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2021-12-10

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TSMC’s November sales were 148.27 billion Taiwan dollars, an increase of 18.7% year-on-year.

2021-12-06

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The Housing Boom Could Last for a Decade. Buy These Stocks.

2021-11-10

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2021-11-10

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2021-10-23

$BioNTech SE(BNTX)$...

2021-10-19

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Alibaba rose nearly 2% in premarket trading as it unveils one of China’s most advanced chips

2021-10-11

$Alibaba(BABA)$finally. Up and up

2021-10-01

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2021-09-24

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stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639114634,"share":"https://www.laohu8.com/m/news/1101551798?lang=&edition=full","pubTime":"2021-12-10 13:37","market":"us","language":"en","title":"TSMC’s November sales were 148.27 billion Taiwan dollars, an increase of 18.7% year-on-year.","url":"https://stock-news.laohu8.com/highlight/detail?id=1101551798","media":"Tiger Newspress","summary":"TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for November 2021: On a consolidated ba","content":"<p>TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for November 2021: On a consolidated basis, revenue for November 2021 was approximately NT$148.27 billion, an increase of 10.2 percent from October 2021 and an increase of 18.7 percent from November 2020. Revenue for January through November 2021 totaled NT$1,432.03 billion, an increase of 17.2 percent compared to the same period in 2020.</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>TSMC’s November sales were 148.27 billion Taiwan dollars, an increase of 18.7% year-on-year.</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\">\nTSMC’s November sales were 148.27 billion Taiwan dollars, an increase of 18.7% year-on-year.\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-12-10 13:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for November 2021: On a consolidated basis, revenue for November 2021 was approximately NT$148.27 billion, an increase of 10.2 percent from October 2021 and an increase of 18.7 percent from November 2020. Revenue for January through November 2021 totaled NT$1,432.03 billion, an increase of 17.2 percent compared to the same period in 2020.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101551798","content_text":"TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for November 2021: On a consolidated basis, revenue for November 2021 was approximately NT$148.27 billion, an increase of 10.2 percent from October 2021 and an increase of 18.7 percent from November 2020. Revenue for January through November 2021 totaled NT$1,432.03 billion, an increase of 17.2 percent compared to the same period in 2020.","news_type":1},"isVote":1,"tweetType":1,"viewCount":559,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608545987,"gmtCreate":1638766215967,"gmtModify":1638766216030,"author":{"id":"4091975549439940","authorId":"4091975549439940","authorIdStr":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/608545987","repostId":"1155963993","repostType":2,"repost":{"id":"1155963993","pubTimestamp":1638756867,"share":"https://www.laohu8.com/m/news/1155963993?lang=&edition=full","pubTime":"2021-12-06 10:14","market":"us","language":"en","title":"The Housing Boom Could Last for a Decade. Buy These Stocks.","url":"https://stock-news.laohu8.com/highlight/detail?id=1155963993","media":"Barron's","summary":"Housing is booming. Just take a look at Century Communities ’ development in Tumwater, Wash., where ","content":"<p></p>\n<p>Housing is booming. Just take a look at Century Communities ’ development in Tumwater, Wash., where more than 140 homes, at prices as high as $500,000, have been sold this year. Tumwater is viewed as a suburb of Seattle—even at 60 miles away. It’s a scene that has been repeated over the past two years in markets all across the country.</p>\n<p></p>\n<p>Are we nearing a peak?</p>\n<p></p>\n<p></p>\n<p>No, say the housing bulls on Wall Street, who argue that this is an upturn that could last for a decade. Millions of millennials are now at a point in their lives when they are seeking single-family homes in the suburbs and exurbs. They are entering a market still chastened by an unprecedented collapse in housing more than a decade ago.</p>\n<p></p>\n<p>“This market is primarily driven by a lack of supply, not excess demand,” says Stephen Kim, a housing analyst at Evercore ISI. “The supply shortage built up over 10 years, and it won’t go away quickly.”</p>\n<p></p>\n<p></p>\n<p>The numbers support Kim’s assertion. Inventories of existing homes remain near historically low levels. Construction starts on new single-family housing, meanwhile, will finally top one million this year after averaging fewer than 750,000 in the previous 10 years. That would still be below the 1.6 million annual starts from 2004 to 2006, the peak years of the housing bubble.</p>\n<p></p>\n<p>“The industry would need to sustain a two-million-starts pace for a decade to bring the industry out of its current underbuilt situation,” Kim argues.</p>\n<p></p>\n<p>The large home builders— D.R. Horton(ticker: DHI), Lennar(LEN), PulteGroup(PHM), and Toll Brothers(TOL)—are well positioned to benefit from the demographic trends. Their stocks trade for an average of just seven times projected 2022 earnings, among the lowest multiples in the stock market.</p>\n<p></p>\n<p>Small-cap builders Century Communities(CCS) and Meritage Homes(MTH) are even cheaper, fetching about five times forward earnings. The S&amp;P 500 indextrades at more than 20 times estimated 2022 profits.</p>\n<p></p>\n<p></p>\n<p>“The industry is completely different than it used to be,” says Bill Smead, a manager of the Smead Value fund, which holds D.R. Horton and Lennar. “It’s going from being fragmented to being aggregated in a relatively small number of publicly traded hands, and there is a secular growth story due to demographics that mutes a lot of the normal cyclicality.”</p>\n<p></p>\n<p></p>\n<p>Nineteen publicly traded builders now command more than 30% of the new-home market, against 21% a decade ago. The builders have strong balance sheets and less land inventory, and are poised to ramp up capital returns to investors in the coming years. Dividends, now averaging just 1% across the industry, should rise along with share repurchases.</p>\n<p></p>\n<p>In the past, home builders plowed profits into land purchases to enable future construction. That kept a lid on valuations, as investors worried that land-heavy balance sheets would become liabilities in a downturn.</p>\n<p></p>\n<p>Home builders are now reaching deals with land developers that give them the option to purchase home-building lots rather than buying and holding land. At Horton, the percentage of owned lots has fallen to 24% from 43% since 2018.</p>\n<p></p>\n<p>“It’s not like the top of the last cycle, when home builders owned a ton of lots purchased with borrowed money,” Smead says. The companies, he says, have gone from being “land developers” to “home manufacturers”—increasing returns and lowering risk. Pulte has scarcely any net debt, and Horton has little net debt at its core home-building business.</p>\n<p></p>\n<p>J.P. Morgan analyst Michael Rehaut has estimated that the average net debt-to-capital ratio on home builders’ balance sheets will fall to a negative 4% by the end of 2023 from 15% today.</p>\n<p></p>\n<p>He sees the companies as capable of buying back 20% of their shares in the next two years. The repurchases have already ramped up. Pulte bought back 4% of its stock in the first nine months of 2021, and D.R. Horton repurchased 2% in its just-completed fiscal year.</p>\n<p></p>\n<p>Barron’s has written favorably on home builders this year, including articles on Toll in January and Lennar in June.</p>\n<p></p>\n<p>Most public builders focus on entry-level and move-up buyers on the outskirts of major cities with average selling prices around $400,000. Toll, however, focuses on the high end and has an average selling price of close to $900,000.</p>\n<p></p>\n<p>Smead sees annual earnings growth of 10% to 15% on average for the home builders over the next decade, although the gains could be lumpy.</p>\n<p></p>\n<p>Evercore’s Kim says that 2022 Street earnings estimates are too low, arguing that current earnings reflect homes ordered several quarters ago, when prices were lower and the cost of lumber, a major input, much higher.</p>\n<p></p>\n<p>“The supply-chain disruptions have pushed some of the upside into next year,” he says.</p>\n<p></p>\n<p>The stocks aren’t trading as cheaply based on price-to-book ratios, a popular valuation measure for home builders. The group now averages about 1.4 times projected 2022 year-end book value. Bulls argue that earnings are more durable than in the past and that the stocks should trade based on earnings and not book value.</p>\n<p></p>\n<p>Smead’s view is that the persistently low valuations reflect the searing investor memories of the 2004-07 housing bubble and subsequent crash, when stocks like Toll and D.R. Horton fell as much as 85%.</p>\n<p></p>\n<p>“If you compare this with the 2007-to-2009 period, you have two large demographic groups—millennials and baby boomers—looking for housing and not finding a lot of supply out there,” says Jay McCanless, the housing analyst at Wedbush Securities.</p>\n<p></p>\n<p></p>\n<p>The work-from-home trend is another favorable trend, as Americans move out of apartments and into single-family homes, while homeowners seek larger houses with home offices and other amenities.</p>\n<p></p>\n<p>The bear case for housing is that slowing population growth will limit demand, according to Zelman &amp; Associates, the firm headed by the influential housing analyst Ivy Zelman.</p>\n<p></p>\n<p>The firm projects that the U.S. population will grow at just 4% in the current decade, down from 7.4% in 2010-20, which was the second-slowest percentage gain in history. “Population growth—the crucial underpinning of incremental housing demand—is on a troubling trajectory,” the firm wrote in a report this summer. “The current pace of production already surpasses demographically supported normalized demand.”</p>\n<p></p>\n<p>More near term, there is concern that the critical spring selling season next year may not be as robust as 2021’s, particularly if ultralow 30-year mortgage rates, now just over 3%, rise toward 4%. The rally in housing prices may have already stalled. The S&amp;P CoreLogic Case-Shiller U.S. National Home Price NSA Index showed a 19.5% annual gain in September, down from 19.8% in August.</p>\n<p></p>\n<p>Industry executives say they aren’t worried. “I think it’s pretty clear that the market is not as white hot right now as it was in the spring, but we’re still seeing very strong demand,” said Michael Murray, co-chief operating officer at D.R. Horton, on an earnings conference call in November.</p>\n<p></p>\n<p>Dale and Robert Francescon, the co-CEOs of Century Communities, tell Barron’s, “With interest rates still at historic lows, demand has been consistently strong throughout our national footprint of more than 40 markets.”</p>\n<p></p>\n<p>And a bit of a cool-off may not be such a bad thing for the red-hot housing market, says Larry Pitkowsky, manager of the GoodHaven fund, which owns Lennar shares. “A more normalized pace of demand might be better, as Lennar and its brethren are striving to balance very strong demand with higher raw materials and tight labor markets, and a sensible desire to protect margins,” he says.</p>\n<p></p>\n<p><b>D.R. Horton</b></p>\n<p></p>\n<p>The industry leader constructs roughly one in 10 new homes in the country—over 80,000 in its latest fiscal year. It has the industry’s largest market value at $37 billion and one of the highest returns on equity at 31%. Entry-level homes account for about half of its business.</p>\n<p></p>\n<p>“Horton has done a superb job bringing down debt levels while at the same time growing the business and positioning itself for the future,” says Wedbush’s McCanless. Horton now controls over 500,000 lots—enough for more than five years of building at 2022’s expected pace.</p>\n<p></p>\n<p>Its shares, at a recent $103, trade for about seven times the current earnings consensus of $14.22 a share for the company’s fiscal year ending in September. The shares yield 1%.</p>\n<p></p>\n<p>Kim of Evercore ISI sees earnings of about $18 a share, arguing that Horton’s gross margins, now about 27%, can hit 30%. He has an Outperform rating and a price target of $163.</p>\n<p></p>\n<p><b>Lennar</b></p>\n<p></p>\n<p>The No. 2 home builder in terms of market value has done the best job among its peers of developing related businesses. These include multifamily and single-family rental housing ventures and investments like a stake in Opendoor Technologies(OPEN), the online home buyer.</p>\n<p></p>\n<p>Lennar plans to spin off a group of noncore businesses, although it hasn’t yet provided details. Shares, at about $113, trade for 7.7 times projected 2022 earnings of almost $15 a share.</p>\n<p></p>\n<p>Chairman Stuart Miller says that “the best of times” for home builders still have a way to go. “Since new-home construction cannot ramp quickly enough to fill the void of the production deficit that persisted over the past decade, short supply is likely to remain for some time to come,” he said on the company’s latest earnings conference call.</p>\n<p></p>\n<p>Investors can invest alongside Miller in the company’s supervoting B shares, which trade at $92, a big discount to the more-liquid Class A shares.</p>\n<p></p>\n<p>GoodHaven’s Pitkowsky also favors the B shares, and they are probably the best way for retail investors to play Lennar, given the possibility that the share classes combine.</p>\n<p></p>\n<p><b>Toll Brothers</b></p>\n<p></p>\n<p>With its luxury focus, Toll is the most differentiated of the major home builders, and its competitive position is probably the strongest, since it competes primarily with smaller private builders.</p>\n<p></p>\n<p>Toll shares, at about $68, trade for 7.6 times projected earnings of $9 a share in the company’s fiscal year ending in October 2022.</p>\n<p></p>\n<p>“The higher end of the market has seen the biggest reversal of fortune—in a good way,” says Kim, noting weakness before the pandemic. Toll is benefiting from a larger prepandemic land position than peers. He has an Outperform rating and a price target of $86.</p>\n<p></p>\n<p>Higher-income white-collar workers—Toll’s core customer base—tend to have more work-from-home flexibility, and that is translating into strong demand, with the average buyer spending $160,000 on extras like home offices and multigenerational suites. And with longer construction periods than peers on its homes that can stretch a year or more, Toll’s earnings gains could play out deep into 2022.</p>\n<p></p>\n<p>The company has developed what it calls “affordable luxury” homes in less expensive markets like South Carolina, with homes that sell on average for about $740,000 and make up about 40% of its business.</p>\n<p></p>\n<p><b>PulteGroup</b></p>\n<p></p>\n<p>The No. 3 U.S. home builder caters mainly to first-time and move-up buyers. Through its Del Webb and DiVosta brands, it builds “active adult” communities catering to those near, and in, retirement.</p>\n<p></p>\n<p>Its shares, at about $52, are among the cheapest of its large-cap peers at under six times projected 2022 earnings.</p>\n<p></p>\n<p>As more of a build-to-order company than D.R. Horton and Lennar, Pulte’s earnings have more upside potential, since its current closings reflect older orders. And sales prices on new orders were up 26% year over year in the third quarter, pointing to higher 2022 earnings.</p>\n<p></p>\n<p>The company has one of the best balance sheets among its peers, with minimal net debt. J.P. Morgan’s Rehaut is bullish on the company, citing its financial strength and a return on equity of more than 25%. He has a price target of $71.</p>\n<p></p>\n<p></p>\n<p></p>\n<p><b>Century Communities</b></p>\n<p></p>\n<p>Since going public seven years ago, the Colorado home builder has expanded to 17 states and become the country’s ninth-largest builder.</p>\n<p></p>\n<p>The bulk of Century’s sales go to entry-level buyers. Its Century Complete brand offers low-price homes with no options—the average selling price is just $207,000—around smaller cities like Jacksonville, Fla., and Louisville, Ky.</p>\n<p></p>\n<p>“Century is leveraging its buying power to enter smaller markets where it can build homes to be competitive with the local resale market,” says Wedbush’s McCanless.</p>\n<p></p>\n<p>Shares, at about $72, trade for five times projected 2022 earnings of about $15 a share. McCanless has an Outperform rating and a $110 price target on the stock.</p>\n<p></p>\n<p></p>\n<p><b>Meritage Homes</b></p>\n<p></p>\n<p>The high-growth Arizona-based builder is focused on the entry-level market in the Southeast and Southwest U.S., with an average selling price of about $400,000.</p>\n<p></p>\n<p>“We’re in the affordable part of the market,” Phillippe Lord, Meritage’s CEO, tells Barron’s. “Our part of the market will be more resilient” if interest rates rise, he says, adding that Meritage homes offer higher quality and better design than other entry-level rivals.</p>\n<p></p>\n<p>Meritage, whose shares trade for about $118, is expected to generate nearly 75% growth in earnings this year to $19 a share, and a 21% gain in 2022 to $23 a share. The stock trades for just five times projected 2022 earnings.</p>\n<p></p>\n<p>After its third-quarter results, the company “executed extremely well,” despite materials shortages, Kim said. He has an Outperform rating and a price target of $190 a share.</p>\n<p></p>\n<p>U.S. home builders have never been in better shape. Even after a strong 2021, their stocks could be poised for many years of gains.</p>\n<p></p>","source":"lsy1610680873436","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>The Housing Boom Could Last for a Decade. Buy These Stocks.</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\">\nThe Housing Boom Could Last for a Decade. Buy These Stocks.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-06 10:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/housing-real-estate-boom-stock-to-buy-51638549999?mod=hp_LEAD_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Housing is booming. Just take a look at Century Communities ’ development in Tumwater, Wash., where more than 140 homes, at prices as high as $500,000, have been sold this year. Tumwater is viewed as ...</p>\n\n<a href=\"https://www.barrons.com/articles/housing-real-estate-boom-stock-to-buy-51638549999?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MTH":"Meritage Homes Corp","TOL":"托尔兄弟","DHI":"霍顿房屋","LEN":"莱纳建筑公司","PHM":"普得集团","CCS":"Century Communities"},"source_url":"https://www.barrons.com/articles/housing-real-estate-boom-stock-to-buy-51638549999?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155963993","content_text":"Housing is booming. Just take a look at Century Communities ’ development in Tumwater, Wash., where more than 140 homes, at prices as high as $500,000, have been sold this year. Tumwater is viewed as a suburb of Seattle—even at 60 miles away. It’s a scene that has been repeated over the past two years in markets all across the country.\n\nAre we nearing a peak?\n\n\nNo, say the housing bulls on Wall Street, who argue that this is an upturn that could last for a decade. Millions of millennials are now at a point in their lives when they are seeking single-family homes in the suburbs and exurbs. They are entering a market still chastened by an unprecedented collapse in housing more than a decade ago.\n\n“This market is primarily driven by a lack of supply, not excess demand,” says Stephen Kim, a housing analyst at Evercore ISI. “The supply shortage built up over 10 years, and it won’t go away quickly.”\n\n\nThe numbers support Kim’s assertion. Inventories of existing homes remain near historically low levels. Construction starts on new single-family housing, meanwhile, will finally top one million this year after averaging fewer than 750,000 in the previous 10 years. That would still be below the 1.6 million annual starts from 2004 to 2006, the peak years of the housing bubble.\n\n“The industry would need to sustain a two-million-starts pace for a decade to bring the industry out of its current underbuilt situation,” Kim argues.\n\nThe large home builders— D.R. Horton(ticker: DHI), Lennar(LEN), PulteGroup(PHM), and Toll Brothers(TOL)—are well positioned to benefit from the demographic trends. Their stocks trade for an average of just seven times projected 2022 earnings, among the lowest multiples in the stock market.\n\nSmall-cap builders Century Communities(CCS) and Meritage Homes(MTH) are even cheaper, fetching about five times forward earnings. The S&P 500 indextrades at more than 20 times estimated 2022 profits.\n\n\n“The industry is completely different than it used to be,” says Bill Smead, a manager of the Smead Value fund, which holds D.R. Horton and Lennar. “It’s going from being fragmented to being aggregated in a relatively small number of publicly traded hands, and there is a secular growth story due to demographics that mutes a lot of the normal cyclicality.”\n\n\nNineteen publicly traded builders now command more than 30% of the new-home market, against 21% a decade ago. The builders have strong balance sheets and less land inventory, and are poised to ramp up capital returns to investors in the coming years. Dividends, now averaging just 1% across the industry, should rise along with share repurchases.\n\nIn the past, home builders plowed profits into land purchases to enable future construction. That kept a lid on valuations, as investors worried that land-heavy balance sheets would become liabilities in a downturn.\n\nHome builders are now reaching deals with land developers that give them the option to purchase home-building lots rather than buying and holding land. At Horton, the percentage of owned lots has fallen to 24% from 43% since 2018.\n\n“It’s not like the top of the last cycle, when home builders owned a ton of lots purchased with borrowed money,” Smead says. The companies, he says, have gone from being “land developers” to “home manufacturers”—increasing returns and lowering risk. Pulte has scarcely any net debt, and Horton has little net debt at its core home-building business.\n\nJ.P. Morgan analyst Michael Rehaut has estimated that the average net debt-to-capital ratio on home builders’ balance sheets will fall to a negative 4% by the end of 2023 from 15% today.\n\nHe sees the companies as capable of buying back 20% of their shares in the next two years. The repurchases have already ramped up. Pulte bought back 4% of its stock in the first nine months of 2021, and D.R. Horton repurchased 2% in its just-completed fiscal year.\n\nBarron’s has written favorably on home builders this year, including articles on Toll in January and Lennar in June.\n\nMost public builders focus on entry-level and move-up buyers on the outskirts of major cities with average selling prices around $400,000. Toll, however, focuses on the high end and has an average selling price of close to $900,000.\n\nSmead sees annual earnings growth of 10% to 15% on average for the home builders over the next decade, although the gains could be lumpy.\n\nEvercore’s Kim says that 2022 Street earnings estimates are too low, arguing that current earnings reflect homes ordered several quarters ago, when prices were lower and the cost of lumber, a major input, much higher.\n\n“The supply-chain disruptions have pushed some of the upside into next year,” he says.\n\nThe stocks aren’t trading as cheaply based on price-to-book ratios, a popular valuation measure for home builders. The group now averages about 1.4 times projected 2022 year-end book value. Bulls argue that earnings are more durable than in the past and that the stocks should trade based on earnings and not book value.\n\nSmead’s view is that the persistently low valuations reflect the searing investor memories of the 2004-07 housing bubble and subsequent crash, when stocks like Toll and D.R. Horton fell as much as 85%.\n\n“If you compare this with the 2007-to-2009 period, you have two large demographic groups—millennials and baby boomers—looking for housing and not finding a lot of supply out there,” says Jay McCanless, the housing analyst at Wedbush Securities.\n\n\nThe work-from-home trend is another favorable trend, as Americans move out of apartments and into single-family homes, while homeowners seek larger houses with home offices and other amenities.\n\nThe bear case for housing is that slowing population growth will limit demand, according to Zelman & Associates, the firm headed by the influential housing analyst Ivy Zelman.\n\nThe firm projects that the U.S. population will grow at just 4% in the current decade, down from 7.4% in 2010-20, which was the second-slowest percentage gain in history. “Population growth—the crucial underpinning of incremental housing demand—is on a troubling trajectory,” the firm wrote in a report this summer. “The current pace of production already surpasses demographically supported normalized demand.”\n\nMore near term, there is concern that the critical spring selling season next year may not be as robust as 2021’s, particularly if ultralow 30-year mortgage rates, now just over 3%, rise toward 4%. The rally in housing prices may have already stalled. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index showed a 19.5% annual gain in September, down from 19.8% in August.\n\nIndustry executives say they aren’t worried. “I think it’s pretty clear that the market is not as white hot right now as it was in the spring, but we’re still seeing very strong demand,” said Michael Murray, co-chief operating officer at D.R. Horton, on an earnings conference call in November.\n\nDale and Robert Francescon, the co-CEOs of Century Communities, tell Barron’s, “With interest rates still at historic lows, demand has been consistently strong throughout our national footprint of more than 40 markets.”\n\nAnd a bit of a cool-off may not be such a bad thing for the red-hot housing market, says Larry Pitkowsky, manager of the GoodHaven fund, which owns Lennar shares. “A more normalized pace of demand might be better, as Lennar and its brethren are striving to balance very strong demand with higher raw materials and tight labor markets, and a sensible desire to protect margins,” he says.\n\nD.R. Horton\n\nThe industry leader constructs roughly one in 10 new homes in the country—over 80,000 in its latest fiscal year. It has the industry’s largest market value at $37 billion and one of the highest returns on equity at 31%. Entry-level homes account for about half of its business.\n\n“Horton has done a superb job bringing down debt levels while at the same time growing the business and positioning itself for the future,” says Wedbush’s McCanless. Horton now controls over 500,000 lots—enough for more than five years of building at 2022’s expected pace.\n\nIts shares, at a recent $103, trade for about seven times the current earnings consensus of $14.22 a share for the company’s fiscal year ending in September. The shares yield 1%.\n\nKim of Evercore ISI sees earnings of about $18 a share, arguing that Horton’s gross margins, now about 27%, can hit 30%. He has an Outperform rating and a price target of $163.\n\nLennar\n\nThe No. 2 home builder in terms of market value has done the best job among its peers of developing related businesses. These include multifamily and single-family rental housing ventures and investments like a stake in Opendoor Technologies(OPEN), the online home buyer.\n\nLennar plans to spin off a group of noncore businesses, although it hasn’t yet provided details. Shares, at about $113, trade for 7.7 times projected 2022 earnings of almost $15 a share.\n\nChairman Stuart Miller says that “the best of times” for home builders still have a way to go. “Since new-home construction cannot ramp quickly enough to fill the void of the production deficit that persisted over the past decade, short supply is likely to remain for some time to come,” he said on the company’s latest earnings conference call.\n\nInvestors can invest alongside Miller in the company’s supervoting B shares, which trade at $92, a big discount to the more-liquid Class A shares.\n\nGoodHaven’s Pitkowsky also favors the B shares, and they are probably the best way for retail investors to play Lennar, given the possibility that the share classes combine.\n\nToll Brothers\n\nWith its luxury focus, Toll is the most differentiated of the major home builders, and its competitive position is probably the strongest, since it competes primarily with smaller private builders.\n\nToll shares, at about $68, trade for 7.6 times projected earnings of $9 a share in the company’s fiscal year ending in October 2022.\n\n“The higher end of the market has seen the biggest reversal of fortune—in a good way,” says Kim, noting weakness before the pandemic. Toll is benefiting from a larger prepandemic land position than peers. He has an Outperform rating and a price target of $86.\n\nHigher-income white-collar workers—Toll’s core customer base—tend to have more work-from-home flexibility, and that is translating into strong demand, with the average buyer spending $160,000 on extras like home offices and multigenerational suites. And with longer construction periods than peers on its homes that can stretch a year or more, Toll’s earnings gains could play out deep into 2022.\n\nThe company has developed what it calls “affordable luxury” homes in less expensive markets like South Carolina, with homes that sell on average for about $740,000 and make up about 40% of its business.\n\nPulteGroup\n\nThe No. 3 U.S. home builder caters mainly to first-time and move-up buyers. Through its Del Webb and DiVosta brands, it builds “active adult” communities catering to those near, and in, retirement.\n\nIts shares, at about $52, are among the cheapest of its large-cap peers at under six times projected 2022 earnings.\n\nAs more of a build-to-order company than D.R. Horton and Lennar, Pulte’s earnings have more upside potential, since its current closings reflect older orders. And sales prices on new orders were up 26% year over year in the third quarter, pointing to higher 2022 earnings.\n\nThe company has one of the best balance sheets among its peers, with minimal net debt. J.P. Morgan’s Rehaut is bullish on the company, citing its financial strength and a return on equity of more than 25%. He has a price target of $71.\n\n\n\nCentury Communities\n\nSince going public seven years ago, the Colorado home builder has expanded to 17 states and become the country’s ninth-largest builder.\n\nThe bulk of Century’s sales go to entry-level buyers. Its Century Complete brand offers low-price homes with no options—the average selling price is just $207,000—around smaller cities like Jacksonville, Fla., and Louisville, Ky.\n\n“Century is leveraging its buying power to enter smaller markets where it can build homes to be competitive with the local resale market,” says Wedbush’s McCanless.\n\nShares, at about $72, trade for five times projected 2022 earnings of about $15 a share. McCanless has an Outperform rating and a $110 price target on the stock.\n\n\nMeritage Homes\n\nThe high-growth Arizona-based builder is focused on the entry-level market in the Southeast and Southwest U.S., with an average selling price of about $400,000.\n\n“We’re in the affordable part of the market,” Phillippe Lord, Meritage’s CEO, tells Barron’s. “Our part of the market will be more resilient” if interest rates rise, he says, adding that Meritage homes offer higher quality and better design than other entry-level rivals.\n\nMeritage, whose shares trade for about $118, is expected to generate nearly 75% growth in earnings this year to $19 a share, and a 21% gain in 2022 to $23 a share. The stock trades for just five times projected 2022 earnings.\n\nAfter its third-quarter results, the company “executed extremely well,” despite materials shortages, Kim said. He has an Outperform rating and a price target of $190 a share.\n\nU.S. home builders have never been in better shape. Even after a strong 2021, their stocks could be poised for many years of gains.","news_type":1},"isVote":1,"tweetType":1,"viewCount":477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847582488,"gmtCreate":1636535706545,"gmtModify":1636535994797,"author":{"id":"4091975549439940","authorId":"4091975549439940","authorIdStr":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/847582488","repostId":"1184369335","repostType":4,"isVote":1,"tweetType":1,"viewCount":551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847823236,"gmtCreate":1636507356558,"gmtModify":1636507356768,"author":{"id":"4091975549439940","authorId":"4091975549439940","authorIdStr":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/847823236","repostId":"2182086444","repostType":2,"isVote":1,"tweetType":1,"viewCount":761,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":858958722,"gmtCreate":1634967445797,"gmtModify":1634967446002,"author":{"id":"4091975549439940","authorId":"4091975549439940","authorIdStr":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BNTX\">$BioNTech SE(BNTX)$</a>...","listText":"<a href=\"https://laohu8.com/S/BNTX\">$BioNTech SE(BNTX)$</a>...","text":"$BioNTech SE(BNTX)$...","images":[{"img":"https://static.tigerbbs.com/549cf078d532fa92b8a04cfa525e18d2","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/858958722","isVote":1,"tweetType":1,"viewCount":432,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":859050552,"gmtCreate":1634642722520,"gmtModify":1634642722715,"author":{"id":"4091975549439940","authorId":"4091975549439940","authorIdStr":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Great news","listText":"Great news","text":"Great news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/859050552","repostId":"1185133403","repostType":4,"repost":{"id":"1185133403","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1634631070,"share":"https://www.laohu8.com/m/news/1185133403?lang=&edition=full","pubTime":"2021-10-19 16:11","market":"us","language":"en","title":"Alibaba rose nearly 2% in premarket trading as it unveils one of China’s most advanced chips","url":"https://stock-news.laohu8.com/highlight/detail?id=1185133403","media":"Tiger Newspress","summary":"Alibaba rose nearly 2% in premarket trading, and its stocks’ price in Hong Kong jumped 1.17% on Tuesday.The company unveiled a new server chip that’s based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency.The newest chip is based on micro-architecture provided by the SoftBank Group Corp.-owned Arm Ltd., according to a statement Tuesday. Alibaba, which is holding its annual cloud summit in Hangzhou, said the silicon will be put to use in","content":"<p>Alibaba rose nearly 2% in premarket trading, and its stocks’ price in Hong Kong jumped 1.17% on Tuesday.</p>\n<p>&nbsp;<img src=\"https://static.tigerbbs.com/64d09abc429be4e1672683409ffa01e3\" tg-width=\"768\" tg-height=\"371\" width=\"100%\" height=\"auto\"></p>\n<p>The company unveiled a new server chip that’s based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency.&nbsp;</p>\n<p>The newest chip is based on micro-architecture provided by the SoftBank Group Corp.-owned Arm Ltd., according to a statement Tuesday. Alibaba, which is holding its annual cloud summit in Hangzhou, said the silicon will be put to use in its own data centers in the “near future” and will not be sold commercially, at least for now.</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>Alibaba rose nearly 2% in premarket trading as it unveils one of China’s most advanced chips</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\">\nAlibaba rose nearly 2% in premarket trading as it unveils one of China’s most advanced chips\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-10-19 16:11</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Alibaba rose nearly 2% in premarket trading, and its stocks’ price in Hong Kong jumped 1.17% on Tuesday.</p>\n<p>&nbsp;<img src=\"https://static.tigerbbs.com/64d09abc429be4e1672683409ffa01e3\" tg-width=\"768\" tg-height=\"371\" width=\"100%\" height=\"auto\"></p>\n<p>The company unveiled a new server chip that’s based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency.&nbsp;</p>\n<p>The newest chip is based on micro-architecture provided by the SoftBank Group Corp.-owned Arm Ltd., according to a statement Tuesday. Alibaba, which is holding its annual cloud summit in Hangzhou, said the silicon will be put to use in its own data centers in the “near future” and will not be sold commercially, at least for now.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09988":"阿里巴巴-SW","BABA":"阿里巴巴"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185133403","content_text":"Alibaba rose nearly 2% in premarket trading, and its stocks’ price in Hong Kong jumped 1.17% on Tuesday.\n \nThe company unveiled a new server chip that’s based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency. \nThe newest chip is based on micro-architecture provided by the SoftBank Group Corp.-owned Arm Ltd., according to a statement Tuesday. Alibaba, which is holding its annual cloud summit in Hangzhou, said the silicon will be put to use in its own data centers in the “near future” and will not be sold commercially, at least for now.","news_type":1},"isVote":1,"tweetType":1,"viewCount":654,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828783925,"gmtCreate":1633946085848,"gmtModify":1633946085848,"author":{"id":"4091975549439940","authorId":"4091975549439940","authorIdStr":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>finally. Up and up","listText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>finally. Up and up","text":"$Alibaba(BABA)$finally. Up and up","images":[{"img":"https://static.tigerbbs.com/aac0de00d74783ca3b7e0dc81dca0750","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828783925","isVote":1,"tweetType":1,"viewCount":688,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":864892949,"gmtCreate":1633083943582,"gmtModify":1633084123810,"author":{"id":"4091975549439940","authorId":"4091975549439940","authorIdStr":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"👍&nbsp;","listText":"👍&nbsp;","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/864892949","repostId":"1193583996","repostType":4,"isVote":1,"tweetType":1,"viewCount":305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861623682,"gmtCreate":1632492743646,"gmtModify":1632717155193,"author":{"id":"4091975549439940","authorId":"4091975549439940","authorIdStr":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>[流泪]&nbsp;[流泪]&nbsp;","listText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>[流泪]&nbsp;[流泪]&nbsp;","text":"$Alibaba(BABA)$[流泪] [流泪]","images":[{"img":"https://static.tigerbbs.com/22b92eb0c6c22f4612e2c0d684523286","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/861623682","isVote":1,"tweetType":1,"viewCount":901,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0}],"hots":[{"id":605365171,"gmtCreate":1639116194502,"gmtModify":1639116194650,"author":{"id":"4091975549439940","authorId":"4091975549439940","authorIdStr":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605365171","repostId":"1101551798","repostType":2,"repost":{"id":"1101551798","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639114634,"share":"https://www.laohu8.com/m/news/1101551798?lang=&edition=full","pubTime":"2021-12-10 13:37","market":"us","language":"en","title":"TSMC’s November sales were 148.27 billion Taiwan dollars, an increase of 18.7% year-on-year.","url":"https://stock-news.laohu8.com/highlight/detail?id=1101551798","media":"Tiger Newspress","summary":"TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for November 2021: On a consolidated ba","content":"<p>TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for November 2021: On a consolidated basis, revenue for November 2021 was approximately NT$148.27 billion, an increase of 10.2 percent from October 2021 and an increase of 18.7 percent from November 2020. Revenue for January through November 2021 totaled NT$1,432.03 billion, an increase of 17.2 percent compared to the same period in 2020.</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>TSMC’s November sales were 148.27 billion Taiwan dollars, an increase of 18.7% year-on-year.</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\">\nTSMC’s November sales were 148.27 billion Taiwan dollars, an increase of 18.7% year-on-year.\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-12-10 13:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for November 2021: On a consolidated basis, revenue for November 2021 was approximately NT$148.27 billion, an increase of 10.2 percent from October 2021 and an increase of 18.7 percent from November 2020. Revenue for January through November 2021 totaled NT$1,432.03 billion, an increase of 17.2 percent compared to the same period in 2020.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101551798","content_text":"TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for November 2021: On a consolidated basis, revenue for November 2021 was approximately NT$148.27 billion, an increase of 10.2 percent from October 2021 and an increase of 18.7 percent from November 2020. Revenue for January through November 2021 totaled NT$1,432.03 billion, an increase of 17.2 percent compared to the same period in 2020.","news_type":1},"isVote":1,"tweetType":1,"viewCount":559,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":859050552,"gmtCreate":1634642722520,"gmtModify":1634642722715,"author":{"id":"4091975549439940","authorId":"4091975549439940","authorIdStr":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Great news","listText":"Great news","text":"Great news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/859050552","repostId":"1185133403","repostType":4,"repost":{"id":"1185133403","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1634631070,"share":"https://www.laohu8.com/m/news/1185133403?lang=&edition=full","pubTime":"2021-10-19 16:11","market":"us","language":"en","title":"Alibaba rose nearly 2% in premarket trading as it unveils one of China’s most advanced chips","url":"https://stock-news.laohu8.com/highlight/detail?id=1185133403","media":"Tiger Newspress","summary":"Alibaba rose nearly 2% in premarket trading, and its stocks’ price in Hong Kong jumped 1.17% on Tuesday.The company unveiled a new server chip that’s based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency.The newest chip is based on micro-architecture provided by the SoftBank Group Corp.-owned Arm Ltd., according to a statement Tuesday. Alibaba, which is holding its annual cloud summit in Hangzhou, said the silicon will be put to use in","content":"<p>Alibaba rose nearly 2% in premarket trading, and its stocks’ price in Hong Kong jumped 1.17% on Tuesday.</p>\n<p>&nbsp;<img src=\"https://static.tigerbbs.com/64d09abc429be4e1672683409ffa01e3\" tg-width=\"768\" tg-height=\"371\" width=\"100%\" height=\"auto\"></p>\n<p>The company unveiled a new server chip that’s based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency.&nbsp;</p>\n<p>The newest chip is based on micro-architecture provided by the SoftBank Group Corp.-owned Arm Ltd., according to a statement Tuesday. Alibaba, which is holding its annual cloud summit in Hangzhou, said the silicon will be put to use in its own data centers in the “near future” and will not be sold commercially, at least for now.</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>Alibaba rose nearly 2% in premarket trading as it unveils one of China’s most advanced chips</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\">\nAlibaba rose nearly 2% in premarket trading as it unveils one of China’s most advanced chips\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-10-19 16:11</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Alibaba rose nearly 2% in premarket trading, and its stocks’ price in Hong Kong jumped 1.17% on Tuesday.</p>\n<p>&nbsp;<img src=\"https://static.tigerbbs.com/64d09abc429be4e1672683409ffa01e3\" tg-width=\"768\" tg-height=\"371\" width=\"100%\" height=\"auto\"></p>\n<p>The company unveiled a new server chip that’s based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency.&nbsp;</p>\n<p>The newest chip is based on micro-architecture provided by the SoftBank Group Corp.-owned Arm Ltd., according to a statement Tuesday. Alibaba, which is holding its annual cloud summit in Hangzhou, said the silicon will be put to use in its own data centers in the “near future” and will not be sold commercially, at least for now.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09988":"阿里巴巴-SW","BABA":"阿里巴巴"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185133403","content_text":"Alibaba rose nearly 2% in premarket trading, and its stocks’ price in Hong Kong jumped 1.17% on Tuesday.\n \nThe company unveiled a new server chip that’s based on advanced 5-nanometer technology, marking a milestone in China’s pursuit of semiconductor self-sufficiency. \nThe newest chip is based on micro-architecture provided by the SoftBank Group Corp.-owned Arm Ltd., according to a statement Tuesday. Alibaba, which is holding its annual cloud summit in Hangzhou, said the silicon will be put to use in its own data centers in the “near future” and will not be sold commercially, at least for now.","news_type":1},"isVote":1,"tweetType":1,"viewCount":654,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861623682,"gmtCreate":1632492743646,"gmtModify":1632717155193,"author":{"id":"4091975549439940","authorId":"4091975549439940","authorIdStr":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>[流泪]&nbsp;[流泪]&nbsp;","listText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>[流泪]&nbsp;[流泪]&nbsp;","text":"$Alibaba(BABA)$[流泪] [流泪]","images":[{"img":"https://static.tigerbbs.com/22b92eb0c6c22f4612e2c0d684523286","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/861623682","isVote":1,"tweetType":1,"viewCount":901,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":864892949,"gmtCreate":1633083943582,"gmtModify":1633084123810,"author":{"id":"4091975549439940","authorId":"4091975549439940","authorIdStr":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"👍&nbsp;","listText":"👍&nbsp;","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/864892949","repostId":"1193583996","repostType":4,"repost":{"id":"1193583996","pubTimestamp":1633080824,"share":"https://www.laohu8.com/m/news/1193583996?lang=&edition=full","pubTime":"2021-10-01 17:33","market":"us","language":"en","title":"European stock markets tumble amid fears of slowing economic growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1193583996","media":"Yahoo Finance","summary":"There was blood in the markets on Friday, as European stocks dragged lower after posting their first","content":"<p>There was blood in the markets on Friday, as European stocks dragged lower after posting their first negative month since January on concerns of slowing economic growth.</p>\n<p>In London, the FTSE 100 (^FTSE) fell 0.7% after opening, while the CAC (^FCHI) tumbled more than 1% in Paris and the German DAX (^GDAXI) was 1.2% lower.</p>\n<p>“Investors are now nervously eyeing October, and wondering perhaps if this could be the beginning of further weakness,” Michael Hewson of CMC Markets said.</p>\n<p>“As we head into the final quarter of 2021 the gains year to date are still pretty decent, which raises the question, how much more is left in the tank, and whether this October will live up to the reputation of Octobers past, and deliver a huge curveball, as well as giving investors an anxiety attack.”</p>\n<p>Surging energy prices, supply chain disruptions, and concerns about inflation will be keeping traders on their toes.</p>\n<p>Over on Wall Street, S&amp;P 500 futures (ES=F) were down 0.5%, Dow futures (YM=F) shed 0.7%, and Nasdaq futures (NQ=F) were almost 0.6% lower as trade began in Europe.</p>\n<p>The S&amp;P 500 ended September down 4.8%, its first monthly drop since January and the biggest since March 2020.</p>\n<p>On Thursday Federal Reserve chair Jerome Powell maintained that surging inflation data is being caused by supply chain challenges and that they will abate. Under questioning from the House Financial Services Committee, Powell said he expects inflation to ease in the first half of 2022.</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>European stock markets tumble amid fears of slowing economic growth</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\">\nEuropean stock markets tumble amid fears of slowing economic growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-01 17:33 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/european-stock-markets-ftse-dax-cac-tumble-amid-fears-of-slowing-economic-growth-075521947.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>There was blood in the markets on Friday, as European stocks dragged lower after posting their first negative month since January on concerns of slowing economic growth.\nIn London, the FTSE 100 (^FTSE...</p>\n\n<a href=\"https://finance.yahoo.com/news/european-stock-markets-ftse-dax-cac-tumble-amid-fears-of-slowing-economic-growth-075521947.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/european-stock-markets-ftse-dax-cac-tumble-amid-fears-of-slowing-economic-growth-075521947.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193583996","content_text":"There was blood in the markets on Friday, as European stocks dragged lower after posting their first negative month since January on concerns of slowing economic growth.\nIn London, the FTSE 100 (^FTSE) fell 0.7% after opening, while the CAC (^FCHI) tumbled more than 1% in Paris and the German DAX (^GDAXI) was 1.2% lower.\n“Investors are now nervously eyeing October, and wondering perhaps if this could be the beginning of further weakness,” Michael Hewson of CMC Markets said.\n“As we head into the final quarter of 2021 the gains year to date are still pretty decent, which raises the question, how much more is left in the tank, and whether this October will live up to the reputation of Octobers past, and deliver a huge curveball, as well as giving investors an anxiety attack.”\nSurging energy prices, supply chain disruptions, and concerns about inflation will be keeping traders on their toes.\nOver on Wall Street, S&P 500 futures (ES=F) were down 0.5%, Dow futures (YM=F) shed 0.7%, and Nasdaq futures (NQ=F) were almost 0.6% lower as trade began in Europe.\nThe S&P 500 ended September down 4.8%, its first monthly drop since January and the biggest since March 2020.\nOn Thursday Federal Reserve chair Jerome Powell maintained that surging inflation data is being caused by supply chain challenges and that they will abate. Under questioning from the House Financial Services Committee, Powell said he expects inflation to ease in the first half of 2022.","news_type":1},"isVote":1,"tweetType":1,"viewCount":305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608545987,"gmtCreate":1638766215967,"gmtModify":1638766216030,"author":{"id":"4091975549439940","authorId":"4091975549439940","authorIdStr":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/608545987","repostId":"1155963993","repostType":2,"repost":{"id":"1155963993","pubTimestamp":1638756867,"share":"https://www.laohu8.com/m/news/1155963993?lang=&edition=full","pubTime":"2021-12-06 10:14","market":"us","language":"en","title":"The Housing Boom Could Last for a Decade. Buy These Stocks.","url":"https://stock-news.laohu8.com/highlight/detail?id=1155963993","media":"Barron's","summary":"Housing is booming. Just take a look at Century Communities ’ development in Tumwater, Wash., where ","content":"<p></p>\n<p>Housing is booming. Just take a look at Century Communities ’ development in Tumwater, Wash., where more than 140 homes, at prices as high as $500,000, have been sold this year. Tumwater is viewed as a suburb of Seattle—even at 60 miles away. It’s a scene that has been repeated over the past two years in markets all across the country.</p>\n<p></p>\n<p>Are we nearing a peak?</p>\n<p></p>\n<p></p>\n<p>No, say the housing bulls on Wall Street, who argue that this is an upturn that could last for a decade. Millions of millennials are now at a point in their lives when they are seeking single-family homes in the suburbs and exurbs. They are entering a market still chastened by an unprecedented collapse in housing more than a decade ago.</p>\n<p></p>\n<p>“This market is primarily driven by a lack of supply, not excess demand,” says Stephen Kim, a housing analyst at Evercore ISI. “The supply shortage built up over 10 years, and it won’t go away quickly.”</p>\n<p></p>\n<p></p>\n<p>The numbers support Kim’s assertion. Inventories of existing homes remain near historically low levels. Construction starts on new single-family housing, meanwhile, will finally top one million this year after averaging fewer than 750,000 in the previous 10 years. That would still be below the 1.6 million annual starts from 2004 to 2006, the peak years of the housing bubble.</p>\n<p></p>\n<p>“The industry would need to sustain a two-million-starts pace for a decade to bring the industry out of its current underbuilt situation,” Kim argues.</p>\n<p></p>\n<p>The large home builders— D.R. Horton(ticker: DHI), Lennar(LEN), PulteGroup(PHM), and Toll Brothers(TOL)—are well positioned to benefit from the demographic trends. Their stocks trade for an average of just seven times projected 2022 earnings, among the lowest multiples in the stock market.</p>\n<p></p>\n<p>Small-cap builders Century Communities(CCS) and Meritage Homes(MTH) are even cheaper, fetching about five times forward earnings. The S&amp;P 500 indextrades at more than 20 times estimated 2022 profits.</p>\n<p></p>\n<p></p>\n<p>“The industry is completely different than it used to be,” says Bill Smead, a manager of the Smead Value fund, which holds D.R. Horton and Lennar. “It’s going from being fragmented to being aggregated in a relatively small number of publicly traded hands, and there is a secular growth story due to demographics that mutes a lot of the normal cyclicality.”</p>\n<p></p>\n<p></p>\n<p>Nineteen publicly traded builders now command more than 30% of the new-home market, against 21% a decade ago. The builders have strong balance sheets and less land inventory, and are poised to ramp up capital returns to investors in the coming years. Dividends, now averaging just 1% across the industry, should rise along with share repurchases.</p>\n<p></p>\n<p>In the past, home builders plowed profits into land purchases to enable future construction. That kept a lid on valuations, as investors worried that land-heavy balance sheets would become liabilities in a downturn.</p>\n<p></p>\n<p>Home builders are now reaching deals with land developers that give them the option to purchase home-building lots rather than buying and holding land. At Horton, the percentage of owned lots has fallen to 24% from 43% since 2018.</p>\n<p></p>\n<p>“It’s not like the top of the last cycle, when home builders owned a ton of lots purchased with borrowed money,” Smead says. The companies, he says, have gone from being “land developers” to “home manufacturers”—increasing returns and lowering risk. Pulte has scarcely any net debt, and Horton has little net debt at its core home-building business.</p>\n<p></p>\n<p>J.P. Morgan analyst Michael Rehaut has estimated that the average net debt-to-capital ratio on home builders’ balance sheets will fall to a negative 4% by the end of 2023 from 15% today.</p>\n<p></p>\n<p>He sees the companies as capable of buying back 20% of their shares in the next two years. The repurchases have already ramped up. Pulte bought back 4% of its stock in the first nine months of 2021, and D.R. Horton repurchased 2% in its just-completed fiscal year.</p>\n<p></p>\n<p>Barron’s has written favorably on home builders this year, including articles on Toll in January and Lennar in June.</p>\n<p></p>\n<p>Most public builders focus on entry-level and move-up buyers on the outskirts of major cities with average selling prices around $400,000. Toll, however, focuses on the high end and has an average selling price of close to $900,000.</p>\n<p></p>\n<p>Smead sees annual earnings growth of 10% to 15% on average for the home builders over the next decade, although the gains could be lumpy.</p>\n<p></p>\n<p>Evercore’s Kim says that 2022 Street earnings estimates are too low, arguing that current earnings reflect homes ordered several quarters ago, when prices were lower and the cost of lumber, a major input, much higher.</p>\n<p></p>\n<p>“The supply-chain disruptions have pushed some of the upside into next year,” he says.</p>\n<p></p>\n<p>The stocks aren’t trading as cheaply based on price-to-book ratios, a popular valuation measure for home builders. The group now averages about 1.4 times projected 2022 year-end book value. Bulls argue that earnings are more durable than in the past and that the stocks should trade based on earnings and not book value.</p>\n<p></p>\n<p>Smead’s view is that the persistently low valuations reflect the searing investor memories of the 2004-07 housing bubble and subsequent crash, when stocks like Toll and D.R. Horton fell as much as 85%.</p>\n<p></p>\n<p>“If you compare this with the 2007-to-2009 period, you have two large demographic groups—millennials and baby boomers—looking for housing and not finding a lot of supply out there,” says Jay McCanless, the housing analyst at Wedbush Securities.</p>\n<p></p>\n<p></p>\n<p>The work-from-home trend is another favorable trend, as Americans move out of apartments and into single-family homes, while homeowners seek larger houses with home offices and other amenities.</p>\n<p></p>\n<p>The bear case for housing is that slowing population growth will limit demand, according to Zelman &amp; Associates, the firm headed by the influential housing analyst Ivy Zelman.</p>\n<p></p>\n<p>The firm projects that the U.S. population will grow at just 4% in the current decade, down from 7.4% in 2010-20, which was the second-slowest percentage gain in history. “Population growth—the crucial underpinning of incremental housing demand—is on a troubling trajectory,” the firm wrote in a report this summer. “The current pace of production already surpasses demographically supported normalized demand.”</p>\n<p></p>\n<p>More near term, there is concern that the critical spring selling season next year may not be as robust as 2021’s, particularly if ultralow 30-year mortgage rates, now just over 3%, rise toward 4%. The rally in housing prices may have already stalled. The S&amp;P CoreLogic Case-Shiller U.S. National Home Price NSA Index showed a 19.5% annual gain in September, down from 19.8% in August.</p>\n<p></p>\n<p>Industry executives say they aren’t worried. “I think it’s pretty clear that the market is not as white hot right now as it was in the spring, but we’re still seeing very strong demand,” said Michael Murray, co-chief operating officer at D.R. Horton, on an earnings conference call in November.</p>\n<p></p>\n<p>Dale and Robert Francescon, the co-CEOs of Century Communities, tell Barron’s, “With interest rates still at historic lows, demand has been consistently strong throughout our national footprint of more than 40 markets.”</p>\n<p></p>\n<p>And a bit of a cool-off may not be such a bad thing for the red-hot housing market, says Larry Pitkowsky, manager of the GoodHaven fund, which owns Lennar shares. “A more normalized pace of demand might be better, as Lennar and its brethren are striving to balance very strong demand with higher raw materials and tight labor markets, and a sensible desire to protect margins,” he says.</p>\n<p></p>\n<p><b>D.R. Horton</b></p>\n<p></p>\n<p>The industry leader constructs roughly one in 10 new homes in the country—over 80,000 in its latest fiscal year. It has the industry’s largest market value at $37 billion and one of the highest returns on equity at 31%. Entry-level homes account for about half of its business.</p>\n<p></p>\n<p>“Horton has done a superb job bringing down debt levels while at the same time growing the business and positioning itself for the future,” says Wedbush’s McCanless. Horton now controls over 500,000 lots—enough for more than five years of building at 2022’s expected pace.</p>\n<p></p>\n<p>Its shares, at a recent $103, trade for about seven times the current earnings consensus of $14.22 a share for the company’s fiscal year ending in September. The shares yield 1%.</p>\n<p></p>\n<p>Kim of Evercore ISI sees earnings of about $18 a share, arguing that Horton’s gross margins, now about 27%, can hit 30%. He has an Outperform rating and a price target of $163.</p>\n<p></p>\n<p><b>Lennar</b></p>\n<p></p>\n<p>The No. 2 home builder in terms of market value has done the best job among its peers of developing related businesses. These include multifamily and single-family rental housing ventures and investments like a stake in Opendoor Technologies(OPEN), the online home buyer.</p>\n<p></p>\n<p>Lennar plans to spin off a group of noncore businesses, although it hasn’t yet provided details. Shares, at about $113, trade for 7.7 times projected 2022 earnings of almost $15 a share.</p>\n<p></p>\n<p>Chairman Stuart Miller says that “the best of times” for home builders still have a way to go. “Since new-home construction cannot ramp quickly enough to fill the void of the production deficit that persisted over the past decade, short supply is likely to remain for some time to come,” he said on the company’s latest earnings conference call.</p>\n<p></p>\n<p>Investors can invest alongside Miller in the company’s supervoting B shares, which trade at $92, a big discount to the more-liquid Class A shares.</p>\n<p></p>\n<p>GoodHaven’s Pitkowsky also favors the B shares, and they are probably the best way for retail investors to play Lennar, given the possibility that the share classes combine.</p>\n<p></p>\n<p><b>Toll Brothers</b></p>\n<p></p>\n<p>With its luxury focus, Toll is the most differentiated of the major home builders, and its competitive position is probably the strongest, since it competes primarily with smaller private builders.</p>\n<p></p>\n<p>Toll shares, at about $68, trade for 7.6 times projected earnings of $9 a share in the company’s fiscal year ending in October 2022.</p>\n<p></p>\n<p>“The higher end of the market has seen the biggest reversal of fortune—in a good way,” says Kim, noting weakness before the pandemic. Toll is benefiting from a larger prepandemic land position than peers. He has an Outperform rating and a price target of $86.</p>\n<p></p>\n<p>Higher-income white-collar workers—Toll’s core customer base—tend to have more work-from-home flexibility, and that is translating into strong demand, with the average buyer spending $160,000 on extras like home offices and multigenerational suites. And with longer construction periods than peers on its homes that can stretch a year or more, Toll’s earnings gains could play out deep into 2022.</p>\n<p></p>\n<p>The company has developed what it calls “affordable luxury” homes in less expensive markets like South Carolina, with homes that sell on average for about $740,000 and make up about 40% of its business.</p>\n<p></p>\n<p><b>PulteGroup</b></p>\n<p></p>\n<p>The No. 3 U.S. home builder caters mainly to first-time and move-up buyers. Through its Del Webb and DiVosta brands, it builds “active adult” communities catering to those near, and in, retirement.</p>\n<p></p>\n<p>Its shares, at about $52, are among the cheapest of its large-cap peers at under six times projected 2022 earnings.</p>\n<p></p>\n<p>As more of a build-to-order company than D.R. Horton and Lennar, Pulte’s earnings have more upside potential, since its current closings reflect older orders. And sales prices on new orders were up 26% year over year in the third quarter, pointing to higher 2022 earnings.</p>\n<p></p>\n<p>The company has one of the best balance sheets among its peers, with minimal net debt. J.P. Morgan’s Rehaut is bullish on the company, citing its financial strength and a return on equity of more than 25%. He has a price target of $71.</p>\n<p></p>\n<p></p>\n<p></p>\n<p><b>Century Communities</b></p>\n<p></p>\n<p>Since going public seven years ago, the Colorado home builder has expanded to 17 states and become the country’s ninth-largest builder.</p>\n<p></p>\n<p>The bulk of Century’s sales go to entry-level buyers. Its Century Complete brand offers low-price homes with no options—the average selling price is just $207,000—around smaller cities like Jacksonville, Fla., and Louisville, Ky.</p>\n<p></p>\n<p>“Century is leveraging its buying power to enter smaller markets where it can build homes to be competitive with the local resale market,” says Wedbush’s McCanless.</p>\n<p></p>\n<p>Shares, at about $72, trade for five times projected 2022 earnings of about $15 a share. McCanless has an Outperform rating and a $110 price target on the stock.</p>\n<p></p>\n<p></p>\n<p><b>Meritage Homes</b></p>\n<p></p>\n<p>The high-growth Arizona-based builder is focused on the entry-level market in the Southeast and Southwest U.S., with an average selling price of about $400,000.</p>\n<p></p>\n<p>“We’re in the affordable part of the market,” Phillippe Lord, Meritage’s CEO, tells Barron’s. “Our part of the market will be more resilient” if interest rates rise, he says, adding that Meritage homes offer higher quality and better design than other entry-level rivals.</p>\n<p></p>\n<p>Meritage, whose shares trade for about $118, is expected to generate nearly 75% growth in earnings this year to $19 a share, and a 21% gain in 2022 to $23 a share. The stock trades for just five times projected 2022 earnings.</p>\n<p></p>\n<p>After its third-quarter results, the company “executed extremely well,” despite materials shortages, Kim said. He has an Outperform rating and a price target of $190 a share.</p>\n<p></p>\n<p>U.S. home builders have never been in better shape. Even after a strong 2021, their stocks could be poised for many years of gains.</p>\n<p></p>","source":"lsy1610680873436","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>The Housing Boom Could Last for a Decade. Buy These Stocks.</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\">\nThe Housing Boom Could Last for a Decade. Buy These Stocks.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-06 10:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/housing-real-estate-boom-stock-to-buy-51638549999?mod=hp_LEAD_1><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Housing is booming. Just take a look at Century Communities ’ development in Tumwater, Wash., where more than 140 homes, at prices as high as $500,000, have been sold this year. Tumwater is viewed as ...</p>\n\n<a href=\"https://www.barrons.com/articles/housing-real-estate-boom-stock-to-buy-51638549999?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MTH":"Meritage Homes Corp","TOL":"托尔兄弟","DHI":"霍顿房屋","LEN":"莱纳建筑公司","PHM":"普得集团","CCS":"Century Communities"},"source_url":"https://www.barrons.com/articles/housing-real-estate-boom-stock-to-buy-51638549999?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155963993","content_text":"Housing is booming. Just take a look at Century Communities ’ development in Tumwater, Wash., where more than 140 homes, at prices as high as $500,000, have been sold this year. Tumwater is viewed as a suburb of Seattle—even at 60 miles away. It’s a scene that has been repeated over the past two years in markets all across the country.\n\nAre we nearing a peak?\n\n\nNo, say the housing bulls on Wall Street, who argue that this is an upturn that could last for a decade. Millions of millennials are now at a point in their lives when they are seeking single-family homes in the suburbs and exurbs. They are entering a market still chastened by an unprecedented collapse in housing more than a decade ago.\n\n“This market is primarily driven by a lack of supply, not excess demand,” says Stephen Kim, a housing analyst at Evercore ISI. “The supply shortage built up over 10 years, and it won’t go away quickly.”\n\n\nThe numbers support Kim’s assertion. Inventories of existing homes remain near historically low levels. Construction starts on new single-family housing, meanwhile, will finally top one million this year after averaging fewer than 750,000 in the previous 10 years. That would still be below the 1.6 million annual starts from 2004 to 2006, the peak years of the housing bubble.\n\n“The industry would need to sustain a two-million-starts pace for a decade to bring the industry out of its current underbuilt situation,” Kim argues.\n\nThe large home builders— D.R. Horton(ticker: DHI), Lennar(LEN), PulteGroup(PHM), and Toll Brothers(TOL)—are well positioned to benefit from the demographic trends. Their stocks trade for an average of just seven times projected 2022 earnings, among the lowest multiples in the stock market.\n\nSmall-cap builders Century Communities(CCS) and Meritage Homes(MTH) are even cheaper, fetching about five times forward earnings. The S&P 500 indextrades at more than 20 times estimated 2022 profits.\n\n\n“The industry is completely different than it used to be,” says Bill Smead, a manager of the Smead Value fund, which holds D.R. Horton and Lennar. “It’s going from being fragmented to being aggregated in a relatively small number of publicly traded hands, and there is a secular growth story due to demographics that mutes a lot of the normal cyclicality.”\n\n\nNineteen publicly traded builders now command more than 30% of the new-home market, against 21% a decade ago. The builders have strong balance sheets and less land inventory, and are poised to ramp up capital returns to investors in the coming years. Dividends, now averaging just 1% across the industry, should rise along with share repurchases.\n\nIn the past, home builders plowed profits into land purchases to enable future construction. That kept a lid on valuations, as investors worried that land-heavy balance sheets would become liabilities in a downturn.\n\nHome builders are now reaching deals with land developers that give them the option to purchase home-building lots rather than buying and holding land. At Horton, the percentage of owned lots has fallen to 24% from 43% since 2018.\n\n“It’s not like the top of the last cycle, when home builders owned a ton of lots purchased with borrowed money,” Smead says. The companies, he says, have gone from being “land developers” to “home manufacturers”—increasing returns and lowering risk. Pulte has scarcely any net debt, and Horton has little net debt at its core home-building business.\n\nJ.P. Morgan analyst Michael Rehaut has estimated that the average net debt-to-capital ratio on home builders’ balance sheets will fall to a negative 4% by the end of 2023 from 15% today.\n\nHe sees the companies as capable of buying back 20% of their shares in the next two years. The repurchases have already ramped up. Pulte bought back 4% of its stock in the first nine months of 2021, and D.R. Horton repurchased 2% in its just-completed fiscal year.\n\nBarron’s has written favorably on home builders this year, including articles on Toll in January and Lennar in June.\n\nMost public builders focus on entry-level and move-up buyers on the outskirts of major cities with average selling prices around $400,000. Toll, however, focuses on the high end and has an average selling price of close to $900,000.\n\nSmead sees annual earnings growth of 10% to 15% on average for the home builders over the next decade, although the gains could be lumpy.\n\nEvercore’s Kim says that 2022 Street earnings estimates are too low, arguing that current earnings reflect homes ordered several quarters ago, when prices were lower and the cost of lumber, a major input, much higher.\n\n“The supply-chain disruptions have pushed some of the upside into next year,” he says.\n\nThe stocks aren’t trading as cheaply based on price-to-book ratios, a popular valuation measure for home builders. The group now averages about 1.4 times projected 2022 year-end book value. Bulls argue that earnings are more durable than in the past and that the stocks should trade based on earnings and not book value.\n\nSmead’s view is that the persistently low valuations reflect the searing investor memories of the 2004-07 housing bubble and subsequent crash, when stocks like Toll and D.R. Horton fell as much as 85%.\n\n“If you compare this with the 2007-to-2009 period, you have two large demographic groups—millennials and baby boomers—looking for housing and not finding a lot of supply out there,” says Jay McCanless, the housing analyst at Wedbush Securities.\n\n\nThe work-from-home trend is another favorable trend, as Americans move out of apartments and into single-family homes, while homeowners seek larger houses with home offices and other amenities.\n\nThe bear case for housing is that slowing population growth will limit demand, according to Zelman & Associates, the firm headed by the influential housing analyst Ivy Zelman.\n\nThe firm projects that the U.S. population will grow at just 4% in the current decade, down from 7.4% in 2010-20, which was the second-slowest percentage gain in history. “Population growth—the crucial underpinning of incremental housing demand—is on a troubling trajectory,” the firm wrote in a report this summer. “The current pace of production already surpasses demographically supported normalized demand.”\n\nMore near term, there is concern that the critical spring selling season next year may not be as robust as 2021’s, particularly if ultralow 30-year mortgage rates, now just over 3%, rise toward 4%. The rally in housing prices may have already stalled. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index showed a 19.5% annual gain in September, down from 19.8% in August.\n\nIndustry executives say they aren’t worried. “I think it’s pretty clear that the market is not as white hot right now as it was in the spring, but we’re still seeing very strong demand,” said Michael Murray, co-chief operating officer at D.R. Horton, on an earnings conference call in November.\n\nDale and Robert Francescon, the co-CEOs of Century Communities, tell Barron’s, “With interest rates still at historic lows, demand has been consistently strong throughout our national footprint of more than 40 markets.”\n\nAnd a bit of a cool-off may not be such a bad thing for the red-hot housing market, says Larry Pitkowsky, manager of the GoodHaven fund, which owns Lennar shares. “A more normalized pace of demand might be better, as Lennar and its brethren are striving to balance very strong demand with higher raw materials and tight labor markets, and a sensible desire to protect margins,” he says.\n\nD.R. Horton\n\nThe industry leader constructs roughly one in 10 new homes in the country—over 80,000 in its latest fiscal year. It has the industry’s largest market value at $37 billion and one of the highest returns on equity at 31%. Entry-level homes account for about half of its business.\n\n“Horton has done a superb job bringing down debt levels while at the same time growing the business and positioning itself for the future,” says Wedbush’s McCanless. Horton now controls over 500,000 lots—enough for more than five years of building at 2022’s expected pace.\n\nIts shares, at a recent $103, trade for about seven times the current earnings consensus of $14.22 a share for the company’s fiscal year ending in September. The shares yield 1%.\n\nKim of Evercore ISI sees earnings of about $18 a share, arguing that Horton’s gross margins, now about 27%, can hit 30%. He has an Outperform rating and a price target of $163.\n\nLennar\n\nThe No. 2 home builder in terms of market value has done the best job among its peers of developing related businesses. These include multifamily and single-family rental housing ventures and investments like a stake in Opendoor Technologies(OPEN), the online home buyer.\n\nLennar plans to spin off a group of noncore businesses, although it hasn’t yet provided details. Shares, at about $113, trade for 7.7 times projected 2022 earnings of almost $15 a share.\n\nChairman Stuart Miller says that “the best of times” for home builders still have a way to go. “Since new-home construction cannot ramp quickly enough to fill the void of the production deficit that persisted over the past decade, short supply is likely to remain for some time to come,” he said on the company’s latest earnings conference call.\n\nInvestors can invest alongside Miller in the company’s supervoting B shares, which trade at $92, a big discount to the more-liquid Class A shares.\n\nGoodHaven’s Pitkowsky also favors the B shares, and they are probably the best way for retail investors to play Lennar, given the possibility that the share classes combine.\n\nToll Brothers\n\nWith its luxury focus, Toll is the most differentiated of the major home builders, and its competitive position is probably the strongest, since it competes primarily with smaller private builders.\n\nToll shares, at about $68, trade for 7.6 times projected earnings of $9 a share in the company’s fiscal year ending in October 2022.\n\n“The higher end of the market has seen the biggest reversal of fortune—in a good way,” says Kim, noting weakness before the pandemic. Toll is benefiting from a larger prepandemic land position than peers. He has an Outperform rating and a price target of $86.\n\nHigher-income white-collar workers—Toll’s core customer base—tend to have more work-from-home flexibility, and that is translating into strong demand, with the average buyer spending $160,000 on extras like home offices and multigenerational suites. And with longer construction periods than peers on its homes that can stretch a year or more, Toll’s earnings gains could play out deep into 2022.\n\nThe company has developed what it calls “affordable luxury” homes in less expensive markets like South Carolina, with homes that sell on average for about $740,000 and make up about 40% of its business.\n\nPulteGroup\n\nThe No. 3 U.S. home builder caters mainly to first-time and move-up buyers. Through its Del Webb and DiVosta brands, it builds “active adult” communities catering to those near, and in, retirement.\n\nIts shares, at about $52, are among the cheapest of its large-cap peers at under six times projected 2022 earnings.\n\nAs more of a build-to-order company than D.R. Horton and Lennar, Pulte’s earnings have more upside potential, since its current closings reflect older orders. And sales prices on new orders were up 26% year over year in the third quarter, pointing to higher 2022 earnings.\n\nThe company has one of the best balance sheets among its peers, with minimal net debt. J.P. Morgan’s Rehaut is bullish on the company, citing its financial strength and a return on equity of more than 25%. He has a price target of $71.\n\n\n\nCentury Communities\n\nSince going public seven years ago, the Colorado home builder has expanded to 17 states and become the country’s ninth-largest builder.\n\nThe bulk of Century’s sales go to entry-level buyers. Its Century Complete brand offers low-price homes with no options—the average selling price is just $207,000—around smaller cities like Jacksonville, Fla., and Louisville, Ky.\n\n“Century is leveraging its buying power to enter smaller markets where it can build homes to be competitive with the local resale market,” says Wedbush’s McCanless.\n\nShares, at about $72, trade for five times projected 2022 earnings of about $15 a share. McCanless has an Outperform rating and a $110 price target on the stock.\n\n\nMeritage Homes\n\nThe high-growth Arizona-based builder is focused on the entry-level market in the Southeast and Southwest U.S., with an average selling price of about $400,000.\n\n“We’re in the affordable part of the market,” Phillippe Lord, Meritage’s CEO, tells Barron’s. “Our part of the market will be more resilient” if interest rates rise, he says, adding that Meritage homes offer higher quality and better design than other entry-level rivals.\n\nMeritage, whose shares trade for about $118, is expected to generate nearly 75% growth in earnings this year to $19 a share, and a 21% gain in 2022 to $23 a share. The stock trades for just five times projected 2022 earnings.\n\nAfter its third-quarter results, the company “executed extremely well,” despite materials shortages, Kim said. He has an Outperform rating and a price target of $190 a share.\n\nU.S. home builders have never been in better shape. Even after a strong 2021, their stocks could be poised for many years of gains.","news_type":1},"isVote":1,"tweetType":1,"viewCount":477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847582488,"gmtCreate":1636535706545,"gmtModify":1636535994797,"author":{"id":"4091975549439940","authorId":"4091975549439940","authorIdStr":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/847582488","repostId":"1184369335","repostType":4,"repost":{"id":"1184369335","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1636532762,"share":"https://www.laohu8.com/m/news/1184369335?lang=&edition=full","pubTime":"2021-11-10 16:26","market":"us","language":"en","title":"Tencent revenues increased by 13% to RMB142.4 billion for the third quarter of 2021 on a year-on-year basis.","url":"https://stock-news.laohu8.com/highlight/detail?id=1184369335","media":"Tiger Newspress","summary":"Tencent revenues increased by 13% to RMB142.4 billion for the third quarter of 2021 on a year-on-yea","content":"<p>Tencent&nbsp;revenues increased by 13% to RMB142.4 billion for the third quarter of 2021 on a year-on-year basis.</p>\n<p><img src=\"https://static.tigerbbs.com/c3024a1b295964e0ce0418a6f7daa884\" tg-width=\"951\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p>\n<p>– Revenues from VAS2&nbsp;increased by 8% to RMB75.2 billion for the third quarter of 2021&nbsp;on a year-on-year basis. Domestic Games revenues grew by 5% to RMB33.6 billion,&nbsp;driven by games including Honour of Kings, Call of Duty Mobile, and Moonlight Blade&nbsp;Mobile. International Games revenues grew by 20% to RMB11.3 billion, or 28% in&nbsp;constant currency terms, due to robust performance of games including Valorant and&nbsp;Clash of Clans. Social Networks revenues grew by 7% to RMB30.3 billion, driven by&nbsp;relatively rapid growth from video and music subscription services, as well as moderate&nbsp;growth from live streaming and in-game item sales.</p>\n<p>– Revenues from Online Advertising increased by 5% to RMB22.5 billion for the third&nbsp;quarter of 2021 on a year-on-year basis, reflecting resilience of advertiser categories&nbsp;such as consumer staples and Internet services, as well as consolidation of Bitauto’s&nbsp;advertising revenue, which was largely offset by weakness in categories including&nbsp;education, insurance and games. Social and Others Advertising revenues grew by 7%&nbsp;to RMB19.0 billion, driven by advertising revenue growth from Weixin Mini Programs&nbsp;and Weixin Official Accounts. Media Advertising revenues decreased by 4% to&nbsp;RMB3.5 billion, primarily due to lower advertising revenues from Tencent News app.</p>\n<p>– Revenues from FinTech and Business Services increased by 30% to RMB43.3 billion&nbsp;for the third quarter of 2021 on a year-on-year basis. FinTech Services revenue growth&nbsp;primarily reflected increasing commercial payment volume. Business Services revenues&nbsp;increased healthily year-on-year, due to factors including increased digitalisation of&nbsp;traditional industries and videolisation of the Internet industry, as well as consolidation&nbsp;of Bitauto’s Business Services revenue.</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>Tencent revenues increased by 13% to RMB142.4 billion for the third quarter of 2021 on a year-on-year basis.</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\">\nTencent revenues increased by 13% to RMB142.4 billion for the third quarter of 2021 on a year-on-year basis.\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-11-10 16:26</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Tencent&nbsp;revenues increased by 13% to RMB142.4 billion for the third quarter of 2021 on a year-on-year basis.</p>\n<p><img src=\"https://static.tigerbbs.com/c3024a1b295964e0ce0418a6f7daa884\" tg-width=\"951\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p>\n<p>– Revenues from VAS2&nbsp;increased by 8% to RMB75.2 billion for the third quarter of 2021&nbsp;on a year-on-year basis. Domestic Games revenues grew by 5% to RMB33.6 billion,&nbsp;driven by games including Honour of Kings, Call of Duty Mobile, and Moonlight Blade&nbsp;Mobile. International Games revenues grew by 20% to RMB11.3 billion, or 28% in&nbsp;constant currency terms, due to robust performance of games including Valorant and&nbsp;Clash of Clans. Social Networks revenues grew by 7% to RMB30.3 billion, driven by&nbsp;relatively rapid growth from video and music subscription services, as well as moderate&nbsp;growth from live streaming and in-game item sales.</p>\n<p>– Revenues from Online Advertising increased by 5% to RMB22.5 billion for the third&nbsp;quarter of 2021 on a year-on-year basis, reflecting resilience of advertiser categories&nbsp;such as consumer staples and Internet services, as well as consolidation of Bitauto’s&nbsp;advertising revenue, which was largely offset by weakness in categories including&nbsp;education, insurance and games. Social and Others Advertising revenues grew by 7%&nbsp;to RMB19.0 billion, driven by advertising revenue growth from Weixin Mini Programs&nbsp;and Weixin Official Accounts. Media Advertising revenues decreased by 4% to&nbsp;RMB3.5 billion, primarily due to lower advertising revenues from Tencent News app.</p>\n<p>– Revenues from FinTech and Business Services increased by 30% to RMB43.3 billion&nbsp;for the third quarter of 2021 on a year-on-year basis. FinTech Services revenue growth&nbsp;primarily reflected increasing commercial payment volume. Business Services revenues&nbsp;increased healthily year-on-year, due to factors including increased digitalisation of&nbsp;traditional industries and videolisation of the Internet industry, as well as consolidation&nbsp;of Bitauto’s Business Services revenue.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TCTZF":"Tencent Holding Ltd.","00700":"腾讯控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184369335","content_text":"Tencent revenues increased by 13% to RMB142.4 billion for the third quarter of 2021 on a year-on-year basis.\n\n– Revenues from VAS2 increased by 8% to RMB75.2 billion for the third quarter of 2021 on a year-on-year basis. Domestic Games revenues grew by 5% to RMB33.6 billion, driven by games including Honour of Kings, Call of Duty Mobile, and Moonlight Blade Mobile. International Games revenues grew by 20% to RMB11.3 billion, or 28% in constant currency terms, due to robust performance of games including Valorant and Clash of Clans. Social Networks revenues grew by 7% to RMB30.3 billion, driven by relatively rapid growth from video and music subscription services, as well as moderate growth from live streaming and in-game item sales.\n– Revenues from Online Advertising increased by 5% to RMB22.5 billion for the third quarter of 2021 on a year-on-year basis, reflecting resilience of advertiser categories such as consumer staples and Internet services, as well as consolidation of Bitauto’s advertising revenue, which was largely offset by weakness in categories including education, insurance and games. Social and Others Advertising revenues grew by 7% to RMB19.0 billion, driven by advertising revenue growth from Weixin Mini Programs and Weixin Official Accounts. Media Advertising revenues decreased by 4% to RMB3.5 billion, primarily due to lower advertising revenues from Tencent News app.\n– Revenues from FinTech and Business Services increased by 30% to RMB43.3 billion for the third quarter of 2021 on a year-on-year basis. FinTech Services revenue growth primarily reflected increasing commercial payment volume. Business Services revenues increased healthily year-on-year, due to factors including increased digitalisation of traditional industries and videolisation of the Internet industry, as well as consolidation of Bitauto’s Business Services revenue.","news_type":1},"isVote":1,"tweetType":1,"viewCount":551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847823236,"gmtCreate":1636507356558,"gmtModify":1636507356768,"author":{"id":"4091975549439940","authorId":"4091975549439940","authorIdStr":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/847823236","repostId":"2182086444","repostType":2,"repost":{"id":"2182086444","pubTimestamp":1636493400,"share":"https://www.laohu8.com/m/news/2182086444?lang=&edition=full","pubTime":"2021-11-10 05:30","market":"sh","language":"en","title":"NIO Inc. Reports Unaudited Third Quarter 2021 Financial Results","url":"https://stock-news.laohu8.com/highlight/detail?id=2182086444","media":"GlobeNewswire","summary":"NIO Inc. 2021Q3 performance conference call\nQuarterly Total Revenues reached RMB9,805.3 million (US$","content":"<p><a href=\"https://www.laohu8.com/m/live/16363377647105?edition=full&amp;lang=en_US\" target=\"_blank\">NIO&nbsp;Inc.&nbsp;2021Q3&nbsp;performance&nbsp;conference&nbsp;call</a></p>\n<p><i>Quarterly Total Revenues reached RMB9,805.3 million (US$1,521.8 million)i</i></p>\n<p><i>Quarterly Deliveries of the ES8, the ES6 and the EC6 were 24,439 vehicles</i></p>\n<p>SHANGHAI, China, Nov. 09, 2021 (GLOBE NEWSWIRE) -- NIO Inc. (“NIO” or the “Company”) (NYSE: NIO), a pioneer and a leading company in the premium smart electric vehicle market, today announced its unaudited financial results for the third quarter ended September 30, 2021.</p>\n<p><b><i><u>Operating Highlights for the Third Quarter 2021</u></i></b></p>\n<ul>\n <li><b>Deliveries of vehicles</b> were 24,439 in the third quarter of 2021, including 5,418 ES8s, 11,271 ES6s and 7,750 EC6s, representing an increase of 100.2% from the third quarter of 2020 and an increase of 11.6% from the second quarter of 2021.<img src=\"https://static.tigerbbs.com/d16a31cdaf6314764686501ce8a1f000\" tg-width=\"974\" tg-height=\"210\" referrerpolicy=\"no-referrer\"><b><i><u>Financial Highlights for the Third Quarter 2021</u></i></b></li>\n</ul>\n<ul>\n <li><b>Vehicle sales</b> were RMB8,636.8 million (US$1,340.4 million) in the third quarter of 2021, representing an increase of 102.4% from the third quarter of 2020 and an increase of 9.2% from the second quarter of 2021.</li>\n <li><b>Vehicle margin</b>ii was 18.0%, compared with 14.5% in the third quarter of 2020 and 20.3% in the second quarter of 2021.</li>\n <li><b>Total revenues</b> were RMB9,805.3 million (US$1,521.8 million) in the third quarter of 2021, representing an increase of 116.6% from the third quarter of 2020 and an increase of 16.1% from the second quarter of 2021.</li>\n <li><b>Gross profit</b>was RMB1,993.2 million (US$309.3 million) in the third quarter of 2021, representing an increase of 240.3% from the third quarter of 2020 and an increase of 26.6% from the second quarter of 2021.</li>\n <li><b>Gross margin</b>was 20.3%, compared with 12.9% in the third quarter of 2020 and 18.6% in the second quarter of 2021.</li>\n <li><b>Loss from operations</b> was RMB991.9 million (US$153.9 million) in the third quarter of 2021, representing an increase of 4.9% from the third quarter of 2020 and an increase of 29.9% from the second quarter of 2021. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB726.3 million (US$112.7 million) in the third quarter of 2021, representing a decrease of 19.0% from the third quarter of 2020 and an increase of 41.9% from the second quarter of 2021.</li>\n <li><b>Net loss</b> was RMB835.3 million (US$129.6 million) in the third quarter of 2021, representing a decrease of 20.2% from the third quarter of 2020 and an increase of 42.3% from the second quarter of 2021. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB 569.7 million (US$88.4 million) in the third quarter of 2021, representing a decrease of 42.9% from the third quarter of 2020 and an increase of 69.7% from the second quarter of 2021.</li>\n <li><b>Net loss attributable to NIO’s ordinary shareholders</b> was RMB2,858.9 million (US$443.7 million) in the third quarter of 2021, representing an increase of 140.7% from the third quarter of 2020 and an increase of 333.6% from the second quarter of 2021. In the third quarter of 2021, NIO repurchased 1.418% equity interest in NIO China from a minority strategic investor for a total consideration of RMB2.5 billion and recorded an amount of RMB2,023.5 million (US$314.0 million) in accretion on redeemable non-controlling interests to redemption value. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted net loss attributable to NIO’s ordinary shareholders (non-GAAP) was RMB569.7 million (US$88.4 million).</li>\n <li><b>Basic and diluted net loss per American Depositary Share (ADS)iii</b> were both RMB1.82 (US$0.28) in the third quarter of 2021. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted basic and diluted net loss per ADS (non-GAAP) were both RMB0.36 (US$0.06).</li>\n <li><b>Cash and cash equivalents, restricted cash and short-term investment</b> were RMB47.0 billion (US$7.3 billion) as of September 30, 2021.</li>\n</ul>\n<p>NIO Inc.Wed, November 10, 2021, 5:30 AM·29 min readIn this article:</p>\n<p><i>Quarterly Total Revenues reached RMB9,805.3 million (US$1,521.8 million)iQuarterly Deliveries of the ES8, the ES6 and the EC6 were 24,439 vehicles</i></p>\n<p>SHANGHAI, China, Nov. 09, 2021 (GLOBE NEWSWIRE) -- NIO Inc. (“NIO” or the “Company”) (NYSE: NIO), a pioneer and a leading company in the premium smart electric vehicle market, today announced its unaudited financial results for the third quarter ended September 30, 2021.</p>\n<p><b><i><u>Operating Highlights for the Third Quarter 2021</u></i></b></p>\n<ul>\n <li><p><b>Deliveries of vehicles</b>were 24,439 in the third quarter of 2021, including 5,418 ES8s, 11,271 ES6s and 7,750 EC6s, representing an increase of 100.2% from the third quarter of 2020 and an increase of 11.6% from the second quarter of 2021.<img src=\"https://static.tigerbbs.com/828a4d7b8da9570a9df813caec18ef30\" tg-width=\"965\" tg-height=\"209\" referrerpolicy=\"no-referrer\"><b><i><u>Financial Highlights for the Third Quarter 2021</u></i></b></p></li>\n</ul>\n<ul>\n <li><p><b>Vehicle sales</b>were RMB8,636.8 million (US$1,340.4 million) in the third quarter of 2021, representing an increase of 102.4% from the third quarter of 2020 and an increase of 9.2% from the second quarter of 2021.</p></li>\n <li><p><b>Vehicle margin</b>iiwas 18.0%, compared with 14.5% in the third quarter of 2020 and 20.3% in the second quarter of 2021.</p></li>\n <li><p><b>Total revenues</b>were RMB9,805.3 million (US$1,521.8 million) in the third quarter of 2021, representing an increase of 116.6% from the third quarter of 2020 and an increase of 16.1% from the second quarter of 2021.</p></li>\n <li><p><b>Gross profit</b>was RMB1,993.2 million (US$309.3 million) in the third quarter of 2021, representing an increase of 240.3% from the third quarter of 2020 and an increase of 26.6% from the second quarter of 2021.</p></li>\n <li><p><b>Gross margin</b>was 20.3%, compared with 12.9% in the third quarter of 2020 and 18.6% in the second quarter of 2021.</p></li>\n <li><p><b>Loss from operations</b>was RMB991.9 million (US$153.9 million) in the third quarter of 2021, representing an increase of 4.9% from the third quarter of 2020 and an increase of 29.9% from the second quarter of 2021. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB726.3 million (US$112.7 million) in the third quarter of 2021, representing a decrease of 19.0% from the third quarter of 2020 and an increase of 41.9% from the second quarter of 2021.</p></li>\n <li><p><b>Net loss</b>was RMB835.3 million (US$129.6 million) in the third quarter of 2021, representing a decrease of 20.2% from the third quarter of 2020 and an increase of 42.3% from the second quarter of 2021. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB 569.7 million (US$88.4 million) in the third quarter of 2021, representing a decrease of 42.9% from the third quarter of 2020 and an increase of 69.7% from the second quarter of 2021.</p></li>\n <li><p><b>Net loss attributable to NIO’s ordinary shareholders</b>was RMB2,858.9 million (US$443.7 million) in the third quarter of 2021, representing an increase of 140.7% from the third quarter of 2020 and an increase of 333.6% from the second quarter of 2021. In the third quarter of 2021, NIO repurchased 1.418% equity interest in NIO China from a minority strategic investor for a total consideration of RMB2.5 billion and recorded an amount of RMB2,023.5 million (US$314.0 million) in accretion on redeemable non-controlling interests to redemption value. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted net loss attributable to NIO’s ordinary shareholders (non-GAAP) was RMB569.7 million (US$88.4 million).</p></li>\n <li><p><b>Basic and diluted net loss per American Depositary Share (ADS)iii</b>were both RMB1.82 (US$0.28) in the third quarter of 2021. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted basic and diluted net loss per ADS (non-GAAP) were both RMB0.36 (US$0.06).</p></li>\n <li><p><b>Cash and cash equivalents, restricted cash and short-term investment</b>were RMB47.0 billion (US$7.3 billion) as of September 30, 2021.</p></li>\n</ul>\n<p><b><u>Key Financial Results</u></b></p>\n<p><b>(in RMB million, except for per ordinary share data and percentage)</b><img src=\"https://static.tigerbbs.com/b8e67b84227fc7630a6b6f39b20b462d\" tg-width=\"975\" tg-height=\"508\" referrerpolicy=\"no-referrer\"><b><i><u>Recent Developments</u></i></b></p>\n<p><b>Deliveries in October 2021</b></p>\n<ul>\n <li>NIO delivered 3,667 vehicles in October 2021, representing a decrease of 27.5% year-over-year due to restructuring and upgrades of the manufacturing lines, preparation for new products introduction and certain supply chain volatilities. As of October 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 145,703 vehicles.</li>\n</ul>\n<p><b>Completion of Increase of Controlling Equity Interests in NIO China</b></p>\n<ul>\n <li>In September 2021, NIO completed the increase of its controlling equity interests in NIO China through the purchase of certain investor’s equity interests and the subscription for newly increased registered capital. The Company currently holds an aggregate of 92.114% controlling equity interests in NIO China.</li>\n</ul>\n<p><b>At-The-Market Offering</b></p>\n<ul>\n <li>As of the date of this press release, NIO has sold 33,175,896 ADSs under the on-going at-the-market offering program as previously announced on September 7, 2021, and has raised gross proceeds of approximately US$1,200.6 million, including the commissions paid to the distribution agents of approximately US$15.6 million and certain offering expenses.</li>\n</ul>\n<p><b><i><u>CEO and CFO Comments</u></i></b></p>\n<p>“We achieved another all-time high quarterly delivery of 24,439 for the third quarter of 2021, representing a solid growth of 100.2% year-over-year. Our demand continues to be strong and our new orders reached a new record high in October,” said William Bin Li, founder, chairman and chief executive officer of NIO. “Despite the continued supply chain volatilities, our teams and partners are working closely together to secure the supply and production for the fourth quarter of 2021. Meanwhile, we are fully dedicated to accelerating our products and technologies development and bringing the three new products based on NIO Technology Platform 2.0 to users in 2022 to lead the smart EV transformation and adoption,” concluded Mr. Li.</p>\n<p>“We achieved new heights with our third quarter delivery while upholding a healthy financial performance with a 18.0% vehicle margin and a 20.3% gross margin, including the sales of regulatory credits,” added Steven Wei Feng, NIO's chief financial officer. “As we broaden our user base and enter global new markets, we are determined to further expand our sales and service network and expedite the swapping and charging infrastructure deployment to better reach and serve more users worldwide.”</p>\n<p><b><i><u>Financial Results for the Third Quarter 2021</u></i></b></p>\n<p><b>Revenues</b></p>\n<ul>\n <li><b>Total revenues</b> in the third quarter of 2021 were RMB9,805.3 million (US$1,521.8 million), representing an increase of 116.6% from the third quarter of 2020 and an increase of 16.1% from the second quarter of 2021.</li>\n <li><b>Vehicle sales</b>in the third quarter of 2021 were RMB8,636.8 million (US$1,340.4 million), representing an increase of 102.4% from the third quarter of 2020 and an increase of 9.2% from the second quarter of 2021. The increase in vehicle sales over the third quarter of 2020 and the second quarter of 2021 was mainly attributed to the increase of vehicle delivery volume in the third quarter of 2021.</li>\n <li><b>Other sales</b>in the third quarter of 2021 were RMB1,168.5 million (US$181.4 million), representing an increase of 350.8% from the third quarter of 2020 and an increase of 117.9% from the second quarter of 2021. The increase in other sales over the third quarter of 2020 and the second quarter of 2021 was mainly due to the sales of automotive regulatory credits and battery upgrade service, as well as other revenues which increased in line with the incremental vehicle sales in the third quarter of 2021.</li>\n</ul>\n<p><b>Cost of Sales and Gross Margin</b></p>\n<ul>\n <li><b>Cost of sales</b> in the third quarter of 2021 was RMB7,812.1 million (US$1,212.4 million), representing an increase of 98.3% from the third quarter of 2020 and an increase of 13.6% from the second quarter of 2021. The increase in cost of sales over the third quarter of 2020 and the second quarter of 2021 was in line with revenue growth, which was mainly driven by the increase of vehicle delivery volume in the third quarter of 2021.</li>\n <li><b>Gross Profit</b>in the third quarter of 2021 was RMB1,993.2 million (US$309.3 million), representing an increase of 240.3% from the third quarter of 2020 and an increase of 26.6% from the second quarter of 2021.</li>\n <li><b>Gross margin</b> in the third quarter of 2021 was 20.3%, compared with 12.9% in the third quarter of 2020 and 18.6% in the second quarter of 2021. The increase of gross margin compared to the third quarter of 2020 was mainly driven by the increase of vehicle margin and the sales of automotive regulatory credits in the third quarter of 2021. The increase of gross margin compared to the second quarter of 2021 was mainly due to the sales of automotive regulatory credits.</li>\n <li><b>Vehicle margin</b> in the third quarter of 2021 was 18.0%, compared with 14.5% in the third quarter of 2020 and 20.3% in the second quarter of 2021. The increase of vehicle margin compared to the third quarter of 2020 was mainly driven by the higher average selling price, as well as lower material cost.&nbsp;The decrease of vehicle margin compared to the second quarter of 2021 was mainly driven by the increased financing at subsidized rates for vehicle purchases which resulted in a deduction of vehicle revenue and an increase in tooling depreciation cost.</li>\n</ul>\n<p><b>Operating Expenses</b></p>\n<ul>\n <li><b>Research and development expenses</b> in the third quarter of 2021 were RMB1,193.1 million (US$185.2 million), representing an increase of 101.9% from the third quarter of 2020 and an increase of 35.0% from the second quarter of 2021. Excluding share-based compensation expenses (non-GAAP), research and development expenses were RMB1,095.0 million (US$169.9 million), representing an increase of 89.5% from the third quarter of 2020 and an increase of 36.7% from the second quarter of 2021. The increase of research and development expenses over the third quarter of 2020 and the second quarter of 2021 was mainly attributed to the increased personnel costs in research and development functions as well as the incremental design and development costs for new products and technologies.</li>\n <li><b>Selling, general and administrative expenses</b> in the third quarter of 2021 were RMB1,824.9 million (US$283.2 million), representing an increase of 94.1% from the third quarter of 2020 and an increase of 21.8% from the second quarter of 2021. Excluding share-based compensation expenses (non-GAAP), selling, general and administrative expenses were RMB1,667.5 million (US$258.8 million), representing an increase of 84.2% from the third quarter of 2020 and an increase of 24.7% from the second quarter of 2021. The increase in selling, general and administrative expenses over the third quarter of 2020 and the second quarter of 2021 was primarily due to the increase of personnel costs in sales and service functions and costs related to sales and service network expansion.</li>\n</ul>\n<p><b>Loss from Operations</b></p>\n<ul>\n <li><b>Loss from operations</b> in the third quarter of 2021 was RMB991.9 million (US$153.9 million), representing an increase of 4.9% from the third quarter of 2020 and an increase of 29.9% from the second quarter of 2021. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB726.3 million (US$112.7 million) in the third quarter of 2021, representing a decrease of 19.0% from the third quarter of 2020 and an increase of 41.9% from the second quarter of 2021.</li>\n</ul>\n<p><b>Share-based Compensation Expenses</b></p>\n<ul>\n <li>Share-based compensation expenses in the third quarter of 2021 were RMB265.6 million (US$41.2 million), representing an increase of 439.8% from the third quarter of 2020 and an increase of 5.6% from the second quarter of 2021. The increase in share-based compensation expenses over the third quarter of 2020 was primarily attributed to additional options and restricted shares granted. Share-based compensation expenses remained relatively stable compared to the second quarter of 2021.</li>\n</ul>\n<p><b>Net Loss and Earnings Per Share</b></p>\n<ul>\n <li><b>Net loss</b> was RMB835.3 million (US$129.6 million) in the third quarter of 2021, representing a decrease of 20.2% from the third quarter of 2020 and an increase of 42.3% from the second quarter of 2021. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB569.7 million (US$88.4 million) in the third quarter of 2021, representing a decrease of 42.9% from the third quarter of 2020 and an increase of 69.7% from the second quarter of 2021.</li>\n <li><b>Net loss attributable to NIO’s ordinary shareholders</b> in the third quarter of 2021 was RMB 2,858.9 million (US$443.7 million), representing an increase of 140.7% from the third quarter of 2020 and an increase of 333.6% from the second quarter of 2021. In the third quarter of 2021, NIO repurchased 1.418% equity interest in NIO China from a minority strategic investor for a total consideration of RMB2.5 billion and recorded an amount of RMB2,023.5 million (US$314.0 million) in accretion on redeemable non-controlling interests to redemption value. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted net loss attributable to NIO’s ordinary shareholders (non-GAAP) was RMB569.7 million (US$88.4 million) in the third quarter of 2021.</li>\n <li><b>Basic and diluted net loss per ADS</b>in the third quarter of 2021 were both RMB1.82 (US$0.28). Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted basic and diluted net loss per ADS (non-GAAP) were both RMB0.36 (US$0.06).</li>\n</ul>\n<p><b>Balance Sheets</b></p>\n<ul>\n <li><b>Balance of cash and cash equivalents, restricted cash and short-term investment</b>was RMB47.0 billion (US$7.3 billion) as of September 30, 2021.</li>\n</ul>\n<p><b><i><u>Business Outlook</u></i></b></p>\n<p>For the fourth quarter of 2021, the Company expects:</p>\n<ul>\n <li><b>Deliveries of the vehicles</b> to be between 23,500 and 25,500 vehicles, representing an increase of approximately 35.4% to 46.9% from the same quarter of 2020, and a decrease of approximately 3.8% to an increase of approximately 4.3% from the third quarter of 2021.</li>\n <li><b>Total revenues</b> to be between RMB9,376.0 million (US$1,455.1 million) and RM10,105.6 million (US$1,568.4 million), representing an increase of approximately 41.2% to 52.2% from the same quarter of 2020, and a decrease of approximately 4.4% to an increase of&nbsp;approximately 3.1% from the third quarter of 2021.</li>\n</ul>\n<p>This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.<img src=\"https://static.tigerbbs.com/a1f24d9e19756d587031bb6a4256b56b\" tg-width=\"717\" tg-height=\"530\" referrerpolicy=\"no-referrer\"></p>","source":"yahoofinance","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>NIO Inc. Reports Unaudited Third Quarter 2021 Financial Results</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\">\nNIO Inc. Reports Unaudited Third Quarter 2021 Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-10 05:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/nio-inc-reports-unaudited-third-213000976.html><strong>GlobeNewswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NIO Inc. 2021Q3 performance conference call\nQuarterly Total Revenues reached RMB9,805.3 million (US$1,521.8 million)i\nQuarterly Deliveries of the ES8, the ES6 and the EC6 were 24,439 vehicles\nSHANGHAI...</p>\n\n<a href=\"https://finance.yahoo.com/news/nio-inc-reports-unaudited-third-213000976.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRCT":"Cricut, Inc.","OLPX":"Olaplex Holdings, Inc.","NIO":"蔚来","FWRG":"First Watch Restaurant Group, Inc.","HCTI":"Healthcare Triangle, Inc.","TERN":"Terns Pharmaceuticals, Inc."},"source_url":"https://finance.yahoo.com/news/nio-inc-reports-unaudited-third-213000976.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2182086444","content_text":"NIO Inc. 2021Q3 performance conference call\nQuarterly Total Revenues reached RMB9,805.3 million (US$1,521.8 million)i\nQuarterly Deliveries of the ES8, the ES6 and the EC6 were 24,439 vehicles\nSHANGHAI, China, Nov. 09, 2021 (GLOBE NEWSWIRE) -- NIO Inc. (“NIO” or the “Company”) (NYSE: NIO), a pioneer and a leading company in the premium smart electric vehicle market, today announced its unaudited financial results for the third quarter ended September 30, 2021.\nOperating Highlights for the Third Quarter 2021\n\nDeliveries of vehicles were 24,439 in the third quarter of 2021, including 5,418 ES8s, 11,271 ES6s and 7,750 EC6s, representing an increase of 100.2% from the third quarter of 2020 and an increase of 11.6% from the second quarter of 2021.Financial Highlights for the Third Quarter 2021\n\n\nVehicle sales were RMB8,636.8 million (US$1,340.4 million) in the third quarter of 2021, representing an increase of 102.4% from the third quarter of 2020 and an increase of 9.2% from the second quarter of 2021.\nVehicle marginii was 18.0%, compared with 14.5% in the third quarter of 2020 and 20.3% in the second quarter of 2021.\nTotal revenues were RMB9,805.3 million (US$1,521.8 million) in the third quarter of 2021, representing an increase of 116.6% from the third quarter of 2020 and an increase of 16.1% from the second quarter of 2021.\nGross profitwas RMB1,993.2 million (US$309.3 million) in the third quarter of 2021, representing an increase of 240.3% from the third quarter of 2020 and an increase of 26.6% from the second quarter of 2021.\nGross marginwas 20.3%, compared with 12.9% in the third quarter of 2020 and 18.6% in the second quarter of 2021.\nLoss from operations was RMB991.9 million (US$153.9 million) in the third quarter of 2021, representing an increase of 4.9% from the third quarter of 2020 and an increase of 29.9% from the second quarter of 2021. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB726.3 million (US$112.7 million) in the third quarter of 2021, representing a decrease of 19.0% from the third quarter of 2020 and an increase of 41.9% from the second quarter of 2021.\nNet loss was RMB835.3 million (US$129.6 million) in the third quarter of 2021, representing a decrease of 20.2% from the third quarter of 2020 and an increase of 42.3% from the second quarter of 2021. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB 569.7 million (US$88.4 million) in the third quarter of 2021, representing a decrease of 42.9% from the third quarter of 2020 and an increase of 69.7% from the second quarter of 2021.\nNet loss attributable to NIO’s ordinary shareholders was RMB2,858.9 million (US$443.7 million) in the third quarter of 2021, representing an increase of 140.7% from the third quarter of 2020 and an increase of 333.6% from the second quarter of 2021. In the third quarter of 2021, NIO repurchased 1.418% equity interest in NIO China from a minority strategic investor for a total consideration of RMB2.5 billion and recorded an amount of RMB2,023.5 million (US$314.0 million) in accretion on redeemable non-controlling interests to redemption value. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted net loss attributable to NIO’s ordinary shareholders (non-GAAP) was RMB569.7 million (US$88.4 million).\nBasic and diluted net loss per American Depositary Share (ADS)iii were both RMB1.82 (US$0.28) in the third quarter of 2021. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted basic and diluted net loss per ADS (non-GAAP) were both RMB0.36 (US$0.06).\nCash and cash equivalents, restricted cash and short-term investment were RMB47.0 billion (US$7.3 billion) as of September 30, 2021.\n\nNIO Inc.Wed, November 10, 2021, 5:30 AM·29 min readIn this article:\nQuarterly Total Revenues reached RMB9,805.3 million (US$1,521.8 million)iQuarterly Deliveries of the ES8, the ES6 and the EC6 were 24,439 vehicles\nSHANGHAI, China, Nov. 09, 2021 (GLOBE NEWSWIRE) -- NIO Inc. (“NIO” or the “Company”) (NYSE: NIO), a pioneer and a leading company in the premium smart electric vehicle market, today announced its unaudited financial results for the third quarter ended September 30, 2021.\nOperating Highlights for the Third Quarter 2021\n\nDeliveries of vehicleswere 24,439 in the third quarter of 2021, including 5,418 ES8s, 11,271 ES6s and 7,750 EC6s, representing an increase of 100.2% from the third quarter of 2020 and an increase of 11.6% from the second quarter of 2021.Financial Highlights for the Third Quarter 2021\n\n\nVehicle saleswere RMB8,636.8 million (US$1,340.4 million) in the third quarter of 2021, representing an increase of 102.4% from the third quarter of 2020 and an increase of 9.2% from the second quarter of 2021.\nVehicle marginiiwas 18.0%, compared with 14.5% in the third quarter of 2020 and 20.3% in the second quarter of 2021.\nTotal revenueswere RMB9,805.3 million (US$1,521.8 million) in the third quarter of 2021, representing an increase of 116.6% from the third quarter of 2020 and an increase of 16.1% from the second quarter of 2021.\nGross profitwas RMB1,993.2 million (US$309.3 million) in the third quarter of 2021, representing an increase of 240.3% from the third quarter of 2020 and an increase of 26.6% from the second quarter of 2021.\nGross marginwas 20.3%, compared with 12.9% in the third quarter of 2020 and 18.6% in the second quarter of 2021.\nLoss from operationswas RMB991.9 million (US$153.9 million) in the third quarter of 2021, representing an increase of 4.9% from the third quarter of 2020 and an increase of 29.9% from the second quarter of 2021. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB726.3 million (US$112.7 million) in the third quarter of 2021, representing a decrease of 19.0% from the third quarter of 2020 and an increase of 41.9% from the second quarter of 2021.\nNet losswas RMB835.3 million (US$129.6 million) in the third quarter of 2021, representing a decrease of 20.2% from the third quarter of 2020 and an increase of 42.3% from the second quarter of 2021. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB 569.7 million (US$88.4 million) in the third quarter of 2021, representing a decrease of 42.9% from the third quarter of 2020 and an increase of 69.7% from the second quarter of 2021.\nNet loss attributable to NIO’s ordinary shareholderswas RMB2,858.9 million (US$443.7 million) in the third quarter of 2021, representing an increase of 140.7% from the third quarter of 2020 and an increase of 333.6% from the second quarter of 2021. In the third quarter of 2021, NIO repurchased 1.418% equity interest in NIO China from a minority strategic investor for a total consideration of RMB2.5 billion and recorded an amount of RMB2,023.5 million (US$314.0 million) in accretion on redeemable non-controlling interests to redemption value. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted net loss attributable to NIO’s ordinary shareholders (non-GAAP) was RMB569.7 million (US$88.4 million).\nBasic and diluted net loss per American Depositary Share (ADS)iiiwere both RMB1.82 (US$0.28) in the third quarter of 2021. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted basic and diluted net loss per ADS (non-GAAP) were both RMB0.36 (US$0.06).\nCash and cash equivalents, restricted cash and short-term investmentwere RMB47.0 billion (US$7.3 billion) as of September 30, 2021.\n\nKey Financial Results\n(in RMB million, except for per ordinary share data and percentage)Recent Developments\nDeliveries in October 2021\n\nNIO delivered 3,667 vehicles in October 2021, representing a decrease of 27.5% year-over-year due to restructuring and upgrades of the manufacturing lines, preparation for new products introduction and certain supply chain volatilities. As of October 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 145,703 vehicles.\n\nCompletion of Increase of Controlling Equity Interests in NIO China\n\nIn September 2021, NIO completed the increase of its controlling equity interests in NIO China through the purchase of certain investor’s equity interests and the subscription for newly increased registered capital. The Company currently holds an aggregate of 92.114% controlling equity interests in NIO China.\n\nAt-The-Market Offering\n\nAs of the date of this press release, NIO has sold 33,175,896 ADSs under the on-going at-the-market offering program as previously announced on September 7, 2021, and has raised gross proceeds of approximately US$1,200.6 million, including the commissions paid to the distribution agents of approximately US$15.6 million and certain offering expenses.\n\nCEO and CFO Comments\n“We achieved another all-time high quarterly delivery of 24,439 for the third quarter of 2021, representing a solid growth of 100.2% year-over-year. Our demand continues to be strong and our new orders reached a new record high in October,” said William Bin Li, founder, chairman and chief executive officer of NIO. “Despite the continued supply chain volatilities, our teams and partners are working closely together to secure the supply and production for the fourth quarter of 2021. Meanwhile, we are fully dedicated to accelerating our products and technologies development and bringing the three new products based on NIO Technology Platform 2.0 to users in 2022 to lead the smart EV transformation and adoption,” concluded Mr. Li.\n“We achieved new heights with our third quarter delivery while upholding a healthy financial performance with a 18.0% vehicle margin and a 20.3% gross margin, including the sales of regulatory credits,” added Steven Wei Feng, NIO's chief financial officer. “As we broaden our user base and enter global new markets, we are determined to further expand our sales and service network and expedite the swapping and charging infrastructure deployment to better reach and serve more users worldwide.”\nFinancial Results for the Third Quarter 2021\nRevenues\n\nTotal revenues in the third quarter of 2021 were RMB9,805.3 million (US$1,521.8 million), representing an increase of 116.6% from the third quarter of 2020 and an increase of 16.1% from the second quarter of 2021.\nVehicle salesin the third quarter of 2021 were RMB8,636.8 million (US$1,340.4 million), representing an increase of 102.4% from the third quarter of 2020 and an increase of 9.2% from the second quarter of 2021. The increase in vehicle sales over the third quarter of 2020 and the second quarter of 2021 was mainly attributed to the increase of vehicle delivery volume in the third quarter of 2021.\nOther salesin the third quarter of 2021 were RMB1,168.5 million (US$181.4 million), representing an increase of 350.8% from the third quarter of 2020 and an increase of 117.9% from the second quarter of 2021. The increase in other sales over the third quarter of 2020 and the second quarter of 2021 was mainly due to the sales of automotive regulatory credits and battery upgrade service, as well as other revenues which increased in line with the incremental vehicle sales in the third quarter of 2021.\n\nCost of Sales and Gross Margin\n\nCost of sales in the third quarter of 2021 was RMB7,812.1 million (US$1,212.4 million), representing an increase of 98.3% from the third quarter of 2020 and an increase of 13.6% from the second quarter of 2021. The increase in cost of sales over the third quarter of 2020 and the second quarter of 2021 was in line with revenue growth, which was mainly driven by the increase of vehicle delivery volume in the third quarter of 2021.\nGross Profitin the third quarter of 2021 was RMB1,993.2 million (US$309.3 million), representing an increase of 240.3% from the third quarter of 2020 and an increase of 26.6% from the second quarter of 2021.\nGross margin in the third quarter of 2021 was 20.3%, compared with 12.9% in the third quarter of 2020 and 18.6% in the second quarter of 2021. The increase of gross margin compared to the third quarter of 2020 was mainly driven by the increase of vehicle margin and the sales of automotive regulatory credits in the third quarter of 2021. The increase of gross margin compared to the second quarter of 2021 was mainly due to the sales of automotive regulatory credits.\nVehicle margin in the third quarter of 2021 was 18.0%, compared with 14.5% in the third quarter of 2020 and 20.3% in the second quarter of 2021. The increase of vehicle margin compared to the third quarter of 2020 was mainly driven by the higher average selling price, as well as lower material cost. The decrease of vehicle margin compared to the second quarter of 2021 was mainly driven by the increased financing at subsidized rates for vehicle purchases which resulted in a deduction of vehicle revenue and an increase in tooling depreciation cost.\n\nOperating Expenses\n\nResearch and development expenses in the third quarter of 2021 were RMB1,193.1 million (US$185.2 million), representing an increase of 101.9% from the third quarter of 2020 and an increase of 35.0% from the second quarter of 2021. Excluding share-based compensation expenses (non-GAAP), research and development expenses were RMB1,095.0 million (US$169.9 million), representing an increase of 89.5% from the third quarter of 2020 and an increase of 36.7% from the second quarter of 2021. The increase of research and development expenses over the third quarter of 2020 and the second quarter of 2021 was mainly attributed to the increased personnel costs in research and development functions as well as the incremental design and development costs for new products and technologies.\nSelling, general and administrative expenses in the third quarter of 2021 were RMB1,824.9 million (US$283.2 million), representing an increase of 94.1% from the third quarter of 2020 and an increase of 21.8% from the second quarter of 2021. Excluding share-based compensation expenses (non-GAAP), selling, general and administrative expenses were RMB1,667.5 million (US$258.8 million), representing an increase of 84.2% from the third quarter of 2020 and an increase of 24.7% from the second quarter of 2021. The increase in selling, general and administrative expenses over the third quarter of 2020 and the second quarter of 2021 was primarily due to the increase of personnel costs in sales and service functions and costs related to sales and service network expansion.\n\nLoss from Operations\n\nLoss from operations in the third quarter of 2021 was RMB991.9 million (US$153.9 million), representing an increase of 4.9% from the third quarter of 2020 and an increase of 29.9% from the second quarter of 2021. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB726.3 million (US$112.7 million) in the third quarter of 2021, representing a decrease of 19.0% from the third quarter of 2020 and an increase of 41.9% from the second quarter of 2021.\n\nShare-based Compensation Expenses\n\nShare-based compensation expenses in the third quarter of 2021 were RMB265.6 million (US$41.2 million), representing an increase of 439.8% from the third quarter of 2020 and an increase of 5.6% from the second quarter of 2021. The increase in share-based compensation expenses over the third quarter of 2020 was primarily attributed to additional options and restricted shares granted. Share-based compensation expenses remained relatively stable compared to the second quarter of 2021.\n\nNet Loss and Earnings Per Share\n\nNet loss was RMB835.3 million (US$129.6 million) in the third quarter of 2021, representing a decrease of 20.2% from the third quarter of 2020 and an increase of 42.3% from the second quarter of 2021. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB569.7 million (US$88.4 million) in the third quarter of 2021, representing a decrease of 42.9% from the third quarter of 2020 and an increase of 69.7% from the second quarter of 2021.\nNet loss attributable to NIO’s ordinary shareholders in the third quarter of 2021 was RMB 2,858.9 million (US$443.7 million), representing an increase of 140.7% from the third quarter of 2020 and an increase of 333.6% from the second quarter of 2021. In the third quarter of 2021, NIO repurchased 1.418% equity interest in NIO China from a minority strategic investor for a total consideration of RMB2.5 billion and recorded an amount of RMB2,023.5 million (US$314.0 million) in accretion on redeemable non-controlling interests to redemption value. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted net loss attributable to NIO’s ordinary shareholders (non-GAAP) was RMB569.7 million (US$88.4 million) in the third quarter of 2021.\nBasic and diluted net loss per ADSin the third quarter of 2021 were both RMB1.82 (US$0.28). Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted basic and diluted net loss per ADS (non-GAAP) were both RMB0.36 (US$0.06).\n\nBalance Sheets\n\nBalance of cash and cash equivalents, restricted cash and short-term investmentwas RMB47.0 billion (US$7.3 billion) as of September 30, 2021.\n\nBusiness Outlook\nFor the fourth quarter of 2021, the Company expects:\n\nDeliveries of the vehicles to be between 23,500 and 25,500 vehicles, representing an increase of approximately 35.4% to 46.9% from the same quarter of 2020, and a decrease of approximately 3.8% to an increase of approximately 4.3% from the third quarter of 2021.\nTotal revenues to be between RMB9,376.0 million (US$1,455.1 million) and RM10,105.6 million (US$1,568.4 million), representing an increase of approximately 41.2% to 52.2% from the same quarter of 2020, and a decrease of approximately 4.4% to an increase of approximately 3.1% from the third quarter of 2021.\n\nThis business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.","news_type":1},"isVote":1,"tweetType":1,"viewCount":761,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828783925,"gmtCreate":1633946085848,"gmtModify":1633946085848,"author":{"id":"4091975549439940","authorId":"4091975549439940","authorIdStr":"4091975549439940","name":"cynn","avatar":"https://static.tigerbbs.com/d45b68148695cb02b6620353f88f7880","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>finally. 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