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2023-09-14

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Arm IPO定了！发行价为区间顶部51美元，估值545亿美元，周四交易

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justify;\">软银创始人孙正义于2016年斥资320亿美元收购了Arm。据接近孙正义的人士透露，孙正义的想法是，Arm在美股开始交易时的估值可能不如上市本身重要。</p><p style=\"text-align: justify;\">上周五，据媒体援引参与Arm路演的银行家称，Arm美国IPO或带来超过五倍的超额认购，这家英国芯片设计公司预计人工智能热潮将推动公司收入在未来加速增长。</p><p style=\"text-align: justify;\">由于面临智能手机行业放缓等多重风险，投资者担心Arm最近一个季度的业绩会有所下降。但Arm的投资顾问表示，“投资者对价格的敏感性不大”，其中许多人由于Arm被纳入纳斯达克综合指数而被动买入该股票。</p><p style=\"text-align: justify;\">Arm的智能手机芯片市场今年停滞不前，但该公司希望从人工智能和数据中心客户那里获得增长，尽管Arm在构建为ChatGPT和其他生成式AI提供大型语言模型所需的技术中只发挥了外围作用。</p><p style=\"text-align: justify;\">Arm CEO Rene Haas在一段推介视频中表示：</p><blockquote><p style=\"text-align: justify;\">人工智能将无处不在，而且一切AI都在Arm的软件上运行。我们的机会是无限的，随着人工智能时代的到来，全球的计算需求是无法满足的。</p></blockquote><p style=\"text-align: justify;\">英伟达创始人兼CEO黄仁勋也在这一视频中出现。他表示，英伟达的新型Grace Hopper AI“超级芯片”“如果没有Arm的架构、Arm CPU令人难以置信的性能和商业模式，就不可能实现”。</p><p style=\"text-align: justify;\">Arm高管在路演中预计，在2023年表现平淡之后，因为增加了智能手机制造商支付的特许权使用费，该公司的收入增长将加速。Arm表示，在截至2025年3月的下一财年，其收入可能实现至少20%的增长，这一增速超出了分析师的预期。</p></body></html>","collect":0,"html":"<!DOCTYPE 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{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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nArm IPO定了！发行价为区间顶部51美元，估值545亿美元，周四交易\n</h2>\n\n<h4 class=\"meta\">\n\n2023-09-14 06:15 北京时间&nbsp;&nbsp;&nbsp;<strong>华尔街见闻</strong>\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>周三，Arm的IPO定价为51美元，位于发行价指导区间47至51美元的顶端，市值有望达545亿美元，这低于软银集团前段时间给出的640亿美元估值。此前有媒体报道称，Arm将把IPO股票发行价定在每股52美元，最高估值可达555亿美元。9月13日周三，Arm将IPO股票发行价定在每股51美元，Arm股票将于9月14日周四开始交易。本周早些时候，Arm将初始定价范围设定为每股47至51美元，为其母公司...</p>\n\n<a href=\"\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2546ea61a53e62d0a141198ce0ee25c5","relate_stocks":{"ARM":"ARM Holdings"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115345699","content_text":"周三，Arm的IPO定价为51美元，位于发行价指导区间47至51美元的顶端，市值有望达545亿美元，这低于软银集团前段时间给出的640亿美元估值。此前有媒体报道称，Arm将把IPO股票发行价定在每股52美元，最高估值可达555亿美元。9月13日周三，Arm将IPO股票发行价定在每股51美元，Arm股票将于9月14日周四开始交易。本周早些时候，Arm将初始定价范围设定为每股47至51美元，为其母公司软银可以筹集至多49亿美元的资金。51美元的定价，意味着Arm上市时的估值在完全稀释后将高达545亿美元。这低于软银集团前段时间给出的640亿美元估值，当时该公司按照这一估值收购了其愿景基金持有的Arm股份。周三早些时候，另有媒体称，Arm的IPO定价为52美元，高于指导区间。按照每股52美元的价格计算，Arm完全稀释后的估值为555亿美元。 之后，该媒体将Arm的IPO定价修正为51美元。软银创始人孙正义于2016年斥资320亿美元收购了Arm。据接近孙正义的人士透露，孙正义的想法是，Arm在美股开始交易时的估值可能不如上市本身重要。上周五，据媒体援引参与Arm路演的银行家称，Arm美国IPO或带来超过五倍的超额认购，这家英国芯片设计公司预计人工智能热潮将推动公司收入在未来加速增长。由于面临智能手机行业放缓等多重风险，投资者担心Arm最近一个季度的业绩会有所下降。但Arm的投资顾问表示，“投资者对价格的敏感性不大”，其中许多人由于Arm被纳入纳斯达克综合指数而被动买入该股票。Arm的智能手机芯片市场今年停滞不前，但该公司希望从人工智能和数据中心客户那里获得增长，尽管Arm在构建为ChatGPT和其他生成式AI提供大型语言模型所需的技术中只发挥了外围作用。Arm CEO Rene Haas在一段推介视频中表示：人工智能将无处不在，而且一切AI都在Arm的软件上运行。我们的机会是无限的，随着人工智能时代的到来，全球的计算需求是无法满足的。英伟达创始人兼CEO黄仁勋也在这一视频中出现。他表示，英伟达的新型Grace Hopper AI“超级芯片”“如果没有Arm的架构、Arm CPU令人难以置信的性能和商业模式，就不可能实现”。Arm高管在路演中预计，在2023年表现平淡之后，因为增加了智能手机制造商支付的特许权使用费，该公司的收入增长将加速。Arm表示，在截至2025年3月的下一财年，其收入可能实现至少20%的增长，这一增速超出了分析师的预期。","news_type":1},"isVote":1,"tweetType":1,"viewCount":808,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940594311,"gmtCreate":1678013076134,"gmtModify":1678013080150,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577362879194763","idStr":"3577362879194763"},"themes":[],"htmlText":"👍👍👍","listText":"👍👍👍","text":"👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940594311","repostId":"2316139645","repostType":4,"isVote":1,"tweetType":1,"viewCount":670,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9921103738,"gmtCreate":1670986396724,"gmtModify":1676538471747,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577362879194763","idStr":"3577362879194763"},"themes":[],"htmlText":"<a 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08:50","market":"us","language":"zh","title":"财报前瞻 | Snowflake长期增长势头不改，但短期增速或放缓","url":"https://stock-news.laohu8.com/highlight/detail?id=2286349537","media":"智通财经网","summary":"Monness Crespi Hardt分析师Brian White表示，目前Snowflake利润率已经出现下降，加上较高的估值、竞争激烈以及全球经济持续疲软，该公司近期将不得不面对多个问题。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/SNOW\">Snowflake</a>将于美东时间11月30日美股盘后(北京时间12月1日早间)公布第三季度业绩。虽然这家数据仓库公司继续从向云计算的长期推进中获益，但投行Monness  Crespi Hardt分析师Brian White表示，有人开始担心Snowflake的增长正在放缓，并予以该股“中性”评级。</p><p>White指出，目前Snowflake利润率已经出现下降，加上较高的估值、竞争激烈以及全球经济持续疲软，该公司近期将不得不面对多个问题。</p><p>White在报告中写道：“除了短期指引带来的任何上行空间之外，我们认为该公司的增长轨迹已经岌岌可危。”他补充道，大型科技公司“令人头疼”的盈利报告显示，“未来经济将迎来更具挑战性的时期”。</p><p>White还表示，Snowflake在云计算领域的最大竞争对手<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>(AMZN.US)AWS和<a href=\"https://laohu8.com/S/MSFT\">微软</a>(MSFT.US)Azure为公共云和整个软件领域描绘了一幅“黯淡的图景”，“尤其是”对Snowflake这样依赖基于使用的营收模式的公司。</p><p>因此，White预计Snowflake第三季度将达到5.735亿美元，同比增长71%。但对该公司2023财年第四季度的表现表示担忧，White指出，预计Snowflake第四季度将达到6.637亿美元，同比增长73%，相比之下，华尔街普遍预期为5.859亿美元。</p><p>White解释道：“在我们看来，华尔街对(第四季度)的预测似乎非常保守，即使是在经济环境走弱的情况下。”</p><p>截至目前，Snowflake预计其2023财年的产品营收为19.05亿美元至19.15亿美元，产品毛利率为75%，营业利润率为2%，调整后自由现金流利润率为17%。</p></body></html>","source":"highlight_zhitongcaijin","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>财报前瞻 | Snowflake长期增长势头不改，但短期增速或放缓</title>\n<style 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margin: 0;line-height: 11px;}\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\">\n财报前瞻 | Snowflake长期增长势头不改，但短期增速或放缓\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-26 08:50 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/837719.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Snowflake将于美东时间11月30日美股盘后(北京时间12月1日早间)公布第三季度业绩。虽然这家数据仓库公司继续从向云计算的长期推进中获益，但投行Monness  Crespi Hardt分析师Brian White表示，有人开始担心Snowflake的增长正在放缓，并予以该股“中性”评级。White指出，目前Snowflake利润率已经出现下降，加上较高的估值、竞争激烈以及全球经济持续疲软...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/837719.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/30f535b280c5fc57a2528c0f3477d416","relate_stocks":{},"source_url":"http://www.zhitongcaijing.com/content/detail/837719.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2286349537","content_text":"Snowflake将于美东时间11月30日美股盘后(北京时间12月1日早间)公布第三季度业绩。虽然这家数据仓库公司继续从向云计算的长期推进中获益，但投行Monness  Crespi Hardt分析师Brian White表示，有人开始担心Snowflake的增长正在放缓，并予以该股“中性”评级。White指出，目前Snowflake利润率已经出现下降，加上较高的估值、竞争激烈以及全球经济持续疲软，该公司近期将不得不面对多个问题。White在报告中写道：“除了短期指引带来的任何上行空间之外，我们认为该公司的增长轨迹已经岌岌可危。”他补充道，大型科技公司“令人头疼”的盈利报告显示，“未来经济将迎来更具挑战性的时期”。White还表示，Snowflake在云计算领域的最大竞争对手亚马逊(AMZN.US)AWS和微软(MSFT.US)Azure为公共云和整个软件领域描绘了一幅“黯淡的图景”，“尤其是”对Snowflake这样依赖基于使用的营收模式的公司。因此，White预计Snowflake第三季度将达到5.735亿美元，同比增长71%。但对该公司2023财年第四季度的表现表示担忧，White指出，预计Snowflake第四季度将达到6.637亿美元，同比增长73%，相比之下，华尔街普遍预期为5.859亿美元。White解释道：“在我们看来，华尔街对(第四季度)的预测似乎非常保守，即使是在经济环境走弱的情况下。”截至目前，Snowflake预计其2023财年的产品营收为19.05亿美元至19.15亿美元，产品毛利率为75%，营业利润率为2%，调整后自由现金流利润率为17%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":821,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966340420,"gmtCreate":1669427264160,"gmtModify":1676538195790,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577362879194763","idStr":"3577362879194763"},"themes":[],"htmlText":"👍👍👍","listText":"👍👍👍","text":"👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9966340420","repostId":"1111376633","repostType":4,"isVote":1,"tweetType":1,"viewCount":246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966340107,"gmtCreate":1669427152209,"gmtModify":1676538195782,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577362879194763","idStr":"3577362879194763"},"themes":[],"htmlText":"<a 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Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1677985265,"share":"https://ttm.financial/m/news/2316139645?lang=&edition=fundamental","pubTime":"2023-03-05 11:01","market":"us","language":"en","title":"Looking for Stock Dividends of 9% to 11%? That's What These ETF Managers Are Aiming for With an AI-Aided Strategy","url":"https://stock-news.laohu8.com/highlight/detail?id=2316139645","media":"Dow Jones","summary":"The JPMorgan Nasdaq Equity Premium Income ETF uses artificial intelligence to help with stock select","content":"<html><head></head><body><blockquote>The JPMorgan Nasdaq Equity Premium Income ETF uses artificial intelligence to help with stock selection. It uses a covered call strategy to pay high dividends.</blockquote><p>Rising interest rates have made bonds more attractive over the past year, but they have also led to higher volatility for stocks. And that means higher dividend income for equity funds that write covered call options. Income-seeking investors should at least become familiar with these strategies.</p><p>The JPMorgan Nasdaq Equity Income ETF <a href=\"https://laohu8.com/S/JEPQ\">$(JEPQ)$</a> has grown to $1.6 billion in assets under management in only 10 months. Hamilton Reiner, one of the fund&#39;s co-managers, explained its strategy and contrasted it with the $JPMorgan Equity Premium Income ETF.</p><p>The main difference between JEPQ and JEPI is how the exchange-traded funds select stocks. JEPI is benchmarked to the S&amp;P 500 and holds between 100 and 150 stocks selected by its managers with the assistance of JPMorgan&#39;s equity analysts.</p><p>JEPQ is benchmarked to the Nasdaq-100 Index, which is made up of the largest 100 nonfinancial companies within the full Nasdaq Composite Index. But it is not limited to the Nasdaq-100.</p><p>Reiner, who is head of U.S. Equity Derivatives at JPMorgan Asset Management, explained that he and co-managers Andrew Stern and Eric Moreau select stocks for JEPQ with the assistance of artificial intelligence technology that analyzes thousands of corporate filings and  financial reports to project &#34;earnings estimates three to five years out.&#34;</p><p>Selected companies aren&#39;t limited to those in the Nasdaq-100. For example, PepsiCo Inc. <a href=\"https://laohu8.com/S/PEP\">$(PEP)$</a> is a component of the Nasdaq-100, but JEPQ holds shares of Coca-Cola Co. <a href=\"https://laohu8.com/S/KO\">$(KO)$</a>, which isn&#39;t a component of the index, because &#34;it is more attractive per our process,&#34; Reiner said.</p><p><b>What type of investor is JEPQ designed for?</b></p><p>JEPQ&#39;s stated goals are to generate monthly income by selling covered call options and holding a portfolio of large-cap stocks. It&#39;s benchmarking to the Nasdaq-100 makes for heavy weighting to technology companies. Long-term growth is a secondary objective of the fund. A third goal is to maximize &#34;risk-adjusted expected returns&#34; through the AI component of its stock selection process.</p><p>In other words, JEPQ can be an appropriate investment for you if you want monthly income and if you want an investment that will be less volatile over time than the Nasdaq-100 index, which itself is tracked by the Invesco QQQ Trust <a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a>.</p><p>Reiner said JEPQ shareholders can expect the fund&#39;s monthly distributions to equate to annual yields ranging between 9% and 11%. He also expects JEPQ to capture less of QQQ&#39;s downside during market declines, along with &#34;some of the equity upside,&#34; for similar overall performance if dividends are reinvested.</p><p>All of this means that equity funds with covered call strategies are best for investors who want the income and/or wish to smooth out performance, especially during downcycles in the stock market. Since the monthly distributions are taxed (unless the investment is in a tax-deferred retirement account), an investor who wants to pursue a pure long-term growth strategy might be better served with a fund that doesn&#39;t emphasize dividends.</p><p><b>Covered call strategies</b></p><p>The use of options to enhance income for stock funds is nothing new, but the strategy gained popularity during the long period of low interest rates and became even more popular during the bear market of 2022.</p><p>A call option is a contract that allows an investor to buy a security at a particular price (called the strike price) until the option expires. A put option is the opposite, allowing the purchaser to sell a security at a specified price until the option expires.</p><p>A covered call option is one an investor can write when they already own a security. The strike price is typically &#34;out of the money,&#34; which means it is higher than the stock&#39;s current price.</p><p>For example, you might hold 100 shares of a stock that is currently trading for $100 a share. You like the stock, but would be willing to part with it for a certain price, say $110. You sell a call option for a fee to an investor who believes the shares will trade much higher than $110 before the option expires. If the stock then moves above $110, you are forced to sell it for that price. You keep your option fee, but now need to find something else to invest in. But if the stock doesn&#39;t rise above $110 before the option expires, you still keep your option premium and are free to write another call option.</p><p>This type of activity during a period of high volatility can enhance income greatly. It also makes a portfolio less volatile than the broad market. The price you pay is that you give up some of the upside. In the above example, if the stock had doubled to $200, you would still be forced to sell it for $110.</p><p>Investors looking to make use of such an active strategy might best be served doing so through mutual funds or exchange-traded funds.</p><p>JEPQ makes used of equity-linked notes to pursue its covered-call strategy with up to 20% of the fund&#39;s portfolio. See the JEPI article for an actual covered-call trade example and more about equity-linked notes.</p><p>JEPQ&#39; stock selection process and use of equity-linked notes to pursue its covered all strategy also stand in contrast to the <a href=\"https://laohu8.com/S/EFFE\">Global X</a> NASDAQ 100 Covered Call ETF <a href=\"https://laohu8.com/S/QYLD.UK\">$(QYLD.UK)$</a>, which also pays monthly dividends while holding all the stocks in QQQ and writing covered call options on the entire Nasdaq-100.</p><p><b>Performance</b></p><p>JEPQ is less than a year old, a short period for a fund, although growing to $1.6 billion since the fund was launched on May 3 underlines how quickly investors have warmed to the strategy. For a benchmark comparison, here&#39;s how the fund has performed on a total return basis, with dividends reinvested, against QQQ and QYLD since inception:</p><p><img src=\"https://static.tigerbbs.com/d046b5f7c55b87c044f9d2ea9622de64\" tg-width=\"700\" tg-height=\"561\" width=\"100%\" height=\"auto\"/></p><p>You can see that JEPQ has been considerably less volatile than QQQ. And during this year&#39;s rebound, it has captured less of the upside than QQQ or QYLD.</p><p>Volatility is still high, which means JEPQ is quoting an SEC 30-day dividend yield for its monthly distributions of 15.67%. (Total return and yield quotes are net of the fund&#39;s annual expenses, which are 0.35% of assets under management.) But keep in mind that over the long haul Reiner expects the distribution yield to range from 9% to 11%.</p><p>If we sum up the nine monthly distributions JEPQ has made since it was established in May, the total has been $4.29 a share, or 10.27% of its net asset value of $41.81 at the close on March 1. That is not an annualized yield.</p><p><b>Top stock holdings</b></p><p>JEPQ posts its full list of holdings every day. The ETF holds 77 stocks, which make up 81% of its portfolio. Technology stocks make up about 40% of the portfolio.</p><p>Here are the fund&#39;s top 10 stock holdings:</p><p><img src=\"https://static.tigerbbs.com/07d9e3b50a39fb279604dbc26681c0c2\" tg-width=\"806\" tg-height=\"448\" width=\"100%\" height=\"auto\"/></p></body></html>","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>Looking for Stock Dividends of 9% to 11%? That's What These ETF Managers Are Aiming for With an AI-Aided Strategy</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nLooking for Stock Dividends of 9% to 11%? That's What These ETF Managers Are Aiming for With an AI-Aided Strategy\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-03-05 11:01</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote>The JPMorgan Nasdaq Equity Premium Income ETF uses artificial intelligence to help with stock selection. It uses a covered call strategy to pay high dividends.</blockquote><p>Rising interest rates have made bonds more attractive over the past year, but they have also led to higher volatility for stocks. And that means higher dividend income for equity funds that write covered call options. Income-seeking investors should at least become familiar with these strategies.</p><p>The JPMorgan Nasdaq Equity Income ETF <a href=\"https://laohu8.com/S/JEPQ\">$(JEPQ)$</a> has grown to $1.6 billion in assets under management in only 10 months. Hamilton Reiner, one of the fund&#39;s co-managers, explained its strategy and contrasted it with the $JPMorgan Equity Premium Income ETF.</p><p>The main difference between JEPQ and JEPI is how the exchange-traded funds select stocks. JEPI is benchmarked to the S&amp;P 500 and holds between 100 and 150 stocks selected by its managers with the assistance of JPMorgan&#39;s equity analysts.</p><p>JEPQ is benchmarked to the Nasdaq-100 Index, which is made up of the largest 100 nonfinancial companies within the full Nasdaq Composite Index. But it is not limited to the Nasdaq-100.</p><p>Reiner, who is head of U.S. Equity Derivatives at JPMorgan Asset Management, explained that he and co-managers Andrew Stern and Eric Moreau select stocks for JEPQ with the assistance of artificial intelligence technology that analyzes thousands of corporate filings and  financial reports to project &#34;earnings estimates three to five years out.&#34;</p><p>Selected companies aren&#39;t limited to those in the Nasdaq-100. For example, PepsiCo Inc. <a href=\"https://laohu8.com/S/PEP\">$(PEP)$</a> is a component of the Nasdaq-100, but JEPQ holds shares of Coca-Cola Co. <a href=\"https://laohu8.com/S/KO\">$(KO)$</a>, which isn&#39;t a component of the index, because &#34;it is more attractive per our process,&#34; Reiner said.</p><p><b>What type of investor is JEPQ designed for?</b></p><p>JEPQ&#39;s stated goals are to generate monthly income by selling covered call options and holding a portfolio of large-cap stocks. It&#39;s benchmarking to the Nasdaq-100 makes for heavy weighting to technology companies. Long-term growth is a secondary objective of the fund. A third goal is to maximize &#34;risk-adjusted expected returns&#34; through the AI component of its stock selection process.</p><p>In other words, JEPQ can be an appropriate investment for you if you want monthly income and if you want an investment that will be less volatile over time than the Nasdaq-100 index, which itself is tracked by the Invesco QQQ Trust <a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a>.</p><p>Reiner said JEPQ shareholders can expect the fund&#39;s monthly distributions to equate to annual yields ranging between 9% and 11%. He also expects JEPQ to capture less of QQQ&#39;s downside during market declines, along with &#34;some of the equity upside,&#34; for similar overall performance if dividends are reinvested.</p><p>All of this means that equity funds with covered call strategies are best for investors who want the income and/or wish to smooth out performance, especially during downcycles in the stock market. Since the monthly distributions are taxed (unless the investment is in a tax-deferred retirement account), an investor who wants to pursue a pure long-term growth strategy might be better served with a fund that doesn&#39;t emphasize dividends.</p><p><b>Covered call strategies</b></p><p>The use of options to enhance income for stock funds is nothing new, but the strategy gained popularity during the long period of low interest rates and became even more popular during the bear market of 2022.</p><p>A call option is a contract that allows an investor to buy a security at a particular price (called the strike price) until the option expires. A put option is the opposite, allowing the purchaser to sell a security at a specified price until the option expires.</p><p>A covered call option is one an investor can write when they already own a security. The strike price is typically &#34;out of the money,&#34; which means it is higher than the stock&#39;s current price.</p><p>For example, you might hold 100 shares of a stock that is currently trading for $100 a share. You like the stock, but would be willing to part with it for a certain price, say $110. You sell a call option for a fee to an investor who believes the shares will trade much higher than $110 before the option expires. If the stock then moves above $110, you are forced to sell it for that price. You keep your option fee, but now need to find something else to invest in. But if the stock doesn&#39;t rise above $110 before the option expires, you still keep your option premium and are free to write another call option.</p><p>This type of activity during a period of high volatility can enhance income greatly. It also makes a portfolio less volatile than the broad market. The price you pay is that you give up some of the upside. In the above example, if the stock had doubled to $200, you would still be forced to sell it for $110.</p><p>Investors looking to make use of such an active strategy might best be served doing so through mutual funds or exchange-traded funds.</p><p>JEPQ makes used of equity-linked notes to pursue its covered-call strategy with up to 20% of the fund&#39;s portfolio. See the JEPI article for an actual covered-call trade example and more about equity-linked notes.</p><p>JEPQ&#39; stock selection process and use of equity-linked notes to pursue its covered all strategy also stand in contrast to the <a href=\"https://laohu8.com/S/EFFE\">Global X</a> NASDAQ 100 Covered Call ETF <a href=\"https://laohu8.com/S/QYLD.UK\">$(QYLD.UK)$</a>, which also pays monthly dividends while holding all the stocks in QQQ and writing covered call options on the entire Nasdaq-100.</p><p><b>Performance</b></p><p>JEPQ is less than a year old, a short period for a fund, although growing to $1.6 billion since the fund was launched on May 3 underlines how quickly investors have warmed to the strategy. For a benchmark comparison, here&#39;s how the fund has performed on a total return basis, with dividends reinvested, against QQQ and QYLD since inception:</p><p><img src=\"https://static.tigerbbs.com/d046b5f7c55b87c044f9d2ea9622de64\" tg-width=\"700\" tg-height=\"561\" width=\"100%\" height=\"auto\"/></p><p>You can see that JEPQ has been considerably less volatile than QQQ. And during this year&#39;s rebound, it has captured less of the upside than QQQ or QYLD.</p><p>Volatility is still high, which means JEPQ is quoting an SEC 30-day dividend yield for its monthly distributions of 15.67%. (Total return and yield quotes are net of the fund&#39;s annual expenses, which are 0.35% of assets under management.) But keep in mind that over the long haul Reiner expects the distribution yield to range from 9% to 11%.</p><p>If we sum up the nine monthly distributions JEPQ has made since it was established in May, the total has been $4.29 a share, or 10.27% of its net asset value of $41.81 at the close on March 1. That is not an annualized yield.</p><p><b>Top stock holdings</b></p><p>JEPQ posts its full list of holdings every day. The ETF holds 77 stocks, which make up 81% of its portfolio. Technology stocks make up about 40% of the portfolio.</p><p>Here are the fund&#39;s top 10 stock holdings:</p><p><img src=\"https://static.tigerbbs.com/07d9e3b50a39fb279604dbc26681c0c2\" tg-width=\"806\" tg-height=\"448\" width=\"100%\" height=\"auto\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JEPI":"JPMorgan Equity Premium Income ETF","JEPQ":"J.P. MORGAN NASDAQ EQUITY PREMIUM INCOME ETF"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2316139645","content_text":"The JPMorgan Nasdaq Equity Premium Income ETF uses artificial intelligence to help with stock selection. It uses a covered call strategy to pay high dividends.Rising interest rates have made bonds more attractive over the past year, but they have also led to higher volatility for stocks. And that means higher dividend income for equity funds that write covered call options. Income-seeking investors should at least become familiar with these strategies.The JPMorgan Nasdaq Equity Income ETF $(JEPQ)$ has grown to $1.6 billion in assets under management in only 10 months. Hamilton Reiner, one of the fund's co-managers, explained its strategy and contrasted it with the $JPMorgan Equity Premium Income ETF.The main difference between JEPQ and JEPI is how the exchange-traded funds select stocks. JEPI is benchmarked to the S&P 500 and holds between 100 and 150 stocks selected by its managers with the assistance of JPMorgan's equity analysts.JEPQ is benchmarked to the Nasdaq-100 Index, which is made up of the largest 100 nonfinancial companies within the full Nasdaq Composite Index. But it is not limited to the Nasdaq-100.Reiner, who is head of U.S. Equity Derivatives at JPMorgan Asset Management, explained that he and co-managers Andrew Stern and Eric Moreau select stocks for JEPQ with the assistance of artificial intelligence technology that analyzes thousands of corporate filings and  financial reports to project \"earnings estimates three to five years out.\"Selected companies aren't limited to those in the Nasdaq-100. For example, PepsiCo Inc. $(PEP)$ is a component of the Nasdaq-100, but JEPQ holds shares of Coca-Cola Co. $(KO)$, which isn't a component of the index, because \"it is more attractive per our process,\" Reiner said.What type of investor is JEPQ designed for?JEPQ's stated goals are to generate monthly income by selling covered call options and holding a portfolio of large-cap stocks. It's benchmarking to the Nasdaq-100 makes for heavy weighting to technology companies. Long-term growth is a secondary objective of the fund. A third goal is to maximize \"risk-adjusted expected returns\" through the AI component of its stock selection process.In other words, JEPQ can be an appropriate investment for you if you want monthly income and if you want an investment that will be less volatile over time than the Nasdaq-100 index, which itself is tracked by the Invesco QQQ Trust $(QQQ)$.Reiner said JEPQ shareholders can expect the fund's monthly distributions to equate to annual yields ranging between 9% and 11%. He also expects JEPQ to capture less of QQQ's downside during market declines, along with \"some of the equity upside,\" for similar overall performance if dividends are reinvested.All of this means that equity funds with covered call strategies are best for investors who want the income and/or wish to smooth out performance, especially during downcycles in the stock market. Since the monthly distributions are taxed (unless the investment is in a tax-deferred retirement account), an investor who wants to pursue a pure long-term growth strategy might be better served with a fund that doesn't emphasize dividends.Covered call strategiesThe use of options to enhance income for stock funds is nothing new, but the strategy gained popularity during the long period of low interest rates and became even more popular during the bear market of 2022.A call option is a contract that allows an investor to buy a security at a particular price (called the strike price) until the option expires. A put option is the opposite, allowing the purchaser to sell a security at a specified price until the option expires.A covered call option is one an investor can write when they already own a security. The strike price is typically \"out of the money,\" which means it is higher than the stock's current price.For example, you might hold 100 shares of a stock that is currently trading for $100 a share. You like the stock, but would be willing to part with it for a certain price, say $110. You sell a call option for a fee to an investor who believes the shares will trade much higher than $110 before the option expires. If the stock then moves above $110, you are forced to sell it for that price. You keep your option fee, but now need to find something else to invest in. But if the stock doesn't rise above $110 before the option expires, you still keep your option premium and are free to write another call option.This type of activity during a period of high volatility can enhance income greatly. It also makes a portfolio less volatile than the broad market. The price you pay is that you give up some of the upside. In the above example, if the stock had doubled to $200, you would still be forced to sell it for $110.Investors looking to make use of such an active strategy might best be served doing so through mutual funds or exchange-traded funds.JEPQ makes used of equity-linked notes to pursue its covered-call strategy with up to 20% of the fund's portfolio. See the JEPI article for an actual covered-call trade example and more about equity-linked notes.JEPQ' stock selection process and use of equity-linked notes to pursue its covered all strategy also stand in contrast to the Global X NASDAQ 100 Covered Call ETF $(QYLD.UK)$, which also pays monthly dividends while holding all the stocks in QQQ and writing covered call options on the entire Nasdaq-100.PerformanceJEPQ is less than a year old, a short period for a fund, although growing to $1.6 billion since the fund was launched on May 3 underlines how quickly investors have warmed to the strategy. For a benchmark comparison, here's how the fund has performed on a total return basis, with dividends reinvested, against QQQ and QYLD since inception:You can see that JEPQ has been considerably less volatile than QQQ. And during this year's rebound, it has captured less of the upside than QQQ or QYLD.Volatility is still high, which means JEPQ is quoting an SEC 30-day dividend yield for its monthly distributions of 15.67%. (Total return and yield quotes are net of the fund's annual expenses, which are 0.35% of assets under management.) But keep in mind that over the long haul Reiner expects the distribution yield to range from 9% to 11%.If we sum up the nine monthly distributions JEPQ has made since it was established in May, the total has been $4.29 a share, or 10.27% of its net asset value of $41.81 at the close on March 1. That is not an annualized yield.Top stock holdingsJEPQ posts its full list of holdings every day. The ETF holds 77 stocks, which make up 81% of its portfolio. Technology stocks make up about 40% of the portfolio.Here are the fund's top 10 stock holdings:","news_type":1},"isVote":1,"tweetType":1,"viewCount":670,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9045636928,"gmtCreate":1656604185264,"gmtModify":1676535861754,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577362879194763","authorIdStr":"3577362879194763"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$</a>😞😞😞","listText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$</a>😞😞😞","text":"$老虎证券(TIGR)$😞😞😞","images":[{"img":"https://community-static.tradeup.com/news/2dff55f712c0602a3eff6d1e04d21c2e","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9045636928","isVote":1,"tweetType":1,"viewCount":135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9023840906,"gmtCreate":1652912603905,"gmtModify":1676535184361,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577362879194763","authorIdStr":"3577362879194763"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NNDM\">$Nano Dimension Ltd.(NNDM)$</a>😅😅😅","listText":"<a href=\"https://ttm.financial/S/NNDM\">$Nano 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href=\"https://ttm.financial/S/BABA\">$阿里巴巴(BABA)$</a>😭😭😭","text":"$阿里巴巴(BABA)$😭😭😭","images":[{"img":"https://community-static.tradeup.com/news/fd14e3c1d8736e67755a5f27c05165bf","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012994163","isVote":1,"tweetType":1,"viewCount":140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9035709809,"gmtCreate":1647666205062,"gmtModify":1676534257415,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577362879194763","authorIdStr":"3577362879194763"},"themes":[],"htmlText":"🙏🙏🙏","listText":"🙏🙏🙏","text":"🙏🙏🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035709809","repostId":"2220777059","repostType":4,"repost":{"id":"2220777059","kind":"news","pubTimestamp":1647653153,"share":"https://ttm.financial/m/news/2220777059?lang=&edition=fundamental","pubTime":"2022-03-19 09:25","market":"sg","language":"en","title":"Sea Limited: The Three-Headed Monster","url":"https://stock-news.laohu8.com/highlight/detail?id=2220777059","media":"seekingalpha","summary":"SummaryGarena, Sea’s only profitable segment, serves as a lifeline for its other two segments, but B","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Garena, Sea’s only profitable segment, serves as a lifeline for its other two segments, but Bookings are expected to fall sharply in FY2022.</li><li>In addition, Shopee&#39;s losses are widening. However, the e-commerce segment is expected to be self-funded by 2025. This is achievable as take rates are trending in the right direction.</li><li>SeaMoney is also gaining traction at an unprecedented pace, a monster lurking in the shadows. Investors should pay attention as this segment could serve as Sea&#39;s second cash cow.</li><li>With a net cash position of $5.9 billion and $(3.6) billion of estimated AEBITDA in FY2022, it won&#39;t be long before Sea requires another cash infusion.</li><li>Despite unprofitability risks, Sea has a strong brand, network effects, and barriers to entry moats. The stock is trading at the lowest multiple ever - it is worth a nibble at these prices.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51b3290f2015840c5d8f754c01de8a85\" tg-width=\"750\" tg-height=\"422\" referrerpolicy=\"no-referrer\"/><span>undefined undefined/iStock via Getty Images</span></p><p>I&#39;ve been following Sea Limited ADR (NYSE:SE) for quite some time now and the stock got me interested again given the recent 75% selloff. Today, I&#39;m doing a deep dive on the three-headed monster (and each of its heads) to see if the company is a good investment opportunity at these levels. Let&#39;s get started!</p><p><b>Investment Thesis</b></p><p>Sea is at the forefront of the internet revolution in developing regions. This had many investors buying into the growth story of the company, sending shares soaring high into the sun for the better part of 2020 and 2021. However, the stock has cratered back to sea amid concerns about the company&#39;s slowing growth, especially for its only cash cow, Garena. To make matters worse, Shopee&#39;s losses are also getting worse.</p><p>The Group&#39;s cash burn rate is still high, estimated to be $(3.6) billion in FY2022. With a net cash position of $5.9 billion, future capital raises are very likely.</p><p>On the bright side, Sea still has a long growth runway ahead, solidified by its leadership positions in Southeast Asia and Latin America. SeaMoney, although still unprofitable, could also emerge as Sea&#39;s second cash cow.</p><p>Despite unprofitability and competitive risks, Sea has strong competitive moats and it is trading at the cheapest valuation multiples since its IPO.</p><p>The three-headed monster is a Buy at these levels.</p><p><b>Value Proposition</b></p><p>Founded in Singapore in 2009, Sea has grown to become the leading consumer internet company in the world, with a substantial presence in the Southeast Asian region.</p><blockquote><b>Mission</b>: To better the lives of consumers and small businesses with technology.</blockquote><p>Sea is a holding company for three core businesses: Garena, Shopee, and SeaMoney. Sea&#39;s main value proposition is providing a vertically-integrated experience through its different core businesses.</p><p><b>Garena</b></p><p>Its digital entertainment division, Garena, was Sea&#39;s first business venture. In fact, Sea was originally named Garena Interactive Holding Limited before changing its name to Sea Limited in 2017.</p><p>Garena is one of the largest online games developers and publishers, releasing some of the most successful mobile and PC games over the last decade. For example, Garena&#39;s Free Fire, its self-developed mobile battle royale game, topped the global download charts for the last three years. According to data.ai, Free Fire also ranked second globally by average monthly active users on Google Play in 2021. In Southeast Asia and Latin America, Free Fire was the highest-grossing mobile game for ten consecutive quarters, and in the US for four consecutive quarters. Based on Sensor <a href=\"https://laohu8.com/S/TWR.AU\">Tower</a>&#39;s findings, Free Fire still holds the most downloads globally as of January 2022.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa392753c19f14d60ee0d992e58c3d2f\" tg-width=\"1280\" tg-height=\"741\" referrerpolicy=\"no-referrer\"/><span>Source: SensorTower</span></p><p>Garena also exclusively licenses and publishes games from global partners and third-party developers. Some of these partners include Tencent (OTCPK:TCEHY), Activision (ATVI), and Arumgames. Games like Speed Drifters, Arena of Valor, and Fantasy Town fall into this category as they are co-developed with partners or licensed from partners.</p><p>In addition, Garena organizes some of the largest e-sports events from local tournaments to professional competitions at a global level. Moreover, Garena offers other entertainment content such as live-streaming, user chat, and online forums.</p><p><b>Shopee</b></p><p>Perhaps the most exciting business segment is Sea&#39;s mobile-centric e-commerce platform, Shopee. Launched in 2015, Shopee is now one of the fastest-growing e-commerce marketplaces with a strong presence in Southeast Asia, as well as growing recognition in Latin America and some European countries.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6649de846b2942b928a3f3e5d4035003\" tg-width=\"640\" tg-height=\"200\" referrerpolicy=\"no-referrer\"/><span>Source: Shopee</span></p><p>Through the Shopee platform, buyers can purchase items from sellers which are primarily small and medium businesses (or mom-and-pop stores). At the same time, larger, more established retailers like Xiaomi (OTCPK:XIACF), Microsoft (MSFT), or Samsung (OTC:SSNLF) can leverage Shopee&#39;s two premium shopping platforms, Shopee Mall and Shopee Premium.</p><p>Along with Shopee&#39;s e-commerce marketplace, Shopee also offers adjacent products and services for both buyers and sellers:</p><ul><li><b>Service by Shopee</b> - Value-added services for sellers such as integrated payment, logistics, fulfillment, seller support, inventory management, and online store operations.</li><li><b>BuyerProtection</b> - Consumer protection policies and procedures including seller verification, product listing screening, and dispute resolution. In addition, Shopee Guarantee reduces settlement risks by holding customers&#39; funds in a separate account until delivery is complete, where funds will be released to buyers.</li><li><b>Integrated Logistics Services</b>- Shopee partners with various local and regional third-party logistics service providers to provide a seamless last-mile delivery experience for both buyers and sellers. Shopee also has its own delivery service called Shopee Xpress.</li><li><b>Social Features</b> - Shopee also offers other social and gamification features, including Shopee Coins (virtual currency), Shopee Live (livestream), Shopee Games (in-app games), and Shopee Feed (similar to Instagram).</li><li><b>On-demand Services</b>- Shopee also recently launched on-demand services such as ShopeeFood, instant delivery, and groceries, competing directly with Grab (GRAB), Gojek, and Uber (UBER).</li></ul><p>Shopee&#39;s scale is unmatched and it is still growing at an unprecedented pace. According to data.ai, Shopee in Southeast Asia and Taiwan ranked first in average monthly active users and total time spent in the app in 2021. Shopee Indonesia, arguably Shopee&#39;s most important market, ranked first in the Shopping category. Shopee Brazil, which launched in October 2019, was also ranked first in the Shopping category. And globally, Shopee ranked first in the Shopping category, and is the #13 most downloaded app regardless of category, logging in 200+ million downloads in 2021.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3f9c550b140720336e00cc78e954d184\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Source: SensorTower</span></p><p><b>SeaMoney</b></p><p>SeaMoney was launched in 2014 and is now one of the leading digital financial services providers in Sea&#39;s operating countries. SeaMoney offers mobile wallet services, payment processing, credit, and other digital financial services. These services are offered under SeaMoney&#39;s various brands including AirPay, ShopeePay, SPayLater, and other local brands depending on the country. SeaMoney was initially launched in Vietnam and Thailand but has since expanded to other regions.</p><p>Through SeaMoney&#39;s mobile wallet offerings, consumers and merchants have added flexibility in terms of payment options, whether through online or offline means. The launch of SPayLater, which is basically a &#34;buy now pay later&#34; payment option, enables consumers to purchase items without accessing credit. For those who are interested, I&#39;ve written a deep dive on Affirm (AFRM) where I discuss the main value propositions that BNPL provides.</p><p>SeaMoney has obtained bank licenses and government approvals to provide financial services in various countries. For example, Sea acquired Bank Kesejahteraan Ekonomi in Indonesia back in early 2021 as a push towards offering a digital banking solution. The company is now rebranded to SeaBank, which currently offers a high-yield savings account and virtual account.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c85c862195f86fe9d4f0f8c8beced6b\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Source: SeaBank Website</span></p><p>SeaMoney&#39;s main value proposition lies in offering a mobile wallet and payment solutions that are integrated with Sea&#39;s other businesses, namely Garena and Shopee, enabling consumers and merchants to transact seamlessly in one vertically-integrated platform.</p><p><b>Market Opportunity</b></p><p>Sea&#39;s market opportunity is predicated around the industry outlook of each of its business segments: mobile gaming, e-commerce, and fintech. Let&#39;s take a look at each industry that Sea operates in.</p><p>First, we have the mobile gaming industry. According to data.ai, Mobile Game Consumer Spend grew from $74 billion in 2018 to $116 billion in 2021, while Mobile Game Downloads grew from 63 billion in 2018 to 83 billion in 2021. Among the Top Genres by Downloads were Hypercasual games such as Hair Challenge and Water Sort Puzzle. However, the Top Genres by Consumer Spend belong to the Strategy, RPG, and Shooting categories where Garena specializes in. For example, Free Fire was the top Shooting game by revenue in Thailand, Brazil, Mexico, and the US, in 2021. Globally, however, it is still behind PUBG Mobile, which generates the bulk of its revenue from China.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f72bda6df6bc2b7bdf8756d218f53185\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Source: SensorTower</span></p><p>According to Adjust, the mobile gaming industry is expected to reach $272 billion by 2030, which is about 1.5x of 2021&#39;s total figure. Given Garena&#39;s successes in monetizing its games, Garena should continue to enjoy gaming tailwinds in the foreseeable future, provided that its games remain in trend. This is also supported by Unity&#39;s findings that the APAC region is the fastest-growing regional market, a market that Garena dominates in.</p><p>Moving on to e-commerce, we all know that e-commerce is growing rapidly and that its market share as a whole will continue to trend up from here. This is especially true for the Southeast Asian region where internet and smartphone adoption continues to increase by the day. Based on the e-Conomy SEA report, Southeast Asia now has 440 million internet users, up from 360 million in 2019. Its total population is about 589 million.</p><p>Internet Gross Merchandise Value, or GMV, for the region was $170 billion in 2021 and is expected to reach $360 billion by 2025 with e-commerce leading the charge. The shift to e-commerce is not only happening on the consumer side but also on the merchant side. Digital marketing tools, analytical tools, and digital payment solutions have accelerated business for merchants. Shopee&#39;s vertically-integrated platform also makes it easy for merchants in these developing countries to set up shop, distribute goods, and accept payments in a single platform.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2fcb903aed7c0ec901fc83c4f25f18b8\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Source: e-Conomy SEA 2021</span></p><p>Furthermore, Sea has recently expanded its e-commerce operations to other regions such as Latin America and Europe, which further expands its market opportunity.</p><p>Lastly, we have the fintech industry pertaining to SeaMoney. In my <a href=\"https://laohu8.com/S/PYPL\">PayPal</a> (PYPL) deep dive, I discussed the growth of mobile wallets as a payment method in both online and offline transactions. The shift to a cashless and cardless society is inevitable and that is also true for Sea&#39;s markets.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/47ec896a6208b6023ae89f654704bbc7\" tg-width=\"1261\" tg-height=\"706\" referrerpolicy=\"no-referrer\"/><span>Source: Ark Invest Big Ideas 2022</span></p><p>As you can see below, mobile wallets continue to gain traction in Southeast Asia. In addition, 92% of digital merchants intend to maintain usage or increase usage of digital payments in the next 1 to 2 years. ShopeePay and SeaMoney&#39;s other brands will benefit from this trend. Also of important note, SeaMoney&#39;s expansion to buy now pay later with SPayLater will be a key GMV and revenue driver for the segment. These are the reasons why some investors are so bullish on SeaMoney and why SeaMoney is a monster lurking in the shadows.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0eb814b800c3121e3fb8cd0913f239d5\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Source: e-Conomy SEA 2021</span></p><p>As you can see, Sea is at the forefront of three megatrends which should propel the business forward from here. Also, combining the different verticals in the same platform would present a significant synergistic opportunity as Sea establishes itself as a SuperApp in the making.</p><p><b>Revenue Model</b></p><p>As mentioned previously, Sea operates three main business segments.</p><p><b>Digital Entertainment</b></p><p>Garena operates a freemium model whereby users can download and play games for free. The company generates revenue by selling in-game virtual items such as clothing, weaponry, or equipment.</p><p>Investors should take note of how revenue is recognized for this segment. According to Sea&#39;s 10-K:</p><blockquote>Proceeds from these sales are initially recognized as “Advances from customers” and subsequently reclassified to “Deferred revenue” when the users make in-game purchases of the virtual currencies or virtual items within the games operated by the Company and the in-game purchases are no longer refundable.</blockquote><p>Garena also licenses games from other game developers. Revenue is generated based on revenue-sharing/royalty agreements with these developers. Revenue is recognized over the performance obligation period.</p><blockquote>Such delivery obligation period is determined in accordance with the estimated average lifespan of the virtual goods sold or estimated average lifespan of the paying users of the said games or similar games.</blockquote><p><b>E-commerce</b></p><p>Shopee generates revenue through a marketplace model. Sellers on the platform pay Shopee based on paid advertisement services, transaction-based fees, logistics services, and other value-added services.</p><p>Shopee also generates revenue from goods sold directly by Shopee, which the company purchases in bulk from manufacturers or third-party suppliers.</p><p><b>Digital Financial Services</b></p><p>SeaMoney revenue consists of:</p><ul><li>Interest and fees from loans granted to commercial customers</li><li>Interest and fees from Sea&#39;s consumer credit business such as SPayLater</li><li>Commissions charged to merchants when a customer pays using SeaMoney&#39;s mobile wallet</li></ul><p><b>Income Statement</b></p><p>Let&#39;s analyze each of the business segments and then look at the entire Group as a whole.</p><p><b>Digital Entertainment</b></p><p>Garena Revenue saw a 104% increase YoY in Q4. For the full year, Garena Revenue was up 114% YoY.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/998dfbcf3f3dba11b8f8722710c36ba4\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The rapid increase in Revenue was primarily due to recognition of accumulated deferred revenue from previous quarters. Bookings—which is essentially GAAP Revenue plus the change in digital entertainment deferred revenue —actually dropped for the first time QoQ and it is now lower than Revenue. This means that gamers are spending less on in-virtual items which will lead to lower Revenue recognized in subsequent quarters. As you can see, Bookings is in a massive deceleration.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e06de5e6066b66cd5596a445cd912c98\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The drop in Bookings was due to fewer gamers in the platform as the economy reopens and people spend more time outdoors, at school, or in the office. Quarterly Active Users, or QAUs, grew only 7% in Q4 to 652 million, compared to Q3&#39;s QAUs of 729 million.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c5bdd570a9eb859a9fef8569c9fad10a\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>As a result, Quarterly Paying Users, or QPUs, decelerated as well, which led to lower Bookings. Q4 QPUs was 77 million compared to Q3&#39;s 93 million.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/092c4a2f47b9336f2753b4548707b39f\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The markets reacted negatively to this slowdown in Garena growth as the gaming business acts as the lifeline for Sea&#39;s two other segments. As you can see, Garena is a high-margin business, producing Adjusted EBITDA of $2.7 billion in FY2021. Operating Margin is very high at 61% in Q4. AEBITDA margin, on the other hand, is trending downwards as QoQ adds in Bookings wither.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f28c9f35ee55afb5c7d170a80d26ebf2\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>As such, the slowdown in growth for Garena is scaring investors away as it may not provide sufficient cash flow to fund the continued growth of Shopee and SeaMoney.</p><p><b>E-Commerce</b></p><p>Shopee GMV continues its upward march as e-commerce continues to gain traction in Shopee&#39;s existing and newer markets. However, we&#39;re also seeing a deceleration in growth due to tough YoY comps. GMV in FY2021 was $62.5 billion, an increase of 77%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f657f7cacc9e00bc57df0e913fdb9ae\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>GMV growth was also due to an increase in Orders in the Shopee platform, which totaled 6.1 billion in FY2021, an increase of 117%. Average Order Value, or AOV, however, is trending downwards. This may be perceived negatively as processing more lower-AOV orders meant higher logistical expenses and thus lower margins per order.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fbc7f044de03ec379f262a5bfcdf331\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The increase in GMV translated to higher Shopee Revenue, which grew faster than GMV. Shopee Revenue grew 136% to $5.1 billion in FY2021, as compared to GMV growth of 77%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/27710dc2140a6d139900819f51bd688a\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The faster growth in Revenue was due to Shopee&#39;s increasing take rate, which displays Shopee&#39;s ability to monetize its marketplace platform. This is one of the only few positive developments coming out of the most recent earnings update.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e4267bc5d33a2153e8624f73ed71540\" tg-width=\"640\" tg-height=\"431\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Despite the improving Revenue and take rate, Shopee is still suffering huge losses and it is mounting with each subsequent quarter, primarily due to the company expanding into new markets. FY2021 Shopee AEBITDA was $(2.6) billion at a -50% margin. Recall that Garena AEBITDA was $2.7 billion.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d9d27cef61bc9a9058233f7eccc5eaa1\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>AEBITDA per Order has been improving, although it flat-lined in the last few quarters. Again, this is due to the company aggressively expanding into new markets. For example, in Q4, Shopee Brazil recorded 140+ million gross orders with a $70+ million Revenue, up 400% and 326%, respectively. However, AEBITDA per Order in Brazil is still negative at $(2) per Order, despite being a 40% improvement from last year. As such, it is still a far cry from the overall AEBITDA per Order of $(0.45).</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c0d6aa930a81ea4fc153b7134dbf9d3\" tg-width=\"640\" tg-height=\"432\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>On the bright side, in Southeast Asia and Taiwan, Q4 AEBITDA per Order before &#34;allocation of the headquarters’ common expenses&#34; was $(0.15), an improvement from last year&#39;s $(0.21). This shows that there is certainly hope for Shopee to be AEBITDA positive soon, which management has pointed out during the Q4 earnings call:</p><blockquote>We currently expect Shopee to achieve positive adjusted EBITDA before HQ cost allocation in Southeast Asia and Taiwan by this year. We also expect SeaMoney to achieve positive cash flow by next year. As a result, we currently expect that by 2025 cash generated by Shopee and SeaMoney proactively will enable these two businesses to substantially self-fund their own long-term growth.</blockquote><p><b>Digital Financial Services</b></p><p>SeaMoney&#39;s Mobile Wallet Total Payment Volume grew 120% YoY to $17.2 billion in FY2021 due to the increasing adoption of mobile wallets in the region.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4fa5ef6efa513d9040963fda42b4b9f2\" tg-width=\"640\" tg-height=\"432\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The growth in TPV was largely driven by the growth in QAUs. As shown below, the total ending QAUs in Q4 grew 90% YoY to 45.8 million users.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9397aec066366f40ec92c24187347a44\" tg-width=\"640\" tg-height=\"432\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The real exciting part is that Revenue grew much faster than TPV and QAUs. SeaMoney Revenue is growing at a blistering pace, locking in high triple-digit growth rates over the last few years. FY2021 SeaMoney Revenue was $470 million, which is an increase of 673% from the previous year. This is due to take rates increasing from less than 1% in FY2020 to almost 4% by the end of the latest quarter.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dcaf6046cf3c27e00b233a8428eb2d75\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Furthermore, in Indonesia, over 20% of the QAUs have used more than one SeaMoney product or service, which includes credit services, digital banking, and insurance. As SeaMoney introduces more offerings, revenue should accelerate meaningfully as average revenue per user increases when people use additional products.</p><p>As SeaMoney continues to gain scale, the segment will enjoy better unit economics. As shown below, while SeaMoney&#39;s AEBITDA is still in deeply negative territories, AEBITDA Margins has continued to trend towards profitability. Management also expects SeaMoney to be cash flow positive by next year.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51f0d5a1800fef748694417e8cb8fc9f\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>This is the segment that investors should pay special attention to, given that it has the potential to be Sea&#39;s second cash cow. For example, PayPal has Operating Margins of 20%+, which could be SeaMoney&#39;s long-term margin profile.</p><p><b>Group</b></p><p>With that said, let&#39;s take a look at how the business is doing as a whole.</p><p>FY2021 Revenue was $10.0 billion, an increase of 128% YoY. Due to the law of large numbers and tough YoY comps, Revenue growth should decelerate from here.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38de60bd773f3ef7afc4b2e28aa1c08f\" tg-width=\"640\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Here, we can see how Revenue is distributed across the different segments.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a86e59478db8a3a4fdc85897f24410e9\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>What&#39;s encouraging is that Gross Profit Margins continue to trend upwards as the company gains economies of scale, even accounting for Shopee&#39;s aggressive expansion into new markets. FY2021 Gross Profit was $3.9 billion, up 189% YoY.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dd978ba4047cc6e20ac6086ba8420a8f\" tg-width=\"640\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Operating Expenses, however, remain elevated as management forgoes short-term profitability for long-term market dominance. FY2021 Total Operating Expenses were $5.5 billion. Below shows the different components of Operating Expenses as a percentage of Revenue.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fbdbde2c2ae744f36f8168ed32f94d62\" tg-width=\"640\" tg-height=\"419\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Most of the Operating Expenses were used for Sales &amp; Marketing purposes. Unsurprisingly, Shopee had the highest S&amp;M burn rate. Discounts, cashback, celebrity promotions... they&#39;re everywhere.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5253f186120da17c4cd901e5c442bd1e\" tg-width=\"640\" tg-height=\"419\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>As a result, Operating Profit Margins is still negative, although it is trending in the right direction.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a27b7833551107397c44acefc5ad2475\" tg-width=\"640\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>AEBITDA, on the other hand, is plunging. This is due to Garena&#39;s falling Bookings and Shoppe&#39;s widening losses. AEBITDA for FY2021 was $(594) million, compared to FY2020 positive AEBITDA of $107 million. This is probably the most concerning figure for investors as such a high cash burn rate is unsustainable, which may also lead to additional capital raises that are dilutive to shareholders.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d89fb95f74e23e85f8932870c0190bee\" tg-width=\"640\" tg-height=\"430\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>The guidance did not help either. Garena Bookings is expected to fall to just $3 billion, which is $1.3 billion lower than FY2021&#39;s number. Management blamed the reopening of the economy as well as the ban of Free Fire in India for the expected drop in Bookings. Assuming a modest 50% AEBITDA margin, Garena would bring in just $1.5 billion of AEBITDA for Sea in FY2022.</p><p>On the other side, the other two segments are expected to continue with their immense pace of growth — Shopee and SeaMoney are expected to grow by 76% and 155%, respectively. If we assume a (50)% AEBITDA margin for both segments, Shopee and SeaMoney is expected to burn a total of about $(5.1) billion of AEBITDA. Adding Garena&#39;s estimated AEBITDA of $1.5 billion, Sea, as a Group, is expected to burn $(3.6) billion in FY2021.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae5e9399a838e5f841dcccaffbe673d8\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited FY2021 Q4 Investor Presentation</span></p><p>Because Garena is such an important piece of Shopee&#39;s and SeaMoney&#39;s growth story, a deceleration in Garena&#39;s business had investors reacting so negatively to Sea&#39;s latest earnings release, as now, the gaming business is incapable of covering the massive losses incurred by the other two business segments.</p><p><b>Balance Sheet</b></p><p>Sea&#39;s balance sheet position as of year-end FY2021 is at about $10.2 billion of Cash and Short Term Investments. While this may show that Sea has a substantial cushion against its short-term cash burn rate, its net cash position paints a different picture.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc30ee494abc2eda3b75434b96e4a66b\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited FY2021 Q4 Investor Presentation</span></p><p>Adjusting for Sea&#39;s debt, Sea ended the year with a net cash position of around $5.9 billion. A substantial amount of its total debt comes from its recent issuance of 0.25% Convertible Senior Notes due 2026. The notes were issued when the stock was trading at $318 per share back in September and the initial conversion price is set at $477 per share. So, yes... conversion in the next 2 to 3 years is very unlikely.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8d3d0030e6518cc4198245f624cc75e1\" tg-width=\"640\" tg-height=\"437\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>With net cash of $5.9 billion and $(3.6) billion of estimated AEBITDA in FY2022, it won&#39;t be long before Sea requires another cash infusion. Therefore, if the high cash burn rate persists for the next 2 to 3 years, investors face a major risk of increasing financial leverage and/or dilution in the form of equity raises.</p><p><b>Cash Flow Statement</b></p><p>Here is what cash flow looks like over the last few quarters. Notice how Operating Cash Flow turned negative in the last quarter. Most of the cash also comes from Financing activities.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a0aba061277a1410bb9f3dc176ea0115\" tg-width=\"640\" tg-height=\"263\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p>Unlike other high-flying growth companies, Sea&#39;s Share-Based Compensation expenses are relatively low.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/81fa229682c8880d6edd35535ef6a747\" tg-width=\"640\" tg-height=\"419\" referrerpolicy=\"no-referrer\"/><span>Source: Sea Limited Investor Relations and Author&#39;s Analysis</span></p><p><b>Competitive Moats</b></p><p>Based on my research and analysis, I identified three key competitive moats for Sea: brand, network effects, and barriers to entry. I used to think that Sea has cost advantages but as Garena becomes a smaller part of the overall business, and as losses continue to worsen, I have reason to believe that Sea no longer holds that moat.</p><p><b>Brand</b></p><p>As discussed in previous sections, Garena&#39;s games, particularly Free Fire, have consistently ranked as the most downloaded mobile game in the world. Additionally, the Shopee app has gained cross-border stardom and is now regarded as the most downloaded or fastest-trending shopping App in the countries it operates in. Lastly, SeaMoney is also gaining traction with banking licenses granted in various countries that should increase brand value and trust.</p><p><b>Network Effects</b></p><p>The sheer amount of app downloads leads to powerful network effects. Garena has 652 million QAUs, which is about 8% of the world&#39;s population. Shopee recorded 200+ million app downloads in FY2021 alone. SeaMoney QAUs topped 45.8 million in Q4 and it is still in the early stages of adoption.</p><p>With all these users in the Sea platform, cross-selling new products or services should be easier as Sea continues to scale. One such example is Shopee Brazil and Free Fire where each platform is encouraging consumers to use the other. As Sea continues to innovate and offer better experiences for its customers, the ecosystem gets bigger and tighter, leading to powerful network effects.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c641ac08707cc868b9e6004e2deaf950\" tg-width=\"1200\" tg-height=\"600\" referrerpolicy=\"no-referrer\"/><span>Source: Shopee Brazil</span></p><p><b>Barriers To Entry</b></p><p>I believe each of Sea&#39;s core businesses is operating in a winner-takes-most environment with high barriers to entry.</p><p>The mobile gaming environment requires the most talented developers to launch blockbuster games. Garena&#39;s Free Fire is certainly a blockbuster game and time in Free Fire&#39;s game means time away from other mobile games.</p><p>Just like how Amazon (AMZN) dominates in the US, the e-commerce landscape in Southeast Asia and Latin America is dominated by a few players, such as Shopee, Tokopedia, and <a href=\"https://laohu8.com/S/MELI\">MercadoLibre</a> (MELI). The scale and unit economics that these players have achieved makes it unsustainable for new entrants to compete with them.</p><p>Banking and fintech is also a highly-regulated environment. Furthermore, consumers prefer to have just one mobile wallet, such as ShopeePay, as opposed to owning several different fintech applications.</p><p><b>Valuation</b></p><p>Based on my sum-of-the-parts and comparable company valuation analysis, Sea looks to be slightly undervalued with 19% upside potential. Of course, comparables are not perfect but based on this, we can gauge where Sea stands among peers.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f2400cd917e5f6ce8c47ef74a8062093\" tg-width=\"640\" tg-height=\"353\" referrerpolicy=\"no-referrer\"/><span>Source: Author&#39;s Analysis</span></p><p>On the flip side, Sea looks extremely cheap on a historical basis. In terms of EV/Sales, Sea is trading at the lowest valuation since its IPO, trading at just 4.2x forward sales.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bed1fd805a89523bbb8fa982bee40079\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/><span>Source: Koyfin</span></p><p>In terms of EV/Gross Profit, Sea is trading even cheaper than its March 2020 lows.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf589a808c84131e9c36aa7b65a5129\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/><span>Source: Koyfin</span></p><p>The valuation compression is warranted given that the company flew too close to the sun and now it is cratering back to the sea — not just for Sea, but almost all growth stocks took a beating. Growth is also slowing down and the macroeconomic environment looks gloomier than ever. However, this is not the end of the world; I think the markets are overreacting. Diversion from the mean goes both ways — perhaps, current prices present a good margin of safety for long-term investors.</p><p><b>Catalysts</b></p><ul><li><b>Successful International Expansion</b> — Shopee has been successful in replicating its playbook from Southeast Asia to Brazil. Recently, Shopee launched operations in India, Mexico, Chile, Colombia, Argentina, Poland, and Spain. If Shopee can take substantial market share in these new regions, Shopee&#39;s growth could turn exponential.</li><li><b>The Metaverse</b> — Sea&#39;s withering gaming division needs to be revitalized. New games and features could definitely provide the boost that it needs. For example, the metaverse is an exciting opportunity and Garena could introduce this concept to its 600+ million QAUs. Sea AI Lab (SAIL) and Sea Capital are two ventures that could accelerate the company into emerging industries, including the metaverse.</li></ul><blockquote>We will continue to encourage user-generated content by enhancing greater features and accessibility. We believe that a strong user reception to Craftland is a positive indicator of the initial success to encourage user participation in content creation and to build Free Fire into an increasingly open platform and is well aligned with major emerging industry trends such as metaverse.</blockquote><ul><li><b>Regional SuperApp</b> — Although this concept has yet to be discussed by management, launching a regional SuperApp could enhance user engagement to new levels. For example, imagine Shopee users being able to play games, shop, order food delivery, pay for services, transfer money, invest, all under one app. Imagine users being able to convert their deposited funds in ShopeePay, into ShopeeCoins, and use it to perform cross-border transactions.</li><li><b>Continued Growth In SeaMoney</b> — SeaMoney is still in its early stages and continued adoption of Sea&#39;s digital financial services offerings will be a strong addition to Sea&#39;s bull thesis. SPayLater has real potential to disrupt the consumer credit industry. SeaBank and ShopeePay have the opportunity to capture digital wallet, digital banking, and cashless society trends.</li><li><b>Free Fire India Ban Lift</b>— Garena&#39;s weak guidance factored in the headwinds coming from the ban in India. If the ban is lifted, the stock may react positively as much of Sea&#39;s cash burn problems may be eliminated.</li></ul><p><b>Risks</b></p><ul><li><b>The Pressure to Launch Blockbuster Games</b>— There will come a time when Free Fire will be dethroned as the most-played and most-downloaded game. That is just how the gaming business works. This puts a substantial risk on the cash flow generation potential of Garena. Launching blockbuster games is never easy and it requires many trials and errors along the way. For me, I would like to see Garena shift to a gaming franchise model where the company launches an updated version of an existing game every year or two, which presents a more stable and recurring revenue stream for the company. An example would be FIFA or Call of Duty.</li><li><b>Shopee India Ban</b> — With Free Fire banned in India, there&#39;s also the potential for Shoppe to be banned as well.</li><li><b>Failure to Gain Traction in International Markets</b>— Shopee pulled out of France in early March, an indication that Shoppe&#39;s business model is not replicable in other countries, especially in more developed regions. Shopee Poland and Spain may be next on the exit list as they hold a close resemblance to France.</li><li><b>Geopolitical Risks</b>— Tencent, a Chinese company, has an 18.7% equity stake in Sea. Sanctions, bans, and other restrictions on Chinese companies, given the current geopolitical environment, could spell trouble for Sea. Tencent may have to cut exposure on Sea or even dissolve its developing-publishing partnership with Garena.</li><li><b>Local Competition</b>— Local champions operating in their respective markets cannot be ignored. These include GoTo in Indonesia, MercadoLibre in Latin America, and Flipkart in India.</li></ul><p>In addition, there&#39;s a certain level of pride for consumers to see their native-born companies succeed. I&#39;m Indonesian, and it makes me really happy to see GoTo grow and grow.</p><p>GoTo, the holding company of both Indonesian tech darlings Gojek and Tokopedia, recently announced its plan to IPO in the Indonesia Stock Exchange. Here&#39;s a glance of GoTo&#39;s stats for the 12-months ended 30 September 2021:</p><ul><li>Valuation: $26.2 billion to $28.8 billion</li><li>GMV: $28.8 billion</li><li>Revenue: $1 billion</li><li>Gross Orders: 2 billion</li><li>Annual Transacting Users: 55 million</li><li>Driver Partners: 2.5 million</li><li>Merchants: 14 million</li></ul><p>The point is that there are big-time local players operating in Sea&#39;s markets that investors should never ignore. Here&#39;s a little snippet from my previous Shopee article:</p><blockquote>But with the GoTo merger, Indonesia could potentially extinguish the orange flame that charred its forest for many years. Now, GoTo could finally reclaim a good chunk of its territory that was lost to waves of competition, especially from Shopee. GoTo could finally gain more ground as the roots grew even stronger with the merger, fertilized with the synergies of value propositions, logistics, payments, and banking solutions.</blockquote><blockquote>Meanwhile, Sea Limited&#39;s stock continues to soar, ignoring the titan of an elephant in the room. And because of GoTo&#39;s integration, Shopee&#39;s vertically-integrated business model doesn&#39;t look like a strong competitive advantage anymore.</blockquote><p><b>Conclusion</b></p><p>Each of Sea&#39;s core businesses is in hypergrowth mode, propelled by megatrends in the mobile gaming, e-commerce, and fintech industry. Management understands these opportunities and therefore, is sacrificing short-term profitability for long-term market dominance. Despite being a larger business, Sea still has a massive growth runway ahead.</p><p>That is not to say that unprofitability and competition risks can and should be ignored. The biggest concern for investors is the company&#39;s unsustainable cash burn rate, which will likely lead to further capital raises in the near future.</p><p>Nonetheless, the long-term growth thesis for the three-headed monster remains intact. Strong brand, network effects, and barriers to entry moats should support the business going forward. In addition, shares of Sea are trading at the lowest valuation multiples ever, which presents a good margin of safety for an entry at these prices.</p><p>Thank you for reading my Sea Limited deep dive. If you enjoyed the article, please let me know in the comment section down below. If you have any suggestions or feedback, don&#39;t hesitate to share your thoughts as well.</p></body></html>","source":"seekingalpha","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: The Three-Headed Monster</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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: The Three-Headed Monster\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-19 09:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4496480-sea-limited-the-three-headed-monster><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryGarena, Sea’s only profitable segment, serves as a lifeline for its other two segments, but Bookings are expected to fall sharply in FY2022.In addition, Shopee's losses are widening. However, ...</p>\n\n<a href=\"https://seekingalpha.com/article/4496480-sea-limited-the-three-headed-monster\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"source_url":"https://seekingalpha.com/article/4496480-sea-limited-the-three-headed-monster","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2220777059","content_text":"SummaryGarena, Sea’s only profitable segment, serves as a lifeline for its other two segments, but Bookings are expected to fall sharply in FY2022.In addition, Shopee's losses are widening. However, the e-commerce segment is expected to be self-funded by 2025. This is achievable as take rates are trending in the right direction.SeaMoney is also gaining traction at an unprecedented pace, a monster lurking in the shadows. Investors should pay attention as this segment could serve as Sea's second cash cow.With a net cash position of $5.9 billion and $(3.6) billion of estimated AEBITDA in FY2022, it won't be long before Sea requires another cash infusion.Despite unprofitability risks, Sea has a strong brand, network effects, and barriers to entry moats. The stock is trading at the lowest multiple ever - it is worth a nibble at these prices.undefined undefined/iStock via Getty ImagesI've been following Sea Limited ADR (NYSE:SE) for quite some time now and the stock got me interested again given the recent 75% selloff. Today, I'm doing a deep dive on the three-headed monster (and each of its heads) to see if the company is a good investment opportunity at these levels. Let's get started!Investment ThesisSea is at the forefront of the internet revolution in developing regions. This had many investors buying into the growth story of the company, sending shares soaring high into the sun for the better part of 2020 and 2021. However, the stock has cratered back to sea amid concerns about the company's slowing growth, especially for its only cash cow, Garena. To make matters worse, Shopee's losses are also getting worse.The Group's cash burn rate is still high, estimated to be $(3.6) billion in FY2022. With a net cash position of $5.9 billion, future capital raises are very likely.On the bright side, Sea still has a long growth runway ahead, solidified by its leadership positions in Southeast Asia and Latin America. SeaMoney, although still unprofitable, could also emerge as Sea's second cash cow.Despite unprofitability and competitive risks, Sea has strong competitive moats and it is trading at the cheapest valuation multiples since its IPO.The three-headed monster is a Buy at these levels.Value PropositionFounded in Singapore in 2009, Sea has grown to become the leading consumer internet company in the world, with a substantial presence in the Southeast Asian region.Mission: To better the lives of consumers and small businesses with technology.Sea is a holding company for three core businesses: Garena, Shopee, and SeaMoney. Sea's main value proposition is providing a vertically-integrated experience through its different core businesses.GarenaIts digital entertainment division, Garena, was Sea's first business venture. In fact, Sea was originally named Garena Interactive Holding Limited before changing its name to Sea Limited in 2017.Garena is one of the largest online games developers and publishers, releasing some of the most successful mobile and PC games over the last decade. For example, Garena's Free Fire, its self-developed mobile battle royale game, topped the global download charts for the last three years. According to data.ai, Free Fire also ranked second globally by average monthly active users on Google Play in 2021. In Southeast Asia and Latin America, Free Fire was the highest-grossing mobile game for ten consecutive quarters, and in the US for four consecutive quarters. Based on Sensor Tower's findings, Free Fire still holds the most downloads globally as of January 2022.Source: SensorTowerGarena also exclusively licenses and publishes games from global partners and third-party developers. Some of these partners include Tencent (OTCPK:TCEHY), Activision (ATVI), and Arumgames. Games like Speed Drifters, Arena of Valor, and Fantasy Town fall into this category as they are co-developed with partners or licensed from partners.In addition, Garena organizes some of the largest e-sports events from local tournaments to professional competitions at a global level. Moreover, Garena offers other entertainment content such as live-streaming, user chat, and online forums.ShopeePerhaps the most exciting business segment is Sea's mobile-centric e-commerce platform, Shopee. Launched in 2015, Shopee is now one of the fastest-growing e-commerce marketplaces with a strong presence in Southeast Asia, as well as growing recognition in Latin America and some European countries.Source: ShopeeThrough the Shopee platform, buyers can purchase items from sellers which are primarily small and medium businesses (or mom-and-pop stores). At the same time, larger, more established retailers like Xiaomi (OTCPK:XIACF), Microsoft (MSFT), or Samsung (OTC:SSNLF) can leverage Shopee's two premium shopping platforms, Shopee Mall and Shopee Premium.Along with Shopee's e-commerce marketplace, Shopee also offers adjacent products and services for both buyers and sellers:Service by Shopee - Value-added services for sellers such as integrated payment, logistics, fulfillment, seller support, inventory management, and online store operations.BuyerProtection - Consumer protection policies and procedures including seller verification, product listing screening, and dispute resolution. In addition, Shopee Guarantee reduces settlement risks by holding customers' funds in a separate account until delivery is complete, where funds will be released to buyers.Integrated Logistics Services- Shopee partners with various local and regional third-party logistics service providers to provide a seamless last-mile delivery experience for both buyers and sellers. Shopee also has its own delivery service called Shopee Xpress.Social Features - Shopee also offers other social and gamification features, including Shopee Coins (virtual currency), Shopee Live (livestream), Shopee Games (in-app games), and Shopee Feed (similar to Instagram).On-demand Services- Shopee also recently launched on-demand services such as ShopeeFood, instant delivery, and groceries, competing directly with Grab (GRAB), Gojek, and Uber (UBER).Shopee's scale is unmatched and it is still growing at an unprecedented pace. According to data.ai, Shopee in Southeast Asia and Taiwan ranked first in average monthly active users and total time spent in the app in 2021. Shopee Indonesia, arguably Shopee's most important market, ranked first in the Shopping category. Shopee Brazil, which launched in October 2019, was also ranked first in the Shopping category. And globally, Shopee ranked first in the Shopping category, and is the #13 most downloaded app regardless of category, logging in 200+ million downloads in 2021.Source: SensorTowerSeaMoneySeaMoney was launched in 2014 and is now one of the leading digital financial services providers in Sea's operating countries. SeaMoney offers mobile wallet services, payment processing, credit, and other digital financial services. These services are offered under SeaMoney's various brands including AirPay, ShopeePay, SPayLater, and other local brands depending on the country. SeaMoney was initially launched in Vietnam and Thailand but has since expanded to other regions.Through SeaMoney's mobile wallet offerings, consumers and merchants have added flexibility in terms of payment options, whether through online or offline means. The launch of SPayLater, which is basically a \"buy now pay later\" payment option, enables consumers to purchase items without accessing credit. For those who are interested, I've written a deep dive on Affirm (AFRM) where I discuss the main value propositions that BNPL provides.SeaMoney has obtained bank licenses and government approvals to provide financial services in various countries. For example, Sea acquired Bank Kesejahteraan Ekonomi in Indonesia back in early 2021 as a push towards offering a digital banking solution. The company is now rebranded to SeaBank, which currently offers a high-yield savings account and virtual account.Source: SeaBank WebsiteSeaMoney's main value proposition lies in offering a mobile wallet and payment solutions that are integrated with Sea's other businesses, namely Garena and Shopee, enabling consumers and merchants to transact seamlessly in one vertically-integrated platform.Market OpportunitySea's market opportunity is predicated around the industry outlook of each of its business segments: mobile gaming, e-commerce, and fintech. Let's take a look at each industry that Sea operates in.First, we have the mobile gaming industry. According to data.ai, Mobile Game Consumer Spend grew from $74 billion in 2018 to $116 billion in 2021, while Mobile Game Downloads grew from 63 billion in 2018 to 83 billion in 2021. Among the Top Genres by Downloads were Hypercasual games such as Hair Challenge and Water Sort Puzzle. However, the Top Genres by Consumer Spend belong to the Strategy, RPG, and Shooting categories where Garena specializes in. For example, Free Fire was the top Shooting game by revenue in Thailand, Brazil, Mexico, and the US, in 2021. Globally, however, it is still behind PUBG Mobile, which generates the bulk of its revenue from China.Source: SensorTowerAccording to Adjust, the mobile gaming industry is expected to reach $272 billion by 2030, which is about 1.5x of 2021's total figure. Given Garena's successes in monetizing its games, Garena should continue to enjoy gaming tailwinds in the foreseeable future, provided that its games remain in trend. This is also supported by Unity's findings that the APAC region is the fastest-growing regional market, a market that Garena dominates in.Moving on to e-commerce, we all know that e-commerce is growing rapidly and that its market share as a whole will continue to trend up from here. This is especially true for the Southeast Asian region where internet and smartphone adoption continues to increase by the day. Based on the e-Conomy SEA report, Southeast Asia now has 440 million internet users, up from 360 million in 2019. Its total population is about 589 million.Internet Gross Merchandise Value, or GMV, for the region was $170 billion in 2021 and is expected to reach $360 billion by 2025 with e-commerce leading the charge. The shift to e-commerce is not only happening on the consumer side but also on the merchant side. Digital marketing tools, analytical tools, and digital payment solutions have accelerated business for merchants. Shopee's vertically-integrated platform also makes it easy for merchants in these developing countries to set up shop, distribute goods, and accept payments in a single platform.Source: e-Conomy SEA 2021Furthermore, Sea has recently expanded its e-commerce operations to other regions such as Latin America and Europe, which further expands its market opportunity.Lastly, we have the fintech industry pertaining to SeaMoney. In my PayPal (PYPL) deep dive, I discussed the growth of mobile wallets as a payment method in both online and offline transactions. The shift to a cashless and cardless society is inevitable and that is also true for Sea's markets.Source: Ark Invest Big Ideas 2022As you can see below, mobile wallets continue to gain traction in Southeast Asia. In addition, 92% of digital merchants intend to maintain usage or increase usage of digital payments in the next 1 to 2 years. ShopeePay and SeaMoney's other brands will benefit from this trend. Also of important note, SeaMoney's expansion to buy now pay later with SPayLater will be a key GMV and revenue driver for the segment. These are the reasons why some investors are so bullish on SeaMoney and why SeaMoney is a monster lurking in the shadows.Source: e-Conomy SEA 2021As you can see, Sea is at the forefront of three megatrends which should propel the business forward from here. Also, combining the different verticals in the same platform would present a significant synergistic opportunity as Sea establishes itself as a SuperApp in the making.Revenue ModelAs mentioned previously, Sea operates three main business segments.Digital EntertainmentGarena operates a freemium model whereby users can download and play games for free. The company generates revenue by selling in-game virtual items such as clothing, weaponry, or equipment.Investors should take note of how revenue is recognized for this segment. According to Sea's 10-K:Proceeds from these sales are initially recognized as “Advances from customers” and subsequently reclassified to “Deferred revenue” when the users make in-game purchases of the virtual currencies or virtual items within the games operated by the Company and the in-game purchases are no longer refundable.Garena also licenses games from other game developers. Revenue is generated based on revenue-sharing/royalty agreements with these developers. Revenue is recognized over the performance obligation period.Such delivery obligation period is determined in accordance with the estimated average lifespan of the virtual goods sold or estimated average lifespan of the paying users of the said games or similar games.E-commerceShopee generates revenue through a marketplace model. Sellers on the platform pay Shopee based on paid advertisement services, transaction-based fees, logistics services, and other value-added services.Shopee also generates revenue from goods sold directly by Shopee, which the company purchases in bulk from manufacturers or third-party suppliers.Digital Financial ServicesSeaMoney revenue consists of:Interest and fees from loans granted to commercial customersInterest and fees from Sea's consumer credit business such as SPayLaterCommissions charged to merchants when a customer pays using SeaMoney's mobile walletIncome StatementLet's analyze each of the business segments and then look at the entire Group as a whole.Digital EntertainmentGarena Revenue saw a 104% increase YoY in Q4. For the full year, Garena Revenue was up 114% YoY.Source: Sea Limited Investor Relations and Author's AnalysisThe rapid increase in Revenue was primarily due to recognition of accumulated deferred revenue from previous quarters. Bookings—which is essentially GAAP Revenue plus the change in digital entertainment deferred revenue —actually dropped for the first time QoQ and it is now lower than Revenue. This means that gamers are spending less on in-virtual items which will lead to lower Revenue recognized in subsequent quarters. As you can see, Bookings is in a massive deceleration.Source: Sea Limited Investor Relations and Author's AnalysisThe drop in Bookings was due to fewer gamers in the platform as the economy reopens and people spend more time outdoors, at school, or in the office. Quarterly Active Users, or QAUs, grew only 7% in Q4 to 652 million, compared to Q3's QAUs of 729 million.Source: Sea Limited Investor Relations and Author's AnalysisAs a result, Quarterly Paying Users, or QPUs, decelerated as well, which led to lower Bookings. Q4 QPUs was 77 million compared to Q3's 93 million.Source: Sea Limited Investor Relations and Author's AnalysisThe markets reacted negatively to this slowdown in Garena growth as the gaming business acts as the lifeline for Sea's two other segments. As you can see, Garena is a high-margin business, producing Adjusted EBITDA of $2.7 billion in FY2021. Operating Margin is very high at 61% in Q4. AEBITDA margin, on the other hand, is trending downwards as QoQ adds in Bookings wither.Source: Sea Limited Investor Relations and Author's AnalysisAs such, the slowdown in growth for Garena is scaring investors away as it may not provide sufficient cash flow to fund the continued growth of Shopee and SeaMoney.E-CommerceShopee GMV continues its upward march as e-commerce continues to gain traction in Shopee's existing and newer markets. However, we're also seeing a deceleration in growth due to tough YoY comps. GMV in FY2021 was $62.5 billion, an increase of 77%.Source: Sea Limited Investor Relations and Author's AnalysisGMV growth was also due to an increase in Orders in the Shopee platform, which totaled 6.1 billion in FY2021, an increase of 117%. Average Order Value, or AOV, however, is trending downwards. This may be perceived negatively as processing more lower-AOV orders meant higher logistical expenses and thus lower margins per order.Source: Sea Limited Investor Relations and Author's AnalysisThe increase in GMV translated to higher Shopee Revenue, which grew faster than GMV. Shopee Revenue grew 136% to $5.1 billion in FY2021, as compared to GMV growth of 77%.Source: Sea Limited Investor Relations and Author's AnalysisThe faster growth in Revenue was due to Shopee's increasing take rate, which displays Shopee's ability to monetize its marketplace platform. This is one of the only few positive developments coming out of the most recent earnings update.Source: Sea Limited Investor Relations and Author's AnalysisDespite the improving Revenue and take rate, Shopee is still suffering huge losses and it is mounting with each subsequent quarter, primarily due to the company expanding into new markets. FY2021 Shopee AEBITDA was $(2.6) billion at a -50% margin. Recall that Garena AEBITDA was $2.7 billion.Source: Sea Limited Investor Relations and Author's AnalysisAEBITDA per Order has been improving, although it flat-lined in the last few quarters. Again, this is due to the company aggressively expanding into new markets. For example, in Q4, Shopee Brazil recorded 140+ million gross orders with a $70+ million Revenue, up 400% and 326%, respectively. However, AEBITDA per Order in Brazil is still negative at $(2) per Order, despite being a 40% improvement from last year. As such, it is still a far cry from the overall AEBITDA per Order of $(0.45).Source: Sea Limited Investor Relations and Author's AnalysisOn the bright side, in Southeast Asia and Taiwan, Q4 AEBITDA per Order before \"allocation of the headquarters’ common expenses\" was $(0.15), an improvement from last year's $(0.21). This shows that there is certainly hope for Shopee to be AEBITDA positive soon, which management has pointed out during the Q4 earnings call:We currently expect Shopee to achieve positive adjusted EBITDA before HQ cost allocation in Southeast Asia and Taiwan by this year. We also expect SeaMoney to achieve positive cash flow by next year. As a result, we currently expect that by 2025 cash generated by Shopee and SeaMoney proactively will enable these two businesses to substantially self-fund their own long-term growth.Digital Financial ServicesSeaMoney's Mobile Wallet Total Payment Volume grew 120% YoY to $17.2 billion in FY2021 due to the increasing adoption of mobile wallets in the region.Source: Sea Limited Investor Relations and Author's AnalysisThe growth in TPV was largely driven by the growth in QAUs. As shown below, the total ending QAUs in Q4 grew 90% YoY to 45.8 million users.Source: Sea Limited Investor Relations and Author's AnalysisThe real exciting part is that Revenue grew much faster than TPV and QAUs. SeaMoney Revenue is growing at a blistering pace, locking in high triple-digit growth rates over the last few years. FY2021 SeaMoney Revenue was $470 million, which is an increase of 673% from the previous year. This is due to take rates increasing from less than 1% in FY2020 to almost 4% by the end of the latest quarter.Source: Sea Limited Investor Relations and Author's AnalysisFurthermore, in Indonesia, over 20% of the QAUs have used more than one SeaMoney product or service, which includes credit services, digital banking, and insurance. As SeaMoney introduces more offerings, revenue should accelerate meaningfully as average revenue per user increases when people use additional products.As SeaMoney continues to gain scale, the segment will enjoy better unit economics. As shown below, while SeaMoney's AEBITDA is still in deeply negative territories, AEBITDA Margins has continued to trend towards profitability. Management also expects SeaMoney to be cash flow positive by next year.Source: Sea Limited Investor Relations and Author's AnalysisThis is the segment that investors should pay special attention to, given that it has the potential to be Sea's second cash cow. For example, PayPal has Operating Margins of 20%+, which could be SeaMoney's long-term margin profile.GroupWith that said, let's take a look at how the business is doing as a whole.FY2021 Revenue was $10.0 billion, an increase of 128% YoY. Due to the law of large numbers and tough YoY comps, Revenue growth should decelerate from here.Source: Sea Limited Investor Relations and Author's AnalysisHere, we can see how Revenue is distributed across the different segments.Source: Sea Limited Investor Relations and Author's AnalysisWhat's encouraging is that Gross Profit Margins continue to trend upwards as the company gains economies of scale, even accounting for Shopee's aggressive expansion into new markets. FY2021 Gross Profit was $3.9 billion, up 189% YoY.Source: Sea Limited Investor Relations and Author's AnalysisOperating Expenses, however, remain elevated as management forgoes short-term profitability for long-term market dominance. FY2021 Total Operating Expenses were $5.5 billion. Below shows the different components of Operating Expenses as a percentage of Revenue.Source: Sea Limited Investor Relations and Author's AnalysisMost of the Operating Expenses were used for Sales & Marketing purposes. Unsurprisingly, Shopee had the highest S&M burn rate. Discounts, cashback, celebrity promotions... they're everywhere.Source: Sea Limited Investor Relations and Author's AnalysisAs a result, Operating Profit Margins is still negative, although it is trending in the right direction.Source: Sea Limited Investor Relations and Author's AnalysisAEBITDA, on the other hand, is plunging. This is due to Garena's falling Bookings and Shoppe's widening losses. AEBITDA for FY2021 was $(594) million, compared to FY2020 positive AEBITDA of $107 million. This is probably the most concerning figure for investors as such a high cash burn rate is unsustainable, which may also lead to additional capital raises that are dilutive to shareholders.Source: Sea Limited Investor Relations and Author's AnalysisThe guidance did not help either. Garena Bookings is expected to fall to just $3 billion, which is $1.3 billion lower than FY2021's number. Management blamed the reopening of the economy as well as the ban of Free Fire in India for the expected drop in Bookings. Assuming a modest 50% AEBITDA margin, Garena would bring in just $1.5 billion of AEBITDA for Sea in FY2022.On the other side, the other two segments are expected to continue with their immense pace of growth — Shopee and SeaMoney are expected to grow by 76% and 155%, respectively. If we assume a (50)% AEBITDA margin for both segments, Shopee and SeaMoney is expected to burn a total of about $(5.1) billion of AEBITDA. Adding Garena's estimated AEBITDA of $1.5 billion, Sea, as a Group, is expected to burn $(3.6) billion in FY2021.Source: Sea Limited FY2021 Q4 Investor PresentationBecause Garena is such an important piece of Shopee's and SeaMoney's growth story, a deceleration in Garena's business had investors reacting so negatively to Sea's latest earnings release, as now, the gaming business is incapable of covering the massive losses incurred by the other two business segments.Balance SheetSea's balance sheet position as of year-end FY2021 is at about $10.2 billion of Cash and Short Term Investments. While this may show that Sea has a substantial cushion against its short-term cash burn rate, its net cash position paints a different picture.Source: Sea Limited FY2021 Q4 Investor PresentationAdjusting for Sea's debt, Sea ended the year with a net cash position of around $5.9 billion. A substantial amount of its total debt comes from its recent issuance of 0.25% Convertible Senior Notes due 2026. The notes were issued when the stock was trading at $318 per share back in September and the initial conversion price is set at $477 per share. So, yes... conversion in the next 2 to 3 years is very unlikely.Source: Sea Limited Investor Relations and Author's AnalysisWith net cash of $5.9 billion and $(3.6) billion of estimated AEBITDA in FY2022, it won't be long before Sea requires another cash infusion. Therefore, if the high cash burn rate persists for the next 2 to 3 years, investors face a major risk of increasing financial leverage and/or dilution in the form of equity raises.Cash Flow StatementHere is what cash flow looks like over the last few quarters. Notice how Operating Cash Flow turned negative in the last quarter. Most of the cash also comes from Financing activities.Source: Sea Limited Investor Relations and Author's AnalysisUnlike other high-flying growth companies, Sea's Share-Based Compensation expenses are relatively low.Source: Sea Limited Investor Relations and Author's AnalysisCompetitive MoatsBased on my research and analysis, I identified three key competitive moats for Sea: brand, network effects, and barriers to entry. I used to think that Sea has cost advantages but as Garena becomes a smaller part of the overall business, and as losses continue to worsen, I have reason to believe that Sea no longer holds that moat.BrandAs discussed in previous sections, Garena's games, particularly Free Fire, have consistently ranked as the most downloaded mobile game in the world. Additionally, the Shopee app has gained cross-border stardom and is now regarded as the most downloaded or fastest-trending shopping App in the countries it operates in. Lastly, SeaMoney is also gaining traction with banking licenses granted in various countries that should increase brand value and trust.Network EffectsThe sheer amount of app downloads leads to powerful network effects. Garena has 652 million QAUs, which is about 8% of the world's population. Shopee recorded 200+ million app downloads in FY2021 alone. SeaMoney QAUs topped 45.8 million in Q4 and it is still in the early stages of adoption.With all these users in the Sea platform, cross-selling new products or services should be easier as Sea continues to scale. One such example is Shopee Brazil and Free Fire where each platform is encouraging consumers to use the other. As Sea continues to innovate and offer better experiences for its customers, the ecosystem gets bigger and tighter, leading to powerful network effects.Source: Shopee BrazilBarriers To EntryI believe each of Sea's core businesses is operating in a winner-takes-most environment with high barriers to entry.The mobile gaming environment requires the most talented developers to launch blockbuster games. Garena's Free Fire is certainly a blockbuster game and time in Free Fire's game means time away from other mobile games.Just like how Amazon (AMZN) dominates in the US, the e-commerce landscape in Southeast Asia and Latin America is dominated by a few players, such as Shopee, Tokopedia, and MercadoLibre (MELI). The scale and unit economics that these players have achieved makes it unsustainable for new entrants to compete with them.Banking and fintech is also a highly-regulated environment. Furthermore, consumers prefer to have just one mobile wallet, such as ShopeePay, as opposed to owning several different fintech applications.ValuationBased on my sum-of-the-parts and comparable company valuation analysis, Sea looks to be slightly undervalued with 19% upside potential. Of course, comparables are not perfect but based on this, we can gauge where Sea stands among peers.Source: Author's AnalysisOn the flip side, Sea looks extremely cheap on a historical basis. In terms of EV/Sales, Sea is trading at the lowest valuation since its IPO, trading at just 4.2x forward sales.Source: KoyfinIn terms of EV/Gross Profit, Sea is trading even cheaper than its March 2020 lows.Source: KoyfinThe valuation compression is warranted given that the company flew too close to the sun and now it is cratering back to the sea — not just for Sea, but almost all growth stocks took a beating. Growth is also slowing down and the macroeconomic environment looks gloomier than ever. However, this is not the end of the world; I think the markets are overreacting. Diversion from the mean goes both ways — perhaps, current prices present a good margin of safety for long-term investors.CatalystsSuccessful International Expansion — Shopee has been successful in replicating its playbook from Southeast Asia to Brazil. Recently, Shopee launched operations in India, Mexico, Chile, Colombia, Argentina, Poland, and Spain. If Shopee can take substantial market share in these new regions, Shopee's growth could turn exponential.The Metaverse — Sea's withering gaming division needs to be revitalized. New games and features could definitely provide the boost that it needs. For example, the metaverse is an exciting opportunity and Garena could introduce this concept to its 600+ million QAUs. Sea AI Lab (SAIL) and Sea Capital are two ventures that could accelerate the company into emerging industries, including the metaverse.We will continue to encourage user-generated content by enhancing greater features and accessibility. We believe that a strong user reception to Craftland is a positive indicator of the initial success to encourage user participation in content creation and to build Free Fire into an increasingly open platform and is well aligned with major emerging industry trends such as metaverse.Regional SuperApp — Although this concept has yet to be discussed by management, launching a regional SuperApp could enhance user engagement to new levels. For example, imagine Shopee users being able to play games, shop, order food delivery, pay for services, transfer money, invest, all under one app. Imagine users being able to convert their deposited funds in ShopeePay, into ShopeeCoins, and use it to perform cross-border transactions.Continued Growth In SeaMoney — SeaMoney is still in its early stages and continued adoption of Sea's digital financial services offerings will be a strong addition to Sea's bull thesis. SPayLater has real potential to disrupt the consumer credit industry. SeaBank and ShopeePay have the opportunity to capture digital wallet, digital banking, and cashless society trends.Free Fire India Ban Lift— Garena's weak guidance factored in the headwinds coming from the ban in India. If the ban is lifted, the stock may react positively as much of Sea's cash burn problems may be eliminated.RisksThe Pressure to Launch Blockbuster Games— There will come a time when Free Fire will be dethroned as the most-played and most-downloaded game. That is just how the gaming business works. This puts a substantial risk on the cash flow generation potential of Garena. Launching blockbuster games is never easy and it requires many trials and errors along the way. For me, I would like to see Garena shift to a gaming franchise model where the company launches an updated version of an existing game every year or two, which presents a more stable and recurring revenue stream for the company. An example would be FIFA or Call of Duty.Shopee India Ban — With Free Fire banned in India, there's also the potential for Shoppe to be banned as well.Failure to Gain Traction in International Markets— Shopee pulled out of France in early March, an indication that Shoppe's business model is not replicable in other countries, especially in more developed regions. Shopee Poland and Spain may be next on the exit list as they hold a close resemblance to France.Geopolitical Risks— Tencent, a Chinese company, has an 18.7% equity stake in Sea. Sanctions, bans, and other restrictions on Chinese companies, given the current geopolitical environment, could spell trouble for Sea. Tencent may have to cut exposure on Sea or even dissolve its developing-publishing partnership with Garena.Local Competition— Local champions operating in their respective markets cannot be ignored. These include GoTo in Indonesia, MercadoLibre in Latin America, and Flipkart in India.In addition, there's a certain level of pride for consumers to see their native-born companies succeed. I'm Indonesian, and it makes me really happy to see GoTo grow and grow.GoTo, the holding company of both Indonesian tech darlings Gojek and Tokopedia, recently announced its plan to IPO in the Indonesia Stock Exchange. Here's a glance of GoTo's stats for the 12-months ended 30 September 2021:Valuation: $26.2 billion to $28.8 billionGMV: $28.8 billionRevenue: $1 billionGross Orders: 2 billionAnnual Transacting Users: 55 millionDriver Partners: 2.5 millionMerchants: 14 millionThe point is that there are big-time local players operating in Sea's markets that investors should never ignore. Here's a little snippet from my previous Shopee article:But with the GoTo merger, Indonesia could potentially extinguish the orange flame that charred its forest for many years. Now, GoTo could finally reclaim a good chunk of its territory that was lost to waves of competition, especially from Shopee. GoTo could finally gain more ground as the roots grew even stronger with the merger, fertilized with the synergies of value propositions, logistics, payments, and banking solutions.Meanwhile, Sea Limited's stock continues to soar, ignoring the titan of an elephant in the room. And because of GoTo's integration, Shopee's vertically-integrated business model doesn't look like a strong competitive advantage anymore.ConclusionEach of Sea's core businesses is in hypergrowth mode, propelled by megatrends in the mobile gaming, e-commerce, and fintech industry. Management understands these opportunities and therefore, is sacrificing short-term profitability for long-term market dominance. Despite being a larger business, Sea still has a massive growth runway ahead.That is not to say that unprofitability and competition risks can and should be ignored. The biggest concern for investors is the company's unsustainable cash burn rate, which will likely lead to further capital raises in the near future.Nonetheless, the long-term growth thesis for the three-headed monster remains intact. Strong brand, network effects, and barriers to entry moats should support the business going forward. In addition, shares of Sea are trading at the lowest valuation multiples ever, which presents a good margin of safety for an entry at these prices.Thank you for reading my Sea Limited deep dive. If you enjoyed the article, please let me know in the comment section down below. If you have any suggestions or feedback, don't hesitate to share your thoughts as well.","news_type":1},"isVote":1,"tweetType":1,"viewCount":179,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9969657397,"gmtCreate":1668437711020,"gmtModify":1676538056644,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577362879194763","authorIdStr":"3577362879194763"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BABA\">$阿里巴巴(BABA)$&nbsp;</a><v-v data-views=\"1\"></v-v>👍👍👍","listText":"<a href=\"https://ttm.financial/S/BABA\">$阿里巴巴(BABA)$&nbsp;</a><v-v data-views=\"1\"></v-v>👍👍👍","text":"$阿里巴巴(BABA)$ 👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9969657397","isVote":1,"tweetType":1,"viewCount":200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9079191062,"gmtCreate":1657155663656,"gmtModify":1676535960313,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577362879194763","authorIdStr":"3577362879194763"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/00175\">$吉利汽车(00175)$</a>😅","listText":"<a 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10:31","market":"us","language":"zh","title":"摩根大通CEO：美联储加息远超预期，市场风险前所未有","url":"https://stock-news.laohu8.com/highlight/detail?id=2225304903","media":"华尔街见闻","summary":"戴蒙称，目前美联储的紧缩周期绝不是市场此前预计的那样，投资者要为可能比预期更多的加息做好准备。而这一过程将引起很多恐慌和非常动荡的市场，要做好准备。美国同时对抗通胀、战争和新冠疫情，给经济带来“前所未有”的风险。　　4月4日周一，美国资产规模最大的银行摩根大通的CEO戴蒙在致股东的信中，对未来美国经济和市场发出严重警告。","content":"<html><head></head><body><blockquote>戴蒙称，目前美联储的紧缩周期绝不是市场此前预计的那样，投资者要为可能比预期更多的加息做好准备。而这一过程将引起很多恐慌和非常动荡的市场，要做好准备。美国同时对抗通胀、战争和新冠疫情，给经济带来“前所未有”的风险。</blockquote><p>4月4日周一，美国资产规模最大的银行<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>的CEO戴蒙在致股东的信中，对未来美国经济和市场发出严重警告。</p><p>戴蒙称，<b>目前美联储的紧缩周期绝不是市场此前预计的那样，投资者要为可能比预期更多的加息做好准备。而这一过程将引起很多恐慌和非常动荡的市场。美国同时对抗通胀、战争和新冠疫情，给经济带来“前所未有”的风险。</b></p><p>戴蒙警告称，今年的这封信是在俄乌冲突升级和高通胀可能损害美国经济增长的情况下发出。他认为，乌克兰局势叠加高通胀，会减缓新冠疫情后的复苏，并在未来几十年改变全球联盟。他在信中表示：</p><blockquote>我们正面临着各种挑战：新冠疫情，全球经济急剧衰退又强劲复苏，通货膨胀加剧，俄乌冲突以及史无前例的西方国家对俄罗斯的制裁等等。</blockquote><p>在戴蒙看来，<b>近期地缘政治动荡造成的能源危机加剧了已经飙升的通货膨胀，</b>这将会使得美联储处于一个不稳定的状态。</p><p>戴蒙指出，“当前所呈现的情况，与我们过去所经历的完全不同——它们的汇合可能会大大增加未来的风险。虽然所有这些事件都有可能并有希望得到和平解决，但我们应该为潜在的负面结果做好准备。”</p><p>自戴蒙上一封股东信以来，很多事情都发生了变化。去年4月，随着疫情好转，戴蒙称经济可能迎来“金发姑娘时刻”——快速、持续的增长，以及通胀和利率缓慢上升。相反，随后经济迎来的是与增长相伴的、远超预期的通胀。</p><p>戴蒙认为，美联储在应对新冠初期时推出的宽松货币政策，以及财政部当初大水漫灌的刺激措施可能太多，且持续时间太长。“事后看来，这种药可能太多而且持续时间太长。”</p><p>戴蒙警告称，<b>美联储加息的次数“可能远高于市场预期”。</b>从3月FOMC会议的点阵图来看，当前美联储预计年内有7次加息，每次25个基点。不过会议后，对于5月加息50个基点的呼声不断高涨，已成大概率事件。</p><p>事实上，戴蒙早在今年初的四季度财报电话会上就表示，应该为美联储可能比市场目前定价的更多次加息做好准备。“通胀可能比他们（美联储）认为的情况还要糟糕，他们加息的次数可能比大家认为的多。”</p><p>在周一的最新讲话中，戴蒙预计利率将大幅上升。随着经济复苏越强劲，随之而来的利率就越高。目前美联储的紧缩周期绝不是市场此前预计的那样。</p><p>而上述大幅加息过程，在戴蒙看来，将引发市场巨震。<b>“这个过程将引起很多恐慌和非常动荡的市场。”</b></p><p>对于最新的俄乌局势，戴蒙称，俄乌冲突和西方制裁将“至少”减缓全球经济。石油、商品和农业市场已经步履蹒跚。未来更多制裁的前景，可能戏剧性地、不可预测地增加其影响。“加上战争本身的不可预测性和全球商品供应链的不确定性，这导致了潜在的爆炸性局势。”</p><p>戴蒙透露，随着时间的推移，<b>摩根大通在俄罗斯的业务可能会损失约10亿美元。</b></p><p>同日，<b>戴蒙再度呼吁制定新的马歇尔计划，旨在能源独立，</b>他称世界迫切需要可靠的、负担得起的能源供应，否则地域政治冲突还将会进一步加剧通胀高企。</p><p>戴蒙敦促美国政府制定计划，以大力提高国内能源生产，尤其是天然气。他特别呼吁美国为石油和天然气项目颁发许可证，并增加向欧洲运送液化天然气。他也同时表示，确保满足当前的能源需求，并不一定要以对绿色能源的投资和更广泛的减少碳排放的努力为代价。“我们需要在未来几年立即确保适当的能源供应，这可以在减少二氧化碳排放的同时做到这一点。”</p></body></html>","source":"sina","collect":0,"html":"<!DOCTYPE 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n摩根大通CEO：美联储加息远超预期，市场风险前所未有\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-05 10:31 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/stock/usstock/c/2022-04-05/doc-imcwiwss9950188.shtml?finpagefr=p_115><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>戴蒙称，目前美联储的紧缩周期绝不是市场此前预计的那样，投资者要为可能比预期更多的加息做好准备。而这一过程将引起很多恐慌和非常动荡的市场，要做好准备。美国同时对抗通胀、战争和新冠疫情，给经济带来“前所未有”的风险。4月4日周一，美国资产规模最大的银行摩根大通的CEO戴蒙在致股东的信中，对未来美国经济和市场发出严重警告。戴蒙称，目前美联储的紧缩周期绝不是市场此前预计的那样，投资者要为可能比预期更多的...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/usstock/c/2022-04-05/doc-imcwiwss9950188.shtml?finpagefr=p_115\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4ecccb954c9a03cd26d576ebec5c96d6","relate_stocks":{},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2022-04-05/doc-imcwiwss9950188.shtml?finpagefr=p_115","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2225304903","content_text":"戴蒙称，目前美联储的紧缩周期绝不是市场此前预计的那样，投资者要为可能比预期更多的加息做好准备。而这一过程将引起很多恐慌和非常动荡的市场，要做好准备。美国同时对抗通胀、战争和新冠疫情，给经济带来“前所未有”的风险。4月4日周一，美国资产规模最大的银行摩根大通的CEO戴蒙在致股东的信中，对未来美国经济和市场发出严重警告。戴蒙称，目前美联储的紧缩周期绝不是市场此前预计的那样，投资者要为可能比预期更多的加息做好准备。而这一过程将引起很多恐慌和非常动荡的市场。美国同时对抗通胀、战争和新冠疫情，给经济带来“前所未有”的风险。戴蒙警告称，今年的这封信是在俄乌冲突升级和高通胀可能损害美国经济增长的情况下发出。他认为，乌克兰局势叠加高通胀，会减缓新冠疫情后的复苏，并在未来几十年改变全球联盟。他在信中表示：我们正面临着各种挑战：新冠疫情，全球经济急剧衰退又强劲复苏，通货膨胀加剧，俄乌冲突以及史无前例的西方国家对俄罗斯的制裁等等。在戴蒙看来，近期地缘政治动荡造成的能源危机加剧了已经飙升的通货膨胀，这将会使得美联储处于一个不稳定的状态。戴蒙指出，“当前所呈现的情况，与我们过去所经历的完全不同——它们的汇合可能会大大增加未来的风险。虽然所有这些事件都有可能并有希望得到和平解决，但我们应该为潜在的负面结果做好准备。”自戴蒙上一封股东信以来，很多事情都发生了变化。去年4月，随着疫情好转，戴蒙称经济可能迎来“金发姑娘时刻”——快速、持续的增长，以及通胀和利率缓慢上升。相反，随后经济迎来的是与增长相伴的、远超预期的通胀。戴蒙认为，美联储在应对新冠初期时推出的宽松货币政策，以及财政部当初大水漫灌的刺激措施可能太多，且持续时间太长。“事后看来，这种药可能太多而且持续时间太长。”戴蒙警告称，美联储加息的次数“可能远高于市场预期”。从3月FOMC会议的点阵图来看，当前美联储预计年内有7次加息，每次25个基点。不过会议后，对于5月加息50个基点的呼声不断高涨，已成大概率事件。事实上，戴蒙早在今年初的四季度财报电话会上就表示，应该为美联储可能比市场目前定价的更多次加息做好准备。“通胀可能比他们（美联储）认为的情况还要糟糕，他们加息的次数可能比大家认为的多。”在周一的最新讲话中，戴蒙预计利率将大幅上升。随着经济复苏越强劲，随之而来的利率就越高。目前美联储的紧缩周期绝不是市场此前预计的那样。而上述大幅加息过程，在戴蒙看来，将引发市场巨震。“这个过程将引起很多恐慌和非常动荡的市场。”对于最新的俄乌局势，戴蒙称，俄乌冲突和西方制裁将“至少”减缓全球经济。石油、商品和农业市场已经步履蹒跚。未来更多制裁的前景，可能戏剧性地、不可预测地增加其影响。“加上战争本身的不可预测性和全球商品供应链的不确定性，这导致了潜在的爆炸性局势。”戴蒙透露，随着时间的推移，摩根大通在俄罗斯的业务可能会损失约10亿美元。同日，戴蒙再度呼吁制定新的马歇尔计划，旨在能源独立，他称世界迫切需要可靠的、负担得起的能源供应，否则地域政治冲突还将会进一步加剧通胀高企。戴蒙敦促美国政府制定计划，以大力提高国内能源生产，尤其是天然气。他特别呼吁美国为石油和天然气项目颁发许可证，并增加向欧洲运送液化天然气。他也同时表示，确保满足当前的能源需求，并不一定要以对绿色能源的投资和更广泛的减少碳排放的努力为代价。“我们需要在未来几年立即确保适当的能源供应，这可以在减少二氧化碳排放的同时做到这一点。”","news_type":1},"isVote":1,"tweetType":1,"viewCount":226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9010631605,"gmtCreate":1648350839510,"gmtModify":1676534330310,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577362879194763","authorIdStr":"3577362879194763"},"themes":[],"htmlText":"🙏🙏🙏","listText":"🙏🙏🙏","text":"🙏🙏🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9010631605","repostId":"1119872539","repostType":4,"repost":{"id":"1119872539","kind":"news","pubTimestamp":1648346519,"share":"https://ttm.financial/m/news/1119872539?lang=&edition=fundamental","pubTime":"2022-03-27 10:01","market":"us","language":"zh","title":"波动性飙升之下，市场需要重新衡量一个问题","url":"https://stock-news.laohu8.com/highlight/detail?id=1119872539","media":"金十数据","summary":"从历史数据计算出的资产间相关性正大幅减弱，这意味什么？随着2022年市场波动性的剧增，近年来市场相对明显的回报相关性也在逐渐消失。金融分析师James Picerno提醒称，关于市场间关系及多元化收益","content":"<html><head></head><body><p>从历史数据计算出的资产间相关性正大幅减弱，这意味什么？</p><p>随着2022年市场波动性的剧增，近年来市场相对明显的回报相关性也在逐渐消失。金融分析师James Picerno提醒称，<b>关于市场间关系及多元化收益程度的假设可能需要更新了。</b></p><p>作为市场的风向，这三组<a href=\"https://laohu8.com/S/PSFF\">Pacer Swan SOS Fund of Funds ETF|ETF</a>组合的相关性一直广受投资者关注：美国股票（VTI）分别与美国债券（BND）、发达市场外国股票（VEA）、新兴市场股票（VWO）的相关性。如下图所示，近月来此三个ETF组合的一年期相关性都出现了不小的降幅。</p><p>注：相关读数范围从-1.0（完全负相关）到零（无相关）到+1.0（完全正相关）。</p><p><img src=\"https://static.tigerbbs.com/35f655a89eefb222e4d32512bb1196cb\" tg-width=\"650\" tg-height=\"450\" referrerpolicy=\"no-referrer\"/></p><p>图：1年期相关性</p><p>从更广泛的角度而言，主要资产类别的中位数相关性也有所下降。其目前的读数为0.37（截至3月23日）是两年多以来的最低值。</p><p><img src=\"https://static.tigerbbs.com/fb1d970fc987fe303134852316c6f5f4\" tg-width=\"650\" tg-height=\"450\" referrerpolicy=\"no-referrer\"/></p><p>图：1年期成对相关性中位数</p><p>近期相关性的下行偏差在微观层面上也很明显。14种主要资产类别ETF基金的运行数据显示，在过去一年内以每日回报率为基础数据所衡量的相关性中，各ETF主要处于低相关性和轻微负相关性状态。</p><p><img src=\"https://static.tigerbbs.com/4e950c5d561690fa00bdab66b96775cf\" tg-width=\"650\" tg-height=\"650\" referrerpolicy=\"no-referrer\"/></p><p>图：基于每日回报率为基础数据所衡量的相关性（1年期数据）</p><p>即使将量化时间拉长到五年，低相关性和轻微负相关性所出现的频率也十分高。</p><p><img src=\"https://static.tigerbbs.com/36aef9b4b55fdd0cbb9899d7b9eb8a15\" tg-width=\"650\" tg-height=\"650\" referrerpolicy=\"no-referrer\"/></p><p>图：基于每日收益为基础数据所衡量的相关性（5年期数据）</p><p>当量化标准调整为五年期滚动回报率时，这种变化也十分明显。</p><p><img src=\"https://static.tigerbbs.com/92bcc418e2fd5a497da15ba8da167086\" tg-width=\"650\" tg-height=\"650\" referrerpolicy=\"no-referrer\"/></p><p>图：基于252天回报率为基础数据所衡量的相关性（5年期数据）</p><p>近年来，人们一般假设各ETF的相关性相对稳定且较高，因为这意味着可以以“一劳永逸”的心态进行使用该风险度量模型的建模。但市场时时刻刻在对风险进行重新定价，因此相关性是动态变化的。</p><p>现在的问题是，相关性的重置会持续多久？没有人能说得清楚，但有一点很明显：<b>在过去所量化得出的相关性已经不适用于当下的市场了。</b></p></body></html>","source":"jssj","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>波动性飙升之下，市场需要重新衡量一个问题</title>\n<style 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margin: 0;line-height: 11px;}\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\">\n波动性飙升之下，市场需要重新衡量一个问题\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-27 10:01 北京时间&nbsp;&nbsp;&nbsp;<a href=https://xnews.jin10.com/details/91888><strong>金十数据</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>从历史数据计算出的资产间相关性正大幅减弱，这意味什么？随着2022年市场波动性的剧增，近年来市场相对明显的回报相关性也在逐渐消失。金融分析师James Picerno提醒称，关于市场间关系及多元化收益程度的假设可能需要更新了。作为市场的风向，这三组Pacer Swan SOS Fund of Funds ETF|ETF组合的相关性一直广受投资者关注：美国股票（VTI）分别与美国债券（BND）、发达...</p>\n\n<a href=\"https://xnews.jin10.com/details/91888\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4f6ec6e99c0c8b9feb7f296b78c65a54","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://xnews.jin10.com/details/91888","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119872539","content_text":"从历史数据计算出的资产间相关性正大幅减弱，这意味什么？随着2022年市场波动性的剧增，近年来市场相对明显的回报相关性也在逐渐消失。金融分析师James Picerno提醒称，关于市场间关系及多元化收益程度的假设可能需要更新了。作为市场的风向，这三组Pacer Swan SOS Fund of Funds ETF|ETF组合的相关性一直广受投资者关注：美国股票（VTI）分别与美国债券（BND）、发达市场外国股票（VEA）、新兴市场股票（VWO）的相关性。如下图所示，近月来此三个ETF组合的一年期相关性都出现了不小的降幅。注：相关读数范围从-1.0（完全负相关）到零（无相关）到+1.0（完全正相关）。图：1年期相关性从更广泛的角度而言，主要资产类别的中位数相关性也有所下降。其目前的读数为0.37（截至3月23日）是两年多以来的最低值。图：1年期成对相关性中位数近期相关性的下行偏差在微观层面上也很明显。14种主要资产类别ETF基金的运行数据显示，在过去一年内以每日回报率为基础数据所衡量的相关性中，各ETF主要处于低相关性和轻微负相关性状态。图：基于每日回报率为基础数据所衡量的相关性（1年期数据）即使将量化时间拉长到五年，低相关性和轻微负相关性所出现的频率也十分高。图：基于每日收益为基础数据所衡量的相关性（5年期数据）当量化标准调整为五年期滚动回报率时，这种变化也十分明显。图：基于252天回报率为基础数据所衡量的相关性（5年期数据）近年来，人们一般假设各ETF的相关性相对稳定且较高，因为这意味着可以以“一劳永逸”的心态进行使用该风险度量模型的建模。但市场时时刻刻在对风险进行重新定价，因此相关性是动态变化的。现在的问题是，相关性的重置会持续多久？没有人能说得清楚，但有一点很明显：在过去所量化得出的相关性已经不适用于当下的市场了。","news_type":1},"isVote":1,"tweetType":1,"viewCount":296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9034495781,"gmtCreate":1647937171664,"gmtModify":1676534282315,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577362879194763","authorIdStr":"3577362879194763"},"themes":[],"htmlText":"🙏🙏🙏","listText":"🙏🙏🙏","text":"🙏🙏🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034495781","repostId":"1159494411","repostType":4,"isVote":1,"tweetType":1,"viewCount":275,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9031531125,"gmtCreate":1646612983168,"gmtModify":1676534143034,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577362879194763","authorIdStr":"3577362879194763"},"themes":[],"htmlText":"👍👍👍","listText":"👍👍👍","text":"👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9031531125","repostId":"1130057380","repostType":4,"repost":{"id":"1130057380","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1646608778,"share":"https://ttm.financial/m/news/1130057380?lang=&edition=fundamental","pubTime":"2022-03-07 07:19","market":"hk","language":"zh","title":"本周前瞻 | 京东、Rivian等公布财报！苹果召开新品发布会","url":"https://stock-news.laohu8.com/highlight/detail?id=1130057380","media":"老虎资讯综合","summary":"摘要：俄乌冲突或将继续主导市场情绪。经济数据方面，中国、美国都将公布CPI，欧央行将公布利率决议。财报方面，京东、贝壳等多只中概股将发布财报，电动车初创企业Rivian，明星科技公司甲骨文也将公布业绩","content":"<html><head></head><body><p>摘要：</p><blockquote>俄乌冲突或将继续主导市场情绪。经济数据方面，中国、美国都将公布CPI，欧央行将公布利率决议。</blockquote><blockquote>财报方面，京东、贝壳等多只中概股将发布财报，电动车初创企业Rivian，明星科技公司甲骨文也将公布业绩。</blockquote><blockquote>大宗商品的走势也是一周的关注重点。除了原油，美国的农产品、欧洲的天然气以及英国LME的工业金属的价格都可能继续飙升。</blockquote><blockquote>苹果2022年首场新品发布会将于北京时间3月9日凌晨2点正式举行。</blockquote><blockquote>值得注意的是，周日起（3月13日）， 北美地区开始实行夏令时，之后的美国和加拿大金融市场交易时间将较冬令时提前一小时。</blockquote><p><img src=\"https://static.tigerbbs.com/1ae5f0a47a97f2f42dfdc8ccba8d0db6\" tg-width=\"1878\" tg-height=\"1828\" referrerpolicy=\"no-referrer\"/><b>3月7日 周一关键词：中国贸易帐和外汇储备，小牛电动发布财报</b><img src=\"https://static.tigerbbs.com/93fbde8e9ef1ff804913c18b124a6814\" tg-width=\"780\" tg-height=\"505\" referrerpolicy=\"no-referrer\"/></p><p>周一，<b>数据方面，</b>可留意中国贸易帐和外汇储备、欧元区3月Sentix投资者信心指数。</p><p><b>财报方面，<a href=\"https://laohu8.com/S/NIU\">小牛电动</a>、<a href=\"https://laohu8.com/S/CIEN\">Ciena</a></b>将于3月7日美股盘前公布2021年Q4财报。</p><p><b>3月8日 周二关键词：欧元区第四季度GDP，美国1月贸易帐，中兴通讯财报</b></p><p>周二，<b>数据方面，</b>主要关注欧元区第四季度GDP和美国1月贸易帐。</p><p><b>财报方面，<a href=\"https://laohu8.com/S/00763\">中兴通讯</a></b>、<b><a href=\"https://laohu8.com/S/GOTU\">高途</a></b>预计将于本日公布2021年Q4财报。</p><p><b>3月9日 周三关键词：中国CPI、PPI、社融等数据，苹果新品发布会</b><img src=\"https://static.tigerbbs.com/850ba6116c25a8b756caf396dce7f341\" tg-width=\"907\" tg-height=\"394\" referrerpolicy=\"no-referrer\"/>周三，<b>中国将公布CPI、PPI数据与社融、M2货币供应量。</b></p><blockquote>机构预计，2月CPI同比上涨0.7%，较1月回落0.2个百分点；PPI预计同比上涨8.6%，较1月回落0.5个百分点。</blockquote><blockquote>2月M2料回落至9.3%，M1较1月抬升至4%。1月剔除春节效应的M1是2%，M1-M2剪刀差为7.8%，2月M1-M2剪刀差将收窄至5.3%。</blockquote><p><b>事件方面，<a href=\"https://laohu8.com/S/AAPL\">苹果</a></b>将在美国太平洋时间3月8日10点(北京时间3月9日2点)举行春季新品发布会。</p><p><b>财报方面，<a href=\"https://laohu8.com/S/00788\">中国铁塔</a>、<a href=\"https://laohu8.com/S/MDB\">MongoDB</a>、<a href=\"https://laohu8.com/S/DADA\">达达集团</a>、<a href=\"https://laohu8.com/S/CPB\">金宝汤</a></b>将公布财报。</p><p><b>新股方面，<a href=\"https://laohu8.com/S/00816\">金茂服务</a></b>将公布中签结果。</p><blockquote>金茂服务是中国增长迅速的高端物业管理及城市运营服务提供商，其控股股东<b><a href=\"https://laohu8.com/S/00817.HK\">中国金茂</a></b>是中国的顶级物业开发商。</blockquote><p><b>3月10日 周四关键词：美国2月CPI，京东财报，蔚来、金茂服务上市</b><img src=\"https://static.tigerbbs.com/4539604e511999f5a7097b0473cb98a7\" tg-width=\"902\" tg-height=\"311\" referrerpolicy=\"no-referrer\"/></p><p>周四，<b>美国劳工统计局将公布2月消费者物价值数（CPI）。</b>1月CPI录得同比上涨7.5%，已经创下1982年2月以来新高，市场预期2月CPI年率将升至7.8%。这是离美联储3月会议最近的一份重磅数据报告。</p><p><b>同时欧洲央行也将于同一天公布利率决议，</b>虽然欧洲各国也同样面临着高通胀，但鉴于近期俄乌不断升温的局势，央行似乎不打算过早地调整货币政策。</p><p><b>财报方面，<a href=\"https://laohu8.com/S/09618\">京东集团-SW</a>、<a href=\"https://laohu8.com/S/00123\">越秀地产</a>、<a href=\"https://laohu8.com/S/02282\">美高梅中国</a>、<a href=\"https://laohu8.com/S/BEKE\">贝壳</a>、<a href=\"https://laohu8.com/S/RIVN\">Rivian Automotive</a></b>等公司将公布业绩。</p><p><b>新股方面，<a href=\"https://laohu8.com/S/09866\">蔚来-SW</a>、<a href=\"https://laohu8.com/S/00816\">金茂服务</a></b>上市。其中，<b>蔚来计划于3月10日在港交所挂牌交易，本次上市采用介绍上市的方式，不涉及新股发行及资金募集。</b></p><blockquote>蔚来是高端智能电动汽车市场的先驱及领跑者，于2018年9月12日在纽交所上市，截至3月4日美股收盘，<a href=\"https://laohu8.com/S/NIO.US\">蔚来</a>报18.63美元，总市值296.3亿美元。</blockquote><p><b>3月11日 周五关键词：美国3月密歇根大学消费者信心指数，Rivian财报</b><img src=\"https://static.tigerbbs.com/c67a43d52bbedb11f9fedb754ad1eef3\" tg-width=\"903\" tg-height=\"368\" referrerpolicy=\"no-referrer\"/>周五，<b>数据方面，</b>美国3月密歇根大学消费者信心指数将公布。</p><blockquote>此前公布的美国2月密歇根大学消费者信心指数终值为62.8，预期为61.7，前值为61.7。美国密歇根大学消费调查主管Curtin表示，经济损失和消费者对通胀日益增长的焦虑促使近90%的消费者预期利率会上升。</blockquote><p><b>财报方面，<a href=\"https://laohu8.com/S/WE\">WeWork</a>、<a href=\"https://laohu8.com/S/RLX\">雾芯科技</a></b>将发布财报。</p><p><b>事件方面，</b>十三届全国人大五次会议将于3月11日上午举行闭幕会，闭幕会后将举行总理记者会。</p><p><b>值得注意的是，周日起（3月13日）， 北美地区开始实行夏令时，之后的美国和加拿大金融市场交易时间将较冬令时提前一小时。</b></p></body></html>","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>本周前瞻 | 京东、Rivian等公布财报！苹果召开新品发布会</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n本周前瞻 | 京东、Rivian等公布财报！苹果召开新品发布会\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\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\">老虎资讯综合 </p>\n<p class=\"h-time\">2022-03-07 07:19</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>摘要：</p><blockquote>俄乌冲突或将继续主导市场情绪。经济数据方面，中国、美国都将公布CPI，欧央行将公布利率决议。</blockquote><blockquote>财报方面，京东、贝壳等多只中概股将发布财报，电动车初创企业Rivian，明星科技公司甲骨文也将公布业绩。</blockquote><blockquote>大宗商品的走势也是一周的关注重点。除了原油，美国的农产品、欧洲的天然气以及英国LME的工业金属的价格都可能继续飙升。</blockquote><blockquote>苹果2022年首场新品发布会将于北京时间3月9日凌晨2点正式举行。</blockquote><blockquote>值得注意的是，周日起（3月13日）， 北美地区开始实行夏令时，之后的美国和加拿大金融市场交易时间将较冬令时提前一小时。</blockquote><p><img src=\"https://static.tigerbbs.com/1ae5f0a47a97f2f42dfdc8ccba8d0db6\" tg-width=\"1878\" tg-height=\"1828\" referrerpolicy=\"no-referrer\"/><b>3月7日 周一关键词：中国贸易帐和外汇储备，小牛电动发布财报</b><img src=\"https://static.tigerbbs.com/93fbde8e9ef1ff804913c18b124a6814\" tg-width=\"780\" tg-height=\"505\" referrerpolicy=\"no-referrer\"/></p><p>周一，<b>数据方面，</b>可留意中国贸易帐和外汇储备、欧元区3月Sentix投资者信心指数。</p><p><b>财报方面，<a href=\"https://laohu8.com/S/NIU\">小牛电动</a>、<a href=\"https://laohu8.com/S/CIEN\">Ciena</a></b>将于3月7日美股盘前公布2021年Q4财报。</p><p><b>3月8日 周二关键词：欧元区第四季度GDP，美国1月贸易帐，中兴通讯财报</b></p><p>周二，<b>数据方面，</b>主要关注欧元区第四季度GDP和美国1月贸易帐。</p><p><b>财报方面，<a href=\"https://laohu8.com/S/00763\">中兴通讯</a></b>、<b><a href=\"https://laohu8.com/S/GOTU\">高途</a></b>预计将于本日公布2021年Q4财报。</p><p><b>3月9日 周三关键词：中国CPI、PPI、社融等数据，苹果新品发布会</b><img src=\"https://static.tigerbbs.com/850ba6116c25a8b756caf396dce7f341\" tg-width=\"907\" tg-height=\"394\" referrerpolicy=\"no-referrer\"/>周三，<b>中国将公布CPI、PPI数据与社融、M2货币供应量。</b></p><blockquote>机构预计，2月CPI同比上涨0.7%，较1月回落0.2个百分点；PPI预计同比上涨8.6%，较1月回落0.5个百分点。</blockquote><blockquote>2月M2料回落至9.3%，M1较1月抬升至4%。1月剔除春节效应的M1是2%，M1-M2剪刀差为7.8%，2月M1-M2剪刀差将收窄至5.3%。</blockquote><p><b>事件方面，<a href=\"https://laohu8.com/S/AAPL\">苹果</a></b>将在美国太平洋时间3月8日10点(北京时间3月9日2点)举行春季新品发布会。</p><p><b>财报方面，<a href=\"https://laohu8.com/S/00788\">中国铁塔</a>、<a href=\"https://laohu8.com/S/MDB\">MongoDB</a>、<a href=\"https://laohu8.com/S/DADA\">达达集团</a>、<a href=\"https://laohu8.com/S/CPB\">金宝汤</a></b>将公布财报。</p><p><b>新股方面，<a href=\"https://laohu8.com/S/00816\">金茂服务</a></b>将公布中签结果。</p><blockquote>金茂服务是中国增长迅速的高端物业管理及城市运营服务提供商，其控股股东<b><a href=\"https://laohu8.com/S/00817.HK\">中国金茂</a></b>是中国的顶级物业开发商。</blockquote><p><b>3月10日 周四关键词：美国2月CPI，京东财报，蔚来、金茂服务上市</b><img src=\"https://static.tigerbbs.com/4539604e511999f5a7097b0473cb98a7\" tg-width=\"902\" tg-height=\"311\" referrerpolicy=\"no-referrer\"/></p><p>周四，<b>美国劳工统计局将公布2月消费者物价值数（CPI）。</b>1月CPI录得同比上涨7.5%，已经创下1982年2月以来新高，市场预期2月CPI年率将升至7.8%。这是离美联储3月会议最近的一份重磅数据报告。</p><p><b>同时欧洲央行也将于同一天公布利率决议，</b>虽然欧洲各国也同样面临着高通胀，但鉴于近期俄乌不断升温的局势，央行似乎不打算过早地调整货币政策。</p><p><b>财报方面，<a href=\"https://laohu8.com/S/09618\">京东集团-SW</a>、<a href=\"https://laohu8.com/S/00123\">越秀地产</a>、<a href=\"https://laohu8.com/S/02282\">美高梅中国</a>、<a href=\"https://laohu8.com/S/BEKE\">贝壳</a>、<a href=\"https://laohu8.com/S/RIVN\">Rivian Automotive</a></b>等公司将公布业绩。</p><p><b>新股方面，<a href=\"https://laohu8.com/S/09866\">蔚来-SW</a>、<a href=\"https://laohu8.com/S/00816\">金茂服务</a></b>上市。其中，<b>蔚来计划于3月10日在港交所挂牌交易，本次上市采用介绍上市的方式，不涉及新股发行及资金募集。</b></p><blockquote>蔚来是高端智能电动汽车市场的先驱及领跑者，于2018年9月12日在纽交所上市，截至3月4日美股收盘，<a href=\"https://laohu8.com/S/NIO.US\">蔚来</a>报18.63美元，总市值296.3亿美元。</blockquote><p><b>3月11日 周五关键词：美国3月密歇根大学消费者信心指数，Rivian财报</b><img src=\"https://static.tigerbbs.com/c67a43d52bbedb11f9fedb754ad1eef3\" tg-width=\"903\" tg-height=\"368\" referrerpolicy=\"no-referrer\"/>周五，<b>数据方面，</b>美国3月密歇根大学消费者信心指数将公布。</p><blockquote>此前公布的美国2月密歇根大学消费者信心指数终值为62.8，预期为61.7，前值为61.7。美国密歇根大学消费调查主管Curtin表示，经济损失和消费者对通胀日益增长的焦虑促使近90%的消费者预期利率会上升。</blockquote><p><b>财报方面，<a href=\"https://laohu8.com/S/WE\">WeWork</a>、<a href=\"https://laohu8.com/S/RLX\">雾芯科技</a></b>将发布财报。</p><p><b>事件方面，</b>十三届全国人大五次会议将于3月11日上午举行闭幕会，闭幕会后将举行总理记者会。</p><p><b>值得注意的是，周日起（3月13日）， 北美地区开始实行夏令时，之后的美国和加拿大金融市场交易时间将较冬令时提前一小时。</b></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d256e82db1d71c864259845ce1d069bf","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130057380","content_text":"摘要：俄乌冲突或将继续主导市场情绪。经济数据方面，中国、美国都将公布CPI，欧央行将公布利率决议。财报方面，京东、贝壳等多只中概股将发布财报，电动车初创企业Rivian，明星科技公司甲骨文也将公布业绩。大宗商品的走势也是一周的关注重点。除了原油，美国的农产品、欧洲的天然气以及英国LME的工业金属的价格都可能继续飙升。苹果2022年首场新品发布会将于北京时间3月9日凌晨2点正式举行。值得注意的是，周日起（3月13日）， 北美地区开始实行夏令时，之后的美国和加拿大金融市场交易时间将较冬令时提前一小时。3月7日 周一关键词：中国贸易帐和外汇储备，小牛电动发布财报周一，数据方面，可留意中国贸易帐和外汇储备、欧元区3月Sentix投资者信心指数。财报方面，小牛电动、Ciena将于3月7日美股盘前公布2021年Q4财报。3月8日 周二关键词：欧元区第四季度GDP，美国1月贸易帐，中兴通讯财报周二，数据方面，主要关注欧元区第四季度GDP和美国1月贸易帐。财报方面，中兴通讯、高途预计将于本日公布2021年Q4财报。3月9日 周三关键词：中国CPI、PPI、社融等数据，苹果新品发布会周三，中国将公布CPI、PPI数据与社融、M2货币供应量。机构预计，2月CPI同比上涨0.7%，较1月回落0.2个百分点；PPI预计同比上涨8.6%，较1月回落0.5个百分点。2月M2料回落至9.3%，M1较1月抬升至4%。1月剔除春节效应的M1是2%，M1-M2剪刀差为7.8%，2月M1-M2剪刀差将收窄至5.3%。事件方面，苹果将在美国太平洋时间3月8日10点(北京时间3月9日2点)举行春季新品发布会。财报方面，中国铁塔、MongoDB、达达集团、金宝汤将公布财报。新股方面，金茂服务将公布中签结果。金茂服务是中国增长迅速的高端物业管理及城市运营服务提供商，其控股股东中国金茂是中国的顶级物业开发商。3月10日 周四关键词：美国2月CPI，京东财报，蔚来、金茂服务上市周四，美国劳工统计局将公布2月消费者物价值数（CPI）。1月CPI录得同比上涨7.5%，已经创下1982年2月以来新高，市场预期2月CPI年率将升至7.8%。这是离美联储3月会议最近的一份重磅数据报告。同时欧洲央行也将于同一天公布利率决议，虽然欧洲各国也同样面临着高通胀，但鉴于近期俄乌不断升温的局势，央行似乎不打算过早地调整货币政策。财报方面，京东集团-SW、越秀地产、美高梅中国、贝壳、Rivian Automotive等公司将公布业绩。新股方面，蔚来-SW、金茂服务上市。其中，蔚来计划于3月10日在港交所挂牌交易，本次上市采用介绍上市的方式，不涉及新股发行及资金募集。蔚来是高端智能电动汽车市场的先驱及领跑者，于2018年9月12日在纽交所上市，截至3月4日美股收盘，蔚来报18.63美元，总市值296.3亿美元。3月11日 周五关键词：美国3月密歇根大学消费者信心指数，Rivian财报周五，数据方面，美国3月密歇根大学消费者信心指数将公布。此前公布的美国2月密歇根大学消费者信心指数终值为62.8，预期为61.7，前值为61.7。美国密歇根大学消费调查主管Curtin表示，经济损失和消费者对通胀日益增长的焦虑促使近90%的消费者预期利率会上升。财报方面，WeWork、雾芯科技将发布财报。事件方面，十三届全国人大五次会议将于3月11日上午举行闭幕会，闭幕会后将举行总理记者会。值得注意的是，周日起（3月13日）， 北美地区开始实行夏令时，之后的美国和加拿大金融市场交易时间将较冬令时提前一小时。","news_type":1},"isVote":1,"tweetType":1,"viewCount":154,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9076233794,"gmtCreate":1657849502618,"gmtModify":1676536072214,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577362879194763","authorIdStr":"3577362879194763"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$</a>😔😔😔","listText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$</a>😔😔😔","text":"$老虎证券(TIGR)$😔😔😔","images":[{"img":"https://community-static.tradeup.com/news/ef36abbf37adc928d6391c3ff93010b9","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9076233794","isVote":1,"tweetType":1,"viewCount":230,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}