ARK 每周股评 – 2/20/2022


We share weekly commentaries with investors on stocks in our strategies that have appreciated or dropped more than 15% in a day during the course of the week. We hope you find this commentary useful.

Sea Limited (SE)
+16%Shares of Sea Limited traded down more than 18% on Monday after the Indian government ordered a ban on more than 54 Chinese apps over concerns about privacy and security and then rebounded 16% on Tuesday in response to a report on app rankings. Among the apps banned was Garena Free Fire, Sea’s Battle Royale mobile game. That said, despite the ban on Garena in India, according to Sensor Tower, Sea’s ecommerce app Shopee was #2 and Garena Free Fire MAX, the high-end version of the game, #3 in overall Google Play store rankings on February 18. While regulatory uncertainty shrouds Sea's growth potential in India, we believe the company could continue to take share in Southeast Asia and expand across Latin America and Europe. Sea Limited provides ecommerce, digital entertainment, and fintech platforms across emerging markets.

注: 在印度政府因担心隐私和安全问题下令禁止超过54个中国应用程序后,Sea Limited的股价周一下跌超过18%,然后在周二因一份关于应用程序排名的报告而反弹了16%。被禁止的应用程序中包括Garena Free Fire,Sea的大逃杀手机游戏。也就是说,尽管Garena在印度被禁,但根据Sensor Tower的数据,2月18日,Sea的电子商务应用Shopee排名第二,Garena Free Fire MAX,即高端版本的游戏,在Google Play商店整体排名中排名第三。虽然监管的不确定性笼罩着Sea在印度的增长潜力,但我们认为该公司可以继续在东南亚抢占份额,并在拉丁美洲和欧洲扩张。Sea有限公司在新兴市场提供电子商务、数字娱乐和金融技术平台。
Roblox (RBLX)
-27%Shares of Roblox traded down nearly 27% on Wednesday after the company reported fourth quarter results. Total bookings in the US and UK faced reopening headwinds and missed analyst expectations. Having paid $500 million to its young developer community and continuing to lower barriers to creation with Roblox Studio, Roblox should continue to increase its share of the developer and gamer communities. Roblox provides a creator-first digital entertainment platform and 3D engine that allow third-party developers to create games and experiences for users globally.

注: Roblox的股票在周三交易中下跌了近27%,此前该公司公布了第四季度的业绩。美国和英国的总预订量面临重新开张的阻力,没有达到分析师的预期。在向其年轻的开发者社区支付了5亿美元,并继续通过Roblox工作室降低创作障碍后,Roblox应该继续增加其在开发者和游戏者社区的份额。Roblox提供了一个创造者优先的数字娱乐平台和3D引擎,使第三方开发者能够为全球用户创造游戏和体验。
Palantir (PLTR)
-16%Shares of Palantir fell nearly 16% on Thursday after the company reported fourth quarter earnings. While surpassing revenue expectations with 34% year-over-year growth thanks to success in US commercial, Palantir reported a significant deceleration in growth in the larger government division, suggesting perhaps a change in government procurement behavior. Palantir provides software platforms that facilitate data analysis, organization, and storage in the public and private sectors.

注: Palantir公司的股价在周四下跌了近16%,此前该公司公布了第四季度收益。虽然得益于美国商业领域的成功,帕兰提尔公司的收入同比增长34%,超过了预期,但帕兰提尔公司报告称,较大的政府部门的增长明显减速,这表明政府采购行为可能发生了变化。Palantir公司提供软件平台,促进公共和私营部门的数据分析、组织和存储。
DraftKings (DKNG)
-21%Shares of DraftKings traded down 21% Friday after the company reported fourth quarter earnings and provided full year EBITDA guidance that missed analysts’ consensus expectations. According to management, if it were to stop investing in states as they open up for mobile sports betting, DraftKings could reach EBITDA profitability by the fourth quarter. With 32% share of total handle for mobile sports betting in states where it operates today, and 20% share of gross revenue for iGaming, DraftKings seems likely to find continued success as the legalization of mobile sports betting expands from the 17 states today. DraftKings’ decision to invest aggressively in its media business, NFT marketplace, and social features should increase customer engagement, retention, and monetization. DraftKings offers mobile sports betting, sports entertainment, and iGaming platforms in the US.

注: DraftKings股价周五下跌21%,此前该公司公布了第四季度收益,并提供了全年EBITDA指引,未能达到分析师的一致预期。据管理层称,如果在各州开放移动体育博彩时停止投资,DraftKings可在第四季度达到EBITDA盈利。目前,DraftKings在其运营的各州拥有32%的移动体育博彩总处理量份额,以及20%的iGaming总收入份额,随着移动体育博彩的合法化从目前的17个州扩大,DraftKings似乎可能会找到持续的成功。DraftKings决定积极投资于其媒体业务、NFT市场和社交功能,这应该会增加客户参与度、保留率和货币化。DraftKings在美国提供移动体育投注、体育娱乐和iGaming平台。
Roku (ROKU)
-22%Shares of Roku traded down 22% Friday after the company reported fourth quarter earnings with lower than expected 33% revenue growth and guidance for further deceleration to 25% for the first quarter. Management cited supply chain bottlenecks and inventory shortages at its TV OEM partners that have impacted sales of smart TVs. Management noted that active accounts increased to more than 60 million, surpassing the number of video subscribers combined at all the cable companies in the US. Although US consumers spend 45% of their viewing hours on streaming TV today, advertising on streaming TV accounts for only 18% of total TV advertising budgets, a gap we expect to close. Roku is the leading TV operating system in the US and is beginning to scale internationally.  

注: Roku股价周五下跌22%,此前该公司公布的第四季度财报显示,收入增长低于预期的33%,而且第一季度的指引是进一步减速至25%。管理层称,其电视OEM合作伙伴的供应链瓶颈和库存短缺,影响了智能电视的销售。管理层指出,活跃账户增加到6000多万,超过了美国所有有线电视公司的视频用户数量的总和。尽管今天美国消费者在流媒体电视上花费了45%的观看时间,但流媒体电视上的广告只占电视广告总预算的18%,我们预计这一差距将会缩小。Roku是美国领先的电视操作系统,并开始在国际上扩展。


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