$FD海外(ZH3515469)$ @FD687 $PayPal(PYPL)$ 加了点仓位。

2号的帖子可能因为有X的链接没发出去，这里再重新发一边：

$PayPal(PYPL)$ 开始建仓，博弈困境反转。

好公司：

- Risks：主业增长停滞，行业竞争激烈(Apple Pay, Google Pay, Future AI agent in digital payment)；

- Catalysts：transitional period, e.g. E-commerce platform, high growth of Venmo in US, AI-driven features, Crypto (cryptos trading and payment) and Stabecoin (PYUSD)；

好管理层：new CEO Alex Chriss since 2023 (strong qualifications, good early direction, but lots to prove)

- Emphasis on product / technology leadership, customer experience, and “commerce” versus strictly payments.

- Shifting from growth at all costs / expansion to profitable growth (margin improvement)

好价格：PE14.5 在历史低位，同时账面现金充足+大量股票回购 (buyback yield >9%)提供了一定的安全边际。