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股神徒孙
股神徒孙
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2021-09-13
Hmm
@股神徒孙：
Oh no
Oh no
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股神徒孙
股神徒孙
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2021-08-27
Interesting read! Can consider!
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股神徒孙
股神徒孙
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2021-07-29
Nice
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股神徒孙
股神徒孙
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2021-07-28
Buy now!
Where Will Micron Technology Stock Be In 5 Years? What To Evaluate
Summary I see Micron stock as undervalued with a single-digit forward FY 2022 P/E, while its expect
Where Will Micron Technology Stock Be In 5 Years? What To Evaluate
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股神徒孙
股神徒孙
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2021-07-23
Cool
Apple To Remove Popular DOS Emulator That Let iPhone Users Play Classic Games
Apple Inc told the developer of an application that allows users to emulate the retro Disk Operating
Apple To Remove Popular DOS Emulator That Let iPhone Users Play Classic Games
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股神徒孙
股神徒孙
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2021-07-15
Cool
Bank of America’s Profit More Than Doubles, but Revenue Takes a Hit
Like its peers, the bank continued to release money it had set aside for the coronavirus recession.
Bank of America’s Profit More Than Doubles, but Revenue Takes a Hit
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股神徒孙
股神徒孙
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2021-07-11
Nice! Let’s go
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股神徒孙
股神徒孙
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2021-06-26
Wow
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股神徒孙
股神徒孙
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2021-06-23
Yummy!
Krispy Kreme eyes near $4 bln valuation in U.S. IPO
June 22 (Reuters) - Krispy Kreme Inc is looking to raise as much as $640 million through a U.S. init
Krispy Kreme eyes near $4 bln valuation in U.S. IPO
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股神徒孙
股神徒孙
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2021-06-17
Stocking up now
Walmart: Buy On Weakness For Its Exciting International Growth Prospects
Summary Walmart’s international segment is expected to lead the company’s revenue growth in the yea
Walmart: Buy On Weakness For Its Exciting International Growth Prospects
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Can consider!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/819231415","repostId":"2162424090","repostType":4,"isVote":1,"tweetType":1,"viewCount":2691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808971170,"gmtCreate":1627553894890,"gmtModify":1703492244795,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/808971170","repostId":"2155990524","repostType":4,"isVote":1,"tweetType":1,"viewCount":3141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803703448,"gmtCreate":1627461122684,"gmtModify":1703490404157,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Buy now!","listText":"Buy now!","text":"Buy now!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803703448","repostId":"1100886165","repostType":4,"repost":{"id":"1100886165","kind":"news","pubTimestamp":1627457447,"share":"https://ttm.financial/m/news/1100886165?lang=&edition=fundamental","pubTime":"2021-07-28 15:30","market":"us","language":"en","title":"Where Will Micron Technology Stock Be In 5 Years? What To Evaluate","url":"https://stock-news.laohu8.com/highlight/detail?id=1100886165","media":"seekingalpha","summary":"Summary\n\nI see Micron stock as undervalued with a single-digit forward FY 2022 P/E, while its expect","content":"<p><b>Summary</b></p>\n<ul>\n <li>I see Micron stock as undervalued with a single-digit forward FY 2022 P/E, while its expected revenue growth and ROEs in the next two years are in the double-digit range.</li>\n <li>Micron's share price could possibly go up, once the market realizes that the worries about the semiconductor chip shortage are relatively overblown, and the demand-supply situation for DRAM is balanced.</li>\n <li>The supply-demand dynamics of the DRAM industry in the medium term are favorable, which bodes well for MU's growth prospects in the next five years.</li>\n <li>MU stock is a good buy now. The stock's valuations are appealing, and its future prospects look good considering the demand-supply dynamics for the DRAM market.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ea6943b055b8a3f717a6e1f6c038c065\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>Sundry Photography/iStock Editorial via Getty Images</span></p>\n<p><b>Elevator Pitch</b></p>\n<p>I assign a Bullish rating to Micron Technology, Inc. (MU).</p>\n<p>I see Micron stock as undervalued with a single-digit forward FY 2022 P/E, while its expected revenue growth and ROEs in the next two years are in the double-digit range. Micron's share price could possibly go up, once the market realizes that the worries about the semiconductor chip shortage are relatively overblown, and that the demand-supply situation for DRAM is balanced. Also, the supply-demand dynamics of the DRAM industry in the medium term are favorable, which bodes well for MU's growth prospects in the next five years. In five years' time, I think that the market will be willingly to assign a higher valuation multiple to Micron Technology, as the company's medium-term financial performance gradually reflects the favorable supply-demand dynamics of the DRAM market over time.</p>\n<p>I think that MU stock is a good buy now, which explains my Bullish rating. The stock's valuations are appealing, and its future prospects look good considering the demand-supply dynamics for the DRAM market.</p>\n<p><b>Company Description</b></p>\n<p>In the company's media releases, Micron Technology calls itself\"an industry leader in innovative memory and storage solutions\" offering a \"portfolio of high-performance DRAM, NAND and NOR memory and storage products.\" At the recent Barclays (BCS) Americas Select Franchise Virtual Conference held on May 19, 2021, MU claims to have the second highest and fourth highest revenue among semiconductor companies in the US and globally, respectively.</p>\n<p>With respect to revenue mix by technology, Micron Technology earned 68% of the company's FY 2020 revenue from DRAM, while NAND and other technologies accounted for 29% and 3% of MU's sales last year, respectively. For the purpose of this article, I will be primarily focusing on Micron Technology's DRAM business, and this is justified by the fact that DRAM contributed the majority of the company's sales.</p>\n<p><b>Is Micron Stock Overvalued?</b></p>\n<p>Micron stock last traded at a share price of $75.94 at the close of July 23, 2021. This translates to consensus forward FY 2021 and FY 2022 normalized P/E multiples of 12.7 times and 6.5 times, respectively. MU also trades at a trailing P/B multiple of 2.0 times.</p>\n<p>According to market consensus financial data obtained from S&P Capital IQ, Micron Technology's revenue is forecasted to grow by +29% and +34% in FY 2021 and FY 2022, respectively. Sell-side analysts also see MU delivering ROEs of 15% and 27% for the current fiscal year and the next fiscal year, respectively.</p>\n<p>On an absolute basis, Micron Technology's forward P/E valuations are undemanding, especially since the stock's FY 2022 P/E is only in the single-digit range. Also, its forward P/E multiples are the lower end of the peer group, despite boasting relatively higher forward ROEs and faster forecasted revenue growth rates as compared to the majority of its peers.</p>\n<p><b>Peer Valuation Comparison For Micron Technology</b></p>\n<table>\n <tbody>\n <tr>\n <td><b>Stock</b></td>\n <td><b>Consensus Current Fiscal Year Normalized P/E Multiple</b></td>\n <td><p><b>Consensus Forward One Fiscal Year Normalized P/EMultiple</b></p></td>\n <td><b>Trailing P/B Multiple</b></td>\n <td><b>Consensus Current Fiscal Year Revenue Growth Metric</b></td>\n <td><b>Consensus Forward One Fiscal Year Revenue Growth Metric</b></td>\n <td><b>Consensus Current Fiscal Year ROE Metric</b></td>\n <td><b>Consensus Forward One Fiscal Year ROE Metric</b></td>\n </tr>\n <tr>\n <td>Western Digital Corporation (WDC)</td>\n <td>16.5</td>\n <td>7.2</td>\n <td>1.96</td>\n <td>-1%</td>\n <td>+22%</td>\n <td>12%</td>\n <td>27%</td>\n </tr>\n <tr>\n <td>SK Hynix Inc.[000660:KS]</td>\n <td>8.6</td>\n <td>5.8</td>\n <td>1.55</td>\n <td>+31%</td>\n <td>+28%</td>\n <td>17%</td>\n <td>22%</td>\n </tr>\n <tr>\n <td>Samsung Electronics Co., Ltd. (OTC:SSNLF) (OTC:SSNNF) [005930:KS]</td>\n <td>13.6</td>\n <td>10.9</td>\n <td>1.96</td>\n <td>+14%</td>\n <td>+11%</td>\n <td>14%</td>\n <td>15%</td>\n </tr>\n </tbody>\n</table>\n<p>Source: S&P Capital IQ</p>\n<p>In the subsequent section of my article, I try to understand why Micron Technology trades at only a single-digit consensus forward FY 2022 P/E, and assess potential valuation re-rating factors.</p>\n<p><b>Can Micron Stock Go Up?</b></p>\n<p>Micron Technology's stock price performance in the first seven months of the current year has been lackluster. Year-to-date in 2021, MU's share price only rose by +1%. Micron Technology started off the year well, with its shares increasing by +29% from $74.05 as of January 4, 2021 to a year-to-date high of $95.59 as of April 12, 2021. But MU's stock price subsequently corrected by -21% in the next three months to close at $75.94 on July 23, 2021. Also, as highlighted in the preceding section, Micron Technology's valuations are pretty attractive.</p>\n<p>I believe that Micron Technology's share price weakness in the past three months is largely attributable to concerns regarding the semiconductor chip shortage and its impact on MU. However, I think Micron's stock price could recover and go up in the near-term, when the market realizes that these concerns are overdone.</p>\n<p>In a recent <i>EETimes</i>(electronics industry publication) article published on July 15, 2021, the CEO of<i>VLSI Research</i>(market research firm focused on the semiconductor space), Dan Hutcheson, was interviewed as saying that \"beyond the automotive sector, chip shortages are pretty much over\", and he noted that DRAM and NAND are areas which are \"either tight or still in balance\" now. In other words, it might be incorrect to view semiconductor chip shortage as a factor that affects all of the sub-segments of the semiconductor industry and every company equally.</p>\n<p>Furthermore, Micron Technology takes the view that the current semiconductor shortage will not have a significant impact on the medium term demand for its products, and the company sees a similar industry shortage issue being avoidable in the future. At the company's 3Q FY 2021 earnings call on June 30, 2021, Micron Technology stressed that \"as that semiconductor shortage gets alleviated over time, that actually is going to create more demand for memory and storage because every end application today\" needs \"memory and storage.\" MU also added at the recent quarterly results briefing that the current semiconductor chip shortage \"drives a different mindset on how to avoid this kind of situation in the future\", as more companies move from a \"just-in-time\" to a \"just-in-case\" inventory management policy.</p>\n<p>Micron Technology is expected to report its 4Q and full-year FY 2021 financial results in late- or end-September 2021. A better-than-expected financial performance or a more favorable demand-supply outlook for the industry as per management guidance & comments could possibly be positive re-rating catalysts for the stock.</p>\n<p>It is far more important to look beyond Micron Technology's near-term share price performance and the semiconductor chip shortage situation now, and focus on MU's prospects in the medium to long term which I tend to discuss about in the next section.</p>\n<p><b>Where Will Micron Technology Stock Be In 5 Years?</b></p>\n<p>Answering the question of \"where will Micron Technology stock be in 5 years\" is essentially making an assessment of the supply-demand dynamics of the DRAM industry in the medium term.</p>\n<p>The DRAM industry is now really an oligopoly comprising just three major players. According to a May 23, 2021 <i>Nikkei Asia</i> article, Samsung Electronics, Micron Technology, and SK Hynix boast market shares of 41.7%, 29.4% and 23.5%, respectively in the global DRAM market. In other words, the other smaller players in aggregate only account for around 5% of the market.</p>\n<p>In comparison, there were approximately10major players competing for market share in the DRAM market in the early 2000s. The DRAM market has consolidated significantly in the last decade, with Micron Technology's other competitors either being acquired or going out of business. An oligopolistic industry structure for the DRAM market supports the case for supply-side discipline. Notably, technology consulting firm <i>Yole</i> forecasts that \"DRAM and NAND revenues are expected to grow with (CAGRs of) 15% and 8% respectively\" between FY 2020 and FY 2026. Specifically, Yole highlights that the DRAM market growth will be driven by \"a combination of capex (capital expenditures) cuts from suppliers in recent years and flourishing demand.\"</p>\n<p>Micron Technology also emphasized at its recent quarterly results briefing in end-June 2021 that \"capex in the industry has been on the DRAM side, extremely disciplined\", and it disclosed that the company's \"days of inventory are at 98, extremely low as well.\"</p>\n<p>With regards to future demand for the DRAM industry, it is expected that memory content will be growing rapidly in the next five years across the various verticals as per the chart below.</p>\n<p><b>The Estimated Increase In Memory Content For Various End-Markets Between 2020 And 2026</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba136c129985f65e03f1a183d238ed9c\" tg-width=\"640\" tg-height=\"293\" width=\"100%\" height=\"auto\"><span>Source: Yole's Market and Technology Report 2021</span></p>\n<p>The mobile end-market is the most significant source of revenue for Micron Technology, accounting for approximately a quarter of its top line in FY 2020, respectively. The client & graphics, enterprise & cloud server and SSDs & other storage end-markets each contributed a fifth of MU's FY 2020 revenue, respectively. Micron Technology generated the remaining 15% of its FY 2020 sales from the automotive, industrial, and consumer end-market.</p>\n<p>Looking forward, Micron Technology is guiding for a decent \"long-term DRAM bit demand growth CAGR of mid-to-high teens\", and it has also committed to maintaining \"long-term bit supply growth CAGR with the industry bit demand growth CAGR\".</p>\n<p>On top of favorable demand-supply dynamics in the DRAM market, it is noteworthy that Micron Technology has also been gaining market share from its major rival. In the same <i>Nikkei Asia</i> article referenced to above, it was also noted that Micron Technology's market share of the global DRAM industry expanded by +3 percentage points in the past three years, which was attributed to Samsung Electronics diverting more attention & resources to other businesses like smartphones & foundries, and the increase in MU's number of DRAM engineers following the acquisition of Japan's Elpida Memory.</p>\n<p>In summary, I see Micron Technology benefiting from a significant positive valuation re-rating (P/E multiple expansion) in five years' time, as the market eventually appreciates the favorable supply-demand dynamics of the DRAM market and views MU as a key beneficiary.</p>\n<p><b>Is MU Stock A Good Buy Now?</b></p>\n<p>In my opinion, MU stock is a good buy now.</p>\n<p>Micron Technology's share price has corrected significantly in the past few months, given the market's concerns about the current semiconductor chip shortage. In my opinion, this is a buying opportunity for investors with a long term horizon. MU's valuations are reasonably attractive on both an absolute and relative basis, and I view the DRAM industry's supply-demand dynamics as favorable in the medium term.</p>\n<p>MU's key risks are a lower-than-expected rate of increase in memory content for key end-markets, and the failure of the major players in the DRAM industry to maintain supply-side discipline.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Where Will Micron Technology Stock Be In 5 Years? What To Evaluate</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\">\nWhere Will Micron Technology Stock Be In 5 Years? What To Evaluate\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-28 15:30 GMT+8 <a href=https://seekingalpha.com/article/4441532-micron-technology-stock-5-years><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nI see Micron stock as undervalued with a single-digit forward FY 2022 P/E, while its expected revenue growth and ROEs in the next two years are in the double-digit range.\nMicron's share price...</p>\n\n<a href=\"https://seekingalpha.com/article/4441532-micron-technology-stock-5-years\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MU":"美光科技"},"source_url":"https://seekingalpha.com/article/4441532-micron-technology-stock-5-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100886165","content_text":"Summary\n\nI see Micron stock as undervalued with a single-digit forward FY 2022 P/E, while its expected revenue growth and ROEs in the next two years are in the double-digit range.\nMicron's share price could possibly go up, once the market realizes that the worries about the semiconductor chip shortage are relatively overblown, and the demand-supply situation for DRAM is balanced.\nThe supply-demand dynamics of the DRAM industry in the medium term are favorable, which bodes well for MU's growth prospects in the next five years.\nMU stock is a good buy now. The stock's valuations are appealing, and its future prospects look good considering the demand-supply dynamics for the DRAM market.\n\nSundry Photography/iStock Editorial via Getty Images\nElevator Pitch\nI assign a Bullish rating to Micron Technology, Inc. (MU).\nI see Micron stock as undervalued with a single-digit forward FY 2022 P/E, while its expected revenue growth and ROEs in the next two years are in the double-digit range. Micron's share price could possibly go up, once the market realizes that the worries about the semiconductor chip shortage are relatively overblown, and that the demand-supply situation for DRAM is balanced. Also, the supply-demand dynamics of the DRAM industry in the medium term are favorable, which bodes well for MU's growth prospects in the next five years. In five years' time, I think that the market will be willingly to assign a higher valuation multiple to Micron Technology, as the company's medium-term financial performance gradually reflects the favorable supply-demand dynamics of the DRAM market over time.\nI think that MU stock is a good buy now, which explains my Bullish rating. The stock's valuations are appealing, and its future prospects look good considering the demand-supply dynamics for the DRAM market.\nCompany Description\nIn the company's media releases, Micron Technology calls itself\"an industry leader in innovative memory and storage solutions\" offering a \"portfolio of high-performance DRAM, NAND and NOR memory and storage products.\" At the recent Barclays (BCS) Americas Select Franchise Virtual Conference held on May 19, 2021, MU claims to have the second highest and fourth highest revenue among semiconductor companies in the US and globally, respectively.\nWith respect to revenue mix by technology, Micron Technology earned 68% of the company's FY 2020 revenue from DRAM, while NAND and other technologies accounted for 29% and 3% of MU's sales last year, respectively. For the purpose of this article, I will be primarily focusing on Micron Technology's DRAM business, and this is justified by the fact that DRAM contributed the majority of the company's sales.\nIs Micron Stock Overvalued?\nMicron stock last traded at a share price of $75.94 at the close of July 23, 2021. This translates to consensus forward FY 2021 and FY 2022 normalized P/E multiples of 12.7 times and 6.5 times, respectively. MU also trades at a trailing P/B multiple of 2.0 times.\nAccording to market consensus financial data obtained from S&P Capital IQ, Micron Technology's revenue is forecasted to grow by +29% and +34% in FY 2021 and FY 2022, respectively. Sell-side analysts also see MU delivering ROEs of 15% and 27% for the current fiscal year and the next fiscal year, respectively.\nOn an absolute basis, Micron Technology's forward P/E valuations are undemanding, especially since the stock's FY 2022 P/E is only in the single-digit range. Also, its forward P/E multiples are the lower end of the peer group, despite boasting relatively higher forward ROEs and faster forecasted revenue growth rates as compared to the majority of its peers.\nPeer Valuation Comparison For Micron Technology\n\n\n\nStock\nConsensus Current Fiscal Year Normalized P/E Multiple\nConsensus Forward One Fiscal Year Normalized P/EMultiple\nTrailing P/B Multiple\nConsensus Current Fiscal Year Revenue Growth Metric\nConsensus Forward One Fiscal Year Revenue Growth Metric\nConsensus Current Fiscal Year ROE Metric\nConsensus Forward One Fiscal Year ROE Metric\n\n\nWestern Digital Corporation (WDC)\n16.5\n7.2\n1.96\n-1%\n+22%\n12%\n27%\n\n\nSK Hynix Inc.[000660:KS]\n8.6\n5.8\n1.55\n+31%\n+28%\n17%\n22%\n\n\nSamsung Electronics Co., Ltd. (OTC:SSNLF) (OTC:SSNNF) [005930:KS]\n13.6\n10.9\n1.96\n+14%\n+11%\n14%\n15%\n\n\n\nSource: S&P Capital IQ\nIn the subsequent section of my article, I try to understand why Micron Technology trades at only a single-digit consensus forward FY 2022 P/E, and assess potential valuation re-rating factors.\nCan Micron Stock Go Up?\nMicron Technology's stock price performance in the first seven months of the current year has been lackluster. Year-to-date in 2021, MU's share price only rose by +1%. Micron Technology started off the year well, with its shares increasing by +29% from $74.05 as of January 4, 2021 to a year-to-date high of $95.59 as of April 12, 2021. But MU's stock price subsequently corrected by -21% in the next three months to close at $75.94 on July 23, 2021. Also, as highlighted in the preceding section, Micron Technology's valuations are pretty attractive.\nI believe that Micron Technology's share price weakness in the past three months is largely attributable to concerns regarding the semiconductor chip shortage and its impact on MU. However, I think Micron's stock price could recover and go up in the near-term, when the market realizes that these concerns are overdone.\nIn a recent EETimes(electronics industry publication) article published on July 15, 2021, the CEO ofVLSI Research(market research firm focused on the semiconductor space), Dan Hutcheson, was interviewed as saying that \"beyond the automotive sector, chip shortages are pretty much over\", and he noted that DRAM and NAND are areas which are \"either tight or still in balance\" now. In other words, it might be incorrect to view semiconductor chip shortage as a factor that affects all of the sub-segments of the semiconductor industry and every company equally.\nFurthermore, Micron Technology takes the view that the current semiconductor shortage will not have a significant impact on the medium term demand for its products, and the company sees a similar industry shortage issue being avoidable in the future. At the company's 3Q FY 2021 earnings call on June 30, 2021, Micron Technology stressed that \"as that semiconductor shortage gets alleviated over time, that actually is going to create more demand for memory and storage because every end application today\" needs \"memory and storage.\" MU also added at the recent quarterly results briefing that the current semiconductor chip shortage \"drives a different mindset on how to avoid this kind of situation in the future\", as more companies move from a \"just-in-time\" to a \"just-in-case\" inventory management policy.\nMicron Technology is expected to report its 4Q and full-year FY 2021 financial results in late- or end-September 2021. A better-than-expected financial performance or a more favorable demand-supply outlook for the industry as per management guidance & comments could possibly be positive re-rating catalysts for the stock.\nIt is far more important to look beyond Micron Technology's near-term share price performance and the semiconductor chip shortage situation now, and focus on MU's prospects in the medium to long term which I tend to discuss about in the next section.\nWhere Will Micron Technology Stock Be In 5 Years?\nAnswering the question of \"where will Micron Technology stock be in 5 years\" is essentially making an assessment of the supply-demand dynamics of the DRAM industry in the medium term.\nThe DRAM industry is now really an oligopoly comprising just three major players. According to a May 23, 2021 Nikkei Asia article, Samsung Electronics, Micron Technology, and SK Hynix boast market shares of 41.7%, 29.4% and 23.5%, respectively in the global DRAM market. In other words, the other smaller players in aggregate only account for around 5% of the market.\nIn comparison, there were approximately10major players competing for market share in the DRAM market in the early 2000s. The DRAM market has consolidated significantly in the last decade, with Micron Technology's other competitors either being acquired or going out of business. An oligopolistic industry structure for the DRAM market supports the case for supply-side discipline. Notably, technology consulting firm Yole forecasts that \"DRAM and NAND revenues are expected to grow with (CAGRs of) 15% and 8% respectively\" between FY 2020 and FY 2026. Specifically, Yole highlights that the DRAM market growth will be driven by \"a combination of capex (capital expenditures) cuts from suppliers in recent years and flourishing demand.\"\nMicron Technology also emphasized at its recent quarterly results briefing in end-June 2021 that \"capex in the industry has been on the DRAM side, extremely disciplined\", and it disclosed that the company's \"days of inventory are at 98, extremely low as well.\"\nWith regards to future demand for the DRAM industry, it is expected that memory content will be growing rapidly in the next five years across the various verticals as per the chart below.\nThe Estimated Increase In Memory Content For Various End-Markets Between 2020 And 2026\nSource: Yole's Market and Technology Report 2021\nThe mobile end-market is the most significant source of revenue for Micron Technology, accounting for approximately a quarter of its top line in FY 2020, respectively. The client & graphics, enterprise & cloud server and SSDs & other storage end-markets each contributed a fifth of MU's FY 2020 revenue, respectively. Micron Technology generated the remaining 15% of its FY 2020 sales from the automotive, industrial, and consumer end-market.\nLooking forward, Micron Technology is guiding for a decent \"long-term DRAM bit demand growth CAGR of mid-to-high teens\", and it has also committed to maintaining \"long-term bit supply growth CAGR with the industry bit demand growth CAGR\".\nOn top of favorable demand-supply dynamics in the DRAM market, it is noteworthy that Micron Technology has also been gaining market share from its major rival. In the same Nikkei Asia article referenced to above, it was also noted that Micron Technology's market share of the global DRAM industry expanded by +3 percentage points in the past three years, which was attributed to Samsung Electronics diverting more attention & resources to other businesses like smartphones & foundries, and the increase in MU's number of DRAM engineers following the acquisition of Japan's Elpida Memory.\nIn summary, I see Micron Technology benefiting from a significant positive valuation re-rating (P/E multiple expansion) in five years' time, as the market eventually appreciates the favorable supply-demand dynamics of the DRAM market and views MU as a key beneficiary.\nIs MU Stock A Good Buy Now?\nIn my opinion, MU stock is a good buy now.\nMicron Technology's share price has corrected significantly in the past few months, given the market's concerns about the current semiconductor chip shortage. In my opinion, this is a buying opportunity for investors with a long term horizon. MU's valuations are reasonably attractive on both an absolute and relative basis, and I view the DRAM industry's supply-demand dynamics as favorable in the medium term.\nMU's key risks are a lower-than-expected rate of increase in memory content for key end-markets, and the failure of the major players in the DRAM industry to maintain supply-side discipline.","news_type":1,"symbols_score_info":{"MU":0.9}},"isVote":1,"tweetType":1,"viewCount":2765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175690214,"gmtCreate":1627027586338,"gmtModify":1703482705048,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/175690214","repostId":"1156994421","repostType":4,"repost":{"id":"1156994421","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1627027221,"share":"https://ttm.financial/m/news/1156994421?lang=&edition=fundamental","pubTime":"2021-07-23 16:00","market":"us","language":"en","title":"Apple To Remove Popular DOS Emulator That Let iPhone Users Play Classic Games","url":"https://stock-news.laohu8.com/highlight/detail?id=1156994421","media":"Benzinga","summary":"Apple Inc told the developer of an application that allows users to emulate the retro Disk Operating","content":"<p><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a> </b><b>Inc</b> told the developer of an application that allows users to emulate the retro Disk Operating System, or DOS, that their app would be removed from the tech giant’s marketplace for allegedly breaking guidelines.</p>\n<p><b>What Happened:</b> Chaoji Li — the developer of the emulator that can be used for playing DOS games among other use cases — recounted his experience with the Tim Cook-led company in a detailedblog post, firstnotedon AppleInsider.</p>\n<p>Apple's main gripe, according to the blog post, appears to be the fact that the app “executes iDOS package and image files and allows iTunes File Sharing and Files support for importing games. Executing code can introduce or changes features or functionality of the app and allows for downloading of content without licensing.’</p>\n<p>Li claims that they had disclosed the file-sharing access functionality to Apple reviewers in update notes.</p>\n<p>The developer wrote that it would not be possible to cut critical functionalities of iDOS2 in order to be in compliance with Apple’s policy.</p>\n<p>“That would be a betrayal to all the users that have purchased this app specifically for those features.”</p>\n<p><b>Why It Matters:</b> As of press time, Benzinga confirmed that iDOS2 was available for sale in both Apple’s Japan and India stores.</p>\n<p>As per the iDOS2 developer, existing users should be able to download the app from purchased history but should users encounter a message that says “removed by developer,” it wasn't Li's doing.</p>\n<p>The App Store has been the center of controversy after Apple and <b>Alphabet Inc</b> GOOGL GOOGremoved Epic Games’ Fortnite from their respective marketplaces forviolating guidelines surrounding in-app purchasesin August last year.</p>\n<p>The controversy also enveloped <b>Microsoft Corporation</b> which in Maydefended <a href=\"https://laohu8.com/S/AONE.U\">one</a> of its executivesthat testified on behalf of Epic.</p>\n<p>The iPhone maker is alsofacing antitrust investigationsin Germany for its anti-competitive practices surrounding the App Store</p>\n<p><b>Price Action:</b> On Thursday, Apple shares closed nearly 1% higher at $146.80 and rose almost 0.3% in the after-hours trading.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple To Remove Popular DOS Emulator That Let iPhone Users Play Classic Games</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\">\nApple To Remove Popular DOS Emulator That Let iPhone Users Play Classic Games\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-07-23 16:00</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a> </b><b>Inc</b> told the developer of an application that allows users to emulate the retro Disk Operating System, or DOS, that their app would be removed from the tech giant’s marketplace for allegedly breaking guidelines.</p>\n<p><b>What Happened:</b> Chaoji Li — the developer of the emulator that can be used for playing DOS games among other use cases — recounted his experience with the Tim Cook-led company in a detailedblog post, firstnotedon AppleInsider.</p>\n<p>Apple's main gripe, according to the blog post, appears to be the fact that the app “executes iDOS package and image files and allows iTunes File Sharing and Files support for importing games. Executing code can introduce or changes features or functionality of the app and allows for downloading of content without licensing.’</p>\n<p>Li claims that they had disclosed the file-sharing access functionality to Apple reviewers in update notes.</p>\n<p>The developer wrote that it would not be possible to cut critical functionalities of iDOS2 in order to be in compliance with Apple’s policy.</p>\n<p>“That would be a betrayal to all the users that have purchased this app specifically for those features.”</p>\n<p><b>Why It Matters:</b> As of press time, Benzinga confirmed that iDOS2 was available for sale in both Apple’s Japan and India stores.</p>\n<p>As per the iDOS2 developer, existing users should be able to download the app from purchased history but should users encounter a message that says “removed by developer,” it wasn't Li's doing.</p>\n<p>The App Store has been the center of controversy after Apple and <b>Alphabet Inc</b> GOOGL GOOGremoved Epic Games’ Fortnite from their respective marketplaces forviolating guidelines surrounding in-app purchasesin August last year.</p>\n<p>The controversy also enveloped <b>Microsoft Corporation</b> which in Maydefended <a href=\"https://laohu8.com/S/AONE.U\">one</a> of its executivesthat testified on behalf of Epic.</p>\n<p>The iPhone maker is alsofacing antitrust investigationsin Germany for its anti-competitive practices surrounding the App Store</p>\n<p><b>Price Action:</b> On Thursday, Apple shares closed nearly 1% higher at $146.80 and rose almost 0.3% in the after-hours trading.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09086":"华夏纳指-U","AAPL":"苹果","03086":"华夏纳指","BPOP":"大众银行"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156994421","content_text":"Apple Inc told the developer of an application that allows users to emulate the retro Disk Operating System, or DOS, that their app would be removed from the tech giant’s marketplace for allegedly breaking guidelines.\nWhat Happened: Chaoji Li — the developer of the emulator that can be used for playing DOS games among other use cases — recounted his experience with the Tim Cook-led company in a detailedblog post, firstnotedon AppleInsider.\nApple's main gripe, according to the blog post, appears to be the fact that the app “executes iDOS package and image files and allows iTunes File Sharing and Files support for importing games. Executing code can introduce or changes features or functionality of the app and allows for downloading of content without licensing.’\nLi claims that they had disclosed the file-sharing access functionality to Apple reviewers in update notes.\nThe developer wrote that it would not be possible to cut critical functionalities of iDOS2 in order to be in compliance with Apple’s policy.\n“That would be a betrayal to all the users that have purchased this app specifically for those features.”\nWhy It Matters: As of press time, Benzinga confirmed that iDOS2 was available for sale in both Apple’s Japan and India stores.\nAs per the iDOS2 developer, existing users should be able to download the app from purchased history but should users encounter a message that says “removed by developer,” it wasn't Li's doing.\nThe App Store has been the center of controversy after Apple and Alphabet Inc GOOGL GOOGremoved Epic Games’ Fortnite from their respective marketplaces forviolating guidelines surrounding in-app purchasesin August last year.\nThe controversy also enveloped Microsoft Corporation which in Maydefended one of its executivesthat testified on behalf of Epic.\nThe iPhone maker is alsofacing antitrust investigationsin Germany for its anti-competitive practices surrounding the App Store\nPrice Action: On Thursday, Apple shares closed nearly 1% higher at $146.80 and rose almost 0.3% in the after-hours trading.","news_type":1,"symbols_score_info":{"03086":0.9,"09086":0.9,"BPOP":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3089,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147139247,"gmtCreate":1626340034589,"gmtModify":1703758217448,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/147139247","repostId":"1104036057","repostType":4,"repost":{"id":"1104036057","kind":"news","pubTimestamp":1626335462,"share":"https://ttm.financial/m/news/1104036057?lang=&edition=fundamental","pubTime":"2021-07-15 15:51","market":"us","language":"en","title":"Bank of America’s Profit More Than Doubles, but Revenue Takes a Hit","url":"https://stock-news.laohu8.com/highlight/detail?id=1104036057","media":"The Wall Street Journal","summary":"Like its peers, the bank continued to release money it had set aside for the coronavirus recession.\n","content":"<blockquote>\n Like its peers, the bank continued to release money it had set aside for the coronavirus recession.\n</blockquote>\n<p>Bank of AmericaCorp.BAC-2.51%said the economic rebound helped to more than double its profit, but low rates weighed on its revenue.</p>\n<p>The nation’s second-largest bank by assets posted earnings Wednesday of $9.22 billion in the second quarter, up from $3.53 billion a year earlier. The bank earned $1.03 a share, beating the 77 cents forecast by analysts polled by FactSet.</p>\n<p>Bank of America’s bottom line was lifted by its decision to release $2.2 billion of reserves it had set aside during the depths of the coronavirus pandemic to protect against a wave of soured loans. Like peers including JPMorgan Chase & Co., Bank of America has beenreleasing its loan-loss stockpilesas theU.S. economy rebounds.</p>\n<p>“Consumer spending has significantly surpassed pre-pandemic levels, deposit growth is strong and loan levels have begun to grow,” CEO Brian Moynihan said.</p>\n<p>Still, revenue in the second quarter was $21.47 billion, down 4% from $22.33 billion a year earlier. That missed analysts’ expectations of $21.8 billion. Bank of America has been the only major U.S. bank so far to miss analysts’ revenue predictions.</p>\n<p>Investment-banking fees were a bright spot at JPMorgan andGoldman Sachs GroupInc.,which took advantage of companies’ thirst for deal making and posted double-digit gains in their investment-banking revenue. At Bank of America, however, investment-banking fees were down almost 2% to $2.12 billion. Advisory fees for mergers and acquisitions trailed peers.</p>\n<p>Bank of America stock fell 2.5%. Still, bank stocks have outperformed the broader stock market this year as investors buy them to bet on the economic rebound.</p>\n<p>Bank of America and its peers sit at the center of the U.S. economy. They have benefited from the reopening of businesses,record-high stock pricesand people’s increased willingness to spend after a year of hunkering down.</p>\n<p>But low rates and tepid loan demand have challenged banks. Bank of America in particular is sensitive to interest rates. Net interest income of $10.23 billion in the second quarter was down 6% from $10.85 billion a year earlier.</p>\n<p>While rates remain at rock-bottom levels, there are signs that lending is picking up. Outstanding loans and leases totaled $918.93 billion in the second quarter, up 2% from $903.09 billion in the first quarter but down from a year ago.</p>\n<p>Noninterest income, which includes fees, fell 2% to $11.23 billion, from $11.48 billion a year earlier.</p>\n<p>Bank of America, like its peers, suffered from a drop in trading, though its decline wasn’t as big. Adjusted trading revenue fell 19% to $3.6 billion from $4.41 billion a year earlier.</p>\n<p>But investors have also been watching Bank of America’s expenses, which rose 12% from a year earlier to $15.05 billion due partly to higher compensation costs.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bank of America’s Profit More Than Doubles, but Revenue Takes a Hit</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\">\nBank of America’s Profit More Than Doubles, but Revenue Takes a Hit\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-15 15:51 GMT+8 <a href=https://www.wsj.com/articles/bank-of-americas-profit-more-than-doubles-11626260663><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Like its peers, the bank continued to release money it had set aside for the coronavirus recession.\n\nBank of AmericaCorp.BAC-2.51%said the economic rebound helped to more than double its profit, but ...</p>\n\n<a href=\"https://www.wsj.com/articles/bank-of-americas-profit-more-than-doubles-11626260663\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BAC":"美国银行"},"source_url":"https://www.wsj.com/articles/bank-of-americas-profit-more-than-doubles-11626260663","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104036057","content_text":"Like its peers, the bank continued to release money it had set aside for the coronavirus recession.\n\nBank of AmericaCorp.BAC-2.51%said the economic rebound helped to more than double its profit, but low rates weighed on its revenue.\nThe nation’s second-largest bank by assets posted earnings Wednesday of $9.22 billion in the second quarter, up from $3.53 billion a year earlier. The bank earned $1.03 a share, beating the 77 cents forecast by analysts polled by FactSet.\nBank of America’s bottom line was lifted by its decision to release $2.2 billion of reserves it had set aside during the depths of the coronavirus pandemic to protect against a wave of soured loans. Like peers including JPMorgan Chase & Co., Bank of America has beenreleasing its loan-loss stockpilesas theU.S. economy rebounds.\n“Consumer spending has significantly surpassed pre-pandemic levels, deposit growth is strong and loan levels have begun to grow,” CEO Brian Moynihan said.\nStill, revenue in the second quarter was $21.47 billion, down 4% from $22.33 billion a year earlier. That missed analysts’ expectations of $21.8 billion. Bank of America has been the only major U.S. bank so far to miss analysts’ revenue predictions.\nInvestment-banking fees were a bright spot at JPMorgan andGoldman Sachs GroupInc.,which took advantage of companies’ thirst for deal making and posted double-digit gains in their investment-banking revenue. At Bank of America, however, investment-banking fees were down almost 2% to $2.12 billion. Advisory fees for mergers and acquisitions trailed peers.\nBank of America stock fell 2.5%. Still, bank stocks have outperformed the broader stock market this year as investors buy them to bet on the economic rebound.\nBank of America and its peers sit at the center of the U.S. economy. They have benefited from the reopening of businesses,record-high stock pricesand people’s increased willingness to spend after a year of hunkering down.\nBut low rates and tepid loan demand have challenged banks. Bank of America in particular is sensitive to interest rates. Net interest income of $10.23 billion in the second quarter was down 6% from $10.85 billion a year earlier.\nWhile rates remain at rock-bottom levels, there are signs that lending is picking up. Outstanding loans and leases totaled $918.93 billion in the second quarter, up 2% from $903.09 billion in the first quarter but down from a year ago.\nNoninterest income, which includes fees, fell 2% to $11.23 billion, from $11.48 billion a year earlier.\nBank of America, like its peers, suffered from a drop in trading, though its decline wasn’t as big. Adjusted trading revenue fell 19% to $3.6 billion from $4.41 billion a year earlier.\nBut investors have also been watching Bank of America’s expenses, which rose 12% from a year earlier to $15.05 billion due partly to higher compensation costs.","news_type":1,"symbols_score_info":{"BAC":0.9}},"isVote":1,"tweetType":1,"viewCount":3472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148796780,"gmtCreate":1626014350140,"gmtModify":1703751947040,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Nice! Let’s go","listText":"Nice! Let’s go","text":"Nice! Let’s go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/148796780","repostId":"2150463301","repostType":4,"isVote":1,"tweetType":1,"viewCount":3056,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125793472,"gmtCreate":1624691202496,"gmtModify":1703843753627,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/125793472","repostId":"1175794606","repostType":4,"isVote":1,"tweetType":1,"viewCount":2466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129456319,"gmtCreate":1624383090731,"gmtModify":1703835202471,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Yummy!","listText":"Yummy!","text":"Yummy!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129456319","repostId":"1118580429","repostType":4,"repost":{"id":"1118580429","kind":"news","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1624376537,"share":"https://ttm.financial/m/news/1118580429?lang=&edition=fundamental","pubTime":"2021-06-22 23:42","market":"us","language":"en","title":"Krispy Kreme eyes near $4 bln valuation in U.S. IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1118580429","media":"Reuters","summary":"June 22 (Reuters) - Krispy Kreme Inc is looking to raise as much as $640 million through a U.S. init","content":"<p>June 22 (Reuters) - Krispy Kreme Inc is looking to raise as much as $640 million through a U.S. initial public offering, according to a regulatory filing on Tuesday, valuing the donut chain at nearly $4 billion. (Reporting by Sohini Podder in Bengaluru; Editing by Krishna Chandra Eluri)</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Krispy Kreme eyes near $4 bln valuation in U.S. IPO</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\">\nKrispy Kreme eyes near $4 bln valuation in U.S. IPO\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\">2021-06-22 23:42</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>June 22 (Reuters) - Krispy Kreme Inc is looking to raise as much as $640 million through a U.S. initial public offering, according to a regulatory filing on Tuesday, valuing the donut chain at nearly $4 billion. (Reporting by Sohini Podder in Bengaluru; Editing by Krishna Chandra Eluri)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DNUT":"Krispy Kreme, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118580429","content_text":"June 22 (Reuters) - Krispy Kreme Inc is looking to raise as much as $640 million through a U.S. initial public offering, according to a regulatory filing on Tuesday, valuing the donut chain at nearly $4 billion. (Reporting by Sohini Podder in Bengaluru; Editing by Krishna Chandra Eluri)","news_type":1,"symbols_score_info":{"DNUT":0.9}},"isVote":1,"tweetType":1,"viewCount":2135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161608512,"gmtCreate":1623920473236,"gmtModify":1703823530407,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Stocking up now ","listText":"Stocking up now ","text":"Stocking up now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/161608512","repostId":"1138373077","repostType":4,"repost":{"id":"1138373077","kind":"news","pubTimestamp":1623915483,"share":"https://ttm.financial/m/news/1138373077?lang=&edition=fundamental","pubTime":"2021-06-17 15:38","market":"us","language":"en","title":"Walmart: Buy On Weakness For Its Exciting International Growth Prospects","url":"https://stock-news.laohu8.com/highlight/detail?id=1138373077","media":"seekingalpha","summary":"Summary\n\nWalmart’s international segment is expected to lead the company’s revenue growth in the yea","content":"<p><b>Summary</b></p>\n<ul>\n <li>Walmart’s international segment is expected to lead the company’s revenue growth in the years ahead.</li>\n <li>The company’s leadership through Flipkart in the rapidly growing India market is expected to be a key competitive advantage as it scales up to compete against Amazon India.</li>\n <li>At the current price, Walmart is not expensive, and offers an attractive entry point for investors to partake in its international growth drivers.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af09545cba715476092d754f8df38e8a\" tg-width=\"768\" tg-height=\"512\"><span>Wolterk/iStock Editorial via Getty Images</span></p>\n<p><b>Investment Thesis</b></p>\n<p>Walmart (WMT) has very exciting growth prospects in its international markets, especially in India where the market is expected to overtake Canada as the second largest international market segment, behind the leader Mexico by 2025. In addition, the company’s astute investment in Flipkart has given it the key leadership in the e-commerce segment in India which is expected to grow rapidly in the years ahead.</p>\n<p><b>Setting the Stage for International Expansion</b></p>\n<p>Walmart has grand ambitions on the international stage. After the completion of the divestiture of Asda and Seiyu last quarter, the company has set its sights on driving its international growth in the faster growing markets. The company also discussed at length its international priorities and opportunities in two recent conferences (DBAccess, andBaird) on how to take its international business to the next level.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/917a0bddc47fb6071bfd416976abe840\" tg-width=\"600\" tg-height=\"371\"><span>WMT net sales worldwide by division. Data Source: Company Filings</span></p>\n<p>Walmart’s international sales accounted for about 21.9% of FY 21 revenue. As we could observe from above, WMT’s international business as a whole has been largely stagnant in recent years even though its U.S. operations saw relatively stable and consistent growth. The company’s exit from Seiyu [Japan] and Asda [UK] in order to reallocate capital to its higher growth regions, notably in India and China, is an important step towards aligning its growth priorities and rejuvenating its international business segment. In fact, Walmart had even received pretty nasty press on its operations in Japan, asNikkei Asiaremarked: “Walmart's foreign flops can be attributed largely to tone-deaf management, which failed to take into account local business customs, dietary habits and labor relations, among other glaring oversights.” Notwithstanding the sensational allegations made by the Nikkei, I think WMT has actually performed admirably in its international business as it’s aprofitable segmentfor the company that posted an operating margin of 4.4% in Q1’22, as well as 3% in FY 21, 2.8% in FY 20, and 4% in FY 19, respectively.</p>\n<p><b>Ask Amazon How Hard It Is To Make Money Overseas</b></p>\n<p>In order to understand how difficult it is to make money operating a retail business in international markets with a footprint as large as WMT, investors need to look no further than Amazon (AMZN), notwithstanding its focus on the e-commerce segment.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f155f05bf035f522fff05f7c5802740\" tg-width=\"849\" tg-height=\"525\"><span>AMZN annual Operating income by segment. Data Source: Company Filings</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa70bfe2b8a379252d91f48a78becd52\" tg-width=\"600\" tg-height=\"371\"><span>AMZN quarterly operating income by segment. Data Source: Company Filings</span></p>\n<p>As we could observe from the 2 charts above, AMZN’s international segment only recently started to turn an operating profit in Q2’20 after experiencing losses over the last 6 years, even though the North America segment continued to do well. It’s a good reminder to investors that WMT knows how to manage its large international footprint well and it’s really very difficult to run an operation as geographically diverse and huge as Walmart’s and be profitable at the same time, giving the company an extremely wide moat.</p>\n<p><b>India and China Expected to Lead Growth</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5de7690e94d33c1fa7d9a17901080007\" tg-width=\"833\" tg-height=\"515\"><span>WMT projected net sales by country. Data Source: Edge by Ascential</span></p>\n<p>Although Mexico is still expected to remain as International’s most important revenue driver by 2025, India and China are expected to lead the growth, with India expected to be the company’s second largest international market by 2025.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb39da945b2a8ef4d8bc56b06bf945b7\" tg-width=\"600\" tg-height=\"371\"><span>WMT projected revenue CAGR by country. Data Source: Edge by Ascential</span></p>\n<p>India’s 5Y CAGR of 10.4% is expected to outperform the rest of its international peers, followed by China in second place with a 5Y CAGR of 6.6%. The rest of its international markets are also expected to grow relatively fast, including the leader Mexico (5Y CAGR: 4.1%).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9a2cee8cc3738a2a615afe99152dd5f\" tg-width=\"1280\" tg-height=\"738\"><span>WMT projected revenue mean consensus, and YoY growth. Data source: S&P Capital IQ</span></p>\n<p>If we consider the company’s overall expected revenue growth in the next few years, investors should now be able to appreciate the importance of WMT’s international markets to drive the company’s topline and therefore managing the growth of its international segment well would provide the company a highly significant lever to drive results over time.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b6a11308afe3976fe54e67f76f8f596\" tg-width=\"873\" tg-height=\"540\"><span>Leading retail chain operators in China. Data Source: China Chain Store & Franchise Association</span></p>\n<p>Although WMT’s leadership in the U.S. is undisputed, it may not be the same in China. The competitive landscape in China is strongly dominated by Suning Commerce Group, and WMT’s China operations was actually ranked 7th in this survey. Therefore, there is a tremendous amount of sales potential for WMT to make up in order to move up the ranks among China’s retail leaders.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0338751a0a7661f724cfa43c4acb5c58\" tg-width=\"600\" tg-height=\"371\"><span>Total population in the U.S. and India. Data Source: IMF</span></p>\n<p>In the market where it is expected to lead the company's growth: India, this is where the excitement for WMT’s international business really begins. India’s population is expected to grow from 1.324B in 2016 to 1.443B by 2025, which would represent a CAGR of 0.96%, faster than the U.S. population CAGR of 0.47%, that is twice as fast, despite having a population size that’s already 4x larger to start with.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab0dcd47a074df2156c16ea1db021061\" tg-width=\"600\" tg-height=\"371\"><span>Market size of e-commerce industry across India. Data Source: India Brand Equity Foundation; Various sources (Media sources); BCG; Bain & Company; Morgan Stanley</span></p>\n<p>India’s e-commerce industry (WMT’s main channel in India) is expected to grow from just $14B in 2014 to $200B by 2027, which would represent a whopping CAGR of 22.7%, an incredible growth rate. More importantly, WMT is an e-commerce leader in India (though Flipkart), as Flipkart had a 31.9% market share as of Oct 20 according to Forrester Research, just ahead of its fierce rival, Amazon India, who had a 31.2% market share. Therefore, WMT looks very well positioned to compete strongly in India as the leader of a rapidly expanding e-commerce market.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c611e761c64537eac8600067ff46dce9\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue. Data Source: Flipkart; Business Standard</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7fd83dbbe32e4623cfb108479191db5\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue YoY growth. Data Source: Flipkart; Business Standard</span></p>\n<p>As we could observe from above, Flipkart’s FY 20 revenue of 346B rupees (equivalent to about $4.72B) has barely scratched the surface considering the market size of India’s e-commerce industry that was worth $64B in 2020. Even though the revenue growth of 12% YoY was an egregious deceleration from the previous year’s 42% YoY growth, the company has managed to reduce its net loss from 38.35B rupees to 31.5B rupees (see below), an improvement of 17% YoY. It would thus be important for investors to continue monitoring the health of its growth trend moving forward to evaluate whether there is a persistent deceleration that needs to be addressed by the company.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/84abc8cadd99bda1af002f8ef6a231ad\" tg-width=\"768\" tg-height=\"475\"><span>P/L of Flipkart. Data Source: Flipkart; Business Standard</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/efdcc73d770fedc1353ca09154e30a26\" tg-width=\"600\" tg-height=\"371\"><span>Unified Payment Interface [UPI] usage across India. Data Source: The Financial Express (India); NPCI</span></p>\n<p>Meanwhile, the company’s UPI platform PhonePe is also the leader in UPI usage across India. UPI has become the dominant payments infrastructure across India with a 73% share of all digital transactions volume as of Feb 21. However, due to the 30% transactions restriction cap placed on all third-party payment apps that include PhonePe by the authority [NPCI] on the leaders, PhonePe and Google Pay would need to meet a 2-year deadline to bring down their transactions share to within the 30% cap. In addition, WhatsApp Pay is also expected to play an increasingly important role in this rapidly expanding market and compete against Google Pay and PhonePe. Notwithstanding the cap placed by NPCI, the digital payments market in India is expected to grow from 2,153 trillion rupees in 2020 to 7,092 trillion rupees by 2025 (see below), which would represent a CAGR of 26.9%, thus giving us a high level of confidence that there is ample room for all the major competitors to grow. Walmart definitely looks incredibly well-positioned in the India e-commerce market, where its e-commerce growth is still very much in its infancy.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6273488f83e60a8d2c316d9296e7ad27\" tg-width=\"600\" tg-height=\"371\"><span>Digital payments market value across India. Data Source: Redseer</span></p>\n<p><b>Considering Walmart's Valuations</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2e1c5a07707bd380a3dab086be2be5c\" tg-width=\"1280\" tg-height=\"701\"><span>EV / EBITDA Metrics. Data source: S&P Capital IQ</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/537bf606c23aaa34ab1130ab1186f6d5\" tg-width=\"1280\" tg-height=\"694\"><span>EV / EBIT metrics. Data source: S&P Capital IQ</span></p>\n<p>When we consider WMT’s FCF and EBIT relative valuations using both EV / EBITDA - CapEx (as a proxy for FCF) and EV / EBIT, WMT is currently valued near the higher end of both valuations range (EV / LTM EBITDA: 14.7x, EV / LTM EBIT: 14.9x) over the last 5 years. In fact, when we consider the company forward valuations, we could observe that the market seems to have priced in quite a bit of optimism into WMT’s future EBIT and FCF growth in which the company is expected to execute well moving forward.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38ba544168ae18b243f52b6359262acb\" tg-width=\"1280\" tg-height=\"884\"><span>EV / EBIT valuation metrics.</span></p>\n<p>Therefore, in order to have a basis on whether WMT’s forward valuations are also in line with what we expect from other companies, it would be useful to conduct an EV / EBIT comparison across a set of benchmark companies for us to have a reasonable basis to value WMT. We also observed that WMT’s EV / EBIT metrics have not been excessive when compared against this set of benchmark companies.</p>\n<p>Using a blend of their EV / LTM EBIT metric and their EV / Fwd EBIT metric, we arrived at a fair value of $156.42 at the midpoint of the fair value range, representing a potential upside of 11.7% from 15 Jun’s closing price of $140.</p>\n<p><b>Price Action and Technical Analysis</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eeab97d13426aa4d6f580b82aaf6bf4b\" tg-width=\"1280\" tg-height=\"784\"><span>Source: TradingView</span></p>\n<p>WMT is a strong stock that has always been well supported along its long-term uptrend over the last 3 years. The 50W moving average has always acted as its key dynamic support level, including during the 2018 bear market, and the 2020 COVID-19 bear market, demonstrating the confidence of the market in this customary market leader. The support level at $127 also looks like an extremely strong support level that attracted strong buying interest during the retracement in Feb - Mar 21 and investors should consider this as a \"Buy more\" entry point if the price retraces to that level in the future. Currently, the stock is right at the 50W MA support level again, and I think at the current price level of $140, it still represents an optimal technical buy entry. Investors should however avoid buying near $154 in the near term as it’s expected to be a near term resistance level.</p>\n<p><b>Wrapping it all up</b></p>\n<p>Walmart’s international strategies, especially in India are looking very exciting and is expected to be the company's main international growth driver. Although its international segment is still a relatively small segment of the company’s overall revenue, it’s expected to lead the group’s growth in the foreseeable future and the market definitely thinks so as well as WMT is expected to be valued at higher multiples than what was observed historically. Investors should therefore take advantage of WMT’s current price weakness to add to this fantastic stock in view of its attractive valuation right now.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Walmart: Buy On Weakness For Its Exciting International Growth Prospects</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\">\nWalmart: Buy On Weakness For Its Exciting International Growth Prospects\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-17 15:38 GMT+8 <a href=https://seekingalpha.com/article/4435090-walmart-stock-buy-for-international-growth-potential><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nWalmart’s international segment is expected to lead the company’s revenue growth in the years ahead.\nThe company’s leadership through Flipkart in the rapidly growing India market is expected ...</p>\n\n<a href=\"https://seekingalpha.com/article/4435090-walmart-stock-buy-for-international-growth-potential\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WMT":"沃尔玛"},"source_url":"https://seekingalpha.com/article/4435090-walmart-stock-buy-for-international-growth-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138373077","content_text":"Summary\n\nWalmart’s international segment is expected to lead the company’s revenue growth in the years ahead.\nThe company’s leadership through Flipkart in the rapidly growing India market is expected to be a key competitive advantage as it scales up to compete against Amazon India.\nAt the current price, Walmart is not expensive, and offers an attractive entry point for investors to partake in its international growth drivers.\n\nWolterk/iStock Editorial via Getty Images\nInvestment Thesis\nWalmart (WMT) has very exciting growth prospects in its international markets, especially in India where the market is expected to overtake Canada as the second largest international market segment, behind the leader Mexico by 2025. In addition, the company’s astute investment in Flipkart has given it the key leadership in the e-commerce segment in India which is expected to grow rapidly in the years ahead.\nSetting the Stage for International Expansion\nWalmart has grand ambitions on the international stage. After the completion of the divestiture of Asda and Seiyu last quarter, the company has set its sights on driving its international growth in the faster growing markets. The company also discussed at length its international priorities and opportunities in two recent conferences (DBAccess, andBaird) on how to take its international business to the next level.\nWMT net sales worldwide by division. Data Source: Company Filings\nWalmart’s international sales accounted for about 21.9% of FY 21 revenue. As we could observe from above, WMT’s international business as a whole has been largely stagnant in recent years even though its U.S. operations saw relatively stable and consistent growth. The company’s exit from Seiyu [Japan] and Asda [UK] in order to reallocate capital to its higher growth regions, notably in India and China, is an important step towards aligning its growth priorities and rejuvenating its international business segment. In fact, Walmart had even received pretty nasty press on its operations in Japan, asNikkei Asiaremarked: “Walmart's foreign flops can be attributed largely to tone-deaf management, which failed to take into account local business customs, dietary habits and labor relations, among other glaring oversights.” Notwithstanding the sensational allegations made by the Nikkei, I think WMT has actually performed admirably in its international business as it’s aprofitable segmentfor the company that posted an operating margin of 4.4% in Q1’22, as well as 3% in FY 21, 2.8% in FY 20, and 4% in FY 19, respectively.\nAsk Amazon How Hard It Is To Make Money Overseas\nIn order to understand how difficult it is to make money operating a retail business in international markets with a footprint as large as WMT, investors need to look no further than Amazon (AMZN), notwithstanding its focus on the e-commerce segment.\nAMZN annual Operating income by segment. Data Source: Company Filings\nAMZN quarterly operating income by segment. Data Source: Company Filings\nAs we could observe from the 2 charts above, AMZN’s international segment only recently started to turn an operating profit in Q2’20 after experiencing losses over the last 6 years, even though the North America segment continued to do well. It’s a good reminder to investors that WMT knows how to manage its large international footprint well and it’s really very difficult to run an operation as geographically diverse and huge as Walmart’s and be profitable at the same time, giving the company an extremely wide moat.\nIndia and China Expected to Lead Growth\nWMT projected net sales by country. Data Source: Edge by Ascential\nAlthough Mexico is still expected to remain as International’s most important revenue driver by 2025, India and China are expected to lead the growth, with India expected to be the company’s second largest international market by 2025.\nWMT projected revenue CAGR by country. Data Source: Edge by Ascential\nIndia’s 5Y CAGR of 10.4% is expected to outperform the rest of its international peers, followed by China in second place with a 5Y CAGR of 6.6%. The rest of its international markets are also expected to grow relatively fast, including the leader Mexico (5Y CAGR: 4.1%).\nWMT projected revenue mean consensus, and YoY growth. Data source: S&P Capital IQ\nIf we consider the company’s overall expected revenue growth in the next few years, investors should now be able to appreciate the importance of WMT’s international markets to drive the company’s topline and therefore managing the growth of its international segment well would provide the company a highly significant lever to drive results over time.\nLeading retail chain operators in China. Data Source: China Chain Store & Franchise Association\nAlthough WMT’s leadership in the U.S. is undisputed, it may not be the same in China. The competitive landscape in China is strongly dominated by Suning Commerce Group, and WMT’s China operations was actually ranked 7th in this survey. Therefore, there is a tremendous amount of sales potential for WMT to make up in order to move up the ranks among China’s retail leaders.\nTotal population in the U.S. and India. Data Source: IMF\nIn the market where it is expected to lead the company's growth: India, this is where the excitement for WMT’s international business really begins. India’s population is expected to grow from 1.324B in 2016 to 1.443B by 2025, which would represent a CAGR of 0.96%, faster than the U.S. population CAGR of 0.47%, that is twice as fast, despite having a population size that’s already 4x larger to start with.\nMarket size of e-commerce industry across India. Data Source: India Brand Equity Foundation; Various sources (Media sources); BCG; Bain & Company; Morgan Stanley\nIndia’s e-commerce industry (WMT’s main channel in India) is expected to grow from just $14B in 2014 to $200B by 2027, which would represent a whopping CAGR of 22.7%, an incredible growth rate. More importantly, WMT is an e-commerce leader in India (though Flipkart), as Flipkart had a 31.9% market share as of Oct 20 according to Forrester Research, just ahead of its fierce rival, Amazon India, who had a 31.2% market share. Therefore, WMT looks very well positioned to compete strongly in India as the leader of a rapidly expanding e-commerce market.\nFlipkart revenue. Data Source: Flipkart; Business Standard\nFlipkart revenue YoY growth. Data Source: Flipkart; Business Standard\nAs we could observe from above, Flipkart’s FY 20 revenue of 346B rupees (equivalent to about $4.72B) has barely scratched the surface considering the market size of India’s e-commerce industry that was worth $64B in 2020. Even though the revenue growth of 12% YoY was an egregious deceleration from the previous year’s 42% YoY growth, the company has managed to reduce its net loss from 38.35B rupees to 31.5B rupees (see below), an improvement of 17% YoY. It would thus be important for investors to continue monitoring the health of its growth trend moving forward to evaluate whether there is a persistent deceleration that needs to be addressed by the company.\nP/L of Flipkart. Data Source: Flipkart; Business Standard\nUnified Payment Interface [UPI] usage across India. Data Source: The Financial Express (India); NPCI\nMeanwhile, the company’s UPI platform PhonePe is also the leader in UPI usage across India. UPI has become the dominant payments infrastructure across India with a 73% share of all digital transactions volume as of Feb 21. However, due to the 30% transactions restriction cap placed on all third-party payment apps that include PhonePe by the authority [NPCI] on the leaders, PhonePe and Google Pay would need to meet a 2-year deadline to bring down their transactions share to within the 30% cap. In addition, WhatsApp Pay is also expected to play an increasingly important role in this rapidly expanding market and compete against Google Pay and PhonePe. Notwithstanding the cap placed by NPCI, the digital payments market in India is expected to grow from 2,153 trillion rupees in 2020 to 7,092 trillion rupees by 2025 (see below), which would represent a CAGR of 26.9%, thus giving us a high level of confidence that there is ample room for all the major competitors to grow. Walmart definitely looks incredibly well-positioned in the India e-commerce market, where its e-commerce growth is still very much in its infancy.\nDigital payments market value across India. Data Source: Redseer\nConsidering Walmart's Valuations\nEV / EBITDA Metrics. Data source: S&P Capital IQ\nEV / EBIT metrics. Data source: S&P Capital IQ\nWhen we consider WMT’s FCF and EBIT relative valuations using both EV / EBITDA - CapEx (as a proxy for FCF) and EV / EBIT, WMT is currently valued near the higher end of both valuations range (EV / LTM EBITDA: 14.7x, EV / LTM EBIT: 14.9x) over the last 5 years. In fact, when we consider the company forward valuations, we could observe that the market seems to have priced in quite a bit of optimism into WMT’s future EBIT and FCF growth in which the company is expected to execute well moving forward.\nEV / EBIT valuation metrics.\nTherefore, in order to have a basis on whether WMT’s forward valuations are also in line with what we expect from other companies, it would be useful to conduct an EV / EBIT comparison across a set of benchmark companies for us to have a reasonable basis to value WMT. We also observed that WMT’s EV / EBIT metrics have not been excessive when compared against this set of benchmark companies.\nUsing a blend of their EV / LTM EBIT metric and their EV / Fwd EBIT metric, we arrived at a fair value of $156.42 at the midpoint of the fair value range, representing a potential upside of 11.7% from 15 Jun’s closing price of $140.\nPrice Action and Technical Analysis\nSource: TradingView\nWMT is a strong stock that has always been well supported along its long-term uptrend over the last 3 years. The 50W moving average has always acted as its key dynamic support level, including during the 2018 bear market, and the 2020 COVID-19 bear market, demonstrating the confidence of the market in this customary market leader. The support level at $127 also looks like an extremely strong support level that attracted strong buying interest during the retracement in Feb - Mar 21 and investors should consider this as a \"Buy more\" entry point if the price retraces to that level in the future. Currently, the stock is right at the 50W MA support level again, and I think at the current price level of $140, it still represents an optimal technical buy entry. Investors should however avoid buying near $154 in the near term as it’s expected to be a near term resistance level.\nWrapping it all up\nWalmart’s international strategies, especially in India are looking very exciting and is expected to be the company's main international growth driver. Although its international segment is still a relatively small segment of the company’s overall revenue, it’s expected to lead the group’s growth in the foreseeable future and the market definitely thinks so as well as WMT is expected to be valued at higher multiples than what was observed historically. Investors should therefore take advantage of WMT’s current price weakness to add to this fantastic stock in view of its attractive valuation right now.","news_type":1,"symbols_score_info":{"WMT":0.9}},"isVote":1,"tweetType":1,"viewCount":2833,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}