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Ai_Ling
Ai_Ling
·
2021-10-15
Good morning
Why iPhone Supply Hiccup Is Not A Problem For Apple Stock<blockquote>为什么iPhone供应中断对苹果股票来说不是问题</blockquote>
Apple stock has taken a hit due to reports of a component shortage that could impact iPhone 13 sales
Why iPhone Supply Hiccup Is Not A Problem For Apple Stock<blockquote>为什么iPhone供应中断对苹果股票来说不是问题</blockquote>
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Ai_Ling
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2021-10-11
Morning
非常抱歉，此主贴已删除
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Ai_Ling
Ai_Ling
·
2021-10-11
Morning
Singapore Airlines shares rose more than 8% in morning trading<blockquote>新加坡航空股价早盘上涨逾8%</blockquote>
SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel l
Singapore Airlines shares rose more than 8% in morning trading<blockquote>新加坡航空股价早盘上涨逾8%</blockquote>
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Ai_Ling
Ai_Ling
·
2021-10-11
Great
Singapore Airlines shares rose more than 8% in morning trading<blockquote>新加坡航空股价早盘上涨逾8%</blockquote>
SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel l
Singapore Airlines shares rose more than 8% in morning trading<blockquote>新加坡航空股价早盘上涨逾8%</blockquote>
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Ai_Ling
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2021-10-06
Morning
非常抱歉，此主贴已删除
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Ai_Ling
Ai_Ling
·
2021-10-02
Good morning
3 Stocks That Can Double Again in the Fourth Quarter<blockquote>四季度可以再次翻倍的3只股票</blockquote>
Key Points Crocs has jacked up its guidance every quarter this year. It reports again later this mo
3 Stocks That Can Double Again in the Fourth Quarter<blockquote>四季度可以再次翻倍的3只股票</blockquote>
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Ai_Ling
·
2021-09-29
Good morning
Technically Speaking: Is The Market "Melting-Up?"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>
Summary Given the Fed’s ongoing balance sheet operations, investors fully believe they have protect
Technically Speaking: Is The Market "Melting-Up?"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>
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Ai_Ling
Ai_Ling
·
2021-09-28
Good morning
EV stocks dropped in morning trading<blockquote>电动汽车股早盘下跌</blockquote>
EV stocks dropped in morning trading.Tesla,Nio,Xpeng Motors,Li Auto,Lucid,Nikola,Fisker,Niu Technolo
EV stocks dropped in morning trading<blockquote>电动汽车股早盘下跌</blockquote>
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Ai_Ling
·
2021-09-27
Good morning
非常抱歉，此主贴已删除
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Ai_Ling
·
2021-09-23
Good morning
EngageSmart opens for trading at $37, up about 43.6% from IPO price<blockquote>EngageSmart开盘价为37美元，较IPO价格上涨约43.6%</blockquote>
(Sept 23) EngageSmart Inc. opens for trading at $37, up about 43.6% from IPO price. Company Braintr
EngageSmart opens for trading at $37, up about 43.6% from IPO price<blockquote>EngageSmart开盘价为37美元，较IPO价格上涨约43.6%</blockquote>
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The Apple Maven thinks that long-term investors should not worry much.</p><p><blockquote>由于有报道称零部件短缺可能影响iPhone 13的销售，苹果股价遭受重创。这位苹果专家认为，长期投资者不必太担心。</blockquote></p><p> The recent news has not been very favorable for Apple and its shares. According to Bloomberg, the iPhone 13 isfacingsupply chain issues. The component shortage could cause the number of Apple devices produced to drop by 10 million this year.</p><p><blockquote>最近的消息对苹果及其股票来说并不是很有利。据彭博社报道，iPhone 13正面临供应链问题。零部件短缺可能导致今年苹果设备产量下降1000万台。</blockquote></p><p> Apple stock has not fallen apart following the report, but it dipped below $140 apiece once again – levels not seen for more than a hot second since the start of July 2021. However, the Apple Maven believes that long-term investors should not worry about the recent developments involving the iPhone.</p><p><blockquote>报告发布后，苹果股价并未暴跌，但再次跌破每股140美元——这是自2021年7月上旬以来从未见过的水平。然而，这位苹果专家认为，长期投资者不应该担心最近涉及iPhone的事态发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7c2295e5c2fd9f6f41f8a86c0a4c8ce\" tg-width=\"1240\" tg-height=\"827\" width=\"100%\" height=\"auto\"><span>Figure 1: iPhone 13 new model.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：iPhone 13新款。</span></p></blockquote></p><p> <b>This seems familiar…</b></p><p><blockquote><b>这似乎很熟悉……</b></blockquote></p><p> First, it is important for readers to understand that there are different types of Apple stock investors and traders. Many buy shares in hopes of short-term gains, while others bet on the stock for the long haul. Short-term traders may, in fact, have good reasons to be concerned. What if Apple misses iPhone sales expectations in the next quarter, and the stock reacts negatively as a result?</p><p><blockquote>首先，读者必须了解苹果股票投资者和交易者有不同类型。许多人购买股票是希望获得短期收益，而另一些人则长期押注股票。事实上，短线交易者可能有充分的理由感到担忧。如果苹果下个季度的iPhone销量未达到预期，并且该股因此做出负面反应怎么办？</blockquote></p><p> But long-term holders are probably looking at Apple’s business fundamentals further out in the future. There have been enough reports suggesting that demand for the iPhone 13 has been high, probably even better than demand for the already successful iPhone 12.</p><p><blockquote>但长期持有者可能会进一步关注苹果未来的业务基本面。有足够多的报道表明，对iPhone 13的需求一直很高，可能甚至比对已经成功的iPhone 12的需求还要好。</blockquote></p><p> If enough demand for a product exists, it is reasonable to think that temporary supply chain hiccups will only cause sales to shift from one period to the next. This is exactly what happened in 2020, when the COVID-19 crisis caused the iPhone 12 to be unveiled and launched later in the holiday season.</p><p><blockquote>如果对一种产品有足够的需求，有理由认为暂时的供应链问题只会导致销售从一个时期转移到下一个时期。这正是2020年发生的情况，当时COVID-19危机导致iPhone 12在假期晚些时候亮相并推出。</blockquote></p><p> The chart below shows iPhone sales growth in fiscal 2019 and 2020, and in the first periods of the current year. Notice how the painful revenue decline in 2019 seems to have created pent-up demand that was not met in fiscal Q4 of last year, due to the production delays. When those were finally resolved, fiscal 2021 revenues shot through the roof.</p><p><blockquote>下图显示了2019财年和2020财年以及今年上半年的iPhone销量增长情况。请注意，由于生产延迟，2019年痛苦的收入下降似乎创造了去年第四财季未得到满足的被压抑需求。当这些问题最终得到解决时，2021财年的收入猛增。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36f351ccb2a56f417bb16d8f0246fcc4\" tg-width=\"804\" tg-height=\"568\" width=\"100%\" height=\"auto\"><span>Figure 2: iPhone growth from 2019 to 2021.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：2019-2021年iPhone增长情况。</span></p></blockquote></p><p> Average iPhone sales growth between the start of fiscal 2020 and now turned out to be a healthy 14%, although revenues were very lumpy from quarter to quarter. During the same period, and despite last year’s supply chain problems, Apple stock climbed 90%.</p><p><blockquote>从2020财年开始到现在，iPhone的平均销量增长了14%，尽管每个季度的收入都非常不稳定。同期，尽管去年存在供应链问题，苹果股价仍上涨了90%。</blockquote></p><p> Could the current component shortage cause revenues to merely shift around the calendar once again? I think it is plausible, if not likely.</p><p><blockquote>当前的零部件短缺会导致收入再次在日历上发生变化吗？我认为这是合理的，如果不太可能的话。</blockquote></p><p> <b>Apple is a good place to hide</b></p><p><blockquote><b>苹果是个藏身的好地方</b></blockquote></p><p> To be clear, the alleged production delays is not an Apple-specific problem. Component shortages in this year of recovery from the pandemic has been well documented and seems to be impacting consumer tech vendors across the board.</p><p><blockquote>需要明确的是，所谓的生产延误并不是苹果特有的问题。今年从大流行中复苏的零部件短缺已被充分记录，并且似乎正在全面影响消费技术供应商。</blockquote></p><p> Of course, an investor can choose not to commit to the tech sector at all, fearing that the whole industry will underperform as the global economies continue to bounce back. But if money is to be deployed in the space, I think that Apple is a safer-than-average bet due to best-in-class supply chain management.</p><p><blockquote>当然，投资者可以选择根本不投资科技行业，因为担心随着全球经济继续反弹，整个行业的表现将不佳。但如果要在该领域投入资金，我认为苹果是一个比平均水平更安全的选择，因为它拥有一流的供应链管理。</blockquote></p><p> Last year, I explained in more detail that Apple has become “king of inventory management”under CEO Tim Cook – who is also the Cupertino company’s former COO. Therefore, were I to bet on one company handling supply chain issues well, it would probably be the one with most purchasing power and a solid track record at managing inventory.</p><p><blockquote>去年，我更详细地解释了苹果在首席执行官蒂姆·库克（Tim Cook）的领导下已成为“库存管理之王”，蒂姆·库克也是库比蒂诺公司的前首席运营官。因此，如果我押注一家公司能很好地处理供应链问题，它可能是最具购买力且在管理库存方面拥有良好记录的公司。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why iPhone Supply Hiccup Is Not A Problem For Apple Stock<blockquote>为什么iPhone供应中断对苹果股票来说不是问题</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy iPhone Supply Hiccup Is Not A Problem For Apple Stock<blockquote>为什么iPhone供应中断对苹果股票来说不是问题</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-10-14 21:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple stock has taken a hit due to reports of a component shortage that could impact iPhone 13 sales. The Apple Maven thinks that long-term investors should not worry much.</p><p><blockquote>由于有报道称零部件短缺可能影响iPhone 13的销售，苹果股价遭受重创。这位苹果专家认为，长期投资者不必太担心。</blockquote></p><p> The recent news has not been very favorable for Apple and its shares. According to Bloomberg, the iPhone 13 isfacingsupply chain issues. The component shortage could cause the number of Apple devices produced to drop by 10 million this year.</p><p><blockquote>最近的消息对苹果及其股票来说并不是很有利。据彭博社报道，iPhone 13正面临供应链问题。零部件短缺可能导致今年苹果设备产量下降1000万台。</blockquote></p><p> Apple stock has not fallen apart following the report, but it dipped below $140 apiece once again – levels not seen for more than a hot second since the start of July 2021. However, the Apple Maven believes that long-term investors should not worry about the recent developments involving the iPhone.</p><p><blockquote>报告发布后，苹果股价并未暴跌，但再次跌破每股140美元——这是自2021年7月上旬以来从未见过的水平。然而，这位苹果专家认为，长期投资者不应该担心最近涉及iPhone的事态发展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7c2295e5c2fd9f6f41f8a86c0a4c8ce\" tg-width=\"1240\" tg-height=\"827\" width=\"100%\" height=\"auto\"><span>Figure 1: iPhone 13 new model.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：iPhone 13新款。</span></p></blockquote></p><p> <b>This seems familiar…</b></p><p><blockquote><b>这似乎很熟悉……</b></blockquote></p><p> First, it is important for readers to understand that there are different types of Apple stock investors and traders. Many buy shares in hopes of short-term gains, while others bet on the stock for the long haul. Short-term traders may, in fact, have good reasons to be concerned. What if Apple misses iPhone sales expectations in the next quarter, and the stock reacts negatively as a result?</p><p><blockquote>首先，读者必须了解苹果股票投资者和交易者有不同类型。许多人购买股票是希望获得短期收益，而另一些人则长期押注股票。事实上，短线交易者可能有充分的理由感到担忧。如果苹果下个季度的iPhone销量未达到预期，并且该股因此做出负面反应怎么办？</blockquote></p><p> But long-term holders are probably looking at Apple’s business fundamentals further out in the future. There have been enough reports suggesting that demand for the iPhone 13 has been high, probably even better than demand for the already successful iPhone 12.</p><p><blockquote>但长期持有者可能会进一步关注苹果未来的业务基本面。有足够多的报道表明，对iPhone 13的需求一直很高，可能甚至比对已经成功的iPhone 12的需求还要好。</blockquote></p><p> If enough demand for a product exists, it is reasonable to think that temporary supply chain hiccups will only cause sales to shift from one period to the next. This is exactly what happened in 2020, when the COVID-19 crisis caused the iPhone 12 to be unveiled and launched later in the holiday season.</p><p><blockquote>如果对一种产品有足够的需求，有理由认为暂时的供应链问题只会导致销售从一个时期转移到下一个时期。这正是2020年发生的情况，当时COVID-19危机导致iPhone 12在假期晚些时候亮相并推出。</blockquote></p><p> The chart below shows iPhone sales growth in fiscal 2019 and 2020, and in the first periods of the current year. Notice how the painful revenue decline in 2019 seems to have created pent-up demand that was not met in fiscal Q4 of last year, due to the production delays. When those were finally resolved, fiscal 2021 revenues shot through the roof.</p><p><blockquote>下图显示了2019财年和2020财年以及今年上半年的iPhone销量增长情况。请注意，由于生产延迟，2019年痛苦的收入下降似乎创造了去年第四财季未得到满足的被压抑需求。当这些问题最终得到解决时，2021财年的收入猛增。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/36f351ccb2a56f417bb16d8f0246fcc4\" tg-width=\"804\" tg-height=\"568\" width=\"100%\" height=\"auto\"><span>Figure 2: iPhone growth from 2019 to 2021.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：2019-2021年iPhone增长情况。</span></p></blockquote></p><p> Average iPhone sales growth between the start of fiscal 2020 and now turned out to be a healthy 14%, although revenues were very lumpy from quarter to quarter. During the same period, and despite last year’s supply chain problems, Apple stock climbed 90%.</p><p><blockquote>从2020财年开始到现在，iPhone的平均销量增长了14%，尽管每个季度的收入都非常不稳定。同期，尽管去年存在供应链问题，苹果股价仍上涨了90%。</blockquote></p><p> Could the current component shortage cause revenues to merely shift around the calendar once again? I think it is plausible, if not likely.</p><p><blockquote>当前的零部件短缺会导致收入再次在日历上发生变化吗？我认为这是合理的，如果不太可能的话。</blockquote></p><p> <b>Apple is a good place to hide</b></p><p><blockquote><b>苹果是个藏身的好地方</b></blockquote></p><p> To be clear, the alleged production delays is not an Apple-specific problem. Component shortages in this year of recovery from the pandemic has been well documented and seems to be impacting consumer tech vendors across the board.</p><p><blockquote>需要明确的是，所谓的生产延误并不是苹果特有的问题。今年从大流行中复苏的零部件短缺已被充分记录，并且似乎正在全面影响消费技术供应商。</blockquote></p><p> Of course, an investor can choose not to commit to the tech sector at all, fearing that the whole industry will underperform as the global economies continue to bounce back. But if money is to be deployed in the space, I think that Apple is a safer-than-average bet due to best-in-class supply chain management.</p><p><blockquote>当然，投资者可以选择根本不投资科技行业，因为担心随着全球经济继续反弹，整个行业的表现将不佳。但如果要在该领域投入资金，我认为苹果是一个比平均水平更安全的选择，因为它拥有一流的供应链管理。</blockquote></p><p> Last year, I explained in more detail that Apple has become “king of inventory management”under CEO Tim Cook – who is also the Cupertino company’s former COO. Therefore, were I to bet on one company handling supply chain issues well, it would probably be the one with most purchasing power and a solid track record at managing inventory.</p><p><blockquote>去年，我更详细地解释了苹果在首席执行官蒂姆·库克（Tim Cook）的领导下已成为“库存管理之王”，蒂姆·库克也是库比蒂诺公司的前首席运营官。因此，如果我押注一家公司能很好地处理供应链问题，它可能是最具购买力且在管理库存方面拥有良好记录的公司。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/iphone/why-iphone-supply-hiccup-is-not-a-problem-for-apple-stock\">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/why-iphone-supply-hiccup-is-not-a-problem-for-apple-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176037392","content_text":"Apple stock has taken a hit due to reports of a component shortage that could impact iPhone 13 sales. The Apple Maven thinks that long-term investors should not worry much.\nThe recent news has not been very favorable for Apple and its shares. According to Bloomberg, the iPhone 13 isfacingsupply chain issues. The component shortage could cause the number of Apple devices produced to drop by 10 million this year.\nApple stock has not fallen apart following the report, but it dipped below $140 apiece once again – levels not seen for more than a hot second since the start of July 2021. However, the Apple Maven believes that long-term investors should not worry about the recent developments involving the iPhone.\nFigure 1: iPhone 13 new model.\nThis seems familiar…\nFirst, it is important for readers to understand that there are different types of Apple stock investors and traders. Many buy shares in hopes of short-term gains, while others bet on the stock for the long haul. Short-term traders may, in fact, have good reasons to be concerned. What if Apple misses iPhone sales expectations in the next quarter, and the stock reacts negatively as a result?\nBut long-term holders are probably looking at Apple’s business fundamentals further out in the future. There have been enough reports suggesting that demand for the iPhone 13 has been high, probably even better than demand for the already successful iPhone 12.\nIf enough demand for a product exists, it is reasonable to think that temporary supply chain hiccups will only cause sales to shift from one period to the next. This is exactly what happened in 2020, when the COVID-19 crisis caused the iPhone 12 to be unveiled and launched later in the holiday season.\nThe chart below shows iPhone sales growth in fiscal 2019 and 2020, and in the first periods of the current year. Notice how the painful revenue decline in 2019 seems to have created pent-up demand that was not met in fiscal Q4 of last year, due to the production delays. When those were finally resolved, fiscal 2021 revenues shot through the roof.\nFigure 2: iPhone growth from 2019 to 2021.\nAverage iPhone sales growth between the start of fiscal 2020 and now turned out to be a healthy 14%, although revenues were very lumpy from quarter to quarter. During the same period, and despite last year’s supply chain problems, Apple stock climbed 90%.\nCould the current component shortage cause revenues to merely shift around the calendar once again? I think it is plausible, if not likely.\nApple is a good place to hide\nTo be clear, the alleged production delays is not an Apple-specific problem. Component shortages in this year of recovery from the pandemic has been well documented and seems to be impacting consumer tech vendors across the board.\nOf course, an investor can choose not to commit to the tech sector at all, fearing that the whole industry will underperform as the global economies continue to bounce back. But if money is to be deployed in the space, I think that Apple is a safer-than-average bet due to best-in-class supply chain management.\nLast year, I explained in more detail that Apple has become “king of inventory management”under CEO Tim Cook – who is also the Cupertino company’s former COO. Therefore, were I to bet on one company handling supply chain issues well, it would probably be the one with most purchasing power and a solid track record at managing inventory.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1993,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828509372,"gmtCreate":1633920381940,"gmtModify":1633920382041,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581897384326559","idStr":"3581897384326559"},"themes":[],"htmlText":"Morning","listText":"Morning","text":"Morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828509372","repostId":"2174971913","repostType":4,"isVote":1,"tweetType":1,"viewCount":2036,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828277382,"gmtCreate":1633920295769,"gmtModify":1633920295929,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581897384326559","idStr":"3581897384326559"},"themes":[],"htmlText":"Morning","listText":"Morning","text":"Morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828277382","repostId":"1143168499","repostType":4,"repost":{"id":"1143168499","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":1633919503,"share":"https://www.laohu8.com/m/news/1143168499?lang=zh_CN&edition=full","pubTime":"2021-10-11 10:31","market":"sg","language":"en","title":"Singapore Airlines shares rose more than 8% in morning trading<blockquote>新加坡航空股价早盘上涨逾8%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143168499","media":"Tiger Newspress","summary":"SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel l","content":"<p>SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel lanes for vaccinated individuals from more countries, despite tightening rules for the unvaccinated.</p><p><blockquote>新加坡股市周一开盘走高，因为该共和国宣布将为来自更多国家的接种疫苗的个人开放旅行通道，尽管对未接种疫苗的人收紧了规定。</blockquote></p><p> Singapore Airlines was also actively traded, with 5.1 million shares worth S$27.9 million changing hands. The counter jumped 8.38% to S$5.56.</p><p><blockquote>新加坡航空也交投活跃，换手510万股，价值2790万新元。该股股价上涨8.38%，至5.56新元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d505007cdebdf08df7bd687485879d1a\" tg-width=\"877\" tg-height=\"588\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> On Saturday, Singapore announced that it would expand its Vaccinated Travel Lane scheme to an additional nine countries, allowing fully vaccinated travellers from Singapore and these nations to enjoy quarantine-free travel both ways.</p><p><blockquote>周六，新加坡宣布将其疫苗接种旅行通道计划扩大到另外九个国家，允许来自新加坡和这些国家的完全接种疫苗的旅行者享受双向免检疫旅行。</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>Singapore Airlines shares rose more than 8% in morning trading<blockquote>新加坡航空股价早盘上涨逾8%</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\">\nSingapore Airlines shares rose more than 8% in morning trading<blockquote>新加坡航空股价早盘上涨逾8%</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\">2021-10-11 10:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel lanes for vaccinated individuals from more countries, despite tightening rules for the unvaccinated.</p><p><blockquote>新加坡股市周一开盘走高，因为该共和国宣布将为来自更多国家的接种疫苗的个人开放旅行通道，尽管对未接种疫苗的人收紧了规定。</blockquote></p><p> Singapore Airlines was also actively traded, with 5.1 million shares worth S$27.9 million changing hands. The counter jumped 8.38% to S$5.56.</p><p><blockquote>新加坡航空也交投活跃，换手510万股，价值2790万新元。该股股价上涨8.38%，至5.56新元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d505007cdebdf08df7bd687485879d1a\" tg-width=\"877\" tg-height=\"588\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> On Saturday, Singapore announced that it would expand its Vaccinated Travel Lane scheme to an additional nine countries, allowing fully vaccinated travellers from Singapore and these nations to enjoy quarantine-free travel both ways.</p><p><blockquote>周六，新加坡宣布将其疫苗接种旅行通道计划扩大到另外九个国家，允许来自新加坡和这些国家的完全接种疫苗的旅行者享受双向免检疫旅行。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C6L.SI":"新加坡航空公司"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143168499","content_text":"SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel lanes for vaccinated individuals from more countries, despite tightening rules for the unvaccinated.\nSingapore Airlines was also actively traded, with 5.1 million shares worth S$27.9 million changing hands. The counter jumped 8.38% to S$5.56.\n\nOn Saturday, Singapore announced that it would expand its Vaccinated Travel Lane scheme to an additional nine countries, allowing fully vaccinated travellers from Singapore and these nations to enjoy quarantine-free travel both ways.","news_type":1,"symbols_score_info":{"C6L.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":3072,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828274982,"gmtCreate":1633920207247,"gmtModify":1633920207354,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581897384326559","idStr":"3581897384326559"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828274982","repostId":"1143168499","repostType":4,"repost":{"id":"1143168499","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":1633919503,"share":"https://www.laohu8.com/m/news/1143168499?lang=zh_CN&edition=full","pubTime":"2021-10-11 10:31","market":"sg","language":"en","title":"Singapore Airlines shares rose more than 8% in morning trading<blockquote>新加坡航空股价早盘上涨逾8%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143168499","media":"Tiger Newspress","summary":"SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel l","content":"<p>SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel lanes for vaccinated individuals from more countries, despite tightening rules for the unvaccinated.</p><p><blockquote>新加坡股市周一开盘走高，因为该共和国宣布将为来自更多国家的接种疫苗的个人开放旅行通道，尽管对未接种疫苗的人收紧了规定。</blockquote></p><p> Singapore Airlines was also actively traded, with 5.1 million shares worth S$27.9 million changing hands. The counter jumped 8.38% to S$5.56.</p><p><blockquote>新加坡航空也交投活跃，换手510万股，价值2790万新元。该股股价上涨8.38%，至5.56新元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d505007cdebdf08df7bd687485879d1a\" tg-width=\"877\" tg-height=\"588\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> On Saturday, Singapore announced that it would expand its Vaccinated Travel Lane scheme to an additional nine countries, allowing fully vaccinated travellers from Singapore and these nations to enjoy quarantine-free travel both ways.</p><p><blockquote>周六，新加坡宣布将其疫苗接种旅行通道计划扩大到另外九个国家，允许来自新加坡和这些国家的完全接种疫苗的旅行者享受双向免检疫旅行。</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>Singapore Airlines shares rose more than 8% in morning trading<blockquote>新加坡航空股价早盘上涨逾8%</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\">\nSingapore Airlines shares rose more than 8% in morning trading<blockquote>新加坡航空股价早盘上涨逾8%</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\">2021-10-11 10:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel lanes for vaccinated individuals from more countries, despite tightening rules for the unvaccinated.</p><p><blockquote>新加坡股市周一开盘走高，因为该共和国宣布将为来自更多国家的接种疫苗的个人开放旅行通道，尽管对未接种疫苗的人收紧了规定。</blockquote></p><p> Singapore Airlines was also actively traded, with 5.1 million shares worth S$27.9 million changing hands. The counter jumped 8.38% to S$5.56.</p><p><blockquote>新加坡航空也交投活跃，换手510万股，价值2790万新元。该股股价上涨8.38%，至5.56新元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d505007cdebdf08df7bd687485879d1a\" tg-width=\"877\" tg-height=\"588\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> On Saturday, Singapore announced that it would expand its Vaccinated Travel Lane scheme to an additional nine countries, allowing fully vaccinated travellers from Singapore and these nations to enjoy quarantine-free travel both ways.</p><p><blockquote>周六，新加坡宣布将其疫苗接种旅行通道计划扩大到另外九个国家，允许来自新加坡和这些国家的完全接种疫苗的旅行者享受双向免检疫旅行。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C6L.SI":"新加坡航空公司"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143168499","content_text":"SINGAPORE shares started the week higher on Monday, as the Republic announced it would open travel lanes for vaccinated individuals from more countries, despite tightening rules for the unvaccinated.\nSingapore Airlines was also actively traded, with 5.1 million shares worth S$27.9 million changing hands. The counter jumped 8.38% to S$5.56.\n\nOn Saturday, Singapore announced that it would expand its Vaccinated Travel Lane scheme to an additional nine countries, allowing fully vaccinated travellers from Singapore and these nations to enjoy quarantine-free travel both ways.","news_type":1,"symbols_score_info":{"C6L.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":2772,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829924972,"gmtCreate":1633457538936,"gmtModify":1633457539303,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581897384326559","idStr":"3581897384326559"},"themes":[],"htmlText":"Morning","listText":"Morning","text":"Morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/829924972","repostId":"2173151439","repostType":4,"isVote":1,"tweetType":1,"viewCount":2142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":867993616,"gmtCreate":1633180874268,"gmtModify":1633180874617,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581897384326559","idStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/867993616","repostId":"1134305481","repostType":4,"repost":{"id":"1134305481","kind":"news","pubTimestamp":1633152909,"share":"https://www.laohu8.com/m/news/1134305481?lang=zh_CN&edition=full","pubTime":"2021-10-02 13:35","market":"us","language":"en","title":"3 Stocks That Can Double Again in the Fourth Quarter<blockquote>四季度可以再次翻倍的3只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1134305481","media":"The motley fool","summary":"Key Points\n\nCrocs has jacked up its guidance every quarter this year. It reports again later this mo","content":"<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul> <li>Crocs has jacked up its guidance every quarter this year. It reports again later this month.</li> <li>AMC would have to double from here to revisit its June highs. Check the upcoming theatrical release slate to know why movie theaters are about to get a whole lot better.</li> <li>Upstart is revolutionizing the way creditworthiness is determined in consumer loans, and it's laughing all the way to the bank.</li> </ul> </p><p><blockquote><ul><li>Crocs今年每个季度都上调了指引。它将于本月晚些时候再次报道。</li><li>AMC必须在此基础上翻一番才能重温6月份的高点。查看即将上映的影院上映名单，了解为什么电影院会变得更好。</li><li>Upstart正在彻底改变消费贷款中确定信用度的方式，并且一直笑到银行。</li></ul></blockquote></p><p> It's been a volatile year for stocks, but naturally some investments have fared better than others. Over 300 stocks have more than doubled in 2021. Many of those winning investments will be lucky if they can hold those gains through the final three months of the year, but what about the names that have the potential to double again?</p><p><blockquote>对于股市来说，今年是动荡的一年，但自然有些投资的表现比其他投资更好。超过300只股票在2021年上涨了一倍多。如果许多获胜的投资能够在今年最后三个月保持这些收益，那将是幸运的，但那些有潜力再次翻倍的投资呢？</blockquote></p><p> <b>Crocs</b> (NASDAQ:CROX),<b>AMC Entertainment</b>(NYSE:AMC), and<b>Upstart</b> (NASDAQ:UPST)have more than doubled in value through the first nine months of 2021. Let's see why they have what it takes to possibly repeat the feat in the fourth quarter.</p><p><blockquote><b>卡骆驰</b>（纳斯达克：CROX），<b>AMC院线</b>（纽约证券交易所代码：AMC），以及<b>暴发户</b>（纳斯达克：UPST）的价值在2021年前9个月翻了一番多。让我们看看为什么他们有能力在第四季度重复这一壮举。</blockquote></p><p> 1. Crocs</p><p><blockquote>1.Crocs</blockquote></p><p> Remember those bright rubbery shoes with holes in them? They're back in a big way. Crocs sales are booming since the pandemic began, and the stock is following suit with a 129% increase through the first nine months of 2021.</p><p><blockquote>还记得那双有洞的亮色胶鞋吗？他们大举回来了。自疫情爆发以来，Crocs的销量一直在蓬勃发展，该股也紧随其后，在2021年前9个月上涨了129%。</blockquote></p><p> The comfortable resin shoes were already making a comeback before the COVID-19 crisis with double-digit revenue growth in 2019 before repeating the feat in 2020. Momentum is what's really taking Crocs to a higher level in 2021.</p><p><blockquote>舒适的树脂鞋在新冠肺炎危机之前就已经卷土重来，2019年的收入实现了两位数的增长，然后在2020年重复了这一壮举。动力才是真正让Crocs在2021年更上一层楼的原因。</blockquote></p><p> The year began with the footwear maker projecting 20%-to-25% top-line growth for the entire year back in February. Guidance was bumped higher -- to between 40% and 50% growth -- the following quarter. It happened again this summer, with Crocs now targeting a 60%-to-65% surge in revenue for all of 2021. What do you think will happen if those targets get pushed even higher when it reports third-quarter results later this month?</p><p><blockquote>今年年初，这家鞋类制造商在2月份预计全年营收将增长20%至25%。下个季度的指引被上调至40%至50%之间。这种情况在今年夏天再次发生，Crocs现在的目标是2021年全年收入增长60%至65%。如果本月晚些时候公布第三季度业绩时这些目标被推得更高，您认为会发生什么？</blockquote></p><p> Despite a stock that has popped nearly sixfold since the start of 2019, Crocs is reasonably priced given its accelerating growth. It's trading at 21 times this year's earnings and just 17 times next year's target. There's clearly room to increase those multiples, and Wall Street's finally as comfortable with Crocs as an investment as its customers are in its shoes.</p><p><blockquote>尽管自2019年初以来，Crocs的股价已上涨近六倍，但鉴于其加速增长，其定价合理。该公司今年市盈率为21倍，明年目标市盈率仅为17倍。显然还有增加这些市盈率的空间，华尔街终于像客户一样对Crocs作为一项投资感到满意。</blockquote></p><p> 2. AMC Entertainment</p><p><blockquote>2.AMC院线</blockquote></p><p> You may be surprised to find the country's leading multiplex operator on this list, but plot twists are what make movies so good. It's certainly true that AMC Entertainment has appreciated -- in terms of both stock price and a fivefold explosion in shares outstanding -- to the point where its valuation is out of whack relative to its peers'. If you want a pure investing play on the movie theater industry's recovery, you will find more attractively priced stocks toscratchthatitch.</p><p><blockquote>你可能会惊讶地发现这个国家领先的多厅影院运营商在这个名单上，但情节曲折是电影如此优秀的原因。AMC院线确实已经升值——无论是股价还是流通股数量都增长了五倍——以至于其估值相对于同行来说已经不正常了。如果您想对电影院行业的复苏进行纯粹的投资，您会发现价格更具吸引力的股票。</blockquote></p><p> However, as ameme stockand cultural phenomenon it's hard to argue against what AMC has done to translate its popularity among retail investors into a legitimate market share grab in the recovery process. No company has seen its market cap inflate as much as AMC has this year, but this is also a stock that enters the fourth quarter with a stock price that is a little more than half of what it was when it peaked in June. In short, it would have to double from here to revisit its all-time high -- but isn't that always possible with the poster child for 2021 momentum stocks?</p><p><blockquote>然而，作为一种流行的股票和文化现象，很难否认AMC在复苏过程中将其在散户投资者中的受欢迎程度转化为合法的市场份额抢夺。今年没有一家公司的市值像AMC那样膨胀，但这也是一只进入第四季度的股票，股价仅为6月份峰值时的一半多一点。简而言之，它必须在这里翻倍才能重温历史高点——但对于2021年动量股的典型代表来说，这难道不总是可能的吗？</blockquote></p><p> Fundamentally speaking, the catalysts are also there.<i>Shang-Chi and the Legend of the Ten Rings</i>shattered box office records over Labor Day weekend, but the initial excitement fizzled out when subsequent weekends were abysmal. However, it's all about the pipeline. Studios pushed out September releases into October and beyond when the delta variant resulted in a spike in COVID-19 cases. We're now seeing the highly anticipated films start to come back, starting with the new James Bond movie next weekend. The fourth quarter should be a lot stronger for the industry than the naysayers think, and if AMC stock gets back to where it was in early June -- fundamentally earned this time -- it will have to double from here.</p><p><blockquote>从根本上说，催化剂也在。<i>尚气与十环传说</i>劳动节周末打破了票房记录，但最初的兴奋随着随后的周末糟糕透顶而消失。然而，这一切都与管道有关。当德尔塔变异毒株导致新冠肺炎病例激增时，电影公司将9月的上映推迟到10月及以后。我们现在看到备受期待的电影开始回归，从下周末的新詹姆斯·邦德电影开始。该行业第四季度的表现应该比反对者想象的要强劲得多，如果AMC股价回到6月初的水平——这次基本上是盈利的——那么它将不得不在此基础上翻一番。</blockquote></p><p> 3. Upstart</p><p><blockquote>3.暴发户</blockquote></p><p> I love when industries ripe for disruption get upended, and that's what Upstart is doing with the lending industry. Upstart usesartificial intelligenceand machine learning to make better calls on assessing risk profiles and creditworthiness for folks who don't typically get approved for consumer loans.</p><p><blockquote>我喜欢颠覆成熟的行业被颠覆，这就是Upstart在贷款行业所做的事情。Upstart使用人工智能和机器学习来更好地评级评估那些通常不会获得消费贷款批准的人的风险状况和信用度。</blockquote></p><p> Growth is bonkers. Revenue seemed to be decelerating sharply, with slowing growth spurts of 89%, 52%, and 27% in the last three years respectively. Now that consumers are becoming aware of Upstart as a better alternative to payday loans and other predatory lending products, business is skyrocketing. Revenue rose 90% in the first quarter, only to surge 1,018% in its latest report. And no, that's not a typo.</p><p><blockquote>增长是疯狂的。收入似乎正在急剧减速，过去三年的增长分别放缓了89%、52%和27%。现在，消费者开始意识到Upstart是发薪日贷款和其他掠夺性贷款产品的更好替代品，业务正在飙升。第一季度收入增长90%，但在最新报告中却飙升了1,018%。不，这不是错别字。</blockquote></p><p></p><p> With Upstart now expanding into the auto loans market, the potential for its better alternative to stodgy credit scores is just getting started. The stock has been a seven-bagger through the first three quarters of 2021, but the runway is long for this disruptive jet.</p><p><blockquote>随着Upstart现在扩展到汽车贷款市场，其更好的替代乏味信用评分的潜力才刚刚开始。该股在2021年前三个季度已上涨七倍，但对于这款颠覆性喷气式飞机来说，跑道还很长。</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>3 Stocks That Can Double Again in the Fourth Quarter<blockquote>四季度可以再次翻倍的3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\">\n3 Stocks That Can Double Again in the Fourth Quarter<blockquote>四季度可以再次翻倍的3只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The motley fool</strong><span class=\"h-time small\">2021-10-02 13:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Key Points</p><p><blockquote>要点</blockquote></p><p> <ul> <li>Crocs has jacked up its guidance every quarter this year. It reports again later this month.</li> <li>AMC would have to double from here to revisit its June highs. Check the upcoming theatrical release slate to know why movie theaters are about to get a whole lot better.</li> <li>Upstart is revolutionizing the way creditworthiness is determined in consumer loans, and it's laughing all the way to the bank.</li> </ul> </p><p><blockquote><ul><li>Crocs今年每个季度都上调了指引。它将于本月晚些时候再次报道。</li><li>AMC必须在此基础上翻一番才能重温6月份的高点。查看即将上映的影院上映名单，了解为什么电影院会变得更好。</li><li>Upstart正在彻底改变消费贷款中确定信用度的方式，并且一直笑到银行。</li></ul></blockquote></p><p> It's been a volatile year for stocks, but naturally some investments have fared better than others. Over 300 stocks have more than doubled in 2021. Many of those winning investments will be lucky if they can hold those gains through the final three months of the year, but what about the names that have the potential to double again?</p><p><blockquote>对于股市来说，今年是动荡的一年，但自然有些投资的表现比其他投资更好。超过300只股票在2021年上涨了一倍多。如果许多获胜的投资能够在今年最后三个月保持这些收益，那将是幸运的，但那些有潜力再次翻倍的投资呢？</blockquote></p><p> <b>Crocs</b> (NASDAQ:CROX),<b>AMC Entertainment</b>(NYSE:AMC), and<b>Upstart</b> (NASDAQ:UPST)have more than doubled in value through the first nine months of 2021. Let's see why they have what it takes to possibly repeat the feat in the fourth quarter.</p><p><blockquote><b>卡骆驰</b>（纳斯达克：CROX），<b>AMC院线</b>（纽约证券交易所代码：AMC），以及<b>暴发户</b>（纳斯达克：UPST）的价值在2021年前9个月翻了一番多。让我们看看为什么他们有能力在第四季度重复这一壮举。</blockquote></p><p> 1. Crocs</p><p><blockquote>1.Crocs</blockquote></p><p> Remember those bright rubbery shoes with holes in them? They're back in a big way. Crocs sales are booming since the pandemic began, and the stock is following suit with a 129% increase through the first nine months of 2021.</p><p><blockquote>还记得那双有洞的亮色胶鞋吗？他们大举回来了。自疫情爆发以来，Crocs的销量一直在蓬勃发展，该股也紧随其后，在2021年前9个月上涨了129%。</blockquote></p><p> The comfortable resin shoes were already making a comeback before the COVID-19 crisis with double-digit revenue growth in 2019 before repeating the feat in 2020. Momentum is what's really taking Crocs to a higher level in 2021.</p><p><blockquote>舒适的树脂鞋在新冠肺炎危机之前就已经卷土重来，2019年的收入实现了两位数的增长，然后在2020年重复了这一壮举。动力才是真正让Crocs在2021年更上一层楼的原因。</blockquote></p><p> The year began with the footwear maker projecting 20%-to-25% top-line growth for the entire year back in February. Guidance was bumped higher -- to between 40% and 50% growth -- the following quarter. It happened again this summer, with Crocs now targeting a 60%-to-65% surge in revenue for all of 2021. What do you think will happen if those targets get pushed even higher when it reports third-quarter results later this month?</p><p><blockquote>今年年初，这家鞋类制造商在2月份预计全年营收将增长20%至25%。下个季度的指引被上调至40%至50%之间。这种情况在今年夏天再次发生，Crocs现在的目标是2021年全年收入增长60%至65%。如果本月晚些时候公布第三季度业绩时这些目标被推得更高，您认为会发生什么？</blockquote></p><p> Despite a stock that has popped nearly sixfold since the start of 2019, Crocs is reasonably priced given its accelerating growth. It's trading at 21 times this year's earnings and just 17 times next year's target. There's clearly room to increase those multiples, and Wall Street's finally as comfortable with Crocs as an investment as its customers are in its shoes.</p><p><blockquote>尽管自2019年初以来，Crocs的股价已上涨近六倍，但鉴于其加速增长，其定价合理。该公司今年市盈率为21倍，明年目标市盈率仅为17倍。显然还有增加这些市盈率的空间，华尔街终于像客户一样对Crocs作为一项投资感到满意。</blockquote></p><p> 2. AMC Entertainment</p><p><blockquote>2.AMC院线</blockquote></p><p> You may be surprised to find the country's leading multiplex operator on this list, but plot twists are what make movies so good. It's certainly true that AMC Entertainment has appreciated -- in terms of both stock price and a fivefold explosion in shares outstanding -- to the point where its valuation is out of whack relative to its peers'. If you want a pure investing play on the movie theater industry's recovery, you will find more attractively priced stocks toscratchthatitch.</p><p><blockquote>你可能会惊讶地发现这个国家领先的多厅影院运营商在这个名单上，但情节曲折是电影如此优秀的原因。AMC院线确实已经升值——无论是股价还是流通股数量都增长了五倍——以至于其估值相对于同行来说已经不正常了。如果您想对电影院行业的复苏进行纯粹的投资，您会发现价格更具吸引力的股票。</blockquote></p><p> However, as ameme stockand cultural phenomenon it's hard to argue against what AMC has done to translate its popularity among retail investors into a legitimate market share grab in the recovery process. No company has seen its market cap inflate as much as AMC has this year, but this is also a stock that enters the fourth quarter with a stock price that is a little more than half of what it was when it peaked in June. In short, it would have to double from here to revisit its all-time high -- but isn't that always possible with the poster child for 2021 momentum stocks?</p><p><blockquote>然而，作为一种流行的股票和文化现象，很难否认AMC在复苏过程中将其在散户投资者中的受欢迎程度转化为合法的市场份额抢夺。今年没有一家公司的市值像AMC那样膨胀，但这也是一只进入第四季度的股票，股价仅为6月份峰值时的一半多一点。简而言之，它必须在这里翻倍才能重温历史高点——但对于2021年动量股的典型代表来说，这难道不总是可能的吗？</blockquote></p><p> Fundamentally speaking, the catalysts are also there.<i>Shang-Chi and the Legend of the Ten Rings</i>shattered box office records over Labor Day weekend, but the initial excitement fizzled out when subsequent weekends were abysmal. However, it's all about the pipeline. Studios pushed out September releases into October and beyond when the delta variant resulted in a spike in COVID-19 cases. We're now seeing the highly anticipated films start to come back, starting with the new James Bond movie next weekend. The fourth quarter should be a lot stronger for the industry than the naysayers think, and if AMC stock gets back to where it was in early June -- fundamentally earned this time -- it will have to double from here.</p><p><blockquote>从根本上说，催化剂也在。<i>尚气与十环传说</i>劳动节周末打破了票房记录，但最初的兴奋随着随后的周末糟糕透顶而消失。然而，这一切都与管道有关。当德尔塔变异毒株导致新冠肺炎病例激增时，电影公司将9月的上映推迟到10月及以后。我们现在看到备受期待的电影开始回归，从下周末的新詹姆斯·邦德电影开始。该行业第四季度的表现应该比反对者想象的要强劲得多，如果AMC股价回到6月初的水平——这次基本上是盈利的——那么它将不得不在此基础上翻一番。</blockquote></p><p> 3. Upstart</p><p><blockquote>3.暴发户</blockquote></p><p> I love when industries ripe for disruption get upended, and that's what Upstart is doing with the lending industry. Upstart usesartificial intelligenceand machine learning to make better calls on assessing risk profiles and creditworthiness for folks who don't typically get approved for consumer loans.</p><p><blockquote>我喜欢颠覆成熟的行业被颠覆，这就是Upstart在贷款行业所做的事情。Upstart使用人工智能和机器学习来更好地评级评估那些通常不会获得消费贷款批准的人的风险状况和信用度。</blockquote></p><p> Growth is bonkers. Revenue seemed to be decelerating sharply, with slowing growth spurts of 89%, 52%, and 27% in the last three years respectively. Now that consumers are becoming aware of Upstart as a better alternative to payday loans and other predatory lending products, business is skyrocketing. Revenue rose 90% in the first quarter, only to surge 1,018% in its latest report. And no, that's not a typo.</p><p><blockquote>增长是疯狂的。收入似乎正在急剧减速，过去三年的增长分别放缓了89%、52%和27%。现在，消费者开始意识到Upstart是发薪日贷款和其他掠夺性贷款产品的更好替代品，业务正在飙升。第一季度收入增长90%，但在最新报告中却飙升了1,018%。不，这不是错别字。</blockquote></p><p></p><p> With Upstart now expanding into the auto loans market, the potential for its better alternative to stodgy credit scores is just getting started. The stock has been a seven-bagger through the first three quarters of 2021, but the runway is long for this disruptive jet.</p><p><blockquote>随着Upstart现在扩展到汽车贷款市场，其更好的替代乏味信用评分的潜力才刚刚开始。该股在2021年前三个季度已上涨七倍，但对于这款颠覆性喷气式飞机来说，跑道还很长。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/10/01/3-stocks-that-can-double-again-in-the-fourth-quart/\">The motley fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UPST":"Upstart Holdings, Inc.","CROX":"卡骆驰","AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/10/01/3-stocks-that-can-double-again-in-the-fourth-quart/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134305481","content_text":"Key Points\n\nCrocs has jacked up its guidance every quarter this year. It reports again later this month.\nAMC would have to double from here to revisit its June highs. Check the upcoming theatrical release slate to know why movie theaters are about to get a whole lot better.\nUpstart is revolutionizing the way creditworthiness is determined in consumer loans, and it's laughing all the way to the bank.\n\n\nIt's been a volatile year for stocks, but naturally some investments have fared better than others. Over 300 stocks have more than doubled in 2021. Many of those winning investments will be lucky if they can hold those gains through the final three months of the year, but what about the names that have the potential to double again?\nCrocs (NASDAQ:CROX),AMC Entertainment(NYSE:AMC), andUpstart (NASDAQ:UPST)have more than doubled in value through the first nine months of 2021. Let's see why they have what it takes to possibly repeat the feat in the fourth quarter.\n1. Crocs\nRemember those bright rubbery shoes with holes in them? They're back in a big way. Crocs sales are booming since the pandemic began, and the stock is following suit with a 129% increase through the first nine months of 2021.\nThe comfortable resin shoes were already making a comeback before the COVID-19 crisis with double-digit revenue growth in 2019 before repeating the feat in 2020. Momentum is what's really taking Crocs to a higher level in 2021.\nThe year began with the footwear maker projecting 20%-to-25% top-line growth for the entire year back in February. Guidance was bumped higher -- to between 40% and 50% growth -- the following quarter. It happened again this summer, with Crocs now targeting a 60%-to-65% surge in revenue for all of 2021. What do you think will happen if those targets get pushed even higher when it reports third-quarter results later this month?\nDespite a stock that has popped nearly sixfold since the start of 2019, Crocs is reasonably priced given its accelerating growth. It's trading at 21 times this year's earnings and just 17 times next year's target. There's clearly room to increase those multiples, and Wall Street's finally as comfortable with Crocs as an investment as its customers are in its shoes.\n2. AMC Entertainment\nYou may be surprised to find the country's leading multiplex operator on this list, but plot twists are what make movies so good. It's certainly true that AMC Entertainment has appreciated -- in terms of both stock price and a fivefold explosion in shares outstanding -- to the point where its valuation is out of whack relative to its peers'. If you want a pure investing play on the movie theater industry's recovery, you will find more attractively priced stocks toscratchthatitch.\nHowever, as ameme stockand cultural phenomenon it's hard to argue against what AMC has done to translate its popularity among retail investors into a legitimate market share grab in the recovery process. No company has seen its market cap inflate as much as AMC has this year, but this is also a stock that enters the fourth quarter with a stock price that is a little more than half of what it was when it peaked in June. In short, it would have to double from here to revisit its all-time high -- but isn't that always possible with the poster child for 2021 momentum stocks?\nFundamentally speaking, the catalysts are also there.Shang-Chi and the Legend of the Ten Ringsshattered box office records over Labor Day weekend, but the initial excitement fizzled out when subsequent weekends were abysmal. However, it's all about the pipeline. Studios pushed out September releases into October and beyond when the delta variant resulted in a spike in COVID-19 cases. We're now seeing the highly anticipated films start to come back, starting with the new James Bond movie next weekend. The fourth quarter should be a lot stronger for the industry than the naysayers think, and if AMC stock gets back to where it was in early June -- fundamentally earned this time -- it will have to double from here.\n3. Upstart\nI love when industries ripe for disruption get upended, and that's what Upstart is doing with the lending industry. Upstart usesartificial intelligenceand machine learning to make better calls on assessing risk profiles and creditworthiness for folks who don't typically get approved for consumer loans.\nGrowth is bonkers. Revenue seemed to be decelerating sharply, with slowing growth spurts of 89%, 52%, and 27% in the last three years respectively. Now that consumers are becoming aware of Upstart as a better alternative to payday loans and other predatory lending products, business is skyrocketing. Revenue rose 90% in the first quarter, only to surge 1,018% in its latest report. And no, that's not a typo.\nWith Upstart now expanding into the auto loans market, the potential for its better alternative to stodgy credit scores is just getting started. The stock has been a seven-bagger through the first three quarters of 2021, but the runway is long for this disruptive jet.","news_type":1,"symbols_score_info":{"UPST":0.9,"AMC":0.9,"CROX":0.9}},"isVote":1,"tweetType":1,"viewCount":1786,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862783833,"gmtCreate":1632914187457,"gmtModify":1632914187877,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581897384326559","idStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/862783833","repostId":"1198528044","repostType":4,"repost":{"id":"1198528044","kind":"news","pubTimestamp":1632882697,"share":"https://www.laohu8.com/m/news/1198528044?lang=zh_CN&edition=full","pubTime":"2021-09-29 10:31","market":"us","language":"en","title":"Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198528044","media":"seekingalpha","summary":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protect","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li> <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li> <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</li><li>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</li><li>虽然在融化持续期间利用它是至关重要的，但不要过于自满“这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从我的同事那里收到的问题<i>少废话投资。</i>考虑到投资者认为的持续增长，这是一个很好的问题<i>“没有风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个准确定义什么是融化。</blockquote></p><p> <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i> <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i> <i>rather than by fundamental improvements in the economy.“</i>– <i>Investopedia</i> Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>他说：“熔断是指一项资产或资产类别的投资表现持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至，</b></i><i>而不是经济的根本改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p> <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i> <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i> <ul> <li><b><i>High optimism</i></b></li> <li><b><i>Easy credit (too easy, with loose terms)</i></b></li> <li><b><i>A rush of initial and secondary offerings</i></b></li> <li><b><i>Risky stocks outperforming</i></b></li> <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期接近顶峰时，投资者会被潜在的繁荣所席卷。这种繁荣滋生了“合理化”，即“这次不同了”。那么，你如何知道市场目前是繁荣的呢？通过情绪交易者：”</i><i>这种类型的市场活动表明市场已经回到了“热情”阶段。其特征在于：</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>宽松信贷（太宽松，条款宽松）</i></b></li><li><b><i>首次和二次发行热潮</i></b></li><li><b><i>风险股跑赢大盘</i></b></li><li><b><i>估值过高</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象某事通常比解释它更容易。<b>自1900年以来，只有两个市场时期符合熔化的条件：1920-1929年和1995-2000年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前从2020年3月低点的上涨进行比较。我们再次看到非常相似的价格大幅上涨和估值飙升。正如预期的那样，投资者目前希望未来收益将大幅上涨，足以证明当前价格的合理性。然而，支付高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值指标略有不同。它显示了当前与长期指数增长趋势的背离。毫不奇怪，在市场期间<i>“融化。”</i>与估值加速相匹配的增长趋势出现了快速背离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场的问题<i>“融化”</i>不是融化本身，而是随之而来的一切。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在熔断期间，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度杠杆，试图利用价格的快速上涨，基本面让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化都是关于<i>“心理学。”</i><b>从历史上看，无论引发忽视风险的催化剂是什么，都很容易在价格和估值的相应飙升中看到。</b>下图显示了相对强度、偏差和估值的长期偏差。上一篇<i>“融化”</i>与目前的进展相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于目前的延期仅与历史上少数罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol> <li><b><i>Melt-ups can longer than logic would predict.</i></b></li> <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li> <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li> <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li> <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>普遍的心理总是“这次不一样了”。</i></b></li><li><b><i>估值被驳回，以换取动量和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似“输不起”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，不可避免的是，“融化”以最糟糕的结果告终。</i></b></li></ol>必须认识到市场正处于<i>“融化，</i>“而且该事件的持续时间是未知的。因此，投资者需要一种策略来参与提前并减轻最终的损失<i>“熔化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如上所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理作用，它们可以持续更长时间，走得比逻辑预测的更远。需要什么“<i>结束“</i>融化是一种意想不到的外生事件，它将心理从看涨转变为看跌。这就是人们蜂拥退出的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场上涨。但是，当然，困难的部分是在不可避免地发生调整时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我提供了我们采用的流程的总体概述。</blockquote></p><p> <ol> <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li> <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li> <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li> <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li> <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（当市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>（非相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利了结</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>出售落后者</b></i><i>和失败者</i>.<i>（如果某些东西在市场融化时不起作用，那么在广泛下跌时很可能也不会起作用。最好尽早消除风险。）</i></li><li><i><b>筹集现金</b></i><i>并重新平衡投资组合以达到目标权重。（定期重新平衡风险可以在一定程度上减轻隐藏的风险。）</i></li></ol><b>注意，里面没有任何东西说，</b><b><i>“卖掉所有东西，去兑现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间来筹集大量现金。一个好的投资组合管理策略会自动确保<i>“止损”</i>当出售开始时，水平被触发，风险减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然有必要在融化持续期间利用它，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</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>Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</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\">\nTechnically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-29 10:31</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>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li> <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li> <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</li><li>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</li><li>虽然在融化持续期间利用它是至关重要的，但不要过于自满“这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从我的同事那里收到的问题<i>少废话投资。</i>考虑到投资者认为的持续增长，这是一个很好的问题<i>“没有风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个准确定义什么是融化。</blockquote></p><p> <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i> <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i> <i>rather than by fundamental improvements in the economy.“</i>– <i>Investopedia</i> Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>他说：“熔断是指一项资产或资产类别的投资表现持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至，</b></i><i>而不是经济的根本改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p> <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i> <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i> <ul> <li><b><i>High optimism</i></b></li> <li><b><i>Easy credit (too easy, with loose terms)</i></b></li> <li><b><i>A rush of initial and secondary offerings</i></b></li> <li><b><i>Risky stocks outperforming</i></b></li> <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期接近顶峰时，投资者会被潜在的繁荣所席卷。这种繁荣滋生了“合理化”，即“这次不同了”。那么，你如何知道市场目前是繁荣的呢？通过情绪交易者：”</i><i>这种类型的市场活动表明市场已经回到了“热情”阶段。其特征在于：</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>宽松信贷（太宽松，条款宽松）</i></b></li><li><b><i>首次和二次发行热潮</i></b></li><li><b><i>风险股跑赢大盘</i></b></li><li><b><i>估值过高</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们有能力免受经济衰退的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象某事通常比解释它更容易。<b>自1900年以来，只有两个市场时期符合熔化的条件：1920-1929年和1995-2000年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>与往常一样，投资大众相信未来的收益将证明在融化期间价格上涨是合理的。从来都不是那样的。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前从2020年3月低点的上涨进行比较。我们再次看到非常相似的价格大幅上涨和估值飙升。正如预期的那样，投资者目前希望未来收益将大幅上涨，足以证明当前价格的合理性。然而，支付高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值指标略有不同。它显示了当前与长期指数增长趋势的背离。毫不奇怪，在市场期间<i>“融化。”</i>与估值加速相匹配的增长趋势出现了快速背离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场的问题<i>“融化”</i>不是融化本身，而是随之而来的一切。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在熔断期间，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度杠杆，试图利用价格的快速上涨，基本面让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化都是关于<i>“心理学。”</i><b>从历史上看，无论引发忽视风险的催化剂是什么，都很容易在价格和估值的相应飙升中看到。</b>下图显示了相对强度、偏差和估值的长期偏差。上一篇<i>“融化”</i>与目前的进展相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于目前的延期仅与历史上少数罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol> <li><b><i>Melt-ups can longer than logic would predict.</i></b></li> <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li> <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li> <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li> <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>普遍的心理总是“这次不一样了”。</i></b></li><li><b><i>估值被驳回，以换取动量和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似“输不起”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，不可避免的是，“融化”以最糟糕的结果告终。</i></b></li></ol>必须认识到市场正处于<i>“融化，</i>“而且该事件的持续时间是未知的。因此，投资者需要一种策略来参与提前并减轻最终的损失<i>“熔化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如上所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理作用，它们可以持续更长时间，走得比逻辑预测的更远。需要什么“<i>结束“</i>融化是一种意想不到的外生事件，它将心理从看涨转变为看跌。这就是人们蜂拥退出的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场上涨。但是，当然，困难的部分是在不可避免地发生调整时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我提供了我们采用的流程的总体概述。</blockquote></p><p> <ol> <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li> <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li> <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li> <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li> <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（当市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>（非相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利了结</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>出售落后者</b></i><i>和失败者</i>.<i>（如果某些东西在市场融化时不起作用，那么在广泛下跌时很可能也不会起作用。最好尽早消除风险。）</i></li><li><i><b>筹集现金</b></i><i>并重新平衡投资组合以达到目标权重。（定期重新平衡风险可以在一定程度上减轻隐藏的风险。）</i></li></ol><b>注意，里面没有任何东西说，</b><b><i>“卖掉所有东西，去兑现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间来筹集大量现金。一个好的投资组合管理策略会自动确保<i>“止损”</i>当出售开始时，水平被触发，风险减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然有必要在融化持续期间利用它，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up\">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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198528044","content_text":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nAs is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.\n\nIs the“market melting-up?”Such was the question I received from my colleague atCut The Crap Investing.It is an excellent question given the relentless increase in what investors believe is a“no risk”market.\nOf course, we need a definition of precisely what constitutes a melt-up.\n\n“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly\nby a stampede of investors who don’t want to miss out on its rise,\nrather than by fundamental improvements in the economy.“–\n Investopedia\n\nCurrently, there is sufficient evidence to support the idea of an exuberant market.As noted previously:\n\n“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”\n\n\n‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’\n\n\nHigh optimism\nEasy credit (too easy, with loose terms)\nA rush of initial and secondary offerings\nRisky stocks outperforming\nStretched valuations\n\n\nHowever, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nA Visualization Of A Market Melting-Up\nIt is often easier to visualize something rather than explain it.Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.The chart below shows both periods in terms of price.\n\nHowever, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\n\nWe can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.\n\nThe following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market“melt-up,”there is a rapid deviation from the growth trend matching the acceleration in valuations.\n\nThe problem with market“melt-ups”is not the melt-up itself but what always follows.\nMelting-Up Leads To Melting-Down\nA market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why“this time is different.”They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.\nMarket melt-ups are all about“psychology.”Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous‘melt-up”periods should be easy to spot when compared with the advance currently.\n\nGiven that current extensions match only a few rare periods in history, a couple of points should be readily apparent.\n\nMelt-ups can longer than logic would predict.\nThe prevailing psychology is always “this time is different.”\nValuations are dismissed in exchange for measures of momentum and forward expectations.\nInvestors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.\nLastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.\n\nIt is essential to recognize the markets are in a“melt-up,” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual“melting-down.”\nSurviving The Melt-Up\nAs noted, none of this means the next“bear market”is lurking.Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “end”a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.\nAs such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.\nAs portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.\n\nTighten up stop-loss levelsto current support levels for each position.(Provides identifiable exit points when the market reverses.)\nHedge portfoliosagainst major market declines.(Non-correlated assets, short-market positions, index put options)\nTake profitsin positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)\nSell laggardsand losers.(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)\nRaise cashand rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)\n\nNotice, nothing in there says,“sell everything and go to cash.”\nThere will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that“stop-loss”levels get triggered, exposure decreases, and cash levels rise when the selling begins.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent“this time is different.”\nIt likely isn’t.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862343790,"gmtCreate":1632839596477,"gmtModify":1632839596615,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581897384326559","idStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/862343790","repostId":"1155723613","repostType":4,"repost":{"id":"1155723613","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":1632839322,"share":"https://www.laohu8.com/m/news/1155723613?lang=zh_CN&edition=full","pubTime":"2021-09-28 22:28","market":"us","language":"en","title":"EV stocks dropped in morning trading<blockquote>电动汽车股早盘下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155723613","media":"Tiger Newspress","summary":"EV stocks dropped in morning trading.Tesla,Nio,Xpeng Motors,Li Auto,Lucid,Nikola,Fisker,Niu Technolo","content":"<p>EV stocks dropped in morning trading.Tesla,Nio,Xpeng Motors,Li Auto,Lucid,Nikola,Fisker,Niu Technologies and Faraday Future fell between 1% and 5%.</p><p><blockquote>电动汽车股早盘下跌。特斯拉、蔚来、小鹏汽车、理想汽车、Lucid、尼古拉、菲斯克、小牛电动和法拉第未来跌幅在1%至5%之间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/43dde189cdc270c215d32a2c5de7eafa\" tg-width=\"410\" tg-height=\"717\" width=\"100%\" height=\"auto\"></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>EV stocks dropped in morning trading<blockquote>电动汽车股早盘下跌</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\">\nEV stocks dropped in morning trading<blockquote>电动汽车股早盘下跌</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\">2021-09-28 22:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV stocks dropped in morning trading.Tesla,Nio,Xpeng Motors,Li Auto,Lucid,Nikola,Fisker,Niu Technologies and Faraday Future fell between 1% and 5%.</p><p><blockquote>电动汽车股早盘下跌。特斯拉、蔚来、小鹏汽车、理想汽车、Lucid、尼古拉、菲斯克、小牛电动和法拉第未来跌幅在1%至5%之间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/43dde189cdc270c215d32a2c5de7eafa\" tg-width=\"410\" tg-height=\"717\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","NIO":"蔚来","XPEV":"小鹏汽车","LI":"理想汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155723613","content_text":"EV stocks dropped in morning trading.Tesla,Nio,Xpeng Motors,Li Auto,Lucid,Nikola,Fisker,Niu Technologies and Faraday Future fell between 1% and 5%.","news_type":1,"symbols_score_info":{"LI":0.9,"XPEV":0.9,"NIO":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2961,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866855683,"gmtCreate":1632755530242,"gmtModify":1632798051765,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581897384326559","idStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/866855683","repostId":"2170626149","repostType":4,"isVote":1,"tweetType":1,"viewCount":2302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":863488086,"gmtCreate":1632412116045,"gmtModify":1632729895124,"author":{"id":"3581897384326559","authorId":"3581897384326559","name":"Ai_Ling","avatar":"https://static.tigerbbs.com/10016b9fcd8f9137b9387b6cc0f9f965","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581897384326559","idStr":"3581897384326559"},"themes":[],"htmlText":"Good morning","listText":"Good morning","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/863488086","repostId":"1159478468","repostType":4,"repost":{"id":"1159478468","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":1632411695,"share":"https://www.laohu8.com/m/news/1159478468?lang=zh_CN&edition=full","pubTime":"2021-09-23 23:41","market":"us","language":"en","title":"EngageSmart opens for trading at $37, up about 43.6% from IPO price<blockquote>EngageSmart开盘价为37美元，较IPO价格上涨约43.6%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159478468","media":"Tiger Newspress","summary":"(Sept 23) EngageSmart Inc. opens for trading at $37, up about 43.6% from IPO price.\n\nCompany\nBraintr","content":"<p>(Sept 23) <a href=\"https://laohu8.com/S/ESMT\">EngageSmart Inc.</a> opens for trading at $37, up about 43.6% from IPO price.</p><p><blockquote>（9月23日）<a href=\"https://laohu8.com/S/ESMT\">EngageSmart公司。</a>开盘价为37美元，较IPO价格上涨约43.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/835bc9b4ff09e761852f27f75743b887\" tg-width=\"898\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company</b></p><p><blockquote><b>公司</b></blockquote></p><p> Braintree, Massachusetts-based EngageSmart was founded to develop a platform that improves customer engagement tailored for certain industry verticals.</p><p><blockquote>总部位于马萨诸塞州布伦特里的EngageSmart成立的目的是开发一个平台，提高针对某些垂直行业的客户参与度。</blockquote></p><p> Management is headed by founder and CEO Robert P. Bennett, who has been with the firm since inception and was previously president of Sage Payment Solutions.</p><p><blockquote>管理层由创始人兼首席执行官Robert P.Bennett领导，他自公司成立以来一直在公司工作，此前曾担任Sage Payment Solutions总裁。</blockquote></p><p> The company's primary offerings include:</p><p><blockquote>该公司的主要产品包括：</blockquote></p><p> <ul> <li>SimplePractice - Wellness</li> <li>InvoiceCloud - Government, Utilities and Financial Services</li> <li>HealthPay24 - Healthcare</li> <li>DonorDrive - Non-profit and Corporate Fundraising</li> </ul> EngageSmart has received at least $451 million in equity investment from investors including General Atlantic and Summit Partners.</p><p><blockquote><ul><li>简单实践-健康</li><li>InvoiceCloud–政府、公用事业和金融服务</li><li>HealthPay24-医疗保健</li><li>DonorDrive-非营利和企业筹款</li></ul>EngageSmart已从General Atlantic和Summit Partners等投资者那里获得了至少4.51亿美元的股权投资。</blockquote></p><p> <b>Customer Acquisition</b></p><p><blockquote><b>客户获取</b></blockquote></p><p> The firm pursues both large enterprise customers and SMB customers via its direct sales force and online service.</p><p><blockquote>该公司通过其直销队伍和在线服务追求大型企业客户和中小型企业客户。</blockquote></p><p> As of June 30, 2021, the firm had served over 68,000 clients in the SMB market and more than 3,000 customers in its Enterprise Solutions segment.</p><p><blockquote>截至2021年6月30日，该公司已为中小企业市场的68,000多家客户和企业解决方案领域的3,000多家客户提供服务。</blockquote></p><p> Selling and Marketing expenses as a percentage of total revenue have dropped as revenues have increased, as the figures below indicate:</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的增加而下降，如下图所示：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Selling and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>32.4%</p><p><blockquote><td>32.4%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>33.1%</p><p><blockquote><td>33.1%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>43.1%</p><p><blockquote><td>43.1%</td></blockquote></p><p></td> </tr> </tbody> </table> Source: SEC</p><p><blockquote>资料来源：SEC</blockquote></p><p> The Selling and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling and Marketing spend, dropped slightly to 1.1x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元的销售和营销支出产生多少美元的额外新收入）在最近的报告期略有下降至1.1倍，如下表所示：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Selling and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>1.1</p><p><blockquote><td>1.1</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>1.3</p><p><blockquote><td>1.3</td></blockquote></p><p></td> </tr> </tbody> </table> Source: SEC</p><p><blockquote>资料来源：SEC</blockquote></p><p> The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p><p><blockquote>40法则是软件行业的经验法则，只要收入增长率和EBITDA百分比等于或超过40%，公司就处于可接受的增长/EBITDA轨迹上。</blockquote></p><p> ESMT's most recent calculation was 64% as of June 30, 2021, so the firm is performing well in this regard, per the table below:</p><p><blockquote>截至2021年6月30日，ESMT的最新计算结果为64%，因此该公司在这方面表现良好，如下表所示：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Rule of 40</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>40法则</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Calculation</b></p><p><blockquote><td><b>计算</b></td></blockquote></p><p></td> </tr> <tr> <td>Recent Rev. Growth %</p><p><blockquote><tr><td>近期收入增长%</td></tr></blockquote></p><p></td> <td>59%</p><p><blockquote><td>59%</td></blockquote></p><p></td> </tr> <tr> <td>EBITDA %</p><p><blockquote><tr><td>EBITDA%</td></tr></blockquote></p><p></td> <td>5%</p><p><blockquote><td>5%</td></blockquote></p><p></td> </tr> <tr> <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td> <td>64%</p><p><blockquote><td>64%</td></blockquote></p><p></td> </tr> </tbody> </table> Source: SEC</p><p><blockquote>资料来源：SEC</blockquote></p><p> The firm's dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.</p><p><blockquote>截至2020年12月31日，该公司以美元计算的净收入保留率为124%，这是一个强劲的业绩。</blockquote></p><p> The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p><p><blockquote>基于美元的净收入保留率指标衡量随着时间的推移，每个客户群产生了多少额外收入，因此超过100%的数字意味着公司随着时间的推移从同一客户群产生了更多收入，表明良好的产品/市场契合度以及高效的销售和营销工作。</blockquote></p><p> <b>Market & Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby Mordor Intelligence, the global market for customer engagement solutions was an estimated $15.5 billion in 2020 and is forecast to reach $30.9 billion by 2026.</p><p><blockquote>根据Mordor Intelligence的2021年市场研究报告，2020年全球客户参与解决方案市场规模估计为155亿美元，预计到2026年将达到309亿美元。</blockquote></p><p> This represents a forecast CAGR of 12.65% from 2021 to 2026.</p><p><blockquote>这意味着2021年至2026年的预测复合年增长率为12.65%。</blockquote></p><p> The main drivers for this expected growth are a growth in technology solutions to improve the customer journey via any device they use to connect with businesses.</p><p><blockquote>这一预期增长的主要驱动力是技术解决方案的增长，以改善客户通过他们用来与企业联系的任何设备的旅程。</blockquote></p><p> Also, a desire to reduce customer churn rate results in improved business financials and growing valuation.</p><p><blockquote>此外，降低客户流失率的愿望会导致企业财务状况的改善和估值的增长。</blockquote></p><p> Below is a chart showing the variation in customer churn rates in different industries in the U.S. in 2018:</p><p><blockquote>下图显示了2018年美国不同行业客户流失率的变化：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f1066adb602d05e4e99630aacf61e1c5\" tg-width=\"1060\" tg-height=\"922\" referrerpolicy=\"no-referrer\">Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul> <li>IBM(NYSE:IBM)</p><p><blockquote><ul><li>IBM（纽约证券交易所代码：IBM）</li></ul></blockquote></p><p></li> <li>Microsoft(NASDAQ:MSFT)</p><p><blockquote><li>微软（纳斯达克：MSFT）</li></blockquote></p><p></li> <li>Nuance(NASDAQ:NUAN)</p><p><blockquote><li>细微差别（纳斯达克：暖）</li></blockquote></p><p></li> <li>Oracle(NYSE:ORCL)</p><p><blockquote><li>甲骨文（纽约证券交易所代码：ORCL）</li></blockquote></p><p></li> <li>Salesforce(NYSE:CRM)</p><p><blockquote><li>Salesforce（纽约证券交易所代码：CRM）</li></blockquote></p><p></li> <li>Avaya(NYSE:AVYA)</p><p><blockquote><li>Avaya（纽约证券交易所代码：AVYA）</li></blockquote></p><p></li> <li>Calabrio</p><p><blockquote><li>卡拉布里奥</li></blockquote></p><p></li> <li>Aspect Software</p><p><blockquote><li>Aspect软件</li></blockquote></p><p></li> <li>Genesys</p><p><blockquote><li>创世纪</li></blockquote></p><p></li> <li>Verint Systems(NASDAQ:VRNT)</p><p><blockquote><li>Verint Systems（纳斯达克：VRNT）</li></blockquote></p><p></li> <li>NICE Ltd.(NASDAQ:NICE)</p><p><blockquote><li>尼斯有限公司（纳斯达克：NICE）</li></blockquote></p><p></li> <li>OpenText</p><p><blockquote><li>OpenText</li></blockquote></p><p></li> <li>Pegasystems(NASDAQ:PEGA)</p><p><blockquote><li>飞马系统（纳斯达克：PEGA）</li></blockquote></p><p></li> <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> EngageSmart's recent financial results can be summarized as follows:</p><p><blockquote>EngageSmart最近的财务业绩可总结如下：</blockquote></p><p> <ul> <li>Growing topline revenue</p><p><blockquote><ul><li>营收不断增长</li></ul></blockquote></p><p></li> <li>Increasing gross profit and high gross margin</p><p><blockquote><li>毛利提升毛利率高</li></blockquote></p><p></li> <li>Growing operating profit and net income</p><p><blockquote><li>营业利润和净利润不断增长</li></blockquote></p><p></li> <li>Increasing cash flow from operations</p><p><blockquote><li>增加经营现金流</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm's registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td> <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 99,171,000</p><p><blockquote><td>$99,171,000</td></blockquote></p><p></td> <td>58.6%</p><p><blockquote><td>58.6%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 146,557,000</p><p><blockquote><td>$146,557,000</td></blockquote></p><p></td> <td>77.8%</p><p><blockquote><td>77.8%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ 82,432,000</p><p><blockquote><td>$82,432,000</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td> <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 73,673,000</p><p><blockquote><td>$73,673,000</td></blockquote></p><p></td> <td>61.4%</p><p><blockquote><td>61.4%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 108,964,000</p><p><blockquote><td>$108,964,000</td></blockquote></p><p></td> <td>89.2%</p><p><blockquote><td>89.2%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ 57,591,000</p><p><blockquote><td>$57,591,000</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>74.29%</p><p><blockquote><td>74.29%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>74.35%</p><p><blockquote><td>74.35%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>69.86%</p><p><blockquote><td>69.86%</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td> <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 5,001,000</p><p><blockquote><td>$5,001,000</td></blockquote></p><p></td> <td>5.0%</p><p><blockquote><td>5.0%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 648,000</p><p><blockquote><td>$648,000</td></blockquote></p><p></td> <td>0.4%</p><p><blockquote><td>0.4%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ (50,398,000)</p><p><blockquote><td>$(50,398,000)</td></blockquote></p><p></td> <td>-61.1%</p><p><blockquote><td>-61.1%</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 274,000</p><p><blockquote><td>$274,000</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ (6,678,000)</p><p><blockquote><td>$(6,678,000)</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ (53,598,000)</p><p><blockquote><td>$(53,598,000)</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 12,044,000</p><p><blockquote><td>$12,044,000</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 19,645,000</p><p><blockquote><td>$19,645,000</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ (1,427,000)</p><p><blockquote><td>$(1,427,000)</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td>(Glossary Of Terms)</p><p><blockquote><tr></tr><tr><td>（术语表）</td></tr></blockquote></p><p></td> </tr> </tbody> </table> Source: SEC</p><p><blockquote>资料来源：SEC</blockquote></p><p> As of June 30, 2021, EngageSmart had $31.8 million in cash and $151.8 million in total liabilities.</p><p><blockquote>截至2021年6月30日，EngageSmart拥有现金3180万美元，总负债1.518亿美元。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was $25.2 million.</p><p><blockquote>截至2021年6月30日的12个月内的自由现金流为2520万美元。</blockquote></p><p> <b>IPO Details</b></p><p><blockquote><b>IPO详情</b></blockquote></p><p> ESMT intends to sell 13 million shares and selling shareholders will offer 1.55 million shares of common stock at a proposed midpoint price of $24.00 per share for gross proceeds of approximately $349 million, not including the sale of customary underwriter options.</p><p><blockquote>ESMT打算出售1300万股股票，出售股东将以每股24.00美元的拟议中中间价发行155万股普通股，总收益约为3.49亿美元，不包括出售惯常承销商期权。</blockquote></p><p> New potential investor Dragoneer Investment Group has indicated an interest to purchase 2.1 million shares of the offering or about $50.4 million at the proposed midpoint price.</p><p><blockquote>新的潜在投资者Dragoneer Investment Group已表示有兴趣购买此次发行的210万股股票，即按拟议中的中点价格购买约5040万美元。</blockquote></p><p> Assuming a successful IPO at the midpoint of the proposed price range, the company's enterprise value at IPO (ex- underwriter options) would approximate $3.7 billion.</p><p><blockquote>假设在拟议价格范围的中点成功IPO，该公司IPO时的企业价值（前承销商期权）将约为37亿美元。</blockquote></p><p> Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 9.04%. A figure under 10% is generally considered a 'low float' stock which can be subject to significant price volatility.</p><p><blockquote>排除承销商期权和私募股份或限制性股票（如有）的影响，流通股与流通股的比率约为9.04%。低于10%的数字通常被认为是“低流通量”股票，可能会受到价格大幅波动的影响。</blockquote></p><p> Per the firm's most recent regulatory filing, it plans to use the net proceeds as follows:</p><p><blockquote>根据该公司最新的监管文件，它计划使用净收益如下：</blockquote></p><p> We expect to use the net proceeds of this offering to repay in full the outstanding borrowings of approximately $114.2 million under our Credit Facilities. We currently intend to use the remaining net proceeds from this offering for general corporate purposes, including to fund our growth, acquire complementary businesses, products, services, or technologies, working capital, operating expenses, and capital expenditures. Source: SEC Management's presentation of the company roadshow isavailable here.</p><p><blockquote>我们预计将使用本次发行的净收益全额偿还我们信贷安排下约1.142亿美元的未偿借款。我们目前打算将本次发行的剩余净收益用于一般公司目的，包括为我们的增长提供资金、收购互补业务、产品、服务或技术、营运资金、运营费用和资本支出。资料来源：SEC管理层对公司路演的介绍可在此处获得。</blockquote></p><p> Regarding outstanding legal proceedings, management did not disclose any legal claims against the firm as of the regulatory filing date.</p><p><blockquote>关于未决法律诉讼，截至监管备案日，管理层未披露针对该公司的任何法律索赔。</blockquote></p><p> Listed underwriters of the IPO are JPMorgan, Goldman Sachs, BofA Securities, and other investment banks.</p><p><blockquote>此次IPO的上市承销商包括摩根大通、高盛、美银证券和其他投资银行。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p></p><p> Below is a table of the firm's relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p><p><blockquote>下表列出了该公司IPO时的相关资本化和估值指标，不包括承销商期权的影响：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td> </tr> <tr> <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td> <td>$3,862,956,720</p><p><blockquote><td>$3,862,956,720</td></blockquote></p><p></td> </tr> <tr> <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td> <td>$3,656,695,720</p><p><blockquote><td>$3,656,695,720</td></blockquote></p><p></td> </tr> <tr> <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td> <td>21.09</p><p><blockquote><td>21.09</td></blockquote></p><p></td> </tr> <tr> <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td> <td>19.96</p><p><blockquote><td>19.96</td></blockquote></p><p></td> </tr> <tr> <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td> <td>377.37</p><p><blockquote><td>377.37</td></blockquote></p><p></td> </tr> <tr> <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td> <td>$0.00</p><p><blockquote><td>$0.00</td></blockquote></p><p></td> </tr> <tr> <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td> <td>9.04%</p><p><blockquote><td>9.04%</td></blockquote></p><p></td> </tr> <tr> <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td> <td>$24.00</p><p><blockquote><td>$24.00</td></blockquote></p><p></td> </tr> <tr> <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td> <td>$25,236,000</p><p><blockquote><td>$25,236,000</td></blockquote></p><p></td> </tr> <tr> <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td> <td>0.65%</p><p><blockquote><td>0.65%</td></blockquote></p><p></td> </tr> <tr> <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td> <td>58.59%</p><p><blockquote><td>58.59%</td></blockquote></p><p></td> </tr> <tr></tr> </tbody> </table> Source: SEC</p><p><blockquote><tr></tr>资料来源：SEC</blockquote></p><p> As a reference, a potential public comparable would be NICE Ltd.; shown below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，潜在的公共可比公司是NICE Ltd.；下图是其主要估值指标的比较：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Metric</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>公制</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Nice Ltd.</b></p><p><blockquote><td><b>尼斯有限公司。</b></td></blockquote></p><p></td> <td><b>EngageSmart</b></p><p><blockquote><td><b>参与智能</b></td></blockquote></p><p></td> <td><b>Variance</b></p><p><blockquote><td><b>差异</b></td></blockquote></p><p></td> </tr> <tr> <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td> <td>11.01</p><p><blockquote><td>11.01</td></blockquote></p><p></td> <td>21.09</p><p><blockquote><td>21.09</td></blockquote></p><p></td> <td>91.5%</p><p><blockquote><td>91.5%</td></blockquote></p><p></td> </tr> <tr> <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td> <td>10.67</p><p><blockquote><td>10.67</td></blockquote></p><p></td> <td>19.96</p><p><blockquote><td>19.96</td></blockquote></p><p></td> <td>87.1%</p><p><blockquote><td>87.1%</td></blockquote></p><p></td> </tr> <tr> <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td> <td>41.73</p><p><blockquote><td>41.73</td></blockquote></p><p></td> <td>377.37</p><p><blockquote><td>377.37</td></blockquote></p><p></td> <td>804.3%</p><p><blockquote><td>804.3%</td></blockquote></p><p></td> </tr> <tr> <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td> <td>$3.05</p><p><blockquote><td>$3.05</td></blockquote></p><p></td> <td>$0.00</p><p><blockquote><td>$0.00</td></blockquote></p><p></td> <td>-100.0%</p><p><blockquote><td>-100.0%</td></blockquote></p><p></td> </tr> <tr> <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td> <td>5.3%</p><p><blockquote><td>5.3%</td></blockquote></p><p></td> <td>58.59%</p><p><blockquote><td>58.59%</td></blockquote></p><p></td> <td>1003.34%</p><p><blockquote><td>1003.34%</td></blockquote></p><p></td> </tr> <tr></tr> </tbody> </table> (S-1/A andSeeking Alpha)</p><p><blockquote><tr></tr>（S-1/A和Seeking Alpha）</blockquote></p><p> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> ESMT is seeking public investment to pay down debt and for its general unspecified corporate growth plans.</p><p><blockquote>ESMT正在寻求公共投资来偿还债务及其未具体说明的总体企业增长计划。</blockquote></p><p> The firm's financials show strong topline revenue growth and gross profit growth, operating profit and a swing to slight net profit along with growing cash flow from operations.</p><p><blockquote>该公司的财务数据显示，随着运营现金流的增长，营业利润和小幅净利润增长强劲。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was a solid $25.2 million.</p><p><blockquote>截至2021年6月30日的12个月的自由现金流为2520万美元。</blockquote></p><p> Selling and Marketing expenses as a percentage of total revenue have dropped as revenue has increased and its Selling and Marketing efficiency rate dropped to 1.1x in the most recent six-month reporting period.</p><p><blockquote>随着收入的增加，销售和营销费用占总收入的百分比有所下降，其销售和营销效率在最近六个月的报告期内降至1.1倍。</blockquote></p><p> The company's Rule of 40 performance was excellent and its dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.</p><p><blockquote>该公司的40法则表现出色，截至2020年12月31日止年度以美元计算的净收入保留率为124%，这是一个强劲的业绩。</blockquote></p><p> The market opportunity for providing customer engagement software to businesses is large and expected to double in size by the end of 2026, so the company will be helped by strong industry growth dynamics.</p><p><blockquote>为企业提供客户参与软件的市场机会很大，预计到2026年底规模将翻一番，因此该公司将受益于强劲的行业增长动力。</blockquote></p><p> JPMorgan is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 20.4% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>摩根大通是主要承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为20.4%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The primary risk to the company's outlook is the ability for larger firms to bundle some of their services into their existing offerings, resulting in downward pricing pressure and greater competition.</p><p><blockquote>该公司前景的主要风险是大型公司有能力将其部分服务捆绑到现有产品中，从而导致价格下行压力和竞争加剧。</blockquote></p><p> As for valuation, compared to partial competitor NICE, ESMT is growing revenue much faster and so its much higher revenue multiples would appear to be justified.</p><p><blockquote>至于估值，与部分竞争对手NICE相比，ESMT的收入增长速度要快得多，因此其更高的收入倍数似乎是合理的。</blockquote></p><p> Also, the company is growing much faster than competitor Pegasystems, so seems to be taking market share from these and other companies in the customer engagement market.</p><p><blockquote>此外，该公司的增长速度远快于竞争对手Pegasystems，因此似乎正在从这些公司和其他公司手中夺取客户参与市场的市场份额。</blockquote></p><p> Given the firm's strong growth and operating metrics versus its competitors, while the IPO isn't cheap, it is worth consideration.</p><p><blockquote>鉴于该公司相对于竞争对手的强劲增长和运营指标，虽然IPO并不便宜，但值得考虑。</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>EngageSmart opens for trading at $37, up about 43.6% from IPO price<blockquote>EngageSmart开盘价为37美元，较IPO价格上涨约43.6%</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; 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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\">\nEngageSmart opens for trading at $37, up about 43.6% from IPO price<blockquote>EngageSmart开盘价为37美元，较IPO价格上涨约43.6%</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\">2021-09-23 23:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 23) <a href=\"https://laohu8.com/S/ESMT\">EngageSmart Inc.</a> opens for trading at $37, up about 43.6% from IPO price.</p><p><blockquote>（9月23日）<a href=\"https://laohu8.com/S/ESMT\">EngageSmart公司。</a>开盘价为37美元，较IPO价格上涨约43.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/835bc9b4ff09e761852f27f75743b887\" tg-width=\"898\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company</b></p><p><blockquote><b>公司</b></blockquote></p><p> Braintree, Massachusetts-based EngageSmart was founded to develop a platform that improves customer engagement tailored for certain industry verticals.</p><p><blockquote>总部位于马萨诸塞州布伦特里的EngageSmart成立的目的是开发一个平台，提高针对某些垂直行业的客户参与度。</blockquote></p><p> Management is headed by founder and CEO Robert P. Bennett, who has been with the firm since inception and was previously president of Sage Payment Solutions.</p><p><blockquote>管理层由创始人兼首席执行官Robert P.Bennett领导，他自公司成立以来一直在公司工作，此前曾担任Sage Payment Solutions总裁。</blockquote></p><p> The company's primary offerings include:</p><p><blockquote>该公司的主要产品包括：</blockquote></p><p> <ul> <li>SimplePractice - Wellness</li> <li>InvoiceCloud - Government, Utilities and Financial Services</li> <li>HealthPay24 - Healthcare</li> <li>DonorDrive - Non-profit and Corporate Fundraising</li> </ul> EngageSmart has received at least $451 million in equity investment from investors including General Atlantic and Summit Partners.</p><p><blockquote><ul><li>简单实践-健康</li><li>InvoiceCloud–政府、公用事业和金融服务</li><li>HealthPay24-医疗保健</li><li>DonorDrive-非营利和企业筹款</li></ul>EngageSmart已从General Atlantic和Summit Partners等投资者那里获得了至少4.51亿美元的股权投资。</blockquote></p><p> <b>Customer Acquisition</b></p><p><blockquote><b>客户获取</b></blockquote></p><p> The firm pursues both large enterprise customers and SMB customers via its direct sales force and online service.</p><p><blockquote>该公司通过其直销队伍和在线服务追求大型企业客户和中小型企业客户。</blockquote></p><p> As of June 30, 2021, the firm had served over 68,000 clients in the SMB market and more than 3,000 customers in its Enterprise Solutions segment.</p><p><blockquote>截至2021年6月30日，该公司已为中小企业市场的68,000多家客户和企业解决方案领域的3,000多家客户提供服务。</blockquote></p><p> Selling and Marketing expenses as a percentage of total revenue have dropped as revenues have increased, as the figures below indicate:</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的增加而下降，如下图所示：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Selling and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>32.4%</p><p><blockquote><td>32.4%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>33.1%</p><p><blockquote><td>33.1%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>43.1%</p><p><blockquote><td>43.1%</td></blockquote></p><p></td> </tr> </tbody> </table> Source: SEC</p><p><blockquote>资料来源：SEC</blockquote></p><p> The Selling and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling and Marketing spend, dropped slightly to 1.1x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元的销售和营销支出产生多少美元的额外新收入）在最近的报告期略有下降至1.1倍，如下表所示：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Selling and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>1.1</p><p><blockquote><td>1.1</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>1.3</p><p><blockquote><td>1.3</td></blockquote></p><p></td> </tr> </tbody> </table> Source: SEC</p><p><blockquote>资料来源：SEC</blockquote></p><p> The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p><p><blockquote>40法则是软件行业的经验法则，只要收入增长率和EBITDA百分比等于或超过40%，公司就处于可接受的增长/EBITDA轨迹上。</blockquote></p><p> ESMT's most recent calculation was 64% as of June 30, 2021, so the firm is performing well in this regard, per the table below:</p><p><blockquote>截至2021年6月30日，ESMT的最新计算结果为64%，因此该公司在这方面表现良好，如下表所示：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Rule of 40</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>40法则</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Calculation</b></p><p><blockquote><td><b>计算</b></td></blockquote></p><p></td> </tr> <tr> <td>Recent Rev. Growth %</p><p><blockquote><tr><td>近期收入增长%</td></tr></blockquote></p><p></td> <td>59%</p><p><blockquote><td>59%</td></blockquote></p><p></td> </tr> <tr> <td>EBITDA %</p><p><blockquote><tr><td>EBITDA%</td></tr></blockquote></p><p></td> <td>5%</p><p><blockquote><td>5%</td></blockquote></p><p></td> </tr> <tr> <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td> <td>64%</p><p><blockquote><td>64%</td></blockquote></p><p></td> </tr> </tbody> </table> Source: SEC</p><p><blockquote>资料来源：SEC</blockquote></p><p> The firm's dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.</p><p><blockquote>截至2020年12月31日，该公司以美元计算的净收入保留率为124%，这是一个强劲的业绩。</blockquote></p><p> The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p><p><blockquote>基于美元的净收入保留率指标衡量随着时间的推移，每个客户群产生了多少额外收入，因此超过100%的数字意味着公司随着时间的推移从同一客户群产生了更多收入，表明良好的产品/市场契合度以及高效的销售和营销工作。</blockquote></p><p> <b>Market & Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby Mordor Intelligence, the global market for customer engagement solutions was an estimated $15.5 billion in 2020 and is forecast to reach $30.9 billion by 2026.</p><p><blockquote>根据Mordor Intelligence的2021年市场研究报告，2020年全球客户参与解决方案市场规模估计为155亿美元，预计到2026年将达到309亿美元。</blockquote></p><p> This represents a forecast CAGR of 12.65% from 2021 to 2026.</p><p><blockquote>这意味着2021年至2026年的预测复合年增长率为12.65%。</blockquote></p><p> The main drivers for this expected growth are a growth in technology solutions to improve the customer journey via any device they use to connect with businesses.</p><p><blockquote>这一预期增长的主要驱动力是技术解决方案的增长，以改善客户通过他们用来与企业联系的任何设备的旅程。</blockquote></p><p> Also, a desire to reduce customer churn rate results in improved business financials and growing valuation.</p><p><blockquote>此外，降低客户流失率的愿望会导致企业财务状况的改善和估值的增长。</blockquote></p><p> Below is a chart showing the variation in customer churn rates in different industries in the U.S. in 2018:</p><p><blockquote>下图显示了2018年美国不同行业客户流失率的变化：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f1066adb602d05e4e99630aacf61e1c5\" tg-width=\"1060\" tg-height=\"922\" referrerpolicy=\"no-referrer\">Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul> <li>IBM(NYSE:IBM)</p><p><blockquote><ul><li>IBM（纽约证券交易所代码：IBM）</li></ul></blockquote></p><p></li> <li>Microsoft(NASDAQ:MSFT)</p><p><blockquote><li>微软（纳斯达克：MSFT）</li></blockquote></p><p></li> <li>Nuance(NASDAQ:NUAN)</p><p><blockquote><li>细微差别（纳斯达克：暖）</li></blockquote></p><p></li> <li>Oracle(NYSE:ORCL)</p><p><blockquote><li>甲骨文（纽约证券交易所代码：ORCL）</li></blockquote></p><p></li> <li>Salesforce(NYSE:CRM)</p><p><blockquote><li>Salesforce（纽约证券交易所代码：CRM）</li></blockquote></p><p></li> <li>Avaya(NYSE:AVYA)</p><p><blockquote><li>Avaya（纽约证券交易所代码：AVYA）</li></blockquote></p><p></li> <li>Calabrio</p><p><blockquote><li>卡拉布里奥</li></blockquote></p><p></li> <li>Aspect Software</p><p><blockquote><li>Aspect软件</li></blockquote></p><p></li> <li>Genesys</p><p><blockquote><li>创世纪</li></blockquote></p><p></li> <li>Verint Systems(NASDAQ:VRNT)</p><p><blockquote><li>Verint Systems（纳斯达克：VRNT）</li></blockquote></p><p></li> <li>NICE Ltd.(NASDAQ:NICE)</p><p><blockquote><li>尼斯有限公司（纳斯达克：NICE）</li></blockquote></p><p></li> <li>OpenText</p><p><blockquote><li>OpenText</li></blockquote></p><p></li> <li>Pegasystems(NASDAQ:PEGA)</p><p><blockquote><li>飞马系统（纳斯达克：PEGA）</li></blockquote></p><p></li> <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> EngageSmart's recent financial results can be summarized as follows:</p><p><blockquote>EngageSmart最近的财务业绩可总结如下：</blockquote></p><p> <ul> <li>Growing topline revenue</p><p><blockquote><ul><li>营收不断增长</li></ul></blockquote></p><p></li> <li>Increasing gross profit and high gross margin</p><p><blockquote><li>毛利提升毛利率高</li></blockquote></p><p></li> <li>Growing operating profit and net income</p><p><blockquote><li>营业利润和净利润不断增长</li></blockquote></p><p></li> <li>Increasing cash flow from operations</p><p><blockquote><li>增加经营现金流</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm's registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td> <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 99,171,000</p><p><blockquote><td>$99,171,000</td></blockquote></p><p></td> <td>58.6%</p><p><blockquote><td>58.6%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 146,557,000</p><p><blockquote><td>$146,557,000</td></blockquote></p><p></td> <td>77.8%</p><p><blockquote><td>77.8%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ 82,432,000</p><p><blockquote><td>$82,432,000</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td> <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 73,673,000</p><p><blockquote><td>$73,673,000</td></blockquote></p><p></td> <td>61.4%</p><p><blockquote><td>61.4%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 108,964,000</p><p><blockquote><td>$108,964,000</td></blockquote></p><p></td> <td>89.2%</p><p><blockquote><td>89.2%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ 57,591,000</p><p><blockquote><td>$57,591,000</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>74.29%</p><p><blockquote><td>74.29%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>74.35%</p><p><blockquote><td>74.35%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>69.86%</p><p><blockquote><td>69.86%</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td> <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 5,001,000</p><p><blockquote><td>$5,001,000</td></blockquote></p><p></td> <td>5.0%</p><p><blockquote><td>5.0%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 648,000</p><p><blockquote><td>$648,000</td></blockquote></p><p></td> <td>0.4%</p><p><blockquote><td>0.4%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ (50,398,000)</p><p><blockquote><td>$(50,398,000)</td></blockquote></p><p></td> <td>-61.1%</p><p><blockquote><td>-61.1%</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 274,000</p><p><blockquote><td>$274,000</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ (6,678,000)</p><p><blockquote><td>$(6,678,000)</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ (53,598,000)</p><p><blockquote><td>$(53,598,000)</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 12,044,000</p><p><blockquote><td>$12,044,000</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 19,645,000</p><p><blockquote><td>$19,645,000</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ (1,427,000)</p><p><blockquote><td>$(1,427,000)</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td>(Glossary Of Terms)</p><p><blockquote><tr></tr><tr><td>（术语表）</td></tr></blockquote></p><p></td> </tr> </tbody> </table> Source: SEC</p><p><blockquote>资料来源：SEC</blockquote></p><p> As of June 30, 2021, EngageSmart had $31.8 million in cash and $151.8 million in total liabilities.</p><p><blockquote>截至2021年6月30日，EngageSmart拥有现金3180万美元，总负债1.518亿美元。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was $25.2 million.</p><p><blockquote>截至2021年6月30日的12个月内的自由现金流为2520万美元。</blockquote></p><p> <b>IPO Details</b></p><p><blockquote><b>IPO详情</b></blockquote></p><p> ESMT intends to sell 13 million shares and selling shareholders will offer 1.55 million shares of common stock at a proposed midpoint price of $24.00 per share for gross proceeds of approximately $349 million, not including the sale of customary underwriter options.</p><p><blockquote>ESMT打算出售1300万股股票，出售股东将以每股24.00美元的拟议中中间价发行155万股普通股，总收益约为3.49亿美元，不包括出售惯常承销商期权。</blockquote></p><p> New potential investor Dragoneer Investment Group has indicated an interest to purchase 2.1 million shares of the offering or about $50.4 million at the proposed midpoint price.</p><p><blockquote>新的潜在投资者Dragoneer Investment Group已表示有兴趣购买此次发行的210万股股票，即按拟议中的中点价格购买约5040万美元。</blockquote></p><p> Assuming a successful IPO at the midpoint of the proposed price range, the company's enterprise value at IPO (ex- underwriter options) would approximate $3.7 billion.</p><p><blockquote>假设在拟议价格范围的中点成功IPO，该公司IPO时的企业价值（前承销商期权）将约为37亿美元。</blockquote></p><p> Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 9.04%. A figure under 10% is generally considered a 'low float' stock which can be subject to significant price volatility.</p><p><blockquote>排除承销商期权和私募股份或限制性股票（如有）的影响，流通股与流通股的比率约为9.04%。低于10%的数字通常被认为是“低流通量”股票，可能会受到价格大幅波动的影响。</blockquote></p><p> Per the firm's most recent regulatory filing, it plans to use the net proceeds as follows:</p><p><blockquote>根据该公司最新的监管文件，它计划使用净收益如下：</blockquote></p><p> We expect to use the net proceeds of this offering to repay in full the outstanding borrowings of approximately $114.2 million under our Credit Facilities. We currently intend to use the remaining net proceeds from this offering for general corporate purposes, including to fund our growth, acquire complementary businesses, products, services, or technologies, working capital, operating expenses, and capital expenditures. Source: SEC Management's presentation of the company roadshow isavailable here.</p><p><blockquote>我们预计将使用本次发行的净收益全额偿还我们信贷安排下约1.142亿美元的未偿借款。我们目前打算将本次发行的剩余净收益用于一般公司目的，包括为我们的增长提供资金、收购互补业务、产品、服务或技术、营运资金、运营费用和资本支出。资料来源：SEC管理层对公司路演的介绍可在此处获得。</blockquote></p><p> Regarding outstanding legal proceedings, management did not disclose any legal claims against the firm as of the regulatory filing date.</p><p><blockquote>关于未决法律诉讼，截至监管备案日，管理层未披露针对该公司的任何法律索赔。</blockquote></p><p> Listed underwriters of the IPO are JPMorgan, Goldman Sachs, BofA Securities, and other investment banks.</p><p><blockquote>此次IPO的上市承销商包括摩根大通、高盛、美银证券和其他投资银行。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p></p><p> Below is a table of the firm's relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p><p><blockquote>下表列出了该公司IPO时的相关资本化和估值指标，不包括承销商期权的影响：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td> </tr> <tr> <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td> <td>$3,862,956,720</p><p><blockquote><td>$3,862,956,720</td></blockquote></p><p></td> </tr> <tr> <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td> <td>$3,656,695,720</p><p><blockquote><td>$3,656,695,720</td></blockquote></p><p></td> </tr> <tr> <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td> <td>21.09</p><p><blockquote><td>21.09</td></blockquote></p><p></td> </tr> <tr> <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td> <td>19.96</p><p><blockquote><td>19.96</td></blockquote></p><p></td> </tr> <tr> <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td> <td>377.37</p><p><blockquote><td>377.37</td></blockquote></p><p></td> </tr> <tr> <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td> <td>$0.00</p><p><blockquote><td>$0.00</td></blockquote></p><p></td> </tr> <tr> <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td> <td>9.04%</p><p><blockquote><td>9.04%</td></blockquote></p><p></td> </tr> <tr> <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td> <td>$24.00</p><p><blockquote><td>$24.00</td></blockquote></p><p></td> </tr> <tr> <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td> <td>$25,236,000</p><p><blockquote><td>$25,236,000</td></blockquote></p><p></td> </tr> <tr> <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td> <td>0.65%</p><p><blockquote><td>0.65%</td></blockquote></p><p></td> </tr> <tr> <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td> <td>58.59%</p><p><blockquote><td>58.59%</td></blockquote></p><p></td> </tr> <tr></tr> </tbody> </table> Source: SEC</p><p><blockquote><tr></tr>资料来源：SEC</blockquote></p><p> As a reference, a potential public comparable would be NICE Ltd.; shown below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，潜在的公共可比公司是NICE Ltd.；下图是其主要估值指标的比较：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Metric</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>公制</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Nice Ltd.</b></p><p><blockquote><td><b>尼斯有限公司。</b></td></blockquote></p><p></td> <td><b>EngageSmart</b></p><p><blockquote><td><b>参与智能</b></td></blockquote></p><p></td> <td><b>Variance</b></p><p><blockquote><td><b>差异</b></td></blockquote></p><p></td> </tr> <tr> <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td> <td>11.01</p><p><blockquote><td>11.01</td></blockquote></p><p></td> <td>21.09</p><p><blockquote><td>21.09</td></blockquote></p><p></td> <td>91.5%</p><p><blockquote><td>91.5%</td></blockquote></p><p></td> </tr> <tr> <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td> <td>10.67</p><p><blockquote><td>10.67</td></blockquote></p><p></td> <td>19.96</p><p><blockquote><td>19.96</td></blockquote></p><p></td> <td>87.1%</p><p><blockquote><td>87.1%</td></blockquote></p><p></td> </tr> <tr> <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td> <td>41.73</p><p><blockquote><td>41.73</td></blockquote></p><p></td> <td>377.37</p><p><blockquote><td>377.37</td></blockquote></p><p></td> <td>804.3%</p><p><blockquote><td>804.3%</td></blockquote></p><p></td> </tr> <tr> <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td> <td>$3.05</p><p><blockquote><td>$3.05</td></blockquote></p><p></td> <td>$0.00</p><p><blockquote><td>$0.00</td></blockquote></p><p></td> <td>-100.0%</p><p><blockquote><td>-100.0%</td></blockquote></p><p></td> </tr> <tr> <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td> <td>5.3%</p><p><blockquote><td>5.3%</td></blockquote></p><p></td> <td>58.59%</p><p><blockquote><td>58.59%</td></blockquote></p><p></td> <td>1003.34%</p><p><blockquote><td>1003.34%</td></blockquote></p><p></td> </tr> <tr></tr> </tbody> </table> (S-1/A andSeeking Alpha)</p><p><blockquote><tr></tr>（S-1/A和Seeking Alpha）</blockquote></p><p> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> ESMT is seeking public investment to pay down debt and for its general unspecified corporate growth plans.</p><p><blockquote>ESMT正在寻求公共投资来偿还债务及其未具体说明的总体企业增长计划。</blockquote></p><p> The firm's financials show strong topline revenue growth and gross profit growth, operating profit and a swing to slight net profit along with growing cash flow from operations.</p><p><blockquote>该公司的财务数据显示，随着运营现金流的增长，营业利润和小幅净利润增长强劲。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was a solid $25.2 million.</p><p><blockquote>截至2021年6月30日的12个月的自由现金流为2520万美元。</blockquote></p><p> Selling and Marketing expenses as a percentage of total revenue have dropped as revenue has increased and its Selling and Marketing efficiency rate dropped to 1.1x in the most recent six-month reporting period.</p><p><blockquote>随着收入的增加，销售和营销费用占总收入的百分比有所下降，其销售和营销效率在最近六个月的报告期内降至1.1倍。</blockquote></p><p> The company's Rule of 40 performance was excellent and its dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.</p><p><blockquote>该公司的40法则表现出色，截至2020年12月31日止年度以美元计算的净收入保留率为124%，这是一个强劲的业绩。</blockquote></p><p> The market opportunity for providing customer engagement software to businesses is large and expected to double in size by the end of 2026, so the company will be helped by strong industry growth dynamics.</p><p><blockquote>为企业提供客户参与软件的市场机会很大，预计到2026年底规模将翻一番，因此该公司将受益于强劲的行业增长动力。</blockquote></p><p> JPMorgan is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 20.4% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>摩根大通是主要承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为20.4%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The primary risk to the company's outlook is the ability for larger firms to bundle some of their services into their existing offerings, resulting in downward pricing pressure and greater competition.</p><p><blockquote>该公司前景的主要风险是大型公司有能力将其部分服务捆绑到现有产品中，从而导致价格下行压力和竞争加剧。</blockquote></p><p> As for valuation, compared to partial competitor NICE, ESMT is growing revenue much faster and so its much higher revenue multiples would appear to be justified.</p><p><blockquote>至于估值，与部分竞争对手NICE相比，ESMT的收入增长速度要快得多，因此其更高的收入倍数似乎是合理的。</blockquote></p><p> Also, the company is growing much faster than competitor Pegasystems, so seems to be taking market share from these and other companies in the customer engagement market.</p><p><blockquote>此外，该公司的增长速度远快于竞争对手Pegasystems，因此似乎正在从这些公司和其他公司手中夺取客户参与市场的市场份额。</blockquote></p><p> Given the firm's strong growth and operating metrics versus its competitors, while the IPO isn't cheap, it is worth consideration.</p><p><blockquote>鉴于该公司相对于竞争对手的强劲增长和运营指标，虽然IPO并不便宜，但值得考虑。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ESMT":"EngageSmart Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159478468","content_text":"(Sept 23) EngageSmart Inc. opens for trading at $37, up about 43.6% from IPO price.\n\nCompany\nBraintree, Massachusetts-based EngageSmart was founded to develop a platform that improves customer engagement tailored for certain industry verticals.\nManagement is headed by founder and CEO Robert P. Bennett, who has been with the firm since inception and was previously president of Sage Payment Solutions.\nThe company's primary offerings include:\n\nSimplePractice - Wellness\nInvoiceCloud - Government, Utilities and Financial Services\nHealthPay24 - Healthcare\nDonorDrive - Non-profit and Corporate Fundraising\n\nEngageSmart has received at least $451 million in equity investment from investors including General Atlantic and Summit Partners.\nCustomer Acquisition\nThe firm pursues both large enterprise customers and SMB customers via its direct sales force and online service.\nAs of June 30, 2021, the firm had served over 68,000 clients in the SMB market and more than 3,000 customers in its Enterprise Solutions segment.\nSelling and Marketing expenses as a percentage of total revenue have dropped as revenues have increased, as the figures below indicate:\n\n\n\n\nSelling and Marketing\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n32.4%\n\n\n2020\n33.1%\n\n\n2019\n43.1%\n\n\n\nSource: SEC\nThe Selling and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling and Marketing spend, dropped slightly to 1.1x in the most recent reporting period, as shown in the table below:\n\n\n\n\nSelling and Marketing\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n1.1\n\n\n2020\n1.3\n\n\n\nSource: SEC\nThe Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.\nESMT's most recent calculation was 64% as of June 30, 2021, so the firm is performing well in this regard, per the table below:\n\n\n\n\nRule of 40\nCalculation\n\n\nRecent Rev. Growth %\n59%\n\n\nEBITDA %\n5%\n\n\nTotal\n64%\n\n\n\nSource: SEC\nThe firm's dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.\nThe dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.\nMarket & Competition\nAccording to a 2021 marketresearch reportby Mordor Intelligence, the global market for customer engagement solutions was an estimated $15.5 billion in 2020 and is forecast to reach $30.9 billion by 2026.\nThis represents a forecast CAGR of 12.65% from 2021 to 2026.\nThe main drivers for this expected growth are a growth in technology solutions to improve the customer journey via any device they use to connect with businesses.\nAlso, a desire to reduce customer churn rate results in improved business financials and growing valuation.\nBelow is a chart showing the variation in customer churn rates in different industries in the U.S. in 2018:\nMajor competitive or other industry participants include:\n\nIBM(NYSE:IBM)\nMicrosoft(NASDAQ:MSFT)\nNuance(NASDAQ:NUAN)\nOracle(NYSE:ORCL)\nSalesforce(NYSE:CRM)\nAvaya(NYSE:AVYA)\nCalabrio\nAspect Software\nGenesys\nVerint Systems(NASDAQ:VRNT)\nNICE Ltd.(NASDAQ:NICE)\nOpenText\nPegasystems(NASDAQ:PEGA)\nOthers\n\nFinancial Performance\nEngageSmart's recent financial results can be summarized as follows:\n\nGrowing topline revenue\nIncreasing gross profit and high gross margin\nGrowing operating profit and net income\nIncreasing cash flow from operations\n\nBelow are relevant financial results derived from the firm's registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 99,171,000\n58.6%\n\n\n2020\n$ 146,557,000\n77.8%\n\n\n2019\n$ 82,432,000\n\n\n\nGross Profit (Loss)\n\n\nPeriod\nGross Profit (Loss)\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 73,673,000\n61.4%\n\n\n2020\n$ 108,964,000\n89.2%\n\n\n2019\n$ 57,591,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n74.29%\n\n\n2020\n74.35%\n\n\n2019\n69.86%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 5,001,000\n5.0%\n\n\n2020\n$ 648,000\n0.4%\n\n\n2019\n$ (50,398,000)\n-61.1%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 274,000\n\n\n2020\n$ (6,678,000)\n\n\n2019\n$ (53,598,000)\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ 12,044,000\n\n\n2020\n$ 19,645,000\n\n\n2019\n$ (1,427,000)\n\n\n\n(Glossary Of Terms)\n\n\n\nSource: SEC\nAs of June 30, 2021, EngageSmart had $31.8 million in cash and $151.8 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was $25.2 million.\nIPO Details\nESMT intends to sell 13 million shares and selling shareholders will offer 1.55 million shares of common stock at a proposed midpoint price of $24.00 per share for gross proceeds of approximately $349 million, not including the sale of customary underwriter options.\nNew potential investor Dragoneer Investment Group has indicated an interest to purchase 2.1 million shares of the offering or about $50.4 million at the proposed midpoint price.\nAssuming a successful IPO at the midpoint of the proposed price range, the company's enterprise value at IPO (ex- underwriter options) would approximate $3.7 billion.\nExcluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 9.04%. A figure under 10% is generally considered a 'low float' stock which can be subject to significant price volatility.\nPer the firm's most recent regulatory filing, it plans to use the net proceeds as follows:\n\n We expect to use the net proceeds of this offering to repay in full the outstanding borrowings of approximately $114.2 million under our Credit Facilities. We currently intend to use the remaining net proceeds from this offering for general corporate purposes, including to fund our growth, acquire complementary businesses, products, services, or technologies, working capital, operating expenses, and capital expenditures.\n\n\n Source: SEC\n\nManagement's presentation of the company roadshow isavailable here.\nRegarding outstanding legal proceedings, management did not disclose any legal claims against the firm as of the regulatory filing date.\nListed underwriters of the IPO are JPMorgan, Goldman Sachs, BofA Securities, and other investment banks.\nValuation Metrics\nBelow is a table of the firm's relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:\n\n\n\n\nMeasure [TTM]\nAmount\n\n\nMarket Capitalization at IPO\n$3,862,956,720\n\n\nEnterprise Value\n$3,656,695,720\n\n\nPrice / Sales\n21.09\n\n\nEV / Revenue\n19.96\n\n\nEV / EBITDA\n377.37\n\n\nEarnings Per Share\n$0.00\n\n\nFloat To Outstanding Shares Ratio\n9.04%\n\n\nProposed IPO Midpoint Price per Share\n$24.00\n\n\nNet Free Cash Flow\n$25,236,000\n\n\nFree Cash Flow Yield Per Share\n0.65%\n\n\nRevenue Growth Rate\n58.59%\n\n\n\n\nSource: SEC\nAs a reference, a potential public comparable would be NICE Ltd.; shown below is a comparison of their primary valuation metrics:\n\n\n\n\nMetric\nNice Ltd.\nEngageSmart\nVariance\n\n\nPrice / Sales\n11.01\n21.09\n91.5%\n\n\nEV / Revenue\n10.67\n19.96\n87.1%\n\n\nEV / EBITDA\n41.73\n377.37\n804.3%\n\n\nEarnings Per Share\n$3.05\n$0.00\n-100.0%\n\n\nRevenue Growth Rate\n5.3%\n58.59%\n1003.34%\n\n\n\n\n(S-1/A andSeeking Alpha)\nCommentary\nESMT is seeking public investment to pay down debt and for its general unspecified corporate growth plans.\nThe firm's financials show strong topline revenue growth and gross profit growth, operating profit and a swing to slight net profit along with growing cash flow from operations.\nFree cash flow for the twelve months ended June 30, 2021, was a solid $25.2 million.\nSelling and Marketing expenses as a percentage of total revenue have dropped as revenue has increased and its Selling and Marketing efficiency rate dropped to 1.1x in the most recent six-month reporting period.\nThe company's Rule of 40 performance was excellent and its dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.\nThe market opportunity for providing customer engagement software to businesses is large and expected to double in size by the end of 2026, so the company will be helped by strong industry growth dynamics.\nJPMorgan is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 20.4% since their IPO. This is a mid-tier performance for all major underwriters during the period.\nThe primary risk to the company's outlook is the ability for larger firms to bundle some of their services into their existing offerings, resulting in downward pricing pressure and greater competition.\nAs for valuation, compared to partial competitor NICE, ESMT is growing revenue much faster and so its much higher revenue multiples would appear to be justified.\nAlso, the company is growing much faster than competitor Pegasystems, so seems to be taking market share from these and other companies in the customer engagement market.\nGiven the firm's strong growth and operating metrics versus its competitors, while the IPO isn't cheap, it is worth consideration.","news_type":1,"symbols_score_info":{"ESMT":0.9}},"isVote":1,"tweetType":1,"viewCount":1530,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}