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2021-06-28

Nice

Fed official says another boom-and-bust housing market is not sustainable<blockquote>美联储官员称房地产市场再次繁荣和萧条不可持续</blockquote>

2021-06-23

But coin going down

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2021-06-23

Hmm

Krispy Kreme Seeks $640 Million in IPO as Sales Move Online<blockquote>随着销售转向线上，Krispy Kreme寻求6.4亿美元IPO</blockquote>

2021-06-21

Nice

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2021-06-20

Nice

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2021-06-18

Nice

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2021-06-17

Nice

Walmart: Buy On Weakness For Its Exciting International Growth Prospects<blockquote>沃尔玛：因其令人兴奋的国际增长前景而逢低买入</blockquote>

2021-06-17

Great ariticle, would you like to share it?

S&P 500 is flat near a record with all eyes on Federal Reserve’s update<blockquote>标普500持平于创纪录水平，所有人都在关注美联储的最新消息</blockquote>

2021-06-16

Nice

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2021-06-16

Nice

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>

2021-06-16

Great ariticle, would you like to share it?

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2021-06-16

Great ariticle, would you like to share it?

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And for that to be sustainable, we can’t have a boom and bust cycle in something like real estate.”    — Boston Fed President Eric Rosengren  Eric Rosengren, the president of the Boston Fed, expressed concern over the housing market in an interview with the Financial Times , and it comes as data shows house prices soaring. The median price for an existing home sale skyrocketed 24% in May. Other house price measures also are surging.</p><p><blockquote>“对我们来说，回到2%的通胀目标非常重要，但我们的目标是使其可持续。为了使其可持续，我们不能在房地产等领域出现繁荣和萧条周期。”——波士顿联储主席Eric Rosengren波士顿联储主席Eric Rosengren在接受英国《金融时报》采访时表达了对房地产市场的担忧，而此时数据显示房价正在飙升。5月份现房销售的中值价格飙升了24%。其他房价指标也在飙升。</blockquote></p><p> Rosengren noted the financial stability concerns that come from boom-and-bust real estate cycles. In 2008, there was a global financial crisis as the housing market collapsed.</p><p><blockquote>罗森格伦指出了来自房地产周期繁荣和萧条的金融稳定担忧。2008年，随着房地产市场崩溃，爆发了全球金融危机。</blockquote></p><p> Rosengren's comments come amid intense debate at the central bank as to when it should start reduce the rate of its monthly bond purchases.</p><p><blockquote>罗森格伦发表上述言论之际，央行正在就何时应该开始降低每月债券购买率展开激烈辩论。</blockquote></p><p> Rosengren's view does not appear to be shared, as yet, by the core of Fed officials who set policy. MarketWatch's Greg Robb asked Fed Chair Jerome Powell in April about the fact the central bank was buying mortgage-backed securities, which was helping to boost the housing market. Powell did not express alarm.</p><p><blockquote>罗森格伦的观点似乎尚未得到制定政策的美联储核心官员的认同。MarketWatch的格雷格·罗伯(Greg Robb)四月份向美联储主席杰罗姆·鲍威尔(Jerome Powell)询问了美联储购买抵押贷款支持证券的事实，这有助于提振房地产市场。鲍威尔没有表示惊慌。</blockquote></p><p> \"It's not meant to provide direct assistance to the housing market. That was never the intent. It was really just to keep that as--it's a very close relation to the Treasury market and a very important market on its own. And so that's why we bought as we did during the Global Financial Crisis; we bought MBS too,\" said Powell.</p><p><blockquote>“这并不意味着向房地产市场提供直接援助。这从来都不是本意。实际上只是为了保持这一点——它与国债市场关系非常密切，本身就是一个非常重要的市场。所以这就是为什么我们像在全球金融危机期间那样买入；我们也购买了MBS，”鲍威尔说。</blockquote></p><p> He gave no indication the Fed would make a distinction between tapering Treasury and mortgage-backed securities.</p><p><blockquote>他没有表示美联储会区分缩减美国国债和抵押贷款支持证券。</blockquote></p><p></p>","source":"lsy1603348471595","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>Fed official says another boom-and-bust housing market is not sustainable<blockquote>美联储官员称房地产市场再次繁荣和萧条不可持续</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\">\nFed official says another boom-and-bust housing market is not sustainable<blockquote>美联储官员称房地产市场再次繁荣和萧条不可持续</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-28 19:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  “It’s very important for us to get back to our 2 percent inflation target but the goal is for that to be sustainable. And for that to be sustainable, we can’t have a boom and bust cycle in something like real estate.”    — Boston Fed President Eric Rosengren  Eric Rosengren, the president of the Boston Fed, expressed concern over the housing market in an interview with the Financial Times , and it comes as data shows house prices soaring. The median price for an existing home sale skyrocketed 24% in May. Other house price measures also are surging.</p><p><blockquote>“对我们来说，回到2%的通胀目标非常重要，但我们的目标是使其可持续。为了使其可持续，我们不能在房地产等领域出现繁荣和萧条周期。”——波士顿联储主席Eric Rosengren波士顿联储主席Eric Rosengren在接受英国《金融时报》采访时表达了对房地产市场的担忧，而此时数据显示房价正在飙升。5月份现房销售的中值价格飙升了24%。其他房价指标也在飙升。</blockquote></p><p> Rosengren noted the financial stability concerns that come from boom-and-bust real estate cycles. In 2008, there was a global financial crisis as the housing market collapsed.</p><p><blockquote>罗森格伦指出了来自房地产周期繁荣和萧条的金融稳定担忧。2008年，随着房地产市场崩溃，爆发了全球金融危机。</blockquote></p><p> Rosengren's comments come amid intense debate at the central bank as to when it should start reduce the rate of its monthly bond purchases.</p><p><blockquote>罗森格伦发表上述言论之际，央行正在就何时应该开始降低每月债券购买率展开激烈辩论。</blockquote></p><p> Rosengren's view does not appear to be shared, as yet, by the core of Fed officials who set policy. MarketWatch's Greg Robb asked Fed Chair Jerome Powell in April about the fact the central bank was buying mortgage-backed securities, which was helping to boost the housing market. Powell did not express alarm.</p><p><blockquote>罗森格伦的观点似乎尚未得到制定政策的美联储核心官员的认同。MarketWatch的格雷格·罗伯(Greg Robb)四月份向美联储主席杰罗姆·鲍威尔(Jerome Powell)询问了美联储购买抵押贷款支持证券的事实，这有助于提振房地产市场。鲍威尔没有表示惊慌。</blockquote></p><p> \"It's not meant to provide direct assistance to the housing market. That was never the intent. It was really just to keep that as--it's a very close relation to the Treasury market and a very important market on its own. And so that's why we bought as we did during the Global Financial Crisis; we bought MBS too,\" said Powell.</p><p><blockquote>“这并不意味着向房地产市场提供直接援助。这从来都不是本意。实际上只是为了保持这一点——它与国债市场关系非常密切，本身就是一个非常重要的市场。所以这就是为什么我们像在全球金融危机期间那样买入；我们也购买了MBS，”鲍威尔说。</blockquote></p><p> He gave no indication the Fed would make a distinction between tapering Treasury and mortgage-backed securities.</p><p><blockquote>他没有表示美联储会区分缩减美国国债和抵押贷款支持证券。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/fed-official-says-another-boom-and-bust-housing-market-is-not-sustainable-11624876223?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/fed-official-says-another-boom-and-bust-housing-market-is-not-sustainable-11624876223?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146047887","content_text":"“It’s very important for us to get back to our 2 percent inflation target but the goal is for that to be sustainable. And for that to be sustainable, we can’t have a boom and bust cycle in something like real estate.”\n\n\n — Boston Fed President Eric Rosengren\n\nEric Rosengren, the president of the Boston Fed, expressed concern over the housing market in an interview with the Financial Times , and it comes as data shows house prices soaring. The median price for an existing home sale skyrocketed 24% in May. Other house price measures also are surging.\nRosengren noted the financial stability concerns that come from boom-and-bust real estate cycles. In 2008, there was a global financial crisis as the housing market collapsed.\nRosengren's comments come amid intense debate at the central bank as to when it should start reduce the rate of its monthly bond purchases.\nRosengren's view does not appear to be shared, as yet, by the core of Fed officials who set policy. MarketWatch's Greg Robb asked Fed Chair Jerome Powell in April about the fact the central bank was buying mortgage-backed securities, which was helping to boost the housing market. Powell did not express alarm.\n\"It's not meant to provide direct assistance to the housing market. That was never the intent. It was really just to keep that as--it's a very close relation to the Treasury market and a very important market on its own. And so that's why we bought as we did during the Global Financial Crisis; we bought MBS too,\" said Powell.\nHe gave no indication the Fed would make a distinction between tapering Treasury and mortgage-backed securities.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121007564,"gmtCreate":1624442517258,"gmtModify":1634006098611,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"But coin going down&nbsp;","listText":"But coin going down&nbsp;","text":"But coin going down","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121007564","repostId":"1143470407","repostType":4,"isVote":1,"tweetType":1,"viewCount":2516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123147777,"gmtCreate":1624413668199,"gmtModify":1634006470137,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123147777","repostId":"1126010678","repostType":4,"repost":{"id":"1126010678","kind":"news","pubTimestamp":1624412603,"share":"https://www.laohu8.com/m/news/1126010678?lang=zh_CN&edition=full","pubTime":"2021-06-23 09:43","market":"us","language":"en","title":"Krispy Kreme Seeks $640 Million in IPO as Sales Move Online<blockquote>随着销售转向线上，Krispy Kreme寻求6.4亿美元IPO</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126010678","media":"Bloomberg","summary":"(Bloomberg) -- Krispy Kreme Inc., the doughnut chain owned by JAB Holdings BV, is seeking to raise a","content":"<p>(Bloomberg) -- Krispy Kreme Inc., the doughnut chain owned by JAB Holdings BV, is seeking to raise as much as $640 million in an initial public offering.</p><p><blockquote>（彭博）——JAB Holdings BV旗下的甜甜圈连锁店Krispy Kreme Inc.正寻求通过首次公开募股筹集高达6.4亿美元的资金。</blockquote></p><p> The company said in a filing Tuesday that it plans to sell almost 27 million shares for $21 to $24 apiece. At the top end of the range, Krispy Kreme would have a market value of $3.86 billion based on the outstanding shares listed in the filing with the U.S. Securities and Exchange Commission.</p><p><blockquote>该公司在周二提交的文件中表示，计划以每股21至24美元的价格出售近2700万股股票。根据向美国证券交易委员会提交的文件中列出的已发行股票，Krispy Kreme的市值将达到38.6亿美元。</blockquote></p><p> Amid photos of doughnuts dripping with sugary glaze and dotted with sprinkles, the company declares in the filing that its purpose is “to touch and enhance lives through the joy of Krispy Kreme.”</p><p><blockquote>在甜甜圈滴着糖釉并点缀着糖屑的照片中，该公司在文件中宣称，其目的是“通过Krispy Kreme的快乐来感动和改善生活”。</blockquote></p><p> Since its acquisition by Luxembourg-based conglomerate JAB in 2016, Krispy Kreme has expanded its online presence. Its e-commerce business now accounts for close to a fifth of sales in the U.S., fueled by its Insomnia Cookies delivery concept.</p><p><blockquote>自2016年被卢森堡企业集团JAB收购以来，Krispy Kreme扩大了其在线业务。在失眠饼干配送概念的推动下，其电子商务业务目前占美国销售额的近五分之一。</blockquote></p><p> Net revenue for the Charlotte, North Carolina-based chain rose 23% to $322 million in the quarter ended April 4, according to the filing. Its net loss for the quarter shrunk from $11 million in 2020 to $378,000 this year.</p><p><blockquote>文件显示，截至4月4日的季度，这家总部位于北卡罗来纳州夏洛特的连锁店的净收入增长了23%，达到3.22亿美元。该季度净亏损从2020年的1100万美元缩小至今年的37.8万美元。</blockquote></p><p> Krispy Kreme plans to use proceeds from the IPO to pay down debt and buy back shares from certain executives, as well as for general corporate purposes, according to the filing. JAB will continue to own almost 78% of the company’s shares after the IPO.</p><p><blockquote>文件显示，Krispy Kreme计划将IPO所得用于偿还债务、从某些高管手中回购股票以及用于一般公司用途。IPO后，JAB将继续持有该公司近78%的股份。</blockquote></p><p> The offering is being led by JPMorgan Chase &amp; Co., Morgan Stanley, Bank of America Corp. and Citigroup Inc. The company plans to list on the Nasdaq Global Select Market under the symbol DNUT.</p><p><blockquote>此次发行由摩根大通、摩根士丹利、美国银行和花旗集团牵头。该公司计划在纳斯达克全球精选市场上市，代码为DNUT。</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>Krispy Kreme Seeks $640 Million in IPO as Sales Move Online<blockquote>随着销售转向线上，Krispy Kreme寻求6.4亿美元IPO</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\">\nKrispy Kreme Seeks $640 Million in IPO as Sales Move Online<blockquote>随着销售转向线上，Krispy Kreme寻求6.4亿美元IPO</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-06-23 09:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- Krispy Kreme Inc., the doughnut chain owned by JAB Holdings BV, is seeking to raise as much as $640 million in an initial public offering.</p><p><blockquote>（彭博）——JAB Holdings BV旗下的甜甜圈连锁店Krispy Kreme Inc.正寻求通过首次公开募股筹集高达6.4亿美元的资金。</blockquote></p><p> The company said in a filing Tuesday that it plans to sell almost 27 million shares for $21 to $24 apiece. At the top end of the range, Krispy Kreme would have a market value of $3.86 billion based on the outstanding shares listed in the filing with the U.S. Securities and Exchange Commission.</p><p><blockquote>该公司在周二提交的文件中表示，计划以每股21至24美元的价格出售近2700万股股票。根据向美国证券交易委员会提交的文件中列出的已发行股票，Krispy Kreme的市值将达到38.6亿美元。</blockquote></p><p> Amid photos of doughnuts dripping with sugary glaze and dotted with sprinkles, the company declares in the filing that its purpose is “to touch and enhance lives through the joy of Krispy Kreme.”</p><p><blockquote>在甜甜圈滴着糖釉并点缀着糖屑的照片中，该公司在文件中宣称，其目的是“通过Krispy Kreme的快乐来感动和改善生活”。</blockquote></p><p> Since its acquisition by Luxembourg-based conglomerate JAB in 2016, Krispy Kreme has expanded its online presence. Its e-commerce business now accounts for close to a fifth of sales in the U.S., fueled by its Insomnia Cookies delivery concept.</p><p><blockquote>自2016年被卢森堡企业集团JAB收购以来，Krispy Kreme扩大了其在线业务。在失眠饼干配送概念的推动下，其电子商务业务目前占美国销售额的近五分之一。</blockquote></p><p> Net revenue for the Charlotte, North Carolina-based chain rose 23% to $322 million in the quarter ended April 4, according to the filing. Its net loss for the quarter shrunk from $11 million in 2020 to $378,000 this year.</p><p><blockquote>文件显示，截至4月4日的季度，这家总部位于北卡罗来纳州夏洛特的连锁店的净收入增长了23%，达到3.22亿美元。该季度净亏损从2020年的1100万美元缩小至今年的37.8万美元。</blockquote></p><p> Krispy Kreme plans to use proceeds from the IPO to pay down debt and buy back shares from certain executives, as well as for general corporate purposes, according to the filing. JAB will continue to own almost 78% of the company’s shares after the IPO.</p><p><blockquote>文件显示，Krispy Kreme计划将IPO所得用于偿还债务、从某些高管手中回购股票以及用于一般公司用途。IPO后，JAB将继续持有该公司近78%的股份。</blockquote></p><p> The offering is being led by JPMorgan Chase &amp; Co., Morgan Stanley, Bank of America Corp. and Citigroup Inc. The company plans to list on the Nasdaq Global Select Market under the symbol DNUT.</p><p><blockquote>此次发行由摩根大通、摩根士丹利、美国银行和花旗集团牵头。该公司计划在纳斯达克全球精选市场上市，代码为DNUT。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/krispy-kreme-sets-price-range-154753866.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":{"DNUT":"Krispy Kreme, Inc."},"source_url":"https://finance.yahoo.com/news/krispy-kreme-sets-price-range-154753866.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126010678","content_text":"(Bloomberg) -- Krispy Kreme Inc., the doughnut chain owned by JAB Holdings BV, is seeking to raise as much as $640 million in an initial public offering.\nThe company said in a filing Tuesday that it plans to sell almost 27 million shares for $21 to $24 apiece. At the top end of the range, Krispy Kreme would have a market value of $3.86 billion based on the outstanding shares listed in the filing with the U.S. Securities and Exchange Commission.\nAmid photos of doughnuts dripping with sugary glaze and dotted with sprinkles, the company declares in the filing that its purpose is “to touch and enhance lives through the joy of Krispy Kreme.”\nSince its acquisition by Luxembourg-based conglomerate JAB in 2016, Krispy Kreme has expanded its online presence. Its e-commerce business now accounts for close to a fifth of sales in the U.S., fueled by its Insomnia Cookies delivery concept.\nNet revenue for the Charlotte, North Carolina-based chain rose 23% to $322 million in the quarter ended April 4, according to the filing. Its net loss for the quarter shrunk from $11 million in 2020 to $378,000 this year.\nKrispy Kreme plans to use proceeds from the IPO to pay down debt and buy back shares from certain executives, as well as for general corporate purposes, according to the filing. JAB will continue to own almost 78% of the company’s shares after the IPO.\nThe offering is being led by JPMorgan Chase & Co., Morgan Stanley, Bank of America Corp. and Citigroup Inc. The company plans to list on the Nasdaq Global Select Market under the symbol DNUT.","news_type":1,"symbols_score_info":{"DNUT":0.9}},"isVote":1,"tweetType":1,"viewCount":1378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167025398,"gmtCreate":1624240149714,"gmtModify":1634009073544,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167025398","repostId":"2145707639","repostType":4,"isVote":1,"tweetType":1,"viewCount":1437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164148350,"gmtCreate":1624185282370,"gmtModify":1634009690966,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/164148350","repostId":"1113942445","repostType":4,"isVote":1,"tweetType":1,"viewCount":2242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166599900,"gmtCreate":1624015858200,"gmtModify":1634024097133,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166599900","repostId":"2144773750","repostType":4,"isVote":1,"tweetType":1,"viewCount":912,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161866121,"gmtCreate":1623918252063,"gmtModify":1634025895101,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161866121","repostId":"1138373077","repostType":4,"repost":{"id":"1138373077","kind":"news","pubTimestamp":1623915483,"share":"https://www.laohu8.com/m/news/1138373077?lang=zh_CN&edition=full","pubTime":"2021-06-17 15:38","market":"us","language":"en","title":"Walmart: Buy On Weakness For Its Exciting International Growth Prospects<blockquote>沃尔玛：因其令人兴奋的国际增长前景而逢低买入</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138373077","media":"seekingalpha","summary":"Summary\n\nWalmart’s international segment is expected to lead the company’s revenue growth in the yea","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Walmart’s international segment is expected to lead the company’s revenue growth in the years ahead.</li>  <li>The company’s leadership through Flipkart in the rapidly growing India market is expected to be a key competitive advantage as it scales up to compete against Amazon India.</li>  <li>At the current price, Walmart is not expensive, and offers an attractive entry point for investors to partake in its international growth drivers.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af09545cba715476092d754f8df38e8a\" tg-width=\"768\" tg-height=\"512\"><span>Wolterk/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>沃尔玛的国际部门预计将在未来几年引领公司的收入增长。</li><li>该公司通过Flipkart在快速增长的印度市场的领导地位预计将成为其扩大规模以与亚马逊印度竞争的关键竞争优势。</li><li>以目前的价格来看，沃尔玛并不昂贵，并为投资者参与其国际增长动力提供了一个有吸引力的切入点。</li></ul><p class=\"t-img-caption\"><span>Wolterk/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Walmart (WMT) has very exciting growth prospects in its international markets, especially in India where the market is expected to overtake Canada as the second largest international market segment, behind the leader Mexico by 2025. In addition, the company’s astute investment in Flipkart has given it the key leadership in the e-commerce segment in India which is expected to grow rapidly in the years ahead.</p><p><blockquote>沃尔玛(WMT)在其国际市场上有着非常令人兴奋的增长前景，尤其是在印度，预计到2025年，该市场将超过加拿大，成为第二大国际细分市场，仅次于领先的墨西哥。此外，该公司对Flipkart的精明投资使其在印度电子商务领域占据了关键的领导地位，预计该领域将在未来几年快速增长。</blockquote></p><p> <b>Setting the Stage for International Expansion</b></p><p><blockquote><b>为国际扩张奠定基础</b></blockquote></p><p> Walmart has grand ambitions on the international stage. After the completion of the&nbsp;divestiture of Asda and Seiyu&nbsp;last quarter, the company has set its sights on driving its international growth in the faster growing markets. The company also discussed at length its international priorities and opportunities in two recent conferences (DBAccess, andBaird) on how to take its international business to the next level.</p><p><blockquote>沃尔玛在国际舞台上雄心勃勃。在上季度完成对Asda和Seiyu的剥离后，该公司已将目光投向在增长更快的市场推动其国际增长。该公司还在最近的两次会议（DBAccess和Baird）上详细讨论了如何将其国际业务提升到一个新水平的国际优先事项和机遇。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/917a0bddc47fb6071bfd416976abe840\" tg-width=\"600\" tg-height=\"371\"><span>WMT net sales worldwide by division. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按部门划分的全球净销售额。数据来源：公司备案</span></p></blockquote></p><p> Walmart’s international sales accounted for about 21.9% of FY 21 revenue. As we could observe from above, WMT’s international business as a whole has been largely stagnant in recent years even though its U.S. operations saw relatively stable and consistent growth. The company’s exit from Seiyu [Japan] and Asda [UK] in order to reallocate capital to its higher growth regions, notably in India and China, is an important step towards aligning its growth priorities and rejuvenating its international business segment. In fact, Walmart had even received pretty nasty press on its operations in Japan, asNikkei Asiaremarked: “Walmart's foreign flops can be attributed largely to tone-deaf management, which failed to take into account local business customs, dietary habits and labor relations, among other glaring oversights.” Notwithstanding the sensational allegations made by the Nikkei, I think WMT has actually performed admirably in its international business as it’s aprofitable segmentfor the company that posted an operating margin of 4.4% in Q1’22, as well as 3% in FY 21, 2.8% in FY 20, and 4% in FY 19, respectively.</p><p><blockquote>沃尔玛的国际销售额约占21财年收入的21.9%。正如我们从上面可以观察到的，尽管WMT的美国业务出现了相对稳定和持续的增长，但其国际业务近年来整体上基本上停滞不前。该公司退出西友（日本）和阿斯达（英国），以便将资本重新分配到增长较高的地区，特别是印度和中国，这是调整其增长重点和振兴其国际业务部门的重要一步。事实上，沃尔玛在日本的业务甚至受到了相当恶劣的媒体，《日经亚洲》评论道：“沃尔玛在国外的失败很大程度上可以归因于五音不全的管理层，他们没有考虑到当地的商业习俗、饮食习惯和劳资关系等。”其他明显的疏忽。”尽管《日经指数》提出了耸人听闻的指控，但我认为WMT在其国际业务方面实际上表现令人钦佩，因为该公司在22年第一季度的营业利润率为4.4%，21财年为3%，20财年为2.8%，19财年为4%。</blockquote></p><p> <b>Ask Amazon How Hard It Is To Make Money Overseas</b></p><p><blockquote><b>问问亚马逊在海外赚钱有多难</b></blockquote></p><p> In order to understand how difficult it is to make money operating a retail business in international markets with a footprint as large as WMT, investors need to look no further than Amazon (AMZN), notwithstanding its focus on the e-commerce segment.</p><p><blockquote>为了了解在像WMT这样规模庞大的国际市场上经营零售业务赚钱有多困难，投资者只需看看亚马逊(AMZN)就知道了，尽管它专注于电子商务领域。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f155f05bf035f522fff05f7c5802740\" tg-width=\"849\" tg-height=\"525\"><span>AMZN annual Operating income by segment. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN按部门划分的年度营业收入。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa70bfe2b8a379252d91f48a78becd52\" tg-width=\"600\" tg-height=\"371\"><span>AMZN quarterly operating income by segment. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN按部门划分的季度营业收入。数据来源：公司备案</span></p></blockquote></p><p> As we could observe from the 2 charts above, AMZN’s international segment only recently started to turn an operating profit in Q2’20 after experiencing losses over the last 6 years, even though the North America segment continued to do well. It’s a good reminder to investors that WMT knows how to manage its large international footprint well and it’s really very difficult to run an operation as geographically diverse and huge as Walmart’s and be profitable at the same time, giving the company an extremely wide moat.</p><p><blockquote>正如我们从上面的两张图表中可以观察到的，尽管北美部门继续表现良好，但AMZN的国际部门在经历了过去6年的亏损后，最近才在20年第二季度开始扭亏为盈。这是对投资者的一个很好的提醒，WMT知道如何很好地管理其庞大的国际足迹，而且要经营像沃尔玛这样地域多元化和规模庞大的业务，同时实现盈利，从而为该公司提供极其宽阔的护城河，确实非常困难。</blockquote></p><p> <b>India and China Expected to Lead Growth</b></p><p><blockquote><b>印度和中国有望引领增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5de7690e94d33c1fa7d9a17901080007\" tg-width=\"833\" tg-height=\"515\"><span>WMT projected net sales by country. Data Source: Edge by Ascential</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按国家/地区预测净销售额。数据来源：Edge by Ascential</span></p></blockquote></p><p> Although Mexico is still expected to remain as International’s most important revenue driver by 2025, India and China are expected to lead the growth, with India expected to be the company’s second largest international market by 2025.</p><p><blockquote>尽管墨西哥预计到2025年仍将是国际最重要的收入驱动力，但印度和中国预计将引领增长，预计到2025年印度将成为该公司的第二大国际市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb39da945b2a8ef4d8bc56b06bf945b7\" tg-width=\"600\" tg-height=\"371\"><span>WMT projected revenue CAGR by country. Data Source: Edge by Ascential</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按国家/地区预测的CAGR收入。数据来源：Edge by Ascential</span></p></blockquote></p><p></p><p> India’s 5Y CAGR of 10.4% is expected to outperform the rest of its international peers, followed by China in second place with a 5Y CAGR of 6.6%. The rest of its international markets are also expected to grow relatively fast, including the leader Mexico (5Y CAGR: 4.1%).</p><p><blockquote>印度的5年复合年增长率为10.4%，预计将优于其他国际同行，其次是中国，5年复合年增长率为6.6%。其其他国际市场预计也将相对快速增长，包括领先的墨西哥（5年复合年增长率：4.1%）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9a2cee8cc3738a2a615afe99152dd5f\" tg-width=\"1280\" tg-height=\"738\"><span>WMT projected revenue mean consensus, and YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT预计收入意味着共识和同比增长。数据来源：标普资本智商</span></p></blockquote></p><p> If we consider the company’s overall expected revenue growth in the next few years, investors should now be able to appreciate the importance of WMT’s international markets to drive the company’s topline and therefore managing the growth of its international segment well would provide the company a highly significant lever to drive results over time.</p><p><blockquote>如果我们考虑公司未来几年的整体预期收入增长，投资者现在应该能够认识到WMT国际市场对于推动公司营收的重要性，因此管理好其国际部门的增长将为公司提供一个非常重要的杠杆随着时间的推移推动结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b6a11308afe3976fe54e67f76f8f596\" tg-width=\"873\" tg-height=\"540\"><span>Leading retail chain operators in China. Data Source: China Chain Store &amp; Franchise Association</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国领先的零售连锁运营商。数据来源：中国连锁经营协会</span></p></blockquote></p><p> Although WMT’s leadership in the U.S. is undisputed, it may not be the same in China. The competitive landscape in China is strongly dominated by Suning Commerce Group, and WMT’s China operations was actually ranked 7th in this survey. Therefore, there is a tremendous amount of sales potential for WMT to make up in order to move up the ranks among China’s retail leaders.</p><p><blockquote>尽管WMT在美国的领导地位无可争议，但在中国可能就不一样了。中国的竞争格局由苏宁商业集团强势主导，WMT的中国业务在本次调查中实际上排名第7。因此，WMT有巨大的销售潜力可以弥补，以跻身中国零售领导者的行列。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0338751a0a7661f724cfa43c4acb5c58\" tg-width=\"600\" tg-height=\"371\"><span>Total population in the U.S. and India. Data Source: IMF</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国和印度的总人口。数据来源：IMF</span></p></blockquote></p><p> In the market where it is expected to lead the company's growth: India, this is where the excitement for WMT’s international business really begins. India’s population is expected to grow from 1.324B in 2016 to 1.443B by 2025, which would represent a CAGR of 0.96%, faster than the U.S. population CAGR of 0.47%, that is twice as fast, despite having a population size that’s already 4x larger to start with.</p><p><blockquote>在有望引领公司增长的市场：印度，这是WMT国际业务真正令人兴奋的地方。印度人口预计将从2016年的13.24亿增长到2025年的14.43亿，这将代表0.96%的CAGR，比美国0.47%的人口CAGR快，是美国的两倍，尽管印度的人口规模已经是美国的4倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab0dcd47a074df2156c16ea1db021061\" tg-width=\"600\" tg-height=\"371\"><span>Market size of e-commerce industry across India. Data Source: India Brand Equity Foundation; Various sources (Media sources); BCG; Bain &amp; Company; Morgan Stanley</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度电子商务行业的市场规模。数据来源：印度品牌资产基金会；各种来源（媒体来源）；卡介苗；贝恩公司；摩根士丹利</span></p></blockquote></p><p> India’s e-commerce industry (WMT’s main channel in India) is expected to grow from just $14B in 2014 to $200B by 2027, which would represent a whopping CAGR of 22.7%, an incredible growth rate. More importantly, WMT is an e-commerce leader in India (though Flipkart), as Flipkart had a&nbsp;31.9% market share&nbsp;as of Oct 20 according to Forrester Research, just ahead of its fierce rival, Amazon India, who had a 31.2% market share. Therefore, WMT looks very well positioned to compete strongly in India as the leader of a rapidly expanding e-commerce market.</p><p><blockquote>印度的电子商务行业（WMT在印度的主要渠道）预计将从2014年的140亿美元增长到2027年的2000亿美元，这将代表22.7%的惊人CAGR，这是一个令人难以置信的增长率。更重要的是，WMT是印度电子商务的领导者（尽管是Flipkart），根据Forrester Research的数据，截至10月20日，Flipkart拥有31.9%的市场份额，仅领先于其强劲的竞争对手亚马逊印度，后者拥有31.2%的市场份额。因此，作为快速扩张的电子商务市场的领导者，WMT看起来非常有能力在印度进行强有力的竞争。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c611e761c64537eac8600067ff46dce9\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart收入。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7fd83dbbe32e4623cfb108479191db5\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue YoY growth. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart收入同比增长。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> As we could observe from above, Flipkart’s FY 20 revenue of 346B rupees (equivalent to about $4.72B) has barely scratched the surface considering the market size of India’s e-commerce industry that was worth $64B in 2020. Even though the revenue growth of 12% YoY was an egregious deceleration from the previous year’s 42% YoY growth, the company has managed to reduce its net loss from 38.35B rupees to 31.5B rupees (see below), an improvement of 17% YoY. It would thus be important for investors to continue monitoring the health of its growth trend moving forward to evaluate whether there is a persistent deceleration that needs to be addressed by the company.</p><p><blockquote>正如我们从上面可以观察到的，考虑到2020年印度电子商务行业价值64B美元的市场规模，Flipkart 20财年的收入为346B卢比（相当于约47.2亿美元），这只是触及了表面。尽管12%的收入同比增长比上一年42%的同比增长大幅放缓，但该公司已成功将净亏损从38.35 B卢比减少至31.5 B卢比（见下文），同比增长17%。因此，投资者必须继续监测其未来增长趋势的健康状况，以评估公司是否存在需要解决的持续减速问题。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/84abc8cadd99bda1af002f8ef6a231ad\" tg-width=\"768\" tg-height=\"475\"><span>P/L of Flipkart. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart的损益。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/efdcc73d770fedc1353ca09154e30a26\" tg-width=\"600\" tg-height=\"371\"><span>Unified Payment Interface [UPI] usage across India. Data Source: The Financial Express (India); NPCI</span></p><p><blockquote><p class=\"t-img-caption\"><span>统一支付接口[UPI]在印度的使用。数据来源：《金融快报》（印度）；NPCI</span></p></blockquote></p><p></p><p> Meanwhile, the company’s UPI platform PhonePe is also the leader in UPI usage across India. UPI has become the dominant payments infrastructure across India with a&nbsp;73% share&nbsp;of all digital transactions volume as of Feb 21. However, due to the 30% transactions restriction cap placed on all third-party payment apps that include PhonePe by the authority [NPCI] on the leaders, PhonePe and Google Pay would need to meet a 2-year deadline to bring down their transactions share to within the 30% cap. In addition, WhatsApp Pay is also expected to play an increasingly important role in this rapidly expanding market and compete against Google Pay and PhonePe. Notwithstanding the cap placed by NPCI, the digital payments market in India is expected to grow from 2,153 trillion rupees in 2020 to 7,092 trillion rupees by 2025 (see below), which would represent a CAGR of 26.9%, thus giving us a high level of confidence that there is ample room for all the major competitors to grow. Walmart definitely looks incredibly well-positioned in the India e-commerce market, where its e-commerce growth is still very much in its infancy.</p><p><blockquote>与此同时，该公司的UPI平台PhonePe也是印度UPI使用的领导者。截至2月21日，UPI已成为印度占主导地位的支付基础设施，占所有数字交易量的73%。然而，由于NPCI对包括PhonePe在内的所有第三方支付应用程序设置了30%的交易限制上限，PhonePe和Google Pay需要在2年内将其交易份额降至30%上限以内。此外，WhatsApp Pay也有望在这个快速扩张的市场中扮演越来越重要的角色，与Google Pay和PhonePe展开竞争。尽管NPCI设定了上限，但印度的数字支付市场预计将从2020年的2153万亿卢比增长到2025年的7092万亿卢比（见下文），这将代表26.9%的CAGR，因此我们高度相信所有主要竞争对手都有足够的增长空间。沃尔玛在印度电子商务市场看起来无疑处于非常有利的地位，其电子商务增长仍处于起步阶段。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6273488f83e60a8d2c316d9296e7ad27\" tg-width=\"600\" tg-height=\"371\"><span>Digital payments market value across India. Data Source: Redseer</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度的数字支付市场价值。数据来源：Redseer</span></p></blockquote></p><p> <b>Considering Walmart's Valuations</b></p><p><blockquote><b>考虑到沃尔玛的估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2e1c5a07707bd380a3dab086be2be5c\" tg-width=\"1280\" tg-height=\"701\"><span>EV / EBITDA Metrics. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBITDA指标。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/537bf606c23aaa34ab1130ab1186f6d5\" tg-width=\"1280\" tg-height=\"694\"><span>EV / EBIT metrics. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBIT指标。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider WMT’s FCF and EBIT relative valuations using both EV / EBITDA - CapEx (as a proxy for FCF) and EV / EBIT, WMT is currently valued near the higher end of both valuations range (EV / LTM EBITDA: 14.7x, EV / LTM EBIT: 14.9x) over the last 5 years. In fact, when we consider the company forward valuations, we could observe that the market seems to have priced in quite a bit of optimism into WMT’s future EBIT and FCF growth in which the company is expected to execute well moving forward.</p><p><blockquote>当我们使用EV/EBITDA-资本支出（作为FCF的代理）和EV/EBIT来考虑WMT的FCF和EBIT相对估值时，WMT目前的估值接近两个估值范围的高端（EV/LTM EBITDA：14.7倍，EV/LTM EBIT：14.9倍）过去5年。事实上，当我们考虑该公司的远期估值时，我们可以观察到市场似乎已经消化了对WMT未来息税前利润和自由现金流增长的相当乐观的情绪，预计该公司未来将表现良好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38ba544168ae18b243f52b6359262acb\" tg-width=\"1280\" tg-height=\"884\"><span>EV / EBIT valuation metrics.</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBIT估值指标。</span></p></blockquote></p><p> Therefore, in order to have a basis on whether WMT’s forward valuations are also in line with what we expect from other companies, it would be useful to conduct an EV / EBIT comparison across a set of benchmark companies for us to have a reasonable basis to value WMT. We also observed that WMT’s EV / EBIT metrics have not been excessive when compared against this set of benchmark companies.</p><p><blockquote>因此，为了确定WMT的远期估值是否也符合我们对其他公司的预期，对一组基准公司进行EV/EBIT比较将是有用的，以便我们有一个合理的基础来评估WMT的价值。我们还观察到，与这组基准公司相比，WMT的EV/EBIT指标并不过分。</blockquote></p><p> Using a blend of their EV / LTM EBIT metric and their EV / Fwd EBIT metric, we arrived at a fair value of $156.42 at the midpoint of the fair value range, representing a potential upside of 11.7% from 15 Jun’s closing price of $140.</p><p><blockquote>综合使用EV/LTM EBIT指标和EV/Fwd EBIT指标，我们得出公允价值范围中点的公允价值为156.42美元，较6月15日收盘价140美元有11.7%的潜在上涨空间。</blockquote></p><p> <b>Price Action and Technical Analysis</b></p><p><blockquote><b>价格行为和技术分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eeab97d13426aa4d6f580b82aaf6bf4b\" tg-width=\"1280\" tg-height=\"784\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> WMT is a strong stock that has always been well supported along its long-term uptrend over the last 3 years. The 50W moving average has always acted as its key dynamic support level, including during the 2018 bear market, and the 2020 COVID-19 bear market, demonstrating the confidence of the market in this customary market leader. The support level at $127 also looks like an extremely strong support level that attracted strong buying interest during the retracement in Feb - Mar 21 and investors should consider this as a \"Buy more\" entry point if the price retraces to that level in the future. Currently, the stock is right at the 50W MA support level again, and I think at the current price level of $140, it still represents an optimal technical buy entry. Investors should however avoid buying near $154 in the near term as it’s expected to be a near term resistance level.</p><p><blockquote>WMT是一只强劲的股票，在过去3年的长期上升趋势中一直受到良好支撑。50W均线一直是其关键的动态支撑位，包括在2018年熊市期间，以及2020年COVID-19熊市期间，显示了市场对这一传统市场领导者的信心。127美元的支撑位看起来也是一个极其强劲的支撑位，在2月至3月21日的回撤期间吸引了强烈的买盘兴趣，如果价格在未来回撤至该水平，投资者应将其视为“买入更多”的切入点。目前，该股再次处于50W MA支撑位，我认为在当前140美元的价格水平下，它仍然代表着最佳的技术买入入场点。然而，投资者短期内应避免在154美元附近买入，因为预计这将是近期阻力位。</blockquote></p><p> <b>Wrapping it all up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Walmart’s international strategies, especially in India are looking very exciting and is expected to be the company's main international growth driver. Although its international segment is still a relatively small segment of the company’s overall revenue, it’s expected to lead the group’s growth in the foreseeable future and the market definitely thinks so as well as WMT is expected to be valued at higher multiples than what was observed historically. Investors should therefore take advantage of WMT’s current price weakness to add to this fantastic stock in view of its attractive valuation right now.</p><p><blockquote>沃尔玛的国际战略，尤其是在印度的战略，看起来非常令人兴奋，预计将成为该公司主要的国际增长动力。尽管其国际业务在公司总收入中仍占相对较小的一部分，但预计在可预见的未来，它将引领集团的增长，市场也肯定这么认为，而且WMT的估值预计将高于历史观察到的倍数。因此，鉴于WMT目前的估值极具吸引力，投资者应该利用WMT目前的价格疲软来增持这只出色的股票。</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>Walmart: Buy On Weakness For Its Exciting International Growth Prospects<blockquote>沃尔玛：因其令人兴奋的国际增长前景而逢低买入</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\">\nWalmart: Buy On Weakness For Its Exciting International Growth Prospects<blockquote>沃尔玛：因其令人兴奋的国际增长前景而逢低买入</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-17 15:38</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>Walmart’s international segment is expected to lead the company’s revenue growth in the years ahead.</li>  <li>The company’s leadership through Flipkart in the rapidly growing India market is expected to be a key competitive advantage as it scales up to compete against Amazon India.</li>  <li>At the current price, Walmart is not expensive, and offers an attractive entry point for investors to partake in its international growth drivers.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af09545cba715476092d754f8df38e8a\" tg-width=\"768\" tg-height=\"512\"><span>Wolterk/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>沃尔玛的国际部门预计将在未来几年引领公司的收入增长。</li><li>该公司通过Flipkart在快速增长的印度市场的领导地位预计将成为其扩大规模以与亚马逊印度竞争的关键竞争优势。</li><li>以目前的价格来看，沃尔玛并不昂贵，并为投资者参与其国际增长动力提供了一个有吸引力的切入点。</li></ul><p class=\"t-img-caption\"><span>Wolterk/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Walmart (WMT) has very exciting growth prospects in its international markets, especially in India where the market is expected to overtake Canada as the second largest international market segment, behind the leader Mexico by 2025. In addition, the company’s astute investment in Flipkart has given it the key leadership in the e-commerce segment in India which is expected to grow rapidly in the years ahead.</p><p><blockquote>沃尔玛(WMT)在其国际市场上有着非常令人兴奋的增长前景，尤其是在印度，预计到2025年，该市场将超过加拿大，成为第二大国际细分市场，仅次于领先的墨西哥。此外，该公司对Flipkart的精明投资使其在印度电子商务领域占据了关键的领导地位，预计该领域将在未来几年快速增长。</blockquote></p><p> <b>Setting the Stage for International Expansion</b></p><p><blockquote><b>为国际扩张奠定基础</b></blockquote></p><p> Walmart has grand ambitions on the international stage. After the completion of the&nbsp;divestiture of Asda and Seiyu&nbsp;last quarter, the company has set its sights on driving its international growth in the faster growing markets. The company also discussed at length its international priorities and opportunities in two recent conferences (DBAccess, andBaird) on how to take its international business to the next level.</p><p><blockquote>沃尔玛在国际舞台上雄心勃勃。在上季度完成对Asda和Seiyu的剥离后，该公司已将目光投向在增长更快的市场推动其国际增长。该公司还在最近的两次会议（DBAccess和Baird）上详细讨论了如何将其国际业务提升到一个新水平的国际优先事项和机遇。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/917a0bddc47fb6071bfd416976abe840\" tg-width=\"600\" tg-height=\"371\"><span>WMT net sales worldwide by division. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按部门划分的全球净销售额。数据来源：公司备案</span></p></blockquote></p><p> Walmart’s international sales accounted for about 21.9% of FY 21 revenue. As we could observe from above, WMT’s international business as a whole has been largely stagnant in recent years even though its U.S. operations saw relatively stable and consistent growth. The company’s exit from Seiyu [Japan] and Asda [UK] in order to reallocate capital to its higher growth regions, notably in India and China, is an important step towards aligning its growth priorities and rejuvenating its international business segment. In fact, Walmart had even received pretty nasty press on its operations in Japan, asNikkei Asiaremarked: “Walmart's foreign flops can be attributed largely to tone-deaf management, which failed to take into account local business customs, dietary habits and labor relations, among other glaring oversights.” Notwithstanding the sensational allegations made by the Nikkei, I think WMT has actually performed admirably in its international business as it’s aprofitable segmentfor the company that posted an operating margin of 4.4% in Q1’22, as well as 3% in FY 21, 2.8% in FY 20, and 4% in FY 19, respectively.</p><p><blockquote>沃尔玛的国际销售额约占21财年收入的21.9%。正如我们从上面可以观察到的，尽管WMT的美国业务出现了相对稳定和持续的增长，但其国际业务近年来整体上基本上停滞不前。该公司退出西友（日本）和阿斯达（英国），以便将资本重新分配到增长较高的地区，特别是印度和中国，这是调整其增长重点和振兴其国际业务部门的重要一步。事实上，沃尔玛在日本的业务甚至受到了相当恶劣的媒体，《日经亚洲》评论道：“沃尔玛在国外的失败很大程度上可以归因于五音不全的管理层，他们没有考虑到当地的商业习俗、饮食习惯和劳资关系等。”其他明显的疏忽。”尽管《日经指数》提出了耸人听闻的指控，但我认为WMT在其国际业务方面实际上表现令人钦佩，因为该公司在22年第一季度的营业利润率为4.4%，21财年为3%，20财年为2.8%，19财年为4%。</blockquote></p><p> <b>Ask Amazon How Hard It Is To Make Money Overseas</b></p><p><blockquote><b>问问亚马逊在海外赚钱有多难</b></blockquote></p><p> In order to understand how difficult it is to make money operating a retail business in international markets with a footprint as large as WMT, investors need to look no further than Amazon (AMZN), notwithstanding its focus on the e-commerce segment.</p><p><blockquote>为了了解在像WMT这样规模庞大的国际市场上经营零售业务赚钱有多困难，投资者只需看看亚马逊(AMZN)就知道了，尽管它专注于电子商务领域。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f155f05bf035f522fff05f7c5802740\" tg-width=\"849\" tg-height=\"525\"><span>AMZN annual Operating income by segment. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN按部门划分的年度营业收入。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa70bfe2b8a379252d91f48a78becd52\" tg-width=\"600\" tg-height=\"371\"><span>AMZN quarterly operating income by segment. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN按部门划分的季度营业收入。数据来源：公司备案</span></p></blockquote></p><p> As we could observe from the 2 charts above, AMZN’s international segment only recently started to turn an operating profit in Q2’20 after experiencing losses over the last 6 years, even though the North America segment continued to do well. It’s a good reminder to investors that WMT knows how to manage its large international footprint well and it’s really very difficult to run an operation as geographically diverse and huge as Walmart’s and be profitable at the same time, giving the company an extremely wide moat.</p><p><blockquote>正如我们从上面的两张图表中可以观察到的，尽管北美部门继续表现良好，但AMZN的国际部门在经历了过去6年的亏损后，最近才在20年第二季度开始扭亏为盈。这是对投资者的一个很好的提醒，WMT知道如何很好地管理其庞大的国际足迹，而且要经营像沃尔玛这样地域多元化和规模庞大的业务，同时实现盈利，从而为该公司提供极其宽阔的护城河，确实非常困难。</blockquote></p><p> <b>India and China Expected to Lead Growth</b></p><p><blockquote><b>印度和中国有望引领增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5de7690e94d33c1fa7d9a17901080007\" tg-width=\"833\" tg-height=\"515\"><span>WMT projected net sales by country. Data Source: Edge by Ascential</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按国家/地区预测净销售额。数据来源：Edge by Ascential</span></p></blockquote></p><p> Although Mexico is still expected to remain as International’s most important revenue driver by 2025, India and China are expected to lead the growth, with India expected to be the company’s second largest international market by 2025.</p><p><blockquote>尽管墨西哥预计到2025年仍将是国际最重要的收入驱动力，但印度和中国预计将引领增长，预计到2025年印度将成为该公司的第二大国际市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb39da945b2a8ef4d8bc56b06bf945b7\" tg-width=\"600\" tg-height=\"371\"><span>WMT projected revenue CAGR by country. Data Source: Edge by Ascential</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按国家/地区预测的CAGR收入。数据来源：Edge by Ascential</span></p></blockquote></p><p></p><p> India’s 5Y CAGR of 10.4% is expected to outperform the rest of its international peers, followed by China in second place with a 5Y CAGR of 6.6%. The rest of its international markets are also expected to grow relatively fast, including the leader Mexico (5Y CAGR: 4.1%).</p><p><blockquote>印度的5年复合年增长率为10.4%，预计将优于其他国际同行，其次是中国，5年复合年增长率为6.6%。其其他国际市场预计也将相对快速增长，包括领先的墨西哥（5年复合年增长率：4.1%）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9a2cee8cc3738a2a615afe99152dd5f\" tg-width=\"1280\" tg-height=\"738\"><span>WMT projected revenue mean consensus, and YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT预计收入意味着共识和同比增长。数据来源：标普资本智商</span></p></blockquote></p><p> If we consider the company’s overall expected revenue growth in the next few years, investors should now be able to appreciate the importance of WMT’s international markets to drive the company’s topline and therefore managing the growth of its international segment well would provide the company a highly significant lever to drive results over time.</p><p><blockquote>如果我们考虑公司未来几年的整体预期收入增长，投资者现在应该能够认识到WMT国际市场对于推动公司营收的重要性，因此管理好其国际部门的增长将为公司提供一个非常重要的杠杆随着时间的推移推动结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b6a11308afe3976fe54e67f76f8f596\" tg-width=\"873\" tg-height=\"540\"><span>Leading retail chain operators in China. Data Source: China Chain Store &amp; Franchise Association</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国领先的零售连锁运营商。数据来源：中国连锁经营协会</span></p></blockquote></p><p> Although WMT’s leadership in the U.S. is undisputed, it may not be the same in China. The competitive landscape in China is strongly dominated by Suning Commerce Group, and WMT’s China operations was actually ranked 7th in this survey. Therefore, there is a tremendous amount of sales potential for WMT to make up in order to move up the ranks among China’s retail leaders.</p><p><blockquote>尽管WMT在美国的领导地位无可争议，但在中国可能就不一样了。中国的竞争格局由苏宁商业集团强势主导，WMT的中国业务在本次调查中实际上排名第7。因此，WMT有巨大的销售潜力可以弥补，以跻身中国零售领导者的行列。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0338751a0a7661f724cfa43c4acb5c58\" tg-width=\"600\" tg-height=\"371\"><span>Total population in the U.S. and India. Data Source: IMF</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国和印度的总人口。数据来源：IMF</span></p></blockquote></p><p> In the market where it is expected to lead the company's growth: India, this is where the excitement for WMT’s international business really begins. India’s population is expected to grow from 1.324B in 2016 to 1.443B by 2025, which would represent a CAGR of 0.96%, faster than the U.S. population CAGR of 0.47%, that is twice as fast, despite having a population size that’s already 4x larger to start with.</p><p><blockquote>在有望引领公司增长的市场：印度，这是WMT国际业务真正令人兴奋的地方。印度人口预计将从2016年的13.24亿增长到2025年的14.43亿，这将代表0.96%的CAGR，比美国0.47%的人口CAGR快，是美国的两倍，尽管印度的人口规模已经是美国的4倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab0dcd47a074df2156c16ea1db021061\" tg-width=\"600\" tg-height=\"371\"><span>Market size of e-commerce industry across India. Data Source: India Brand Equity Foundation; Various sources (Media sources); BCG; Bain &amp; Company; Morgan Stanley</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度电子商务行业的市场规模。数据来源：印度品牌资产基金会；各种来源（媒体来源）；卡介苗；贝恩公司；摩根士丹利</span></p></blockquote></p><p> India’s e-commerce industry (WMT’s main channel in India) is expected to grow from just $14B in 2014 to $200B by 2027, which would represent a whopping CAGR of 22.7%, an incredible growth rate. More importantly, WMT is an e-commerce leader in India (though Flipkart), as Flipkart had a&nbsp;31.9% market share&nbsp;as of Oct 20 according to Forrester Research, just ahead of its fierce rival, Amazon India, who had a 31.2% market share. Therefore, WMT looks very well positioned to compete strongly in India as the leader of a rapidly expanding e-commerce market.</p><p><blockquote>印度的电子商务行业（WMT在印度的主要渠道）预计将从2014年的140亿美元增长到2027年的2000亿美元，这将代表22.7%的惊人CAGR，这是一个令人难以置信的增长率。更重要的是，WMT是印度电子商务的领导者（尽管是Flipkart），根据Forrester Research的数据，截至10月20日，Flipkart拥有31.9%的市场份额，仅领先于其强劲的竞争对手亚马逊印度，后者拥有31.2%的市场份额。因此，作为快速扩张的电子商务市场的领导者，WMT看起来非常有能力在印度进行强有力的竞争。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c611e761c64537eac8600067ff46dce9\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart收入。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7fd83dbbe32e4623cfb108479191db5\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue YoY growth. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart收入同比增长。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> As we could observe from above, Flipkart’s FY 20 revenue of 346B rupees (equivalent to about $4.72B) has barely scratched the surface considering the market size of India’s e-commerce industry that was worth $64B in 2020. Even though the revenue growth of 12% YoY was an egregious deceleration from the previous year’s 42% YoY growth, the company has managed to reduce its net loss from 38.35B rupees to 31.5B rupees (see below), an improvement of 17% YoY. It would thus be important for investors to continue monitoring the health of its growth trend moving forward to evaluate whether there is a persistent deceleration that needs to be addressed by the company.</p><p><blockquote>正如我们从上面可以观察到的，考虑到2020年印度电子商务行业价值64B美元的市场规模，Flipkart 20财年的收入为346B卢比（相当于约47.2亿美元），这只是触及了表面。尽管12%的收入同比增长比上一年42%的同比增长大幅放缓，但该公司已成功将净亏损从38.35 B卢比减少至31.5 B卢比（见下文），同比增长17%。因此，投资者必须继续监测其未来增长趋势的健康状况，以评估公司是否存在需要解决的持续减速问题。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/84abc8cadd99bda1af002f8ef6a231ad\" tg-width=\"768\" tg-height=\"475\"><span>P/L of Flipkart. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart的损益。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/efdcc73d770fedc1353ca09154e30a26\" tg-width=\"600\" tg-height=\"371\"><span>Unified Payment Interface [UPI] usage across India. Data Source: The Financial Express (India); NPCI</span></p><p><blockquote><p class=\"t-img-caption\"><span>统一支付接口[UPI]在印度的使用。数据来源：《金融快报》（印度）；NPCI</span></p></blockquote></p><p></p><p> Meanwhile, the company’s UPI platform PhonePe is also the leader in UPI usage across India. UPI has become the dominant payments infrastructure across India with a&nbsp;73% share&nbsp;of all digital transactions volume as of Feb 21. However, due to the 30% transactions restriction cap placed on all third-party payment apps that include PhonePe by the authority [NPCI] on the leaders, PhonePe and Google Pay would need to meet a 2-year deadline to bring down their transactions share to within the 30% cap. In addition, WhatsApp Pay is also expected to play an increasingly important role in this rapidly expanding market and compete against Google Pay and PhonePe. Notwithstanding the cap placed by NPCI, the digital payments market in India is expected to grow from 2,153 trillion rupees in 2020 to 7,092 trillion rupees by 2025 (see below), which would represent a CAGR of 26.9%, thus giving us a high level of confidence that there is ample room for all the major competitors to grow. Walmart definitely looks incredibly well-positioned in the India e-commerce market, where its e-commerce growth is still very much in its infancy.</p><p><blockquote>与此同时，该公司的UPI平台PhonePe也是印度UPI使用的领导者。截至2月21日，UPI已成为印度占主导地位的支付基础设施，占所有数字交易量的73%。然而，由于NPCI对包括PhonePe在内的所有第三方支付应用程序设置了30%的交易限制上限，PhonePe和Google Pay需要在2年内将其交易份额降至30%上限以内。此外，WhatsApp Pay也有望在这个快速扩张的市场中扮演越来越重要的角色，与Google Pay和PhonePe展开竞争。尽管NPCI设定了上限，但印度的数字支付市场预计将从2020年的2153万亿卢比增长到2025年的7092万亿卢比（见下文），这将代表26.9%的CAGR，因此我们高度相信所有主要竞争对手都有足够的增长空间。沃尔玛在印度电子商务市场看起来无疑处于非常有利的地位，其电子商务增长仍处于起步阶段。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6273488f83e60a8d2c316d9296e7ad27\" tg-width=\"600\" tg-height=\"371\"><span>Digital payments market value across India. Data Source: Redseer</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度的数字支付市场价值。数据来源：Redseer</span></p></blockquote></p><p> <b>Considering Walmart's Valuations</b></p><p><blockquote><b>考虑到沃尔玛的估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2e1c5a07707bd380a3dab086be2be5c\" tg-width=\"1280\" tg-height=\"701\"><span>EV / EBITDA Metrics. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBITDA指标。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/537bf606c23aaa34ab1130ab1186f6d5\" tg-width=\"1280\" tg-height=\"694\"><span>EV / EBIT metrics. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBIT指标。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider WMT’s FCF and EBIT relative valuations using both EV / EBITDA - CapEx (as a proxy for FCF) and EV / EBIT, WMT is currently valued near the higher end of both valuations range (EV / LTM EBITDA: 14.7x, EV / LTM EBIT: 14.9x) over the last 5 years. In fact, when we consider the company forward valuations, we could observe that the market seems to have priced in quite a bit of optimism into WMT’s future EBIT and FCF growth in which the company is expected to execute well moving forward.</p><p><blockquote>当我们使用EV/EBITDA-资本支出（作为FCF的代理）和EV/EBIT来考虑WMT的FCF和EBIT相对估值时，WMT目前的估值接近两个估值范围的高端（EV/LTM EBITDA：14.7倍，EV/LTM EBIT：14.9倍）过去5年。事实上，当我们考虑该公司的远期估值时，我们可以观察到市场似乎已经消化了对WMT未来息税前利润和自由现金流增长的相当乐观的情绪，预计该公司未来将表现良好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38ba544168ae18b243f52b6359262acb\" tg-width=\"1280\" tg-height=\"884\"><span>EV / EBIT valuation metrics.</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBIT估值指标。</span></p></blockquote></p><p> Therefore, in order to have a basis on whether WMT’s forward valuations are also in line with what we expect from other companies, it would be useful to conduct an EV / EBIT comparison across a set of benchmark companies for us to have a reasonable basis to value WMT. We also observed that WMT’s EV / EBIT metrics have not been excessive when compared against this set of benchmark companies.</p><p><blockquote>因此，为了确定WMT的远期估值是否也符合我们对其他公司的预期，对一组基准公司进行EV/EBIT比较将是有用的，以便我们有一个合理的基础来评估WMT的价值。我们还观察到，与这组基准公司相比，WMT的EV/EBIT指标并不过分。</blockquote></p><p> Using a blend of their EV / LTM EBIT metric and their EV / Fwd EBIT metric, we arrived at a fair value of $156.42 at the midpoint of the fair value range, representing a potential upside of 11.7% from 15 Jun’s closing price of $140.</p><p><blockquote>综合使用EV/LTM EBIT指标和EV/Fwd EBIT指标，我们得出公允价值范围中点的公允价值为156.42美元，较6月15日收盘价140美元有11.7%的潜在上涨空间。</blockquote></p><p> <b>Price Action and Technical Analysis</b></p><p><blockquote><b>价格行为和技术分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eeab97d13426aa4d6f580b82aaf6bf4b\" tg-width=\"1280\" tg-height=\"784\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> WMT is a strong stock that has always been well supported along its long-term uptrend over the last 3 years. The 50W moving average has always acted as its key dynamic support level, including during the 2018 bear market, and the 2020 COVID-19 bear market, demonstrating the confidence of the market in this customary market leader. The support level at $127 also looks like an extremely strong support level that attracted strong buying interest during the retracement in Feb - Mar 21 and investors should consider this as a \"Buy more\" entry point if the price retraces to that level in the future. Currently, the stock is right at the 50W MA support level again, and I think at the current price level of $140, it still represents an optimal technical buy entry. Investors should however avoid buying near $154 in the near term as it’s expected to be a near term resistance level.</p><p><blockquote>WMT是一只强劲的股票，在过去3年的长期上升趋势中一直受到良好支撑。50W均线一直是其关键的动态支撑位，包括在2018年熊市期间，以及2020年COVID-19熊市期间，显示了市场对这一传统市场领导者的信心。127美元的支撑位看起来也是一个极其强劲的支撑位，在2月至3月21日的回撤期间吸引了强烈的买盘兴趣，如果价格在未来回撤至该水平，投资者应将其视为“买入更多”的切入点。目前，该股再次处于50W MA支撑位，我认为在当前140美元的价格水平下，它仍然代表着最佳的技术买入入场点。然而，投资者短期内应避免在154美元附近买入，因为预计这将是近期阻力位。</blockquote></p><p> <b>Wrapping it all up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Walmart’s international strategies, especially in India are looking very exciting and is expected to be the company's main international growth driver. Although its international segment is still a relatively small segment of the company’s overall revenue, it’s expected to lead the group’s growth in the foreseeable future and the market definitely thinks so as well as WMT is expected to be valued at higher multiples than what was observed historically. Investors should therefore take advantage of WMT’s current price weakness to add to this fantastic stock in view of its attractive valuation right now.</p><p><blockquote>沃尔玛的国际战略，尤其是在印度的战略，看起来非常令人兴奋，预计将成为该公司主要的国际增长动力。尽管其国际业务在公司总收入中仍占相对较小的一部分，但预计在可预见的未来，它将引领集团的增长，市场也肯定这么认为，而且WMT的估值预计将高于历史观察到的倍数。因此，鉴于WMT目前的估值极具吸引力，投资者应该利用WMT目前的价格疲软来增持这只出色的股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435090-walmart-stock-buy-for-international-growth-potential\">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":{"WMT":"沃尔玛"},"source_url":"https://seekingalpha.com/article/4435090-walmart-stock-buy-for-international-growth-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138373077","content_text":"Summary\n\nWalmart’s international segment is expected to lead the company’s revenue growth in the years ahead.\nThe company’s leadership through Flipkart in the rapidly growing India market is expected to be a key competitive advantage as it scales up to compete against Amazon India.\nAt the current price, Walmart is not expensive, and offers an attractive entry point for investors to partake in its international growth drivers.\n\nWolterk/iStock Editorial via Getty Images\nInvestment Thesis\nWalmart (WMT) has very exciting growth prospects in its international markets, especially in India where the market is expected to overtake Canada as the second largest international market segment, behind the leader Mexico by 2025. In addition, the company’s astute investment in Flipkart has given it the key leadership in the e-commerce segment in India which is expected to grow rapidly in the years ahead.\nSetting the Stage for International Expansion\nWalmart has grand ambitions on the international stage. After the completion of the divestiture of Asda and Seiyu last quarter, the company has set its sights on driving its international growth in the faster growing markets. The company also discussed at length its international priorities and opportunities in two recent conferences (DBAccess, andBaird) on how to take its international business to the next level.\nWMT net sales worldwide by division. Data Source: Company Filings\nWalmart’s international sales accounted for about 21.9% of FY 21 revenue. As we could observe from above, WMT’s international business as a whole has been largely stagnant in recent years even though its U.S. operations saw relatively stable and consistent growth. The company’s exit from Seiyu [Japan] and Asda [UK] in order to reallocate capital to its higher growth regions, notably in India and China, is an important step towards aligning its growth priorities and rejuvenating its international business segment. In fact, Walmart had even received pretty nasty press on its operations in Japan, asNikkei Asiaremarked: “Walmart's foreign flops can be attributed largely to tone-deaf management, which failed to take into account local business customs, dietary habits and labor relations, among other glaring oversights.” Notwithstanding the sensational allegations made by the Nikkei, I think WMT has actually performed admirably in its international business as it’s aprofitable segmentfor the company that posted an operating margin of 4.4% in Q1’22, as well as 3% in FY 21, 2.8% in FY 20, and 4% in FY 19, respectively.\nAsk Amazon How Hard It Is To Make Money Overseas\nIn order to understand how difficult it is to make money operating a retail business in international markets with a footprint as large as WMT, investors need to look no further than Amazon (AMZN), notwithstanding its focus on the e-commerce segment.\nAMZN annual Operating income by segment. Data Source: Company Filings\nAMZN quarterly operating income by segment. Data Source: Company Filings\nAs we could observe from the 2 charts above, AMZN’s international segment only recently started to turn an operating profit in Q2’20 after experiencing losses over the last 6 years, even though the North America segment continued to do well. It’s a good reminder to investors that WMT knows how to manage its large international footprint well and it’s really very difficult to run an operation as geographically diverse and huge as Walmart’s and be profitable at the same time, giving the company an extremely wide moat.\nIndia and China Expected to Lead Growth\nWMT projected net sales by country. Data Source: Edge by Ascential\nAlthough Mexico is still expected to remain as International’s most important revenue driver by 2025, India and China are expected to lead the growth, with India expected to be the company’s second largest international market by 2025.\nWMT projected revenue CAGR by country. Data Source: Edge by Ascential\nIndia’s 5Y CAGR of 10.4% is expected to outperform the rest of its international peers, followed by China in second place with a 5Y CAGR of 6.6%. The rest of its international markets are also expected to grow relatively fast, including the leader Mexico (5Y CAGR: 4.1%).\nWMT projected revenue mean consensus, and YoY growth. Data source: S&P Capital IQ\nIf we consider the company’s overall expected revenue growth in the next few years, investors should now be able to appreciate the importance of WMT’s international markets to drive the company’s topline and therefore managing the growth of its international segment well would provide the company a highly significant lever to drive results over time.\nLeading retail chain operators in China. Data Source: China Chain Store & Franchise Association\nAlthough WMT’s leadership in the U.S. is undisputed, it may not be the same in China. The competitive landscape in China is strongly dominated by Suning Commerce Group, and WMT’s China operations was actually ranked 7th in this survey. Therefore, there is a tremendous amount of sales potential for WMT to make up in order to move up the ranks among China’s retail leaders.\nTotal population in the U.S. and India. Data Source: IMF\nIn the market where it is expected to lead the company's growth: India, this is where the excitement for WMT’s international business really begins. India’s population is expected to grow from 1.324B in 2016 to 1.443B by 2025, which would represent a CAGR of 0.96%, faster than the U.S. population CAGR of 0.47%, that is twice as fast, despite having a population size that’s already 4x larger to start with.\nMarket size of e-commerce industry across India. Data Source: India Brand Equity Foundation; Various sources (Media sources); BCG; Bain & Company; Morgan Stanley\nIndia’s e-commerce industry (WMT’s main channel in India) is expected to grow from just $14B in 2014 to $200B by 2027, which would represent a whopping CAGR of 22.7%, an incredible growth rate. More importantly, WMT is an e-commerce leader in India (though Flipkart), as Flipkart had a 31.9% market share as of Oct 20 according to Forrester Research, just ahead of its fierce rival, Amazon India, who had a 31.2% market share. Therefore, WMT looks very well positioned to compete strongly in India as the leader of a rapidly expanding e-commerce market.\nFlipkart revenue. Data Source: Flipkart; Business Standard\nFlipkart revenue YoY growth. Data Source: Flipkart; Business Standard\nAs we could observe from above, Flipkart’s FY 20 revenue of 346B rupees (equivalent to about $4.72B) has barely scratched the surface considering the market size of India’s e-commerce industry that was worth $64B in 2020. Even though the revenue growth of 12% YoY was an egregious deceleration from the previous year’s 42% YoY growth, the company has managed to reduce its net loss from 38.35B rupees to 31.5B rupees (see below), an improvement of 17% YoY. It would thus be important for investors to continue monitoring the health of its growth trend moving forward to evaluate whether there is a persistent deceleration that needs to be addressed by the company.\nP/L of Flipkart. Data Source: Flipkart; Business Standard\nUnified Payment Interface [UPI] usage across India. Data Source: The Financial Express (India); NPCI\nMeanwhile, the company’s UPI platform PhonePe is also the leader in UPI usage across India. UPI has become the dominant payments infrastructure across India with a 73% share of all digital transactions volume as of Feb 21. However, due to the 30% transactions restriction cap placed on all third-party payment apps that include PhonePe by the authority [NPCI] on the leaders, PhonePe and Google Pay would need to meet a 2-year deadline to bring down their transactions share to within the 30% cap. In addition, WhatsApp Pay is also expected to play an increasingly important role in this rapidly expanding market and compete against Google Pay and PhonePe. Notwithstanding the cap placed by NPCI, the digital payments market in India is expected to grow from 2,153 trillion rupees in 2020 to 7,092 trillion rupees by 2025 (see below), which would represent a CAGR of 26.9%, thus giving us a high level of confidence that there is ample room for all the major competitors to grow. Walmart definitely looks incredibly well-positioned in the India e-commerce market, where its e-commerce growth is still very much in its infancy.\nDigital payments market value across India. Data Source: Redseer\nConsidering Walmart's Valuations\nEV / EBITDA Metrics. Data source: S&P Capital IQ\nEV / EBIT metrics. Data source: S&P Capital IQ\nWhen we consider WMT’s FCF and EBIT relative valuations using both EV / EBITDA - CapEx (as a proxy for FCF) and EV / EBIT, WMT is currently valued near the higher end of both valuations range (EV / LTM EBITDA: 14.7x, EV / LTM EBIT: 14.9x) over the last 5 years. In fact, when we consider the company forward valuations, we could observe that the market seems to have priced in quite a bit of optimism into WMT’s future EBIT and FCF growth in which the company is expected to execute well moving forward.\nEV / EBIT valuation metrics.\nTherefore, in order to have a basis on whether WMT’s forward valuations are also in line with what we expect from other companies, it would be useful to conduct an EV / EBIT comparison across a set of benchmark companies for us to have a reasonable basis to value WMT. We also observed that WMT’s EV / EBIT metrics have not been excessive when compared against this set of benchmark companies.\nUsing a blend of their EV / LTM EBIT metric and their EV / Fwd EBIT metric, we arrived at a fair value of $156.42 at the midpoint of the fair value range, representing a potential upside of 11.7% from 15 Jun’s closing price of $140.\nPrice Action and Technical Analysis\nSource: TradingView\nWMT is a strong stock that has always been well supported along its long-term uptrend over the last 3 years. The 50W moving average has always acted as its key dynamic support level, including during the 2018 bear market, and the 2020 COVID-19 bear market, demonstrating the confidence of the market in this customary market leader. The support level at $127 also looks like an extremely strong support level that attracted strong buying interest during the retracement in Feb - Mar 21 and investors should consider this as a \"Buy more\" entry point if the price retraces to that level in the future. Currently, the stock is right at the 50W MA support level again, and I think at the current price level of $140, it still represents an optimal technical buy entry. Investors should however avoid buying near $154 in the near term as it’s expected to be a near term resistance level.\nWrapping it all up\nWalmart’s international strategies, especially in India are looking very exciting and is expected to be the company's main international growth driver. Although its international segment is still a relatively small segment of the company’s overall revenue, it’s expected to lead the group’s growth in the foreseeable future and the market definitely thinks so as well as WMT is expected to be valued at higher multiples than what was observed historically. Investors should therefore take advantage of WMT’s current price weakness to add to this fantastic stock in view of its attractive valuation right now.","news_type":1,"symbols_score_info":{"WMT":0.9}},"isVote":1,"tweetType":1,"viewCount":2030,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163371173,"gmtCreate":1623860752892,"gmtModify":1634026843828,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163371173","repostId":"1118154026","repostType":4,"repost":{"id":"1118154026","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":1623850220,"share":"https://www.laohu8.com/m/news/1118154026?lang=zh_CN&edition=full","pubTime":"2021-06-16 21:30","market":"us","language":"en","title":"S&P 500 is flat near a record with all eyes on Federal Reserve’s update<blockquote>标普500持平于创纪录水平，所有人都在关注美联储的最新消息</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118154026","media":"Tiger Newspress","summary":"U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.\nTh","content":"<p>U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.</p><p><blockquote>在美联储更新货币政策之前，周三美国股市基本持平。</blockquote></p><p>  The Dow Jones Industrial Average traded 20 points higher. The S&amp;P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.</p><p><blockquote>道琼斯工业平均指数上涨20点。标普500小幅上涨0.1%，仅比前一交易日创下的历史高点低几个点。以科技股为主的纳斯达克综合指数小幅上涨0.2%。</blockquote></p><p>  Large tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.</p><p><blockquote>特斯拉和英伟达等大型科技股小幅走低，而经济重新开放公司皇家加勒比和嘉年华的股价分别上涨1%。</blockquote></p><p>  Stocks pulled back from record levels duringTuesday’s trading session, with the S&amp;P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.</p><p><blockquote>周二交易时段，股市从创纪录水平回落，标普500在当天早些时候触及盘中历史高点后收盘下跌0.2%。由于大型科技股疲软，道琼斯指数下跌近100点，纳斯达克综合指数下跌0.7%。</blockquote></p><p>  The Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.</p><p><blockquote>美联储周二开始了为期两天的会议。预计央行不会采取任何政策举措，但这可能表明它开始考虑使用债券购买政策。美联储还将于周三发布新的预测，这可能表明可能在2023年首次加息。此前，美联储官员尚未就2023年之前的加息达成共识。</blockquote></p><p>  The Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.</p><p><blockquote>美联储的声明和预测将于美国东部时间下午2点发布，30分钟后主席杰罗姆·鲍威尔将召开新闻发布会。</blockquote></p><p>  The meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p><p><blockquote>周二的一份报告显示，此次会议召开之际，通胀正在升温，5月份生产者价格以近11年来最快的年增长率上涨。这促使包括保罗·都铎·琼斯在内的一些人呼吁央行重新考虑其宽松的货币政策。</blockquote></p><p>  \"I still think&nbsp;equities are going higher,\" BlackRock global bond chief&nbsp;Rick Rieder&nbsp;said on CNBC's \"Squawk Box\" on Wednesday.&nbsp;\"If we don't hear anything&nbsp;different, then I worry a little&nbsp;bit about risk&nbsp;the system creates — you can&nbsp;create asset bubbles&nbsp;you can create leverage.&nbsp;We've seen markets that are a&nbsp;little bit concerning with&nbsp;literally zero spread to them&nbsp;for risk assets.\"</p><p><blockquote>贝莱德全球债券主管Rick Rieder周三在CNBC的“Squawk Box”节目中表示：“我仍然认为股市会走高。如果我们没有听到任何不同的消息，那么我有点担心这个系统会产生风险——你可以制造资产泡沫，你可以制造杠杆。我们已经看到一些市场对风险资产的利差几乎为零感到担忧。”</blockquote></p><p>  The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p><p><blockquote>随着经济继续从冠状病毒大流行中复苏，央行每月购买价值1200亿美元的债券。</blockquote></p><p>  \"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p><p><blockquote>联邦金融网络首席信息官布拉德·麦克米兰表示：“本周的戏剧性事件将是美联储是按兵不动，还是承认通胀正在上升，美联储需要收紧政策。”“由于美联储有双重使命——失业和通胀——这表明它确实应该将重点放在失业上，而不是通胀上。”</blockquote></p><p>  Minutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.</p><p><blockquote>美联储上次会议纪要显示，一些美联储官员表示，如果经济继续复苏，开始讨论调整债券购买计划可能是合适的。经济学家预测，虽然其中一些讨论可能会开始，但具体细节要到今年晚些时候才会披露。</blockquote></p><p>  On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p><p><blockquote>周三，中国表示将从国家储备中释放铜、铝和锌等工业金属，以抑制大宗商品价格。铜价较历史高点下跌逾10%，周二跌入回调区间。</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>S&P 500 is flat near a record with all eyes on Federal Reserve’s update<blockquote>标普500持平于创纪录水平，所有人都在关注美联储的最新消息</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\">\nS&P 500 is flat near a record with all eyes on Federal Reserve’s update<blockquote>标普500持平于创纪录水平，所有人都在关注美联储的最新消息</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\">2021-06-16 21:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.</p><p><blockquote>在美联储更新货币政策之前，周三美国股市基本持平。</blockquote></p><p>  The Dow Jones Industrial Average traded 20 points higher. The S&amp;P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.</p><p><blockquote>道琼斯工业平均指数上涨20点。标普500小幅上涨0.1%，仅比前一交易日创下的历史高点低几个点。以科技股为主的纳斯达克综合指数小幅上涨0.2%。</blockquote></p><p>  Large tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.</p><p><blockquote>特斯拉和英伟达等大型科技股小幅走低，而经济重新开放公司皇家加勒比和嘉年华的股价分别上涨1%。</blockquote></p><p>  Stocks pulled back from record levels duringTuesday’s trading session, with the S&amp;P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.</p><p><blockquote>周二交易时段，股市从创纪录水平回落，标普500在当天早些时候触及盘中历史高点后收盘下跌0.2%。由于大型科技股疲软，道琼斯指数下跌近100点，纳斯达克综合指数下跌0.7%。</blockquote></p><p>  The Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.</p><p><blockquote>美联储周二开始了为期两天的会议。预计央行不会采取任何政策举措，但这可能表明它开始考虑使用债券购买政策。美联储还将于周三发布新的预测，这可能表明可能在2023年首次加息。此前，美联储官员尚未就2023年之前的加息达成共识。</blockquote></p><p>  The Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.</p><p><blockquote>美联储的声明和预测将于美国东部时间下午2点发布，30分钟后主席杰罗姆·鲍威尔将召开新闻发布会。</blockquote></p><p>  The meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p><p><blockquote>周二的一份报告显示，此次会议召开之际，通胀正在升温，5月份生产者价格以近11年来最快的年增长率上涨。这促使包括保罗·都铎·琼斯在内的一些人呼吁央行重新考虑其宽松的货币政策。</blockquote></p><p>  \"I still think&nbsp;equities are going higher,\" BlackRock global bond chief&nbsp;Rick Rieder&nbsp;said on CNBC's \"Squawk Box\" on Wednesday.&nbsp;\"If we don't hear anything&nbsp;different, then I worry a little&nbsp;bit about risk&nbsp;the system creates — you can&nbsp;create asset bubbles&nbsp;you can create leverage.&nbsp;We've seen markets that are a&nbsp;little bit concerning with&nbsp;literally zero spread to them&nbsp;for risk assets.\"</p><p><blockquote>贝莱德全球债券主管Rick Rieder周三在CNBC的“Squawk Box”节目中表示：“我仍然认为股市会走高。如果我们没有听到任何不同的消息，那么我有点担心这个系统会产生风险——你可以制造资产泡沫，你可以制造杠杆。我们已经看到一些市场对风险资产的利差几乎为零感到担忧。”</blockquote></p><p>  The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p><p><blockquote>随着经济继续从冠状病毒大流行中复苏，央行每月购买价值1200亿美元的债券。</blockquote></p><p>  \"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p><p><blockquote>联邦金融网络首席信息官布拉德·麦克米兰表示：“本周的戏剧性事件将是美联储是按兵不动，还是承认通胀正在上升，美联储需要收紧政策。”“由于美联储有双重使命——失业和通胀——这表明它确实应该将重点放在失业上，而不是通胀上。”</blockquote></p><p>  Minutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.</p><p><blockquote>美联储上次会议纪要显示，一些美联储官员表示，如果经济继续复苏，开始讨论调整债券购买计划可能是合适的。经济学家预测，虽然其中一些讨论可能会开始，但具体细节要到今年晚些时候才会披露。</blockquote></p><p>  On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p><p><blockquote>周三，中国表示将从国家储备中释放铜、铝和锌等工业金属，以抑制大宗商品价格。铜价较历史高点下跌逾10%，周二跌入回调区间。</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":"1118154026","content_text":"U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.\nThe Dow Jones Industrial Average traded 20 points higher. The S&P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.\nLarge tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.\nStocks pulled back from record levels duringTuesday’s trading session, with the S&P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.\nThe Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.\nThe Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.\nThe meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.\n\"I still think equities are going higher,\" BlackRock global bond chief Rick Rieder said on CNBC's \"Squawk Box\" on Wednesday. \"If we don't hear anything different, then I worry a little bit about risk the system creates — you can create asset bubbles you can create leverage. We've seen markets that are a little bit concerning with literally zero spread to them for risk assets.\"\nThe central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.\n\"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"\nMinutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.\nOn Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2350,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169875932,"gmtCreate":1623830752826,"gmtModify":1634027433929,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169875932","repostId":"1127823989","repostType":2,"isVote":1,"tweetType":1,"viewCount":1940,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169879487,"gmtCreate":1623830556049,"gmtModify":1634027438092,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169879487","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":1136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169321314,"gmtCreate":1623817786738,"gmtModify":1634027615251,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share 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it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169320759","repostId":"1146386859","repostType":2,"isVote":1,"tweetType":1,"viewCount":441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":164148350,"gmtCreate":1624185282370,"gmtModify":1634009690966,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/164148350","repostId":"1113942445","repostType":4,"isVote":1,"tweetType":1,"viewCount":2242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166599900,"gmtCreate":1624015858200,"gmtModify":1634024097133,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166599900","repostId":"2144773750","repostType":4,"isVote":1,"tweetType":1,"viewCount":912,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123147777,"gmtCreate":1624413668199,"gmtModify":1634006470137,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123147777","repostId":"1126010678","repostType":4,"repost":{"id":"1126010678","kind":"news","pubTimestamp":1624412603,"share":"https://www.laohu8.com/m/news/1126010678?lang=zh_CN&edition=full","pubTime":"2021-06-23 09:43","market":"us","language":"en","title":"Krispy Kreme Seeks $640 Million in IPO as Sales Move Online<blockquote>随着销售转向线上，Krispy Kreme寻求6.4亿美元IPO</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126010678","media":"Bloomberg","summary":"(Bloomberg) -- Krispy Kreme Inc., the doughnut chain owned by JAB Holdings BV, is seeking to raise a","content":"<p>(Bloomberg) -- Krispy Kreme Inc., the doughnut chain owned by JAB Holdings BV, is seeking to raise as much as $640 million in an initial public offering.</p><p><blockquote>（彭博）——JAB Holdings BV旗下的甜甜圈连锁店Krispy Kreme Inc.正寻求通过首次公开募股筹集高达6.4亿美元的资金。</blockquote></p><p> The company said in a filing Tuesday that it plans to sell almost 27 million shares for $21 to $24 apiece. At the top end of the range, Krispy Kreme would have a market value of $3.86 billion based on the outstanding shares listed in the filing with the U.S. Securities and Exchange Commission.</p><p><blockquote>该公司在周二提交的文件中表示，计划以每股21至24美元的价格出售近2700万股股票。根据向美国证券交易委员会提交的文件中列出的已发行股票，Krispy Kreme的市值将达到38.6亿美元。</blockquote></p><p> Amid photos of doughnuts dripping with sugary glaze and dotted with sprinkles, the company declares in the filing that its purpose is “to touch and enhance lives through the joy of Krispy Kreme.”</p><p><blockquote>在甜甜圈滴着糖釉并点缀着糖屑的照片中，该公司在文件中宣称，其目的是“通过Krispy Kreme的快乐来感动和改善生活”。</blockquote></p><p> Since its acquisition by Luxembourg-based conglomerate JAB in 2016, Krispy Kreme has expanded its online presence. Its e-commerce business now accounts for close to a fifth of sales in the U.S., fueled by its Insomnia Cookies delivery concept.</p><p><blockquote>自2016年被卢森堡企业集团JAB收购以来，Krispy Kreme扩大了其在线业务。在失眠饼干配送概念的推动下，其电子商务业务目前占美国销售额的近五分之一。</blockquote></p><p> Net revenue for the Charlotte, North Carolina-based chain rose 23% to $322 million in the quarter ended April 4, according to the filing. Its net loss for the quarter shrunk from $11 million in 2020 to $378,000 this year.</p><p><blockquote>文件显示，截至4月4日的季度，这家总部位于北卡罗来纳州夏洛特的连锁店的净收入增长了23%，达到3.22亿美元。该季度净亏损从2020年的1100万美元缩小至今年的37.8万美元。</blockquote></p><p> Krispy Kreme plans to use proceeds from the IPO to pay down debt and buy back shares from certain executives, as well as for general corporate purposes, according to the filing. JAB will continue to own almost 78% of the company’s shares after the IPO.</p><p><blockquote>文件显示，Krispy Kreme计划将IPO所得用于偿还债务、从某些高管手中回购股票以及用于一般公司用途。IPO后，JAB将继续持有该公司近78%的股份。</blockquote></p><p> The offering is being led by JPMorgan Chase &amp; Co., Morgan Stanley, Bank of America Corp. and Citigroup Inc. The company plans to list on the Nasdaq Global Select Market under the symbol DNUT.</p><p><blockquote>此次发行由摩根大通、摩根士丹利、美国银行和花旗集团牵头。该公司计划在纳斯达克全球精选市场上市，代码为DNUT。</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>Krispy Kreme Seeks $640 Million in IPO as Sales Move Online<blockquote>随着销售转向线上，Krispy Kreme寻求6.4亿美元IPO</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\">\nKrispy Kreme Seeks $640 Million in IPO as Sales Move Online<blockquote>随着销售转向线上，Krispy Kreme寻求6.4亿美元IPO</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-06-23 09:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- Krispy Kreme Inc., the doughnut chain owned by JAB Holdings BV, is seeking to raise as much as $640 million in an initial public offering.</p><p><blockquote>（彭博）——JAB Holdings BV旗下的甜甜圈连锁店Krispy Kreme Inc.正寻求通过首次公开募股筹集高达6.4亿美元的资金。</blockquote></p><p> The company said in a filing Tuesday that it plans to sell almost 27 million shares for $21 to $24 apiece. At the top end of the range, Krispy Kreme would have a market value of $3.86 billion based on the outstanding shares listed in the filing with the U.S. Securities and Exchange Commission.</p><p><blockquote>该公司在周二提交的文件中表示，计划以每股21至24美元的价格出售近2700万股股票。根据向美国证券交易委员会提交的文件中列出的已发行股票，Krispy Kreme的市值将达到38.6亿美元。</blockquote></p><p> Amid photos of doughnuts dripping with sugary glaze and dotted with sprinkles, the company declares in the filing that its purpose is “to touch and enhance lives through the joy of Krispy Kreme.”</p><p><blockquote>在甜甜圈滴着糖釉并点缀着糖屑的照片中，该公司在文件中宣称，其目的是“通过Krispy Kreme的快乐来感动和改善生活”。</blockquote></p><p> Since its acquisition by Luxembourg-based conglomerate JAB in 2016, Krispy Kreme has expanded its online presence. Its e-commerce business now accounts for close to a fifth of sales in the U.S., fueled by its Insomnia Cookies delivery concept.</p><p><blockquote>自2016年被卢森堡企业集团JAB收购以来，Krispy Kreme扩大了其在线业务。在失眠饼干配送概念的推动下，其电子商务业务目前占美国销售额的近五分之一。</blockquote></p><p> Net revenue for the Charlotte, North Carolina-based chain rose 23% to $322 million in the quarter ended April 4, according to the filing. Its net loss for the quarter shrunk from $11 million in 2020 to $378,000 this year.</p><p><blockquote>文件显示，截至4月4日的季度，这家总部位于北卡罗来纳州夏洛特的连锁店的净收入增长了23%，达到3.22亿美元。该季度净亏损从2020年的1100万美元缩小至今年的37.8万美元。</blockquote></p><p> Krispy Kreme plans to use proceeds from the IPO to pay down debt and buy back shares from certain executives, as well as for general corporate purposes, according to the filing. JAB will continue to own almost 78% of the company’s shares after the IPO.</p><p><blockquote>文件显示，Krispy Kreme计划将IPO所得用于偿还债务、从某些高管手中回购股票以及用于一般公司用途。IPO后，JAB将继续持有该公司近78%的股份。</blockquote></p><p> The offering is being led by JPMorgan Chase &amp; Co., Morgan Stanley, Bank of America Corp. and Citigroup Inc. The company plans to list on the Nasdaq Global Select Market under the symbol DNUT.</p><p><blockquote>此次发行由摩根大通、摩根士丹利、美国银行和花旗集团牵头。该公司计划在纳斯达克全球精选市场上市，代码为DNUT。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/krispy-kreme-sets-price-range-154753866.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":{"DNUT":"Krispy Kreme, Inc."},"source_url":"https://finance.yahoo.com/news/krispy-kreme-sets-price-range-154753866.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126010678","content_text":"(Bloomberg) -- Krispy Kreme Inc., the doughnut chain owned by JAB Holdings BV, is seeking to raise as much as $640 million in an initial public offering.\nThe company said in a filing Tuesday that it plans to sell almost 27 million shares for $21 to $24 apiece. At the top end of the range, Krispy Kreme would have a market value of $3.86 billion based on the outstanding shares listed in the filing with the U.S. Securities and Exchange Commission.\nAmid photos of doughnuts dripping with sugary glaze and dotted with sprinkles, the company declares in the filing that its purpose is “to touch and enhance lives through the joy of Krispy Kreme.”\nSince its acquisition by Luxembourg-based conglomerate JAB in 2016, Krispy Kreme has expanded its online presence. Its e-commerce business now accounts for close to a fifth of sales in the U.S., fueled by its Insomnia Cookies delivery concept.\nNet revenue for the Charlotte, North Carolina-based chain rose 23% to $322 million in the quarter ended April 4, according to the filing. Its net loss for the quarter shrunk from $11 million in 2020 to $378,000 this year.\nKrispy Kreme plans to use proceeds from the IPO to pay down debt and buy back shares from certain executives, as well as for general corporate purposes, according to the filing. JAB will continue to own almost 78% of the company’s shares after the IPO.\nThe offering is being led by JPMorgan Chase & Co., Morgan Stanley, Bank of America Corp. and Citigroup Inc. The company plans to list on the Nasdaq Global Select Market under the symbol DNUT.","news_type":1,"symbols_score_info":{"DNUT":0.9}},"isVote":1,"tweetType":1,"viewCount":1378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167025398,"gmtCreate":1624240149714,"gmtModify":1634009073544,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167025398","repostId":"2145707639","repostType":4,"isVote":1,"tweetType":1,"viewCount":1437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169875932,"gmtCreate":1623830752826,"gmtModify":1634027433929,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169875932","repostId":"1127823989","repostType":2,"isVote":1,"tweetType":1,"viewCount":1940,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169879487,"gmtCreate":1623830556049,"gmtModify":1634027438092,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169879487","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":1136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150995469,"gmtCreate":1624880482251,"gmtModify":1633947598956,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/150995469","repostId":"2146047887","repostType":4,"repost":{"id":"2146047887","kind":"highlight","pubTimestamp":1624879076,"share":"https://www.laohu8.com/m/news/2146047887?lang=zh_CN&edition=full","pubTime":"2021-06-28 19:17","market":"us","language":"en","title":"Fed official says another boom-and-bust housing market is not sustainable<blockquote>美联储官员称房地产市场再次繁荣和萧条不可持续</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2146047887","media":"MarketWatch","summary":"“It’s very important for us to get back to our 2 percent inflation target but the goal is for that t","content":"<p>  “It’s very important for us to get back to our 2 percent inflation target but the goal is for that to be sustainable. And for that to be sustainable, we can’t have a boom and bust cycle in something like real estate.”    — Boston Fed President Eric Rosengren  Eric Rosengren, the president of the Boston Fed, expressed concern over the housing market in an interview with the Financial Times , and it comes as data shows house prices soaring. The median price for an existing home sale skyrocketed 24% in May. Other house price measures also are surging.</p><p><blockquote>“对我们来说，回到2%的通胀目标非常重要，但我们的目标是使其可持续。为了使其可持续，我们不能在房地产等领域出现繁荣和萧条周期。”——波士顿联储主席Eric Rosengren波士顿联储主席Eric Rosengren在接受英国《金融时报》采访时表达了对房地产市场的担忧，而此时数据显示房价正在飙升。5月份现房销售的中值价格飙升了24%。其他房价指标也在飙升。</blockquote></p><p> Rosengren noted the financial stability concerns that come from boom-and-bust real estate cycles. In 2008, there was a global financial crisis as the housing market collapsed.</p><p><blockquote>罗森格伦指出了来自房地产周期繁荣和萧条的金融稳定担忧。2008年，随着房地产市场崩溃，爆发了全球金融危机。</blockquote></p><p> Rosengren's comments come amid intense debate at the central bank as to when it should start reduce the rate of its monthly bond purchases.</p><p><blockquote>罗森格伦发表上述言论之际，央行正在就何时应该开始降低每月债券购买率展开激烈辩论。</blockquote></p><p> Rosengren's view does not appear to be shared, as yet, by the core of Fed officials who set policy. MarketWatch's Greg Robb asked Fed Chair Jerome Powell in April about the fact the central bank was buying mortgage-backed securities, which was helping to boost the housing market. Powell did not express alarm.</p><p><blockquote>罗森格伦的观点似乎尚未得到制定政策的美联储核心官员的认同。MarketWatch的格雷格·罗伯(Greg Robb)四月份向美联储主席杰罗姆·鲍威尔(Jerome Powell)询问了美联储购买抵押贷款支持证券的事实，这有助于提振房地产市场。鲍威尔没有表示惊慌。</blockquote></p><p> \"It's not meant to provide direct assistance to the housing market. That was never the intent. It was really just to keep that as--it's a very close relation to the Treasury market and a very important market on its own. And so that's why we bought as we did during the Global Financial Crisis; we bought MBS too,\" said Powell.</p><p><blockquote>“这并不意味着向房地产市场提供直接援助。这从来都不是本意。实际上只是为了保持这一点——它与国债市场关系非常密切，本身就是一个非常重要的市场。所以这就是为什么我们像在全球金融危机期间那样买入；我们也购买了MBS，”鲍威尔说。</blockquote></p><p> He gave no indication the Fed would make a distinction between tapering Treasury and mortgage-backed securities.</p><p><blockquote>他没有表示美联储会区分缩减美国国债和抵押贷款支持证券。</blockquote></p><p></p>","source":"lsy1603348471595","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>Fed official says another boom-and-bust housing market is not sustainable<blockquote>美联储官员称房地产市场再次繁荣和萧条不可持续</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\">\nFed official says another boom-and-bust housing market is not sustainable<blockquote>美联储官员称房地产市场再次繁荣和萧条不可持续</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-28 19:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  “It’s very important for us to get back to our 2 percent inflation target but the goal is for that to be sustainable. And for that to be sustainable, we can’t have a boom and bust cycle in something like real estate.”    — Boston Fed President Eric Rosengren  Eric Rosengren, the president of the Boston Fed, expressed concern over the housing market in an interview with the Financial Times , and it comes as data shows house prices soaring. The median price for an existing home sale skyrocketed 24% in May. Other house price measures also are surging.</p><p><blockquote>“对我们来说，回到2%的通胀目标非常重要，但我们的目标是使其可持续。为了使其可持续，我们不能在房地产等领域出现繁荣和萧条周期。”——波士顿联储主席Eric Rosengren波士顿联储主席Eric Rosengren在接受英国《金融时报》采访时表达了对房地产市场的担忧，而此时数据显示房价正在飙升。5月份现房销售的中值价格飙升了24%。其他房价指标也在飙升。</blockquote></p><p> Rosengren noted the financial stability concerns that come from boom-and-bust real estate cycles. In 2008, there was a global financial crisis as the housing market collapsed.</p><p><blockquote>罗森格伦指出了来自房地产周期繁荣和萧条的金融稳定担忧。2008年，随着房地产市场崩溃，爆发了全球金融危机。</blockquote></p><p> Rosengren's comments come amid intense debate at the central bank as to when it should start reduce the rate of its monthly bond purchases.</p><p><blockquote>罗森格伦发表上述言论之际，央行正在就何时应该开始降低每月债券购买率展开激烈辩论。</blockquote></p><p> Rosengren's view does not appear to be shared, as yet, by the core of Fed officials who set policy. MarketWatch's Greg Robb asked Fed Chair Jerome Powell in April about the fact the central bank was buying mortgage-backed securities, which was helping to boost the housing market. Powell did not express alarm.</p><p><blockquote>罗森格伦的观点似乎尚未得到制定政策的美联储核心官员的认同。MarketWatch的格雷格·罗伯(Greg Robb)四月份向美联储主席杰罗姆·鲍威尔(Jerome Powell)询问了美联储购买抵押贷款支持证券的事实，这有助于提振房地产市场。鲍威尔没有表示惊慌。</blockquote></p><p> \"It's not meant to provide direct assistance to the housing market. That was never the intent. It was really just to keep that as--it's a very close relation to the Treasury market and a very important market on its own. And so that's why we bought as we did during the Global Financial Crisis; we bought MBS too,\" said Powell.</p><p><blockquote>“这并不意味着向房地产市场提供直接援助。这从来都不是本意。实际上只是为了保持这一点——它与国债市场关系非常密切，本身就是一个非常重要的市场。所以这就是为什么我们像在全球金融危机期间那样买入；我们也购买了MBS，”鲍威尔说。</blockquote></p><p> He gave no indication the Fed would make a distinction between tapering Treasury and mortgage-backed securities.</p><p><blockquote>他没有表示美联储会区分缩减美国国债和抵押贷款支持证券。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/fed-official-says-another-boom-and-bust-housing-market-is-not-sustainable-11624876223?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/fed-official-says-another-boom-and-bust-housing-market-is-not-sustainable-11624876223?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146047887","content_text":"“It’s very important for us to get back to our 2 percent inflation target but the goal is for that to be sustainable. And for that to be sustainable, we can’t have a boom and bust cycle in something like real estate.”\n\n\n — Boston Fed President Eric Rosengren\n\nEric Rosengren, the president of the Boston Fed, expressed concern over the housing market in an interview with the Financial Times , and it comes as data shows house prices soaring. The median price for an existing home sale skyrocketed 24% in May. Other house price measures also are surging.\nRosengren noted the financial stability concerns that come from boom-and-bust real estate cycles. In 2008, there was a global financial crisis as the housing market collapsed.\nRosengren's comments come amid intense debate at the central bank as to when it should start reduce the rate of its monthly bond purchases.\nRosengren's view does not appear to be shared, as yet, by the core of Fed officials who set policy. MarketWatch's Greg Robb asked Fed Chair Jerome Powell in April about the fact the central bank was buying mortgage-backed securities, which was helping to boost the housing market. Powell did not express alarm.\n\"It's not meant to provide direct assistance to the housing market. That was never the intent. It was really just to keep that as--it's a very close relation to the Treasury market and a very important market on its own. And so that's why we bought as we did during the Global Financial Crisis; we bought MBS too,\" said Powell.\nHe gave no indication the Fed would make a distinction between tapering Treasury and mortgage-backed securities.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121007564,"gmtCreate":1624442517258,"gmtModify":1634006098611,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"But coin going down&nbsp;","listText":"But coin going down&nbsp;","text":"But coin going down","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121007564","repostId":"1143470407","repostType":4,"isVote":1,"tweetType":1,"viewCount":2516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161866121,"gmtCreate":1623918252063,"gmtModify":1634025895101,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161866121","repostId":"1138373077","repostType":4,"repost":{"id":"1138373077","kind":"news","pubTimestamp":1623915483,"share":"https://www.laohu8.com/m/news/1138373077?lang=zh_CN&edition=full","pubTime":"2021-06-17 15:38","market":"us","language":"en","title":"Walmart: Buy On Weakness For Its Exciting International Growth Prospects<blockquote>沃尔玛：因其令人兴奋的国际增长前景而逢低买入</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138373077","media":"seekingalpha","summary":"Summary\n\nWalmart’s international segment is expected to lead the company’s revenue growth in the yea","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Walmart’s international segment is expected to lead the company’s revenue growth in the years ahead.</li>  <li>The company’s leadership through Flipkart in the rapidly growing India market is expected to be a key competitive advantage as it scales up to compete against Amazon India.</li>  <li>At the current price, Walmart is not expensive, and offers an attractive entry point for investors to partake in its international growth drivers.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af09545cba715476092d754f8df38e8a\" tg-width=\"768\" tg-height=\"512\"><span>Wolterk/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>沃尔玛的国际部门预计将在未来几年引领公司的收入增长。</li><li>该公司通过Flipkart在快速增长的印度市场的领导地位预计将成为其扩大规模以与亚马逊印度竞争的关键竞争优势。</li><li>以目前的价格来看，沃尔玛并不昂贵，并为投资者参与其国际增长动力提供了一个有吸引力的切入点。</li></ul><p class=\"t-img-caption\"><span>Wolterk/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Walmart (WMT) has very exciting growth prospects in its international markets, especially in India where the market is expected to overtake Canada as the second largest international market segment, behind the leader Mexico by 2025. In addition, the company’s astute investment in Flipkart has given it the key leadership in the e-commerce segment in India which is expected to grow rapidly in the years ahead.</p><p><blockquote>沃尔玛(WMT)在其国际市场上有着非常令人兴奋的增长前景，尤其是在印度，预计到2025年，该市场将超过加拿大，成为第二大国际细分市场，仅次于领先的墨西哥。此外，该公司对Flipkart的精明投资使其在印度电子商务领域占据了关键的领导地位，预计该领域将在未来几年快速增长。</blockquote></p><p> <b>Setting the Stage for International Expansion</b></p><p><blockquote><b>为国际扩张奠定基础</b></blockquote></p><p> Walmart has grand ambitions on the international stage. After the completion of the&nbsp;divestiture of Asda and Seiyu&nbsp;last quarter, the company has set its sights on driving its international growth in the faster growing markets. The company also discussed at length its international priorities and opportunities in two recent conferences (DBAccess, andBaird) on how to take its international business to the next level.</p><p><blockquote>沃尔玛在国际舞台上雄心勃勃。在上季度完成对Asda和Seiyu的剥离后，该公司已将目光投向在增长更快的市场推动其国际增长。该公司还在最近的两次会议（DBAccess和Baird）上详细讨论了如何将其国际业务提升到一个新水平的国际优先事项和机遇。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/917a0bddc47fb6071bfd416976abe840\" tg-width=\"600\" tg-height=\"371\"><span>WMT net sales worldwide by division. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按部门划分的全球净销售额。数据来源：公司备案</span></p></blockquote></p><p> Walmart’s international sales accounted for about 21.9% of FY 21 revenue. As we could observe from above, WMT’s international business as a whole has been largely stagnant in recent years even though its U.S. operations saw relatively stable and consistent growth. The company’s exit from Seiyu [Japan] and Asda [UK] in order to reallocate capital to its higher growth regions, notably in India and China, is an important step towards aligning its growth priorities and rejuvenating its international business segment. In fact, Walmart had even received pretty nasty press on its operations in Japan, asNikkei Asiaremarked: “Walmart's foreign flops can be attributed largely to tone-deaf management, which failed to take into account local business customs, dietary habits and labor relations, among other glaring oversights.” Notwithstanding the sensational allegations made by the Nikkei, I think WMT has actually performed admirably in its international business as it’s aprofitable segmentfor the company that posted an operating margin of 4.4% in Q1’22, as well as 3% in FY 21, 2.8% in FY 20, and 4% in FY 19, respectively.</p><p><blockquote>沃尔玛的国际销售额约占21财年收入的21.9%。正如我们从上面可以观察到的，尽管WMT的美国业务出现了相对稳定和持续的增长，但其国际业务近年来整体上基本上停滞不前。该公司退出西友（日本）和阿斯达（英国），以便将资本重新分配到增长较高的地区，特别是印度和中国，这是调整其增长重点和振兴其国际业务部门的重要一步。事实上，沃尔玛在日本的业务甚至受到了相当恶劣的媒体，《日经亚洲》评论道：“沃尔玛在国外的失败很大程度上可以归因于五音不全的管理层，他们没有考虑到当地的商业习俗、饮食习惯和劳资关系等。”其他明显的疏忽。”尽管《日经指数》提出了耸人听闻的指控，但我认为WMT在其国际业务方面实际上表现令人钦佩，因为该公司在22年第一季度的营业利润率为4.4%，21财年为3%，20财年为2.8%，19财年为4%。</blockquote></p><p> <b>Ask Amazon How Hard It Is To Make Money Overseas</b></p><p><blockquote><b>问问亚马逊在海外赚钱有多难</b></blockquote></p><p> In order to understand how difficult it is to make money operating a retail business in international markets with a footprint as large as WMT, investors need to look no further than Amazon (AMZN), notwithstanding its focus on the e-commerce segment.</p><p><blockquote>为了了解在像WMT这样规模庞大的国际市场上经营零售业务赚钱有多困难，投资者只需看看亚马逊(AMZN)就知道了，尽管它专注于电子商务领域。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f155f05bf035f522fff05f7c5802740\" tg-width=\"849\" tg-height=\"525\"><span>AMZN annual Operating income by segment. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN按部门划分的年度营业收入。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa70bfe2b8a379252d91f48a78becd52\" tg-width=\"600\" tg-height=\"371\"><span>AMZN quarterly operating income by segment. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN按部门划分的季度营业收入。数据来源：公司备案</span></p></blockquote></p><p> As we could observe from the 2 charts above, AMZN’s international segment only recently started to turn an operating profit in Q2’20 after experiencing losses over the last 6 years, even though the North America segment continued to do well. It’s a good reminder to investors that WMT knows how to manage its large international footprint well and it’s really very difficult to run an operation as geographically diverse and huge as Walmart’s and be profitable at the same time, giving the company an extremely wide moat.</p><p><blockquote>正如我们从上面的两张图表中可以观察到的，尽管北美部门继续表现良好，但AMZN的国际部门在经历了过去6年的亏损后，最近才在20年第二季度开始扭亏为盈。这是对投资者的一个很好的提醒，WMT知道如何很好地管理其庞大的国际足迹，而且要经营像沃尔玛这样地域多元化和规模庞大的业务，同时实现盈利，从而为该公司提供极其宽阔的护城河，确实非常困难。</blockquote></p><p> <b>India and China Expected to Lead Growth</b></p><p><blockquote><b>印度和中国有望引领增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5de7690e94d33c1fa7d9a17901080007\" tg-width=\"833\" tg-height=\"515\"><span>WMT projected net sales by country. Data Source: Edge by Ascential</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按国家/地区预测净销售额。数据来源：Edge by Ascential</span></p></blockquote></p><p> Although Mexico is still expected to remain as International’s most important revenue driver by 2025, India and China are expected to lead the growth, with India expected to be the company’s second largest international market by 2025.</p><p><blockquote>尽管墨西哥预计到2025年仍将是国际最重要的收入驱动力，但印度和中国预计将引领增长，预计到2025年印度将成为该公司的第二大国际市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb39da945b2a8ef4d8bc56b06bf945b7\" tg-width=\"600\" tg-height=\"371\"><span>WMT projected revenue CAGR by country. Data Source: Edge by Ascential</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按国家/地区预测的CAGR收入。数据来源：Edge by Ascential</span></p></blockquote></p><p></p><p> India’s 5Y CAGR of 10.4% is expected to outperform the rest of its international peers, followed by China in second place with a 5Y CAGR of 6.6%. The rest of its international markets are also expected to grow relatively fast, including the leader Mexico (5Y CAGR: 4.1%).</p><p><blockquote>印度的5年复合年增长率为10.4%，预计将优于其他国际同行，其次是中国，5年复合年增长率为6.6%。其其他国际市场预计也将相对快速增长，包括领先的墨西哥（5年复合年增长率：4.1%）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9a2cee8cc3738a2a615afe99152dd5f\" tg-width=\"1280\" tg-height=\"738\"><span>WMT projected revenue mean consensus, and YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT预计收入意味着共识和同比增长。数据来源：标普资本智商</span></p></blockquote></p><p> If we consider the company’s overall expected revenue growth in the next few years, investors should now be able to appreciate the importance of WMT’s international markets to drive the company’s topline and therefore managing the growth of its international segment well would provide the company a highly significant lever to drive results over time.</p><p><blockquote>如果我们考虑公司未来几年的整体预期收入增长，投资者现在应该能够认识到WMT国际市场对于推动公司营收的重要性，因此管理好其国际部门的增长将为公司提供一个非常重要的杠杆随着时间的推移推动结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b6a11308afe3976fe54e67f76f8f596\" tg-width=\"873\" tg-height=\"540\"><span>Leading retail chain operators in China. Data Source: China Chain Store &amp; Franchise Association</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国领先的零售连锁运营商。数据来源：中国连锁经营协会</span></p></blockquote></p><p> Although WMT’s leadership in the U.S. is undisputed, it may not be the same in China. The competitive landscape in China is strongly dominated by Suning Commerce Group, and WMT’s China operations was actually ranked 7th in this survey. Therefore, there is a tremendous amount of sales potential for WMT to make up in order to move up the ranks among China’s retail leaders.</p><p><blockquote>尽管WMT在美国的领导地位无可争议，但在中国可能就不一样了。中国的竞争格局由苏宁商业集团强势主导，WMT的中国业务在本次调查中实际上排名第7。因此，WMT有巨大的销售潜力可以弥补，以跻身中国零售领导者的行列。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0338751a0a7661f724cfa43c4acb5c58\" tg-width=\"600\" tg-height=\"371\"><span>Total population in the U.S. and India. Data Source: IMF</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国和印度的总人口。数据来源：IMF</span></p></blockquote></p><p> In the market where it is expected to lead the company's growth: India, this is where the excitement for WMT’s international business really begins. India’s population is expected to grow from 1.324B in 2016 to 1.443B by 2025, which would represent a CAGR of 0.96%, faster than the U.S. population CAGR of 0.47%, that is twice as fast, despite having a population size that’s already 4x larger to start with.</p><p><blockquote>在有望引领公司增长的市场：印度，这是WMT国际业务真正令人兴奋的地方。印度人口预计将从2016年的13.24亿增长到2025年的14.43亿，这将代表0.96%的CAGR，比美国0.47%的人口CAGR快，是美国的两倍，尽管印度的人口规模已经是美国的4倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab0dcd47a074df2156c16ea1db021061\" tg-width=\"600\" tg-height=\"371\"><span>Market size of e-commerce industry across India. Data Source: India Brand Equity Foundation; Various sources (Media sources); BCG; Bain &amp; Company; Morgan Stanley</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度电子商务行业的市场规模。数据来源：印度品牌资产基金会；各种来源（媒体来源）；卡介苗；贝恩公司；摩根士丹利</span></p></blockquote></p><p> India’s e-commerce industry (WMT’s main channel in India) is expected to grow from just $14B in 2014 to $200B by 2027, which would represent a whopping CAGR of 22.7%, an incredible growth rate. More importantly, WMT is an e-commerce leader in India (though Flipkart), as Flipkart had a&nbsp;31.9% market share&nbsp;as of Oct 20 according to Forrester Research, just ahead of its fierce rival, Amazon India, who had a 31.2% market share. Therefore, WMT looks very well positioned to compete strongly in India as the leader of a rapidly expanding e-commerce market.</p><p><blockquote>印度的电子商务行业（WMT在印度的主要渠道）预计将从2014年的140亿美元增长到2027年的2000亿美元，这将代表22.7%的惊人CAGR，这是一个令人难以置信的增长率。更重要的是，WMT是印度电子商务的领导者（尽管是Flipkart），根据Forrester Research的数据，截至10月20日，Flipkart拥有31.9%的市场份额，仅领先于其强劲的竞争对手亚马逊印度，后者拥有31.2%的市场份额。因此，作为快速扩张的电子商务市场的领导者，WMT看起来非常有能力在印度进行强有力的竞争。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c611e761c64537eac8600067ff46dce9\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart收入。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7fd83dbbe32e4623cfb108479191db5\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue YoY growth. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart收入同比增长。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> As we could observe from above, Flipkart’s FY 20 revenue of 346B rupees (equivalent to about $4.72B) has barely scratched the surface considering the market size of India’s e-commerce industry that was worth $64B in 2020. Even though the revenue growth of 12% YoY was an egregious deceleration from the previous year’s 42% YoY growth, the company has managed to reduce its net loss from 38.35B rupees to 31.5B rupees (see below), an improvement of 17% YoY. It would thus be important for investors to continue monitoring the health of its growth trend moving forward to evaluate whether there is a persistent deceleration that needs to be addressed by the company.</p><p><blockquote>正如我们从上面可以观察到的，考虑到2020年印度电子商务行业价值64B美元的市场规模，Flipkart 20财年的收入为346B卢比（相当于约47.2亿美元），这只是触及了表面。尽管12%的收入同比增长比上一年42%的同比增长大幅放缓，但该公司已成功将净亏损从38.35 B卢比减少至31.5 B卢比（见下文），同比增长17%。因此，投资者必须继续监测其未来增长趋势的健康状况，以评估公司是否存在需要解决的持续减速问题。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/84abc8cadd99bda1af002f8ef6a231ad\" tg-width=\"768\" tg-height=\"475\"><span>P/L of Flipkart. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart的损益。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/efdcc73d770fedc1353ca09154e30a26\" tg-width=\"600\" tg-height=\"371\"><span>Unified Payment Interface [UPI] usage across India. Data Source: The Financial Express (India); NPCI</span></p><p><blockquote><p class=\"t-img-caption\"><span>统一支付接口[UPI]在印度的使用。数据来源：《金融快报》（印度）；NPCI</span></p></blockquote></p><p></p><p> Meanwhile, the company’s UPI platform PhonePe is also the leader in UPI usage across India. UPI has become the dominant payments infrastructure across India with a&nbsp;73% share&nbsp;of all digital transactions volume as of Feb 21. However, due to the 30% transactions restriction cap placed on all third-party payment apps that include PhonePe by the authority [NPCI] on the leaders, PhonePe and Google Pay would need to meet a 2-year deadline to bring down their transactions share to within the 30% cap. In addition, WhatsApp Pay is also expected to play an increasingly important role in this rapidly expanding market and compete against Google Pay and PhonePe. Notwithstanding the cap placed by NPCI, the digital payments market in India is expected to grow from 2,153 trillion rupees in 2020 to 7,092 trillion rupees by 2025 (see below), which would represent a CAGR of 26.9%, thus giving us a high level of confidence that there is ample room for all the major competitors to grow. Walmart definitely looks incredibly well-positioned in the India e-commerce market, where its e-commerce growth is still very much in its infancy.</p><p><blockquote>与此同时，该公司的UPI平台PhonePe也是印度UPI使用的领导者。截至2月21日，UPI已成为印度占主导地位的支付基础设施，占所有数字交易量的73%。然而，由于NPCI对包括PhonePe在内的所有第三方支付应用程序设置了30%的交易限制上限，PhonePe和Google Pay需要在2年内将其交易份额降至30%上限以内。此外，WhatsApp Pay也有望在这个快速扩张的市场中扮演越来越重要的角色，与Google Pay和PhonePe展开竞争。尽管NPCI设定了上限，但印度的数字支付市场预计将从2020年的2153万亿卢比增长到2025年的7092万亿卢比（见下文），这将代表26.9%的CAGR，因此我们高度相信所有主要竞争对手都有足够的增长空间。沃尔玛在印度电子商务市场看起来无疑处于非常有利的地位，其电子商务增长仍处于起步阶段。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6273488f83e60a8d2c316d9296e7ad27\" tg-width=\"600\" tg-height=\"371\"><span>Digital payments market value across India. Data Source: Redseer</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度的数字支付市场价值。数据来源：Redseer</span></p></blockquote></p><p> <b>Considering Walmart's Valuations</b></p><p><blockquote><b>考虑到沃尔玛的估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2e1c5a07707bd380a3dab086be2be5c\" tg-width=\"1280\" tg-height=\"701\"><span>EV / EBITDA Metrics. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBITDA指标。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/537bf606c23aaa34ab1130ab1186f6d5\" tg-width=\"1280\" tg-height=\"694\"><span>EV / EBIT metrics. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBIT指标。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider WMT’s FCF and EBIT relative valuations using both EV / EBITDA - CapEx (as a proxy for FCF) and EV / EBIT, WMT is currently valued near the higher end of both valuations range (EV / LTM EBITDA: 14.7x, EV / LTM EBIT: 14.9x) over the last 5 years. In fact, when we consider the company forward valuations, we could observe that the market seems to have priced in quite a bit of optimism into WMT’s future EBIT and FCF growth in which the company is expected to execute well moving forward.</p><p><blockquote>当我们使用EV/EBITDA-资本支出（作为FCF的代理）和EV/EBIT来考虑WMT的FCF和EBIT相对估值时，WMT目前的估值接近两个估值范围的高端（EV/LTM EBITDA：14.7倍，EV/LTM EBIT：14.9倍）过去5年。事实上，当我们考虑该公司的远期估值时，我们可以观察到市场似乎已经消化了对WMT未来息税前利润和自由现金流增长的相当乐观的情绪，预计该公司未来将表现良好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38ba544168ae18b243f52b6359262acb\" tg-width=\"1280\" tg-height=\"884\"><span>EV / EBIT valuation metrics.</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBIT估值指标。</span></p></blockquote></p><p> Therefore, in order to have a basis on whether WMT’s forward valuations are also in line with what we expect from other companies, it would be useful to conduct an EV / EBIT comparison across a set of benchmark companies for us to have a reasonable basis to value WMT. We also observed that WMT’s EV / EBIT metrics have not been excessive when compared against this set of benchmark companies.</p><p><blockquote>因此，为了确定WMT的远期估值是否也符合我们对其他公司的预期，对一组基准公司进行EV/EBIT比较将是有用的，以便我们有一个合理的基础来评估WMT的价值。我们还观察到，与这组基准公司相比，WMT的EV/EBIT指标并不过分。</blockquote></p><p> Using a blend of their EV / LTM EBIT metric and their EV / Fwd EBIT metric, we arrived at a fair value of $156.42 at the midpoint of the fair value range, representing a potential upside of 11.7% from 15 Jun’s closing price of $140.</p><p><blockquote>综合使用EV/LTM EBIT指标和EV/Fwd EBIT指标，我们得出公允价值范围中点的公允价值为156.42美元，较6月15日收盘价140美元有11.7%的潜在上涨空间。</blockquote></p><p> <b>Price Action and Technical Analysis</b></p><p><blockquote><b>价格行为和技术分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eeab97d13426aa4d6f580b82aaf6bf4b\" tg-width=\"1280\" tg-height=\"784\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> WMT is a strong stock that has always been well supported along its long-term uptrend over the last 3 years. The 50W moving average has always acted as its key dynamic support level, including during the 2018 bear market, and the 2020 COVID-19 bear market, demonstrating the confidence of the market in this customary market leader. The support level at $127 also looks like an extremely strong support level that attracted strong buying interest during the retracement in Feb - Mar 21 and investors should consider this as a \"Buy more\" entry point if the price retraces to that level in the future. Currently, the stock is right at the 50W MA support level again, and I think at the current price level of $140, it still represents an optimal technical buy entry. Investors should however avoid buying near $154 in the near term as it’s expected to be a near term resistance level.</p><p><blockquote>WMT是一只强劲的股票，在过去3年的长期上升趋势中一直受到良好支撑。50W均线一直是其关键的动态支撑位，包括在2018年熊市期间，以及2020年COVID-19熊市期间，显示了市场对这一传统市场领导者的信心。127美元的支撑位看起来也是一个极其强劲的支撑位，在2月至3月21日的回撤期间吸引了强烈的买盘兴趣，如果价格在未来回撤至该水平，投资者应将其视为“买入更多”的切入点。目前，该股再次处于50W MA支撑位，我认为在当前140美元的价格水平下，它仍然代表着最佳的技术买入入场点。然而，投资者短期内应避免在154美元附近买入，因为预计这将是近期阻力位。</blockquote></p><p> <b>Wrapping it all up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Walmart’s international strategies, especially in India are looking very exciting and is expected to be the company's main international growth driver. Although its international segment is still a relatively small segment of the company’s overall revenue, it’s expected to lead the group’s growth in the foreseeable future and the market definitely thinks so as well as WMT is expected to be valued at higher multiples than what was observed historically. Investors should therefore take advantage of WMT’s current price weakness to add to this fantastic stock in view of its attractive valuation right now.</p><p><blockquote>沃尔玛的国际战略，尤其是在印度的战略，看起来非常令人兴奋，预计将成为该公司主要的国际增长动力。尽管其国际业务在公司总收入中仍占相对较小的一部分，但预计在可预见的未来，它将引领集团的增长，市场也肯定这么认为，而且WMT的估值预计将高于历史观察到的倍数。因此，鉴于WMT目前的估值极具吸引力，投资者应该利用WMT目前的价格疲软来增持这只出色的股票。</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>Walmart: Buy On Weakness For Its Exciting International Growth Prospects<blockquote>沃尔玛：因其令人兴奋的国际增长前景而逢低买入</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\">\nWalmart: Buy On Weakness For Its Exciting International Growth Prospects<blockquote>沃尔玛：因其令人兴奋的国际增长前景而逢低买入</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-17 15:38</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>Walmart’s international segment is expected to lead the company’s revenue growth in the years ahead.</li>  <li>The company’s leadership through Flipkart in the rapidly growing India market is expected to be a key competitive advantage as it scales up to compete against Amazon India.</li>  <li>At the current price, Walmart is not expensive, and offers an attractive entry point for investors to partake in its international growth drivers.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af09545cba715476092d754f8df38e8a\" tg-width=\"768\" tg-height=\"512\"><span>Wolterk/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>沃尔玛的国际部门预计将在未来几年引领公司的收入增长。</li><li>该公司通过Flipkart在快速增长的印度市场的领导地位预计将成为其扩大规模以与亚马逊印度竞争的关键竞争优势。</li><li>以目前的价格来看，沃尔玛并不昂贵，并为投资者参与其国际增长动力提供了一个有吸引力的切入点。</li></ul><p class=\"t-img-caption\"><span>Wolterk/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Walmart (WMT) has very exciting growth prospects in its international markets, especially in India where the market is expected to overtake Canada as the second largest international market segment, behind the leader Mexico by 2025. In addition, the company’s astute investment in Flipkart has given it the key leadership in the e-commerce segment in India which is expected to grow rapidly in the years ahead.</p><p><blockquote>沃尔玛(WMT)在其国际市场上有着非常令人兴奋的增长前景，尤其是在印度，预计到2025年，该市场将超过加拿大，成为第二大国际细分市场，仅次于领先的墨西哥。此外，该公司对Flipkart的精明投资使其在印度电子商务领域占据了关键的领导地位，预计该领域将在未来几年快速增长。</blockquote></p><p> <b>Setting the Stage for International Expansion</b></p><p><blockquote><b>为国际扩张奠定基础</b></blockquote></p><p> Walmart has grand ambitions on the international stage. After the completion of the&nbsp;divestiture of Asda and Seiyu&nbsp;last quarter, the company has set its sights on driving its international growth in the faster growing markets. The company also discussed at length its international priorities and opportunities in two recent conferences (DBAccess, andBaird) on how to take its international business to the next level.</p><p><blockquote>沃尔玛在国际舞台上雄心勃勃。在上季度完成对Asda和Seiyu的剥离后，该公司已将目光投向在增长更快的市场推动其国际增长。该公司还在最近的两次会议（DBAccess和Baird）上详细讨论了如何将其国际业务提升到一个新水平的国际优先事项和机遇。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/917a0bddc47fb6071bfd416976abe840\" tg-width=\"600\" tg-height=\"371\"><span>WMT net sales worldwide by division. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按部门划分的全球净销售额。数据来源：公司备案</span></p></blockquote></p><p> Walmart’s international sales accounted for about 21.9% of FY 21 revenue. As we could observe from above, WMT’s international business as a whole has been largely stagnant in recent years even though its U.S. operations saw relatively stable and consistent growth. The company’s exit from Seiyu [Japan] and Asda [UK] in order to reallocate capital to its higher growth regions, notably in India and China, is an important step towards aligning its growth priorities and rejuvenating its international business segment. In fact, Walmart had even received pretty nasty press on its operations in Japan, asNikkei Asiaremarked: “Walmart's foreign flops can be attributed largely to tone-deaf management, which failed to take into account local business customs, dietary habits and labor relations, among other glaring oversights.” Notwithstanding the sensational allegations made by the Nikkei, I think WMT has actually performed admirably in its international business as it’s aprofitable segmentfor the company that posted an operating margin of 4.4% in Q1’22, as well as 3% in FY 21, 2.8% in FY 20, and 4% in FY 19, respectively.</p><p><blockquote>沃尔玛的国际销售额约占21财年收入的21.9%。正如我们从上面可以观察到的，尽管WMT的美国业务出现了相对稳定和持续的增长，但其国际业务近年来整体上基本上停滞不前。该公司退出西友（日本）和阿斯达（英国），以便将资本重新分配到增长较高的地区，特别是印度和中国，这是调整其增长重点和振兴其国际业务部门的重要一步。事实上，沃尔玛在日本的业务甚至受到了相当恶劣的媒体，《日经亚洲》评论道：“沃尔玛在国外的失败很大程度上可以归因于五音不全的管理层，他们没有考虑到当地的商业习俗、饮食习惯和劳资关系等。”其他明显的疏忽。”尽管《日经指数》提出了耸人听闻的指控，但我认为WMT在其国际业务方面实际上表现令人钦佩，因为该公司在22年第一季度的营业利润率为4.4%，21财年为3%，20财年为2.8%，19财年为4%。</blockquote></p><p> <b>Ask Amazon How Hard It Is To Make Money Overseas</b></p><p><blockquote><b>问问亚马逊在海外赚钱有多难</b></blockquote></p><p> In order to understand how difficult it is to make money operating a retail business in international markets with a footprint as large as WMT, investors need to look no further than Amazon (AMZN), notwithstanding its focus on the e-commerce segment.</p><p><blockquote>为了了解在像WMT这样规模庞大的国际市场上经营零售业务赚钱有多困难，投资者只需看看亚马逊(AMZN)就知道了，尽管它专注于电子商务领域。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f155f05bf035f522fff05f7c5802740\" tg-width=\"849\" tg-height=\"525\"><span>AMZN annual Operating income by segment. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN按部门划分的年度营业收入。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa70bfe2b8a379252d91f48a78becd52\" tg-width=\"600\" tg-height=\"371\"><span>AMZN quarterly operating income by segment. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN按部门划分的季度营业收入。数据来源：公司备案</span></p></blockquote></p><p> As we could observe from the 2 charts above, AMZN’s international segment only recently started to turn an operating profit in Q2’20 after experiencing losses over the last 6 years, even though the North America segment continued to do well. It’s a good reminder to investors that WMT knows how to manage its large international footprint well and it’s really very difficult to run an operation as geographically diverse and huge as Walmart’s and be profitable at the same time, giving the company an extremely wide moat.</p><p><blockquote>正如我们从上面的两张图表中可以观察到的，尽管北美部门继续表现良好，但AMZN的国际部门在经历了过去6年的亏损后，最近才在20年第二季度开始扭亏为盈。这是对投资者的一个很好的提醒，WMT知道如何很好地管理其庞大的国际足迹，而且要经营像沃尔玛这样地域多元化和规模庞大的业务，同时实现盈利，从而为该公司提供极其宽阔的护城河，确实非常困难。</blockquote></p><p> <b>India and China Expected to Lead Growth</b></p><p><blockquote><b>印度和中国有望引领增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5de7690e94d33c1fa7d9a17901080007\" tg-width=\"833\" tg-height=\"515\"><span>WMT projected net sales by country. Data Source: Edge by Ascential</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按国家/地区预测净销售额。数据来源：Edge by Ascential</span></p></blockquote></p><p> Although Mexico is still expected to remain as International’s most important revenue driver by 2025, India and China are expected to lead the growth, with India expected to be the company’s second largest international market by 2025.</p><p><blockquote>尽管墨西哥预计到2025年仍将是国际最重要的收入驱动力，但印度和中国预计将引领增长，预计到2025年印度将成为该公司的第二大国际市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb39da945b2a8ef4d8bc56b06bf945b7\" tg-width=\"600\" tg-height=\"371\"><span>WMT projected revenue CAGR by country. Data Source: Edge by Ascential</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按国家/地区预测的CAGR收入。数据来源：Edge by Ascential</span></p></blockquote></p><p></p><p> India’s 5Y CAGR of 10.4% is expected to outperform the rest of its international peers, followed by China in second place with a 5Y CAGR of 6.6%. The rest of its international markets are also expected to grow relatively fast, including the leader Mexico (5Y CAGR: 4.1%).</p><p><blockquote>印度的5年复合年增长率为10.4%，预计将优于其他国际同行，其次是中国，5年复合年增长率为6.6%。其其他国际市场预计也将相对快速增长，包括领先的墨西哥（5年复合年增长率：4.1%）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9a2cee8cc3738a2a615afe99152dd5f\" tg-width=\"1280\" tg-height=\"738\"><span>WMT projected revenue mean consensus, and YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT预计收入意味着共识和同比增长。数据来源：标普资本智商</span></p></blockquote></p><p> If we consider the company’s overall expected revenue growth in the next few years, investors should now be able to appreciate the importance of WMT’s international markets to drive the company’s topline and therefore managing the growth of its international segment well would provide the company a highly significant lever to drive results over time.</p><p><blockquote>如果我们考虑公司未来几年的整体预期收入增长，投资者现在应该能够认识到WMT国际市场对于推动公司营收的重要性，因此管理好其国际部门的增长将为公司提供一个非常重要的杠杆随着时间的推移推动结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b6a11308afe3976fe54e67f76f8f596\" tg-width=\"873\" tg-height=\"540\"><span>Leading retail chain operators in China. Data Source: China Chain Store &amp; Franchise Association</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国领先的零售连锁运营商。数据来源：中国连锁经营协会</span></p></blockquote></p><p> Although WMT’s leadership in the U.S. is undisputed, it may not be the same in China. The competitive landscape in China is strongly dominated by Suning Commerce Group, and WMT’s China operations was actually ranked 7th in this survey. Therefore, there is a tremendous amount of sales potential for WMT to make up in order to move up the ranks among China’s retail leaders.</p><p><blockquote>尽管WMT在美国的领导地位无可争议，但在中国可能就不一样了。中国的竞争格局由苏宁商业集团强势主导，WMT的中国业务在本次调查中实际上排名第7。因此，WMT有巨大的销售潜力可以弥补，以跻身中国零售领导者的行列。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0338751a0a7661f724cfa43c4acb5c58\" tg-width=\"600\" tg-height=\"371\"><span>Total population in the U.S. and India. Data Source: IMF</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国和印度的总人口。数据来源：IMF</span></p></blockquote></p><p> In the market where it is expected to lead the company's growth: India, this is where the excitement for WMT’s international business really begins. India’s population is expected to grow from 1.324B in 2016 to 1.443B by 2025, which would represent a CAGR of 0.96%, faster than the U.S. population CAGR of 0.47%, that is twice as fast, despite having a population size that’s already 4x larger to start with.</p><p><blockquote>在有望引领公司增长的市场：印度，这是WMT国际业务真正令人兴奋的地方。印度人口预计将从2016年的13.24亿增长到2025年的14.43亿，这将代表0.96%的CAGR，比美国0.47%的人口CAGR快，是美国的两倍，尽管印度的人口规模已经是美国的4倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab0dcd47a074df2156c16ea1db021061\" tg-width=\"600\" tg-height=\"371\"><span>Market size of e-commerce industry across India. Data Source: India Brand Equity Foundation; Various sources (Media sources); BCG; Bain &amp; Company; Morgan Stanley</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度电子商务行业的市场规模。数据来源：印度品牌资产基金会；各种来源（媒体来源）；卡介苗；贝恩公司；摩根士丹利</span></p></blockquote></p><p> India’s e-commerce industry (WMT’s main channel in India) is expected to grow from just $14B in 2014 to $200B by 2027, which would represent a whopping CAGR of 22.7%, an incredible growth rate. More importantly, WMT is an e-commerce leader in India (though Flipkart), as Flipkart had a&nbsp;31.9% market share&nbsp;as of Oct 20 according to Forrester Research, just ahead of its fierce rival, Amazon India, who had a 31.2% market share. Therefore, WMT looks very well positioned to compete strongly in India as the leader of a rapidly expanding e-commerce market.</p><p><blockquote>印度的电子商务行业（WMT在印度的主要渠道）预计将从2014年的140亿美元增长到2027年的2000亿美元，这将代表22.7%的惊人CAGR，这是一个令人难以置信的增长率。更重要的是，WMT是印度电子商务的领导者（尽管是Flipkart），根据Forrester Research的数据，截至10月20日，Flipkart拥有31.9%的市场份额，仅领先于其强劲的竞争对手亚马逊印度，后者拥有31.2%的市场份额。因此，作为快速扩张的电子商务市场的领导者，WMT看起来非常有能力在印度进行强有力的竞争。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c611e761c64537eac8600067ff46dce9\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart收入。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7fd83dbbe32e4623cfb108479191db5\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue YoY growth. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart收入同比增长。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> As we could observe from above, Flipkart’s FY 20 revenue of 346B rupees (equivalent to about $4.72B) has barely scratched the surface considering the market size of India’s e-commerce industry that was worth $64B in 2020. Even though the revenue growth of 12% YoY was an egregious deceleration from the previous year’s 42% YoY growth, the company has managed to reduce its net loss from 38.35B rupees to 31.5B rupees (see below), an improvement of 17% YoY. It would thus be important for investors to continue monitoring the health of its growth trend moving forward to evaluate whether there is a persistent deceleration that needs to be addressed by the company.</p><p><blockquote>正如我们从上面可以观察到的，考虑到2020年印度电子商务行业价值64B美元的市场规模，Flipkart 20财年的收入为346B卢比（相当于约47.2亿美元），这只是触及了表面。尽管12%的收入同比增长比上一年42%的同比增长大幅放缓，但该公司已成功将净亏损从38.35 B卢比减少至31.5 B卢比（见下文），同比增长17%。因此，投资者必须继续监测其未来增长趋势的健康状况，以评估公司是否存在需要解决的持续减速问题。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/84abc8cadd99bda1af002f8ef6a231ad\" tg-width=\"768\" tg-height=\"475\"><span>P/L of Flipkart. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart的损益。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/efdcc73d770fedc1353ca09154e30a26\" tg-width=\"600\" tg-height=\"371\"><span>Unified Payment Interface [UPI] usage across India. Data Source: The Financial Express (India); NPCI</span></p><p><blockquote><p class=\"t-img-caption\"><span>统一支付接口[UPI]在印度的使用。数据来源：《金融快报》（印度）；NPCI</span></p></blockquote></p><p></p><p> Meanwhile, the company’s UPI platform PhonePe is also the leader in UPI usage across India. UPI has become the dominant payments infrastructure across India with a&nbsp;73% share&nbsp;of all digital transactions volume as of Feb 21. However, due to the 30% transactions restriction cap placed on all third-party payment apps that include PhonePe by the authority [NPCI] on the leaders, PhonePe and Google Pay would need to meet a 2-year deadline to bring down their transactions share to within the 30% cap. In addition, WhatsApp Pay is also expected to play an increasingly important role in this rapidly expanding market and compete against Google Pay and PhonePe. Notwithstanding the cap placed by NPCI, the digital payments market in India is expected to grow from 2,153 trillion rupees in 2020 to 7,092 trillion rupees by 2025 (see below), which would represent a CAGR of 26.9%, thus giving us a high level of confidence that there is ample room for all the major competitors to grow. Walmart definitely looks incredibly well-positioned in the India e-commerce market, where its e-commerce growth is still very much in its infancy.</p><p><blockquote>与此同时，该公司的UPI平台PhonePe也是印度UPI使用的领导者。截至2月21日，UPI已成为印度占主导地位的支付基础设施，占所有数字交易量的73%。然而，由于NPCI对包括PhonePe在内的所有第三方支付应用程序设置了30%的交易限制上限，PhonePe和Google Pay需要在2年内将其交易份额降至30%上限以内。此外，WhatsApp Pay也有望在这个快速扩张的市场中扮演越来越重要的角色，与Google Pay和PhonePe展开竞争。尽管NPCI设定了上限，但印度的数字支付市场预计将从2020年的2153万亿卢比增长到2025年的7092万亿卢比（见下文），这将代表26.9%的CAGR，因此我们高度相信所有主要竞争对手都有足够的增长空间。沃尔玛在印度电子商务市场看起来无疑处于非常有利的地位，其电子商务增长仍处于起步阶段。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6273488f83e60a8d2c316d9296e7ad27\" tg-width=\"600\" tg-height=\"371\"><span>Digital payments market value across India. Data Source: Redseer</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度的数字支付市场价值。数据来源：Redseer</span></p></blockquote></p><p> <b>Considering Walmart's Valuations</b></p><p><blockquote><b>考虑到沃尔玛的估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2e1c5a07707bd380a3dab086be2be5c\" tg-width=\"1280\" tg-height=\"701\"><span>EV / EBITDA Metrics. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBITDA指标。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/537bf606c23aaa34ab1130ab1186f6d5\" tg-width=\"1280\" tg-height=\"694\"><span>EV / EBIT metrics. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBIT指标。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider WMT’s FCF and EBIT relative valuations using both EV / EBITDA - CapEx (as a proxy for FCF) and EV / EBIT, WMT is currently valued near the higher end of both valuations range (EV / LTM EBITDA: 14.7x, EV / LTM EBIT: 14.9x) over the last 5 years. In fact, when we consider the company forward valuations, we could observe that the market seems to have priced in quite a bit of optimism into WMT’s future EBIT and FCF growth in which the company is expected to execute well moving forward.</p><p><blockquote>当我们使用EV/EBITDA-资本支出（作为FCF的代理）和EV/EBIT来考虑WMT的FCF和EBIT相对估值时，WMT目前的估值接近两个估值范围的高端（EV/LTM EBITDA：14.7倍，EV/LTM EBIT：14.9倍）过去5年。事实上，当我们考虑该公司的远期估值时，我们可以观察到市场似乎已经消化了对WMT未来息税前利润和自由现金流增长的相当乐观的情绪，预计该公司未来将表现良好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38ba544168ae18b243f52b6359262acb\" tg-width=\"1280\" tg-height=\"884\"><span>EV / EBIT valuation metrics.</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBIT估值指标。</span></p></blockquote></p><p> Therefore, in order to have a basis on whether WMT’s forward valuations are also in line with what we expect from other companies, it would be useful to conduct an EV / EBIT comparison across a set of benchmark companies for us to have a reasonable basis to value WMT. We also observed that WMT’s EV / EBIT metrics have not been excessive when compared against this set of benchmark companies.</p><p><blockquote>因此，为了确定WMT的远期估值是否也符合我们对其他公司的预期，对一组基准公司进行EV/EBIT比较将是有用的，以便我们有一个合理的基础来评估WMT的价值。我们还观察到，与这组基准公司相比，WMT的EV/EBIT指标并不过分。</blockquote></p><p> Using a blend of their EV / LTM EBIT metric and their EV / Fwd EBIT metric, we arrived at a fair value of $156.42 at the midpoint of the fair value range, representing a potential upside of 11.7% from 15 Jun’s closing price of $140.</p><p><blockquote>综合使用EV/LTM EBIT指标和EV/Fwd EBIT指标，我们得出公允价值范围中点的公允价值为156.42美元，较6月15日收盘价140美元有11.7%的潜在上涨空间。</blockquote></p><p> <b>Price Action and Technical Analysis</b></p><p><blockquote><b>价格行为和技术分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eeab97d13426aa4d6f580b82aaf6bf4b\" tg-width=\"1280\" tg-height=\"784\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> WMT is a strong stock that has always been well supported along its long-term uptrend over the last 3 years. The 50W moving average has always acted as its key dynamic support level, including during the 2018 bear market, and the 2020 COVID-19 bear market, demonstrating the confidence of the market in this customary market leader. The support level at $127 also looks like an extremely strong support level that attracted strong buying interest during the retracement in Feb - Mar 21 and investors should consider this as a \"Buy more\" entry point if the price retraces to that level in the future. Currently, the stock is right at the 50W MA support level again, and I think at the current price level of $140, it still represents an optimal technical buy entry. Investors should however avoid buying near $154 in the near term as it’s expected to be a near term resistance level.</p><p><blockquote>WMT是一只强劲的股票，在过去3年的长期上升趋势中一直受到良好支撑。50W均线一直是其关键的动态支撑位，包括在2018年熊市期间，以及2020年COVID-19熊市期间，显示了市场对这一传统市场领导者的信心。127美元的支撑位看起来也是一个极其强劲的支撑位，在2月至3月21日的回撤期间吸引了强烈的买盘兴趣，如果价格在未来回撤至该水平，投资者应将其视为“买入更多”的切入点。目前，该股再次处于50W MA支撑位，我认为在当前140美元的价格水平下，它仍然代表着最佳的技术买入入场点。然而，投资者短期内应避免在154美元附近买入，因为预计这将是近期阻力位。</blockquote></p><p> <b>Wrapping it all up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Walmart’s international strategies, especially in India are looking very exciting and is expected to be the company's main international growth driver. Although its international segment is still a relatively small segment of the company’s overall revenue, it’s expected to lead the group’s growth in the foreseeable future and the market definitely thinks so as well as WMT is expected to be valued at higher multiples than what was observed historically. Investors should therefore take advantage of WMT’s current price weakness to add to this fantastic stock in view of its attractive valuation right now.</p><p><blockquote>沃尔玛的国际战略，尤其是在印度的战略，看起来非常令人兴奋，预计将成为该公司主要的国际增长动力。尽管其国际业务在公司总收入中仍占相对较小的一部分，但预计在可预见的未来，它将引领集团的增长，市场也肯定这么认为，而且WMT的估值预计将高于历史观察到的倍数。因此，鉴于WMT目前的估值极具吸引力，投资者应该利用WMT目前的价格疲软来增持这只出色的股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435090-walmart-stock-buy-for-international-growth-potential\">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":{"WMT":"沃尔玛"},"source_url":"https://seekingalpha.com/article/4435090-walmart-stock-buy-for-international-growth-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138373077","content_text":"Summary\n\nWalmart’s international segment is expected to lead the company’s revenue growth in the years ahead.\nThe company’s leadership through Flipkart in the rapidly growing India market is expected to be a key competitive advantage as it scales up to compete against Amazon India.\nAt the current price, Walmart is not expensive, and offers an attractive entry point for investors to partake in its international growth drivers.\n\nWolterk/iStock Editorial via Getty Images\nInvestment Thesis\nWalmart (WMT) has very exciting growth prospects in its international markets, especially in India where the market is expected to overtake Canada as the second largest international market segment, behind the leader Mexico by 2025. In addition, the company’s astute investment in Flipkart has given it the key leadership in the e-commerce segment in India which is expected to grow rapidly in the years ahead.\nSetting the Stage for International Expansion\nWalmart has grand ambitions on the international stage. After the completion of the divestiture of Asda and Seiyu last quarter, the company has set its sights on driving its international growth in the faster growing markets. The company also discussed at length its international priorities and opportunities in two recent conferences (DBAccess, andBaird) on how to take its international business to the next level.\nWMT net sales worldwide by division. Data Source: Company Filings\nWalmart’s international sales accounted for about 21.9% of FY 21 revenue. As we could observe from above, WMT’s international business as a whole has been largely stagnant in recent years even though its U.S. operations saw relatively stable and consistent growth. The company’s exit from Seiyu [Japan] and Asda [UK] in order to reallocate capital to its higher growth regions, notably in India and China, is an important step towards aligning its growth priorities and rejuvenating its international business segment. In fact, Walmart had even received pretty nasty press on its operations in Japan, asNikkei Asiaremarked: “Walmart's foreign flops can be attributed largely to tone-deaf management, which failed to take into account local business customs, dietary habits and labor relations, among other glaring oversights.” Notwithstanding the sensational allegations made by the Nikkei, I think WMT has actually performed admirably in its international business as it’s aprofitable segmentfor the company that posted an operating margin of 4.4% in Q1’22, as well as 3% in FY 21, 2.8% in FY 20, and 4% in FY 19, respectively.\nAsk Amazon How Hard It Is To Make Money Overseas\nIn order to understand how difficult it is to make money operating a retail business in international markets with a footprint as large as WMT, investors need to look no further than Amazon (AMZN), notwithstanding its focus on the e-commerce segment.\nAMZN annual Operating income by segment. Data Source: Company Filings\nAMZN quarterly operating income by segment. Data Source: Company Filings\nAs we could observe from the 2 charts above, AMZN’s international segment only recently started to turn an operating profit in Q2’20 after experiencing losses over the last 6 years, even though the North America segment continued to do well. It’s a good reminder to investors that WMT knows how to manage its large international footprint well and it’s really very difficult to run an operation as geographically diverse and huge as Walmart’s and be profitable at the same time, giving the company an extremely wide moat.\nIndia and China Expected to Lead Growth\nWMT projected net sales by country. Data Source: Edge by Ascential\nAlthough Mexico is still expected to remain as International’s most important revenue driver by 2025, India and China are expected to lead the growth, with India expected to be the company’s second largest international market by 2025.\nWMT projected revenue CAGR by country. Data Source: Edge by Ascential\nIndia’s 5Y CAGR of 10.4% is expected to outperform the rest of its international peers, followed by China in second place with a 5Y CAGR of 6.6%. The rest of its international markets are also expected to grow relatively fast, including the leader Mexico (5Y CAGR: 4.1%).\nWMT projected revenue mean consensus, and YoY growth. Data source: S&P Capital IQ\nIf we consider the company’s overall expected revenue growth in the next few years, investors should now be able to appreciate the importance of WMT’s international markets to drive the company’s topline and therefore managing the growth of its international segment well would provide the company a highly significant lever to drive results over time.\nLeading retail chain operators in China. Data Source: China Chain Store & Franchise Association\nAlthough WMT’s leadership in the U.S. is undisputed, it may not be the same in China. The competitive landscape in China is strongly dominated by Suning Commerce Group, and WMT’s China operations was actually ranked 7th in this survey. Therefore, there is a tremendous amount of sales potential for WMT to make up in order to move up the ranks among China’s retail leaders.\nTotal population in the U.S. and India. Data Source: IMF\nIn the market where it is expected to lead the company's growth: India, this is where the excitement for WMT’s international business really begins. India’s population is expected to grow from 1.324B in 2016 to 1.443B by 2025, which would represent a CAGR of 0.96%, faster than the U.S. population CAGR of 0.47%, that is twice as fast, despite having a population size that’s already 4x larger to start with.\nMarket size of e-commerce industry across India. Data Source: India Brand Equity Foundation; Various sources (Media sources); BCG; Bain & Company; Morgan Stanley\nIndia’s e-commerce industry (WMT’s main channel in India) is expected to grow from just $14B in 2014 to $200B by 2027, which would represent a whopping CAGR of 22.7%, an incredible growth rate. More importantly, WMT is an e-commerce leader in India (though Flipkart), as Flipkart had a 31.9% market share as of Oct 20 according to Forrester Research, just ahead of its fierce rival, Amazon India, who had a 31.2% market share. Therefore, WMT looks very well positioned to compete strongly in India as the leader of a rapidly expanding e-commerce market.\nFlipkart revenue. Data Source: Flipkart; Business Standard\nFlipkart revenue YoY growth. Data Source: Flipkart; Business Standard\nAs we could observe from above, Flipkart’s FY 20 revenue of 346B rupees (equivalent to about $4.72B) has barely scratched the surface considering the market size of India’s e-commerce industry that was worth $64B in 2020. Even though the revenue growth of 12% YoY was an egregious deceleration from the previous year’s 42% YoY growth, the company has managed to reduce its net loss from 38.35B rupees to 31.5B rupees (see below), an improvement of 17% YoY. It would thus be important for investors to continue monitoring the health of its growth trend moving forward to evaluate whether there is a persistent deceleration that needs to be addressed by the company.\nP/L of Flipkart. Data Source: Flipkart; Business Standard\nUnified Payment Interface [UPI] usage across India. Data Source: The Financial Express (India); NPCI\nMeanwhile, the company’s UPI platform PhonePe is also the leader in UPI usage across India. UPI has become the dominant payments infrastructure across India with a 73% share of all digital transactions volume as of Feb 21. However, due to the 30% transactions restriction cap placed on all third-party payment apps that include PhonePe by the authority [NPCI] on the leaders, PhonePe and Google Pay would need to meet a 2-year deadline to bring down their transactions share to within the 30% cap. In addition, WhatsApp Pay is also expected to play an increasingly important role in this rapidly expanding market and compete against Google Pay and PhonePe. Notwithstanding the cap placed by NPCI, the digital payments market in India is expected to grow from 2,153 trillion rupees in 2020 to 7,092 trillion rupees by 2025 (see below), which would represent a CAGR of 26.9%, thus giving us a high level of confidence that there is ample room for all the major competitors to grow. Walmart definitely looks incredibly well-positioned in the India e-commerce market, where its e-commerce growth is still very much in its infancy.\nDigital payments market value across India. Data Source: Redseer\nConsidering Walmart's Valuations\nEV / EBITDA Metrics. Data source: S&P Capital IQ\nEV / EBIT metrics. Data source: S&P Capital IQ\nWhen we consider WMT’s FCF and EBIT relative valuations using both EV / EBITDA - CapEx (as a proxy for FCF) and EV / EBIT, WMT is currently valued near the higher end of both valuations range (EV / LTM EBITDA: 14.7x, EV / LTM EBIT: 14.9x) over the last 5 years. In fact, when we consider the company forward valuations, we could observe that the market seems to have priced in quite a bit of optimism into WMT’s future EBIT and FCF growth in which the company is expected to execute well moving forward.\nEV / EBIT valuation metrics.\nTherefore, in order to have a basis on whether WMT’s forward valuations are also in line with what we expect from other companies, it would be useful to conduct an EV / EBIT comparison across a set of benchmark companies for us to have a reasonable basis to value WMT. We also observed that WMT’s EV / EBIT metrics have not been excessive when compared against this set of benchmark companies.\nUsing a blend of their EV / LTM EBIT metric and their EV / Fwd EBIT metric, we arrived at a fair value of $156.42 at the midpoint of the fair value range, representing a potential upside of 11.7% from 15 Jun’s closing price of $140.\nPrice Action and Technical Analysis\nSource: TradingView\nWMT is a strong stock that has always been well supported along its long-term uptrend over the last 3 years. The 50W moving average has always acted as its key dynamic support level, including during the 2018 bear market, and the 2020 COVID-19 bear market, demonstrating the confidence of the market in this customary market leader. The support level at $127 also looks like an extremely strong support level that attracted strong buying interest during the retracement in Feb - Mar 21 and investors should consider this as a \"Buy more\" entry point if the price retraces to that level in the future. Currently, the stock is right at the 50W MA support level again, and I think at the current price level of $140, it still represents an optimal technical buy entry. Investors should however avoid buying near $154 in the near term as it’s expected to be a near term resistance level.\nWrapping it all up\nWalmart’s international strategies, especially in India are looking very exciting and is expected to be the company's main international growth driver. Although its international segment is still a relatively small segment of the company’s overall revenue, it’s expected to lead the group’s growth in the foreseeable future and the market definitely thinks so as well as WMT is expected to be valued at higher multiples than what was observed historically. Investors should therefore take advantage of WMT’s current price weakness to add to this fantastic stock in view of its attractive valuation right now.","news_type":1,"symbols_score_info":{"WMT":0.9}},"isVote":1,"tweetType":1,"viewCount":2030,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163371173,"gmtCreate":1623860752892,"gmtModify":1634026843828,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163371173","repostId":"1118154026","repostType":4,"repost":{"id":"1118154026","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":1623850220,"share":"https://www.laohu8.com/m/news/1118154026?lang=zh_CN&edition=full","pubTime":"2021-06-16 21:30","market":"us","language":"en","title":"S&P 500 is flat near a record with all eyes on Federal Reserve’s update<blockquote>标普500持平于创纪录水平，所有人都在关注美联储的最新消息</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118154026","media":"Tiger Newspress","summary":"U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.\nTh","content":"<p>U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.</p><p><blockquote>在美联储更新货币政策之前，周三美国股市基本持平。</blockquote></p><p>  The Dow Jones Industrial Average traded 20 points higher. The S&amp;P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.</p><p><blockquote>道琼斯工业平均指数上涨20点。标普500小幅上涨0.1%，仅比前一交易日创下的历史高点低几个点。以科技股为主的纳斯达克综合指数小幅上涨0.2%。</blockquote></p><p>  Large tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.</p><p><blockquote>特斯拉和英伟达等大型科技股小幅走低，而经济重新开放公司皇家加勒比和嘉年华的股价分别上涨1%。</blockquote></p><p>  Stocks pulled back from record levels duringTuesday’s trading session, with the S&amp;P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.</p><p><blockquote>周二交易时段，股市从创纪录水平回落，标普500在当天早些时候触及盘中历史高点后收盘下跌0.2%。由于大型科技股疲软，道琼斯指数下跌近100点，纳斯达克综合指数下跌0.7%。</blockquote></p><p>  The Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.</p><p><blockquote>美联储周二开始了为期两天的会议。预计央行不会采取任何政策举措，但这可能表明它开始考虑使用债券购买政策。美联储还将于周三发布新的预测，这可能表明可能在2023年首次加息。此前，美联储官员尚未就2023年之前的加息达成共识。</blockquote></p><p>  The Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.</p><p><blockquote>美联储的声明和预测将于美国东部时间下午2点发布，30分钟后主席杰罗姆·鲍威尔将召开新闻发布会。</blockquote></p><p>  The meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p><p><blockquote>周二的一份报告显示，此次会议召开之际，通胀正在升温，5月份生产者价格以近11年来最快的年增长率上涨。这促使包括保罗·都铎·琼斯在内的一些人呼吁央行重新考虑其宽松的货币政策。</blockquote></p><p>  \"I still think&nbsp;equities are going higher,\" BlackRock global bond chief&nbsp;Rick Rieder&nbsp;said on CNBC's \"Squawk Box\" on Wednesday.&nbsp;\"If we don't hear anything&nbsp;different, then I worry a little&nbsp;bit about risk&nbsp;the system creates — you can&nbsp;create asset bubbles&nbsp;you can create leverage.&nbsp;We've seen markets that are a&nbsp;little bit concerning with&nbsp;literally zero spread to them&nbsp;for risk assets.\"</p><p><blockquote>贝莱德全球债券主管Rick Rieder周三在CNBC的“Squawk Box”节目中表示：“我仍然认为股市会走高。如果我们没有听到任何不同的消息，那么我有点担心这个系统会产生风险——你可以制造资产泡沫，你可以制造杠杆。我们已经看到一些市场对风险资产的利差几乎为零感到担忧。”</blockquote></p><p>  The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p><p><blockquote>随着经济继续从冠状病毒大流行中复苏，央行每月购买价值1200亿美元的债券。</blockquote></p><p>  \"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p><p><blockquote>联邦金融网络首席信息官布拉德·麦克米兰表示：“本周的戏剧性事件将是美联储是按兵不动，还是承认通胀正在上升，美联储需要收紧政策。”“由于美联储有双重使命——失业和通胀——这表明它确实应该将重点放在失业上，而不是通胀上。”</blockquote></p><p>  Minutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.</p><p><blockquote>美联储上次会议纪要显示，一些美联储官员表示，如果经济继续复苏，开始讨论调整债券购买计划可能是合适的。经济学家预测，虽然其中一些讨论可能会开始，但具体细节要到今年晚些时候才会披露。</blockquote></p><p>  On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p><p><blockquote>周三，中国表示将从国家储备中释放铜、铝和锌等工业金属，以抑制大宗商品价格。铜价较历史高点下跌逾10%，周二跌入回调区间。</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>S&P 500 is flat near a record with all eyes on Federal Reserve’s update<blockquote>标普500持平于创纪录水平，所有人都在关注美联储的最新消息</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\">\nS&P 500 is flat near a record with all eyes on Federal Reserve’s update<blockquote>标普500持平于创纪录水平，所有人都在关注美联储的最新消息</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\">2021-06-16 21:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.</p><p><blockquote>在美联储更新货币政策之前，周三美国股市基本持平。</blockquote></p><p>  The Dow Jones Industrial Average traded 20 points higher. The S&amp;P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.</p><p><blockquote>道琼斯工业平均指数上涨20点。标普500小幅上涨0.1%，仅比前一交易日创下的历史高点低几个点。以科技股为主的纳斯达克综合指数小幅上涨0.2%。</blockquote></p><p>  Large tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.</p><p><blockquote>特斯拉和英伟达等大型科技股小幅走低，而经济重新开放公司皇家加勒比和嘉年华的股价分别上涨1%。</blockquote></p><p>  Stocks pulled back from record levels duringTuesday’s trading session, with the S&amp;P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.</p><p><blockquote>周二交易时段，股市从创纪录水平回落，标普500在当天早些时候触及盘中历史高点后收盘下跌0.2%。由于大型科技股疲软，道琼斯指数下跌近100点，纳斯达克综合指数下跌0.7%。</blockquote></p><p>  The Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.</p><p><blockquote>美联储周二开始了为期两天的会议。预计央行不会采取任何政策举措，但这可能表明它开始考虑使用债券购买政策。美联储还将于周三发布新的预测，这可能表明可能在2023年首次加息。此前，美联储官员尚未就2023年之前的加息达成共识。</blockquote></p><p>  The Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.</p><p><blockquote>美联储的声明和预测将于美国东部时间下午2点发布，30分钟后主席杰罗姆·鲍威尔将召开新闻发布会。</blockquote></p><p>  The meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p><p><blockquote>周二的一份报告显示，此次会议召开之际，通胀正在升温，5月份生产者价格以近11年来最快的年增长率上涨。这促使包括保罗·都铎·琼斯在内的一些人呼吁央行重新考虑其宽松的货币政策。</blockquote></p><p>  \"I still think&nbsp;equities are going higher,\" BlackRock global bond chief&nbsp;Rick Rieder&nbsp;said on CNBC's \"Squawk Box\" on Wednesday.&nbsp;\"If we don't hear anything&nbsp;different, then I worry a little&nbsp;bit about risk&nbsp;the system creates — you can&nbsp;create asset bubbles&nbsp;you can create leverage.&nbsp;We've seen markets that are a&nbsp;little bit concerning with&nbsp;literally zero spread to them&nbsp;for risk assets.\"</p><p><blockquote>贝莱德全球债券主管Rick Rieder周三在CNBC的“Squawk Box”节目中表示：“我仍然认为股市会走高。如果我们没有听到任何不同的消息，那么我有点担心这个系统会产生风险——你可以制造资产泡沫，你可以制造杠杆。我们已经看到一些市场对风险资产的利差几乎为零感到担忧。”</blockquote></p><p>  The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p><p><blockquote>随着经济继续从冠状病毒大流行中复苏，央行每月购买价值1200亿美元的债券。</blockquote></p><p>  \"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p><p><blockquote>联邦金融网络首席信息官布拉德·麦克米兰表示：“本周的戏剧性事件将是美联储是按兵不动，还是承认通胀正在上升，美联储需要收紧政策。”“由于美联储有双重使命——失业和通胀——这表明它确实应该将重点放在失业上，而不是通胀上。”</blockquote></p><p>  Minutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.</p><p><blockquote>美联储上次会议纪要显示，一些美联储官员表示，如果经济继续复苏，开始讨论调整债券购买计划可能是合适的。经济学家预测，虽然其中一些讨论可能会开始，但具体细节要到今年晚些时候才会披露。</blockquote></p><p>  On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p><p><blockquote>周三，中国表示将从国家储备中释放铜、铝和锌等工业金属，以抑制大宗商品价格。铜价较历史高点下跌逾10%，周二跌入回调区间。</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":"1118154026","content_text":"U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.\nThe Dow Jones Industrial Average traded 20 points higher. The S&P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.\nLarge tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.\nStocks pulled back from record levels duringTuesday’s trading session, with the S&P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.\nThe Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.\nThe Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.\nThe meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.\n\"I still think equities are going higher,\" BlackRock global bond chief Rick Rieder said on CNBC's \"Squawk Box\" on Wednesday. \"If we don't hear anything different, then I worry a little bit about risk the system creates — you can create asset bubbles you can create leverage. We've seen markets that are a little bit concerning with literally zero spread to them for risk assets.\"\nThe central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.\n\"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"\nMinutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.\nOn Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2350,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169321314,"gmtCreate":1623817786738,"gmtModify":1634027615251,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169321314","repostId":"1150591447","repostType":4,"isVote":1,"tweetType":1,"viewCount":297,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169320759,"gmtCreate":1623817702371,"gmtModify":1634027617178,"author":{"id":"3586322847446285","authorId":"3586322847446285","name":"263dbcd0","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586322847446285","idStr":"3586322847446285"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169320759","repostId":"1146386859","repostType":2,"isVote":1,"tweetType":1,"viewCount":441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}