<p>Investing.com --巴克莱分析师认为，近期邮轮公司股票的抛售过度，认为市场&#34;暗示邮轮公司的定价将崩溃&#34;，而现实情况要稳定得多。</p>
<p>“我们认为恐惧被夸大了，” 该银行表示。</p>
<p>邮轮股票在过去一个月平均下跌了&#34;23%，而标准普尔 500 指数下跌了 7%&#34;，投资者担心宏观波动和经济不确定性。</p>
<p>然而，巴克莱（LON:BARC）分析师认为，暗示的&#34;5% 收益影响&#34;由于三个关键因素不太可能实现：</p>
<ol>
<li>&#34;与陆地度假相比，仍然显著的定价折扣，这应该能对需求起到缓冲作用。&#34;</li>
</ol>
<ol>
<li>&#34;增速放缓/适度的供应增长。&#34;</li>
</ol>
<ol>
<li>&#34;更理性的行业定价结构。&#34;</li>
</ol>
<p>巴克莱为邮轮公司股票概述了各种情景，包括&#34;坏&#34;、&#34;更坏&#34;和&#34;最坏&#34;的情况，分别对收益造成 2.5%/5.0%/10% 的影响。</p>
<p>即使在严重的经济下滑中，分析师认为该行业也能&#34;有效缓冲&#34;影响。他们的基本情况假设仅为&#34;-2.5% 的影响&#34;，这将导致&#34;RCL/CCL/NCLH 分别有 16%/23%/32% 的上涨空间。&#34;</p>
<p>该公司还强调，&#34;邮轮行业的定价能力今天比以往任何时候都强，&#34;这得益于与陆地度假相比的更大折扣、改善的定价纪律以及对船上消费的更前瞻性预期。</p>
<p>尽管近期的不确定性影响了预订，但巴克莱并不预计会有重大定价调整，表示&#34;即使票务需求在 2 月份开始减弱，我们也认为运营商不会立即调整价格。&#34;</p>
<p>该公司在该行业的首选股票是皇家加勒比（NYSE:RCL）和嘉年华（NYSE:CCL），它们受益于&#34;驱动混合和对消费者最具吸引力/固有价值的提案。&#34;</p>
<p>该内容最初发布于 Investing.com</p>

皇家加勒比邮轮

嘉年华存托凭证

<p>巴克莱分析师认为，近期邮轮股票的下跌被夸大了，过去一个月平均下跌了 23%。他们认为市场对价格不稳定的担忧是没有根据的，指出与陆地度假相比，邮轮的价格折扣显著，以及合理的定价结构。巴克莱预计收益仅会受到-2.5% 的影响，暗示主要邮轮公司有潜在的上行空间。他们看好皇家加勒比邮轮和嘉年华的股票，强调它们强大的定价能力和消费者价值主张</p>

<p>Investing.com --Barclays analysts believe the recent selloff in cruise line stocks is overdone, arguing that the market is &#34;implying Cruise Lines' pricing will unravel&#34; when the reality is far more stable.</p>
<div class="lb-trans"><p>Investing.com --巴克莱分析师认为，近期邮轮公司股票的抛售过度，认为市场&#34;暗示邮轮公司的定价将崩溃&#34;，而现实情况要稳定得多。</p>
</div><p>“We think fears are overdone,” said the bank.</p>
<div class="lb-trans"><p>“我们认为恐惧被夸大了，” 该银行表示。</p>
</div><p>Cruise stocks have dropped &#34;23% on average over the last month, vs. SPX -7%,&#34; as investors worry about macro volatility and economic uncertainty.</p>
<div class="lb-trans"><p>邮轮股票在过去一个月平均下跌了&#34;23%，而标准普尔 500 指数下跌了 7%&#34;，投资者担心宏观波动和经济不确定性。</p>
</div><p>However,  Barclays  (LON:BARC) analysts think the implied &#34;5% impact to yields&#34; is unlikely due to three key factors:</p>
<div class="lb-trans"><p>然而，巴克莱（LON:BARC）分析师认为，暗示的&#34;5% 收益影响&#34;由于三个关键因素不太可能实现：</p>
</div><ol>
<li>&#34;The still significant pricing discount to land-based vacations, which should act as a buffer to demand.&#34;</li>
</ol>
<div class="lb-trans"><ol>
<li>&#34;与陆地度假相比，仍然显著的定价折扣，这应该能对需求起到缓冲作用。&#34;</li>
</ol>
</div><ol>
<li>&#34;Decelerating/modest supply growth.&#34;</li>
</ol>
<div class="lb-trans"><ol>
<li>&#34;增速放缓/适度的供应增长。&#34;</li>
</ol>
</div><ol>
<li>&#34;A more rational industry pricing structure.&#34;</li>
</ol>
<div class="lb-trans"><ol>
<li>&#34;更理性的行业定价结构。&#34;</li>
</ol>
</div><p>Barclays outlines various scenarios for cruise line stocks, with a &#34;bad,&#34; &#34;worse,&#34; and &#34;worst&#34; case modeling 2.5%/5.0%/10% hits to yields, respectively.</p>
<div class="lb-trans"><p>巴克莱为邮轮公司股票概述了各种情景，包括&#34;坏&#34;、&#34;更坏&#34;和&#34;最坏&#34;的情况，分别对收益造成 2.5%/5.0%/10% 的影响。</p>
</div><p>Even in a severe downturn, analysts believe the industry can &#34;meaningfully cushion&#34; the impact. Their base case assumes only a &#34;-2.5% hit,&#34; which would result in &#34;16%/23%/32% upside for RCL/CCL/NCLH, respectively.&#34;</p>
<div class="lb-trans"><p>即使在严重的经济下滑中，分析师认为该行业也能&#34;有效缓冲&#34;影响。他们的基本情况假设仅为&#34;-2.5% 的影响&#34;，这将导致&#34;RCL/CCL/NCLH 分别有 16%/23%/32% 的上涨空间。&#34;</p>
</div><p>The firm also highlights &#34;pricing power for the cruise industry is stronger today than ever before,&#34; due to a wider discount to land-based vacations, improved pricing discipline, and a more forward-looking approach to booking onboard spending.</p>
<div class="lb-trans"><p>该公司还强调，&#34;邮轮行业的定价能力今天比以往任何时候都强，&#34;这得益于与陆地度假相比的更大折扣、改善的定价纪律以及对船上消费的更前瞻性预期。</p>
</div><p>While recent uncertainty has impacted bookings, Barclays does not expect major pricing adjustments yet, stating &#34;even if ticket demand began softening as early as February, we don't think operators would have moved prices yet.&#34;</p>
<div class="lb-trans"><p>尽管近期的不确定性影响了预订，但巴克莱并不预计会有重大定价调整，表示&#34;即使票务需求在 2 月份开始减弱，我们也认为运营商不会立即调整价格。&#34;</p>
</div><p>The firm’s preferred stocks in the sector are  Royal Caribbean  (NYSE:RCL) and Carnival (NYSE:CCL), which benefit from &#34;drive-to mix and most attractive/inherent value propositions to the consumer.&#34;</p>
<div class="lb-trans"><p>该公司在该行业的首选股票是皇家加勒比（NYSE:RCL）和嘉年华（NYSE:CCL），它们受益于&#34;驱动混合和对消费者最具吸引力/固有价值的提案。&#34;</p>
</div><p>This content was originally published on Investing.com</p>
<div class="lb-trans"><p>该内容最初发布于 Investing.com</p>
</div>

邮轮公司股票：巴克莱认为担忧被夸大了