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    • Z世代投资学堂Z世代投资学堂
      ·02-23

      Initial Report(part3): Initial Memo on Neste Oyj (HEL: NESTE), 35% 5-yr Potential Upside (EIP, Valerie KANG)

      b.     Robust research and development capabilities fortified by strategic partnerships, co-innovation, and ecosystem collaborations Collaborating extensively with global universities and research centers like Aalto University, Åbo Akademi University, and VTT, Neste focuses on bolstering expertise in the Finnish chemical industry while driving growth in renewable products and low-carbon solutions. Emphasizing collaborative innovation, Neste engages with industrial technology partners and startups, leveraging their R&D and engineering proficiency to co-develop and commercialize groundbreaking innovations. Furthermore, the establishment of the Innovation Center in Singapore solidifies Neste's global R&D prowess, particularly targeting the burgeoning Asia-Pacific r
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      Initial Report(part3): Initial Memo on Neste Oyj (HEL: NESTE), 35% 5-yr Potential Upside (EIP, Valerie KANG)
    • Z世代投资学堂Z世代投资学堂
      ·02-23

      Initial Report(part2): Initial Memo on Neste Oyj (HEL: NESTE), 35% 5-yr Potential Upside (EIP, Valerie KANG)

      a.     Environmental   Climate Targets To achieve carbon-neutral, nature-positive value chain by 2040, Neste plans to focus on its carbon footprint (reduce scopes 1–3 emissions) and handprint (help customers to reduce their GHG emissions with their renewable and circular products).   Footprint: The company aims to reduce emissions in their own production (scopes 1 and 2) by 50% by 2030 reach carbon-neutral production by 2035. Reduce the use phase emission intensity) of sold products by 50% by 2040 compared to 2020 levels (scope 3). Work with suppliers and partners to reduce emissions across their value chain (scope 3).   Handprint: Neste aims provide solutions to help cut customers’ GHG emissions by 20 million tons CO2e annually by 2030. By prioritizing c
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      Initial Report(part2): Initial Memo on Neste Oyj (HEL: NESTE), 35% 5-yr Potential Upside (EIP, Valerie KANG)
    • Z世代投资学堂Z世代投资学堂
      ·02-23

      Initial Report(part1): Initial Memo on Neste Oyj (HEL: NESTE), 35% 5-yr Potential Upside (EIP, Valerie KANG)

      1.     Key Summar Initial Memo on Neste Oyj (HEL: NESTE)   Prepared by: Valerie Kang (EIP 2022)     2.     Company overview   Neste is a leading global production of sustainable aviation fuel, renewable diesel, and renewable feedstock solutions for polymer and chemical industries. Neste refines waste, residues, and innovative materials into renewable fuels and produces renewable feedstock for polymers and chemicals. It sells primarily domestically, exporting to North America and Europe. Operating over 1,000 gas stations across Finland, Estonia, Latvia, and Lithuania, it boasts a crude oil refining capacity of 10.5 million tons annually and produces about 3.3 million tons of renewable diesel yearly. While Finland constitutes the
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      Initial Report(part1): Initial Memo on Neste Oyj (HEL: NESTE), 35% 5-yr Potential Upside (EIP, Valerie KANG)
    • Z世代投资学堂Z世代投资学堂
      ·02-22

      Initial Report(part2): Chewy (CHWY), 19% 5-yr Potential Upside (EIP, Ryan LEE)

      Valuation of Chewy Using the discounted cash flow method, we arrived at an intrinsic share price of USD for Chewy. Revenue projections: Revenue was projected by breaking down the business segments and using the CAGR for the Consumables, Hard Goods and Others (healthcare services etc.) for pets to project the expected future revenue for Chewy. Cost projections: Cost of goods sold as well as the Selling General and Administrative costs will continue to increase across the years as Chewy expands. However, as Chewy expands and begins to reap better economies of scale by being able to buy in larger quantities, this can lower the costs of pet products per unit. In turn this could lead to cost savings being passed to pet parents in the form of lower prices to attract more pet parents on the Chew
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      Initial Report(part2): Chewy (CHWY), 19% 5-yr Potential Upside (EIP, Ryan LEE)
    • Z世代投资学堂Z世代投资学堂
      ·02-22

      Initial Report(part1): Chewy (CHWY), 19% 5-yr Potential Upside (EIP, Ryan LEE)

      Overview of Chewy Founded in 2010 and headquartered in Florida, Chewy, Inc is a pure play e-commerce business that sells pet food and treats, pet supplies and pet medications, and other pet-health products along with pet services. Chewy has a wide range of products and services for dogs, cats, fish, birds, small pets, horses, and reptiles sold through its retail website and mobile applications. The company offers approximately 110,000 products from 3,500 partner brands. Chewy went public in Jun 2019 via an IPO on the New York Stock Exchange with the Ticker CHWY. Chewy Stock Price from Y Charts (2023) Chewy business segments Chewy business segments are separated into consumables, hard goods as well as other products and services for pets [1]. Consumables: Refers to various types of pet
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      Initial Report(part1): Chewy (CHWY), 19% 5-yr Potential Upside (EIP, Ryan LEE)
    • Z世代投资学堂Z世代投资学堂
      ·02-20

      Initial Report(part3): Flex Pte Ltd. (Flex), 50.4% 5-yr Potential Upside (EIP, Nicole TAN)

      6.1 Environmental Assessment Flex consumes a significant amount of energy in their manufacturing processes (assembly, testing, packaging) and facility operations (power distribution, maintaining controlled environments). The primary source of energy for Flex is mainly fossil fuels, which generate large amounts of emissions. As such, the focus of the environmental assessment would revolve around greenhouse gas (GHG)emissions and energy management. 6.1.1 Carbon Emissions Flex has committed to reduce their absolute scope 1 and 2 GHG emissions by 50% by 2030, from a 2019 base year. The company has sought to minimise the environmental impact across the product lifecycle and advance decarbonisation strategies across the value chain. The company has been largely transparent about their numbers, a
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      Initial Report(part3): Flex Pte Ltd. (Flex), 50.4% 5-yr Potential Upside (EIP, Nicole TAN)
    • Z世代投资学堂Z世代投资学堂
      ·02-20

      Initial Report(part2): Flex Pte Ltd. (Flex), 50.4% 5-yr Potential Upside (EIP, Nicole TAN)

      2.3.2 Net Debt Flex has a net debt of 1,181 million as of FY2022, implying that the company has more debt than cash and may be relying more on borrowings. However, rather than being concerned that Flex has a net debt, the more important factor to consider should be whether Flex is able to pay off their debts. As such, Flex’s net debt to EBITDA ratio was calculated to assess a company's ability to pay off its debt based on its EBITDA as shown below. Figure 2 Based on FY2022 figures, Flex has a net debt to EBITDA ratio of 1.17, which is considered manageable and indicates that the company can cover its debt obligations within a few years. Furthermore, its net debt to EBITDA ratio has been steadily decreasing since FY2018, and it is likely that Flex may be able to pay off their debts in a f
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      Initial Report(part2): Flex Pte Ltd. (Flex), 50.4% 5-yr Potential Upside (EIP, Nicole TAN)
    • Z世代投资学堂Z世代投资学堂
      ·02-20

      Initial Report(part1): Flex Pte Ltd. (Flex), 50.4% 5-yr Potential Upside (EIP, Nicole TAN)

      Executive Summary The following investment memo outlines an opportunity in Flex Pte Ltd, a leading electronics manufacturing company. The aim of this executive summary is to give an overview of the investment opportunity and present the key factors that make it compelling. In 2022, the global EMS market was valued over USD 500 Billion and is projected to grow at a CAGR of more than 5% from 2023 to 2032. The EMS market is experiencing rapid expansion, driven by the proliferation of emerging technologies and increasing outsourcing of manufacturing services by OEMs. Within the EMS market, Flex Pte Ltd is a leading electronics manufacturing company and provides a range of services from design to manufacturing. It mainly provides 2 services: Flex Reliability Solutions, which focuses on customer
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      Initial Report(part1): Flex Pte Ltd. (Flex), 50.4% 5-yr Potential Upside (EIP, Nicole TAN)
    • Z世代投资学堂Z世代投资学堂
      ·02-19

      Initial Report(part5): Jinko Solar Holding Co.(JKS), 177% 5-yr Potential Upside (EIP,Leon LEONG)

      Regarding the issue of solar overcapacity, I feel that the market is discounting JKS's leading position amongst module manufacturers, especially as demand shifts towards N-Type modules where JKS currently leads in terms of manufacturing capacity and technology. While prices of modules will most likely fall, raw materials like polysilicon and PV materials are likely to fall as well, which should allow JKS to preserve its margins or mitigate the fall in module prices to a certain degree. JKS's leading market share in terms of module shipments and tight cost control efforts should allow it to tide through this period of overcapacity as the industry consolidates, where weaker players are pushed out in the short to medium term. After consolidation, my view is that JKS will continue to be one of
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      Initial Report(part5): Jinko Solar Holding Co.(JKS), 177% 5-yr Potential Upside (EIP,Leon LEONG)
    • Z世代投资学堂Z世代投资学堂
      ·02-19

      Initial Report(part4): Jinko Solar Holding Co.(JKS), 177% 5-yr Potential Upside (EIP,Leon LEONG)

      In terms of net profit margins, JKS has done exceptionally well in controlling its operating costs in FY23 and we can see a clear recovery trajectory in net profit margin compared to FY22 (Figure 36). On the other hand, all of its peers have seen net profit margins decline in FY23, signalling poorer control of operating costs, which is worsened by declining solar prices across the entire value chain. While JKS's gross margin expansion has certainly contributed to alleviating its poor profit margins as seen in FY22, another key contributor is its reduction in selling and marketing expenses as a % of sales in the first three quarters of 2023 (Figure 37). This is a key critical point as JKS's module shipments have increased significantly while expenses incurred to market and sell its modules
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      Initial Report(part4): Jinko Solar Holding Co.(JKS), 177% 5-yr Potential Upside (EIP,Leon LEONG)
       
       
       
       

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