關於 security bank online ，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

【科技加油站】北歐小國愛沙尼亞數位逆轉勝―e-Estonia
　　　　　　　　　　　　　　　　　　　　　
說起愛沙尼亞，大家除了「波羅迪海三小國」之外，似乎就不太熟悉了
　　　　　　　　　 　　 　　　　　　　　　　　
但你知道嗎？愛沙尼亞現在可是歐洲數位化程度最高的國家喔！
　　　　 　 　　　　 　 　　　　　　
一起來看看這個1991年剛獨立時全國上下只有一支手機的貧窮小國，如何透過數位逆轉勝、施展數位超車，一躍成為全世界最先進的數位國度，打造出無遠弗屆的e-Estonia! https://e-estonia.com/
　　　　　　　　　　　
#上網是人權
愛沙尼亞憲法明文保障上網是基本人權
#全世界首座數位大使館
為了保障資安、備份個資，愛沙尼亞在盧森堡建立了全世界第一座「數位大使館」
#上網就能在愛沙尼亞做生意
只需註冊愛沙尼亞電子公民(e-Residency)，人處他國的外籍人士，也能不受限制地在愛沙尼亞開帳戶、設公司、做生意！
#看看成功案例現身說法
還是不放心嗎?看看一些成功案例讓你卸下心防，擁抱數位
　　　 　 　　　　　　　　　　　　
https://pse.is/3ghdwt
　　　　　　　　　　
When it comes to #Estonia, it seems that people know little about it except for the Baltic nations. Nevertheless, do you know Estonia is the most digitalized country in Europe? Actually, when Estonia became an independent nation in 1991, there was only one mobile phone in the entire country. However, by establishing the powerful virtual network of e-Estonia, now Estonia is definitely one of the most digitally advanced country around the world. Let us come to see how Estonia successfully makes a comeback and catches up with the trend of the digital age.
Please see: https://e-estonia.com/
Highlight:
→ Estonia has declared internet access a human right.
Freedom of expression online is protected by the Constitution of Estonia.
→The world's first “Data Embassy”.
Estonia creates world's first-ever “Data Embassy” in Luxembourg in order to improve information security and back up the national data.
→You can manage your business in Estonia from anywhere, entirely online.
Estonia is the first country to offer e-Residency, a government-issued digital identity and status that allows the foreign entrepreneurs remotely operate their business in the country, including opening a bank account, founding a company, and making a transaction!
　　　　　　　　　　　
https://pse.is/3ghdwt
　　　　　　　 　 　　　　　　　　　　　
https://pse.is/3hp9yv

To Smash a Cracked Pot ｜Lee Yee

The national security honeymoon, the calm before the storm, is over. The sword of Damocles above our heads comes swinging down.

Against the professional recommendations of the Board of Education, the University of Hong Kong’s (HKU) governing council went with the majority’s decision and fired Benny Tai Yiu-ting, associate professor of the Faculty of Law. Certainly, no one would challenge Benny Tai’s comment that the decision to terminate his appointment was made by “an authority beyond the university through its agents”.

Three males and one female, aged between 16 and 21, were arrested on suspicion of “secession” in violation of the national security law. There was no action, only online speeches. Perhaps the few words by these teenagers are powerful enough to split a country of 1.4 billion people?

I had been pondering whether the Communists and their bootlickers would adopt the disqualification tactic or the postponement tactic in the upcoming Legislative Council election. The answer has been revealed that mass disqualifications would come first, and then a postponement may follow. Some said that the Communists are “braver” than I had predicted; but to borrow a young person’s words, which I find to be more suitable: rationality limits my imagination.

The three-part strike happened within a period of two days, putting an end to the honeymoon where the CCP had once sought dialogue, probed, soothed, and observed the global siege led by the United States. Now the CCP is addressing the US sanctions head-on while flexing its muscles by targeting Hongkongers.

This also illustrates that the attempt by the pan-democrats to navigate within the cavity of the national security law, to try to compromise on the confirmation letter to see a way out through election was an utter, complete failure. They could have followed my suggestion from a month ago, to run in the election with proud and loud opposition against the national security law, to welcome being disqualified and show the civilized world “what the CCP is plotting against Hong Kong”. That would have been more courageous. Yet some pushed their luck, and now they face the same fate of being disqualified.

CCP’s honeymoon period following the implementation of the national security law in Hong Kong was based on the assumption, by the CCP as well as other overseas observers, that Trump’s tough policy toward China was for his election campaign. Since the current projection of the election seems unfavorable to Trump, that there is hope for the Democrats to take over, and the US might change its policy toward China.

When the United States ordered the closure of the Chinese Consulate in Houston, and when the four top officials, especially Pompeo’s declaration of resistance to China, made it clear that the US ultra-cold war strategy towards China is unlikely to be reversible.

Stephen Young, a senior diplomat who had stationed in Beijing, Hong Kong, and Taipei, said that demanding other countries to close their consulates is a very drastic strategy. In the past, if a foreign diplomatic agency had a blunder, actions would usually have been taken against a person. The closures of the consulates suggest that the relationship is close to a break-up.

On July 25, the New York Times published the words of Ryan Hass, the President of the US National Security Council in the Obama era, that said, “They want to reorient the U.S.-China relationship toward an all-encompassing systemic rivalry that cannot be reversed by the outcome of the upcoming U.S. election. They believe this reorientation is needed to put the United States on a competitive footing against its 21st-century geostrategic rival.”

The two bills on Hong Kong, and the one on Xinjiang Uyghurs, were all passed almost unanimously in the US Senate and the House of Representatives. The Speaker of the House and Democrat, Pelosi, was particularly enthusiastic; left-wing media such as the New York Times and the Wall Street Journal, though have been critical of Trump, have both affirmed and even encouraged Trump’s anti-China policy.

This has been a 180 from Trump’s previous declaration of “America First” when he did not hesitate to offend the United Kingdom, the European Union, and even Asia-Pacific countries. Pompeo has recently been chummy with Europe and the Asia-Pacific to ally up, and emphasized in his anti-CCP declaration the need for the free world to act together. In fact, Trump’s unilateralism has pivoted, and the allies have returned to their positions one after another, and a global siege towards China has gradually been formed.

Has China been in touch with the US Democratic Party in private to probe whether its China policy will change if it wins the general election? There is no way of knowing. Even if so, the answer is apparent.

The US policy toward China leaves no room for maneuver, and the power-hungry CCP must now hold tight onto the hastily enacted national security law till the end. The longer they hold out, who knows how many more Hong Kong officials or pro-Beijing people would be affected along the lines of Bernard Chan and his sanctioned foreign bank.

What the CCP and its Hong Kong bootlickers are doing could be described with the Chinese idiom “to smash a cracked pot”. The pot is already cracked, then just smash it. It means that there are blemishes, and mistakes that cannot be corrected or will not be correct, then why not send the helve after the hatchet.

Lu Xun said, “When the brave is angered, he draws the sword towards the stronger; when the coward is angered, he draws the sword towards the weaker.” Disqualifications coupled with the postponement, is it “braver”? Or rather, “the coward is angered”.

#ข่าวหุ้น
แหล่งที่มา : http://www.efinancethai.com/LastestNews/LatestNewsMain.aspx?ref=A&id=LzRhdlFtMnVicW89&security=KKP
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The Mysterious Chinese Art Heists Across Europe: https://youtu.be/9LDVQYfeseo
This Is The Greatest Bank Heist in Japanese History: https://youtu.be/gbeN-2ErxBw
The $1,000,000,000 North Korean Bank Heist: https://youtu.be/Usu9z0feHug
How This Lake in Northwest Asia Got Deadlier Than Chernobyl: https://youtu.be/SQCfOjhguO0
How North Korea Held the Greatest Pro Wrestling Event in History: https://youtu.be/U_ZkqfSpbg4

Stock Media Footage:
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Music:
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Ross Bugden: https://youtube.com/channel/UCQKGLOK2FqmVgVwYferltKQ
Brandon Maahs: http://brandonmaahs.com

Channel Description:
Animated documentary-style videos on extraordinary Asian events.

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Kento Bento — Researcher, writer, narrator, audio editor, video editor, motion graphics & art director
Charlie Rodriguez — Illustrator
Isambard Dexter — Research assistant
Nina Bento — Cheerleader

Video Title: This Is The Greatest Bank Heist in Chinese History

"Handan, China. October 10th, 2006. It was getting dark. The vault manager of the Agricultural Bank of China was on edge. He was afraid. He felt something wasn’t quite right. Yes there were two security guards patrolling the grounds, which made him feel safer, but as vault manager he needed to be sure himself. He checked the printer room, the conference room, there was no one there, no sign of trouble. Then he entered the vault… where everything was also fine - the money was there and the bank’s security system was down. In fact, everything was just as he planned..."

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If you then want to upgrade to premium, use the code "KENTOBENTO" for 10% off.

Other videos you may like:
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This Is The Greatest Art Heist in Chinese History: https://youtu.be/9LDVQYfeseo
The $1,000,000,000 North Korean Bank Heist: https://youtu.be/Usu9z0feHug
How This Lake in Northwest Asia Got Deadlier Than Chernobyl: https://youtu.be/SQCfOjhguO0

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Channel Description:
Animated documentary-style videos on extraordinary Asian events.

Credits:
Kento Bento — Researcher, writer, narrator, audio editor, video editor, motion graphics & art director
Charlie Rodriguez — Illustrator
Isambard Dexter — Research assistant
Nina Bento — Cheerleader

Video Title: This Is The Greatest Bank Heist in Japanese History

"Tokyo. December 10th, 1968. It was pouring rain. The bank manager of the Nihon Trust bank was on edge. Someone had threatened his life and those around him over the past few months. Just four days prior, a letter (one of recent many) was sent to his personal residence demanding 300 million yen or his house would be blown up with dynamite. The letter was made up of characters cut out and pasted from movie magazines. Police were notified, and indeed they kept a close eye on the bank and his home. Though this did not ease the mind of the bank manager who shared his concerns with his branch employees. Now of course, this is Japan, and work is work - the show must go on. With this in mind, the bank manager went on with his duties sending four of his employees to the nearby Toshiba factory to make a scheduled drop. So off they went taking the company car, but not long after leaving the bank the four heard police sirens approaching. At that very moment they happened to be next to a prison of all places. A police officer screeched to a halt in front of the car, and frantically got off his motorcycle to warn them..."

Talking Points:
- Fake police officer
- Dynamite
- 1700 ATMs
- 7-Elevens
- Largest heist team ever
- Polite thank you note
- Cyanide
- Post-war Tokyo
- US occupation
- Dysentery outbreak
- Fake health inspector
- Department of Disease Prevention
- Business cards
- Death row
- Sadamichi Hirasawa
- Pornographic drawings
- Unit 731, a covert biological & chemical warfare research & development unit of the Imperial Japanese Army
- Cyber crime
- Virtual currency
- Coincheck company
- Biggest cryptocurrency heist in history
- Hackers
- NEM
- "Hot wallet"
- Online security