29e8bc52的个人主页 - 老虎社区

29e8bc52

Value investor/speculator

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11粉丝

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2021-07-31

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2021-07-17

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2021-07-26

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2021-07-23

Ok

Volkswagen CEO Says EV Margin Parity With ICE Vehicles Will Be Reached In "2 To 3 Years"<blockquote>大众汽车首席执行官表示电动汽车利润率将在“2到3年内”达到与内燃机汽车平价</blockquote>

2021-07-19

Ok

Record Stock Rally Ignores Wall Street’s Phobia About Optimism<blockquote>创纪录的股市上涨忽略了华尔街对乐观情绪的恐惧</blockquote>

2021-08-23

Wow. Greqt[呆住]

Coupang: Strong Upside Potential<blockquote>Coupang：强劲的上涨潜力</blockquote>

2021-08-17

1% is nothing.. Lol[开心]

Big tech stocks fell in morning trading, Apple fell over 1% after reaching record high<blockquote>大型科技股早盘下跌苹果创历史新高后跌超1%</blockquote>

2021-07-14

Great

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2021-07-06

[微笑]

Is the Stock Market Open or Closed on Independence Day?<blockquote>独立日股票市场是开放还是关闭？</blockquote>

2021-09-15

Good

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Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1631011337,"share":"https://www.laohu8.com/m/news/2165427353?lang=zh_CN&edition=full","pubTime":"2021-09-07 18:42","market":"us","language":"en","title":"LightInTheBox Clocks 7.3% Revenue Growth In Q2, Beats Consensus<blockquote>LightInTheBox第二季度收入增长7.3%，超出市场预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2165427353","media":"Benzinga","summary":"\n","content":"<p><html><body><ul> <li>E-commerce platform <strong>LightInTheBox Holding Co Ltd</strong> (NYSE:LITB) reported second-quarter FY21 revenue growth of 7.3% year-on-year to $122.2 million, beating the analyst consensus of $78.5 million.</li> <li>Revenues generated from product sales were $119.3 million, compared with $107.2 million in Q2 of 2020. Revenues from service and others were $2.9 million, compared with $6.7 million in Q2 of 2020.</li> <li>The gross margin expanded 330 bps to 46.8%.</li> <li>The net income rose 11.6% Y/Y to $9.5 million.</li> <li>Net income per ADS was flat at $0.08.</li> <li>LightInTheBox held $58.2 million in cash and equivalents.</li> <li><strong>Price Action:</strong> LITB shares traded higher by 3.03% at $1.36 in the premarket session on the last check Tuesday.</li> </ul> </body></html></p><p><blockquote><html><body><ul><li>电子商务平台<strong>LightInTheBox控股有限公司</strong>（纽约证券交易所股票代码：LITB）报告称，2021财年第二季度收入同比增长7.3%，达到1.222亿美元，超过分析师预期的7850万美元。</li><li>产品销售收入为1.193亿美元，而2020年第二季度为1.072亿美元。服务和其他收入为290万美元，而2020年第二季度为670万美元。</li><li>毛利率扩大330个基点至46.8%。</li><li>净利润同比增长11.6%至950万美元。</li><li>每股ADS净利润持平于0.08美元。</li><li>LightInTheBox持有5820万美元现金及等价物。</li><li><strong>价格走势：</strong>周二最后一次盘前交易中，LITB股价上涨3.03%，至1.36美元。</li></ul></body></html></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>LightInTheBox Clocks 7.3% Revenue Growth In Q2, Beats Consensus<blockquote>LightInTheBox第二季度收入增长7.3%，超出市场预期</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\">\nLightInTheBox Clocks 7.3% Revenue Growth In Q2, Beats Consensus<blockquote>LightInTheBox第二季度收入增长7.3%，超出市场预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-09-07 18:42</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><html><body><ul> <li>E-commerce platform <strong>LightInTheBox Holding Co Ltd</strong> (NYSE:LITB) reported second-quarter FY21 revenue growth of 7.3% year-on-year to $122.2 million, beating the analyst consensus of $78.5 million.</li> <li>Revenues generated from product sales were $119.3 million, compared with $107.2 million in Q2 of 2020. Revenues from service and others were $2.9 million, compared with $6.7 million in Q2 of 2020.</li> <li>The gross margin expanded 330 bps to 46.8%.</li> <li>The net income rose 11.6% Y/Y to $9.5 million.</li> <li>Net income per ADS was flat at $0.08.</li> <li>LightInTheBox held $58.2 million in cash and equivalents.</li> <li><strong>Price Action:</strong> LITB shares traded higher by 3.03% at $1.36 in the premarket session on the last check Tuesday.</li> </ul> </body></html></p><p><blockquote><html><body><ul><li>电子商务平台<strong>LightInTheBox控股有限公司</strong>（纽约证券交易所股票代码：LITB）报告称，2021财年第二季度收入同比增长7.3%，达到1.222亿美元，超过分析师预期的7850万美元。</li><li>产品销售收入为1.193亿美元，而2020年第二季度为1.072亿美元。服务和其他收入为290万美元，而2020年第二季度为670万美元。</li><li>毛利率扩大330个基点至46.8%。</li><li>净利润同比增长11.6%至950万美元。</li><li>每股ADS净利润持平于0.08美元。</li><li>LightInTheBox持有5820万美元现金及等价物。</li><li><strong>价格走势：</strong>周二最后一次盘前交易中，LITB股价上涨3.03%，至1.36美元。</li></ul></body></html></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LITB":"兰亭集势"},"source_url":"https://www.benzinga.com/news/earnings/21/09/22821622/lightinthebox-clocks-7-3-revenue-growth-in-q2-beats-consensus","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2165427353","content_text":"E-commerce platform LightInTheBox Holding Co Ltd (NYSE:LITB) reported second-quarter FY21 revenue growth of 7.3% year-on-year to $122.2 million, beating the analyst consensus of $78.5 million.\nRevenues generated from product sales were $119.3 million, compared with $107.2 million in Q2 of 2020. Revenues from service and others were $2.9 million, compared with $6.7 million in Q2 of 2020.\nThe gross margin expanded 330 bps to 46.8%.\nThe net income rose 11.6% Y/Y to $9.5 million.\nNet income per ADS was flat at $0.08.\nLightInTheBox held $58.2 million in cash and equivalents.\nPrice Action: LITB shares traded higher by 3.03% at $1.36 in the premarket session on the last check Tuesday.","news_type":1,"symbols_score_info":{"LITB":1}},"isVote":1,"tweetType":1,"viewCount":3367,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":859816401,"gmtCreate":1634686731020,"gmtModify":1634686731236,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"htmlText":"[惊讶]&nbsp;","listText":"[惊讶]&nbsp;","text":"[惊讶]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/859816401","repostId":"827138009","repostType":1,"repost":{"id":827138009,"gmtCreate":1634431616794,"gmtModify":1634431819749,"author":{"id":"3579667199980202","authorId":"3579667199980202","name":"rayhky","avatar":"https://static.tigerbbs.com/d1f6b9f52c6107c86caad286e97f3943","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579667199980202","authorIdStr":"3579667199980202"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CEI\">$Camber Energy(CEI)$</a>I buy you 3.18 you give me 1.38.&nbsp;","listText":"<a href=\"https://laohu8.com/S/CEI\">$Camber Energy(CEI)$</a>I buy you 3.18 you give me 1.38.&nbsp;","text":"$Camber Energy(CEI)$I buy you 3.18 you give me 1.38.","images":[{"img":"https://static.tigerbbs.com/4207c5b1171fab092b128c5491504581","width":"1080","height":"1920"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/827138009","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2041,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829343540,"gmtCreate":1633476981870,"gmtModify":1633476982076,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"htmlText":"[惊讶]&nbsp;","listText":"[惊讶]&nbsp;","text":"[惊讶]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/829343540","repostId":"1124090793","repostType":4,"repost":{"id":"1124090793","kind":"news","pubTimestamp":1633476226,"share":"https://www.laohu8.com/m/news/1124090793?lang=zh_CN&edition=full","pubTime":"2021-10-06 07:23","market":"us","language":"en","title":"Apple Pay Fees Vex Credit-Card Issuers<blockquote>苹果支付费用激怒了信用卡发卡机构</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124090793","media":"The Wall Street Journal","summary":"Banks are nudging Visa to change the way it processes some Apple Pay transactions, according to peop","content":"<p>Banks are nudging Visa to change the way it processes some Apple Pay transactions, according to people familiar with the matter</p><p><blockquote>据知情人士透露，银行正在推动Visa改变其处理部分苹果支付交易的方式</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b201168cb7830b0f88d3337a07cc5bf\" tg-width=\"1290\" tg-height=\"859\" width=\"100%\" height=\"auto\"><span>Under a plan by Visa, the fees that card issuers pay to Apple when their cardholders use Apple Pay wouldn’t apply on automatic recurring payments such as gym memberships and streaming services.</span></p><p><blockquote><p class=\"t-img-caption\"><span>根据Visa的一项计划，发卡机构在持卡人使用苹果支付时向苹果支付的费用不适用于健身房会员资格和流媒体服务等自动定期付款。</span></p></blockquote></p><p> Banks rushed to work with the Apple Pay mobile wallet when it debuted in 2014. They have some regrets.</p><p><blockquote>2014年苹果支付移动钱包首次亮相时，银行纷纷与之合作。他们有些遗憾。</blockquote></p><p> When Apple Pay launched, the tech giant got big banks including&nbsp;JPMorgan Chase&nbsp;&amp; Co.,Capital One Financial&nbsp;Corp.&nbsp;and&nbsp;Bank of America&nbsp;Corp.&nbsp;to agree to pay fees that would allow their cardholders to pay by iPhone. But some banks have grown unhappy with the costs, especially after&nbsp;Apple&nbsp;Inc.&nbsp;introduced its own new credit card in 2019, according to people familiar with the matter.</p><p><blockquote>当苹果Pay推出时，这家科技巨头让摩根大通(JPMorgan Chase&amp;Co.)、第一资本金融公司(Capital One Financial Corp.)和美银(Bank of America Corp.)等大银行同意支付费用，允许持卡人通过iPhone支付。但据知情人士透露，一些银行对这些成本越来越不满，尤其是在苹果公司于2019年推出自己的新信用卡之后。</blockquote></p><p> Some banks are pushing back, nudging card network&nbsp;Visa&nbsp;Inc.&nbsp;to change the way it processes certain Apple Pay transactions, according to some of the people. The change would trim the fees that banks pay to Apple.</p><p><blockquote>据一些知情人士透露，一些银行正在反击，促使卡网络Visa Inc.改变其处理某些苹果支付交易的方式。这一变化将削减银行向苹果支付的费用。</blockquote></p><p> Visa plans to implement the change next year, according to people familiar with the matter and a document viewed by The Wall Street Journal. Apple executives have told Visa executives they oppose the change, the people said. The two companies are in discussions and it is possible the planned change won’t kick in.</p><p><blockquote>据知情人士和《华尔街日报》看到的一份文件称，Visa计划明年实施这一变化。知情人士称，苹果高管已告诉Visa高管，他们反对这一变化。两家公司正在讨论，计划中的改变可能不会生效。</blockquote></p><p> Currently, banks pay Apple a fee when their cardholders use Apple Pay. Under the planned new process, the fees wouldn’t apply on automatic recurring payments such as gym memberships and streaming services.</p><p><blockquote>目前，当持卡人使用苹果支付时，银行会向苹果支付费用。根据计划中的新流程，这些费用将不适用于健身房会员资格和流媒体服务等自动经常性付款。</blockquote></p><p> The dispute reflects a long-running tension between the giants of tech and finance. Companies such as Apple and&nbsp;Amazon.com&nbsp;Inc.&nbsp;have been expanding in consumer payments for years. The banks have often rushed into deals with them,afraid of being left behind. But the deals don’t always work out:Alphabet&nbsp;Inc.’s&nbsp;Google, for instance, is&nbsp;abandoning plans to pitch bank accounts to users.</p><p><blockquote>这场争端反映了科技和金融巨头之间长期存在的紧张关系。苹果和Amazon.com Inc.等公司多年来一直在扩大消费者支付业务。银行经常急于与他们达成交易，害怕被抛在后面。但这些交易并不总是成功：例如，Alphabet公司旗下的谷歌正在放弃向用户推销银行账户的计划。</blockquote></p><p> Apple said in a statement that “our banking partners are an important part of Apple Pay’s growth.”</p><p><blockquote>苹果在一份声明中表示，“我们的银行合作伙伴是苹果支付增长的重要组成部分。”</blockquote></p><p> “Our bank partners continue to see the benefits of providing Apple Pay and invest in new ways to implement and promote Apple Pay to their customers for secure and private in-store and online purchases,” the company said.</p><p><blockquote>该公司表示：“我们的银行合作伙伴继续看到提供苹果支付的好处，并投资于新方法，向客户实施和推广苹果支付，以实现安全、私密的店内和在线购买。”</blockquote></p><p> Major networks including Visa and&nbsp;Mastercard&nbsp;Inc.&nbsp;are the effective gateways between banks and Apple Pay, because they help banks’ cards get loaded onto the mobile wallet. The change would apply to Visa-branded cards, though other networks could follow suit.</p><p><blockquote>包括Visa和MasterCard Inc.在内的主要网络是银行和苹果支付之间的有效网关，因为它们可以帮助银行卡加载到移动钱包中。这一变化将适用于Visa品牌的卡，但其他网络也可能效仿。</blockquote></p><p> Mobile wallets&nbsp;are smartphone apps on which people can load their debit- or credit-card credentials and use their phone, rather than the tangible card, to make payments. The transactions are charged to the shopper’s card.</p><p><blockquote>移动钱包是智能手机应用程序，人们可以在上面加载借记卡或信用卡凭证，并使用手机而不是有形的卡进行支付。交易从购物者的卡中扣除。</blockquote></p><p> When Apple&nbsp;introduced Apple Pay in 2014, the iPhone had already clobbered music players, cameras and GPS systems. Banks and card networks worried it also would displace card payments.</p><p><blockquote>当苹果在2014年推出苹果支付时，iPhone已经击败了音乐播放器、相机和GPS系统。银行和信用卡网络担心它也会取代信用卡支付。</blockquote></p><p> Banks agreed to pay Apple 0.15% of each purchase made by their credit cardholders. (They pay a separate fee on debit-card transactions.) Those fees account for most of the revenue that Apple makes from its digital wallet, according to people familiar with the matter.</p><p><blockquote>银行同意向苹果支付其信用卡持卡人每次购物的0.15%。（他们为借记卡交易支付单独的费用。）据知情人士透露，这些费用占了苹果数字钱包收入的大部分。</blockquote></p><p> The terms had the potential to be uniquely lucrative for Apple. Banks&nbsp;don’t pay fees&nbsp;to Google for its wallet.</p><p><blockquote>这些条款有可能为苹果带来独特的利润。银行不会向谷歌支付钱包费用。</blockquote></p><p> Visa and Mastercard also agreed to give Apple an unusual concession, according to people familiar with the matter: Apple would be able to choose which issuers it would allow onto Apple Pay and which of those issuers’ cards it would accept. Visa and Mastercard generally require that entities that accept their credit cards must accept them all. Apple agreed to not develop a card network to compete against Visa and Mastercard, the people said.</p><p><blockquote>据知情人士透露，Visa和Mastercard还同意给予苹果一项不同寻常的让步：苹果将能够选择允许哪些发卡机构使用苹果支付以及接受哪些发卡机构的卡。Visa和Mastercard通常要求接受其信用卡的实体必须接受所有信用卡。知情人士称，苹果同意不开发与Visa和Mastercard竞争的信用卡网络。</blockquote></p><p> But since then, customers have been slower to adopt Apple Pay than bank and card network executives had expected. And some bank executives were angered when Apple launched its own credit card in 2019 with&nbsp;Goldman Sachs Group&nbsp;Inc.,said people familiar with the matter, since it made Apple more of a direct competitor.</p><p><blockquote>但从那时起，客户采用苹果支付的速度比银行和卡网络高管预期的要慢。知情人士称，当苹果于2019年与高盛集团(Goldman Sachs Group Inc.)推出自己的信用卡时，一些银行高管感到愤怒，因为这让苹果成为了更直接的竞争对手。</blockquote></p><p> Apple said in a statement that it partners closely “with nearly 9,000 banking partners to offer Apple Pay to customers in nearly 60 countries and regions.”</p><p><blockquote>苹果在一份声明中表示，它“与近9,000家银行合作伙伴密切合作，为近60个国家和地区的客户提供苹果支付服务”。</blockquote></p><p> Visa shared its planned technical change with at least some banks in recent months. A document reviewed by the Journal that explained the new process didn’t mention the fees but detailed a change to so-called tokens that Visa issues for mobile-wallet payments.</p><p><blockquote>近几个月来，Visa至少与一些银行分享了其计划中的技术变革。《华尔街日报》审阅的一份解释新流程的文件没有提及费用，但详细介绍了Visa为移动钱包支付发行的所谓代币的变化。</blockquote></p><p></p><p> When consumers load their credit card onto Apple Pay, Visa issues a special token that replaces the card number. That allows the card to work on Apple Pay and also helps keep the card secure in a potential data breach, among other benefits.</p><p><blockquote>当消费者将信用卡加载到苹果支付时，Visa会发行一个特殊的代币来代替卡号。这使得该卡可以在苹果支付上运行，也有助于在潜在的数据泄露中保持该卡的安全，以及其他好处。</blockquote></p><p> Visa plans to start using a different token on recurring automated payments. That effectively means that after a first payment is made on a subscription, Apple won’t get fees on the following transactions.</p><p><blockquote>Visa计划开始在定期自动支付中使用不同的代币。这实际上意味着，在订阅首次付款后，苹果将不会在以下交易中收取费用。</blockquote></p><p> Some big banks previously tried to get their Apple Pay fees lowered around 2017 but didn’t succeed, according to people familiar with the matter.</p><p><blockquote>据知情人士透露，一些大银行此前曾试图在2017年左右降低苹果薪酬，但没有成功。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Pay Fees Vex Credit-Card Issuers<blockquote>苹果支付费用激怒了信用卡发卡机构</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Pay Fees Vex Credit-Card Issuers<blockquote>苹果支付费用激怒了信用卡发卡机构</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-10-06 07:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Banks are nudging Visa to change the way it processes some Apple Pay transactions, according to people familiar with the matter</p><p><blockquote>据知情人士透露，银行正在推动Visa改变其处理部分苹果支付交易的方式</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b201168cb7830b0f88d3337a07cc5bf\" tg-width=\"1290\" tg-height=\"859\" width=\"100%\" height=\"auto\"><span>Under a plan by Visa, the fees that card issuers pay to Apple when their cardholders use Apple Pay wouldn’t apply on automatic recurring payments such as gym memberships and streaming services.</span></p><p><blockquote><p class=\"t-img-caption\"><span>根据Visa的一项计划，发卡机构在持卡人使用苹果支付时向苹果支付的费用不适用于健身房会员资格和流媒体服务等自动定期付款。</span></p></blockquote></p><p> Banks rushed to work with the Apple Pay mobile wallet when it debuted in 2014. They have some regrets.</p><p><blockquote>2014年苹果支付移动钱包首次亮相时，银行纷纷与之合作。他们有些遗憾。</blockquote></p><p> When Apple Pay launched, the tech giant got big banks including&nbsp;JPMorgan Chase&nbsp;&amp; Co.,Capital One Financial&nbsp;Corp.&nbsp;and&nbsp;Bank of America&nbsp;Corp.&nbsp;to agree to pay fees that would allow their cardholders to pay by iPhone. But some banks have grown unhappy with the costs, especially after&nbsp;Apple&nbsp;Inc.&nbsp;introduced its own new credit card in 2019, according to people familiar with the matter.</p><p><blockquote>当苹果Pay推出时，这家科技巨头让摩根大通(JPMorgan Chase&amp;Co.)、第一资本金融公司(Capital One Financial Corp.)和美银(Bank of America Corp.)等大银行同意支付费用，允许持卡人通过iPhone支付。但据知情人士透露，一些银行对这些成本越来越不满，尤其是在苹果公司于2019年推出自己的新信用卡之后。</blockquote></p><p> Some banks are pushing back, nudging card network&nbsp;Visa&nbsp;Inc.&nbsp;to change the way it processes certain Apple Pay transactions, according to some of the people. The change would trim the fees that banks pay to Apple.</p><p><blockquote>据一些知情人士透露，一些银行正在反击，促使卡网络Visa Inc.改变其处理某些苹果支付交易的方式。这一变化将削减银行向苹果支付的费用。</blockquote></p><p> Visa plans to implement the change next year, according to people familiar with the matter and a document viewed by The Wall Street Journal. Apple executives have told Visa executives they oppose the change, the people said. The two companies are in discussions and it is possible the planned change won’t kick in.</p><p><blockquote>据知情人士和《华尔街日报》看到的一份文件称，Visa计划明年实施这一变化。知情人士称，苹果高管已告诉Visa高管，他们反对这一变化。两家公司正在讨论，计划中的改变可能不会生效。</blockquote></p><p> Currently, banks pay Apple a fee when their cardholders use Apple Pay. Under the planned new process, the fees wouldn’t apply on automatic recurring payments such as gym memberships and streaming services.</p><p><blockquote>目前，当持卡人使用苹果支付时，银行会向苹果支付费用。根据计划中的新流程，这些费用将不适用于健身房会员资格和流媒体服务等自动经常性付款。</blockquote></p><p> The dispute reflects a long-running tension between the giants of tech and finance. Companies such as Apple and&nbsp;Amazon.com&nbsp;Inc.&nbsp;have been expanding in consumer payments for years. The banks have often rushed into deals with them,afraid of being left behind. But the deals don’t always work out:Alphabet&nbsp;Inc.’s&nbsp;Google, for instance, is&nbsp;abandoning plans to pitch bank accounts to users.</p><p><blockquote>这场争端反映了科技和金融巨头之间长期存在的紧张关系。苹果和Amazon.com Inc.等公司多年来一直在扩大消费者支付业务。银行经常急于与他们达成交易，害怕被抛在后面。但这些交易并不总是成功：例如，Alphabet公司旗下的谷歌正在放弃向用户推销银行账户的计划。</blockquote></p><p> Apple said in a statement that “our banking partners are an important part of Apple Pay’s growth.”</p><p><blockquote>苹果在一份声明中表示，“我们的银行合作伙伴是苹果支付增长的重要组成部分。”</blockquote></p><p> “Our bank partners continue to see the benefits of providing Apple Pay and invest in new ways to implement and promote Apple Pay to their customers for secure and private in-store and online purchases,” the company said.</p><p><blockquote>该公司表示：“我们的银行合作伙伴继续看到提供苹果支付的好处，并投资于新方法，向客户实施和推广苹果支付，以实现安全、私密的店内和在线购买。”</blockquote></p><p> Major networks including Visa and&nbsp;Mastercard&nbsp;Inc.&nbsp;are the effective gateways between banks and Apple Pay, because they help banks’ cards get loaded onto the mobile wallet. The change would apply to Visa-branded cards, though other networks could follow suit.</p><p><blockquote>包括Visa和MasterCard Inc.在内的主要网络是银行和苹果支付之间的有效网关，因为它们可以帮助银行卡加载到移动钱包中。这一变化将适用于Visa品牌的卡，但其他网络也可能效仿。</blockquote></p><p> Mobile wallets&nbsp;are smartphone apps on which people can load their debit- or credit-card credentials and use their phone, rather than the tangible card, to make payments. The transactions are charged to the shopper’s card.</p><p><blockquote>移动钱包是智能手机应用程序，人们可以在上面加载借记卡或信用卡凭证，并使用手机而不是有形的卡进行支付。交易从购物者的卡中扣除。</blockquote></p><p> When Apple&nbsp;introduced Apple Pay in 2014, the iPhone had already clobbered music players, cameras and GPS systems. Banks and card networks worried it also would displace card payments.</p><p><blockquote>当苹果在2014年推出苹果支付时，iPhone已经击败了音乐播放器、相机和GPS系统。银行和信用卡网络担心它也会取代信用卡支付。</blockquote></p><p> Banks agreed to pay Apple 0.15% of each purchase made by their credit cardholders. (They pay a separate fee on debit-card transactions.) Those fees account for most of the revenue that Apple makes from its digital wallet, according to people familiar with the matter.</p><p><blockquote>银行同意向苹果支付其信用卡持卡人每次购物的0.15%。（他们为借记卡交易支付单独的费用。）据知情人士透露，这些费用占了苹果数字钱包收入的大部分。</blockquote></p><p> The terms had the potential to be uniquely lucrative for Apple. Banks&nbsp;don’t pay fees&nbsp;to Google for its wallet.</p><p><blockquote>这些条款有可能为苹果带来独特的利润。银行不会向谷歌支付钱包费用。</blockquote></p><p> Visa and Mastercard also agreed to give Apple an unusual concession, according to people familiar with the matter: Apple would be able to choose which issuers it would allow onto Apple Pay and which of those issuers’ cards it would accept. Visa and Mastercard generally require that entities that accept their credit cards must accept them all. Apple agreed to not develop a card network to compete against Visa and Mastercard, the people said.</p><p><blockquote>据知情人士透露，Visa和Mastercard还同意给予苹果一项不同寻常的让步：苹果将能够选择允许哪些发卡机构使用苹果支付以及接受哪些发卡机构的卡。Visa和Mastercard通常要求接受其信用卡的实体必须接受所有信用卡。知情人士称，苹果同意不开发与Visa和Mastercard竞争的信用卡网络。</blockquote></p><p> But since then, customers have been slower to adopt Apple Pay than bank and card network executives had expected. And some bank executives were angered when Apple launched its own credit card in 2019 with&nbsp;Goldman Sachs Group&nbsp;Inc.,said people familiar with the matter, since it made Apple more of a direct competitor.</p><p><blockquote>但从那时起，客户采用苹果支付的速度比银行和卡网络高管预期的要慢。知情人士称，当苹果于2019年与高盛集团(Goldman Sachs Group Inc.)推出自己的信用卡时，一些银行高管感到愤怒，因为这让苹果成为了更直接的竞争对手。</blockquote></p><p> Apple said in a statement that it partners closely “with nearly 9,000 banking partners to offer Apple Pay to customers in nearly 60 countries and regions.”</p><p><blockquote>苹果在一份声明中表示，它“与近9,000家银行合作伙伴密切合作，为近60个国家和地区的客户提供苹果支付服务”。</blockquote></p><p> Visa shared its planned technical change with at least some banks in recent months. A document reviewed by the Journal that explained the new process didn’t mention the fees but detailed a change to so-called tokens that Visa issues for mobile-wallet payments.</p><p><blockquote>近几个月来，Visa至少与一些银行分享了其计划中的技术变革。《华尔街日报》审阅的一份解释新流程的文件没有提及费用，但详细介绍了Visa为移动钱包支付发行的所谓代币的变化。</blockquote></p><p></p><p> When consumers load their credit card onto Apple Pay, Visa issues a special token that replaces the card number. That allows the card to work on Apple Pay and also helps keep the card secure in a potential data breach, among other benefits.</p><p><blockquote>当消费者将信用卡加载到苹果支付时，Visa会发行一个特殊的代币来代替卡号。这使得该卡可以在苹果支付上运行，也有助于在潜在的数据泄露中保持该卡的安全，以及其他好处。</blockquote></p><p> Visa plans to start using a different token on recurring automated payments. That effectively means that after a first payment is made on a subscription, Apple won’t get fees on the following transactions.</p><p><blockquote>Visa计划开始在定期自动支付中使用不同的代币。这实际上意味着，在订阅首次付款后，苹果将不会在以下交易中收取费用。</blockquote></p><p> Some big banks previously tried to get their Apple Pay fees lowered around 2017 but didn’t succeed, according to people familiar with the matter.</p><p><blockquote>据知情人士透露，一些大银行此前曾试图在2017年左右降低苹果薪酬，但没有成功。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/apple-pay-fees-vex-credit-card-issuers-11633449317?mod=hp_lead_pos3\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BAC":"美国银行","COF":"第一资本","AAPL":"苹果","MA":"万事达","V":"Visa","JPM":"摩根大通"},"source_url":"https://www.wsj.com/articles/apple-pay-fees-vex-credit-card-issuers-11633449317?mod=hp_lead_pos3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124090793","content_text":"Banks are nudging Visa to change the way it processes some Apple Pay transactions, according to people familiar with the matter\nUnder a plan by Visa, the fees that card issuers pay to Apple when their cardholders use Apple Pay wouldn’t apply on automatic recurring payments such as gym memberships and streaming services.\nBanks rushed to work with the Apple Pay mobile wallet when it debuted in 2014. They have some regrets.\nWhen Apple Pay launched, the tech giant got big banks including JPMorgan Chase & Co.,Capital One Financial Corp. and Bank of America Corp. to agree to pay fees that would allow their cardholders to pay by iPhone. But some banks have grown unhappy with the costs, especially after Apple Inc. introduced its own new credit card in 2019, according to people familiar with the matter.\nSome banks are pushing back, nudging card network Visa Inc. to change the way it processes certain Apple Pay transactions, according to some of the people. The change would trim the fees that banks pay to Apple.\nVisa plans to implement the change next year, according to people familiar with the matter and a document viewed by The Wall Street Journal. Apple executives have told Visa executives they oppose the change, the people said. The two companies are in discussions and it is possible the planned change won’t kick in.\nCurrently, banks pay Apple a fee when their cardholders use Apple Pay. Under the planned new process, the fees wouldn’t apply on automatic recurring payments such as gym memberships and streaming services.\nThe dispute reflects a long-running tension between the giants of tech and finance. Companies such as Apple and Amazon.com Inc. have been expanding in consumer payments for years. The banks have often rushed into deals with them,afraid of being left behind. But the deals don’t always work out:Alphabet Inc.’s Google, for instance, is abandoning plans to pitch bank accounts to users.\nApple said in a statement that “our banking partners are an important part of Apple Pay’s growth.”\n“Our bank partners continue to see the benefits of providing Apple Pay and invest in new ways to implement and promote Apple Pay to their customers for secure and private in-store and online purchases,” the company said.\nMajor networks including Visa and Mastercard Inc. are the effective gateways between banks and Apple Pay, because they help banks’ cards get loaded onto the mobile wallet. The change would apply to Visa-branded cards, though other networks could follow suit.\nMobile wallets are smartphone apps on which people can load their debit- or credit-card credentials and use their phone, rather than the tangible card, to make payments. The transactions are charged to the shopper’s card.\nWhen Apple introduced Apple Pay in 2014, the iPhone had already clobbered music players, cameras and GPS systems. Banks and card networks worried it also would displace card payments.\nBanks agreed to pay Apple 0.15% of each purchase made by their credit cardholders. (They pay a separate fee on debit-card transactions.) Those fees account for most of the revenue that Apple makes from its digital wallet, according to people familiar with the matter.\nThe terms had the potential to be uniquely lucrative for Apple. Banks don’t pay fees to Google for its wallet.\nVisa and Mastercard also agreed to give Apple an unusual concession, according to people familiar with the matter: Apple would be able to choose which issuers it would allow onto Apple Pay and which of those issuers’ cards it would accept. Visa and Mastercard generally require that entities that accept their credit cards must accept them all. Apple agreed to not develop a card network to compete against Visa and Mastercard, the people said.\nBut since then, customers have been slower to adopt Apple Pay than bank and card network executives had expected. And some bank executives were angered when Apple launched its own credit card in 2019 with Goldman Sachs Group Inc.,said people familiar with the matter, since it made Apple more of a direct competitor.\nApple said in a statement that it partners closely “with nearly 9,000 banking partners to offer Apple Pay to customers in nearly 60 countries and regions.”\nVisa shared its planned technical change with at least some banks in recent months. A document reviewed by the Journal that explained the new process didn’t mention the fees but detailed a change to so-called tokens that Visa issues for mobile-wallet payments.\nWhen consumers load their credit card onto Apple Pay, Visa issues a special token that replaces the card number. That allows the card to work on Apple Pay and also helps keep the card secure in a potential data breach, among other benefits.\nVisa plans to start using a different token on recurring automated payments. That effectively means that after a first payment is made on a subscription, Apple won’t get fees on the following transactions.\nSome big banks previously tried to get their Apple Pay fees lowered around 2017 but didn’t succeed, according to people familiar with the matter.","news_type":1,"symbols_score_info":{"BAC":0.9,"COF":0.9,"V":0.9,"MA":0.9,"JPM":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829343118,"gmtCreate":1633476964270,"gmtModify":1633476964498,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"htmlText":"[惊讶]&nbsp;","listText":"[惊讶]&nbsp;","text":"[惊讶]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/829343118","repostId":"1188156858","repostType":4,"repost":{"id":"1188156858","kind":"news","pubTimestamp":1633476493,"share":"https://www.laohu8.com/m/news/1188156858?lang=zh_CN&edition=full","pubTime":"2021-10-06 07:28","market":"us","language":"en","title":"Tesla Ordered to Pay More Than $130 Million in Damages to Black Former Worker<blockquote>特斯拉被勒令向黑人前工人支付超过1.3亿美元的赔偿金</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188156858","media":"The Wall Street Journal","summary":"The company subjected the employee to a racially hostile work environment, jury finds\nAn attorney fo","content":"<p>The company subjected the employee to a racially hostile work environment, jury finds</p><p><blockquote>陪审团发现该公司使该员工处于种族敌对的工作环境中</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5039e7be8e1e22951d330e7096ef825b\" tg-width=\"1290\" tg-height=\"859\" width=\"100%\" height=\"auto\"><span>An attorney for Tesla declined to comment on the verdict.</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉的律师拒绝对判决发表评论。</span></p></blockquote></p><p> SAN FRANCISCO—Tesla&nbsp;Inc.&nbsp;subjected a Black former worker to a racially hostile work environment and failed to take reasonable steps to prevent him from being racially harassed, a federal jury found Monday.&nbsp;&nbsp;</p><p><blockquote>联邦陪审团周一发现，特斯拉公司让一名黑人前工人处于种族敌对的工作环境中，并且未能采取合理措施防止他受到种族骚扰。</blockquote></p><p> The eight-person jury awarded more than $130 million in damages to Owen Diaz, who worked as an elevator operator at Tesla’s Fremont, Calif., factory in 2015 and 2016.</p><p><blockquote>八人陪审团判给欧文·迪亚兹超过1.3亿美元的赔偿金，欧文·迪亚兹于2015年和2016年在特斯拉加州弗里蒙特工厂担任电梯操作员。</blockquote></p><p> He was regularly called racial epithets at work, where he saw racist images and language written in the bathroom and elsewhere, said Bernard Alexander, one of his attorneys, during the trial. The factory, located in the San Francisco Bay Area, was Tesla’s lone auto assembly plant at the time, employing roughly 10,000 people.</p><p><blockquote>他的律师之一伯纳德·亚历山大（Bernard Alexander）在审判期间说，他在工作中经常被称为种族主义绰号，他在浴室和其他地方看到种族主义图像和语言。该工厂位于三藩市湾区，是特斯拉当时唯一的汽车装配厂，雇佣了大约10,000名员工。</blockquote></p><p> Mr. Diaz, 53, held his head in his hands after the jury’s verdict was read. He called the decision a weight off his shoulders. The trial lasted just over a week.</p><p><blockquote>陪审团宣读裁决后，53岁的迪亚兹双手抱头。他称这个决定是他肩上的重担。审判持续了一个多星期。</blockquote></p><p> “It shines a light on what’s going on inside of Tesla’s factory,” he said. “Elon Musk, you’ve been put on notice. Clean that factory up.”</p><p><blockquote>“它揭示了特斯拉工厂内部正在发生的事情，”他说。“埃隆·马斯克，你已经被警告了。清理那个工厂。”</blockquote></p><p> Tracey Kennedy, an attorney for Tesla, said in her closing argument that there was no evidence that a Tesla employee harassed Mr. Diaz and that the company shouldn’t be held liable for the treatment Mr. Diaz alleged. Many workers at Tesla’s factory are contractors employed through staffing agencies.</p><p><blockquote>特斯拉的律师Tracey Kennedy在结案陈词中表示，没有证据表明特斯拉员工骚扰了迪亚兹，该公司不应对迪亚兹声称的待遇承担责任。特斯拉工厂的许多工人都是通过职业介绍所雇佣的承包商。</blockquote></p><p> Tesla’s vice president of people, Valerie Capers Workman, said in an email to employees Monday that when Mr. Diaz complained about harassment, the company ensured its staffing agencies took action.</p><p><blockquote>特斯拉人力资源副总裁Valerie Capers Workman周一在给员工的电子邮件中表示，当迪亚兹抱怨骚扰时，公司确保其人事机构采取行动。</blockquote></p><p> “While we strongly believe that these facts don’t justify the verdict reached by the jury in San Francisco, we do recognize that in 2015 and 2016 we were not perfect,” she said in the note, which was&nbsp;republished on Tesla’s blog.</p><p><blockquote>“虽然我们坚信这些事实并不能证明三藩市陪审团做出的裁决是合理的，但我们确实认识到，在2015年和2016年，我们并不完美，”她在特斯拉博客上重新发布的说明中说道。</blockquote></p><p> Tesla Chief Executive Elon Musk didn’t immediately respond to a request for comment on the verdict or any plans to appeal.</p><p><blockquote>特斯拉首席执行官Elon Musk没有立即回应就判决发表评论的请求，也没有回应任何上诉计划。</blockquote></p><p> The trial centered on three claims: that Tesla subjected Mr. Diaz to a racially hostile work environment; that the company failed to prevent him from being racially harassed; and that it was negligent in its supervision or retention of an employee, causing harm to Mr. Diaz.</p><p><blockquote>审判集中在三项指控上：特斯拉让迪亚兹先生处于种族敌对的工作环境中；公司未能阻止他受到种族骚扰；该公司在监督或留住员工方面存在疏忽，对迪亚兹先生造成了伤害。</blockquote></p><p> Tesla denied in a court filing that it was aware of the alleged discriminatory and harassing behavior and didn’t take action to protect Black employees. Ms. Kennedy urged the jury to find in Tesla’s favor on each of the claims.</p><p><blockquote>特斯拉在一份法庭文件中否认知道所谓的歧视和骚扰行为，并且没有采取行动保护黑人员工。Kennedy女士敦促陪审团在每一项指控上都做出有利于特斯拉的裁决。</blockquote></p><p> The jury, after roughly four hours of deliberation, found in favor of Mr. Diaz on all claims and ordered Tesla to pay Mr. Diaz $6.9 million in compensatory damages and $130 million in punitive damages.</p><p><blockquote>经过大约四个小时的审议，陪审团裁定迪亚兹的所有索赔都胜诉，并命令特斯拉向迪亚兹支付690万美元的补偿性赔偿金和1.3亿美元的惩罚性赔偿金。</blockquote></p><p> It is the second time in recent months that the electric-vehicle maker has been found liable in a case involving claims of race-based harassment or discrimination.</p><p><blockquote>这是近几个月来这家电动汽车制造商第二次在涉及种族骚扰或歧视指控的案件中被认定负有责任。</blockquote></p><p> Another Black former Tesla worker, Melvin Berry, won a $1 million judgment in May after an arbitrator found that he was called racial slurs by his supervisors and subjected to other racial conduct in the Fremont factory. Tesla was obligated to investigate and stop the racial discrimination and failed to do so, the arbitrator said in her order.</p><p><blockquote>另一名黑人前特斯拉工人Melvin Berry在5月份赢得了100万美元的判决，此前一名仲裁员发现他被主管称为种族诽谤，并在Fremont工厂遭受了其他种族行为。仲裁员在命令中表示，特斯拉有义务调查并制止种族歧视，但却没有这样做。</blockquote></p><p> Tesla said that any actions the company took weren’t racially based, according to the order.</p><p><blockquote>根据命令，特斯拉表示，该公司采取的任何行动都不是基于种族。</blockquote></p><p> Mr. Diaz, who was employed by a staffing agency, didn’t sign an arbitration agreement, allowing his case to proceed to trial. His attorneys said they believed this to be the first case involving alleged harassment or discrimination at Tesla to reach trial.</p><p><blockquote>迪亚兹受雇于一家职业介绍所，他没有签署仲裁协议，允许他的案件进行审判。他的律师表示，他们认为这是第一起涉及特斯拉涉嫌骚扰或歧视的案件。</blockquote></p><p> Tesla is facing similar claims in California state court, where former Tesla assembly worker Marcus Vaughn sued, alleging that Tesla created an intimidating, hostile and offensive work environment for Black workers. He and other plaintiffs are seeking class certification.</p><p><blockquote>特斯拉在加州法院也面临类似的索赔，前特斯拉议会工人Marcus Vaughn提起诉讼，指控特斯拉为黑人工人创造了一个恐吓、敌对和攻击性的工作环境。他和其他原告正在寻求集体认证。</blockquote></p><p> Tesla has denied the claims, court records show.In a blog post&nbsp;after Mr. Vaughn filed his lawsuit in 2017, Tesla said, “it is not humanly possible to stop all bad conduct, but we will do our best to make it as close to zero as possible.”</p><p><blockquote>法庭记录显示，特斯拉否认了这些指控。在沃恩先生2017年提起诉讼后的一篇博客文章中，特斯拉表示：“人类不可能阻止所有不良行为，但我们会尽最大努力使其尽可能接近于零。”</blockquote></p><p> An investor proposal up for consideration at Tesla’s annual shareholder meeting Thursday calls on the board to oversee preparation of a report about how the company’s use of mandatory arbitration affects employees and corporate culture. Tesla’s board has urged investors to vote against the proposal. A similar measure failed last year.</p><p><blockquote>一项投资者提案将在特斯拉周四举行的年度股东大会上审议，该提案将由董事会评级监督一份关于公司使用强制仲裁如何影响员工和企业文化的报告的准备工作。特斯拉董事会敦促投资者投票反对该提案。去年一项类似的措施失败了。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Ordered to Pay More Than $130 Million in Damages to Black Former Worker<blockquote>特斯拉被勒令向黑人前工人支付超过1.3亿美元的赔偿金</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 Ordered to Pay More Than $130 Million in Damages to Black Former Worker<blockquote>特斯拉被勒令向黑人前工人支付超过1.3亿美元的赔偿金</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-10-06 07:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The company subjected the employee to a racially hostile work environment, jury finds</p><p><blockquote>陪审团发现该公司使该员工处于种族敌对的工作环境中</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5039e7be8e1e22951d330e7096ef825b\" tg-width=\"1290\" tg-height=\"859\" width=\"100%\" height=\"auto\"><span>An attorney for Tesla declined to comment on the verdict.</span></p><p><blockquote><p class=\"t-img-caption\"><span>特斯拉的律师拒绝对判决发表评论。</span></p></blockquote></p><p> SAN FRANCISCO—Tesla&nbsp;Inc.&nbsp;subjected a Black former worker to a racially hostile work environment and failed to take reasonable steps to prevent him from being racially harassed, a federal jury found Monday.&nbsp;&nbsp;</p><p><blockquote>联邦陪审团周一发现，特斯拉公司让一名黑人前工人处于种族敌对的工作环境中，并且未能采取合理措施防止他受到种族骚扰。</blockquote></p><p> The eight-person jury awarded more than $130 million in damages to Owen Diaz, who worked as an elevator operator at Tesla’s Fremont, Calif., factory in 2015 and 2016.</p><p><blockquote>八人陪审团判给欧文·迪亚兹超过1.3亿美元的赔偿金，欧文·迪亚兹于2015年和2016年在特斯拉加州弗里蒙特工厂担任电梯操作员。</blockquote></p><p> He was regularly called racial epithets at work, where he saw racist images and language written in the bathroom and elsewhere, said Bernard Alexander, one of his attorneys, during the trial. The factory, located in the San Francisco Bay Area, was Tesla’s lone auto assembly plant at the time, employing roughly 10,000 people.</p><p><blockquote>他的律师之一伯纳德·亚历山大（Bernard Alexander）在审判期间说，他在工作中经常被称为种族主义绰号，他在浴室和其他地方看到种族主义图像和语言。该工厂位于三藩市湾区，是特斯拉当时唯一的汽车装配厂，雇佣了大约10,000名员工。</blockquote></p><p> Mr. Diaz, 53, held his head in his hands after the jury’s verdict was read. He called the decision a weight off his shoulders. The trial lasted just over a week.</p><p><blockquote>陪审团宣读裁决后，53岁的迪亚兹双手抱头。他称这个决定是他肩上的重担。审判持续了一个多星期。</blockquote></p><p> “It shines a light on what’s going on inside of Tesla’s factory,” he said. “Elon Musk, you’ve been put on notice. Clean that factory up.”</p><p><blockquote>“它揭示了特斯拉工厂内部正在发生的事情，”他说。“埃隆·马斯克，你已经被警告了。清理那个工厂。”</blockquote></p><p> Tracey Kennedy, an attorney for Tesla, said in her closing argument that there was no evidence that a Tesla employee harassed Mr. Diaz and that the company shouldn’t be held liable for the treatment Mr. Diaz alleged. Many workers at Tesla’s factory are contractors employed through staffing agencies.</p><p><blockquote>特斯拉的律师Tracey Kennedy在结案陈词中表示，没有证据表明特斯拉员工骚扰了迪亚兹，该公司不应对迪亚兹声称的待遇承担责任。特斯拉工厂的许多工人都是通过职业介绍所雇佣的承包商。</blockquote></p><p> Tesla’s vice president of people, Valerie Capers Workman, said in an email to employees Monday that when Mr. Diaz complained about harassment, the company ensured its staffing agencies took action.</p><p><blockquote>特斯拉人力资源副总裁Valerie Capers Workman周一在给员工的电子邮件中表示，当迪亚兹抱怨骚扰时，公司确保其人事机构采取行动。</blockquote></p><p> “While we strongly believe that these facts don’t justify the verdict reached by the jury in San Francisco, we do recognize that in 2015 and 2016 we were not perfect,” she said in the note, which was&nbsp;republished on Tesla’s blog.</p><p><blockquote>“虽然我们坚信这些事实并不能证明三藩市陪审团做出的裁决是合理的，但我们确实认识到，在2015年和2016年，我们并不完美，”她在特斯拉博客上重新发布的说明中说道。</blockquote></p><p> Tesla Chief Executive Elon Musk didn’t immediately respond to a request for comment on the verdict or any plans to appeal.</p><p><blockquote>特斯拉首席执行官Elon Musk没有立即回应就判决发表评论的请求，也没有回应任何上诉计划。</blockquote></p><p> The trial centered on three claims: that Tesla subjected Mr. Diaz to a racially hostile work environment; that the company failed to prevent him from being racially harassed; and that it was negligent in its supervision or retention of an employee, causing harm to Mr. Diaz.</p><p><blockquote>审判集中在三项指控上：特斯拉让迪亚兹先生处于种族敌对的工作环境中；公司未能阻止他受到种族骚扰；该公司在监督或留住员工方面存在疏忽，对迪亚兹先生造成了伤害。</blockquote></p><p> Tesla denied in a court filing that it was aware of the alleged discriminatory and harassing behavior and didn’t take action to protect Black employees. Ms. Kennedy urged the jury to find in Tesla’s favor on each of the claims.</p><p><blockquote>特斯拉在一份法庭文件中否认知道所谓的歧视和骚扰行为，并且没有采取行动保护黑人员工。Kennedy女士敦促陪审团在每一项指控上都做出有利于特斯拉的裁决。</blockquote></p><p> The jury, after roughly four hours of deliberation, found in favor of Mr. Diaz on all claims and ordered Tesla to pay Mr. Diaz $6.9 million in compensatory damages and $130 million in punitive damages.</p><p><blockquote>经过大约四个小时的审议，陪审团裁定迪亚兹的所有索赔都胜诉，并命令特斯拉向迪亚兹支付690万美元的补偿性赔偿金和1.3亿美元的惩罚性赔偿金。</blockquote></p><p> It is the second time in recent months that the electric-vehicle maker has been found liable in a case involving claims of race-based harassment or discrimination.</p><p><blockquote>这是近几个月来这家电动汽车制造商第二次在涉及种族骚扰或歧视指控的案件中被认定负有责任。</blockquote></p><p> Another Black former Tesla worker, Melvin Berry, won a $1 million judgment in May after an arbitrator found that he was called racial slurs by his supervisors and subjected to other racial conduct in the Fremont factory. Tesla was obligated to investigate and stop the racial discrimination and failed to do so, the arbitrator said in her order.</p><p><blockquote>另一名黑人前特斯拉工人Melvin Berry在5月份赢得了100万美元的判决，此前一名仲裁员发现他被主管称为种族诽谤，并在Fremont工厂遭受了其他种族行为。仲裁员在命令中表示，特斯拉有义务调查并制止种族歧视，但却没有这样做。</blockquote></p><p> Tesla said that any actions the company took weren’t racially based, according to the order.</p><p><blockquote>根据命令，特斯拉表示，该公司采取的任何行动都不是基于种族。</blockquote></p><p> Mr. Diaz, who was employed by a staffing agency, didn’t sign an arbitration agreement, allowing his case to proceed to trial. His attorneys said they believed this to be the first case involving alleged harassment or discrimination at Tesla to reach trial.</p><p><blockquote>迪亚兹受雇于一家职业介绍所，他没有签署仲裁协议，允许他的案件进行审判。他的律师表示，他们认为这是第一起涉及特斯拉涉嫌骚扰或歧视的案件。</blockquote></p><p> Tesla is facing similar claims in California state court, where former Tesla assembly worker Marcus Vaughn sued, alleging that Tesla created an intimidating, hostile and offensive work environment for Black workers. He and other plaintiffs are seeking class certification.</p><p><blockquote>特斯拉在加州法院也面临类似的索赔，前特斯拉议会工人Marcus Vaughn提起诉讼，指控特斯拉为黑人工人创造了一个恐吓、敌对和攻击性的工作环境。他和其他原告正在寻求集体认证。</blockquote></p><p> Tesla has denied the claims, court records show.In a blog post&nbsp;after Mr. Vaughn filed his lawsuit in 2017, Tesla said, “it is not humanly possible to stop all bad conduct, but we will do our best to make it as close to zero as possible.”</p><p><blockquote>法庭记录显示，特斯拉否认了这些指控。在沃恩先生2017年提起诉讼后的一篇博客文章中，特斯拉表示：“人类不可能阻止所有不良行为，但我们会尽最大努力使其尽可能接近于零。”</blockquote></p><p> An investor proposal up for consideration at Tesla’s annual shareholder meeting Thursday calls on the board to oversee preparation of a report about how the company’s use of mandatory arbitration affects employees and corporate culture. Tesla’s board has urged investors to vote against the proposal. A similar measure failed last year.</p><p><blockquote>一项投资者提案将在特斯拉周四举行的年度股东大会上审议，该提案将由董事会评级监督一份关于公司使用强制仲裁如何影响员工和企业文化的报告的准备工作。特斯拉董事会敦促投资者投票反对该提案。去年一项类似的措施失败了。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/tesla-subjected-black-former-worker-to-racially-hostile-work-environment-jury-finds-11633392880?mod=searchresults_pos3&page=1\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/tesla-subjected-black-former-worker-to-racially-hostile-work-environment-jury-finds-11633392880?mod=searchresults_pos3&page=1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188156858","content_text":"The company subjected the employee to a racially hostile work environment, jury finds\nAn attorney for Tesla declined to comment on the verdict.\nSAN FRANCISCO—Tesla Inc. subjected a Black former worker to a racially hostile work environment and failed to take reasonable steps to prevent him from being racially harassed, a federal jury found Monday.  \nThe eight-person jury awarded more than $130 million in damages to Owen Diaz, who worked as an elevator operator at Tesla’s Fremont, Calif., factory in 2015 and 2016.\nHe was regularly called racial epithets at work, where he saw racist images and language written in the bathroom and elsewhere, said Bernard Alexander, one of his attorneys, during the trial. The factory, located in the San Francisco Bay Area, was Tesla’s lone auto assembly plant at the time, employing roughly 10,000 people.\nMr. Diaz, 53, held his head in his hands after the jury’s verdict was read. He called the decision a weight off his shoulders. The trial lasted just over a week.\n“It shines a light on what’s going on inside of Tesla’s factory,” he said. “Elon Musk, you’ve been put on notice. Clean that factory up.”\nTracey Kennedy, an attorney for Tesla, said in her closing argument that there was no evidence that a Tesla employee harassed Mr. Diaz and that the company shouldn’t be held liable for the treatment Mr. Diaz alleged. Many workers at Tesla’s factory are contractors employed through staffing agencies.\nTesla’s vice president of people, Valerie Capers Workman, said in an email to employees Monday that when Mr. Diaz complained about harassment, the company ensured its staffing agencies took action.\n“While we strongly believe that these facts don’t justify the verdict reached by the jury in San Francisco, we do recognize that in 2015 and 2016 we were not perfect,” she said in the note, which was republished on Tesla’s blog.\nTesla Chief Executive Elon Musk didn’t immediately respond to a request for comment on the verdict or any plans to appeal.\nThe trial centered on three claims: that Tesla subjected Mr. Diaz to a racially hostile work environment; that the company failed to prevent him from being racially harassed; and that it was negligent in its supervision or retention of an employee, causing harm to Mr. Diaz.\nTesla denied in a court filing that it was aware of the alleged discriminatory and harassing behavior and didn’t take action to protect Black employees. Ms. Kennedy urged the jury to find in Tesla’s favor on each of the claims.\nThe jury, after roughly four hours of deliberation, found in favor of Mr. Diaz on all claims and ordered Tesla to pay Mr. Diaz $6.9 million in compensatory damages and $130 million in punitive damages.\nIt is the second time in recent months that the electric-vehicle maker has been found liable in a case involving claims of race-based harassment or discrimination.\nAnother Black former Tesla worker, Melvin Berry, won a $1 million judgment in May after an arbitrator found that he was called racial slurs by his supervisors and subjected to other racial conduct in the Fremont factory. Tesla was obligated to investigate and stop the racial discrimination and failed to do so, the arbitrator said in her order.\nTesla said that any actions the company took weren’t racially based, according to the order.\nMr. Diaz, who was employed by a staffing agency, didn’t sign an arbitration agreement, allowing his case to proceed to trial. His attorneys said they believed this to be the first case involving alleged harassment or discrimination at Tesla to reach trial.\nTesla is facing similar claims in California state court, where former Tesla assembly worker Marcus Vaughn sued, alleging that Tesla created an intimidating, hostile and offensive work environment for Black workers. He and other plaintiffs are seeking class certification.\nTesla has denied the claims, court records show.In a blog post after Mr. Vaughn filed his lawsuit in 2017, Tesla said, “it is not humanly possible to stop all bad conduct, but we will do our best to make it as close to zero as possible.”\nAn investor proposal up for consideration at Tesla’s annual shareholder meeting Thursday calls on the board to oversee preparation of a report about how the company’s use of mandatory arbitration affects employees and corporate culture. Tesla’s board has urged investors to vote against the proposal. A similar measure failed last year.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2657,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":865503429,"gmtCreate":1632994895571,"gmtModify":1632994895752,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/865503429","repostId":"2171932723","repostType":4,"repost":{"id":"2171932723","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1632993844,"share":"https://www.laohu8.com/m/news/2171932723?lang=zh_CN&edition=full","pubTime":"2021-09-30 17:24","market":"us","language":"en","title":"5 Stocks To Watch For September 30, 2021<blockquote>2021年9月30日值得关注的5只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2171932723","media":"Benzinga","summary":"Some of the stocks that may grab investor focus today are:\n\tWall Street expects  CarMax, Inc (NYSE: KMX) to report quarterly earnings at $1.89 per share on revenue of $6.85 billion before the opening bell. CarMax shares rose 0.1% to $146.50 in after-hours trading.\n","content":"<p>Some of the stocks that may grab investor focus today are:</p><p><blockquote>今天可能引起投资者关注的一些股票包括：</blockquote></p><p> <ul>  <li>Wall Street expects <b>CarMax, Inc</b> (NYSE:KMX) to report quarterly earnings at $1.89 per share on revenue of $6.85 billion before the opening bell. CarMax shares rose 0.1% to $146.50 in after-hours trading.</li>  <li><b><a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a></b> (NYSE:SPCE) disclosed that it was cleared to fly FAA-licensed spaceflights following the conclusion of an FAA inquiry related to the Unity 22 flight in July. Virgin Galactic shares jumped 10.2% to $24.85 in the after-hours trading session.</li>  <li>Analysts are expecting <b>McCormick &amp; Company, Incorporated</b> (NYSE:MKC) to have earned $0.72 per share on revenue of $1.54 billion for the latest quarter. The company will release earnings before the markets open. McCormick shares rose 0.6% to close at $83.69 on Wednesday.</li> </ul> <ul>  <li><b>Herman Miller, Inc.</b> (NASDAQ:MLHR) swung to a loss in its first quarter, while sales exceeded estimates. The company said it sees Q2 adjusted earnings of $0.55 to $0.61 per share on sales of $1.025 billion to $1.065 billion. Herman Miller shares gained 2.2% to $41.01 in the after-hours trading session.</li>  <li>Analysts expect <b>Paychex, Inc.</b> (NASDAQ:PAYX) to report quarterly earnings at $0.80 per share on revenue of $1.04 billion before the opening bell. Paychex shares rose 1.1% to $107.85 in after-hours trading.</li> </ul></p><p><blockquote><ul><li>华尔街预计<b>CarMax公司</b>（纽约证券交易所股票代码：KMX）将在开盘前公布季度收益为每股1.89美元，营收为68.5亿美元。CarMax股价在盘后交易中上涨0.1%，至146.50美元。</li><li><b><a href=\"https://laohu8.com/S/SPCE.WS\">维珍银河控股公司</a></b>（纽约证券交易所股票代码：SPCE）披露，在美国联邦航空局7月份结束与Unity 22航班相关的调查后，该公司获准进行美国联邦航空局许可的太空飞行。维珍银河股价在盘后交易时段上涨10.2%，至24.85美元。</li><li>分析师预计<b>麦考密克公司</b>（纽约证券交易所股票代码：MKC）最近一个季度每股收益为0.72美元，营收为15.4亿美元。该公司将在开市前发布财报。味好美股价周三上涨0.6%，收于83.69美元。</li></ul><ul><li><b>赫曼米勒公司。</b>（纳斯达克：MLHR）第一季度出现亏损，而销售额超出预期。该公司表示，预计第二季度调整后每股收益为0.55美元至0.61美元，销售额为10.25亿美元至10.65亿美元。赫曼米勒股价在盘后交易时段上涨2.2%，至41.01美元。</li><li>分析师预计<b>Paychex公司。</b>（纳斯达克股票代码：PAYX）将在开盘前公布季度收益为每股0.80美元，营收为10.4亿美元。Paychex股价在盘后交易中上涨1.1%，至107.85美元。</li></ul></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>5 Stocks To Watch For September 30, 2021<blockquote>2021年9月30日值得关注的5只股票</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\">\n5 Stocks To Watch For September 30, 2021<blockquote>2021年9月30日值得关注的5只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-09-30 17:24</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Some of the stocks that may grab investor focus today are:</p><p><blockquote>今天可能引起投资者关注的一些股票包括：</blockquote></p><p> <ul>  <li>Wall Street expects <b>CarMax, Inc</b> (NYSE:KMX) to report quarterly earnings at $1.89 per share on revenue of $6.85 billion before the opening bell. CarMax shares rose 0.1% to $146.50 in after-hours trading.</li>  <li><b><a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a></b> (NYSE:SPCE) disclosed that it was cleared to fly FAA-licensed spaceflights following the conclusion of an FAA inquiry related to the Unity 22 flight in July. Virgin Galactic shares jumped 10.2% to $24.85 in the after-hours trading session.</li>  <li>Analysts are expecting <b>McCormick &amp; Company, Incorporated</b> (NYSE:MKC) to have earned $0.72 per share on revenue of $1.54 billion for the latest quarter. The company will release earnings before the markets open. McCormick shares rose 0.6% to close at $83.69 on Wednesday.</li> </ul> <ul>  <li><b>Herman Miller, Inc.</b> (NASDAQ:MLHR) swung to a loss in its first quarter, while sales exceeded estimates. The company said it sees Q2 adjusted earnings of $0.55 to $0.61 per share on sales of $1.025 billion to $1.065 billion. Herman Miller shares gained 2.2% to $41.01 in the after-hours trading session.</li>  <li>Analysts expect <b>Paychex, Inc.</b> (NASDAQ:PAYX) to report quarterly earnings at $0.80 per share on revenue of $1.04 billion before the opening bell. Paychex shares rose 1.1% to $107.85 in after-hours trading.</li> </ul></p><p><blockquote><ul><li>华尔街预计<b>CarMax公司</b>（纽约证券交易所股票代码：KMX）将在开盘前公布季度收益为每股1.89美元，营收为68.5亿美元。CarMax股价在盘后交易中上涨0.1%，至146.50美元。</li><li><b><a href=\"https://laohu8.com/S/SPCE.WS\">维珍银河控股公司</a></b>（纽约证券交易所股票代码：SPCE）披露，在美国联邦航空局7月份结束与Unity 22航班相关的调查后，该公司获准进行美国联邦航空局许可的太空飞行。维珍银河股价在盘后交易时段上涨10.2%，至24.85美元。</li><li>分析师预计<b>麦考密克公司</b>（纽约证券交易所股票代码：MKC）最近一个季度每股收益为0.72美元，营收为15.4亿美元。该公司将在开市前发布财报。味好美股价周三上涨0.6%，收于83.69美元。</li></ul><ul><li><b>赫曼米勒公司。</b>（纳斯达克：MLHR）第一季度出现亏损，而销售额超出预期。该公司表示，预计第二季度调整后每股收益为0.55美元至0.61美元，销售额为10.25亿美元至10.65亿美元。赫曼米勒股价在盘后交易时段上涨2.2%，至41.01美元。</li><li>分析师预计<b>Paychex公司。</b>（纳斯达克股票代码：PAYX）将在开盘前公布季度收益为每股0.80美元，营收为10.4亿美元。Paychex股价在盘后交易中上涨1.1%，至107.85美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KMX":"车美仕","SPCE":"维珍银河","PAYX":"沛齐","MKC":"味好美"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2171932723","content_text":"Some of the stocks that may grab investor focus today are:\n\nWall Street expects CarMax, Inc (NYSE:KMX) to report quarterly earnings at $1.89 per share on revenue of $6.85 billion before the opening bell. CarMax shares rose 0.1% to $146.50 in after-hours trading.\nVirgin Galactic Holdings Inc (NYSE:SPCE) disclosed that it was cleared to fly FAA-licensed spaceflights following the conclusion of an FAA inquiry related to the Unity 22 flight in July. Virgin Galactic shares jumped 10.2% to $24.85 in the after-hours trading session.\nAnalysts are expecting McCormick & Company, Incorporated (NYSE:MKC) to have earned $0.72 per share on revenue of $1.54 billion for the latest quarter. The company will release earnings before the markets open. McCormick shares rose 0.6% to close at $83.69 on Wednesday.\n\n\nHerman Miller, Inc. (NASDAQ:MLHR) swung to a loss in its first quarter, while sales exceeded estimates. The company said it sees Q2 adjusted earnings of $0.55 to $0.61 per share on sales of $1.025 billion to $1.065 billion. Herman Miller shares gained 2.2% to $41.01 in the after-hours trading session.\nAnalysts expect Paychex, Inc. (NASDAQ:PAYX) to report quarterly earnings at $0.80 per share on revenue of $1.04 billion before the opening bell. Paychex shares rose 1.1% to $107.85 in after-hours trading.","news_type":1,"symbols_score_info":{"MKC":0.9,"SPCE":0.9,"MLHR":0.9,"PAYX":0.9,"KMX":0.9}},"isVote":1,"tweetType":1,"viewCount":4004,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":882606416,"gmtCreate":1631680322735,"gmtModify":1631890229956,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/882606416","repostId":"1149832852","repostType":4,"isVote":1,"tweetType":1,"viewCount":1882,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817797965,"gmtCreate":1630986432357,"gmtModify":1631890229962,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"htmlText":"Oh.. Interesting.&nbsp;","listText":"Oh.. Interesting.&nbsp;","text":"Oh.. Interesting.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817797965","repostId":"2165384697","repostType":4,"isVote":1,"tweetType":1,"viewCount":1956,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817796665,"gmtCreate":1630986276657,"gmtModify":1631890229963,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"htmlText":"Yeah&nbsp;","listText":"Yeah&nbsp;","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/817796665","repostId":"1175895797","repostType":4,"repost":{"id":"1175895797","kind":"news","pubTimestamp":1630984669,"share":"https://www.laohu8.com/m/news/1175895797?lang=zh_CN&edition=full","pubTime":"2021-09-07 11:17","market":"us","language":"en","title":"SoFi Technologies: 4 Trades To Get In On Fintech's Growth<blockquote>SoFi Technologies：参与金融科技增长的4项交易</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175895797","media":"Investing.com","summary":"SoFi Technologies has recently issued mixed Q2 metrics, which put pressure on the shares\nThe fintech","content":"<p><ul>  <li>SoFi Technologies has recently issued mixed Q2 metrics, which put pressure on the shares</li>  <li>The fintech group is growing its platform, product offerings and customer numbers</li>  <li>We’re optimistic on the long-term growth prospects of SOFI stock, which could move first toward $17.5 and then $20.0 in the coming weeks</li> </ul> Investors in financial technology (fintech) disruptor SoFi Technologies. (NASDAQ:SOFI) have had a volatile year so far in 2021. Year-to-date (YTD) SOFI stock is up close to 22%. However, since early June the stock has lost about 37% of its value.</p><p><blockquote><ul><li>SoFi Technologies最近发布了好坏参半的第二季度指标，这给股价带来了压力</li><li>该金融科技集团正在扩大其平台、产品供应和客户数量</li><li>我们对SOFI股票的长期增长前景持乐观态度，未来几周该股可能首先升至17.5美元，然后升至20.0美元</li></ul>金融科技（fintech）颠覆者SoFi Technologies的投资者。（纳斯达克：SOFI）2021年迄今为止经历了动荡的一年。年初至今(YTD)SOFI股价上涨近22%。然而，自6月初以来，该股价值已下跌约37%。</blockquote></p><p> Our readers could well remember that SoFi Technologies went public through a reverse merger with Social Capital Hedosophia Corp, a special purpose acquisition company (SPAC). SOFI shares finished the day at $22.65. After trading between $20-$25 for several few weeks, the stock sold-off starting in early June.</p><p><blockquote>我们的读者可能还记得，SoFi Technologies是通过与特殊目的收购公司(SPAC)Social Capital Hedosophia Corp反向合并上市的。SOFI股价当天收于22.65美元。在连续几周在20-25美元之间交易后，该股从6月初开始遭到抛售。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7e84ef86a4fdcb3edda25a7f55e9f93f\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> SOFI stock finished Sept. 3 at $15.16. We should also remind readers that on Feb. 1, prior to the closing of the reverse merger, the shares hit an all-time high of $28.26. The market capitalization of SoFi Technologies stands at $12.12 billion.</p><p><blockquote>SOFI股票9月3日收于15.16美元。我们还应该提醒读者，2月1日，在反向合并完成之前，该股创下了28.26美元的历史新高。SoFi Technologies的市值为121.2亿美元。</blockquote></p><p> Investors debate whether now is a good time to invest in SOFI stock. We’re bullish on the long-term growth prospects of SoFi Technologies. Here’s why.</p><p><blockquote>投资者争论现在是否是投资SOFI股票的好时机。我们看好SoFi Technologies的长期增长前景。原因如下。</blockquote></p><p> <b>Long-Term Tailwinds</b></p><p><blockquote><b>长期顺风</b></blockquote></p><p> SoFi Technologies was founded in 2011 as a student loan refinancing business. Over the past decade, it has grown significantly to become a fintech disruptor. Its app enables consumers to manage, borrow, spend, save and invest money.</p><p><blockquote>SoFi Technologies成立于2011年，是一家学生贷款再融资公司。在过去十年中，它已显着发展成为金融科技颠覆者。它的应用程序使消费者能够管理、借贷、消费、储蓄和投资资金。</blockquote></p><p> For instance, in May 2020, it acquired the payment software company&nbsp;Galileo Financial Technologies, which helps businesses develop payment, card, and digital banking products. Also in March of this year, management announced it had agreed tobuythe California-based community bank Golden Pacific Bancorp, and “The proposed acquisition is a key strategic step in SoFi's path to obtaining a national bank charter.”</p><p><blockquote>例如，2020年5月，它收购了支付软件公司Galileo Financial Technologies，该公司帮助企业开发支付、卡和数字银行产品。同样在今年3月，管理层宣布已同意收购总部位于加州的社区银行Golden Pacific Bancorp，“拟议的收购是SoFi获得国家银行牌照道路上的关键战略步骤。”</blockquote></p><p> On Aug. 12, SOFI&nbsp;issued&nbsp;Q2 financials. Revenue was $231.1 million, up 101% year-over-year (YOY).The company reports revenue in three segments:</p><p><blockquote>8月12日，SOFI发布了第二季度财务数据。收入为2.311亿美元，同比增长101%。该公司报告三个部分的收入：</blockquote></p><p> <ul>  <li>Lending (still the driver of the top line with 71.9% share);</li>  <li>Financial Services (Q2 revenue was $17.0 million, compared to $2.4 million in Q2 2020);</li>  <li>Technology Platform (consists primarily of Galileo which has over the past year, increased its number of accounts, to nearly 79 million from 36 million).</li> </ul> SOFI reported a $165.3 million net loss for Q2 2021, compared to net profit of $7.8 million a year earlier. However, adjusted EBITDA was $11.2 million and positive for the fourth consecutive quarter. It was also $35.0 million higher than Q2 2020.</p><p><blockquote><ul><li>贷款（仍然是营收的驱动力，占71.9%的份额）；</li><li>金融服务（第二季度收入为1700万美元，而2020年第二季度为240万美元）；</li><li>技术平台（主要由Galileo组成，在过去一年中，其账户数量从3600万增加到近7900万）。</li></ul>SOFI报告2021年第二季度净亏损1.653亿美元，而上年同期净利润为780万美元。然而，调整后EBITDA为1120万美元，连续第四个季度为正值。这也比2020年第二季度高出3500万美元。</blockquote></p><p> On the results, CEO Anthony Noto&nbsp;commented:</p><p><blockquote>对于结果，首席执行官安东尼·诺托评论道：</blockquote></p><p>   “We drove our 8th straight quarters of accelerating member growth, with even faster growth in cross-buying from existing members.”  For Q3 2021, management expects adjusted net revenue of $245-$255 million, which was lighter than what Wall Street was anticipating. SoFi Technologies also reiterated the full-year 2021 guidance of adjusted net revenue of $980 million and adjusted EBITDA of $27 million.</p><p><blockquote>“我们连续第八个季度加速会员增长，现有会员的交叉购买增长更快。”管理层预计2021年第三季度调整后净收入为245-2.55亿美元，低于华尔街的预期。SoFi Technologies还重申了2021年全年调整后净收入为9.8亿美元，调整后EBITDA为2700万美元的指引。</blockquote></p><p> A number of investors were not fully thrilled with Q2 results, and hit the ‘Sell’ button, pushing SOFI stock to $13.50. However, since then buyers have come in and moved the stock back to $15, a level that is acting as support.</p><p><blockquote>许多投资者对第二季度业绩并不完全满意，按下了“卖出”按钮，将SOFI股价推高至13.50美元。然而，自那以后，买家介入并将该股推回到15美元，这是一个起到支撑作用的水平。</blockquote></p><p> <b>What To Expect From SOFI Stock</b></p><p><blockquote><b>对SOFI股票的期待</b></blockquote></p><p> SoFi Technologies is still a young company. Therefore on&nbsp;<i>Investing.com</i>, we have two analysts&nbsp;polled, both of whom have rated it a ‘buy.’ The shares have a 12-month price target of $26.50, implying a return of about 75% from current levels.</p><p><blockquote>SoFi Technologies仍然是一家年轻的公司。因此在<i>Investing.com</i>，我们对两位分析师进行了调查，他们都将其评级为“买入”。该股12个月目标价为26.50美元，这意味着较当前水平的回报率约为75%。</blockquote></p><p> The stock’s P/B ratio stands at 2.86x. By comparison, the P/B ratios of fintech darlings PayPal (NASDAQ:PYPL) and Square (NYSE:SQ) are 16.25x and 45.93x, respectively</p><p><blockquote>该股的市净率为2.86倍。相比之下，金融科技宠儿PayPal（纳斯达克：PYPL）和Square（纽约证券交易所：SQ）的市净率分别为16.25倍和45.93倍</blockquote></p><p> Investors who watch technical charts might be interested to know that anup movetoward the $17-$17.5 level is likely. In that case, SOFI stock would possibly hit resistance around $17.5 after which it could trade sideways as it establishes a new base.</p><p><blockquote>观看技术图表的投资者可能有兴趣知道anup很可能会升至17-17.5美元的水平。在这种情况下，SOFI股票可能会遇到17.5美元左右的阻力，之后它可能会在建立新的基础时横盘整理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1b6d9b444b951f9abee71b8a394b699\" tg-width=\"654\" tg-height=\"458\" width=\"100%\" height=\"auto\"><span>Source: Investing.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Investing.com</span></p></blockquote></p><p> Finally, as part of the short-term sentiment analysis, it would be important to look at the implied volatility (IV) levels for SoFi Technologies options, which typically show traders the market's opinion of potential moves in a security. However, this metric does not forecast the direction of the move.</p><p><blockquote>最后，作为短期情绪分析的一部分，查看SoFi Technologies期权的隐含波动率(IV)水平非常重要，它通常向交易者显示市场对证券潜在走势的看法。然而，这一指标并不能预测移动的方向。</blockquote></p><p></p><p> SOFI’s current implied volatility is 59.7, which is lower than the 20-day moving average of 67.4. This metric means implied volatility is trending lower. Although the current IV level could change, for now, the market does not seem to expect extreme choppiness in the shares.</p><p><blockquote>SOFI目前的隐含波动率为59.7，低于20日移动平均线67.4。该指标意味着隐含波动率呈下降趋势。尽管目前的IV水平可能会发生变化，但就目前而言，市场似乎预计股价不会出现极端波动。</blockquote></p><p> Although our expectation is for the stock price to increase in the coming weeks, it is not likely to be a straight move higher. There could even be a further decline toward $14 before a new up leg starts. In case of such a decline, potential SoFi Technologies stock investors would then find better value in the stock.</p><p><blockquote>尽管我们预计股价将在未来几周内上涨，但不太可能直线走高。在新的上涨行情开始之前，甚至可能进一步跌至14美元。如果出现这种下跌，潜在的SoFi Technologies股票投资者将会发现该股票更好的价值。</blockquote></p><p> <b>4 Possible Trades1. Buy SOFI Stock At Current Levels</b></p><p><blockquote><b>4种可能的交易1。在当前水平购买SOFI股票</b></blockquote></p><p> Investors who are not concerned with daily moves in price and who believe in the long-term potential of the company could consider investing in SoFi Technologies shares now.</p><p><blockquote>不关心每日价格变动并相信该公司长期潜力的投资者现在可以考虑投资SoFi Technologies股票。</blockquote></p><p> On Sept. 3, SOFI stock closed at $15.16. Buy-and-hold investors should expect to keep this long position for several months while the stock potentially makes an attempt, first toward $17.5 and then $20, leading to a return of over 30%.</p><p><blockquote>9月3日，SOFI股价收于15.16美元。买入并持有的投资者应该预计将在几个月内保持这一多头头寸，而该股可能会尝试，首先升至17.5美元，然后升至20美元，从而带来超过30%的回报。</blockquote></p><p> However, investors who are concerned about large declines might also consider placing a stop-loss about 3-5% below their entry point.</p><p><blockquote>然而，担心大幅下跌的投资者也可以考虑在进场点以下约3-5%设置止损。</blockquote></p><p> Once the stock is firmly established around $20, it could then potentially make another move toward the record high $28.26. However, such an increase would possibly take several quarters.</p><p><blockquote>一旦该股站稳在20美元左右，它可能会再次向28.26美元的历史新高迈进。然而，这种增长可能需要几个季度的时间。</blockquote></p><p> <b>2. Sell A Cash-Secured Put Option On SOFI Stock</b></p><p><blockquote><b>2.出售SOFI股票的现金担保看跌期权</b></blockquote></p><p> Our second trade involves a cash-secured put strategy. We have recently covered this option in numerous articles. Here is one&nbsp;example.</p><p><blockquote>我们的第二笔交易涉及现金担保看跌策略。我们最近在许多文章中讨论了这个选项。这里有一个例子。</blockquote></p><p> Bullish SoFi Technologies stock traders could now sell a Dec. 17, 15-strike put option, which is currently being offered at $2.13.</p><p><blockquote>看涨SoFi Technologies股票交易者现在可以出售12月17日15行权的看跌期权，目前报价为2.13美元。</blockquote></p><p> Assuming traders would enter this put-selling strategy at the current price, the upside is keeping this premium of $213 as long as SOFI stock closes above $15, when the option expires. A total of $213 would be the maximum return for this trade (excluding trading costs and taxes).</p><p><blockquote>假设交易者以当前价格进入这种看跌卖出策略，那么只要期权到期时SOFI股票收盘价高于15美元，上涨空间就会保持213美元的溢价。这笔交易的最高回报为213美元（不包括交易成本和税收）。</blockquote></p><p> The downside is if SoFi Technologies stock trades below $15.00 ahead of expiration. Should that occur, traders could be assigned 100 shares for each sold put at a cost of $15.00 per share.</p><p><blockquote>不利的一面是，如果SoFi Technologies股票在到期前交易价格低于15.00美元。如果发生这种情况，交易者可以以每股15.00美元的价格为每卖出一份看跌期权分配100股。</blockquote></p><p> At expiry, this trade would break even at a stock price of $12.87 (i.e., $15-$2.13).</p><p><blockquote>到期时，该交易将以12.87美元（即15-2.13美元）的股价实现收支平衡。</blockquote></p><p> <b>3. Buy An ETF That Has SoFi Technologies As A Holding</b></p><p><blockquote><b>3.购买持有SoFi Technologies的ETF</b></blockquote></p><p> Many readers are familiar with the fact that we regularly cover exchange-traded funds (ETFs) that might be suitable for buy-and-hold investors. Thus, readers who do not want to commit capital to SOFI stock but would still like to have exposure to the shares could consider researching a fund that holds the company.</p><p><blockquote>许多读者都熟悉这样一个事实，即我们定期报道可能适合买入并持有投资者的交易所交易基金(ETF)。因此，不想投入资金购买SOFI股票但仍希望投资该股票的读者可以考虑研究持有该公司的基金。</blockquote></p><p> However, since SoFi Technologies is a small and young company, it is not yet a leading holding in an ETF. This means such an investment would provide only a limited exposure to SOFI shares.</p><p><blockquote>然而，由于SoFi Technologies是一家小型且年轻的公司，因此它还不是ETF中的领先持股。这意味着此类投资只能提供有限的SOFI股票敞口。</blockquote></p><p> Nonetheless, examples of ETFs that have SOFI stock include:</p><p><blockquote>尽管如此，拥有SOFI股票的ETF示例包括：</blockquote></p><p> <ul>  <li>The De-SPAC ETF (NYSE:DSPC): This new fund is about flat since inception in May 2021. SOFI stock’s weighting is 3.85%;</p><p><blockquote><ul><li>De-SPAC ETF（纽约证券交易所股票代码：DSPC）：这只新基金自2021年5月成立以来大致持平。SOFI股票的权重为3.85%；</li></ul></blockquote></p><p></li>  <li>JPMorgan BetaBuilders U.S. Small Cap Equity ETF (NYSE:BBSC): The fund is up 17.2% YTD, and SOFI stock’s weighting is 0.38%;</p><p><blockquote><li>摩根大通BetaBuilders美国小盘股ETF（纽约证券交易所股票代码：BBSC）：该基金年初至今上涨17.2%，SOFI股票权重为0.38%；</li></blockquote></p><p></li>  <li>First Trust US Equity Opportunities ETF (NYSE:FPX): The fund is up 10.9% YTD, and SOFI stock’s weighting is 0.29%.</p><p><blockquote><li>First Trust US Equity Opportunities ETF（纽约证券交易所股票代码：FPX）：该基金年初至今上涨10.9%，SOFI股票的权重为0.29%。</li></blockquote></p><p></li> </ul> <b>4. Buy Shares In Another Fintech Company</b></p><p><blockquote><b>4.购买另一家金融科技公司的股票</b></blockquote></p><p> Potential investors who are interested in the fintech space, could consider investing in other names in the sector as well. Several names that could appeal to readers are (in alphabetical order):</p><p><blockquote>对金融科技领域感兴趣的潜在投资者也可以考虑投资该行业的其他公司。可能吸引读者的几个名字是（按字母顺序排列）：</blockquote></p><p> <ul>  <li>Bill.com (NYSE:BILL): up 117.7% YTD;</li>  <li>Fiserv (NASDAQ:FISV): up 1.6% YTD;</li>  <li>Green Dot (NYSE:GDOT): down 1.8% YTD;</li>  <li>JPMorgan Chase (NYSE:JPM): up 25.5% YTD;</li>  <li>Lemonade (NYSE:LMND): down 36.9% YTD;</li>  <li>Marqeta (NASDAQ:MQ): down 17.1% since going public in June;</li>  <li>MercadoLibre (NASDAQ:MELI): up 16.2% YTD;</li>  <li>PayPal: up 23.4% YTD;</li>  <li>Silvergate Capital (NYSE:SI): up 62.4% YTD;</li>  <li>Square: up 23.9% YTD;</li>  <li>StoneCo (NASDAQ:STNE): down 46.8% YTD;</li>  <li>Visa (NYSE:V): up 2.9% YTD.</li> </ul> As the returns above highlight, the fortunes of these companies have varied significantly in 2021. Therefore, potential investors would need to research them well before committing capital into the shares.</p><p><blockquote><ul><li>Bill.com（纽约证券交易所股票代码：BILL）：年初至今上涨117.7%；</li><li>Fiserv（纳斯达克：FISV）：年初至今上涨1.6%；</li><li>绿点（纽约证券交易所股票代码：GDOT）：年初至今下跌1.8%；</li><li>摩根大通（纽约证券交易所股票代码：JPM）：年初至今上涨25.5%；</li><li>柠檬水（纽约证券交易所股票代码：LMND）：年初至今下跌36.9%；</li><li>Marqeta（纳斯达克：MQ）：自6月上市以来下跌17.1%；</li><li>MercadoLibre（纳斯达克：MELI）：年初至今上涨16.2%；</li><li>PayPal：年初至今上涨23.4%；</li><li>Silvergate Capital（纽约证券交易所股票代码：SI）：年初至今上涨62.4%；</li><li>Square：年初至今上涨23.9%；</li><li>StoneCo（纳斯达克：STNE）：年初至今下跌46.8%；</li><li>Visa（纽约证券交易所股票代码：V）：年初至今上涨2.9%。</li></ul>正如上述回报所强调的那样，这些公司的命运在2021年差异很大。因此，潜在投资者在向股票投入资金之前需要对它们进行充分研究。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Since going public in early June, SOFI stock has been in the limelight. Although the record high share price of $28.26, which was seen in February before the the reverse-merger was completed, seems quite distant now, the company is likely to create better shareholder value in the months ahead. Meanwhile, the company could even find itself a takeover candidate.</p><p><blockquote>自6月初上市以来，SOFI股票一直备受关注。尽管反向合并完成前2月份创下的28.26美元的历史新高股价现在似乎还很遥远，但该公司可能会在未来几个月创造更好的股东价值。与此同时，该公司甚至可能发现自己是收购候选人。</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>SoFi Technologies: 4 Trades To Get In On Fintech's Growth<blockquote>SoFi Technologies：参与金融科技增长的4项交易</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSoFi Technologies: 4 Trades To Get In On Fintech's Growth<blockquote>SoFi Technologies：参与金融科技增长的4项交易</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Investing.com</strong><span class=\"h-time small\">2021-09-07 11:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li>SoFi Technologies has recently issued mixed Q2 metrics, which put pressure on the shares</li>  <li>The fintech group is growing its platform, product offerings and customer numbers</li>  <li>We’re optimistic on the long-term growth prospects of SOFI stock, which could move first toward $17.5 and then $20.0 in the coming weeks</li> </ul> Investors in financial technology (fintech) disruptor SoFi Technologies. (NASDAQ:SOFI) have had a volatile year so far in 2021. Year-to-date (YTD) SOFI stock is up close to 22%. However, since early June the stock has lost about 37% of its value.</p><p><blockquote><ul><li>SoFi Technologies最近发布了好坏参半的第二季度指标，这给股价带来了压力</li><li>该金融科技集团正在扩大其平台、产品供应和客户数量</li><li>我们对SOFI股票的长期增长前景持乐观态度，未来几周该股可能首先升至17.5美元，然后升至20.0美元</li></ul>金融科技（fintech）颠覆者SoFi Technologies的投资者。（纳斯达克：SOFI）2021年迄今为止经历了动荡的一年。年初至今(YTD)SOFI股价上涨近22%。然而，自6月初以来，该股价值已下跌约37%。</blockquote></p><p> Our readers could well remember that SoFi Technologies went public through a reverse merger with Social Capital Hedosophia Corp, a special purpose acquisition company (SPAC). SOFI shares finished the day at $22.65. After trading between $20-$25 for several few weeks, the stock sold-off starting in early June.</p><p><blockquote>我们的读者可能还记得，SoFi Technologies是通过与特殊目的收购公司(SPAC)Social Capital Hedosophia Corp反向合并上市的。SOFI股价当天收于22.65美元。在连续几周在20-25美元之间交易后，该股从6月初开始遭到抛售。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7e84ef86a4fdcb3edda25a7f55e9f93f\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> SOFI stock finished Sept. 3 at $15.16. We should also remind readers that on Feb. 1, prior to the closing of the reverse merger, the shares hit an all-time high of $28.26. The market capitalization of SoFi Technologies stands at $12.12 billion.</p><p><blockquote>SOFI股票9月3日收于15.16美元。我们还应该提醒读者，2月1日，在反向合并完成之前，该股创下了28.26美元的历史新高。SoFi Technologies的市值为121.2亿美元。</blockquote></p><p> Investors debate whether now is a good time to invest in SOFI stock. We’re bullish on the long-term growth prospects of SoFi Technologies. Here’s why.</p><p><blockquote>投资者争论现在是否是投资SOFI股票的好时机。我们看好SoFi Technologies的长期增长前景。原因如下。</blockquote></p><p> <b>Long-Term Tailwinds</b></p><p><blockquote><b>长期顺风</b></blockquote></p><p> SoFi Technologies was founded in 2011 as a student loan refinancing business. Over the past decade, it has grown significantly to become a fintech disruptor. Its app enables consumers to manage, borrow, spend, save and invest money.</p><p><blockquote>SoFi Technologies成立于2011年，是一家学生贷款再融资公司。在过去十年中，它已显着发展成为金融科技颠覆者。它的应用程序使消费者能够管理、借贷、消费、储蓄和投资资金。</blockquote></p><p> For instance, in May 2020, it acquired the payment software company&nbsp;Galileo Financial Technologies, which helps businesses develop payment, card, and digital banking products. Also in March of this year, management announced it had agreed tobuythe California-based community bank Golden Pacific Bancorp, and “The proposed acquisition is a key strategic step in SoFi's path to obtaining a national bank charter.”</p><p><blockquote>例如，2020年5月，它收购了支付软件公司Galileo Financial Technologies，该公司帮助企业开发支付、卡和数字银行产品。同样在今年3月，管理层宣布已同意收购总部位于加州的社区银行Golden Pacific Bancorp，“拟议的收购是SoFi获得国家银行牌照道路上的关键战略步骤。”</blockquote></p><p> On Aug. 12, SOFI&nbsp;issued&nbsp;Q2 financials. Revenue was $231.1 million, up 101% year-over-year (YOY).The company reports revenue in three segments:</p><p><blockquote>8月12日，SOFI发布了第二季度财务数据。收入为2.311亿美元，同比增长101%。该公司报告三个部分的收入：</blockquote></p><p> <ul>  <li>Lending (still the driver of the top line with 71.9% share);</li>  <li>Financial Services (Q2 revenue was $17.0 million, compared to $2.4 million in Q2 2020);</li>  <li>Technology Platform (consists primarily of Galileo which has over the past year, increased its number of accounts, to nearly 79 million from 36 million).</li> </ul> SOFI reported a $165.3 million net loss for Q2 2021, compared to net profit of $7.8 million a year earlier. However, adjusted EBITDA was $11.2 million and positive for the fourth consecutive quarter. It was also $35.0 million higher than Q2 2020.</p><p><blockquote><ul><li>贷款（仍然是营收的驱动力，占71.9%的份额）；</li><li>金融服务（第二季度收入为1700万美元，而2020年第二季度为240万美元）；</li><li>技术平台（主要由Galileo组成，在过去一年中，其账户数量从3600万增加到近7900万）。</li></ul>SOFI报告2021年第二季度净亏损1.653亿美元，而上年同期净利润为780万美元。然而，调整后EBITDA为1120万美元，连续第四个季度为正值。这也比2020年第二季度高出3500万美元。</blockquote></p><p> On the results, CEO Anthony Noto&nbsp;commented:</p><p><blockquote>对于结果，首席执行官安东尼·诺托评论道：</blockquote></p><p>   “We drove our 8th straight quarters of accelerating member growth, with even faster growth in cross-buying from existing members.”  For Q3 2021, management expects adjusted net revenue of $245-$255 million, which was lighter than what Wall Street was anticipating. SoFi Technologies also reiterated the full-year 2021 guidance of adjusted net revenue of $980 million and adjusted EBITDA of $27 million.</p><p><blockquote>“我们连续第八个季度加速会员增长，现有会员的交叉购买增长更快。”管理层预计2021年第三季度调整后净收入为245-2.55亿美元，低于华尔街的预期。SoFi Technologies还重申了2021年全年调整后净收入为9.8亿美元，调整后EBITDA为2700万美元的指引。</blockquote></p><p> A number of investors were not fully thrilled with Q2 results, and hit the ‘Sell’ button, pushing SOFI stock to $13.50. However, since then buyers have come in and moved the stock back to $15, a level that is acting as support.</p><p><blockquote>许多投资者对第二季度业绩并不完全满意，按下了“卖出”按钮，将SOFI股价推高至13.50美元。然而，自那以后，买家介入并将该股推回到15美元，这是一个起到支撑作用的水平。</blockquote></p><p> <b>What To Expect From SOFI Stock</b></p><p><blockquote><b>对SOFI股票的期待</b></blockquote></p><p> SoFi Technologies is still a young company. Therefore on&nbsp;<i>Investing.com</i>, we have two analysts&nbsp;polled, both of whom have rated it a ‘buy.’ The shares have a 12-month price target of $26.50, implying a return of about 75% from current levels.</p><p><blockquote>SoFi Technologies仍然是一家年轻的公司。因此在<i>Investing.com</i>，我们对两位分析师进行了调查，他们都将其评级为“买入”。该股12个月目标价为26.50美元，这意味着较当前水平的回报率约为75%。</blockquote></p><p> The stock’s P/B ratio stands at 2.86x. By comparison, the P/B ratios of fintech darlings PayPal (NASDAQ:PYPL) and Square (NYSE:SQ) are 16.25x and 45.93x, respectively</p><p><blockquote>该股的市净率为2.86倍。相比之下，金融科技宠儿PayPal（纳斯达克：PYPL）和Square（纽约证券交易所：SQ）的市净率分别为16.25倍和45.93倍</blockquote></p><p> Investors who watch technical charts might be interested to know that anup movetoward the $17-$17.5 level is likely. In that case, SOFI stock would possibly hit resistance around $17.5 after which it could trade sideways as it establishes a new base.</p><p><blockquote>观看技术图表的投资者可能有兴趣知道anup很可能会升至17-17.5美元的水平。在这种情况下，SOFI股票可能会遇到17.5美元左右的阻力，之后它可能会在建立新的基础时横盘整理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1b6d9b444b951f9abee71b8a394b699\" tg-width=\"654\" tg-height=\"458\" width=\"100%\" height=\"auto\"><span>Source: Investing.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Investing.com</span></p></blockquote></p><p> Finally, as part of the short-term sentiment analysis, it would be important to look at the implied volatility (IV) levels for SoFi Technologies options, which typically show traders the market's opinion of potential moves in a security. However, this metric does not forecast the direction of the move.</p><p><blockquote>最后，作为短期情绪分析的一部分，查看SoFi Technologies期权的隐含波动率(IV)水平非常重要，它通常向交易者显示市场对证券潜在走势的看法。然而，这一指标并不能预测移动的方向。</blockquote></p><p></p><p> SOFI’s current implied volatility is 59.7, which is lower than the 20-day moving average of 67.4. This metric means implied volatility is trending lower. Although the current IV level could change, for now, the market does not seem to expect extreme choppiness in the shares.</p><p><blockquote>SOFI目前的隐含波动率为59.7，低于20日移动平均线67.4。该指标意味着隐含波动率呈下降趋势。尽管目前的IV水平可能会发生变化，但就目前而言，市场似乎预计股价不会出现极端波动。</blockquote></p><p> Although our expectation is for the stock price to increase in the coming weeks, it is not likely to be a straight move higher. There could even be a further decline toward $14 before a new up leg starts. In case of such a decline, potential SoFi Technologies stock investors would then find better value in the stock.</p><p><blockquote>尽管我们预计股价将在未来几周内上涨，但不太可能直线走高。在新的上涨行情开始之前，甚至可能进一步跌至14美元。如果出现这种下跌，潜在的SoFi Technologies股票投资者将会发现该股票更好的价值。</blockquote></p><p> <b>4 Possible Trades1. Buy SOFI Stock At Current Levels</b></p><p><blockquote><b>4种可能的交易1。在当前水平购买SOFI股票</b></blockquote></p><p> Investors who are not concerned with daily moves in price and who believe in the long-term potential of the company could consider investing in SoFi Technologies shares now.</p><p><blockquote>不关心每日价格变动并相信该公司长期潜力的投资者现在可以考虑投资SoFi Technologies股票。</blockquote></p><p> On Sept. 3, SOFI stock closed at $15.16. Buy-and-hold investors should expect to keep this long position for several months while the stock potentially makes an attempt, first toward $17.5 and then $20, leading to a return of over 30%.</p><p><blockquote>9月3日，SOFI股价收于15.16美元。买入并持有的投资者应该预计将在几个月内保持这一多头头寸，而该股可能会尝试，首先升至17.5美元，然后升至20美元，从而带来超过30%的回报。</blockquote></p><p> However, investors who are concerned about large declines might also consider placing a stop-loss about 3-5% below their entry point.</p><p><blockquote>然而，担心大幅下跌的投资者也可以考虑在进场点以下约3-5%设置止损。</blockquote></p><p> Once the stock is firmly established around $20, it could then potentially make another move toward the record high $28.26. However, such an increase would possibly take several quarters.</p><p><blockquote>一旦该股站稳在20美元左右，它可能会再次向28.26美元的历史新高迈进。然而，这种增长可能需要几个季度的时间。</blockquote></p><p> <b>2. Sell A Cash-Secured Put Option On SOFI Stock</b></p><p><blockquote><b>2.出售SOFI股票的现金担保看跌期权</b></blockquote></p><p> Our second trade involves a cash-secured put strategy. We have recently covered this option in numerous articles. Here is one&nbsp;example.</p><p><blockquote>我们的第二笔交易涉及现金担保看跌策略。我们最近在许多文章中讨论了这个选项。这里有一个例子。</blockquote></p><p> Bullish SoFi Technologies stock traders could now sell a Dec. 17, 15-strike put option, which is currently being offered at $2.13.</p><p><blockquote>看涨SoFi Technologies股票交易者现在可以出售12月17日15行权的看跌期权，目前报价为2.13美元。</blockquote></p><p> Assuming traders would enter this put-selling strategy at the current price, the upside is keeping this premium of $213 as long as SOFI stock closes above $15, when the option expires. A total of $213 would be the maximum return for this trade (excluding trading costs and taxes).</p><p><blockquote>假设交易者以当前价格进入这种看跌卖出策略，那么只要期权到期时SOFI股票收盘价高于15美元，上涨空间就会保持213美元的溢价。这笔交易的最高回报为213美元（不包括交易成本和税收）。</blockquote></p><p> The downside is if SoFi Technologies stock trades below $15.00 ahead of expiration. Should that occur, traders could be assigned 100 shares for each sold put at a cost of $15.00 per share.</p><p><blockquote>不利的一面是，如果SoFi Technologies股票在到期前交易价格低于15.00美元。如果发生这种情况，交易者可以以每股15.00美元的价格为每卖出一份看跌期权分配100股。</blockquote></p><p> At expiry, this trade would break even at a stock price of $12.87 (i.e., $15-$2.13).</p><p><blockquote>到期时，该交易将以12.87美元（即15-2.13美元）的股价实现收支平衡。</blockquote></p><p> <b>3. Buy An ETF That Has SoFi Technologies As A Holding</b></p><p><blockquote><b>3.购买持有SoFi Technologies的ETF</b></blockquote></p><p> Many readers are familiar with the fact that we regularly cover exchange-traded funds (ETFs) that might be suitable for buy-and-hold investors. Thus, readers who do not want to commit capital to SOFI stock but would still like to have exposure to the shares could consider researching a fund that holds the company.</p><p><blockquote>许多读者都熟悉这样一个事实，即我们定期报道可能适合买入并持有投资者的交易所交易基金(ETF)。因此，不想投入资金购买SOFI股票但仍希望投资该股票的读者可以考虑研究持有该公司的基金。</blockquote></p><p> However, since SoFi Technologies is a small and young company, it is not yet a leading holding in an ETF. This means such an investment would provide only a limited exposure to SOFI shares.</p><p><blockquote>然而，由于SoFi Technologies是一家小型且年轻的公司，因此它还不是ETF中的领先持股。这意味着此类投资只能提供有限的SOFI股票敞口。</blockquote></p><p> Nonetheless, examples of ETFs that have SOFI stock include:</p><p><blockquote>尽管如此，拥有SOFI股票的ETF示例包括：</blockquote></p><p> <ul>  <li>The De-SPAC ETF (NYSE:DSPC): This new fund is about flat since inception in May 2021. SOFI stock’s weighting is 3.85%;</p><p><blockquote><ul><li>De-SPAC ETF（纽约证券交易所股票代码：DSPC）：这只新基金自2021年5月成立以来大致持平。SOFI股票的权重为3.85%；</li></ul></blockquote></p><p></li>  <li>JPMorgan BetaBuilders U.S. Small Cap Equity ETF (NYSE:BBSC): The fund is up 17.2% YTD, and SOFI stock’s weighting is 0.38%;</p><p><blockquote><li>摩根大通BetaBuilders美国小盘股ETF（纽约证券交易所股票代码：BBSC）：该基金年初至今上涨17.2%，SOFI股票权重为0.38%；</li></blockquote></p><p></li>  <li>First Trust US Equity Opportunities ETF (NYSE:FPX): The fund is up 10.9% YTD, and SOFI stock’s weighting is 0.29%.</p><p><blockquote><li>First Trust US Equity Opportunities ETF（纽约证券交易所股票代码：FPX）：该基金年初至今上涨10.9%，SOFI股票的权重为0.29%。</li></blockquote></p><p></li> </ul> <b>4. Buy Shares In Another Fintech Company</b></p><p><blockquote><b>4.购买另一家金融科技公司的股票</b></blockquote></p><p> Potential investors who are interested in the fintech space, could consider investing in other names in the sector as well. Several names that could appeal to readers are (in alphabetical order):</p><p><blockquote>对金融科技领域感兴趣的潜在投资者也可以考虑投资该行业的其他公司。可能吸引读者的几个名字是（按字母顺序排列）：</blockquote></p><p> <ul>  <li>Bill.com (NYSE:BILL): up 117.7% YTD;</li>  <li>Fiserv (NASDAQ:FISV): up 1.6% YTD;</li>  <li>Green Dot (NYSE:GDOT): down 1.8% YTD;</li>  <li>JPMorgan Chase (NYSE:JPM): up 25.5% YTD;</li>  <li>Lemonade (NYSE:LMND): down 36.9% YTD;</li>  <li>Marqeta (NASDAQ:MQ): down 17.1% since going public in June;</li>  <li>MercadoLibre (NASDAQ:MELI): up 16.2% YTD;</li>  <li>PayPal: up 23.4% YTD;</li>  <li>Silvergate Capital (NYSE:SI): up 62.4% YTD;</li>  <li>Square: up 23.9% YTD;</li>  <li>StoneCo (NASDAQ:STNE): down 46.8% YTD;</li>  <li>Visa (NYSE:V): up 2.9% YTD.</li> </ul> As the returns above highlight, the fortunes of these companies have varied significantly in 2021. Therefore, potential investors would need to research them well before committing capital into the shares.</p><p><blockquote><ul><li>Bill.com（纽约证券交易所股票代码：BILL）：年初至今上涨117.7%；</li><li>Fiserv（纳斯达克：FISV）：年初至今上涨1.6%；</li><li>绿点（纽约证券交易所股票代码：GDOT）：年初至今下跌1.8%；</li><li>摩根大通（纽约证券交易所股票代码：JPM）：年初至今上涨25.5%；</li><li>柠檬水（纽约证券交易所股票代码：LMND）：年初至今下跌36.9%；</li><li>Marqeta（纳斯达克：MQ）：自6月上市以来下跌17.1%；</li><li>MercadoLibre（纳斯达克：MELI）：年初至今上涨16.2%；</li><li>PayPal：年初至今上涨23.4%；</li><li>Silvergate Capital（纽约证券交易所股票代码：SI）：年初至今上涨62.4%；</li><li>Square：年初至今上涨23.9%；</li><li>StoneCo（纳斯达克：STNE）：年初至今下跌46.8%；</li><li>Visa（纽约证券交易所股票代码：V）：年初至今上涨2.9%。</li></ul>正如上述回报所强调的那样，这些公司的命运在2021年差异很大。因此，潜在投资者在向股票投入资金之前需要对它们进行充分研究。</blockquote></p><p> <b>Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> Since going public in early June, SOFI stock has been in the limelight. Although the record high share price of $28.26, which was seen in February before the the reverse-merger was completed, seems quite distant now, the company is likely to create better shareholder value in the months ahead. Meanwhile, the company could even find itself a takeover candidate.</p><p><blockquote>自6月初上市以来，SOFI股票一直备受关注。尽管反向合并完成前2月份创下的28.26美元的历史新高股价现在似乎还很遥远，但该公司可能会在未来几个月创造更好的股东价值。与此同时，该公司甚至可能发现自己是收购候选人。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investing.com/analysis/sofi-technologies-4-trades-to-get-in-on-fintechs-growth-200601028\">Investing.com</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":{"SOFI":"SoFi Technologies Inc."},"source_url":"https://www.investing.com/analysis/sofi-technologies-4-trades-to-get-in-on-fintechs-growth-200601028","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175895797","content_text":"SoFi Technologies has recently issued mixed Q2 metrics, which put pressure on the shares\nThe fintech group is growing its platform, product offerings and customer numbers\nWe’re optimistic on the long-term growth prospects of SOFI stock, which could move first toward $17.5 and then $20.0 in the coming weeks\n\nInvestors in financial technology (fintech) disruptor SoFi Technologies. (NASDAQ:SOFI) have had a volatile year so far in 2021. Year-to-date (YTD) SOFI stock is up close to 22%. However, since early June the stock has lost about 37% of its value.\nOur readers could well remember that SoFi Technologies went public through a reverse merger with Social Capital Hedosophia Corp, a special purpose acquisition company (SPAC). SOFI shares finished the day at $22.65. After trading between $20-$25 for several few weeks, the stock sold-off starting in early June.\n\nSOFI stock finished Sept. 3 at $15.16. We should also remind readers that on Feb. 1, prior to the closing of the reverse merger, the shares hit an all-time high of $28.26. The market capitalization of SoFi Technologies stands at $12.12 billion.\nInvestors debate whether now is a good time to invest in SOFI stock. We’re bullish on the long-term growth prospects of SoFi Technologies. Here’s why.\nLong-Term Tailwinds\nSoFi Technologies was founded in 2011 as a student loan refinancing business. Over the past decade, it has grown significantly to become a fintech disruptor. Its app enables consumers to manage, borrow, spend, save and invest money.\nFor instance, in May 2020, it acquired the payment software company Galileo Financial Technologies, which helps businesses develop payment, card, and digital banking products. Also in March of this year, management announced it had agreed tobuythe California-based community bank Golden Pacific Bancorp, and “The proposed acquisition is a key strategic step in SoFi's path to obtaining a national bank charter.”\nOn Aug. 12, SOFI issued Q2 financials. Revenue was $231.1 million, up 101% year-over-year (YOY).The company reports revenue in three segments:\n\nLending (still the driver of the top line with 71.9% share);\nFinancial Services (Q2 revenue was $17.0 million, compared to $2.4 million in Q2 2020);\nTechnology Platform (consists primarily of Galileo which has over the past year, increased its number of accounts, to nearly 79 million from 36 million).\n\nSOFI reported a $165.3 million net loss for Q2 2021, compared to net profit of $7.8 million a year earlier. However, adjusted EBITDA was $11.2 million and positive for the fourth consecutive quarter. It was also $35.0 million higher than Q2 2020.\nOn the results, CEO Anthony Noto commented:\n\n “We drove our 8th straight quarters of accelerating member growth, with even faster growth in cross-buying from existing members.”\n\nFor Q3 2021, management expects adjusted net revenue of $245-$255 million, which was lighter than what Wall Street was anticipating. SoFi Technologies also reiterated the full-year 2021 guidance of adjusted net revenue of $980 million and adjusted EBITDA of $27 million.\nA number of investors were not fully thrilled with Q2 results, and hit the ‘Sell’ button, pushing SOFI stock to $13.50. However, since then buyers have come in and moved the stock back to $15, a level that is acting as support.\nWhat To Expect From SOFI Stock\nSoFi Technologies is still a young company. Therefore on Investing.com, we have two analysts polled, both of whom have rated it a ‘buy.’ The shares have a 12-month price target of $26.50, implying a return of about 75% from current levels.\nThe stock’s P/B ratio stands at 2.86x. By comparison, the P/B ratios of fintech darlings PayPal (NASDAQ:PYPL) and Square (NYSE:SQ) are 16.25x and 45.93x, respectively\nInvestors who watch technical charts might be interested to know that anup movetoward the $17-$17.5 level is likely. In that case, SOFI stock would possibly hit resistance around $17.5 after which it could trade sideways as it establishes a new base.\nSource: Investing.com\nFinally, as part of the short-term sentiment analysis, it would be important to look at the implied volatility (IV) levels for SoFi Technologies options, which typically show traders the market's opinion of potential moves in a security. However, this metric does not forecast the direction of the move.\nSOFI’s current implied volatility is 59.7, which is lower than the 20-day moving average of 67.4. This metric means implied volatility is trending lower. Although the current IV level could change, for now, the market does not seem to expect extreme choppiness in the shares.\nAlthough our expectation is for the stock price to increase in the coming weeks, it is not likely to be a straight move higher. There could even be a further decline toward $14 before a new up leg starts. In case of such a decline, potential SoFi Technologies stock investors would then find better value in the stock.\n4 Possible Trades1. Buy SOFI Stock At Current Levels\nInvestors who are not concerned with daily moves in price and who believe in the long-term potential of the company could consider investing in SoFi Technologies shares now.\nOn Sept. 3, SOFI stock closed at $15.16. Buy-and-hold investors should expect to keep this long position for several months while the stock potentially makes an attempt, first toward $17.5 and then $20, leading to a return of over 30%.\nHowever, investors who are concerned about large declines might also consider placing a stop-loss about 3-5% below their entry point.\nOnce the stock is firmly established around $20, it could then potentially make another move toward the record high $28.26. However, such an increase would possibly take several quarters.\n2. Sell A Cash-Secured Put Option On SOFI Stock\nOur second trade involves a cash-secured put strategy. We have recently covered this option in numerous articles. Here is one example.\nBullish SoFi Technologies stock traders could now sell a Dec. 17, 15-strike put option, which is currently being offered at $2.13.\nAssuming traders would enter this put-selling strategy at the current price, the upside is keeping this premium of $213 as long as SOFI stock closes above $15, when the option expires. A total of $213 would be the maximum return for this trade (excluding trading costs and taxes).\nThe downside is if SoFi Technologies stock trades below $15.00 ahead of expiration. Should that occur, traders could be assigned 100 shares for each sold put at a cost of $15.00 per share.\nAt expiry, this trade would break even at a stock price of $12.87 (i.e., $15-$2.13).\n3. Buy An ETF That Has SoFi Technologies As A Holding\nMany readers are familiar with the fact that we regularly cover exchange-traded funds (ETFs) that might be suitable for buy-and-hold investors. Thus, readers who do not want to commit capital to SOFI stock but would still like to have exposure to the shares could consider researching a fund that holds the company.\nHowever, since SoFi Technologies is a small and young company, it is not yet a leading holding in an ETF. This means such an investment would provide only a limited exposure to SOFI shares.\nNonetheless, examples of ETFs that have SOFI stock include:\n\nThe De-SPAC ETF (NYSE:DSPC): This new fund is about flat since inception in May 2021. SOFI stock’s weighting is 3.85%;\nJPMorgan BetaBuilders U.S. Small Cap Equity ETF (NYSE:BBSC): The fund is up 17.2% YTD, and SOFI stock’s weighting is 0.38%;\nFirst Trust US Equity Opportunities ETF (NYSE:FPX): The fund is up 10.9% YTD, and SOFI stock’s weighting is 0.29%.\n\n4. Buy Shares In Another Fintech Company\nPotential investors who are interested in the fintech space, could consider investing in other names in the sector as well. Several names that could appeal to readers are (in alphabetical order):\n\nBill.com (NYSE:BILL): up 117.7% YTD;\nFiserv (NASDAQ:FISV): up 1.6% YTD;\nGreen Dot (NYSE:GDOT): down 1.8% YTD;\nJPMorgan Chase (NYSE:JPM): up 25.5% YTD;\nLemonade (NYSE:LMND): down 36.9% YTD;\nMarqeta (NASDAQ:MQ): down 17.1% since going public in June;\nMercadoLibre (NASDAQ:MELI): up 16.2% YTD;\nPayPal: up 23.4% YTD;\nSilvergate Capital (NYSE:SI): up 62.4% YTD;\nSquare: up 23.9% YTD;\nStoneCo (NASDAQ:STNE): down 46.8% YTD;\nVisa (NYSE:V): up 2.9% YTD.\n\nAs the returns above highlight, the fortunes of these companies have varied significantly in 2021. Therefore, potential investors would need to research them well before committing capital into the shares.\nBottom Line\nSince going public in early June, SOFI stock has been in the limelight. Although the record high share price of $28.26, which was seen in February before the the reverse-merger was completed, seems quite distant now, the company is likely to create better shareholder value in the months ahead. Meanwhile, the company could even find itself a takeover candidate.","news_type":1,"symbols_score_info":{"SOFI":0.9}},"isVote":1,"tweetType":1,"viewCount":1144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817798314,"gmtCreate":1630986217638,"gmtModify":1631890229966,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"htmlText":"Huat","listText":"Huat","text":"Huat","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817798314","repostId":"1180042484","repostType":4,"isVote":1,"tweetType":1,"viewCount":2946,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817951290,"gmtCreate":1630900148010,"gmtModify":1631890229970,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817951290","repostId":"1176111268","repostType":4,"isVote":1,"tweetType":1,"viewCount":569,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817951351,"gmtCreate":1630900116373,"gmtModify":1631890229973,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"htmlText":"No","listText":"No","text":"No","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817951351","repostId":"1126654067","repostType":4,"repost":{"id":"1126654067","kind":"news","pubTimestamp":1630885254,"share":"https://www.laohu8.com/m/news/1126654067?lang=zh_CN&edition=full","pubTime":"2021-09-06 07:40","market":"us","language":"en","title":"Is the U.S. stock market open on Labor Day?<blockquote>劳动节美股开市吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126654067","media":"MarketWatch","summary":"It is unofficially summer’s last hurrah for Wall Street investors.\nU.S. financial markets will be cl","content":"<p>It is unofficially summer’s last hurrah for Wall Street investors.</p><p><blockquote>对于华尔街投资者来说，这是非正式的夏季最后一次欢呼。</blockquote></p><p> U.S. financial markets will be closed for Labor Day on Monday, Sept. 6, marking a three-day weekend in the U.S., following what has been a mostly spectacular run for the stock market. The rally came despite concerns about the spread of the delta variant of the coronavirus and unease about the timetable for an eventual rollback of easy-money policies implemented by the Federal Reserve at the onset of the pandemic last year.</p><p><blockquote>美国金融市场将于9月6日周一因劳动节休市，这标志着美国为期三天的周末，此前股市经历了一段非常壮观的走势。尽管人们担心冠状病毒德尔塔变异毒株的蔓延，并对美联储去年大流行开始时实施的宽松货币政策最终回滚的时间表感到不安，但股市还是出现了反弹。</blockquote></p><p> On Monday, U.S. stock exchanges, including the Intercontinental Exchange Inc.&nbsp;-owned New York Stock Exchange and Nasdaq Inc.,will be closed, so don’t look for any action in individual stocks or indexes including the Dow Jones Industrial Average,&nbsp;S&amp;P 500&nbsp;or Nasdaq Composite indexes.</p><p><blockquote>周一，包括洲际交易所旗下的纽约证券交易所和纳斯达克在内的美国证券交易所将休市，因此不要寻找道琼斯工业平均指数、标准普尔500指数或纳斯达克综合指数等个股或指数的任何走势。</blockquote></p><p> The S&amp;P 500 has already notched 54 record closing highs in 2021 and was looking for its 55th on Friday, while the Nasdaq Composite&nbsp;was on track to book its 35th&nbsp;all-time high of the year. The Dow stood less than a percentage point from its Aug. 16 record, mid-afternoon Friday.</p><p><blockquote>标普500在2021年已经创下了54个历史收盘新高，并有望在周五创下第55个历史新高，而纳斯达克综合指数有望创下今年第35个历史新高。周五下午，道琼斯指数较8月16日的纪录上涨了不到一个百分点。</blockquote></p><p> Sifma, the securities-industry trade group for fixed-income, also has recommended the bond market close on Labor Day, including trading in the 10-year Treasury note,which was&nbsp;yielding around 1.33%&nbsp;after the U.S. August jobs report came in weaker than expected.</p><p><blockquote>证券业固定收益贸易组织Sifma也建议债券市场在劳动节休市，包括10年期国债交易，在美国8月就业报告公布后，该国债收益率约为1.33%。低于预期。</blockquote></p><p> However, the&nbsp;Labor Department’s employment report,which showed that&nbsp;235,000 jobs were created in August, far below expectations for more than 700,000, failed to dull expectations among sovereign debt investors for a near-term announcement of tapering of the Fed’s $120 billion in monthly purchases in Treasurys and mortgage-backed securities.</p><p><blockquote>然而，美国劳工部的就业报告显示，8月份新增就业岗位23.5万个，远低于预期的70多万个，但这未能降低主权债务投资者对美联储近期宣布缩减每月1200亿美元美国国债和抵押贷款支持证券购买规模的预期。</blockquote></p><p> Trading in most commodity futures, including Nymex crude-oil&nbsp;and Comex gold,on U.S. exchanges will also be halted Monday.</p><p><blockquote>美国交易所的大多数商品期货交易，包括纽约商品交易所原油和纽约商品交易所黄金，也将于周一停止。</blockquote></p><p> Is there any significance to the holiday for average investors, besides the time off in the U.S. and the barbecues?</p><p><blockquote>除了在美国度假和烧烤之外，这个假期对普通投资者还有什么意义吗？</blockquote></p><p> Probably not.</p><p><blockquote>应该不会吧。</blockquote></p><p> But the May Memorial Day to September Labor Day period in recent years has proven a bullish stretch one for investors, according to Dow Jones Market Data. The Dow, for example, is up by about 2% over that period and averages a gain of 1.3%, producing a winning record 65% of the time. The Dow is currently enjoying a win streak, over the past six Memorial Day/Labor Day periods, representing the longest win streak since 1989. Last year, the markets gained nearly 15% over that time.</p><p><blockquote>但根据道琼斯市场数据，近年来，五月阵亡将士纪念日至九月劳动节期间对投资者来说是一段看涨的时期。例如，道琼斯指数在此期间上涨了约2%，平均涨幅为1.3%，65%的时间创造了获胜记录。在过去的六个阵亡将士纪念日/劳动节期间，道琼斯指数目前正在享受连胜，这是自1989年以来最长的连胜。去年，市场同期上涨了近15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3f0f061a4ddd2ca31c53f8aa68e3cce\" tg-width=\"699\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>DOW JONES MARKET DATA</span></p><p><blockquote><p class=\"t-img-caption\"><span>道琼斯市场数据</span></p></blockquote></p><p> The S&amp;P 500 is on a similar win streak and is up nearly 8% so far this Memorial Day-Labor Day period. It has risen more than 70% over that period in past years and averages a 1.7% gain. The broad-market index rose 16% during that time in 2020.</p><p><blockquote>标普500也取得了类似的连胜，在阵亡将士纪念日至劳动节期间迄今为止已上涨近8%。过去几年同期上涨了70%以上，平均涨幅为1.7%。2020年期间，大盘指数上涨了16%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c780a46e32d055feb3e3f5e10fc987f\" tg-width=\"699\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>DOW JONES MARKET DATA</span></p><p><blockquote><p class=\"t-img-caption\"><span>道琼斯市场数据</span></p></blockquote></p><p> But if there is a bona fide trend in the Labor Day trading it may be this one that MarketWatch’s&nbsp;Steve Goldstein reports, quoting Raymond James strategist Tavis McCourt, who says that in the last two years, there was a big value and cyclical bias in stock markets after the holiday, and in 2018, markets basically collapsed after the summer drew to a close.</p><p><blockquote>但如果劳动节交易中存在真正的趋势，那么MarketWatch的Steve Goldstein援引Raymond James策略师Tavis McCourt的话说，在过去两年中，股市存在很大的价值和周期性偏差。节后股市，2018年，夏季接近尾声后市场基本崩溃。</blockquote></p><p> It is impossible to know if the stock market rally will peter out similarly this time around but there is a growing sense on Wall Street that valuations are too lofty and equity indexes are due for a pullback of at least 5% or better from current heights.</p><p><blockquote>不可能知道这一次股市涨势是否会以类似的方式逐渐消失，但华尔街越来越多的人认为估值过高，股指将从当前高度回调至少5%或更好。</blockquote></p><p> Markets will be back to business as usual on Tuesday and, of course, European bourses, including London’s FTSE 100&nbsp;index and the pan-European Stoxx Europe 600&nbsp;will be open on Monday, as well as Asian markets, the Nikkei 225,Hong Kong’s Hang Seng&nbsp;and the Shanghai Composite Index.</p><p><blockquote>市场将于周二恢复照常营业，当然，欧洲证券交易所，包括伦敦富时100指数和泛欧斯托克欧洲600指数，以及亚洲市场、日经225指数、香港恒生指数和上证综合指数。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs the U.S. stock market open on Labor Day?<blockquote>劳动节美股开市吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-06 07:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It is unofficially summer’s last hurrah for Wall Street investors.</p><p><blockquote>对于华尔街投资者来说，这是非正式的夏季最后一次欢呼。</blockquote></p><p> U.S. financial markets will be closed for Labor Day on Monday, Sept. 6, marking a three-day weekend in the U.S., following what has been a mostly spectacular run for the stock market. The rally came despite concerns about the spread of the delta variant of the coronavirus and unease about the timetable for an eventual rollback of easy-money policies implemented by the Federal Reserve at the onset of the pandemic last year.</p><p><blockquote>美国金融市场将于9月6日周一因劳动节休市，这标志着美国为期三天的周末，此前股市经历了一段非常壮观的走势。尽管人们担心冠状病毒德尔塔变异毒株的蔓延，并对美联储去年大流行开始时实施的宽松货币政策最终回滚的时间表感到不安，但股市还是出现了反弹。</blockquote></p><p> On Monday, U.S. stock exchanges, including the Intercontinental Exchange Inc.&nbsp;-owned New York Stock Exchange and Nasdaq Inc.,will be closed, so don’t look for any action in individual stocks or indexes including the Dow Jones Industrial Average,&nbsp;S&amp;P 500&nbsp;or Nasdaq Composite indexes.</p><p><blockquote>周一，包括洲际交易所旗下的纽约证券交易所和纳斯达克在内的美国证券交易所将休市，因此不要寻找道琼斯工业平均指数、标准普尔500指数或纳斯达克综合指数等个股或指数的任何走势。</blockquote></p><p> The S&amp;P 500 has already notched 54 record closing highs in 2021 and was looking for its 55th on Friday, while the Nasdaq Composite&nbsp;was on track to book its 35th&nbsp;all-time high of the year. The Dow stood less than a percentage point from its Aug. 16 record, mid-afternoon Friday.</p><p><blockquote>标普500在2021年已经创下了54个历史收盘新高，并有望在周五创下第55个历史新高，而纳斯达克综合指数有望创下今年第35个历史新高。周五下午，道琼斯指数较8月16日的纪录上涨了不到一个百分点。</blockquote></p><p> Sifma, the securities-industry trade group for fixed-income, also has recommended the bond market close on Labor Day, including trading in the 10-year Treasury note,which was&nbsp;yielding around 1.33%&nbsp;after the U.S. August jobs report came in weaker than expected.</p><p><blockquote>证券业固定收益贸易组织Sifma也建议债券市场在劳动节休市，包括10年期国债交易，在美国8月就业报告公布后，该国债收益率约为1.33%。低于预期。</blockquote></p><p> However, the&nbsp;Labor Department’s employment report,which showed that&nbsp;235,000 jobs were created in August, far below expectations for more than 700,000, failed to dull expectations among sovereign debt investors for a near-term announcement of tapering of the Fed’s $120 billion in monthly purchases in Treasurys and mortgage-backed securities.</p><p><blockquote>然而，美国劳工部的就业报告显示，8月份新增就业岗位23.5万个，远低于预期的70多万个，但这未能降低主权债务投资者对美联储近期宣布缩减每月1200亿美元美国国债和抵押贷款支持证券购买规模的预期。</blockquote></p><p> Trading in most commodity futures, including Nymex crude-oil&nbsp;and Comex gold,on U.S. exchanges will also be halted Monday.</p><p><blockquote>美国交易所的大多数商品期货交易，包括纽约商品交易所原油和纽约商品交易所黄金，也将于周一停止。</blockquote></p><p> Is there any significance to the holiday for average investors, besides the time off in the U.S. and the barbecues?</p><p><blockquote>除了在美国度假和烧烤之外，这个假期对普通投资者还有什么意义吗？</blockquote></p><p> Probably not.</p><p><blockquote>应该不会吧。</blockquote></p><p> But the May Memorial Day to September Labor Day period in recent years has proven a bullish stretch one for investors, according to Dow Jones Market Data. The Dow, for example, is up by about 2% over that period and averages a gain of 1.3%, producing a winning record 65% of the time. The Dow is currently enjoying a win streak, over the past six Memorial Day/Labor Day periods, representing the longest win streak since 1989. Last year, the markets gained nearly 15% over that time.</p><p><blockquote>但根据道琼斯市场数据，近年来，五月阵亡将士纪念日至九月劳动节期间对投资者来说是一段看涨的时期。例如，道琼斯指数在此期间上涨了约2%，平均涨幅为1.3%，65%的时间创造了获胜记录。在过去的六个阵亡将士纪念日/劳动节期间，道琼斯指数目前正在享受连胜，这是自1989年以来最长的连胜。去年，市场同期上涨了近15%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f3f0f061a4ddd2ca31c53f8aa68e3cce\" tg-width=\"699\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>DOW JONES MARKET DATA</span></p><p><blockquote><p class=\"t-img-caption\"><span>道琼斯市场数据</span></p></blockquote></p><p> The S&amp;P 500 is on a similar win streak and is up nearly 8% so far this Memorial Day-Labor Day period. It has risen more than 70% over that period in past years and averages a 1.7% gain. The broad-market index rose 16% during that time in 2020.</p><p><blockquote>标普500也取得了类似的连胜，在阵亡将士纪念日至劳动节期间迄今为止已上涨近8%。过去几年同期上涨了70%以上，平均涨幅为1.7%。2020年期间，大盘指数上涨了16%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c780a46e32d055feb3e3f5e10fc987f\" tg-width=\"699\" tg-height=\"564\" width=\"100%\" height=\"auto\"><span>DOW JONES MARKET DATA</span></p><p><blockquote><p class=\"t-img-caption\"><span>道琼斯市场数据</span></p></blockquote></p><p> But if there is a bona fide trend in the Labor Day trading it may be this one that MarketWatch’s&nbsp;Steve Goldstein reports, quoting Raymond James strategist Tavis McCourt, who says that in the last two years, there was a big value and cyclical bias in stock markets after the holiday, and in 2018, markets basically collapsed after the summer drew to a close.</p><p><blockquote>但如果劳动节交易中存在真正的趋势，那么MarketWatch的Steve Goldstein援引Raymond James策略师Tavis McCourt的话说，在过去两年中，股市存在很大的价值和周期性偏差。节后股市，2018年，夏季接近尾声后市场基本崩溃。</blockquote></p><p> It is impossible to know if the stock market rally will peter out similarly this time around but there is a growing sense on Wall Street that valuations are too lofty and equity indexes are due for a pullback of at least 5% or better from current heights.</p><p><blockquote>不可能知道这一次股市涨势是否会以类似的方式逐渐消失，但华尔街越来越多的人认为估值过高，股指将从当前高度回调至少5%或更好。</blockquote></p><p> Markets will be back to business as usual on Tuesday and, of course, European bourses, including London’s FTSE 100&nbsp;index and the pan-European Stoxx Europe 600&nbsp;will be open on Monday, as well as Asian markets, the Nikkei 225,Hong Kong’s Hang Seng&nbsp;and the Shanghai Composite Index.</p><p><blockquote>市场将于周二恢复照常营业，当然，欧洲证券交易所，包括伦敦富时100指数和泛欧斯托克欧洲600指数，以及亚洲市场、日经225指数、香港恒生指数和上证综合指数。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/is-the-u-s-stock-market-open-on-labor-day-11630697597?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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","ICE":"洲际交易所"},"source_url":"https://www.marketwatch.com/story/is-the-u-s-stock-market-open-on-labor-day-11630697597?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126654067","content_text":"It is unofficially summer’s last hurrah for Wall Street investors.\nU.S. financial markets will be closed for Labor Day on Monday, Sept. 6, marking a three-day weekend in the U.S., following what has been a mostly spectacular run for the stock market. The rally came despite concerns about the spread of the delta variant of the coronavirus and unease about the timetable for an eventual rollback of easy-money policies implemented by the Federal Reserve at the onset of the pandemic last year.\nOn Monday, U.S. stock exchanges, including the Intercontinental Exchange Inc. -owned New York Stock Exchange and Nasdaq Inc.,will be closed, so don’t look for any action in individual stocks or indexes including the Dow Jones Industrial Average, S&P 500 or Nasdaq Composite indexes.\nThe S&P 500 has already notched 54 record closing highs in 2021 and was looking for its 55th on Friday, while the Nasdaq Composite was on track to book its 35th all-time high of the year. The Dow stood less than a percentage point from its Aug. 16 record, mid-afternoon Friday.\nSifma, the securities-industry trade group for fixed-income, also has recommended the bond market close on Labor Day, including trading in the 10-year Treasury note,which was yielding around 1.33% after the U.S. August jobs report came in weaker than expected.\nHowever, the Labor Department’s employment report,which showed that 235,000 jobs were created in August, far below expectations for more than 700,000, failed to dull expectations among sovereign debt investors for a near-term announcement of tapering of the Fed’s $120 billion in monthly purchases in Treasurys and mortgage-backed securities.\nTrading in most commodity futures, including Nymex crude-oil and Comex gold,on U.S. exchanges will also be halted Monday.\nIs there any significance to the holiday for average investors, besides the time off in the U.S. and the barbecues?\nProbably not.\nBut the May Memorial Day to September Labor Day period in recent years has proven a bullish stretch one for investors, according to Dow Jones Market Data. The Dow, for example, is up by about 2% over that period and averages a gain of 1.3%, producing a winning record 65% of the time. The Dow is currently enjoying a win streak, over the past six Memorial Day/Labor Day periods, representing the longest win streak since 1989. Last year, the markets gained nearly 15% over that time.\nDOW JONES MARKET DATA\nThe S&P 500 is on a similar win streak and is up nearly 8% so far this Memorial Day-Labor Day period. It has risen more than 70% over that period in past years and averages a 1.7% gain. The broad-market index rose 16% during that time in 2020.\nDOW JONES MARKET DATA\nBut if there is a bona fide trend in the Labor Day trading it may be this one that MarketWatch’s Steve Goldstein reports, quoting Raymond James strategist Tavis McCourt, who says that in the last two years, there was a big value and cyclical bias in stock markets after the holiday, and in 2018, markets basically collapsed after the summer drew to a close.\nIt is impossible to know if the stock market rally will peter out similarly this time around but there is a growing sense on Wall Street that valuations are too lofty and equity indexes are due for a pullback of at least 5% or better from current heights.\nMarkets will be back to business as usual on Tuesday and, of course, European bourses, including London’s FTSE 100 index and the pan-European Stoxx Europe 600 will be open on Monday, as well as Asian markets, the Nikkei 225,Hong Kong’s Hang Seng and the Shanghai Composite Index.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"ICE":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":540,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817953990,"gmtCreate":1630900009410,"gmtModify":1631890229976,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"title":"Alibaba on route to recovery?","htmlText":"Is the recovery true? Would you be interested to be their shareholders?&nbsp;","listText":"Is the recovery true? Would you be interested to be their shareholders?&nbsp;","text":"Is the recovery true? Would you be interested to be their shareholders?","images":[{"img":"https://static.tigerbbs.com/554226bbf08956f04cfefc8fb64931e9","width":"1080","height":"1816"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817953990","isVote":1,"tweetType":1,"viewCount":591,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":813134249,"gmtCreate":1630148007481,"gmtModify":1704956547592,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813134249","repostId":"1162964424","repostType":4,"repost":{"id":"1162964424","kind":"news","pubTimestamp":1630111098,"share":"https://www.laohu8.com/m/news/1162964424?lang=zh_CN&edition=full","pubTime":"2021-08-28 08:38","market":"us","language":"en","title":"Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162964424","media":"TheStreet","summary":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.IPhone users thinking of upgrading their devices this year  should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.Bad news for consumers could be great news for Apple stock investors. If the price increase is con","content":"<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些组件的价格上涨，苹果的iPhone 13可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或者那些希望转向基于iOS的产品的用户）应该期待更深入地了解他们的口袋。DigiTimes报道称，由于零部件通胀，苹果的iPhone 13可能会在下个月以更高的价格推出。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是个坏消息，对苹果股票投资者来说可能是个好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，苹果公司可能会成为一个巨大的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>怎么回事？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max机型售价高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高3%至5%，这可能会导致尚未公布的iPhone 13价格出现类似上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能试图提高价格，而不相信这样做不会对新iPhone的需求产生实质性影响。苹果或许有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>引用吉姆·克莱默的话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市最令人担忧的阻力之一是通胀可能侵蚀企业利润率并导致2021-2022年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高的生产成本转嫁给消费者的公司可能会表现出色。这是Mad Money的吉姆·克莱默(Jim Cramer)最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时……我想让你问问自己，如果公司提价，你会对提价麻木不仁吗？有哪些公司可以提价而不会激怒你？去买他们的股票。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么涨价也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界真正的运作方式。价格的变化往往会对一些关键变量产生影响，其中最重要的是需求。如果更高的价格不会对售出的单位产生太大影响或根本没有影响，那么这对收入以及最有可能的盈利来说是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一个需要考虑的问题是价格上涨是否完全或仅部分抵消了更高的成本。假设是后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。许多移动部件所呈现的复杂性使得很难确定更昂贵的iPhone未来可能会如何影响苹果的财务报表。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: How It Could Be A Great Inflation Play<blockquote>苹果股票：它如何成为一场伟大的通胀游戏</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-08-28 08:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.</p><p><blockquote>由于某些组件的价格上涨，苹果的iPhone 13可能会让消费者花费更多。这对用户来说是个坏消息，但对苹果股票投资者来说可能是个好消息。</blockquote></p><p> IPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has&nbsp;reported&nbsp;that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.</p><p><blockquote>考虑今年升级设备的IPhone用户（或者那些希望转向基于iOS的产品的用户）应该期待更深入地了解他们的口袋。DigiTimes报道称，由于零部件通胀，苹果的iPhone 13可能会在下个月以更高的价格推出。</blockquote></p><p> Bad news for consumers could be great news for Apple stock&nbsp;investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.</p><p><blockquote>对消费者来说是个坏消息，对苹果股票投资者来说可能是个好消息。如果价格上涨得到证实，这将提供证据表明，在人们担心生产者和消费者价格上涨的时期，苹果公司可能会成为一个巨大的通胀工具。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f4ac9ebc1b90072340731dc5c1e613\" tg-width=\"1240\" tg-height=\"698\" referrerpolicy=\"no-referrer\"><span>Figure 1: Apple's iPhone 12 Pro.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：苹果的iPhone 12 Pro。</span></p></blockquote></p><p> <b>What happened?</b></p><p><blockquote><b>怎么回事？</b></blockquote></p><p> The iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.</p><p><blockquote>iPhone已经被认为是一款昂贵的科技产品，在美国，满载的高端12 Pro Max机型售价高达1400美元（见下图）。由于今年的零部件短缺，芯片制造商台积电可能会将其对苹果的零部件价格提高3%至5%，这可能会导致尚未公布的iPhone 13价格出现类似上涨。</blockquote></p><p> It is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.</p><p><blockquote>世界上最大、最成功的消费品公司之一不太可能试图提高价格，而不相信这样做不会对新iPhone的需求产生实质性影响。苹果或许有能力提高价格，因为该公司了解其奢侈品牌的价值和吸引力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0140b9b68bb9eb5dd7e88aaff384785d\" tg-width=\"707\" tg-height=\"370\" referrerpolicy=\"no-referrer\"><span>Figure 2: iPhone 12 Pro on Apple's store.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果商店上的iPhone 12 Pro。</span></p></blockquote></p><p> <b>A quote from Jim Cramer</b></p><p><blockquote><b>引用吉姆·克莱默的话</b></blockquote></p><p> One of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.</p><p><blockquote>在可预见的未来，股市最令人担忧的阻力之一是通胀可能侵蚀企业利润率并导致2021-2022年利率上升。但如果生产者和消费者价格飙升，并非所有股票都会受到同等影响。</blockquote></p><p> Generally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that&nbsp;Mad Money’s Jim Cramer has made recently. Here is his quote:</p><p><blockquote>一般来说，拥有强大定价权、能够将较高的生产成本转嫁给消费者的公司可能会表现出色。这是Mad Money的吉姆·克莱默(Jim Cramer)最近提出的观点。以下是他的名言：</blockquote></p><p>   “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”  <b>The impact to the P&amp;L</b></p><p><blockquote>“当你试图思考这个市场上什么在起作用时……我想让你问问自己，如果公司提价，你会对提价麻木不仁吗？有哪些公司可以提价而不会激怒你？去买他们的股票。”<b>对损益的影响</b></blockquote></p><p> Are higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.</p><p><blockquote>价格上涨对公司的财务业绩是好事还是坏事？答案是微妙的，取决于几个因素。</blockquote></p><p> Holding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.</p><p><blockquote>在其他条件不变的情况下，更高的价格也意味着更高的收入（想想销售公式：价格乘以数量）。如果价格上涨与产品或运营成本的增加脱钩，那么涨价也有助于提高利润率，从而提高利润。</blockquote></p><p> However, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.</p><p><blockquote>然而，“保持其他一切不变”并不是世界真正的运作方式。价格的变化往往会对一些关键变量产生影响，其中最重要的是需求。如果更高的价格不会对售出的单位产生太大影响或根本没有影响，那么这对收入以及最有可能的盈利来说是个好消息。</blockquote></p><p> The other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.</p><p><blockquote>另一个需要考虑的问题是价格上涨是否完全或仅部分抵消了更高的成本。假设是后者，收入仍然可以受益，而不会对利润率和利润产生相应的积极影响。许多移动部件所呈现的复杂性使得很难确定更昂贵的iPhone未来可能会如何影响苹果的财务报表。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/iphone/apple-stock-how-it-could-be-a-great-inflation-play","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162964424","content_text":"Apple’s iPhone 13 could cost consumers more due to an increase in the price of certain components. This is bad news for users, but probably good news for Apple stock investors.\nIPhone users thinking of upgrading their devices this year (or those looking to switch to the iOS-based product) should expect to reach deeper into their pockets. DigiTimes has reported that Apple’s iPhone 13 could be launched next month at a higher price due to parts inflation.\nBad news for consumers could be great news for Apple stock investors. If the price increase is confirmed, it provides evidence that AAPL might be a great inflation play during these times of worry over rising producer and consumer prices.\nFigure 1: Apple's iPhone 12 Pro.\nWhat happened?\nThe iPhone is already considered a pricey tech gadget that can cost as much as $1,400 for the fully loaded, higher-end 12 Pro Max model in the US (see figure below). Due to this year’s components shortage, chip maker TSMC may raise its part prices to Apple by 3% to 5%, which could lead to a similar increase in the price of the yet-to-be-announced iPhone 13.\nIt is unlikely that one of the largest and most successful consumer product companies in the world would try to raise prices without confidence that doing so does not impact demand for the new iPhone substantially. Apple can probably afford to hike prices because the company understands the value and the appeal of its luxury brand.\nFigure 2: iPhone 12 Pro on Apple's store.\nA quote from Jim Cramer\nOne of the most concerning headwinds to stocks in the foreseeable future is the possibility of inflation eroding corporate margins and leading to higher interest rates in 2021-2022. But should producer and consumer prices spike, not all stocks will be impacted equally.\nGenerally speaking, companies with strong pricing power that are able to pass on the higher production costs to consumers will likely outperform. This is a point that Mad Money’s Jim Cramer has made recently. Here is his quote:\n\n “When you try to think of what’s working in this market... I want you to ask yourself, would you be insensitive to a price increase if the company put one through? [What are] the companies that can raise prices without infuriating you? Go buy their stocks.”\n\nThe impact to the P&L\nAre higher prices a good or a bad thing for a company’s financial performance? The answer is nuanced and depends on a few factors.\nHolding all else constant, higher prices also mean higher revenues (think of the formula for sales: price times quantity). If the increase in price is decoupled from an increase in product or operating costs, then the hike also helps to boost margins – thus profits as well.\nHowever, “holding all else constant” is not how the world really works. A change in price tends to have an impact on a few key variables, most important of which is demand. If higher prices do not impact units sold by much or at all, this is great news for revenues and, most likely, earnings.\nThe other piece to consider is whether the price hike fully or only partially offsets higher costs. Assuming the latter, revenues can still benefit without a corresponding positive effect on margins and profits. The complexity presented by the many moving parts makes it hard to determine with certainty how a more expensive iPhone may impact Apple’s financial statements in the future.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":861,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834822450,"gmtCreate":1629791913370,"gmtModify":1631890229980,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"htmlText":"Nice to hear that&nbsp;","listText":"Nice to hear that&nbsp;","text":"Nice to hear that","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/834822450","repostId":"1150911973","repostType":4,"isVote":1,"tweetType":1,"viewCount":429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835619573,"gmtCreate":1629710116492,"gmtModify":1631890229984,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"htmlText":"Wow. Greqt[呆住]&nbsp;","listText":"Wow. Greqt[呆住]&nbsp;","text":"Wow. Greqt[呆住]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/835619573","repostId":"1104828360","repostType":4,"repost":{"id":"1104828360","kind":"news","pubTimestamp":1629709374,"share":"https://www.laohu8.com/m/news/1104828360?lang=zh_CN&edition=full","pubTime":"2021-08-23 17:02","market":"us","language":"en","title":"Coupang: Strong Upside Potential<blockquote>Coupang：强劲的上涨潜力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104828360","media":"seekingalpha","summary":"Summary\n\nCoupang stock is undervalued compared to its peers.\nThe South Korean e-commerce market is t","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Coupang stock is undervalued compared to its peers.</li>  <li>The South Korean e-commerce market is the 5th largest market in the world.</li>  <li>Coupang's consumer satisfaction levels are quite high.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/19e691e63819b7b0620d306fda210b11\" tg-width=\"1536\" tg-height=\"862\" width=\"100%\" height=\"auto\"><span>metamorworks/iStock via Getty Images</span></p><p><blockquote><ul><li>与同行相比，Coupang股票被低估。</li><li>韩国电子商务市场是世界第五大市场。</li><li>Coupang的消费者满意度相当高。</li></ul><p class=\"t-img-caption\"><span>metamorworks/iStock来自Getty Images</span></p></blockquote></p><p> The South Korean e-commerce market has already achieved significant market penetration. Coupang(NYSE:CPNG)achieved significant consumer satisfaction with users ranking their shopping app higher than the average for South Korean apps. Coupang has a built very strong delivery network that enables the company to reach 70% of the South Korean population in less than 10 minutes. Relative valuation analysis indicates that the stock is undervalued and suggests we can expect strong double-digit returns in upcoming years.</p><p><blockquote>韩国电子商务市场已经实现了显著的市场渗透。Coupang（纽约证券交易所股票代码：CPNG）获得了显著的消费者满意度，用户对其购物应用程序的排名高于韩国应用程序的平均水平。Coupang拥有非常强大的配送网络，使该公司能够在不到10分钟的时间内覆盖70%的韩国人口。相对估值分析表明该股被低估，并表明我们可以预期未来几年将获得强劲的两位数回报。</blockquote></p><p> The E-commerce market has already achieved significant success in South Korea. Currently, South Korea is the&nbsp;5th largest e-commerce&nbsp;market in the world surpassing $110 billion in total sales level throughout 2020.</p><p><blockquote>电子商务市场在韩国已经取得了巨大的成功。目前，韩国是全球第五大电子商务市场，2020年总销售额超过1100亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/922b387d1db16de8bef4fdf97be12804\" tg-width=\"640\" tg-height=\"567\" width=\"100%\" height=\"auto\"><span>Source: emarketer.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：emarketer.com</span></p></blockquote></p><p> South Korea has the second-highest e-commerce sales to GDP ratio at 6.8%, only beaten by China with a 15.6% ratio. At the same time, the country has the 3rdhighest e-commerce sales per capita ($2,135) after the UK and the USA.</p><p><blockquote>韩国的电子商务销售额与GDP之比位居第二，为6.8%，仅次于中国的15.6%。与此同时，该国的人均电子商务销售额排名第三（2135美元），仅次于英国和美国。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/228f28a7ed066b1bd408696b8282fe0a\" tg-width=\"640\" tg-height=\"121\" width=\"100%\" height=\"auto\"><span>Source: Author Data taken:emarketer.com,World Bank GDP,World Bank Population</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者数据来源：emarketer.com、世界银行GDP、世界银行人口</span></p></blockquote></p><p> South Korea has relatively high e-commerce penetration: about 72% of the population has used e-commerce services at least once. Though the percentage seems quite high, not all are using e-commerce frequently, and even active users are spending only a small proportion of their total budget on online shopping.</p><p><blockquote>韩国的电子商务渗透率相对较高：约72%的人口至少使用过一次电子商务服务。尽管这一比例似乎相当高，但并不是所有人都经常使用电子商务，即使是活跃用户也只将总预算的一小部分用于网上购物。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c693b246783d1776bca4d504ed8d5369\" tg-width=\"640\" tg-height=\"845\" width=\"100%\" height=\"auto\"><span>Source: Visualistan.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Visualistan.com</span></p></blockquote></p><p> The situation is going to change as the younger generations are inclined towards the digital world and readily adopt new online services. 94.7% of the 20-29 age group has used e-commerce platforms, while only 60.02% of the 50-59 age group has ever used e-commerce services. The spending power of the younger generations grow in line with their age, providing long-term sustainable growth opportunities for e-commerce players.</p><p><blockquote>随着年轻一代倾向于数字世界并乐于采用新的在线服务，这种情况将会改变。20-29岁年龄段使用过电商平台的比例为94.7%，而50-59岁年龄段使用过电商服务的比例仅为60.02%。年轻一代的消费能力随年龄增长，为电商玩家提供长期可持续增长机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/40abd940c7c44fc18d7df77a7cc65113\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p> South Korea has a high internet penetration rate with99.2%of households having internet access via PC, mobile or other devices. Mobile online purchases are the biggest growth engine for the e-commerce sector: online purchases via PC grew by only10.3%in the 2017-2018 period and 5.67% in the 2018-2019 period. At the same time, purchases made via mobile phones increased by 31.7% in the 2017-2018 period and by 19.84% in the 2018-2019 period. Mobile purchases make up 61.5% of total e-commerce sales. South Korea has the highest smartphone penetration in the world: 96% of the total population owns a smartphone compared to 89% in the USA and 71% in China.</p><p><blockquote>韩国的互联网普及率很高，99.2%的家庭通过个人电脑、手机或其他设备接入互联网。移动在线购买是电子商务领域最大的增长引擎：通过PC的在线购买在2017-2018年期间仅增长了10.3%，在2018-2019年期间增长了5.67%。与此同时，通过手机进行的购买在2017-2018年期间增长了31.7%，在2018-2019年期间增长了19.84%。移动购买占电子商务总销售额的61.5%。韩国拥有世界上最高的智能手机普及率：96%的总人口拥有智能手机，相比之下，美国和中国分别为89%和71%。</blockquote></p><p> Coupang's mobile applications are among the top 20 of South Korean applications. Coupang’s Shopping app is the 13th most popular mobile app in South Korea according to the&nbsp;SimilarWebranking system in Apple's App Store(NASDAQ:AAPL), while Coupang Eats is 12th. At the same time, in the Google Play Store(NASDAQ:GOOG), the Coupang Shopping application is 15th. In South Korea,71.17%&nbsp;of mobile users use the Android operating system, while only 28.46% are iOS users. Thus, Google Play Store stats are more important for our analysis.</p><p><blockquote>Coupang的移动应用程序位列韩国应用程序前20名。根据苹果应用商店（纳斯达克：AAPL）的SimilarWebranking系统，Coupang的购物应用程序在韩国最受欢迎的移动应用程序中排名第13位，而Coupang Eats排名第12位。同时，在谷歌Play商店（纳斯达克：GOOG）中，Coupang购物应用排名第15位。在韩国，71.17%的手机用户使用Android操作系统，而iOS用户仅为28.46%。因此，谷歌Play商店的统计数据对我们的分析更为重要。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6eac4aab5f190785020e5bb169cfc8e\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Source: Statcounter.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statcounter.com</span></p></blockquote></p><p> The Coupang shopping application has more than&nbsp;583,000 reviews&nbsp;in the Google Play Store and the average rating is 4.2. More than 65% of users rated the app 5 stars. The rating of the app is significantly better than the average Korean app&nbsp;score of 3.39.</p><p><blockquote>Coupang购物应用程序在谷歌Play商店有超过583,000条评论，平均评分为4.2。超过65%的用户给这款应用打了5颗星。该应用程序的评分明显优于韩国应用程序平均得分3.39。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/110d6671b18364eb3e71854b583c9fc9\" tg-width=\"640\" tg-height=\"535\" width=\"100%\" height=\"auto\"><span>Source: Appgrooves</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Appgrooves</span></p></blockquote></p><p></p><p> E-commerce penetration in South Korea jumped significantly in 2020. In 2019, the penetration rate was 20.8%, while in 2020 the number increased to 25.9%. In this respect, South Korea is ahead of the USA (14%), the UK (23.3%) and China (24.9%). These statistics indicate that the South Korean market is one step ahead of other countries' markets. It is estimated that the South Korean e-commerce market will continue its fast-paced growth and reach $150 billion revenues in 2024. Analysts estimate an8% GMV CAGRduring the 2021-2024 period.</p><p><blockquote>2020年，韩国的电子商务渗透率大幅跃升。2019年，渗透率为20.8%，而2020年这一数字增至25.9%。在这方面，韩国领先于美国（14%）、英国（23.3%）和中国（24.9%）。这些统计数据表明，韩国市场领先其他国家市场一步。据估计，韩国电子商务市场将继续快速增长，2024年收入将达到1500亿美元。分析师预计2021-2024年期间GMV复合年增长率为8%。</blockquote></p><p> Coupang is growing faster than the total industry as the company was able to increase its market share significantly in 2020. In 2019, the company had a market share of18.1%, while in 2020 Coupang's share had increased to 24%. Meanwhile, its main competitors could not grow their market share percentages in 2020. The main rivals of the company are eBay(NASDAQ:EBAY)owned Gmarket, WeMakePrice and Naver Shopping. According to Daniel Yoo, head of global asset allocation at Yuanta Securities, the company can increase its market share by exceeding a30% levelin upcoming years.</p><p><blockquote>Coupang的增长速度快于整个行业，因为该公司能够在2020年大幅增加其市场份额。2019年，该公司的市场份额为18.1%，而2020年Coupang的份额已增至24%。与此同时，其主要竞争对手无法在2020年增加市场份额。该公司的主要竞争对手是eBay（纳斯达克：eBay）旗下的Gmarket、WeMakePrice和Naver Shopping。元大证券全球资产配置主管Daniel Yoo表示，未来几年，该公司的市场份额可以超过30%的水平。</blockquote></p><p> Coupang was founded in 2010, and since then has achieved a significant market share in South Korea. One of the biggest contributors to this fast growth was their fast delivery. Coupang's logistics business, Rocket Delivery, allows consumers to receive their orders in less than 24 hours from ordering. The company has built a strong end-to-end logistics network using its 200 warehouses and more than 100 logistics centers. According to the management,70% of the South Korean populationis living within 10 minutes of a Coupang logistics center. It creates a significant moat for the business as competitors would need to invest large amounts of cash to build similar logistics networks. Recently, Coupang has launched the Dawn Delivery service which delivers goods by 7 a.m., if the order is placed by midnight the day before. More than 3.3 million items are being ordered on the Coupang platform every day and 99.3% of all items are being delivered within 24 hours. It is worth mentioning that the fast delivery service has been achievable because South Korea is so densely populated. South Korea is the 23rd most densely populated country in the world with a density ratio of512 people per 1 km square. 81.4% of the population are living in cities, making the country the39thmost urbanized in the world.</p><p><blockquote>Coupang成立于2010年，此后在韩国取得了可观的市场份额。这种快速增长的最大贡献者之一是他们的快速交付。Coupang的物流业务Rocket Delivery允许消费者在订购后不到24小时内收到订单。该公司利用其200个仓库和100多个物流中心建立了强大的端到端物流网络。据管理层称，70%的韩国人口居住在距离Coupang物流中心10分钟路程的范围内。它为该业务创造了一条重要的护城河，因为竞争对手需要投入大量现金来建立类似的物流网络。最近，Coupang推出了黎明送货服务，如果在前一天午夜前下订单，可以在早上7点前送货。Coupang平台上每天订购超过330万件商品，99.3%的商品在24小时内送达。值得一提的是，由于韩国人口稠密，快速递送服务一直是可以实现的。韩国是世界上人口密度第23高的国家，人口密度为每1平方公里512人。81.4%的人口生活在城市，使该国成为世界上城市化程度第39位的国家。</blockquote></p><p> Coupang's different segments are interconnected, as the growth of one segment is bringing tailwinds for other segments. Coupang is investing heavily to grow its 1P business (their inventory offering) by expanding its product base and improving the quality of the service. These investments increase the level of consumer satisfaction and bring a significant number of consumers to the 3P business (3rd party marketplace). New consumers in the 3P segment increase the interest in new merchants on the platform; this is further expanding product variety, creating economic moat and attracting new consumers. Sellers are urged to move from traditional retail stores because this market is declining by7% YoYin South Korea, while on Coupang's platform 3rd party merchants grow their sales by an average of 87% YoY. So, due to large investments in the 1P business and the consumer base expansion in the 3P business, Coupang’s total business has grown at twice the rate of the total South Korean market over the past 2 years.</p><p><blockquote>Coupang的不同细分市场是相互关联的，因为一个细分市场的增长为其他细分市场带来了推动力。Coupang正在大力投资，通过扩大产品基础和提高服务质量来发展其1P业务（他们的库存产品）。这些投资提高了消费者满意度，并为3P业务（第三方市场）带来了大量消费者。3P细分市场的新消费者增加了对平台新商家的兴趣；这进一步扩大了产品种类，创造了经济护城河并吸引了新的消费者。卖家被敦促离开传统零售店，因为韩国这个市场同比下降7%，而在Coupang的平台上，第三方商家的销售额平均同比增长87%。因此，由于对1P业务的大量投资和3P业务消费者基础的扩大，Coupang的总业务在过去两年中以韩国市场总额的两倍速度增长。</blockquote></p><p> The company is actively encouraging more consumers to its platform: in Q2, the company recorded 26% active user growth, reaching17 million monthlyactive consumers. There seems to be a consumer base growth opportunity in South Korea, as it is estimated that there are about 37 million internet shoppers in the country. The company could not achieve significant growth by only expanding its consumer base, but it can record significant growth by increasing their revenue per consumer, which is still quite low. In the last quarter, the company managed to record a 36% revenue per consumer growth, due to the expansion of product and service bases.</p><p><blockquote>该公司正在积极鼓励更多消费者使用其平台：第二季度，该公司的活跃用户增长了26%，月活跃消费者达到1700万。韩国似乎有一个消费者基础增长的机会，因为据估计，该国约有3700万互联网购物者。该公司无法仅通过扩大消费者基础来实现显着增长，但可以通过增加每位消费者的收入来实现显着增长，而这一收入仍然相当低。上个季度，由于产品和服务基础的扩大，该公司的每位消费者收入增长了36%。</blockquote></p><p> Coupang is also offering its employees incentives to invest their efforts into the growth of the business. Coupang is the first Korean company to make its frontline workers shareholders of the company: 39,000 employees got restricted stock awards at the IPO. Coupang employees are generally content with the firm as the company has a 4 out of 5-star rating. The CEO has a90% approvalrate, while 80% of employees would recommend joining the Coupang team to their friends. Employee’s rank \"career opportunities\" in the company a quite high, which is a very important factor to attract highly talented workers to the business.</p><p><blockquote>Coupang还为员工提供激励措施，鼓励他们努力发展业务。Coupang是第一家让一线员工成为公司股东的韩国公司：39,000名员工在IPO中获得了限制性股票奖励。Coupang员工普遍对该公司感到满意，因为该公司的评级为4星（满分5星）。首席执行官的支持率为90%，而80%的员工会向朋友推荐加入Coupang团队。员工在公司的“职业机会”等级相当高，这是吸引高才能员工加入企业的一个非常重要的因素。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f732667289dcdc80244f6b7e8b4405\" tg-width=\"640\" tg-height=\"470\" width=\"100%\" height=\"auto\"><span>Source: Glassdoor.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Glassdoor.com</span></p></blockquote></p><p></p><p> Coupang recorded a $122 million EBITDA loss in Q2 2021. These losses come from investments in new segments of the company: direct investments in the Eats and Fresh segments amounted to $120 million in Q2. These investments seem quite justified as the new fields helped Coupang to record significant top-line growth. Particularly, the Fresh grocery revenues doubled in Q2 YoY, exceeding the $2 billion level, less than 3 years after its launch. Though the Eats and Fresh segments are not yet profitable, they are recording significant contribution margin improvements in recent quarters, and the management believes that they will replicate the profitability of the mature segments of the company. In the Fresh segment, the management was able to record a 1,000-basis point contribution margin improvement YoY, while in the Eats segment the loss per order decreased by 50% in last year. As the management sees low online penetration in these segments and high ROI opportunities, they are going to continue to invest aggressively to create long term value for investors.</p><p><blockquote>Coupang在2021年第二季度录得1.22亿美元的EBITDA亏损。这些损失来自对公司新部门的投资：第二季度对Eats和Fresh部门的直接投资达1.2亿美元。这些投资似乎相当合理，因为新油田帮助Coupang实现了显着的营收增长。特别是，在推出不到3年后，第二季度的生鲜杂货收入同比翻了一番，超过了20亿美元的水平。尽管Eats和生鲜部门尚未盈利，但它们在最近几个季度的贡献率显着提高，管理层相信它们将复制公司成熟部门的盈利能力。在生鲜部门，管理层的贡献率同比提高了1,000个基点，而在Eats部门，去年每笔订单的亏损下降了50%。由于管理层看到这些细分市场的在线渗透率较低且投资回报率较高，因此他们将继续积极投资，为投资者创造长期价值。</blockquote></p><p> The growing scale of the business helps Coupang to improve profitability margins. The gross margin was only5.08%in 2018, while in the last quarter the company recorded a gross margin of 16.8%. However, the margin includes an inventory write-off of $158 million which was caused by a fulfilment center fire. Excluding the consequences of the fire, the company reported an $816 million quarterly gross profit, a 86% YoY improvement, and the adjusted gross margin is 18.2%.</p><p><blockquote>不断增长的业务规模有助于Coupang提高利润率。2018年毛利率仅为5.08%，而上一季度公司毛利率为16.8%。然而，该利润包括由履行中心火灾造成的1.58亿美元的库存冲销。排除火灾后果，该公司公布季度毛利润为8.16亿美元，同比增长86%，调整后毛利率为18.2%。</blockquote></p><p> The company has significant opportunities to expand its business. One of the most interesting areas is fintech, as the company could provide consumers with its own payment platform to process their transactions, get loans for their purchases etc. LatAm, owner of the e-commerce business Mercadolibre(NASDAQ:MELI), realizes this opportunity quite successfully as athird of its revenuescome from the fintech segment. Coupang's management is rather cautious about this field as they prefer to invest in the e-commerce segment. Coupang's fintech offerings are at their early stages yet as the company tests opportunities in the sector. The management has a similar approach to international expansion. Currently, Coupang is working on business expansion in Japan and Taiwan, however, these initiatives are at their early stages and the management is not intending to invest large amounts of cash on these projects.</p><p><blockquote>该公司有很大的机会扩大其业务。最有趣的领域之一是金融科技，因为该公司可以为消费者提供自己的支付平台来处理他们的交易、获得购买贷款等。电子商务企业Mercadolibre（纳斯达克：MELI）的所有者LatAm意识到这一机会相当成功，因为其三分之一的收入来自金融科技领域。Coupang的管理层对这一领域相当谨慎，因为他们更愿意投资电子商务领域。Coupang的金融科技产品仍处于早期阶段，该公司正在测试该行业的机会。管理层对国际扩张采取了类似的方法。目前，Coupang正致力于在日本和台湾的业务扩张，然而，这些举措仍处于早期阶段，管理层不打算在这些项目上投入大量现金。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Cross border e-commerce growth is one of the biggest threats for the business as prices in South Korea are generally higher than foreign prices. In 2019, there were almost$3.1 billiononline purchases from foreign retail sites, growing 15% YoY. However, surveys indicate that the South Korean population is not overly concerned about high prices as only20% of online shopperspay attention to low-priced products.</p><p><blockquote>跨境电子商务的增长是该业务面临的最大威胁之一，因为韩国的价格普遍高于国外价格。2019年，外国零售网站的在线购物额近31亿美元，同比增长15%。然而，调查显示，韩国人并不过度担心高价，因为只有20%的网上购物者关注低价产品。</blockquote></p><p> Every e-commerce player faces significant competition as the industry promises significant growth opportunities and companies invest heavily to grab their market share. Amazon(NASDAQ:AMZN)shows significant interest in the South Korean market as last year they announced their partnership with SK Telecom(NYSE:SKM). The partnership gives Amazon the right to obtain30% of 11Street, an e-commerce platform operating in South Korea, whose parent company is SK Telecom. In 2020, 11Street recorded revenues of $530 billion, which was about 14 times lower than Coupang's results. However, Amazon's partnership with the business will allow 11Street to introduce Amazon's products and services to its consumers which will create significant competitive advantages for the company.</p><p><blockquote>每个电子商务参与者都面临着激烈的竞争，因为该行业有望带来巨大的增长机会，并且公司大力投资以抢占市场份额。亚马逊（纳斯达克股票代码：AMZN）对韩国市场表现出浓厚的兴趣，去年他们宣布与SK Telecom（纽约证券交易所股票代码：SKM）建立合作伙伴关系。此次合作使亚马逊有权获得11Street 30%的股份，11Street是一家在韩国运营的电子商务平台，其母公司是SK Telecom。2020年，11Street的收入为5300亿美元，比Coupang的业绩低约14倍。然而，亚马逊与该业务的合作将使11Street能够向其消费者介绍亚马逊的产品和服务，这将为该公司创造显着的竞争优势。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> To calculate the intrinsic value of the stock we have used a relative valuation analysis. We have collected data on the world's 15 biggest e-commerce stocks to calculate the value of CPNG. The average P/S FWD ratio of the 15 biggest e-commerce companies is 7.99, while the median ratio is 4.25. Coupang's P/S FWD is 2.57, which indicates that the stock is trading at a lower multiple compared to its peers. Calculating the PSG ratio of competitors, we see that the average PSG is 20.96, while the median PSG is 17.4. Calculating Coupang's P/S FWD based on these multiples, and analysts' estimated revenue growth rate of50.2%, we get an average P/S FWD of 10.52 and a median of 8.73. These ratios are significantly higher than Coupang's 2.57 multiple. However, the low multiple reflects the low profitability of the business. The company reported a TTM gross margin of 16.63%, significantly lower than peers' average margin of 43.45%, thus we need to incorporate the low profitability of the business in our calculations also.</p><p><blockquote>为了计算股票的内在价值，我们使用了相对估值分析。我们收集了全球15只最大的电子商务股票的数据来计算CPNG的价值。15家最大电子商务公司的平均市盈率为7.99，中位数为4.25。Coupang的市盈率为2.57，这表明该股的市盈率低于同行。计算竞争对手的PSG比率，我们看到平均PSG为20.96，而中位数PSG为17.4。根据这些倍数以及分析师估计的50.2%的收入增长率计算Coupang的P/S FWD，我们得到的平均P/S FWD为10.52，中位数为8.73。这些比率明显高于Coupang的2.57倍。然而，低倍数反映了该业务的低盈利能力。该公司公布的TTM毛利率为16.63%，明显低于同行43.45%的平均利润率，因此我们还需要将该业务的低盈利能力纳入我们的计算中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ae3e0938046e190132023d59e967802\" tg-width=\"640\" tg-height=\"126\" width=\"100%\" height=\"auto\"><span>Source: Author, Data:SeekingAlpha.com,Finviz.com,GuruFocus.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据：SeekingAlpha.com、Finviz.com、GuruFocus.com</span></p></blockquote></p><p></p><p> So, we have built a regression analysis where, for dependent variables, we have used natural logs of peers' estimated growth rates and TTM gross margins. As a result, we have an R Square of 55% and an F Stat of 7.34, which indicates that there is high statistical significance. Using coefficients of the regression equation, we get a P/S FWD ratio of 3.85, which is higher than Coupang's P/S FWD ratio of 2.57, and indicates that the stock is undervalued by 49%. So, we think that the intrinsic value of Coupang is $50; 12% higher than analysts' average price target of$44.7and 16.7% lower than analysts' highest price target of $60.</p><p><blockquote>因此，我们建立了一个回归分析，对于因变量，我们使用了同行估计增长率和TTM毛利率的自然对数。因此，我们的R平方为55%，F Stat为7.34，这表明具有很高的统计显著性。使用回归方程的系数，我们得到的P/S FWD比率为3.85，高于Coupang的P/S FWD比率2.57，表明该股被低估了49%。因此，我们认为Coupang的内在价值为50美元；比分析师平均目标价44.7美元高12%，比分析师最高目标价60美元低16.7%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a62c188e06bf9026705f537b306f13d3\" tg-width=\"640\" tg-height=\"123\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> It is expected that the South Korean retail market will exceed$530 billionby 2024. Considering a 35% e-commerce penetration rate and Coupang securing a 20% market share we get a $37.1 billion revenue prediction for Coupang. Taking our P/S ratio of 3.85, and multiplying it by our assumed sales figures, we get a $142.8 billion implied market cap, which is 140% higher than the current market cap and indicates a 34% annual return opportunity.</p><p><blockquote>预计到2024年，韩国零售市场将超过5300亿美元。考虑到35%的电子商务渗透率和Coupang获得20%的市场份额，我们对Coupang的收入预测为371亿美元。将我们的市盈率3.85乘以我们假设的销售数据，我们得到1,428亿美元的隐含市值，比当前市值高出140%，表明年回报机会为34%。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> The South Korean e-commerce market is growing quite rapidly. Coupang is the largest e-commerce player in South Korea partly because it managed to build a strong logistics network and delivers items quickly. Our valuation analyses indicate that the stock is undervalued by 50% compared to its peers, thus we see a strong price appreciation opportunity. We anticipate a 34% annual return until 2024, thus we assign a Buy rating to the stock.</p><p><blockquote>韩国电子商务市场增长相当迅速。Coupang是韩国最大的电子商务公司，部分原因是它成功建立了强大的物流网络并快速交付商品。我们的估值分析表明，与同行相比，该股被低估了50%，因此我们看到了强劲的价格升值机会。我们预计到2024年的年回报率为34%，因此我们给予该股买入评级。</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>Coupang: Strong Upside Potential<blockquote>Coupang：强劲的上涨潜力</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\">\nCoupang: Strong Upside Potential<blockquote>Coupang：强劲的上涨潜力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-23 17:02</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>Coupang stock is undervalued compared to its peers.</li>  <li>The South Korean e-commerce market is the 5th largest market in the world.</li>  <li>Coupang's consumer satisfaction levels are quite high.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/19e691e63819b7b0620d306fda210b11\" tg-width=\"1536\" tg-height=\"862\" width=\"100%\" height=\"auto\"><span>metamorworks/iStock via Getty Images</span></p><p><blockquote><ul><li>与同行相比，Coupang股票被低估。</li><li>韩国电子商务市场是世界第五大市场。</li><li>Coupang的消费者满意度相当高。</li></ul><p class=\"t-img-caption\"><span>metamorworks/iStock来自Getty Images</span></p></blockquote></p><p> The South Korean e-commerce market has already achieved significant market penetration. Coupang(NYSE:CPNG)achieved significant consumer satisfaction with users ranking their shopping app higher than the average for South Korean apps. Coupang has a built very strong delivery network that enables the company to reach 70% of the South Korean population in less than 10 minutes. Relative valuation analysis indicates that the stock is undervalued and suggests we can expect strong double-digit returns in upcoming years.</p><p><blockquote>韩国电子商务市场已经实现了显著的市场渗透。Coupang（纽约证券交易所股票代码：CPNG）获得了显著的消费者满意度，用户对其购物应用程序的排名高于韩国应用程序的平均水平。Coupang拥有非常强大的配送网络，使该公司能够在不到10分钟的时间内覆盖70%的韩国人口。相对估值分析表明该股被低估，并表明我们可以预期未来几年将获得强劲的两位数回报。</blockquote></p><p> The E-commerce market has already achieved significant success in South Korea. Currently, South Korea is the&nbsp;5th largest e-commerce&nbsp;market in the world surpassing $110 billion in total sales level throughout 2020.</p><p><blockquote>电子商务市场在韩国已经取得了巨大的成功。目前，韩国是全球第五大电子商务市场，2020年总销售额超过1100亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/922b387d1db16de8bef4fdf97be12804\" tg-width=\"640\" tg-height=\"567\" width=\"100%\" height=\"auto\"><span>Source: emarketer.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：emarketer.com</span></p></blockquote></p><p> South Korea has the second-highest e-commerce sales to GDP ratio at 6.8%, only beaten by China with a 15.6% ratio. At the same time, the country has the 3rdhighest e-commerce sales per capita ($2,135) after the UK and the USA.</p><p><blockquote>韩国的电子商务销售额与GDP之比位居第二，为6.8%，仅次于中国的15.6%。与此同时，该国的人均电子商务销售额排名第三（2135美元），仅次于英国和美国。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/228f28a7ed066b1bd408696b8282fe0a\" tg-width=\"640\" tg-height=\"121\" width=\"100%\" height=\"auto\"><span>Source: Author Data taken:emarketer.com,World Bank GDP,World Bank Population</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者数据来源：emarketer.com、世界银行GDP、世界银行人口</span></p></blockquote></p><p> South Korea has relatively high e-commerce penetration: about 72% of the population has used e-commerce services at least once. Though the percentage seems quite high, not all are using e-commerce frequently, and even active users are spending only a small proportion of their total budget on online shopping.</p><p><blockquote>韩国的电子商务渗透率相对较高：约72%的人口至少使用过一次电子商务服务。尽管这一比例似乎相当高，但并不是所有人都经常使用电子商务，即使是活跃用户也只将总预算的一小部分用于网上购物。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c693b246783d1776bca4d504ed8d5369\" tg-width=\"640\" tg-height=\"845\" width=\"100%\" height=\"auto\"><span>Source: Visualistan.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Visualistan.com</span></p></blockquote></p><p> The situation is going to change as the younger generations are inclined towards the digital world and readily adopt new online services. 94.7% of the 20-29 age group has used e-commerce platforms, while only 60.02% of the 50-59 age group has ever used e-commerce services. The spending power of the younger generations grow in line with their age, providing long-term sustainable growth opportunities for e-commerce players.</p><p><blockquote>随着年轻一代倾向于数字世界并乐于采用新的在线服务，这种情况将会改变。20-29岁年龄段使用过电商平台的比例为94.7%，而50-59岁年龄段使用过电商服务的比例仅为60.02%。年轻一代的消费能力随年龄增长，为电商玩家提供长期可持续增长机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/40abd940c7c44fc18d7df77a7cc65113\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p> South Korea has a high internet penetration rate with99.2%of households having internet access via PC, mobile or other devices. Mobile online purchases are the biggest growth engine for the e-commerce sector: online purchases via PC grew by only10.3%in the 2017-2018 period and 5.67% in the 2018-2019 period. At the same time, purchases made via mobile phones increased by 31.7% in the 2017-2018 period and by 19.84% in the 2018-2019 period. Mobile purchases make up 61.5% of total e-commerce sales. South Korea has the highest smartphone penetration in the world: 96% of the total population owns a smartphone compared to 89% in the USA and 71% in China.</p><p><blockquote>韩国的互联网普及率很高，99.2%的家庭通过个人电脑、手机或其他设备接入互联网。移动在线购买是电子商务领域最大的增长引擎：通过PC的在线购买在2017-2018年期间仅增长了10.3%，在2018-2019年期间增长了5.67%。与此同时，通过手机进行的购买在2017-2018年期间增长了31.7%，在2018-2019年期间增长了19.84%。移动购买占电子商务总销售额的61.5%。韩国拥有世界上最高的智能手机普及率：96%的总人口拥有智能手机，相比之下，美国和中国分别为89%和71%。</blockquote></p><p> Coupang's mobile applications are among the top 20 of South Korean applications. Coupang’s Shopping app is the 13th most popular mobile app in South Korea according to the&nbsp;SimilarWebranking system in Apple's App Store(NASDAQ:AAPL), while Coupang Eats is 12th. At the same time, in the Google Play Store(NASDAQ:GOOG), the Coupang Shopping application is 15th. In South Korea,71.17%&nbsp;of mobile users use the Android operating system, while only 28.46% are iOS users. Thus, Google Play Store stats are more important for our analysis.</p><p><blockquote>Coupang的移动应用程序位列韩国应用程序前20名。根据苹果应用商店（纳斯达克：AAPL）的SimilarWebranking系统，Coupang的购物应用程序在韩国最受欢迎的移动应用程序中排名第13位，而Coupang Eats排名第12位。同时，在谷歌Play商店（纳斯达克：GOOG）中，Coupang购物应用排名第15位。在韩国，71.17%的手机用户使用Android操作系统，而iOS用户仅为28.46%。因此，谷歌Play商店的统计数据对我们的分析更为重要。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6eac4aab5f190785020e5bb169cfc8e\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Source: Statcounter.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statcounter.com</span></p></blockquote></p><p> The Coupang shopping application has more than&nbsp;583,000 reviews&nbsp;in the Google Play Store and the average rating is 4.2. More than 65% of users rated the app 5 stars. The rating of the app is significantly better than the average Korean app&nbsp;score of 3.39.</p><p><blockquote>Coupang购物应用程序在谷歌Play商店有超过583,000条评论，平均评分为4.2。超过65%的用户给这款应用打了5颗星。该应用程序的评分明显优于韩国应用程序平均得分3.39。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/110d6671b18364eb3e71854b583c9fc9\" tg-width=\"640\" tg-height=\"535\" width=\"100%\" height=\"auto\"><span>Source: Appgrooves</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Appgrooves</span></p></blockquote></p><p></p><p> E-commerce penetration in South Korea jumped significantly in 2020. In 2019, the penetration rate was 20.8%, while in 2020 the number increased to 25.9%. In this respect, South Korea is ahead of the USA (14%), the UK (23.3%) and China (24.9%). These statistics indicate that the South Korean market is one step ahead of other countries' markets. It is estimated that the South Korean e-commerce market will continue its fast-paced growth and reach $150 billion revenues in 2024. Analysts estimate an8% GMV CAGRduring the 2021-2024 period.</p><p><blockquote>2020年，韩国的电子商务渗透率大幅跃升。2019年，渗透率为20.8%，而2020年这一数字增至25.9%。在这方面，韩国领先于美国（14%）、英国（23.3%）和中国（24.9%）。这些统计数据表明，韩国市场领先其他国家市场一步。据估计，韩国电子商务市场将继续快速增长，2024年收入将达到1500亿美元。分析师预计2021-2024年期间GMV复合年增长率为8%。</blockquote></p><p> Coupang is growing faster than the total industry as the company was able to increase its market share significantly in 2020. In 2019, the company had a market share of18.1%, while in 2020 Coupang's share had increased to 24%. Meanwhile, its main competitors could not grow their market share percentages in 2020. The main rivals of the company are eBay(NASDAQ:EBAY)owned Gmarket, WeMakePrice and Naver Shopping. According to Daniel Yoo, head of global asset allocation at Yuanta Securities, the company can increase its market share by exceeding a30% levelin upcoming years.</p><p><blockquote>Coupang的增长速度快于整个行业，因为该公司能够在2020年大幅增加其市场份额。2019年，该公司的市场份额为18.1%，而2020年Coupang的份额已增至24%。与此同时，其主要竞争对手无法在2020年增加市场份额。该公司的主要竞争对手是eBay（纳斯达克：eBay）旗下的Gmarket、WeMakePrice和Naver Shopping。元大证券全球资产配置主管Daniel Yoo表示，未来几年，该公司的市场份额可以超过30%的水平。</blockquote></p><p> Coupang was founded in 2010, and since then has achieved a significant market share in South Korea. One of the biggest contributors to this fast growth was their fast delivery. Coupang's logistics business, Rocket Delivery, allows consumers to receive their orders in less than 24 hours from ordering. The company has built a strong end-to-end logistics network using its 200 warehouses and more than 100 logistics centers. According to the management,70% of the South Korean populationis living within 10 minutes of a Coupang logistics center. It creates a significant moat for the business as competitors would need to invest large amounts of cash to build similar logistics networks. Recently, Coupang has launched the Dawn Delivery service which delivers goods by 7 a.m., if the order is placed by midnight the day before. More than 3.3 million items are being ordered on the Coupang platform every day and 99.3% of all items are being delivered within 24 hours. It is worth mentioning that the fast delivery service has been achievable because South Korea is so densely populated. South Korea is the 23rd most densely populated country in the world with a density ratio of512 people per 1 km square. 81.4% of the population are living in cities, making the country the39thmost urbanized in the world.</p><p><blockquote>Coupang成立于2010年，此后在韩国取得了可观的市场份额。这种快速增长的最大贡献者之一是他们的快速交付。Coupang的物流业务Rocket Delivery允许消费者在订购后不到24小时内收到订单。该公司利用其200个仓库和100多个物流中心建立了强大的端到端物流网络。据管理层称，70%的韩国人口居住在距离Coupang物流中心10分钟路程的范围内。它为该业务创造了一条重要的护城河，因为竞争对手需要投入大量现金来建立类似的物流网络。最近，Coupang推出了黎明送货服务，如果在前一天午夜前下订单，可以在早上7点前送货。Coupang平台上每天订购超过330万件商品，99.3%的商品在24小时内送达。值得一提的是，由于韩国人口稠密，快速递送服务一直是可以实现的。韩国是世界上人口密度第23高的国家，人口密度为每1平方公里512人。81.4%的人口生活在城市，使该国成为世界上城市化程度第39位的国家。</blockquote></p><p> Coupang's different segments are interconnected, as the growth of one segment is bringing tailwinds for other segments. Coupang is investing heavily to grow its 1P business (their inventory offering) by expanding its product base and improving the quality of the service. These investments increase the level of consumer satisfaction and bring a significant number of consumers to the 3P business (3rd party marketplace). New consumers in the 3P segment increase the interest in new merchants on the platform; this is further expanding product variety, creating economic moat and attracting new consumers. Sellers are urged to move from traditional retail stores because this market is declining by7% YoYin South Korea, while on Coupang's platform 3rd party merchants grow their sales by an average of 87% YoY. So, due to large investments in the 1P business and the consumer base expansion in the 3P business, Coupang’s total business has grown at twice the rate of the total South Korean market over the past 2 years.</p><p><blockquote>Coupang的不同细分市场是相互关联的，因为一个细分市场的增长为其他细分市场带来了推动力。Coupang正在大力投资，通过扩大产品基础和提高服务质量来发展其1P业务（他们的库存产品）。这些投资提高了消费者满意度，并为3P业务（第三方市场）带来了大量消费者。3P细分市场的新消费者增加了对平台新商家的兴趣；这进一步扩大了产品种类，创造了经济护城河并吸引了新的消费者。卖家被敦促离开传统零售店，因为韩国这个市场同比下降7%，而在Coupang的平台上，第三方商家的销售额平均同比增长87%。因此，由于对1P业务的大量投资和3P业务消费者基础的扩大，Coupang的总业务在过去两年中以韩国市场总额的两倍速度增长。</blockquote></p><p> The company is actively encouraging more consumers to its platform: in Q2, the company recorded 26% active user growth, reaching17 million monthlyactive consumers. There seems to be a consumer base growth opportunity in South Korea, as it is estimated that there are about 37 million internet shoppers in the country. The company could not achieve significant growth by only expanding its consumer base, but it can record significant growth by increasing their revenue per consumer, which is still quite low. In the last quarter, the company managed to record a 36% revenue per consumer growth, due to the expansion of product and service bases.</p><p><blockquote>该公司正在积极鼓励更多消费者使用其平台：第二季度，该公司的活跃用户增长了26%，月活跃消费者达到1700万。韩国似乎有一个消费者基础增长的机会，因为据估计，该国约有3700万互联网购物者。该公司无法仅通过扩大消费者基础来实现显着增长，但可以通过增加每位消费者的收入来实现显着增长，而这一收入仍然相当低。上个季度，由于产品和服务基础的扩大，该公司的每位消费者收入增长了36%。</blockquote></p><p> Coupang is also offering its employees incentives to invest their efforts into the growth of the business. Coupang is the first Korean company to make its frontline workers shareholders of the company: 39,000 employees got restricted stock awards at the IPO. Coupang employees are generally content with the firm as the company has a 4 out of 5-star rating. The CEO has a90% approvalrate, while 80% of employees would recommend joining the Coupang team to their friends. Employee’s rank \"career opportunities\" in the company a quite high, which is a very important factor to attract highly talented workers to the business.</p><p><blockquote>Coupang还为员工提供激励措施，鼓励他们努力发展业务。Coupang是第一家让一线员工成为公司股东的韩国公司：39,000名员工在IPO中获得了限制性股票奖励。Coupang员工普遍对该公司感到满意，因为该公司的评级为4星（满分5星）。首席执行官的支持率为90%，而80%的员工会向朋友推荐加入Coupang团队。员工在公司的“职业机会”等级相当高，这是吸引高才能员工加入企业的一个非常重要的因素。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f732667289dcdc80244f6b7e8b4405\" tg-width=\"640\" tg-height=\"470\" width=\"100%\" height=\"auto\"><span>Source: Glassdoor.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Glassdoor.com</span></p></blockquote></p><p></p><p> Coupang recorded a $122 million EBITDA loss in Q2 2021. These losses come from investments in new segments of the company: direct investments in the Eats and Fresh segments amounted to $120 million in Q2. These investments seem quite justified as the new fields helped Coupang to record significant top-line growth. Particularly, the Fresh grocery revenues doubled in Q2 YoY, exceeding the $2 billion level, less than 3 years after its launch. Though the Eats and Fresh segments are not yet profitable, they are recording significant contribution margin improvements in recent quarters, and the management believes that they will replicate the profitability of the mature segments of the company. In the Fresh segment, the management was able to record a 1,000-basis point contribution margin improvement YoY, while in the Eats segment the loss per order decreased by 50% in last year. As the management sees low online penetration in these segments and high ROI opportunities, they are going to continue to invest aggressively to create long term value for investors.</p><p><blockquote>Coupang在2021年第二季度录得1.22亿美元的EBITDA亏损。这些损失来自对公司新部门的投资：第二季度对Eats和Fresh部门的直接投资达1.2亿美元。这些投资似乎相当合理，因为新油田帮助Coupang实现了显着的营收增长。特别是，在推出不到3年后，第二季度的生鲜杂货收入同比翻了一番，超过了20亿美元的水平。尽管Eats和生鲜部门尚未盈利，但它们在最近几个季度的贡献率显着提高，管理层相信它们将复制公司成熟部门的盈利能力。在生鲜部门，管理层的贡献率同比提高了1,000个基点，而在Eats部门，去年每笔订单的亏损下降了50%。由于管理层看到这些细分市场的在线渗透率较低且投资回报率较高，因此他们将继续积极投资，为投资者创造长期价值。</blockquote></p><p> The growing scale of the business helps Coupang to improve profitability margins. The gross margin was only5.08%in 2018, while in the last quarter the company recorded a gross margin of 16.8%. However, the margin includes an inventory write-off of $158 million which was caused by a fulfilment center fire. Excluding the consequences of the fire, the company reported an $816 million quarterly gross profit, a 86% YoY improvement, and the adjusted gross margin is 18.2%.</p><p><blockquote>不断增长的业务规模有助于Coupang提高利润率。2018年毛利率仅为5.08%，而上一季度公司毛利率为16.8%。然而，该利润包括由履行中心火灾造成的1.58亿美元的库存冲销。排除火灾后果，该公司公布季度毛利润为8.16亿美元，同比增长86%，调整后毛利率为18.2%。</blockquote></p><p> The company has significant opportunities to expand its business. One of the most interesting areas is fintech, as the company could provide consumers with its own payment platform to process their transactions, get loans for their purchases etc. LatAm, owner of the e-commerce business Mercadolibre(NASDAQ:MELI), realizes this opportunity quite successfully as athird of its revenuescome from the fintech segment. Coupang's management is rather cautious about this field as they prefer to invest in the e-commerce segment. Coupang's fintech offerings are at their early stages yet as the company tests opportunities in the sector. The management has a similar approach to international expansion. Currently, Coupang is working on business expansion in Japan and Taiwan, however, these initiatives are at their early stages and the management is not intending to invest large amounts of cash on these projects.</p><p><blockquote>该公司有很大的机会扩大其业务。最有趣的领域之一是金融科技，因为该公司可以为消费者提供自己的支付平台来处理他们的交易、获得购买贷款等。电子商务企业Mercadolibre（纳斯达克：MELI）的所有者LatAm意识到这一机会相当成功，因为其三分之一的收入来自金融科技领域。Coupang的管理层对这一领域相当谨慎，因为他们更愿意投资电子商务领域。Coupang的金融科技产品仍处于早期阶段，该公司正在测试该行业的机会。管理层对国际扩张采取了类似的方法。目前，Coupang正致力于在日本和台湾的业务扩张，然而，这些举措仍处于早期阶段，管理层不打算在这些项目上投入大量现金。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Cross border e-commerce growth is one of the biggest threats for the business as prices in South Korea are generally higher than foreign prices. In 2019, there were almost$3.1 billiononline purchases from foreign retail sites, growing 15% YoY. However, surveys indicate that the South Korean population is not overly concerned about high prices as only20% of online shopperspay attention to low-priced products.</p><p><blockquote>跨境电子商务的增长是该业务面临的最大威胁之一，因为韩国的价格普遍高于国外价格。2019年，外国零售网站的在线购物额近31亿美元，同比增长15%。然而，调查显示，韩国人并不过度担心高价，因为只有20%的网上购物者关注低价产品。</blockquote></p><p> Every e-commerce player faces significant competition as the industry promises significant growth opportunities and companies invest heavily to grab their market share. Amazon(NASDAQ:AMZN)shows significant interest in the South Korean market as last year they announced their partnership with SK Telecom(NYSE:SKM). The partnership gives Amazon the right to obtain30% of 11Street, an e-commerce platform operating in South Korea, whose parent company is SK Telecom. In 2020, 11Street recorded revenues of $530 billion, which was about 14 times lower than Coupang's results. However, Amazon's partnership with the business will allow 11Street to introduce Amazon's products and services to its consumers which will create significant competitive advantages for the company.</p><p><blockquote>每个电子商务参与者都面临着激烈的竞争，因为该行业有望带来巨大的增长机会，并且公司大力投资以抢占市场份额。亚马逊（纳斯达克股票代码：AMZN）对韩国市场表现出浓厚的兴趣，去年他们宣布与SK Telecom（纽约证券交易所股票代码：SKM）建立合作伙伴关系。此次合作使亚马逊有权获得11Street 30%的股份，11Street是一家在韩国运营的电子商务平台，其母公司是SK Telecom。2020年，11Street的收入为5300亿美元，比Coupang的业绩低约14倍。然而，亚马逊与该业务的合作将使11Street能够向其消费者介绍亚马逊的产品和服务，这将为该公司创造显着的竞争优势。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> To calculate the intrinsic value of the stock we have used a relative valuation analysis. We have collected data on the world's 15 biggest e-commerce stocks to calculate the value of CPNG. The average P/S FWD ratio of the 15 biggest e-commerce companies is 7.99, while the median ratio is 4.25. Coupang's P/S FWD is 2.57, which indicates that the stock is trading at a lower multiple compared to its peers. Calculating the PSG ratio of competitors, we see that the average PSG is 20.96, while the median PSG is 17.4. Calculating Coupang's P/S FWD based on these multiples, and analysts' estimated revenue growth rate of50.2%, we get an average P/S FWD of 10.52 and a median of 8.73. These ratios are significantly higher than Coupang's 2.57 multiple. However, the low multiple reflects the low profitability of the business. The company reported a TTM gross margin of 16.63%, significantly lower than peers' average margin of 43.45%, thus we need to incorporate the low profitability of the business in our calculations also.</p><p><blockquote>为了计算股票的内在价值，我们使用了相对估值分析。我们收集了全球15只最大的电子商务股票的数据来计算CPNG的价值。15家最大电子商务公司的平均市盈率为7.99，中位数为4.25。Coupang的市盈率为2.57，这表明该股的市盈率低于同行。计算竞争对手的PSG比率，我们看到平均PSG为20.96，而中位数PSG为17.4。根据这些倍数以及分析师估计的50.2%的收入增长率计算Coupang的P/S FWD，我们得到的平均P/S FWD为10.52，中位数为8.73。这些比率明显高于Coupang的2.57倍。然而，低倍数反映了该业务的低盈利能力。该公司公布的TTM毛利率为16.63%，明显低于同行43.45%的平均利润率，因此我们还需要将该业务的低盈利能力纳入我们的计算中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ae3e0938046e190132023d59e967802\" tg-width=\"640\" tg-height=\"126\" width=\"100%\" height=\"auto\"><span>Source: Author, Data:SeekingAlpha.com,Finviz.com,GuruFocus.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据：SeekingAlpha.com、Finviz.com、GuruFocus.com</span></p></blockquote></p><p></p><p> So, we have built a regression analysis where, for dependent variables, we have used natural logs of peers' estimated growth rates and TTM gross margins. As a result, we have an R Square of 55% and an F Stat of 7.34, which indicates that there is high statistical significance. Using coefficients of the regression equation, we get a P/S FWD ratio of 3.85, which is higher than Coupang's P/S FWD ratio of 2.57, and indicates that the stock is undervalued by 49%. So, we think that the intrinsic value of Coupang is $50; 12% higher than analysts' average price target of$44.7and 16.7% lower than analysts' highest price target of $60.</p><p><blockquote>因此，我们建立了一个回归分析，对于因变量，我们使用了同行估计增长率和TTM毛利率的自然对数。因此，我们的R平方为55%，F Stat为7.34，这表明具有很高的统计显著性。使用回归方程的系数，我们得到的P/S FWD比率为3.85，高于Coupang的P/S FWD比率2.57，表明该股被低估了49%。因此，我们认为Coupang的内在价值为50美元；比分析师平均目标价44.7美元高12%，比分析师最高目标价60美元低16.7%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a62c188e06bf9026705f537b306f13d3\" tg-width=\"640\" tg-height=\"123\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> It is expected that the South Korean retail market will exceed$530 billionby 2024. Considering a 35% e-commerce penetration rate and Coupang securing a 20% market share we get a $37.1 billion revenue prediction for Coupang. Taking our P/S ratio of 3.85, and multiplying it by our assumed sales figures, we get a $142.8 billion implied market cap, which is 140% higher than the current market cap and indicates a 34% annual return opportunity.</p><p><blockquote>预计到2024年，韩国零售市场将超过5300亿美元。考虑到35%的电子商务渗透率和Coupang获得20%的市场份额，我们对Coupang的收入预测为371亿美元。将我们的市盈率3.85乘以我们假设的销售数据，我们得到1,428亿美元的隐含市值，比当前市值高出140%，表明年回报机会为34%。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> The South Korean e-commerce market is growing quite rapidly. Coupang is the largest e-commerce player in South Korea partly because it managed to build a strong logistics network and delivers items quickly. Our valuation analyses indicate that the stock is undervalued by 50% compared to its peers, thus we see a strong price appreciation opportunity. We anticipate a 34% annual return until 2024, thus we assign a Buy rating to the stock.</p><p><blockquote>韩国电子商务市场增长相当迅速。Coupang是韩国最大的电子商务公司，部分原因是它成功建立了强大的物流网络并快速交付商品。我们的估值分析表明，与同行相比，该股被低估了50%，因此我们看到了强劲的价格升值机会。我们预计到2024年的年回报率为34%，因此我们给予该股买入评级。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4451167-coupang-strong-upside-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":{"CPNG":"Coupang, Inc."},"source_url":"https://seekingalpha.com/article/4451167-coupang-strong-upside-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104828360","content_text":"Summary\n\nCoupang stock is undervalued compared to its peers.\nThe South Korean e-commerce market is the 5th largest market in the world.\nCoupang's consumer satisfaction levels are quite high.\n\nmetamorworks/iStock via Getty Images\nThe South Korean e-commerce market has already achieved significant market penetration. Coupang(NYSE:CPNG)achieved significant consumer satisfaction with users ranking their shopping app higher than the average for South Korean apps. Coupang has a built very strong delivery network that enables the company to reach 70% of the South Korean population in less than 10 minutes. Relative valuation analysis indicates that the stock is undervalued and suggests we can expect strong double-digit returns in upcoming years.\nThe E-commerce market has already achieved significant success in South Korea. Currently, South Korea is the 5th largest e-commerce market in the world surpassing $110 billion in total sales level throughout 2020.\nSource: emarketer.com\nSouth Korea has the second-highest e-commerce sales to GDP ratio at 6.8%, only beaten by China with a 15.6% ratio. At the same time, the country has the 3rdhighest e-commerce sales per capita ($2,135) after the UK and the USA.\nSource: Author Data taken:emarketer.com,World Bank GDP,World Bank Population\nSouth Korea has relatively high e-commerce penetration: about 72% of the population has used e-commerce services at least once. Though the percentage seems quite high, not all are using e-commerce frequently, and even active users are spending only a small proportion of their total budget on online shopping.\nSource: Visualistan.com\nThe situation is going to change as the younger generations are inclined towards the digital world and readily adopt new online services. 94.7% of the 20-29 age group has used e-commerce platforms, while only 60.02% of the 50-59 age group has ever used e-commerce services. The spending power of the younger generations grow in line with their age, providing long-term sustainable growth opportunities for e-commerce players.\nSource: Statista\nSouth Korea has a high internet penetration rate with99.2%of households having internet access via PC, mobile or other devices. Mobile online purchases are the biggest growth engine for the e-commerce sector: online purchases via PC grew by only10.3%in the 2017-2018 period and 5.67% in the 2018-2019 period. At the same time, purchases made via mobile phones increased by 31.7% in the 2017-2018 period and by 19.84% in the 2018-2019 period. Mobile purchases make up 61.5% of total e-commerce sales. South Korea has the highest smartphone penetration in the world: 96% of the total population owns a smartphone compared to 89% in the USA and 71% in China.\nCoupang's mobile applications are among the top 20 of South Korean applications. Coupang’s Shopping app is the 13th most popular mobile app in South Korea according to the SimilarWebranking system in Apple's App Store(NASDAQ:AAPL), while Coupang Eats is 12th. At the same time, in the Google Play Store(NASDAQ:GOOG), the Coupang Shopping application is 15th. In South Korea,71.17% of mobile users use the Android operating system, while only 28.46% are iOS users. Thus, Google Play Store stats are more important for our analysis.\nSource: Statcounter.com\nThe Coupang shopping application has more than 583,000 reviews in the Google Play Store and the average rating is 4.2. More than 65% of users rated the app 5 stars. The rating of the app is significantly better than the average Korean app score of 3.39.\nSource: Appgrooves\nE-commerce penetration in South Korea jumped significantly in 2020. In 2019, the penetration rate was 20.8%, while in 2020 the number increased to 25.9%. In this respect, South Korea is ahead of the USA (14%), the UK (23.3%) and China (24.9%). These statistics indicate that the South Korean market is one step ahead of other countries' markets. It is estimated that the South Korean e-commerce market will continue its fast-paced growth and reach $150 billion revenues in 2024. Analysts estimate an8% GMV CAGRduring the 2021-2024 period.\nCoupang is growing faster than the total industry as the company was able to increase its market share significantly in 2020. In 2019, the company had a market share of18.1%, while in 2020 Coupang's share had increased to 24%. Meanwhile, its main competitors could not grow their market share percentages in 2020. The main rivals of the company are eBay(NASDAQ:EBAY)owned Gmarket, WeMakePrice and Naver Shopping. According to Daniel Yoo, head of global asset allocation at Yuanta Securities, the company can increase its market share by exceeding a30% levelin upcoming years.\nCoupang was founded in 2010, and since then has achieved a significant market share in South Korea. One of the biggest contributors to this fast growth was their fast delivery. Coupang's logistics business, Rocket Delivery, allows consumers to receive their orders in less than 24 hours from ordering. The company has built a strong end-to-end logistics network using its 200 warehouses and more than 100 logistics centers. According to the management,70% of the South Korean populationis living within 10 minutes of a Coupang logistics center. It creates a significant moat for the business as competitors would need to invest large amounts of cash to build similar logistics networks. Recently, Coupang has launched the Dawn Delivery service which delivers goods by 7 a.m., if the order is placed by midnight the day before. More than 3.3 million items are being ordered on the Coupang platform every day and 99.3% of all items are being delivered within 24 hours. It is worth mentioning that the fast delivery service has been achievable because South Korea is so densely populated. South Korea is the 23rd most densely populated country in the world with a density ratio of512 people per 1 km square. 81.4% of the population are living in cities, making the country the39thmost urbanized in the world.\nCoupang's different segments are interconnected, as the growth of one segment is bringing tailwinds for other segments. Coupang is investing heavily to grow its 1P business (their inventory offering) by expanding its product base and improving the quality of the service. These investments increase the level of consumer satisfaction and bring a significant number of consumers to the 3P business (3rd party marketplace). New consumers in the 3P segment increase the interest in new merchants on the platform; this is further expanding product variety, creating economic moat and attracting new consumers. Sellers are urged to move from traditional retail stores because this market is declining by7% YoYin South Korea, while on Coupang's platform 3rd party merchants grow their sales by an average of 87% YoY. So, due to large investments in the 1P business and the consumer base expansion in the 3P business, Coupang’s total business has grown at twice the rate of the total South Korean market over the past 2 years.\nThe company is actively encouraging more consumers to its platform: in Q2, the company recorded 26% active user growth, reaching17 million monthlyactive consumers. There seems to be a consumer base growth opportunity in South Korea, as it is estimated that there are about 37 million internet shoppers in the country. The company could not achieve significant growth by only expanding its consumer base, but it can record significant growth by increasing their revenue per consumer, which is still quite low. In the last quarter, the company managed to record a 36% revenue per consumer growth, due to the expansion of product and service bases.\nCoupang is also offering its employees incentives to invest their efforts into the growth of the business. Coupang is the first Korean company to make its frontline workers shareholders of the company: 39,000 employees got restricted stock awards at the IPO. Coupang employees are generally content with the firm as the company has a 4 out of 5-star rating. The CEO has a90% approvalrate, while 80% of employees would recommend joining the Coupang team to their friends. Employee’s rank \"career opportunities\" in the company a quite high, which is a very important factor to attract highly talented workers to the business.\nSource: Glassdoor.com\nCoupang recorded a $122 million EBITDA loss in Q2 2021. These losses come from investments in new segments of the company: direct investments in the Eats and Fresh segments amounted to $120 million in Q2. These investments seem quite justified as the new fields helped Coupang to record significant top-line growth. Particularly, the Fresh grocery revenues doubled in Q2 YoY, exceeding the $2 billion level, less than 3 years after its launch. Though the Eats and Fresh segments are not yet profitable, they are recording significant contribution margin improvements in recent quarters, and the management believes that they will replicate the profitability of the mature segments of the company. In the Fresh segment, the management was able to record a 1,000-basis point contribution margin improvement YoY, while in the Eats segment the loss per order decreased by 50% in last year. As the management sees low online penetration in these segments and high ROI opportunities, they are going to continue to invest aggressively to create long term value for investors.\nThe growing scale of the business helps Coupang to improve profitability margins. The gross margin was only5.08%in 2018, while in the last quarter the company recorded a gross margin of 16.8%. However, the margin includes an inventory write-off of $158 million which was caused by a fulfilment center fire. Excluding the consequences of the fire, the company reported an $816 million quarterly gross profit, a 86% YoY improvement, and the adjusted gross margin is 18.2%.\nThe company has significant opportunities to expand its business. One of the most interesting areas is fintech, as the company could provide consumers with its own payment platform to process their transactions, get loans for their purchases etc. LatAm, owner of the e-commerce business Mercadolibre(NASDAQ:MELI), realizes this opportunity quite successfully as athird of its revenuescome from the fintech segment. Coupang's management is rather cautious about this field as they prefer to invest in the e-commerce segment. Coupang's fintech offerings are at their early stages yet as the company tests opportunities in the sector. The management has a similar approach to international expansion. Currently, Coupang is working on business expansion in Japan and Taiwan, however, these initiatives are at their early stages and the management is not intending to invest large amounts of cash on these projects.\nRisks\nCross border e-commerce growth is one of the biggest threats for the business as prices in South Korea are generally higher than foreign prices. In 2019, there were almost$3.1 billiononline purchases from foreign retail sites, growing 15% YoY. However, surveys indicate that the South Korean population is not overly concerned about high prices as only20% of online shopperspay attention to low-priced products.\nEvery e-commerce player faces significant competition as the industry promises significant growth opportunities and companies invest heavily to grab their market share. Amazon(NASDAQ:AMZN)shows significant interest in the South Korean market as last year they announced their partnership with SK Telecom(NYSE:SKM). The partnership gives Amazon the right to obtain30% of 11Street, an e-commerce platform operating in South Korea, whose parent company is SK Telecom. In 2020, 11Street recorded revenues of $530 billion, which was about 14 times lower than Coupang's results. However, Amazon's partnership with the business will allow 11Street to introduce Amazon's products and services to its consumers which will create significant competitive advantages for the company.\nValuation\nTo calculate the intrinsic value of the stock we have used a relative valuation analysis. We have collected data on the world's 15 biggest e-commerce stocks to calculate the value of CPNG. The average P/S FWD ratio of the 15 biggest e-commerce companies is 7.99, while the median ratio is 4.25. Coupang's P/S FWD is 2.57, which indicates that the stock is trading at a lower multiple compared to its peers. Calculating the PSG ratio of competitors, we see that the average PSG is 20.96, while the median PSG is 17.4. Calculating Coupang's P/S FWD based on these multiples, and analysts' estimated revenue growth rate of50.2%, we get an average P/S FWD of 10.52 and a median of 8.73. These ratios are significantly higher than Coupang's 2.57 multiple. However, the low multiple reflects the low profitability of the business. The company reported a TTM gross margin of 16.63%, significantly lower than peers' average margin of 43.45%, thus we need to incorporate the low profitability of the business in our calculations also.\nSource: Author, Data:SeekingAlpha.com,Finviz.com,GuruFocus.com\nSo, we have built a regression analysis where, for dependent variables, we have used natural logs of peers' estimated growth rates and TTM gross margins. As a result, we have an R Square of 55% and an F Stat of 7.34, which indicates that there is high statistical significance. Using coefficients of the regression equation, we get a P/S FWD ratio of 3.85, which is higher than Coupang's P/S FWD ratio of 2.57, and indicates that the stock is undervalued by 49%. So, we think that the intrinsic value of Coupang is $50; 12% higher than analysts' average price target of$44.7and 16.7% lower than analysts' highest price target of $60.\nSource: Author\nIt is expected that the South Korean retail market will exceed$530 billionby 2024. Considering a 35% e-commerce penetration rate and Coupang securing a 20% market share we get a $37.1 billion revenue prediction for Coupang. Taking our P/S ratio of 3.85, and multiplying it by our assumed sales figures, we get a $142.8 billion implied market cap, which is 140% higher than the current market cap and indicates a 34% annual return opportunity.\nConclusion\nThe South Korean e-commerce market is growing quite rapidly. Coupang is the largest e-commerce player in South Korea partly because it managed to build a strong logistics network and delivers items quickly. Our valuation analyses indicate that the stock is undervalued by 50% compared to its peers, thus we see a strong price appreciation opportunity. We anticipate a 34% annual return until 2024, thus we assign a Buy rating to the stock.","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"tweetType":1,"viewCount":1409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":839174248,"gmtCreate":1629130793884,"gmtModify":1633687152874,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"htmlText":"1% is nothing.. Lol[开心]&nbsp;","listText":"1% is nothing.. Lol[开心]&nbsp;","text":"1% is nothing.. Lol[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/839174248","repostId":"1135212237","repostType":4,"repost":{"id":"1135212237","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":1629125001,"share":"https://www.laohu8.com/m/news/1135212237?lang=zh_CN&edition=full","pubTime":"2021-08-16 22:43","market":"us","language":"en","title":"Big tech stocks fell in morning trading, Apple fell over 1% after reaching record high<blockquote>大型科技股早盘下跌苹果创历史新高后跌超1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135212237","media":"Tiger Newspress","summary":"(Aug 16) Big tech stocks fell in morning trading. Apple fell over 1% after reaching record high at $","content":"<p>(Aug 16)&nbsp;Big tech stocks fell in morning trading. Apple fell over 1% after reaching record high at $150.59.</p><p><blockquote>（8月16日）大型科技股早盘下跌。苹果在触及150.59美元的历史新高后跌超1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f7c0f1effcd77008de0ea3edac4e6766\" tg-width=\"309\" tg-height=\"323\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Big tech stocks fell in morning trading, Apple fell over 1% after reaching record high<blockquote>大型科技股早盘下跌苹果创历史新高后跌超1%</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\">\nBig tech stocks fell in morning trading, Apple fell over 1% after reaching record high<blockquote>大型科技股早盘下跌苹果创历史新高后跌超1%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-16 22:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 16)&nbsp;Big tech stocks fell in morning trading. Apple fell over 1% after reaching record high at $150.59.</p><p><blockquote>（8月16日）大型科技股早盘下跌。苹果在触及150.59美元的历史新高后跌超1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f7c0f1effcd77008de0ea3edac4e6766\" tg-width=\"309\" tg-height=\"323\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135212237","content_text":"(Aug 16) Big tech stocks fell in morning trading. Apple fell over 1% after reaching record high at $150.59.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":804135841,"gmtCreate":1627944666883,"gmtModify":1633755146585,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"htmlText":"August = 8 = huat ar!","listText":"August = 8 = huat ar!","text":"August = 8 = huat ar!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/804135841","repostId":"1172320411","repostType":4,"isVote":1,"tweetType":1,"viewCount":838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805388390,"gmtCreate":1627861103110,"gmtModify":1633755945741,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805388390","repostId":"1170689665","repostType":4,"repost":{"id":"1170689665","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":1627857540,"share":"https://www.laohu8.com/m/news/1170689665?lang=zh_CN&edition=full","pubTime":"2021-08-02 06:39","market":"us","language":"en","title":"Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴-SW、Uber、DraftKings、通用汽车、Roku、EA、ViacomCBS等本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170689665","media":"Tiger Newspress","summary":"The parade of second-quarter results continues this week. No fewer than 143 S&P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Dig","content":"<p>The parade of second-quarter results continues this week. No fewer than 143 S&amp;P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p><p><blockquote>第二季度业绩本周继续公布。除了数百家小盘股外，至少有143家标普500公司即将发布报告。法拉利、Vornado Realty Trust、Take-Two Interactive Software和Simon Property Group将于周一开始行动。随后，Lyft、阿里巴巴-SW集团控股、尼古拉、安德玛、礼来公司和康菲石油公司将于周二发布业绩。</blockquote></p><p> Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p><p><blockquote>周三将特别繁忙：通用汽车、Uber Technologies、Etsy、艺电、西部数据、Roku、CVS Health、卡夫亨氏和软银都有报告。Beyond Meat、Yelp、Wayfair、Moderna和ViacomCBS将于周四上市，DraftKings、Canopy Growth和Tripadvisor将于周五结束本周。中国教育企业新东方教育科技集团有限公司和好未来教育集团取消原定的财报发布和财报看涨期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p><p><blockquote>本周经济日历上的亮点将是周五的就业。美国劳工统计局预计7月份非农就业人数将增加625,000人，而6月份为850,000人。失业率预计将保持在6%以下。</blockquote></p><p> Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p><p><blockquote>本周公布的其他数据包括供应管理协会周一公布的7月份制造业采购经理人指数，随后是周三公布的服务业采购经理人指数。这两项经济活动指标预计都在61左右，这意味着强劲的扩张。</blockquote></p><p> <b>Monday 8/2</b></p><p><blockquote><b>星期一8/2</b></blockquote></p><p> CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p><p><blockquote>CNA Financial、Global Payments、JELD-WEN Holding、Loews、Arista Networks、Leggett&amp;Platt、Vornado Realty Trust、ZoomInfo Technologies、Woodward、Take-Two Interactive Software、喜力、Trex、法拉利、Ultra Clean Holdings和Simon Property Group预计将发布财务业绩。</blockquote></p><p> GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p><p><blockquote>通用电气股票周一开盘价约为每股104美元，周五收盘价为12.95美元。该公司周五晚上完成了8股1股的反向股票分割。</blockquote></p><p> <b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p><p><blockquote><b>供应研究所</b>管理层发布7月份制造业采购经理人指数。普遍预期为60.8，高于6月份的60.6。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p><p><blockquote><b>人口普查局</b>报告6月份建筑支出。继5月份下降0.3%后，预计环比增长0.4%。</blockquote></p><p> <b>Tuesday 8/3</b></p><p><blockquote><b>星期二8/3</b></blockquote></p><p> Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p><p><blockquote>Eaton、BP、Under Armour、Lyft、Clorox、Amgen、Akamai Technologies、Cummins、Eli Lilly、阿里巴巴-SW集团控股、Nikola、EnPro Industries、Warner Music Group、Pitney Bowes、Tennant、Phillips 66、KKR、Gartner、Henry Schein、Dun&amp;Bradstreet Holdings、ConocoPhillips和Jacobs Engineering Group在评级召开会议讨论财务业绩。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p><p><blockquote><b>人口普查局</b>预计将报告6月份的工厂订单。经济学家预测当月订单增长1.0%，而5月份为增长1.7%。</blockquote></p><p> <b>Wednesday 8/4</b></p><p><blockquote><b>星期三8/4</b></blockquote></p><p> Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p><p><blockquote>Sony Group、CVS Health、卡夫亨氏、软银、General Motors、Progressive、Etsy、Electronic Arts、Western Digital、Uber Technologies、Roku、MGM Resorts International、Fox和Re/Max Holdings预计将举行财报评级。</blockquote></p><p> <b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p><p><blockquote><b>经济局</b>分析报告7月份轻型汽车销量。预计看涨期权经季节调整后的年产量为1530万辆，而6月份为1540万辆。</blockquote></p><p> <b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p><p><blockquote><b>ISM发布</b>7月份服务业PMI。普遍预期为60.8，而6月份为60.1。</blockquote></p><p> <b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p><p><blockquote><b>ADP释放</b>七月份全国就业报告。市场普遍估计非农私营部门就业人数将增加635,000人，6月份增加692,000人。</blockquote></p><p> <b>Thursday 8/5</b></p><p><blockquote><b>星期四8/5</b></blockquote></p><p> Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p><p><blockquote>Zillow Group、Beyond Meat、Yelp、Wayfair、Kellogg、Bayer、HanesBrands、Moderna、Regeneron Pharmaceuticals、Switch、Cushman&amp;Wakefield、ViacomCBS、Cigna、Duke Energy、Square、新闻集团和西门子预计将公布财务业绩。</blockquote></p><p> Friday 8/6</p><p><blockquote>星期五8/6</blockquote></p><p> <b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p><p><blockquote><b>美国劳工统计局发布就业报告</b>为了七月。经济学家预测，继6月份非农就业人数增加85万人之后，非农就业人数将增加80万人。失业率预计将从5.9%小幅降至5.8%。</blockquote></p><p> DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p><p><blockquote>DraftKings、Dominion Energy、Gannett、MGM Growth Properties、AMC Networks、Canopy Growth、猫途鹰、Spectrum Brands Holdings、E.WScripps、Cinemark Holdings和Manitowoc在评级主办会议讨论财务业绩。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴-SW、Uber、DraftKings、通用汽车、Roku、EA、ViacomCBS等本周值得投资者关注的股票</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\">\nAlibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴-SW、Uber、DraftKings、通用汽车、Roku、EA、ViacomCBS等本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-02 06:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The parade of second-quarter results continues this week. No fewer than 143 S&amp;P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p><p><blockquote>第二季度业绩本周继续公布。除了数百家小盘股外，至少有143家标普500公司即将发布报告。法拉利、Vornado Realty Trust、Take-Two Interactive Software和Simon Property Group将于周一开始行动。随后，Lyft、阿里巴巴-SW集团控股、尼古拉、安德玛、礼来公司和康菲石油公司将于周二发布业绩。</blockquote></p><p> Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p><p><blockquote>周三将特别繁忙：通用汽车、Uber Technologies、Etsy、艺电、西部数据、Roku、CVS Health、卡夫亨氏和软银都有报告。Beyond Meat、Yelp、Wayfair、Moderna和ViacomCBS将于周四上市，DraftKings、Canopy Growth和Tripadvisor将于周五结束本周。中国教育企业新东方教育科技集团有限公司和好未来教育集团取消原定的财报发布和财报看涨期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p><p><blockquote>本周经济日历上的亮点将是周五的就业。美国劳工统计局预计7月份非农就业人数将增加625,000人，而6月份为850,000人。失业率预计将保持在6%以下。</blockquote></p><p> Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p><p><blockquote>本周公布的其他数据包括供应管理协会周一公布的7月份制造业采购经理人指数，随后是周三公布的服务业采购经理人指数。这两项经济活动指标预计都在61左右，这意味着强劲的扩张。</blockquote></p><p> <b>Monday 8/2</b></p><p><blockquote><b>星期一8/2</b></blockquote></p><p> CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p><p><blockquote>CNA Financial、Global Payments、JELD-WEN Holding、Loews、Arista Networks、Leggett&amp;Platt、Vornado Realty Trust、ZoomInfo Technologies、Woodward、Take-Two Interactive Software、喜力、Trex、法拉利、Ultra Clean Holdings和Simon Property Group预计将发布财务业绩。</blockquote></p><p> GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p><p><blockquote>通用电气股票周一开盘价约为每股104美元，周五收盘价为12.95美元。该公司周五晚上完成了8股1股的反向股票分割。</blockquote></p><p> <b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p><p><blockquote><b>供应研究所</b>管理层发布7月份制造业采购经理人指数。普遍预期为60.8，高于6月份的60.6。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p><p><blockquote><b>人口普查局</b>报告6月份建筑支出。继5月份下降0.3%后，预计环比增长0.4%。</blockquote></p><p> <b>Tuesday 8/3</b></p><p><blockquote><b>星期二8/3</b></blockquote></p><p> Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p><p><blockquote>Eaton、BP、Under Armour、Lyft、Clorox、Amgen、Akamai Technologies、Cummins、Eli Lilly、阿里巴巴-SW集团控股、Nikola、EnPro Industries、Warner Music Group、Pitney Bowes、Tennant、Phillips 66、KKR、Gartner、Henry Schein、Dun&amp;Bradstreet Holdings、ConocoPhillips和Jacobs Engineering Group在评级召开会议讨论财务业绩。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p><p><blockquote><b>人口普查局</b>预计将报告6月份的工厂订单。经济学家预测当月订单增长1.0%，而5月份为增长1.7%。</blockquote></p><p> <b>Wednesday 8/4</b></p><p><blockquote><b>星期三8/4</b></blockquote></p><p> Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p><p><blockquote>Sony Group、CVS Health、卡夫亨氏、软银、General Motors、Progressive、Etsy、Electronic Arts、Western Digital、Uber Technologies、Roku、MGM Resorts International、Fox和Re/Max Holdings预计将举行财报评级。</blockquote></p><p> <b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p><p><blockquote><b>经济局</b>分析报告7月份轻型汽车销量。预计看涨期权经季节调整后的年产量为1530万辆，而6月份为1540万辆。</blockquote></p><p> <b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p><p><blockquote><b>ISM发布</b>7月份服务业PMI。普遍预期为60.8，而6月份为60.1。</blockquote></p><p> <b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p><p><blockquote><b>ADP释放</b>七月份全国就业报告。市场普遍估计非农私营部门就业人数将增加635,000人，6月份增加692,000人。</blockquote></p><p> <b>Thursday 8/5</b></p><p><blockquote><b>星期四8/5</b></blockquote></p><p> Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p><p><blockquote>Zillow Group、Beyond Meat、Yelp、Wayfair、Kellogg、Bayer、HanesBrands、Moderna、Regeneron Pharmaceuticals、Switch、Cushman&amp;Wakefield、ViacomCBS、Cigna、Duke Energy、Square、新闻集团和西门子预计将公布财务业绩。</blockquote></p><p> Friday 8/6</p><p><blockquote>星期五8/6</blockquote></p><p> <b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p><p><blockquote><b>美国劳工统计局发布就业报告</b>为了七月。经济学家预测，继6月份非农就业人数增加85万人之后，非农就业人数将增加80万人。失业率预计将从5.9%小幅降至5.8%。</blockquote></p><p> DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p><p><blockquote>DraftKings、Dominion Energy、Gannett、MGM Growth Properties、AMC Networks、Canopy Growth、猫途鹰、Spectrum Brands Holdings、E.WScripps、Cinemark Holdings和Manitowoc在评级主办会议讨论财务业绩。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ROKU":"Roku Inc","GE":"GE航空航天","GM":"通用汽车","BABA":"阿里巴巴",".DJI":"道琼斯","EA":"艺电","DKNG":"DraftKings Inc.",".IXIC":"NASDAQ Composite","UBER":"优步",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170689665","content_text":"The parade of second-quarter results continues this week. No fewer than 143 S&P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.\nWednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and ViacomCBS go on Thursday and DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation New Oriental Education & Technology Group Inc. and TAL Education Group cancels scheduled earnings release and earnings call.\n\nThe highlight on the economic calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.\nOther data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.\nMonday 8/2\nCNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett & Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.\nGE stock will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.\nThe Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.\nThe Census Bureau reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.\nTuesday 8/3\nEaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun & Bradstreet Holdings,ConocoPhillips, and Jacobs Engineering Grouphost conference calls to discuss financial results.\nThe Census Bureau is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.\nWednesday 8/4\nSony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.\nThe Bureau of Economic Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.\nThe ISM releases its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.\nADP releases its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.\nThursday 8/5\nZillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman & Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and Siemensare expected to report financial results.\nFriday 8/6\nThe BLS releases the jobs report for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.\nDraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.","news_type":1,"symbols_score_info":{"ROKU":0.9,".DJI":0.9,"GM":0.9,"VIAC":0.9,"DKNG":0.9,"BABA":0.9,"GE":0.9,"EA":0.9,".SPX":0.9,".IXIC":0.9,"UBER":0.9}},"isVote":1,"tweetType":1,"viewCount":911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802604631,"gmtCreate":1627773726023,"gmtModify":1633756601470,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087554746740450","authorIdStr":"4087554746740450"},"themes":[],"htmlText":"Interesting. Let's play","listText":"Interesting. Let's play","text":"Interesting. Let's play","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802604631","repostId":"1186334150","repostType":4,"repost":{"id":"1186334150","kind":"news","pubTimestamp":1627713845,"share":"https://www.laohu8.com/m/news/1186334150?lang=zh_CN&edition=full","pubTime":"2021-07-31 14:44","market":"us","language":"en","title":"Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在路上。这里有一个便宜的玩法</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186334150","media":"Barron's","summary":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investme","content":"<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为1万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会促进像这样的企业<a href=\"https://laohu8.com/S/VMC\">瓦肯材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（传销），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（特克斯），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁公司</a>(URI)，租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">阿特拉斯</a>技术顾问(ATCX)提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供Atlas审查。这些最终成为需要年度检查的成品项目，多年来都有回报。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而阿特拉斯的股价却停滞不前。该股最近的股价为9美元，仅为企业价值与预计2022年息税折旧摊销前利润(Ebitda)的八倍。对于Montrose Environmental Group(MEG)和Tetra Tech(TTEK)等相关检测业务的公司来说，这一倍数是EV/2022 Ebitda的22倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>专注于小盘股的首席投资官兼投资组合经理凯文·西尔弗曼(Kevin Silverman)表示：“目前，估值折扣的部分原因是债务，但我想说，像Atlas这样的公司债务是合适的。”<a href=\"https://laohu8.com/S/STL\">英镑</a>合作伙伴<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors拥有价值超过200万美元的Atlas股票，约占其管理资产的2%。“如果你有稳定的利润率并可以利用它来实现增长，那么债务会对股东有所帮助。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas拥有巨大的增长机会。除了基础设施法案的提振之外，Atlas还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该会增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于2020年初通过与一家特殊目的收购公司(SPAC)合并上市。这笔交易给该公司带来了复杂的资本结构，包括多个股票类别、未偿认股权证和其他复杂因素。这种复杂性可能让一些投资者望而却步，Atlas相对较高的债务负担也是如此，其净债务是2021年Ebitda的5.5倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas降低了这种复杂性——赎回其优先股、买断认股权证并增加股票的公开交易流通量——并专注于将其净债务降至Ebitda的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas预计今年销售额将增长13%，达到5.3亿美元，Ebitda将增长21%，达到7600万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和水务公司、机场、学校、医院等。其在全国的影响力和领先的规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>住房管理局、斯坦福大学、沃尔玛(WMT)和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果公司）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas在过去四个报告季度的调整后Ebitda为6400万美元，而净亏损为1800万美元。截至第一季度末，该公司的积压订单为6.89亿美元，占过去12个月收入4.82亿美元的140%以上。Atlas首席执行官乔·博耶(Joe Boyer)表示：“我从事这个行业已经30年了，这是迄今为止我见过的最高水平。”<i>巴伦周刊</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约70%的收入来自现有建筑、管道、道路和桥梁的工作。这些工作是非自由裁量的：正如我们有时悲惨地了解到的那样，无论经济或疫情形势如何，基础设施都需要定期检查和更新。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>Boyer表示，Atlas剩余30%的销售额与新建筑有关，新建筑在大流行期间有所下降，但几乎回到了Covid-19之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>美国城市和州外包服务的长期趋势、更严格的环境标准以及老化的基础设施一直是Atlas近年来有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自2016年Atlas归私募股权公司Bernhard Capital Partners所有以来，这一趋势约占Atlas销售额复合年增长率20%的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“我们的想法是在我们不占主导地位的地区或服务中找到一家公司，将其带到我们的平台上，并通过我们的网络进行交叉销售，”博耶说。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas的最佳收购目标是Ebitda约为500万至2000万美元，该公司通常以现金和股票的方式支付Ebitda的四至六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家规模较小且相对年轻的上市公司，Atlas得到的华尔街报道很少，但研究该公司的三位分析师持乐观态度。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压订单一直在增长，”他说<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感觉良好。”</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她将Atlas评级为买入，目标价为14.50美元，是她对2022年Ebitda预期的11倍，其中不包括潜在基础设施法案带来的任何上行空间。使用15倍的Ebitda倍数，Sterling的Silverman预计，随着债务偿还的继续和盈利的上升，三年后股价将升至43美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>阿特拉斯的资产负债表仍然有待修复，但该公司拥有正确的基础。</blockquote></p><p></p>","source":"lsy1610680873436","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>Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在路上。这里有一个便宜的玩法</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\">\nInfrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在路上。这里有一个便宜的玩法</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-31 14:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为1万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会促进像这样的企业<a href=\"https://laohu8.com/S/VMC\">瓦肯材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（传销），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（特克斯），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁公司</a>(URI)，租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">阿特拉斯</a>技术顾问(ATCX)提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供Atlas审查。这些最终成为需要年度检查的成品项目，多年来都有回报。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而阿特拉斯的股价却停滞不前。该股最近的股价为9美元，仅为企业价值与预计2022年息税折旧摊销前利润(Ebitda)的八倍。对于Montrose Environmental Group(MEG)和Tetra Tech(TTEK)等相关检测业务的公司来说，这一倍数是EV/2022 Ebitda的22倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>专注于小盘股的首席投资官兼投资组合经理凯文·西尔弗曼(Kevin Silverman)表示：“目前，估值折扣的部分原因是债务，但我想说，像Atlas这样的公司债务是合适的。”<a href=\"https://laohu8.com/S/STL\">英镑</a>合作伙伴<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors拥有价值超过200万美元的Atlas股票，约占其管理资产的2%。“如果你有稳定的利润率并可以利用它来实现增长，那么债务会对股东有所帮助。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas拥有巨大的增长机会。除了基础设施法案的提振之外，Atlas还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该会增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于2020年初通过与一家特殊目的收购公司(SPAC)合并上市。这笔交易给该公司带来了复杂的资本结构，包括多个股票类别、未偿认股权证和其他复杂因素。这种复杂性可能让一些投资者望而却步，Atlas相对较高的债务负担也是如此，其净债务是2021年Ebitda的5.5倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas降低了这种复杂性——赎回其优先股、买断认股权证并增加股票的公开交易流通量——并专注于将其净债务降至Ebitda的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas预计今年销售额将增长13%，达到5.3亿美元，Ebitda将增长21%，达到7600万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和水务公司、机场、学校、医院等。其在全国的影响力和领先的规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>住房管理局、斯坦福大学、沃尔玛(WMT)和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果公司）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas在过去四个报告季度的调整后Ebitda为6400万美元，而净亏损为1800万美元。截至第一季度末，该公司的积压订单为6.89亿美元，占过去12个月收入4.82亿美元的140%以上。Atlas首席执行官乔·博耶(Joe Boyer)表示：“我从事这个行业已经30年了，这是迄今为止我见过的最高水平。”<i>巴伦周刊</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约70%的收入来自现有建筑、管道、道路和桥梁的工作。这些工作是非自由裁量的：正如我们有时悲惨地了解到的那样，无论经济或疫情形势如何，基础设施都需要定期检查和更新。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>Boyer表示，Atlas剩余30%的销售额与新建筑有关，新建筑在大流行期间有所下降，但几乎回到了Covid-19之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>美国城市和州外包服务的长期趋势、更严格的环境标准以及老化的基础设施一直是Atlas近年来有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自2016年Atlas归私募股权公司Bernhard Capital Partners所有以来，这一趋势约占Atlas销售额复合年增长率20%的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“我们的想法是在我们不占主导地位的地区或服务中找到一家公司，将其带到我们的平台上，并通过我们的网络进行交叉销售，”博耶说。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas的最佳收购目标是Ebitda约为500万至2000万美元，该公司通常以现金和股票的方式支付Ebitda的四至六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家规模较小且相对年轻的上市公司，Atlas得到的华尔街报道很少，但研究该公司的三位分析师持乐观态度。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压订单一直在增长，”他说<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感觉良好。”</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她将Atlas评级为买入，目标价为14.50美元，是她对2022年Ebitda预期的11倍，其中不包括潜在基础设施法案带来的任何上行空间。使用15倍的Ebitda倍数，Sterling的Silverman预计，随着债务偿还的继续和盈利的上升，三年后股价将升至43美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>阿特拉斯的资产负债表仍然有待修复，但该公司拥有正确的基础。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186334150","content_text":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.\nThe legislation should be a boost to businesses likeVulcan Materials(ticker: VMC) andMartin Marietta Materials(MLM), which make concrete and asphalt;Caterpillar(CAT) andTerex(TEX), which make construction equipment; andUnited Rentals(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.\nBut one infrastructure play has been overlooked:Atlas Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.\nAnd yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.\n“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused Sterling Partners Equity Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”\nAnd Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.\nThe Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.\n\nAtlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.\nAtlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.\nIts customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal Service, the Environmental Protection Agency, the New York City Housing Authority, Stanford University,Walmart(WMT), andApple(AAPL).\nAtlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tellsBarron’s.\nAbout 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.\nThe remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.\nA long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.\nThat trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.\n“The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.\nAtlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.\nAs a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says Stifel analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”\nShe rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.\nAtlas’ balance sheet remains a fixer-upper, but the company has the right foundation.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":672,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":806774807,"gmtCreate":1627697031509,"gmtModify":1633757037396,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087554746740450","idStr":"4087554746740450"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/806774807","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":411,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179185149,"gmtCreate":1626493384781,"gmtModify":1633926251906,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087554746740450","idStr":"4087554746740450"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/179185149","repostId":"2152168563","repostType":4,"isVote":1,"tweetType":1,"viewCount":209,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800399261,"gmtCreate":1627275846153,"gmtModify":1633766590914,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087554746740450","idStr":"4087554746740450"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/800399261","repostId":"1100772026","repostType":4,"isVote":1,"tweetType":1,"viewCount":672,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175820907,"gmtCreate":1627023753309,"gmtModify":1633768685718,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087554746740450","idStr":"4087554746740450"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/175820907","repostId":"1131385214","repostType":4,"repost":{"id":"1131385214","kind":"news","pubTimestamp":1627023261,"share":"https://www.laohu8.com/m/news/1131385214?lang=zh_CN&edition=full","pubTime":"2021-07-23 14:54","market":"us","language":"en","title":"Volkswagen CEO Says EV Margin Parity With ICE Vehicles Will Be Reached In \"2 To 3 Years\"<blockquote>大众汽车首席执行官表示电动汽车利润率将在“2到3年内”达到与内燃机汽车平价</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131385214","media":"zerohedge","summary":"Ever since the forced adoption of EVs by governments worldwide, all eyes have been on when the elect","content":"<p>Ever since the forced adoption of EVs by governments worldwide, all eyes have been on when the electric vehicles would finally make<i>economic</i>sense to produce.</p><p><blockquote>自从世界各国政府强制采用电动汽车以来，所有人的目光都集中在电动汽车最终何时问世<i>经济的</i>生产的意义。</blockquote></p><p> According to Volkswagen, that milestone is still years away, but is moving closer. CEO Herbert Diess said at the company's annual general meeting this week that its EVs would see margins at the same level of combustion cars \"in two to three years\".</p><p><blockquote>大众汽车表示，这一里程碑还需要数年时间，但正在接近。首席执行官赫伯特·迪斯在本周的公司年度股东大会上表示，其电动汽车的利润率将在“两到三年内”达到与内燃机汽车相同的水平。</blockquote></p><p> The company also disclosed that its shift to EVs continues on schedule, as it delivered 170,939 all electric vehicles in the first half of the year. This number is twice as many vehicles as the company delivered last year, according to Bloomberg.</p><p><blockquote>该公司还透露，向电动汽车的转变仍在按计划进行，上半年交付了170,939辆全电动汽车。据彭博社报道，这一数字是该公司去年交付车辆数量的两倍。</blockquote></p><p> Diess also stressed that electric mobility is seen as the \"only way\" to significantly reduce CO2 emissions in road traffic over the next 10 years.</p><p><blockquote>迪斯还强调，电动汽车被视为未来10年大幅减少道路交通二氧化碳排放的“唯一途径”。</blockquote></p><p> And the company is now also incentivizing its board and executives for its \"green\" initiatives: Volkswagen adopted a new management board remuneration system that \"includes ESG targets\", Bloomberg commented.</p><p><blockquote>该公司现在还在激励其董事会和高管的“绿色”举措：彭博社评论说，大众汽车采用了新的管理委员会薪酬制度，其中“包括ESG目标”。</blockquote></p><p> Recall, back in March of this year, Volkswagenmade its intentionsof becoming a key player in EVs known, aspiring to compete with companies like Tesla.</p><p><blockquote>回想一下，早在今年3月，大众汽车就立志成为电动汽车领域的主要参与者，渴望与特斯拉等公司竞争。</blockquote></p><p> At the time, the company&nbsp;laid out plans for expanding its EV offerings&nbsp;through 2030, which included&nbsp;dethroning Tesla as the reigning EV world champ. VW hosted its \"<a href=\"https://laohu8.com/S/PW\">Power</a> Day\" in Q1 and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.</p><p><blockquote>当时，该公司制定了到2030年扩大其电动汽车产品的计划，其中包括取代特斯拉成为电动汽车世界冠军。大众主办了其“<a href=\"https://laohu8.com/S/PW\">力量</a>日”，并透露计划建设六个“超级工厂”，总产能为每年240吉瓦时。</blockquote></p><p> \"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said in Q1, according to&nbsp;StreetInsider.</p><p><blockquote>“该公司的目标是在2021年之后实现7%至8%之间的营业利润率。VOW还证实，它希望在2021年年底达到5%-6.5%的上限。将实现更高的盈利能力据StreetInsider报道，该公司在第一季度表示，与2020年相比，2023年将节省高达20亿欧元的成本。</blockquote></p><p> Chief Executive Herbert Diess said on CNBC at the time:&nbsp;“<b>This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”</b></p><p><blockquote>首席执行官赫伯特·迪斯当时在CNBC上表示：“<b>这个时期对整个行业来说可能是最关键的。在未来15年内，我们将看到该行业的总营业额。电动汽车处于领先地位，然后软件真正成为行业的核心驱动力。”</b></blockquote></p><p> “Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.</p><p><blockquote>“今天的电动汽车已经非常非常有竞争力，而且随着时间的推移，它们的竞争力会变得越来越强。这让我们确信这是正确的前进方向。电动汽车实际上将进一步降低个人出行的成本，”他继续说道。</blockquote></p><p> VW also disclosed at the time that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said:&nbsp;\"The <a href=\"https://laohu8.com/S/AONE.U\">one</a> size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"</p><p><blockquote>大众当时还透露，正在研发一种“新的统一电池单元”，将于2023年推出。迪斯表示：“<a href=\"https://laohu8.com/S/AONE.U\">一</a>尺寸适合几乎所有的电池设计将从根本上降低电池成本...与今天相比，增长了50%。更低的电池价格意味着更实惠的汽车，这使得电动汽车对客户更具吸引力。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Volkswagen CEO Says EV Margin Parity With ICE Vehicles Will Be Reached In \"2 To 3 Years\"<blockquote>大众汽车首席执行官表示电动汽车利润率将在“2到3年内”达到与内燃机汽车平价</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\">\nVolkswagen CEO Says EV Margin Parity With ICE Vehicles Will Be Reached In \"2 To 3 Years\"<blockquote>大众汽车首席执行官表示电动汽车利润率将在“2到3年内”达到与内燃机汽车平价</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-23 14:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Ever since the forced adoption of EVs by governments worldwide, all eyes have been on when the electric vehicles would finally make<i>economic</i>sense to produce.</p><p><blockquote>自从世界各国政府强制采用电动汽车以来，所有人的目光都集中在电动汽车最终何时问世<i>经济的</i>生产的意义。</blockquote></p><p> According to Volkswagen, that milestone is still years away, but is moving closer. CEO Herbert Diess said at the company's annual general meeting this week that its EVs would see margins at the same level of combustion cars \"in two to three years\".</p><p><blockquote>大众汽车表示，这一里程碑还需要数年时间，但正在接近。首席执行官赫伯特·迪斯在本周的公司年度股东大会上表示，其电动汽车的利润率将在“两到三年内”达到与内燃机汽车相同的水平。</blockquote></p><p> The company also disclosed that its shift to EVs continues on schedule, as it delivered 170,939 all electric vehicles in the first half of the year. This number is twice as many vehicles as the company delivered last year, according to Bloomberg.</p><p><blockquote>该公司还透露，向电动汽车的转变仍在按计划进行，上半年交付了170,939辆全电动汽车。据彭博社报道，这一数字是该公司去年交付车辆数量的两倍。</blockquote></p><p> Diess also stressed that electric mobility is seen as the \"only way\" to significantly reduce CO2 emissions in road traffic over the next 10 years.</p><p><blockquote>迪斯还强调，电动汽车被视为未来10年大幅减少道路交通二氧化碳排放的“唯一途径”。</blockquote></p><p> And the company is now also incentivizing its board and executives for its \"green\" initiatives: Volkswagen adopted a new management board remuneration system that \"includes ESG targets\", Bloomberg commented.</p><p><blockquote>该公司现在还在激励其董事会和高管的“绿色”举措：彭博社评论说，大众汽车采用了新的管理委员会薪酬制度，其中“包括ESG目标”。</blockquote></p><p> Recall, back in March of this year, Volkswagenmade its intentionsof becoming a key player in EVs known, aspiring to compete with companies like Tesla.</p><p><blockquote>回想一下，早在今年3月，大众汽车就立志成为电动汽车领域的主要参与者，渴望与特斯拉等公司竞争。</blockquote></p><p> At the time, the company&nbsp;laid out plans for expanding its EV offerings&nbsp;through 2030, which included&nbsp;dethroning Tesla as the reigning EV world champ. VW hosted its \"<a href=\"https://laohu8.com/S/PW\">Power</a> Day\" in Q1 and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.</p><p><blockquote>当时，该公司制定了到2030年扩大其电动汽车产品的计划，其中包括取代特斯拉成为电动汽车世界冠军。大众主办了其“<a href=\"https://laohu8.com/S/PW\">力量</a>日”，并透露计划建设六个“超级工厂”，总产能为每年240吉瓦时。</blockquote></p><p> \"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said in Q1, according to&nbsp;StreetInsider.</p><p><blockquote>“该公司的目标是在2021年之后实现7%至8%之间的营业利润率。VOW还证实，它希望在2021年年底达到5%-6.5%的上限。将实现更高的盈利能力据StreetInsider报道，该公司在第一季度表示，与2020年相比，2023年将节省高达20亿欧元的成本。</blockquote></p><p> Chief Executive Herbert Diess said on CNBC at the time:&nbsp;“<b>This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”</b></p><p><blockquote>首席执行官赫伯特·迪斯当时在CNBC上表示：“<b>这个时期对整个行业来说可能是最关键的。在未来15年内，我们将看到该行业的总营业额。电动汽车处于领先地位，然后软件真正成为行业的核心驱动力。”</b></blockquote></p><p> “Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.</p><p><blockquote>“今天的电动汽车已经非常非常有竞争力，而且随着时间的推移，它们的竞争力会变得越来越强。这让我们确信这是正确的前进方向。电动汽车实际上将进一步降低个人出行的成本，”他继续说道。</blockquote></p><p> VW also disclosed at the time that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said:&nbsp;\"The <a href=\"https://laohu8.com/S/AONE.U\">one</a> size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"</p><p><blockquote>大众当时还透露，正在研发一种“新的统一电池单元”，将于2023年推出。迪斯表示：“<a href=\"https://laohu8.com/S/AONE.U\">一</a>尺寸适合几乎所有的电池设计将从根本上降低电池成本...与今天相比，增长了50%。更低的电池价格意味着更实惠的汽车，这使得电动汽车对客户更具吸引力。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/volkswagen-ceo-says-ev-margin-parity-ice-vehicles-will-be-reached-2-3-years\">zerohedge</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":{"VLKAY":"大众汽车","VWAGY":"大众汽车ADR"},"source_url":"https://www.zerohedge.com/markets/volkswagen-ceo-says-ev-margin-parity-ice-vehicles-will-be-reached-2-3-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131385214","content_text":"Ever since the forced adoption of EVs by governments worldwide, all eyes have been on when the electric vehicles would finally makeeconomicsense to produce.\nAccording to Volkswagen, that milestone is still years away, but is moving closer. CEO Herbert Diess said at the company's annual general meeting this week that its EVs would see margins at the same level of combustion cars \"in two to three years\".\nThe company also disclosed that its shift to EVs continues on schedule, as it delivered 170,939 all electric vehicles in the first half of the year. This number is twice as many vehicles as the company delivered last year, according to Bloomberg.\nDiess also stressed that electric mobility is seen as the \"only way\" to significantly reduce CO2 emissions in road traffic over the next 10 years.\nAnd the company is now also incentivizing its board and executives for its \"green\" initiatives: Volkswagen adopted a new management board remuneration system that \"includes ESG targets\", Bloomberg commented.\nRecall, back in March of this year, Volkswagenmade its intentionsof becoming a key player in EVs known, aspiring to compete with companies like Tesla.\nAt the time, the company laid out plans for expanding its EV offerings through 2030, which included dethroning Tesla as the reigning EV world champ. VW hosted its \"Power Day\" in Q1 and revealed plans to build six \"gigafactories\" with a total capacity of 240 gigawatt hours per year.\n\"The company is aiming to achieve an operating margin between 7% and 8% after 2021. VOW also confirmed it is looking to finish the year at the upper and of a 5% - 6.5% range in 2021. Higher profitability will be achieved through lower costs with as much as 2 billion euros savings identified for 2023 compared to 2020,\" the company said in Q1, according to StreetInsider.\nChief Executive Herbert Diess said on CNBC at the time: “This period is probably the most crucial for the whole industry. Within the next 15 years we will see a total turnover of the industry. Electric cars are taking the lead and then software really becomes the core driver of the industry.”\n“Electric cars already today are very, very competitive and they’re becoming more competitive over time. that gives us the certainty that this is the right way going forward. Electric cars actually will bring down the cost of individual mobility further,” he continued.\nVW also disclosed at the time that it was working on a \"new unified battery cell\" to be launched in 2023. Diess said: \"The one size fits almost all cell design will radically reduce battery costs ... by up to 50% compared to today. Lower prices for batteries means more affordable cars, which makes electric vehicles more attractive for customers.\"","news_type":1,"symbols_score_info":{"VWAGY":0.9,"PTY.UK":0.9,"VLKAY":0.9}},"isVote":1,"tweetType":1,"viewCount":422,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173629911,"gmtCreate":1626658213233,"gmtModify":1633925192853,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087554746740450","idStr":"4087554746740450"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/173629911","repostId":"1123426523","repostType":4,"repost":{"id":"1123426523","kind":"news","pubTimestamp":1626656489,"share":"https://www.laohu8.com/m/news/1123426523?lang=zh_CN&edition=full","pubTime":"2021-07-19 09:01","market":"us","language":"en","title":"Record Stock Rally Ignores Wall Street’s Phobia About Optimism<blockquote>创纪录的股市上涨忽略了华尔街对乐观情绪的恐惧</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1123426523","media":"WSJ","summary":"The latest victim of the rampaging bull market in stocks is the Wall Street maxim that glowing inves","content":"<p>The latest victim of the rampaging bull market in stocks is the Wall Street maxim that glowing investor sentiment is a sell signal.</p><p><blockquote>股市牛市的最新受害者是华尔街的格言，即投资者情绪高涨是卖出信号。</blockquote></p><p> Throughout 2021, a range of surveys, fund-flow figures and options activity have shown investors big and small to be exceptionally bullish. Yet major U.S. indexes continue to rally to records, putting the Dow Jones Industrial Average up a healthy 13% for 2021.</p><p><blockquote>整个2021年，一系列调查、资金流数据和期权活动显示，大大小小的投资者都异常乐观。然而，美国主要股指继续上涨至创纪录水平，使道琼斯工业平均指数在2021年健康上涨13%。</blockquote></p><p> Analysts have long relied on sentiment and related data on risk-taking as contrarian indicators. By the time friends, colleagues and strangers are plowing money into stocks and telling you about it, it’s time to run for cover, to this way of thinking. Likewise, when everyone is selling, you should be buying with both hands.</p><p><blockquote>分析师长期以来一直依赖情绪和风险承担的相关数据作为逆向指标。当朋友、同事和陌生人把钱投入股票并告诉你时，是时候用这种思维方式寻找掩护了。同样，当每个人都在卖出时，你应该用双手买入。</blockquote></p><p> But for much of this year, it has paid enormous dividends to stay with the herd. It’s the latest departure from the tried and true in a year that already has broughtsoaring meme stocks,record lumber pricesand a bond-market rally in the face of rising inflation. In short, now is when analysts and portfolio managers are starting to wonder whether it really is different this time.</p><p><blockquote>但在今年的大部分时间里，它已经为留在牛群中带来了巨大的回报。这是一年来与屡试不爽的事实的最新背离，这一年已经导致模因股票飙升、木材价格创纪录以及面对通胀上升的债券市场反弹。简而言之，现在分析师和投资组合经理开始怀疑这次是否真的有所不同。</blockquote></p><p> “We’ve been throwing up our hands for a while,” said Jason Goepfert, president of Sundial Capital Research. “For whatever the reason, the market is just rolling over all these historical indicators that before had a very consistent track record.”</p><p><blockquote>Sundial Capital Research总裁Jason Goepfert表示：“我们举手已经有一段时间了。”“无论出于什么原因，市场只是在滚动所有这些历史指标，这些指标之前都有非常一致的记录。”</blockquote></p><p> In the coming week, traders will parse data on housing starts and building permits, as well as earnings from companies including Johnson &amp; Johnson andUnited Airlines HoldingsInc.,for further clues about pricing pressures.</p><p><blockquote>未来一周，交易员将分析新屋开工和建筑许可数据，以及强生公司和联合航空控股公司等公司的收益，以获取有关定价压力的进一步线索。</blockquote></p><p> They will also be watching to see if sentiment oscillates. Recently, signs of waning sentiment have begun peeking through some indicators, though bullishness largely remains above or near long-term averages.</p><p><blockquote>他们还将关注情绪是否波动。最近，一些指标开始显示出情绪减弱的迹象，尽管看涨情绪基本上仍高于或接近长期平均水平。</blockquote></p><p> Americans’ stock allocations reached nearly 60% at the end of March, a figure just below the all-time high of 61.7% reached during the dot-com bubble, according to data from Ned Davis Research stretching back to 1951.</p><p><blockquote>根据Ned Davis Research可追溯到1951年的数据，截至3月底，美国人的股票配置达到了近60%，这一数字略低于互联网泡沫期间61.7%的历史高点。</blockquote></p><p> A July survey by retail brokerage E*Trade found that bullishness among the platform’s individual investors recently hit more than a three-year high, rising to 65%. Additionally, the often-watched equity put-call ratio—which measures the volume of bearish options bets placed on stocks versus bullish ones—earlier this year notched sustained levels of optimism not seen since 2000.</p><p><blockquote>零售券商E*Trade 7月份的一项调查发现，该平台个人投资者的看涨情绪最近创下了三年多来的新高，升至65%。此外，今年早些时候，备受关注的股票看跌期权与看涨期权押注数量的衡量标准是今年早些时候创下了自2000年以来从未有过的持续乐观水平。</blockquote></p><p> The source of the optimism that has fueled 39 records this year on the S&amp;P 500 isn’t hard to divine. Most notably, there’s an unusual and powerful blend of stimulus and easy monetary policy that has left investors flush with cash and with few sources of steady investment returns. The entrance ofa new cohort of retail tradershas provided an extra boost to prices, too.</p><p><blockquote>今年推动标普500创下39项纪录的乐观情绪的来源不难预测。最值得注意的是，刺激和宽松货币政策的不同寻常且强有力的结合让投资者现金充裕，但稳定的投资回报来源却很少。新一批零售商的进入也为价格提供了额外的提振。</blockquote></p><p> Analysts say the combination of those factors has pushed markets higher, providing traders with enough momentum and opportunity to ignore signs of stretched sentiment—as well as other risks, including an unclear inflation outlook andrising coronavirus cases.</p><p><blockquote>分析师表示，这些因素的结合推高了市场，为交易者提供了足够的动力和机会来忽视情绪紧张的迹象，以及其他风险，包括通胀前景不明朗和冠状病毒病例上升。</blockquote></p><p> Recently, market breadth, or a measure of how many stocks are participating in a rally, has deteriorated—even as major indexes have continued to hit all-time highs.</p><p><blockquote>最近，市场广度（或衡量有多少只股票参与反弹的指标）已经恶化——尽管主要股指继续创下历史新高。</blockquote></p><p> As of Thursday, only about 49% of stocks in the S&amp;P 500 traded above their 50-day moving averages, according to FactSet, a level that is below average and one that is a sharp reversal from just a few months ago, whenthat metric reached more than 90%. According to Liz Ann Sonders, chief investment strategist at Charles Schwab, that’s a troubling sign when sentiment remains so high.</p><p><blockquote>FactSet的数据显示，截至周四，标普500只有约49%的股票交易价格高于50日移动平均线，这一水平低于平均水平，与几个月前该指标相比出现了急剧逆转。达到90%以上。嘉信理财首席投资策略师利兹·安·桑德斯表示，当市场情绪仍然如此高涨时，这是一个令人不安的迹象。</blockquote></p><p> “Any longtime sentiment watcher knows that breadth is a positive offset to extreme sentiment conditions,” Ms. Sonders said. “But when breadth starts to deteriorate and the market is still trading at or near all-time highs, and there’s been no dent to sentiment conditions, that’s when trouble really brews.”</p><p><blockquote>“任何长期观察情绪的人都知道，广度是对极端情绪状况的积极抵消，”桑德斯女士说。“但当广度开始恶化，市场仍处于或接近历史高点，并且情绪状况没有受到影响时，麻烦就真正酝酿了。”</blockquote></p><p> But sentiment can remain elevated for long periods, as it did in the late 1990s, she said. And&nbsp;while major indexes have risen, pockets of excess have lost steam.</p><p><blockquote>但她表示，市场情绪可能会长期保持高位，就像20世纪90年代末那样。尽管主要股指上涨，但部分过剩股已经失去了动力。</blockquote></p><p> “In places where speculation has been rampant, you have seen massive drawdowns—in cryptocurrencies, [special-purpose acquisition companies], nonprofitable tech companies and meme stocks,” Ms. Sonders said.</p><p><blockquote>“在投机猖獗的地方，你会看到加密货币、[特殊目的收购公司]、非营利科技公司和模因股票的大规模下跌，”桑德斯女士说。</blockquote></p><p> According a recent Charles Schwab note based on data from Ned Davis Research, when stockholdings among U.S. households have previously climbed to among the highest levels, the S&amp;P 500 has tended to produce modest returns on average in following years. For example, when households’ stock allocations have risen to 54.6% or higher—as they did during the dot-com bubble and the years leading up to the 2007-09 recession—the average annualized return for the S&amp;P 500 over the next 10 years has been 4.1%.</p><p><blockquote>根据嘉信理财最近基于Ned Davis Research数据的一份报告，当美国家庭的股票持有量此前攀升至最高水平时，标普500在接下来的几年中平均往往会产生适度的回报。例如，当家庭的股票配置升至54.6%或更高时（就像互联网泡沫期间和2007-09年经济衰退前几年所做的那样），未来10年标普500的平均年化回报率为4.1%。</blockquote></p><p> In contrast, when stock allocations have hovered around 29% or lower, the average annualized return over the next 10 years for the benchmark index has been 16.3%.</p><p><blockquote>相比之下，当股票配置徘徊在29%或更低时，基准指数未来10年的平均年化回报率为16.3%。</blockquote></p><p></p><p> Even so, unique conditions within the market this year might allow stocks to keep grinding higher.</p><p><blockquote>即便如此，今年市场的独特状况可能会让股市继续走高。</blockquote></p><p> “Markets are just doing their own thing,” Mr. Goepfert said. “Something has changed. Whether it’s unprecedented stimulus or maybe there is this generational change with young investors. This new surge into the market keeps driving stocks higher.”</p><p><blockquote>“市场只是在做自己的事情，”戈普弗特先生说。“有些事情已经发生了变化。无论是前所未有的刺激，还是年轻投资者的代际变化。这种新的市场热潮不断推动股市走高。”</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>Record Stock Rally Ignores Wall Street’s Phobia About Optimism<blockquote>创纪录的股市上涨忽略了华尔街对乐观情绪的恐惧</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\">\nRecord Stock Rally Ignores Wall Street’s Phobia About Optimism<blockquote>创纪录的股市上涨忽略了华尔街对乐观情绪的恐惧</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-07-19 09:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The latest victim of the rampaging bull market in stocks is the Wall Street maxim that glowing investor sentiment is a sell signal.</p><p><blockquote>股市牛市的最新受害者是华尔街的格言，即投资者情绪高涨是卖出信号。</blockquote></p><p> Throughout 2021, a range of surveys, fund-flow figures and options activity have shown investors big and small to be exceptionally bullish. Yet major U.S. indexes continue to rally to records, putting the Dow Jones Industrial Average up a healthy 13% for 2021.</p><p><blockquote>整个2021年，一系列调查、资金流数据和期权活动显示，大大小小的投资者都异常乐观。然而，美国主要股指继续上涨至创纪录水平，使道琼斯工业平均指数在2021年健康上涨13%。</blockquote></p><p> Analysts have long relied on sentiment and related data on risk-taking as contrarian indicators. By the time friends, colleagues and strangers are plowing money into stocks and telling you about it, it’s time to run for cover, to this way of thinking. Likewise, when everyone is selling, you should be buying with both hands.</p><p><blockquote>分析师长期以来一直依赖情绪和风险承担的相关数据作为逆向指标。当朋友、同事和陌生人把钱投入股票并告诉你时，是时候用这种思维方式寻找掩护了。同样，当每个人都在卖出时，你应该用双手买入。</blockquote></p><p> But for much of this year, it has paid enormous dividends to stay with the herd. It’s the latest departure from the tried and true in a year that already has broughtsoaring meme stocks,record lumber pricesand a bond-market rally in the face of rising inflation. In short, now is when analysts and portfolio managers are starting to wonder whether it really is different this time.</p><p><blockquote>但在今年的大部分时间里，它已经为留在牛群中带来了巨大的回报。这是一年来与屡试不爽的事实的最新背离，这一年已经导致模因股票飙升、木材价格创纪录以及面对通胀上升的债券市场反弹。简而言之，现在分析师和投资组合经理开始怀疑这次是否真的有所不同。</blockquote></p><p> “We’ve been throwing up our hands for a while,” said Jason Goepfert, president of Sundial Capital Research. “For whatever the reason, the market is just rolling over all these historical indicators that before had a very consistent track record.”</p><p><blockquote>Sundial Capital Research总裁Jason Goepfert表示：“我们举手已经有一段时间了。”“无论出于什么原因，市场只是在滚动所有这些历史指标，这些指标之前都有非常一致的记录。”</blockquote></p><p> In the coming week, traders will parse data on housing starts and building permits, as well as earnings from companies including Johnson &amp; Johnson andUnited Airlines HoldingsInc.,for further clues about pricing pressures.</p><p><blockquote>未来一周，交易员将分析新屋开工和建筑许可数据，以及强生公司和联合航空控股公司等公司的收益，以获取有关定价压力的进一步线索。</blockquote></p><p> They will also be watching to see if sentiment oscillates. Recently, signs of waning sentiment have begun peeking through some indicators, though bullishness largely remains above or near long-term averages.</p><p><blockquote>他们还将关注情绪是否波动。最近，一些指标开始显示出情绪减弱的迹象，尽管看涨情绪基本上仍高于或接近长期平均水平。</blockquote></p><p> Americans’ stock allocations reached nearly 60% at the end of March, a figure just below the all-time high of 61.7% reached during the dot-com bubble, according to data from Ned Davis Research stretching back to 1951.</p><p><blockquote>根据Ned Davis Research可追溯到1951年的数据，截至3月底，美国人的股票配置达到了近60%，这一数字略低于互联网泡沫期间61.7%的历史高点。</blockquote></p><p> A July survey by retail brokerage E*Trade found that bullishness among the platform’s individual investors recently hit more than a three-year high, rising to 65%. Additionally, the often-watched equity put-call ratio—which measures the volume of bearish options bets placed on stocks versus bullish ones—earlier this year notched sustained levels of optimism not seen since 2000.</p><p><blockquote>零售券商E*Trade 7月份的一项调查发现，该平台个人投资者的看涨情绪最近创下了三年多来的新高，升至65%。此外，今年早些时候，备受关注的股票看跌期权与看涨期权押注数量的衡量标准是今年早些时候创下了自2000年以来从未有过的持续乐观水平。</blockquote></p><p> The source of the optimism that has fueled 39 records this year on the S&amp;P 500 isn’t hard to divine. Most notably, there’s an unusual and powerful blend of stimulus and easy monetary policy that has left investors flush with cash and with few sources of steady investment returns. The entrance ofa new cohort of retail tradershas provided an extra boost to prices, too.</p><p><blockquote>今年推动标普500创下39项纪录的乐观情绪的来源不难预测。最值得注意的是，刺激和宽松货币政策的不同寻常且强有力的结合让投资者现金充裕，但稳定的投资回报来源却很少。新一批零售商的进入也为价格提供了额外的提振。</blockquote></p><p> Analysts say the combination of those factors has pushed markets higher, providing traders with enough momentum and opportunity to ignore signs of stretched sentiment—as well as other risks, including an unclear inflation outlook andrising coronavirus cases.</p><p><blockquote>分析师表示，这些因素的结合推高了市场，为交易者提供了足够的动力和机会来忽视情绪紧张的迹象，以及其他风险，包括通胀前景不明朗和冠状病毒病例上升。</blockquote></p><p> Recently, market breadth, or a measure of how many stocks are participating in a rally, has deteriorated—even as major indexes have continued to hit all-time highs.</p><p><blockquote>最近，市场广度（或衡量有多少只股票参与反弹的指标）已经恶化——尽管主要股指继续创下历史新高。</blockquote></p><p> As of Thursday, only about 49% of stocks in the S&amp;P 500 traded above their 50-day moving averages, according to FactSet, a level that is below average and one that is a sharp reversal from just a few months ago, whenthat metric reached more than 90%. According to Liz Ann Sonders, chief investment strategist at Charles Schwab, that’s a troubling sign when sentiment remains so high.</p><p><blockquote>FactSet的数据显示，截至周四，标普500只有约49%的股票交易价格高于50日移动平均线，这一水平低于平均水平，与几个月前该指标相比出现了急剧逆转。达到90%以上。嘉信理财首席投资策略师利兹·安·桑德斯表示，当市场情绪仍然如此高涨时，这是一个令人不安的迹象。</blockquote></p><p> “Any longtime sentiment watcher knows that breadth is a positive offset to extreme sentiment conditions,” Ms. Sonders said. “But when breadth starts to deteriorate and the market is still trading at or near all-time highs, and there’s been no dent to sentiment conditions, that’s when trouble really brews.”</p><p><blockquote>“任何长期观察情绪的人都知道，广度是对极端情绪状况的积极抵消，”桑德斯女士说。“但当广度开始恶化，市场仍处于或接近历史高点，并且情绪状况没有受到影响时，麻烦就真正酝酿了。”</blockquote></p><p> But sentiment can remain elevated for long periods, as it did in the late 1990s, she said. And&nbsp;while major indexes have risen, pockets of excess have lost steam.</p><p><blockquote>但她表示，市场情绪可能会长期保持高位，就像20世纪90年代末那样。尽管主要股指上涨，但部分过剩股已经失去了动力。</blockquote></p><p> “In places where speculation has been rampant, you have seen massive drawdowns—in cryptocurrencies, [special-purpose acquisition companies], nonprofitable tech companies and meme stocks,” Ms. Sonders said.</p><p><blockquote>“在投机猖獗的地方，你会看到加密货币、[特殊目的收购公司]、非营利科技公司和模因股票的大规模下跌，”桑德斯女士说。</blockquote></p><p> According a recent Charles Schwab note based on data from Ned Davis Research, when stockholdings among U.S. households have previously climbed to among the highest levels, the S&amp;P 500 has tended to produce modest returns on average in following years. For example, when households’ stock allocations have risen to 54.6% or higher—as they did during the dot-com bubble and the years leading up to the 2007-09 recession—the average annualized return for the S&amp;P 500 over the next 10 years has been 4.1%.</p><p><blockquote>根据嘉信理财最近基于Ned Davis Research数据的一份报告，当美国家庭的股票持有量此前攀升至最高水平时，标普500在接下来的几年中平均往往会产生适度的回报。例如，当家庭的股票配置升至54.6%或更高时（就像互联网泡沫期间和2007-09年经济衰退前几年所做的那样），未来10年标普500的平均年化回报率为4.1%。</blockquote></p><p> In contrast, when stock allocations have hovered around 29% or lower, the average annualized return over the next 10 years for the benchmark index has been 16.3%.</p><p><blockquote>相比之下，当股票配置徘徊在29%或更低时，基准指数未来10年的平均年化回报率为16.3%。</blockquote></p><p></p><p> Even so, unique conditions within the market this year might allow stocks to keep grinding higher.</p><p><blockquote>即便如此，今年市场的独特状况可能会让股市继续走高。</blockquote></p><p> “Markets are just doing their own thing,” Mr. Goepfert said. “Something has changed. Whether it’s unprecedented stimulus or maybe there is this generational change with young investors. This new surge into the market keeps driving stocks higher.”</p><p><blockquote>“市场只是在做自己的事情，”戈普弗特先生说。“有些事情已经发生了变化。无论是前所未有的刺激，还是年轻投资者的代际变化。这种新的市场热潮不断推动股市走高。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/record-stock-rally-ignores-wall-streets-phobia-about-optimism-11626600781?mod=hp_lead_pos5\">WSJ</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":{"UAL":"联合大陆航空","JNJ":"强生"},"source_url":"https://www.wsj.com/articles/record-stock-rally-ignores-wall-streets-phobia-about-optimism-11626600781?mod=hp_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123426523","content_text":"The latest victim of the rampaging bull market in stocks is the Wall Street maxim that glowing investor sentiment is a sell signal.\nThroughout 2021, a range of surveys, fund-flow figures and options activity have shown investors big and small to be exceptionally bullish. Yet major U.S. indexes continue to rally to records, putting the Dow Jones Industrial Average up a healthy 13% for 2021.\nAnalysts have long relied on sentiment and related data on risk-taking as contrarian indicators. By the time friends, colleagues and strangers are plowing money into stocks and telling you about it, it’s time to run for cover, to this way of thinking. Likewise, when everyone is selling, you should be buying with both hands.\nBut for much of this year, it has paid enormous dividends to stay with the herd. It’s the latest departure from the tried and true in a year that already has broughtsoaring meme stocks,record lumber pricesand a bond-market rally in the face of rising inflation. In short, now is when analysts and portfolio managers are starting to wonder whether it really is different this time.\n“We’ve been throwing up our hands for a while,” said Jason Goepfert, president of Sundial Capital Research. “For whatever the reason, the market is just rolling over all these historical indicators that before had a very consistent track record.”\nIn the coming week, traders will parse data on housing starts and building permits, as well as earnings from companies including Johnson & Johnson andUnited Airlines HoldingsInc.,for further clues about pricing pressures.\nThey will also be watching to see if sentiment oscillates. Recently, signs of waning sentiment have begun peeking through some indicators, though bullishness largely remains above or near long-term averages.\nAmericans’ stock allocations reached nearly 60% at the end of March, a figure just below the all-time high of 61.7% reached during the dot-com bubble, according to data from Ned Davis Research stretching back to 1951.\nA July survey by retail brokerage E*Trade found that bullishness among the platform’s individual investors recently hit more than a three-year high, rising to 65%. Additionally, the often-watched equity put-call ratio—which measures the volume of bearish options bets placed on stocks versus bullish ones—earlier this year notched sustained levels of optimism not seen since 2000.\nThe source of the optimism that has fueled 39 records this year on the S&P 500 isn’t hard to divine. Most notably, there’s an unusual and powerful blend of stimulus and easy monetary policy that has left investors flush with cash and with few sources of steady investment returns. The entrance ofa new cohort of retail tradershas provided an extra boost to prices, too.\nAnalysts say the combination of those factors has pushed markets higher, providing traders with enough momentum and opportunity to ignore signs of stretched sentiment—as well as other risks, including an unclear inflation outlook andrising coronavirus cases.\nRecently, market breadth, or a measure of how many stocks are participating in a rally, has deteriorated—even as major indexes have continued to hit all-time highs.\nAs of Thursday, only about 49% of stocks in the S&P 500 traded above their 50-day moving averages, according to FactSet, a level that is below average and one that is a sharp reversal from just a few months ago, whenthat metric reached more than 90%. According to Liz Ann Sonders, chief investment strategist at Charles Schwab, that’s a troubling sign when sentiment remains so high.\n“Any longtime sentiment watcher knows that breadth is a positive offset to extreme sentiment conditions,” Ms. Sonders said. “But when breadth starts to deteriorate and the market is still trading at or near all-time highs, and there’s been no dent to sentiment conditions, that’s when trouble really brews.”\nBut sentiment can remain elevated for long periods, as it did in the late 1990s, she said. And while major indexes have risen, pockets of excess have lost steam.\n“In places where speculation has been rampant, you have seen massive drawdowns—in cryptocurrencies, [special-purpose acquisition companies], nonprofitable tech companies and meme stocks,” Ms. Sonders said.\nAccording a recent Charles Schwab note based on data from Ned Davis Research, when stockholdings among U.S. households have previously climbed to among the highest levels, the S&P 500 has tended to produce modest returns on average in following years. For example, when households’ stock allocations have risen to 54.6% or higher—as they did during the dot-com bubble and the years leading up to the 2007-09 recession—the average annualized return for the S&P 500 over the next 10 years has been 4.1%.\nIn contrast, when stock allocations have hovered around 29% or lower, the average annualized return over the next 10 years for the benchmark index has been 16.3%.\nEven so, unique conditions within the market this year might allow stocks to keep grinding higher.\n“Markets are just doing their own thing,” Mr. Goepfert said. “Something has changed. Whether it’s unprecedented stimulus or maybe there is this generational change with young investors. This new surge into the market keeps driving stocks higher.”","news_type":1,"symbols_score_info":{"JNJ":0.9,"UAL":0.9}},"isVote":1,"tweetType":1,"viewCount":334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835619573,"gmtCreate":1629710116492,"gmtModify":1631890229984,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087554746740450","idStr":"4087554746740450"},"themes":[],"htmlText":"Wow. Greqt[呆住]&nbsp;","listText":"Wow. Greqt[呆住]&nbsp;","text":"Wow. Greqt[呆住]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/835619573","repostId":"1104828360","repostType":4,"repost":{"id":"1104828360","kind":"news","pubTimestamp":1629709374,"share":"https://www.laohu8.com/m/news/1104828360?lang=zh_CN&edition=full","pubTime":"2021-08-23 17:02","market":"us","language":"en","title":"Coupang: Strong Upside Potential<blockquote>Coupang：强劲的上涨潜力</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104828360","media":"seekingalpha","summary":"Summary\n\nCoupang stock is undervalued compared to its peers.\nThe South Korean e-commerce market is t","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Coupang stock is undervalued compared to its peers.</li>  <li>The South Korean e-commerce market is the 5th largest market in the world.</li>  <li>Coupang's consumer satisfaction levels are quite high.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/19e691e63819b7b0620d306fda210b11\" tg-width=\"1536\" tg-height=\"862\" width=\"100%\" height=\"auto\"><span>metamorworks/iStock via Getty Images</span></p><p><blockquote><ul><li>与同行相比，Coupang股票被低估。</li><li>韩国电子商务市场是世界第五大市场。</li><li>Coupang的消费者满意度相当高。</li></ul><p class=\"t-img-caption\"><span>metamorworks/iStock来自Getty Images</span></p></blockquote></p><p> The South Korean e-commerce market has already achieved significant market penetration. Coupang(NYSE:CPNG)achieved significant consumer satisfaction with users ranking their shopping app higher than the average for South Korean apps. Coupang has a built very strong delivery network that enables the company to reach 70% of the South Korean population in less than 10 minutes. Relative valuation analysis indicates that the stock is undervalued and suggests we can expect strong double-digit returns in upcoming years.</p><p><blockquote>韩国电子商务市场已经实现了显著的市场渗透。Coupang（纽约证券交易所股票代码：CPNG）获得了显著的消费者满意度，用户对其购物应用程序的排名高于韩国应用程序的平均水平。Coupang拥有非常强大的配送网络，使该公司能够在不到10分钟的时间内覆盖70%的韩国人口。相对估值分析表明该股被低估，并表明我们可以预期未来几年将获得强劲的两位数回报。</blockquote></p><p> The E-commerce market has already achieved significant success in South Korea. Currently, South Korea is the&nbsp;5th largest e-commerce&nbsp;market in the world surpassing $110 billion in total sales level throughout 2020.</p><p><blockquote>电子商务市场在韩国已经取得了巨大的成功。目前，韩国是全球第五大电子商务市场，2020年总销售额超过1100亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/922b387d1db16de8bef4fdf97be12804\" tg-width=\"640\" tg-height=\"567\" width=\"100%\" height=\"auto\"><span>Source: emarketer.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：emarketer.com</span></p></blockquote></p><p> South Korea has the second-highest e-commerce sales to GDP ratio at 6.8%, only beaten by China with a 15.6% ratio. At the same time, the country has the 3rdhighest e-commerce sales per capita ($2,135) after the UK and the USA.</p><p><blockquote>韩国的电子商务销售额与GDP之比位居第二，为6.8%，仅次于中国的15.6%。与此同时，该国的人均电子商务销售额排名第三（2135美元），仅次于英国和美国。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/228f28a7ed066b1bd408696b8282fe0a\" tg-width=\"640\" tg-height=\"121\" width=\"100%\" height=\"auto\"><span>Source: Author Data taken:emarketer.com,World Bank GDP,World Bank Population</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者数据来源：emarketer.com、世界银行GDP、世界银行人口</span></p></blockquote></p><p> South Korea has relatively high e-commerce penetration: about 72% of the population has used e-commerce services at least once. Though the percentage seems quite high, not all are using e-commerce frequently, and even active users are spending only a small proportion of their total budget on online shopping.</p><p><blockquote>韩国的电子商务渗透率相对较高：约72%的人口至少使用过一次电子商务服务。尽管这一比例似乎相当高，但并不是所有人都经常使用电子商务，即使是活跃用户也只将总预算的一小部分用于网上购物。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c693b246783d1776bca4d504ed8d5369\" tg-width=\"640\" tg-height=\"845\" width=\"100%\" height=\"auto\"><span>Source: Visualistan.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Visualistan.com</span></p></blockquote></p><p> The situation is going to change as the younger generations are inclined towards the digital world and readily adopt new online services. 94.7% of the 20-29 age group has used e-commerce platforms, while only 60.02% of the 50-59 age group has ever used e-commerce services. The spending power of the younger generations grow in line with their age, providing long-term sustainable growth opportunities for e-commerce players.</p><p><blockquote>随着年轻一代倾向于数字世界并乐于采用新的在线服务，这种情况将会改变。20-29岁年龄段使用过电商平台的比例为94.7%，而50-59岁年龄段使用过电商服务的比例仅为60.02%。年轻一代的消费能力随年龄增长，为电商玩家提供长期可持续增长机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/40abd940c7c44fc18d7df77a7cc65113\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p> South Korea has a high internet penetration rate with99.2%of households having internet access via PC, mobile or other devices. Mobile online purchases are the biggest growth engine for the e-commerce sector: online purchases via PC grew by only10.3%in the 2017-2018 period and 5.67% in the 2018-2019 period. At the same time, purchases made via mobile phones increased by 31.7% in the 2017-2018 period and by 19.84% in the 2018-2019 period. Mobile purchases make up 61.5% of total e-commerce sales. South Korea has the highest smartphone penetration in the world: 96% of the total population owns a smartphone compared to 89% in the USA and 71% in China.</p><p><blockquote>韩国的互联网普及率很高，99.2%的家庭通过个人电脑、手机或其他设备接入互联网。移动在线购买是电子商务领域最大的增长引擎：通过PC的在线购买在2017-2018年期间仅增长了10.3%，在2018-2019年期间增长了5.67%。与此同时，通过手机进行的购买在2017-2018年期间增长了31.7%，在2018-2019年期间增长了19.84%。移动购买占电子商务总销售额的61.5%。韩国拥有世界上最高的智能手机普及率：96%的总人口拥有智能手机，相比之下，美国和中国分别为89%和71%。</blockquote></p><p> Coupang's mobile applications are among the top 20 of South Korean applications. Coupang’s Shopping app is the 13th most popular mobile app in South Korea according to the&nbsp;SimilarWebranking system in Apple's App Store(NASDAQ:AAPL), while Coupang Eats is 12th. At the same time, in the Google Play Store(NASDAQ:GOOG), the Coupang Shopping application is 15th. In South Korea,71.17%&nbsp;of mobile users use the Android operating system, while only 28.46% are iOS users. Thus, Google Play Store stats are more important for our analysis.</p><p><blockquote>Coupang的移动应用程序位列韩国应用程序前20名。根据苹果应用商店（纳斯达克：AAPL）的SimilarWebranking系统，Coupang的购物应用程序在韩国最受欢迎的移动应用程序中排名第13位，而Coupang Eats排名第12位。同时，在谷歌Play商店（纳斯达克：GOOG）中，Coupang购物应用排名第15位。在韩国，71.17%的手机用户使用Android操作系统，而iOS用户仅为28.46%。因此，谷歌Play商店的统计数据对我们的分析更为重要。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6eac4aab5f190785020e5bb169cfc8e\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Source: Statcounter.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statcounter.com</span></p></blockquote></p><p> The Coupang shopping application has more than&nbsp;583,000 reviews&nbsp;in the Google Play Store and the average rating is 4.2. More than 65% of users rated the app 5 stars. The rating of the app is significantly better than the average Korean app&nbsp;score of 3.39.</p><p><blockquote>Coupang购物应用程序在谷歌Play商店有超过583,000条评论，平均评分为4.2。超过65%的用户给这款应用打了5颗星。该应用程序的评分明显优于韩国应用程序平均得分3.39。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/110d6671b18364eb3e71854b583c9fc9\" tg-width=\"640\" tg-height=\"535\" width=\"100%\" height=\"auto\"><span>Source: Appgrooves</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Appgrooves</span></p></blockquote></p><p></p><p> E-commerce penetration in South Korea jumped significantly in 2020. In 2019, the penetration rate was 20.8%, while in 2020 the number increased to 25.9%. In this respect, South Korea is ahead of the USA (14%), the UK (23.3%) and China (24.9%). These statistics indicate that the South Korean market is one step ahead of other countries' markets. It is estimated that the South Korean e-commerce market will continue its fast-paced growth and reach $150 billion revenues in 2024. Analysts estimate an8% GMV CAGRduring the 2021-2024 period.</p><p><blockquote>2020年，韩国的电子商务渗透率大幅跃升。2019年，渗透率为20.8%，而2020年这一数字增至25.9%。在这方面，韩国领先于美国（14%）、英国（23.3%）和中国（24.9%）。这些统计数据表明，韩国市场领先其他国家市场一步。据估计，韩国电子商务市场将继续快速增长，2024年收入将达到1500亿美元。分析师预计2021-2024年期间GMV复合年增长率为8%。</blockquote></p><p> Coupang is growing faster than the total industry as the company was able to increase its market share significantly in 2020. In 2019, the company had a market share of18.1%, while in 2020 Coupang's share had increased to 24%. Meanwhile, its main competitors could not grow their market share percentages in 2020. The main rivals of the company are eBay(NASDAQ:EBAY)owned Gmarket, WeMakePrice and Naver Shopping. According to Daniel Yoo, head of global asset allocation at Yuanta Securities, the company can increase its market share by exceeding a30% levelin upcoming years.</p><p><blockquote>Coupang的增长速度快于整个行业，因为该公司能够在2020年大幅增加其市场份额。2019年，该公司的市场份额为18.1%，而2020年Coupang的份额已增至24%。与此同时，其主要竞争对手无法在2020年增加市场份额。该公司的主要竞争对手是eBay（纳斯达克：eBay）旗下的Gmarket、WeMakePrice和Naver Shopping。元大证券全球资产配置主管Daniel Yoo表示，未来几年，该公司的市场份额可以超过30%的水平。</blockquote></p><p> Coupang was founded in 2010, and since then has achieved a significant market share in South Korea. One of the biggest contributors to this fast growth was their fast delivery. Coupang's logistics business, Rocket Delivery, allows consumers to receive their orders in less than 24 hours from ordering. The company has built a strong end-to-end logistics network using its 200 warehouses and more than 100 logistics centers. According to the management,70% of the South Korean populationis living within 10 minutes of a Coupang logistics center. It creates a significant moat for the business as competitors would need to invest large amounts of cash to build similar logistics networks. Recently, Coupang has launched the Dawn Delivery service which delivers goods by 7 a.m., if the order is placed by midnight the day before. More than 3.3 million items are being ordered on the Coupang platform every day and 99.3% of all items are being delivered within 24 hours. It is worth mentioning that the fast delivery service has been achievable because South Korea is so densely populated. South Korea is the 23rd most densely populated country in the world with a density ratio of512 people per 1 km square. 81.4% of the population are living in cities, making the country the39thmost urbanized in the world.</p><p><blockquote>Coupang成立于2010年，此后在韩国取得了可观的市场份额。这种快速增长的最大贡献者之一是他们的快速交付。Coupang的物流业务Rocket Delivery允许消费者在订购后不到24小时内收到订单。该公司利用其200个仓库和100多个物流中心建立了强大的端到端物流网络。据管理层称，70%的韩国人口居住在距离Coupang物流中心10分钟路程的范围内。它为该业务创造了一条重要的护城河，因为竞争对手需要投入大量现金来建立类似的物流网络。最近，Coupang推出了黎明送货服务，如果在前一天午夜前下订单，可以在早上7点前送货。Coupang平台上每天订购超过330万件商品，99.3%的商品在24小时内送达。值得一提的是，由于韩国人口稠密，快速递送服务一直是可以实现的。韩国是世界上人口密度第23高的国家，人口密度为每1平方公里512人。81.4%的人口生活在城市，使该国成为世界上城市化程度第39位的国家。</blockquote></p><p> Coupang's different segments are interconnected, as the growth of one segment is bringing tailwinds for other segments. Coupang is investing heavily to grow its 1P business (their inventory offering) by expanding its product base and improving the quality of the service. These investments increase the level of consumer satisfaction and bring a significant number of consumers to the 3P business (3rd party marketplace). New consumers in the 3P segment increase the interest in new merchants on the platform; this is further expanding product variety, creating economic moat and attracting new consumers. Sellers are urged to move from traditional retail stores because this market is declining by7% YoYin South Korea, while on Coupang's platform 3rd party merchants grow their sales by an average of 87% YoY. So, due to large investments in the 1P business and the consumer base expansion in the 3P business, Coupang’s total business has grown at twice the rate of the total South Korean market over the past 2 years.</p><p><blockquote>Coupang的不同细分市场是相互关联的，因为一个细分市场的增长为其他细分市场带来了推动力。Coupang正在大力投资，通过扩大产品基础和提高服务质量来发展其1P业务（他们的库存产品）。这些投资提高了消费者满意度，并为3P业务（第三方市场）带来了大量消费者。3P细分市场的新消费者增加了对平台新商家的兴趣；这进一步扩大了产品种类，创造了经济护城河并吸引了新的消费者。卖家被敦促离开传统零售店，因为韩国这个市场同比下降7%，而在Coupang的平台上，第三方商家的销售额平均同比增长87%。因此，由于对1P业务的大量投资和3P业务消费者基础的扩大，Coupang的总业务在过去两年中以韩国市场总额的两倍速度增长。</blockquote></p><p> The company is actively encouraging more consumers to its platform: in Q2, the company recorded 26% active user growth, reaching17 million monthlyactive consumers. There seems to be a consumer base growth opportunity in South Korea, as it is estimated that there are about 37 million internet shoppers in the country. The company could not achieve significant growth by only expanding its consumer base, but it can record significant growth by increasing their revenue per consumer, which is still quite low. In the last quarter, the company managed to record a 36% revenue per consumer growth, due to the expansion of product and service bases.</p><p><blockquote>该公司正在积极鼓励更多消费者使用其平台：第二季度，该公司的活跃用户增长了26%，月活跃消费者达到1700万。韩国似乎有一个消费者基础增长的机会，因为据估计，该国约有3700万互联网购物者。该公司无法仅通过扩大消费者基础来实现显着增长，但可以通过增加每位消费者的收入来实现显着增长，而这一收入仍然相当低。上个季度，由于产品和服务基础的扩大，该公司的每位消费者收入增长了36%。</blockquote></p><p> Coupang is also offering its employees incentives to invest their efforts into the growth of the business. Coupang is the first Korean company to make its frontline workers shareholders of the company: 39,000 employees got restricted stock awards at the IPO. Coupang employees are generally content with the firm as the company has a 4 out of 5-star rating. The CEO has a90% approvalrate, while 80% of employees would recommend joining the Coupang team to their friends. Employee’s rank \"career opportunities\" in the company a quite high, which is a very important factor to attract highly talented workers to the business.</p><p><blockquote>Coupang还为员工提供激励措施，鼓励他们努力发展业务。Coupang是第一家让一线员工成为公司股东的韩国公司：39,000名员工在IPO中获得了限制性股票奖励。Coupang员工普遍对该公司感到满意，因为该公司的评级为4星（满分5星）。首席执行官的支持率为90%，而80%的员工会向朋友推荐加入Coupang团队。员工在公司的“职业机会”等级相当高，这是吸引高才能员工加入企业的一个非常重要的因素。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f732667289dcdc80244f6b7e8b4405\" tg-width=\"640\" tg-height=\"470\" width=\"100%\" height=\"auto\"><span>Source: Glassdoor.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Glassdoor.com</span></p></blockquote></p><p></p><p> Coupang recorded a $122 million EBITDA loss in Q2 2021. These losses come from investments in new segments of the company: direct investments in the Eats and Fresh segments amounted to $120 million in Q2. These investments seem quite justified as the new fields helped Coupang to record significant top-line growth. Particularly, the Fresh grocery revenues doubled in Q2 YoY, exceeding the $2 billion level, less than 3 years after its launch. Though the Eats and Fresh segments are not yet profitable, they are recording significant contribution margin improvements in recent quarters, and the management believes that they will replicate the profitability of the mature segments of the company. In the Fresh segment, the management was able to record a 1,000-basis point contribution margin improvement YoY, while in the Eats segment the loss per order decreased by 50% in last year. As the management sees low online penetration in these segments and high ROI opportunities, they are going to continue to invest aggressively to create long term value for investors.</p><p><blockquote>Coupang在2021年第二季度录得1.22亿美元的EBITDA亏损。这些损失来自对公司新部门的投资：第二季度对Eats和Fresh部门的直接投资达1.2亿美元。这些投资似乎相当合理，因为新油田帮助Coupang实现了显着的营收增长。特别是，在推出不到3年后，第二季度的生鲜杂货收入同比翻了一番，超过了20亿美元的水平。尽管Eats和生鲜部门尚未盈利，但它们在最近几个季度的贡献率显着提高，管理层相信它们将复制公司成熟部门的盈利能力。在生鲜部门，管理层的贡献率同比提高了1,000个基点，而在Eats部门，去年每笔订单的亏损下降了50%。由于管理层看到这些细分市场的在线渗透率较低且投资回报率较高，因此他们将继续积极投资，为投资者创造长期价值。</blockquote></p><p> The growing scale of the business helps Coupang to improve profitability margins. The gross margin was only5.08%in 2018, while in the last quarter the company recorded a gross margin of 16.8%. However, the margin includes an inventory write-off of $158 million which was caused by a fulfilment center fire. Excluding the consequences of the fire, the company reported an $816 million quarterly gross profit, a 86% YoY improvement, and the adjusted gross margin is 18.2%.</p><p><blockquote>不断增长的业务规模有助于Coupang提高利润率。2018年毛利率仅为5.08%，而上一季度公司毛利率为16.8%。然而，该利润包括由履行中心火灾造成的1.58亿美元的库存冲销。排除火灾后果，该公司公布季度毛利润为8.16亿美元，同比增长86%，调整后毛利率为18.2%。</blockquote></p><p> The company has significant opportunities to expand its business. One of the most interesting areas is fintech, as the company could provide consumers with its own payment platform to process their transactions, get loans for their purchases etc. LatAm, owner of the e-commerce business Mercadolibre(NASDAQ:MELI), realizes this opportunity quite successfully as athird of its revenuescome from the fintech segment. Coupang's management is rather cautious about this field as they prefer to invest in the e-commerce segment. Coupang's fintech offerings are at their early stages yet as the company tests opportunities in the sector. The management has a similar approach to international expansion. Currently, Coupang is working on business expansion in Japan and Taiwan, however, these initiatives are at their early stages and the management is not intending to invest large amounts of cash on these projects.</p><p><blockquote>该公司有很大的机会扩大其业务。最有趣的领域之一是金融科技，因为该公司可以为消费者提供自己的支付平台来处理他们的交易、获得购买贷款等。电子商务企业Mercadolibre（纳斯达克：MELI）的所有者LatAm意识到这一机会相当成功，因为其三分之一的收入来自金融科技领域。Coupang的管理层对这一领域相当谨慎，因为他们更愿意投资电子商务领域。Coupang的金融科技产品仍处于早期阶段，该公司正在测试该行业的机会。管理层对国际扩张采取了类似的方法。目前，Coupang正致力于在日本和台湾的业务扩张，然而，这些举措仍处于早期阶段，管理层不打算在这些项目上投入大量现金。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Cross border e-commerce growth is one of the biggest threats for the business as prices in South Korea are generally higher than foreign prices. In 2019, there were almost$3.1 billiononline purchases from foreign retail sites, growing 15% YoY. However, surveys indicate that the South Korean population is not overly concerned about high prices as only20% of online shopperspay attention to low-priced products.</p><p><blockquote>跨境电子商务的增长是该业务面临的最大威胁之一，因为韩国的价格普遍高于国外价格。2019年，外国零售网站的在线购物额近31亿美元，同比增长15%。然而，调查显示，韩国人并不过度担心高价，因为只有20%的网上购物者关注低价产品。</blockquote></p><p> Every e-commerce player faces significant competition as the industry promises significant growth opportunities and companies invest heavily to grab their market share. Amazon(NASDAQ:AMZN)shows significant interest in the South Korean market as last year they announced their partnership with SK Telecom(NYSE:SKM). The partnership gives Amazon the right to obtain30% of 11Street, an e-commerce platform operating in South Korea, whose parent company is SK Telecom. In 2020, 11Street recorded revenues of $530 billion, which was about 14 times lower than Coupang's results. However, Amazon's partnership with the business will allow 11Street to introduce Amazon's products and services to its consumers which will create significant competitive advantages for the company.</p><p><blockquote>每个电子商务参与者都面临着激烈的竞争，因为该行业有望带来巨大的增长机会，并且公司大力投资以抢占市场份额。亚马逊（纳斯达克股票代码：AMZN）对韩国市场表现出浓厚的兴趣，去年他们宣布与SK Telecom（纽约证券交易所股票代码：SKM）建立合作伙伴关系。此次合作使亚马逊有权获得11Street 30%的股份，11Street是一家在韩国运营的电子商务平台，其母公司是SK Telecom。2020年，11Street的收入为5300亿美元，比Coupang的业绩低约14倍。然而，亚马逊与该业务的合作将使11Street能够向其消费者介绍亚马逊的产品和服务，这将为该公司创造显着的竞争优势。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> To calculate the intrinsic value of the stock we have used a relative valuation analysis. We have collected data on the world's 15 biggest e-commerce stocks to calculate the value of CPNG. The average P/S FWD ratio of the 15 biggest e-commerce companies is 7.99, while the median ratio is 4.25. Coupang's P/S FWD is 2.57, which indicates that the stock is trading at a lower multiple compared to its peers. Calculating the PSG ratio of competitors, we see that the average PSG is 20.96, while the median PSG is 17.4. Calculating Coupang's P/S FWD based on these multiples, and analysts' estimated revenue growth rate of50.2%, we get an average P/S FWD of 10.52 and a median of 8.73. These ratios are significantly higher than Coupang's 2.57 multiple. However, the low multiple reflects the low profitability of the business. The company reported a TTM gross margin of 16.63%, significantly lower than peers' average margin of 43.45%, thus we need to incorporate the low profitability of the business in our calculations also.</p><p><blockquote>为了计算股票的内在价值，我们使用了相对估值分析。我们收集了全球15只最大的电子商务股票的数据来计算CPNG的价值。15家最大电子商务公司的平均市盈率为7.99，中位数为4.25。Coupang的市盈率为2.57，这表明该股的市盈率低于同行。计算竞争对手的PSG比率，我们看到平均PSG为20.96，而中位数PSG为17.4。根据这些倍数以及分析师估计的50.2%的收入增长率计算Coupang的P/S FWD，我们得到的平均P/S FWD为10.52，中位数为8.73。这些比率明显高于Coupang的2.57倍。然而，低倍数反映了该业务的低盈利能力。该公司公布的TTM毛利率为16.63%，明显低于同行43.45%的平均利润率，因此我们还需要将该业务的低盈利能力纳入我们的计算中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ae3e0938046e190132023d59e967802\" tg-width=\"640\" tg-height=\"126\" width=\"100%\" height=\"auto\"><span>Source: Author, Data:SeekingAlpha.com,Finviz.com,GuruFocus.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据：SeekingAlpha.com、Finviz.com、GuruFocus.com</span></p></blockquote></p><p></p><p> So, we have built a regression analysis where, for dependent variables, we have used natural logs of peers' estimated growth rates and TTM gross margins. As a result, we have an R Square of 55% and an F Stat of 7.34, which indicates that there is high statistical significance. Using coefficients of the regression equation, we get a P/S FWD ratio of 3.85, which is higher than Coupang's P/S FWD ratio of 2.57, and indicates that the stock is undervalued by 49%. So, we think that the intrinsic value of Coupang is $50; 12% higher than analysts' average price target of$44.7and 16.7% lower than analysts' highest price target of $60.</p><p><blockquote>因此，我们建立了一个回归分析，对于因变量，我们使用了同行估计增长率和TTM毛利率的自然对数。因此，我们的R平方为55%，F Stat为7.34，这表明具有很高的统计显著性。使用回归方程的系数，我们得到的P/S FWD比率为3.85，高于Coupang的P/S FWD比率2.57，表明该股被低估了49%。因此，我们认为Coupang的内在价值为50美元；比分析师平均目标价44.7美元高12%，比分析师最高目标价60美元低16.7%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a62c188e06bf9026705f537b306f13d3\" tg-width=\"640\" tg-height=\"123\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> It is expected that the South Korean retail market will exceed$530 billionby 2024. Considering a 35% e-commerce penetration rate and Coupang securing a 20% market share we get a $37.1 billion revenue prediction for Coupang. Taking our P/S ratio of 3.85, and multiplying it by our assumed sales figures, we get a $142.8 billion implied market cap, which is 140% higher than the current market cap and indicates a 34% annual return opportunity.</p><p><blockquote>预计到2024年，韩国零售市场将超过5300亿美元。考虑到35%的电子商务渗透率和Coupang获得20%的市场份额，我们对Coupang的收入预测为371亿美元。将我们的市盈率3.85乘以我们假设的销售数据，我们得到1,428亿美元的隐含市值，比当前市值高出140%，表明年回报机会为34%。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> The South Korean e-commerce market is growing quite rapidly. Coupang is the largest e-commerce player in South Korea partly because it managed to build a strong logistics network and delivers items quickly. Our valuation analyses indicate that the stock is undervalued by 50% compared to its peers, thus we see a strong price appreciation opportunity. We anticipate a 34% annual return until 2024, thus we assign a Buy rating to the stock.</p><p><blockquote>韩国电子商务市场增长相当迅速。Coupang是韩国最大的电子商务公司，部分原因是它成功建立了强大的物流网络并快速交付商品。我们的估值分析表明，与同行相比，该股被低估了50%，因此我们看到了强劲的价格升值机会。我们预计到2024年的年回报率为34%，因此我们给予该股买入评级。</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>Coupang: Strong Upside Potential<blockquote>Coupang：强劲的上涨潜力</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\">\nCoupang: Strong Upside Potential<blockquote>Coupang：强劲的上涨潜力</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-23 17:02</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>Coupang stock is undervalued compared to its peers.</li>  <li>The South Korean e-commerce market is the 5th largest market in the world.</li>  <li>Coupang's consumer satisfaction levels are quite high.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/19e691e63819b7b0620d306fda210b11\" tg-width=\"1536\" tg-height=\"862\" width=\"100%\" height=\"auto\"><span>metamorworks/iStock via Getty Images</span></p><p><blockquote><ul><li>与同行相比，Coupang股票被低估。</li><li>韩国电子商务市场是世界第五大市场。</li><li>Coupang的消费者满意度相当高。</li></ul><p class=\"t-img-caption\"><span>metamorworks/iStock来自Getty Images</span></p></blockquote></p><p> The South Korean e-commerce market has already achieved significant market penetration. Coupang(NYSE:CPNG)achieved significant consumer satisfaction with users ranking their shopping app higher than the average for South Korean apps. Coupang has a built very strong delivery network that enables the company to reach 70% of the South Korean population in less than 10 minutes. Relative valuation analysis indicates that the stock is undervalued and suggests we can expect strong double-digit returns in upcoming years.</p><p><blockquote>韩国电子商务市场已经实现了显著的市场渗透。Coupang（纽约证券交易所股票代码：CPNG）获得了显著的消费者满意度，用户对其购物应用程序的排名高于韩国应用程序的平均水平。Coupang拥有非常强大的配送网络，使该公司能够在不到10分钟的时间内覆盖70%的韩国人口。相对估值分析表明该股被低估，并表明我们可以预期未来几年将获得强劲的两位数回报。</blockquote></p><p> The E-commerce market has already achieved significant success in South Korea. Currently, South Korea is the&nbsp;5th largest e-commerce&nbsp;market in the world surpassing $110 billion in total sales level throughout 2020.</p><p><blockquote>电子商务市场在韩国已经取得了巨大的成功。目前，韩国是全球第五大电子商务市场，2020年总销售额超过1100亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/922b387d1db16de8bef4fdf97be12804\" tg-width=\"640\" tg-height=\"567\" width=\"100%\" height=\"auto\"><span>Source: emarketer.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：emarketer.com</span></p></blockquote></p><p> South Korea has the second-highest e-commerce sales to GDP ratio at 6.8%, only beaten by China with a 15.6% ratio. At the same time, the country has the 3rdhighest e-commerce sales per capita ($2,135) after the UK and the USA.</p><p><blockquote>韩国的电子商务销售额与GDP之比位居第二，为6.8%，仅次于中国的15.6%。与此同时，该国的人均电子商务销售额排名第三（2135美元），仅次于英国和美国。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/228f28a7ed066b1bd408696b8282fe0a\" tg-width=\"640\" tg-height=\"121\" width=\"100%\" height=\"auto\"><span>Source: Author Data taken:emarketer.com,World Bank GDP,World Bank Population</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者数据来源：emarketer.com、世界银行GDP、世界银行人口</span></p></blockquote></p><p> South Korea has relatively high e-commerce penetration: about 72% of the population has used e-commerce services at least once. Though the percentage seems quite high, not all are using e-commerce frequently, and even active users are spending only a small proportion of their total budget on online shopping.</p><p><blockquote>韩国的电子商务渗透率相对较高：约72%的人口至少使用过一次电子商务服务。尽管这一比例似乎相当高，但并不是所有人都经常使用电子商务，即使是活跃用户也只将总预算的一小部分用于网上购物。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c693b246783d1776bca4d504ed8d5369\" tg-width=\"640\" tg-height=\"845\" width=\"100%\" height=\"auto\"><span>Source: Visualistan.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Visualistan.com</span></p></blockquote></p><p> The situation is going to change as the younger generations are inclined towards the digital world and readily adopt new online services. 94.7% of the 20-29 age group has used e-commerce platforms, while only 60.02% of the 50-59 age group has ever used e-commerce services. The spending power of the younger generations grow in line with their age, providing long-term sustainable growth opportunities for e-commerce players.</p><p><blockquote>随着年轻一代倾向于数字世界并乐于采用新的在线服务，这种情况将会改变。20-29岁年龄段使用过电商平台的比例为94.7%，而50-59岁年龄段使用过电商服务的比例仅为60.02%。年轻一代的消费能力随年龄增长，为电商玩家提供长期可持续增长机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/40abd940c7c44fc18d7df77a7cc65113\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p> South Korea has a high internet penetration rate with99.2%of households having internet access via PC, mobile or other devices. Mobile online purchases are the biggest growth engine for the e-commerce sector: online purchases via PC grew by only10.3%in the 2017-2018 period and 5.67% in the 2018-2019 period. At the same time, purchases made via mobile phones increased by 31.7% in the 2017-2018 period and by 19.84% in the 2018-2019 period. Mobile purchases make up 61.5% of total e-commerce sales. South Korea has the highest smartphone penetration in the world: 96% of the total population owns a smartphone compared to 89% in the USA and 71% in China.</p><p><blockquote>韩国的互联网普及率很高，99.2%的家庭通过个人电脑、手机或其他设备接入互联网。移动在线购买是电子商务领域最大的增长引擎：通过PC的在线购买在2017-2018年期间仅增长了10.3%，在2018-2019年期间增长了5.67%。与此同时，通过手机进行的购买在2017-2018年期间增长了31.7%，在2018-2019年期间增长了19.84%。移动购买占电子商务总销售额的61.5%。韩国拥有世界上最高的智能手机普及率：96%的总人口拥有智能手机，相比之下，美国和中国分别为89%和71%。</blockquote></p><p> Coupang's mobile applications are among the top 20 of South Korean applications. Coupang’s Shopping app is the 13th most popular mobile app in South Korea according to the&nbsp;SimilarWebranking system in Apple's App Store(NASDAQ:AAPL), while Coupang Eats is 12th. At the same time, in the Google Play Store(NASDAQ:GOOG), the Coupang Shopping application is 15th. In South Korea,71.17%&nbsp;of mobile users use the Android operating system, while only 28.46% are iOS users. Thus, Google Play Store stats are more important for our analysis.</p><p><blockquote>Coupang的移动应用程序位列韩国应用程序前20名。根据苹果应用商店（纳斯达克：AAPL）的SimilarWebranking系统，Coupang的购物应用程序在韩国最受欢迎的移动应用程序中排名第13位，而Coupang Eats排名第12位。同时，在谷歌Play商店（纳斯达克：GOOG）中，Coupang购物应用排名第15位。在韩国，71.17%的手机用户使用Android操作系统，而iOS用户仅为28.46%。因此，谷歌Play商店的统计数据对我们的分析更为重要。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6eac4aab5f190785020e5bb169cfc8e\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Source: Statcounter.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statcounter.com</span></p></blockquote></p><p> The Coupang shopping application has more than&nbsp;583,000 reviews&nbsp;in the Google Play Store and the average rating is 4.2. More than 65% of users rated the app 5 stars. The rating of the app is significantly better than the average Korean app&nbsp;score of 3.39.</p><p><blockquote>Coupang购物应用程序在谷歌Play商店有超过583,000条评论，平均评分为4.2。超过65%的用户给这款应用打了5颗星。该应用程序的评分明显优于韩国应用程序平均得分3.39。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/110d6671b18364eb3e71854b583c9fc9\" tg-width=\"640\" tg-height=\"535\" width=\"100%\" height=\"auto\"><span>Source: Appgrooves</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：Appgrooves</span></p></blockquote></p><p></p><p> E-commerce penetration in South Korea jumped significantly in 2020. In 2019, the penetration rate was 20.8%, while in 2020 the number increased to 25.9%. In this respect, South Korea is ahead of the USA (14%), the UK (23.3%) and China (24.9%). These statistics indicate that the South Korean market is one step ahead of other countries' markets. It is estimated that the South Korean e-commerce market will continue its fast-paced growth and reach $150 billion revenues in 2024. Analysts estimate an8% GMV CAGRduring the 2021-2024 period.</p><p><blockquote>2020年，韩国的电子商务渗透率大幅跃升。2019年，渗透率为20.8%，而2020年这一数字增至25.9%。在这方面，韩国领先于美国（14%）、英国（23.3%）和中国（24.9%）。这些统计数据表明，韩国市场领先其他国家市场一步。据估计，韩国电子商务市场将继续快速增长，2024年收入将达到1500亿美元。分析师预计2021-2024年期间GMV复合年增长率为8%。</blockquote></p><p> Coupang is growing faster than the total industry as the company was able to increase its market share significantly in 2020. In 2019, the company had a market share of18.1%, while in 2020 Coupang's share had increased to 24%. Meanwhile, its main competitors could not grow their market share percentages in 2020. The main rivals of the company are eBay(NASDAQ:EBAY)owned Gmarket, WeMakePrice and Naver Shopping. According to Daniel Yoo, head of global asset allocation at Yuanta Securities, the company can increase its market share by exceeding a30% levelin upcoming years.</p><p><blockquote>Coupang的增长速度快于整个行业，因为该公司能够在2020年大幅增加其市场份额。2019年，该公司的市场份额为18.1%，而2020年Coupang的份额已增至24%。与此同时，其主要竞争对手无法在2020年增加市场份额。该公司的主要竞争对手是eBay（纳斯达克：eBay）旗下的Gmarket、WeMakePrice和Naver Shopping。元大证券全球资产配置主管Daniel Yoo表示，未来几年，该公司的市场份额可以超过30%的水平。</blockquote></p><p> Coupang was founded in 2010, and since then has achieved a significant market share in South Korea. One of the biggest contributors to this fast growth was their fast delivery. Coupang's logistics business, Rocket Delivery, allows consumers to receive their orders in less than 24 hours from ordering. The company has built a strong end-to-end logistics network using its 200 warehouses and more than 100 logistics centers. According to the management,70% of the South Korean populationis living within 10 minutes of a Coupang logistics center. It creates a significant moat for the business as competitors would need to invest large amounts of cash to build similar logistics networks. Recently, Coupang has launched the Dawn Delivery service which delivers goods by 7 a.m., if the order is placed by midnight the day before. More than 3.3 million items are being ordered on the Coupang platform every day and 99.3% of all items are being delivered within 24 hours. It is worth mentioning that the fast delivery service has been achievable because South Korea is so densely populated. South Korea is the 23rd most densely populated country in the world with a density ratio of512 people per 1 km square. 81.4% of the population are living in cities, making the country the39thmost urbanized in the world.</p><p><blockquote>Coupang成立于2010年，此后在韩国取得了可观的市场份额。这种快速增长的最大贡献者之一是他们的快速交付。Coupang的物流业务Rocket Delivery允许消费者在订购后不到24小时内收到订单。该公司利用其200个仓库和100多个物流中心建立了强大的端到端物流网络。据管理层称，70%的韩国人口居住在距离Coupang物流中心10分钟路程的范围内。它为该业务创造了一条重要的护城河，因为竞争对手需要投入大量现金来建立类似的物流网络。最近，Coupang推出了黎明送货服务，如果在前一天午夜前下订单，可以在早上7点前送货。Coupang平台上每天订购超过330万件商品，99.3%的商品在24小时内送达。值得一提的是，由于韩国人口稠密，快速递送服务一直是可以实现的。韩国是世界上人口密度第23高的国家，人口密度为每1平方公里512人。81.4%的人口生活在城市，使该国成为世界上城市化程度第39位的国家。</blockquote></p><p> Coupang's different segments are interconnected, as the growth of one segment is bringing tailwinds for other segments. Coupang is investing heavily to grow its 1P business (their inventory offering) by expanding its product base and improving the quality of the service. These investments increase the level of consumer satisfaction and bring a significant number of consumers to the 3P business (3rd party marketplace). New consumers in the 3P segment increase the interest in new merchants on the platform; this is further expanding product variety, creating economic moat and attracting new consumers. Sellers are urged to move from traditional retail stores because this market is declining by7% YoYin South Korea, while on Coupang's platform 3rd party merchants grow their sales by an average of 87% YoY. So, due to large investments in the 1P business and the consumer base expansion in the 3P business, Coupang’s total business has grown at twice the rate of the total South Korean market over the past 2 years.</p><p><blockquote>Coupang的不同细分市场是相互关联的，因为一个细分市场的增长为其他细分市场带来了推动力。Coupang正在大力投资，通过扩大产品基础和提高服务质量来发展其1P业务（他们的库存产品）。这些投资提高了消费者满意度，并为3P业务（第三方市场）带来了大量消费者。3P细分市场的新消费者增加了对平台新商家的兴趣；这进一步扩大了产品种类，创造了经济护城河并吸引了新的消费者。卖家被敦促离开传统零售店，因为韩国这个市场同比下降7%，而在Coupang的平台上，第三方商家的销售额平均同比增长87%。因此，由于对1P业务的大量投资和3P业务消费者基础的扩大，Coupang的总业务在过去两年中以韩国市场总额的两倍速度增长。</blockquote></p><p> The company is actively encouraging more consumers to its platform: in Q2, the company recorded 26% active user growth, reaching17 million monthlyactive consumers. There seems to be a consumer base growth opportunity in South Korea, as it is estimated that there are about 37 million internet shoppers in the country. The company could not achieve significant growth by only expanding its consumer base, but it can record significant growth by increasing their revenue per consumer, which is still quite low. In the last quarter, the company managed to record a 36% revenue per consumer growth, due to the expansion of product and service bases.</p><p><blockquote>该公司正在积极鼓励更多消费者使用其平台：第二季度，该公司的活跃用户增长了26%，月活跃消费者达到1700万。韩国似乎有一个消费者基础增长的机会，因为据估计，该国约有3700万互联网购物者。该公司无法仅通过扩大消费者基础来实现显着增长，但可以通过增加每位消费者的收入来实现显着增长，而这一收入仍然相当低。上个季度，由于产品和服务基础的扩大，该公司的每位消费者收入增长了36%。</blockquote></p><p> Coupang is also offering its employees incentives to invest their efforts into the growth of the business. Coupang is the first Korean company to make its frontline workers shareholders of the company: 39,000 employees got restricted stock awards at the IPO. Coupang employees are generally content with the firm as the company has a 4 out of 5-star rating. The CEO has a90% approvalrate, while 80% of employees would recommend joining the Coupang team to their friends. Employee’s rank \"career opportunities\" in the company a quite high, which is a very important factor to attract highly talented workers to the business.</p><p><blockquote>Coupang还为员工提供激励措施，鼓励他们努力发展业务。Coupang是第一家让一线员工成为公司股东的韩国公司：39,000名员工在IPO中获得了限制性股票奖励。Coupang员工普遍对该公司感到满意，因为该公司的评级为4星（满分5星）。首席执行官的支持率为90%，而80%的员工会向朋友推荐加入Coupang团队。员工在公司的“职业机会”等级相当高，这是吸引高才能员工加入企业的一个非常重要的因素。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6f732667289dcdc80244f6b7e8b4405\" tg-width=\"640\" tg-height=\"470\" width=\"100%\" height=\"auto\"><span>Source: Glassdoor.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Glassdoor.com</span></p></blockquote></p><p></p><p> Coupang recorded a $122 million EBITDA loss in Q2 2021. These losses come from investments in new segments of the company: direct investments in the Eats and Fresh segments amounted to $120 million in Q2. These investments seem quite justified as the new fields helped Coupang to record significant top-line growth. Particularly, the Fresh grocery revenues doubled in Q2 YoY, exceeding the $2 billion level, less than 3 years after its launch. Though the Eats and Fresh segments are not yet profitable, they are recording significant contribution margin improvements in recent quarters, and the management believes that they will replicate the profitability of the mature segments of the company. In the Fresh segment, the management was able to record a 1,000-basis point contribution margin improvement YoY, while in the Eats segment the loss per order decreased by 50% in last year. As the management sees low online penetration in these segments and high ROI opportunities, they are going to continue to invest aggressively to create long term value for investors.</p><p><blockquote>Coupang在2021年第二季度录得1.22亿美元的EBITDA亏损。这些损失来自对公司新部门的投资：第二季度对Eats和Fresh部门的直接投资达1.2亿美元。这些投资似乎相当合理，因为新油田帮助Coupang实现了显着的营收增长。特别是，在推出不到3年后，第二季度的生鲜杂货收入同比翻了一番，超过了20亿美元的水平。尽管Eats和生鲜部门尚未盈利，但它们在最近几个季度的贡献率显着提高，管理层相信它们将复制公司成熟部门的盈利能力。在生鲜部门，管理层的贡献率同比提高了1,000个基点，而在Eats部门，去年每笔订单的亏损下降了50%。由于管理层看到这些细分市场的在线渗透率较低且投资回报率较高，因此他们将继续积极投资，为投资者创造长期价值。</blockquote></p><p> The growing scale of the business helps Coupang to improve profitability margins. The gross margin was only5.08%in 2018, while in the last quarter the company recorded a gross margin of 16.8%. However, the margin includes an inventory write-off of $158 million which was caused by a fulfilment center fire. Excluding the consequences of the fire, the company reported an $816 million quarterly gross profit, a 86% YoY improvement, and the adjusted gross margin is 18.2%.</p><p><blockquote>不断增长的业务规模有助于Coupang提高利润率。2018年毛利率仅为5.08%，而上一季度公司毛利率为16.8%。然而，该利润包括由履行中心火灾造成的1.58亿美元的库存冲销。排除火灾后果，该公司公布季度毛利润为8.16亿美元，同比增长86%，调整后毛利率为18.2%。</blockquote></p><p> The company has significant opportunities to expand its business. One of the most interesting areas is fintech, as the company could provide consumers with its own payment platform to process their transactions, get loans for their purchases etc. LatAm, owner of the e-commerce business Mercadolibre(NASDAQ:MELI), realizes this opportunity quite successfully as athird of its revenuescome from the fintech segment. Coupang's management is rather cautious about this field as they prefer to invest in the e-commerce segment. Coupang's fintech offerings are at their early stages yet as the company tests opportunities in the sector. The management has a similar approach to international expansion. Currently, Coupang is working on business expansion in Japan and Taiwan, however, these initiatives are at their early stages and the management is not intending to invest large amounts of cash on these projects.</p><p><blockquote>该公司有很大的机会扩大其业务。最有趣的领域之一是金融科技，因为该公司可以为消费者提供自己的支付平台来处理他们的交易、获得购买贷款等。电子商务企业Mercadolibre（纳斯达克：MELI）的所有者LatAm意识到这一机会相当成功，因为其三分之一的收入来自金融科技领域。Coupang的管理层对这一领域相当谨慎，因为他们更愿意投资电子商务领域。Coupang的金融科技产品仍处于早期阶段，该公司正在测试该行业的机会。管理层对国际扩张采取了类似的方法。目前，Coupang正致力于在日本和台湾的业务扩张，然而，这些举措仍处于早期阶段，管理层不打算在这些项目上投入大量现金。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Cross border e-commerce growth is one of the biggest threats for the business as prices in South Korea are generally higher than foreign prices. In 2019, there were almost$3.1 billiononline purchases from foreign retail sites, growing 15% YoY. However, surveys indicate that the South Korean population is not overly concerned about high prices as only20% of online shopperspay attention to low-priced products.</p><p><blockquote>跨境电子商务的增长是该业务面临的最大威胁之一，因为韩国的价格普遍高于国外价格。2019年，外国零售网站的在线购物额近31亿美元，同比增长15%。然而，调查显示，韩国人并不过度担心高价，因为只有20%的网上购物者关注低价产品。</blockquote></p><p> Every e-commerce player faces significant competition as the industry promises significant growth opportunities and companies invest heavily to grab their market share. Amazon(NASDAQ:AMZN)shows significant interest in the South Korean market as last year they announced their partnership with SK Telecom(NYSE:SKM). The partnership gives Amazon the right to obtain30% of 11Street, an e-commerce platform operating in South Korea, whose parent company is SK Telecom. In 2020, 11Street recorded revenues of $530 billion, which was about 14 times lower than Coupang's results. However, Amazon's partnership with the business will allow 11Street to introduce Amazon's products and services to its consumers which will create significant competitive advantages for the company.</p><p><blockquote>每个电子商务参与者都面临着激烈的竞争，因为该行业有望带来巨大的增长机会，并且公司大力投资以抢占市场份额。亚马逊（纳斯达克股票代码：AMZN）对韩国市场表现出浓厚的兴趣，去年他们宣布与SK Telecom（纽约证券交易所股票代码：SKM）建立合作伙伴关系。此次合作使亚马逊有权获得11Street 30%的股份，11Street是一家在韩国运营的电子商务平台，其母公司是SK Telecom。2020年，11Street的收入为5300亿美元，比Coupang的业绩低约14倍。然而，亚马逊与该业务的合作将使11Street能够向其消费者介绍亚马逊的产品和服务，这将为该公司创造显着的竞争优势。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> To calculate the intrinsic value of the stock we have used a relative valuation analysis. We have collected data on the world's 15 biggest e-commerce stocks to calculate the value of CPNG. The average P/S FWD ratio of the 15 biggest e-commerce companies is 7.99, while the median ratio is 4.25. Coupang's P/S FWD is 2.57, which indicates that the stock is trading at a lower multiple compared to its peers. Calculating the PSG ratio of competitors, we see that the average PSG is 20.96, while the median PSG is 17.4. Calculating Coupang's P/S FWD based on these multiples, and analysts' estimated revenue growth rate of50.2%, we get an average P/S FWD of 10.52 and a median of 8.73. These ratios are significantly higher than Coupang's 2.57 multiple. However, the low multiple reflects the low profitability of the business. The company reported a TTM gross margin of 16.63%, significantly lower than peers' average margin of 43.45%, thus we need to incorporate the low profitability of the business in our calculations also.</p><p><blockquote>为了计算股票的内在价值，我们使用了相对估值分析。我们收集了全球15只最大的电子商务股票的数据来计算CPNG的价值。15家最大电子商务公司的平均市盈率为7.99，中位数为4.25。Coupang的市盈率为2.57，这表明该股的市盈率低于同行。计算竞争对手的PSG比率，我们看到平均PSG为20.96，而中位数PSG为17.4。根据这些倍数以及分析师估计的50.2%的收入增长率计算Coupang的P/S FWD，我们得到的平均P/S FWD为10.52，中位数为8.73。这些比率明显高于Coupang的2.57倍。然而，低倍数反映了该业务的低盈利能力。该公司公布的TTM毛利率为16.63%，明显低于同行43.45%的平均利润率，因此我们还需要将该业务的低盈利能力纳入我们的计算中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6ae3e0938046e190132023d59e967802\" tg-width=\"640\" tg-height=\"126\" width=\"100%\" height=\"auto\"><span>Source: Author, Data:SeekingAlpha.com,Finviz.com,GuruFocus.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据：SeekingAlpha.com、Finviz.com、GuruFocus.com</span></p></blockquote></p><p></p><p> So, we have built a regression analysis where, for dependent variables, we have used natural logs of peers' estimated growth rates and TTM gross margins. As a result, we have an R Square of 55% and an F Stat of 7.34, which indicates that there is high statistical significance. Using coefficients of the regression equation, we get a P/S FWD ratio of 3.85, which is higher than Coupang's P/S FWD ratio of 2.57, and indicates that the stock is undervalued by 49%. So, we think that the intrinsic value of Coupang is $50; 12% higher than analysts' average price target of$44.7and 16.7% lower than analysts' highest price target of $60.</p><p><blockquote>因此，我们建立了一个回归分析，对于因变量，我们使用了同行估计增长率和TTM毛利率的自然对数。因此，我们的R平方为55%，F Stat为7.34，这表明具有很高的统计显著性。使用回归方程的系数，我们得到的P/S FWD比率为3.85，高于Coupang的P/S FWD比率2.57，表明该股被低估了49%。因此，我们认为Coupang的内在价值为50美元；比分析师平均目标价44.7美元高12%，比分析师最高目标价60美元低16.7%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a62c188e06bf9026705f537b306f13d3\" tg-width=\"640\" tg-height=\"123\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> It is expected that the South Korean retail market will exceed$530 billionby 2024. Considering a 35% e-commerce penetration rate and Coupang securing a 20% market share we get a $37.1 billion revenue prediction for Coupang. Taking our P/S ratio of 3.85, and multiplying it by our assumed sales figures, we get a $142.8 billion implied market cap, which is 140% higher than the current market cap and indicates a 34% annual return opportunity.</p><p><blockquote>预计到2024年，韩国零售市场将超过5300亿美元。考虑到35%的电子商务渗透率和Coupang获得20%的市场份额，我们对Coupang的收入预测为371亿美元。将我们的市盈率3.85乘以我们假设的销售数据，我们得到1,428亿美元的隐含市值，比当前市值高出140%，表明年回报机会为34%。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> The South Korean e-commerce market is growing quite rapidly. Coupang is the largest e-commerce player in South Korea partly because it managed to build a strong logistics network and delivers items quickly. Our valuation analyses indicate that the stock is undervalued by 50% compared to its peers, thus we see a strong price appreciation opportunity. We anticipate a 34% annual return until 2024, thus we assign a Buy rating to the stock.</p><p><blockquote>韩国电子商务市场增长相当迅速。Coupang是韩国最大的电子商务公司，部分原因是它成功建立了强大的物流网络并快速交付商品。我们的估值分析表明，与同行相比，该股被低估了50%，因此我们看到了强劲的价格升值机会。我们预计到2024年的年回报率为34%，因此我们给予该股买入评级。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4451167-coupang-strong-upside-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":{"CPNG":"Coupang, Inc."},"source_url":"https://seekingalpha.com/article/4451167-coupang-strong-upside-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104828360","content_text":"Summary\n\nCoupang stock is undervalued compared to its peers.\nThe South Korean e-commerce market is the 5th largest market in the world.\nCoupang's consumer satisfaction levels are quite high.\n\nmetamorworks/iStock via Getty Images\nThe South Korean e-commerce market has already achieved significant market penetration. Coupang(NYSE:CPNG)achieved significant consumer satisfaction with users ranking their shopping app higher than the average for South Korean apps. Coupang has a built very strong delivery network that enables the company to reach 70% of the South Korean population in less than 10 minutes. Relative valuation analysis indicates that the stock is undervalued and suggests we can expect strong double-digit returns in upcoming years.\nThe E-commerce market has already achieved significant success in South Korea. Currently, South Korea is the 5th largest e-commerce market in the world surpassing $110 billion in total sales level throughout 2020.\nSource: emarketer.com\nSouth Korea has the second-highest e-commerce sales to GDP ratio at 6.8%, only beaten by China with a 15.6% ratio. At the same time, the country has the 3rdhighest e-commerce sales per capita ($2,135) after the UK and the USA.\nSource: Author Data taken:emarketer.com,World Bank GDP,World Bank Population\nSouth Korea has relatively high e-commerce penetration: about 72% of the population has used e-commerce services at least once. Though the percentage seems quite high, not all are using e-commerce frequently, and even active users are spending only a small proportion of their total budget on online shopping.\nSource: Visualistan.com\nThe situation is going to change as the younger generations are inclined towards the digital world and readily adopt new online services. 94.7% of the 20-29 age group has used e-commerce platforms, while only 60.02% of the 50-59 age group has ever used e-commerce services. The spending power of the younger generations grow in line with their age, providing long-term sustainable growth opportunities for e-commerce players.\nSource: Statista\nSouth Korea has a high internet penetration rate with99.2%of households having internet access via PC, mobile or other devices. Mobile online purchases are the biggest growth engine for the e-commerce sector: online purchases via PC grew by only10.3%in the 2017-2018 period and 5.67% in the 2018-2019 period. At the same time, purchases made via mobile phones increased by 31.7% in the 2017-2018 period and by 19.84% in the 2018-2019 period. Mobile purchases make up 61.5% of total e-commerce sales. South Korea has the highest smartphone penetration in the world: 96% of the total population owns a smartphone compared to 89% in the USA and 71% in China.\nCoupang's mobile applications are among the top 20 of South Korean applications. Coupang’s Shopping app is the 13th most popular mobile app in South Korea according to the SimilarWebranking system in Apple's App Store(NASDAQ:AAPL), while Coupang Eats is 12th. At the same time, in the Google Play Store(NASDAQ:GOOG), the Coupang Shopping application is 15th. In South Korea,71.17% of mobile users use the Android operating system, while only 28.46% are iOS users. Thus, Google Play Store stats are more important for our analysis.\nSource: Statcounter.com\nThe Coupang shopping application has more than 583,000 reviews in the Google Play Store and the average rating is 4.2. More than 65% of users rated the app 5 stars. The rating of the app is significantly better than the average Korean app score of 3.39.\nSource: Appgrooves\nE-commerce penetration in South Korea jumped significantly in 2020. In 2019, the penetration rate was 20.8%, while in 2020 the number increased to 25.9%. In this respect, South Korea is ahead of the USA (14%), the UK (23.3%) and China (24.9%). These statistics indicate that the South Korean market is one step ahead of other countries' markets. It is estimated that the South Korean e-commerce market will continue its fast-paced growth and reach $150 billion revenues in 2024. Analysts estimate an8% GMV CAGRduring the 2021-2024 period.\nCoupang is growing faster than the total industry as the company was able to increase its market share significantly in 2020. In 2019, the company had a market share of18.1%, while in 2020 Coupang's share had increased to 24%. Meanwhile, its main competitors could not grow their market share percentages in 2020. The main rivals of the company are eBay(NASDAQ:EBAY)owned Gmarket, WeMakePrice and Naver Shopping. According to Daniel Yoo, head of global asset allocation at Yuanta Securities, the company can increase its market share by exceeding a30% levelin upcoming years.\nCoupang was founded in 2010, and since then has achieved a significant market share in South Korea. One of the biggest contributors to this fast growth was their fast delivery. Coupang's logistics business, Rocket Delivery, allows consumers to receive their orders in less than 24 hours from ordering. The company has built a strong end-to-end logistics network using its 200 warehouses and more than 100 logistics centers. According to the management,70% of the South Korean populationis living within 10 minutes of a Coupang logistics center. It creates a significant moat for the business as competitors would need to invest large amounts of cash to build similar logistics networks. Recently, Coupang has launched the Dawn Delivery service which delivers goods by 7 a.m., if the order is placed by midnight the day before. More than 3.3 million items are being ordered on the Coupang platform every day and 99.3% of all items are being delivered within 24 hours. It is worth mentioning that the fast delivery service has been achievable because South Korea is so densely populated. South Korea is the 23rd most densely populated country in the world with a density ratio of512 people per 1 km square. 81.4% of the population are living in cities, making the country the39thmost urbanized in the world.\nCoupang's different segments are interconnected, as the growth of one segment is bringing tailwinds for other segments. Coupang is investing heavily to grow its 1P business (their inventory offering) by expanding its product base and improving the quality of the service. These investments increase the level of consumer satisfaction and bring a significant number of consumers to the 3P business (3rd party marketplace). New consumers in the 3P segment increase the interest in new merchants on the platform; this is further expanding product variety, creating economic moat and attracting new consumers. Sellers are urged to move from traditional retail stores because this market is declining by7% YoYin South Korea, while on Coupang's platform 3rd party merchants grow their sales by an average of 87% YoY. So, due to large investments in the 1P business and the consumer base expansion in the 3P business, Coupang’s total business has grown at twice the rate of the total South Korean market over the past 2 years.\nThe company is actively encouraging more consumers to its platform: in Q2, the company recorded 26% active user growth, reaching17 million monthlyactive consumers. There seems to be a consumer base growth opportunity in South Korea, as it is estimated that there are about 37 million internet shoppers in the country. The company could not achieve significant growth by only expanding its consumer base, but it can record significant growth by increasing their revenue per consumer, which is still quite low. In the last quarter, the company managed to record a 36% revenue per consumer growth, due to the expansion of product and service bases.\nCoupang is also offering its employees incentives to invest their efforts into the growth of the business. Coupang is the first Korean company to make its frontline workers shareholders of the company: 39,000 employees got restricted stock awards at the IPO. Coupang employees are generally content with the firm as the company has a 4 out of 5-star rating. The CEO has a90% approvalrate, while 80% of employees would recommend joining the Coupang team to their friends. Employee’s rank \"career opportunities\" in the company a quite high, which is a very important factor to attract highly talented workers to the business.\nSource: Glassdoor.com\nCoupang recorded a $122 million EBITDA loss in Q2 2021. These losses come from investments in new segments of the company: direct investments in the Eats and Fresh segments amounted to $120 million in Q2. These investments seem quite justified as the new fields helped Coupang to record significant top-line growth. Particularly, the Fresh grocery revenues doubled in Q2 YoY, exceeding the $2 billion level, less than 3 years after its launch. Though the Eats and Fresh segments are not yet profitable, they are recording significant contribution margin improvements in recent quarters, and the management believes that they will replicate the profitability of the mature segments of the company. In the Fresh segment, the management was able to record a 1,000-basis point contribution margin improvement YoY, while in the Eats segment the loss per order decreased by 50% in last year. As the management sees low online penetration in these segments and high ROI opportunities, they are going to continue to invest aggressively to create long term value for investors.\nThe growing scale of the business helps Coupang to improve profitability margins. The gross margin was only5.08%in 2018, while in the last quarter the company recorded a gross margin of 16.8%. However, the margin includes an inventory write-off of $158 million which was caused by a fulfilment center fire. Excluding the consequences of the fire, the company reported an $816 million quarterly gross profit, a 86% YoY improvement, and the adjusted gross margin is 18.2%.\nThe company has significant opportunities to expand its business. One of the most interesting areas is fintech, as the company could provide consumers with its own payment platform to process their transactions, get loans for their purchases etc. LatAm, owner of the e-commerce business Mercadolibre(NASDAQ:MELI), realizes this opportunity quite successfully as athird of its revenuescome from the fintech segment. Coupang's management is rather cautious about this field as they prefer to invest in the e-commerce segment. Coupang's fintech offerings are at their early stages yet as the company tests opportunities in the sector. The management has a similar approach to international expansion. Currently, Coupang is working on business expansion in Japan and Taiwan, however, these initiatives are at their early stages and the management is not intending to invest large amounts of cash on these projects.\nRisks\nCross border e-commerce growth is one of the biggest threats for the business as prices in South Korea are generally higher than foreign prices. In 2019, there were almost$3.1 billiononline purchases from foreign retail sites, growing 15% YoY. However, surveys indicate that the South Korean population is not overly concerned about high prices as only20% of online shopperspay attention to low-priced products.\nEvery e-commerce player faces significant competition as the industry promises significant growth opportunities and companies invest heavily to grab their market share. Amazon(NASDAQ:AMZN)shows significant interest in the South Korean market as last year they announced their partnership with SK Telecom(NYSE:SKM). The partnership gives Amazon the right to obtain30% of 11Street, an e-commerce platform operating in South Korea, whose parent company is SK Telecom. In 2020, 11Street recorded revenues of $530 billion, which was about 14 times lower than Coupang's results. However, Amazon's partnership with the business will allow 11Street to introduce Amazon's products and services to its consumers which will create significant competitive advantages for the company.\nValuation\nTo calculate the intrinsic value of the stock we have used a relative valuation analysis. We have collected data on the world's 15 biggest e-commerce stocks to calculate the value of CPNG. The average P/S FWD ratio of the 15 biggest e-commerce companies is 7.99, while the median ratio is 4.25. Coupang's P/S FWD is 2.57, which indicates that the stock is trading at a lower multiple compared to its peers. Calculating the PSG ratio of competitors, we see that the average PSG is 20.96, while the median PSG is 17.4. Calculating Coupang's P/S FWD based on these multiples, and analysts' estimated revenue growth rate of50.2%, we get an average P/S FWD of 10.52 and a median of 8.73. These ratios are significantly higher than Coupang's 2.57 multiple. However, the low multiple reflects the low profitability of the business. The company reported a TTM gross margin of 16.63%, significantly lower than peers' average margin of 43.45%, thus we need to incorporate the low profitability of the business in our calculations also.\nSource: Author, Data:SeekingAlpha.com,Finviz.com,GuruFocus.com\nSo, we have built a regression analysis where, for dependent variables, we have used natural logs of peers' estimated growth rates and TTM gross margins. As a result, we have an R Square of 55% and an F Stat of 7.34, which indicates that there is high statistical significance. Using coefficients of the regression equation, we get a P/S FWD ratio of 3.85, which is higher than Coupang's P/S FWD ratio of 2.57, and indicates that the stock is undervalued by 49%. So, we think that the intrinsic value of Coupang is $50; 12% higher than analysts' average price target of$44.7and 16.7% lower than analysts' highest price target of $60.\nSource: Author\nIt is expected that the South Korean retail market will exceed$530 billionby 2024. Considering a 35% e-commerce penetration rate and Coupang securing a 20% market share we get a $37.1 billion revenue prediction for Coupang. Taking our P/S ratio of 3.85, and multiplying it by our assumed sales figures, we get a $142.8 billion implied market cap, which is 140% higher than the current market cap and indicates a 34% annual return opportunity.\nConclusion\nThe South Korean e-commerce market is growing quite rapidly. Coupang is the largest e-commerce player in South Korea partly because it managed to build a strong logistics network and delivers items quickly. Our valuation analyses indicate that the stock is undervalued by 50% compared to its peers, thus we see a strong price appreciation opportunity. We anticipate a 34% annual return until 2024, thus we assign a Buy rating to the stock.","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"tweetType":1,"viewCount":1409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":839174248,"gmtCreate":1629130793884,"gmtModify":1633687152874,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087554746740450","idStr":"4087554746740450"},"themes":[],"htmlText":"1% is nothing.. Lol[开心]&nbsp;","listText":"1% is nothing.. Lol[开心]&nbsp;","text":"1% is nothing.. Lol[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/839174248","repostId":"1135212237","repostType":4,"repost":{"id":"1135212237","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":1629125001,"share":"https://www.laohu8.com/m/news/1135212237?lang=zh_CN&edition=full","pubTime":"2021-08-16 22:43","market":"us","language":"en","title":"Big tech stocks fell in morning trading, Apple fell over 1% after reaching record high<blockquote>大型科技股早盘下跌苹果创历史新高后跌超1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135212237","media":"Tiger Newspress","summary":"(Aug 16) Big tech stocks fell in morning trading. Apple fell over 1% after reaching record high at $","content":"<p>(Aug 16)&nbsp;Big tech stocks fell in morning trading. Apple fell over 1% after reaching record high at $150.59.</p><p><blockquote>（8月16日）大型科技股早盘下跌。苹果在触及150.59美元的历史新高后跌超1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f7c0f1effcd77008de0ea3edac4e6766\" tg-width=\"309\" tg-height=\"323\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Big tech stocks fell in morning trading, Apple fell over 1% after reaching record high<blockquote>大型科技股早盘下跌苹果创历史新高后跌超1%</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\">\nBig tech stocks fell in morning trading, Apple fell over 1% after reaching record high<blockquote>大型科技股早盘下跌苹果创历史新高后跌超1%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-16 22:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 16)&nbsp;Big tech stocks fell in morning trading. Apple fell over 1% after reaching record high at $150.59.</p><p><blockquote>（8月16日）大型科技股早盘下跌。苹果在触及150.59美元的历史新高后跌超1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f7c0f1effcd77008de0ea3edac4e6766\" tg-width=\"309\" tg-height=\"323\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135212237","content_text":"(Aug 16) Big tech stocks fell in morning trading. Apple fell over 1% after reaching record high at $150.59.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":145678118,"gmtCreate":1626223460634,"gmtModify":1633928920224,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087554746740450","idStr":"4087554746740450"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/145678118","repostId":"2151560584","repostType":4,"isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154668627,"gmtCreate":1625525829269,"gmtModify":1633940095121,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087554746740450","idStr":"4087554746740450"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/154668627","repostId":"1109703914","repostType":4,"repost":{"id":"1109703914","kind":"news","pubTimestamp":1625464355,"share":"https://www.laohu8.com/m/news/1109703914?lang=zh_CN&edition=full","pubTime":"2021-07-05 13:52","market":"us","language":"en","title":"Is the Stock Market Open or Closed on Independence Day?<blockquote>独立日股票市场是开放还是关闭？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109703914","media":"Thestreet","summary":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.So will the major markets open or close for the holiday?The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.It's one of nine full-closing daysfor the stock market this year.For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading i","content":"<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p><p><blockquote>对许多人来说，美国的独立日是野餐和海滩日。但今年7月4日是周日，这在美国不是交易日。</blockquote></p><p> So will the major markets open or close for the holiday?</p><p><blockquote>那么假期主要市场会开盘还是收盘呢？</blockquote></p><p> The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p><p><blockquote>事实上，纽约证券交易所和纳斯达克将于7月5日星期一休市，以庆祝独立日。</blockquote></p><p> It's&nbsp;one of nine full-closing daysfor the stock market this year.</p><p><blockquote>这是今年股市九个完整休市日之一。</blockquote></p><p> For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p><p><blockquote>例如，股市将于11月25日星期四感恩节休市。11月26日星期五，交易时间为半天多一点，上午9:30至下午1点。美国东部时间。</blockquote></p><p> Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</p><p><blockquote>正常股票交易时间为上午9:30至下午4点。东部时间。</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>Is the Stock Market Open or Closed on Independence Day?<blockquote>独立日股票市场是开放还是关闭？</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\">\nIs the Stock Market Open or Closed on Independence Day?<blockquote>独立日股票市场是开放还是关闭？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-07-05 13:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p><p><blockquote>对许多人来说，美国的独立日是野餐和海滩日。但今年7月4日是周日，这在美国不是交易日。</blockquote></p><p> So will the major markets open or close for the holiday?</p><p><blockquote>那么假期主要市场会开盘还是收盘呢？</blockquote></p><p> The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p><p><blockquote>事实上，纽约证券交易所和纳斯达克将于7月5日星期一休市，以庆祝独立日。</blockquote></p><p> It's&nbsp;one of nine full-closing daysfor the stock market this year.</p><p><blockquote>这是今年股市九个完整休市日之一。</blockquote></p><p> For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p><p><blockquote>例如，股市将于11月25日星期四感恩节休市。11月26日星期五，交易时间为半天多一点，上午9:30至下午1点。美国东部时间。</blockquote></p><p> Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</p><p><blockquote>正常股票交易时间为上午9:30至下午4点。东部时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours\">Thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109703914","content_text":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.\nSo will the major markets open or close for the holiday?\nThe New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.\nIt's one of nine full-closing daysfor the stock market this year.\nFor instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.\nNormal stock-trading hours run 9:30 a.m. to 4 p.m. ET.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":974,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":882606416,"gmtCreate":1631680322735,"gmtModify":1631890229956,"author":{"id":"4087554746740450","authorId":"4087554746740450","name":"29e8bc52","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087554746740450","idStr":"4087554746740450"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/882606416","repostId":"1149832852","repostType":4,"isVote":1,"tweetType":1,"viewCount":1882,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}