示</span></p></blockquote></p><p> Such ubiquity and number of service offerings has resulted in enormous growth for the app, reaching a Gross Merchandise Value (GMV) on its platform of $12.5 billion in 2020. Its net adjusted revenue reaching $1.6 billion, thanks to 1.9 billion transactions, making the app the number one in the region for deliveries, mobility, and financial services.</p><p><blockquote>这种无处不在和服务产品的数量导致了该应用程序的巨大增长，到2020年，其平台上的商品总价值（GMV）将达到125亿美元。得益于 19 亿笔交易，其调整后净收入达到 16 亿美元，使该应用成为该地区送货、移动和金融服务领域的第一大应用。</blockquote></p><p> This gives the platform significant scale, with year 2020 GMV of $5.5 billion for food deliveries, $3.2 billion for mobility, and $8.9 billion for financial services.</p><p><blockquote>这使得该平台具有巨大的规模，2020年食品配送的GMV为55亿美元，移动为32亿美元，金融服务为89亿美元。</blockquote></p><p> Such ubiquity and number of service offerings has resulted in enormous growth for the app, reaching a Gross Merchandise Value (GMV) on its platform of $12.5 billion in 2020. Its net adjusted revenue reaching $1.6 billion, thanks to 1.9 billion transactions, making the app the number one in the region for deliveries, mobility, and financial services.</p><p><blockquote>这种无处不在和服务产品的数量导致了该应用程序的巨大增长，到2020年，其平台上的商品总价值（GMV）将达到125亿美元。得益于 19 亿笔交易，其调整后净收入达到 16 亿美元，使该应用成为该地区送货、移动和金融服务领域的第一大应用。</blockquote></p><p> This gives the platform significant scale, with year 2020 GMV of $5.5 billion for food deliveries, $3.2 billion for mobility, and $8.9 billion for financial services.</p><p><blockquote>这使得该平台具有巨大的规模，2020年食品配送的GMV为55亿美元，移动为32亿美元，金融服务为89亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5c22a14f058c5206c6f97c9ee6555c40\" tg-width=\"640\" tg-height=\"350\" width=\"100%\" height=\"auto\"><span>Source: Grab Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Grab 投资者演示</span></p></blockquote></p><p> <b>Cohort Analysis</b></p><p><blockquote><b>队列分析</b></blockquote></p><p> Looking at the different cohorts of users it is clear that the longer they have the app installed the more they transact on it. After three years users approximately double the transaction amount, and by year five they more than triple their transactions. This speaks to significant stickiness for the app, and it reflects high user satisfaction with it.</p><p><blockquote>看看不同的用户群体，很明显，他们安装应用程序的时间越长，他们在上面进行的交易就越多。三年后，用户的交易量大约翻了一番，到第五年，他们的交易量增加了两倍多。这说明了该应用程序的显著粘性，并反映了用户对它的高满意度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0b1048371138429abea215d9d0f75b78\" tg-width=\"640\" tg-height=\"350\" width=\"100%\" height=\"auto\"><span>Source: Grab Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Grab 投资者演示</span></p></blockquote></p><p> <b>International Expansion</b></p><p><blockquote><b>国际扩张</b></blockquote></p><p> One of the more exciting things about Grab is how many countries it operates in, and the number of services it offers in each. The slide below shows the services offered in each of the markets served by Grab.</p><p><blockquote>Grab更令人兴奋的事情之一是它在多少个国家开展业务，以及它在每个国家提供的服务数量。下面的幻灯片显示了Grab服务的每个市场提供的服务。</blockquote></p><p> While users come to the app initially for food deliveries and rides, we believe it will be the financial services that really bring profitable growth for the company. Things like loans, micro-credits, and insurance products should bring profitable growth for the company.</p><p><blockquote>虽然用户最初使用该应用程序是为了送餐和乘车，但我们相信，真正为公司带来盈利增长的将是金融服务。贷款、小额信贷和保险产品等产品应该会给公司带来盈利增长。</blockquote></p><p> According to the OECD,GDP for the region&nbsp;is expected to grow by 4.9% per year during the period 2020-2024, slightly down from the average rate of 5% in 2013-2017.</p><p><blockquote>根据经合组织的数据，2020-2024年期间，该地区的GDP预计每年增长4.9%，略低于2013-2017年5%的平均增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b094b954a6ff2a9be4fc65c073208521\" tg-width=\"640\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>Source: Grab Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Grab 投资者演示</span></p></blockquote></p><p> <b>Financials</b></p><p><blockquote><b>财务</b></blockquote></p><p> Turning our attention to the financials we see that the company isn't projecting to become EBITDA profitable until 2023, when it is projected to reach $0.5 billion. This gives the company an EV/EBITDA 2023 multiple of ~60x, which we find excessive given the uncertainty of the financial projections and the level of risk. We understand some investors are confident the company will achieve operating leverage and that it will continue growing for many years, but even then we believe the valuation to be too demanding given the level of uncertainty for future results.</p><p><blockquote>将我们的注意力转向财务状况，我们发现该公司预计要到 2023 年才能实现 EBITDA 盈利，届时预计将达到 5 亿美元。这使得该公司的 2023 年 EV/EBITDA 倍数约为 60 倍，考虑到财务预测的不确定性和风险水平，我们认为该倍数过高。我们理解一些投资者相信该公司将实现运营杠杆并将继续增长多年，但即便如此，考虑到未来业绩的不确定性，我们认为估值要求过高。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05b52eab933ed612ab245e32a04c21a8\" tg-width=\"640\" tg-height=\"350\" width=\"100%\" height=\"auto\"><span>Source: Grab Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Grab 投资者演示</span></p></blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> The main risk we see with an investment in Grab is over paying for the shares. While the company's app is ubiquitous in South East Asia the current valuation already prices significant growth and profitability improvements. In other words, it is priced for perfection.</p><p><blockquote>我们看到投资 Grab 的主要风险是为股票支付过高的价格。虽然该公司的应用程序在东南亚无处不在，但目前的估值已经表明了显着的增长和盈利能力的提高。换句话说，它是为完美定价的。</blockquote></p><p> There is also the matter of competition, where several well funded companies are going to fight for market share and erode profitability. These include Uber in some markets, but mainly&nbsp;Indonesia's GoTo,the company created through the merger of ride-sharing firm Gojek and e-commerce company Tokopedia.</p><p><blockquote>还有竞争问题，几家资金雄厚的公司将争夺市场份额并侵蚀盈利能力。其中包括一些市场的 Uber，但主要是印度尼西亚的 GoTo，该公司由拼车公司 Gojek 和电子商务公司 Tokopedia 合并而成。</blockquote></p><p> We find the company exciting and will continue to follow its progress, but at this time we are not buyers of the shares.</p><p><blockquote>我们发现该公司令人兴奋，并将继续关注其进展，但目前我们不是股票的买家。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Grab is one of the most exciting companies right now that offers broad exposure to the economic growth in South East Asia. The&nbsp;company keeps&nbsp;growing and adding services to its app, while gaining users and getting closer to profitability.</p><p><blockquote>Grab是目前最令人兴奋的公司之一，它为东南亚的经济增长提供了广泛的机会。该公司不断发展并为其应用程序添加服务，同时获得用户并接近盈利。</blockquote></p><p> The one problem we have with an investment in the company is that at current prices much of the growth is already priced in. Unless the company manages to exceed expectations we do not see how investors at this price could get a good return on investment.</p><p><blockquote>我们投资该公司的一个问题是，按照目前的价格，大部分增长已经被定价了。除非该公司设法超出预期，否则我们看不出投资者如何以这个价格获得良好的投资回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4445020-grab-is-growing-fast-but-the-valuation-is-too-high\">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":{},"source_url":"https://seekingalpha.com/article/4445020-grab-is-growing-fast-but-the-valuation-is-too-high","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132789984","content_text":"Summary\n\nGrab is set to merge with SPAC Altimeter Growth Corp. by the end of the year. Investors wanting to invest in the company can do so by buying the SPAC shares now.\nThe company is valued at ~$45 billion, which we believe is way too generous.\nIt is still worth watching given the fact that it is the biggest super app in South East Asia and it offers a multitude of services.\nEconomic growth in South East Asia is expected to be robust, with annual growth estimated at 4.9% per year.\n\nbankkgraphy/iStock via Getty Images\nGrab is the number one super app in Southeast Asia, investors not familiar with it can think of it as merging Uber with a banking app. Its services include mobility, package deliveries, food deliveries, and financial services. The company is still private but it is set to combine with SPAC Altimeter Growth Corp (AGC) by the end of the year.\nSo what is a super app? Grab imagines customers can use the app for many of their daily needs, from ordering a ride to ordering food, or even booking a hotel.\nSource: Grab Investor Presentation\nSuch ubiquity and number of service offerings has resulted in enormous growth for the app, reaching a Gross Merchandise Value (GMV) on its platform of $12.5 billion in 2020. Its net adjusted revenue reaching $1.6 billion, thanks to 1.9 billion transactions, making the app the number one in the region for deliveries, mobility, and financial services.\nThis gives the platform significant scale, with year 2020 GMV of $5.5 billion for food deliveries, $3.2 billion for mobility, and $8.9 billion for financial services.\nSuch ubiquity and number of service offerings has resulted in enormous growth for the app, reaching a Gross Merchandise Value (GMV) on its platform of $12.5 billion in 2020. Its net adjusted revenue reaching $1.6 billion, thanks to 1.9 billion transactions, making the app the number one in the region for deliveries, mobility, and financial services.\nThis gives the platform significant scale, with year 2020 GMV of $5.5 billion for food deliveries, $3.2 billion for mobility, and $8.9 billion for financial services.\nSource: Grab Investor Presentation\nCohort Analysis\nLooking at the different cohorts of users it is clear that the longer they have the app installed the more they transact on it. After three years users approximately double the transaction amount, and by year five they more than triple their transactions. This speaks to significant stickiness for the app, and it reflects high user satisfaction with it.\nSource: Grab Investor Presentation\nInternational Expansion\nOne of the more exciting things about Grab is how many countries it operates in, and the number of services it offers in each. The slide below shows the services offered in each of the markets served by Grab.\nWhile users come to the app initially for food deliveries and rides, we believe it will be the financial services that really bring profitable growth for the company. Things like loans, micro-credits, and insurance products should bring profitable growth for the company.\nAccording to the OECD,GDP for the region is expected to grow by 4.9% per year during the period 2020-2024, slightly down from the average rate of 5% in 2013-2017.\nSource: Grab Investor Presentation\nFinancials\nTurning our attention to the financials we see that the company isn't projecting to become EBITDA profitable until 2023, when it is projected to reach $0.5 billion. This gives the company an EV/EBITDA 2023 multiple of ~60x, which we find excessive given the uncertainty of the financial projections and the level of risk. We understand some investors are confident the company will achieve operating leverage and that it will continue growing for many years, but even then we believe the valuation to be too demanding given the level of uncertainty for future results.\nSource: Grab Investor Presentation\nRisks\nThe main risk we see with an investment in Grab is over paying for the shares. While the company's app is ubiquitous in South East Asia the current valuation already prices significant growth and profitability improvements. In other words, it is priced for perfection.\nThere is also the matter of competition, where several well funded companies are going to fight for market share and erode profitability. These include Uber in some markets, but mainly Indonesia's GoTo,the company created through the merger of ride-sharing firm Gojek and e-commerce company Tokopedia.\nWe find the company exciting and will continue to follow its progress, but at this time we are not buyers of the shares.\nConclusion\nGrab is one of the most exciting companies right now that offers broad exposure to the economic growth in South East Asia. The company keeps growing and adding services to its app, while gaining users and getting closer to profitability.\nThe one problem we have with an investment in the company is that at current prices much of the growth is already priced in. Unless the company manages to exceed expectations we do not see how investors at this price could get a good return on investment.","news_type":1,"symbols_score_info":{"AGC":0.9}},"isVote":1,"tweetType":1,"viewCount":1081,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890862871,"gmtCreate":1628092621093,"gmtModify":1633753646518,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578739448923997","idStr":"3578739448923997"},"themes":[],"title":"","htmlText":"Won't see it bringing up the stock price by much.&nbsp;","listText":"Won't see it bringing up the stock price by much.&nbsp;","text":"Won't see it bringing up the stock price by much.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/890862871","repostId":"2155975433","repostType":2,"isVote":1,"tweetType":1,"viewCount":1253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806272407,"gmtCreate":1627661830009,"gmtModify":1633757294698,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578739448923997","idStr":"3578739448923997"},"themes":[],"title":"","htmlText":"How much is enough?&nbsp;","listText":"How much is enough?&nbsp;","text":"How much is enough?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806272407","repostId":"1148228381","repostType":4,"isVote":1,"tweetType":1,"viewCount":1205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":141694500,"gmtCreate":1625857062300,"gmtModify":1633936677001,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578739448923997","authorIdStr":"3578739448923997"},"themes":[],"title":"","htmlText":"Some believe it'll turn. Not so soon, I guess.&nbsp;","listText":"Some believe it'll turn. Not so soon, I guess.&nbsp;","text":"Some believe it'll turn. Not so soon, I guess.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/141694500","repostId":"1123226654","repostType":4,"isVote":1,"tweetType":1,"viewCount":844,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806272407,"gmtCreate":1627661830009,"gmtModify":1633757294698,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578739448923997","authorIdStr":"3578739448923997"},"themes":[],"title":"","htmlText":"How much is enough?&nbsp;","listText":"How much is enough?&nbsp;","text":"How much is enough?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806272407","repostId":"1148228381","repostType":4,"isVote":1,"tweetType":1,"viewCount":1205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170776323,"gmtCreate":1626458243062,"gmtModify":1633926560241,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578739448923997","authorIdStr":"3578739448923997"},"themes":[],"title":"","htmlText":"The fear would always be there. I reckon it's what drives the investors to push on.&nbsp;","listText":"The fear would always be there. I reckon it's what drives the investors to push on.&nbsp;","text":"The fear would always be there. I reckon it's what drives the investors to push on.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/170776323","repostId":"1149577900","repostType":4,"isVote":1,"tweetType":1,"viewCount":708,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898710374,"gmtCreate":1628521241898,"gmtModify":1633746465215,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578739448923997","authorIdStr":"3578739448923997"},"themes":[],"title":"","htmlText":"Coz it's already 700?","listText":"Coz it's already 700?","text":"Coz it's already 700?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898710374","repostId":"1132727199","repostType":2,"repost":{"id":"1132727199","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":1628517118,"share":"https://www.laohunote.com/m/news/1132727199?lang=zh_CN&edition=full","pubTime":"2021-08-09 21:51","market":"us","language":"en","title":"Tesla stock was up 2% in early trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.<blockquote>特斯拉股价在早盘交易中上涨 2%，此前杰富瑞将其评级上调至 “买入 ”，目标价从之前的 700 美元上调至 850 美元。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132727199","media":"Tiger Newspress","summary":"Tesla&nbsp;stock was up 2% in early&nbsp;trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.\n\n\n\n\n\nThe stock was earlier rated ‘neutral’ at the brokerage. The new target price is 21.6% higher from the stock’s Friday close of $699.10.","content":"<p>Tesla&nbsp;stock was up 2% in early&nbsp;trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.</p><p><blockquote>特斯拉股价在早盘交易中上涨 2%，此前杰富瑞将其评级上调至 “买入 ”，目标价从之前的 700 美元上调至 850 美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bf0e45da8943229703cc302cf4771aef\" tg-width=\"1273\" tg-height=\"631\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The stock was earlier rated ‘neutral’ at the brokerage. The new target price is 21.6% higher from the stock’s Friday close of $699.10.</p><p><blockquote>该券商此前对该股的评级为 “中性 ”。新的目标价比该股周五收盘价 699.10 美元高出 21.6%。</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>Tesla stock was up 2% in early trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.<blockquote>特斯拉股价在早盘交易中上涨 2%，此前杰富瑞将其评级上调至 “买入 ”，目标价从之前的 700 美元上调至 850 美元。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla stock was up 2% in early trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.<blockquote>特斯拉股价在早盘交易中上涨 2%，此前杰富瑞将其评级上调至 “买入 ”，目标价从之前的 700 美元上调至 850 美元。</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\">2021-08-09 21:51</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;stock was up 2% in early&nbsp;trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.</p><p><blockquote>特斯拉股价在早盘交易中上涨 2%，此前杰富瑞将其评级上调至 “买入 ”，目标价从之前的 700 美元上调至 850 美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bf0e45da8943229703cc302cf4771aef\" tg-width=\"1273\" tg-height=\"631\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The stock was earlier rated ‘neutral’ at the brokerage. The new target price is 21.6% higher from the stock’s Friday close of $699.10.</p><p><blockquote>该券商此前对该股的评级为 “中性 ”。新的目标价比该股周五收盘价 699.10 美元高出 21.6%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132727199","content_text":"Tesla stock was up 2% in early trading following an upgrade to ‘buy’ from Jefferies with a target of $850 from the previous $700.\n\nThe stock was earlier rated ‘neutral’ at the brokerage. The new target price is 21.6% higher from the stock’s Friday close of $699.10.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2262,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167803863,"gmtCreate":1624255795452,"gmtModify":1634008792998,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578739448923997","authorIdStr":"3578739448923997"},"themes":[],"title":"","htmlText":"What's it mean to you?&nbsp;","listText":"What's it mean to you?&nbsp;","text":"What's it mean to you?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167803863","repostId":"1154249454","repostType":4,"isVote":1,"tweetType":1,"viewCount":656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189659218,"gmtCreate":1623258408434,"gmtModify":1634035225986,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578739448923997","authorIdStr":"3578739448923997"},"themes":[],"title":"","htmlText":"Would this be a precursor to a market correction?&nbsp;","listText":"Would this be a precursor to a market correction?&nbsp;","text":"Would this be a precursor to a market correction?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/189659218","repostId":"1141925795","repostType":4,"isVote":1,"tweetType":1,"viewCount":806,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834488805,"gmtCreate":1629818921307,"gmtModify":1633682203493,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578739448923997","authorIdStr":"3578739448923997"},"themes":[],"title":"","htmlText":"Verizon. That's the one.&nbsp;","listText":"Verizon. That's the one.&nbsp;","text":"Verizon. That's the one.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/834488805","repostId":"2161894088","repostType":4,"isVote":1,"tweetType":1,"viewCount":2222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891782250,"gmtCreate":1628430017770,"gmtModify":1633747184456,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578739448923997","authorIdStr":"3578739448923997"},"themes":[],"title":"","htmlText":"Really? 1.2k?","listText":"Really? 1.2k?","text":"Really? 1.2k?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891782250","repostId":"1159872041","repostType":4,"repost":{"id":"1159872041","kind":"news","pubTimestamp":1628385224,"share":"https://www.laohunote.com/m/news/1159872041?lang=zh_CN&edition=full","pubTime":"2021-08-08 09:13","market":"us","language":"en","title":"Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：走向 1,200 美元？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159872041","media":"Motley Fool","summary":"Tesla deliveries more than doubled year over year in Q2.Rising demand for electric vehicles could benefit Tesla.Investors should exercise caution when it comes to analysts' price targets.It's been a wild year for Teslastock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.In February,Piper Sandler analys","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度交付量同比增长一倍多。</li><li>对电动汽车不断增长的需求可能会使特斯拉受益。</li><li>投资者在谈到分析师的目标价时应谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克股票代码：TSLA）股票。今年年初，股价最初飙升超过 20%。但该股现在已经回吐了所有这些涨幅，今年迄今为止的回报率为负 1%。这意味着该股的表现明显逊于<b>标普500</b>今年增长了 18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会上涨。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>二月份，<b>派珀·桑德勒</b>分析师 Alexander Potter 做出了大胆的看涨期权，将 The Growth 股票的 12 个月目标价从 515 美元上调至 1,200 美元。他表示，特斯拉的交付量可能会从 2020 年的 50 万辆增加到今年的近 90 万辆。当然，这一预测是在全球供应短缺恶化之前做出的。然而，特斯拉发展极其迅速。该公司第二季度的交付量比去年同期增加了一倍多，达到 201,304 辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望从市场份额增长、公司自动驾驶软件的货币化以及特斯拉能源业务中“被低估的机会”中受益。业务，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，高达 11%，他预计特斯拉最近推出的 Autopilot 订阅服务将逐步改善这一利润率。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8 月 3 日，波特再次重申了该股的跑赢大盘评级和 1,200 美元的目标价，并表示“我们仍然非常喜欢这只股票”。他指出，总体而言，对电池电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么什么给出了呢？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的可以上涨到 1,200 美元，为什么这么多投资者似乎认为该股票的价值如此之低（基于撰写本文时该股票的价格略低于 700 美元）。毕竟，如果投资者普遍认为特斯拉股票在未来 12 个月内可能达到 1,200 美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为该股的前瞻性估值。截至撰写本文时，特斯拉股票的市盈率约为 370，预计未来几年将实现强劲增长。由于该公司的估值主要基于遥远未来的利润，因此对特斯拉未来增长轨迹的看法略有不同，就会对当今该股的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师对股票设定了较高的目标价就迅速购买特斯拉股票。尽管如此，波特对特斯拉强劲的业务势头确实有一些优点。就连特斯拉本身也重申了今年汽车交付量增长 50% 以上的指导，而这一指导是在世界各地许多公司（包括特斯拉）受到供应链短缺负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，第三季度对其汽车的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票 1,200 美元的目标价很难证明其合理性，但股价可能足够低，投资者可以开始少量持有该股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：走向 1,200 美元？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock: Headed to $1,200?<blockquote>特斯拉股票：走向 1,200 美元？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-08 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度交付量同比增长一倍多。</li><li>对电动汽车不断增长的需求可能会使特斯拉受益。</li><li>投资者在谈到分析师的目标价时应谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克股票代码：TSLA）股票。今年年初，股价最初飙升超过 20%。但该股现在已经回吐了所有这些涨幅，今年迄今为止的回报率为负 1%。这意味着该股的表现明显逊于<b>标普500</b>今年增长了 18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会上涨。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>二月份，<b>派珀·桑德勒</b>分析师 Alexander Potter 做出了大胆的看涨期权，将 The Growth 股票的 12 个月目标价从 515 美元上调至 1,200 美元。他表示，特斯拉的交付量可能会从 2020 年的 50 万辆增加到今年的近 90 万辆。当然，这一预测是在全球供应短缺恶化之前做出的。然而，特斯拉发展极其迅速。该公司第二季度的交付量比去年同期增加了一倍多，达到 201,304 辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望从市场份额增长、公司自动驾驶软件的货币化以及特斯拉能源业务中“被低估的机会”中受益。业务，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，高达 11%，他预计特斯拉最近推出的 Autopilot 订阅服务将逐步改善这一利润率。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8 月 3 日，波特再次重申了该股的跑赢大盘评级和 1,200 美元的目标价，并表示“我们仍然非常喜欢这只股票”。他指出，总体而言，对电池电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么什么给出了呢？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的可以上涨到 1,200 美元，为什么这么多投资者似乎认为该股票的价值如此之低（基于撰写本文时该股票的价格略低于 700 美元）。毕竟，如果投资者普遍认为特斯拉股票在未来 12 个月内可能达到 1,200 美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为该股的前瞻性估值。截至撰写本文时，特斯拉股票的市盈率约为 370，预计未来几年将实现强劲增长。由于该公司的估值主要基于遥远未来的利润，因此对特斯拉未来增长轨迹的看法略有不同，就会对当今该股的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师对股票设定了较高的目标价就迅速购买特斯拉股票。尽管如此，波特对特斯拉强劲的业务势头确实有一些优点。就连特斯拉本身也重申了今年汽车交付量增长 50% 以上的指导，而这一指导是在世界各地许多公司（包括特斯拉）受到供应链短缺负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，第三季度对其汽车的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票 1,200 美元的目标价很难证明其合理性，但股价可能足够低，投资者可以开始少量持有该股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159872041","content_text":"Key Points\n\nTesla deliveries more than doubled year over year in Q2.\nRising demand for electric vehicles could benefit Tesla.\nInvestors should exercise caution when it comes to analysts' price targets.\n\nIt's been a wild year for Tesla(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.\nBut one analyst thinks the stock could take off.\n\"We still really like this stock.\"\nIn February,Piper Sandler analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.\nFollowing Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.\nFurther, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.\nOn Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.\nSo what gives?\nIf shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.\nThe issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.\nInvestors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.\nWhile a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3073,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167809385,"gmtCreate":1624255745147,"gmtModify":1634008793488,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578739448923997","authorIdStr":"3578739448923997"},"themes":[],"title":"","htmlText":"Worth watching this. Observe, Think, React.&nbsp;","listText":"Worth watching this. Observe, Think, React.&nbsp;","text":"Worth watching this. Observe, Think, React.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167809385","repostId":"1175906479","repostType":4,"repost":{"id":"1175906479","kind":"news","pubTimestamp":1624242000,"share":"https://www.laohunote.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%，超过了标普500同期 102% 的涨幅。</li><li>我以中性评级和公允价值为111.42美元/股（当前价格为131.7美元/股）启动苹果。</li><li>从技术分析的角度来看，股价正在遵循上升的三角形模式，并正朝着137美元/股的目标价迈进。</li></ul><p class=\"t-img-caption\"><span>Michael M. Santiago/Getty Images News 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) 的股价在过去五年中上涨了 449%，超过了标普500同期 102% 的涨幅。由基本面支撑的出色回报。特别是，我想从后者开始分析。</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手机占总销量的63%。这对苹果来说是个问题，他们知道这一点。问题的存在主要有两个因素：第一，智能手机业务成熟（增长率低）；其次，它过去是（现在仍然是）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，庞大的iPhone用户基础（例如，这允许销售更多服务）。多年来，苹果已经能够有效地实现其收入来源的多元化，目前呈现以下结构。</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>现在让我们看看这些部分中的每一个：</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>于二零一六年至二零二零年，iPhone分部以0.20%的复合年增长率增长，并由占总销售额的63.4%（二零一六年）变为51%（「TTM」）。以下是过去5年（2016-TTM）iPhone细分市场的增长率。</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，iPhone细分市场的TTM增长率为18.5%，这得益于具有5G功能的新iPhone12系列，以及来自中国的有趣数据。我相信向5G的过渡将是这一细分市场增长的主要驱动力。通过这种方式，我想报告第二季度盈利看涨期权的部分成绩单。</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，许多行业的客户正在加速采用iPhone 12和5G作为其业务未来的关键平台。例如，达美航空公司正在将 iPhone 12 和 5G 连接交到空乘人员手中，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，以加快他们向全国各地家庭部署宽带服务。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分钟减少到仅30秒，这主要是通过从PC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，并大大提高了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比例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）。以下是iPad细分市场过去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。我看到了新一代iPad的很多实现方式。不过，我也不得不承认，在同一片海里游泳的还有一个大玩家，新款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。在最后一个观点中，iPad细分市场占总销售额的比例可能较低，约为7.8%（而目前为9.1%）。</blockquote></p><p> <b>3. Mac</b></p><p><blockquote><b>3. Mac</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细分市场占总销售额的比例或多或少保持不变，2016年为10.6%，而TTM为10.4%。以下是过去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>由M1芯片驱动的新一代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%。我个人尝试了新一代Mac电脑，我不得不承认，苹果非常清楚如何取悦顾客。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分部以28.78%的复合年增长率增长，并从2016年仅占总销售额的5.2%变为占总销售额的10.8%。以下是过去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，苹果手表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，救了你的命，不错吧？最后，我们不要忘记苹果电视4K和最新配件AirTag的推出（我看不到后者的市场，但我可能错了）。</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，服务分部以21.9%的复合年增长率增长，并由二零一六年占总销售额的11.3%变为占总销售额的18.6%。以下是过去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%。增长是由应用商店、云服务、音乐、广告和支付服务推动的。新服务苹果电视+、苹果街机、苹果新闻+和苹果卡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盈利看涨期权中推断出的一个有趣的部分。</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，我们的安装基数持续增长，并且在每个主要产品类别中都处于历史最高水平。其次，我们数字内容商店的交易账户和付费账户数量在 9 月份季度创下历史新高，我们每个地区的付费账户都增长了两位数。第三，付费订阅量连续增长超过3500万，我们现在平台上的所有服务的付费订阅量超过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>我以中性评级和公允价值为111.42美元/股（当前价格为131.7美元/股）启动苹果。公允价值是一个经过算法调整的价值，考虑了基本面和技术面的不同因素（如DCF公允价值、动量等）。），因此它考虑了市场情绪。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，我还重述了财务状况，因为我将R&amp;D费用资本化，摊销年限为3年。我不认为在苹果的情况下，R&amp;D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>贴现现金流量模型</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>基本案例场景</i>：上面的DCF模型代表了我的基本案例场景。在基本情况下，我假设增长的驱动力是：iPhone细分市场（由5G转型驱动）、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，我假设第一年的增长率为 12%，第二年至第五年的复合年增长率为 7.1%，第十年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>最佳情况场景</i>: 生意火爆!在最佳情况下，我再次将我为基本情况描述的主要驱动因素视为主要驱动因素，然而，除此之外，我还看到了中国更大的市场渗透率。在过去5年中，我们可以观察到中国的销售额呈下降趋势，然而，今年的销售额跃升了39.7%（iPhone细分市场大幅增长）。在这种情况下，我假设第一年的增长率为 14%，第二年至第五年的复合年增长率为 9.1%，第十年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>最坏情况</i>:嗯，这是一个我想看涨期权喜欢“成熟公司场景”的场景。在这种情况下，我认为苹果的增长率略高于经济增长率，因此，我假设第一年的增长率为10%，第二年至第五年的CAGR为3.1%，第十年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，我都看到苹果带着苹果手表进入医疗保健市场。正如你可以想象的那样，我在每种情况下都分配了不同的市场渗透可能性。</blockquote></p><p> <b>Sensitivity Analysis</b></p><p><blockquote><b>灵敏度分析</b></blockquote></p><p> Moreover, I also would like to provide the sensitivity analysis for the base case scenario.</p><p><blockquote>此外，我还想提供基本案例场景的敏感性分析。</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模式。截至目前，股价正在遵循其模式，正朝着137美元/股或D点的目标价前进，在那里它可能会反弹并回到E点。如果出现这种情况，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，按原样理解）。</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，能够提前几年发现问题并解决问题。通过观察在基本情况下计算的公允价值，我们可以说该股票目前被高估了，但没有那么高。对于关注风险，最好情况和最坏情况之间的差异可以用作风险的代表。考虑到这一点，我认为没有理由恐慌，然而，我也确实看到了市场即将出现的调整。许多技术指标和基本面指标都告诉我，目前市场过于沉重（即使标准普尔500可能会走高，也许在4400点区域）。总之，我不打算平掉我的全部苹果头寸，但是，一旦达到我的价格目标，我会平掉其中的 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%，超过了标普500同期 102% 的涨幅。</li><li>我以中性评级和公允价值为111.42美元/股（当前价格为131.7美元/股）启动苹果。</li><li>从技术分析的角度来看，股价正在遵循上升的三角形模式，并正朝着137美元/股的目标价迈进。</li></ul><p class=\"t-img-caption\"><span>Michael M. Santiago/Getty Images News 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) 的股价在过去五年中上涨了 449%，超过了标普500同期 102% 的涨幅。由基本面支撑的出色回报。特别是，我想从后者开始分析。</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手机占总销量的63%。这对苹果来说是个问题，他们知道这一点。问题的存在主要有两个因素：第一，智能手机业务成熟（增长率低）；其次，它过去是（现在仍然是）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，庞大的iPhone用户基础（例如，这允许销售更多服务）。多年来，苹果已经能够有效地实现其收入来源的多元化，目前呈现以下结构。</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>现在让我们看看这些部分中的每一个：</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>于二零一六年至二零二零年，iPhone分部以0.20%的复合年增长率增长，并由占总销售额的63.4%（二零一六年）变为51%（「TTM」）。以下是过去5年（2016-TTM）iPhone细分市场的增长率。</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，iPhone细分市场的TTM增长率为18.5%，这得益于具有5G功能的新iPhone12系列，以及来自中国的有趣数据。我相信向5G的过渡将是这一细分市场增长的主要驱动力。通过这种方式，我想报告第二季度盈利看涨期权的部分成绩单。</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，许多行业的客户正在加速采用iPhone 12和5G作为其业务未来的关键平台。例如，达美航空公司正在将 iPhone 12 和 5G 连接交到空乘人员手中，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，以加快他们向全国各地家庭部署宽带服务。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分钟减少到仅30秒，这主要是通过从PC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，并大大提高了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比例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）。以下是iPad细分市场过去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。我看到了新一代iPad的很多实现方式。不过，我也不得不承认，在同一片海里游泳的还有一个大玩家，新款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。在最后一个观点中，iPad细分市场占总销售额的比例可能较低，约为7.8%（而目前为9.1%）。</blockquote></p><p> <b>3. Mac</b></p><p><blockquote><b>3. Mac</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细分市场占总销售额的比例或多或少保持不变，2016年为10.6%，而TTM为10.4%。以下是过去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>由M1芯片驱动的新一代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%。我个人尝试了新一代Mac电脑，我不得不承认，苹果非常清楚如何取悦顾客。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分部以28.78%的复合年增长率增长，并从2016年仅占总销售额的5.2%变为占总销售额的10.8%。以下是过去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，苹果手表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，救了你的命，不错吧？最后，我们不要忘记苹果电视4K和最新配件AirTag的推出（我看不到后者的市场，但我可能错了）。</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，服务分部以21.9%的复合年增长率增长，并由二零一六年占总销售额的11.3%变为占总销售额的18.6%。以下是过去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%。增长是由应用商店、云服务、音乐、广告和支付服务推动的。新服务苹果电视+、苹果街机、苹果新闻+和苹果卡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盈利看涨期权中推断出的一个有趣的部分。</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，我们的安装基数持续增长，并且在每个主要产品类别中都处于历史最高水平。其次，我们数字内容商店的交易账户和付费账户数量在 9 月份季度创下历史新高，我们每个地区的付费账户都增长了两位数。第三，付费订阅量连续增长超过3500万，我们现在平台上的所有服务的付费订阅量超过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>我以中性评级和公允价值为111.42美元/股（当前价格为131.7美元/股）启动苹果。公允价值是一个经过算法调整的价值，考虑了基本面和技术面的不同因素（如DCF公允价值、动量等）。），因此它考虑了市场情绪。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，我还重述了财务状况，因为我将R&amp;D费用资本化，摊销年限为3年。我不认为在苹果的情况下，R&amp;D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>贴现现金流量模型</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>基本案例场景</i>：上面的DCF模型代表了我的基本案例场景。在基本情况下，我假设增长的驱动力是：iPhone细分市场（由5G转型驱动）、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，我假设第一年的增长率为 12%，第二年至第五年的复合年增长率为 7.1%，第十年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>最佳情况场景</i>: 生意火爆!在最佳情况下，我再次将我为基本情况描述的主要驱动因素视为主要驱动因素，然而，除此之外，我还看到了中国更大的市场渗透率。在过去5年中，我们可以观察到中国的销售额呈下降趋势，然而，今年的销售额跃升了39.7%（iPhone细分市场大幅增长）。在这种情况下，我假设第一年的增长率为 14%，第二年至第五年的复合年增长率为 9.1%，第十年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>最坏情况</i>:嗯，这是一个我想看涨期权喜欢“成熟公司场景”的场景。在这种情况下，我认为苹果的增长率略高于经济增长率，因此，我假设第一年的增长率为10%，第二年至第五年的CAGR为3.1%，第十年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，我都看到苹果带着苹果手表进入医疗保健市场。正如你可以想象的那样，我在每种情况下都分配了不同的市场渗透可能性。</blockquote></p><p> <b>Sensitivity Analysis</b></p><p><blockquote><b>灵敏度分析</b></blockquote></p><p> Moreover, I also would like to provide the sensitivity analysis for the base case scenario.</p><p><blockquote>此外，我还想提供基本案例场景的敏感性分析。</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模式。截至目前，股价正在遵循其模式，正朝着137美元/股或D点的目标价前进，在那里它可能会反弹并回到E点。如果出现这种情况，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，按原样理解）。</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，能够提前几年发现问题并解决问题。通过观察在基本情况下计算的公允价值，我们可以说该股票目前被高估了，但没有那么高。对于关注风险，最好情况和最坏情况之间的差异可以用作风险的代表。考虑到这一点，我认为没有理由恐慌，然而，我也确实看到了市场即将出现的调整。许多技术指标和基本面指标都告诉我，目前市场过于沉重（即使标准普尔500可能会走高，也许在4400点区域）。总之，我不打算平掉我的全部苹果头寸，但是，一旦达到我的价格目标，我会平掉其中的 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":1033,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114400494,"gmtCreate":1623083290118,"gmtModify":1634037118325,"author":{"id":"3578739448923997","authorId":"3578739448923997","name":"lexxselrahc","avatar":"https://static.tigerbbs.com/20a54ceed78bc452d36ac799295862ce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578739448923997","authorIdStr":"3578739448923997"},"themes":[],"title":"","htmlText":"Thanks for the insightful view.&nbsp;","listText":"Thanks for the insightful view.&nbsp;","text":"Thanks for the insightful view.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114400494","repostId":"1133174841","repostType":4,"isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}