🌻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

CNP Laboratory蜂膠前導安瓶精華

***公司新品試用版
一瓶150ml 只要✅490元(原價約1千多台幣)
-
評價高且不錯，且獲得多種獎項~
高含量的蜂膠提取物 (1,000ppm) ，給予肌膚營養及保濕，使肌膚清透亮
質地輕薄可使肌膚快速吸收，增強肌膚活力和抗氧化，使肌膚煥發青春光彩
-
甜菜鹼 神經醯胺 大豆油 維他命B3 黃連根萃取 魚腥草萃取 銀杏萃取...等。
-
📌LINE（@foxmommy) 或私訊下單，粉絲團連結如下 點傳送訊息 下單^^
（不要留言 留言易漏）
https://www.facebook.com/buyinkorea/
👉考慮好確認好再下單！下單勿取消！勿改尺吋！棄單公告大名！
👉不接受因單一商品缺貨 取消整筆訂單，若缺一要取消全部 訂單，下單時請預先告知～
👉因多次運送外盒有可能會壓到 若不影響內容物 無法退換 同意後再下單 尤其注意廠商外盒封條很容易因壓到外盒而裂開 但絕不會是故意割開 內容物也不會動過（如果有必要割開檢查的都會告知）鞋子類不一定有外盒 一定要外盒的請下單前詢問
👉付款方式：ATM，無摺或台灣PAY 沒有到付 沒有刷卡
📍付完款務必到系統回填或私訊/LINE告知匯款資料
👉運費說明：運費固定收 65 多不退少不補，五件商品免運（一組算一件），一個月內的單都可合併寄出（外島運費請詢問）
👉預購商品約 10-14天到台灣( 實際以廠商出貨為主 願等再下單哦 急要勿下單 ）
👉商品收到後請仔細檢查 有問題請於三日內反應 逾期不受理囉～

#CNP韓國醫美權威保養

CNP 安瓶面膜(20片/盒)

又要來跟大家燒CNP的商品啦🔥
不只是因為IU 可愛李知恩代言😚
也是小編的心中愛牌❤️❤️
韓妞公認的評價5⃣️顆星安瓶面膜
將滿滿安瓶精華注入面膜中
在炎炎夏日也可以讓肌膚喝水喝飽飽💦💦

總共有四款可以做選擇🤩

#白色鎮靜
蝸牛原液安瓶
可以舒緩修護肌膚
同時抗痘和淡化痘疤
讓臉不再有坑坑洞洞🌛

#棕色美白
富含維他命A.B.E外還有魚腥草.銀杏等
打造透亮淨白 有效改善暗沉肌膚唷✨

#紅色蜂膠
萃取巴西紅蜂膠
比普通蜂膠抗氧化效果更強!!
對經常熬夜的人來說這款根本是救星🥳

#粉色維他命B
多種維他命B複合物
主要有玻尿酸+谷胱甘肽
為乾燥肌補充水潤白玉光澤💪

售價方式: 20片/盒 $799

在家裡也要好好幫臉做SPA💆‍♀️

終於啊~ IU代言的CNP保養品正式登台了!!
之前在韓國就知道了CNP大有來頭~
韓國人都很推這個評價的保養品!!
今天終於有機會開箱跟大家介紹了~

CNP官網：
http://bit.ly/2Og4fGw

４／３０前購物輸入此優惠碼
「EYNJG8EA」享有$120的購物金唷～

CNP家的商品其實不只影片出現的三樣
但是這三樣是銷售最好蟬聯冠軍的商品
剛開始就是抱著平常心一試~
結果試了之後真的不得了@@
影片給它看下去你們就知道了!!

很多時候要試用一些保養品跟彩妝~
不好用或我自己用完覺得不行
當然也就不會介紹給大家~
推薦給觀眾也要推薦的有良心!!

大家如果對於IU代言的CNP有興趣的話~
影片裡也有提到可以在哪邊購買唷!!
持續保養下去相信大家都可以像IU一樣
水嫩透亮~

拼接假兩件襯衫：http://bit.ly/2Ca1925
SHEIN官網：http://bit.ly/2UrJFp0

4/1～6/30日起
購物滿1599$
輸入【Q2sjjou200】
現折200$唷

#韓國保養品 #平價保養品 #CNP #國民妹妹IU #IU #保養專家 #親膚高效能

喜歡我的影片請幫我按讚留言+分享👍
訂閱後記得按下鈴鐺接收通知唷🔔

付出行動支持我真的很簡單
１＊請不要略過YouTube廣告！能點進去更好XD
２＊蝦皮賣場點這邊 🍡 https://shopee.tw/joutv_with_me

➽ 快來跟JOU/朴梨互動 🍡
≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈
Instagram 🍡 https://www.instagram.com/koreajoutv/
Facebook 🍡 https://www.facebook.com/koreajoutv/
合作邀約 🍡 sj79928@yahoo.com.tw
≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈

➽JOU/朴梨的相關資訊 🍡
≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈
🍡膚況：混合肌（T字偏油兩頰偏乾）
🍡相機：CANON M50，CASIO ZR-5000
🍡剪輯：Adobe Premiere
🍡縮圖：Photoshop
≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈

➽徵求字幕 🍡
≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈
為了讓更多國家的小糯米糰能看到JOU/朴梨的影片
在這裡徵求製作英，韓，日字幕唷！
幫忙製作字幕的小糯米糰~
請留下名字讓我感謝你！
字幕教學影片▶ https://goo.gl/iURCeD
≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈

➽JOU/朴梨的熱門影片 🍡

🍡 減掉23KG因為做了這四件事？！
https://goo.gl/tbnQmE
🍡 TWICE的商品跟人一樣美到說不出話？！
https://goo.gl/cgsuQ2
🍡 發現！BTS JIMIN 朴智旻的衣服？
https://goo.gl/X2CjFk
🍡【BTS三期見面會】
https://goo.gl/KUNWjf
🍡 BTS棒棒糖？這個要怎麼吃下肚呢？
https://goo.gl/SnIDVH
🍡 如何做出成功吸引偶像目光的應援手幅？
https://goo.gl/c1MvUI
🍡 什麼？BTS幫我加油打氣？！
https://goo.gl/OtmgkN

➽JOU/朴梨喜歡的YouTuber 🍡
≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈
DE JuN／賴鴻麟／黃大謙
冏星人／啾啾鞋／愛莉莎莎 Alisasa
Mira's Garden 미라 ／lizzydaily
데이브 The World of Dave／はじめしゃちょー（hajime）
放火 Louis／小玉／Hello Catie
밴쯔／퇴경아 약먹자
≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈≈

➽JOU/朴梨的關鍵字 🍡

韓國／KOREA／한국／KPOP
BTS／防彈少年團／防弹少年团／방탄소년단
減肥／瘦身／減重／甩肉
ARMY／A.R.M.Y／阿米／아미
哈韓必看／韓國必去／韓國必買／韓國必吃
韓國生活／韓國體驗／韓星／追星
演唱會／見面會／開箱／試吃／挑戰／旅行／旅遊
學習韓文／韓文／韓國語學習／自學韓文
台灣／TAIWAN／國語／淘寶開箱

✔如果你想看更多我的短片和更訢，請訂閱我的頻道!
Don't forget to SUBSCRIBE if you want more videos!

✔追蹤以下平台，有更多日常生活、旅遊和穿搭更新/Find me on
Facebook page: Suenn Wong
Instagram: suennwong

Product Description:
Perfume/Makeup remover/ cleanser
-Jo Malone orange blossom cologne
-Jo Malone Netarine blossom and honey
-Hanajirushi deep cleansing lotion moist*
-Clinique take the day off makeup remover for lids, lashes & lips*
-1028 deep cleansing milk*
-Bifesta Moist cleansing sheet

Toner/serum/moisturiser/mask
-CNP Laboratory mugener ampule mist
-Talika photo-hydra lotion*
-Avene hydrating serum
-Clarins double serum
-Estée Lauder ANR intensive recovery ampoules*
-Estée Lauder ANR eye serum*
-MTM custom blended harmonious moisturiser*
-Bioderma light moisturising care
-Dior capture totale dream skin prefect skin creator
-Belif first aid anti-hangover soothing mask
-Glamglow thirsty mud hydrating treatment
-Orgins Refreshing sheet mask*
-lululun one mask*
-Cotton labo bubble mask

Sunscreen
- Origins Dr Weil for origins mega defence SPF45/PA++++*
-Thann oil free facial sunscreen SPF30 PA+++

Body care/ haircare/ contact lens
-Nivea body milk for dry skin
-Nivea intensive moisture dry skin repair
-lush rehab shampoo
-OGX Argan oil of morocco conditioner
-GHD advanced split end therapy*
-Daiso puff and sponge cleanser
-Seed X heroine make 1 day UV contact lens
-Eye coffret 1 day UV contact lens

✔常見問題△FAQ
⌲我的膚質/My skin type
敏感肌/春夏是混合偏油/秋冬是混合偏乾肌
Sensitive skin/ Combo oily in spring summer/ Combo dry in Fall Winter
⌲身高/Height
168cm
⌲拍輯相機/Camera
Canon 760D/ Canon G7X MarkII
⌲編輯軟件/Editing software
Adobe Premiere Pro CC 2017/After Effect

Disclaimer: This video is NOT sponsored.
Products with a (*) = Sent by PR for reviewing purpose but NOT PAID to mention.
All opinions are 100% honest