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Theta老太太

Theta老太太

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09-18

[吃瓜] 咱们10月下旬开奖

雅诗兰黛受益于利润率提升，目前估值严重被低估，给予强烈买入评级

03-19

$MIU.HK 20240927 13.50 PUT$

2023-11-09

$LAU.HK 20231129 105.00 PUT$ 猜个Q3营收342亿[微笑]

2023-10-17

$好未来(TAL)$ 这小老虎真可爱～

2023-10-14

纪念一下

2023-07-29

$好未来(TAL)$ 希望努力把补习班钱赚回来～

2023-03-25

$SBUX 20230324 97.0 PUT$

2023-03-24

这篇文章不错，转发给大家看看

@美股解毒师:美联储为何同时“缩表”又“扩表”？

2022-12-31

$AAPL 20221230 127.0 PUT$ $AAPL 20221230 127.0 PUT$ 还行还行顺利过关

2022-09-09

赚认知的马迭尔

2022-01-28

🐯

@小虎活动:加入滑雪夺金赛，赢最高2022美元股票代金券，还有限量版小虎盲盒等你拿！

2021-01-09

试试试试

2020-07-30

收盘涨幅55%

@小虎活动:猜理想汽车首日涨跌幅，赢66虎币！

2020-07-20

买点什么好～

去老虎APP查看更多动态

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咱们10月下旬开奖","listText":"[吃瓜]&nbsp; 咱们10月下旬开奖","text":"[吃瓜] 咱们10月下旬开奖","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350795827273992","repostId":"1190701860","repostType":2,"repost":{"id":"1190701860","weMediaInfo":{"introduction":"为您提供最新股市深度内容和观点","home_visible":1,"media_name":"华尔街洞察","id":"1020552876","head_image":"https://community-static.tradeup.com/news/890702a9612ac62b7da91453cf6824e4"},"pubTimestamp":1726521303,"share":"https://www.laohu8.com/m/news/1190701860?lang=&edition=full","pubTime":"2024-09-17 05:15","market":"hk","language":"zh","title":"雅诗兰黛受益于利润率提升，目前估值严重被低估，给予强烈买入评级","url":"https://stock-news.laohu8.com/highlight/detail?id=1190701860","media":"华尔街洞察","summary":"尽管最近雅诗兰黛的股价从高位大幅下跌超过75%,但对于当前的投资价值来说,这无疑已经过于悲观了。结合公司在本财年即将实现2.88美元的每股收益,以及分析师普遍预测的6%长期年化收入增长,雅诗兰黛的估值水平显然受到了极大的挤压。这充分体现了雅诗兰黛股票目前的估值严重被低估。综合来看,雅诗兰黛的业务前景并未发生根本性恶化,利润率有望随着正常化而大幅回升,加之股价的严重低估,给予该股强烈的买入评级是完全可以理解的。","content":"<p>尽管最近雅诗兰黛的股价从高位大幅下跌超过75%,但对于当前的投资价值来说,这无疑已经过于悲观了。通过深入分析公司的业绩表现和估值指标,我们可以发现其股票实际上是一个非常诱人的买入机会。</p><p>首先,我们需要了解雅诗兰黛的市盈率情况。从表面上看,公司的GAAP收益市盈率达到78倍,非GAAP预期收益市盈率也有29倍,确实给人一种股价依然偏高的感觉。但如果我们深挖下去,就会发现这些最近的收益数据并未完全反映公司的真实盈利能力。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c949ab36a1d2145e5794cddd9291f66\" alt=\"图表\" title=\"图表\" tg-width=\"635\" tg-height=\"424\"><span>图表</span></p><p><br>我们可以从公司的营业利润率走势图中看出,受到新冠疫情冲击和库存积压等因素的影响,雅诗兰黛的利润率曾一度大幅下滑,触及了2008年金融危机时期的最低水平。但这种情况很可能只是暂时的,不能完全代表公司的长期前景。事实上,只要业务恢复正常,公司有望重回到2010年代后期16%的健康营业利润率水平。</p><p>根据我的分析,即便假设公司未来营业利润率仅能达到11%-11.5%的指引水平,也已经大幅好于最近的低迷表现。结合公司在本财年即将实现2.88美元的每股收益,以及分析师普遍预测的6%长期年化收入增长,雅诗兰黛的估值水平显然受到了极大的挤压。</p><p>如果公司营业利润率最终重拾14.5%甚至是18%的水平,配合160亿美元的年收入,其每股收益将分别达到5.33美元和6美元,对应当前股价的市盈率仅为16倍和14倍。这充分体现了雅诗兰黛股票目前的估值严重被低估。</p><p>不仅如此,著名投资机构Morningstar也给出了176美元的目标价值,这意味着当前股价还有超过一倍的上升空间。综合来看,雅诗兰黛的业务前景并未发生根本性恶化,利润率有望随着正常化而大幅回升,加之股价的严重低估,给予该股强烈的买入评级是完全可以理解的。</p><p>过去18个月化妆品行业备受挑战,主要源于中国市场持续疲软。许多跨国公司在中国市场都遇到销售疲弱的局面,由于当前经济低迷,消费者在非必需品上的开支意愿不强。这一趋势并非雅诗兰黛独有,行业同领军企业资生堂在亚洲市场的表现也同样不佳。</p><p>中国和东亚市场是化妆品企业重要增长引擎,但过度依赖新兴市场也暴露出一定固有风险。此外,亚洲化妆品和奢侈品市场受赠送及旅游零售影响较北美更大,经济低迷导致这类消费开支大幅下滑,这也给雅诗兰黛的业绩带来不确定性。</p><p>尽管当前不确定性较高,但我们相信中国经济增长势头最终会得以恢复,这将带动化妆品需求反弹。同时,新任CEO的管理改革将为公司注入新动能,加之旅游零售业务有望回暖,雅诗兰黛的长期发展前景依旧看好。</p><p>值得关注的是,虽然公司目前的股息收入率已超过3%,但其长期盈利能力依旧雄厚,偿债能力出众,有望维持目前高股息水平。因此,我们维持对雅诗兰黛的强烈买入评级,认为其目前股价存在较大被低估空间。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6cba724938261161bd6a683bacb3d461\" tg-width=\"635\" tg-height=\"424\"></p><p> 数据来源:YCharts</p><p>历史上,雅诗兰黛(EL.N)作为一家高增长企业,其股票估值较高,股息率通常维持在1%左右。</p><p>尽管EL.N传统上并非人们主要为获得股息而持有的那种股票,但我预计这种意外性更高的收益股将成为一个绝佳的机会。投资者可以以超过3%的初始股息收益率,持有这家具有重大长期增长前景的优质企业。</p><p>需要注意的是,本文讨论了一些不在美国主要交易所上市的证券,投资者需要充分了解相关风险。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>雅诗兰黛受益于利润率提升，目前估值严重被低估，给予强烈买入评级</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n雅诗兰黛受益于利润率提升，目前估值严重被低估，给予强烈买入评级\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1020552876\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/890702a9612ac62b7da91453cf6824e4);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街洞察 </p>\n<p class=\"h-time\">2024-09-17 05:15</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>尽管最近雅诗兰黛的股价从高位大幅下跌超过75%,但对于当前的投资价值来说,这无疑已经过于悲观了。通过深入分析公司的业绩表现和估值指标,我们可以发现其股票实际上是一个非常诱人的买入机会。</p><p>首先,我们需要了解雅诗兰黛的市盈率情况。从表面上看,公司的GAAP收益市盈率达到78倍,非GAAP预期收益市盈率也有29倍,确实给人一种股价依然偏高的感觉。但如果我们深挖下去,就会发现这些最近的收益数据并未完全反映公司的真实盈利能力。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c949ab36a1d2145e5794cddd9291f66\" alt=\"图表\" title=\"图表\" tg-width=\"635\" tg-height=\"424\"><span>图表</span></p><p><br>我们可以从公司的营业利润率走势图中看出,受到新冠疫情冲击和库存积压等因素的影响,雅诗兰黛的利润率曾一度大幅下滑,触及了2008年金融危机时期的最低水平。但这种情况很可能只是暂时的,不能完全代表公司的长期前景。事实上,只要业务恢复正常,公司有望重回到2010年代后期16%的健康营业利润率水平。</p><p>根据我的分析,即便假设公司未来营业利润率仅能达到11%-11.5%的指引水平,也已经大幅好于最近的低迷表现。结合公司在本财年即将实现2.88美元的每股收益,以及分析师普遍预测的6%长期年化收入增长,雅诗兰黛的估值水平显然受到了极大的挤压。</p><p>如果公司营业利润率最终重拾14.5%甚至是18%的水平,配合160亿美元的年收入,其每股收益将分别达到5.33美元和6美元,对应当前股价的市盈率仅为16倍和14倍。这充分体现了雅诗兰黛股票目前的估值严重被低估。</p><p>不仅如此,著名投资机构Morningstar也给出了176美元的目标价值,这意味着当前股价还有超过一倍的上升空间。综合来看,雅诗兰黛的业务前景并未发生根本性恶化,利润率有望随着正常化而大幅回升,加之股价的严重低估,给予该股强烈的买入评级是完全可以理解的。</p><p>过去18个月化妆品行业备受挑战,主要源于中国市场持续疲软。许多跨国公司在中国市场都遇到销售疲弱的局面,由于当前经济低迷,消费者在非必需品上的开支意愿不强。这一趋势并非雅诗兰黛独有,行业同领军企业资生堂在亚洲市场的表现也同样不佳。</p><p>中国和东亚市场是化妆品企业重要增长引擎,但过度依赖新兴市场也暴露出一定固有风险。此外,亚洲化妆品和奢侈品市场受赠送及旅游零售影响较北美更大,经济低迷导致这类消费开支大幅下滑,这也给雅诗兰黛的业绩带来不确定性。</p><p>尽管当前不确定性较高,但我们相信中国经济增长势头最终会得以恢复,这将带动化妆品需求反弹。同时,新任CEO的管理改革将为公司注入新动能,加之旅游零售业务有望回暖,雅诗兰黛的长期发展前景依旧看好。</p><p>值得关注的是,虽然公司目前的股息收入率已超过3%,但其长期盈利能力依旧雄厚,偿债能力出众,有望维持目前高股息水平。因此,我们维持对雅诗兰黛的强烈买入评级,认为其目前股价存在较大被低估空间。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6cba724938261161bd6a683bacb3d461\" tg-width=\"635\" tg-height=\"424\"></p><p> 数据来源:YCharts</p><p>历史上,雅诗兰黛(EL.N)作为一家高增长企业,其股票估值较高,股息率通常维持在1%左右。</p><p>尽管EL.N传统上并非人们主要为获得股息而持有的那种股票,但我预计这种意外性更高的收益股将成为一个绝佳的机会。投资者可以以超过3%的初始股息收益率,持有这家具有重大长期增长前景的优质企业。</p><p>需要注意的是,本文讨论了一些不在美国主要交易所上市的证券,投资者需要充分了解相关风险。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4146":"鞋类","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK4558":"双十一","BK4535":"淡马锡持仓","BK4588":"碎股","LU2404859741.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) INC","SSDOY":"资生堂","LU2404859667.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) ACC","EL":"雅诗兰黛","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU0690374961.EUR":"FUNDSMITH EQUITY \"R\" (EUR) INC","BK4561":"索罗斯持仓","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU0690374615.EUR":"FUNDSMITH EQUITY \"R\" (EUR) ACC","BK4581":"高盛持仓","LU0882574139.USD":"富达环球消费行业基金A ACC","BK4504":"桥水持仓","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","BK4209":"餐馆","BK4183":"个人用品","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","BK4548":"巴美列捷福持仓","LU0823411888.USD":"法巴消费创新基金 Cap","LRLCY":"欧莱雅","SBUX":"星巴克","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","NKE":"耐克"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190701860","content_text":"尽管最近雅诗兰黛的股价从高位大幅下跌超过75%,但对于当前的投资价值来说,这无疑已经过于悲观了。通过深入分析公司的业绩表现和估值指标,我们可以发现其股票实际上是一个非常诱人的买入机会。首先,我们需要了解雅诗兰黛的市盈率情况。从表面上看,公司的GAAP收益市盈率达到78倍,非GAAP预期收益市盈率也有29倍,确实给人一种股价依然偏高的感觉。但如果我们深挖下去,就会发现这些最近的收益数据并未完全反映公司的真实盈利能力。图表我们可以从公司的营业利润率走势图中看出,受到新冠疫情冲击和库存积压等因素的影响,雅诗兰黛的利润率曾一度大幅下滑,触及了2008年金融危机时期的最低水平。但这种情况很可能只是暂时的,不能完全代表公司的长期前景。事实上,只要业务恢复正常,公司有望重回到2010年代后期16%的健康营业利润率水平。根据我的分析,即便假设公司未来营业利润率仅能达到11%-11.5%的指引水平,也已经大幅好于最近的低迷表现。结合公司在本财年即将实现2.88美元的每股收益,以及分析师普遍预测的6%长期年化收入增长,雅诗兰黛的估值水平显然受到了极大的挤压。如果公司营业利润率最终重拾14.5%甚至是18%的水平,配合160亿美元的年收入,其每股收益将分别达到5.33美元和6美元,对应当前股价的市盈率仅为16倍和14倍。这充分体现了雅诗兰黛股票目前的估值严重被低估。不仅如此,著名投资机构Morningstar也给出了176美元的目标价值,这意味着当前股价还有超过一倍的上升空间。综合来看,雅诗兰黛的业务前景并未发生根本性恶化,利润率有望随着正常化而大幅回升,加之股价的严重低估,给予该股强烈的买入评级是完全可以理解的。过去18个月化妆品行业备受挑战,主要源于中国市场持续疲软。许多跨国公司在中国市场都遇到销售疲弱的局面,由于当前经济低迷,消费者在非必需品上的开支意愿不强。这一趋势并非雅诗兰黛独有,行业同领军企业资生堂在亚洲市场的表现也同样不佳。中国和东亚市场是化妆品企业重要增长引擎,但过度依赖新兴市场也暴露出一定固有风险。此外,亚洲化妆品和奢侈品市场受赠送及旅游零售影响较北美更大,经济低迷导致这类消费开支大幅下滑,这也给雅诗兰黛的业绩带来不确定性。尽管当前不确定性较高,但我们相信中国经济增长势头最终会得以恢复,这将带动化妆品需求反弹。同时,新任CEO的管理改革将为公司注入新动能,加之旅游零售业务有望回暖,雅诗兰黛的长期发展前景依旧看好。值得关注的是,虽然公司目前的股息收入率已超过3%,但其长期盈利能力依旧雄厚,偿债能力出众,有望维持目前高股息水平。因此,我们维持对雅诗兰黛的强烈买入评级,认为其目前股价存在较大被低估空间。 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咱们10月下旬开奖","listText":"[吃瓜]&nbsp; 咱们10月下旬开奖","text":"[吃瓜] 咱们10月下旬开奖","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/350795827273992","repostId":"1190701860","repostType":2,"repost":{"id":"1190701860","weMediaInfo":{"introduction":"为您提供最新股市深度内容和观点","home_visible":1,"media_name":"华尔街洞察","id":"1020552876","head_image":"https://community-static.tradeup.com/news/890702a9612ac62b7da91453cf6824e4"},"pubTimestamp":1726521303,"share":"https://www.laohu8.com/m/news/1190701860?lang=&edition=full","pubTime":"2024-09-17 05:15","market":"hk","language":"zh","title":"雅诗兰黛受益于利润率提升，目前估值严重被低估，给予强烈买入评级","url":"https://stock-news.laohu8.com/highlight/detail?id=1190701860","media":"华尔街洞察","summary":"尽管最近雅诗兰黛的股价从高位大幅下跌超过75%,但对于当前的投资价值来说,这无疑已经过于悲观了。结合公司在本财年即将实现2.88美元的每股收益,以及分析师普遍预测的6%长期年化收入增长,雅诗兰黛的估值水平显然受到了极大的挤压。这充分体现了雅诗兰黛股票目前的估值严重被低估。综合来看,雅诗兰黛的业务前景并未发生根本性恶化,利润率有望随着正常化而大幅回升,加之股价的严重低估,给予该股强烈的买入评级是完全可以理解的。","content":"<p>尽管最近雅诗兰黛的股价从高位大幅下跌超过75%,但对于当前的投资价值来说,这无疑已经过于悲观了。通过深入分析公司的业绩表现和估值指标,我们可以发现其股票实际上是一个非常诱人的买入机会。</p><p>首先,我们需要了解雅诗兰黛的市盈率情况。从表面上看,公司的GAAP收益市盈率达到78倍,非GAAP预期收益市盈率也有29倍,确实给人一种股价依然偏高的感觉。但如果我们深挖下去,就会发现这些最近的收益数据并未完全反映公司的真实盈利能力。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c949ab36a1d2145e5794cddd9291f66\" alt=\"图表\" title=\"图表\" tg-width=\"635\" tg-height=\"424\"><span>图表</span></p><p><br>我们可以从公司的营业利润率走势图中看出,受到新冠疫情冲击和库存积压等因素的影响,雅诗兰黛的利润率曾一度大幅下滑,触及了2008年金融危机时期的最低水平。但这种情况很可能只是暂时的,不能完全代表公司的长期前景。事实上,只要业务恢复正常,公司有望重回到2010年代后期16%的健康营业利润率水平。</p><p>根据我的分析,即便假设公司未来营业利润率仅能达到11%-11.5%的指引水平,也已经大幅好于最近的低迷表现。结合公司在本财年即将实现2.88美元的每股收益,以及分析师普遍预测的6%长期年化收入增长,雅诗兰黛的估值水平显然受到了极大的挤压。</p><p>如果公司营业利润率最终重拾14.5%甚至是18%的水平,配合160亿美元的年收入,其每股收益将分别达到5.33美元和6美元,对应当前股价的市盈率仅为16倍和14倍。这充分体现了雅诗兰黛股票目前的估值严重被低估。</p><p>不仅如此,著名投资机构Morningstar也给出了176美元的目标价值,这意味着当前股价还有超过一倍的上升空间。综合来看,雅诗兰黛的业务前景并未发生根本性恶化,利润率有望随着正常化而大幅回升,加之股价的严重低估,给予该股强烈的买入评级是完全可以理解的。</p><p>过去18个月化妆品行业备受挑战,主要源于中国市场持续疲软。许多跨国公司在中国市场都遇到销售疲弱的局面,由于当前经济低迷,消费者在非必需品上的开支意愿不强。这一趋势并非雅诗兰黛独有,行业同领军企业资生堂在亚洲市场的表现也同样不佳。</p><p>中国和东亚市场是化妆品企业重要增长引擎,但过度依赖新兴市场也暴露出一定固有风险。此外,亚洲化妆品和奢侈品市场受赠送及旅游零售影响较北美更大,经济低迷导致这类消费开支大幅下滑,这也给雅诗兰黛的业绩带来不确定性。</p><p>尽管当前不确定性较高,但我们相信中国经济增长势头最终会得以恢复,这将带动化妆品需求反弹。同时,新任CEO的管理改革将为公司注入新动能,加之旅游零售业务有望回暖,雅诗兰黛的长期发展前景依旧看好。</p><p>值得关注的是,虽然公司目前的股息收入率已超过3%,但其长期盈利能力依旧雄厚,偿债能力出众,有望维持目前高股息水平。因此,我们维持对雅诗兰黛的强烈买入评级,认为其目前股价存在较大被低估空间。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6cba724938261161bd6a683bacb3d461\" tg-width=\"635\" tg-height=\"424\"></p><p> 数据来源:YCharts</p><p>历史上,雅诗兰黛(EL.N)作为一家高增长企业,其股票估值较高,股息率通常维持在1%左右。</p><p>尽管EL.N传统上并非人们主要为获得股息而持有的那种股票,但我预计这种意外性更高的收益股将成为一个绝佳的机会。投资者可以以超过3%的初始股息收益率,持有这家具有重大长期增长前景的优质企业。</p><p>需要注意的是,本文讨论了一些不在美国主要交易所上市的证券,投资者需要充分了解相关风险。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>雅诗兰黛受益于利润率提升，目前估值严重被低估，给予强烈买入评级</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n雅诗兰黛受益于利润率提升，目前估值严重被低估，给予强烈买入评级\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1020552876\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/890702a9612ac62b7da91453cf6824e4);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街洞察 </p>\n<p class=\"h-time\">2024-09-17 05:15</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>尽管最近雅诗兰黛的股价从高位大幅下跌超过75%,但对于当前的投资价值来说,这无疑已经过于悲观了。通过深入分析公司的业绩表现和估值指标,我们可以发现其股票实际上是一个非常诱人的买入机会。</p><p>首先,我们需要了解雅诗兰黛的市盈率情况。从表面上看,公司的GAAP收益市盈率达到78倍,非GAAP预期收益市盈率也有29倍,确实给人一种股价依然偏高的感觉。但如果我们深挖下去,就会发现这些最近的收益数据并未完全反映公司的真实盈利能力。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c949ab36a1d2145e5794cddd9291f66\" alt=\"图表\" title=\"图表\" tg-width=\"635\" tg-height=\"424\"><span>图表</span></p><p><br>我们可以从公司的营业利润率走势图中看出,受到新冠疫情冲击和库存积压等因素的影响,雅诗兰黛的利润率曾一度大幅下滑,触及了2008年金融危机时期的最低水平。但这种情况很可能只是暂时的,不能完全代表公司的长期前景。事实上,只要业务恢复正常,公司有望重回到2010年代后期16%的健康营业利润率水平。</p><p>根据我的分析,即便假设公司未来营业利润率仅能达到11%-11.5%的指引水平,也已经大幅好于最近的低迷表现。结合公司在本财年即将实现2.88美元的每股收益,以及分析师普遍预测的6%长期年化收入增长,雅诗兰黛的估值水平显然受到了极大的挤压。</p><p>如果公司营业利润率最终重拾14.5%甚至是18%的水平,配合160亿美元的年收入,其每股收益将分别达到5.33美元和6美元,对应当前股价的市盈率仅为16倍和14倍。这充分体现了雅诗兰黛股票目前的估值严重被低估。</p><p>不仅如此,著名投资机构Morningstar也给出了176美元的目标价值,这意味着当前股价还有超过一倍的上升空间。综合来看,雅诗兰黛的业务前景并未发生根本性恶化,利润率有望随着正常化而大幅回升,加之股价的严重低估,给予该股强烈的买入评级是完全可以理解的。</p><p>过去18个月化妆品行业备受挑战,主要源于中国市场持续疲软。许多跨国公司在中国市场都遇到销售疲弱的局面,由于当前经济低迷,消费者在非必需品上的开支意愿不强。这一趋势并非雅诗兰黛独有,行业同领军企业资生堂在亚洲市场的表现也同样不佳。</p><p>中国和东亚市场是化妆品企业重要增长引擎,但过度依赖新兴市场也暴露出一定固有风险。此外,亚洲化妆品和奢侈品市场受赠送及旅游零售影响较北美更大,经济低迷导致这类消费开支大幅下滑,这也给雅诗兰黛的业绩带来不确定性。</p><p>尽管当前不确定性较高,但我们相信中国经济增长势头最终会得以恢复,这将带动化妆品需求反弹。同时,新任CEO的管理改革将为公司注入新动能,加之旅游零售业务有望回暖,雅诗兰黛的长期发展前景依旧看好。</p><p>值得关注的是,虽然公司目前的股息收入率已超过3%,但其长期盈利能力依旧雄厚,偿债能力出众,有望维持目前高股息水平。因此,我们维持对雅诗兰黛的强烈买入评级,认为其目前股价存在较大被低估空间。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6cba724938261161bd6a683bacb3d461\" tg-width=\"635\" tg-height=\"424\"></p><p> 数据来源:YCharts</p><p>历史上,雅诗兰黛(EL.N)作为一家高增长企业,其股票估值较高,股息率通常维持在1%左右。</p><p>尽管EL.N传统上并非人们主要为获得股息而持有的那种股票,但我预计这种意外性更高的收益股将成为一个绝佳的机会。投资者可以以超过3%的初始股息收益率,持有这家具有重大长期增长前景的优质企业。</p><p>需要注意的是,本文讨论了一些不在美国主要交易所上市的证券,投资者需要充分了解相关风险。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4146":"鞋类","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK4558":"双十一","BK4535":"淡马锡持仓","BK4588":"碎股","LU2404859741.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) INC","SSDOY":"资生堂","LU2404859667.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) ACC","EL":"雅诗兰黛","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU0690374961.EUR":"FUNDSMITH EQUITY \"R\" (EUR) INC","BK4561":"索罗斯持仓","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU0690374615.EUR":"FUNDSMITH EQUITY \"R\" (EUR) ACC","BK4581":"高盛持仓","LU0882574139.USD":"富达环球消费行业基金A ACC","BK4504":"桥水持仓","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","BK4209":"餐馆","BK4183":"个人用品","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","BK4548":"巴美列捷福持仓","LU0823411888.USD":"法巴消费创新基金 Cap","LRLCY":"欧莱雅","SBUX":"星巴克","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","NKE":"耐克"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190701860","content_text":"尽管最近雅诗兰黛的股价从高位大幅下跌超过75%,但对于当前的投资价值来说,这无疑已经过于悲观了。通过深入分析公司的业绩表现和估值指标,我们可以发现其股票实际上是一个非常诱人的买入机会。首先,我们需要了解雅诗兰黛的市盈率情况。从表面上看,公司的GAAP收益市盈率达到78倍,非GAAP预期收益市盈率也有29倍,确实给人一种股价依然偏高的感觉。但如果我们深挖下去,就会发现这些最近的收益数据并未完全反映公司的真实盈利能力。图表我们可以从公司的营业利润率走势图中看出,受到新冠疫情冲击和库存积压等因素的影响,雅诗兰黛的利润率曾一度大幅下滑,触及了2008年金融危机时期的最低水平。但这种情况很可能只是暂时的,不能完全代表公司的长期前景。事实上,只要业务恢复正常,公司有望重回到2010年代后期16%的健康营业利润率水平。根据我的分析,即便假设公司未来营业利润率仅能达到11%-11.5%的指引水平,也已经大幅好于最近的低迷表现。结合公司在本财年即将实现2.88美元的每股收益,以及分析师普遍预测的6%长期年化收入增长,雅诗兰黛的估值水平显然受到了极大的挤压。如果公司营业利润率最终重拾14.5%甚至是18%的水平,配合160亿美元的年收入,其每股收益将分别达到5.33美元和6美元,对应当前股价的市盈率仅为16倍和14倍。这充分体现了雅诗兰黛股票目前的估值严重被低估。不仅如此,著名投资机构Morningstar也给出了176美元的目标价值,这意味着当前股价还有超过一倍的上升空间。综合来看,雅诗兰黛的业务前景并未发生根本性恶化,利润率有望随着正常化而大幅回升,加之股价的严重低估,给予该股强烈的买入评级是完全可以理解的。过去18个月化妆品行业备受挑战,主要源于中国市场持续疲软。许多跨国公司在中国市场都遇到销售疲弱的局面,由于当前经济低迷,消费者在非必需品上的开支意愿不强。这一趋势并非雅诗兰黛独有,行业同领军企业资生堂在亚洲市场的表现也同样不佳。中国和东亚市场是化妆品企业重要增长引擎,但过度依赖新兴市场也暴露出一定固有风险。此外,亚洲化妆品和奢侈品市场受赠送及旅游零售影响较北美更大,经济低迷导致这类消费开支大幅下滑,这也给雅诗兰黛的业绩带来不确定性。尽管当前不确定性较高,但我们相信中国经济增长势头最终会得以恢复,这将带动化妆品需求反弹。同时,新任CEO的管理改革将为公司注入新动能,加之旅游零售业务有望回暖,雅诗兰黛的长期发展前景依旧看好。值得关注的是,虽然公司目前的股息收入率已超过3%,但其长期盈利能力依旧雄厚,偿债能力出众,有望维持目前高股息水平。因此,我们维持对雅诗兰黛的强烈买入评级,认为其目前股价存在较大被低估空间。 数据来源:YCharts历史上,雅诗兰黛(EL.N)作为一家高增长企业,其股票估值较高,股息率通常维持在1%左右。尽管EL.N传统上并非人们主要为获得股息而持有的那种股票,但我预计这种意外性更高的收益股将成为一个绝佳的机会。投资者可以以超过3%的初始股息收益率,持有这家具有重大长期增长前景的优质企业。需要注意的是,本文讨论了一些不在美国主要交易所上市的证券,投资者需要充分了解相关风险。","news_type":1},"isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":286068285956264,"gmtCreate":1710859260698,"gmtModify":1710859271140,"author":{"id":"3529999663937577","authorId":"3529999663937577","name":"Theta老太太","avatar":"https://static.tigerbbs.com/aa1f6673ff156f9641ebe655a5af99fa","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3529999663937577","authorIdStr":"3529999663937577"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/OPT/MIU.HK 20240927 13.50 PUT\">$MIU.HK 20240927 13.50 PUT$</a>&nbsp;","listText":"<a href=\"https://laohu8.com/OPT/MIU.HK 20240927 13.50 PUT\">$MIU.HK 20240927 13.50 PUT$</a>&nbsp;","text":"$MIU.HK 20240927 13.50 PUT$","images":[{"img":"https://static.tigerbbs.com/1882f1bb1e03fe34dc7160926ae9f346","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/286068285956264","isVote":1,"tweetType":1,"viewCount":228,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":659303464,"gmtCreate":1679655942358,"gmtModify":1679655944008,"author":{"id":"3529999663937577","authorId":"3529999663937577","name":"Theta老太太","avatar":"https://static.tigerbbs.com/aa1f6673ff156f9641ebe655a5af99fa","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3529999663937577","authorIdStr":"3529999663937577"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/659303464","repostId":"650268026","repostType":1,"repost":{"id":650268026,"gmtCreate":1679305020765,"gmtModify":1679305114064,"author":{"id":"3440721572920950","authorId":"3440721572920950","name":"美股解毒师","avatar":"https://static.tigerbbs.com/bbf0f514b8e5abb92266789b89f6e1e6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3440721572920950","authorIdStr":"3440721572920950"},"themes":[],"title":"美联储为何同时“缩表”又“扩表”？","htmlText":"美联储“扩表”了？美联储进行与加息同时的紧缩政策还包括缩表，其资产负债表自2022年高点以来已经回收了6260亿美元，主要是国债以及MBS，这一定程度上能起到影响市场流动性，当然，也能改变收益率曲线。期限利差的倒挂对于天然经营期限错配业务的银行是相对不利的，因为银行通常会以短期存款为基础，发放长期贷款，而倒挂现象会导致短期融资成本高于长期融资成本，从而使银行的净息差收窄。此外，倒挂现象还可能导致银行面临流动性风险和信用风险。有意思的是，在上周的“银行也流动性危机”后，美联储重启设立银行定期融资计划（Banking Term Funding Program，简称BFTP），来给银行提供短期流动性支持。在公布截至3月15日的资产负债表各科目的变化情况后，投资者很容易就发现资产负债表的瞬间扩张。为什么会再次扩表？这是变相QE吗？央行的三种方式：公开市场操作（OMO）贴现窗口（Discount Window）非常规金融资产购买，如QE。在2020年初疫情突发时，美联储通过非常规的特别会议迅速降息、推出大规模QE、推出了包括货币基金、商业票据、一级交易商等等多达10多项流动性便利（LF），这些直接突发地扩大了美联储的资产负债表。而此次美联储扩表属于2.贴现窗口。银行发生流动性危机后，央行作为最终贷款人为金融机构提供流动性支持。虽然过去一周初级信贷工具（primary credit）新增资金1483亿美元，单周增幅超过了08年次贷危机以及20年疫情，但是初级信贷工具是美联储为财务状况良好的存款机构提供借贷的工具，借款期限最长90天，也可以续。这部分资金主要定向救助硅谷银行、Signature银行、第一共和银行等。这种“扩表”还会持续吗？由于美国通胀仍然较高，美联储或不会很快降息，这意味着美国银行业在低利率环境下积累的期限错配问题短期内难以解决。特别是一些中小型、区域性银行还可能面临“存","listText":"美联储“扩表”了？美联储进行与加息同时的紧缩政策还包括缩表，其资产负债表自2022年高点以来已经回收了6260亿美元，主要是国债以及MBS，这一定程度上能起到影响市场流动性，当然，也能改变收益率曲线。期限利差的倒挂对于天然经营期限错配业务的银行是相对不利的，因为银行通常会以短期存款为基础，发放长期贷款，而倒挂现象会导致短期融资成本高于长期融资成本，从而使银行的净息差收窄。此外，倒挂现象还可能导致银行面临流动性风险和信用风险。有意思的是，在上周的“银行也流动性危机”后，美联储重启设立银行定期融资计划（Banking Term Funding Program，简称BFTP），来给银行提供短期流动性支持。在公布截至3月15日的资产负债表各科目的变化情况后，投资者很容易就发现资产负债表的瞬间扩张。为什么会再次扩表？这是变相QE吗？央行的三种方式：公开市场操作（OMO）贴现窗口（Discount Window）非常规金融资产购买，如QE。在2020年初疫情突发时，美联储通过非常规的特别会议迅速降息、推出大规模QE、推出了包括货币基金、商业票据、一级交易商等等多达10多项流动性便利（LF），这些直接突发地扩大了美联储的资产负债表。而此次美联储扩表属于2.贴现窗口。银行发生流动性危机后，央行作为最终贷款人为金融机构提供流动性支持。虽然过去一周初级信贷工具（primary credit）新增资金1483亿美元，单周增幅超过了08年次贷危机以及20年疫情，但是初级信贷工具是美联储为财务状况良好的存款机构提供借贷的工具，借款期限最长90天，也可以续。这部分资金主要定向救助硅谷银行、Signature银行、第一共和银行等。这种“扩表”还会持续吗？由于美国通胀仍然较高，美联储或不会很快降息，这意味着美国银行业在低利率环境下积累的期限错配问题短期内难以解决。特别是一些中小型、区域性银行还可能面临“存","text":"美联储“扩表”了？美联储进行与加息同时的紧缩政策还包括缩表，其资产负债表自2022年高点以来已经回收了6260亿美元，主要是国债以及MBS，这一定程度上能起到影响市场流动性，当然，也能改变收益率曲线。期限利差的倒挂对于天然经营期限错配业务的银行是相对不利的，因为银行通常会以短期存款为基础，发放长期贷款，而倒挂现象会导致短期融资成本高于长期融资成本，从而使银行的净息差收窄。此外，倒挂现象还可能导致银行面临流动性风险和信用风险。有意思的是，在上周的“银行也流动性危机”后，美联储重启设立银行定期融资计划（Banking Term Funding Program，简称BFTP），来给银行提供短期流动性支持。在公布截至3月15日的资产负债表各科目的变化情况后，投资者很容易就发现资产负债表的瞬间扩张。为什么会再次扩表？这是变相QE吗？央行的三种方式：公开市场操作（OMO）贴现窗口（Discount Window）非常规金融资产购买，如QE。在2020年初疫情突发时，美联储通过非常规的特别会议迅速降息、推出大规模QE、推出了包括货币基金、商业票据、一级交易商等等多达10多项流动性便利（LF），这些直接突发地扩大了美联储的资产负债表。而此次美联储扩表属于2.贴现窗口。银行发生流动性危机后，央行作为最终贷款人为金融机构提供流动性支持。虽然过去一周初级信贷工具（primary 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