標題: 自來水公司
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來自 Taiwan

163.27.125.241
發表於 2018-5-1 00:08  資料 私人訊息 
Curry桑,這並不是小弟的研究,ˋ這是Mike的持股名單內,小弟只是每天追蹤Mike、Joe、kaka和Curry桑等先進的名單,及討論區裡的文章而已,光是看kaka桑介紹的個股就非常多了,很佩服您還花時間深入研究,還不吝分享,感恩讚嘆!
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101.14.181.183
發表於 2018-5-4 06:56  資料 私人訊息 
更正#15內容,UUGRY常利沒問題,是ROE一直掉,原因在於淨值增加,而淨值增加原因在於配息率低&未回購股票,然我以為問題應不大,好公司未來還是會增加配息率或是增加股票回購。
  1. United Utilities Group plc (UU), the United Kingdom's largest listed water company, was founded in 1995 as a result of the merger of North West Water and NORWEB.
  2. https://en.wikipedia.org/wiki/United_Utilities




[ 本帖最後由 Curry 於 2018-5-4 07:08 編輯 ]
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101.14.181.183
發表於 2018-5-4 07:11  資料 私人訊息 
漏掉一檔英國的water company補充如下:
  1. Severn Trent plc is a water company based in the United Kingdom that is traded on the London Stock Exchange, and is a constituent of the FTSE 100 Index. Severn Trent, the trading name owned by the above company applies to a group of companies employing more than 15,000 people across the United Kingdom, United States and mainland Europe, with some involvement in the Middle East.
  2. https://en.wikipedia.org/wiki/Severn_Trent

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101.14.181.183
發表於 2018-5-5 14:27  資料 私人訊息 
  1. SJW也是美國的water company,也滿不錯的∼
  2. 但常利似乎少了點未達老巴要求75m,
  3. SJW Group ("SJW") is a water utility processed, distribution, wholesale and retail company that is based in San Jose, California. It served 228,000 connections that serves over 1 million residents in regions of California, and approximately 11,000 connections, which offer water to about 36,000 people in Texas.[2][3] The enterprise value (As of February 2014) is $916.35 Million.[1]
  4. https://en.wikipedia.org/wiki/SJW_Group
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1.174.148.160
發表於 2018-5-6 16:10  資料 私人訊息 
  1. Companhia de Saneamento Basico do Estado de Sao Paulo(kaka哥滴SBS), or "Sabesp," operates in Brazil, and its financial performance and stock price will be significantly affected by exchange rates because a good chunk of its debt is denominated in U.S. dollars and Japanese yen.https://www.fool.com/investing/2018/01/16/the-best-water-stocks-of-2017-how-the-10-largest-w.aspx
  2. 2016~2017,巴西雷亞爾相對美元&日圓漲了對SBS常利助長不少
  3. Sabesp is a Brazilian water and waste management company owned by Sao Paulo state. It provides water and sewage services to residential, commercial and industrial users in Sao Paulo and in 363 of the 645 municipalities in Sao Paulo State, typically under 30-year concession contracts. It provides water to 26.7 million customers, or 60% of the population of the state. It is the largest water and waste management company in Latin America.[3] It provides basic sanitation services, which include all phases (abstraction, treatment, processing, distribution) and the collection, treatment and reuse of sewage. The Sao Paulo Metropolitan Region and the Regional Systems accounted for 74.5% and 25.5% of the sales and services rendered during the year ended December 31, 2004 respectively. Sabesp also supplies water on a bulk basis to municipalities in the Sao Paulo Metropolitan Area, in which it does not operate water systems to local operators.
    In 2009 Sabesp had 15,103 employees for 7.12 million water connections, corresponding to 2.1 employees per 1,000 connections, indicating a high level of labor productivity.[4]
    SABESP was founded in 1973. Its stocks were first floated on the Sao Paulo stock exchange in 1996. In 2002-2004 the Sao Paulo Government sold a further equity stakes, including a listing at the New York Stock Exchange. Today 49.8% of its shares are privately owned. In 2006 a law was passed that allowed SABESP to expand its activities into other Brazilian states and internationally. It has signed cooperation agreements in Spain, Israel and Costa Rica.[4] According to its CEO SABESP wants to expand to serve all cities in Sao Paulo State.[5]https://en.wikipedia.org/wiki/Sabesp


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1.174.148.160
發表於 2018-5-6 16:27  資料 私人訊息 
3 Best Stocks to Invest in Water Water stocks -- as of the fall of 2016 -- still make compelling long-term investments, even after their big price run-ups over the last year. Beth McKenna
(TMFMcKenna)

Apr 18, 2015 at 9:58AM



This article was originally published on April 18, 2015 and was updated on Sept. 15, 2016.
I'm going to gush about water stocks, which in my opinion will remain one of the best places to safely grow money over the long term, particularly as part of a dividend-reinvestment portfolio. Water-related stocks in general have been getting more attention recently due to California's epic drought and Flint, Michigan's horrendous water system crisis. But it still seems to fly under many investors' radars that the best water stocks, such as American Water Works Company (NYSE:AWK), sport a powerful combination of market-beating long-term returns at less-than-average volatility.
A word of caution: Water stocks have soared since this article was first published. The group is likely to continue to experience pullbacks over the near- and mid-terms, as valuations are high, but I believe the space still has the potential for outperformance over the long term.

SOURCE: PIXABAY.
Spouting off the reasons to love water utilities
  1. They're generally monopolies -- or at least primarily monopolies.
  2. Fresh water supply is limited and demand should grow as the world population increases and as a greater percentage of the population moves into the consuming classes.
  3. Water has no substitutes.
  • water industry真是不錯的產業!
The publicly traded water utilitiesThe water utility industry in the United States is heavily comprised of countless small municipal-owned and operated systems. Only 12 water utility stocks trade on major U.S. stock exchanges, and only nine have market caps of at least $300 million, meaning they're small caps or larger.



Water utility stocks with market caps of at least $300 millionCompanyMarket CapDiv. YieldForward P/EProjected Average Annual EPS Growth Next 5 Yrs.1-Yr Total Return 5-Yr Total Return
  1. American Water Works
  2. $13.7B
  3. 2%
  4. 24.2
  5. 7.6%
  6. 44.1%
  7. 183%
  8. Companhia de Saneamento Basico (NYSE:SBS)
  9. $6.7B
  10. 0.7%
  11. 2.3
  12. 35.1%
  13. 118%
  14. 16.5%
  15. Aqua America (NYSE:WTR)
  16. $5.5B
  17. 2.6%
  18. 21.2
  19. 6%
  20. 21.4%
  21. 95.2%
  22. California Water Service
  23. $1.5B
  24. 2.3%
  25. 22.4
  26. 9.1%
  27. 52.4%
  28. 97.1%
  29. American States Water (NYSE:AWR)
  30. $1.4B
  31. 2.4%
  32. 22.3
  33. 4%
  34. 0%
  35. 156%
  36. SJW Corp.
  37. $916M
  38. 1.9%
  39. 23.3
  40. 14%
  41. 51.1%
  42. 116%
  43. Middlesex Water
  44. $556M
  45. 2.4%
  46. N/A
  47. 2.7%
  48. 51.1%
  49. 124%
  50. Connecticut Water
  51. $551M
  52. 2.4%
  53. 21.1
  54. 6%
  55. 38.8%
  56. 108%
  57. York Water
  58. $392M
  59. 2.2%
  60. 28.0
  61. 4.9%
  62. 38.2%
  63. 93.6%
  64. S&P 500
  65. 2%
  66. 12.4%
  67. 101%
DATA TO SEPT. 15, 2016. DIV = DIVIDEND; P/E = PRICE-TO-EARNINGS; EPS = EARNINGS PER SHARE. RETURNS THAT HAVE BEAT THE S&P 500 ARE BOLD-FACED. DATA SOURCES: FINVIZ.COM AND YCHARTS.  

Two of the nine stocks included in the chart were not included in the analysis:
Companhia de Saneamento Basico-- known as "Sabesp" -- operates in Sao Paulo, Brazil. It has some compelling features, but it's best suited for investors comfortable with higher risk due to the political turmoil in Brazil, fluctuations in foreign-currency exchange rates, and frequent water-supply concerns due to droughts.
SJW Corp. is not a pure play -- it has significant real estate operations.

  • 不要買SBS & SJW!

Large relative size provides a competitive advantage Large size relative to peers/competitors provides water utilities with a major competitive advantage. This is a primary reason why American Water Works remains my favorite in the group. The water utility industry is extremely fragmented and capital-intensive, so the bigger companies are more likely to have the resources needed to acquire smaller utilities.
  • 大者恆大!


[ 本帖最後由 Curry 於 2018-5-6 16:43 編輯 ]
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mikeon88
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118.169.165.104
發表於 2018-5-6 16:45  資料 主頁 文集 私人訊息 
投資拉丁美洲國家匯率波動大,令人頭痛,
最近阿根廷利率拉升到40%,可見之前匯率一定貶翻掉。
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1.174.148.160
發表於 2018-5-6 16:46  資料 私人訊息 
  1. 接續#21


  2. 1. American Water Works: The geographically diversified industry giant
    American Water Works provides services to approximately 15 million people in 47 states and one Canadian province. Its regulated business provides water and wastewater services in 16 states, while its nonregulated segment primarily builds, operates, and maintains water and wastewater facilities for military bases throughout the country. In 2015, it acquired Keystone Clearwater Solutions, which supplies water and related services to natural gas exploration and production companies for hydraulic fracturing -- "fracking" -- in the Appalachian Basin.
    The Voorhees, NJ-based company's large relative size means it's likely to continue to have the resources to gobble up smaller water companies. Its geographic diversity allows for greater efficiencies, as it can often expand its operations without adding entirely new management teams.

    Analysts expect American Water's earnings per share to grow at an average annual rate of 7.6% over the next five years, the second-highest growth rate (behind California Water Service's 9.1%) among the seven companies in our analysis. The company has increased its dividend every year since it went public in 2008.

    One thing to watch -- while American Water's debt-to-equity ratio has been coming down, it's still the highest among our group. It's 1.3, while most of the others are in the 0.7 to 1.0 range. This is OK in such a low interest rate environment, but could become a concern if rates appreciably rise.



  • 不知生息會對AWK影響多大?

2. Aqua America: Relatively large & decent geographic diversity
Aqua America provides water and wastewater services to approximately 3 million residents in the eight states of Pennsylvania, Ohio, Virginia, North Carolina, Illinois, New Jersey, Indiana, and Texas. Like American Water Works, it also has an unregulated market-based business, and has grown via an aggressive acquisition strategy. In 2012, as part of a joint venture with Penn Virginia Resource Partners, Aqua America began supplying water to energy producers for fracking in the Appalachian Basin.  
The suburban Philadelphia-based company sports the highest dividend yield in the group, making it particularly compelling for investors more concerned with current income than total capital appreciation. It's paid dividends for 70 consecutive years and has increased its dividend for 23 consecutive years. Aqua America's trailing-12-month profit margin is 25.4%, the second highest (behind York Water's 26.3%) of the nine stocks in the chart. As a benchmark, American Water's profit margin is 15.1%, which is in the middle of the pack among the stocks in the chart.




3. American States Water: Great long-term record, but challenges abound
American States Water primarily operates as a regulated water utility, with its Golden State Water subsidiary supplying water to approximately 260,000 customers in 10 counties in Northern, Coastal, and Southern, Calif. It also provides electric service to about 24,000 customers in the Big Bear Lake region. Additionally, it has a nonregulated business that operates and maintains water and wastewater systems on military bases throughout the U.S.
American States is a long-term winner, reflecting the company's reputation as being very well run. Moreover, it's paid dividends every year since 1931, increasing the payout each year since 1954. Most investors, however, should probably hold off on investing in the company for now due to some considerable uncertainties and challenges.
A primary uncertainty involves its rate requests for 2016 through 2018; it's still awaiting news from the California Public Utility Commission (CPUC). A main challenge had related to declining revenue due to mandatory water restrictions in drought-stricken areas of California. While these restrictions were lifted on June 1, much of the state is still in a drought, so challenges remain.
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118.169.165.104
發表於 2018-5-6 16:52  資料 主頁 文集 私人訊息 
自來水廠、高鐵...這種固定收益股跟利率蠻敏感的,
利率升,股價就會跌。
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1.174.148.160
發表於 2018-5-6 21:37  資料 私人訊息 
  1. 歐美的water company盈再率偏高原因,除了併購(原因:營收逐年增加+固定資產增加),應該還有環保要求增加(原因:固定資產增加)(參照risk item,http://www.rocketfinancial.com/FetchDoc.aspx?fid=6434891
  2. (以AWK為例)
  3. 相較於歐美water company,泰國的TTAPY,港覺更棒!
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1.174.148.160
發表於 2018-5-6 21:42  資料 私人訊息 
  1. 這樣斷斷續續整理,終於把water industry稍微了解
  2. 感謝kaka桑∼,讓我知道還有water industry這個產業。


[ 本帖最後由 Curry 於 2018-5-6 21:55 編輯 ]
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42.72.88.201
發表於 2018-5-20 10:52  資料 私人訊息 
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60.248.143.145
發表於 2018-7-30 12:54  資料 私人訊息 
  1. correct #25
  2. 歐美自來水公司營再率高應為歷年固資攀升造成而非併購
  3. 歐美自來水公司營再率普遍高,僅有巴西及泰國自來水公司營再率低
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