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- CCCHCCCH
  ·2021-12-29
  CDL is quite low now
  非常抱歉，此主贴已删除
  2,736 评论
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- CCCHCCCH
  ·2021-12-29
  Too risky
  非常抱歉，此主贴已删除
  2,042 评论
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- CCCHCCCH
  ·2021-12-28
  Support Spore company please
  Grab stock climbed more than 3% in premarket trading<blockquote>Grab股价在盘前交易中上涨超过3%</blockquote>
  Grab stock climbed more than 3% in premarket trading Tuesday after falling more than 3% yesterday.
  Grab stock climbed more than 3% in premarket trading<blockquote>Grab股价在盘前交易中上涨超过3%</blockquote>
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- CCCHCCCH
  ·2021-12-28
  With China market , the share likely to grows faster
  非常抱歉，此主贴已删除
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- CCCHCCCH
  ·2021-12-27
  Wish you good luck
  非常抱歉，此主贴已删除
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- CCCHCCCH
  ·2021-12-27
  Really
  非常抱歉，此主贴已删除
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- CCCHCCCH
  ·2021-12-27
  Really ?
  非常抱歉，此主贴已删除
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- CCCHCCCH
  ·2021-12-27
  Not affecting me
  非常抱歉，此主贴已删除
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- CCCHCCCH
  ·2021-12-26
  Apple share is quote stable
  非常抱歉，此主贴已删除
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- CCCHCCCH
  ·2021-12-24
  Sea dharez will be back to $300 plus soon
  Sea Limited: An Early Christmas Gift<blockquote>Sea Limited：一份提前的圣诞礼物</blockquote>
  Summary Sea Limited is a growing company in a growing economy. At this stage, the company should be
  Sea Limited: An Early Christmas Gift<blockquote>Sea Limited：一份提前的圣诞礼物</blockquote>
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please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696674040","repostId":"1122789395","repostType":4,"repost":{"id":"1122789395","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":1640682350,"share":"https://www.laohu8.com/m/news/1122789395?lang=zh_CN&edition=full","pubTime":"2021-12-28 17:05","market":"us","language":"en","title":"Grab stock climbed more than 3% in premarket trading<blockquote>Grab股价在盘前交易中上涨超过3%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122789395","media":"Tiger Newspress","summary":"Grab stock climbed more than 3% in premarket trading Tuesday after falling more than 3% yesterday.\n\n","content":"<p>Grab stock climbed more than 3% in premarket trading&nbsp;Tuesday&nbsp;after falling more than 3% yesterday.</p><p><blockquote>Grab股价在昨天下跌超过3%后，周二盘前交易中上涨超过3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7dfb400a3587d9cc0fba919a211e18a3\" tg-width=\"841\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Grab debuted on the Nasdaq following a deal with blank-check company&nbsp;Altimeter Growth Corp., which&nbsp;valued the company at nearly $40 billion. It became the largest-ever company to close a SPAC merger and go public.</p><p><blockquote>Grab在与空白支票公司Altimeter Growth Corp.达成交易后在纳斯达克首次亮相，该公司估值接近400亿美元。它成为有史以来完成SPAC合并并上市的最大公司。</blockquote></p><p> But shares fell more than 20% from $13.06 to $8.75 a piece in the first day of trading. Since then, the stock has fallen another 16%.</p><p><blockquote>但股价在首日交易中下跌超过20%，从每股13.06美元跌至8.75美元。此后，该股又下跌了16%。</blockquote></p><p> Still, JPMorgan likes the stock and said the company has a “superior regional superapp” and multiple opportunities for “multi-year growth.” The investment bank said that Grab’s regional leadership in Southeast Asia is driven by a highly scalable and localized platform that is underpinned by its proprietary technology.</p><p><blockquote>尽管如此，摩根大通还是喜欢该股票，并表示该公司拥有“卓越的区域超级应用程序”和“多年增长”的多种机会。该投行表示，Grab在东南亚的区域领导地位是由一个高度可扩展和本地化的平台推动的，该平台由其专有技术支撑。</blockquote></p><p> “The platform enables Grab to offer its services at a structurally lower cost base vs peers, with higher retention rates,” JPMorgan analysts wrote in their initiation coverage note earlier this month. “Grab’s platform gives it further advantages over its peers with limited geographical presence and/or fewer services, as Grab can allocate cash flows across countries and services to deliver on growth.”</p><p><blockquote>摩根大通分析师在本月早些时候的启动报告中写道：“与同行相比，该平台使Grab能够以结构性更低的成本基础提供服务，并具有更高的保留率。”“与地理分布有限和/或服务较少的同行相比，Grab的平台使其具有进一步的优势，因为Grab可以在不同国家和服务之间分配现金流以实现增长。”</blockquote></p><p> Here are JPMorgan, Citi and Evercore’s ratings and price targets for Grab, and why they like the stock:</p><p><blockquote>以下是摩根大通、花旗和Evercore对Grab的评级和目标价，以及他们喜欢该股票的原因：</blockquote></p><p> <b>JPMorgan</b></p><p><blockquote><b>摩根大通</b></blockquote></p><p> JPMorgan initiated coverage on Grab with an overweight rating and a price target of $12.50 over the next 12 months — that represents over 70% upside from the Dec. 23 closing price of $7.35.</p><p><blockquote>摩根大通首次对Grab给予跑赢大盘评级，未来12个月的目标价为12.50美元，较12月23日收盘价7.35美元上涨超过70%。</blockquote></p><p> Based on the investment bank’s rating system, an overweight rating implies JPMorgan expects Grab’s stock to outperform over the next six to 12 months.</p><p><blockquote>根据投资银行的评级系统，跑赢大盘评级意味着摩根大通预计Grab的股票在未来6至12个月内将跑赢大盘。</blockquote></p><p> The analysts said Grab’s superior regional app, comprising multiple services including ride-hailing and food delivery, is “best geared to rising online consumption” in Southeast Asia. They said they identified gross merchandize value and revenue growth as key catalysts for the company and they see “multiple opportunities for multi-year growth.”</p><p><blockquote>分析师表示，Grab卓越的区域应用程序包括叫车和送餐等多种服务，最适合东南亚不断增长的在线消费。他们表示，他们认为商品总价值和收入增长是公司的关键催化剂，并看到了“多年增长的多种机会”。</blockquote></p><p> GMV is a metric&nbsp;often used in e-commerce&nbsp;to measure the total dollar value of goods sold&nbsp;over a certain period of time.</p><p><blockquote>GMV是电子商务中常用的衡量标准，用于衡量一定时期内销售商品的总美元价值。</blockquote></p><p> The investment bank said Grab is a leader in ride-hailing across the region and that could lead to a highly profitable mobility business, where lifting Covid restrictions and broader economic reopening could drive growth.</p><p><blockquote>该投资银行表示，Grab是该地区网约车领域的领导者，这可能会带来高利润的移动业务，取消新冠疫情限制和更广泛的经济重新开放可能会推动增长。</blockquote></p><p> While the company’s delivery business is at an earlier stage of development, JPMorgan said there’s growth potential due to the relatively fragmented, but large total addressable market for food delivery and groceries. But the bank said that Grab is likely to see losses in the near-to-mid term due to investments and competition for market share.</p><p><blockquote>虽然该公司的配送业务处于早期发展阶段，但摩根大通表示，由于食品配送和杂货市场相对分散，但总目标市场规模较大，因此存在增长潜力。但该行表示，由于投资和市场份额竞争，Grab可能会在中短期内出现亏损。</blockquote></p><p> The analysts warned, however, that Grab’s stock price could be volatile over the next six months as the free float expands due to staggered expiration of lock-ups that will release additional shares. Potential inclusion in MSCI indexes could also contribute to the volatility, JPMorgan said.</p><p><blockquote>然而，分析师警告称，随着自由流通量的扩大，Grab的股价在未来六个月内可能会波动，因为锁定期将释放额外股票。摩根大通表示，潜在纳入摩根士丹利资本国际指数也可能加剧波动。</blockquote></p><p> <b>Citi</b></p><p><blockquote><b>花旗银行</b></blockquote></p><p> Citi initiated coverage of Grab with a buy rating and a price target of $12 a share, but also flagged the stock as high risk.</p><p><blockquote>花旗首次对Grab给予买入评级，目标价为每股12美元，但也将该股标记为高风险。</blockquote></p><p> Compared with regional peers, Citi analysts said Grab benefits from its ability to capture larger volumes of consumer data given higher frequency of delivery and mobility demand compared to services like e-commerce. That gives the company an easier way to cross-sell its financial services products, they added.</p><p><blockquote>花旗分析师表示，与地区同行相比，Grab受益于其捕获大量消费者数据的能力，因为与电子商务等服务相比，交付频率和移动需求更高。他们补充说，这使该公司能够更轻松地交叉销售其金融服务产品。</blockquote></p><p> The analysts pointed out that Grab has a “broader geographic footprint with more equal strength in the ... Southeast Asia countries in which it operates,” compared with Indonesian rival GoTo Group.</p><p><blockquote>分析师指出，与印度尼西亚竞争对手GoTo Group相比，Grab“在其开展业务的东南亚国家拥有更广泛的地理足迹和更平等的实力”。</blockquote></p><p> Citi said, however, spending per transaction and per user is lower for Grab than other regional players like&nbsp;Sea, which operates e-commerce platform Shopee. That implies Grab would face more headwinds if Covid cases in the region surge again, forcing countries to impose lockdowns and other mobility restrictions.</p><p><blockquote>然而，花旗表示，Grab的每笔交易和每位用户的支出低于运营电子商务平台Shopee的Sea等其他地区参与者。这意味着，如果该地区的新冠病例再次激增，迫使各国实施封锁和其他流动限制，Grab将面临更多阻力。</blockquote></p><p> “Grab also lacks a high-margin gaming business and global exposure given its Southeast Asia focus,” Citi analysts said.</p><p><blockquote>花旗分析师表示：“鉴于Grab专注于东南亚，它还缺乏高利润的游戏业务和全球曝光率。”</blockquote></p><p> <b>Evercore</b></p><p><blockquote><b>Evercore</b></blockquote></p><p> Evercore initiated coverage with an outperform rating and a price target of $10.</p><p><blockquote>Evercore首次给予跑赢大盘评级，目标价为10美元。</blockquote></p><p> The firm said Grab will likely face more local competition in each market for its delivery business compared to ridesharing, where the only other international incumbent is GoTo Group’s Gojek — particularly, in Indonesia.</p><p><blockquote>该公司表示，与拼车相比，Grab的送货业务可能会在每个市场面临更多的本地竞争，拼车业务唯一的其他国际现有企业是GoTo Group的Gojek，尤其是在印度尼西亚。</blockquote></p><p> “Within its Delivery segment, Grab faces a bit more competition across its core geographies,” Evercore analysts said in a recent note. They flagged the likes of Foodpanda, Gojek and Deliveroo in Singapore, LineMan in Thailand as well as Now and Baemin in Vietnam as competitors.</p><p><blockquote>Evercore分析师在最近的一份报告中表示：“在配送领域，Grab在其核心地区面临更多竞争。”他们将Foodpanda、Gojek和户户送、Thailand Lineman以及Now和Baemin等公司列为竞争对手。</blockquote></p><p></p><p> “Lastly, Grab competes with last-mile logistics providers such as Gojek and Lalamove, and more local last-mile players such as AhaMove (Vietnam),” the analysts said.</p><p><blockquote>分析师表示：“最后，Grab与Gojek和货拉拉等最后一英里物流提供商以及AhaMove(Vietnam)等更多本地最后一英里物流提供商竞争。”</blockquote></p><p> In the financial services business, Grab faces competition from traditional players including credit card companies, banks as well as cash, which is still the predominant mode of payment in Southeast Asia.</p><p><blockquote>在金融服务业务方面，Grab面临着来自信用卡公司、银行以及现金等传统参与者的竞争，现金仍然是东南亚的主要支付方式。</blockquote></p><p> Still, the Evercore analysts said that most of Grab’s core business segments including delivery, mobility and financial services remain underpenetrated, which grants the Singapore-headquartered company “a probable long runway for growth.”</p><p><blockquote>尽管如此，Evercore分析师表示，Grab的大部分核心业务部门，包括送货、移动和金融服务，仍然渗透不足，这使得这家总部位于新加坡的公司“可能还有很长的增长空间”。</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>Grab stock climbed more than 3% in premarket trading<blockquote>Grab股价在盘前交易中上涨超过3%</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; 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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\">\nGrab stock climbed more than 3% in premarket trading<blockquote>Grab股价在盘前交易中上涨超过3%</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\">2021-12-28 17:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Grab stock climbed more than 3% in premarket trading&nbsp;Tuesday&nbsp;after falling more than 3% yesterday.</p><p><blockquote>Grab股价在昨天下跌超过3%后，周二盘前交易中上涨超过3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7dfb400a3587d9cc0fba919a211e18a3\" tg-width=\"841\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Grab debuted on the Nasdaq following a deal with blank-check company&nbsp;Altimeter Growth Corp., which&nbsp;valued the company at nearly $40 billion. It became the largest-ever company to close a SPAC merger and go public.</p><p><blockquote>Grab在与空白支票公司Altimeter Growth Corp.达成交易后在纳斯达克首次亮相，该公司估值接近400亿美元。它成为有史以来完成SPAC合并并上市的最大公司。</blockquote></p><p> But shares fell more than 20% from $13.06 to $8.75 a piece in the first day of trading. Since then, the stock has fallen another 16%.</p><p><blockquote>但股价在首日交易中下跌超过20%，从每股13.06美元跌至8.75美元。此后，该股又下跌了16%。</blockquote></p><p> Still, JPMorgan likes the stock and said the company has a “superior regional superapp” and multiple opportunities for “multi-year growth.” The investment bank said that Grab’s regional leadership in Southeast Asia is driven by a highly scalable and localized platform that is underpinned by its proprietary technology.</p><p><blockquote>尽管如此，摩根大通还是喜欢该股票，并表示该公司拥有“卓越的区域超级应用程序”和“多年增长”的多种机会。该投行表示，Grab在东南亚的区域领导地位是由一个高度可扩展和本地化的平台推动的，该平台由其专有技术支撑。</blockquote></p><p> “The platform enables Grab to offer its services at a structurally lower cost base vs peers, with higher retention rates,” JPMorgan analysts wrote in their initiation coverage note earlier this month. “Grab’s platform gives it further advantages over its peers with limited geographical presence and/or fewer services, as Grab can allocate cash flows across countries and services to deliver on growth.”</p><p><blockquote>摩根大通分析师在本月早些时候的启动报告中写道：“与同行相比，该平台使Grab能够以结构性更低的成本基础提供服务，并具有更高的保留率。”“与地理分布有限和/或服务较少的同行相比，Grab的平台使其具有进一步的优势，因为Grab可以在不同国家和服务之间分配现金流以实现增长。”</blockquote></p><p> Here are JPMorgan, Citi and Evercore’s ratings and price targets for Grab, and why they like the stock:</p><p><blockquote>以下是摩根大通、花旗和Evercore对Grab的评级和目标价，以及他们喜欢该股票的原因：</blockquote></p><p> <b>JPMorgan</b></p><p><blockquote><b>摩根大通</b></blockquote></p><p> JPMorgan initiated coverage on Grab with an overweight rating and a price target of $12.50 over the next 12 months — that represents over 70% upside from the Dec. 23 closing price of $7.35.</p><p><blockquote>摩根大通首次对Grab给予跑赢大盘评级，未来12个月的目标价为12.50美元，较12月23日收盘价7.35美元上涨超过70%。</blockquote></p><p> Based on the investment bank’s rating system, an overweight rating implies JPMorgan expects Grab’s stock to outperform over the next six to 12 months.</p><p><blockquote>根据投资银行的评级系统，跑赢大盘评级意味着摩根大通预计Grab的股票在未来6至12个月内将跑赢大盘。</blockquote></p><p> The analysts said Grab’s superior regional app, comprising multiple services including ride-hailing and food delivery, is “best geared to rising online consumption” in Southeast Asia. They said they identified gross merchandize value and revenue growth as key catalysts for the company and they see “multiple opportunities for multi-year growth.”</p><p><blockquote>分析师表示，Grab卓越的区域应用程序包括叫车和送餐等多种服务，最适合东南亚不断增长的在线消费。他们表示，他们认为商品总价值和收入增长是公司的关键催化剂，并看到了“多年增长的多种机会”。</blockquote></p><p> GMV is a metric&nbsp;often used in e-commerce&nbsp;to measure the total dollar value of goods sold&nbsp;over a certain period of time.</p><p><blockquote>GMV是电子商务中常用的衡量标准，用于衡量一定时期内销售商品的总美元价值。</blockquote></p><p> The investment bank said Grab is a leader in ride-hailing across the region and that could lead to a highly profitable mobility business, where lifting Covid restrictions and broader economic reopening could drive growth.</p><p><blockquote>该投资银行表示，Grab是该地区网约车领域的领导者，这可能会带来高利润的移动业务，取消新冠疫情限制和更广泛的经济重新开放可能会推动增长。</blockquote></p><p> While the company’s delivery business is at an earlier stage of development, JPMorgan said there’s growth potential due to the relatively fragmented, but large total addressable market for food delivery and groceries. But the bank said that Grab is likely to see losses in the near-to-mid term due to investments and competition for market share.</p><p><blockquote>虽然该公司的配送业务处于早期发展阶段，但摩根大通表示，由于食品配送和杂货市场相对分散，但总目标市场规模较大，因此存在增长潜力。但该行表示，由于投资和市场份额竞争，Grab可能会在中短期内出现亏损。</blockquote></p><p> The analysts warned, however, that Grab’s stock price could be volatile over the next six months as the free float expands due to staggered expiration of lock-ups that will release additional shares. Potential inclusion in MSCI indexes could also contribute to the volatility, JPMorgan said.</p><p><blockquote>然而，分析师警告称，随着自由流通量的扩大，Grab的股价在未来六个月内可能会波动，因为锁定期将释放额外股票。摩根大通表示，潜在纳入摩根士丹利资本国际指数也可能加剧波动。</blockquote></p><p> <b>Citi</b></p><p><blockquote><b>花旗银行</b></blockquote></p><p> Citi initiated coverage of Grab with a buy rating and a price target of $12 a share, but also flagged the stock as high risk.</p><p><blockquote>花旗首次对Grab给予买入评级，目标价为每股12美元，但也将该股标记为高风险。</blockquote></p><p> Compared with regional peers, Citi analysts said Grab benefits from its ability to capture larger volumes of consumer data given higher frequency of delivery and mobility demand compared to services like e-commerce. That gives the company an easier way to cross-sell its financial services products, they added.</p><p><blockquote>花旗分析师表示，与地区同行相比，Grab受益于其捕获大量消费者数据的能力，因为与电子商务等服务相比，交付频率和移动需求更高。他们补充说，这使该公司能够更轻松地交叉销售其金融服务产品。</blockquote></p><p> The analysts pointed out that Grab has a “broader geographic footprint with more equal strength in the ... Southeast Asia countries in which it operates,” compared with Indonesian rival GoTo Group.</p><p><blockquote>分析师指出，与印度尼西亚竞争对手GoTo Group相比，Grab“在其开展业务的东南亚国家拥有更广泛的地理足迹和更平等的实力”。</blockquote></p><p> Citi said, however, spending per transaction and per user is lower for Grab than other regional players like&nbsp;Sea, which operates e-commerce platform Shopee. That implies Grab would face more headwinds if Covid cases in the region surge again, forcing countries to impose lockdowns and other mobility restrictions.</p><p><blockquote>然而，花旗表示，Grab的每笔交易和每位用户的支出低于运营电子商务平台Shopee的Sea等其他地区参与者。这意味着，如果该地区的新冠病例再次激增，迫使各国实施封锁和其他流动限制，Grab将面临更多阻力。</blockquote></p><p> “Grab also lacks a high-margin gaming business and global exposure given its Southeast Asia focus,” Citi analysts said.</p><p><blockquote>花旗分析师表示：“鉴于Grab专注于东南亚，它还缺乏高利润的游戏业务和全球曝光率。”</blockquote></p><p> <b>Evercore</b></p><p><blockquote><b>Evercore</b></blockquote></p><p> Evercore initiated coverage with an outperform rating and a price target of $10.</p><p><blockquote>Evercore首次给予跑赢大盘评级，目标价为10美元。</blockquote></p><p> The firm said Grab will likely face more local competition in each market for its delivery business compared to ridesharing, where the only other international incumbent is GoTo Group’s Gojek — particularly, in Indonesia.</p><p><blockquote>该公司表示，与拼车相比，Grab的送货业务可能会在每个市场面临更多的本地竞争，拼车业务唯一的其他国际现有企业是GoTo Group的Gojek，尤其是在印度尼西亚。</blockquote></p><p> “Within its Delivery segment, Grab faces a bit more competition across its core geographies,” Evercore analysts said in a recent note. They flagged the likes of Foodpanda, Gojek and Deliveroo in Singapore, LineMan in Thailand as well as Now and Baemin in Vietnam as competitors.</p><p><blockquote>Evercore分析师在最近的一份报告中表示：“在配送领域，Grab在其核心地区面临更多竞争。”他们将Foodpanda、Gojek和户户送、Thailand Lineman以及Now和Baemin等公司列为竞争对手。</blockquote></p><p></p><p> “Lastly, Grab competes with last-mile logistics providers such as Gojek and Lalamove, and more local last-mile players such as AhaMove (Vietnam),” the analysts said.</p><p><blockquote>分析师表示：“最后，Grab与Gojek和货拉拉等最后一英里物流提供商以及AhaMove(Vietnam)等更多本地最后一英里物流提供商竞争。”</blockquote></p><p> In the financial services business, Grab faces competition from traditional players including credit card companies, banks as well as cash, which is still the predominant mode of payment in Southeast Asia.</p><p><blockquote>在金融服务业务方面，Grab面临着来自信用卡公司、银行以及现金等传统参与者的竞争，现金仍然是东南亚的主要支付方式。</blockquote></p><p> Still, the Evercore analysts said that most of Grab’s core business segments including delivery, mobility and financial services remain underpenetrated, which grants the Singapore-headquartered company “a probable long runway for growth.”</p><p><blockquote>尽管如此，Evercore分析师表示，Grab的大部分核心业务部门，包括送货、移动和金融服务，仍然渗透不足，这使得这家总部位于新加坡的公司“可能还有很长的增长空间”。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GRAB":"Grab Holdings"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122789395","content_text":"Grab stock climbed more than 3% in premarket trading Tuesday after falling more than 3% yesterday.\n\nGrab debuted on the Nasdaq following a deal with blank-check company Altimeter Growth Corp., which valued the company at nearly $40 billion. It became the largest-ever company to close a SPAC merger and go public.\nBut shares fell more than 20% from $13.06 to $8.75 a piece in the first day of trading. Since then, the stock has fallen another 16%.\nStill, JPMorgan likes the stock and said the company has a “superior regional superapp” and multiple opportunities for “multi-year growth.” The investment bank said that Grab’s regional leadership in Southeast Asia is driven by a highly scalable and localized platform that is underpinned by its proprietary technology.\n“The platform enables Grab to offer its services at a structurally lower cost base vs peers, with higher retention rates,” JPMorgan analysts wrote in their initiation coverage note earlier this month. “Grab’s platform gives it further advantages over its peers with limited geographical presence and/or fewer services, as Grab can allocate cash flows across countries and services to deliver on growth.”\nHere are JPMorgan, Citi and Evercore’s ratings and price targets for Grab, and why they like the stock:\nJPMorgan\nJPMorgan initiated coverage on Grab with an overweight rating and a price target of $12.50 over the next 12 months — that represents over 70% upside from the Dec. 23 closing price of $7.35.\nBased on the investment bank’s rating system, an overweight rating implies JPMorgan expects Grab’s stock to outperform over the next six to 12 months.\nThe analysts said Grab’s superior regional app, comprising multiple services including ride-hailing and food delivery, is “best geared to rising online consumption” in Southeast Asia. They said they identified gross merchandize value and revenue growth as key catalysts for the company and they see “multiple opportunities for multi-year growth.”\nGMV is a metric often used in e-commerce to measure the total dollar value of goods sold over a certain period of time.\nThe investment bank said Grab is a leader in ride-hailing across the region and that could lead to a highly profitable mobility business, where lifting Covid restrictions and broader economic reopening could drive growth.\nWhile the company’s delivery business is at an earlier stage of development, JPMorgan said there’s growth potential due to the relatively fragmented, but large total addressable market for food delivery and groceries. But the bank said that Grab is likely to see losses in the near-to-mid term due to investments and competition for market share.\nThe analysts warned, however, that Grab’s stock price could be volatile over the next six months as the free float expands due to staggered expiration of lock-ups that will release additional shares. Potential inclusion in MSCI indexes could also contribute to the volatility, JPMorgan said.\nCiti\nCiti initiated coverage of Grab with a buy rating and a price target of $12 a share, but also flagged the stock as high risk.\nCompared with regional peers, Citi analysts said Grab benefits from its ability to capture larger volumes of consumer data given higher frequency of delivery and mobility demand compared to services like e-commerce. That gives the company an easier way to cross-sell its financial services products, they added.\nThe analysts pointed out that Grab has a “broader geographic footprint with more equal strength in the ... Southeast Asia countries in which it operates,” compared with Indonesian rival GoTo Group.\nCiti said, however, spending per transaction and per user is lower for Grab than other regional players like Sea, which operates e-commerce platform Shopee. That implies Grab would face more headwinds if Covid cases in the region surge again, forcing countries to impose lockdowns and other mobility restrictions.\n“Grab also lacks a high-margin gaming business and global exposure given its Southeast Asia focus,” Citi analysts said.\nEvercore\nEvercore initiated coverage with an outperform rating and a price target of $10.\nThe firm said Grab will likely face more local competition in each market for its delivery business compared to ridesharing, where the only other international incumbent is GoTo Group’s Gojek — particularly, in Indonesia.\n“Within its Delivery segment, Grab faces a bit more competition across its core geographies,” Evercore analysts said in a recent note. They flagged the likes of Foodpanda, Gojek and Deliveroo in Singapore, LineMan in Thailand as well as Now and Baemin in Vietnam as competitors.\n“Lastly, Grab competes with last-mile logistics providers such as Gojek and Lalamove, and more local last-mile players such as AhaMove (Vietnam),” the analysts said.\nIn the financial services business, Grab faces competition from traditional players including credit card companies, banks as well as cash, which is still the predominant mode of payment in Southeast Asia.\nStill, the Evercore analysts said that most of Grab’s core business segments including delivery, mobility and financial services remain underpenetrated, which grants the Singapore-headquartered company “a probable long runway for growth.”","news_type":1,"symbols_score_info":{"GRAB":0.9}},"isVote":1,"tweetType":1,"viewCount":2706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696675474,"gmtCreate":1640695004288,"gmtModify":1640695005510,"author":{"id":"3579259217271611","authorId":"3579259217271611","name":"CCCH","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579259217271611","authorIdStr":"3579259217271611"},"themes":[],"htmlText":"With China market , the share likely to grows faster&nbsp;","listText":"With China market , the share likely to grows faster&nbsp;","text":"With China market , the share likely to grows 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?","listText":"Really ?","text":"Really ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696922616","repostId":"2194380177","repostType":4,"isVote":1,"tweetType":1,"viewCount":2528,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696926824,"gmtCreate":1640604905681,"gmtModify":1640604906016,"author":{"id":"3579259217271611","authorId":"3579259217271611","name":"CCCH","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579259217271611","authorIdStr":"3579259217271611"},"themes":[],"htmlText":"Not affecting me","listText":"Not affecting me","text":"Not affecting me","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696926824","repostId":"1112647100","repostType":4,"isVote":1,"tweetType":1,"viewCount":2438,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698479277,"gmtCreate":1640515956964,"gmtModify":1640515957254,"author":{"id":"3579259217271611","authorId":"3579259217271611","name":"CCCH","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579259217271611","authorIdStr":"3579259217271611"},"themes":[],"htmlText":"Apple share is quote stable&nbsp;","listText":"Apple share is quote stable&nbsp;","text":"Apple share is quote stable","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698479277","repostId":"2193781141","repostType":4,"isVote":1,"tweetType":1,"viewCount":3401,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698840058,"gmtCreate":1640350215796,"gmtModify":1640350216126,"author":{"id":"3579259217271611","authorId":"3579259217271611","name":"CCCH","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579259217271611","authorIdStr":"3579259217271611"},"themes":[],"htmlText":"Sea dharez&nbsp;will be back to $300 plus soon","listText":"Sea dharez&nbsp;will be back to $300 plus soon","text":"Sea dharez will be back to $300 plus soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698840058","repostId":"1107827800","repostType":4,"repost":{"id":"1107827800","kind":"news","pubTimestamp":1640326128,"share":"https://www.laohu8.com/m/news/1107827800?lang=zh_CN&edition=full","pubTime":"2021-12-24 14:08","market":"us","language":"en","title":"Sea Limited: An Early Christmas Gift<blockquote>Sea Limited：一份提前的圣诞礼物</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107827800","media":"Seeking Alpha","summary":"Summary\n\nSea Limited is a growing company in a growing economy.\nAt this stage, the company should be","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Sea Limited is a growing company in a growing economy.</li>  <li>At this stage, the company should be judged on its growth, not earnings.</li>  <li>The recent fall in price makes the stock look attractive when compared to similar growth stories.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f48c8d49ed462ac489fe8f5fa91f5691\" tg-width=\"1536\" tg-height=\"1031\" width=\"100%\" height=\"auto\"><span>FreshSplash/E+ via Getty Images</span></p><p><blockquote><ul><li>Sea Limited是一家在不断增长的经济中成长的公司。</li><li>在这个阶段，应该根据公司的成长性来判断公司，而不是盈利。</li><li>与类似的增长故事相比，最近的价格下跌使该股看起来很有吸引力。</li></ul><p class=\"t-img-caption\"><span>FreshSplash/E+来自Getty Images</span></p></blockquote></p><p> <b>Thesis Summary</b></p><p><blockquote><b>论文摘要</b></blockquote></p><p> Sea Limited (SE) is one of those companies that divide the room. The stock was one of the best performing of 2020/2021 but has now fallen over 30% from its all-time high following a general sell-off which has been most felt in growth stocks.</p><p><blockquote>Sea Limited(SE)是划分房间的公司之一。该股是2020/2021年表现最好的股票之一，但在普遍抛售之后，目前已从历史高点下跌了30%以上，这在成长型股票中最为明显。</blockquote></p><p> However, Sea's fundamental growth story remains strong, and the fact that it is running at a loss should not bother investors at this point. If we look at each segment individually, there's a lot to like, and an argument could be made for a much higher price than today. On a final note, Sea should also be aided by the recent policy change coming from China's Central bank, the PBOC, and overall macroeconomic trends.</p><p><blockquote>然而，Sea的基本增长故事仍然强劲，目前它亏损的事实不应困扰投资者。如果我们单独看每个细分市场，就会发现有很多值得喜欢的地方，并且可以提出比今天高得多的价格的论点。最后，Sea还应该受益于中国央行PBOC最近的政策变化以及整体宏观经济趋势。</blockquote></p><p> <b>A Quick Recap</b></p><p><blockquote><b>快速回顾</b></blockquote></p><p> Sea Limited has three main segments; Digital Entertainment (Garena), Financial Services (SeaMoney) and E-commerce (Shopee). This is how they performed in the last quarter.</p><p><blockquote>Sea Limited有三个主要部门：数字娱乐（Garena）、金融服务（SeaMoney）和电子商务（Shopee）。这就是他们上个季度的表现。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4cd726650027bd5d269b8fe1f0dd0b14\" tg-width=\"1280\" tg-height=\"664\" width=\"100%\" height=\"auto\"><span>Source: Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：投资者介绍</span></p></blockquote></p><p> As we can see, Digital Entertainment is the only segment bringing in operating income. Meanwhile, eCommerce and Digital Finance are running at a loss. However, the growth rates at this point justify the investment. GMV for Shopee was up 81% YoY, and TPV processed through SeaMoney is up 111% YoY.</p><p><blockquote>正如我们所看到的，数字娱乐是唯一带来营业收入的细分市场。与此同时，电子商务和数字金融正在亏损。然而，目前的增长率证明了投资的合理性。Shopee的GMV同比增长81%，通过SeaMoney处理的TPV同比增长111%。</blockquote></p><p> Despite strong growth across the board, Sea Limited has come down significantly in the last few weeks, providing us with a perfect opportunity to buy a stock with an incredibly appealing fundamental growth story.</p><p><blockquote>尽管全面增长强劲，但Sea Limited在过去几周大幅下跌，为我们提供了购买具有令人难以置信的吸引力的基本面增长故事的股票的绝佳机会。</blockquote></p><p> <b>Growth And Profitability Prospects</b></p><p><blockquote><b>增长和盈利前景</b></blockquote></p><p> Firstly, let's talk about Sea's main geographical market; Southeast Asia. SEA economies are experiencing not just a fast level of growth, but also digitalization, which bodes incredibly well for SE.</p><p><blockquote>首先，我们来谈谈Sea的主要地理市场；东南亚。海洋经济不仅正在经历快速增长，还正在经历数字化，这对SE来说是个好兆头。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/626a6dc7b34175282aeba7740413ede1\" tg-width=\"1280\" tg-height=\"521\" width=\"100%\" height=\"auto\"><span>Source: SEA Economy Report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：海洋经济报告</span></p></blockquote></p><p> By 2025, the Internet economy is poised to reach over $300 billion in GMV. Indonesia, Vietnam and Thailand will be amongst the fastest growing Internet economies, and these are all areas where the company has a strong presence. On top of that, Sea is also expanding into Latin America, where it has challenged and surpassed MercadoLibre (MELI) in some&nbsp;countries like Brazil.</p><p><blockquote>到2025年，互联网经济的GMV将超过3000亿美元。印度尼西亚、越南和泰国将成为增长最快的互联网经济体之一，这些都是该公司拥有强大影响力的地区。除此之外，Sea还在向拉丁美洲扩张，在巴西等一些国家挑战并超越了MercadoLibre(MELI)。</blockquote></p><p> Shopee and SeaMoney will grow hand in hand. As Shopee grows, more merchants and consumers will be pulled into the SeaMoney ecosystem, which not only allows digital payments but also helps merchants and consumers get financing. Of course, at the moment the company is focusing on expansion, but we know full well that both eCommerce and Digital Finance can be lucrative segments.</p><p><blockquote>Shopee和SeaMoney将携手发展。随着Shopee的发展，更多的商家和消费者将被拉入SeaMoney生态系统，该生态系统不仅允许数字支付，还可以帮助商家和消费者获得融资。当然，目前该公司正专注于扩张，但我们非常清楚，电子商务和数字金融都可能是利润丰厚的领域。</blockquote></p><p> Garena, which is responsible for creating Free Fire, is on another path. User growth is slowing down, this is true, but there is still plenty of room for monetization. The company has made moves in the right direction here by releasing Free Fire MAX, a premium version of the game. In a recent article on Seeking Alpha,JR Research pointed out&nbsp;that Garena continues to increase the proportion of paying users to active users, which are also growing, albeit at a slower rate.</p><p><blockquote>负责制造自由火力的Garena走的是另一条路。用户增长放缓，这是事实，但变现空间依然很大。该公司在这方面朝着正确的方向迈出了步伐，发布了游戏的高级版本Free Fire MAX。在Seeking Alpha最近的一篇文章中，JR Research指出，Garena继续提高付费用户与活跃用户的比例，活跃用户也在增长，尽管速度较慢。</blockquote></p><p> <b>Comparative Valuation</b></p><p><blockquote><b>比较估值</b></blockquote></p><p> With all that said, I do feel like sometimes Sea Limited gets judged unfairly, precisely because it has such a successful and profitable segment thanks to Free Fire. Investors often look at Sea's earnings and complain that they aren't growing fast enough, but this is not the company's objective. If Shopee or SeaMoney traded separately as \"exciting and fast-growing start-ups\" investors would be much less harsh with the valuation.</p><p><blockquote>综上所述，我确实觉得Sea Limited有时会受到不公平的评判，正是因为它凭借Free Fire拥有如此成功且盈利的细分市场。投资者经常查看Sea的盈利并抱怨它们增长不够快，但这不是该公司的目标。如果Shopee或SeaMoney作为“令人兴奋且快速增长的初创企业”单独交易，投资者对估值的苛刻程度就会小得多。</blockquote></p><p> Sea Limited is a growth company in a growth economy, and it should be judged on its growth and revenue, not on its earnings:</p><p><blockquote>Sea Limited是增长型经济体中的一家成长型公司，应该根据其增长和收入来判断，而不是根据其盈利：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dabf7759dd81e88d0603fc2f17137235\" tg-width=\"905\" tg-height=\"313\" width=\"100%\" height=\"auto\"><span>Data Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：寻求阿尔法</span></p></blockquote></p><p></p><p> Above we can see valuation ratios for Sea and what I consider to be some similar companies, though I am sure this will be a contentious point. Meli competes head-on with Sea in the eCommerce and fulfilment space. Roblox (RBLX) is an up and coming game/platform, and it is comparable to Free Fire. Shopify Inc.(NYSE:SHOP)has some unique characteristics, but it is also similar in many ways to Sea. It offers an eCommerce platform and helps merchants sell their products, and Shopify Pay is comparable to SeaMoney. Also, all of these companies are high growth companies through Sea is the best in this regard.</p><p><blockquote>上面我们可以看到Sea的估值比率以及我认为的一些类似公司，尽管我确信这将是一个有争议的问题。Meli在电子商务和履行领域与Sea正面竞争。Roblox（RBLX）是一款崭露头角的游戏/平台，可与Free Fire相媲美。Shopify Inc.（纽约证券交易所股票代码：SHOP）有一些独特的特征，但它在许多方面也与Sea相似。它提供了一个电子商务平台，帮助商家销售他们的产品，Shopify Pay可与SeaMoney相媲美。此外，所有这些公司都是高增长公司，Sea在这方面是最好的。</blockquote></p><p> In terms of P/S and EV/Sales though, Sea is cheaper than the rest of these companies, except for Meli. Also, I like the fact that Sea has a Price/Book in line with that of Shopify. Arguably these other companies could be said to be overvalued, but the idea here is to compare these companies amongst each other.</p><p><blockquote>不过，就P/S和EV/销售额而言，Sea比除Meli之外的其他公司便宜。此外，我喜欢Sea的价格/书与Shopify一致。可以说，这些其他公司可以说被高估了，但这里的想法是将这些公司相互比较。</blockquote></p><p> Ultimately, Sea is growing incredibly fast, and though it isn't \"profitable\", we know that it's building a business model that will be. A P/S of 14 seems attractive given all of this and the ratio is below the more recent average of around 20.</p><p><blockquote>最终，Sea的增长速度令人难以置信，尽管它没有“盈利”，但我们知道它正在建立一种将会“盈利”的商业模式。考虑到所有这些因素，14的市盈率似乎很有吸引力，而且该比率低于最近20左右的平均水平。</blockquote></p><p> <b>Other Considerations</b></p><p><blockquote><b>其他考虑</b></blockquote></p><p> Some investors might think that, with the Federal Reserve tightening monetary policy, this is not a good time. The first issue here would be; how long can the Fed tighten? We've seen this play out before in 2018, and we know how it ends. More importantly though, while the Fed tightens, the PBOC is loosening monetary policy, as we saw the&nbsp;key benchmark lending rate cut last week.</p><p><blockquote>一些投资者可能会认为，随着美联储收紧货币政策，现在不是一个好时机。第一个问题是：美联储还能收紧多久？我们之前在2018年看到过这种情况，我们知道它会如何结束。但更重要的是，在美联储收紧货币政策的同时，中国人民银行正在放松货币政策，正如我们上周看到的关键基准贷款利率下调。</blockquote></p><p> What does this mean for Sea? The effects are unclear. Easy credit in the area will help the company and its customers, but what about exchange rates? Some of these countries try to keep pegs to major currencies, so this might not change. This would suggest that South Eastern economies might have to follow the Fed in tightening monetary policy to defend this exchange rate.</p><p><blockquote>这对海洋意味着什么？其影响尚不清楚。该地区的宽松信贷将有助于该公司及其客户，但汇率呢？其中一些国家试图保持与主要货币的挂钩，因此这可能不会改变。这表明东南部经济体可能不得不跟随美联储收紧货币政策以捍卫这一汇率。</blockquote></p><p> And lastly, what if COVID returns in full force? Again, the effects would be unclear. In many ways, Sea's business could be improved by this, even if the economy suffers overall.</p><p><blockquote>最后，如果COVID全面回归怎么办？同样，其影响尚不清楚。在许多方面，即使整体经济受到影响，Sea的业务也可以因此得到改善。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> Nothing much has changed for Sea Limited in recent months, except for its share price, and I'd be remiss if I didn't point out this buying opportunity. The company is expanding in all areas, and even increasing its profitability, though that is less important. I'm excited to see what 2022 holds for this stock.</p><p><blockquote>近几个月来，除了股价之外，Sea Limited没有太大变化，如果我不指出这个买入机会，那就是我的失职。该公司正在各个领域扩张，甚至提高了盈利能力，尽管这不太重要。我很高兴看到这只股票在2022年的表现。</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>Sea Limited: An Early Christmas Gift<blockquote>Sea Limited：一份提前的圣诞礼物</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\">\nSea Limited: An Early Christmas Gift<blockquote>Sea Limited：一份提前的圣诞礼物</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-24 14:08</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>Sea Limited is a growing company in a growing economy.</li>  <li>At this stage, the company should be judged on its growth, not earnings.</li>  <li>The recent fall in price makes the stock look attractive when compared to similar growth stories.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f48c8d49ed462ac489fe8f5fa91f5691\" tg-width=\"1536\" tg-height=\"1031\" width=\"100%\" height=\"auto\"><span>FreshSplash/E+ via Getty Images</span></p><p><blockquote><ul><li>Sea Limited是一家在不断增长的经济中成长的公司。</li><li>在这个阶段，应该根据公司的成长性来判断公司，而不是盈利。</li><li>与类似的增长故事相比，最近的价格下跌使该股看起来很有吸引力。</li></ul><p class=\"t-img-caption\"><span>FreshSplash/E+来自Getty Images</span></p></blockquote></p><p> <b>Thesis Summary</b></p><p><blockquote><b>论文摘要</b></blockquote></p><p> Sea Limited (SE) is one of those companies that divide the room. The stock was one of the best performing of 2020/2021 but has now fallen over 30% from its all-time high following a general sell-off which has been most felt in growth stocks.</p><p><blockquote>Sea Limited(SE)是划分房间的公司之一。该股是2020/2021年表现最好的股票之一，但在普遍抛售之后，目前已从历史高点下跌了30%以上，这在成长型股票中最为明显。</blockquote></p><p> However, Sea's fundamental growth story remains strong, and the fact that it is running at a loss should not bother investors at this point. If we look at each segment individually, there's a lot to like, and an argument could be made for a much higher price than today. On a final note, Sea should also be aided by the recent policy change coming from China's Central bank, the PBOC, and overall macroeconomic trends.</p><p><blockquote>然而，Sea的基本增长故事仍然强劲，目前它亏损的事实不应困扰投资者。如果我们单独看每个细分市场，就会发现有很多值得喜欢的地方，并且可以提出比今天高得多的价格的论点。最后，Sea还应该受益于中国央行PBOC最近的政策变化以及整体宏观经济趋势。</blockquote></p><p> <b>A Quick Recap</b></p><p><blockquote><b>快速回顾</b></blockquote></p><p> Sea Limited has three main segments; Digital Entertainment (Garena), Financial Services (SeaMoney) and E-commerce (Shopee). This is how they performed in the last quarter.</p><p><blockquote>Sea Limited有三个主要部门：数字娱乐（Garena）、金融服务（SeaMoney）和电子商务（Shopee）。这就是他们上个季度的表现。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4cd726650027bd5d269b8fe1f0dd0b14\" tg-width=\"1280\" tg-height=\"664\" width=\"100%\" height=\"auto\"><span>Source: Investor Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：投资者介绍</span></p></blockquote></p><p> As we can see, Digital Entertainment is the only segment bringing in operating income. Meanwhile, eCommerce and Digital Finance are running at a loss. However, the growth rates at this point justify the investment. GMV for Shopee was up 81% YoY, and TPV processed through SeaMoney is up 111% YoY.</p><p><blockquote>正如我们所看到的，数字娱乐是唯一带来营业收入的细分市场。与此同时，电子商务和数字金融正在亏损。然而，目前的增长率证明了投资的合理性。Shopee的GMV同比增长81%，通过SeaMoney处理的TPV同比增长111%。</blockquote></p><p> Despite strong growth across the board, Sea Limited has come down significantly in the last few weeks, providing us with a perfect opportunity to buy a stock with an incredibly appealing fundamental growth story.</p><p><blockquote>尽管全面增长强劲，但Sea Limited在过去几周大幅下跌，为我们提供了购买具有令人难以置信的吸引力的基本面增长故事的股票的绝佳机会。</blockquote></p><p> <b>Growth And Profitability Prospects</b></p><p><blockquote><b>增长和盈利前景</b></blockquote></p><p> Firstly, let's talk about Sea's main geographical market; Southeast Asia. SEA economies are experiencing not just a fast level of growth, but also digitalization, which bodes incredibly well for SE.</p><p><blockquote>首先，我们来谈谈Sea的主要地理市场；东南亚。海洋经济不仅正在经历快速增长，还正在经历数字化，这对SE来说是个好兆头。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/626a6dc7b34175282aeba7740413ede1\" tg-width=\"1280\" tg-height=\"521\" width=\"100%\" height=\"auto\"><span>Source: SEA Economy Report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：海洋经济报告</span></p></blockquote></p><p> By 2025, the Internet economy is poised to reach over $300 billion in GMV. Indonesia, Vietnam and Thailand will be amongst the fastest growing Internet economies, and these are all areas where the company has a strong presence. On top of that, Sea is also expanding into Latin America, where it has challenged and surpassed MercadoLibre (MELI) in some&nbsp;countries like Brazil.</p><p><blockquote>到2025年，互联网经济的GMV将超过3000亿美元。印度尼西亚、越南和泰国将成为增长最快的互联网经济体之一，这些都是该公司拥有强大影响力的地区。除此之外，Sea还在向拉丁美洲扩张，在巴西等一些国家挑战并超越了MercadoLibre(MELI)。</blockquote></p><p> Shopee and SeaMoney will grow hand in hand. As Shopee grows, more merchants and consumers will be pulled into the SeaMoney ecosystem, which not only allows digital payments but also helps merchants and consumers get financing. Of course, at the moment the company is focusing on expansion, but we know full well that both eCommerce and Digital Finance can be lucrative segments.</p><p><blockquote>Shopee和SeaMoney将携手发展。随着Shopee的发展，更多的商家和消费者将被拉入SeaMoney生态系统，该生态系统不仅允许数字支付，还可以帮助商家和消费者获得融资。当然，目前该公司正专注于扩张，但我们非常清楚，电子商务和数字金融都可能是利润丰厚的领域。</blockquote></p><p> Garena, which is responsible for creating Free Fire, is on another path. User growth is slowing down, this is true, but there is still plenty of room for monetization. The company has made moves in the right direction here by releasing Free Fire MAX, a premium version of the game. In a recent article on Seeking Alpha,JR Research pointed out&nbsp;that Garena continues to increase the proportion of paying users to active users, which are also growing, albeit at a slower rate.</p><p><blockquote>负责制造自由火力的Garena走的是另一条路。用户增长放缓，这是事实，但变现空间依然很大。该公司在这方面朝着正确的方向迈出了步伐，发布了游戏的高级版本Free Fire MAX。在Seeking Alpha最近的一篇文章中，JR Research指出，Garena继续提高付费用户与活跃用户的比例，活跃用户也在增长，尽管速度较慢。</blockquote></p><p> <b>Comparative Valuation</b></p><p><blockquote><b>比较估值</b></blockquote></p><p> With all that said, I do feel like sometimes Sea Limited gets judged unfairly, precisely because it has such a successful and profitable segment thanks to Free Fire. Investors often look at Sea's earnings and complain that they aren't growing fast enough, but this is not the company's objective. If Shopee or SeaMoney traded separately as \"exciting and fast-growing start-ups\" investors would be much less harsh with the valuation.</p><p><blockquote>综上所述，我确实觉得Sea Limited有时会受到不公平的评判，正是因为它凭借Free Fire拥有如此成功且盈利的细分市场。投资者经常查看Sea的盈利并抱怨它们增长不够快，但这不是该公司的目标。如果Shopee或SeaMoney作为“令人兴奋且快速增长的初创企业”单独交易，投资者对估值的苛刻程度就会小得多。</blockquote></p><p> Sea Limited is a growth company in a growth economy, and it should be judged on its growth and revenue, not on its earnings:</p><p><blockquote>Sea Limited是增长型经济体中的一家成长型公司，应该根据其增长和收入来判断，而不是根据其盈利：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dabf7759dd81e88d0603fc2f17137235\" tg-width=\"905\" tg-height=\"313\" width=\"100%\" height=\"auto\"><span>Data Source: Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：寻求阿尔法</span></p></blockquote></p><p></p><p> Above we can see valuation ratios for Sea and what I consider to be some similar companies, though I am sure this will be a contentious point. Meli competes head-on with Sea in the eCommerce and fulfilment space. Roblox (RBLX) is an up and coming game/platform, and it is comparable to Free Fire. Shopify Inc.(NYSE:SHOP)has some unique characteristics, but it is also similar in many ways to Sea. It offers an eCommerce platform and helps merchants sell their products, and Shopify Pay is comparable to SeaMoney. Also, all of these companies are high growth companies through Sea is the best in this regard.</p><p><blockquote>上面我们可以看到Sea的估值比率以及我认为的一些类似公司，尽管我确信这将是一个有争议的问题。Meli在电子商务和履行领域与Sea正面竞争。Roblox（RBLX）是一款崭露头角的游戏/平台，可与Free Fire相媲美。Shopify Inc.（纽约证券交易所股票代码：SHOP）有一些独特的特征，但它在许多方面也与Sea相似。它提供了一个电子商务平台，帮助商家销售他们的产品，Shopify Pay可与SeaMoney相媲美。此外，所有这些公司都是高增长公司，Sea在这方面是最好的。</blockquote></p><p> In terms of P/S and EV/Sales though, Sea is cheaper than the rest of these companies, except for Meli. Also, I like the fact that Sea has a Price/Book in line with that of Shopify. Arguably these other companies could be said to be overvalued, but the idea here is to compare these companies amongst each other.</p><p><blockquote>不过，就P/S和EV/销售额而言，Sea比除Meli之外的其他公司便宜。此外，我喜欢Sea的价格/书与Shopify一致。可以说，这些其他公司可以说被高估了，但这里的想法是将这些公司相互比较。</blockquote></p><p> Ultimately, Sea is growing incredibly fast, and though it isn't \"profitable\", we know that it's building a business model that will be. A P/S of 14 seems attractive given all of this and the ratio is below the more recent average of around 20.</p><p><blockquote>最终，Sea的增长速度令人难以置信，尽管它没有“盈利”，但我们知道它正在建立一种将会“盈利”的商业模式。考虑到所有这些因素，14的市盈率似乎很有吸引力，而且该比率低于最近20左右的平均水平。</blockquote></p><p> <b>Other Considerations</b></p><p><blockquote><b>其他考虑</b></blockquote></p><p> Some investors might think that, with the Federal Reserve tightening monetary policy, this is not a good time. The first issue here would be; how long can the Fed tighten? We've seen this play out before in 2018, and we know how it ends. More importantly though, while the Fed tightens, the PBOC is loosening monetary policy, as we saw the&nbsp;key benchmark lending rate cut last week.</p><p><blockquote>一些投资者可能会认为，随着美联储收紧货币政策，现在不是一个好时机。第一个问题是：美联储还能收紧多久？我们之前在2018年看到过这种情况，我们知道它会如何结束。但更重要的是，在美联储收紧货币政策的同时，中国人民银行正在放松货币政策，正如我们上周看到的关键基准贷款利率下调。</blockquote></p><p> What does this mean for Sea? The effects are unclear. Easy credit in the area will help the company and its customers, but what about exchange rates? Some of these countries try to keep pegs to major currencies, so this might not change. This would suggest that South Eastern economies might have to follow the Fed in tightening monetary policy to defend this exchange rate.</p><p><blockquote>这对海洋意味着什么？其影响尚不清楚。该地区的宽松信贷将有助于该公司及其客户，但汇率呢？其中一些国家试图保持与主要货币的挂钩，因此这可能不会改变。这表明东南部经济体可能不得不跟随美联储收紧货币政策以捍卫这一汇率。</blockquote></p><p> And lastly, what if COVID returns in full force? Again, the effects would be unclear. In many ways, Sea's business could be improved by this, even if the economy suffers overall.</p><p><blockquote>最后，如果COVID全面回归怎么办？同样，其影响尚不清楚。在许多方面，即使整体经济受到影响，Sea的业务也可以因此得到改善。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> Nothing much has changed for Sea Limited in recent months, except for its share price, and I'd be remiss if I didn't point out this buying opportunity. The company is expanding in all areas, and even increasing its profitability, though that is less important. I'm excited to see what 2022 holds for this stock.</p><p><blockquote>近几个月来，除了股价之外，Sea Limited没有太大变化，如果我不指出这个买入机会，那就是我的失职。该公司正在各个领域扩张，甚至提高了盈利能力，尽管这不太重要。我很高兴看到这只股票在2022年的表现。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476595-sea-limited-an-early-christmas-gift\">Seeking Alpha</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":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4476595-sea-limited-an-early-christmas-gift","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107827800","content_text":"Summary\n\nSea Limited is a growing company in a growing economy.\nAt this stage, the company should be judged on its growth, not earnings.\nThe recent fall in price makes the stock look attractive when compared to similar growth stories.\n\nFreshSplash/E+ via Getty Images\nThesis Summary\nSea Limited (SE) is one of those companies that divide the room. The stock was one of the best performing of 2020/2021 but has now fallen over 30% from its all-time high following a general sell-off which has been most felt in growth stocks.\nHowever, Sea's fundamental growth story remains strong, and the fact that it is running at a loss should not bother investors at this point. If we look at each segment individually, there's a lot to like, and an argument could be made for a much higher price than today. On a final note, Sea should also be aided by the recent policy change coming from China's Central bank, the PBOC, and overall macroeconomic trends.\nA Quick Recap\nSea Limited has three main segments; Digital Entertainment (Garena), Financial Services (SeaMoney) and E-commerce (Shopee). This is how they performed in the last quarter.\nSource: Investor Presentation\nAs we can see, Digital Entertainment is the only segment bringing in operating income. Meanwhile, eCommerce and Digital Finance are running at a loss. However, the growth rates at this point justify the investment. GMV for Shopee was up 81% YoY, and TPV processed through SeaMoney is up 111% YoY.\nDespite strong growth across the board, Sea Limited has come down significantly in the last few weeks, providing us with a perfect opportunity to buy a stock with an incredibly appealing fundamental growth story.\nGrowth And Profitability Prospects\nFirstly, let's talk about Sea's main geographical market; Southeast Asia. SEA economies are experiencing not just a fast level of growth, but also digitalization, which bodes incredibly well for SE.\nSource: SEA Economy Report\nBy 2025, the Internet economy is poised to reach over $300 billion in GMV. Indonesia, Vietnam and Thailand will be amongst the fastest growing Internet economies, and these are all areas where the company has a strong presence. On top of that, Sea is also expanding into Latin America, where it has challenged and surpassed MercadoLibre (MELI) in some countries like Brazil.\nShopee and SeaMoney will grow hand in hand. As Shopee grows, more merchants and consumers will be pulled into the SeaMoney ecosystem, which not only allows digital payments but also helps merchants and consumers get financing. Of course, at the moment the company is focusing on expansion, but we know full well that both eCommerce and Digital Finance can be lucrative segments.\nGarena, which is responsible for creating Free Fire, is on another path. User growth is slowing down, this is true, but there is still plenty of room for monetization. The company has made moves in the right direction here by releasing Free Fire MAX, a premium version of the game. In a recent article on Seeking Alpha,JR Research pointed out that Garena continues to increase the proportion of paying users to active users, which are also growing, albeit at a slower rate.\nComparative Valuation\nWith all that said, I do feel like sometimes Sea Limited gets judged unfairly, precisely because it has such a successful and profitable segment thanks to Free Fire. Investors often look at Sea's earnings and complain that they aren't growing fast enough, but this is not the company's objective. If Shopee or SeaMoney traded separately as \"exciting and fast-growing start-ups\" investors would be much less harsh with the valuation.\nSea Limited is a growth company in a growth economy, and it should be judged on its growth and revenue, not on its earnings:\nData Source: Seeking Alpha\nAbove we can see valuation ratios for Sea and what I consider to be some similar companies, though I am sure this will be a contentious point. Meli competes head-on with Sea in the eCommerce and fulfilment space. Roblox (RBLX) is an up and coming game/platform, and it is comparable to Free Fire. Shopify Inc.(NYSE:SHOP)has some unique characteristics, but it is also similar in many ways to Sea. It offers an eCommerce platform and helps merchants sell their products, and Shopify Pay is comparable to SeaMoney. Also, all of these companies are high growth companies through Sea is the best in this regard.\nIn terms of P/S and EV/Sales though, Sea is cheaper than the rest of these companies, except for Meli. Also, I like the fact that Sea has a Price/Book in line with that of Shopify. Arguably these other companies could be said to be overvalued, but the idea here is to compare these companies amongst each other.\nUltimately, Sea is growing incredibly fast, and though it isn't \"profitable\", we know that it's building a business model that will be. A P/S of 14 seems attractive given all of this and the ratio is below the more recent average of around 20.\nOther Considerations\nSome investors might think that, with the Federal Reserve tightening monetary policy, this is not a good time. The first issue here would be; how long can the Fed tighten? We've seen this play out before in 2018, and we know how it ends. More importantly though, while the Fed tightens, the PBOC is loosening monetary policy, as we saw the key benchmark lending rate cut last week.\nWhat does this mean for Sea? The effects are unclear. Easy credit in the area will help the company and its customers, but what about exchange rates? Some of these countries try to keep pegs to major currencies, so this might not change. This would suggest that South Eastern economies might have to follow the Fed in tightening monetary policy to defend this exchange rate.\nAnd lastly, what if COVID returns in full force? Again, the effects would be unclear. In many ways, Sea's business could be improved by this, even if the economy suffers overall.\nTakeaway\nNothing much has changed for Sea Limited in recent months, except for its share price, and I'd be remiss if I didn't point out this buying opportunity. The company is expanding in all areas, and even increasing its profitability, though that is less important. I'm excited to see what 2022 holds for this stock.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":3550,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}