🌻這星期, 比較引起我注意的就是這幾個新聞了
☘️美國支付公司PayPal(PYPL)宣布，將以3000億日圓（27億美元）收購日本新創公司Paidy，以強化自家「先買後付」（BNPL）產品。
熟悉美股的讀者, 應該對BNPL不陌生了. PayPal這舉動, 其實也強化了跟Amazon的關係:
(from Morgan Stanley)
Provides potential for initial relationship with AMZN in Japan: We think the deal is most notable for giving PYPL its first entry into AMZN's large ecosystem, which PYPL has been trying to gain access to for some time. Paidy began providing BNPL services for AMZN in Japan in November 2019, and after the deal closes, PYPL should have a clear path to eventually sell some of its other core services to AMZN in Japan.
☘️lululemon(LULU)昨天(台灣周四凌晨)發表財報了, 股價跳漲10.47%.
Morgan Stanley:
We highlight margin expansion as particularly impressive against 1) higher eCommerce penetration, which has historically resulted in EBIT margin degradation for many other specialty retail peers, 2) the acquisition of MIRROR, which has not yet achieved profitability, & 3) already best-in-class historical operating margin levels. While some macro factors like lean industry-wide inventory levels may be partially supporting these results, in our view they point to a higher & more profitable growth trajectory for the business compared to the outlook pre-Covid. As such, though LULU’s P/E multiple sits at 46x, above the high end of its pre-Covid 18-41x range, we view current levels as merited against higher future growth & profitability. In our view, this may represent a more permanent valuation re-rating for LULU, & the stock likely continues to trade at elevated levels until results prove otherwise.
🌻Alphabet(GOOGL)今年的表現為什麼那麼亮眼?
今年最會漲的FAANG個股之一, 就是GOOGL了. 如果有在follow這家公司的讀者, 應該有發現他們的營收結構跟過去幾年很不一樣了(可以看下面的表格). YouTube以及Cloud業務成為新的營收成長動能.
Picture: 畫 from National Gallery of Art; 自製的GOOGL簡單營收分類表.
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