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Whether you team up with friends or head off solo, there’s no right or wrong way to travel. We run through the pros and cons of travelling alone versus with friends. Which would be your preference? 🧑🏻🤝🧑🏽
🌻Docusign(DOCU), Crowdstrike(CRWD)財報結果
上週這兩家公司發表財報了.
這兩天看了一下他們的財報結果. Again, 兩家的表現都很好, 但發現分析師給DOCU的調價(往上)幅度比較多, 就好奇研究了一下SaaS公司是怎麼被估值的. 有興趣的話可以看看(從中學習到很多. 非常推薦一讀):
https://makingsenseofusastocks.blogspot.com/2021/09/blog-post.html
(By the way, 分析師對CRWD的價格調幅沒那麼大, 主因是成長趨緩了. 而DOCU的free cash flow佔營收比, 以及顧客黏著力在這季創了新高, 是讓分析師按讚的幾個原因).
關於CRWD: "The Street is already modeling revenue growth deceleration in 2022 to 36%, down from 60% expected in 2021, which on its own might prove a hurdle for a stock already trading at a high multiple," said Bank of America analyst Tal Liani in a report.
分析師對於DOCU的評價:
• 11位buy; 給的價格分別是: $310, $320 (x2), $330 (x2), $340 (x2), $345, $350, $350, $389
• 給Buy的分析師的評語:
o Baird: The analyst continues to view them as a best in class way to play digital transformation trends with strong growth, cash flow and profitability, and a strong competitive position. Power said DocuSign remains one of his top long-term compounding growth ideas.
o Citi: While slightly shy of the double-digit billings beat in recent quarters, DocuSign still delivered a solid 8% beat to Q2 billings, which grew 47% year-over-year, Radke tells investors in a research note.
o Evercore ISI: he calls "another strong quarter." While some may have wanted to see more aggressive Q3 billings guidance, he believes estimates "continue to leave room for upside," Materne said.
o JMP Securities: While revenue growth decelerated to 50% from 58% in Q1, the company is the clear leader in electronic signature and the broader system of agreement having crossed over 1M customers with a $2B run rate this quarter, the analyst tells investors in a research note, adding that he sees lots of room for growth as DocuSign targets a $50B total addressable market.
o Needham: The analyst commented, "Docusign reported another strong quarter in 2QF22 with typical DOCU upside to revenue and profitability. Sales metrics and growth decelerated Q/Q, as we expected against a massive pandemic quarter, but at a much slower rate than we believe much of the Street was anticipating. 65k net new customers was lower than the 70k - 90 range of CY20 but was still more than 2x greater than any pre-pandemic quarter, highlighting a strong end-market driving 47% billings growth against a strong comp. Commentary on incremental Agreement Cloud demand was positive, suggesting an additional growth tailwind combined with solid international can further aid 2HF22. Although DOCU shares could be lower near-term due to weak 2H OpMg guidance, we think this guidance is conservative, as the recent OM was greater than the pre-pandemic level even with tough comps."
o RBC Capital: The quarter highlighted the sustainability of the company's tailwinds post-pandemic as most of its underlying metrics such as billings and net revenue retention were solid, the analyst tells investors in a research note, adding that the traction with CLM and Notary was also "impressive".
分析師對於CRWD的評價:
• 12位buy; 給的價格分別是: $300, $310 (x2), $313, $315 (x2) , $305, $320, $325, $330 (x2), $340
• 1位給hold: $280 (from $220 by J.P. Morgan(same))
• 給Buy的分析師的評語:
o Baird: The analyst believes the company has significant room for growth with core modules, opportunities with Humio and in cloud workload security, among others, should help drive a continuation of strong growth over a long time horizon.
o BTIG: The company's "strong" Q2 results "cleared every hurdle", even though the buy-side benchmarks may have been slightly higher, the analyst tells investors in a research note. Powell adds that Crowdstrike is clearly gaining share in its core endpoint security target market at a rapid pace and gaining traction with new products across multiple categories.
o Canaccord: The analyst said the stock is down from its recent highs, and he thinks the re-rating creates a more favorable entry point for longer-oriented investors for a foundational security name. He views Crowdstrike as a long-term secular winner in security due to its native cloud platform advantage versus closely held peers in endpoint security combined with platform expansion into tangential segments to capture greater share of security budgets.
o Goldman Sachs: CrowdStrike last night delivered "another beat and raise quarter as the company benefited from another quarter of elevated demand," Essex said. But it traded lower following net new annual recurring revenue growth guidance that was slightly less than investors had hoped for. Essex, nonetheless, said the quarter demonstrated CrowdStrike's "ability to continue to go down market efficiently."
o JMP Securities: The analyst notes the company's Q2 annualized recurring revenue of $1.34B topping his estimate of $1.30B, with "sustained" 70% ARR and revenue growth along with margin upside seen as key highlights for the quarter. Suppiger adds that the metrics reflect Crowdstrike's "strong execution and robust demand environment".
o Mizuho: "very good" fiscal Q2 results. The annual recurring revenue growth of 70% year-over-year "was strong and still nicely surpassed" the Street's 65%-66% estimate, Moskowitz tells investors in a research note. He believes "strong execution can propel" Crowdstrike's stock higher.
o Piper Sandler: The company's metrics "outperformed across the board" in Q2 with 70% annual recurring revenue and revenue growth and record net new customer adds in the quarter, Owens tells investors in a research note.
o RBC Capital: Hedberg adds that CrowdStrike's record pipeline entering Q3 should continue to fuel the company's "land-and-expand" momentum.
o Stifel: Q2 results that he said "exceeded consensus estimates across all major financial metrics." He continues to believe that Crowdstrike's growth opportunity "remains in the early days" despite the company's scale given continued share capture within its core endpoint security market and incremental module adoption on the Falcon Platform, Reback tells investors.
o UBS: the company reported "pretty good" Q2 results against high expectations.
🌻趨勢: 跨境電商 Cross-border commerce
Morgan Stanley:
From our perspective, we think many are underestimating what the cross-border eCommerce demand could ultimately be, once key friction points like FX rates, tax and duties, shipping, language, etc are smoothed—all issues that Global-E directly addresses.
Cross-border ecommerce brings new, high-yield volume: We think elevated levels of cross-border ecommerce (ex-travel) is a structural shift thathas yet to be fully contemplated in MA (and V)'s long-term forecasts. MA's cross-border CNP ex-travel volume was 69% above 2019's level in 2Q and 63% higher in 1Q. Strength reflects both broader ecommerce adoption plus globalization of commerce, as marketplaces and services that reduce cross-border friction (such as those from GLBE) make international online ordering more readily adopted. Early data at V suggests greater cross-border ecommerce spend is persisting even in areas with pre-pandemic levels of international travel. Cross-border transactions also come at a higher yield, making us more optimistic that the trend can bring incremental long-term growth to the networks.
產業的潮流是有連貫性的. 疫情讓電商更發達後, 接下來應該就是加速電商跨境了. 跨境的話, 有很多問題需要解決(稅率, 語言, etc.) 這就需要有公司來做整合的動作. 這種跨境, 也可以想像是omnichannel的一種呈現.
Harley Finkelstein (President of Shopify): "I mean I think commerce in 2021 is cross-border."
🌻SPAC熱潮退卻，初創市值蒸發750億美元
"SPAC熱潮已經退卻。分析顯示，在2月中旬以前完成合併的137家SPAC的總市值已經蒸發25%，市值回落幅度上個月一度超過1,000億美元。"
"像貝萊德(BlackRock Inc., BLK)和富達投資(Fidelity Investments Inc.)這類企業管理的基金，以及許多對沖基金、養老金管理公司和其他一些投資者，都在SPAC的回落中遭受了衝擊，他們在去年年底開始的熱潮中競相投資SPAC。其中許多基金由於在價格還很低的時候就早早入場，所以現在仍坐擁可觀收益。事實上，SPAC市值仍有約2,500億美元，高於一年前的約1,000億美元，反映出這期間股價上漲和新公司上市的影響。
但即便如此，今年年初令人炫目的回報還是讓許多後來者做了接盤俠，扎堆投資所謂穩賺不賠的領域，其永恆的風險可見一斑。在過去的幾個月裡，一些投資者眼睜睜看著帳面財富縮水。"
"股價下跌會在SPAC領域形成惡性循環，因為投資者有權在併購交易前從空白支票公司撤資。一旦SPAC跌破發行價，投資者就更有可能這樣做，而許多SPAC的股價現在正處於這樣的水平。目前，在尚未宣布併購交易的空白支票公司中，超過95%的公司股價低於發行價。
投資者的大規模撤資會讓已經上市的空白支票公司手上的現金大幅減少，讓其更難實現業務目標，並可能加劇股價跌勢。"
https://on.wsj.com/3n6JznC
🌻BNPL (buy now pay later)
But most BNPL providers including Affirm, Klarna and Afterpay have been losing money despite breakneck revenue growth as they invest heavily in marketing to win share. Sweden-based Klarna’s credit losses more than doubled in the second quarter. Affirm has projected adjusted operating losses of $50m-$55m for the fiscal year that ended June 30.
The path to profitability for many of these companies was to achieve massive scale, analysts said.
https://www.ft.com/content/ca201a37-a16d-4223-b123-04d38350a972
Pictures: 一葉知秋; from EarningsWhispers
𝐋𝐞𝐨𝐧𝐚𝐫𝐝𝐨 𝐝𝐚 𝐕𝐢𝐧𝐜𝐢 𝐨𝐧𝐜𝐞 𝐬𝐚𝐢𝐝 "𝑂𝑛𝑐𝑒 𝑦𝑜𝑢 ℎ𝑎𝑣𝑒 𝑡𝑎𝑠𝑡𝑒𝑑 𝑓𝑙𝑖𝑔ℎ𝑡, 𝑦𝑜𝑢 𝑤𝑖𝑙𝑙 𝑓𝑜𝑟𝑒𝑣𝑒𝑟 𝑤𝑎𝑙𝑘 𝑡ℎ𝑒 𝑒𝑎𝑟𝑡ℎ 𝑤𝑖𝑡ℎ 𝑦𝑜𝑢𝑟 𝑒𝑦𝑒𝑠 𝑡𝑢𝑟𝑛𝑒𝑑 𝑠𝑘𝑦𝑤𝑎𝑟𝑑, 𝑓𝑜𝑟 𝑡ℎ𝑒𝑟𝑒 𝑦𝑜𝑢 ℎ𝑎𝑣𝑒 𝑏𝑒𝑒𝑛, 𝑎𝑛𝑑 𝑡ℎ𝑒𝑟𝑒 𝑦𝑜𝑢 𝑤𝑖𝑙𝑙 𝑎𝑙𝑤𝑎𝑦𝑠 𝑙𝑜𝑛𝑔 𝑡𝑜 𝑟𝑒𝑡𝑢𝑟𝑛."
Under current circumstances, what used to be 5 to 6 flights monthly has been reduced to barely any work, presenting itself a dilemma of sorts inside: to sate one's wanderlust, not to mention source income, versus personal health and safety.
Yet during such trying times a new perspective can be brought to light, where despite fears and uneasiness it can be seen that we as fellow humans are trying our best to help each other out, being it maintaining proper hygiene or looking out for others in terms of daily supplies, to simply caring for one another.
Though I am grounded these days, there are still ways I can spread my wings. As a travel blogger, not being able to travel might not necessarily spell doom, as I can spend more time refining my work.
One day I do hope to see you in the sky, but for now let's all do our best and stand strong, and let me take your mind on a journey for now through my blog.
𝑃ℎ𝑜𝑡𝑜 𝑐𝑟𝑒𝑑𝑖𝑡 @calvincffu
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#hkgirl #flightattendant #cabincrew #nature #birds #flyingbird #cityview #city #ig #cityscape #cityphotography #citylife #architecture #travel #photography #street #hongkong #victoriahabour #landscape #urban #urbanphotography #sky #skyline @ Victoria Harbor, Hong Kong
Ever wondered how much difference does it make having a level 50 Pokémon versus a level 40 Pokémon? Well, in this vide, we will find that out together.
Join me as I travel, eat and play Pokémon GO the way a local trainer would in their own country and city. Visiting one country and one city at at time through Pokémon GO.
Subscribe if you would like to watch my Pokémon GO travel adventure as I visit different countries, cities and communities, https://tinyurl.com/y65jruw2
Social:
Instagram: https://www.instagram.com/brandontan91/
TWITTER: https://twitter.com/brandontan91
Vlogging Set-Up:
Camera - Sony RX 100 Mark 7
Mic - Rode VideoMicro
Screen Recorder - iPad Mini 5
Pokémon is Copyright Gamefreak, Nintendo and The Pokémon Company 2001-2016
All images and names owned and trademarked by Nintendo, Niantic, The Pokémon Company, and Gamefreak are property of their respective owners.
Invictus: Lost Soul Gameplay [Android/iOS]
Size: 1.17 GB
Links:
https://play.google.com/store/apps/details?id=com.bushiroad.en.invictus
https://apps.apple.com/au/app/id1521816158
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Unleash your internal warrior in fights controlled by decks of cards! Fighting game never was so easy-to-start but so deep in tactics. Plan your fight with setup of card deck and win over those who rely only on rough force and luck!
FIGHT REAL PLAYER VERSUS PLAYER COMBAT
You will fight one-to-one against warriors from all around the world! To crush them, you need to learn combos of strikes and think tactically. Don’t let them trap you into corner, but slash them to death instead!
JOURNEY THROUGH SIX DIFFERENT REALMS
Travel through different dimensions in the search of terrible Damon to revenge him for infinite deaths you suffer along the way. Fight on the ice of Viking river, in the shadows of dead Dragon’s bones, in the hell of Inferno, and even in a strange Cyber world.
COMPILE THE DECKS OF STRIKES AND MOVES
Outcome of your fights rely on cards, and each of them represents strike, block or another move, so choose them wisely! Look for card upgrades and experiment with deck, weapon and armor combinations – sometimes one heavy hit will decide it all, but sometimes the rain of light strike will overwhelm your opponent!
COLLECT WEAPONS AND ARMOR SETS
Make your choice between long sword, sword and shield, or great weapon! Dress yourself in the best armor you could find. And whatever you choose, enhance your weapon and armor and look for more powerful ones in other realms!
PARTICIPATE IN CLAN TOURNAMENTS
You’d better not to travel alone – join a clan and jump into clan tournaments where you can win prizes and glory for yourself and for your brothers-in-arms!
Slash your way through the ranks of enemies and become INVICTUS!
Ghost of Tsushima ไทย
Ghost of Tsushima is an action-adventure stealth game played from a third-person perspective. It features a large open world without any waypoints and can be explored without guidance. Players can quickly travel to different parts of the game's world by riding a horse. An item that acts as a grappling hook will be available to access areas that are difficult to reach. The game features side quests and non-playable characters to interact with.
Players can engage in direct confrontation with enemies using weapons such as a katana, which can also be used to chain up a series of fatal strikes after highlighting specific enemies. Alternatively, using stealth allows one to evade enemies and strike them silently with tools such as firecrackers to create distractions, smoke bombs to disorient alerted foes, and kunai for striking multiple enemies. One-versus-one dueling with non-playable characters is also optional.
The game is set on Tsushima Island in the late 13th century. It will feature a diverse assortment of regions and buildings, such as countrysides, fields, shrines, ancient forests, villages, farms, mountainscapes and various landmarks. Players will encounter numerous characters, friends, and unlikely allies while adventuring.
Game director Nate Fox said: "This is a game that is entirely grounded in reality. We're trying hard to transport people to 1274 Japan. We're inspired by history, but we're not building it back stone by stone. We're not trying to rebuild Tsushima island. Our protagonist is a work of fiction. We actually thought about using some historical figures, and we asked some people who are more culturally aware than us and they said that it would be insensitive, so we didn’t do it."
