In my previous article I outlined a bullish thesis for ZIM, attempting to assess macro risks and their potential impact on the business. In this article I intend to follow-up on theseI am an Engineer with experience in multiple industries. I am a retail trader with over 10 years of experience managing my own personal investments including ETFs, Options, REITs, Stocks, Cryptocurrency, Commodities, Bonds, CDs, and Futures. I am interested in moderate to high risk investment growth via a mix of traditional and ...

Core Viewpoint - Wheaton Precious Metals (WPM) stock is considered appealing yet unpredictable due to its high valuation, making it a challenging investment choice at the current price of approximately $76 [1][11]. Valuation Comparison - WPM stock has a price-to-sales (P/S) ratio of 30.5, significantly higher than the S&P 500's 2.8 [3] - The price-to-free cash flow (P/FCF) ratio for WPM is 39.1 compared to 17.6 for the S&P 500 [3] - WPM's price-to-earnings (P/E) ratio stands at 56.0, while the S&P 500's is 24.5 [3] Revenue Growth - WPM's revenues have grown at an average rate of 2.0% over the last three years, compared to 6.2% for the S&P 500 [4] - Revenues increased by 29.7% from $1.0 billion to $1.3 billion in the last 12 months, contrasting with a 5.3% growth for the S&P 500 [4] - Quarterly revenues rose by 38.1% to $381 million from $313 million a year prior, while the S&P 500 saw a 4.9% improvement [4] Profitability Metrics - WPM's operating income over the last four quarters reached $669 million, reflecting an operating margin of 55.0%, compared to 13.1% for the S&P 500 [5] - The operating cash flow (OCF) during this period was $950 million, indicating an OCF margin of 78.1%, compared to 15.7% for the S&P 500 [5] - WPM's net income was $609 million, suggesting a net income margin of 50.1%, while the S&P 500's margin is 11.3% [5] Financial Stability - WPM's debt stood at $5.7 million at the end of the most recent quarter, with a market capitalization of $36 billion, resulting in a debt-to-equity ratio of 0.0% compared to 21.5% for the S&P 500 [8] - Cash and cash equivalents account for $818 million of the total assets of $7.4 billion, leading to a cash-to-assets ratio of 9.4%, compared to 15.0% for the S&P 500 [8] Downturn Resilience - WPM stock has shown more resilience than the S&P 500 during recent downturns, with a notable decline of 43.8% during the inflation shock of 2022, compared to a 25.4% drop for the S&P 500 [10] - The stock fully rebounded to its pre-crisis peak by April 2023 and reached a high of $85.77 in May 2025 [10] - During the COVID pandemic, WPM stock fell 28.7%, recovering fully by April 2020, while the S&P 500 experienced a 33.9% decline [10] Overall Performance Assessment - WPM's performance across various parameters is rated as follows: Growth - Very Strong, Profitability - Extremely Strong, Financial Stability - Very Strong, Downturn Resilience - Strong, Overall - Very Strong [13]

Core Viewpoint - SkyWest (SKYW) has shown strong stock performance recently, with a +21.5% return over the past month, outperforming the S&P 500 composite's +9.9% and the Zacks Transportation - Airline industry's +21.8% [1] Earnings Estimate Revisions - SkyWest is expected to post earnings of $2.30 per share for the current quarter, reflecting a year-over-year increase of +26.4% [4] - The consensus earnings estimate for the current fiscal year is $9.28, indicating a +19.4% change from the previous year [4] - For the next fiscal year, the consensus estimate is $9.89, showing a +6.6% increase from the prior year [5] - The Zacks Rank for SkyWest is 2 (Buy), indicating a positive outlook based on recent changes in earnings estimates [6] Projected Revenue Growth - The consensus sales estimate for the current quarter is $977.68 million, representing a year-over-year increase of +12.8% [10] - For the current fiscal year, the revenue estimate is $3.9 billion, indicating a +10.5% change, while the next fiscal year's estimate is $4.06 billion, reflecting a +4.2% change [10] Last Reported Results and Surprise History - SkyWest reported revenues of $948.46 million in the last quarter, a year-over-year increase of +18% [11] - The EPS for the same period was $2.42, compared to $1.45 a year ago, with a surprise of +18.63% over the consensus estimate [11][12] Valuation - SkyWest is graded A on the Zacks Value Style Score, indicating it is trading at a discount compared to its peers [16]

Core Viewpoint - Valeura Energy Inc. has made a final investment decision to redevelop the Wassana field in the Gulf of Thailand, which is expected to significantly enhance shareholder value through increased production and reserves [1][4]. Redevelopment Project Details - The redevelopment will involve a new central processing platform (CPP) designed to optimize the full potential of the Wassana field [9][11]. - First oil production is anticipated in Q2 2027, with peak production expected to reach 10,000 barrels per day (bbls/d) in the second half of 2027, which is more than 2.7 times the current output [9][14]. - The total investment for the redevelopment is estimated at US$120 million, with US$40 million planned for 2025 and the remainder in 2026, fully funded from existing cash reserves [9][13]. Reserves and Resources Update - The Wassana field's proved plus probable (2P) reserves have increased to 20.5 million barrels, representing an increment of approximately 18 million barrels compared to previous estimates [9][19]. - The end-of-field life (EOFL) has been extended to 2043, an increase of 16 years [9][15]. - The net present value (NPV10) of the 2P reserves before tax is estimated at US$354.5 million, and after tax at US$218.2 million, indicating a significant increase in asset value [21][23]. Economic Viability - The redevelopment project is projected to deliver an internal rate of return (IRR) of approximately 40% even at a lower oil price environment of US$60 per barrel, with a payback period of 18 months [6][16]. - The project is designed to be resilient against various price scenarios, providing a favorable risk-reward profile for shareholders [6][7]. Production and Operating Efficiencies - The new CPP will allow for more extensive drilling and a longer facility design life, resulting in increased cash flow generation [11][14]. - The anticipated operating costs are expected to decrease significantly, with adjusted operating expenses per barrel projected to be in the range of US$12 to US$16 [14]. Guidance Update - The company's guidance for adjusted capital expenditures for 2025 has been revised to US$165 million to US$185 million, reflecting the anticipated spending on the Wassana redevelopment project [28][31]. - Free cash flow guidance for 2025 is projected to be between US$80 million and US$195 million, based on benchmark Brent oil prices ranging from US$65 to US$85 per barrel [29][30].

融资租赁评估方法的选择原则 1. 根据评估目的选择： • 若评估目的是为了保险索赔，可能更侧重于成本法，以准确计算资产的重置成本和损失。 • 若评估目的是为了企业并购或股权转让，则可能更侧重于收益法或退出倍数法，以反映企业的未来盈利能 力。 3. 考虑数据可获得性： • 若能获取到充分、可靠的历史收益数据和未来收益预测数据，收益法可能是首选。 • 若能找到足够多的可比交易案例，且这些案例与目标资产具有较高的可比性，则市场法可能更为适用。 • 若资产的重置成本和损耗数据易于获取，则成本法可能更为可行。 4. 考虑市场条件： • 在市场活跃、交易频繁的情况下，市场法可能更能反映资产的真实价值。 2. 根据租赁资产类型选择： • 对于能产生稳定收益的资产，如生产设备、商业地产等，收益法可能更为合适。 • 对于标准化程度高、市场交易活跃的资产，如车辆、通用设备等，市场法可能更为简便易行。 • 对于定制化程度高、市场交易不活跃的资产，如特殊用途设备、非标生产线等，成本法可能更为准确。 • 在可能的情况下，可以结合多种方法进行评估，以相互验证、提高评估结果的准确性和可靠性。例如，可 以同时使用收益法和市场法进行评估，然后 ...

V i e w p o i n t | 09 May 2025 16:00:00 ET │ 17 pages US Equity Strategy What Q1 Earnings Are Telling Us About Tariff Policy CITI'S TAKE The Q1 reporting season storyline is that falling revisions heading into reports set up for a solid positive surprise. When combined with a push out on tariff impacts, equities have rallied. Yet, Q1 upside translated into full year downside to consensus EPS estimates. Notably, we are seeing signs of consumer softening in the company and macro data. That this is unfolding ...

13 May 2025 | 11:35PM HKT China Consumer Staples Pork: more visible shareholder return on attractive valuation; Initiate WH at Buy, Shuanghui at Neutral WH Group is the largest pork player in the world, with a vertically integrated business model from hog production to packaged meat, and has a global presence in China (Shuanghui, 32%/39% of sales/OP in 2024), US (Smithfield, 53%/49%, covered by Leah Jordan) and Europe (15%/11%). We like WH Group's compelling shareholder returns with its dividend yield at 6% ...

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]. Group 1 - The investment strategy 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].

Amid a sudden rebound back into what feels like bull market territory, investors should continue to be very mindful of stretching valuations. One of the major reasons that the markets fell so sharply following tariff announcementsWith combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He has been a regular contributor ...

Financial Data and Key Metrics Changes - At the end of Q2 2025, the company's cash balance was $11.1 million, an increase of approximately $0.9 million from year-end [5] - Total debt decreased to $4.3 million due to principal payments made during the quarter [6] - A goodwill impairment of $3.4 million was recorded, leading to a cumulative loss position affecting deferred tax assets, which resulted in a full valuation allowance of $4.8 million [7][8] Business Line Data and Key Metrics Changes - EBITDA for the quarter was negatively impacted by $650,000 in consultancy and legal fees related to the Bryant Park lease situation [10] - Alabama restaurants showed steady performance, while New York and Florida restaurants reported revenue improvements compared to the previous year [10][11] - Las Vegas operations demonstrated significant efficiency improvements, with weekly cash flows improving dramatically [12] Market Data and Key Metrics Changes - The company is currently in a legal dispute regarding the Bryant Park lease, which has implications for its operations and financials [14][15] - The Meadowlands casino license situation is contingent on New Jersey's response to downstate New York casino licenses, with expectations for developments by the end of the year [16][17] Company Strategy and Development Direction - The company is actively seeking new deals and opportunities for growth while navigating the challenges posed by the Bryant Park lease and Meadowlands casino licensing [13][19] - Management is optimistic about continued improvement in overall business performance [18] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the lease situation at Bryant Park, indicating a lengthy legal process ahead but confidence in maintaining operations during this period [15] - The company anticipates that the Meadowlands location is well-positioned to meet future demands for casino gaming in Northern New Jersey [17] Other Important Information - The company is in the process of finalizing a new credit facility with a total capacity of $15 to $20 million [6] Q&A Session Summary Question: What is the status of the Bryant Park lease situation? - Management detailed ongoing legal proceedings and expressed confidence in their position, indicating that they expect to remain operational during the legal process [14][15] Question: How is the Meadowlands casino license situation evolving? - Management noted that the issuance of downstate New York casino licenses will influence the Meadowlands' prospects, with expectations for developments by year-end [16][17]