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牛逼的泡泡
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牛逼的泡泡
2024-01-25
$亚马逊(AMZN)$
苍天啊,有生之年能不能满足我把亚马逊仓库给炸掉,夷为平地啊,这仓库真的是垃圾中的战斗机啊。
牛逼的泡泡
2023-03-15
逗我呢,无语😓
抱歉,原内容已删除
牛逼的泡泡
2023-02-24
$纳斯达克(.IXIC)$
[无语]
牛逼的泡泡
2023-02-13
之前还有人推荐做空曼联,笑死了😂
抱歉,原内容已删除
牛逼的泡泡
2023-01-26
$Shopify Inc(SHOP)$
看来是起飞了,以后不管了。虽然在37美金的时候卖了一手,但是也没啥遗憾的。
牛逼的泡泡
2022-12-30
$老虎证券(TIGR)$
好好看看
牛逼的泡泡
2022-11-23
笑死
高盛:需求急剧减速 大幅下调Beyond Meat(BYND.US)目标价至5美元
牛逼的泡泡
2022-10-27
$Shopify Inc(SHOP)$
建仓成功
牛逼的泡泡
2022-10-10
中国的企业实在太恶心了,突然给你整这么条新闻。
Boss直聘向港交所提交上市申请书
牛逼的泡泡
2022-08-08
$瑞幸咖啡(LKNCY)$
好想哭啊,明知道瑞幸财报很好看,毕竟我是瑞幸的忠实粉丝,天天买瑞幸喝,竟然没注意到今天盘前出财报,直到周六才发现。礼拜六挂单了。盘前一直大单追着买入,但是老虎的APP竟然不支持粉单盘前交易。天杀的。怪自己脑残吧。这个疏忽,得用好久才能治愈吧。
牛逼的泡泡
2022-08-01
$亘喜生物(GRCL)$
什么情况,就随意买了五股,盘前涨了23%,真是有心栽花花不发,无心插柳柳成荫啊,哎,郁闷
牛逼的泡泡
2022-04-27
抄别人的报告有意思吗?
供应受阻后运价继续飙升,以星综合航运却藏有隐忧?
牛逼的泡泡
2022-03-16
$ZIM Integrated Shipping Services Ltd.(ZIM)$
从发行价开始买入的股票
牛逼的泡泡
2022-03-02
不能再同意了,以360为首的太恶心了。
网信办:《互联网弹窗信息推送服务管理规定》公开征求意见
牛逼的泡泡
2022-01-27
$蔚来(NIO)$
别人贪婪我恐惧,别人恐惧我贪婪。别怕,大胆的买。
牛逼的泡泡
2021-09-09
$腾讯控股(00700)$
让那些妄想通过炒股一朝发财的人,好好看看[开心]
牛逼的泡泡
2021-09-01
$高途(GOTU)$
要死了哦,都连续大涨了三天,真不知道机构大幅加仓的原因干嘛,政策都落地了,那么多的钱是剩的慌吗[喷血]
牛逼的泡泡
2021-08-13
$高途(GOTU)$
以前105美金做空,竟然还亏,看看现在的股价,真的是
牛逼的泡泡
2021-08-13
$RLX科技(RLX)$
我又来薅羊毛了[笑哭]
牛逼的泡泡
2021-08-12
$一起教育科技(YQ)$
比亚迪亏死我了
去老虎APP查看更多动态
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21:19","market":"us","language":"zh","title":"高盛:需求急剧减速 大幅下调Beyond Meat(BYND.US)目标价至5美元","url":"https://stock-news.laohu8.com/highlight/detail?id=2285284348","media":"智通财经","summary":"智通财经APP获悉,高盛发布研报表示,将Beyond Meat(BYND.US)的目标价从14美元下调至5美元,并维持其“卖出”评级。高盛分析师Adam Samuelson表示,在新冠疫情引发的封锁对该公司大流行前的增长战略造成了“重大破坏”之后,其“盈利途径”困境现在因通货膨胀而加剧,通货膨胀正在影响消费者对高价替代蛋白质的需求。Samuelson认为,Beyond Meat在供应链产能方面的投资“与潜在需求的急剧减速背道而驰”。他表示,该公司面临的挑战“依然严峻”,在2023年下半年实现正自由现金流的道路“非常狭窄”。Samuelson降低了该股的市盈率,以反映较低的市场市盈率。","content":"<html><body><p>智通财经APP获悉,<a href=\"https://laohu8.com/S/GS\">高盛</a>发布研报表示,将Beyond Meat(BYND.US)的目标价从14美元下调至5美元,并维持其“卖出”评级。</p><p>高盛分析师Adam Samuelson表示,在新冠疫情引发的封锁对该公司大流行前的增长战略造成了“重大破坏”之后,其“盈利途径”困境现在因通货膨胀而加剧,通货膨胀正在影响消费者对高价替代蛋白质的需求。</p><p>Samuelson认为,Beyond Meat在供应链产能方面的投资“与潜在需求的急剧减速背道而驰”。他表示,该公司面临的挑战“依然严峻”,在2023年下半年实现正自由现金流的道路“非常狭窄”。Samuelson降低了该股的市盈率,以反映较低的市场市盈率。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; 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href=\"http://www.zhitongcaijing.com/content/detail/836327.html\"><strong>智通财经</strong></a>\n</h4>\n</header>\n<article>\n<div>\n<p>智通财经APP获悉,高盛发布研报表示,将Beyond Meat(BYND.US)的目标价从14美元下调至5美元,并维持其“卖出”评级。高盛分析师Adam Samuelson表示,在新冠疫情引发的封锁对该公司大流行前的增长战略造成了“重大破坏”之后,其“盈利途径”困境现在因通货膨胀而加剧,通货膨胀正在影响消费者对高价替代蛋白质的需求。Samuelson认为,Beyond Meat在供应链产能方面的...</p>\n<a href=\"http://www.zhitongcaijing.com/content/detail/836327.html\">Web Link</a>\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BYND":"Beyond Meat, Inc."},"source_url":"http://www.zhitongcaijing.com/content/detail/836327.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2285284348","content_text":"智通财经APP获悉,高盛发布研报表示,将Beyond Meat(BYND.US)的目标价从14美元下调至5美元,并维持其“卖出”评级。高盛分析师Adam Samuelson表示,在新冠疫情引发的封锁对该公司大流行前的增长战略造成了“重大破坏”之后,其“盈利途径”困境现在因通货膨胀而加剧,通货膨胀正在影响消费者对高价替代蛋白质的需求。Samuelson认为,Beyond Meat在供应链产能方面的投资“与潜在需求的急剧减速背道而驰”。他表示,该公司面临的挑战“依然严峻”,在2023年下半年实现正自由现金流的道路“非常狭窄”。Samuelson降低了该股的市盈率,以反映较低的市场市盈率。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1757,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":665980928,"gmtCreate":1666883418265,"gmtModify":1666883441380,"author":{"id":"3559770134796747","authorId":"3559770134796747","name":"牛逼的泡泡","avatar":"https://static.tigerbbs.com/9bf6916652a79d7028c26078fd497da4","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559770134796747","authorIdStr":"3559770134796747"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SHOP\">$Shopify Inc(SHOP)$</a>建仓成功","listText":"<a href=\"https://laohu8.com/S/SHOP\">$Shopify Inc(SHOP)$</a>建仓成功","text":"$Shopify Inc(SHOP)$建仓成功","images":[{"img":"https://static.tigerbbs.com/86e6565bcc5466d389c0f963768ffd42","width":"1170","height":"2292"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/665980928","isVote":1,"tweetType":1,"viewCount":1668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":666338671,"gmtCreate":1665410146593,"gmtModify":1665410149219,"author":{"id":"3559770134796747","authorId":"3559770134796747","name":"牛逼的泡泡","avatar":"https://static.tigerbbs.com/9bf6916652a79d7028c26078fd497da4","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559770134796747","authorIdStr":"3559770134796747"},"themes":[],"htmlText":"中国的企业实在太恶心了,突然给你整这么条新闻。","listText":"中国的企业实在太恶心了,突然给你整这么条新闻。","text":"中国的企业实在太恶心了,突然给你整这么条新闻。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/666338671","repostId":"1126109042","repostType":2,"repost":{"id":"1126109042","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1665403317,"share":"https://www.laohu8.com/m/news/1126109042?lang=&edition=full","pubTime":"2022-10-10 20:01","market":"hk","language":"zh","title":"Boss直聘向港交所提交上市申请书","url":"https://stock-news.laohu8.com/highlight/detail?id=1126109042","media":"老虎资讯综合","summary":"10月10日,BOSS直聘向香港联交所递交了双重主要上市申请。此次上市由摩根士丹利、高盛担任联席保荐人。双重主要上市流程完成后,BOSS直聘将成为同时在美国纳斯达克交易所和香港联交所上市的公司。据招股","content":"<html><head></head><body><p>10月10日,<a href=\"https://laohu8.com/S/BZ\">BOSS直聘</a>向香港联交所递交了双重主要上市申请。此次上市由<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>、<a href=\"https://laohu8.com/S/GS\">高盛</a>担任联席保荐人。双重主要上市流程完成后,BOSS直聘将成为同时在美国纳斯达克交易所和香港联交所上市的公司。</p><p>据招股书信息,2022年上半年,BOSS直聘平均月度活跃用户(MAU)为2590万人,用户平均每月在平台上产生30亿条求职招聘交流信息。同期,BOSS直聘实现营收22.50亿元,经营性现金流流入为4.81亿元,取得经调整净利润3.63亿元,展现了稳定的营运效率和盈利能力。截至2022年6月30日,BOSS直聘累积服务认证求职者超过1亿人、认证企业890万家。</p><p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/d870604819ff55e1f6077439cd1885a5\" tg-height=\"625\" tg-width=\"867\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\" name=\"viewport\"/>\n<meta content=\"telephone=no,email=no,address=no\" name=\"format-detection\"/>\n<title>Boss直聘向港交所提交上市申请书</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\">\nBoss直聘向港交所提交上市申请书\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2022-10-10 20:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>10月10日,<a href=\"https://laohu8.com/S/BZ\">BOSS直聘</a>向香港联交所递交了双重主要上市申请。此次上市由<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>、<a href=\"https://laohu8.com/S/GS\">高盛</a>担任联席保荐人。双重主要上市流程完成后,BOSS直聘将成为同时在美国纳斯达克交易所和香港联交所上市的公司。</p><p>据招股书信息,2022年上半年,BOSS直聘平均月度活跃用户(MAU)为2590万人,用户平均每月在平台上产生30亿条求职招聘交流信息。同期,BOSS直聘实现营收22.50亿元,经营性现金流流入为4.81亿元,取得经调整净利润3.63亿元,展现了稳定的营运效率和盈利能力。截至2022年6月30日,BOSS直聘累积服务认证求职者超过1亿人、认证企业890万家。</p><p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/d870604819ff55e1f6077439cd1885a5\" tg-height=\"625\" tg-width=\"867\"/></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f698ae7126e34e8a997d597b09a4543b","relate_stocks":{"BK4509":"腾讯概念","BK4535":"淡马锡持仓","BK4077":"互动媒体与服务","BK4550":"红杉资本持仓","BK4526":"热门中概股","BK4552":"Archegos爆仓风波概念","BK4503":"景林资产持仓","BK4551":"寇图资本持仓","GS":"高盛","BK4505":"高瓴资本持仓","BK4581":"高盛持仓","BK4504":"桥水持仓","BZ":"BOSS直聘","BK4563":"昨日强势股","MS":"摩根士丹利","BK4127":"投资银行业与经纪业","BK4539":"次新股","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126109042","content_text":"10月10日,BOSS直聘向香港联交所递交了双重主要上市申请。此次上市由摩根士丹利、高盛担任联席保荐人。双重主要上市流程完成后,BOSS直聘将成为同时在美国纳斯达克交易所和香港联交所上市的公司。据招股书信息,2022年上半年,BOSS直聘平均月度活跃用户(MAU)为2590万人,用户平均每月在平台上产生30亿条求职招聘交流信息。同期,BOSS直聘实现营收22.50亿元,经营性现金流流入为4.81亿元,取得经调整净利润3.63亿元,展现了稳定的营运效率和盈利能力。截至2022年6月30日,BOSS直聘累积服务认证求职者超过1亿人、认证企业890万家。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":685748467,"gmtCreate":1659961649861,"gmtModify":1659961700732,"author":{"id":"3559770134796747","authorId":"3559770134796747","name":"牛逼的泡泡","avatar":"https://static.tigerbbs.com/9bf6916652a79d7028c26078fd497da4","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559770134796747","authorIdStr":"3559770134796747"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/LKNCY\">$瑞幸咖啡(LKNCY)$</a>好想哭啊,明知道瑞幸财报很好看,毕竟我是瑞幸的忠实粉丝,天天买瑞幸喝,竟然没注意到今天盘前出财报,直到周六才发现。礼拜六挂单了。盘前一直大单追着买入,但是老虎的APP竟然不支持粉单盘前交易。天杀的。怪自己脑残吧。这个疏忽,得用好久才能治愈吧。","listText":"<a href=\"https://laohu8.com/S/LKNCY\">$瑞幸咖啡(LKNCY)$</a>好想哭啊,明知道瑞幸财报很好看,毕竟我是瑞幸的忠实粉丝,天天买瑞幸喝,竟然没注意到今天盘前出财报,直到周六才发现。礼拜六挂单了。盘前一直大单追着买入,但是老虎的APP竟然不支持粉单盘前交易。天杀的。怪自己脑残吧。这个疏忽,得用好久才能治愈吧。","text":"$瑞幸咖啡(LKNCY)$好想哭啊,明知道瑞幸财报很好看,毕竟我是瑞幸的忠实粉丝,天天买瑞幸喝,竟然没注意到今天盘前出财报,直到周六才发现。礼拜六挂单了。盘前一直大单追着买入,但是老虎的APP竟然不支持粉单盘前交易。天杀的。怪自己脑残吧。这个疏忽,得用好久才能治愈吧。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/685748467","isVote":1,"tweetType":1,"viewCount":3950,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":685022444,"gmtCreate":1659347422190,"gmtModify":1659347422190,"author":{"id":"3559770134796747","authorId":"3559770134796747","name":"牛逼的泡泡","avatar":"https://static.tigerbbs.com/9bf6916652a79d7028c26078fd497da4","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559770134796747","authorIdStr":"3559770134796747"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GRCL\">$亘喜生物(GRCL)$</a>什么情况,就随意买了五股,盘前涨了23%,真是有心栽花花不发,无心插柳柳成荫啊,哎,郁闷","listText":"<a href=\"https://laohu8.com/S/GRCL\">$亘喜生物(GRCL)$</a>什么情况,就随意买了五股,盘前涨了23%,真是有心栽花花不发,无心插柳柳成荫啊,哎,郁闷","text":"$亘喜生物(GRCL)$什么情况,就随意买了五股,盘前涨了23%,真是有心栽花花不发,无心插柳柳成荫啊,哎,郁闷","images":[{"img":"https://static.tigerbbs.com/3612a501c177455275bdaaa8b3dd1e98","width":"1170","height":"2292"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/685022444","isVote":1,"tweetType":1,"viewCount":2932,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":618215151,"gmtCreate":1651048930281,"gmtModify":1651048930281,"author":{"id":"3559770134796747","authorId":"3559770134796747","name":"牛逼的泡泡","avatar":"https://static.tigerbbs.com/9bf6916652a79d7028c26078fd497da4","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559770134796747","authorIdStr":"3559770134796747"},"themes":[],"htmlText":"抄别人的报告有意思吗?","listText":"抄别人的报告有意思吗?","text":"抄别人的报告有意思吗?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/618215151","repostId":"2229543531","repostType":2,"repost":{"id":"2229543531","kind":"news","pubTimestamp":1650626820,"share":"https://www.laohu8.com/m/news/2229543531?lang=&edition=full","pubTime":"2022-04-22 19:27","market":"sh","language":"zh","title":"供应受阻后运价继续飙升,以星综合航运却藏有隐忧?","url":"https://stock-news.laohu8.com/highlight/detail?id=2229543531","media":"美股研究社","summary":"2021 Q4 介绍由于需求飙升和供应受阻,2021 年运价继续飙升。展望未来,以星已提供高达 75 亿美元的调整后 EBITDA 和 60 亿美元的调整后息税前利润指引——相比之下,以星的市值为 67 亿美元。2021 Q4 介绍该公司预计将继续这一增长,原因是有弹性的销量、更高的运费以及自 2021 年以来其运营能力增加了 20% 的事实。IMO 2023 法规强制执行碳效率,该公司预计这将限制 2023 年和 2024 年的供应增长。","content":"<html><body><div>\n<div><img cms-height=\"451.328\" cms-width=\"677\" src=\"http://n.sinaimg.cn/spider20220422/200/w1080h720/20220422/d328-81120f38207a710793fbc88aa4564d2e.jpg\"/><span></span></div><p cms-style=\"font-L align-right\"><font cms-style=\"font-L strong-Bold align-right\">作者 | Julian Lin</font></p><p cms-style=\"font-L align-right\"><font cms-style=\"font-L strong-Bold align-right\">编译 | 华尔街大事件</font></p><p cms-style=\"font-L\"><font cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold\"><font cms-style=\"font-L strong-Bold\">摘要:</font></font></font><font cms-style=\"font-L\">由于低市盈率和 39% 的追踪股息收益率,以星是一只受欢迎的股票。该公司已经摆脱了大流行影响,拥有净现金头寸和强劲的现金流,但我解释了为什么投资者不应忽视租赁负债增加的可能性。我预计 2022 年的股息收益率为 34%,但请解释为什么这不足以证明以当前价格购买是合理的。我预计以星股东将在未来几年实现负回报。</font></p><p cms-style=\"font-L\">以星(纽约证券交易所代码:ZIM)可以说是为经常被忽视的航运业带来了一些亮点的股票。以星是最近首次公开募股的公司,作为上市公司在短时间内带来了可观的回报。它吸引了大量追随者,可能是由于它向股东支付了异常大的股息。以星2022 年又是强劲的一年,而且交易价格似乎低得惊人:我讨论了我对今年该股是否<a href=\"https://laohu8.com/S/300785\">值得买</a>入的看法。我解释了为什么读者可能应该避免购买该股票,尽管 2022 年可能再次派发高额股息。</p><p cms-style=\"font-L align-Center\"><font cms-style=\"font-L strong-Bold align-Center\">01</font></p><p cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold\">股票价格</font></p><p cms-style=\"font-L\">在 2021 年初以每股 15 美元的价格上市后,该股达到每股 91 美元的峰值,此后回落至每股 55 美元左右。</p><div><img cms-height=\"444.812\" cms-width=\"677\" src=\"http://n.sinaimg.cn/spider20220422/118/w554h364/20220422/f03f-c0944f33962a9ad8ec3302e64fdda541.png\"/><span></span></div><p cms-style=\"font-L align-Center\">YCharts 提供的数据</p><p cms-style=\"font-L\">即使在这些较低的水平上,这只股票在一年多的时间里仍然实现了 266% 的回报。下一步是什么?</p><p cms-style=\"font-L align-Center\"><font cms-style=\"font-L strong-Bold align-Center\">02</font></p><p cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold\">股票关键指标</font></p><p cms-style=\"font-L\">潜在投资者可能关注的第一个关键指标是股息。除了 9 月份支付的每股 2 美元的特别股息外,以星还支付了每股 19.5 美元的定期股息,占全年净收入的 50%。每股 21.5 美元的已付股息合计占 IPO 价格的 143%。</p><div><img cms-height=\"318.297\" cms-width=\"677\" src=\"http://n.sinaimg.cn/spider20220422/13/w553h260/20220422/b7d8-cd6fef62b3cd72b97978de6f55c1b4c0.png\"/><span></span></div><p cms-style=\"font-L align-Center\">2021 Q4 介绍</p><p cms-style=\"font-L\">由于需求飙升和供应受阻,2021 年运价继续飙升。2021 年以星实现的运价为每标准箱 2,786 美元,比 2020 年增长 127%。虽然该公司仅增加了 23% 的运载量,更高的运费使其收入增加了 169%,净收入增加了 787%。</p><div><img cms-height=\"315.844\" cms-width=\"677\" src=\"http://n.sinaimg.cn/spider20220422/11/w553h258/20220422/8a4c-10d13afbd2bc8737c6ad004a6d480a29.png\"/><span></span></div><p cms-style=\"font-L align-Center\">2021 Q4 介绍</p><p cms-style=\"font-L\">以星能够将其资产负债表头寸从 17 亿美元的净债务头寸转变为 5.09 亿美元的净现金头寸。我们可以在下面看到,以星已将其债务与调整后 EBITDA 比率从 2019 年的 5.3 倍降至最近一个季度的 0.0 倍。很难找到一家拥有净现金头寸的航运公司——我稍后会讨论这一点。</p><div><img cms-height=\"350.125\" cms-width=\"677\" src=\"http://n.sinaimg.cn/spider20220422/39/w553h286/20220422/75c5-95c5225df4e9d4773a3402acc8404c3b.png\"/><span></span></div><p cms-style=\"font-L align-Center\">2021 Q4 介绍</p><p cms-style=\"font-L\">在 2020 年实现了 10.9% 的净利润率(这已经是一个令人印象深刻的结果)之后,以星在 2021 年实现了 43% 的净利润率。即使是科技公司 <a href=\"https://laohu8.com/S/FB\">Meta Platforms</a> ( FB ) 也没有产生这种盈利能力。</p><div><img cms-height=\"318.297\" cms-width=\"677\" src=\"http://n.sinaimg.cn/spider20220422/13/w553h260/20220422/545b-32995184bfd0e464c7f0d2b97490d784.png\"/><span></span></div><p cms-style=\"font-L align-Center\">2021 Q4 介绍</p><p cms-style=\"font-L align-Center\"><font cms-style=\"font-L strong-Bold align-Center\">03</font></p><p cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold\">2022年将走向何方?</font></p><p cms-style=\"font-L\">展望未来,以星已提供高达 75 亿美元的调整后 EBITDA 和 60 亿美元的调整后息税前利润指引——相比之下,以星的市值为 67 亿美元。</p><div><img cms-height=\"321.969\" cms-width=\"677\" src=\"http://n.sinaimg.cn/spider20220422/16/w553h263/20220422/4adc-9da7fa772c3d1f5e788faaa44544234f.png\"/><span></span></div><p cms-style=\"font-L align-Center\">2021 Q4 介绍</p><p cms-style=\"font-L\">该公司预计将继续这一增长,原因是有弹性的销量、更高的运费以及自 2021 年以来其运营能力增加了 20% 的事实。</p><p cms-style=\"font-L\">我注意到调整后的 EBIT 可能比调整后的 EBITDA 更适合作为自由现金的代表流动,因为以星倾向于对超过折旧和摊销成本的资本支出进行大量投资。由于以星的净现金资产负债表,公司不应该有重大的利息费用,调整后的息税前利润和自由现金流之间的主要区别是公司税率。</p><p cms-style=\"font-L\">以星已将其资本配置优先事项概述为首先支持业务增长,其次才是向股东返还资本。该公司的目标是派发年净收入的 30% 至 50% 的股息。</p><div><img cms-height=\"353.797\" cms-width=\"677\" src=\"http://n.sinaimg.cn/spider20220422/42/w553h289/20220422/6215-c05c526e63c06d310c83f96531891753.png\"/><span></span></div><p cms-style=\"font-L align-Center\">2021 Q4 介绍</p><p cms-style=\"font-L align-Center\"><font cms-style=\"font-L strong-Bold align-Center\">04</font></p><p cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold\">长期买入的好选择?</font></p><p cms-style=\"font-L\">这是一个棘手的问题。以星认为,其业务在短期内应保持强劲,预计 IMO 2023 将成为另一个催化剂。IMO 2023 法规强制执行碳效率,该公司预计这将限制 2023 年和 2024 年的供应增长。</p><p cms-style=\"font-L\">这个论点听起来很合理,尽管我个人认为,如果监管机构认为优先考虑稳定很重要,IMO 2023 法规可能会有一些延迟短期内供需失衡。我没有在任何地方看到该视图表面,并注意到这是一种可能性,尽管它可能不太可能发生。</p><div><img cms-height=\"350.125\" cms-width=\"677\" src=\"http://n.sinaimg.cn/spider20220422/39/w553h286/20220422/43a6-2a1922766f6933ecd4f91f6a93ca20b7.png\"/><span></span></div><p cms-style=\"font-L align-Center\">2021 Q4 介绍</p><p cms-style=\"font-L\">还有一个商业现实,即竞争往往会在竞争激烈的地方浮出水面。到 2021 年,运费将达到每 TEU 2,786 美元的惊人水平,我预计竞争对手将加快供应增长并最终压低运费。作为参考,正如他们在财务文件中披露的那样,2020 年、2019 年、2018 年、2017 年和 2016 年的平均运费分别为 1229 美元、1009 美元、973 美元、995 美元和 902 美元。</p><p cms-style=\"font-L\">开支方面也可能存在不利因素。正如我们在下面看到的,包机租赁率在过去 2 年中飙升。</p><div><img cms-height=\"312.172\" cms-width=\"677\" src=\"http://n.sinaimg.cn/spider20220422/8/w553h255/20220422/8810-e63d31528260e810f848c3d61f29cab3.png\"/><span></span></div><p cms-style=\"font-L align-Center\">2021 Q4 介绍</p><p cms-style=\"font-L\">租船费率是指像 ZIM 这样的班轮公司为了租赁船舶而支付给船舶出租人的费率(这就是 ZIM 拥有轻资产业务模式的方式)。他们经营的绝大多数船舶都是包租的,因此会受到包租费率的影响。正如他们在年度报告中指出的那样,他们81.6% 的租入船舶(基于标准箱容量)的租期超过一年。当这些包机需要更新时,ZIM 可能(更确切地说)需要支付更高的包机费率。</p><p cms-style=\"font-L\">虽然这听起来可能很危险,但我强调这对他们的底线影响比运费要小。2021年,船位购买和租船租赁占其运营费用的13.6%。</p><p cms-style=\"font-L\">这里的潜在风险是ZIM以非常高的租船费率签订长期租船协议,然后运量和运价暴跌。这也是一个值得注意的好时机,这就是为什么投资者不应过分强调以星的净现金头寸,因为那里的债务计算并未考虑与其租船相关的租赁负债。</p><p cms-style=\"font-L\">ZIM 可能看起来比像 Danaos ( DAC ) 或 Global Ship Lease ( GSL ) 等船舶出租人更安全) 因为后两家公司有净债务。然而,DAC 和 GSL 的杠杆得到了更好的支持,因为它们从 ZIM 等班轮的长期包机合同中获得收入,而 ZIM 的收入受到运费波动的影响,因为这些合同的期限较短。</p><p cms-style=\"font-L\">我们可以在下面看到,在大流行前,以星努力创造正的净收入。</p><div><img cms-height=\"225.25\" cms-width=\"677\" src=\"http://n.sinaimg.cn/spider20220422/737/w553h184/20220422/8e0f-eae746838abf675e8928a08ee35ee649.png\"/><span></span></div><p cms-style=\"font-L align-Center\">ZIM F-1 归档</p><p cms-style=\"font-L\">我认为可以合理地假设,随着供应赶上需求,业务应该恢复到大流行前的水平,而以星的财务报表最终可能看起来与大流行前的水平非常相似。尽管以星的利息支出将比以前少,但由于其签署的任何长期租船协议,它可能承担更高的租赁义务。</p><p cms-style=\"font-L align-Center\"><font cms-style=\"font-L strong-Bold align-Center\">05</font></p><p cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold\">买入、卖出还是持有?</font></p><p cms-style=\"font-L\">要让股票以这些价格运行,最明显的论点如下:即使业务恢复到大流行前的水平,在那之前股东可以获得多少现金?我们可以看到以星预计今年的每股收益为 36.67 美元,之后收益迅速压缩。</p><div><img cms-height=\"88.5312\" cms-width=\"677\" src=\"http://n.sinaimg.cn/spider20220422/177/w864h113/20220422/f883-8bf47b2cecbf8b70d634434a747be1da.png\"/><span></span></div><p cms-style=\"font-L align-Center\">Seeking Alpha</p><p cms-style=\"font-L\">这些估计似乎将更高的费用成本以及运营杠杆的负面影响考虑在内,预计收入下降速度放缓就可以看出这一点。</p><div><img cms-height=\"86.9688\" cms-width=\"677\" src=\"http://n.sinaimg.cn/spider20220422/175/w864h111/20220422/ee68-8683fb122b9ee94a93c8da6dcf62ed08.png\"/><span></span></div><p cms-style=\"font-L align-Center\">Seeking Alpha</p><p cms-style=\"font-L\">由于该股票的交易价格约为每股 56 美元,股东今年可能会再获得每股 18.80 美元的股息,明年将获得每股 6.40 美元的股息(假设支付 50% 的净收入)。这些股息支付需缴纳高达 25% 的预扣税,但即使忽略这一点,到 2024 年,我们得出的有效股价约为每股 30 美元。</p><p cms-style=\"font-L\">我注意到我没有对留存收益给予太多重视,因为我预计这些收益将投资于船舶产能,这可能不会实现强劲回报率基于大流行前的业务基本面。这将使该股票的 2024 年市盈率达到 5 倍,这看起来很便宜,但我认为,到那时该股票以非常低的 1 倍至 3 倍(甚至更低)的市盈率交易,这并非不可能。),特别是考虑到企业恢复到大流行前可忽略不计的收入水平的可能性。</p><p cms-style=\"font-L\">作为参考,我们可以在下面看到 DAC 在大流行之前的市盈率低于 2 倍,由于其商业模式的稳定性更高,DAC 可以说应该比 ZIM 更高的市盈率。</p><div><img cms-height=\"444.812\" cms-width=\"677\" src=\"http://n.sinaimg.cn/spider20220422/118/w554h364/20220422/a985-5d4d882773fa41eef76dbbb2a26e8c89.png\"/><span></span></div><p cms-style=\"font-L align-Center\">YCharts 提供的数据</p><p cms-style=\"font-L\">这里的要点是,尽管预计 2022 年的股息收益率为 34%(这似乎很激进),但由于商业环境正常化可能会发生多重压缩,该股可能不会被买入。</p><p cms-style=\"font-L\">取而代之的是,看涨论点在于以星可能会超出共识估计并且能够产生比预期更多的现金。由于该公司包租了几乎所有的船舶,这使其受到巨大的运营杠杆的影响,上行(和下行),如果货运量和/或运费继续上涨,那么以星可能会产生另一个井喷的一年,也许是一年甚至比 2021 年的情况还要强劲。</p><p cms-style=\"font-L\">我估计 ZIM 只需要在 2021 年的水平上产生 23% 的收入增长,就可以产生与当前市值相等的全年净收入。这是一个合理的论点,但在我看来,这里仍然需要考虑一个重要的风险,即管理层不会向股东返还这么多现金,而是可能优先考虑投资建立优势。</p><p cms-style=\"font-L\">尽管此类投资有可能在 2023 年及之后带来强劲回报,但我发现航运业更有可能在借来的时间运行,运费将随时暴跌至正常水平。</p><p cms-style=\"font-L\">在当前股价下,该股需要大幅超出市场普遍预期,以证明当前估值的合理性——以及管理层愿意继续将超额现金作为股息分配的意愿。</p><p cms-style=\"font-L\">随着多重压缩的发生,股票在两年内回报不佳。我预计这些糟糕的股票回报中的大部分将被重新加权,所以我将股票评级为持有而不是卖出,因为近期轨迹可能仍受到强劲基本面表现的希望的支持。</p>\n<div>\n<span>你的专属投资礼包!更有百元<a href=\"https://laohu8.com/S/JD\">京东</a>卡、188元现金红包等你拿,100%中奖>></span>\n<img src=\"\"/>\n</div>\n<div>\n<div><img src=\"\"/></div>\n<div>海量资讯、精准解读,尽在<a href=\"https://laohu8.com/S/SINA\">新浪</a>财经APP</div>\n</div>\n</div></body></html>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\" name=\"viewport\"/>\n<meta content=\"telephone=no,email=no,address=no\" name=\"format-detection\"/>\n<title>供应受阻后运价继续飙升,以星综合航运却藏有隐忧?</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供应受阻后运价继续飙升,以星综合航运却藏有隐忧?\n</h2>\n<h4 class=\"meta\">\n\n\n2022-04-22 19:27 北京时间 <a href=\"https://finance.sina.com.cn/stock/usstock/c/2022-04-22/doc-imcwiwst3430603.shtml?finpagefr=p_115\"><strong>美股研究社</strong></a>\n</h4>\n</header>\n<article>\n<div>\n<p>作者 | Julian Lin编译 | 华尔街大事件摘要:由于低市盈率和 39% 的追踪股息收益率,以星是一只受欢迎的股票。该公司已经摆脱了大流行影响,拥有净现金头寸和强劲的现金流,但我解释了为什么投资者不应忽视租赁负债增加的可能性。我预计 2022 年的股息收益率为 34%,但请解释为什么这不足以证明以当前价格购买是合理的。我预计以星股东将在未来几年实现负回报。以星(纽约证券交易所代码:ZIM)...</p>\n<a href=\"https://finance.sina.com.cn/stock/usstock/c/2022-04-22/doc-imcwiwst3430603.shtml?finpagefr=p_115\">Web Link</a>\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZIM":"以星航运","BK4021":"海运"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2022-04-22/doc-imcwiwst3430603.shtml?finpagefr=p_115","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2229543531","content_text":"作者 | Julian Lin编译 | 华尔街大事件摘要:由于低市盈率和 39% 的追踪股息收益率,以星是一只受欢迎的股票。该公司已经摆脱了大流行影响,拥有净现金头寸和强劲的现金流,但我解释了为什么投资者不应忽视租赁负债增加的可能性。我预计 2022 年的股息收益率为 34%,但请解释为什么这不足以证明以当前价格购买是合理的。我预计以星股东将在未来几年实现负回报。以星(纽约证券交易所代码:ZIM)可以说是为经常被忽视的航运业带来了一些亮点的股票。以星是最近首次公开募股的公司,作为上市公司在短时间内带来了可观的回报。它吸引了大量追随者,可能是由于它向股东支付了异常大的股息。以星2022 年又是强劲的一年,而且交易价格似乎低得惊人:我讨论了我对今年该股是否值得买入的看法。我解释了为什么读者可能应该避免购买该股票,尽管 2022 年可能再次派发高额股息。01股票价格在 2021 年初以每股 15 美元的价格上市后,该股达到每股 91 美元的峰值,此后回落至每股 55 美元左右。YCharts 提供的数据即使在这些较低的水平上,这只股票在一年多的时间里仍然实现了 266% 的回报。下一步是什么?02股票关键指标潜在投资者可能关注的第一个关键指标是股息。除了 9 月份支付的每股 2 美元的特别股息外,以星还支付了每股 19.5 美元的定期股息,占全年净收入的 50%。每股 21.5 美元的已付股息合计占 IPO 价格的 143%。2021 Q4 介绍由于需求飙升和供应受阻,2021 年运价继续飙升。2021 年以星实现的运价为每标准箱 2,786 美元,比 2020 年增长 127%。虽然该公司仅增加了 23% 的运载量,更高的运费使其收入增加了 169%,净收入增加了 787%。2021 Q4 介绍以星能够将其资产负债表头寸从 17 亿美元的净债务头寸转变为 5.09 亿美元的净现金头寸。我们可以在下面看到,以星已将其债务与调整后 EBITDA 比率从 2019 年的 5.3 倍降至最近一个季度的 0.0 倍。很难找到一家拥有净现金头寸的航运公司——我稍后会讨论这一点。2021 Q4 介绍在 2020 年实现了 10.9% 的净利润率(这已经是一个令人印象深刻的结果)之后,以星在 2021 年实现了 43% 的净利润率。即使是科技公司 Meta Platforms ( FB ) 也没有产生这种盈利能力。2021 Q4 介绍032022年将走向何方?展望未来,以星已提供高达 75 亿美元的调整后 EBITDA 和 60 亿美元的调整后息税前利润指引——相比之下,以星的市值为 67 亿美元。2021 Q4 介绍该公司预计将继续这一增长,原因是有弹性的销量、更高的运费以及自 2021 年以来其运营能力增加了 20% 的事实。我注意到调整后的 EBIT 可能比调整后的 EBITDA 更适合作为自由现金的代表流动,因为以星倾向于对超过折旧和摊销成本的资本支出进行大量投资。由于以星的净现金资产负债表,公司不应该有重大的利息费用,调整后的息税前利润和自由现金流之间的主要区别是公司税率。以星已将其资本配置优先事项概述为首先支持业务增长,其次才是向股东返还资本。该公司的目标是派发年净收入的 30% 至 50% 的股息。2021 Q4 介绍04长期买入的好选择?这是一个棘手的问题。以星认为,其业务在短期内应保持强劲,预计 IMO 2023 将成为另一个催化剂。IMO 2023 法规强制执行碳效率,该公司预计这将限制 2023 年和 2024 年的供应增长。这个论点听起来很合理,尽管我个人认为,如果监管机构认为优先考虑稳定很重要,IMO 2023 法规可能会有一些延迟短期内供需失衡。我没有在任何地方看到该视图表面,并注意到这是一种可能性,尽管它可能不太可能发生。2021 Q4 介绍还有一个商业现实,即竞争往往会在竞争激烈的地方浮出水面。到 2021 年,运费将达到每 TEU 2,786 美元的惊人水平,我预计竞争对手将加快供应增长并最终压低运费。作为参考,正如他们在财务文件中披露的那样,2020 年、2019 年、2018 年、2017 年和 2016 年的平均运费分别为 1229 美元、1009 美元、973 美元、995 美元和 902 美元。开支方面也可能存在不利因素。正如我们在下面看到的,包机租赁率在过去 2 年中飙升。2021 Q4 介绍租船费率是指像 ZIM 这样的班轮公司为了租赁船舶而支付给船舶出租人的费率(这就是 ZIM 拥有轻资产业务模式的方式)。他们经营的绝大多数船舶都是包租的,因此会受到包租费率的影响。正如他们在年度报告中指出的那样,他们81.6% 的租入船舶(基于标准箱容量)的租期超过一年。当这些包机需要更新时,ZIM 可能(更确切地说)需要支付更高的包机费率。虽然这听起来可能很危险,但我强调这对他们的底线影响比运费要小。2021年,船位购买和租船租赁占其运营费用的13.6%。这里的潜在风险是ZIM以非常高的租船费率签订长期租船协议,然后运量和运价暴跌。这也是一个值得注意的好时机,这就是为什么投资者不应过分强调以星的净现金头寸,因为那里的债务计算并未考虑与其租船相关的租赁负债。ZIM 可能看起来比像 Danaos ( DAC ) 或 Global Ship Lease ( GSL ) 等船舶出租人更安全) 因为后两家公司有净债务。然而,DAC 和 GSL 的杠杆得到了更好的支持,因为它们从 ZIM 等班轮的长期包机合同中获得收入,而 ZIM 的收入受到运费波动的影响,因为这些合同的期限较短。我们可以在下面看到,在大流行前,以星努力创造正的净收入。ZIM F-1 归档我认为可以合理地假设,随着供应赶上需求,业务应该恢复到大流行前的水平,而以星的财务报表最终可能看起来与大流行前的水平非常相似。尽管以星的利息支出将比以前少,但由于其签署的任何长期租船协议,它可能承担更高的租赁义务。05买入、卖出还是持有?要让股票以这些价格运行,最明显的论点如下:即使业务恢复到大流行前的水平,在那之前股东可以获得多少现金?我们可以看到以星预计今年的每股收益为 36.67 美元,之后收益迅速压缩。Seeking Alpha这些估计似乎将更高的费用成本以及运营杠杆的负面影响考虑在内,预计收入下降速度放缓就可以看出这一点。Seeking Alpha由于该股票的交易价格约为每股 56 美元,股东今年可能会再获得每股 18.80 美元的股息,明年将获得每股 6.40 美元的股息(假设支付 50% 的净收入)。这些股息支付需缴纳高达 25% 的预扣税,但即使忽略这一点,到 2024 年,我们得出的有效股价约为每股 30 美元。我注意到我没有对留存收益给予太多重视,因为我预计这些收益将投资于船舶产能,这可能不会实现强劲回报率基于大流行前的业务基本面。这将使该股票的 2024 年市盈率达到 5 倍,这看起来很便宜,但我认为,到那时该股票以非常低的 1 倍至 3 倍(甚至更低)的市盈率交易,这并非不可能。),特别是考虑到企业恢复到大流行前可忽略不计的收入水平的可能性。作为参考,我们可以在下面看到 DAC 在大流行之前的市盈率低于 2 倍,由于其商业模式的稳定性更高,DAC 可以说应该比 ZIM 更高的市盈率。YCharts 提供的数据这里的要点是,尽管预计 2022 年的股息收益率为 34%(这似乎很激进),但由于商业环境正常化可能会发生多重压缩,该股可能不会被买入。取而代之的是,看涨论点在于以星可能会超出共识估计并且能够产生比预期更多的现金。由于该公司包租了几乎所有的船舶,这使其受到巨大的运营杠杆的影响,上行(和下行),如果货运量和/或运费继续上涨,那么以星可能会产生另一个井喷的一年,也许是一年甚至比 2021 年的情况还要强劲。我估计 ZIM 只需要在 2021 年的水平上产生 23% 的收入增长,就可以产生与当前市值相等的全年净收入。这是一个合理的论点,但在我看来,这里仍然需要考虑一个重要的风险,即管理层不会向股东返还这么多现金,而是可能优先考虑投资建立优势。尽管此类投资有可能在 2023 年及之后带来强劲回报,但我发现航运业更有可能在借来的时间运行,运费将随时暴跌至正常水平。在当前股价下,该股需要大幅超出市场普遍预期,以证明当前估值的合理性——以及管理层愿意继续将超额现金作为股息分配的意愿。随着多重压缩的发生,股票在两年内回报不佳。我预计这些糟糕的股票回报中的大部分将被重新加权,所以我将股票评级为持有而不是卖出,因为近期轨迹可能仍受到强劲基本面表现的希望的支持。\n\n你的专属投资礼包!更有百元京东卡、188元现金红包等你拿,100%中奖>>\n\n\n\n\n海量资讯、精准解读,尽在新浪财经APP","news_type":1},"isVote":1,"tweetType":1,"viewCount":1289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":634817436,"gmtCreate":1647432363418,"gmtModify":1647432363418,"author":{"id":"3559770134796747","authorId":"3559770134796747","name":"牛逼的泡泡","avatar":"https://static.tigerbbs.com/9bf6916652a79d7028c26078fd497da4","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559770134796747","authorIdStr":"3559770134796747"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ZIM\">$ZIM Integrated Shipping Services Ltd.(ZIM)$</a>从发行价开始买入的股票","listText":"<a href=\"https://laohu8.com/S/ZIM\">$ZIM Integrated Shipping Services Ltd.(ZIM)$</a>从发行价开始买入的股票","text":"$ZIM 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Ltd.(ZIM)$从发行价开始买入的股票","images":[{"img":"https://static.tigerbbs.com/609be03ef45351459219a55ed92e3006","width":"1170","height":"2292"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/634817436","isVote":1,"tweetType":1,"viewCount":1609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":632300948,"gmtCreate":1646219953738,"gmtModify":1646219953738,"author":{"id":"3559770134796747","authorId":"3559770134796747","name":"牛逼的泡泡","avatar":"https://static.tigerbbs.com/9bf6916652a79d7028c26078fd497da4","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559770134796747","authorIdStr":"3559770134796747"},"themes":[],"htmlText":"不能再同意了,以360为首的太恶心了。","listText":"不能再同意了,以360为首的太恶心了。","text":"不能再同意了,以360为首的太恶心了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/632300948","repostId":"1138992416","repostType":2,"repost":{"id":"1138992416","kind":"news","pubTimestamp":1646219202,"share":"https://www.laohu8.com/m/news/1138992416?lang=&edition=full","pubTime":"2022-03-02 19:06","market":"us","language":"zh","title":"网信办:《互联网弹窗信息推送服务管理规定》公开征求意见","url":"https://stock-news.laohu8.com/highlight/detail?id=1138992416","media":"网信中国","summary":"积极推送向上向善的内容,用社会主流思想价值和道德文化滋养人心、滋润社会。","content":"<html><head></head><body><p>为了进一步规范互联网弹窗信息推送服务管理,保障公民、法人和其他组织的合法权益,弘扬社会主义核心价值观,营造清朗网络空间,根据《中华人民共和国网络安全法》《中华人民共和国未成年人保护法》《中华人民共和国广告法》《互联网信息服务管理办法》《网络信息内容生态治理规定》等法律法规,我办起草了《互联网弹窗信息推送服务管理规定(征求意见稿)》,现向社会公开征求意见。</p><p>公众可将反馈意见通过电子邮件方式发送至:tcts@cac.gov.cn。</p><p>意见反馈截止时间为2022年3月17日。</p><p>国家互联网信息办公室</p><p>2022年3月2日</p><p><b>附件:《互联网弹窗信息推送服务管理规定(征求意见稿)》</b></p><p>第一条 为了规范互联网弹窗信息推送服务,维护国家安全和公共利益,保护公民、法人和其他组织的合法权益,促进行业健康有序发展,根据《中华人民共和国网络安全法》《中华人民共和国未成年人保护法》《中华人民共和国广告法》《互联网信息服务管理办法》《互联网新闻信息服务管理规定》《网络信息内容生态治理规定》等法律法规,制定本规定。</p><p>第二条 在中华人民共和国境内提供操作系统、终端设备、应用软件、网站等服务的,开展互联网弹窗信息推送服务时应当遵守本规定。</p><p>本规定所称互联网弹窗信息推送服务,是指通过操作系统、终端设备、应用软件、网站等,以弹出消息窗口页面形式向互联网用户提供的信息推送服务。</p><p>本规定所称互联网弹窗信息推送服务提供者,是指提供互联网弹窗信息推送服务的操作系统、终端设备、应用软件、网站等所有者或者运营者。</p><p>第三条 互联网弹窗信息推送服务应当遵守法律法规,坚持正确政治方向、舆论导向和价值取向,弘扬社会主义核心价值观,推送向上向善的优质弹窗信息内容,发展积极健康的网络文化。</p><p>第四条 互联网弹窗信息推送服务提供者应当落实信息内容安全管理主体责任,建立健全信息内容审核、生态治理、网络安全、数据安全、个人信息保护、未成年人保护等管理制度。</p><p>第五条 互联网弹窗信息推送服务应当严格遵守下列要求:</p><p>(一)传播正能量,弘扬社会主义先进文化;积极推送向上向善的内容,用社会主流思想价值和道德文化滋养人心、滋润社会。</p><p>(二)不得推送《网络信息内容生态治理规定》明确的违法和不良信息,特别是恶意炒作娱乐八卦、绯闻隐私、奢靡炫富、审丑扮丑等违背公序良俗内容;不得关联某一话题集中推送相关旧闻,恶意翻炒。</p><p>(三)未取得互联网新闻信息服务许可,不得弹窗推送新闻信息;弹窗推送信息涉及其他互联网信息服务,依法须经有关主管部门审核同意或者取得相关许可的,应当经有关主管部门审核同意或者取得相关许可。</p><p>(四)弹窗推送新闻信息,应当严格依据国家互联网信息办公室发布的最新版《互联网新闻信息稿源单位名单》执行,不得超范围转载,不得歪曲、篡改标题原意和内容,保证新闻来源可追溯和新闻信息真实、客观、全面。</p><p>(五)提升弹窗推送信息多样性,科学设定新闻信息和垂直领域内容占比,体现积极健康向上的主流价值观;不得扎堆推送、炒作社会热点敏感事件,渲染恶性案件、灾难事故等,引发社会恐慌。</p><p>(六)配备与服务规模相适应的人工力量,健全弹窗信息推送内容管理规范,完善信息筛选、编辑、推送等工作流程,确保弹窗信息推送必须经过人工审核。</p><p>(七)保障用户权益,以服务协议等方式明确告知用户弹窗信息推送服务的具体方式、内容频次、取消渠道等;充分考虑用户体验,科学规划推送频次,不得恶意对普通用户和会员用户进行差别频次推送;不得以任何形式干扰或者影响用户关闭弹窗;确保每条弹窗信息明确显示弹窗信息推送服务提供者身份。</p><p>(八)不得设置诱导用户沉迷、过度消费等违反法律法规或者违背伦理道德的算法模型;不得滥用个性化弹窗服务,利用算法屏蔽信息、过度推荐等;不得滥用算法,针对未成年用户进行画像,向未成年用户推送可能影响其身心健康的信息。</p><p>(九)弹窗推送广告信息,必须进行内容合规审查,不得违反国家相关法律法规;应当具有可识别性,显著标明“广告”,明示用户;确保弹窗广告一键关闭。</p><p>(十)不得以弹窗信息推送方式呈现恶意引流跳转的第三方链接、二维码等信息;不得通过弹窗信息推送服务诱导用户点击,实施流量造假、流量劫持。</p><p>第六条 互联网弹窗信息推送服务提供者应当自觉接受社会监督,设置便捷投诉举报入口,及时处理关于弹窗信息推送服务的公众投诉举报。</p><p>第七条 鼓励和指导互联网行业组织建立健全互联网弹窗信息推送服务行业准则,督促互联网弹窗信息推送服务提供者依法依规提供服务,接受社会监督。</p><p>第八条 网信部门会同电信主管部门、市场监管部门等有关部门建立健全协作监管等工作机制,监督指导互联网弹窗信息推送服务提供者依法依规提供服务。</p><p>第九条 互联网弹窗信息推送服务提供者违反本规定的,由网信、电信主管、市场监管等有关部门在职责范围内依照相关法律法规采取警告、罚款、暂停弹窗功能、停止服务等措施。</p><p>第十条 本规定自2022年 月 日起施行。</p></body></html>","source":"lsy1603719081785","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\" name=\"viewport\"/>\n<meta content=\"telephone=no,email=no,address=no\" name=\"format-detection\"/>\n<title>网信办:《互联网弹窗信息推送服务管理规定》公开征求意见</title>\n<style 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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网信办:《互联网弹窗信息推送服务管理规定》公开征求意见\n</h2>\n<h4 class=\"meta\">\n\n\n2022-03-02 19:06 北京时间 <a href=\"https://mp.weixin.qq.com/s?__biz=MzAwMjU0MjIyNw==&mid=2651404018&idx=1&sn=1464bcef7ca2033947481a0efb55e69e&chksm=8135490eb642c018d33277c2355ca8fb0087fcfe303cd30647c537f89d33cb28a52302be0de3#rd\"><strong>网信中国</strong></a>\n</h4>\n</header>\n<article>\n<div>\n<p>为了进一步规范互联网弹窗信息推送服务管理,保障公民、法人和其他组织的合法权益,弘扬社会主义核心价值观,营造清朗网络空间,根据《中华人民共和国网络安全法》《中华人民共和国未成年人保护法》《中华人民共和国广告法》《互联网信息服务管理办法》《网络信息内容生态治理规定》等法律法规,我办起草了《互联网弹窗信息推送服务管理规定(征求意见稿)》,现向社会公开征求意见。公众可将反馈意见通过电子邮件方式发送至:...</p>\n<a href=\"https://mp.weixin.qq.com/s?__biz=MzAwMjU0MjIyNw==&mid=2651404018&idx=1&sn=1464bcef7ca2033947481a0efb55e69e&chksm=8135490eb642c018d33277c2355ca8fb0087fcfe303cd30647c537f89d33cb28a52302be0de3#rd\">Web Link</a>\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5dcbb3c3f367a0c8392febfc0586590d","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzAwMjU0MjIyNw==&mid=2651404018&idx=1&sn=1464bcef7ca2033947481a0efb55e69e&chksm=8135490eb642c018d33277c2355ca8fb0087fcfe303cd30647c537f89d33cb28a52302be0de3#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138992416","content_text":"为了进一步规范互联网弹窗信息推送服务管理,保障公民、法人和其他组织的合法权益,弘扬社会主义核心价值观,营造清朗网络空间,根据《中华人民共和国网络安全法》《中华人民共和国未成年人保护法》《中华人民共和国广告法》《互联网信息服务管理办法》《网络信息内容生态治理规定》等法律法规,我办起草了《互联网弹窗信息推送服务管理规定(征求意见稿)》,现向社会公开征求意见。公众可将反馈意见通过电子邮件方式发送至:tcts@cac.gov.cn。意见反馈截止时间为2022年3月17日。国家互联网信息办公室2022年3月2日附件:《互联网弹窗信息推送服务管理规定(征求意见稿)》第一条 为了规范互联网弹窗信息推送服务,维护国家安全和公共利益,保护公民、法人和其他组织的合法权益,促进行业健康有序发展,根据《中华人民共和国网络安全法》《中华人民共和国未成年人保护法》《中华人民共和国广告法》《互联网信息服务管理办法》《互联网新闻信息服务管理规定》《网络信息内容生态治理规定》等法律法规,制定本规定。第二条 在中华人民共和国境内提供操作系统、终端设备、应用软件、网站等服务的,开展互联网弹窗信息推送服务时应当遵守本规定。本规定所称互联网弹窗信息推送服务,是指通过操作系统、终端设备、应用软件、网站等,以弹出消息窗口页面形式向互联网用户提供的信息推送服务。本规定所称互联网弹窗信息推送服务提供者,是指提供互联网弹窗信息推送服务的操作系统、终端设备、应用软件、网站等所有者或者运营者。第三条 互联网弹窗信息推送服务应当遵守法律法规,坚持正确政治方向、舆论导向和价值取向,弘扬社会主义核心价值观,推送向上向善的优质弹窗信息内容,发展积极健康的网络文化。第四条 互联网弹窗信息推送服务提供者应当落实信息内容安全管理主体责任,建立健全信息内容审核、生态治理、网络安全、数据安全、个人信息保护、未成年人保护等管理制度。第五条 互联网弹窗信息推送服务应当严格遵守下列要求:(一)传播正能量,弘扬社会主义先进文化;积极推送向上向善的内容,用社会主流思想价值和道德文化滋养人心、滋润社会。(二)不得推送《网络信息内容生态治理规定》明确的违法和不良信息,特别是恶意炒作娱乐八卦、绯闻隐私、奢靡炫富、审丑扮丑等违背公序良俗内容;不得关联某一话题集中推送相关旧闻,恶意翻炒。(三)未取得互联网新闻信息服务许可,不得弹窗推送新闻信息;弹窗推送信息涉及其他互联网信息服务,依法须经有关主管部门审核同意或者取得相关许可的,应当经有关主管部门审核同意或者取得相关许可。(四)弹窗推送新闻信息,应当严格依据国家互联网信息办公室发布的最新版《互联网新闻信息稿源单位名单》执行,不得超范围转载,不得歪曲、篡改标题原意和内容,保证新闻来源可追溯和新闻信息真实、客观、全面。(五)提升弹窗推送信息多样性,科学设定新闻信息和垂直领域内容占比,体现积极健康向上的主流价值观;不得扎堆推送、炒作社会热点敏感事件,渲染恶性案件、灾难事故等,引发社会恐慌。(六)配备与服务规模相适应的人工力量,健全弹窗信息推送内容管理规范,完善信息筛选、编辑、推送等工作流程,确保弹窗信息推送必须经过人工审核。(七)保障用户权益,以服务协议等方式明确告知用户弹窗信息推送服务的具体方式、内容频次、取消渠道等;充分考虑用户体验,科学规划推送频次,不得恶意对普通用户和会员用户进行差别频次推送;不得以任何形式干扰或者影响用户关闭弹窗;确保每条弹窗信息明确显示弹窗信息推送服务提供者身份。(八)不得设置诱导用户沉迷、过度消费等违反法律法规或者违背伦理道德的算法模型;不得滥用个性化弹窗服务,利用算法屏蔽信息、过度推荐等;不得滥用算法,针对未成年用户进行画像,向未成年用户推送可能影响其身心健康的信息。(九)弹窗推送广告信息,必须进行内容合规审查,不得违反国家相关法律法规;应当具有可识别性,显著标明“广告”,明示用户;确保弹窗广告一键关闭。(十)不得以弹窗信息推送方式呈现恶意引流跳转的第三方链接、二维码等信息;不得通过弹窗信息推送服务诱导用户点击,实施流量造假、流量劫持。第六条 互联网弹窗信息推送服务提供者应当自觉接受社会监督,设置便捷投诉举报入口,及时处理关于弹窗信息推送服务的公众投诉举报。第七条 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