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Limcc

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- LimccLimcc
  ·2023-03-31
  Share your opinion about this news…
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- LimccLimcc
  ·2023-03-09
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  Fed Still up in the Air on Whether to Accelerate Rate Hikes, Powell Says
  WASHINGTON, March 8 (Reuters) - Federal Reserve Chair Jerome Powell on Wednesday reaffirmed his mess
  Fed Still up in the Air on Whether to Accelerate Rate Hikes, Powell Says
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- LimccLimcc
  ·2023-02-04
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  SGX Weekly Review: Super-Rich Chinese, Keppel O&M-Sembcorp Marine Merger, US Federal Reserve and Boustead Industrial Fund
  We review the status of the merger between Keppel and Sembcorp Marine and look at the latest move by
  SGX Weekly Review: Super-Rich Chinese, Keppel O&M-Sembcorp Marine Merger, US Federal Reserve and Boustead Industrial Fund
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- LimccLimcc
  ·2022-12-12
  $SINGAPORE AIRLINES LTD(C6L.SI)$ 👍
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- LimccLimcc
  ·2022-12-05
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  Singapore Bourse Tipped To Open Under Pressure
  The Singapore stock market on Friday wrote a finish to the three-day winning streak in which it had
  Singapore Bourse Tipped To Open Under Pressure
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- LimccLimcc
  ·2022-09-10
  $Citigroup(C)$
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- LimccLimcc
  ·2022-09-06
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  Which Pandemic Loser is Best-Positioned for a Rebound?
  Story HighlightsCOVID-era losers can’t seem to catch a break, with a recession likely in the cards f
  Which Pandemic Loser is Best-Positioned for a Rebound?
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- LimccLimcc
  ·2022-08-24
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  Tesla's Thin Model Pipeline
  SummaryTesla has only one new model with an announced launch date.This contrasts with others in the luxury end of the automotive market.It matters because autos are a highly differentiated consumer go
  Tesla's Thin Model Pipeline
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- LimccLimcc
  ·2022-08-17
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  Semiconductor Stocks Slid in Morning Trading
  Semiconductor stocks slid in morning trading. Nvidia, Micron Technology, ASML, STM, AMD and ON Semic
  Semiconductor Stocks Slid in Morning Trading
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- LimccLimcc
  ·2022-08-17
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issued before the U.S. central bank&#39;s policy meeting in two weeks.</p><p>&#34;If - and I stress that no decision has been made on this - but if the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes,&#34; Powell told the U.S. House of Representatives Financial Services Committee in testimony that added a cautionary clause to the otherwise identical message he delivered to a Senate committee on Tuesday.</p><p>He emphasized the point again in response to a question explicitly about the expected outcome of the March 21-22 meeting from Representative Patrick McHenry, the Republican chair of the committee.</p><p>&#34;We have not made any decision,&#34; Powell said, but will be looking closely at upcoming jobs data on Friday and inflation data next week in deciding whether rate hikes need to shift back into a higher gear.</p><p>As happened in the session on Tuesday, lawmakers pressed Powell about the impact Fed policy was having on the economy and whether officials were risking recession in the drive to temper price increases.</p><p>Powell acknowledged once again that the Fed was wrong in initially thinking inflation was only the result of &#34;transitory&#34; factors that would ease on their own, and said he was surprised as well in how the labor market has behaved through the recovery from the COVID-19 pandemic.</p><p>There have been &#34;a bunch of firsts,&#34; Powell said. &#34;If we ever get this pitch again, we&#39;ll know how to swing at it.&#34;</p><p>Asked if he would pause interest rate hikes to avoid a recession, Powell responded &#34;I don&#39;t do &#39;yes or no&#39; on &#39;will I pause interest rate hikes?&#39; That&#39;s a serious question. I can&#39;t tell you because I don&#39;t know all the facts.&#34;</p><p>The Fed&#39;s intense battle against inflation over the past year has reshaped financial markets, made home mortgages and other credit more costly, and aimed to cool the economy overall.</p><p>As of the start of the year it seemed to be working, with Powell at a Feb. 1 news conference saying a &#34;disinflationary process&#34; had taken hold.</p><p>Inflation data since then has been worse than expected, and revisions to prior months showed the Fed had made less progress than thought in returning inflation to its 2% target from current levels that are more than double that.</p><p>As Powell delivered his opening remarks, new job openings data showed little progress on one measure the Fed has focused on, with employers still holding 1.9 jobs open for each unemployed person, well above pre-pandemic norms.</p><p>Other aspects of the data, however, moved gradually in ways consistent with a softer job market. Overall openings dropped slightly, the rate at which workers were quitting continued a gradual decline, and the rate of layoffs increased.</p><p>In a separate release on Wednesday, the Fed&#39;s &#34;Beige Book&#34; report of anecdotal information about the economy showed the mixed picture developing on the ground, as some businesses reported freely passing along higher prices to consumers while others said they were starting to slice into profits to keep prices competitive.</p><p>Diminished corporate profit margins are something Powell said in the hearings this week should help pull inflation down after they escalated during the era of pandemic shortages.</p><h2>BLUNT ASSESSMENT</h2><p>But even if inflation has moderated from its high point last summer, it is not falling fast enough for the Fed&#39;s liking. The Fed chief&#39;s semi-annual testimony to Congress this week has again reset expectations of where the Fed is heading, with his blunt assessment that &#34;the ultimate level of interest rates is likely to be higher than previously anticipated&#34; because inflation is not falling as fast as it seemed just a few weeks ago.</p><p>Rate futures markets now expect policymakers to approve a half-percentage-point rate hike at the upcoming meeting.</p><p>Officials will also update projections on how high rates will ultimately need to be increased in order to squelch inflation. In their last set of projections, in mid-December, the median estimate of the high point of the Fed&#39;s benchmark overnight interest rate was between 5.00% and 5.25%, versus the current 4.50%-4.75% range.</p><p>Where that ends up remains to be seen, with Powell even offering some rationale for the benefits of slower rate hikes.</p><p>After a year of rapid rate increases, the economy may still be adjusting, Powell said, an argument for allowing more data to accumulate.</p><p>&#34;We know that slowing down the pace of rate hikes this year is a way for us to see more of those effects,&#34; Powell said.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed Still up in the Air on Whether to Accelerate Rate Hikes, Powell Says</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\">\nFed Still up in the Air on Whether to Accelerate Rate Hikes, Powell Says\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-03-09 06:33</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>WASHINGTON, March 8 (Reuters) - Federal Reserve Chair Jerome Powell on Wednesday reaffirmed his message of higher and potentially faster interest rate hikes, but emphasized that debate was still underway with a decision hinging on data to be issued before the U.S. central bank&#39;s policy meeting in two weeks.</p><p>&#34;If - and I stress that no decision has been made on this - but if the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes,&#34; Powell told the U.S. House of Representatives Financial Services Committee in testimony that added a cautionary clause to the otherwise identical message he delivered to a Senate committee on Tuesday.</p><p>He emphasized the point again in response to a question explicitly about the expected outcome of the March 21-22 meeting from Representative Patrick McHenry, the Republican chair of the committee.</p><p>&#34;We have not made any decision,&#34; Powell said, but will be looking closely at upcoming jobs data on Friday and inflation data next week in deciding whether rate hikes need to shift back into a higher gear.</p><p>As happened in the session on Tuesday, lawmakers pressed Powell about the impact Fed policy was having on the economy and whether officials were risking recession in the drive to temper price increases.</p><p>Powell acknowledged once again that the Fed was wrong in initially thinking inflation was only the result of &#34;transitory&#34; factors that would ease on their own, and said he was surprised as well in how the labor market has behaved through the recovery from the COVID-19 pandemic.</p><p>There have been &#34;a bunch of firsts,&#34; Powell said. &#34;If we ever get this pitch again, we&#39;ll know how to swing at it.&#34;</p><p>Asked if he would pause interest rate hikes to avoid a recession, Powell responded &#34;I don&#39;t do &#39;yes or no&#39; on &#39;will I pause interest rate hikes?&#39; That&#39;s a serious question. I can&#39;t tell you because I don&#39;t know all the facts.&#34;</p><p>The Fed&#39;s intense battle against inflation over the past year has reshaped financial markets, made home mortgages and other credit more costly, and aimed to cool the economy overall.</p><p>As of the start of the year it seemed to be working, with Powell at a Feb. 1 news conference saying a &#34;disinflationary process&#34; had taken hold.</p><p>Inflation data since then has been worse than expected, and revisions to prior months showed the Fed had made less progress than thought in returning inflation to its 2% target from current levels that are more than double that.</p><p>As Powell delivered his opening remarks, new job openings data showed little progress on one measure the Fed has focused on, with employers still holding 1.9 jobs open for each unemployed person, well above pre-pandemic norms.</p><p>Other aspects of the data, however, moved gradually in ways consistent with a softer job market. Overall openings dropped slightly, the rate at which workers were quitting continued a gradual decline, and the rate of layoffs increased.</p><p>In a separate release on Wednesday, the Fed&#39;s &#34;Beige Book&#34; report of anecdotal information about the economy showed the mixed picture developing on the ground, as some businesses reported freely passing along higher prices to consumers while others said they were starting to slice into profits to keep prices competitive.</p><p>Diminished corporate profit margins are something Powell said in the hearings this week should help pull inflation down after they escalated during the era of pandemic shortages.</p><h2>BLUNT ASSESSMENT</h2><p>But even if inflation has moderated from its high point last summer, it is not falling fast enough for the Fed&#39;s liking. The Fed chief&#39;s semi-annual testimony to Congress this week has again reset expectations of where the Fed is heading, with his blunt assessment that &#34;the ultimate level of interest rates is likely to be higher than previously anticipated&#34; because inflation is not falling as fast as it seemed just a few weeks ago.</p><p>Rate futures markets now expect policymakers to approve a half-percentage-point rate hike at the upcoming meeting.</p><p>Officials will also update projections on how high rates will ultimately need to be increased in order to squelch inflation. In their last set of projections, in mid-December, the median estimate of the high point of the Fed&#39;s benchmark overnight interest rate was between 5.00% and 5.25%, versus the current 4.50%-4.75% range.</p><p>Where that ends up remains to be seen, with Powell even offering some rationale for the benefits of slower rate hikes.</p><p>After a year of rapid rate increases, the economy may still be adjusting, Powell said, an argument for allowing more data to accumulate.</p><p>&#34;We know that slowing down the pace of rate hikes this year is a way for us to see more of those effects,&#34; Powell said.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","BK4096":"电气部件与设备",".DJI":"道琼斯"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2318238911","content_text":"WASHINGTON, March 8 (Reuters) - Federal Reserve Chair Jerome Powell on Wednesday reaffirmed his message of higher and potentially faster interest rate hikes, but emphasized that debate was still underway with a decision hinging on data to be issued before the U.S. central bank's policy meeting in two weeks.\"If - and I stress that no decision has been made on this - but if the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes,\" Powell told the U.S. House of Representatives Financial Services Committee in testimony that added a cautionary clause to the otherwise identical message he delivered to a Senate committee on Tuesday.He emphasized the point again in response to a question explicitly about the expected outcome of the March 21-22 meeting from Representative Patrick McHenry, the Republican chair of the committee.\"We have not made any decision,\" Powell said, but will be looking closely at upcoming jobs data on Friday and inflation data next week in deciding whether rate hikes need to shift back into a higher gear.As happened in the session on Tuesday, lawmakers pressed Powell about the impact Fed policy was having on the economy and whether officials were risking recession in the drive to temper price increases.Powell acknowledged once again that the Fed was wrong in initially thinking inflation was only the result of \"transitory\" factors that would ease on their own, and said he was surprised as well in how the labor market has behaved through the recovery from the COVID-19 pandemic.There have been \"a bunch of firsts,\" Powell said. \"If we ever get this pitch again, we'll know how to swing at it.\"Asked if he would pause interest rate hikes to avoid a recession, Powell responded \"I don't do 'yes or no' on 'will I pause interest rate hikes?' That's a serious question. I can't tell you because I don't know all the facts.\"The Fed's intense battle against inflation over the past year has reshaped financial markets, made home mortgages and other credit more costly, and aimed to cool the economy overall.As of the start of the year it seemed to be working, with Powell at a Feb. 1 news conference saying a \"disinflationary process\" had taken hold.Inflation data since then has been worse than expected, and revisions to prior months showed the Fed had made less progress than thought in returning inflation to its 2% target from current levels that are more than double that.As Powell delivered his opening remarks, new job openings data showed little progress on one measure the Fed has focused on, with employers still holding 1.9 jobs open for each unemployed person, well above pre-pandemic norms.Other aspects of the data, however, moved gradually in ways consistent with a softer job market. Overall openings dropped slightly, the rate at which workers were quitting continued a gradual decline, and the rate of layoffs increased.In a separate release on Wednesday, the Fed's \"Beige Book\" report of anecdotal information about the economy showed the mixed picture developing on the ground, as some businesses reported freely passing along higher prices to consumers while others said they were starting to slice into profits to keep prices competitive.Diminished corporate profit margins are something Powell said in the hearings this week should help pull inflation down after they escalated during the era of pandemic shortages.BLUNT ASSESSMENTBut even if inflation has moderated from its high point last summer, it is not falling fast enough for the Fed's liking. The Fed chief's semi-annual testimony to Congress this week has again reset expectations of where the Fed is heading, with his blunt assessment that \"the ultimate level of interest rates is likely to be higher than previously anticipated\" because inflation is not falling as fast as it seemed just a few weeks ago.Rate futures markets now expect policymakers to approve a half-percentage-point rate hike at the upcoming meeting.Officials will also update projections on how high rates will ultimately need to be increased in order to squelch inflation. In their last set of projections, in mid-December, the median estimate of the high point of the Fed's benchmark overnight interest rate was between 5.00% and 5.25%, versus the current 4.50%-4.75% range.Where that ends up remains to be seen, with Powell even offering some rationale for the benefits of slower rate hikes.After a year of rapid rate increases, the economy may still be adjusting, Powell said, an argument for allowing more data to accumulate.\"We know that slowing down the pace of rate hikes this year is a way for us to see more of those effects,\" Powell said.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2652,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955251406,"gmtCreate":1675471440005,"gmtModify":1676539004924,"author":{"id":"3555613921632988","authorId":"3555613921632988","name":"Limcc","avatar":"https://community-static.tradeup.com/news/17b4f58941ca7ed36fff3b5b3e613e29","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555613921632988","idStr":"3555613921632988"},"themes":[],"htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955251406","repostId":"1114659751","repostType":4,"repost":{"id":"1114659751","kind":"news","pubTimestamp":1675468481,"share":"https://ttm.financial/m/news/1114659751?lang=&edition=fundamental","pubTime":"2023-02-04 07:54","market":"sg","language":"en","title":"SGX Weekly Review: Super-Rich Chinese, Keppel O&M-Sembcorp Marine Merger, US Federal Reserve and Boustead Industrial Fund","url":"https://stock-news.laohu8.com/highlight/detail?id=1114659751","media":"The Smart Investor","summary":"We review the status of the merger between Keppel and Sembcorp Marine and look at the latest move by","content":"<html><head></head><body><p>We review the status of the merger between Keppel and Sembcorp Marine and look at the latest move by the US Central Bank.</p><p><img src=\"https://static.tigerbbs.com/ce197f1f16ca18dfcbb8635b7ef8e60b\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\"/></p><h2>Super wealthy Chinese</h2><p>Singapore has seen a fresh influx of wealth into the city-state since 2021 after it became one of the first Asian cities to significantly relax pandemic restrictions.</p><p>In particular, the country has seen wealthy Chinese flow in as they became disillusioned with China’s draconian COVID-19 measures.</p><p>The number of family offices sprouting up here has surged to around 700 in 2021 from just 400 previously.</p><p>Along with the influx, Singapore’s assets under management (AUM) also grew 16% year on year to S$5.4 trillion in 2021.</p><p>This growth looks set to continue as Singapore is also providing support for family offices through targeted tax incentives.</p><h2>Keppel Corporation Limited (SGX: BN4) and Sembcorp Marine Ltd (SGX: S51)</h2><p>It has been 10 months since Keppel Corporation and Sembcorp Marine first announced a merger.</p><p>Back in October last year, the terms were revised such that Sembcorp Marine will acquire the offshore and marine (O&amp;M) division of Keppel Corporation.</p><p>In December 2022, Keppel Corporation’s shareholders voted nearly unanimously for the deal to go through, logging a 99.96% approval percentage.</p><p>Next, Sembcorp Marine will hold its extraordinary general meeting on 16 February to allow its shareholders to vote on this merger.</p><p>Independent financial advisers appointed by Sembcorp Marine view the deal as fair and reasonable and recommend that shareholders vote in favour of the transaction.</p><p>If the deal is approved, Sembcorp Marine shareholders will end up owning 46% of the enlarged entity while Keppel Corporation will retain 54%, out of which it will distribute 49% through a dividend-in-specie.</p><h2>US Federal Reserve</h2><p>The US Federal Reserve made its first interest rate move this year by raising the benchmark rate by 0.25 percentage points.</p><p>The new rate now stands between 4.5% and 4.75%, the highest level since October 2007.</p><p>The central bank has acknowledged that disinflation, the slowing down in the pace of inflation, has taken root.</p><p>December’s inflation reading came in at 4.4%, down from the 4.7% registered in November, and was the slowest annual rate of increase since October 2021.</p><p>This 0.25% hike marks a slowdown from the 0.5% increase back in December and is a far cry from the four consecutive 0.75% increases for each of its four meetings from June to November 2022.</p><p>Despite the lower increase, the Federal Reserve has reiterated that further increases in interest rates will be necessary to bring inflation down to its targeted 2% level.</p><p>However, the extent of these hikes is not cast in stone and will depend on how inflation, the economy and the stock market fare.</p><p>Investors have cheered the expected slower pace of increases and are hanging on the “disinflation” word to send stock markets higher.</p><p>In January alone, the S&amp;P 500 Index has gained 6.2% while the technology-heavy NASDAQ Composite Index has shot up 10.7%.</p><h2>Boustead Projects Limited (SGX: AVM)</h2><p>Boustead Projects Limited, or BPL, has just announced that its private real estate fund, Boustead Industrial Fund (BIF), has made its first acquisition in the open market.</p><p>BIF has partnered with <b>Metro Holdings Ltd</b> (SGX: M01) and an independent institutional third party to jointly acquire J’Forte Building for S$98.8 million, excluding the upfront land premium payable to Jurong Town Corporation (JTC).</p><p>The property is an eight-storey high-specification industrial building located at 26 Tai Seng Street.</p><p>It sits in a prime location with good accessibility to Tai Seng MRT station and the Kallang-Paya Lebar and Pan-Island Expressways.</p><p>BPL will subscribe for a 49% stake in units of BIF along with 7% notes due 2031 to help fund this purchase.</p><p>With this acquisition, BIF’s total number of properties will increase to 16, up from 14 in its initial portfolio.</p><p>The total AUM for BIF will be approximately S$749 million with a very high committed occupancy rate of 98% and a long weighted average lease expiry (WALE) of 6.1 years.</p><p>The seller of the property, Suki Sushi Pte Ltd, will then lease back 60% of the property.</p><p>BIF believes that J’Forte Building is attractive as it has a long remaining land tenure of about 44 years and has a long WALE with a 10-year leaseback by the seller.</p><p>Also, the property is zoned for food processing operations and there is a limited supply of properties with this type of zoning in the vicinity.</p></body></html>","source":"lsy1602567310727","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>SGX Weekly Review: Super-Rich Chinese, Keppel O&M-Sembcorp Marine Merger, US Federal Reserve and Boustead Industrial Fund</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\">\nSGX Weekly Review: Super-Rich Chinese, Keppel O&M-Sembcorp Marine Merger, US Federal Reserve and Boustead Industrial Fund\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-02-04 07:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thesmartinvestor.com.sg/top-stock-market-highlights-of-the-week-super-rich-chinese-keppel-om-sembcorp-marine-merger-us-federal-reserve-and-boustead-industrial-fund/><strong>The Smart Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>We review the status of the merger between Keppel and Sembcorp Marine and look at the latest move by the US Central Bank.Super wealthy ChineseSingapore has seen a fresh influx of wealth into the city-...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/top-stock-market-highlights-of-the-week-super-rich-chinese-keppel-om-sembcorp-marine-merger-us-federal-reserve-and-boustead-industrial-fund/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数","BN4.SI":"吉宝有限公司"},"source_url":"https://thesmartinvestor.com.sg/top-stock-market-highlights-of-the-week-super-rich-chinese-keppel-om-sembcorp-marine-merger-us-federal-reserve-and-boustead-industrial-fund/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114659751","content_text":"We review the status of the merger between Keppel and Sembcorp Marine and look at the latest move by the US Central Bank.Super wealthy ChineseSingapore has seen a fresh influx of wealth into the city-state since 2021 after it became one of the first Asian cities to significantly relax pandemic restrictions.In particular, the country has seen wealthy Chinese flow in as they became disillusioned with China’s draconian COVID-19 measures.The number of family offices sprouting up here has surged to around 700 in 2021 from just 400 previously.Along with the influx, Singapore’s assets under management (AUM) also grew 16% year on year to S$5.4 trillion in 2021.This growth looks set to continue as Singapore is also providing support for family offices through targeted tax incentives.Keppel Corporation Limited (SGX: BN4) and Sembcorp Marine Ltd (SGX: S51)It has been 10 months since Keppel Corporation and Sembcorp Marine first announced a merger.Back in October last year, the terms were revised such that Sembcorp Marine will acquire the offshore and marine (O&M) division of Keppel Corporation.In December 2022, Keppel Corporation’s shareholders voted nearly unanimously for the deal to go through, logging a 99.96% approval percentage.Next, Sembcorp Marine will hold its extraordinary general meeting on 16 February to allow its shareholders to vote on this merger.Independent financial advisers appointed by Sembcorp Marine view the deal as fair and reasonable and recommend that shareholders vote in favour of the transaction.If the deal is approved, Sembcorp Marine shareholders will end up owning 46% of the enlarged entity while Keppel Corporation will retain 54%, out of which it will distribute 49% through a dividend-in-specie.US Federal ReserveThe US Federal Reserve made its first interest rate move this year by raising the benchmark rate by 0.25 percentage points.The new rate now stands between 4.5% and 4.75%, the highest level since October 2007.The central bank has acknowledged that disinflation, the slowing down in the pace of inflation, has taken root.December’s inflation reading came in at 4.4%, down from the 4.7% registered in November, and was the slowest annual rate of increase since October 2021.This 0.25% hike marks a slowdown from the 0.5% increase back in December and is a far cry from the four consecutive 0.75% increases for each of its four meetings from June to November 2022.Despite the lower increase, the Federal Reserve has reiterated that further increases in interest rates will be necessary to bring inflation down to its targeted 2% level.However, the extent of these hikes is not cast in stone and will depend on how inflation, the economy and the stock market fare.Investors have cheered the expected slower pace of increases and are hanging on the “disinflation” word to send stock markets higher.In January alone, the S&P 500 Index has gained 6.2% while the technology-heavy NASDAQ Composite Index has shot up 10.7%.Boustead Projects Limited (SGX: AVM)Boustead Projects Limited, or BPL, has just announced that its private real estate fund, Boustead Industrial Fund (BIF), has made its first acquisition in the open market.BIF has partnered with Metro Holdings Ltd (SGX: M01) and an independent institutional third party to jointly acquire J’Forte Building for S$98.8 million, excluding the upfront land premium payable to Jurong Town Corporation (JTC).The property is an eight-storey high-specification industrial building located at 26 Tai Seng Street.It sits in a prime location with good accessibility to Tai Seng MRT station and the Kallang-Paya Lebar and Pan-Island Expressways.BPL will subscribe for a 49% stake in units of BIF along with 7% notes due 2031 to help fund this purchase.With this acquisition, BIF’s total number of properties will increase to 16, up from 14 in its initial portfolio.The total AUM for BIF will be approximately S$749 million with a very high committed occupancy rate of 98% and a long weighted average lease expiry (WALE) of 6.1 years.The seller of the property, Suki Sushi Pte Ltd, will then lease back 60% of the property.BIF believes that J’Forte Building is attractive as it has a long remaining land tenure of about 44 years and has a long WALE with a 10-year leaseback by the seller.Also, the property is zoned for food processing operations and there is a limited supply of properties with this type of zoning in the vicinity.","news_type":1,"symbols_score_info":{"AVM.SI":0.9,"S51.SI":0.9,"BN4.SI":0.9,"STI.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":2331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9923172541,"gmtCreate":1670815949383,"gmtModify":1676538439430,"author":{"id":"3555613921632988","authorId":"3555613921632988","name":"Limcc","avatar":"https://community-static.tradeup.com/news/17b4f58941ca7ed36fff3b5b3e613e29","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555613921632988","idStr":"3555613921632988"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>👍","listText":"<a href=\"https://ttm.financial/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$&nbsp;</a><v-v data-views=\"1\"></v-v>👍","text":"$SINGAPORE AIRLINES LTD(C6L.SI)$ 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9923172541","isVote":1,"tweetType":1,"viewCount":2232,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9964450220,"gmtCreate":1670201060060,"gmtModify":1676538318298,"author":{"id":"3555613921632988","authorId":"3555613921632988","name":"Limcc","avatar":"https://community-static.tradeup.com/news/17b4f58941ca7ed36fff3b5b3e613e29","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555613921632988","idStr":"3555613921632988"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9964450220","repostId":"1150699153","repostType":4,"repost":{"id":"1150699153","kind":"news","pubTimestamp":1670198727,"share":"https://ttm.financial/m/news/1150699153?lang=&edition=fundamental","pubTime":"2022-12-05 08:05","market":"sg","language":"en","title":"Singapore Bourse Tipped To Open Under Pressure","url":"https://stock-news.laohu8.com/highlight/detail?id=1150699153","media":"RTT News","summary":"The Singapore stock market on Friday wrote a finish to the three-day winning streak in which it had ","content":"<html><head></head><body><p>The Singapore stock market on Friday wrote a finish to the three-day winning streak in which it had advanced more than 50 points or 1.6 percent. The Straits Times Index now rests just beneath the 3,260-point plateau and it may take further damage on Monday.</p><p>The global forecast for the Asianmarketssuggests mild downside on renewed concerns over the outlook for interest rates. The European and U.S. markets were mixed and little changed and the Asian bourses are likely to follow suit.</p><p>The STI finished sharply lower on Friday following losses from the financial shares and property stocks, while the industrials offered support.</p><p>For the day, the index skidded 33.59 points or 1.02 percent to finish at the daily low of 3,259.14 after peaking at 3,287.23. Volume was 1.2 billion shares worth 1.11 billion Singapore dollars. There were 254 gainers and 241 decliners.</p><p>Among the actives, Ascendas REIT surrendered 2.14 percent, while CapitaLand Integrated Commercial Trust declined 1.94 percent, CapitaLand Investment and United Overseas Bank both stumbled 1.34 percent, City Developments eased 0.12 percent, DBS Group slumped 1.37 percent, Emperador improved 1.03 percent, Keppel Corp gained 0.79 percent, Mapletree Pan Asia Commercial Trust plummeted 2.94 percent, Mapletree Industrial Trust tumbled 2.22 percent, Mapletree Logistics Trust retreated 1.84 percent, Oversea-Chinese Banking Corporation skidded 1.13 percent, SATS plunged 2.91 percent, SembCorp Industries advanced 1.23 percent, Singapore Technologies Engineering dropped 0.58 percent, SingTel rose 0.37 percent, Thai Beverage sank 0.78 percent, Wilmar International added 0.49 percent, Yangzijiang Financial tanked 2.82 percent, Yangzijiang Shipbuilding climbed 1.43 percent and Comfort DelGro, Genting Singapore and Hongkong Land were unchanged.</p><p>The lead from Wall Street offers little clarity as the major averages opened sharply lower on Friday but improved all session, finally ending mixed but little changed.</p><p>The Dow rose 34.87 points or 0.10 percent to finish at 34,429.88, while the NASDAQ slipped 20.95 points or 0.18 percent to close at 11,461.50 and the S&amp;P 500 fell 4.87 points or 0.12 percent to end at 4,071.70.</p><p>The early weakness on Wall Street followed the release of the Labor Department&#39;s closely watched monthly jobs report, which showed stronger than expected job growth in November.</p><p>While the report points to continued strength in the labor market, the data has added to lingering uncertainty about the outlook for interest rates.</p><p>The Federal Reserve is likely to slow the pace of interest rate hikes as early as next month, but continued labor market tightness may still lead the central bank to raise rates higher than currently anticipated.</p><p>Crude oil futures slumped on Friday ahead of OPEC&#39;s meeting over the weekend and the European Unio&#39;s cap of Russian crude. West Texas Intermediate shed 1.24 per 1,5 percent to $79.98 per barrel.</p></body></html>","source":"lsy1637539882596","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Singapore Bourse Tipped To Open Under Pressure</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\">\nSingapore Bourse Tipped To Open Under Pressure\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-05 08:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.rttnews.com/3329648/singapore-bourse-tipped-to-open-under-pressure.aspx?type=acom><strong>RTT News</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Singapore stock market on Friday wrote a finish to the three-day winning streak in which it had advanced more than 50 points or 1.6 percent. The Straits Times Index now rests just beneath the 3,...</p>\n\n<a href=\"https://www.rttnews.com/3329648/singapore-bourse-tipped-to-open-under-pressure.aspx?type=acom\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://www.rttnews.com/3329648/singapore-bourse-tipped-to-open-under-pressure.aspx?type=acom","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150699153","content_text":"The Singapore stock market on Friday wrote a finish to the three-day winning streak in which it had advanced more than 50 points or 1.6 percent. The Straits Times Index now rests just beneath the 3,260-point plateau and it may take further damage on Monday.The global forecast for the Asianmarketssuggests mild downside on renewed concerns over the outlook for interest rates. The European and U.S. markets were mixed and little changed and the Asian bourses are likely to follow suit.The STI finished sharply lower on Friday following losses from the financial shares and property stocks, while the industrials offered support.For the day, the index skidded 33.59 points or 1.02 percent to finish at the daily low of 3,259.14 after peaking at 3,287.23. Volume was 1.2 billion shares worth 1.11 billion Singapore dollars. There were 254 gainers and 241 decliners.Among the actives, Ascendas REIT surrendered 2.14 percent, while CapitaLand Integrated Commercial Trust declined 1.94 percent, CapitaLand Investment and United Overseas Bank both stumbled 1.34 percent, City Developments eased 0.12 percent, DBS Group slumped 1.37 percent, Emperador improved 1.03 percent, Keppel Corp gained 0.79 percent, Mapletree Pan Asia Commercial Trust plummeted 2.94 percent, Mapletree Industrial Trust tumbled 2.22 percent, Mapletree Logistics Trust retreated 1.84 percent, Oversea-Chinese Banking Corporation skidded 1.13 percent, SATS plunged 2.91 percent, SembCorp Industries advanced 1.23 percent, Singapore Technologies Engineering dropped 0.58 percent, SingTel rose 0.37 percent, Thai Beverage sank 0.78 percent, Wilmar International added 0.49 percent, Yangzijiang Financial tanked 2.82 percent, Yangzijiang Shipbuilding climbed 1.43 percent and Comfort DelGro, Genting Singapore and Hongkong Land were unchanged.The lead from Wall Street offers little clarity as the major averages opened sharply lower on Friday but improved all session, finally ending mixed but little changed.The Dow rose 34.87 points or 0.10 percent to finish at 34,429.88, while the NASDAQ slipped 20.95 points or 0.18 percent to close at 11,461.50 and the S&P 500 fell 4.87 points or 0.12 percent to end at 4,071.70.The early weakness on Wall Street followed the release of the Labor Department's closely watched monthly jobs report, which showed stronger than expected job growth in November.While the report points to continued strength in the labor market, the data has added to lingering uncertainty about the outlook for interest rates.The Federal Reserve is likely to slow the pace of interest rate hikes as early as next month, but continued labor market tightness may still lead the central bank to raise rates higher than currently anticipated.Crude oil futures slumped on Friday ahead of OPEC's meeting over the weekend and the European Unio's cap of Russian crude. West Texas Intermediate shed 1.24 per 1,5 percent to $79.98 per barrel.","news_type":1,"symbols_score_info":{"STI.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":2149,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9936877692,"gmtCreate":1662763656717,"gmtModify":1676537133468,"author":{"id":"3555613921632988","authorId":"3555613921632988","name":"Limcc","avatar":"https://community-static.tradeup.com/news/17b4f58941ca7ed36fff3b5b3e613e29","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555613921632988","idStr":"3555613921632988"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/C\">$Citigroup(C)$</a>","listText":"<a href=\"https://ttm.financial/S/C\">$Citigroup(C)$</a>","text":"$Citigroup(C)$","images":[{"img":"https://community-static.tradeup.com/news/18c216de3da7114fa8b0bd0eec4c86ac","width":"1125","height":"1761"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9936877692","isVote":1,"tweetType":1,"viewCount":2162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9931230078,"gmtCreate":1662463605095,"gmtModify":1676537065545,"author":{"id":"3555613921632988","authorId":"3555613921632988","name":"Limcc","avatar":"https://community-static.tradeup.com/news/17b4f58941ca7ed36fff3b5b3e613e29","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555613921632988","idStr":"3555613921632988"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9931230078","repostId":"1160238156","repostType":4,"repost":{"id":"1160238156","kind":"news","pubTimestamp":1662435793,"share":"https://ttm.financial/m/news/1160238156?lang=&edition=fundamental","pubTime":"2022-09-06 11:43","market":"us","language":"en","title":"Which Pandemic Loser is Best-Positioned for a Rebound?","url":"https://stock-news.laohu8.com/highlight/detail?id=1160238156","media":"TipRanks","summary":"Story HighlightsCOVID-era losers can’t seem to catch a break, with a recession likely in the cards f","content":"<div>\n<p>Story HighlightsCOVID-era losers can’t seem to catch a break, with a recession likely in the cards for 2023. Still, valuations are depressed, and conditions don’t seem nearly as dire as they were just...</p>\n\n<a href=\"https://www.tipranks.com/news/article/which-pandemic-loser-is-best-positioned-for-a-rebound\">Web Link</a>\n\n</div>\n","source":"lsy1606183248679","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>Which Pandemic Loser is Best-Positioned for a Rebound?</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\">\nWhich Pandemic Loser is Best-Positioned for a Rebound?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-06 11:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.tipranks.com/news/article/which-pandemic-loser-is-best-positioned-for-a-rebound><strong>TipRanks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Story HighlightsCOVID-era losers can’t seem to catch a break, with a recession likely in the cards for 2023. Still, valuations are depressed, and conditions don’t seem nearly as dire as they were just...</p>\n\n<a href=\"https://www.tipranks.com/news/article/which-pandemic-loser-is-best-positioned-for-a-rebound\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DAL":"达美航空","DIS":"迪士尼","BA":"波音"},"source_url":"https://www.tipranks.com/news/article/which-pandemic-loser-is-best-positioned-for-a-rebound","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160238156","content_text":"Story HighlightsCOVID-era losers can’t seem to catch a break, with a recession likely in the cards for 2023. Still, valuations are depressed, and conditions don’t seem nearly as dire as they were just over two years ago. Let’s check in with Wall Street on the three “Strong Buy” names that may be tough to stop despite macro headwinds.In this piece, we used TipRanks’ Comparison Tool to check in on three COVID-era losers — DIS, BA, and DAL — that seem unlikely to be held down for too long, even if a 2023 recession hits. Despite dire circumstances, each name has a “Strong Buy” from Wall Street analysts, with a solid magnitude of year-ahead upside.The COVID-19 pandemic seems to be winding down, even as the less-deadly Omicron variant looks to surge in the fall season. With boosters and other effective protocols, the pandemic may not be able to hold back some of the biggest losers from the coronavirus market crash of 2020.From airlines to cruise lines, many COVID-hit stocks have yet to post a full recovery from their 2020 slides. With a recession likely coming up, many such COVID-hit firms (travel and leisure firms) could face another hit to the chin as demand wanes, not due to public health concerns but financial stress on consumer balance sheets.Indeed, many COVID-hit companies are in desperate need of a break. Still, a lot of such punished firms have been forced to stay on their toes to remain resilient in the face of profound macro challenges. Sure, the light at the end of the tunnel may be a tad farther off as economic storm clouds approach. However, I expect more of the same out of the well-run pandemic-era losers: resilience through trying times.Disney (DIS)Walt Disney has already been through so much, with COVID lockdowns taking away from parks and cruise revenues. Though Disney+ helped Disney make it through one of the worst headwind storms in its history, it did not take long before the video-streaming market came crumbling down in the face of an economic recession.Streaming used to be the cure to a media firm’s growth woes. These days, a capable streaming platform is just another pricy requirement for staying competitive. Though streaming is maturing, it’s still capable of growth. Like with any market, the best players could hog most of the economic profits to be had. In that regard, I view Disney as the new king of the streaming kingdom, with its must-stream trio of Disney+, Hulu, and ESPN+.In the grander scheme of things, Disney’s streaming push is still in its earlier stages. Yet, its growth has been absolutely remarkable. Even if a recession weighs on streaming as a whole, I view Disney as a firm capable of taking share away from incumbents. CEO Bob Chapek knows that content is king, and billions will need to go into content creation to win the streaming wars.Disney’s streaming strategy is sound, and price increases will keep coming as users get “stuck” on new exclusive series. As COVID abates further, I expect parks and cruises to continue gaining traction. There’s still plenty of pent-up demand unmet, in my opinion, and I don’t think a recession will destroy such demand permanently. It’ll merely delay it.Wall Street loves Disney stock, too, with 17 Buys and three Holds assigned in the past three months. The average DIS stock price target of $144 implies nearly 30% upside potential over the year ahead.Boeing (BA)Boeing is a planemaker whose troubles started well before the pandemic wreaked havoc on global air travel. Making aircraft was never supposed to be easy.Recent supply chain woes weighed on the firm’s ability to meet the demand for its newest fuel-efficient planes, including the 737 MAX and 787 Dreamliner. Both aircraft have been hit with their fair share of issues. With many such problems and supply chain issues being ironed out, Boeing can finally begin to deliver for its clients and investors.Recently, Boeing clocked in solid second-quarter results that saw cash flows improve. Deliveries for the 787 are expected to pick up, and the firm no longer seems destined for a crash-landing.Though Boeing has come a long way since the depths of 2020, its stock (currently at $151 and change per share) isn’t much higher from where it spent most of 2020. In any case, I expect clearer skies ahead as management looks to tackle the remainder of its operational issues. Once it can clear the runway, it may prove tough to stop shares from taking off, even if a recession is in the cards for 2023.At just 1.6 times sales, I’d argue there’s a lot to gain by giving the firm the benefit of the doubt. Wall Street analysts seem to agree, with 11 Buys, two Holds, and a price target implying more than 40% upside. Currently, the averageBA stock price forecastis $213.33 per share.Delta Air Lines (DAL)Sticking with the air travel theme, we have Delta, which, like Boeing, is back on the retreat toward 2020 levels. Shares of the major U.S. carrier are off more than 50% from their 2020 pre-pandemic high. With the stock on the retreat since its relief rally peaked in early 2021, the stock seems to be a no-fly for many investors.The airlines are capital-intensive businesses that struggled through COVID lockdowns. As air travel demand gradually comes back online, Delta will be in a spot to take to the skies again. However, in the meantime, the coming storm of macro headwinds seems to be outside of management’s control.When a recession hits, travel demand tends to slip. Labor shortages, higher costs from inflation, and reduced capacity could also act as a lingering thorn in the side of the airline as it looks to move past its multi-year funk.If it’s not the high cost of jet fuel, it’s a demand-weighing recession that’s of concern for Delta. Though revenues could turn lower in 2023, I think the stock is getting too cheap to ignore at 0.5 times sales.Wall Street loves Delta, as analysts have rated the company as a strong buy with 10 Buys and one Hold. In addition, the average DAL stock price target of $47.15 equates to a potential gain of 52.4%.Conclusion – Wall Street Expects the Most from DeltaDisney, Boeing, and Delta are COVID losers that are marked down ahead of a recession. Despite yet another setback, I believe each firm is so battered that it may not take much to send them back into rally mode. Of the three stocks, Wall Street expects the most from Delta. Personally, I’m a fan of Boeing because it’s basically a member of a duopoly.","news_type":1,"symbols_score_info":{"BA":0.9,"DAL":0.9,"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":2608,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9992250673,"gmtCreate":1661322731094,"gmtModify":1676536497313,"author":{"id":"3555613921632988","authorId":"3555613921632988","name":"Limcc","avatar":"https://community-static.tradeup.com/news/17b4f58941ca7ed36fff3b5b3e613e29","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555613921632988","idStr":"3555613921632988"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9992250673","repostId":"1188636834","repostType":4,"repost":{"id":"1188636834","kind":"news","pubTimestamp":1661302880,"share":"https://ttm.financial/m/news/1188636834?lang=&edition=fundamental","pubTime":"2022-08-24 09:01","market":"us","language":"en","title":"Tesla's Thin Model Pipeline","url":"https://stock-news.laohu8.com/highlight/detail?id=1188636834","media":"Seeking Alpha","summary":"SummaryTesla has only one new model with an announced launch date.This contrasts with others in the luxury end of the automotive market.It matters because autos are a highly differentiated consumer go","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Tesla has only one new model with an announced launch date.</li><li>This contrasts with others in the luxury end of the automotive market.</li><li>It matters because autos are a highly differentiated consumer good; no single model in the US, China, or Europe gets even 3% of the market.</li><li>Unless Tesla changes its behavior, it cannot continue to demonstrate that growth that its valuation demands.</li></ul><p><b>Preamble</b></p><p>Sometimes I think I&#39;ll scream if I see yet another white Model 3; the limited range of color options accentuates already dated styling. I&#39;m not alone in this, except that most readers of this article are more enamored of Tesla&#39;s styling thanI. It&#39;s not just Tesla. A dealer friend had a customer who always bought two identical cars, his and hers, differing only in color because neither could stand to be seen driving their spouse&#39;s preferred one. There were the buyers who presented a nicely boxed set of keys to a new car for their other half&#39;s birthday. Sometimes it went well, but one time the color was unacceptable, another time, despite carefully soliciting comments, it was one they really didn&#39;t want. There are &#34;pink flamingoes&#34;, cars the dealer can&#39;t imagine anyone being seen in, yet ultimately someone buys them. Consumers are fickle, tastes are inexplicable and varied. That has important implications for thinking about Tesla (NASDAQ:TSLA) as an investment.</p><p><b>Overview</b></p><p>Passenger vehicles are differentiated durable consumer goods. (Yeh, I&#39;m an economist.) I look at data from China, Europe, and the US to emphasize the extent to which this results in highly fragmented markets. I then sketch the added competition from used cars. This leads to the third piece of my argument, that car companies provide a portfolio of products, and regularly update it - in the case of BMW, with 3 product launches a year, year in and year out. I conclude by looking at Tesla&#39;s product pipeline in light of the above.</p><p>My bottom line is simple: without new product, by 2023 Tesla will hit a growth ceiling. Since the stock is priced for growth, this implies that the company is currently overvalued.</p><p><b>I. Product Differentiation </b></p><p><i>China</i></p><p>In July 2022, some 542 distinct passenger vehicles were sold in China. The actual model count is higher, because this is only domestically assembled vehicles - in 2022H1, there were 446,000 imports or about 150,000 a month, including many high-end models. The best-selling Nissan Sunny (OTCPK:NSANY) (OTCPK:NSANF) (Sentra in the US, Sylphy in Japan) sold 493,000 in CY2021 and 217,000 in CY2022H1.</p><p>Most models sell in very low volumes; only 208 sold over 2,000 units. More important, no model has a large market share. The top-selling Nissan Sunny holds but 2.16% of the market, and only two others - the BYD Song Plus (OTCPK:BYDDF) and the GM Wuling Hongguang (GM) - had over a 2% share. Twelve other models had 1%-2%; fifty had between 0.5% and 1%.</p><p><img src=\"https://static.tigerbbs.com/3be454d00c3db761ce3004be22b6f76b\" tg-width=\"640\" tg-height=\"465\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Author database</p><p>Europe is much the same. UsingJATOdata for CY2021, I compiled a spreadsheet of model-level sales data. Counting &#34;other&#34; lines as but a single model, consumers bought 404 different vehicles in CY2021. Compared to China, per-model sales are even more diffuse: no single vehicle hit even 2% of the overall market of 11.4 million units. Some 25 models had between 1.0% and 1.8%; another 44 had between 0.5% and 1.0%. As in China, the market is comprised of highly differentiated vehicles, none of which achieves more than a small share.</p><p><img src=\"https://static.tigerbbs.com/39479367d7c991d0c2580d395b055018\" tg-width=\"640\" tg-height=\"466\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Authors calculations from JATO data</p><p><i>The USMCA</i></p><p>I don&#39;t have similar detailed data for the USMCA (US-Mexico-Canada), so I focus on the leading model: the Ford F-series (F). Ford sold an amazing 851,813 of those in CY2021, seemingly giving a much higher market share than the top vehicles in China and Europe (4.5% of USMCA CY2021 sales of 18,160,120 units).</p><p>That is misleading, because Ford&#39;s Dearborn Truck Plant assembles F-150s with 3 different length beds and assorted cab configurations (0&#39;, 5½&#39;, and 6½&#39; beds with 3 different cabs). The F-150 Lightning has its own assembly line in the same complex, sharing stampings, frame welding, and paint shop with ICE versions. Dearborn, though, doesn&#39;t assemble versions with 8 foot beds, those are done in the Kentucky Truck Plant, again with multiple variations. Kansas City does additional variations, such as the Transit vans built on the &#34;F&#34; chassis. To those, we must add F-250s, F-350s, stripped chassis versions sold to up-fitters and &#34;dually&#34; versions. Each has its own customer base. Talking to plant managers, that variety makes full-sized pickup truck plants the most difficult-to-run operations in the industry. But it hides that volumes for any single version of the F series are a fraction of the headline number.</p><p>In sum, only a handful of vehicles ever reach 2% of the market in the US, China, and Europe. None today hold 3% or more. In order for Tesla to grab more than a small slice of any market, they need 8-10 models.</p><p><b>II. Used Cars</b></p><p>In the US, there are roughly 280 million registered vehicles. In normal times, there are almost 3x more used cars sold than new. Indeed, most drivers will never have the income to purchase a new vehicle. More important, of those who do purchase new – such as my son, who just took delivery of a Subaru Legacy - many are on the borderline, and shop both new and used.</p><p>The prototypical case is the Model T. Even though Henry Ford kept lowering the price, eventually to $350, by the early 1920s, sales stalled. Why? - a used Model T could be had for less than that and was readily repairable. Indeed, even today, you can get any part needed to fix one delivered overnight, except for the engine block, with perhaps a half-million still in operating condition. In other words, cars are durable goods, and by focusing exclusively on the Model T, Henry almost put himself out of business. [<i>Aside: the original Model T factory survives, unlike the subsequent Highland Park Plant of assembly line fame. It&#39;s now the Ford Piquette Avenue Museum, with 2 floors of Model Ts, from treaded &#34;snowcats&#34; to pickup trucks and leather-fitted versions for social climbers.</i>]</p><p>Do not make the mistake of reading current market conditions into the general story. During the pandemic, rental car fleets unloaded cars - Hertz didn&#39;t do it fast enough and went bankrupt - but when business and vacation travel resumed, rental companies could not &#34;refleet&#34; due to the chip shortage. In a normal year, Enterprise purchases 1 million units, and sells a like number of used units. Now they and their rivals are straining to renew their fleets, to the point of becoming net purchasers of used cars. Similarly, lease returns are normally an additional input into the used vehicle stream, but with prices above the contracted &#34;residual&#34; price at lease-end, that source has likewise dried up. As a result, when my son went car shopping, he discovered that low-mileage used inventory was priced above sticker, whereas he could wait and have a new car at MSRP. Not all car shoppers can wait, so even such high-priced used cars quickly disappear from dealership lots. My son, fortunately, could and did wait. [<i>Aside: when the balance shifts, both new and used car prices will decline precipitously. That will be enough to push the US CPI from inflation to deflation, at least briefly.</i>]</p><p>The bottom line remains that as time passes, competition from like-model used vehicles becomes significant. The average sedan on the road is now over 12 years old, and pickup trucks even older. A critical long-run issue with cars (and other durable goods) is to limit competition from the used car market.</p><p>The one set of studies I know that is specific to automotive (Adam Copeland of the NY Fed, with various co-authors) estimates that as a result of this competition, new car prices fall at an annual average of 9.2% per annum, reflected in increasing rebates and fewer sales of high-trim versions. That is, at the end of a standard 4-year model cycle, prices are almost 30% lower than at launch. Furthermore, later purchasers are lower in income. That is, competition from like-model used cars increases over time, eroding margins as car sellers dip lower down the income profile. No one can avoid that, not even Tesla.</p><p><b>III. Product Portfolio and Product Pipeline</b></p><p>Car companies respond to the above pressures in two ways. First, they offer a portfolio of products from a smaller number of platforms. That helps them increase platform-level economies of scale. (The irony is that the ease of engineering &#34;top hats&#34; for a platform, enabled by the ability to digitally engineer a vehicle - even to modeling assembly-line ergonomics before the first prototype is made - exacerbates the number of models and lowers sales per model.) The key work here is &#34;portfolio&#34;, with a car for every pocket, and a brand hierarchy differentiated by social status.</p><p>The second response is the regular redesign of models, with a typical cadence of a &#34;refresh&#34; every 2 years (fascia and interior) and a redesign every 4 years (with new sheet metal). As a result, cars that launch in 2023 are already a &#34;done&#34; deal, and a lot of the work on 2024 models is complete. Engineers are now turning their attention to cars set to launch in 2025.</p><p>I present a summary below, drawn from <i>Automotive News</i>, focused on a number of the luxury brands with which Tesla competes. Now car companies vary in the extent to which they detail new product plans in public. They are inconsistent in distinguishing whether their plans are on a model year or a calendar year basis. I don&#39;t know individual models, to distinguish whether a &#34;GT&#34; version is a distinct model, so there&#39;s some potential error on my end. Audi (OTC:AUDVF) and Porsche (OTCPK:POAHY) share engineering resources, and it&#39;s likely that there&#39;s overlap between Volvo (OTCPK:VOLAF) and Polestar (PSNY). And so on. It&#39;s an indicative table using soft data.</p><p>I use only AN&#39;s coverage and have not modified them against the more reliable product pipelines that suppliers have shared with me under an NDA, which includes the month of launch. What I can share from years of presentations by suppliers on new technologies they&#39;re bringing to market is that launch dates are &#34;hard&#34;. They not only tie into marketing, assembly line upgrades, and supplier production/engineering schedules, but missing a launch target ties up engineers slated to move to other projects. It&#39;s unusual if launch dates slip by more than a few weeks, even though they are set 2 or more years ahead of time.</p><p>With those caveats, here is my summary, excluding model names, and not reporting models with a scheduled end of life.</p><p><img src=\"https://static.tigerbbs.com/ef5537a42658ca05dded032f18aa6042\" tg-width=\"613\" tg-height=\"483\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/72a51243c74aaf0e76d9b235157cc762\" tg-width=\"613\" tg-height=\"402\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/15c14bceea4eacf94d9444cb18953f15\" tg-width=\"617\" tg-height=\"406\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/f6043da38b1eba04208c52222bf31173\" tg-width=\"615\" tg-height=\"302\" width=\"100%\" height=\"auto\"/>What this table does not show is that this pattern of refreshes, renewals, and new models extends back in time. Audi, Porsche, BMW (OTCPK:BMWYY), Mercedes (OTCPK:MBGAF), and Lexus have a constant stream of new products in their pipeline, so that over the course of a decade, each model is replaced or refreshed 2-3 times. That is the only way to avoid cannibalization by used cars, plus of course, it&#39;s necessary to keep up with styling trends and to incorporate the constant stream of better components and improved functionality that require new hardware and not just new software.</p><p><b>IV. Tesla&#39;s Pipeline</b></p><p>It&#39;s 10 years since the launch of the Model S, Tesla&#39;s first proper model. Since then, it has launched only 3 new products, and carried out a minor refresh of the interior of the Model S. None of the other models has been refreshed, much less renewed with new sheet metal. Yet the Model S is 10 years old, the Model X is 7 years old, and the Model 3 is 5 years old; only the Model Y, launched in 2020, is fresh. That understates the issue: because of the many delays in both development and launch, the styling of these models is older than those of competitors who launched on time after a short period of development and engineering. In a style-conscious industry, Tesla has chosen to rely on each new model hitting a home run, that is, setting trends rather than adapting to trends. That&#39;s a high-risk strategy, amplified as its lineup ages.</p><p>Two rumored future products, the Semi and the Roadster, do not yet have clear timelines - maybe 2023, maybe a bit later. In any case, both are niche vehicles that will not generate sufficient top line revenue or bottom line profits to move the needle.</p><p>That leaves a single model in the pipeline: the Tesla Cybertruck. It begins production by summer 2023 and goes on sale sometime thereafter. It&#39;s all still vague, and the initial $39,999 price is DOA. More to the point, it&#39;s a quintessential California/Texas vehicle: a performance pickup with only a single cab-bed variant. That is in stark contrast to the multiple products hiding behind the F-150 moniker. Worse, Tesla needs global vehicles if it is to grow.</p><p>Unfortunately for the Cybertruck, full-sized pickups are a North American thing. Despite a market 40% larger than the USMCA, fewer pickups sell in China than Ford sells in the US - only 259,000 in 2022H1. Great Wall (OTCPK:GWLLF) has 45% of the market, followed by the truckmakers Jiangling (OTCPK:JGLMY) (15%), Zhengzhou Nissan (10%), and Jiangxi Isuzu. Unlike the US, pickups are not an offspring of the passenger car market. Furthermore, only 14% of pickups are sold in the Tier I and Tier II cities that are the core market for Tesla (see Wikipediaherefor a list of major cities). In contrast, 19% are sold in Tier III cities, 24% in Tier IV cities, and 42% in rural areas. (Source:CPCAA data.) To sell the Cybertruck in those markets would require Tesla to more than double its sales and service center network, because farmers and rural construction firms can&#39;t wait for repairs. Of course, there&#39;s no rural charging network, either, but unlike urban apartment dwellers, most truck drivers would have access to overnight charging. But who would want to use a Cybertruck to haul manure?</p><p>Europe is worse - in CY2020, the most recent data I found, sales were only 116,000, in a market about the size of the USMCA. Nissan, Renault (OTCPK:RNSDF), and Mercedes have all exited the market. [Source:Automotive News June 14, 2021] In addition, most are compact pickups - in 2020, the Ford Ranger held over a third of the pickup market. [Source:carsalesbase] Even in the US, the Cybertruck is both idiosyncratic and late to market, well behind Ford and Rivian (RIVN). It will certainly find a following among Tesla aficionados, but it is unclear that it will gain much traction among current pickup truck owners. Ford dominates there. The contractors who lease them have the local dealership service desk on speed-dial - work trucks take a beating, and a history of reliable service keeps them loyal.</p><p>In any case, the Cybertruck is not one of the global models that Tesla needs.</p><p><b><i>Summary</i></b></p><p>Quite simply, Tesla is not spending enough on new products, and lacks a clear product strategy. R&amp;D expenditures have risen from $825 million in 2020Q2 to $2,632 million in 2022Q2, so product development shouldn&#39;t be starved for resources. [<i>As a data point, the GM-Honda Cruise autonomous driving joint venture spent $496 million in 2022Q2, a spend rate that would eat up 19% of Tesla&#39;s R&amp;D.</i>]</p><p>Tesla has too many irons in the fire: autonomous vehicle development, solar and energy products, service and sales centers, charging stations, and pet projects of Elon Musk such as robots. It needs to fill its product pipeline and communicate about what it is doing with investors.</p><p><b>V. Conclusion</b></p><p>Tesla has tremendous brand value. Without new models, however, they will not be able to monetize it, and will instead start to see sales stagnate and margins compress. As the many projections on Seeking Alpha make clear, its stock market valuation is based on continued high growth. New factories support growth only if there is a new product to fill them. Unfortunately, management is providing no guidance to suggest they are bringing a product portfolio to market in a systematic, disciplined, and timely manner.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla's Thin Model Pipeline</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla's Thin Model Pipeline\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-24 09:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4536322-tesla-stock-thin-model-pipeline?source=content_type%3Aall%7Cfirst_level_url%3Aportfolio%7Csection%3Aportfolio_content_unit%7Csection_asset%3Alatest%7Cline%3A41><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryTesla has only one new model with an announced launch date.This contrasts with others in the luxury end of the automotive market.It matters because autos are a highly differentiated consumer ...</p>\n\n<a href=\"https://seekingalpha.com/article/4536322-tesla-stock-thin-model-pipeline?source=content_type%3Aall%7Cfirst_level_url%3Aportfolio%7Csection%3Aportfolio_content_unit%7Csection_asset%3Alatest%7Cline%3A41\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4536322-tesla-stock-thin-model-pipeline?source=content_type%3Aall%7Cfirst_level_url%3Aportfolio%7Csection%3Aportfolio_content_unit%7Csection_asset%3Alatest%7Cline%3A41","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188636834","content_text":"SummaryTesla has only one new model with an announced launch date.This contrasts with others in the luxury end of the automotive market.It matters because autos are a highly differentiated consumer good; no single model in the US, China, or Europe gets even 3% of the market.Unless Tesla changes its behavior, it cannot continue to demonstrate that growth that its valuation demands.PreambleSometimes I think I'll scream if I see yet another white Model 3; the limited range of color options accentuates already dated styling. I'm not alone in this, except that most readers of this article are more enamored of Tesla's styling thanI. It's not just Tesla. A dealer friend had a customer who always bought two identical cars, his and hers, differing only in color because neither could stand to be seen driving their spouse's preferred one. There were the buyers who presented a nicely boxed set of keys to a new car for their other half's birthday. Sometimes it went well, but one time the color was unacceptable, another time, despite carefully soliciting comments, it was one they really didn't want. There are \"pink flamingoes\", cars the dealer can't imagine anyone being seen in, yet ultimately someone buys them. Consumers are fickle, tastes are inexplicable and varied. That has important implications for thinking about Tesla (NASDAQ:TSLA) as an investment.OverviewPassenger vehicles are differentiated durable consumer goods. (Yeh, I'm an economist.) I look at data from China, Europe, and the US to emphasize the extent to which this results in highly fragmented markets. I then sketch the added competition from used cars. This leads to the third piece of my argument, that car companies provide a portfolio of products, and regularly update it - in the case of BMW, with 3 product launches a year, year in and year out. I conclude by looking at Tesla's product pipeline in light of the above.My bottom line is simple: without new product, by 2023 Tesla will hit a growth ceiling. Since the stock is priced for growth, this implies that the company is currently overvalued.I. Product Differentiation ChinaIn July 2022, some 542 distinct passenger vehicles were sold in China. The actual model count is higher, because this is only domestically assembled vehicles - in 2022H1, there were 446,000 imports or about 150,000 a month, including many high-end models. The best-selling Nissan Sunny (OTCPK:NSANY) (OTCPK:NSANF) (Sentra in the US, Sylphy in Japan) sold 493,000 in CY2021 and 217,000 in CY2022H1.Most models sell in very low volumes; only 208 sold over 2,000 units. More important, no model has a large market share. The top-selling Nissan Sunny holds but 2.16% of the market, and only two others - the BYD Song Plus (OTCPK:BYDDF) and the GM Wuling Hongguang (GM) - had over a 2% share. Twelve other models had 1%-2%; fifty had between 0.5% and 1%.Author databaseEurope is much the same. UsingJATOdata for CY2021, I compiled a spreadsheet of model-level sales data. Counting \"other\" lines as but a single model, consumers bought 404 different vehicles in CY2021. Compared to China, per-model sales are even more diffuse: no single vehicle hit even 2% of the overall market of 11.4 million units. Some 25 models had between 1.0% and 1.8%; another 44 had between 0.5% and 1.0%. As in China, the market is comprised of highly differentiated vehicles, none of which achieves more than a small share.Authors calculations from JATO dataThe USMCAI don't have similar detailed data for the USMCA (US-Mexico-Canada), so I focus on the leading model: the Ford F-series (F). Ford sold an amazing 851,813 of those in CY2021, seemingly giving a much higher market share than the top vehicles in China and Europe (4.5% of USMCA CY2021 sales of 18,160,120 units).That is misleading, because Ford's Dearborn Truck Plant assembles F-150s with 3 different length beds and assorted cab configurations (0', 5½', and 6½' beds with 3 different cabs). The F-150 Lightning has its own assembly line in the same complex, sharing stampings, frame welding, and paint shop with ICE versions. Dearborn, though, doesn't assemble versions with 8 foot beds, those are done in the Kentucky Truck Plant, again with multiple variations. Kansas City does additional variations, such as the Transit vans built on the \"F\" chassis. To those, we must add F-250s, F-350s, stripped chassis versions sold to up-fitters and \"dually\" versions. Each has its own customer base. Talking to plant managers, that variety makes full-sized pickup truck plants the most difficult-to-run operations in the industry. But it hides that volumes for any single version of the F series are a fraction of the headline number.In sum, only a handful of vehicles ever reach 2% of the market in the US, China, and Europe. None today hold 3% or more. In order for Tesla to grab more than a small slice of any market, they need 8-10 models.II. Used CarsIn the US, there are roughly 280 million registered vehicles. In normal times, there are almost 3x more used cars sold than new. Indeed, most drivers will never have the income to purchase a new vehicle. More important, of those who do purchase new – such as my son, who just took delivery of a Subaru Legacy - many are on the borderline, and shop both new and used.The prototypical case is the Model T. Even though Henry Ford kept lowering the price, eventually to $350, by the early 1920s, sales stalled. Why? - a used Model T could be had for less than that and was readily repairable. Indeed, even today, you can get any part needed to fix one delivered overnight, except for the engine block, with perhaps a half-million still in operating condition. In other words, cars are durable goods, and by focusing exclusively on the Model T, Henry almost put himself out of business. [Aside: the original Model T factory survives, unlike the subsequent Highland Park Plant of assembly line fame. It's now the Ford Piquette Avenue Museum, with 2 floors of Model Ts, from treaded \"snowcats\" to pickup trucks and leather-fitted versions for social climbers.]Do not make the mistake of reading current market conditions into the general story. During the pandemic, rental car fleets unloaded cars - Hertz didn't do it fast enough and went bankrupt - but when business and vacation travel resumed, rental companies could not \"refleet\" due to the chip shortage. In a normal year, Enterprise purchases 1 million units, and sells a like number of used units. Now they and their rivals are straining to renew their fleets, to the point of becoming net purchasers of used cars. Similarly, lease returns are normally an additional input into the used vehicle stream, but with prices above the contracted \"residual\" price at lease-end, that source has likewise dried up. As a result, when my son went car shopping, he discovered that low-mileage used inventory was priced above sticker, whereas he could wait and have a new car at MSRP. Not all car shoppers can wait, so even such high-priced used cars quickly disappear from dealership lots. My son, fortunately, could and did wait. [Aside: when the balance shifts, both new and used car prices will decline precipitously. That will be enough to push the US CPI from inflation to deflation, at least briefly.]The bottom line remains that as time passes, competition from like-model used vehicles becomes significant. The average sedan on the road is now over 12 years old, and pickup trucks even older. A critical long-run issue with cars (and other durable goods) is to limit competition from the used car market.The one set of studies I know that is specific to automotive (Adam Copeland of the NY Fed, with various co-authors) estimates that as a result of this competition, new car prices fall at an annual average of 9.2% per annum, reflected in increasing rebates and fewer sales of high-trim versions. That is, at the end of a standard 4-year model cycle, prices are almost 30% lower than at launch. Furthermore, later purchasers are lower in income. That is, competition from like-model used cars increases over time, eroding margins as car sellers dip lower down the income profile. No one can avoid that, not even Tesla.III. Product Portfolio and Product PipelineCar companies respond to the above pressures in two ways. First, they offer a portfolio of products from a smaller number of platforms. That helps them increase platform-level economies of scale. (The irony is that the ease of engineering \"top hats\" for a platform, enabled by the ability to digitally engineer a vehicle - even to modeling assembly-line ergonomics before the first prototype is made - exacerbates the number of models and lowers sales per model.) The key work here is \"portfolio\", with a car for every pocket, and a brand hierarchy differentiated by social status.The second response is the regular redesign of models, with a typical cadence of a \"refresh\" every 2 years (fascia and interior) and a redesign every 4 years (with new sheet metal). As a result, cars that launch in 2023 are already a \"done\" deal, and a lot of the work on 2024 models is complete. Engineers are now turning their attention to cars set to launch in 2025.I present a summary below, drawn from Automotive News, focused on a number of the luxury brands with which Tesla competes. Now car companies vary in the extent to which they detail new product plans in public. They are inconsistent in distinguishing whether their plans are on a model year or a calendar year basis. I don't know individual models, to distinguish whether a \"GT\" version is a distinct model, so there's some potential error on my end. Audi (OTC:AUDVF) and Porsche (OTCPK:POAHY) share engineering resources, and it's likely that there's overlap between Volvo (OTCPK:VOLAF) and Polestar (PSNY). And so on. It's an indicative table using soft data.I use only AN's coverage and have not modified them against the more reliable product pipelines that suppliers have shared with me under an NDA, which includes the month of launch. What I can share from years of presentations by suppliers on new technologies they're bringing to market is that launch dates are \"hard\". They not only tie into marketing, assembly line upgrades, and supplier production/engineering schedules, but missing a launch target ties up engineers slated to move to other projects. It's unusual if launch dates slip by more than a few weeks, even though they are set 2 or more years ahead of time.With those caveats, here is my summary, excluding model names, and not reporting models with a scheduled end of life.What this table does not show is that this pattern of refreshes, renewals, and new models extends back in time. Audi, Porsche, BMW (OTCPK:BMWYY), Mercedes (OTCPK:MBGAF), and Lexus have a constant stream of new products in their pipeline, so that over the course of a decade, each model is replaced or refreshed 2-3 times. That is the only way to avoid cannibalization by used cars, plus of course, it's necessary to keep up with styling trends and to incorporate the constant stream of better components and improved functionality that require new hardware and not just new software.IV. Tesla's PipelineIt's 10 years since the launch of the Model S, Tesla's first proper model. Since then, it has launched only 3 new products, and carried out a minor refresh of the interior of the Model S. None of the other models has been refreshed, much less renewed with new sheet metal. Yet the Model S is 10 years old, the Model X is 7 years old, and the Model 3 is 5 years old; only the Model Y, launched in 2020, is fresh. That understates the issue: because of the many delays in both development and launch, the styling of these models is older than those of competitors who launched on time after a short period of development and engineering. In a style-conscious industry, Tesla has chosen to rely on each new model hitting a home run, that is, setting trends rather than adapting to trends. That's a high-risk strategy, amplified as its lineup ages.Two rumored future products, the Semi and the Roadster, do not yet have clear timelines - maybe 2023, maybe a bit later. In any case, both are niche vehicles that will not generate sufficient top line revenue or bottom line profits to move the needle.That leaves a single model in the pipeline: the Tesla Cybertruck. It begins production by summer 2023 and goes on sale sometime thereafter. It's all still vague, and the initial $39,999 price is DOA. More to the point, it's a quintessential California/Texas vehicle: a performance pickup with only a single cab-bed variant. That is in stark contrast to the multiple products hiding behind the F-150 moniker. Worse, Tesla needs global vehicles if it is to grow.Unfortunately for the Cybertruck, full-sized pickups are a North American thing. Despite a market 40% larger than the USMCA, fewer pickups sell in China than Ford sells in the US - only 259,000 in 2022H1. Great Wall (OTCPK:GWLLF) has 45% of the market, followed by the truckmakers Jiangling (OTCPK:JGLMY) (15%), Zhengzhou Nissan (10%), and Jiangxi Isuzu. Unlike the US, pickups are not an offspring of the passenger car market. Furthermore, only 14% of pickups are sold in the Tier I and Tier II cities that are the core market for Tesla (see Wikipediaherefor a list of major cities). In contrast, 19% are sold in Tier III cities, 24% in Tier IV cities, and 42% in rural areas. (Source:CPCAA data.) To sell the Cybertruck in those markets would require Tesla to more than double its sales and service center network, because farmers and rural construction firms can't wait for repairs. Of course, there's no rural charging network, either, but unlike urban apartment dwellers, most truck drivers would have access to overnight charging. But who would want to use a Cybertruck to haul manure?Europe is worse - in CY2020, the most recent data I found, sales were only 116,000, in a market about the size of the USMCA. Nissan, Renault (OTCPK:RNSDF), and Mercedes have all exited the market. [Source:Automotive News June 14, 2021] In addition, most are compact pickups - in 2020, the Ford Ranger held over a third of the pickup market. [Source:carsalesbase] Even in the US, the Cybertruck is both idiosyncratic and late to market, well behind Ford and Rivian (RIVN). It will certainly find a following among Tesla aficionados, but it is unclear that it will gain much traction among current pickup truck owners. Ford dominates there. The contractors who lease them have the local dealership service desk on speed-dial - work trucks take a beating, and a history of reliable service keeps them loyal.In any case, the Cybertruck is not one of the global models that Tesla needs.SummaryQuite simply, Tesla is not spending enough on new products, and lacks a clear product strategy. R&D expenditures have risen from $825 million in 2020Q2 to $2,632 million in 2022Q2, so product development shouldn't be starved for resources. [As a data point, the GM-Honda Cruise autonomous driving joint venture spent $496 million in 2022Q2, a spend rate that would eat up 19% of Tesla's R&D.]Tesla has too many irons in the fire: autonomous vehicle development, solar and energy products, service and sales centers, charging stations, and pet projects of Elon Musk such as robots. It needs to fill its product pipeline and communicate about what it is doing with investors.V. ConclusionTesla has tremendous brand value. Without new models, however, they will not be able to monetize it, and will instead start to see sales stagnate and margins compress. As the many projections on Seeking Alpha make clear, its stock market valuation is based on continued high growth. New factories support growth only if there is a new product to fill them. Unfortunately, management is providing no guidance to suggest they are bringing a product portfolio to market in a systematic, disciplined, and timely manner.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9991080660,"gmtCreate":1660748457152,"gmtModify":1676536391429,"author":{"id":"3555613921632988","authorId":"3555613921632988","name":"Limcc","avatar":"https://community-static.tradeup.com/news/17b4f58941ca7ed36fff3b5b3e613e29","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555613921632988","idStr":"3555613921632988"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9991080660","repostId":"1176923270","repostType":4,"repost":{"id":"1176923270","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1660745805,"share":"https://ttm.financial/m/news/1176923270?lang=&edition=fundamental","pubTime":"2022-08-17 22:16","market":"us","language":"en","title":"Semiconductor Stocks Slid in Morning Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1176923270","media":"Tiger Newspress","summary":"Semiconductor stocks slid in morning trading. Nvidia, Micron Technology, ASML, STM, AMD and ON Semic","content":"<html><head></head><body><p>Semiconductor stocks slid in morning trading. Nvidia, Micron Technology, ASML, STM, AMD and ON Semiconductor fell between 1% and 4%.<img src=\"https://static.tigerbbs.com/f8158b5f0182afe65e95c85b1c417fc1\" tg-width=\"440\" tg-height=\"604\" referrerpolicy=\"no-referrer\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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