更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha M North America Insight May 6, 2025 04:59 AM GMT Telecom & Cable Services, GVAT The Telecom Investors' Accounting Handbook We dive deep into accounting and capital structure complexities at T, VZ and TMUS that impact investors' views of earnings, FCF, enterprise value, leverage and ultimately valuation, and extend our analysis to US Cable and Canadian Telecoms where similar dynamics exist. We reiterate AT&T as Top Pick. 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuin ...

中信证券：未来主动型公募会更加聚焦核心资产定价 基准偏离和盈利客户比率可能是公募考核新规影响最大的两个规则。从过往主动型基金业绩基准分布来看，采 用沪深300和中证800的基金仅占总规模的62%，超过18%的产品是赛道型产品。2007年至今，2012—2014年和 2022—2024年出现过三年维度主动型公募大面积跑输沪深300指数10个百分点的情况。 过去3年公募普遍跑输基准，低配银行是部分原因，频繁交易和板块轮动也产生负向贡献。向基准靠拢和保守 化配置是大势所趋，但过程是动态的，绝非简单做多低配行业。未来主动型公募会更加聚焦核心资产定价而不 是边际信息流定价，策略范式可能出现整体性调整。未来资管行业当中相对收益和绝对收益产品的策略、选股 范围和定价模式会呈现明显分化。 华泰证券：公募改革或进一步增加资金配置港股需求 5月7日的国新办发布会对资本市场政策态度积极，重点支持科技、消费领域，对港股市场形成积极影响。5月8 日凌晨，美联储继续按兵不动，强调不确定性以及滞胀风险上升，不急于调整货币政策，基本符合市场预期。 周末，中美展开经贸高层会谈，贸易摩擦或有降级空间，有助于改善市场情绪。 鉴于美国对等关税的复杂 ...

Group 1 - AMD reported strong revenue growth despite concerns about its growth trajectory [1] - The company pre-announced an impairment of $800 million for the current quarter [1] - AMD's performance exceeded first-quarter estimates [1]

Group 1 - The stock markets have rebounded significantly from post-April lows, suggesting a favorable environment for investors to reassess their holdings based on valuation metrics [1] - Gary Alexander has extensive experience in the technology sector, having worked on Wall Street and in Silicon Valley, which informs his insights into current industry trends [1] - Alexander has been a contributor to Seeking Alpha since 2017 and has been featured in various web publications, indicating his established presence in the investment community [1]

It's a dangerous world, and this is driving up defense stock prices. For new investors looking to buy, this is not a good thing.It's not always fun being right -- especially when you write about defense stocks, and you have to tell people that defense stocks are too expensive to invest in right now.After reviewing the skyrocketing prices of large defense aerospace and contractors last year, I concluded that defense stocks cost too much. Checking back on valuations after prices had fallen in January, I had t ...

Investors with an interest in Utility - Electric Power stocks have likely encountered both AES (AES) and NRG Energy (NRG) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while o ...

Core Insights - The article emphasizes the investment philosophy focused on small cap companies, highlighting the importance of identifying mispriced securities through understanding financial drivers and utilizing DCF model valuation [1] Investment Philosophy - The investment approach is not confined to traditional categories such as value, dividend, or growth investing, but rather considers all prospects of a stock to assess risk-to-reward [1]

Core Viewpoint - ConocoPhillips (COP) reported strong first-quarter 2025 earnings, exceeding expectations due to higher oil equivalent production volumes and a positive business outlook [1][2]. Financial Performance - Adjusted earnings per share for Q1 were $2.09, surpassing the Zacks Consensus Estimate of $2.06 and increasing from $2.03 in the prior year [2]. - Quarterly revenues reached $17.1 billion, up from $14.48 billion year-over-year, and exceeded the Zacks Consensus Estimate of $16.54 billion [3]. Strategic Acquisitions - The acquisition of Marathon Oil has enhanced COP's upstream presence in the Lower 48, improving scale, production capacity, and operational efficiencies [4]. - COP has saved over $500 million through the integration of Marathon Oil, with additional estimated gains of $1 billion from debt refinancing, commercial synergies, and tax benefits [5]. Production Outlook - COP maintains a strong production outlook supported by low-cost drilling sites, with costs below $40 per barrel, ensuring continued production viability [6]. - The company's business model is resilient to commodity price fluctuations, allowing it to sustain operations and profitability even in a declining price environment [7]. Industry Context - Other energy majors like Chevron and BP have reported mixed results, with Chevron's earnings at $2.18 per share and BP's at 53 cents per share, both affected by lower oil price realizations [8][10]. - Despite COP's positive developments, the stock has declined 20.1% over the past six months, outperforming the 29.1% decline of the industry [12]. Valuation Metrics - COP is currently undervalued, trading at a trailing 12-month EV/EBITDA of 5.14x, compared to the industry average of 10.94x [15].

Group 1 - The article initiates coverage on Ulta Beauty (NASDAQ: ULTA) with a Buy rating and a price target of $432.81, highlighting it as the largest dedicated beauty retail network in the U.S. with over 1,300 stores and strong digital channels [1] - Ulta Beauty offers a range of products and services including cosmetics, skincare, salon services, and private-label products, indicating a diversified business model [1] - Moretus Research employs a structured framework to identify companies with durable business models and mispriced cash flow potential, focusing on U.S. public markets [1] Group 2 - The research emphasizes rigorous fundamental analysis combined with a judgment-driven process, aiming to provide clarity and actionable insights for investors [1] - Valuation methods are based on sector-relevant multiples tailored to each company's business model, emphasizing comparability and simplicity [1] - Moretus Research targets underappreciated companies undergoing structural changes or temporary dislocations, which can lead to asymmetric returns for investors [1]

Core Insights - The article emphasizes the investment philosophy focused on small cap companies, highlighting the importance of identifying mispriced securities through understanding financial drivers and utilizing DCF model valuation [1] Investment Philosophy - The investment approach is not confined to traditional categories such as value, dividend, or growth investing, but rather considers all prospects of a stock to assess risk-to-reward [1]