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Crystall

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2021-06-23

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2021-06-23

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2021-06-29

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2021-06-30

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2021-06-25

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2021-06-18

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Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>

2021-06-27

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2021-06-24

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2021-06-22

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American investors are trying to buy a UK supermarket. Here's why<blockquote>美国投资者正试图收购一家英国超市。原因如下</blockquote>

2021-06-16

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[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/128965226","repostId":"1178700711","repostType":4,"repost":{"id":"1178700711","kind":"news","pubTimestamp":1624497882,"share":"https://www.laohu8.com/m/news/1178700711?lang=zh_CN&edition=full","pubTime":"2021-06-24 09:24","market":"hk","language":"en","title":"Bubble Tea Chain Raises $656 Million in Hong Kong IPO<blockquote>珍珠奶茶连锁店香港IPO融资6.56亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178700711","media":"Bloomberg","summary":"(Bloomberg) -- Chinese bubble tea chain Nayuki Holdings Ltd. has raised HK$5.09 billion ($656 millio","content":"<p>(Bloomberg) -- Chinese bubble tea chain Nayuki Holdings Ltd. has raised HK$5.09 billion ($656 million) after pricing its Hong Kong initial public offering at the top of a marketed range, the latest company to ride a resurgence of listings in the Asian financial hub.</p><p><blockquote>（彭博社）-中国珍珠奶茶连锁店奈雪控股有限公司在香港首次公开募股定价高于市场范围后，筹集了50.9亿港元（6.56亿美元），这是最新一家在亚洲金融中心上市复苏的公司。</blockquote></p><p> Nayuki, whose popular fresh-fruit teas include cheese-foam-topped beverages, has priced 257.3 million shares at HK$19.8 each, according to terms of the deal obtained by Bloomberg News. It had marketed the shares at HK$17.2 to HK$19.8 apiece.</p><p><blockquote>根据彭博新闻社获得的交易条款，奈雪的热门鲜果茶包括芝士泡沫饮料，该公司以每股19.8港元的价格发行了2.573亿股股票。该公司以每股17.2港元至19.8港元的价格出售股份。</blockquote></p><p> The teahouse operator is testing the waters after Angelalign Technology Inc., a maker of clear orthodontic braces, heralded a revival in Hong Kong’s IPO market with a massive 132% pop on its June 16 debut, becoming one of this year’s most popular offerings in the city.</p><p><blockquote>透明正畸牙套制造商时代天使科技公司(Angelalign Technology Inc.)在6月16日首次亮相时股价飙升132%，成为今年香港最受欢迎的产品之一，预示着香港IPO市场的复苏，这家茶馆运营商正在试水。</blockquote></p><p> First-time share sales in Hong Kong are ticking up after a period of muted activity, as an easing of the global tech selloff has created a more favorable backdrop for debuts. At least 13 companies are currently in the lineup to go public, compared to only two deals priced in April and four in May, according to data compiled by Bloomberg.</p><p><blockquote>在经历了一段时间的低迷活动后，香港的首次公开募股销售正在回升，因为全球科技股抛售的缓解为首次公开募股创造了更有利的背景。根据彭博社汇编的数据，目前至少有13家公司正在准备上市，而4月份只有两笔交易定价，5月份有四笔交易定价。</blockquote></p><p> Still, not every IPO is getting a warm welcome as investors have become more selective amid higher volatility in markets and growing expectations of a tightening of U.S. monetary policy. China Youran Dairy Group Ltd. and CARsgen Therapeutics Holdings Ltd. slumped 12% and 9%, respectively, in their trading debuts last Friday.</p><p><blockquote>尽管如此，并非每一次IPO都受到热烈欢迎，因为在市场波动加剧和对美国货币政策收紧的预期不断增强的情况下，投资者变得更加挑剔。中国优然乳业集团有限公司和科济药业控股有限公司上周五首次上市时分别下跌12%和9%。</blockquote></p><p> Nayuki’s share sale attracted five cornerstone investors who agreed to subscribe for about $155 million of stock. They are UBS Asset Management, China Universal Asset Management, GF Fund, China Southern Asset Management and CCB International, according to the prospectus.</p><p><blockquote>奈雪的股票出售吸引了五名基石投资者，他们同意认购约1.55亿美元的股票。根据招股说明书，它们是瑞银资产管理、汇添富资产管理、广发基金、南方基金和建银国际。</blockquote></p><p> The retail portion of Nayuki’s IPO was more than 400 times oversubscribed, the Hong Kong Economic Journal reported, citing people it didn’t identify.</p><p><blockquote>据《信报》援引未透露姓名的人士报道，奈雪的IPO零售部分超额认购超过400倍。</blockquote></p><p> The top-of-the-range pricing values the bubble tea chain at about $4.38 billion, up from the $2 billion in its last funding round. It originally planned to file for an IPO in the U.S. in February last year, Bloomberg News reported, but eventually opted for Hong Kong.</p><p><blockquote>顶级定价对这家珍珠奶茶连锁店的估值约为43.8亿美元，高于上一轮融资的20亿美元。据彭博社报道，该公司最初计划于去年2月在美国申请IPO，但最终选择了香港。</blockquote></p><p> The Shenzhen-based firm sells fresh-fruit teas, cold-brew beverages and baked goods. It recorded losses of 203 million yuan in 2020 and 40 million yuan in the previous year, according to its prospectus. Revenue rose 22% year-on-year to 3.1 billion yuan.</p><p><blockquote>这家总部位于深圳的公司销售鲜果茶、冷饮和烘焙食品。招股书显示，该公司2020年亏损2.03亿元，上年亏损4000万元。营收同比升22%至31亿元。</blockquote></p><p> Nayuki plans to use proceeds from the offering to expand its teahouse network, deepen market penetration and strengthen its supply chain. It had 491 flagship Nayuki outlets at the end of last year, including 489 in mainland China and one each in Hong Kong and Japan.</p><p><blockquote>奈雪计划将此次发行所得用于扩大其茶馆网络、深化市场渗透并加强其供应链。截至去年底，其拥有491家奈雪旗舰店，其中中国大陆489家，香港和日本各1家。</blockquote></p><p> Nayuki’s shares are set to start trading in Hong Kong on June 30. JPMorgan Chase &amp; Co., CMB International Capital Ltd. and Huatai International Ltd. are joint sponsors for the listing.</p><p><blockquote>奈雪的股票定于6月30日在香港开始交易。摩根大通、招银国际金融有限公司及华泰国际有限公司为本次上市的联席保荐人。</blockquote></p><p></p>","source":"lsy1612507957220","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>Bubble Tea Chain Raises $656 Million in Hong Kong IPO<blockquote>珍珠奶茶连锁店香港IPO融资6.56亿美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBubble Tea Chain Raises $656 Million in Hong Kong IPO<blockquote>珍珠奶茶连锁店香港IPO融资6.56亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-06-24 09:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- Chinese bubble tea chain Nayuki Holdings Ltd. has raised HK$5.09 billion ($656 million) after pricing its Hong Kong initial public offering at the top of a marketed range, the latest company to ride a resurgence of listings in the Asian financial hub.</p><p><blockquote>（彭博社）-中国珍珠奶茶连锁店奈雪控股有限公司在香港首次公开募股定价高于市场范围后，筹集了50.9亿港元（6.56亿美元），这是最新一家在亚洲金融中心上市复苏的公司。</blockquote></p><p> Nayuki, whose popular fresh-fruit teas include cheese-foam-topped beverages, has priced 257.3 million shares at HK$19.8 each, according to terms of the deal obtained by Bloomberg News. It had marketed the shares at HK$17.2 to HK$19.8 apiece.</p><p><blockquote>根据彭博新闻社获得的交易条款，奈雪的热门鲜果茶包括芝士泡沫饮料，该公司以每股19.8港元的价格发行了2.573亿股股票。该公司以每股17.2港元至19.8港元的价格出售股份。</blockquote></p><p> The teahouse operator is testing the waters after Angelalign Technology Inc., a maker of clear orthodontic braces, heralded a revival in Hong Kong’s IPO market with a massive 132% pop on its June 16 debut, becoming one of this year’s most popular offerings in the city.</p><p><blockquote>透明正畸牙套制造商时代天使科技公司(Angelalign Technology Inc.)在6月16日首次亮相时股价飙升132%，成为今年香港最受欢迎的产品之一，预示着香港IPO市场的复苏，这家茶馆运营商正在试水。</blockquote></p><p> First-time share sales in Hong Kong are ticking up after a period of muted activity, as an easing of the global tech selloff has created a more favorable backdrop for debuts. At least 13 companies are currently in the lineup to go public, compared to only two deals priced in April and four in May, according to data compiled by Bloomberg.</p><p><blockquote>在经历了一段时间的低迷活动后，香港的首次公开募股销售正在回升，因为全球科技股抛售的缓解为首次公开募股创造了更有利的背景。根据彭博社汇编的数据，目前至少有13家公司正在准备上市，而4月份只有两笔交易定价，5月份有四笔交易定价。</blockquote></p><p> Still, not every IPO is getting a warm welcome as investors have become more selective amid higher volatility in markets and growing expectations of a tightening of U.S. monetary policy. China Youran Dairy Group Ltd. and CARsgen Therapeutics Holdings Ltd. slumped 12% and 9%, respectively, in their trading debuts last Friday.</p><p><blockquote>尽管如此，并非每一次IPO都受到热烈欢迎，因为在市场波动加剧和对美国货币政策收紧的预期不断增强的情况下，投资者变得更加挑剔。中国优然乳业集团有限公司和科济药业控股有限公司上周五首次上市时分别下跌12%和9%。</blockquote></p><p> Nayuki’s share sale attracted five cornerstone investors who agreed to subscribe for about $155 million of stock. They are UBS Asset Management, China Universal Asset Management, GF Fund, China Southern Asset Management and CCB International, according to the prospectus.</p><p><blockquote>奈雪的股票出售吸引了五名基石投资者，他们同意认购约1.55亿美元的股票。根据招股说明书，它们是瑞银资产管理、汇添富资产管理、广发基金、南方基金和建银国际。</blockquote></p><p> The retail portion of Nayuki’s IPO was more than 400 times oversubscribed, the Hong Kong Economic Journal reported, citing people it didn’t identify.</p><p><blockquote>据《信报》援引未透露姓名的人士报道，奈雪的IPO零售部分超额认购超过400倍。</blockquote></p><p> The top-of-the-range pricing values the bubble tea chain at about $4.38 billion, up from the $2 billion in its last funding round. It originally planned to file for an IPO in the U.S. in February last year, Bloomberg News reported, but eventually opted for Hong Kong.</p><p><blockquote>顶级定价对这家珍珠奶茶连锁店的估值约为43.8亿美元，高于上一轮融资的20亿美元。据彭博社报道，该公司最初计划于去年2月在美国申请IPO，但最终选择了香港。</blockquote></p><p> The Shenzhen-based firm sells fresh-fruit teas, cold-brew beverages and baked goods. It recorded losses of 203 million yuan in 2020 and 40 million yuan in the previous year, according to its prospectus. Revenue rose 22% year-on-year to 3.1 billion yuan.</p><p><blockquote>这家总部位于深圳的公司销售鲜果茶、冷饮和烘焙食品。招股书显示，该公司2020年亏损2.03亿元，上年亏损4000万元。营收同比升22%至31亿元。</blockquote></p><p> Nayuki plans to use proceeds from the offering to expand its teahouse network, deepen market penetration and strengthen its supply chain. It had 491 flagship Nayuki outlets at the end of last year, including 489 in mainland China and one each in Hong Kong and Japan.</p><p><blockquote>奈雪计划将此次发行所得用于扩大其茶馆网络、深化市场渗透并加强其供应链。截至去年底，其拥有491家奈雪旗舰店，其中中国大陆489家，香港和日本各1家。</blockquote></p><p> Nayuki’s shares are set to start trading in Hong Kong on June 30. JPMorgan Chase &amp; Co., CMB International Capital Ltd. and Huatai International Ltd. are joint sponsors for the listing.</p><p><blockquote>奈雪的股票定于6月30日在香港开始交易。摩根大通、招银国际金融有限公司及华泰国际有限公司为本次上市的联席保荐人。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/bubble-tea-chain-said-raise-111206490.html\">Bloomberg</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":{"02150":"奈雪的茶"},"source_url":"https://finance.yahoo.com/news/bubble-tea-chain-said-raise-111206490.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178700711","content_text":"(Bloomberg) -- Chinese bubble tea chain Nayuki Holdings Ltd. has raised HK$5.09 billion ($656 million) after pricing its Hong Kong initial public offering at the top of a marketed range, the latest company to ride a resurgence of listings in the Asian financial hub.\nNayuki, whose popular fresh-fruit teas include cheese-foam-topped beverages, has priced 257.3 million shares at HK$19.8 each, according to terms of the deal obtained by Bloomberg News. It had marketed the shares at HK$17.2 to HK$19.8 apiece.\nThe teahouse operator is testing the waters after Angelalign Technology Inc., a maker of clear orthodontic braces, heralded a revival in Hong Kong’s IPO market with a massive 132% pop on its June 16 debut, becoming one of this year’s most popular offerings in the city.\nFirst-time share sales in Hong Kong are ticking up after a period of muted activity, as an easing of the global tech selloff has created a more favorable backdrop for debuts. At least 13 companies are currently in the lineup to go public, compared to only two deals priced in April and four in May, according to data compiled by Bloomberg.\nStill, not every IPO is getting a warm welcome as investors have become more selective amid higher volatility in markets and growing expectations of a tightening of U.S. monetary policy. China Youran Dairy Group Ltd. and CARsgen Therapeutics Holdings Ltd. slumped 12% and 9%, respectively, in their trading debuts last Friday.\nNayuki’s share sale attracted five cornerstone investors who agreed to subscribe for about $155 million of stock. They are UBS Asset Management, China Universal Asset Management, GF Fund, China Southern Asset Management and CCB International, according to the prospectus.\nThe retail portion of Nayuki’s IPO was more than 400 times oversubscribed, the Hong Kong Economic Journal reported, citing people it didn’t identify.\nThe top-of-the-range pricing values the bubble tea chain at about $4.38 billion, up from the $2 billion in its last funding round. It originally planned to file for an IPO in the U.S. in February last year, Bloomberg News reported, but eventually opted for Hong Kong.\nThe Shenzhen-based firm sells fresh-fruit teas, cold-brew beverages and baked goods. It recorded losses of 203 million yuan in 2020 and 40 million yuan in the previous year, according to its prospectus. Revenue rose 22% year-on-year to 3.1 billion yuan.\nNayuki plans to use proceeds from the offering to expand its teahouse network, deepen market penetration and strengthen its supply chain. It had 491 flagship Nayuki outlets at the end of last year, including 489 in mainland China and one each in Hong Kong and Japan.\nNayuki’s shares are set to start trading in Hong Kong on June 30. JPMorgan Chase & Co., CMB International Capital Ltd. and Huatai International Ltd. are joint sponsors for the listing.","news_type":1,"symbols_score_info":{"02150":0.9}},"isVote":1,"tweetType":1,"viewCount":1958,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123353849,"gmtCreate":1624410044681,"gmtModify":1631890397617,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583297255879530","authorIdStr":"3583297255879530"},"themes":[],"htmlText":"Like and comment [Smile]&nbsp;","listText":"Like and comment [Smile]&nbsp;","text":"Like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/123353849","repostId":"2145069502","repostType":4,"isVote":1,"tweetType":1,"viewCount":3761,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123359757,"gmtCreate":1624410015879,"gmtModify":1631890397619,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583297255879530","authorIdStr":"3583297255879530"},"themes":[],"htmlText":"Like and comment [Smile]&nbsp;","listText":"Like and comment [Smile]&nbsp;","text":"Like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/123359757","repostId":"2145664330","repostType":4,"isVote":1,"tweetType":1,"viewCount":3373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120733535,"gmtCreate":1624336752727,"gmtModify":1631890397624,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583297255879530","authorIdStr":"3583297255879530"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120733535","repostId":"1139073949","repostType":4,"isVote":1,"tweetType":1,"viewCount":2809,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120739794,"gmtCreate":1624336720018,"gmtModify":1631890397626,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583297255879530","authorIdStr":"3583297255879530"},"themes":[],"htmlText":"Like and comment [Smile]&nbsp;","listText":"Like and comment [Smile]&nbsp;","text":"Like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/120739794","repostId":"1184611063","repostType":4,"isVote":1,"tweetType":1,"viewCount":3347,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120730201,"gmtCreate":1624336648703,"gmtModify":1631890397631,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583297255879530","authorIdStr":"3583297255879530"},"themes":[],"htmlText":"Like and comment [Smile]&nbsp;","listText":"Like and comment [Smile]&nbsp;","text":"Like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/120730201","repostId":"1116834236","repostType":4,"repost":{"id":"1116834236","kind":"news","pubTimestamp":1624333365,"share":"https://www.laohu8.com/m/news/1116834236?lang=zh_CN&edition=full","pubTime":"2021-06-22 11:42","market":"us","language":"en","title":"American investors are trying to buy a UK supermarket. Here's why<blockquote>美国投资者正试图收购一家英国超市。原因如下</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116834236","media":"cnn","summary":"London Britain's fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets.Morrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier & Rice last week made an unsolicited offer of 2.30  per share in cash for the grocery retailer. That's a 29% premium to Morrisons'  closing price on Friday, giving it a market value of around 5.5 billion .Shares in the co","content":"<p>London (CNN Business)Britain's fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets.</p><p><blockquote>伦敦（CNN商业）英国第四大连锁超市莫里森已成为一家美国私募股权公司的收购目标，这是投资者对英国资产兴趣浓厚的最新迹象。</blockquote></p><p> Morrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier &amp; Rice last week made an unsolicited offer of £2.30 ($3.19) per share in cash for the grocery retailer. That's a 29% premium to Morrisons' (MRWSF) closing price on Friday, giving it a market value of around £5.5 billion ($7.6 billion).</p><p><blockquote>莫里森周末证实，总部位于纽约的Clayton，Dubilier&amp;Rice上周主动向这家杂货零售商提出了每股2.30英镑（3.19美元）的现金收购要约。这比莫里森(MRWSF)周五的收盘价溢价29%，使其市值约为55亿英镑（76亿美元）。</blockquote></p><p> Shares in the company surged more than 30% in London on Monday, taking the share price above the takeover offer and lifting other stocks in the sector. Sainsbury's (JSNSF) and Ocado (OCDDY) climbed over 4%, with Marks &amp; Spencer (MAKSY) rising nearly 3% and Tesco (TSCDF) up more than 1%.</p><p><blockquote>该公司股价周一在伦敦飙升超过30%，股价高于收购要约，并提振了该行业的其他股票。Sainsbury's(JSNSF)和Ocado(OCDDY)上涨超过4%，Marks&amp;Spencer(MAKSY)上涨近3%，Tesco(TSCDF)上涨超过1%。</blockquote></p><p> Morrisons rejected the proposal in its statement on Saturday, saying that it \"significantly undervalued\" the company and its future prospects. Clayton, Dubilier &amp; Rice now has until July 17 to make a firm offer.</p><p><blockquote>莫里森在周六的声明中拒绝了这一提议，称其“严重低估”了该公司及其未来前景。Clayton，Dubilier&amp;Rice现在必须在7月17日之前提出确定报价。</blockquote></p><p> The move comes amid heightened investor activity in UK retail and a spate of takeover bids for British companies, undervalued for years because of poor returns linked to drab growth and a weak pound following the Brexit referendum of 2016.</p><p><blockquote>此举出台之际，英国零售业投资者活动加剧，英国公司出现大量收购要约，多年来，由于2016年英国脱欧公投后增长乏力和英镑疲软，这些公司的估值一直被低估。</blockquote></p><p> In October, Walmart (WMT) sold supermarket chain Asda to European private equity group TDR Capital and the founders of a global convenience store business. Separately, Czech billionaire Daniel Kretinsky recently increased his stake in Sainsbury's to 10%, adding to speculation that it could be the next takeover target.</p><p><blockquote>10月，沃尔玛(WMT)将连锁超市Asda出售给欧洲私募股权集团TDR Capital和全球便利店业务的创始人。另外，捷克亿万富翁丹尼尔·克雷廷斯基(Daniel Kretinsky)最近将其在塞恩斯伯里(Sainsbury's)的股份增至10%，这加剧了人们对该公司可能成为下一个收购目标的猜测。</blockquote></p><p> Analysts are speculating that Tesco, Britain's biggest supermarket chain, might also attract a buyer.</p><p><blockquote>分析师猜测，英国最大的连锁超市乐购也可能吸引买家。</blockquote></p><p> \"The volume of liquidity, reflecting monetary policy, and the uptake of capital by family offices, high net worth investors and private equity, means that even Tesco, with its £18 billion ($25 billion) market capitalization, is not too big to be subject to an offer,\" Clive Black, head of research at Shore Capital said in a note on Monday.</p><p><blockquote>“反映货币政策的流动性数量，以及家族理财室、高净值投资者和私募股权对资本的吸收，意味着即使是市值为180亿英镑（250亿美元）的特易购，也不会太大。Shore Capital研究主管克莱夫·布莱克(Clive Black)周一在一份报告中表示：“接受报价。”</blockquote></p><p> Sainsbury's and Tesco, which benefited from a surge in demand during lockdowns, are now poised to benefit from a strong economic recovery in Britain following the pandemic. Analysts say shoppers are likely to continue eating more meals at home even with restaurants reopening, particularly as many offices remain closed.</p><p><blockquote>塞恩斯伯里(Sainsbury's)和特易购(Tesco)受益于封锁期间需求激增，现在也有望受益于大流行后英国经济的强劲复苏。分析师表示，即使餐馆重新开业，尤其是在许多办公室仍然关闭的情况下，购物者可能会继续在家吃更多的饭菜。</blockquote></p><p> Tesco CEO Ken Murphy told analysts on a call on Friday that online demand has been \"incredibly resilient even with the easing of restrictions.\"</p><p><blockquote>Tesco首席执行官Ken Murphy周五在看涨期权上对分析师表示，“即使限制放松，在线需求仍具有令人难以置信的弹性”。</blockquote></p><p> \"We expect sales to remain well above pre Covid-19 level through the remainder of the year,\" he added.</p><p><blockquote>“我们预计今年剩余时间的销售额将远高于Covid-19之前的水平，”他补充道。</blockquote></p><p> Both leading retailers have also managed to keep costs under control, are generating large amounts of cash and have narrowed price gaps with German discounters Aldi and Lidl, according to Shore Capital's Black.</p><p><blockquote>Shore Capital的Black表示，这两家领先零售商还成功控制了成本，产生了大量现金，并缩小了与德国折扣店Aldi和Lidl的价格差距。</blockquote></p><p> This could make them prime targets for the likes of Amazon (AMZN), he added. \"The Asda bid and the Kretinsky investment means that the topic of Amazon's plans will also be one of ongoing discussion around Sainsbury and Tesco,\" Black said.</p><p><blockquote>他补充说，这可能使它们成为亚马逊（AMZN）等公司的主要目标。布莱克表示：“阿斯达的收购和克雷廷斯基的投资意味着亚马逊计划的主题也将成为围绕塞恩斯伯里和特易购正在进行的讨论之一。”</blockquote></p><p> The online retailer, which has been expanding its grocery offering since buying Whole Foods in 2017, already has a close relationship with Morrisons, which supplies its Prime and Pantry customers in the United Kingdom with dry, fresh and frozen products.</p><p><blockquote>这家在线零售商自2017年收购Whole Foods以来一直在扩大其杂货产品，并且已经与Morrisons建立了密切的关系，Morrisons为其在英国的Prime和Pantry客户提供干燥、新鲜和冷冻产品。</blockquote></p><p> But the market is not betting on a rival bid from Amazon. \"There is no indication in the [Morrisons] share price today that Amazon will come in and outbid Clayton, Dubilier &amp; Rice,\" said Russ Mould, investment director at stockbroker AJ Bell.</p><p><blockquote>但市场并没有押注亚马逊的竞争对手出价。股票经纪人AJ Bell投资总监拉斯·莫尔德(Russ Mould)表示：“今天的[莫里森]股价没有迹象表明亚马逊会介入并出价高于Clayton、Dubilier&amp;Rice。”</blockquote></p><p> With a languishing share price and over £7 billion ($9.7 billion) in assets, including a real estate portfolio worth more than the company's market value, Morrisons \"ticks a lot of private equity boxes,\" he told CNN Business.</p><p><blockquote>莫里森告诉CNN Business，由于股价低迷，资产超过70亿英镑（97亿美元），其中包括价值超过公司市值的房地产投资组合，他“符合很多私募股权标准”。</blockquote></p><p> Returning to favor?</p><p><blockquote>回归青睐？</blockquote></p><p> Investor interest in UK assets extends beyond grocers. There have been over 50 bids for UK-listed companies in the last eight months, only six of which have since been abandoned, according to Mould.</p><p><blockquote>投资者对英国资产的兴趣不仅限于杂货商。莫尔德表示，过去八个月里，有超过50家对英国上市公司的竞购，但其中只有6家被放弃。</blockquote></p><p> The average premium offered has been 34%, indicating that many of these companies may be undervalued by the market following years of weak shareholder returns. Over the last 12 months, there have been 95 announced offers for UK-listed companies with a combined value of $107 billion, according to Dealogic data.</p><p><blockquote>平均溢价为34%，表明在多年股东回报疲软之后，其中许多公司可能被市场低估。Dealogic数据显示，过去12个月，已有95家英国上市公司宣布收购要约，总价值达1070亿美元。</blockquote></p><p> \"The UK has consistently underperformed on the global stage since June 2016's Brexit vote and sterling has failed to regain the levels at which it traded before Britain decide to leave the EU,\" Mould said in a recent note. \"That rotten effort may mean that UK stocks are unloved and therefore potentially undervalued,\" he added.</p><p><blockquote>莫尔德在最近的一份报告中表示：“自2016年6月脱欧公投以来，英国在全球舞台上的表现一直不佳，英镑未能恢复到英国决定脱欧之前的交易水平。”“这种糟糕的努力可能意味着英国股票不受欢迎，因此可能被低估，”他补充道。</blockquote></p><p> UK and European stock market indexes stand to benefit from the post-pandemic recovery, given the high representation of companies such as automakers and banks that perform well when the economy is on the upswing.</p><p><blockquote>鉴于汽车制造商和银行等公司在经济上升时表现良好，英国和欧洲股市指数将受益于大流行后的复苏。</blockquote></p><p></p><p> They may also offer better value for investors following much more robust gains in US indexes over the past decade, when European markets have been held back by a dearth of tech companies and lackluster economic growth in the region.</p><p><blockquote>在过去十年美国指数大幅上涨之后，它们也可能为投资者提供更好的价值，而欧洲市场因科技公司缺乏和该地区经济增长乏力而受到阻碍。</blockquote></p><p> The FTSE 100 (UKX) has climbed just 26% over the past decade, while Europe's STOXX 600 (SXXL) is up 85%. That compares with a gain of more than 230% for the S&amp;P 500 (SPX).</p><p><blockquote>富时100指数(UKX)在过去十年中仅上涨了26%，而欧洲斯托克600指数(SXXL)上涨了85%。相比之下，标普500(SPX)的涨幅超过230%。</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>American investors are trying to buy a UK supermarket. Here's why<blockquote>美国投资者正试图收购一家英国超市。原因如下</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\">\nAmerican investors are trying to buy a UK supermarket. Here's why<blockquote>美国投资者正试图收购一家英国超市。原因如下</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-06-22 11:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>London (CNN Business)Britain's fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets.</p><p><blockquote>伦敦（CNN商业）英国第四大连锁超市莫里森已成为一家美国私募股权公司的收购目标，这是投资者对英国资产兴趣浓厚的最新迹象。</blockquote></p><p> Morrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier &amp; Rice last week made an unsolicited offer of £2.30 ($3.19) per share in cash for the grocery retailer. That's a 29% premium to Morrisons' (MRWSF) closing price on Friday, giving it a market value of around £5.5 billion ($7.6 billion).</p><p><blockquote>莫里森周末证实，总部位于纽约的Clayton，Dubilier&amp;Rice上周主动向这家杂货零售商提出了每股2.30英镑（3.19美元）的现金收购要约。这比莫里森(MRWSF)周五的收盘价溢价29%，使其市值约为55亿英镑（76亿美元）。</blockquote></p><p> Shares in the company surged more than 30% in London on Monday, taking the share price above the takeover offer and lifting other stocks in the sector. Sainsbury's (JSNSF) and Ocado (OCDDY) climbed over 4%, with Marks &amp; Spencer (MAKSY) rising nearly 3% and Tesco (TSCDF) up more than 1%.</p><p><blockquote>该公司股价周一在伦敦飙升超过30%，股价高于收购要约，并提振了该行业的其他股票。Sainsbury's(JSNSF)和Ocado(OCDDY)上涨超过4%，Marks&amp;Spencer(MAKSY)上涨近3%，Tesco(TSCDF)上涨超过1%。</blockquote></p><p> Morrisons rejected the proposal in its statement on Saturday, saying that it \"significantly undervalued\" the company and its future prospects. Clayton, Dubilier &amp; Rice now has until July 17 to make a firm offer.</p><p><blockquote>莫里森在周六的声明中拒绝了这一提议，称其“严重低估”了该公司及其未来前景。Clayton，Dubilier&amp;Rice现在必须在7月17日之前提出确定报价。</blockquote></p><p> The move comes amid heightened investor activity in UK retail and a spate of takeover bids for British companies, undervalued for years because of poor returns linked to drab growth and a weak pound following the Brexit referendum of 2016.</p><p><blockquote>此举出台之际，英国零售业投资者活动加剧，英国公司出现大量收购要约，多年来，由于2016年英国脱欧公投后增长乏力和英镑疲软，这些公司的估值一直被低估。</blockquote></p><p> In October, Walmart (WMT) sold supermarket chain Asda to European private equity group TDR Capital and the founders of a global convenience store business. Separately, Czech billionaire Daniel Kretinsky recently increased his stake in Sainsbury's to 10%, adding to speculation that it could be the next takeover target.</p><p><blockquote>10月，沃尔玛(WMT)将连锁超市Asda出售给欧洲私募股权集团TDR Capital和全球便利店业务的创始人。另外，捷克亿万富翁丹尼尔·克雷廷斯基(Daniel Kretinsky)最近将其在塞恩斯伯里(Sainsbury's)的股份增至10%，这加剧了人们对该公司可能成为下一个收购目标的猜测。</blockquote></p><p> Analysts are speculating that Tesco, Britain's biggest supermarket chain, might also attract a buyer.</p><p><blockquote>分析师猜测，英国最大的连锁超市乐购也可能吸引买家。</blockquote></p><p> \"The volume of liquidity, reflecting monetary policy, and the uptake of capital by family offices, high net worth investors and private equity, means that even Tesco, with its £18 billion ($25 billion) market capitalization, is not too big to be subject to an offer,\" Clive Black, head of research at Shore Capital said in a note on Monday.</p><p><blockquote>“反映货币政策的流动性数量，以及家族理财室、高净值投资者和私募股权对资本的吸收，意味着即使是市值为180亿英镑（250亿美元）的特易购，也不会太大。Shore Capital研究主管克莱夫·布莱克(Clive Black)周一在一份报告中表示：“接受报价。”</blockquote></p><p> Sainsbury's and Tesco, which benefited from a surge in demand during lockdowns, are now poised to benefit from a strong economic recovery in Britain following the pandemic. Analysts say shoppers are likely to continue eating more meals at home even with restaurants reopening, particularly as many offices remain closed.</p><p><blockquote>塞恩斯伯里(Sainsbury's)和特易购(Tesco)受益于封锁期间需求激增，现在也有望受益于大流行后英国经济的强劲复苏。分析师表示，即使餐馆重新开业，尤其是在许多办公室仍然关闭的情况下，购物者可能会继续在家吃更多的饭菜。</blockquote></p><p> Tesco CEO Ken Murphy told analysts on a call on Friday that online demand has been \"incredibly resilient even with the easing of restrictions.\"</p><p><blockquote>Tesco首席执行官Ken Murphy周五在看涨期权上对分析师表示，“即使限制放松，在线需求仍具有令人难以置信的弹性”。</blockquote></p><p> \"We expect sales to remain well above pre Covid-19 level through the remainder of the year,\" he added.</p><p><blockquote>“我们预计今年剩余时间的销售额将远高于Covid-19之前的水平，”他补充道。</blockquote></p><p> Both leading retailers have also managed to keep costs under control, are generating large amounts of cash and have narrowed price gaps with German discounters Aldi and Lidl, according to Shore Capital's Black.</p><p><blockquote>Shore Capital的Black表示，这两家领先零售商还成功控制了成本，产生了大量现金，并缩小了与德国折扣店Aldi和Lidl的价格差距。</blockquote></p><p> This could make them prime targets for the likes of Amazon (AMZN), he added. \"The Asda bid and the Kretinsky investment means that the topic of Amazon's plans will also be one of ongoing discussion around Sainsbury and Tesco,\" Black said.</p><p><blockquote>他补充说，这可能使它们成为亚马逊（AMZN）等公司的主要目标。布莱克表示：“阿斯达的收购和克雷廷斯基的投资意味着亚马逊计划的主题也将成为围绕塞恩斯伯里和特易购正在进行的讨论之一。”</blockquote></p><p> The online retailer, which has been expanding its grocery offering since buying Whole Foods in 2017, already has a close relationship with Morrisons, which supplies its Prime and Pantry customers in the United Kingdom with dry, fresh and frozen products.</p><p><blockquote>这家在线零售商自2017年收购Whole Foods以来一直在扩大其杂货产品，并且已经与Morrisons建立了密切的关系，Morrisons为其在英国的Prime和Pantry客户提供干燥、新鲜和冷冻产品。</blockquote></p><p> But the market is not betting on a rival bid from Amazon. \"There is no indication in the [Morrisons] share price today that Amazon will come in and outbid Clayton, Dubilier &amp; Rice,\" said Russ Mould, investment director at stockbroker AJ Bell.</p><p><blockquote>但市场并没有押注亚马逊的竞争对手出价。股票经纪人AJ Bell投资总监拉斯·莫尔德(Russ Mould)表示：“今天的[莫里森]股价没有迹象表明亚马逊会介入并出价高于Clayton、Dubilier&amp;Rice。”</blockquote></p><p> With a languishing share price and over £7 billion ($9.7 billion) in assets, including a real estate portfolio worth more than the company's market value, Morrisons \"ticks a lot of private equity boxes,\" he told CNN Business.</p><p><blockquote>莫里森告诉CNN Business，由于股价低迷，资产超过70亿英镑（97亿美元），其中包括价值超过公司市值的房地产投资组合，他“符合很多私募股权标准”。</blockquote></p><p> Returning to favor?</p><p><blockquote>回归青睐？</blockquote></p><p> Investor interest in UK assets extends beyond grocers. There have been over 50 bids for UK-listed companies in the last eight months, only six of which have since been abandoned, according to Mould.</p><p><blockquote>投资者对英国资产的兴趣不仅限于杂货商。莫尔德表示，过去八个月里，有超过50家对英国上市公司的竞购，但其中只有6家被放弃。</blockquote></p><p> The average premium offered has been 34%, indicating that many of these companies may be undervalued by the market following years of weak shareholder returns. Over the last 12 months, there have been 95 announced offers for UK-listed companies with a combined value of $107 billion, according to Dealogic data.</p><p><blockquote>平均溢价为34%，表明在多年股东回报疲软之后，其中许多公司可能被市场低估。Dealogic数据显示，过去12个月，已有95家英国上市公司宣布收购要约，总价值达1070亿美元。</blockquote></p><p> \"The UK has consistently underperformed on the global stage since June 2016's Brexit vote and sterling has failed to regain the levels at which it traded before Britain decide to leave the EU,\" Mould said in a recent note. \"That rotten effort may mean that UK stocks are unloved and therefore potentially undervalued,\" he added.</p><p><blockquote>莫尔德在最近的一份报告中表示：“自2016年6月脱欧公投以来，英国在全球舞台上的表现一直不佳，英镑未能恢复到英国决定脱欧之前的交易水平。”“这种糟糕的努力可能意味着英国股票不受欢迎，因此可能被低估，”他补充道。</blockquote></p><p> UK and European stock market indexes stand to benefit from the post-pandemic recovery, given the high representation of companies such as automakers and banks that perform well when the economy is on the upswing.</p><p><blockquote>鉴于汽车制造商和银行等公司在经济上升时表现良好，英国和欧洲股市指数将受益于大流行后的复苏。</blockquote></p><p></p><p> They may also offer better value for investors following much more robust gains in US indexes over the past decade, when European markets have been held back by a dearth of tech companies and lackluster economic growth in the region.</p><p><blockquote>在过去十年美国指数大幅上涨之后，它们也可能为投资者提供更好的价值，而欧洲市场因科技公司缺乏和该地区经济增长乏力而受到阻碍。</blockquote></p><p> The FTSE 100 (UKX) has climbed just 26% over the past decade, while Europe's STOXX 600 (SXXL) is up 85%. That compares with a gain of more than 230% for the S&amp;P 500 (SPX).</p><p><blockquote>富时100指数(UKX)在过去十年中仅上涨了26%，而欧洲斯托克600指数(SXXL)上涨了85%。相比之下，标普500(SPX)的涨幅超过230%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/06/21/investing/morrisons-takeover-approach/index.html\">cnn</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":{"MRWSY":"WM Morrison Supermarkets Plc."},"source_url":"https://edition.cnn.com/2021/06/21/investing/morrisons-takeover-approach/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116834236","content_text":"London (CNN Business)Britain's fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets.\nMorrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier & Rice last week made an unsolicited offer of £2.30 ($3.19) per share in cash for the grocery retailer. That's a 29% premium to Morrisons' (MRWSF) closing price on Friday, giving it a market value of around £5.5 billion ($7.6 billion).\nShares in the company surged more than 30% in London on Monday, taking the share price above the takeover offer and lifting other stocks in the sector. Sainsbury's (JSNSF) and Ocado (OCDDY) climbed over 4%, with Marks & Spencer (MAKSY) rising nearly 3% and Tesco (TSCDF) up more than 1%.\nMorrisons rejected the proposal in its statement on Saturday, saying that it \"significantly undervalued\" the company and its future prospects. Clayton, Dubilier & Rice now has until July 17 to make a firm offer.\nThe move comes amid heightened investor activity in UK retail and a spate of takeover bids for British companies, undervalued for years because of poor returns linked to drab growth and a weak pound following the Brexit referendum of 2016.\nIn October, Walmart (WMT) sold supermarket chain Asda to European private equity group TDR Capital and the founders of a global convenience store business. Separately, Czech billionaire Daniel Kretinsky recently increased his stake in Sainsbury's to 10%, adding to speculation that it could be the next takeover target.\nAnalysts are speculating that Tesco, Britain's biggest supermarket chain, might also attract a buyer.\n\"The volume of liquidity, reflecting monetary policy, and the uptake of capital by family offices, high net worth investors and private equity, means that even Tesco, with its £18 billion ($25 billion) market capitalization, is not too big to be subject to an offer,\" Clive Black, head of research at Shore Capital said in a note on Monday.\nSainsbury's and Tesco, which benefited from a surge in demand during lockdowns, are now poised to benefit from a strong economic recovery in Britain following the pandemic. Analysts say shoppers are likely to continue eating more meals at home even with restaurants reopening, particularly as many offices remain closed.\nTesco CEO Ken Murphy told analysts on a call on Friday that online demand has been \"incredibly resilient even with the easing of restrictions.\"\n\"We expect sales to remain well above pre Covid-19 level through the remainder of the year,\" he added.\nBoth leading retailers have also managed to keep costs under control, are generating large amounts of cash and have narrowed price gaps with German discounters Aldi and Lidl, according to Shore Capital's Black.\nThis could make them prime targets for the likes of Amazon (AMZN), he added. \"The Asda bid and the Kretinsky investment means that the topic of Amazon's plans will also be one of ongoing discussion around Sainsbury and Tesco,\" Black said.\nThe online retailer, which has been expanding its grocery offering since buying Whole Foods in 2017, already has a close relationship with Morrisons, which supplies its Prime and Pantry customers in the United Kingdom with dry, fresh and frozen products.\nBut the market is not betting on a rival bid from Amazon. \"There is no indication in the [Morrisons] share price today that Amazon will come in and outbid Clayton, Dubilier & Rice,\" said Russ Mould, investment director at stockbroker AJ Bell.\nWith a languishing share price and over £7 billion ($9.7 billion) in assets, including a real estate portfolio worth more than the company's market value, Morrisons \"ticks a lot of private equity boxes,\" he told CNN Business.\nReturning to favor?\nInvestor interest in UK assets extends beyond grocers. There have been over 50 bids for UK-listed companies in the last eight months, only six of which have since been abandoned, according to Mould.\nThe average premium offered has been 34%, indicating that many of these companies may be undervalued by the market following years of weak shareholder returns. Over the last 12 months, there have been 95 announced offers for UK-listed companies with a combined value of $107 billion, according to Dealogic data.\n\"The UK has consistently underperformed on the global stage since June 2016's Brexit vote and sterling has failed to regain the levels at which it traded before Britain decide to leave the EU,\" Mould said in a recent note. \"That rotten effort may mean that UK stocks are unloved and therefore potentially undervalued,\" he added.\nUK and European stock market indexes stand to benefit from the post-pandemic recovery, given the high representation of companies such as automakers and banks that perform well when the economy is on the upswing.\nThey may also offer better value for investors following much more robust gains in US indexes over the past decade, when European markets have been held back by a dearth of tech companies and lackluster economic growth in the region.\nThe FTSE 100 (UKX) has climbed just 26% over the past decade, while Europe's STOXX 600 (SXXL) is up 85%. That compares with a gain of more than 230% for the S&P 500 (SPX).","news_type":1,"symbols_score_info":{"MRWSY":0.9}},"isVote":1,"tweetType":1,"viewCount":2324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164746728,"gmtCreate":1624237684264,"gmtModify":1634009146652,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583297255879530","authorIdStr":"3583297255879530"},"themes":[],"htmlText":"Like and comment [Smile]&nbsp;","listText":"Like and comment [Smile]&nbsp;","text":"Like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164746728","repostId":"1166533959","repostType":4,"isVote":1,"tweetType":1,"viewCount":752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164918180,"gmtCreate":1624165157940,"gmtModify":1634009916485,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583297255879530","authorIdStr":"3583297255879530"},"themes":[],"htmlText":"Like and comment [Smile]&nbsp;","listText":"Like and comment [Smile]&nbsp;","text":"Like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/164918180","repostId":"1118271544","repostType":4,"repost":{"id":"1118271544","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":1624023029,"share":"https://www.laohu8.com/m/news/1118271544?lang=zh_CN&edition=full","pubTime":"2021-06-18 21:30","market":"us","language":"en","title":"Dow drops 400 points at the open, extending losses in its worst week since January<blockquote>道琼斯指数开盘下跌400点，延续1月份以来最糟糕的一周跌幅</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118271544","media":"Tiger Newspress","summary":"U.S. stocks fell on Friday with the Dow Jones Industrial Average on pace to post its worst week sinc","content":"<p>U.S. stocks fell on Friday with the Dow Jones Industrial Average on pace to post its worst week since January, as bank shares led the market sell-off after the Federal Reserve's latest policy update.</p><p><blockquote>美国股市周五下跌，道琼斯工业平均指数有望创下1月份以来最糟糕的一周，美联储最新政策更新后，银行股领跌市场。</blockquote></p><p> The blue-chip average dropped 400 points, bringing its week-to-date losses to 2.8% The S&amp;P 500 fell 0.8%, pushing its loss this week to more than 1%. The tech-heavy Nasdaq Composite dipped 0.5%.</p><p><blockquote>蓝筹股平均指数下跌400点，本周迄今跌幅达到2.8%。标普500下跌0.8%，本周跌幅超过1%。以科技股为主的纳斯达克综合指数下跌0.5%。</blockquote></p><p> Stocks extended their losses asSt. Louis Fed President Jim Bullard said on CNBCthat it was natural for the Fed to tilt a little \"hawkish\" this week and that the first rate increase from the central bank would likely come in 2022.</p><p><blockquote>股市扩大跌幅。路易斯联储主席Jim Bullard在CNBC上表示，美联储本周倾向于稍微“鹰派”是很自然的，央行首次加息可能会在2022年进行。</blockquote></p><p> Wall Street registered losses as the Federal Reserve on Wednesday afternoon added two rate hikes to its 2023 forecast and increased its inflation projection for the year.</p><p><blockquote>周三下午，美联储在2023年预测中增加了两次加息，并上调了今年的通胀预测，华尔街出现下跌。</blockquote></p><p> The decline in stocks came as the Fed's actions caused a drastic flattening of the so-called Treasury yield curve&nbsp;where the yields of shorter-duration Treasurys, like the&nbsp;2-year note, rose, while longer duration yields, such as the benchmark 10-year, fell.&nbsp;The retreat in long-dated bonds reflects less optimism toward economic growth, while the jump in short-end yields shows the expectations of the Fed raising rates.</p><p><blockquote>股市下跌之际，美联储的行动导致所谓的国债收益率曲线急剧变平，2年期国债等短期国债收益率上升，而基准10年期国债等长期国债收益率下降。长期债券的回落反映了对经济增长的不太乐观，而短端收益率的跃升则显示了对美联储加息的预期。</blockquote></p><p> This phenomenon is hurting bank stocks particularly as bank earnings could take a hit when the spread between short-term and long-term rates narrows. Goldman Sachs shares fell more than 1% Friday, while JPMorgan and Morgan Stanley also traded in the red.</p><p><blockquote>这种现象正在损害银行股，特别是当短期和长期利率之间的利差缩小时，银行盈利可能会受到打击。高盛股价周五下跌超过1%，摩根大通和摩根士丹利也出现亏损。</blockquote></p><p> Fed Chairman Jerome Powell said on Wednesday that officials have discussed tapering bond buying and would at some point begin slowing the asset purchases.</p><p><blockquote>美联储主席鲍威尔周三表示，官员们已经讨论了缩减债券购买，并将在某个时候开始放缓资产购买。</blockquote></p><p> \"Investors may be interpreting the Fed's hawkish tilt Wednesday as a sign that an extended US post-pandemic economic expansion may be a bit harder to achieve in a potentially emerging environment of less accommodative monetary policy,\" said Goldman Sachs' Chris Hussey in a note.</p><p><blockquote>高盛(Goldman Sachs)的克里斯·赫西(Chris Hussey)在一份报告中表示：“投资者可能将美联储周三的鹰派倾向解读为一个迹象，表明在可能出现的货币政策不太宽松的环境下，美国大流行后经济扩张可能更难实现。”</blockquote></p><p> Most commodities prices rebounded a bit on Friday followingsharp declines this week&nbsp;as China attempts to cool rising prices and the U.S. dollar strengthens. Futures prices for copper, gold, and platinum rebounded Friday, but were still down big for the week.</p><p><blockquote>由于中国试图冷却不断上涨的物价和美元走强，大多数大宗商品价格在本周大幅下跌后，周五略有反弹。铜、黄金和铂的期货价格周五反弹，但本周仍大幅下跌。</blockquote></p><p> Chip stocks, which have had a good week, looked set to continue their run on Friday with shares of Nvidia higher by about 1%.</p><p><blockquote>本周表现良好的芯片股周五似乎将继续上涨，英伟达股价上涨约1%。</blockquote></p><p> Adobe shares gained about 3% after earnings and revenue topped estimates.</p><p><blockquote>盈利和收入超出预期后，Adobe股价上涨约3%。</blockquote></p><p> Friday also coincides with the quarterly \"quadruple witching\" where options and futures on indexes and equities expire. Many expect trading to be more volatile in light of this event.</p><p><blockquote>周五也恰逢季度“四重巫术”，指数和股票的期权和期货到期。许多人预计，鉴于这一事件，交易将更加波动。</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>Dow drops 400 points at the open, extending losses in its worst week since January<blockquote>道琼斯指数开盘下跌400点，延续1月份以来最糟糕的一周跌幅</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\">\nDow drops 400 points at the open, extending losses in its worst week since January<blockquote>道琼斯指数开盘下跌400点，延续1月份以来最糟糕的一周跌幅</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-18 21:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stocks fell on Friday with the Dow Jones Industrial Average on pace to post its worst week since January, as bank shares led the market sell-off after the Federal Reserve's latest policy update.</p><p><blockquote>美国股市周五下跌，道琼斯工业平均指数有望创下1月份以来最糟糕的一周，美联储最新政策更新后，银行股领跌市场。</blockquote></p><p> The blue-chip average dropped 400 points, bringing its week-to-date losses to 2.8% The S&amp;P 500 fell 0.8%, pushing its loss this week to more than 1%. The tech-heavy Nasdaq Composite dipped 0.5%.</p><p><blockquote>蓝筹股平均指数下跌400点，本周迄今跌幅达到2.8%。标普500下跌0.8%，本周跌幅超过1%。以科技股为主的纳斯达克综合指数下跌0.5%。</blockquote></p><p> Stocks extended their losses asSt. Louis Fed President Jim Bullard said on CNBCthat it was natural for the Fed to tilt a little \"hawkish\" this week and that the first rate increase from the central bank would likely come in 2022.</p><p><blockquote>股市扩大跌幅。路易斯联储主席Jim Bullard在CNBC上表示，美联储本周倾向于稍微“鹰派”是很自然的，央行首次加息可能会在2022年进行。</blockquote></p><p> Wall Street registered losses as the Federal Reserve on Wednesday afternoon added two rate hikes to its 2023 forecast and increased its inflation projection for the year.</p><p><blockquote>周三下午，美联储在2023年预测中增加了两次加息，并上调了今年的通胀预测，华尔街出现下跌。</blockquote></p><p> The decline in stocks came as the Fed's actions caused a drastic flattening of the so-called Treasury yield curve&nbsp;where the yields of shorter-duration Treasurys, like the&nbsp;2-year note, rose, while longer duration yields, such as the benchmark 10-year, fell.&nbsp;The retreat in long-dated bonds reflects less optimism toward economic growth, while the jump in short-end yields shows the expectations of the Fed raising rates.</p><p><blockquote>股市下跌之际，美联储的行动导致所谓的国债收益率曲线急剧变平，2年期国债等短期国债收益率上升，而基准10年期国债等长期国债收益率下降。长期债券的回落反映了对经济增长的不太乐观，而短端收益率的跃升则显示了对美联储加息的预期。</blockquote></p><p> This phenomenon is hurting bank stocks particularly as bank earnings could take a hit when the spread between short-term and long-term rates narrows. Goldman Sachs shares fell more than 1% Friday, while JPMorgan and Morgan Stanley also traded in the red.</p><p><blockquote>这种现象正在损害银行股，特别是当短期和长期利率之间的利差缩小时，银行盈利可能会受到打击。高盛股价周五下跌超过1%，摩根大通和摩根士丹利也出现亏损。</blockquote></p><p> Fed Chairman Jerome Powell said on Wednesday that officials have discussed tapering bond buying and would at some point begin slowing the asset purchases.</p><p><blockquote>美联储主席鲍威尔周三表示，官员们已经讨论了缩减债券购买，并将在某个时候开始放缓资产购买。</blockquote></p><p> \"Investors may be interpreting the Fed's hawkish tilt Wednesday as a sign that an extended US post-pandemic economic expansion may be a bit harder to achieve in a potentially emerging environment of less accommodative monetary policy,\" said Goldman Sachs' Chris Hussey in a note.</p><p><blockquote>高盛(Goldman Sachs)的克里斯·赫西(Chris Hussey)在一份报告中表示：“投资者可能将美联储周三的鹰派倾向解读为一个迹象，表明在可能出现的货币政策不太宽松的环境下，美国大流行后经济扩张可能更难实现。”</blockquote></p><p> Most commodities prices rebounded a bit on Friday followingsharp declines this week&nbsp;as China attempts to cool rising prices and the U.S. dollar strengthens. Futures prices for copper, gold, and platinum rebounded Friday, but were still down big for the week.</p><p><blockquote>由于中国试图冷却不断上涨的物价和美元走强，大多数大宗商品价格在本周大幅下跌后，周五略有反弹。铜、黄金和铂的期货价格周五反弹，但本周仍大幅下跌。</blockquote></p><p> Chip stocks, which have had a good week, looked set to continue their run on Friday with shares of Nvidia higher by about 1%.</p><p><blockquote>本周表现良好的芯片股周五似乎将继续上涨，英伟达股价上涨约1%。</blockquote></p><p> Adobe shares gained about 3% after earnings and revenue topped estimates.</p><p><blockquote>盈利和收入超出预期后，Adobe股价上涨约3%。</blockquote></p><p> Friday also coincides with the quarterly \"quadruple witching\" where options and futures on indexes and equities expire. Many expect trading to be more volatile in light of this event.</p><p><blockquote>周五也恰逢季度“四重巫术”，指数和股票的期权和期货到期。许多人预计，鉴于这一事件，交易将更加波动。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118271544","content_text":"U.S. stocks fell on Friday with the Dow Jones Industrial Average on pace to post its worst week since January, as bank shares led the market sell-off after the Federal Reserve's latest policy update.\nThe blue-chip average dropped 400 points, bringing its week-to-date losses to 2.8% The S&P 500 fell 0.8%, pushing its loss this week to more than 1%. The tech-heavy Nasdaq Composite dipped 0.5%.\nStocks extended their losses asSt. Louis Fed President Jim Bullard said on CNBCthat it was natural for the Fed to tilt a little \"hawkish\" this week and that the first rate increase from the central bank would likely come in 2022.\nWall Street registered losses as the Federal Reserve on Wednesday afternoon added two rate hikes to its 2023 forecast and increased its inflation projection for the year.\nThe decline in stocks came as the Fed's actions caused a drastic flattening of the so-called Treasury yield curve where the yields of shorter-duration Treasurys, like the 2-year note, rose, while longer duration yields, such as the benchmark 10-year, fell. The retreat in long-dated bonds reflects less optimism toward economic growth, while the jump in short-end yields shows the expectations of the Fed raising rates.\nThis phenomenon is hurting bank stocks particularly as bank earnings could take a hit when the spread between short-term and long-term rates narrows. Goldman Sachs shares fell more than 1% Friday, while JPMorgan and Morgan Stanley also traded in the red.\nFed Chairman Jerome Powell said on Wednesday that officials have discussed tapering bond buying and would at some point begin slowing the asset purchases.\n\"Investors may be interpreting the Fed's hawkish tilt Wednesday as a sign that an extended US post-pandemic economic expansion may be a bit harder to achieve in a potentially emerging environment of less accommodative monetary policy,\" said Goldman Sachs' Chris Hussey in a note.\nMost commodities prices rebounded a bit on Friday followingsharp declines this week as China attempts to cool rising prices and the U.S. dollar strengthens. Futures prices for copper, gold, and platinum rebounded Friday, but were still down big for the week.\nChip stocks, which have had a good week, looked set to continue their run on Friday with shares of Nvidia higher by about 1%.\nAdobe shares gained about 3% after earnings and revenue topped estimates.\nFriday also coincides with the quarterly \"quadruple witching\" where options and futures on indexes and equities expire. Many expect trading to be more volatile in light of this event.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":844,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162460268,"gmtCreate":1624071648154,"gmtModify":1634011080882,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583297255879530","authorIdStr":"3583297255879530"},"themes":[],"htmlText":"Like and comment [Smile]&nbsp;","listText":"Like and comment [Smile]&nbsp;","text":"Like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162460268","repostId":"1103331073","repostType":4,"isVote":1,"tweetType":1,"viewCount":927,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166301870,"gmtCreate":1623990255990,"gmtModify":1634024489007,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583297255879530","authorIdStr":"3583297255879530"},"themes":[],"htmlText":"Like and&nbsp;comment [Smile]&nbsp;","listText":"Like and&nbsp;comment [Smile]&nbsp;","text":"Like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/166301870","repostId":"1175693382","repostType":4,"repost":{"id":"1175693382","kind":"news","pubTimestamp":1623978463,"share":"https://www.laohu8.com/m/news/1175693382?lang=zh_CN&edition=full","pubTime":"2021-06-18 09:07","market":"us","language":"en","title":"Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175693382","media":"seekingalpha","summary":"Alibaba is probably the most undervalued growth stock right now.The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.The short term technical picture may be turning bullish with a potential double bottom price action signal.When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，当时BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</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>Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</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\">\nAlibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 09:07</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>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，当时BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now\">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":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175693382","content_text":"Summary\n\nAlibaba is probably the most undervalued growth stock right now.\nThe company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.\nThe short term technical picture may be turning bullish with a potential double bottom price action signal.\nWe discuss the company’s multiple growth drivers and let investors judge for themselves.\n\nYongyuan Dai/iStock Unreleased via Getty Images\nThe Technical Thesis\nSource: TradingView\nAlibaba’s stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.\nBABA's Fundamental Thesis: Rapidly Expanding Growth Drivers\nAnnual GMV. Data source: Company filings\nAnnual e-commerce revenue. Data source: Company filings\nBABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.\nEven though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.\nE-commerce revenue in the U.S. Data source: Statista\nWhen we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.\nPeers EBIT Margin and Projected EBIT Margin. Data source: S&P Capital IQ\nEven though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&A, and therefore skewed its EBIT margin to the downside.\nOne important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of 823M AAC in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only 100M AAC in Q2’C17 as compared to BABA’s 466M AAC in the same period.\nTherefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.\nMarket size of community group buying in China. Data source: iiMedia Research\nEven though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.\nPDD profitability metrics & revenue growth forecast. Data source: S&P Capital IQ\nWe could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.\nChina public cloud spending. Source:China Internet Watch; Canalys\nSize of China public cloud market. Data source: CAICT; Sina.com.cn\nBABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.\nWorldwide public cloud spending. Data source: Gartner\nWorldwide public cloud market share. Source:CnTechPost; Gartner\nTherefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.\nBABA's Valuations Look Highly Compelling\nNTM TEV / EBIT 3Y range.\nEV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&P Capital IQ\nWhen we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.\nPeers EV / EBIT Valuations. Data source: S&P Capital IQ\nBy using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.\nRisks to Assumptions\nNow, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.\nWrapping It All Up\nAlibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":662,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163420798,"gmtCreate":1623891689014,"gmtModify":1634026358589,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583297255879530","authorIdStr":"3583297255879530"},"themes":[],"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163420798","repostId":"2144715089","repostType":4,"isVote":1,"tweetType":1,"viewCount":701,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169836937,"gmtCreate":1623826491029,"gmtModify":1634027488321,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583297255879530","authorIdStr":"3583297255879530"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169836937","repostId":"2143375742","repostType":4,"isVote":1,"tweetType":1,"viewCount":704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169838781,"gmtCreate":1623826475743,"gmtModify":1634027488445,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583297255879530","authorIdStr":"3583297255879530"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169838781","repostId":"2143762347","repostType":4,"isVote":1,"tweetType":1,"viewCount":924,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169838143,"gmtCreate":1623826459582,"gmtModify":1634027489138,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583297255879530","authorIdStr":"3583297255879530"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169838143","repostId":"1105892749","repostType":4,"repost":{"id":"1105892749","kind":"news","pubTimestamp":1623809672,"share":"https://www.laohu8.com/m/news/1105892749?lang=zh_CN&edition=full","pubTime":"2021-06-16 10:14","market":"us","language":"en","title":"Tesla Bulls Look for Stock Catalysts. They Found Three.<blockquote>特斯拉多头寻找股票催化剂。他们找到了三个。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105892749","media":"Barrons","summary":"Weak performance from Tesla stock has bullish analysts feeling disappointed these days. They are looking for catalysts to break shares out of their recent funk.That performance is flummoxing Tesla bulls. “Let’s begin with a healthy dose of intellectual honesty on the starting point for the stock,” writes Morgan Stanley analyst Adam Jonas in a Monday evening report. He is a Tesla bull rating shares Buy. His price target for the stock is $900 a share, almost 50% higher than recent levels. “Even bu","content":"<p>Weak performance from Tesla stock has bullish analysts feeling disappointed these days. They are looking for catalysts to break shares out of their recent funk.</p><p><blockquote>特斯拉股票的疲软表现让看涨分析师最近感到失望。他们正在寻找催化剂，使股价摆脱最近的恐慌。</blockquote></p><p> Tesla stock (ticker: TSLA) is down about 15% year to date and off about 50% from its January 52-week high of $900.40. Tesla has ceded leadership—from a stock perspective—back to traditional auto makers: General Motors (GM) and Ford Motor (F) shares are up 45% and 70% year to date, respectively.</p><p><blockquote>特斯拉股价（股票代码：TSLA）今年迄今已下跌约15%，较1月份52周高点900.40美元下跌约50%。从股票角度来看，特斯拉已经将领导权让给了传统汽车制造商：通用汽车(GM)和福特汽车(F)的股价今年迄今分别上涨了45%和70%。</blockquote></p><p> That performance is flummoxing Tesla bulls. “Let’s begin with a healthy dose of intellectual honesty on the starting point for the stock,” writes Morgan Stanley analyst&nbsp;Adam Jonas&nbsp;in a Monday evening report. He is a Tesla bull rating shares Buy. His price target for the stock is $900 a share, almost 50% higher than recent levels. “Even bulls should admit that the rise in the stock price during the second half of 2020, while perhaps deserved in principle, was packed into a&nbsp;highly concentrated&nbsp;time frame,” he writes.</p><p><blockquote>这一表现让特斯拉多头感到困惑。摩根士丹利分析师亚当·乔纳斯(Adam Jonas)在周一晚间的一份报告中写道：“让我们从该股的起点开始，以健康的智力诚实开始。”他是特斯拉股票买入的牛市评级。他对该股的目标价为每股900美元，比近期水平高出近50%。他写道：“即使是多头也应该承认，2020年下半年股价的上涨虽然原则上也许是理所应当的，但却是在一个高度集中的时间框架内进行的。”</blockquote></p><p> Tesla shares rose 227% in the second half of 2020, buoyed by strong earnings, strong deliveries, and the stock’s inclusion in the&nbsp;S&amp;P 500.</p><p><blockquote>受强劲盈利、强劲交付以及该股被纳入标准普尔500指数的提振，特斯拉股价在2020年下半年上涨了227%。</blockquote></p><p> “The stock had the better part of five years-worth of performance packed into about five month,” Jonas adds. He says his clients are now looking for the next big thing that can drive the stock forward again. His ideas include capacity expansion in Texas and Germany. After that, he predicts Tesla will open up five more plants between now and the middle of this decade.</p><p><blockquote>乔纳斯补充道：“该股五年的大部分表现都集中在大约五个月内。”他说，他的客户现在正在寻找下一个可以推动股票再次上涨的大事件。他的想法包括在德克萨斯州和德国扩大产能。此后，他预测从现在到本世纪中期，特斯拉将再开设五家工厂。</blockquote></p><p> Jonas is also looking for Tesla to unveil another new vehicle model. By his estimation, Tesla covers only about 15% of the total addressable market for the auto industry with its Y, X, 3, and S models. Model expansion will be a positive. That isn’t on the near-term horizon, though the company is due to deliver its Cybertruck later in 2021.</p><p><blockquote>Jonas还希望特斯拉推出另一款新车型。据他估计，特斯拉的Y、X、3和S车型仅占汽车行业总潜在市场的15%左右。模型扩展将是积极的。尽管该公司将于2021年晚些时候交付其Cybertruck，但这并不是短期内的事情。</blockquote></p><p> Canaccord analyst&nbsp;Jonathan Dorsheimer&nbsp;is looking in a different area for a catalyst: residential solar power. Part of the reason he is bullish is that “Tesla is creating an energy brand and an Apple-esque ecosystem of products with customer focused connectivity, seamlessly marrying car, solar, and back-up power,” he wrote in a report released Sunday.</p><p><blockquote>Canaccord分析师Jonathan Dorsheimer正在另一个领域寻找催化剂：住宅太阳能。他看好的部分原因是“特斯拉正在创建一个能源品牌和一个苹果式的产品生态系统，具有以客户为中心的连接，将汽车、太阳能和备用电源无缝结合，”他在周日发布的一份报告中写道。</blockquote></p><p> Dorsheimer is bullish, but feeling a little down lately. He still rates the stock Buy, but he cut his&nbsp;price target&nbsp;to $812 from $974 in his report. Among other things, he is disappointed by battery delays. Tesla is planning to use larger battery cells that promise better range, charge time, and costs. Those batteries aren’t available yet.</p><p><blockquote>多斯海默很乐观，但最近感觉有点沮丧。他仍将该股评级为买入，但在报告中将目标价从974美元下调至812美元。除此之外，他对电池延迟感到失望。特斯拉正计划使用更大的电池，以保证更好的续航里程、充电时间和成本。那些电池还没有上市。</blockquote></p><p> Looking a little further back, Goldman Sachs analyst&nbsp;Mark Delaney&nbsp;was watching Tesla’s Model S Plaid delivery event last week. The Plaid can go zero to 60 miles per hour in less than two seconds. Delaney was impressed by the technology, but pointed out the Plaid, at roughly $130,000, is a niche vehicle. He is looking for 2021 deliveries to exceed expectations. Delaney is modeling 875,000 vehicles for Tesla in 2021. The Wall Street consensus number is closer to 825,000.</p><p><blockquote>再往前看，高盛分析师Mark Delaney上周观看了特斯拉Model S Plaid交付活动。格子可以在不到两秒钟的时间内从零加速到60英里/小时。德莱尼对这项技术印象深刻，但指出售价约13万美元的Plaid是一款小众汽车。他希望2021年的交付量能够超出预期。德莱尼将在2021年为特斯拉设计875,000辆汽车。华尔街的共识数字更接近82.5万。</blockquote></p><p> Delaney rates shares Buy and has an $860 price target.</p><p><blockquote>德莱尼将股票评级为买入，目标价为860美元。</blockquote></p><p> New production ramping up, strong deliveries, and a growing solar business is what these three will watch for in coming months. If all goes well, those catalysts should be enough to drive Tesla stock higher, as long as there is no bad news in the meantime.</p><p><blockquote>新产量的增加、强劲的交付量和不断增长的太阳能业务是这三家公司未来几个月将关注的焦点。如果一切顺利，只要同时没有坏消息，这些催化剂应该足以推动特斯拉股价走高。</blockquote></p><p> Tesla stock was down 3%&nbsp;to $599.36&nbsp;on&nbsp;Tuesday, and down slightly for the week.</p><p><blockquote>特斯拉股价周二下跌3%，至599.36美元，本周小幅下跌。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Bulls Look for Stock Catalysts. They Found Three.<blockquote>特斯拉多头寻找股票催化剂。他们找到了三个。</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 Bulls Look for Stock Catalysts. They Found Three.<blockquote>特斯拉多头寻找股票催化剂。他们找到了三个。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-16 10:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Weak performance from Tesla stock has bullish analysts feeling disappointed these days. They are looking for catalysts to break shares out of their recent funk.</p><p><blockquote>特斯拉股票的疲软表现让看涨分析师最近感到失望。他们正在寻找催化剂，使股价摆脱最近的恐慌。</blockquote></p><p> Tesla stock (ticker: TSLA) is down about 15% year to date and off about 50% from its January 52-week high of $900.40. Tesla has ceded leadership—from a stock perspective—back to traditional auto makers: General Motors (GM) and Ford Motor (F) shares are up 45% and 70% year to date, respectively.</p><p><blockquote>特斯拉股价（股票代码：TSLA）今年迄今已下跌约15%，较1月份52周高点900.40美元下跌约50%。从股票角度来看，特斯拉已经将领导权让给了传统汽车制造商：通用汽车(GM)和福特汽车(F)的股价今年迄今分别上涨了45%和70%。</blockquote></p><p> That performance is flummoxing Tesla bulls. “Let’s begin with a healthy dose of intellectual honesty on the starting point for the stock,” writes Morgan Stanley analyst&nbsp;Adam Jonas&nbsp;in a Monday evening report. He is a Tesla bull rating shares Buy. His price target for the stock is $900 a share, almost 50% higher than recent levels. “Even bulls should admit that the rise in the stock price during the second half of 2020, while perhaps deserved in principle, was packed into a&nbsp;highly concentrated&nbsp;time frame,” he writes.</p><p><blockquote>这一表现让特斯拉多头感到困惑。摩根士丹利分析师亚当·乔纳斯(Adam Jonas)在周一晚间的一份报告中写道：“让我们从该股的起点开始，以健康的智力诚实开始。”他是特斯拉股票买入的牛市评级。他对该股的目标价为每股900美元，比近期水平高出近50%。他写道：“即使是多头也应该承认，2020年下半年股价的上涨虽然原则上也许是理所应当的，但却是在一个高度集中的时间框架内进行的。”</blockquote></p><p> Tesla shares rose 227% in the second half of 2020, buoyed by strong earnings, strong deliveries, and the stock’s inclusion in the&nbsp;S&amp;P 500.</p><p><blockquote>受强劲盈利、强劲交付以及该股被纳入标准普尔500指数的提振，特斯拉股价在2020年下半年上涨了227%。</blockquote></p><p> “The stock had the better part of five years-worth of performance packed into about five month,” Jonas adds. He says his clients are now looking for the next big thing that can drive the stock forward again. His ideas include capacity expansion in Texas and Germany. After that, he predicts Tesla will open up five more plants between now and the middle of this decade.</p><p><blockquote>乔纳斯补充道：“该股五年的大部分表现都集中在大约五个月内。”他说，他的客户现在正在寻找下一个可以推动股票再次上涨的大事件。他的想法包括在德克萨斯州和德国扩大产能。此后，他预测从现在到本世纪中期，特斯拉将再开设五家工厂。</blockquote></p><p> Jonas is also looking for Tesla to unveil another new vehicle model. By his estimation, Tesla covers only about 15% of the total addressable market for the auto industry with its Y, X, 3, and S models. Model expansion will be a positive. That isn’t on the near-term horizon, though the company is due to deliver its Cybertruck later in 2021.</p><p><blockquote>Jonas还希望特斯拉推出另一款新车型。据他估计，特斯拉的Y、X、3和S车型仅占汽车行业总潜在市场的15%左右。模型扩展将是积极的。尽管该公司将于2021年晚些时候交付其Cybertruck，但这并不是短期内的事情。</blockquote></p><p> Canaccord analyst&nbsp;Jonathan Dorsheimer&nbsp;is looking in a different area for a catalyst: residential solar power. Part of the reason he is bullish is that “Tesla is creating an energy brand and an Apple-esque ecosystem of products with customer focused connectivity, seamlessly marrying car, solar, and back-up power,” he wrote in a report released Sunday.</p><p><blockquote>Canaccord分析师Jonathan Dorsheimer正在另一个领域寻找催化剂：住宅太阳能。他看好的部分原因是“特斯拉正在创建一个能源品牌和一个苹果式的产品生态系统，具有以客户为中心的连接，将汽车、太阳能和备用电源无缝结合，”他在周日发布的一份报告中写道。</blockquote></p><p> Dorsheimer is bullish, but feeling a little down lately. He still rates the stock Buy, but he cut his&nbsp;price target&nbsp;to $812 from $974 in his report. Among other things, he is disappointed by battery delays. Tesla is planning to use larger battery cells that promise better range, charge time, and costs. Those batteries aren’t available yet.</p><p><blockquote>多斯海默很乐观，但最近感觉有点沮丧。他仍将该股评级为买入，但在报告中将目标价从974美元下调至812美元。除此之外，他对电池延迟感到失望。特斯拉正计划使用更大的电池，以保证更好的续航里程、充电时间和成本。那些电池还没有上市。</blockquote></p><p> Looking a little further back, Goldman Sachs analyst&nbsp;Mark Delaney&nbsp;was watching Tesla’s Model S Plaid delivery event last week. The Plaid can go zero to 60 miles per hour in less than two seconds. Delaney was impressed by the technology, but pointed out the Plaid, at roughly $130,000, is a niche vehicle. He is looking for 2021 deliveries to exceed expectations. Delaney is modeling 875,000 vehicles for Tesla in 2021. The Wall Street consensus number is closer to 825,000.</p><p><blockquote>再往前看，高盛分析师Mark Delaney上周观看了特斯拉Model S Plaid交付活动。格子可以在不到两秒钟的时间内从零加速到60英里/小时。德莱尼对这项技术印象深刻，但指出售价约13万美元的Plaid是一款小众汽车。他希望2021年的交付量能够超出预期。德莱尼将在2021年为特斯拉设计875,000辆汽车。华尔街的共识数字更接近82.5万。</blockquote></p><p> Delaney rates shares Buy and has an $860 price target.</p><p><blockquote>德莱尼将股票评级为买入，目标价为860美元。</blockquote></p><p> New production ramping up, strong deliveries, and a growing solar business is what these three will watch for in coming months. If all goes well, those catalysts should be enough to drive Tesla stock higher, as long as there is no bad news in the meantime.</p><p><blockquote>新产量的增加、强劲的交付量和不断增长的太阳能业务是这三家公司未来几个月将关注的焦点。如果一切顺利，只要同时没有坏消息，这些催化剂应该足以推动特斯拉股价走高。</blockquote></p><p> Tesla stock was down 3%&nbsp;to $599.36&nbsp;on&nbsp;Tuesday, and down slightly for the week.</p><p><blockquote>特斯拉股价周二下跌3%，至599.36美元，本周小幅下跌。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-bulls-look-for-stock-catalysts-they-found-three-51623774479?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-bulls-look-for-stock-catalysts-they-found-three-51623774479?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105892749","content_text":"Weak performance from Tesla stock has bullish analysts feeling disappointed these days. They are looking for catalysts to break shares out of their recent funk.\nTesla stock (ticker: TSLA) is down about 15% year to date and off about 50% from its January 52-week high of $900.40. Tesla has ceded leadership—from a stock perspective—back to traditional auto makers: General Motors (GM) and Ford Motor (F) shares are up 45% and 70% year to date, respectively.\nThat performance is flummoxing Tesla bulls. “Let’s begin with a healthy dose of intellectual honesty on the starting point for the stock,” writes Morgan Stanley analyst Adam Jonas in a Monday evening report. He is a Tesla bull rating shares Buy. His price target for the stock is $900 a share, almost 50% higher than recent levels. “Even bulls should admit that the rise in the stock price during the second half of 2020, while perhaps deserved in principle, was packed into a highly concentrated time frame,” he writes.\nTesla shares rose 227% in the second half of 2020, buoyed by strong earnings, strong deliveries, and the stock’s inclusion in the S&P 500.\n“The stock had the better part of five years-worth of performance packed into about five month,” Jonas adds. He says his clients are now looking for the next big thing that can drive the stock forward again. His ideas include capacity expansion in Texas and Germany. After that, he predicts Tesla will open up five more plants between now and the middle of this decade.\nJonas is also looking for Tesla to unveil another new vehicle model. By his estimation, Tesla covers only about 15% of the total addressable market for the auto industry with its Y, X, 3, and S models. Model expansion will be a positive. That isn’t on the near-term horizon, though the company is due to deliver its Cybertruck later in 2021.\nCanaccord analyst Jonathan Dorsheimer is looking in a different area for a catalyst: residential solar power. Part of the reason he is bullish is that “Tesla is creating an energy brand and an Apple-esque ecosystem of products with customer focused connectivity, seamlessly marrying car, solar, and back-up power,” he wrote in a report released Sunday.\nDorsheimer is bullish, but feeling a little down lately. He still rates the stock Buy, but he cut his price target to $812 from $974 in his report. Among other things, he is disappointed by battery delays. Tesla is planning to use larger battery cells that promise better range, charge time, and costs. Those batteries aren’t available yet.\nLooking a little further back, Goldman Sachs analyst Mark Delaney was watching Tesla’s Model S Plaid delivery event last week. The Plaid can go zero to 60 miles per hour in less than two seconds. Delaney was impressed by the technology, but pointed out the Plaid, at roughly $130,000, is a niche vehicle. He is looking for 2021 deliveries to exceed expectations. Delaney is modeling 875,000 vehicles for Tesla in 2021. The Wall Street consensus number is closer to 825,000.\nDelaney rates shares Buy and has an $860 price target.\nNew production ramping up, strong deliveries, and a growing solar business is what these three will watch for in coming months. If all goes well, those catalysts should be enough to drive Tesla stock higher, as long as there is no bad news in the meantime.\nTesla stock was down 3% to $599.36 on Tuesday, and down slightly for the week.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169831248,"gmtCreate":1623826437384,"gmtModify":1634027489834,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583297255879530","authorIdStr":"3583297255879530"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/169831248","repostId":"1182315358","repostType":4,"isVote":1,"tweetType":1,"viewCount":640,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":123353849,"gmtCreate":1624410044681,"gmtModify":1631890397617,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583297255879530","idStr":"3583297255879530"},"themes":[],"htmlText":"Like and comment [Smile]&nbsp;","listText":"Like and comment [Smile]&nbsp;","text":"Like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/123353849","repostId":"2145069502","repostType":4,"isVote":1,"tweetType":1,"viewCount":3761,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123359757,"gmtCreate":1624410015879,"gmtModify":1631890397619,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583297255879530","idStr":"3583297255879530"},"themes":[],"htmlText":"Like and comment [Smile]&nbsp;","listText":"Like and comment [Smile]&nbsp;","text":"Like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/123359757","repostId":"2145664330","repostType":4,"isVote":1,"tweetType":1,"viewCount":3373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159923064,"gmtCreate":1624937063858,"gmtModify":1631890397605,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583297255879530","idStr":"3583297255879530"},"themes":[],"htmlText":"Like and comment [Smile]&nbsp;","listText":"Like and comment [Smile]&nbsp;","text":"Like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/159923064","repostId":"2147837316","repostType":4,"isVote":1,"tweetType":1,"viewCount":3436,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153127795,"gmtCreate":1625014495117,"gmtModify":1631890397603,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583297255879530","idStr":"3583297255879530"},"themes":[],"htmlText":"Like and comment [Smile]&nbsp;","listText":"Like and comment [Smile]&nbsp;","text":"Like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/153127795","repostId":"1142103701","repostType":4,"isVote":1,"tweetType":1,"viewCount":2001,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122919797,"gmtCreate":1624592262619,"gmtModify":1631890397612,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583297255879530","idStr":"3583297255879530"},"themes":[],"htmlText":"Like and comment [Smile]&nbsp;","listText":"Like and comment [Smile]&nbsp;","text":"Like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/122919797","repostId":"2146293990","repostType":4,"isVote":1,"tweetType":1,"viewCount":2755,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166301870,"gmtCreate":1623990255990,"gmtModify":1634024489007,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583297255879530","idStr":"3583297255879530"},"themes":[],"htmlText":"Like and&nbsp;comment [Smile]&nbsp;","listText":"Like and&nbsp;comment [Smile]&nbsp;","text":"Like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/166301870","repostId":"1175693382","repostType":4,"repost":{"id":"1175693382","kind":"news","pubTimestamp":1623978463,"share":"https://www.laohu8.com/m/news/1175693382?lang=zh_CN&edition=full","pubTime":"2021-06-18 09:07","market":"us","language":"en","title":"Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175693382","media":"seekingalpha","summary":"Alibaba is probably the most undervalued growth stock right now.The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.The short term technical picture may be turning bullish with a potential double bottom price action signal.When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，当时BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</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>Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</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\">\nAlibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 09:07</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>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，当时BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now\">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":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175693382","content_text":"Summary\n\nAlibaba is probably the most undervalued growth stock right now.\nThe company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.\nThe short term technical picture may be turning bullish with a potential double bottom price action signal.\nWe discuss the company’s multiple growth drivers and let investors judge for themselves.\n\nYongyuan Dai/iStock Unreleased via Getty Images\nThe Technical Thesis\nSource: TradingView\nAlibaba’s stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.\nBABA's Fundamental Thesis: Rapidly Expanding Growth Drivers\nAnnual GMV. Data source: Company filings\nAnnual e-commerce revenue. Data source: Company filings\nBABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.\nEven though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.\nE-commerce revenue in the U.S. Data source: Statista\nWhen we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.\nPeers EBIT Margin and Projected EBIT Margin. Data source: S&P Capital IQ\nEven though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&A, and therefore skewed its EBIT margin to the downside.\nOne important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of 823M AAC in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only 100M AAC in Q2’C17 as compared to BABA’s 466M AAC in the same period.\nTherefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.\nMarket size of community group buying in China. Data source: iiMedia Research\nEven though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.\nPDD profitability metrics & revenue growth forecast. Data source: S&P Capital IQ\nWe could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.\nChina public cloud spending. Source:China Internet Watch; Canalys\nSize of China public cloud market. Data source: CAICT; Sina.com.cn\nBABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.\nWorldwide public cloud spending. Data source: Gartner\nWorldwide public cloud market share. Source:CnTechPost; Gartner\nTherefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.\nBABA's Valuations Look Highly Compelling\nNTM TEV / EBIT 3Y range.\nEV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&P Capital IQ\nWhen we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.\nPeers EV / EBIT Valuations. Data source: S&P Capital IQ\nBy using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.\nRisks to Assumptions\nNow, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.\nWrapping It All Up\nAlibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":662,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124471631,"gmtCreate":1624786599823,"gmtModify":1631890397608,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583297255879530","idStr":"3583297255879530"},"themes":[],"htmlText":"Like and comment [Smile]&nbsp;","listText":"Like and comment [Smile]&nbsp;","text":"Like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/124471631","repostId":"2146036830","repostType":4,"isVote":1,"tweetType":1,"viewCount":2318,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128965226,"gmtCreate":1624498502765,"gmtModify":1631890397614,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583297255879530","idStr":"3583297255879530"},"themes":[],"htmlText":"Like and comment [Smile]&nbsp;","listText":"Like and comment [Smile]&nbsp;","text":"Like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/128965226","repostId":"1178700711","repostType":4,"isVote":1,"tweetType":1,"viewCount":1958,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120730201,"gmtCreate":1624336648703,"gmtModify":1631890397631,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583297255879530","idStr":"3583297255879530"},"themes":[],"htmlText":"Like and comment [Smile]&nbsp;","listText":"Like and comment [Smile]&nbsp;","text":"Like and comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/120730201","repostId":"1116834236","repostType":4,"repost":{"id":"1116834236","kind":"news","pubTimestamp":1624333365,"share":"https://www.laohu8.com/m/news/1116834236?lang=zh_CN&edition=full","pubTime":"2021-06-22 11:42","market":"us","language":"en","title":"American investors are trying to buy a UK supermarket. Here's why<blockquote>美国投资者正试图收购一家英国超市。原因如下</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116834236","media":"cnn","summary":"London Britain's fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets.Morrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier & Rice last week made an unsolicited offer of 2.30  per share in cash for the grocery retailer. That's a 29% premium to Morrisons'  closing price on Friday, giving it a market value of around 5.5 billion .Shares in the co","content":"<p>London (CNN Business)Britain's fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets.</p><p><blockquote>伦敦（CNN商业）英国第四大连锁超市莫里森已成为一家美国私募股权公司的收购目标，这是投资者对英国资产兴趣浓厚的最新迹象。</blockquote></p><p> Morrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier &amp; Rice last week made an unsolicited offer of £2.30 ($3.19) per share in cash for the grocery retailer. That's a 29% premium to Morrisons' (MRWSF) closing price on Friday, giving it a market value of around £5.5 billion ($7.6 billion).</p><p><blockquote>莫里森周末证实，总部位于纽约的Clayton，Dubilier&amp;Rice上周主动向这家杂货零售商提出了每股2.30英镑（3.19美元）的现金收购要约。这比莫里森(MRWSF)周五的收盘价溢价29%，使其市值约为55亿英镑（76亿美元）。</blockquote></p><p> Shares in the company surged more than 30% in London on Monday, taking the share price above the takeover offer and lifting other stocks in the sector. Sainsbury's (JSNSF) and Ocado (OCDDY) climbed over 4%, with Marks &amp; Spencer (MAKSY) rising nearly 3% and Tesco (TSCDF) up more than 1%.</p><p><blockquote>该公司股价周一在伦敦飙升超过30%，股价高于收购要约，并提振了该行业的其他股票。Sainsbury's(JSNSF)和Ocado(OCDDY)上涨超过4%，Marks&amp;Spencer(MAKSY)上涨近3%，Tesco(TSCDF)上涨超过1%。</blockquote></p><p> Morrisons rejected the proposal in its statement on Saturday, saying that it \"significantly undervalued\" the company and its future prospects. Clayton, Dubilier &amp; Rice now has until July 17 to make a firm offer.</p><p><blockquote>莫里森在周六的声明中拒绝了这一提议，称其“严重低估”了该公司及其未来前景。Clayton，Dubilier&amp;Rice现在必须在7月17日之前提出确定报价。</blockquote></p><p> The move comes amid heightened investor activity in UK retail and a spate of takeover bids for British companies, undervalued for years because of poor returns linked to drab growth and a weak pound following the Brexit referendum of 2016.</p><p><blockquote>此举出台之际，英国零售业投资者活动加剧，英国公司出现大量收购要约，多年来，由于2016年英国脱欧公投后增长乏力和英镑疲软，这些公司的估值一直被低估。</blockquote></p><p> In October, Walmart (WMT) sold supermarket chain Asda to European private equity group TDR Capital and the founders of a global convenience store business. Separately, Czech billionaire Daniel Kretinsky recently increased his stake in Sainsbury's to 10%, adding to speculation that it could be the next takeover target.</p><p><blockquote>10月，沃尔玛(WMT)将连锁超市Asda出售给欧洲私募股权集团TDR Capital和全球便利店业务的创始人。另外，捷克亿万富翁丹尼尔·克雷廷斯基(Daniel Kretinsky)最近将其在塞恩斯伯里(Sainsbury's)的股份增至10%，这加剧了人们对该公司可能成为下一个收购目标的猜测。</blockquote></p><p> Analysts are speculating that Tesco, Britain's biggest supermarket chain, might also attract a buyer.</p><p><blockquote>分析师猜测，英国最大的连锁超市乐购也可能吸引买家。</blockquote></p><p> \"The volume of liquidity, reflecting monetary policy, and the uptake of capital by family offices, high net worth investors and private equity, means that even Tesco, with its £18 billion ($25 billion) market capitalization, is not too big to be subject to an offer,\" Clive Black, head of research at Shore Capital said in a note on Monday.</p><p><blockquote>“反映货币政策的流动性数量，以及家族理财室、高净值投资者和私募股权对资本的吸收，意味着即使是市值为180亿英镑（250亿美元）的特易购，也不会太大。Shore Capital研究主管克莱夫·布莱克(Clive Black)周一在一份报告中表示：“接受报价。”</blockquote></p><p> Sainsbury's and Tesco, which benefited from a surge in demand during lockdowns, are now poised to benefit from a strong economic recovery in Britain following the pandemic. Analysts say shoppers are likely to continue eating more meals at home even with restaurants reopening, particularly as many offices remain closed.</p><p><blockquote>塞恩斯伯里(Sainsbury's)和特易购(Tesco)受益于封锁期间需求激增，现在也有望受益于大流行后英国经济的强劲复苏。分析师表示，即使餐馆重新开业，尤其是在许多办公室仍然关闭的情况下，购物者可能会继续在家吃更多的饭菜。</blockquote></p><p> Tesco CEO Ken Murphy told analysts on a call on Friday that online demand has been \"incredibly resilient even with the easing of restrictions.\"</p><p><blockquote>Tesco首席执行官Ken Murphy周五在看涨期权上对分析师表示，“即使限制放松，在线需求仍具有令人难以置信的弹性”。</blockquote></p><p> \"We expect sales to remain well above pre Covid-19 level through the remainder of the year,\" he added.</p><p><blockquote>“我们预计今年剩余时间的销售额将远高于Covid-19之前的水平，”他补充道。</blockquote></p><p> Both leading retailers have also managed to keep costs under control, are generating large amounts of cash and have narrowed price gaps with German discounters Aldi and Lidl, according to Shore Capital's Black.</p><p><blockquote>Shore Capital的Black表示，这两家领先零售商还成功控制了成本，产生了大量现金，并缩小了与德国折扣店Aldi和Lidl的价格差距。</blockquote></p><p> This could make them prime targets for the likes of Amazon (AMZN), he added. \"The Asda bid and the Kretinsky investment means that the topic of Amazon's plans will also be one of ongoing discussion around Sainsbury and Tesco,\" Black said.</p><p><blockquote>他补充说，这可能使它们成为亚马逊（AMZN）等公司的主要目标。布莱克表示：“阿斯达的收购和克雷廷斯基的投资意味着亚马逊计划的主题也将成为围绕塞恩斯伯里和特易购正在进行的讨论之一。”</blockquote></p><p> The online retailer, which has been expanding its grocery offering since buying Whole Foods in 2017, already has a close relationship with Morrisons, which supplies its Prime and Pantry customers in the United Kingdom with dry, fresh and frozen products.</p><p><blockquote>这家在线零售商自2017年收购Whole Foods以来一直在扩大其杂货产品，并且已经与Morrisons建立了密切的关系，Morrisons为其在英国的Prime和Pantry客户提供干燥、新鲜和冷冻产品。</blockquote></p><p> But the market is not betting on a rival bid from Amazon. \"There is no indication in the [Morrisons] share price today that Amazon will come in and outbid Clayton, Dubilier &amp; Rice,\" said Russ Mould, investment director at stockbroker AJ Bell.</p><p><blockquote>但市场并没有押注亚马逊的竞争对手出价。股票经纪人AJ Bell投资总监拉斯·莫尔德(Russ Mould)表示：“今天的[莫里森]股价没有迹象表明亚马逊会介入并出价高于Clayton、Dubilier&amp;Rice。”</blockquote></p><p> With a languishing share price and over £7 billion ($9.7 billion) in assets, including a real estate portfolio worth more than the company's market value, Morrisons \"ticks a lot of private equity boxes,\" he told CNN Business.</p><p><blockquote>莫里森告诉CNN Business，由于股价低迷，资产超过70亿英镑（97亿美元），其中包括价值超过公司市值的房地产投资组合，他“符合很多私募股权标准”。</blockquote></p><p> Returning to favor?</p><p><blockquote>回归青睐？</blockquote></p><p> Investor interest in UK assets extends beyond grocers. There have been over 50 bids for UK-listed companies in the last eight months, only six of which have since been abandoned, according to Mould.</p><p><blockquote>投资者对英国资产的兴趣不仅限于杂货商。莫尔德表示，过去八个月里，有超过50家对英国上市公司的竞购，但其中只有6家被放弃。</blockquote></p><p> The average premium offered has been 34%, indicating that many of these companies may be undervalued by the market following years of weak shareholder returns. Over the last 12 months, there have been 95 announced offers for UK-listed companies with a combined value of $107 billion, according to Dealogic data.</p><p><blockquote>平均溢价为34%，表明在多年股东回报疲软之后，其中许多公司可能被市场低估。Dealogic数据显示，过去12个月，已有95家英国上市公司宣布收购要约，总价值达1070亿美元。</blockquote></p><p> \"The UK has consistently underperformed on the global stage since June 2016's Brexit vote and sterling has failed to regain the levels at which it traded before Britain decide to leave the EU,\" Mould said in a recent note. \"That rotten effort may mean that UK stocks are unloved and therefore potentially undervalued,\" he added.</p><p><blockquote>莫尔德在最近的一份报告中表示：“自2016年6月脱欧公投以来，英国在全球舞台上的表现一直不佳，英镑未能恢复到英国决定脱欧之前的交易水平。”“这种糟糕的努力可能意味着英国股票不受欢迎，因此可能被低估，”他补充道。</blockquote></p><p> UK and European stock market indexes stand to benefit from the post-pandemic recovery, given the high representation of companies such as automakers and banks that perform well when the economy is on the upswing.</p><p><blockquote>鉴于汽车制造商和银行等公司在经济上升时表现良好，英国和欧洲股市指数将受益于大流行后的复苏。</blockquote></p><p></p><p> They may also offer better value for investors following much more robust gains in US indexes over the past decade, when European markets have been held back by a dearth of tech companies and lackluster economic growth in the region.</p><p><blockquote>在过去十年美国指数大幅上涨之后，它们也可能为投资者提供更好的价值，而欧洲市场因科技公司缺乏和该地区经济增长乏力而受到阻碍。</blockquote></p><p> The FTSE 100 (UKX) has climbed just 26% over the past decade, while Europe's STOXX 600 (SXXL) is up 85%. That compares with a gain of more than 230% for the S&amp;P 500 (SPX).</p><p><blockquote>富时100指数(UKX)在过去十年中仅上涨了26%，而欧洲斯托克600指数(SXXL)上涨了85%。相比之下，标普500(SPX)的涨幅超过230%。</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>American investors are trying to buy a UK supermarket. Here's why<blockquote>美国投资者正试图收购一家英国超市。原因如下</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\">\nAmerican investors are trying to buy a UK supermarket. Here's why<blockquote>美国投资者正试图收购一家英国超市。原因如下</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-06-22 11:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>London (CNN Business)Britain's fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets.</p><p><blockquote>伦敦（CNN商业）英国第四大连锁超市莫里森已成为一家美国私募股权公司的收购目标，这是投资者对英国资产兴趣浓厚的最新迹象。</blockquote></p><p> Morrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier &amp; Rice last week made an unsolicited offer of £2.30 ($3.19) per share in cash for the grocery retailer. That's a 29% premium to Morrisons' (MRWSF) closing price on Friday, giving it a market value of around £5.5 billion ($7.6 billion).</p><p><blockquote>莫里森周末证实，总部位于纽约的Clayton，Dubilier&amp;Rice上周主动向这家杂货零售商提出了每股2.30英镑（3.19美元）的现金收购要约。这比莫里森(MRWSF)周五的收盘价溢价29%，使其市值约为55亿英镑（76亿美元）。</blockquote></p><p> Shares in the company surged more than 30% in London on Monday, taking the share price above the takeover offer and lifting other stocks in the sector. Sainsbury's (JSNSF) and Ocado (OCDDY) climbed over 4%, with Marks &amp; Spencer (MAKSY) rising nearly 3% and Tesco (TSCDF) up more than 1%.</p><p><blockquote>该公司股价周一在伦敦飙升超过30%，股价高于收购要约，并提振了该行业的其他股票。Sainsbury's(JSNSF)和Ocado(OCDDY)上涨超过4%，Marks&amp;Spencer(MAKSY)上涨近3%，Tesco(TSCDF)上涨超过1%。</blockquote></p><p> Morrisons rejected the proposal in its statement on Saturday, saying that it \"significantly undervalued\" the company and its future prospects. Clayton, Dubilier &amp; Rice now has until July 17 to make a firm offer.</p><p><blockquote>莫里森在周六的声明中拒绝了这一提议，称其“严重低估”了该公司及其未来前景。Clayton，Dubilier&amp;Rice现在必须在7月17日之前提出确定报价。</blockquote></p><p> The move comes amid heightened investor activity in UK retail and a spate of takeover bids for British companies, undervalued for years because of poor returns linked to drab growth and a weak pound following the Brexit referendum of 2016.</p><p><blockquote>此举出台之际，英国零售业投资者活动加剧，英国公司出现大量收购要约，多年来，由于2016年英国脱欧公投后增长乏力和英镑疲软，这些公司的估值一直被低估。</blockquote></p><p> In October, Walmart (WMT) sold supermarket chain Asda to European private equity group TDR Capital and the founders of a global convenience store business. Separately, Czech billionaire Daniel Kretinsky recently increased his stake in Sainsbury's to 10%, adding to speculation that it could be the next takeover target.</p><p><blockquote>10月，沃尔玛(WMT)将连锁超市Asda出售给欧洲私募股权集团TDR Capital和全球便利店业务的创始人。另外，捷克亿万富翁丹尼尔·克雷廷斯基(Daniel Kretinsky)最近将其在塞恩斯伯里(Sainsbury's)的股份增至10%，这加剧了人们对该公司可能成为下一个收购目标的猜测。</blockquote></p><p> Analysts are speculating that Tesco, Britain's biggest supermarket chain, might also attract a buyer.</p><p><blockquote>分析师猜测，英国最大的连锁超市乐购也可能吸引买家。</blockquote></p><p> \"The volume of liquidity, reflecting monetary policy, and the uptake of capital by family offices, high net worth investors and private equity, means that even Tesco, with its £18 billion ($25 billion) market capitalization, is not too big to be subject to an offer,\" Clive Black, head of research at Shore Capital said in a note on Monday.</p><p><blockquote>“反映货币政策的流动性数量，以及家族理财室、高净值投资者和私募股权对资本的吸收，意味着即使是市值为180亿英镑（250亿美元）的特易购，也不会太大。Shore Capital研究主管克莱夫·布莱克(Clive Black)周一在一份报告中表示：“接受报价。”</blockquote></p><p> Sainsbury's and Tesco, which benefited from a surge in demand during lockdowns, are now poised to benefit from a strong economic recovery in Britain following the pandemic. Analysts say shoppers are likely to continue eating more meals at home even with restaurants reopening, particularly as many offices remain closed.</p><p><blockquote>塞恩斯伯里(Sainsbury's)和特易购(Tesco)受益于封锁期间需求激增，现在也有望受益于大流行后英国经济的强劲复苏。分析师表示，即使餐馆重新开业，尤其是在许多办公室仍然关闭的情况下，购物者可能会继续在家吃更多的饭菜。</blockquote></p><p> Tesco CEO Ken Murphy told analysts on a call on Friday that online demand has been \"incredibly resilient even with the easing of restrictions.\"</p><p><blockquote>Tesco首席执行官Ken Murphy周五在看涨期权上对分析师表示，“即使限制放松，在线需求仍具有令人难以置信的弹性”。</blockquote></p><p> \"We expect sales to remain well above pre Covid-19 level through the remainder of the year,\" he added.</p><p><blockquote>“我们预计今年剩余时间的销售额将远高于Covid-19之前的水平，”他补充道。</blockquote></p><p> Both leading retailers have also managed to keep costs under control, are generating large amounts of cash and have narrowed price gaps with German discounters Aldi and Lidl, according to Shore Capital's Black.</p><p><blockquote>Shore Capital的Black表示，这两家领先零售商还成功控制了成本，产生了大量现金，并缩小了与德国折扣店Aldi和Lidl的价格差距。</blockquote></p><p> This could make them prime targets for the likes of Amazon (AMZN), he added. \"The Asda bid and the Kretinsky investment means that the topic of Amazon's plans will also be one of ongoing discussion around Sainsbury and Tesco,\" Black said.</p><p><blockquote>他补充说，这可能使它们成为亚马逊（AMZN）等公司的主要目标。布莱克表示：“阿斯达的收购和克雷廷斯基的投资意味着亚马逊计划的主题也将成为围绕塞恩斯伯里和特易购正在进行的讨论之一。”</blockquote></p><p> The online retailer, which has been expanding its grocery offering since buying Whole Foods in 2017, already has a close relationship with Morrisons, which supplies its Prime and Pantry customers in the United Kingdom with dry, fresh and frozen products.</p><p><blockquote>这家在线零售商自2017年收购Whole Foods以来一直在扩大其杂货产品，并且已经与Morrisons建立了密切的关系，Morrisons为其在英国的Prime和Pantry客户提供干燥、新鲜和冷冻产品。</blockquote></p><p> But the market is not betting on a rival bid from Amazon. \"There is no indication in the [Morrisons] share price today that Amazon will come in and outbid Clayton, Dubilier &amp; Rice,\" said Russ Mould, investment director at stockbroker AJ Bell.</p><p><blockquote>但市场并没有押注亚马逊的竞争对手出价。股票经纪人AJ Bell投资总监拉斯·莫尔德(Russ Mould)表示：“今天的[莫里森]股价没有迹象表明亚马逊会介入并出价高于Clayton、Dubilier&amp;Rice。”</blockquote></p><p> With a languishing share price and over £7 billion ($9.7 billion) in assets, including a real estate portfolio worth more than the company's market value, Morrisons \"ticks a lot of private equity boxes,\" he told CNN Business.</p><p><blockquote>莫里森告诉CNN Business，由于股价低迷，资产超过70亿英镑（97亿美元），其中包括价值超过公司市值的房地产投资组合，他“符合很多私募股权标准”。</blockquote></p><p> Returning to favor?</p><p><blockquote>回归青睐？</blockquote></p><p> Investor interest in UK assets extends beyond grocers. There have been over 50 bids for UK-listed companies in the last eight months, only six of which have since been abandoned, according to Mould.</p><p><blockquote>投资者对英国资产的兴趣不仅限于杂货商。莫尔德表示，过去八个月里，有超过50家对英国上市公司的竞购，但其中只有6家被放弃。</blockquote></p><p> The average premium offered has been 34%, indicating that many of these companies may be undervalued by the market following years of weak shareholder returns. Over the last 12 months, there have been 95 announced offers for UK-listed companies with a combined value of $107 billion, according to Dealogic data.</p><p><blockquote>平均溢价为34%，表明在多年股东回报疲软之后，其中许多公司可能被市场低估。Dealogic数据显示，过去12个月，已有95家英国上市公司宣布收购要约，总价值达1070亿美元。</blockquote></p><p> \"The UK has consistently underperformed on the global stage since June 2016's Brexit vote and sterling has failed to regain the levels at which it traded before Britain decide to leave the EU,\" Mould said in a recent note. \"That rotten effort may mean that UK stocks are unloved and therefore potentially undervalued,\" he added.</p><p><blockquote>莫尔德在最近的一份报告中表示：“自2016年6月脱欧公投以来，英国在全球舞台上的表现一直不佳，英镑未能恢复到英国决定脱欧之前的交易水平。”“这种糟糕的努力可能意味着英国股票不受欢迎，因此可能被低估，”他补充道。</blockquote></p><p> UK and European stock market indexes stand to benefit from the post-pandemic recovery, given the high representation of companies such as automakers and banks that perform well when the economy is on the upswing.</p><p><blockquote>鉴于汽车制造商和银行等公司在经济上升时表现良好，英国和欧洲股市指数将受益于大流行后的复苏。</blockquote></p><p></p><p> They may also offer better value for investors following much more robust gains in US indexes over the past decade, when European markets have been held back by a dearth of tech companies and lackluster economic growth in the region.</p><p><blockquote>在过去十年美国指数大幅上涨之后，它们也可能为投资者提供更好的价值，而欧洲市场因科技公司缺乏和该地区经济增长乏力而受到阻碍。</blockquote></p><p> The FTSE 100 (UKX) has climbed just 26% over the past decade, while Europe's STOXX 600 (SXXL) is up 85%. That compares with a gain of more than 230% for the S&amp;P 500 (SPX).</p><p><blockquote>富时100指数(UKX)在过去十年中仅上涨了26%，而欧洲斯托克600指数(SXXL)上涨了85%。相比之下，标普500(SPX)的涨幅超过230%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/06/21/investing/morrisons-takeover-approach/index.html\">cnn</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":{"MRWSY":"WM Morrison Supermarkets Plc."},"source_url":"https://edition.cnn.com/2021/06/21/investing/morrisons-takeover-approach/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116834236","content_text":"London (CNN Business)Britain's fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets.\nMorrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier & Rice last week made an unsolicited offer of £2.30 ($3.19) per share in cash for the grocery retailer. That's a 29% premium to Morrisons' (MRWSF) closing price on Friday, giving it a market value of around £5.5 billion ($7.6 billion).\nShares in the company surged more than 30% in London on Monday, taking the share price above the takeover offer and lifting other stocks in the sector. Sainsbury's (JSNSF) and Ocado (OCDDY) climbed over 4%, with Marks & Spencer (MAKSY) rising nearly 3% and Tesco (TSCDF) up more than 1%.\nMorrisons rejected the proposal in its statement on Saturday, saying that it \"significantly undervalued\" the company and its future prospects. Clayton, Dubilier & Rice now has until July 17 to make a firm offer.\nThe move comes amid heightened investor activity in UK retail and a spate of takeover bids for British companies, undervalued for years because of poor returns linked to drab growth and a weak pound following the Brexit referendum of 2016.\nIn October, Walmart (WMT) sold supermarket chain Asda to European private equity group TDR Capital and the founders of a global convenience store business. Separately, Czech billionaire Daniel Kretinsky recently increased his stake in Sainsbury's to 10%, adding to speculation that it could be the next takeover target.\nAnalysts are speculating that Tesco, Britain's biggest supermarket chain, might also attract a buyer.\n\"The volume of liquidity, reflecting monetary policy, and the uptake of capital by family offices, high net worth investors and private equity, means that even Tesco, with its £18 billion ($25 billion) market capitalization, is not too big to be subject to an offer,\" Clive Black, head of research at Shore Capital said in a note on Monday.\nSainsbury's and Tesco, which benefited from a surge in demand during lockdowns, are now poised to benefit from a strong economic recovery in Britain following the pandemic. Analysts say shoppers are likely to continue eating more meals at home even with restaurants reopening, particularly as many offices remain closed.\nTesco CEO Ken Murphy told analysts on a call on Friday that online demand has been \"incredibly resilient even with the easing of restrictions.\"\n\"We expect sales to remain well above pre Covid-19 level through the remainder of the year,\" he added.\nBoth leading retailers have also managed to keep costs under control, are generating large amounts of cash and have narrowed price gaps with German discounters Aldi and Lidl, according to Shore Capital's Black.\nThis could make them prime targets for the likes of Amazon (AMZN), he added. \"The Asda bid and the Kretinsky investment means that the topic of Amazon's plans will also be one of ongoing discussion around Sainsbury and Tesco,\" Black said.\nThe online retailer, which has been expanding its grocery offering since buying Whole Foods in 2017, already has a close relationship with Morrisons, which supplies its Prime and Pantry customers in the United Kingdom with dry, fresh and frozen products.\nBut the market is not betting on a rival bid from Amazon. \"There is no indication in the [Morrisons] share price today that Amazon will come in and outbid Clayton, Dubilier & Rice,\" said Russ Mould, investment director at stockbroker AJ Bell.\nWith a languishing share price and over £7 billion ($9.7 billion) in assets, including a real estate portfolio worth more than the company's market value, Morrisons \"ticks a lot of private equity boxes,\" he told CNN Business.\nReturning to favor?\nInvestor interest in UK assets extends beyond grocers. There have been over 50 bids for UK-listed companies in the last eight months, only six of which have since been abandoned, according to Mould.\nThe average premium offered has been 34%, indicating that many of these companies may be undervalued by the market following years of weak shareholder returns. Over the last 12 months, there have been 95 announced offers for UK-listed companies with a combined value of $107 billion, according to Dealogic data.\n\"The UK has consistently underperformed on the global stage since June 2016's Brexit vote and sterling has failed to regain the levels at which it traded before Britain decide to leave the EU,\" Mould said in a recent note. \"That rotten effort may mean that UK stocks are unloved and therefore potentially undervalued,\" he added.\nUK and European stock market indexes stand to benefit from the post-pandemic recovery, given the high representation of companies such as automakers and banks that perform well when the economy is on the upswing.\nThey may also offer better value for investors following much more robust gains in US indexes over the past decade, when European markets have been held back by a dearth of tech companies and lackluster economic growth in the region.\nThe FTSE 100 (UKX) has climbed just 26% over the past decade, while Europe's STOXX 600 (SXXL) is up 85%. That compares with a gain of more than 230% for the S&P 500 (SPX).","news_type":1,"symbols_score_info":{"MRWSY":0.9}},"isVote":1,"tweetType":1,"viewCount":2324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169831248,"gmtCreate":1623826437384,"gmtModify":1634027489834,"author":{"id":"3583297255879530","authorId":"3583297255879530","name":"Crystall","avatar":"https://static.tigerbbs.com/54fd10043f5da3238cff16e5780abdd2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583297255879530","idStr":"3583297255879530"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/169831248","repostId":"1182315358","repostType":4,"isVote":1,"tweetType":1,"viewCount":640,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}