You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
夜讀 | 爲何巴菲特重倉蘋果

過去,沃倫巴菲特和其旗下伯克希爾哈撒韋(BRK.A.US)避免投資科技股,這已不是什麼祕密。但最近,巴菲特這一口號發生了變化,其對IBM(IBM.US) 、惠普(HPQ.US) 、臺積電(TSM.US)等科技企業進行了大量投資,最引人注目的可能對蘋果(AAPL.US)的重倉。

Bernstein分析師Toni Sacconaghi想知道,爲什麼這麼多年後,巴菲特決定進軍科技領域?其表示,可能的答案是,這三家公司都“非常匹配”巴菲特的幾項主要投資邏輯敘述:該等集團擁有領先的地位和份額、知名品牌、強大的資本回報和“合理”的市場估值。

儘管所有這些決策都可以從遠見和事後來進行回顧,但人們不禁想知道,爲什麼蘋果對巴菲特來說有如此吸引力,而其他公司卻沒有。蘋果是伯克希爾哈撒韋迄今爲止持倉最大的公司。

Sacconaghi認爲,歸根結底是因爲蘋果是一個“可槓桿化的消費品牌”。這家蒂姆庫克領導的公司已經從其核心硬件產品轉移到流媒體音樂、電影、金融服務和雲存儲等其他市場,並建立了“高利潤率”的服務業務。

一些分析師認爲,蘋果2.5 億美元市值的一半以上可能與其服務業務有關,其中包括 App Store、Apple Music、Apple TV+、Apple Pay、iCloud 等。截至 2022 財年末,蘋果的各種服務產品訂閱量已超過9億。

Sacconaghi解釋說,相反,IBM沒有類似的產品業務,最終在技術行業的轉型(向雲計算的推進)中落後了。雖然IBM已經進軍龐大的雲計算市場,但仍遠遠落後於亞馬遜(AMZN.US)的網絡服務、微軟(MSFT.US) 的Azure和谷歌(GOOG.US,GOOGL.US)的雲平臺。

關於惠普,Sacconaghi表示,巴菲特可能認爲該公司更像蘋果,而不是IBM。Sacconaghi補充道,技術的轉變,包括放棄印刷頁面,“也有可能謝若惠普的盈利能力,出現類似於IBM先前遭遇的情況”,他指出,惠普核心業務的壁壘切換與iOS的切換有所不同。

目前,Sacconaghi表示,以目前的水平,巴菲特不太可能再“實質性地”增持他於蘋果的股票持倉。蘋果目前約佔伯克希爾哈撒韋股票投資組合的 40%,而傳奇的 92 歲高齡巴菲特一直是該股票的“極其自律”的買家,在股票交易市盈率低於20倍時買入,在收益超過25倍時賣出。

本月早些時候,小摩曾表示,蘋果有五種“被低估的”價格催化劑可能會在未來 12 個月內將推動該股走高。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account