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「先買後付」商機無限⁉️ Buy Now, Pay Later（BNPL）服務因免付利息、跳過「信用審查」而大受Z世代青睞，尤其疫情加大網購消費，已在歐美掀起一波熱潮😮 BNPL的指標新創公司Affirm最新就公布優於市場預期的亮眼財報，還透露與電商巨擘亞馬遜（Amazon）的合作已在小規模測試，數個月後將全面推出，刺激9日盤後飆漲20%。而像蘋果、Square、PayPal等，近幾個月也紛紛尋求相關服務商合作，可見此領域正在迎來龐大商機。不過BNPL服務同時帶來隱憂，監管機構正高度關注，是否會因為「消費太容易」而衍生大量無法償還的債務。
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🌻這星期, 比較引起我注意的就是這幾個新聞了
☘️美國支付公司PayPal(PYPL)宣布，將以3000億日圓（27億美元）收購日本新創公司Paidy，以強化自家「先買後付」（BNPL）產品。
熟悉美股的讀者, 應該對BNPL不陌生了. PayPal這舉動, 其實也強化了跟Amazon的關係:
(from Morgan Stanley)
Provides potential for initial relationship with AMZN in Japan: We think the deal is most notable for giving PYPL its first entry into AMZN's large ecosystem, which PYPL has been trying to gain access to for some time. Paidy began providing BNPL services for AMZN in Japan in November 2019, and after the deal closes, PYPL should have a clear path to eventually sell some of its other core services to AMZN in Japan.
☘️lululemon(LULU)昨天(台灣周四凌晨)發表財報了, 股價跳漲10.47%.
Morgan Stanley:
We highlight margin expansion as particularly impressive against 1) higher eCommerce penetration, which has historically resulted in EBIT margin degradation for many other specialty retail peers, 2) the acquisition of MIRROR, which has not yet achieved profitability, & 3) already best-in-class historical operating margin levels. While some macro factors like lean industry-wide inventory levels may be partially supporting these results, in our view they point to a higher & more profitable growth trajectory for the business compared to the outlook pre-Covid. As such, though LULU’s P/E multiple sits at 46x, above the high end of its pre-Covid 18-41x range, we view current levels as merited against higher future growth & profitability. In our view, this may represent a more permanent valuation re-rating for LULU, & the stock likely continues to trade at elevated levels until results prove otherwise.
🌻Alphabet(GOOGL)今年的表現為什麼那麼亮眼?
今年最會漲的FAANG個股之一, 就是GOOGL了. 如果有在follow這家公司的讀者, 應該有發現他們的營收結構跟過去幾年很不一樣了(可以看下面的表格). YouTube以及Cloud業務成為新的營收成長動能.
Picture: 畫 from National Gallery of Art; 自製的GOOGL簡單營收分類表.
不認識Afterpay的人，其實在美股也買得到這家澳洲上市的BNPL公司代號AFTPY，他是一家上市公司財報都看得到，在美國同類型的月下載量其實是數一數二，美國市場營收還高過Affirm。
這次Square 以290億收購，實際上Afterpay市值原本不到200億美金，Square現在一次插旗就拿下BNPL的大頭，用行動看好先買後付市場的潛力
Square現在自己已經有商業銀行從事中小企業存貸業務，Afterpay加入後未來會有更大量的消費者借貸業務。
對BNPL有興趣的，可以看之前寫的這篇：Affirm的「先買後付」是個好生意嗎？
https://ieobserv.com/AFRM_Vocus
BNPL #Fintech # 美股 #支付行業#Aivestment 如有意參與Aivestment，可以填寫下列表格。https://signup-aivestment.comVisa和Master是不是已經被一眾 ... ... <看更多>
bnpl美股 在 美股經濟學- Home 的推薦與評價
美股 經濟學. 260 likes · 1 talking about this. 我們把嚴肅又無趣的商業資訊，整理分享成有趣好玩的文章。以經濟角度結合美股投資挖掘新興產業的趨勢。 ... <看更多>