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J817
J817
·
2022-01-24
$Grab Holdings(GRAB)$
many people said this is overvalued,but can u all at least said what price will be reasonable that not counted as overvalued???
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J817
J817
·
2022-01-24
Hmmm[正经] [正经] [正经]
非常抱歉,此主贴已删除
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J817
J817
·
2022-01-22
[微笑]
🚀【1月19日】深夜暴跌!科技股噩梦来袭?今天买点啥
@Buy_Sell:
聊聊今日份的交易想法,包括对于大盘走势后续的看法?看涨/看跌哪只股票、晒晒单等等。 港股市场 1月19日,香港恒生指数开盘上涨117.0点,涨幅0.49%,报24229.78点;国企指数开盘上涨36.5点,涨幅0.43%,报8485.5点;红筹指数开盘上涨18.46点,涨幅0.45%,报4117.48点。 恒生科技指数开涨0.31%,科技板块表现较为活跃,$京东集团-SW(09618)$ 、$百度集团-SW(09888)$ 涨超2%; 内房股、物业管理股多数高开,碧桂园服务开涨3%; 体育用品股上涨,$李宁(02331)$ 涨超2%; $药明康德(02359)$ 涨超2%,年度归母净利同比预增近70%; $普拉达(01913)$ 涨逾3%,集团2021年总收益同比增长41%。 美股市场 美股周二收跌,美国国债收益率大幅攀升,令高成长科技股承压。截至收盘,道琼斯指数跌1.51%,报35,368.47点;标普500指数跌1.83%,报4,577.34点;纳斯达克指数跌2.60%,报14,506.90点。 大型科技股悉数下挫,$苹果(AAPL)$ 跌1.89%,$亚马逊(AMZN)$ 跌1.99%,
🚀【1月19日】深夜暴跌!科技股噩梦来袭?今天买点啥
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J817
J817
·
2022-01-14
@
JoeLeong
@
Zacyai
@
Yan23
[微笑] [微笑] [微笑]
大改版!如何在老虎社区网页端发布内容?
@爱发红包的虎妞:
喜欢使用laohu8(老虎社区网页版)发帖的虎友们应该有留意到,近期大改版啦!!! 根据最近收到的一些疑问,虎妞重新梳理了发帖流程。如有不明之处可以在此贴留言给我噢~ 网页端如何发布内容? 第一步:用电脑浏览器打开网址https://www.laohu8.com/进行登录 第二步:找到内容输入框,短帖内容可直接编辑-发布! Tips:关联提及的个股+选择合适的主题,可以带来更多的互动噢~ 短贴互动少,不甘心? 长文贴值得你来了解一下 标题鲜明、图文结合的长文帖,获得的曝光和互动,和短贴不是一个等级!(悄悄告诉大家,发帖的时候,顺手关联个股和话题,曝光加倍!) 那么问题来了,长文贴如何发布呢? 1、选择“写长文” 2、输入标题-正文 合理利用功能栏(插入图片&K线图、艾特其他社区用户、排版等),完整的编辑一篇文章。内容与图片相符、观点鲜明更容易获得推荐。 另外,还有设置投票、选择合适的主题、设置展示图等更多的功能等待你去探索哟~ 3、最后一步:点击【发布】,即可发出一篇文章,审核通过后,虎友们就可以看到你的内容啦~ 主题应该怎么选? 核心前提:优质内容可以突破常规 选择合适的主题,可以使优质内容通过更多分配渠道曝光。在这里推荐两个导向: 1、根据文章内容来选择合适的主题 2、根据社区活动/主题来写相关的内容 帖子发布之后,想修改内容怎么办? 注意!电脑端可多次修改长文,改到你满意为止! 依次点击:头像—个人中心,找到想要修改的长贴,光标移动到该贴上,点击「编辑」,可以对已发布的内容进行修改哟~ 移动端(手机app)如何发布内容? 短内容发文步骤: 长内容发文步骤: 以下类型内容,更容易被加精华噢! 用户分享自己的投资经历、投资思路、投资策略; 用户披露并分析自己的投资操作; 基于宏观经济政策,或基于公司商业
大改版!如何在老虎社区网页端发布内容?
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J817
J817
·
2022-01-07
buy tiger brokers [微笑]
🚀【1月7日】非农要来!美联储加快收紧货币政策,今天买什么?
@Buy_Sell:
聊聊今日份的交易想法,包括对于大盘走势后续的看法?看涨/看跌哪只股票、晒晒单等等。 港股市场 1月7日讯,港股三大指数高开,恒指涨1.07%,国指涨0.74%,恒生科技指数涨1.36%。 盘面上,隔夜美股热门中概股逆势大涨,大型科技股集体上扬,$阿里巴巴-SW(09988)$ 涨4.55%,$百度集团-SW(09888)$ 、$京东集团-SW(09618)$ 涨超3%,$美团-W(03690)$ 涨2.8%,$快手-W(01024)$ 、腾讯涨近2%;生物医药股反弹,$诺辉健康-B(06606)$ 跳涨近15%领涨,汽车股、半导体股、保险股、在线教育股、乳业股、石油股普遍上涨,长城汽车高开超5%,12月销量同比增8.17%;另一方面,内房股与物管股领跌,中医药股回调。昨日大跌的细价股反弹,$汉思能源(00554)$ 、BENG SOON MACH涨超14%。 诺辉健康跳空高开14.75%报22.1港元,最新市值95亿港元。公司昨晚宣布,旗下幽门螺杆菌检测产品幽幽管获得国家药品监督管理局(NMPA)批准的三类医疗器械注册申请。这是国家药监局批准的中国首个适用于“消费者自测”的幽门螺杆菌检测产品。近日,在美国卫生与
🚀【1月7日】非农要来!美联储加快收紧货币政策,今天买什么?
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J817
J817
·
2021-12-31
[笑哭] [笑哭] [笑哭] [笑哭] [笑哭] [笑哭] [笑哭] [笑哭] [笑哭]
Sea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</blockquote>
Sea Limited shares jumped more than 4% in morning trading.Also Read:Sea Limited: A Deep Dive To Unde
Sea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</blockquote>
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J817
J817
·
2021-12-30
@JoeLeong
[笑哭] [笑哭] [笑哭]
非常抱歉,此主贴已删除
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J817
J817
·
2021-12-18
Tiger tiger tiger!!!
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J817
J817
·
2021-12-13
[微笑] [微笑] [微笑]
3 Supercharged Electric-Vehicle Stocks to Buy in 2022 and Beyond<blockquote>2022 年及以后值得购买的 3 只增压电动汽车股票</blockquote>
These three companies involve different risks, but each could supercharge your portfolio over the long term.
3 Supercharged Electric-Vehicle Stocks to Buy in 2022 and Beyond<blockquote>2022 年及以后值得购买的 3 只增压电动汽车股票</blockquote>
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href=\"https://laohu8.com/S/GRAB\">$Grab Holdings(GRAB)$</a>many people said this is overvalued,but can u all at least said what price will be reasonable that not counted as overvalued???","listText":"<a href=\"https://laohu8.com/S/GRAB\">$Grab Holdings(GRAB)$</a>many people said this is overvalued,but can u all at least said what price will be reasonable that not counted as overvalued???","text":"$Grab Holdings(GRAB)$many people said this is overvalued,but can u all at least said what price will be reasonable that not counted as 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[正经]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/630504878","repostId":"2205027031","repostType":2,"isVote":1,"tweetType":1,"viewCount":4002,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":630609678,"gmtCreate":1642791767993,"gmtModify":1642791768083,"author":{"id":"4099072184690960","authorId":"4099072184690960","name":"J817","avatar":"https://static.tigerbbs.com/7bf29313eb64438823c090e77a69b94a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099072184690960","idStr":"4099072184690960"},"themes":[],"title":"","htmlText":"[微笑] ","listText":"[微笑] ","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/630609678","repostId":"697484754","repostType":1,"repost":{"id":697484754,"gmtCreate":1642561252008,"gmtModify":1781683877617,"author":{"id":"3527667596890271","authorId":"3527667596890271","name":"Buy_Sell","avatar":"https://static.tigerbbs.com/a5f0ed79a338c758a22e0b4ea13bf9d2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667596890271","idStr":"3527667596890271"},"themes":[],"title":"🚀【1月19日】深夜暴跌!科技股噩梦来袭?今天买点啥","htmlText":"聊聊今日份的交易想法,包括对于大盘走势后续的看法?看涨/看跌哪只股票、晒晒单等等。 港股市场 1月19日,香港恒生指数开盘上涨117.0点,涨幅0.49%,报24229.78点;国企指数开盘上涨36.5点,涨幅0.43%,报8485.5点;红筹指数开盘上涨18.46点,涨幅0.45%,报4117.48点。 恒生科技指数开涨0.31%,科技板块表现较为活跃,<a href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$</a> 、<a href=\"https://laohu8.com/S/09888\">$百度集团-SW(09888)$</a> 涨超2%; 内房股、物业管理股多数高开,碧桂园服务开涨3%; 体育用品股上涨,<a href=\"https://laohu8.com/S/02331\">$李宁(02331)$</a> 涨超2%; <a href=\"https://laohu8.com/S/02359\">$药明康德(02359)$</a> 涨超2%,年度归母净利同比预增近70%; <a href=\"https://laohu8.com/S/01913\">$普拉达(01913)$</a> 涨逾3%,集团2021年总收益同比增长41%。 美股市场 美股周二收跌,美国国债收益率大幅攀升,令高成长科技股承压。截至收盘,道琼斯指数跌1.51%,报35,368.47点;标普500指数跌1.83%,报4,577.34点;纳斯达克指数跌2.60%,报14,506.90点。 大型科技股悉数下挫,<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$</a> 跌1.89%,<a href=\"https://laohu8.com/S/AMZN\">$亚马逊(AMZN)$</a> 跌1.99%,","listText":"聊聊今日份的交易想法,包括对于大盘走势后续的看法?看涨/看跌哪只股票、晒晒单等等。 港股市场 1月19日,香港恒生指数开盘上涨117.0点,涨幅0.49%,报24229.78点;国企指数开盘上涨36.5点,涨幅0.43%,报8485.5点;红筹指数开盘上涨18.46点,涨幅0.45%,报4117.48点。 恒生科技指数开涨0.31%,科技板块表现较为活跃,<a href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$</a> 、<a href=\"https://laohu8.com/S/09888\">$百度集团-SW(09888)$</a> 涨超2%; 内房股、物业管理股多数高开,碧桂园服务开涨3%; 体育用品股上涨,<a href=\"https://laohu8.com/S/02331\">$李宁(02331)$</a> 涨超2%; <a href=\"https://laohu8.com/S/02359\">$药明康德(02359)$</a> 涨超2%,年度归母净利同比预增近70%; <a href=\"https://laohu8.com/S/01913\">$普拉达(01913)$</a> 涨逾3%,集团2021年总收益同比增长41%。 美股市场 美股周二收跌,美国国债收益率大幅攀升,令高成长科技股承压。截至收盘,道琼斯指数跌1.51%,报35,368.47点;标普500指数跌1.83%,报4,577.34点;纳斯达克指数跌2.60%,报14,506.90点。 大型科技股悉数下挫,<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$</a> 跌1.89%,<a href=\"https://laohu8.com/S/AMZN\">$亚马逊(AMZN)$</a> 跌1.99%,","text":"聊聊今日份的交易想法,包括对于大盘走势后续的看法?看涨/看跌哪只股票、晒晒单等等。 港股市场 1月19日,香港恒生指数开盘上涨117.0点,涨幅0.49%,报24229.78点;国企指数开盘上涨36.5点,涨幅0.43%,报8485.5点;红筹指数开盘上涨18.46点,涨幅0.45%,报4117.48点。 恒生科技指数开涨0.31%,科技板块表现较为活跃,$京东集团-SW(09618)$ 、$百度集团-SW(09888)$ 涨超2%; 内房股、物业管理股多数高开,碧桂园服务开涨3%; 体育用品股上涨,$李宁(02331)$ 涨超2%; $药明康德(02359)$ 涨超2%,年度归母净利同比预增近70%; $普拉达(01913)$ 涨逾3%,集团2021年总收益同比增长41%。 美股市场 美股周二收跌,美国国债收益率大幅攀升,令高成长科技股承压。截至收盘,道琼斯指数跌1.51%,报35,368.47点;标普500指数跌1.83%,报4,577.34点;纳斯达克指数跌2.60%,报14,506.90点。 大型科技股悉数下挫,$苹果(AAPL)$ 跌1.89%,$亚马逊(AMZN)$ 跌1.99%,","images":[{"img":"https://static.tigerbbs.com/2824dfec01176c2466605ae1339f684d","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/697484754","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4017,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697018660,"gmtCreate":1642156641250,"gmtModify":1642156641499,"author":{"id":"4099072184690960","authorId":"4099072184690960","name":"J817","avatar":"https://static.tigerbbs.com/7bf29313eb64438823c090e77a69b94a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099072184690960","idStr":"4099072184690960"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/U/3582643296059275\">@</a><a 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[微笑]","text":"@JoeLeong@Zacyai@Yan23 [微笑] [微笑] [微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/697018660","repostId":"694499639","repostType":1,"repost":{"id":694499639,"gmtCreate":1642065936304,"gmtModify":1642128600641,"author":{"id":"20722186463466","authorId":"20722186463466","name":"爱发红包的虎妞","avatar":"https://static.tigerbbs.com/acf27be178fbc21279d1959ce5bec4e7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"20722186463466","idStr":"20722186463466"},"themes":[],"title":"大改版!如何在老虎社区网页端发布内容?","htmlText":"喜欢使用laohu8(老虎社区网页版)发帖的虎友们应该有留意到,近期大改版啦!!! 根据最近收到的一些疑问,虎妞重新梳理了发帖流程。如有不明之处可以在此贴留言给我噢~ 网页端如何发布内容? 第一步:用电脑浏览器打开网址https://www.laohu8.com/进行登录 第二步:找到内容输入框,短帖内容可直接编辑-发布! Tips:关联提及的个股+选择合适的主题,可以带来更多的互动噢~ 短贴互动少,不甘心? 长文贴值得你来了解一下 标题鲜明、图文结合的长文帖,获得的曝光和互动,和短贴不是一个等级!(悄悄告诉大家,发帖的时候,顺手关联个股和话题,曝光加倍!) 那么问题来了,长文贴如何发布呢? 1、选择“写长文” 2、输入标题-正文 合理利用功能栏(插入图片&K线图、艾特其他社区用户、排版等),完整的编辑一篇文章。内容与图片相符、观点鲜明更容易获得推荐。 另外,还有设置投票、选择合适的主题、设置展示图等更多的功能等待你去探索哟~ 3、最后一步:点击【发布】,即可发出一篇文章,审核通过后,虎友们就可以看到你的内容啦~ 主题应该怎么选? 核心前提:优质内容可以突破常规 选择合适的主题,可以使优质内容通过更多分配渠道曝光。在这里推荐两个导向: 1、根据文章内容来选择合适的主题 2、根据社区活动/主题来写相关的内容 帖子发布之后,想修改内容怎么办? 注意!电脑端可多次修改长文,改到你满意为止! 依次点击:头像—个人中心,找到想要修改的长贴,光标移动到该贴上,点击「编辑」,可以对已发布的内容进行修改哟~ 移动端(手机app)如何发布内容? 短内容发文步骤: 长内容发文步骤: 以下类型内容,更容易被加精华噢! 用户分享自己的投资经历、投资思路、投资策略; 用户披露并分析自己的投资操作; 基于宏观经济政策,或基于公司商业","listText":"喜欢使用laohu8(老虎社区网页版)发帖的虎友们应该有留意到,近期大改版啦!!! 根据最近收到的一些疑问,虎妞重新梳理了发帖流程。如有不明之处可以在此贴留言给我噢~ 网页端如何发布内容? 第一步:用电脑浏览器打开网址https://www.laohu8.com/进行登录 第二步:找到内容输入框,短帖内容可直接编辑-发布! Tips:关联提及的个股+选择合适的主题,可以带来更多的互动噢~ 短贴互动少,不甘心? 长文贴值得你来了解一下 标题鲜明、图文结合的长文帖,获得的曝光和互动,和短贴不是一个等级!(悄悄告诉大家,发帖的时候,顺手关联个股和话题,曝光加倍!) 那么问题来了,长文贴如何发布呢? 1、选择“写长文” 2、输入标题-正文 合理利用功能栏(插入图片&K线图、艾特其他社区用户、排版等),完整的编辑一篇文章。内容与图片相符、观点鲜明更容易获得推荐。 另外,还有设置投票、选择合适的主题、设置展示图等更多的功能等待你去探索哟~ 3、最后一步:点击【发布】,即可发出一篇文章,审核通过后,虎友们就可以看到你的内容啦~ 主题应该怎么选? 核心前提:优质内容可以突破常规 选择合适的主题,可以使优质内容通过更多分配渠道曝光。在这里推荐两个导向: 1、根据文章内容来选择合适的主题 2、根据社区活动/主题来写相关的内容 帖子发布之后,想修改内容怎么办? 注意!电脑端可多次修改长文,改到你满意为止! 依次点击:头像—个人中心,找到想要修改的长贴,光标移动到该贴上,点击「编辑」,可以对已发布的内容进行修改哟~ 移动端(手机app)如何发布内容? 短内容发文步骤: 长内容发文步骤: 以下类型内容,更容易被加精华噢! 用户分享自己的投资经历、投资思路、投资策略; 用户披露并分析自己的投资操作; 基于宏观经济政策,或基于公司商业","text":"喜欢使用laohu8(老虎社区网页版)发帖的虎友们应该有留意到,近期大改版啦!!! 根据最近收到的一些疑问,虎妞重新梳理了发帖流程。如有不明之处可以在此贴留言给我噢~ 网页端如何发布内容? 第一步:用电脑浏览器打开网址https://www.laohu8.com/进行登录 第二步:找到内容输入框,短帖内容可直接编辑-发布! 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基于宏观经济政策,或基于公司商业","images":[{"img":"https://static.tigerbbs.com/4cc83a56e3a507f2ca67e28671823515","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/5a77f23c5ca779ea15d6b8b9e8a2a74b","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/34fa2e62c38cfc786de97b2c588b50c5","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/694499639","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":10,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3807,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":695493670,"gmtCreate":1641537778090,"gmtModify":1641538615189,"author":{"id":"4099072184690960","authorId":"4099072184690960","name":"J817","avatar":"https://static.tigerbbs.com/7bf29313eb64438823c090e77a69b94a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099072184690960","idStr":"4099072184690960"},"themes":[],"title":"","htmlText":"buy tiger brokers [微笑]","listText":"buy tiger brokers [微笑]","text":"buy tiger brokers [微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/695493670","repostId":"695529475","repostType":1,"repost":{"id":695529475,"gmtCreate":1641524653500,"gmtModify":1707367328314,"author":{"id":"3527667596890271","authorId":"3527667596890271","name":"Buy_Sell","avatar":"https://static.tigerbbs.com/a5f0ed79a338c758a22e0b4ea13bf9d2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667596890271","idStr":"3527667596890271"},"themes":[],"title":"🚀【1月7日】非农要来!美联储加快收紧货币政策,今天买什么?","htmlText":"聊聊今日份的交易想法,包括对于大盘走势后续的看法?看涨/看跌哪只股票、晒晒单等等。 港股市场 1月7日讯,港股三大指数高开,恒指涨1.07%,国指涨0.74%,恒生科技指数涨1.36%。 盘面上,隔夜美股热门中概股逆势大涨,大型科技股集体上扬,<a href=\"https://laohu8.com/S/09988\">$阿里巴巴-SW(09988)$</a> 涨4.55%,<a href=\"https://laohu8.com/S/09888\">$百度集团-SW(09888)$</a> 、<a href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$</a> 涨超3%,<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a> 涨2.8%,<a href=\"https://laohu8.com/S/01024\">$快手-W(01024)$</a> 、腾讯涨近2%;生物医药股反弹,<a href=\"https://laohu8.com/S/06606\">$诺辉健康-B(06606)$</a> 跳涨近15%领涨,汽车股、半导体股、保险股、在线教育股、乳业股、石油股普遍上涨,长城汽车高开超5%,12月销量同比增8.17%;另一方面,内房股与物管股领跌,中医药股回调。昨日大跌的细价股反弹,<a href=\"https://laohu8.com/S/00554\">$汉思能源(00554)$</a> 、BENG SOON MACH涨超14%。 诺辉健康跳空高开14.75%报22.1港元,最新市值95亿港元。公司昨晚宣布,旗下幽门螺杆菌检测产品幽幽管获得国家药品监督管理局(NMPA)批准的三类医疗器械注册申请。这是国家药监局批准的中国首个适用于“消费者自测”的幽门螺杆菌检测产品。近日,在美国卫生与","listText":"聊聊今日份的交易想法,包括对于大盘走势后续的看法?看涨/看跌哪只股票、晒晒单等等。 港股市场 1月7日讯,港股三大指数高开,恒指涨1.07%,国指涨0.74%,恒生科技指数涨1.36%。 盘面上,隔夜美股热门中概股逆势大涨,大型科技股集体上扬,<a href=\"https://laohu8.com/S/09988\">$阿里巴巴-SW(09988)$</a> 涨4.55%,<a href=\"https://laohu8.com/S/09888\">$百度集团-SW(09888)$</a> 、<a href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$</a> 涨超3%,<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a> 涨2.8%,<a href=\"https://laohu8.com/S/01024\">$快手-W(01024)$</a> 、腾讯涨近2%;生物医药股反弹,<a href=\"https://laohu8.com/S/06606\">$诺辉健康-B(06606)$</a> 跳涨近15%领涨,汽车股、半导体股、保险股、在线教育股、乳业股、石油股普遍上涨,长城汽车高开超5%,12月销量同比增8.17%;另一方面,内房股与物管股领跌,中医药股回调。昨日大跌的细价股反弹,<a href=\"https://laohu8.com/S/00554\">$汉思能源(00554)$</a> 、BENG SOON MACH涨超14%。 诺辉健康跳空高开14.75%报22.1港元,最新市值95亿港元。公司昨晚宣布,旗下幽门螺杆菌检测产品幽幽管获得国家药品监督管理局(NMPA)批准的三类医疗器械注册申请。这是国家药监局批准的中国首个适用于“消费者自测”的幽门螺杆菌检测产品。近日,在美国卫生与","text":"聊聊今日份的交易想法,包括对于大盘走势后续的看法?看涨/看跌哪只股票、晒晒单等等。 港股市场 1月7日讯,港股三大指数高开,恒指涨1.07%,国指涨0.74%,恒生科技指数涨1.36%。 盘面上,隔夜美股热门中概股逆势大涨,大型科技股集体上扬,$阿里巴巴-SW(09988)$ 涨4.55%,$百度集团-SW(09888)$ 、$京东集团-SW(09618)$ 涨超3%,$美团-W(03690)$ 涨2.8%,$快手-W(01024)$ 、腾讯涨近2%;生物医药股反弹,$诺辉健康-B(06606)$ 跳涨近15%领涨,汽车股、半导体股、保险股、在线教育股、乳业股、石油股普遍上涨,长城汽车高开超5%,12月销量同比增8.17%;另一方面,内房股与物管股领跌,中医药股回调。昨日大跌的细价股反弹,$汉思能源(00554)$ 、BENG SOON MACH涨超14%。 诺辉健康跳空高开14.75%报22.1港元,最新市值95亿港元。公司昨晚宣布,旗下幽门螺杆菌检测产品幽幽管获得国家药品监督管理局(NMPA)批准的三类医疗器械注册申请。这是国家药监局批准的中国首个适用于“消费者自测”的幽门螺杆菌检测产品。近日,在美国卫生与","images":[{"img":"https://static.tigerbbs.com/8c224c9889536a14f83eca563ae0bb07","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/695529475","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3935,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692145759,"gmtCreate":1640886723324,"gmtModify":1640886818054,"author":{"id":"4099072184690960","authorId":"4099072184690960","name":"J817","avatar":"https://static.tigerbbs.com/7bf29313eb64438823c090e77a69b94a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099072184690960","idStr":"4099072184690960"},"themes":[],"title":"","htmlText":"[笑哭] [笑哭] [笑哭] [笑哭] [笑哭] [笑哭] [笑哭] [笑哭] [笑哭] ","listText":"[笑哭] [笑哭] [笑哭] [笑哭] [笑哭] [笑哭] [笑哭] [笑哭] [笑哭] ","text":"[笑哭] [笑哭] [笑哭] [笑哭] [笑哭] [笑哭] [笑哭] [笑哭] [笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/692145759","repostId":"1106092668","repostType":4,"repost":{"id":"1106092668","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":1640876653,"share":"https://www.laohunote.com/m/news/1106092668?lang=zh_CN&edition=full","pubTime":"2021-12-30 23:04","market":"us","language":"en","title":"Sea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106092668","media":"Tiger Newspress","summary":"Sea Limited shares jumped more than 4% in morning trading.Also Read:Sea Limited: A Deep Dive To Unde","content":"<p><html><head></head><body>Sea Limited shares jumped more than 4% in morning trading.</p><p><blockquote><html><head></head><body>Sea Limited 股价早盘上涨超过 4%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/448dcc7d589843674730e046aa6ef96a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p><b>Also Read:</b><b>Sea Limited: A Deep Dive To Understand The Recent Selloff</b></p><p><blockquote><b>另请阅读:</b><b>Sea Limited:深入了解近期抛售情况</b></blockquote></p><p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p><ul><li>Sea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.</li><li>I dive into each of its segments to understand the recent selloff and justify the current valuation.</li><li>I consider Sea one of my ten highest conviction investments.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa5cbe0a30acc723a2c6f62300024002\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>kokkai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>Sea Limited 是一家高度多元化的企业,在世界上一些增长最快的经济体中全力以赴。</li><li>我深入研究了它的每个细分市场,以了解最近的抛售情况并证明当前估值的合理性。</li><li>我认为 Sea 是我最有信心的十项投资之一。</li></ul><p class=\"t-img-caption\"><span>kokkai/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p><b>Thesis</b></p><p><blockquote><b>论文</b></blockquote></p><p>A by-parts analysis of Sea Limited's (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.</p><p><blockquote>对 Sea Limited(纽约证券交易所股票代码:SE)各部门的部分分析表明,其目前的估值大致公平,但有许多长期增长驱动力可能会带来惊喜,并在未来几年带来非常强劲的回报。</blockquote></p><p><b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p>I recently wrote an article highlighting my top 10 stock picks for 2022. I'd already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.</p><p><blockquote>我最近写了一篇文章,重点介绍了我 2022 年的十大精选股票。我已经在其他Seeking Alpha文章中对我的其他九个选择进行了深入分析,所以我认为以一篇关于海洋的文章来结束这一年会很好。</blockquote></p><p>Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don't speculate on short-term market movements, but I personally added to my Sea shares recently. It's one of my only losing positions that I didn't sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.</p><p><blockquote>此外,由于过去几个月股价大幅下跌(但今年仍略有上涨),我相信这篇文章可能是及时的。我不猜测短期市场走势,但我个人最近增持了我的Sea股票。这是我为数不多的亏损头寸之一,我没有为了税收损失而暂时卖出,在这篇文章中,我将解释为什么Sea对我来说是如此高的信念。</blockquote></p><p>It's also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it's the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.</p><p><blockquote>同样值得注意的是,许多专业投资者似乎也认同这一观点。Sea 是全球第 121 大公司,但在对冲基金中却是第 16 大最受欢迎的持股。这意味着,大钱是跑赢大盘海,71%的股份由机构持有。</blockquote></p><p>Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.</p><p><blockquote>由于 Sea 在许多不同的领域开展业务,我将对其每个运营部门进行单独分析,以证明其当前估值的合理性,并解释该估值如何在未来几年内推动意想不到的强劲回报。</blockquote></p><p><b>Gaming</b></p><p><blockquote><b>游戏</b></blockquote></p><p>Sea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.</p><p><blockquote>Sea Limited 的游戏部门 Garena 以内部开发的移动大逃杀游戏《Free Fire》而闻名。</blockquote></p><p>The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it's particularly popular in emerging markets like SEA, LATAM, and India, where it's been the highest-grossing mobile game for over two years.</p><p><blockquote>该游戏于2017年发布,此后一直非常受欢迎。它目前在全球所有Android游戏中拥有第二多的月活跃用户。这款游戏在全球范围内发售,但在东南亚、拉丁美洲和印度等新兴市场尤其受欢迎,两年多来,它一直是这些市场票房最高的手机游戏。</blockquote></p><p>With the game having been popular for a long time already, there's some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.</p><p><blockquote>随着这款游戏已经流行了很长时间,有人担心游戏玩家会转向下一件大事。虽然有一些手机游戏比Free Fire更古老,仍然非常受欢迎——如Roblox、部落冲突和Pokemon Go——但还有更多的游戏被遗忘了。在Garena发布更多游戏并证明它也能成功之前,总会有人质疑它的工作室是否是一个一鸣惊人的奇迹。</blockquote></p><p>Regardless, Garena is a critical part of Sea because it's the only profitable segment and it doubles a social platform that provides free advertising for Sea's non-gaming products. Cross-promotion is a huge competitive advantage for Sea.</p><p><blockquote>无论如何,Garena 是 Sea 的重要组成部分,因为它是唯一盈利的细分市场,并且它是一个为 Sea 非游戏产品提供免费广告的社交平台。交叉推广是Sea的巨大竞争优势。</blockquote></p><p>Thus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.</p><p><blockquote>因此,Sea 最近抛售的原因之一可能是 Garena 暗示的第四季度指引。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e299727cc28a887a36d88831aec8f53\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\"/><span>Source: Earnings Call Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:盈利看涨期权演示</span></p></blockquote></p><p>In Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.</p><p><blockquote>今年第二季度,Garena 将 2021 年预订指引上调至 $4.5B-$4.7B(从 $4.3B-$4.5B)。前三个季度的预订总额已经达到$3.5B,这意味着第四季度的预订量将达到$1.0B-$1.2B,同比增长0%至20%,并可能随后下降。相比之下,最近一个季度的增长率为 29%,全年的预计增长率为 44%。</blockquote></p><p>While 20% isn't a terrible deceleration, 0% certainly is. Even 20% growth isn't spectacular compared to the historic levels. At the 10% midpoint, Garena's growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).</p><p><blockquote>虽然 20% 并不是可怕的减速,但 0% 肯定是。与历史水平相比,即使是 20% 的增长也并不引人注目。在 10% 的中点,Garena 的增长看起来更类似于动视暴雪(纳斯达克股票代码:ATVI)或 Zynga(纳斯达克股票代码:ZNGA)等成熟公司,而不是 Roblox(纽约证券交易所股票代码:RBLX)等快速增长公司。</blockquote></p><p></p><p>Garena's implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I'll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today's market.</p><p><blockquote>Garena 的隐含估值应该——而且确实——因此受到影响。虽然像Roblox这样快速增长的公司可以获得两位数的高市盈率,但动视和Zynga的平均市盈率仅为4倍。Garena 的利润比他们略高,上行风险可能更大,因此我将使用 5 倍的市盈率作为我的隐含估值。这意味着对于一个以10%左右的速度增长的企业来说,市盈率约为10,这在当今的市场上是非常合理的。</blockquote></p><p>This means Garena is worth $23.5B based on the high end of management's guidance.</p><p><blockquote>这意味着根据管理层的高端指导,Garena 的价值为 $23.5B。</blockquote></p><p>I believe this valuation is actually conservative for a few reasons:</p><p><blockquote>我认为这个估值实际上是保守的,原因有几个:</blockquote></p><p><ul><li>Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.</li><li>The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.</li><li>Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.</li><li>Although I'd obviously prefer that Garena develops more games in house, in the meantime it's still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena's revenue.</li></ul><b>E-Commerce</b></p><p><blockquote><ul><li>明年的竞争很艰难,未来几年甚至明年的增长可能会再次加速,特别是如果Garena发布了一款新的热门游戏。下一季度的增长率并非基于公司的明确指导,而是基于行业预测。</li><li>我使用的同行估值来自过去一年也处于估值范围低端的公司。</li><li>Garena有着良好的业绩记录,并继续投资Free Fire。这方面的一个例子是最近发布的Free Fire MAX,它改善了高端手机用户的体验,甚至增加了一个类似元宇宙的可定制地图,名为Craftland。对我来说,这意味着 Garena 认为 Free Fire 仍处于生命周期的早期阶段。</li><li>虽然我显然更希望Garena在内部开发更多的游戏,但与此同时,它仍然不是一匹只会一招的小马。除了 Free Fire 之外,Garena 还分发腾讯控股 (OTCMKTS:OTCPK:TCEHY) 等第三方开发商的游戏。这些都是像《英雄联盟》和《使命召唤看涨期权》这样的热门游戏,有意义地分散了Garena的收入。</li></ul><b>电子商务</b></blockquote></p><p>Sea's e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.</p><p><blockquote>Sea 的电子商务平台 Shopee 目前是其最大的增长动力。该平台通常被认为是东南亚的亚马逊(纳斯达克股票代码:AMZN),最近它扩展到了包括巴西在内的更多市场。</blockquote></p><p>There's always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba's (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don't publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn't published explicit revenue numbers for some countries like Brazil.</p><p><blockquote>关于谁才是一个地区的真正亚马逊,总有一些争论。Shopee 当然面临着竞争对手,包括阿里巴巴 (NYSE:BABA) 的 Lazada、印度尼西亚的 Tokopedia、巴西的 MercadoLibre (MELI),甚至亚马逊本身。由于大多数竞争都是私营的或隐藏在一家更大的公司中,许多竞争对手不会公布确切的收入数字,这使得衡量竞争变得困难。即使是Sea也没有公布巴西等一些国家的明确收入数据。</blockquote></p><p>One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.</p><p><blockquote>一个可以评估的中立来源是Alexa网站排名,顾名思义,它根据网站的受欢迎程度对网站进行排名。请记住,这些都是排名,所以分数越低越好。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/180367a2b64bccebf243c5b6d8fb776a\" tg-width=\"455\" tg-height=\"353\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from Alexa</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源:作者,编译自Alexa</span></p></blockquote></p><p>Shopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.</p><p><blockquote>Shopee非常注重移动端,但上表只考虑了网站。要查看购物类别的App Store App排名,我们可以使用App Annie。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6544f014a5d70d13ee14dab0ac8b6782\" tg-width=\"422\" tg-height=\"403\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from AppAnnie</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源:作者,编译自AppAnnie</span></p></blockquote></p><p>On the mobile side, there's no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.</p><p><blockquote>在移动方面,没有必要关注竞争,因为Shopee一直是每个列出的国家排名第一的购物应用程序。在移动优先的世界里,这是一个非常好的兆头。即使在网络方面,Shopee 也获胜,除了在拉丁美洲和(勉强)印度尼西亚等少数特定地区,这些地区有更多的本地竞争对手。</blockquote></p><p>Of course, traffic doesn't always translate to GMV. But for a shopping app where most people will use the app to buy something, it's a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It's Shopee's dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.</p><p><blockquote>当然,流量并不总是转化为GMV。但对于一个大多数人都会使用该应用程序购买东西的购物应用程序来说,它是一个不错的代理。第三方估计,Shopee 占东南亚所有电子商务的 57%。正是Shopee在移动应用排名和市场份额上的主导地位,让我认为它是东南亚的亚马逊。</blockquote></p><p>So why would a company with so much potential sell off?</p><p><blockquote>那么,为什么一家拥有如此巨大潜力的公司会被抛售呢?</blockquote></p><p>After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it's bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO's comments that they don't have a concrete measure of success in these earlier stage countries won't help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they're successful, then it could drive even more unexpected growth in the future.</p><p><blockquote>在最近的财报发布后,一些分析师表示担心,Shopee在当前市场验证其商业模式之前,正在向波兰和墨西哥等其他国家拓展业务。在这些国家,Shopee的存在较少;它在墨西哥应用商店购物应用的3-5名之间,在波兰的1-3名之间波动。尽管分析师讨厌不确定性——而且首席执行官评论说他们没有衡量这些早期国家成功的具体措施也无济于事——但 Shopee 有着成功进入新国家的历史,我愿意给管理层一些时间尝试扩张更多。毕竟,如果他们成功了,那么它可能会在未来推动更多意想不到的增长。</blockquote></p><p></p><p>Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it's hard to complain when the overall sales increased a lot despite a decrease in basket size.</p><p><blockquote>分析师的另一个抱怨是篮子大小(平均购买大小)呈下降趋势。虽然这也可能导致了最近的抛售,但尽管篮子大小缩小,但整体销售额却大幅增长,这很难抱怨。</blockquote></p><p>The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That's 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon's $340B in 2020 e-commerce sales, Shopee looks like it's just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA's.</p><p><blockquote>该公司在第三季度再次上调了电子商务指引,目前指引 2021 年电子商务收入为 $5.0B-$5.2B。第四季度增长了 75%-100%,全年增长了约 135%。这些数字比游戏方面令人兴奋得多,尽管指导仍然暗示第四季度会略有放缓。但与亚马逊 2020 年 3400 亿美元的电子商务销售额相比,Shopee 看起来只是触及了表面。电子商务在东南亚的渗透率仅为11%,而美国为18.7%,东南亚经济的增长速度普遍快于美国。</blockquote></p><p>Despite being in a blue skies industry, it's more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee's success is not guaranteed because it's not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.</p><p><blockquote>尽管处于蓝天行业,但电子商务部门更难估值,因为它亏损运营(而游戏部门利润丰厚)。Shopee 的成功并不能保证,因为目前尚不清楚该平台能否在保持市场份额的同时实现盈利。像这样的股票往往会经历更大的波动,这可以部分解释最近的抛售。</blockquote></p><p>For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it's difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it's worth noting that despite being unprofitable, Sea's Rule of 40 score of 104 is better than most SaaS companies', and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).</p><p><blockquote>对于不盈利的软件公司,我喜欢用40法则来评估业务。但很难将这一规则应用于利润率自然较低的周期性更强的电子商务公司。即便如此,值得注意的是,尽管无利可图,Sea的40法则104分优于大多数SaaS公司,也优于电子商务同行亚马逊(21)、MercadoLibre(73)和阿里巴巴-SW(43)。</blockquote></p><p>To understand Shopee's terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon's high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.</p><p><blockquote>要了解Shopee盈利后的终端估值,我们可以看看行业同行。亚马逊是一家盈利且增长较慢的同行,其市盈率为 4 倍。AWS 推高了这一数字,但亚马逊对第一方销售的高曝光率抵消了这一数字。其他电子商务市场同行的估值也类似:阿里巴巴-SW市盈率为 3 倍,MercadoLibre 市盈率为 9 倍。所有这些估值基本上都是历史最低点。</blockquote></p><p>If Shopee keeps doubling revenue over the next couple of years (which it's easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon's P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.</p><p><blockquote>如果 Shopee 在未来几年内保持收入翻番(自 2016 年以来,它每年都很容易做到),实现盈利(扩大规模往往会有所帮助),并在两年内达到亚马逊的市盈率,那么今天的市盈率为 16 倍,它将在两年内持平。但如果它在十年等更长的时间内保持比亚马逊快得多的增长速度,和/或如果整体行业倍数扩大到更正常的历史水平,那么即使市盈率为 16 倍,该细分市场也有潜在的上涨空间。另一方面,如果它停止增长或从未盈利,那么投资者会对任何市盈率感到非常失望。</blockquote></p><p>Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee's mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment's future. I recognize that it's currently an unprofitable and thus risky segment, but I also see the massive potential.</p><p><blockquote>鉴于如此广泛的结果,每个人都会有自己的方式来评估这一部分。对我来说,当我看到 Shopee 在移动领域的主导地位、目前相对较小的规模、来自 Garena 的资金,以及亚马逊、阿里巴巴-SW和 MercadoLibre 为这种商业模式的可持续长期成功开创的先例时,我对这一细分市场的未来持乐观态度。我认识到目前这是一个无利可图且风险较高的领域,但我也看到了巨大的潜力。</blockquote></p><p>So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.</p><p><blockquote>因此,我很乐意支付 16 倍市盈率,这意味着电子商务部门的估值为 83.2B 美元。有些人会把看涨期权定得太高,这些人可能永远不会有机会投资这家公司,不管是好是坏。</blockquote></p><p>Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let's look at the other parts of Sea.</p><p><blockquote>因此,仅 Garena 和 Shopee,我的 Sea 价值为 106.7B 美元。其目前的市值为 123.1B 美元。为了解释这种差异,让我们看看海洋的其他部分。</blockquote></p><p><b>FinTech & Investments</b></p><p><blockquote><b>金融科技与投资</b></blockquote></p><p>The easiest addition to my computed valuation is Sea's $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won't be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.</p><p><blockquote>对我计算的估值来说,最简单的补充是 Sea 的 120 亿美元现金堆,部分被 40 亿美元债务抵消。这为该公司增加了一些不错的选择,并确保尽管在Shopee上亏损,但它不会很快破产。加上$8B的现金差异,我的计算估值为$114.7B,仅比实际估值少$8.4B。</blockquote></p><p>Then there is Sea's FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a "take rate" of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I'm not worried about SeaMoney losing money while it scales.</p><p><blockquote>然后是 Sea 的金融科技部门 SeaMoney。这里的主要产品是移动钱包,它在上一季度的支付量为46亿美元(一年内约20亿美元)。该部门第三季度收入为 1.32 亿美元,同比增长 818%。这意味着2.9%的“接受率”,甚至比Visa(V)等老牌金融科技公司还要好。由于如此高的接受率,我并不担心 SeaMoney 在扩展过程中会亏损。</blockquote></p><p></p><p>Despite SeaMoney being a small segment, it's now reaching a point where it can be factored into the valuation. Maybe it's only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea's sales would today be worth more than the gaming segment. But Sea's management - combined with Garena's ability to fund new segments and drive their viral adoption - made it happen. It's certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.</p><p><blockquote>尽管 SeaMoney 是一个很小的细分市场,但它现在已经达到了可以计入估值的程度。也许它只值几十亿,但这仅仅是个开始。五年前,没有人会想到一个占Sea销售额5%的电子商务平台今天会比游戏部门更有价值。但 Sea 的管理层,加上 Garena 资助新细分市场并推动其病毒式采用的能力,使得这一目标得以实现。当然不能保证Sea会在金融科技方面取得同样的成功,但这是有先例的。</blockquote></p><p>If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre's revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa's, Mastercard's (NYSE:MA), and Affirm's (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies', but we don't even need to speculate about what a fair multiple is, since we can reach Sea's current valuation by using 16x P/S in my model valuation.</p><p><blockquote>如果有一天这个细分市场的价值是Sea的三分之一或更多(2020年,金融科技占MercadoLibre收入的36%),那么今天仅以7%的业务获得它将是非常值得的,即使这意味着今天该细分市场的市盈率有点高16倍。事实上,这个倍数已经低于 Visa、万事达卡 (NYSE:MA) 和 Affirm (NASDAQ:AFRM)。实际上,一个同比增长 818% 的细分市场可能会获得比这些增长较慢的公司更高的市盈率,但我们甚至不需要猜测公平的市盈率是多少,因为我们可以通过在我的模型估值中使用 16 倍市盈率来达到 Sea 目前的估值。</blockquote></p><p>One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started "early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech." These guys sure know how to hop on the latest high growth trend.</p><p><blockquote>这一细分市场进一步增长的一种方式是推出除移动钱包之外的更多产品。Sea 在最近的财报中指出,他们已经开始“在其他数字金融服务领域采取早期举措,例如先买后付、数字银行和保险科技”。这些人肯定知道如何抓住最新的高增长趋势。</blockquote></p><p>Finally, there's the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There's strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea's investment arm is very early stage, so I don't include it in my valuation model. But it doesn't have to be factored in to justify the current share price. It's just one more area that might be worth a large part of Sea one day.</p><p><blockquote>最后是投资部门。Sea 正在投资早期科技公司,尤其是在东南亚。腾讯控股(其本身就是 Sea 投资者)和 Shopify(纽约证券交易所股票代码:SHOP)等公司管理成功的投资组合,最终对其估值产生有意义的影响,这有着良好的先例。目前Sea的投资部门还处于非常早期的阶段,所以我没有将其纳入我的估值模型中。但这并不一定要被考虑在内来证明当前的股价是合理的。这只是有一天可能值得一大片海洋的又一个区域。</blockquote></p><p><b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p>Looking at each of Sea's segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn't account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea's business. With the FinTech segment currently growing at 818% year over year, it doesn't take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.</p><p><blockquote>查看 Sea 的每个细分市场,我的估值模型表明 Sea 目前的估值相当合理。然而,我的模型没有考虑到较新细分市场的显著可选性。就像电子商务在过去五年中所做的那样,金融科技(和/或投资)可能会发展成为Sea业务的很大一部分。随着金融科技领域目前的年增长率为818%,不需要太多的想象力就能看出这是如何发生的。只要再以接近这一速度增长一两年,金融科技领域就会让投资者无法忽视。</blockquote></p><p>This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven't been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today's prices. It's a steep drop for sure, but most companies in today's market would be looking at such a decline if one were to use the most conservative valuation standards possible.</p><p><blockquote>这种选择结合了每项业务的整体实力,使得 Sea 在过去一年的平均收入增长了 7%。盈利并没有那么强劲,我预计这将是我的估值模型的主要争论点,就像大多数不盈利的公司一样。特别是,我预计一些读者会不同意我对电子商务领域的估值。但是,即使你把电子商务一路降到5倍市盈率(这是今天增长缓慢得多的电子商务公司看到的倍数),这也意味着比今天的价格下降了54%。这肯定是一个急剧下降,但如果使用最保守的估值标准,当今市场上的大多数公司都会面临这样的下跌。</blockquote></p><p>Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It's one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.</p><p><blockquote>只有像 Sea 这样的快速增长的公司才能通过收入增长快速抵消这种下降。因此,最具长期潜力的企业几乎不会以最保守的估值进行交易。海洋当然具有长期潜力。这是我拥有的少数几家高增长公司之一,我可以看到这些公司在本十年内市值达到万亿美元。</blockquote></p><p></body></html></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>Sea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea Limited Shares Jumped More Than 4% in Morning Trading<blockquote>Sea Limited股价早盘上涨逾4%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-30 23:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Sea Limited shares jumped more than 4% in morning trading.</p><p><blockquote><html><head></head><body>Sea Limited 股价早盘上涨超过 4%。</body></html></blockquote></p><p><img src=\"https://static.tigerbbs.com/448dcc7d589843674730e046aa6ef96a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><blockquote></blockquote></p><p><b>Also Read:</b><b>Sea Limited: A Deep Dive To Understand The Recent Selloff</b></p><p><blockquote><b>另请阅读:</b><b>Sea Limited:深入了解近期抛售情况</b></blockquote></p><p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p><ul><li>Sea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.</li><li>I dive into each of its segments to understand the recent selloff and justify the current valuation.</li><li>I consider Sea one of my ten highest conviction investments.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa5cbe0a30acc723a2c6f62300024002\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"/><span>kokkai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>Sea Limited 是一家高度多元化的企业,在世界上一些增长最快的经济体中全力以赴。</li><li>我深入研究了它的每个细分市场,以了解最近的抛售情况并证明当前估值的合理性。</li><li>我认为 Sea 是我最有信心的十项投资之一。</li></ul><p class=\"t-img-caption\"><span>kokkai/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p><b>Thesis</b></p><p><blockquote><b>论文</b></blockquote></p><p>A by-parts analysis of Sea Limited's (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.</p><p><blockquote>对 Sea Limited(纽约证券交易所股票代码:SE)各部门的部分分析表明,其目前的估值大致公平,但有许多长期增长驱动力可能会带来惊喜,并在未来几年带来非常强劲的回报。</blockquote></p><p><b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p>I recently wrote an article highlighting my top 10 stock picks for 2022. I'd already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.</p><p><blockquote>我最近写了一篇文章,重点介绍了我 2022 年的十大精选股票。我已经在其他Seeking Alpha文章中对我的其他九个选择进行了深入分析,所以我认为以一篇关于海洋的文章来结束这一年会很好。</blockquote></p><p>Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don't speculate on short-term market movements, but I personally added to my Sea shares recently. It's one of my only losing positions that I didn't sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.</p><p><blockquote>此外,由于过去几个月股价大幅下跌(但今年仍略有上涨),我相信这篇文章可能是及时的。我不猜测短期市场走势,但我个人最近增持了我的Sea股票。这是我为数不多的亏损头寸之一,我没有为了税收损失而暂时卖出,在这篇文章中,我将解释为什么Sea对我来说是如此高的信念。</blockquote></p><p>It's also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it's the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.</p><p><blockquote>同样值得注意的是,许多专业投资者似乎也认同这一观点。Sea 是全球第 121 大公司,但在对冲基金中却是第 16 大最受欢迎的持股。这意味着,大钱是跑赢大盘海,71%的股份由机构持有。</blockquote></p><p>Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.</p><p><blockquote>由于 Sea 在许多不同的领域开展业务,我将对其每个运营部门进行单独分析,以证明其当前估值的合理性,并解释该估值如何在未来几年内推动意想不到的强劲回报。</blockquote></p><p><b>Gaming</b></p><p><blockquote><b>游戏</b></blockquote></p><p>Sea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.</p><p><blockquote>Sea Limited 的游戏部门 Garena 以内部开发的移动大逃杀游戏《Free Fire》而闻名。</blockquote></p><p>The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it's particularly popular in emerging markets like SEA, LATAM, and India, where it's been the highest-grossing mobile game for over two years.</p><p><blockquote>该游戏于2017年发布,此后一直非常受欢迎。它目前在全球所有Android游戏中拥有第二多的月活跃用户。这款游戏在全球范围内发售,但在东南亚、拉丁美洲和印度等新兴市场尤其受欢迎,两年多来,它一直是这些市场票房最高的手机游戏。</blockquote></p><p>With the game having been popular for a long time already, there's some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.</p><p><blockquote>随着这款游戏已经流行了很长时间,有人担心游戏玩家会转向下一件大事。虽然有一些手机游戏比Free Fire更古老,仍然非常受欢迎——如Roblox、部落冲突和Pokemon Go——但还有更多的游戏被遗忘了。在Garena发布更多游戏并证明它也能成功之前,总会有人质疑它的工作室是否是一个一鸣惊人的奇迹。</blockquote></p><p>Regardless, Garena is a critical part of Sea because it's the only profitable segment and it doubles a social platform that provides free advertising for Sea's non-gaming products. Cross-promotion is a huge competitive advantage for Sea.</p><p><blockquote>无论如何,Garena 是 Sea 的重要组成部分,因为它是唯一盈利的细分市场,并且它是一个为 Sea 非游戏产品提供免费广告的社交平台。交叉推广是Sea的巨大竞争优势。</blockquote></p><p>Thus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.</p><p><blockquote>因此,Sea 最近抛售的原因之一可能是 Garena 暗示的第四季度指引。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e299727cc28a887a36d88831aec8f53\" tg-width=\"640\" tg-height=\"334\" width=\"100%\" height=\"auto\"/><span>Source: Earnings Call Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源:盈利看涨期权演示</span></p></blockquote></p><p>In Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.</p><p><blockquote>今年第二季度,Garena 将 2021 年预订指引上调至 $4.5B-$4.7B(从 $4.3B-$4.5B)。前三个季度的预订总额已经达到$3.5B,这意味着第四季度的预订量将达到$1.0B-$1.2B,同比增长0%至20%,并可能随后下降。相比之下,最近一个季度的增长率为 29%,全年的预计增长率为 44%。</blockquote></p><p>While 20% isn't a terrible deceleration, 0% certainly is. Even 20% growth isn't spectacular compared to the historic levels. At the 10% midpoint, Garena's growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).</p><p><blockquote>虽然 20% 并不是可怕的减速,但 0% 肯定是。与历史水平相比,即使是 20% 的增长也并不引人注目。在 10% 的中点,Garena 的增长看起来更类似于动视暴雪(纳斯达克股票代码:ATVI)或 Zynga(纳斯达克股票代码:ZNGA)等成熟公司,而不是 Roblox(纽约证券交易所股票代码:RBLX)等快速增长公司。</blockquote></p><p></p><p>Garena's implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I'll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today's market.</p><p><blockquote>Garena 的隐含估值应该——而且确实——因此受到影响。虽然像Roblox这样快速增长的公司可以获得两位数的高市盈率,但动视和Zynga的平均市盈率仅为4倍。Garena 的利润比他们略高,上行风险可能更大,因此我将使用 5 倍的市盈率作为我的隐含估值。这意味着对于一个以10%左右的速度增长的企业来说,市盈率约为10,这在当今的市场上是非常合理的。</blockquote></p><p>This means Garena is worth $23.5B based on the high end of management's guidance.</p><p><blockquote>这意味着根据管理层的高端指导,Garena 的价值为 $23.5B。</blockquote></p><p>I believe this valuation is actually conservative for a few reasons:</p><p><blockquote>我认为这个估值实际上是保守的,原因有几个:</blockquote></p><p><ul><li>Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.</li><li>The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.</li><li>Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.</li><li>Although I'd obviously prefer that Garena develops more games in house, in the meantime it's still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena's revenue.</li></ul><b>E-Commerce</b></p><p><blockquote><ul><li>明年的竞争很艰难,未来几年甚至明年的增长可能会再次加速,特别是如果Garena发布了一款新的热门游戏。下一季度的增长率并非基于公司的明确指导,而是基于行业预测。</li><li>我使用的同行估值来自过去一年也处于估值范围低端的公司。</li><li>Garena有着良好的业绩记录,并继续投资Free Fire。这方面的一个例子是最近发布的Free Fire MAX,它改善了高端手机用户的体验,甚至增加了一个类似元宇宙的可定制地图,名为Craftland。对我来说,这意味着 Garena 认为 Free Fire 仍处于生命周期的早期阶段。</li><li>虽然我显然更希望Garena在内部开发更多的游戏,但与此同时,它仍然不是一匹只会一招的小马。除了 Free Fire 之外,Garena 还分发腾讯控股 (OTCMKTS:OTCPK:TCEHY) 等第三方开发商的游戏。这些都是像《英雄联盟》和《使命召唤看涨期权》这样的热门游戏,有意义地分散了Garena的收入。</li></ul><b>电子商务</b></blockquote></p><p>Sea's e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.</p><p><blockquote>Sea 的电子商务平台 Shopee 目前是其最大的增长动力。该平台通常被认为是东南亚的亚马逊(纳斯达克股票代码:AMZN),最近它扩展到了包括巴西在内的更多市场。</blockquote></p><p>There's always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba's (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don't publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn't published explicit revenue numbers for some countries like Brazil.</p><p><blockquote>关于谁才是一个地区的真正亚马逊,总有一些争论。Shopee 当然面临着竞争对手,包括阿里巴巴 (NYSE:BABA) 的 Lazada、印度尼西亚的 Tokopedia、巴西的 MercadoLibre (MELI),甚至亚马逊本身。由于大多数竞争都是私营的或隐藏在一家更大的公司中,许多竞争对手不会公布确切的收入数字,这使得衡量竞争变得困难。即使是Sea也没有公布巴西等一些国家的明确收入数据。</blockquote></p><p>One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.</p><p><blockquote>一个可以评估的中立来源是Alexa网站排名,顾名思义,它根据网站的受欢迎程度对网站进行排名。请记住,这些都是排名,所以分数越低越好。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/180367a2b64bccebf243c5b6d8fb776a\" tg-width=\"455\" tg-height=\"353\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from Alexa</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源:作者,编译自Alexa</span></p></blockquote></p><p>Shopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.</p><p><blockquote>Shopee非常注重移动端,但上表只考虑了网站。要查看购物类别的App Store App排名,我们可以使用App Annie。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6544f014a5d70d13ee14dab0ac8b6782\" tg-width=\"422\" tg-height=\"403\" width=\"100%\" height=\"auto\"/><span>Source: The Author, compiled from AppAnnie</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源:作者,编译自AppAnnie</span></p></blockquote></p><p>On the mobile side, there's no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.</p><p><blockquote>在移动方面,没有必要关注竞争,因为Shopee一直是每个列出的国家排名第一的购物应用程序。在移动优先的世界里,这是一个非常好的兆头。即使在网络方面,Shopee 也获胜,除了在拉丁美洲和(勉强)印度尼西亚等少数特定地区,这些地区有更多的本地竞争对手。</blockquote></p><p>Of course, traffic doesn't always translate to GMV. But for a shopping app where most people will use the app to buy something, it's a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It's Shopee's dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.</p><p><blockquote>当然,流量并不总是转化为GMV。但对于一个大多数人都会使用该应用程序购买东西的购物应用程序来说,它是一个不错的代理。第三方估计,Shopee 占东南亚所有电子商务的 57%。正是Shopee在移动应用排名和市场份额上的主导地位,让我认为它是东南亚的亚马逊。</blockquote></p><p>So why would a company with so much potential sell off?</p><p><blockquote>那么,为什么一家拥有如此巨大潜力的公司会被抛售呢?</blockquote></p><p>After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it's bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO's comments that they don't have a concrete measure of success in these earlier stage countries won't help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they're successful, then it could drive even more unexpected growth in the future.</p><p><blockquote>在最近的财报发布后,一些分析师表示担心,Shopee在当前市场验证其商业模式之前,正在向波兰和墨西哥等其他国家拓展业务。在这些国家,Shopee的存在较少;它在墨西哥应用商店购物应用的3-5名之间,在波兰的1-3名之间波动。尽管分析师讨厌不确定性——而且首席执行官评论说他们没有衡量这些早期国家成功的具体措施也无济于事——但 Shopee 有着成功进入新国家的历史,我愿意给管理层一些时间尝试扩张更多。毕竟,如果他们成功了,那么它可能会在未来推动更多意想不到的增长。</blockquote></p><p></p><p>Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it's hard to complain when the overall sales increased a lot despite a decrease in basket size.</p><p><blockquote>分析师的另一个抱怨是篮子大小(平均购买大小)呈下降趋势。虽然这也可能导致了最近的抛售,但尽管篮子大小缩小,但整体销售额却大幅增长,这很难抱怨。</blockquote></p><p>The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That's 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon's $340B in 2020 e-commerce sales, Shopee looks like it's just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA's.</p><p><blockquote>该公司在第三季度再次上调了电子商务指引,目前指引 2021 年电子商务收入为 $5.0B-$5.2B。第四季度增长了 75%-100%,全年增长了约 135%。这些数字比游戏方面令人兴奋得多,尽管指导仍然暗示第四季度会略有放缓。但与亚马逊 2020 年 3400 亿美元的电子商务销售额相比,Shopee 看起来只是触及了表面。电子商务在东南亚的渗透率仅为11%,而美国为18.7%,东南亚经济的增长速度普遍快于美国。</blockquote></p><p>Despite being in a blue skies industry, it's more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee's success is not guaranteed because it's not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.</p><p><blockquote>尽管处于蓝天行业,但电子商务部门更难估值,因为它亏损运营(而游戏部门利润丰厚)。Shopee 的成功并不能保证,因为目前尚不清楚该平台能否在保持市场份额的同时实现盈利。像这样的股票往往会经历更大的波动,这可以部分解释最近的抛售。</blockquote></p><p>For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it's difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it's worth noting that despite being unprofitable, Sea's Rule of 40 score of 104 is better than most SaaS companies', and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).</p><p><blockquote>对于不盈利的软件公司,我喜欢用40法则来评估业务。但很难将这一规则应用于利润率自然较低的周期性更强的电子商务公司。即便如此,值得注意的是,尽管无利可图,Sea的40法则104分优于大多数SaaS公司,也优于电子商务同行亚马逊(21)、MercadoLibre(73)和阿里巴巴-SW(43)。</blockquote></p><p>To understand Shopee's terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon's high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.</p><p><blockquote>要了解Shopee盈利后的终端估值,我们可以看看行业同行。亚马逊是一家盈利且增长较慢的同行,其市盈率为 4 倍。AWS 推高了这一数字,但亚马逊对第一方销售的高曝光率抵消了这一数字。其他电子商务市场同行的估值也类似:阿里巴巴-SW市盈率为 3 倍,MercadoLibre 市盈率为 9 倍。所有这些估值基本上都是历史最低点。</blockquote></p><p>If Shopee keeps doubling revenue over the next couple of years (which it's easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon's P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.</p><p><blockquote>如果 Shopee 在未来几年内保持收入翻番(自 2016 年以来,它每年都很容易做到),实现盈利(扩大规模往往会有所帮助),并在两年内达到亚马逊的市盈率,那么今天的市盈率为 16 倍,它将在两年内持平。但如果它在十年等更长的时间内保持比亚马逊快得多的增长速度,和/或如果整体行业倍数扩大到更正常的历史水平,那么即使市盈率为 16 倍,该细分市场也有潜在的上涨空间。另一方面,如果它停止增长或从未盈利,那么投资者会对任何市盈率感到非常失望。</blockquote></p><p>Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee's mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment's future. I recognize that it's currently an unprofitable and thus risky segment, but I also see the massive potential.</p><p><blockquote>鉴于如此广泛的结果,每个人都会有自己的方式来评估这一部分。对我来说,当我看到 Shopee 在移动领域的主导地位、目前相对较小的规模、来自 Garena 的资金,以及亚马逊、阿里巴巴-SW和 MercadoLibre 为这种商业模式的可持续长期成功开创的先例时,我对这一细分市场的未来持乐观态度。我认识到目前这是一个无利可图且风险较高的领域,但我也看到了巨大的潜力。</blockquote></p><p>So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.</p><p><blockquote>因此,我很乐意支付 16 倍市盈率,这意味着电子商务部门的估值为 83.2B 美元。有些人会把看涨期权定得太高,这些人可能永远不会有机会投资这家公司,不管是好是坏。</blockquote></p><p>Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let's look at the other parts of Sea.</p><p><blockquote>因此,仅 Garena 和 Shopee,我的 Sea 价值为 106.7B 美元。其目前的市值为 123.1B 美元。为了解释这种差异,让我们看看海洋的其他部分。</blockquote></p><p><b>FinTech & Investments</b></p><p><blockquote><b>金融科技与投资</b></blockquote></p><p>The easiest addition to my computed valuation is Sea's $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won't be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.</p><p><blockquote>对我计算的估值来说,最简单的补充是 Sea 的 120 亿美元现金堆,部分被 40 亿美元债务抵消。这为该公司增加了一些不错的选择,并确保尽管在Shopee上亏损,但它不会很快破产。加上$8B的现金差异,我的计算估值为$114.7B,仅比实际估值少$8.4B。</blockquote></p><p>Then there is Sea's FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a "take rate" of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I'm not worried about SeaMoney losing money while it scales.</p><p><blockquote>然后是 Sea 的金融科技部门 SeaMoney。这里的主要产品是移动钱包,它在上一季度的支付量为46亿美元(一年内约20亿美元)。该部门第三季度收入为 1.32 亿美元,同比增长 818%。这意味着2.9%的“接受率”,甚至比Visa(V)等老牌金融科技公司还要好。由于如此高的接受率,我并不担心 SeaMoney 在扩展过程中会亏损。</blockquote></p><p></p><p>Despite SeaMoney being a small segment, it's now reaching a point where it can be factored into the valuation. Maybe it's only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea's sales would today be worth more than the gaming segment. But Sea's management - combined with Garena's ability to fund new segments and drive their viral adoption - made it happen. It's certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.</p><p><blockquote>尽管 SeaMoney 是一个很小的细分市场,但它现在已经达到了可以计入估值的程度。也许它只值几十亿,但这仅仅是个开始。五年前,没有人会想到一个占Sea销售额5%的电子商务平台今天会比游戏部门更有价值。但 Sea 的管理层,加上 Garena 资助新细分市场并推动其病毒式采用的能力,使得这一目标得以实现。当然不能保证Sea会在金融科技方面取得同样的成功,但这是有先例的。</blockquote></p><p>If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre's revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa's, Mastercard's (NYSE:MA), and Affirm's (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies', but we don't even need to speculate about what a fair multiple is, since we can reach Sea's current valuation by using 16x P/S in my model valuation.</p><p><blockquote>如果有一天这个细分市场的价值是Sea的三分之一或更多(2020年,金融科技占MercadoLibre收入的36%),那么今天仅以7%的业务获得它将是非常值得的,即使这意味着今天该细分市场的市盈率有点高16倍。事实上,这个倍数已经低于 Visa、万事达卡 (NYSE:MA) 和 Affirm (NASDAQ:AFRM)。实际上,一个同比增长 818% 的细分市场可能会获得比这些增长较慢的公司更高的市盈率,但我们甚至不需要猜测公平的市盈率是多少,因为我们可以通过在我的模型估值中使用 16 倍市盈率来达到 Sea 目前的估值。</blockquote></p><p>One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started "early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech." These guys sure know how to hop on the latest high growth trend.</p><p><blockquote>这一细分市场进一步增长的一种方式是推出除移动钱包之外的更多产品。Sea 在最近的财报中指出,他们已经开始“在其他数字金融服务领域采取早期举措,例如先买后付、数字银行和保险科技”。这些人肯定知道如何抓住最新的高增长趋势。</blockquote></p><p>Finally, there's the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There's strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea's investment arm is very early stage, so I don't include it in my valuation model. But it doesn't have to be factored in to justify the current share price. It's just one more area that might be worth a large part of Sea one day.</p><p><blockquote>最后是投资部门。Sea 正在投资早期科技公司,尤其是在东南亚。腾讯控股(其本身就是 Sea 投资者)和 Shopify(纽约证券交易所股票代码:SHOP)等公司管理成功的投资组合,最终对其估值产生有意义的影响,这有着良好的先例。目前Sea的投资部门还处于非常早期的阶段,所以我没有将其纳入我的估值模型中。但这并不一定要被考虑在内来证明当前的股价是合理的。这只是有一天可能值得一大片海洋的又一个区域。</blockquote></p><p><b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p>Looking at each of Sea's segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn't account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea's business. With the FinTech segment currently growing at 818% year over year, it doesn't take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.</p><p><blockquote>查看 Sea 的每个细分市场,我的估值模型表明 Sea 目前的估值相当合理。然而,我的模型没有考虑到较新细分市场的显著可选性。就像电子商务在过去五年中所做的那样,金融科技(和/或投资)可能会发展成为Sea业务的很大一部分。随着金融科技领域目前的年增长率为818%,不需要太多的想象力就能看出这是如何发生的。只要再以接近这一速度增长一两年,金融科技领域就会让投资者无法忽视。</blockquote></p><p>This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven't been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today's prices. It's a steep drop for sure, but most companies in today's market would be looking at such a decline if one were to use the most conservative valuation standards possible.</p><p><blockquote>这种选择结合了每项业务的整体实力,使得 Sea 在过去一年的平均收入增长了 7%。盈利并没有那么强劲,我预计这将是我的估值模型的主要争论点,就像大多数不盈利的公司一样。特别是,我预计一些读者会不同意我对电子商务领域的估值。但是,即使你把电子商务一路降到5倍市盈率(这是今天增长缓慢得多的电子商务公司看到的倍数),这也意味着比今天的价格下降了54%。这肯定是一个急剧下降,但如果使用最保守的估值标准,当今市场上的大多数公司都会面临这样的下跌。</blockquote></p><p>Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It's one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.</p><p><blockquote>只有像 Sea 这样的快速增长的公司才能通过收入增长快速抵消这种下降。因此,最具长期潜力的企业几乎不会以最保守的估值进行交易。海洋当然具有长期潜力。这是我拥有的少数几家高增长公司之一,我可以看到这些公司在本十年内市值达到万亿美元。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106092668","content_text":"Sea Limited shares jumped more than 4% in morning trading.Also Read:Sea Limited: A Deep Dive To Understand The Recent SelloffSummarySea Limited is a highly diversified business firing on all cylinders in some of the fastest-growing economies in the world.I dive into each of its segments to understand the recent selloff and justify the current valuation.I consider Sea one of my ten highest conviction investments.kokkai/iStock Unreleased via Getty ImagesThesisA by-parts analysis of Sea Limited's (NYSE:SE) segments shows that its current valuation is roughly fair, but there are many long-term growth drivers that could surprise to the upside and drive very strong returns for years to come.IntroductionI recently wrote an article highlighting my top 10 stock picks for 2022. I'd already done an in-depth analysis of my other nine picks in other Seeking Alpha articles, so I thought it would be good to close out the year with an article about Sea.Furthermore, with shares down significantly over the past couple of months (but still slightly up for the year), I believe this article may prove timely. I don't speculate on short-term market movements, but I personally added to my Sea shares recently. It's one of my only losing positions that I didn't sell out of temporarily for tax-loss harvesting, and in this article, I will explain why Sea is such a high conviction holding for me.It's also worth noting that many professional investors seem to share this opinion. Sea is the 121st largest company in the world, but it's the16thmost popular holding among hedge funds. This implies that big money is overweight Sea, with 71% of shares held by institutions.Because Sea operates in many different areas, I will do a separate analysis of each of its operating segments to justify its current valuation and explain how that valuation could drive unexpectedly strong returns for years.GamingSea Limited's gaming segment Garena is best known for Free Fire, a mobile battle royale game that was developed in-house.The game was released in 2017 and has been very popular ever since. It currently has the second most monthly active users among all Android games globally. The game is available worldwide, but it's particularly popular in emerging markets like SEA, LATAM, and India, where it's been the highest-grossing mobile game for over two years.With the game having been popular for a long time already, there's some concern that gamers will move on to the next big thing. Although there are some mobile games that are older than Free Fire and still very popular - like Roblox, Clash of Clans, and Pokemon Go - there are many more that have been forgotten. Until Garena releases more games and proves that it can be successful with them too, there will always be questions about whether its studio is a one-hit wonder.Regardless, Garena is a critical part of Sea because it's the only profitable segment and it doubles a social platform that provides free advertising for Sea's non-gaming products. Cross-promotion is a huge competitive advantage for Sea.Thus, one reason for Sea's recent selloff could be the Q4 guidance implied for Garena.Source: Earnings Call PresentationIn Q2 this year, Garena raised its guidance to $4.5B-$4.7B for 2021 bookings (up from $4.3B-$4.5B). With the first three quarters already totaling $3.5B, this implies that Q4 bookings will come in at $1.0B-$1.2B, up between 0% and 20% year over year, and likely down sequentially. This is compared to 29% growth in the most recent quarter and 44% projected growth for the full year.While 20% isn't a terrible deceleration, 0% certainly is. Even 20% growth isn't spectacular compared to the historic levels. At the 10% midpoint, Garena's growth looks more similar to that of a mature company like Activision (NASDAQ:ATVI) or Zynga (NASDAQ:ZNGA) than a fast-growing company like Roblox (NYSE:RBLX).Garena's implied valuation should - and did - suffer as a result. While a fast-growing company like Roblox can command a high double-digit P/S multiple, Activision and Zynga trade at an average P/S multiple of just 4. Garena is slightly more profitable than them and probably has more risk to the upside, so I'll use a P/S multiple of 5 for my implied valuation. This implies a P/E of about 10 for a business growing at around 10%, which is very reasonable in today's market.This means Garena is worth $23.5B based on the high end of management's guidance.I believe this valuation is actually conservative for a few reasons:Next year has tough comps and growth could re-accelerate in the following years or even next year, especially if Garena releases a new hit game. The growth rate past next quarter is not based on explicit guidance from the company, only industry forecasts.The peer valuations I used are from companies also trading at the lower end of their valuation range for the past year.Garena has a good track record and is continuing to invest in Free Fire. One example of this is the recently released Free Fire MAX, which improves the experience for users with higher-end phones and even adds a metaverse-like customizable map called Craftland. To me, this implies that Garena believes Free Fire is still in the earlier part of its lifecycle.Although I'd obviously prefer that Garena develops more games in house, in the meantime it's still not a one-trick pony. In addition to Free Fire, Garena distributes games from third-party developers like Tencent (OTCMKTS:OTCPK:TCEHY). These are popular titles like League of Legends and Call of Duty, which meaningfully diversify Garena's revenue.E-CommerceSea's e-commerce platform Shopee is currently its big growth driver. This platform is often considered the Amazon (NASDAQ:AMZN) of Southeast Asia, and it recently expanded into more markets including Brazil.There's always some debate about who is really the Amazon of a region. Shopee certainly has competition, including from Alibaba's (NYSE:BABA) Lazada, Tokopedia in Indonesia, MercadoLibre (MELI) in Brazil, and even Amazon itself. With most of the competition being private or tucked away into a larger company, many of the competitors don't publish exact revenue numbers, which makes it difficult to measure the competition. Even Sea hasn't published explicit revenue numbers for some countries like Brazil.One neutral source that can be assessed is the Alexa site rank, which as its name suggests ranks sites by their popularity. Keep in mind that these are ranks, so a lower score is better.Source: The Author, compiled from AlexaShopee is very mobile-focused, but the above table only considers the website. To check App Store app ranks for the shopping category, we can use App Annie.Source: The Author, compiled from AppAnnieOn the mobile side, there's no need to look at the competition because Shopee is consistently the number one shopping app in every country listed. In a mobile-first world, this bodes very well. Even on the web side, Shopee wins out except in a few specific regions like LATAM and (barely) Indonesia, which have more local competitors.Of course, traffic doesn't always translate to GMV. But for a shopping app where most people will use the app to buy something, it's a decent proxy. A third party estimates that Shopee accounts for57%of all e-commerce in Southeast Asia. It's Shopee's dominance in the mobile app ranks and market share that make me consider it the Amazon of Southeast Asia.So why would a company with so much potential sell off?After the recent earnings report, some analysts expressed concern that Shopee is branching out into other countries like Poland and Mexico before validating its business model in the current markets. In these countries, Shopee has less of a presence; it's bounced between the 3-5 spots on the Mexico App Store for shopping apps, and between spots 1 and 3 in Poland. Although analysts hate uncertainty - and the CEO's comments that they don't have a concrete measure of success in these earlier stage countries won't help with that - Shopee has a history of entering new countries successfully and I am willing to give management some time to try expanding more. After all, if they're successful, then it could drive even more unexpected growth in the future.Another complaint from analysts was that the basket size (average purchase size) is trending down. While that could also have contributed to the recent selloff, it's hard to complain when the overall sales increased a lot despite a decrease in basket size.The company raised its guidance for e-commerce again in Q3, now guiding for $5.0B-$5.2B in 2021 e-commerce revenue. That's 75%-100% growth in Q4 and about 135% growth for the year. These are much more exciting numbers than the gaming side, although the guidance still implies a slight deceleration in Q4. But compared to Amazon's $340B in 2020 e-commerce sales, Shopee looks like it's just scratched the surface. E-commerce is at only11%penetration in Southeast Asia compared to18.7%in the USA, and Southeast Asia economies are generally growing faster than the USA's.Despite being in a blue skies industry, it's more difficult to value the e-commerce segment because it operates at a loss (whereas the gaming segment is highly profitable). Shopee's success is not guaranteed because it's not clear at this point whether the platform can become profitable while retaining its market share. Stocks like this tend to experience more volatility, which could partially explain the recent selloff.For unprofitable software companies, I like to use the Rule of 40 to assess the business. But it's difficult to apply this rule to a more cyclical e-commerce company with naturally lower margins. Even so, it's worth noting that despite being unprofitable, Sea's Rule of 40 score of 104 is better than most SaaS companies', and also better than e-commerce peers Amazon (21), MercadoLibre (73), and Alibaba (43).To understand Shopee's terminal valuation once it becomes profitable, we can look at industry peers. Amazon is one profitable and slower-growing peer, and it trades at 4x P/S. AWS pushes this number up, but Amazon's high exposure to first-party sales offsets that. Other e-commerce marketplace peers trade at similar valuations: Alibaba at 3x P/S, MercadoLibre at 9x P/S. All of these valuations are basically all-time lows.If Shopee keeps doubling revenue over the next couple of years (which it's easily done every year since 2016), becomes profitable (which scaling up tends to help with), and will have Amazon's P/S multiple in two years, then at 16 P/S today it would trade flat for two years. But if it keeps growing much faster than Amazon over a longer period like a decade, and/or if the overall industry multiples expand to more normal historical levels, then even at 16x P/S this segment has potential upside. On the other hand, if it stops growing or never becomes profitable then investors will be very disappointed at any P/S.Given this wide range of outcomes, each person is going to have their own way of valuing this segment. For me, when I look at Shopee's mobile dominance, relatively small current size, the funding coming in from Garena, and the precedent set by Amazon, Alibaba, and MercadoLibre for the sustainable long-term success of this business model, I am optimistic about this segment's future. I recognize that it's currently an unprofitable and thus risky segment, but I also see the massive potential.So I am happy paying a 16x P/S multiple, which values the e-commerce segment at $83.2B. Some people will call that way too high, and those people will probably never get a chance to invest in this company, for better or for worse.Thus, with just Garena and Shopee, I have Sea being worth $106.7B. Its current market cap is $123.1B. To account for the difference, let's look at the other parts of Sea.FinTech & InvestmentsThe easiest addition to my computed valuation is Sea's $12B cash pile, partially offset by $4B in debt. This adds some nice optionality to the company and ensures that it won't be bankrupt any time soon despite losing money with Shopee. Adding in the $8B cash difference puts my computed valuation at $114.7B, just $8.4B short of the actual valuation.Then there is Sea's FinTech arm, SeaMoney. The main product here is a mobile wallet, which was responsible for $4.6B in payment volume in the last quarter (~$20B over a year). This segment accounted for $132 million in Q3 revenue, up a whopping 818% year over year. This implies a \"take rate\" of 2.9%, which is even better than established FinTech companies like Visa (V). Because of this high take rate, I'm not worried about SeaMoney losing money while it scales.Despite SeaMoney being a small segment, it's now reaching a point where it can be factored into the valuation. Maybe it's only worth a couple of billion, but this is just the start. Five years ago, nobody would have expected that an e-commerce platform accounting for 5% of Sea's sales would today be worth more than the gaming segment. But Sea's management - combined with Garena's ability to fund new segments and drive their viral adoption - made it happen. It's certainly not guaranteed that Sea will have the same success with FinTech, but there is precedent for it.If one day this segment is worth a third or more of Sea (in 2020, FinTech accounted for 36% of MercadoLibre's revenue) then getting it for just 7% of the business today will be well worth it, even if that implies a somewhat high 16x P/S multiple for the segment today. Actually, this multiple is already lower than Visa's, Mastercard's (NYSE:MA), and Affirm's (NASDAQ:AFRM). Realistically, a segment growing at 818% year over year should probably get a higher multiple than these slower-growing companies', but we don't even need to speculate about what a fair multiple is, since we can reach Sea's current valuation by using 16x P/S in my model valuation.One way this segment could grow even more is through the introduction of more products besides the mobile wallet. Sea noted in their recent earnings that they have started \"early initiatives in other digital financial services such as buy now pay later, digital bank, and insurtech.\" These guys sure know how to hop on the latest high growth trend.Finally, there's the investments arm. Sea is investing in early-stage tech companies, especially in Southeast Asia. There's strong precedent for companies like Tencent (which is itself an investor in Sea) and Shopify (NYSE:SHOP) managing successful investment portfolios that ultimately factor meaningfully into their valuation. Right now Sea's investment arm is very early stage, so I don't include it in my valuation model. But it doesn't have to be factored in to justify the current share price. It's just one more area that might be worth a large part of Sea one day.ConclusionLooking at each of Sea's segments, my valuation model indicates that Sea is fairly valued today. However, my model doesn't account for the significant optionality of the newer segments. Just like e-commerce did over the last five years, FinTech (and/or investments) could grow to become a very large part of Sea's business. With the FinTech segment currently growing at 818% year over year, it doesn't take much imagination to see how this happens. Just another year or two of growth at something close to that rate will make the FinTech arm impossible for investors to ignore.This optionality combined general strength in each business has allowed Sea to post an average revenue beat of 7% over the past year. Earnings haven't been as strong, and I expect that to be the main point of contention with my valuation model, as is the case for most unprofitable companies. In particular, I expect some readers will disagree with my valuation of the e-commerce segment. But even if you drop e-commerce all the way down to 5x P/S (a multiple seen today by much slower growing e-commerce companies) that implies 54% downside from today's prices. It's a steep drop for sure, but most companies in today's market would be looking at such a decline if one were to use the most conservative valuation standards possible.Only fast-growing companies like Sea can quickly offset such a decline with revenue growth. As a result, the businesses with the most long-term potential will hardly ever trade at the most conservative valuation possible. And Sea certainly has long-term potential. It's one of the few high-growth companies I own that I could see reaching a trillion-dollar market cap this decade.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":4271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692128931,"gmtCreate":1640878243716,"gmtModify":1640878243780,"author":{"id":"4099072184690960","authorId":"4099072184690960","name":"J817","avatar":"https://static.tigerbbs.com/7bf29313eb64438823c090e77a69b94a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099072184690960","idStr":"4099072184690960"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/U/3582643296059275\">@JoeLeong</a>[笑哭] [笑哭] [笑哭] ","listText":"<a href=\"https://laohu8.com/U/3582643296059275\">@JoeLeong</a>[笑哭] [笑哭] [笑哭] ","text":"@JoeLeong[笑哭] [笑哭] [笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692128931","repostId":"2195496423","repostType":2,"isVote":1,"tweetType":1,"viewCount":3567,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699676848,"gmtCreate":1639798711205,"gmtModify":1639799964881,"author":{"id":"4099072184690960","authorId":"4099072184690960","name":"J817","avatar":"https://static.tigerbbs.com/7bf29313eb64438823c090e77a69b94a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099072184690960","idStr":"4099072184690960"},"themes":[],"title":"","htmlText":"Tiger tiger tiger!!!","listText":"Tiger tiger tiger!!!","text":"Tiger tiger tiger!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/699676848","isVote":1,"tweetType":1,"viewCount":4028,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604228409,"gmtCreate":1639405611204,"gmtModify":1639409586810,"author":{"id":"4099072184690960","authorId":"4099072184690960","name":"J817","avatar":"https://static.tigerbbs.com/7bf29313eb64438823c090e77a69b94a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4099072184690960","idStr":"4099072184690960"},"themes":[],"title":"","htmlText":"[微笑] [微笑] [微笑] ","listText":"[微笑] [微笑] [微笑] ","text":"[微笑] [微笑] [微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/604228409","repostId":"1103876293","repostType":2,"repost":{"id":"1103876293","kind":"news","pubTimestamp":1639365728,"share":"https://www.laohunote.com/m/news/1103876293?lang=zh_CN&edition=full","pubTime":"2021-12-13 11:22","market":"us","language":"en","title":"3 Supercharged Electric-Vehicle Stocks to Buy in 2022 and Beyond<blockquote>2022 年及以后值得购买的 3 只增压电动汽车股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103876293","media":"Motley Fool","summary":"These three companies involve different risks, but each could supercharge your portfolio over the long term.","content":"<p>An investor who wants to dive into the electric-vehicle (EV) sector should be comfortable with a variety of risks. But those risks balance with potential rewards. That's what investing is all about, after all.</p><p><blockquote>想要涉足电动汽车 (EV) 行业的投资者应该对各种风险感到满意。但这些风险与潜在回报相平衡。毕竟,这就是投资的全部意义。</blockquote></p><p> Three EV stocks that could supercharge your portfolio in 2022 and beyond ironically also each bring a unique and significant risk as an investment. There's no better way to vet a potential investment than to thoroughly review its risks. If you can be comfortable with the potential downside, now might be a good time to invest in these EV-sector names.</p><p><blockquote>具有讽刺意味的是,三只电动汽车股票可能会在 2022 年及以后为您的投资组合增值,但每只股票都会带来独特而重大的投资风险。审查潜在投资的最佳方法莫过于彻底审查其风险。如果你能接受潜在的不利因素,现在可能是投资这些电动汽车行业名称的好时机。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6bcb0b015b34cd60db51bb86343dcbbe\" tg-width=\"2000\" tg-height=\"935\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源:盖蒂图片社。</span></p></blockquote></p><p> <b>Nio: A second wind</b></p><p><blockquote><b>蔚来:第二阵风</b></blockquote></p><p> Chinese EV-maker <b>Nio</b>(NIO) took advantage of excessive investor enthusiasm, which drove its valuation to nearly $100 billion before the company had earned a dime in net earnings. After flirting with bankruptcy as recently as two years ago, the company raised money in the capital markets, and now has about $7.3 billion in cash on its balance sheet as of Sept. 30, 2021.</p><p><blockquote>中国电动汽车制造商<b>蔚来</b>(蔚来)利用了投资者的过度热情,在该公司还没有赚到一毛钱净利润之前,就将其估值推向了近1000亿美元。在两年前濒临破产后,该公司在资本市场筹集资金,截至 2021 年 9 月 30 日,其资产负债表上现金约为 73 亿美元。</blockquote></p><p> That second wind has resulted in the company delivering more than 150,000 cumulative vehicles, as of the end of November. Nio reports monthly deliveries, and the below chart shows how fast they have ramped up shipments since the start of 2020.</p><p><blockquote>截至 11 月底,第二次风向导致该公司累计交付超过 15 万辆汽车。蔚来报告每月交付量,下图显示了自2020年初以来他们增加出货量的速度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8342eca7f9e9cb69ffa016615c11bbcb\" tg-width=\"2000\" tg-height=\"1151\" width=\"100%\" height=\"auto\"><span>Data source: Nio. Chart by author.</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源:蔚来。作者的图表。</span></p></blockquote></p><p> Nio is also preparing to double its capacity and add new models, which hindered production in October 2021. The company took production down for the first half of the month in preparation for the new ET7 luxury sedan it will begin selling early in 2022. The increase in production capacity comes as the company is branching out of its native China into Europe. It has established a presence in Norway and intends to deliver vehicles in Germany next year.</p><p><blockquote>蔚来还准备将产能增加一倍并增加新车型,这阻碍了 2021 年 10 月的生产。该公司在本月上半月减少了产量,为将于 2022 年初开始销售的新款 ET7 豪华轿车做准备。产能的增加正值该公司从中国本土扩展到欧洲之际。该公司已在挪威开展业务,并打算明年在德国交付车辆。</blockquote></p><p> Those two markets should lead global growth in EVs, according to the International Energy Agency (IEA). EV sales in China and Europe led the world in 2020, with a combined total of 2.7 million units. In its 2021 global EV outlook, the agency offered two scenarios for the EV sector over the next decade.</p><p><blockquote>国际能源署 (IEA) 表示,这两个市场应该会引领全球电动汽车的增长。2020年,中国和欧洲的电动汽车销量领先全球,合计270万辆。在其 2021 年全球电动汽车展望中,该机构为未来十年电动汽车行业提供了两种情景。</blockquote></p><p> By 2030, it expects China and Europe to continue to lead the way with at least 16.6 million vehicles and as many as 25.3 million, if government initiatives focus more on sustainability. Nio looks to be in a prime spot in the biggest markets for explosive growth in the coming years, giving investors an opportunity, as long as the company executes well.</p><p><blockquote>预计到 2030 年,如果政府举措更加注重可持续发展,中国和欧洲将继续保持至少 1660 万辆汽车和多达 2530 万辆汽车的领先地位。只要该公司表现良好,蔚来看起来将处于未来几年爆炸性增长的最大市场的黄金地段,为投资者提供机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4accec987e9af0f29cc462664deb37d4\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>Lucid's luxury electric Air sedan. Image source: Lucid Group.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Lucid 的豪华电动空气轿车。图片来源:Lucid集团。</span></p></blockquote></p><p> <b>Lucid: High expectations</b></p><p><blockquote><b>清醒:期望很高</b></blockquote></p><p> Analysts and investors following the EV sector have been watching <b>Lucid Group</b>(LCID) since well before it went public by merging with a special purpose acquisition company (SPAC) in late July. Peter Rawlinson, the company's CEO and chief technology officer (CTO), worked as lead engineer at <b>Tesla</b> on its Model S development program. That made some believe his new company and its luxury electric sedans could be the first true competition for the leading EV company.</p><p><blockquote>关注电动汽车行业的分析师和投资者一直在关注<b>Lucid集团</b>(LCID) 早在 7 月下旬与一家特殊目的收购公司 (SPAC) 合并上市之前就已成立。公司首席执行官兼首席技术官 (CTO) Peter Rawlinson 曾担任首席工程师<b>特斯拉</b>关于其Model S开发计划。这让一些人相信他的新公司及其豪华电动轿车可能是领先电动汽车公司的第一个真正竞争对手。</blockquote></p><p> Lucid provided investors with lofty goals and projections prior to its public debut. Without expecting any meaningful revenue in 2021, the company said in a July 2021 investor presentation that it expects sales to exceed $2 billion in 2022. With plans to introduce its next vehicle, the Gravity luxury SUV, in late 2023, it hopes to be close to $10 billion in revenue for 2024.</p><p><blockquote>Lucid 在公开亮相之前为投资者提供了崇高的目标和预测。该公司在 2021 年 7 月的投资者演示中表示,预计 2022 年销售额将超过 20 亿美元,但预计 2021 年不会有任何有意义的收入。该公司计划于 2023 年底推出下一款车型 Gravity 豪华 SUV,希望到 2024 年收入接近 100 亿美元。</blockquote></p><p> But the Securities and Exchange Commission (SEC) is scrutinizing several start-up companies that have gone public via SPAC and is now looking into certain early projections and statements that Lucid provided. Investors don't yet know the details of that subpoena, but it illuminates another risk associated with investing in early stage EV companies.</p><p><blockquote>但美国证券交易委员会 (SEC) 正在审查几家通过 SPAC 上市的初创公司,目前正在调查 Lucid 提供的某些早期预测和声明。投资者尚不清楚传票的细节,但它揭示了与投资早期电动汽车公司相关的另一个风险。</blockquote></p><p> The business itself is off to a good start, however. Lucid's first car launched on schedule, and the Air has won accolades, including being named<i>MotorTrend</i>2022 Car of the Year. It also has the highest EV battery-range rating given by the Environmental Protection Agency (EPA), at 520 miles. Lucid may be on a path to greatness, but it still has a long road ahead. With a market cap of over $73 billion just as it is beginning production,it will need to execute perfectly to justify its valuation.</p><p><blockquote>然而,业务本身有了一个良好的开端。Lucid 的第一辆汽车如期推出,Air 赢得了包括命名在内的多项荣誉<i>发动机趋势</i>2022 年度汽车。它还拥有环境保护署 (EPA) 给出的最高电动汽车电池续航里程评级,为 520 英里。Lucid可能正走在通往伟大的道路上,但它还有很长的路要走。该公司刚刚开始生产,市值超过 730 亿美元,需要完美执行才能证明其估值的合理性。</blockquote></p><p> <b>ChargePoint: Exceeding early projections</b></p><p><blockquote><b>ChargePoint:超出早期预测</b></blockquote></p><p></p><p> EV-charging network leader <b>ChargePoint Holdings</b>(CHPT) also went public through a SPAC merger and has reported multiple financial updates as a public company already. How Lucid measures up to its own projections remains to be seen, but so far, ChargePoint has achieved what it told investors it would, and more.</p><p><blockquote>电动汽车充电网络领导者<b>ChargePoint控股</b>(CHPT) 还通过 SPAC 合并上市,并已作为一家上市公司报告了多项财务更新。Lucid 如何实现自己的预测还有待观察,但到目前为止,ChargePoint 已经实现了它告诉投资者的目标,甚至更多。</blockquote></p><p> In the company's fiscal third-quarter 2022 report released this week, management increased revenue guidance for the fiscal-year period ending Jan. 31, 2022 for the second time since its public debut. ChargePoint told investors in a July presentation that it expected fiscal-year revenue of $198 million. That's now been moved up to a range of $235 million to $240 million.</p><p><blockquote>在该公司本周发布的 2022 财年第三季度报告中,管理层自上市以来第二次上调了截至 2022 年 1 月 31 日的财年期间的收入指引。ChargePoint 在 7 月份的演示中告诉投资者,预计本财年收入为 1.98 亿美元。这一数字现已上调至 2.35 亿美元至 2.4 亿美元。</blockquote></p><p> ChargePoint is also off to a fine start as a public company. It expects to continue to be the leading North American charging-network company and is also expanding in Europe. ChargePoint's gross margin increased 500 basis points to 25% in its most-recent quarter, compared to the prior-year period.</p><p><blockquote>作为一家上市公司,ChargePoint 也有了一个良好的开端。它预计将继续成为北美领先的充电网络公司,并正在欧洲扩张。与去年同期相比,ChargePoint 最近一个季度的毛利率增加了 500 个基点,达到 25%。</blockquote></p><p> Though the company reported a larger net loss year over year, it increased revenue by 79%. As it builds out its physical charging ports, it will look toward profitability through its network subscription services. Its risks should also not be minimized.</p><p><blockquote>尽管该公司报告净亏损同比扩大,但收入却增长了 79%。随着其物理充电端口的建设,它将通过其网络订阅服务寻求盈利。其风险也不应被最小化。</blockquote></p><p> There will be plenty of competition, but ChargePoint has a head start and could be in position to gain a large piece of the rapidly growing EV charging-services pie.</p><p><blockquote>竞争将会非常激烈,但 ChargePoint 处于领先地位,可能会在快速增长的电动汽车充电服务蛋糕中分得一大块。</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 Supercharged Electric-Vehicle Stocks to Buy in 2022 and Beyond<blockquote>2022 年及以后值得购买的 3 只增压电动汽车股票</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 Supercharged Electric-Vehicle Stocks to Buy in 2022 and Beyond<blockquote>2022 年及以后值得购买的 3 只增压电动汽车股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-13 11:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>An investor who wants to dive into the electric-vehicle (EV) sector should be comfortable with a variety of risks. But those risks balance with potential rewards. That's what investing is all about, after all.</p><p><blockquote>想要涉足电动汽车 (EV) 行业的投资者应该对各种风险感到满意。但这些风险与潜在回报相平衡。毕竟,这就是投资的全部意义。</blockquote></p><p> Three EV stocks that could supercharge your portfolio in 2022 and beyond ironically also each bring a unique and significant risk as an investment. There's no better way to vet a potential investment than to thoroughly review its risks. If you can be comfortable with the potential downside, now might be a good time to invest in these EV-sector names.</p><p><blockquote>具有讽刺意味的是,三只电动汽车股票可能会在 2022 年及以后为您的投资组合增值,但每只股票都会带来独特而重大的投资风险。审查潜在投资的最佳方法莫过于彻底审查其风险。如果你能接受潜在的不利因素,现在可能是投资这些电动汽车行业名称的好时机。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6bcb0b015b34cd60db51bb86343dcbbe\" tg-width=\"2000\" tg-height=\"935\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源:盖蒂图片社。</span></p></blockquote></p><p> <b>Nio: A second wind</b></p><p><blockquote><b>蔚来:第二阵风</b></blockquote></p><p> Chinese EV-maker <b>Nio</b>(NIO) took advantage of excessive investor enthusiasm, which drove its valuation to nearly $100 billion before the company had earned a dime in net earnings. After flirting with bankruptcy as recently as two years ago, the company raised money in the capital markets, and now has about $7.3 billion in cash on its balance sheet as of Sept. 30, 2021.</p><p><blockquote>中国电动汽车制造商<b>蔚来</b>(蔚来)利用了投资者的过度热情,在该公司还没有赚到一毛钱净利润之前,就将其估值推向了近1000亿美元。在两年前濒临破产后,该公司在资本市场筹集资金,截至 2021 年 9 月 30 日,其资产负债表上现金约为 73 亿美元。</blockquote></p><p> That second wind has resulted in the company delivering more than 150,000 cumulative vehicles, as of the end of November. Nio reports monthly deliveries, and the below chart shows how fast they have ramped up shipments since the start of 2020.</p><p><blockquote>截至 11 月底,第二次风向导致该公司累计交付超过 15 万辆汽车。蔚来报告每月交付量,下图显示了自2020年初以来他们增加出货量的速度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8342eca7f9e9cb69ffa016615c11bbcb\" tg-width=\"2000\" tg-height=\"1151\" width=\"100%\" height=\"auto\"><span>Data source: Nio. Chart by author.</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源:蔚来。作者的图表。</span></p></blockquote></p><p> Nio is also preparing to double its capacity and add new models, which hindered production in October 2021. The company took production down for the first half of the month in preparation for the new ET7 luxury sedan it will begin selling early in 2022. The increase in production capacity comes as the company is branching out of its native China into Europe. It has established a presence in Norway and intends to deliver vehicles in Germany next year.</p><p><blockquote>蔚来还准备将产能增加一倍并增加新车型,这阻碍了 2021 年 10 月的生产。该公司在本月上半月减少了产量,为将于 2022 年初开始销售的新款 ET7 豪华轿车做准备。产能的增加正值该公司从中国本土扩展到欧洲之际。该公司已在挪威开展业务,并打算明年在德国交付车辆。</blockquote></p><p> Those two markets should lead global growth in EVs, according to the International Energy Agency (IEA). EV sales in China and Europe led the world in 2020, with a combined total of 2.7 million units. In its 2021 global EV outlook, the agency offered two scenarios for the EV sector over the next decade.</p><p><blockquote>国际能源署 (IEA) 表示,这两个市场应该会引领全球电动汽车的增长。2020年,中国和欧洲的电动汽车销量领先全球,合计270万辆。在其 2021 年全球电动汽车展望中,该机构为未来十年电动汽车行业提供了两种情景。</blockquote></p><p> By 2030, it expects China and Europe to continue to lead the way with at least 16.6 million vehicles and as many as 25.3 million, if government initiatives focus more on sustainability. Nio looks to be in a prime spot in the biggest markets for explosive growth in the coming years, giving investors an opportunity, as long as the company executes well.</p><p><blockquote>预计到 2030 年,如果政府举措更加注重可持续发展,中国和欧洲将继续保持至少 1660 万辆汽车和多达 2530 万辆汽车的领先地位。只要该公司表现良好,蔚来看起来将处于未来几年爆炸性增长的最大市场的黄金地段,为投资者提供机会。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4accec987e9af0f29cc462664deb37d4\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>Lucid's luxury electric Air sedan. Image source: Lucid Group.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Lucid 的豪华电动空气轿车。图片来源:Lucid集团。</span></p></blockquote></p><p> <b>Lucid: High expectations</b></p><p><blockquote><b>清醒:期望很高</b></blockquote></p><p> Analysts and investors following the EV sector have been watching <b>Lucid Group</b>(LCID) since well before it went public by merging with a special purpose acquisition company (SPAC) in late July. Peter Rawlinson, the company's CEO and chief technology officer (CTO), worked as lead engineer at <b>Tesla</b> on its Model S development program. That made some believe his new company and its luxury electric sedans could be the first true competition for the leading EV company.</p><p><blockquote>关注电动汽车行业的分析师和投资者一直在关注<b>Lucid集团</b>(LCID) 早在 7 月下旬与一家特殊目的收购公司 (SPAC) 合并上市之前就已成立。公司首席执行官兼首席技术官 (CTO) Peter Rawlinson 曾担任首席工程师<b>特斯拉</b>关于其Model S开发计划。这让一些人相信他的新公司及其豪华电动轿车可能是领先电动汽车公司的第一个真正竞争对手。</blockquote></p><p> Lucid provided investors with lofty goals and projections prior to its public debut. Without expecting any meaningful revenue in 2021, the company said in a July 2021 investor presentation that it expects sales to exceed $2 billion in 2022. With plans to introduce its next vehicle, the Gravity luxury SUV, in late 2023, it hopes to be close to $10 billion in revenue for 2024.</p><p><blockquote>Lucid 在公开亮相之前为投资者提供了崇高的目标和预测。该公司在 2021 年 7 月的投资者演示中表示,预计 2022 年销售额将超过 20 亿美元,但预计 2021 年不会有任何有意义的收入。该公司计划于 2023 年底推出下一款车型 Gravity 豪华 SUV,希望到 2024 年收入接近 100 亿美元。</blockquote></p><p> But the Securities and Exchange Commission (SEC) is scrutinizing several start-up companies that have gone public via SPAC and is now looking into certain early projections and statements that Lucid provided. Investors don't yet know the details of that subpoena, but it illuminates another risk associated with investing in early stage EV companies.</p><p><blockquote>但美国证券交易委员会 (SEC) 正在审查几家通过 SPAC 上市的初创公司,目前正在调查 Lucid 提供的某些早期预测和声明。投资者尚不清楚传票的细节,但它揭示了与投资早期电动汽车公司相关的另一个风险。</blockquote></p><p> The business itself is off to a good start, however. Lucid's first car launched on schedule, and the Air has won accolades, including being named<i>MotorTrend</i>2022 Car of the Year. It also has the highest EV battery-range rating given by the Environmental Protection Agency (EPA), at 520 miles. Lucid may be on a path to greatness, but it still has a long road ahead. With a market cap of over $73 billion just as it is beginning production,it will need to execute perfectly to justify its valuation.</p><p><blockquote>然而,业务本身有了一个良好的开端。Lucid 的第一辆汽车如期推出,Air 赢得了包括命名在内的多项荣誉<i>发动机趋势</i>2022 年度汽车。它还拥有环境保护署 (EPA) 给出的最高电动汽车电池续航里程评级,为 520 英里。Lucid可能正走在通往伟大的道路上,但它还有很长的路要走。该公司刚刚开始生产,市值超过 730 亿美元,需要完美执行才能证明其估值的合理性。</blockquote></p><p> <b>ChargePoint: Exceeding early projections</b></p><p><blockquote><b>ChargePoint:超出早期预测</b></blockquote></p><p></p><p> EV-charging network leader <b>ChargePoint Holdings</b>(CHPT) also went public through a SPAC merger and has reported multiple financial updates as a public company already. How Lucid measures up to its own projections remains to be seen, but so far, ChargePoint has achieved what it told investors it would, and more.</p><p><blockquote>电动汽车充电网络领导者<b>ChargePoint控股</b>(CHPT) 还通过 SPAC 合并上市,并已作为一家上市公司报告了多项财务更新。Lucid 如何实现自己的预测还有待观察,但到目前为止,ChargePoint 已经实现了它告诉投资者的目标,甚至更多。</blockquote></p><p> In the company's fiscal third-quarter 2022 report released this week, management increased revenue guidance for the fiscal-year period ending Jan. 31, 2022 for the second time since its public debut. ChargePoint told investors in a July presentation that it expected fiscal-year revenue of $198 million. That's now been moved up to a range of $235 million to $240 million.</p><p><blockquote>在该公司本周发布的 2022 财年第三季度报告中,管理层自上市以来第二次上调了截至 2022 年 1 月 31 日的财年期间的收入指引。ChargePoint 在 7 月份的演示中告诉投资者,预计本财年收入为 1.98 亿美元。这一数字现已上调至 2.35 亿美元至 2.4 亿美元。</blockquote></p><p> ChargePoint is also off to a fine start as a public company. It expects to continue to be the leading North American charging-network company and is also expanding in Europe. ChargePoint's gross margin increased 500 basis points to 25% in its most-recent quarter, compared to the prior-year period.</p><p><blockquote>作为一家上市公司,ChargePoint 也有了一个良好的开端。它预计将继续成为北美领先的充电网络公司,并正在欧洲扩张。与去年同期相比,ChargePoint 最近一个季度的毛利率增加了 500 个基点,达到 25%。</blockquote></p><p> Though the company reported a larger net loss year over year, it increased revenue by 79%. As it builds out its physical charging ports, it will look toward profitability through its network subscription services. Its risks should also not be minimized.</p><p><blockquote>尽管该公司报告净亏损同比扩大,但收入却增长了 79%。随着其物理充电端口的建设,它将通过其网络订阅服务寻求盈利。其风险也不应被最小化。</blockquote></p><p> There will be plenty of competition, but ChargePoint has a head start and could be in position to gain a large piece of the rapidly growing EV charging-services pie.</p><p><blockquote>竞争将会非常激烈,但 ChargePoint 处于领先地位,可能会在快速增长的电动汽车充电服务蛋糕中分得一大块。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.fool.com/investing/2021/12/12/3-supercharged-ev-stocks-to-buy-in-2022-and-beyond/\">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":{"CHPT":"ChargePoint Holdings Inc.","NIO":"蔚来","LCID":"Lucid Group Inc"},"source_url":"https://www.fool.com/investing/2021/12/12/3-supercharged-ev-stocks-to-buy-in-2022-and-beyond/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103876293","content_text":"An investor who wants to dive into the electric-vehicle (EV) sector should be comfortable with a variety of risks. But those risks balance with potential rewards. That's what investing is all about, after all.\nThree EV stocks that could supercharge your portfolio in 2022 and beyond ironically also each bring a unique and significant risk as an investment. There's no better way to vet a potential investment than to thoroughly review its risks. If you can be comfortable with the potential downside, now might be a good time to invest in these EV-sector names.\nImage source: Getty Images.\nNio: A second wind\nChinese EV-maker Nio(NIO) took advantage of excessive investor enthusiasm, which drove its valuation to nearly $100 billion before the company had earned a dime in net earnings. After flirting with bankruptcy as recently as two years ago, the company raised money in the capital markets, and now has about $7.3 billion in cash on its balance sheet as of Sept. 30, 2021.\nThat second wind has resulted in the company delivering more than 150,000 cumulative vehicles, as of the end of November. Nio reports monthly deliveries, and the below chart shows how fast they have ramped up shipments since the start of 2020.\nData source: Nio. Chart by author.\nNio is also preparing to double its capacity and add new models, which hindered production in October 2021. The company took production down for the first half of the month in preparation for the new ET7 luxury sedan it will begin selling early in 2022. The increase in production capacity comes as the company is branching out of its native China into Europe. It has established a presence in Norway and intends to deliver vehicles in Germany next year.\nThose two markets should lead global growth in EVs, according to the International Energy Agency (IEA). EV sales in China and Europe led the world in 2020, with a combined total of 2.7 million units. In its 2021 global EV outlook, the agency offered two scenarios for the EV sector over the next decade.\nBy 2030, it expects China and Europe to continue to lead the way with at least 16.6 million vehicles and as many as 25.3 million, if government initiatives focus more on sustainability. Nio looks to be in a prime spot in the biggest markets for explosive growth in the coming years, giving investors an opportunity, as long as the company executes well.\nLucid's luxury electric Air sedan. Image source: Lucid Group.\nLucid: High expectations\nAnalysts and investors following the EV sector have been watching Lucid Group(LCID) since well before it went public by merging with a special purpose acquisition company (SPAC) in late July. Peter Rawlinson, the company's CEO and chief technology officer (CTO), worked as lead engineer at Tesla on its Model S development program. That made some believe his new company and its luxury electric sedans could be the first true competition for the leading EV company.\nLucid provided investors with lofty goals and projections prior to its public debut. Without expecting any meaningful revenue in 2021, the company said in a July 2021 investor presentation that it expects sales to exceed $2 billion in 2022. With plans to introduce its next vehicle, the Gravity luxury SUV, in late 2023, it hopes to be close to $10 billion in revenue for 2024.\nBut the Securities and Exchange Commission (SEC) is scrutinizing several start-up companies that have gone public via SPAC and is now looking into certain early projections and statements that Lucid provided. Investors don't yet know the details of that subpoena, but it illuminates another risk associated with investing in early stage EV companies.\nThe business itself is off to a good start, however. Lucid's first car launched on schedule, and the Air has won accolades, including being namedMotorTrend2022 Car of the Year. It also has the highest EV battery-range rating given by the Environmental Protection Agency (EPA), at 520 miles. Lucid may be on a path to greatness, but it still has a long road ahead. With a market cap of over $73 billion just as it is beginning production,it will need to execute perfectly to justify its valuation.\nChargePoint: Exceeding early projections\nEV-charging network leader ChargePoint Holdings(CHPT) also went public through a SPAC merger and has reported multiple financial updates as a public company already. How Lucid measures up to its own projections remains to be seen, but so far, ChargePoint has achieved what it told investors it would, and more.\nIn the company's fiscal third-quarter 2022 report released this week, management increased revenue guidance for the fiscal-year period ending Jan. 31, 2022 for the second time since its public debut. ChargePoint told investors in a July presentation that it expected fiscal-year revenue of $198 million. That's now been moved up to a range of $235 million to $240 million.\nChargePoint is also off to a fine start as a public company. It expects to continue to be the leading North American charging-network company and is also expanding in Europe. ChargePoint's gross margin increased 500 basis points to 25% in its most-recent quarter, compared to the prior-year period.\nThough the company reported a larger net loss year over year, it increased revenue by 79%. As it builds out its physical charging ports, it will look toward profitability through its network subscription services. Its risks should also not be minimized.\nThere will be plenty of competition, but ChargePoint has a head start and could be in position to gain a large piece of the rapidly growing EV charging-services pie.","news_type":1,"symbols_score_info":{"NIO":0.9,"LCID":0.9,"CHPT":0.9}},"isVote":1,"tweetType":1,"viewCount":3610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}