- 虛擬貨幣介紹 (link)
- Huya (link)
- EV = 2.2 B USD
- 3 year avg. FCF = 0.2 B USD
- FCF/EV = 8.9%
- estimated bottom line growth rate in the near term: 10~15% (guts feeling only)
- pro
- Tencent is the major share holder (51% share and 70% voting right)
- Plan to merge with 斗魚
- also cash-rich
- positive earnings and cash flow
- Tencent also invested in Huya's direct competitors such as BiliBili and Kuaishou
- risks
- Competitive online video streaming business would burn lots of cash
- Anti-trust
- 感覺近期政治/商業氛圍不是很好, 破局的可能性不小
- 1 Huya share to 0.73 斗魚 share. Current prices seem to suggest that the merge proposal will not come true.
- thoughts
- if merge is approved, it would be better to buy Douyu
- using current price 16.x and 8, one could short sell Huya and buy Douyu to lock profit.
- if merge failed, both stocks would plummet to a record low.
- Let's wait and see. It should come to an end soon.
- (合併破局 2021.7.11)
- Proof of history. What an interesting idea! (link)
- Long on Lululemon (link)
- China market
- Mirror
- other opportunities: self-care, shoes...etc
- Anti-trust bills (link) (link)
看過去5-8年ROE是否穩定 配得出現金 (低盈再率+高配息) 產業地位不變 (產品不變+高市占/會變+多角化) 公司要夠大 (常利大於5億元，上市櫃滿2年) 老闆要有誠信 (董監持股至少10%) 僅供參考
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