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2022-08-30

$WILMAR INTERNATIONAL LIMITED(F34.SI)$

2022-08-30

$WILMAR INTERNATIONAL LIMITED(F34.SI)$good

2022-08-22

$TOP GLOVE CORPORATION BHD(BVA.SI)$good

2022-07-18

$MAPLETREE LOGISTICS TRUST(M44U.SI)$good

2022-07-18

$CAPITALAND LIMITED(C31.SI)$good

2022-02-16

$THAI BEVERAGE PUBLIC CO LTD(Y92.SI)$ :))

2022-02-06

$MAPLETREE LOGISTICS TRUST(M44U.SI)$nice

2022-01-27

$OVERSEA-CHINESE BANKING CORP(O39.SI)$ ...

2022-01-26

$TOP GLOVE CORPORATION BHD(BVA.SI)$Looking good

2022-01-17

$STI ETF(ES3.SI)$ looking good

2021-07-06

Amazing! Apple stock!!

2021-07-06

Super cool

Amazon: Undervalued With Potential Upside Of 25%

2021-07-06

Cool man

抱歉，原内容已删除

2021-07-06

Wow amazing

Temasek’s Vertex Weighs Singapore’s First SPAC Listing

2021-07-06

Wow

抱歉，原内容已删除

2021-07-06

Like

What to expect if 'peak everything' already has happened and markets feel the force of gravity again

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LIMITED(C31.SI)$good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/686948524","isVote":1,"tweetType":1,"viewCount":1173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":638093094,"gmtCreate":1644977721521,"gmtModify":1644977738493,"author":{"id":"4088261620062260","authorId":"4088261620062260","name":"lynn0","avatar":"https://static.tigerbbs.com/7fcba2411f65bff3bf34fe83d7f3c93b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088261620062260","idStr":"4088261620062260"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/Y92.SI\">$THAI BEVERAGE PUBLIC CO LTD(Y92.SI)$</a>&nbsp;:))&nbsp;","listText":"<a href=\"https://laohu8.com/S/Y92.SI\">$THAI BEVERAGE PUBLIC CO LTD(Y92.SI)$</a>&nbsp;:))&nbsp;","text":"$THAI BEVERAGE PUBLIC CO LTD(Y92.SI)$ :))","images":[{"img":"https://static.tigerbbs.com/0c4674c18a24a92ea283c7cbdb6941a9","width":"1080","height":"2351"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/638093094","isVote":1,"tweetType":1,"viewCount":1184,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":633220480,"gmtCreate":1644146439844,"gmtModify":1644146440017,"author":{"id":"4088261620062260","authorId":"4088261620062260","name":"lynn0","avatar":"https://static.tigerbbs.com/7fcba2411f65bff3bf34fe83d7f3c93b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088261620062260","idStr":"4088261620062260"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/M44U.SI\">$MAPLETREE LOGISTICS TRUST(M44U.SI)$</a>nice","listText":"<a href=\"https://laohu8.com/S/M44U.SI\">$MAPLETREE LOGISTICS TRUST(M44U.SI)$</a>nice","text":"$MAPLETREE LOGISTICS TRUST(M44U.SI)$nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/633220480","isVote":1,"tweetType":1,"viewCount":655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":639842653,"gmtCreate":1643259681237,"gmtModify":1643259681379,"author":{"id":"4088261620062260","authorId":"4088261620062260","name":"lynn0","avatar":"https://static.tigerbbs.com/7fcba2411f65bff3bf34fe83d7f3c93b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088261620062260","idStr":"4088261620062260"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/O39.SI\">$OVERSEA-CHINESE BANKING CORP(O39.SI)$</a>&nbsp;...&nbsp;","listText":"<a href=\"https://laohu8.com/S/O39.SI\">$OVERSEA-CHINESE BANKING CORP(O39.SI)$</a>&nbsp;...&nbsp;","text":"$OVERSEA-CHINESE BANKING CORP(O39.SI)$ ...","images":[{"img":"https://static.tigerbbs.com/a250eff05ee893b906fdf15e8977dc5e","width":"1080","height":"2351"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/639842653","isVote":1,"tweetType":1,"viewCount":818,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":639193333,"gmtCreate":1643189147383,"gmtModify":1643189147471,"author":{"id":"4088261620062260","authorId":"4088261620062260","name":"lynn0","avatar":"https://static.tigerbbs.com/7fcba2411f65bff3bf34fe83d7f3c93b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088261620062260","idStr":"4088261620062260"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>Looking good","listText":"<a href=\"https://laohu8.com/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>Looking good","text":"$TOP GLOVE CORPORATION BHD(BVA.SI)$Looking good","images":[{"img":"https://static.tigerbbs.com/0bbce2d67aed9f8863d74a6f05d1a3af","width":"1080","height":"2351"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/639193333","isVote":1,"tweetType":1,"viewCount":849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":697144115,"gmtCreate":1642385781149,"gmtModify":1642385781323,"author":{"id":"4088261620062260","authorId":"4088261620062260","name":"lynn0","avatar":"https://static.tigerbbs.com/7fcba2411f65bff3bf34fe83d7f3c93b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088261620062260","idStr":"4088261620062260"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;looking good","listText":"<a href=\"https://laohu8.com/S/ES3.SI\">$STI ETF(ES3.SI)$</a>&nbsp;looking good","text":"$STI ETF(ES3.SI)$ looking good","images":[{"img":"https://static.tigerbbs.com/2fe86262bbdec741b674e433aa2ba326","width":"1080","height":"2351"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/697144115","isVote":1,"tweetType":1,"viewCount":1081,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":157239840,"gmtCreate":1625582705780,"gmtModify":1631885771063,"author":{"id":"4088261620062260","authorId":"4088261620062260","name":"lynn0","avatar":"https://static.tigerbbs.com/7fcba2411f65bff3bf34fe83d7f3c93b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088261620062260","idStr":"4088261620062260"},"themes":[],"htmlText":"Amazing! Apple stock!!&nbsp;","listText":"Amazing! Apple stock!!&nbsp;","text":"Amazing! Apple stock!!","images":[{"img":"https://static.tigerbbs.com/9cb6257339228f2107e9f0ad6d95bbf6","width":"1080","height":"2393"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/157239840","isVote":1,"tweetType":1,"viewCount":53,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":157294657,"gmtCreate":1625582595179,"gmtModify":1631885771075,"author":{"id":"4088261620062260","authorId":"4088261620062260","name":"lynn0","avatar":"https://static.tigerbbs.com/7fcba2411f65bff3bf34fe83d7f3c93b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088261620062260","idStr":"4088261620062260"},"themes":[],"htmlText":"Super cool","listText":"Super cool","text":"Super cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/157294657","repostId":"1113357649","repostType":2,"repost":{"id":"1113357649","kind":"news","pubTimestamp":1625133776,"share":"https://www.laohu8.com/m/news/1113357649?lang=&edition=full","pubTime":"2021-07-01 18:02","market":"us","language":"en","title":"Amazon: Undervalued With Potential Upside Of 25%","url":"https://stock-news.laohu8.com/highlight/detail?id=1113357649","media":"seekingalpha","summary":"Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.I initiate Amazon with a bullish rating and a fair value of $3576/share .The company's improving top line and bottom line performance  suggests that the stock is currently undervalued by 3.9%.Amazon, a $1.74 trillion company. This is the current market capitalization  of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?I initiate","content":"<p><b>Summary</b></p>\n<ul>\n <li>Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.</li>\n <li>I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).</li>\n <li>The company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51ce52baed5afae04a384059297465d3\" tg-width=\"1536\" tg-height=\"1024\"><span>Daria Nipot/iStock Editorial via Getty Images</span></p>\n<p><b>Company Overview</b></p>\n<p>Amazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?</p>\n<p>Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a&nbsp;nice hit&nbsp;in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.</p>\n<p><b>Company Analysis</b></p>\n<p>I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.</p>\n<p>To compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&amp;D expenses with an amortizable life of 3 years. As&nbsp;with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&amp;D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&amp;D, the following metrics have been restated (all numbers in $mm).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb427d462596db1e1cb1ffc99acc90e4\" tg-width=\"571\" tg-height=\"240\"><span>Source:Author's estimates using data from the latest 10-K report</span></p>\n<p>Capitalizing on R&amp;D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).</p>\n<p><b>Discounted Cash Flow Model</b></p>\n<p>Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e215b21ca0b3be5a5e0e7b62e36fb5f\" tg-width=\"640\" tg-height=\"268\"><span>Source:Author's estimates using data from the latest 10-K report</span></p>\n<p>In my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use&nbsp;Goldman Sachs expectations&nbsp;of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.</p>\n<p>Along the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.</p>\n<p>Finally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.</p>\n<p>By putting it together, I obtain a DCF value of $3328/share.</p>\n<p><b>Monte Carlo Simulation</b></p>\n<p>Rather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:</p>\n<p><i>1. Revenue Growth:</i></p>\n<p>In my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to&nbsp;WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/893dff753c8ca210759feb31b3966a5c\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p>\n<p><i>2. Operating Margin</i>:</p>\n<p>Currently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d66fcb05f4254b15de278f016121ffa\" tg-width=\"640\" tg-height=\"221\"><span>Source:SeekingAlpha.com</span></p>\n<p>However, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their&nbsp;preferred cloud partner.</p>\n<p>In 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:</p>\n<blockquote>\n <i>The worldwide</i>&nbsp;\n <i>infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.</i>\n</blockquote>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac00a17cbbd930ad6464a63f6d4f98eb\" tg-width=\"640\" tg-height=\"388\"><span>Source:Gartner.com</span></p>\n<p>Finally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/054e2db392be500768de741516186013\" tg-width=\"640\" tg-height=\"237\"><span>Source:Author's estimates</span></p>\n<p><i>3. Cost of Capital:</i></p>\n<p>The last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7d51740fa35eb9aedbc58c4c49d96eb\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p>\n<p>By putting all of this together, the simulations return the following results.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/139c89300706eab1e37dd1c992286d31\" tg-width=\"640\" tg-height=\"222\"><span>Source:Author's estimates</span></p>\n<p>For completeness, I also display below the relative and cumulative frequency of the simulation.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af7a908e21b8678a775a3e1742161a7d\" tg-width=\"573\" tg-height=\"644\"><span>Source:Author's estimates</span></p>\n<p>By looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).</p>\n<p>Finally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.</p>\n<p><b>Final Thoughts</b></p>\n<p>Both the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon: Undervalued With Potential Upside Of 25%</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\">\nAmazon: Undervalued With Potential Upside Of 25%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 18:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4437291-amazon-stock-amzn-undervalued-with-potential-upside-of-25-percent><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAmazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.\nI initiate Amazon with a bullish rating and a fair value of $3576/share (vs. ...</p>\n\n<a href=\"https://seekingalpha.com/article/4437291-amazon-stock-amzn-undervalued-with-potential-upside-of-25-percent\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4437291-amazon-stock-amzn-undervalued-with-potential-upside-of-25-percent","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113357649","content_text":"Summary\n\nAmazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.\nI initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).\nThe company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.\n\nDaria Nipot/iStock Editorial via Getty Images\nCompany Overview\nAmazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?\nAmazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a nice hit in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.\nCompany Analysis\nI initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.\nTo compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&D expenses with an amortizable life of 3 years. As with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&D, the following metrics have been restated (all numbers in $mm).\nSource:Author's estimates using data from the latest 10-K report\nCapitalizing on R&D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).\nDiscounted Cash Flow Model\nNow, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.\nSource:Author's estimates using data from the latest 10-K report\nIn my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use Goldman Sachs expectations of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.\nAlong the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.\nFinally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.\nBy putting it together, I obtain a DCF value of $3328/share.\nMonte Carlo Simulation\nRather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:\n1. Revenue Growth:\nIn my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).\nSource:Author's estimates\n2. Operating Margin:\nCurrently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.\nSource:SeekingAlpha.com\nHowever, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their preferred cloud partner.\nIn 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:\n\nThe worldwide \n infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.\n\nSource:Gartner.com\nFinally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.\nSource:Author's estimates\n3. Cost of Capital:\nThe last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.\nSource:Author's estimates\nBy putting all of this together, the simulations return the following results.\nSource:Author's estimates\nFor completeness, I also display below the relative and cumulative frequency of the simulation.\nSource:Author's estimates\nBy looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).\nFinally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.\nFinal Thoughts\nBoth the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.","news_type":1},"isVote":1,"tweetType":1,"viewCount":129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157296729,"gmtCreate":1625582545261,"gmtModify":1631885771087,"author":{"id":"4088261620062260","authorId":"4088261620062260","name":"lynn0","avatar":"https://static.tigerbbs.com/7fcba2411f65bff3bf34fe83d7f3c93b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088261620062260","idStr":"4088261620062260"},"themes":[],"htmlText":"Cool man","listText":"Cool man","text":"Cool man","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/157296729","repostId":"1133670347","repostType":2,"isVote":1,"tweetType":1,"viewCount":68,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154848688,"gmtCreate":1625502678644,"gmtModify":1631885771100,"author":{"id":"4088261620062260","authorId":"4088261620062260","name":"lynn0","avatar":"https://static.tigerbbs.com/7fcba2411f65bff3bf34fe83d7f3c93b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088261620062260","idStr":"4088261620062260"},"themes":[],"htmlText":"Wow amazing","listText":"Wow amazing","text":"Wow amazing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/154848688","repostId":"1140534410","repostType":4,"repost":{"id":"1140534410","kind":"news","pubTimestamp":1625482693,"share":"https://www.laohu8.com/m/news/1140534410?lang=&edition=full","pubTime":"2021-07-05 18:58","market":"sg","language":"en","title":"Temasek’s Vertex Weighs Singapore’s First SPAC Listing","url":"https://stock-news.laohu8.com/highlight/detail?id=1140534410","media":"Bloomberg","summary":"(Bloomberg) -- Vertex Holdings Ltd. is planning to raise funds for dealmaking by listing a special p","content":"<p>(Bloomberg) -- Vertex Holdings Ltd. is planning to raise funds for dealmaking by listing a special purpose acquisition company in Singapore, which could be the country’s first such deal, according to people familiar with the matter.</p>\n<p>The venture capital holdings company owned by Temasek Holdings Pte is working with advisers on the potential SPAC initial public offering, said the people, asking to be named as the process is private. Details of the blank-check company including size and timeline haven’t been finalized, pending listing guidelines by Singapore exchange, the people said.</p>\n<p>A representative for Vertex declined to comment.</p>\n<p>The city-state’s exchange consulted the market on a framework for SPAC listings earlier this year as it prepares to compete in one of the hottest capital market trends in the past year against its regional rivals including Hong Kong. Singapore has proposed a minimum S$300 million ($223 million) market capitalization threshold for listing a blank-check company as well as a more stringent requirement than the U.S. for warrants and share redemption.</p>\n<p>Singapore could see its first SPAC listing this year if it gets enough support from the industry, Loh Boon Chye, the exchange’s chief executive officer, told Bloomberg News in an interview in February.</p>\n<p>SPACs raise money from investors and then look to acquire another business, usually a private one, within a designated timeframe. A growing number of Asia-based funds and financiers have been setting up blank-check companies in the U.S. with the aim of snapping up a target in the fast-growing region.</p>\n<p>Allowing blank-check listing could be seen as a way to revive investor interest in Singapore’s stock market, which has struggled to attract big-ticket IPOs over the past few years.</p>\n<p>Vertex operates six funds with assets under management worth more than $5 billion, according to its website. The company’s active investments include Southeast Asia ride-hailing giant Grab Holdings Inc., crypto exchange Binance Holdings Ltd. and Horizon Robotics Inc., a Chinese artificial intelligence-chip startup backed by Intel Capital.</p>","source":"lsy1612507957220","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>Temasek’s Vertex Weighs Singapore’s First SPAC Listing</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\">\nTemasek’s Vertex Weighs Singapore’s First SPAC Listing\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-05 18:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/temasek-vertex-weighs-singapore-first-091338331.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Vertex Holdings Ltd. is planning to raise funds for dealmaking by listing a special purpose acquisition company in Singapore, which could be the country’s first such deal, according to ...</p>\n\n<a href=\"https://finance.yahoo.com/news/temasek-vertex-weighs-singapore-first-091338331.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://finance.yahoo.com/news/temasek-vertex-weighs-singapore-first-091338331.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140534410","content_text":"(Bloomberg) -- Vertex Holdings Ltd. is planning to raise funds for dealmaking by listing a special purpose acquisition company in Singapore, which could be the country’s first such deal, according to people familiar with the matter.\nThe venture capital holdings company owned by Temasek Holdings Pte is working with advisers on the potential SPAC initial public offering, said the people, asking to be named as the process is private. Details of the blank-check company including size and timeline haven’t been finalized, pending listing guidelines by Singapore exchange, the people said.\nA representative for Vertex declined to comment.\nThe city-state’s exchange consulted the market on a framework for SPAC listings earlier this year as it prepares to compete in one of the hottest capital market trends in the past year against its regional rivals including Hong Kong. Singapore has proposed a minimum S$300 million ($223 million) market capitalization threshold for listing a blank-check company as well as a more stringent requirement than the U.S. for warrants and share redemption.\nSingapore could see its first SPAC listing this year if it gets enough support from the industry, Loh Boon Chye, the exchange’s chief executive officer, told Bloomberg News in an interview in February.\nSPACs raise money from investors and then look to acquire another business, usually a private one, within a designated timeframe. A growing number of Asia-based funds and financiers have been setting up blank-check companies in the U.S. with the aim of snapping up a target in the fast-growing region.\nAllowing blank-check listing could be seen as a way to revive investor interest in Singapore’s stock market, which has struggled to attract big-ticket IPOs over the past few years.\nVertex operates six funds with assets under management worth more than $5 billion, according to its website. The company’s active investments include Southeast Asia ride-hailing giant Grab Holdings Inc., crypto exchange Binance Holdings Ltd. and Horizon Robotics Inc., a Chinese artificial intelligence-chip startup backed by Intel Capital.","news_type":1},"isVote":1,"tweetType":1,"viewCount":77,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154848813,"gmtCreate":1625502656532,"gmtModify":1631885771112,"author":{"id":"4088261620062260","authorId":"4088261620062260","name":"lynn0","avatar":"https://static.tigerbbs.com/7fcba2411f65bff3bf34fe83d7f3c93b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088261620062260","idStr":"4088261620062260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/154848813","repostId":"1133670347","repostType":4,"isVote":1,"tweetType":1,"viewCount":130,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154848908,"gmtCreate":1625502607504,"gmtModify":1631885771124,"author":{"id":"4088261620062260","authorId":"4088261620062260","name":"lynn0","avatar":"https://static.tigerbbs.com/7fcba2411f65bff3bf34fe83d7f3c93b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088261620062260","idStr":"4088261620062260"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154848908","repostId":"2148980793","repostType":4,"repost":{"id":"2148980793","kind":"highlight","weMediaInfo":{"introduction":"Dow 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":1625482920,"share":"https://www.laohu8.com/m/news/2148980793?lang=&edition=full","pubTime":"2021-07-05 19:02","market":"us","language":"en","title":"What to expect if 'peak everything' already has happened and markets feel the force of gravity again","url":"https://stock-news.laohu8.com/highlight/detail?id=2148980793","media":"Dow Jones","summary":"NASA ranks the lack of gravity as a top 5 risk of human space travel.\nBut gravity also has emerged a","content":"<p>NASA ranks the lack of gravity as a top 5 risk of human space travel.</p>\n<p>But gravity also has emerged as a concern for soaring U.S. stocks, bond prices and other financial assets as the force of extreme fiscal stimulus, meant to get the U.S. economy to the other side of the pandemic, begins to ease up.</p>\n<p>After a stunning first-half, the rest of 2021 could be poised for a slower pace of U.S. economic expansion and for the rate of inflation to come back down to earth.</p>\n<p>A bit more grounding wouldn't entirely be a bad thing for financial markets either, according to investors and analysts who spoke with MarketWatch about what to expect in the year's second half, as the dust settles with the American economy recovering and trillions of dollars worth of Washington fiscal stimulus fading into the background.</p>\n<p>\"It is very possible that we have seen peak everything,\" said Giorgio Caputo, head of the multi-asset team at J O Hambro Capital Management. \"But that doesn't mean we can't have very solid continued growth in the recovery.\"</p>\n<p>Like the pace of \"revenge travel growth forecast for GDP in the second-quarter.</p>\n<p>\"In terms of GPD numbers, it will be hard to have year-over-year growth rates that rival what the second quarter of 2021 is expected to look like, relative to the second-quarter of 2020, when the whole world was shut down,\" Caputo said.</p>\n<p>\"But you've still got monetary policy that's incredibly accommodative, and will be for a long time.\"</p>\n<p>A lofty perch</p>\n<p>The major U.S. stock indexes finished the first week of the third quarter at all-time highs , after the S&amp;P 500 booked the best five quarters of percentage gains since the second-quarter of 1936, according to Dow Jones Market Data.</p>\n<p>Supply of U.S. corporate bonds <a href=\"https://laohu8.com/S/LQD\">$(LQD)$</a> -- and even demand in the sleepy municipal-bond market of the post-2008 financial crisis era.</p>\n<p>Issuance of U.S. investment-grade corporate bonds hit $860 billion in the year's first half, the second-highest tally ever, after last year's $1.2 trillion boom, according to BofA Global analysts.</p>\n<p>\"Companies still carry sizable cash war chests accumulated last year,\" the BofA team wrote, in a weekly note. \"On the other hand demand creates supply, and the combination of historically low yields and spreads at post-crisis tights may attract opportunistic issuance.\"</p>\n<p>It isn't only U.S. companies sitting on extra pandemic cash. The rate of U.S. personal saving tumbled to a still-elevated 12.4% in May from its highest on record at 33.7% in April 2020, as households squirreled away extra government aid. Unleashing that cash may sustain economic growth this year.</p>\n<p>Still, the bond market has been signaling potential trouble ahead for the U.S. economy, in terms of the Federal Reserve reaching its 2% inflation target over the longer run, with the 10-year Treasury yield at1.434% Friday, its lowest since March 2.</p>\n<p>\"That is spurring some desire to have growth stocks,\" said Robert Pavlik, senior portfolio manager, Dakota Wealth Management, of the thinking that Fed support could be harder to dial back if the economy struggles to grow.</p>\n<p>The S&amp;P 500 ended the week up 1.7%, and 15.9% higher on the year thus far, while its growth segment rose1.6% and 14.3%, respectively. The Dow swept to a 1%weekly gain, advancing 13.7% since Jan. 1, and the Nasdaq Composite powered 1.9%higher for the week and 13.6% on the year.</p>\n<p>Back on Earth</p>\n<p>Daily life in the U.S. already has returned 80% \"back to normal\" according to this chart from Columbia Threadneedle, which measures things that include domestic travel, the return to offices and schools, as well as bricks-and-mortar shopping and dining out.</p>\n<p><img src=\"https://static.tigerbbs.com/2f9f33b68cc0d4654aba0aa60780d9f6\" tg-width=\"620\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>Friday's strong jobs report also pointed to continued healing in the U.S. labor market in June , but at a pace that may require more than a year for employment to return to pre-COVID levels.</p>\n<p>\"What the Fed cleverly did is shift the onus to the jobs market way from inflation,\" said George Goncalves, head of U.S. macro strategy at MUFG Securities Americas, referring to when the central bank might tweak its easy-money policies.</p>\n<p>\"If we are doing a hand off, getting back to normal business active, not just depending on stimulus, then companies have to hire and put more people back to work,\" he told MarketWatch. \"It is super critical.\"</p>\n<p>This week will be a short week though, with the U.S. July 4 holiday and markets closed Monday. But there will be updates on service sector activity in June on Tuesday from both IHS <a href=\"https://laohu8.com/S/MRKT\">Markit</a> and ISM, followed by May job openings data and minutes from the Fed's latest Federal Open Market Committee on Wednesday.</p>\n<p>\"We are eyes wide open,\" said Caputo at J O Hambro, adding that European markets could still push higher, given that the region remains in an earlier stage of recovery than the U.S. and with its approval last week of sweeping a climate law , dubbed the European Green Deal.</p>\n<p>\"The crisis brought Europe together.\"</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What to expect if 'peak everything' already has happened and markets feel the force of gravity again</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\">\nWhat to expect if 'peak everything' already has happened and markets feel the force of gravity again\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\">2021-07-05 19:02</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>NASA ranks the lack of gravity as a top 5 risk of human space travel.</p>\n<p>But gravity also has emerged as a concern for soaring U.S. stocks, bond prices and other financial assets as the force of extreme fiscal stimulus, meant to get the U.S. economy to the other side of the pandemic, begins to ease up.</p>\n<p>After a stunning first-half, the rest of 2021 could be poised for a slower pace of U.S. economic expansion and for the rate of inflation to come back down to earth.</p>\n<p>A bit more grounding wouldn't entirely be a bad thing for financial markets either, according to investors and analysts who spoke with MarketWatch about what to expect in the year's second half, as the dust settles with the American economy recovering and trillions of dollars worth of Washington fiscal stimulus fading into the background.</p>\n<p>\"It is very possible that we have seen peak everything,\" said Giorgio Caputo, head of the multi-asset team at J O Hambro Capital Management. \"But that doesn't mean we can't have very solid continued growth in the recovery.\"</p>\n<p>Like the pace of \"revenge travel growth forecast for GDP in the second-quarter.</p>\n<p>\"In terms of GPD numbers, it will be hard to have year-over-year growth rates that rival what the second quarter of 2021 is expected to look like, relative to the second-quarter of 2020, when the whole world was shut down,\" Caputo said.</p>\n<p>\"But you've still got monetary policy that's incredibly accommodative, and will be for a long time.\"</p>\n<p>A lofty perch</p>\n<p>The major U.S. stock indexes finished the first week of the third quarter at all-time highs , after the S&amp;P 500 booked the best five quarters of percentage gains since the second-quarter of 1936, according to Dow Jones Market Data.</p>\n<p>Supply of U.S. corporate bonds <a href=\"https://laohu8.com/S/LQD\">$(LQD)$</a> -- and even demand in the sleepy municipal-bond market of the post-2008 financial crisis era.</p>\n<p>Issuance of U.S. investment-grade corporate bonds hit $860 billion in the year's first half, the second-highest tally ever, after last year's $1.2 trillion boom, according to BofA Global analysts.</p>\n<p>\"Companies still carry sizable cash war chests accumulated last year,\" the BofA team wrote, in a weekly note. \"On the other hand demand creates supply, and the combination of historically low yields and spreads at post-crisis tights may attract opportunistic issuance.\"</p>\n<p>It isn't only U.S. companies sitting on extra pandemic cash. The rate of U.S. personal saving tumbled to a still-elevated 12.4% in May from its highest on record at 33.7% in April 2020, as households squirreled away extra government aid. Unleashing that cash may sustain economic growth this year.</p>\n<p>Still, the bond market has been signaling potential trouble ahead for the U.S. economy, in terms of the Federal Reserve reaching its 2% inflation target over the longer run, with the 10-year Treasury yield at1.434% Friday, its lowest since March 2.</p>\n<p>\"That is spurring some desire to have growth stocks,\" said Robert Pavlik, senior portfolio manager, Dakota Wealth Management, of the thinking that Fed support could be harder to dial back if the economy struggles to grow.</p>\n<p>The S&amp;P 500 ended the week up 1.7%, and 15.9% higher on the year thus far, while its growth segment rose1.6% and 14.3%, respectively. The Dow swept to a 1%weekly gain, advancing 13.7% since Jan. 1, and the Nasdaq Composite powered 1.9%higher for the week and 13.6% on the year.</p>\n<p>Back on Earth</p>\n<p>Daily life in the U.S. already has returned 80% \"back to normal\" according to this chart from Columbia Threadneedle, which measures things that include domestic travel, the return to offices and schools, as well as bricks-and-mortar shopping and dining out.</p>\n<p><img src=\"https://static.tigerbbs.com/2f9f33b68cc0d4654aba0aa60780d9f6\" tg-width=\"620\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>Friday's strong jobs report also pointed to continued healing in the U.S. labor market in June , but at a pace that may require more than a year for employment to return to pre-COVID levels.</p>\n<p>\"What the Fed cleverly did is shift the onus to the jobs market way from inflation,\" said George Goncalves, head of U.S. macro strategy at MUFG Securities Americas, referring to when the central bank might tweak its easy-money policies.</p>\n<p>\"If we are doing a hand off, getting back to normal business active, not just depending on stimulus, then companies have to hire and put more people back to work,\" he told MarketWatch. \"It is super critical.\"</p>\n<p>This week will be a short week though, with the U.S. July 4 holiday and markets closed Monday. But there will be updates on service sector activity in June on Tuesday from both IHS <a href=\"https://laohu8.com/S/MRKT\">Markit</a> and ISM, followed by May job openings data and minutes from the Fed's latest Federal Open Market Committee on Wednesday.</p>\n<p>\"We are eyes wide open,\" said Caputo at J O Hambro, adding that European markets could still push higher, given that the region remains in an earlier stage of recovery than the U.S. and with its approval last week of sweeping a climate law , dubbed the European Green Deal.</p>\n<p>\"The crisis brought Europe together.\"</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","LQD":"债券指数ETF-iShares iBoxx投资级公司债"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148980793","content_text":"NASA ranks the lack of gravity as a top 5 risk of human space travel.\nBut gravity also has emerged as a concern for soaring U.S. stocks, bond prices and other financial assets as the force of extreme fiscal stimulus, meant to get the U.S. economy to the other side of the pandemic, begins to ease up.\nAfter a stunning first-half, the rest of 2021 could be poised for a slower pace of U.S. economic expansion and for the rate of inflation to come back down to earth.\nA bit more grounding wouldn't entirely be a bad thing for financial markets either, according to investors and analysts who spoke with MarketWatch about what to expect in the year's second half, as the dust settles with the American economy recovering and trillions of dollars worth of Washington fiscal stimulus fading into the background.\n\"It is very possible that we have seen peak everything,\" said Giorgio Caputo, head of the multi-asset team at J O Hambro Capital Management. \"But that doesn't mean we can't have very solid continued growth in the recovery.\"\nLike the pace of \"revenge travel growth forecast for GDP in the second-quarter.\n\"In terms of GPD numbers, it will be hard to have year-over-year growth rates that rival what the second quarter of 2021 is expected to look like, relative to the second-quarter of 2020, when the whole world was shut down,\" Caputo said.\n\"But you've still got monetary policy that's incredibly accommodative, and will be for a long time.\"\nA lofty perch\nThe major U.S. stock indexes finished the first week of the third quarter at all-time highs , after the S&P 500 booked the best five quarters of percentage gains since the second-quarter of 1936, according to Dow Jones Market Data.\nSupply of U.S. corporate bonds $(LQD)$ -- and even demand in the sleepy municipal-bond market of the post-2008 financial crisis era.\nIssuance of U.S. investment-grade corporate bonds hit $860 billion in the year's first half, the second-highest tally ever, after last year's $1.2 trillion boom, according to BofA Global analysts.\n\"Companies still carry sizable cash war chests accumulated last year,\" the BofA team wrote, in a weekly note. \"On the other hand demand creates supply, and the combination of historically low yields and spreads at post-crisis tights may attract opportunistic issuance.\"\nIt isn't only U.S. companies sitting on extra pandemic cash. The rate of U.S. personal saving tumbled to a still-elevated 12.4% in May from its highest on record at 33.7% in April 2020, as households squirreled away extra government aid. Unleashing that cash may sustain economic growth this year.\nStill, the bond market has been signaling potential trouble ahead for the U.S. economy, in terms of the Federal Reserve reaching its 2% inflation target over the longer run, with the 10-year Treasury yield at1.434% Friday, its lowest since March 2.\n\"That is spurring some desire to have growth stocks,\" said Robert Pavlik, senior portfolio manager, Dakota Wealth Management, of the thinking that Fed support could be harder to dial back if the economy struggles to grow.\nThe S&P 500 ended the week up 1.7%, and 15.9% higher on the year thus far, while its growth segment rose1.6% and 14.3%, respectively. The Dow swept to a 1%weekly gain, advancing 13.7% since Jan. 1, and the Nasdaq Composite powered 1.9%higher for the week and 13.6% on the year.\nBack on Earth\nDaily life in the U.S. already has returned 80% \"back to normal\" according to this chart from Columbia Threadneedle, which measures things that include domestic travel, the return to offices and schools, as well as bricks-and-mortar shopping and dining out.\n\nFriday's strong jobs report also pointed to continued healing in the U.S. labor market in June , but at a pace that may require more than a year for employment to return to pre-COVID levels.\n\"What the Fed cleverly did is shift the onus to the jobs market way from inflation,\" said George Goncalves, head of U.S. macro strategy at MUFG Securities Americas, referring to when the central bank might tweak its easy-money policies.\n\"If we are doing a hand off, getting back to normal business active, not just depending on stimulus, then companies have to hire and put more people back to work,\" he told MarketWatch. \"It is super critical.\"\nThis week will be a short week though, with the U.S. July 4 holiday and markets closed Monday. But there will be updates on service sector activity in June on Tuesday from both IHS Markit and ISM, followed by May job openings data and minutes from the Fed's latest Federal Open Market Committee on Wednesday.\n\"We are eyes wide open,\" said Caputo at J O Hambro, adding that European markets could still push higher, given that the region remains in an earlier stage of recovery than the U.S. and with its approval last week of sweeping a climate law , dubbed the European Green Deal.\n\"The crisis brought Europe together.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":68,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":154848908,"gmtCreate":1625502607504,"gmtModify":1631885771124,"author":{"id":"4088261620062260","authorId":"4088261620062260","name":"lynn0","avatar":"https://static.tigerbbs.com/7fcba2411f65bff3bf34fe83d7f3c93b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088261620062260","authorIdStr":"4088261620062260"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154848908","repostId":"2148980793","repostType":4,"repost":{"id":"2148980793","kind":"highlight","weMediaInfo":{"introduction":"Dow 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":1625482920,"share":"https://www.laohu8.com/m/news/2148980793?lang=&edition=full","pubTime":"2021-07-05 19:02","market":"us","language":"en","title":"What to expect if 'peak everything' already has happened and markets feel the force of gravity again","url":"https://stock-news.laohu8.com/highlight/detail?id=2148980793","media":"Dow Jones","summary":"NASA ranks the lack of gravity as a top 5 risk of human space travel.\nBut gravity also has emerged a","content":"<p>NASA ranks the lack of gravity as a top 5 risk of human space travel.</p>\n<p>But gravity also has emerged as a concern for soaring U.S. stocks, bond prices and other financial assets as the force of extreme fiscal stimulus, meant to get the U.S. economy to the other side of the pandemic, begins to ease up.</p>\n<p>After a stunning first-half, the rest of 2021 could be poised for a slower pace of U.S. economic expansion and for the rate of inflation to come back down to earth.</p>\n<p>A bit more grounding wouldn't entirely be a bad thing for financial markets either, according to investors and analysts who spoke with MarketWatch about what to expect in the year's second half, as the dust settles with the American economy recovering and trillions of dollars worth of Washington fiscal stimulus fading into the background.</p>\n<p>\"It is very possible that we have seen peak everything,\" said Giorgio Caputo, head of the multi-asset team at J O Hambro Capital Management. \"But that doesn't mean we can't have very solid continued growth in the recovery.\"</p>\n<p>Like the pace of \"revenge travel growth forecast for GDP in the second-quarter.</p>\n<p>\"In terms of GPD numbers, it will be hard to have year-over-year growth rates that rival what the second quarter of 2021 is expected to look like, relative to the second-quarter of 2020, when the whole world was shut down,\" Caputo said.</p>\n<p>\"But you've still got monetary policy that's incredibly accommodative, and will be for a long time.\"</p>\n<p>A lofty perch</p>\n<p>The major U.S. stock indexes finished the first week of the third quarter at all-time highs , after the S&amp;P 500 booked the best five quarters of percentage gains since the second-quarter of 1936, according to Dow Jones Market Data.</p>\n<p>Supply of U.S. corporate bonds <a href=\"https://laohu8.com/S/LQD\">$(LQD)$</a> -- and even demand in the sleepy municipal-bond market of the post-2008 financial crisis era.</p>\n<p>Issuance of U.S. investment-grade corporate bonds hit $860 billion in the year's first half, the second-highest tally ever, after last year's $1.2 trillion boom, according to BofA Global analysts.</p>\n<p>\"Companies still carry sizable cash war chests accumulated last year,\" the BofA team wrote, in a weekly note. \"On the other hand demand creates supply, and the combination of historically low yields and spreads at post-crisis tights may attract opportunistic issuance.\"</p>\n<p>It isn't only U.S. companies sitting on extra pandemic cash. The rate of U.S. personal saving tumbled to a still-elevated 12.4% in May from its highest on record at 33.7% in April 2020, as households squirreled away extra government aid. Unleashing that cash may sustain economic growth this year.</p>\n<p>Still, the bond market has been signaling potential trouble ahead for the U.S. economy, in terms of the Federal Reserve reaching its 2% inflation target over the longer run, with the 10-year Treasury yield at1.434% Friday, its lowest since March 2.</p>\n<p>\"That is spurring some desire to have growth stocks,\" said Robert Pavlik, senior portfolio manager, Dakota Wealth Management, of the thinking that Fed support could be harder to dial back if the economy struggles to grow.</p>\n<p>The S&amp;P 500 ended the week up 1.7%, and 15.9% higher on the year thus far, while its growth segment rose1.6% and 14.3%, respectively. The Dow swept to a 1%weekly gain, advancing 13.7% since Jan. 1, and the Nasdaq Composite powered 1.9%higher for the week and 13.6% on the year.</p>\n<p>Back on Earth</p>\n<p>Daily life in the U.S. already has returned 80% \"back to normal\" according to this chart from Columbia Threadneedle, which measures things that include domestic travel, the return to offices and schools, as well as bricks-and-mortar shopping and dining out.</p>\n<p><img src=\"https://static.tigerbbs.com/2f9f33b68cc0d4654aba0aa60780d9f6\" tg-width=\"620\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>Friday's strong jobs report also pointed to continued healing in the U.S. labor market in June , but at a pace that may require more than a year for employment to return to pre-COVID levels.</p>\n<p>\"What the Fed cleverly did is shift the onus to the jobs market way from inflation,\" said George Goncalves, head of U.S. macro strategy at MUFG Securities Americas, referring to when the central bank might tweak its easy-money policies.</p>\n<p>\"If we are doing a hand off, getting back to normal business active, not just depending on stimulus, then companies have to hire and put more people back to work,\" he told MarketWatch. \"It is super critical.\"</p>\n<p>This week will be a short week though, with the U.S. July 4 holiday and markets closed Monday. But there will be updates on service sector activity in June on Tuesday from both IHS <a href=\"https://laohu8.com/S/MRKT\">Markit</a> and ISM, followed by May job openings data and minutes from the Fed's latest Federal Open Market Committee on Wednesday.</p>\n<p>\"We are eyes wide open,\" said Caputo at J O Hambro, adding that European markets could still push higher, given that the region remains in an earlier stage of recovery than the U.S. and with its approval last week of sweeping a climate law , dubbed the European Green Deal.</p>\n<p>\"The crisis brought Europe together.\"</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What to expect if 'peak everything' already has happened and markets feel the force of gravity again</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\">\nWhat to expect if 'peak everything' already has happened and markets feel the force of gravity again\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\">2021-07-05 19:02</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>NASA ranks the lack of gravity as a top 5 risk of human space travel.</p>\n<p>But gravity also has emerged as a concern for soaring U.S. stocks, bond prices and other financial assets as the force of extreme fiscal stimulus, meant to get the U.S. economy to the other side of the pandemic, begins to ease up.</p>\n<p>After a stunning first-half, the rest of 2021 could be poised for a slower pace of U.S. economic expansion and for the rate of inflation to come back down to earth.</p>\n<p>A bit more grounding wouldn't entirely be a bad thing for financial markets either, according to investors and analysts who spoke with MarketWatch about what to expect in the year's second half, as the dust settles with the American economy recovering and trillions of dollars worth of Washington fiscal stimulus fading into the background.</p>\n<p>\"It is very possible that we have seen peak everything,\" said Giorgio Caputo, head of the multi-asset team at J O Hambro Capital Management. \"But that doesn't mean we can't have very solid continued growth in the recovery.\"</p>\n<p>Like the pace of \"revenge travel growth forecast for GDP in the second-quarter.</p>\n<p>\"In terms of GPD numbers, it will be hard to have year-over-year growth rates that rival what the second quarter of 2021 is expected to look like, relative to the second-quarter of 2020, when the whole world was shut down,\" Caputo said.</p>\n<p>\"But you've still got monetary policy that's incredibly accommodative, and will be for a long time.\"</p>\n<p>A lofty perch</p>\n<p>The major U.S. stock indexes finished the first week of the third quarter at all-time highs , after the S&amp;P 500 booked the best five quarters of percentage gains since the second-quarter of 1936, according to Dow Jones Market Data.</p>\n<p>Supply of U.S. corporate bonds <a href=\"https://laohu8.com/S/LQD\">$(LQD)$</a> -- and even demand in the sleepy municipal-bond market of the post-2008 financial crisis era.</p>\n<p>Issuance of U.S. investment-grade corporate bonds hit $860 billion in the year's first half, the second-highest tally ever, after last year's $1.2 trillion boom, according to BofA Global analysts.</p>\n<p>\"Companies still carry sizable cash war chests accumulated last year,\" the BofA team wrote, in a weekly note. \"On the other hand demand creates supply, and the combination of historically low yields and spreads at post-crisis tights may attract opportunistic issuance.\"</p>\n<p>It isn't only U.S. companies sitting on extra pandemic cash. The rate of U.S. personal saving tumbled to a still-elevated 12.4% in May from its highest on record at 33.7% in April 2020, as households squirreled away extra government aid. Unleashing that cash may sustain economic growth this year.</p>\n<p>Still, the bond market has been signaling potential trouble ahead for the U.S. economy, in terms of the Federal Reserve reaching its 2% inflation target over the longer run, with the 10-year Treasury yield at1.434% Friday, its lowest since March 2.</p>\n<p>\"That is spurring some desire to have growth stocks,\" said Robert Pavlik, senior portfolio manager, Dakota Wealth Management, of the thinking that Fed support could be harder to dial back if the economy struggles to grow.</p>\n<p>The S&amp;P 500 ended the week up 1.7%, and 15.9% higher on the year thus far, while its growth segment rose1.6% and 14.3%, respectively. The Dow swept to a 1%weekly gain, advancing 13.7% since Jan. 1, and the Nasdaq Composite powered 1.9%higher for the week and 13.6% on the year.</p>\n<p>Back on Earth</p>\n<p>Daily life in the U.S. already has returned 80% \"back to normal\" according to this chart from Columbia Threadneedle, which measures things that include domestic travel, the return to offices and schools, as well as bricks-and-mortar shopping and dining out.</p>\n<p><img src=\"https://static.tigerbbs.com/2f9f33b68cc0d4654aba0aa60780d9f6\" tg-width=\"620\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>Friday's strong jobs report also pointed to continued healing in the U.S. labor market in June , but at a pace that may require more than a year for employment to return to pre-COVID levels.</p>\n<p>\"What the Fed cleverly did is shift the onus to the jobs market way from inflation,\" said George Goncalves, head of U.S. macro strategy at MUFG Securities Americas, referring to when the central bank might tweak its easy-money policies.</p>\n<p>\"If we are doing a hand off, getting back to normal business active, not just depending on stimulus, then companies have to hire and put more people back to work,\" he told MarketWatch. \"It is super critical.\"</p>\n<p>This week will be a short week though, with the U.S. July 4 holiday and markets closed Monday. But there will be updates on service sector activity in June on Tuesday from both IHS <a href=\"https://laohu8.com/S/MRKT\">Markit</a> and ISM, followed by May job openings data and minutes from the Fed's latest Federal Open Market Committee on Wednesday.</p>\n<p>\"We are eyes wide open,\" said Caputo at J O Hambro, adding that European markets could still push higher, given that the region remains in an earlier stage of recovery than the U.S. and with its approval last week of sweeping a climate law , dubbed the European Green Deal.</p>\n<p>\"The crisis brought Europe together.\"</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","LQD":"债券指数ETF-iShares iBoxx投资级公司债"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148980793","content_text":"NASA ranks the lack of gravity as a top 5 risk of human space travel.\nBut gravity also has emerged as a concern for soaring U.S. stocks, bond prices and other financial assets as the force of extreme fiscal stimulus, meant to get the U.S. economy to the other side of the pandemic, begins to ease up.\nAfter a stunning first-half, the rest of 2021 could be poised for a slower pace of U.S. economic expansion and for the rate of inflation to come back down to earth.\nA bit more grounding wouldn't entirely be a bad thing for financial markets either, according to investors and analysts who spoke with MarketWatch about what to expect in the year's second half, as the dust settles with the American economy recovering and trillions of dollars worth of Washington fiscal stimulus fading into the background.\n\"It is very possible that we have seen peak everything,\" said Giorgio Caputo, head of the multi-asset team at J O Hambro Capital Management. \"But that doesn't mean we can't have very solid continued growth in the recovery.\"\nLike the pace of \"revenge travel growth forecast for GDP in the second-quarter.\n\"In terms of GPD numbers, it will be hard to have year-over-year growth rates that rival what the second quarter of 2021 is expected to look like, relative to the second-quarter of 2020, when the whole world was shut down,\" Caputo said.\n\"But you've still got monetary policy that's incredibly accommodative, and will be for a long time.\"\nA lofty perch\nThe major U.S. stock indexes finished the first week of the third quarter at all-time highs , after the S&P 500 booked the best five quarters of percentage gains since the second-quarter of 1936, according to Dow Jones Market Data.\nSupply of U.S. corporate bonds $(LQD)$ -- and even demand in the sleepy municipal-bond market of the post-2008 financial crisis era.\nIssuance of U.S. investment-grade corporate bonds hit $860 billion in the year's first half, the second-highest tally ever, after last year's $1.2 trillion boom, according to BofA Global analysts.\n\"Companies still carry sizable cash war chests accumulated last year,\" the BofA team wrote, in a weekly note. \"On the other hand demand creates supply, and the combination of historically low yields and spreads at post-crisis tights may attract opportunistic issuance.\"\nIt isn't only U.S. companies sitting on extra pandemic cash. The rate of U.S. personal saving tumbled to a still-elevated 12.4% in May from its highest on record at 33.7% in April 2020, as households squirreled away extra government aid. Unleashing that cash may sustain economic growth this year.\nStill, the bond market has been signaling potential trouble ahead for the U.S. economy, in terms of the Federal Reserve reaching its 2% inflation target over the longer run, with the 10-year Treasury yield at1.434% Friday, its lowest since March 2.\n\"That is spurring some desire to have growth stocks,\" said Robert Pavlik, senior portfolio manager, Dakota Wealth Management, of the thinking that Fed support could be harder to dial back if the economy struggles to grow.\nThe S&P 500 ended the week up 1.7%, and 15.9% higher on the year thus far, while its growth segment rose1.6% and 14.3%, respectively. The Dow swept to a 1%weekly gain, advancing 13.7% since Jan. 1, and the Nasdaq Composite powered 1.9%higher for the week and 13.6% on the year.\nBack on Earth\nDaily life in the U.S. already has returned 80% \"back to normal\" according to this chart from Columbia Threadneedle, which measures things that include domestic travel, the return to offices and schools, as well as bricks-and-mortar shopping and dining out.\n\nFriday's strong jobs report also pointed to continued healing in the U.S. labor market in June , but at a pace that may require more than a year for employment to return to pre-COVID levels.\n\"What the Fed cleverly did is shift the onus to the jobs market way from inflation,\" said George Goncalves, head of U.S. macro strategy at MUFG Securities Americas, referring to when the central bank might tweak its easy-money policies.\n\"If we are doing a hand off, getting back to normal business active, not just depending on stimulus, then companies have to hire and put more people back to work,\" he told MarketWatch. \"It is super critical.\"\nThis week will be a short week though, with the U.S. July 4 holiday and markets closed Monday. But there will be updates on service sector activity in June on Tuesday from both IHS Markit and ISM, followed by May job openings data and minutes from the Fed's latest Federal Open Market Committee on Wednesday.\n\"We are eyes wide open,\" said Caputo at J O Hambro, adding that European markets could still push higher, given that the region remains in an earlier stage of recovery than the U.S. and with its approval last week of sweeping a climate law , dubbed the European Green Deal.\n\"The crisis brought Europe together.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":68,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":660515812,"gmtCreate":1661822763340,"gmtModify":1661822765959,"author":{"id":"4088261620062260","authorId":"4088261620062260","name":"lynn0","avatar":"https://static.tigerbbs.com/7fcba2411f65bff3bf34fe83d7f3c93b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088261620062260","authorIdStr":"4088261620062260"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/F34.SI\">$WILMAR INTERNATIONAL LIMITED(F34.SI)$</a>","listText":"<a href=\"https://laohu8.com/S/F34.SI\">$WILMAR INTERNATIONAL LIMITED(F34.SI)$</a>","text":"$WILMAR INTERNATIONAL LIMITED(F34.SI)$","images":[{"img":"https://static.tigerbbs.com/e8e9ef90372091f52d05b59f84d0938d","width":"1080","height":"2351"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":1,"link":"https://laohu8.com/post/660515812","isVote":1,"tweetType":1,"viewCount":1475,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":154848688,"gmtCreate":1625502678644,"gmtModify":1631885771100,"author":{"id":"4088261620062260","authorId":"4088261620062260","name":"lynn0","avatar":"https://static.tigerbbs.com/7fcba2411f65bff3bf34fe83d7f3c93b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088261620062260","authorIdStr":"4088261620062260"},"themes":[],"htmlText":"Wow amazing","listText":"Wow amazing","text":"Wow amazing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/154848688","repostId":"1140534410","repostType":4,"repost":{"id":"1140534410","kind":"news","pubTimestamp":1625482693,"share":"https://www.laohu8.com/m/news/1140534410?lang=&edition=full","pubTime":"2021-07-05 18:58","market":"sg","language":"en","title":"Temasek’s Vertex Weighs Singapore’s First SPAC Listing","url":"https://stock-news.laohu8.com/highlight/detail?id=1140534410","media":"Bloomberg","summary":"(Bloomberg) -- Vertex Holdings Ltd. is planning to raise funds for dealmaking by listing a special p","content":"<p>(Bloomberg) -- Vertex Holdings Ltd. is planning to raise funds for dealmaking by listing a special purpose acquisition company in Singapore, which could be the country’s first such deal, according to people familiar with the matter.</p>\n<p>The venture capital holdings company owned by Temasek Holdings Pte is working with advisers on the potential SPAC initial public offering, said the people, asking to be named as the process is private. Details of the blank-check company including size and timeline haven’t been finalized, pending listing guidelines by Singapore exchange, the people said.</p>\n<p>A representative for Vertex declined to comment.</p>\n<p>The city-state’s exchange consulted the market on a framework for SPAC listings earlier this year as it prepares to compete in one of the hottest capital market trends in the past year against its regional rivals including Hong Kong. Singapore has proposed a minimum S$300 million ($223 million) market capitalization threshold for listing a blank-check company as well as a more stringent requirement than the U.S. for warrants and share redemption.</p>\n<p>Singapore could see its first SPAC listing this year if it gets enough support from the industry, Loh Boon Chye, the exchange’s chief executive officer, told Bloomberg News in an interview in February.</p>\n<p>SPACs raise money from investors and then look to acquire another business, usually a private one, within a designated timeframe. A growing number of Asia-based funds and financiers have been setting up blank-check companies in the U.S. with the aim of snapping up a target in the fast-growing region.</p>\n<p>Allowing blank-check listing could be seen as a way to revive investor interest in Singapore’s stock market, which has struggled to attract big-ticket IPOs over the past few years.</p>\n<p>Vertex operates six funds with assets under management worth more than $5 billion, according to its website. The company’s active investments include Southeast Asia ride-hailing giant Grab Holdings Inc., crypto exchange Binance Holdings Ltd. and Horizon Robotics Inc., a Chinese artificial intelligence-chip startup backed by Intel Capital.</p>","source":"lsy1612507957220","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>Temasek’s Vertex Weighs Singapore’s First SPAC Listing</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\">\nTemasek’s Vertex Weighs Singapore’s First SPAC Listing\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-05 18:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/temasek-vertex-weighs-singapore-first-091338331.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Vertex Holdings Ltd. is planning to raise funds for dealmaking by listing a special purpose acquisition company in Singapore, which could be the country’s first such deal, according to ...</p>\n\n<a href=\"https://finance.yahoo.com/news/temasek-vertex-weighs-singapore-first-091338331.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://finance.yahoo.com/news/temasek-vertex-weighs-singapore-first-091338331.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140534410","content_text":"(Bloomberg) -- Vertex Holdings Ltd. is planning to raise funds for dealmaking by listing a special purpose acquisition company in Singapore, which could be the country’s first such deal, according to people familiar with the matter.\nThe venture capital holdings company owned by Temasek Holdings Pte is working with advisers on the potential SPAC initial public offering, said the people, asking to be named as the process is private. Details of the blank-check company including size and timeline haven’t been finalized, pending listing guidelines by Singapore exchange, the people said.\nA representative for Vertex declined to comment.\nThe city-state’s exchange consulted the market on a framework for SPAC listings earlier this year as it prepares to compete in one of the hottest capital market trends in the past year against its regional rivals including Hong Kong. Singapore has proposed a minimum S$300 million ($223 million) market capitalization threshold for listing a blank-check company as well as a more stringent requirement than the U.S. for warrants and share redemption.\nSingapore could see its first SPAC listing this year if it gets enough support from the industry, Loh Boon Chye, the exchange’s chief executive officer, told Bloomberg News in an interview in February.\nSPACs raise money from investors and then look to acquire another business, usually a private one, within a designated timeframe. A growing number of Asia-based funds and financiers have been setting up blank-check companies in the U.S. with the aim of snapping up a target in the fast-growing region.\nAllowing blank-check listing could be seen as a way to revive investor interest in Singapore’s stock market, which has struggled to attract big-ticket IPOs over the past few years.\nVertex operates six funds with assets under management worth more than $5 billion, according to its website. The company’s active investments include Southeast Asia ride-hailing giant Grab Holdings Inc., crypto exchange Binance Holdings Ltd. and Horizon Robotics Inc., a Chinese artificial intelligence-chip startup backed by Intel Capital.","news_type":1},"isVote":1,"tweetType":1,"viewCount":77,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154848813,"gmtCreate":1625502656532,"gmtModify":1631885771112,"author":{"id":"4088261620062260","authorId":"4088261620062260","name":"lynn0","avatar":"https://static.tigerbbs.com/7fcba2411f65bff3bf34fe83d7f3c93b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088261620062260","authorIdStr":"4088261620062260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/154848813","repostId":"1133670347","repostType":4,"repost":{"id":"1133670347","kind":"news","pubTimestamp":1625482790,"share":"https://www.laohu8.com/m/news/1133670347?lang=&edition=full","pubTime":"2021-07-05 18:59","market":"us","language":"en","title":"Tesla Model 3 named best selling car in Britain","url":"https://stock-news.laohu8.com/highlight/detail?id=1133670347","media":"yahoo finance","summary":"The Tesla  Model 3 has topped a list of best-selling cars in the UK in June, as drivers shift towards electric and hybrid vehicles ahead of a ban on petrol and diesel sales.The Society of Motor Manufacturers and Traders  said on Monday that Tesla's Model 3 was the best selling car in Britain last month with 5,468 sold. Tesla outsold its nearest rival, the Volkswagen  Golf, by more than 800.186,128 new cars were registered across Britain last month, up 28% on same month last year when most dealer","content":"<p>The Tesla (TSLA) Model 3 has topped a list of best-selling cars in the UK in June, as drivers shift towards electric and hybrid vehicles ahead of a ban on petrol and diesel sales.</p>\n<p>The Society of Motor Manufacturers and Traders (SMMT) said on Monday that Tesla's Model 3 was the best selling car in Britain last month with 5,468 sold. Tesla outsold its nearest rival, the Volkswagen (VOW3.DE) Golf, by more than 800.</p>\n<p>186,128 new cars were registered across Britain last month, up 28% on same month last year when most dealerships reopened after the first lockdown.<img src=\"https://static.tigerbbs.com/5569bb0758f659c5ba83c87ec02e2e31\" tg-width=\"983\" tg-height=\"498\" referrerpolicy=\"no-referrer\">New car registrations. Table: SMMT</p>\n<p>Tesla is riding a wave of consumer interest in electric vehicles in the UK. Sales of battery-powered cars and plug-in hybrids both rose more than 100% last month. Combined, battery electric and plug-in hybrid vehicles accounted for 17.2% of new vehicles hitting the roads.</p>\n<p>Consumers are turning to electric vehicles as a ban on petrol and diesel car sales looms. A net-zero drive by the UK government includes plans to phase out the sale of cars running on fossil fuels by 2030.</p>\n<p><b>Read more:Staff shortages put handbrake on UK reopening boom as price soar</b></p>\n<p>\"Rebuilding for the next decade is now well underway with investment in local battery production beginning and a raft of new electrified models in showrooms\" said Mike Hawes, SMMT chief executive.</p>\n<p>\"With the end of domestic restrictions later this month looking more likely, business and consumer optimism should improve further, fuelling increased spending.\"</p>\n<p>The latest SMMT research shows electrification of the auto industry could create 40,000 new jobs in Britain by 2030. Last week, Nissanrevealed plans for a £1bn ($1.4bn) “gigafactory” in Sunderland as part of an electric vehicle expansion.</p>\n<p>While Tesla took the top spot in June, it does not register in the year-to-date top 10 best selling cars in Britain. The Vauxhall Corsa and Ford (F) Fiesta are the most popular new autos on the road.</p>","source":"yahoofinance_sg","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Model 3 named best selling car in Britain</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\">\nTesla Model 3 named best selling car in Britain\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-05 18:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/tesla-model-3-uk-sales-smmt-new-car-registrations-electric-vehicles-elon-musk-100050365.html><strong>yahoo finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Tesla (TSLA) Model 3 has topped a list of best-selling cars in the UK in June, as drivers shift towards electric and hybrid vehicles ahead of a ban on petrol and diesel sales.\nThe Society of Motor...</p>\n\n<a href=\"https://finance.yahoo.com/news/tesla-model-3-uk-sales-smmt-new-car-registrations-electric-vehicles-elon-musk-100050365.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://finance.yahoo.com/news/tesla-model-3-uk-sales-smmt-new-car-registrations-electric-vehicles-elon-musk-100050365.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133670347","content_text":"The Tesla (TSLA) Model 3 has topped a list of best-selling cars in the UK in June, as drivers shift towards electric and hybrid vehicles ahead of a ban on petrol and diesel sales.\nThe Society of Motor Manufacturers and Traders (SMMT) said on Monday that Tesla's Model 3 was the best selling car in Britain last month with 5,468 sold. Tesla outsold its nearest rival, the Volkswagen (VOW3.DE) Golf, by more than 800.\n186,128 new cars were registered across Britain last month, up 28% on same month last year when most dealerships reopened after the first lockdown.New car registrations. Table: SMMT\nTesla is riding a wave of consumer interest in electric vehicles in the UK. Sales of battery-powered cars and plug-in hybrids both rose more than 100% last month. Combined, battery electric and plug-in hybrid vehicles accounted for 17.2% of new vehicles hitting the roads.\nConsumers are turning to electric vehicles as a ban on petrol and diesel car sales looms. A net-zero drive by the UK government includes plans to phase out the sale of cars running on fossil fuels by 2030.\nRead more:Staff shortages put handbrake on UK reopening boom as price soar\n\"Rebuilding for the next decade is now well underway with investment in local battery production beginning and a raft of new electrified models in showrooms\" said Mike Hawes, SMMT chief executive.\n\"With the end of domestic restrictions later this month looking more likely, business and consumer optimism should improve further, fuelling increased spending.\"\nThe latest SMMT research shows electrification of the auto industry could create 40,000 new jobs in Britain by 2030. Last week, Nissanrevealed plans for a £1bn ($1.4bn) “gigafactory” in Sunderland as part of an electric vehicle expansion.\nWhile Tesla took the top spot in June, it does not register in the year-to-date top 10 best selling cars in Britain. The Vauxhall Corsa and Ford (F) Fiesta are the most popular new autos on the road.","news_type":1},"isVote":1,"tweetType":1,"viewCount":130,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157294657,"gmtCreate":1625582595179,"gmtModify":1631885771075,"author":{"id":"4088261620062260","authorId":"4088261620062260","name":"lynn0","avatar":"https://static.tigerbbs.com/7fcba2411f65bff3bf34fe83d7f3c93b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088261620062260","authorIdStr":"4088261620062260"},"themes":[],"htmlText":"Super cool","listText":"Super cool","text":"Super cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/157294657","repostId":"1113357649","repostType":2,"repost":{"id":"1113357649","kind":"news","pubTimestamp":1625133776,"share":"https://www.laohu8.com/m/news/1113357649?lang=&edition=full","pubTime":"2021-07-01 18:02","market":"us","language":"en","title":"Amazon: Undervalued With Potential Upside Of 25%","url":"https://stock-news.laohu8.com/highlight/detail?id=1113357649","media":"seekingalpha","summary":"Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.I initiate Amazon with a bullish rating and a fair value of $3576/share .The company's improving top line and bottom line performance  suggests that the stock is currently undervalued by 3.9%.Amazon, a $1.74 trillion company. This is the current market capitalization  of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?I initiate","content":"<p><b>Summary</b></p>\n<ul>\n <li>Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.</li>\n <li>I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).</li>\n <li>The company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51ce52baed5afae04a384059297465d3\" tg-width=\"1536\" tg-height=\"1024\"><span>Daria Nipot/iStock Editorial via Getty Images</span></p>\n<p><b>Company Overview</b></p>\n<p>Amazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?</p>\n<p>Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a&nbsp;nice hit&nbsp;in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.</p>\n<p><b>Company Analysis</b></p>\n<p>I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.</p>\n<p>To compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&amp;D expenses with an amortizable life of 3 years. As&nbsp;with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&amp;D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&amp;D, the following metrics have been restated (all numbers in $mm).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb427d462596db1e1cb1ffc99acc90e4\" tg-width=\"571\" tg-height=\"240\"><span>Source:Author's estimates using data from the latest 10-K report</span></p>\n<p>Capitalizing on R&amp;D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).</p>\n<p><b>Discounted Cash Flow Model</b></p>\n<p>Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e215b21ca0b3be5a5e0e7b62e36fb5f\" tg-width=\"640\" tg-height=\"268\"><span>Source:Author's estimates using data from the latest 10-K report</span></p>\n<p>In my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use&nbsp;Goldman Sachs expectations&nbsp;of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.</p>\n<p>Along the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.</p>\n<p>Finally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.</p>\n<p>By putting it together, I obtain a DCF value of $3328/share.</p>\n<p><b>Monte Carlo Simulation</b></p>\n<p>Rather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:</p>\n<p><i>1. Revenue Growth:</i></p>\n<p>In my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to&nbsp;WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/893dff753c8ca210759feb31b3966a5c\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p>\n<p><i>2. Operating Margin</i>:</p>\n<p>Currently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d66fcb05f4254b15de278f016121ffa\" tg-width=\"640\" tg-height=\"221\"><span>Source:SeekingAlpha.com</span></p>\n<p>However, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their&nbsp;preferred cloud partner.</p>\n<p>In 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:</p>\n<blockquote>\n <i>The worldwide</i>&nbsp;\n <i>infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.</i>\n</blockquote>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac00a17cbbd930ad6464a63f6d4f98eb\" tg-width=\"640\" tg-height=\"388\"><span>Source:Gartner.com</span></p>\n<p>Finally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/054e2db392be500768de741516186013\" tg-width=\"640\" tg-height=\"237\"><span>Source:Author's estimates</span></p>\n<p><i>3. Cost of Capital:</i></p>\n<p>The last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7d51740fa35eb9aedbc58c4c49d96eb\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p>\n<p>By putting all of this together, the simulations return the following results.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/139c89300706eab1e37dd1c992286d31\" tg-width=\"640\" tg-height=\"222\"><span>Source:Author's estimates</span></p>\n<p>For completeness, I also display below the relative and cumulative frequency of the simulation.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af7a908e21b8678a775a3e1742161a7d\" tg-width=\"573\" tg-height=\"644\"><span>Source:Author's estimates</span></p>\n<p>By looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).</p>\n<p>Finally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.</p>\n<p><b>Final Thoughts</b></p>\n<p>Both the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon: Undervalued With Potential Upside Of 25%</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\">\nAmazon: Undervalued With Potential Upside Of 25%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 18:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4437291-amazon-stock-amzn-undervalued-with-potential-upside-of-25-percent><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAmazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.\nI initiate Amazon with a bullish rating and a fair value of $3576/share (vs. ...</p>\n\n<a href=\"https://seekingalpha.com/article/4437291-amazon-stock-amzn-undervalued-with-potential-upside-of-25-percent\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4437291-amazon-stock-amzn-undervalued-with-potential-upside-of-25-percent","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113357649","content_text":"Summary\n\nAmazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.\nI initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).\nThe company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.\n\nDaria Nipot/iStock Editorial via Getty Images\nCompany Overview\nAmazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?\nAmazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a nice hit in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.\nCompany Analysis\nI initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.\nTo compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&D expenses with an amortizable life of 3 years. As with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&D, the following metrics have been restated (all numbers in $mm).\nSource:Author's estimates using data from the latest 10-K report\nCapitalizing on R&D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).\nDiscounted Cash Flow Model\nNow, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.\nSource:Author's estimates using data from the latest 10-K report\nIn my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use Goldman Sachs expectations of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.\nAlong the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.\nFinally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.\nBy putting it together, I obtain a DCF value of $3328/share.\nMonte Carlo Simulation\nRather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:\n1. Revenue Growth:\nIn my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).\nSource:Author's estimates\n2. Operating Margin:\nCurrently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.\nSource:SeekingAlpha.com\nHowever, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their preferred cloud partner.\nIn 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:\n\nThe worldwide \n infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.\n\nSource:Gartner.com\nFinally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.\nSource:Author's estimates\n3. Cost of Capital:\nThe last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.\nSource:Author's estimates\nBy putting all of this together, the simulations return the following results.\nSource:Author's estimates\nFor completeness, I also display below the relative and cumulative frequency of the simulation.\nSource:Author's estimates\nBy looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).\nFinally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.\nFinal Thoughts\nBoth the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.","news_type":1},"isVote":1,"tweetType":1,"viewCount":129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":660515152,"gmtCreate":1661822738179,"gmtModify":1661822739562,"author":{"id":"4088261620062260","authorId":"4088261620062260","name":"lynn0","avatar":"https://static.tigerbbs.com/7fcba2411f65bff3bf34fe83d7f3c93b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4088261620062260","authorIdStr":"4088261620062260"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/F34.SI\">$WILMAR INTERNATIONAL LIMITED(F34.SI)$</a>good","listText":"<a href=\"https://laohu8.com/S/F34.SI\">$WILMAR INTERNATIONAL LIMITED(F34.SI)$</a>good","text":"$WILMAR INTERNATIONAL 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