關於 target within ，我們在網路上蒐集到這些相關的討論、資訊與評價

🌻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

Monster Hunter Stories 2: Wings of Ruin Free Title Update #2 Available TODAY!

Additional Monster/Monstie:
-Co-Op Quest Exclusive Monster: Kulve Taroth
-New Monstie: Hellblade Glavenus, Boltreaver Astalos

New Quests:
-(Time) The Goddess of Gold
Slay Kulve Taroth together with a fellow Rider to get your hands on special materials you can't get anywhere else! Slay all of the target monsters within 30 minutes. Rewards will differ depending on the time required to complete the quest. Break the parts of metal-covered Kulve Taroth to reveal its true form. Even though it will flee from battle one time, a fearsome foe awaits the Rider who dares to pursue it again.
Note: Although Kulve Taroth will not be available as a Monstie, you can get special materials from them which can be used to forge powerful equipment.
-(Explore) Fire Eggs
-(Explore) Thunder Eggs
-(Special) Dealin' for Dunkers

And more new quests will be available 19 Aug, including: (Slay) Hellblade Glavenus, (Slay) Boltreaver Astalos and more!
https://www.monsterhunter.com/stories2/en-asia/topics/update2/

That morning, I nursed you for the last time. You had gotten impatient as you waited for your milk bottle, I nestled you in my arms like the good old days, you latched but unlatched within 20 seconds. Then, I knew, you were ready to wean off completely.

Breastfeeding is a bittersweet journey and the courage it takes to stop? Nobody can prepare you for it. Aaron started sleeping through the night at about 16 months old and because of that, weaning was a breeze. My initial breastfeeding target was 12 months but my heart wasn’t all ready. I knew that this would be my last breastfeeding journey, because Aaron would be my last baby. As long as he tapped on my chest, regardless of what time it was, I allowed him to latch as long as he wanted. It was exhausting, but it was worthwhile - I would stare at him, snuggled in my arms, and thought to myself, did I create this prefect little being? Our pictures were all of sleeping Aaron because whenever he saw my phone pointing at him, he got distracted and unlatched. I am glad that I didn’t hesitate taking these selfies because I can now look at these quiet moments I had shared with Aaron as I pen this down. My breastfeeding journey has ended but another beautiful journey begins. I am ready for my body to be mine again.

Campaign : Blissful Together
Brand : Auntie Anne's Malaysia
Marketer : Dickson Chai
Agency : Nil

PROBLEM
Auntie Anne’s is a well-known International Brand from U.S.A specializing in baked soft pretzels. The first outlet arrived at Malaysian shores 25 years ago and has since experienced continuous growth in both outlets and customer base.

Sales during the Chinese New Year festive period (January to February) are typically non-peak season with lower-than-average volumes.Malaysians from city areas (where the majority of Auntie Anne’s outlets are located) back to their respective hometowns in sub-urban or rural areas to spend time with the family, traditionally the week preceding and during Chinese New Year. This leads to lower footfall at shopping areas and malls during this window, generating lower transactions.

Auntie Anne’s devised a breakthrough strategy to increase brand presence, awareness and drive customers’ visitation to outlets when doing shopping in malls.

SOLUTION
The campaign’s concept – “Blissful Together”, inspired by “福” (Blissful) – a word commonly used during Chinese New Year seasons which means good wishes and also represents the joy and festive mood associated with Chinese New Year. Creatively combined the brand logo with the word “福”, fusing a Western brand with iconic traditional Chinese element, to become the central art of the campaign, making all customers felt like enjoying a piece of Auntie Anne’s means receiving a “Blissful” wishes from the brand during Chinese New Year.

Campaign’s target audience was Malaysians of all races, all ages, including new and repeat customers.

Auntie Anne’s used an integrated approach to maximise reach and engagement of target audience via relevant touch-points.

Packaging: All packaging were changed into a couplet-like design with Auntie Anne’s version of “福” (Blissful) word on it, spreading the “Blissful” experience to every customer who visited Auntie Anne’s throughout the period.

In-store promotional items: Utilized all potential spaces and real estate within each outlet to display campaign-related in-store items. All collaterals strongly presented the Auntie Anne’s version of “福” (Blissful) word and functioned like couplets display at outlets.

Promotion Scheme: 3 promotional sets and used different “Blissful” levels to represent different promotional sets: i. “So Blissful” – RM8.50 (Original Stix + Any Pretzel) , ii. “More Blissful” – RM9.50 (Cinnamon Stix + Any Pretzel) , iii. “Very Blissful” – RM10.50 (Choco Eclairs Stix + Any Pretzel).

Social Media: Consistent postings highlighting the couplet-like design packaging to bring up the festive mode among audience as well as a reminder to loyal fans and potential customers throughout campaign period.

DELIVERY
On ground:
All Auntie Anne’s outlets turn into “Blissful” outlets by displaying all “Blissful Together” theme promotion materials.

All outlet staffs strongly promote “Blissful” promotion set items with use of “Blissful” name for promotion items: “So Blissful”, “More Blissful” and “Very Blissful” instead items’ original names during the campaign.

Only “Blissful” design packaging was used during the period to pack every product sold.

On line:
The campaign was announced through Facebook and Instagram page by changing the profile photos to display Auntie Anne’s version of “福” (Blissful) word and followed immediately by promotion information post on 1st day of campaign. Facebook and Website landing page cover pictures were changed to “Blissful Together” campaign key visuals to be consistent with the “Blissful” decoration displayed at physical outlets.

1 social media posting was made on Facebook and Instagram platforms on average, every 2.5 days, about “Blissful Together” campaign to maintain the campaign hype and momentum.

PERFORMANCE
Successfully spread “Blissful” wishes to more than 945,000 customers with more than 1,790,000 “Blissful” packaging handed out together with the products sold – exceeding the sales made last year for same period by more than 41,000 units.

A growth in Revenue of 5.6% and growth in number of transactions by 2.7% during the Chinese New Year period compared to last year. Average spending per transaction increased by 2.8% showing the direct impact of the promotional set items sold which encouraged customer’s higher spending or more quantity purchase per transaction.

“Blissful Together” postings gained total of 42,622 reached with in Facebook fan page and 20,438 reached in Instagram during campaign period with ZERO advertising budget. “Blissful Together” first day posting achieved 5% engagement rate which was higher than industry benchmark (3-4%).

Campaign successfully created a new mindset of inclusivity, reminding that festive seasons such as the Chinese New Year can be celebrated by all races through the concept of blending a western international brand with traditional Chinese culture to symbolize joy and fortune during Chinese New Year.

Allen Iverson would almost always rather drive to the basket than settle for a jumper.

Seattle's porous defense gave him ample opportunity to dart down the lane for all the easy baskets he wanted.

Iverson scored 41 points, John Salmons had 18 and Kyle Korver 17 to lead the Philadelphia 76ers over the SuperSonics 107-98 on Monday night.

Although Iverson said he's still slightly bothered by his right ankle, which he sprained Dec. 27 at Denver, it hardly showed as he had one of his top shooting nights of the season.

"It's getting a lot better with treatment and everything, and I'm able to push off it like I want to," Iverson said. "Once it gets loose, I'm able to move around like I want to. I try to get to the basket."

Certainly returning home provided an immediate fix for the slumping Sixers. When they left for a 15-day, seven-game trip, they were in first place in the Atlantic Division; they returned four games back in the division race after a 2-5 mark.

"If we closed games out better, we'd have a lot more wins," Iverson said. "I honesty feel like we gave away eight games this season, games we should have won."

The Sonics have been just as bad, finishing 1-4 on a trip that saw them fire Bob Weiss and replace the coach with Bob Hill.

Hill promised a quicker pace and improvement on defense as ways to turn around Seattle's disappointing season.

Seattle's league-worst defense still needs work.

Iverson scored 40-plus points for the eighth time this season as he chases Kobe Bryant for the league scoring title. Iverson wasn't the only one getting open looks -- the Sixers shot 53 percent from the field, seven points higher than their average.

Chris Webber sat out with a lower back strain and was listed as day-to-day. Coach Maurice Cheeks was hopeful that rest would allow Webber to return for Wednesday's game against Utah.

Salmons started in Webber's place and hardly missed a beat on 7-for-9 shooting. Andre Iguodala had 16 points and Samuel Dalembert 11 to put all five starters in double digits.

"That's how you should play," Iverson said. "When you do share the ball, nine times out of 10, more positive results come of it."

Ray Allen led the Sonics with 27 points and Vladimir Radmanovic had 15 points and 12 rebounds.

The Sonics rallied from a 19-point deficit to pull within six late in the fourth quarter -- hardly surprising since only Seattle allows more points than the Sixers -- after 3-pointers by Allen and a couple of free throws from Rashard Lewis.

Korver, though, sank his fifth 3-pointer and Salmons added a 3 to get the lead back to nine. Stuck on 39 points for a while, Iverson sank two free throws to push him over 40 and give the Sixers a 106-95 lead.

"We took control of the game and shut them down," Dalembert said. "We controlled the tempo of the game and didn't really let them get back in."

Iverson scored nine points during a 19-5 run in the third quarter that gave the Sixers a 79-60 lead. Iverson usually drove through a lane that offered little resistance and little reason for the All-Star to resort to his usual banging and crashing all over the court.

Iverson went 6-for-8 in third for 18 points and the Sixers shot 68 percent in the quarter. Hill blamed fatigue from a long road trip for the Sonics going flat in the third.

"We played pretty well in the first half, then I'm sure our legs got tired," Hill said. "We wouldn't move and we weren't guarding. Away games are tough, but they have to find a way to fight fatigue. That was a winnable game."

With the easy looks, and a mid-range jumper that was on target, Iverson finished 15-for-25 from the floor and made 11 of 13 free throws.

Game notes

Korver hit a 3-pointer for the 26th straight game, the longest streak in the league. ... Sonics F Danny Fortson sat out with a sore left knee and C Vitaly Potapenko sat out with a lower back strain. ... Iverson was briefly shaken up when he was smacked in the face by Luke Ridnour while they went after a loose ball in the third quarter. ... Iverson has 67 career games with more than 40 points. ... The Sixers are 8-0 at home against the Western Conference.

Mafia Definitive Edition (เฉพาะภาคแรก)
ซื้อได้ที่ https://store.epicgames.com/legendauser/mafia-definitive-edition

MAFIA: TRILOGY (รวมสามภาค)
ซื้อได้ที่ https://store.epicgames.com/legendauser/mafia-trilogy

Mafia: Definitive Edition is an action-adventure video game developed by Hangar 13 and published by 2K Games. A remake of the 2002 video game Mafia, it was announced in May 2020 and was released on September 25, 2020. The game is set within the fictional city of Lost Heaven (based on Chicago) in the 1930s, and follows the rise and fall of taxi driver-turned-mobster Tommy Angelo within the Salieri crime family. The game received favorable reviews from critics, with praise for revitalizing the story, performances, and graphics, although the dated action animations were criticized.

In 1930, during the ongoing Great Depression, impoverished taxi driver Thomas "Tommy" Angelo is strong-armed by two members of the Salieri family - Paulie Lombardo and Sam Trapani - into helping them escape an ambush by members of the Morello Family. While Tommy is compensated for his help, his actions lead him to losing his job when the Morello family target him in an act of revenge the following day. Seeking help from Don Ennio Salieri, Tommy agrees to be a part of his organisation, befriending Paulie and Sam, and becoming romantically involved with Sarah, the daughter of Salieri's bartender. The three men work together to contribute to Salieri's rackets, overseen by Salieri's consigliere Frank Colletti, including protection and bootlegging. In time, Tommy marries Sarah and begins a family with her, all the while working up in the ranks by impressing Salieri.

In 1933, Don Salieri becomes increasingly concerned when Don Marcu Morello begins putting pressure on him, ambushing their operations with bribed police officers and gaining the support of a corrupt prosecutor whose son has been killed by the Salieri family. Tommy finds himself forced to counter these attempts to prevent the organisation being financially weakened. When Salieri assigns him to eliminate an informant at a brothel, he is advised by Sam to spare them instead, allows them to escape in exchange for their silence, covering up his actions. When Frank disappears along with the organisation's account books, Tommy is instructed to locate both, and quickly learns that Morello planned to use the FBI to take down his rival. Convincing Frank to reveal where the books are, Tommy allows him to leave the country with his family, and covers up his actions once again.

In 1935, with prohibition ended and both Mafia families moving out into new rackets, Don Morello attempts to assassinate Salieri, whilst he and Tommy are dining at a restaurant. In retaliation, Salieri declares war and begins weakening Morello's position, damaging his rackets and reducing his influence on law enforcement. Eventually, Tommy works alongside Sam and Paulie to take down Morello, killing him by shooting down a plane he attempts to use to flee the city. By 1938, the Salieri family control the city's rackets, neutralizing anyone who attempts to stop them. Tommy, Sam and Paulie find themselves tasked with recovering a shipment of impounded cigars that had been smuggled into the city, informed that they hide a consignment of diamonds in them. Although the group manage to successfully recover the cargo, Tommy is shocked to discover that Salieri lied, and that the cigars concealed a consignment of drugs.

Disillusioned by the revelation, Tommy convinces Paulie to go ahead with a bank robbery that Sam had advised against. Although the pair manage to complete the job, Tommy finds Paulie murdered in his apartment the following day. When he goes for a meeting with Sam to discuss this, Tommy finds that his efforts to conceal his actions were uncovered by Salieri, and that Sam was ordered to execute him and Paulie for this and the bank job. Left with no choice, Tommy survives the attempt on his life and kills Sam upon learning that Frank and his family were murdered by Salieri's people. With his former allies against him, Tommy goes into hiding and contacts Detective Norman for help, providing his story of his actions. In exchange for testifying against the Salieri family, Tommy requests his help in protecting his family, which Norman agrees to out of respect for being a family man himself.

In 1951, Tommy and his family live under witness protection in Empire Bay, after Don Salieri and his organisation are arrested and tried for their crimes. A few days after his eldest daughter is married, in which he highlights how family is the most important value to a man, Tommy is visited by Vito Scaletta and Joe Barbaro, who murder him on behalf of Salieri, leaving him to die in his front yard. As his family surrounds him in shock, Tommy tells them all that they are now safe, before succumbing to his wounds.