關於 what is digital transformation ，我們在網路上蒐集到這些相關的討論、資訊與評價

The 8th Anniversary of eCloudvalley - Outlook

To advance, we must continue to improve. Every coworker is expected to innovate and challenge themselves. It is only by continually doing what others cannot think of that one may become a person on the cloud.

eCloudvalley has developed alliances with more partners in recent years and is devoted to offering clients with deeper and wider professional services. We will also continue to broaden the breadth of our services in the future to suit the demands of clients in other markets, allowing us to leverage cloud technology to help them accomplish their digital transformation goal.

In addition to our ongoing commercial development, we make every effort to address societal concerns. Adhere to what is right and strive hard to expand. Externally, we focus on Hong Kong, Southeast Asia, and other overseas markets in Taiwan; internally, we begin by promoting internal transformation plans, hoping to be able to think about skills and innovation, so that every step of eCloudvalley in the future may be more exciting.

#Happy_ECV_day #Happy_ECV_8th_Anniversary #ECVers

🌻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

As I said at the NDR, I didn’t know what Zoom was before last year. Today, it has become a household word. Many Singaporeans use it for school and work meetings.

We couldn’t gather for the Rally in the usual way, with a large crowd seated together in an auditorium. But Zoom let us mimic the experience virtually. It definitely felt different addressing a hybrid audience. But being able to see everyone’s faces, on the screens if not physically present, helped me to connect and build rapport with them.

The pandemic has accelerated the adoption of technology, and made it even more a part of our lives. Using digital technologies to solve problems and improve lives is part of being a Smart Nation, and we will ensure that no one is left behind in this digital transformation. – LHL

(Photo by me)

#ndrsg

Nissan today unveiled the Z Proto, signaling the company's intent to launch a new generation of the legendary Z sports car. Shown at a virtual event beamed around the world from the Nissan Pavilion in Yokohama, the prototype car features a new design inside and out, as well as a V-6 twin turbocharged engine with a manual transmission.

First hinted at in a video named "Nissan A-Z" in May, the Nissan Z Proto pays full respect to 50 years of Z heritage. At the same time, it's a thoroughly modern sports car.

"The Z, as a pure sports car, represents the spirit of Nissan," said Nissan CEO Makoto Uchida. "It's a key model in our Nissan NEXT transformation plan, and it's proof of our ability to do what others don't dare to do, from A to Z. As a Z fan myself, I'm excited to announce that the next Z is coming."

A global community of fans young and old attended today's virtual unveiling. Members of the Z Club in Japan, ZCON participants in Nashville, Tennessee, and enthusiasts in various other markets tuned in for the event.

Exterior: past meets future

Penned and developed by the design team in Japan, the Z Proto boasts a fresh, attractive exterior design with a silhouette that communicates respect for the original model. It sports a bright yellow pearlescent paint – a tribute to a popular paint scheme on both the first generation Z (S30) and the 300ZX (Z32) – and a black roof.

Combining a retro theme with one that also projected futurism was challenging, said Alfonso Albaisa, head of design at Nissan.

The shape of the hood and the canted, teardrop-shaped LED headlights are both unmistakable reminders of the original Z. The rectangular grille's dimensions are similar to the current model with the addition of oval grille fins to offer an updated modern look. The form continues to exude both sportiness and elegance.

The link to the original Z is most striking when viewing the Z Proto from the side. The roofline flows from the nose to the squared-off rear to create a distinctive first-generation Z profile whose rear edge was slightly lower than the front fender height giving the Z its unique posture. The signature transition from the rear quarter glass to the low-slung position of the rear tail adds to the effect.

The rear takes inspiration from the 300ZX (Z32) taillights, reinterpreted for the modern world. Set within a rectangular black section that runs across the rear and wraps around the outer edges, the LED taillights convey a sharp glow.

Lightweight carbon fiber treatments on the side skirts, front lower lip and rear valance ensure nimble performance. 19-inch alloy wheels and dual exhausts complete the Z Proto's striking road presence.

Interior: modern tech with a vintage touch

Designed to fit driver and passenger like a glove, the Z Proto's cabin seamlessly blends modern technology with vintage Z touches.

The interior design team sought advice from professional motorsports legends to give the Z Proto an ideal sports car cabin, both for road and track. This can be seen in the Z's instrumentation. All vital information is found in the 12.3-inch digital meter display and arranged to help the driver grasp it at a glance, such as the redline shift point at the twelve o-clock position.

The new, deep dish steering wheel offers the driver quick access controls without losing its vintage aesthetic.

Yellow accents are found throughout the cabin, including stitching on the instrument panel. The seats feature special yellow accenting and a layered gradation stripe in the center of the seats to create depth.

Sports car joy: an exhilarating, dynamic performer

The original Z was built to bring the joy and excitement of sports car ownership to as many people as possible.

Each new generation had a more powerful engine, although the Z is about more than power increases.

"Z is a balance of power and agility," Tamura continued. "It is a vehicle that creates a connection with the driver not just on the physical level, but emotionally, and responds to the driver's impulses."

Make no mistake though, the Z Proto packs a powerful punch. Under the elongated hood is an enhanced V-6 twin-turbocharged engine mated to a six-speed manual gearbox. As a prototype, work is now underway on synchronizing the power with the grace and control that has defined the Z for the past 50 years.

"With the launch this summer of the groundbreaking Ariya EV, we've started a new era of electrification and autonomous driving technology," said Uchida. "With the Z, we're bringing drivers the excitement of a pure sports car. For more than 50 years we have been creating the legend of Z together. I'm glad you're with us for the next exciting chapter. The new Z is on its way."

Z Proto specifications
Engine V-6 twin turbo
Transmission 6-speed manual
Length 4,382 mm
Width 1,850 mm
Height 1,310 mm
Wheel and tire size Front: 255/40R19