<p><strong>亞馬遜</strong>(AMZN 0.26%) 是一家在線零售巨頭，銷售和配送自己的產品，同時充當其他零售商的中介。該公司的配送卡車在全國某些地區隨處可見。但在將產品送到客户手中方面，它還有更大的抱負。</p>
<p>那麼，<strong>聯合包裹</strong>(UPS -1.85%) 為什麼決定減少處理亞馬遜的配送呢？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA0MTMvMjNfMDlfMjYtYS1mcnVzdHJhdGVkLXBlcnNvbi1sb29raW5nLWF0LWEtbGFwdG9wLWNvbXB1dGVyLV9tZi1kbG9hZC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA0MTMvMjNfMDlfMjYtYS1mcnVzdHJhdGVkLXBlcnNvbi1sb29raW5nLWF0LWEtbGFwdG9wLWNvbXB1dGVyLV9tZi1kbG9hZC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>亞馬遜與 UPS 的分手</h2>
<p>就像任何一場好的分手戲劇，亞馬遜與 UPS（聯合包裹的簡稱）之間的故事很難下定論。UPS 表示，亞馬遜的業務雖然量大，但利潤低。這意味着它對底線的貢獻不足以彌補其對收入的好處。UPS 表示，計劃在未來幾年內減少與亞馬遜的業務一半。</p>
<p>這一努力符合 UPS 改善業務質量的目標。但管理層強調，它仍將與亞馬遜在某些方面合作。</p>
<p>值得注意的是，亞馬遜在配送自家商品方面越來越出色，但在退貨處理上並不強。憑藉龐大的零售店網絡，UPS 仍然可以為亞馬遜提供退貨服務，這對 UPS 的股東來説是一個有吸引力的回報。</p>
<p>所以，雙方的關係並沒有結束——只是變得不同了。或者，你可以説，他們仍然是朋友。</p>
<h2>亞馬遜正在支付更多以填補空缺</h2>
<p>UPS 限制與亞馬遜的關係對亞馬遜來説是個問題。雖然亞馬遜的配送能力在增長，但現在它必須比計劃中更快地提升能力。為此，亞馬遜最近宣佈將進行高達 40 億美元的資本投資，以增強其在農村地區的配送能力。同時，它與 UPS 的同行 <strong>聯邦快遞</strong>(FDX -1.10%) 簽署了一項協議，由該承運人處理亞馬遜的大件包裹。</p>
<p>市場將這一切視為聯邦快遞的勝利和 UPS 的損失。對於亞馬遜來説，這並不是太大的問題，指出目前該股票在華爾街備受追捧。雖然亞馬遜的股價比歷史最高點低約 15%，但其市銷率和市盈率均高於五年平均水平。而且在絕對值上也相當高。儘管如此，亞馬遜似乎有些急於接手 UPS 願意放棄的配送服務。</p>
<p>那麼 UPS 呢？自 2022 年達到峯值以來，該公司的股價已經損失超過一半。事實上，它在宣佈與亞馬遜的消息時，正好是在經歷了一段導致公司重組的疲軟期後，似乎正在恢復業務。</p>
<p>確實，收入開始增長，利潤率似乎也穩定了。遠離低價值的亞馬遜業務是 UPS 在從業務疲軟轉向業務強勁時做出的預防性舉措。</p>
<p>換句話説，UPS 是主動出擊，因為它看到了未來的趨勢。它的亞馬遜業務本來就會繼續縮小，那為什麼不提前應對呢？</p>
<p>亞馬遜為彌補失去 UPS 作為配送服務而產生的成本表明這是一件大事。但對於亞馬遜來説，這將比 UPS 更為重要，因為 UPS 明確表示該業務並不盈利。事實上，如果 UPS 能夠通過縮減業務進一步改善其利潤率，即使其收入表的頂線在此過程中縮小，UPS 也可能成為最大的贏家。</p>
<h2>不要忽視 UPS 作為投資</h2>
<p>華爾街熱愛亞馬遜，這也許是有充分理由的。但該股票的交易價格溢價。UPS，作為與亞馬遜分手後可能成為最大贏家的公司，深受冷落。值得注意的是，其市銷率和市盈率均遠低於五年平均水平。與此同時，該股票的股息收益率歷史上高達約 6.7%。</p>
<p>毫無疑問，UPS 通過與亞馬遜分手延長了其轉型的時間。但短期的痛苦可能正是它再次崛起所需要的。逆向投資者、股息投資者和價值投資者今天都應該深入研究 UPS，考慮將這家被冷落的配送服務納入他們的投資組合。</p>

聯合包裹

亞馬遜

亞馬遜每日 2 倍做多 ETF - Direxion

<p>亞馬遜正在投資高達 40 億美元以增強其配送能力，此前聯合包裹決定減少與這家在線零售商的業務，理由是利潤率低。聯合包裹計劃退出一半的亞馬遜配送服務，同時仍提供退貨服務。這一轉變可能在長期內使聯合包裹受益，因為它將專注於更有利可圖的業務。儘管亞馬遜在市場上佔據強勢地位，但這些變化表明配送服務的競爭加劇，聯合包裹可能在這場分手中脱穎而出。投資者被鼓勵考慮聯合包裹作為一個價值投資機會</p>

<p><strong>Amazon</strong>(AMZN 0.26%) is an online retail powerhouse, selling and delivering its own products and acting as a middleman for other retailers. The company's delivery trucks are ubiquitous in some areas of the country. But it has even bigger aspirations when it comes to getting products to customers.</p>
<div class="lb-trans"><p><strong>亞馬遜</strong>(AMZN 0.26%) 是一家在線零售巨頭，銷售和配送自己的產品，同時充當其他零售商的中介。該公司的配送卡車在全國某些地區隨處可見。但在將產品送到客户手中方面，它還有更大的抱負。</p>
</div><p>So why did <strong>United Parcel Service</strong>(UPS -1.85%) decide to stop handling as many Amazon deliveries?</p>
<div class="lb-trans"><p>那麼，<strong>聯合包裹</strong>(UPS -1.85%) 為什麼決定減少處理亞馬遜的配送呢？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA0MTMvMjNfMDlfMjYtYS1mcnVzdHJhdGVkLXBlcnNvbi1sb29raW5nLWF0LWEtbGFwdG9wLWNvbXB1dGVyLV9tZi1kbG9hZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820413%2F23_09_26-a-frustrated-person-looking-at-a-laptop-computer-_mf-dload.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>The Amazon and UPS breakup</h2>
<div class="lb-trans"><h2>亞馬遜與 UPS 的分手</h2>
</div><p>As with any good breakup drama, the story between Amazon and UPS, as United Parcel Service is called for short, is hard to call. UPS says that the Amazon business it was doing was high volume, but low margin. That meant that it didn't add enough to the bottom line to make it worth the top-line benefit. UPS says it plans to step away from half of the business it does with Amazon over the next couple of years.</p>
<div class="lb-trans"><p>就像任何一場好的分手戲劇，亞馬遜與 UPS（聯合包裹的簡稱）之間的故事很難下定論。UPS 表示，亞馬遜的業務雖然量大，但利潤低。這意味着它對底線的貢獻不足以彌補其對收入的好處。UPS 表示，計劃在未來幾年內減少與亞馬遜的業務一半。</p>
</div><p>That effort is in keeping with UPS' goal of improving the quality of its business. But management highlighted that it will still work with Amazon on some things.</p>
<div class="lb-trans"><p>這一努力符合 UPS 改善業務質量的目標。但管理層強調，它仍將與亞馬遜在某些方面合作。</p>
</div><p>Notably, Amazon is increasingly good at delivering its own wares, but it doesn't have a strong handle on returns. With a large retail store network, UPS can still provide return services to Amazon at an attractive return for UPS shareholders.</p>
<div class="lb-trans"><p>值得注意的是，亞馬遜在配送自家商品方面越來越出色，但在退貨處理上並不強。憑藉龐大的零售店網絡，UPS 仍然可以為亞馬遜提供退貨服務，這對 UPS 的股東來説是一個有吸引力的回報。</p>
</div><p>So the relationship isn't dead -- it's just different. Or, you could say, they will still be friends.</p>
<div class="lb-trans"><p>所以，雙方的關係並沒有結束——只是變得不同了。或者，你可以説，他們仍然是朋友。</p>
</div><h2>Amazon is paying up to fill the gap</h2>
<div class="lb-trans"><h2>亞馬遜正在支付更多以填補空缺</h2>
</div><p>UPS' decision to put limits on its relationship with Amazon is a problem for Amazon. While it is true that Amazon has been growing its distribution capabilities, it now has to step up more quickly than it might have planned. To that end, Amazon recently announced that it was making a capital investment of up to $4 billion to enhance its ability to make rural deliveries. And it inked a deal with UPS' peer <strong>FedEx</strong>(FDX -1.10%), where that carrier will handle larger packages for Amazon.</p>
<div class="lb-trans"><p>UPS 限制與亞馬遜的關係對亞馬遜來説是個問題。雖然亞馬遜的配送能力在增長，但現在它必須比計劃中更快地提升能力。為此，亞馬遜最近宣佈將進行高達 40 億美元的資本投資，以增強其在農村地區的配送能力。同時，它與 UPS 的同行 <strong>聯邦快遞</strong>(FDX -1.10%) 簽署了一項協議，由該承運人處理亞馬遜的大件包裹。</p>
</div><p>The market saw all of this as a win for FedEx and a loss for UPS. For Amazon, it wasn't too big a deal, noting that the stock is widely adored on Wall Street right now. While Amazon's stock is about 15% below its all-time high, its price-to-sales and price-to-earnings ratios are both above their five-year averages. And they are both fairly lofty on an absolute basis, as well. Still, it looks a little like Amazon is scrambling to take on the distribution services that UPS is willingly giving up.</p>
<div class="lb-trans"><p>市場將這一切視為聯邦快遞的勝利和 UPS 的損失。對於亞馬遜來説，這並不是太大的問題，指出目前該股票在華爾街備受追捧。雖然亞馬遜的股價比歷史最高點低約 15%，但其市銷率和市盈率均高於五年平均水平。而且在絕對值上也相當高。儘管如此，亞馬遜似乎有些急於接手 UPS 願意放棄的配送服務。</p>
</div><p>So what about UPS? The company's stock has lost more than half of its value since hitting a peak in 2022. In fact, it made the Amazon announcement just as it appeared it was getting its business back on track following a period of weakness that led to a corporate overhaul.</p>
<div class="lb-trans"><p>那麼 UPS 呢？自 2022 年達到峯值以來，該公司的股價已經損失超過一半。事實上，它在宣佈與亞馬遜的消息時，正好是在經歷了一段導致公司重組的疲軟期後，似乎正在恢復業務。</p>
</div><p>Indeed, revenue had started to grow and margins appeared to have stabilized. Moving away from low-value Amazon business was a preemptive move made at a time when UPS had shifted from business weakness to business strength.</p>
<div class="lb-trans"><p>確實，收入開始增長，利潤率似乎也穩定了。遠離低價值的亞馬遜業務是 UPS 在從業務疲軟轉向業務強勁時做出的預防性舉措。</p>
</div><p>In other words, UPS is being proactive because it sees the writing on the wall. Its Amazon business was going to keep shrinking anyway, so why not get ahead of it?</p>
<div class="lb-trans"><p>換句話説，UPS 是主動出擊，因為它看到了未來的趨勢。它的亞馬遜業務本來就會繼續縮小，那為什麼不提前應對呢？</p>
</div><p>The costs Amazon is incurring to make up for the loss of UPS as a delivery service is a sign that this was a big deal. But it will be a bigger deal for Amazon than UPS, since UPS was clear that the business wasn't very profitable. In fact, UPS could end up the big winner if the ability to slim down allows it to further improve its margins, even if the top line of its income statement shrinks along the way.</p>
<div class="lb-trans"><p>亞馬遜為彌補失去 UPS 作為配送服務而產生的成本表明這是一件大事。但對於亞馬遜來説，這將比 UPS 更為重要，因為 UPS 明確表示該業務並不盈利。事實上，如果 UPS 能夠通過縮減業務進一步改善其利潤率，即使其收入表的頂線在此過程中縮小，UPS 也可能成為最大的贏家。</p>
</div><h2>Don't sleep on UPS as an investment</h2>
<div class="lb-trans"><h2>不要忽視 UPS 作為投資</h2>
</div><p>Wall Street loves Amazon, and perhaps for good reason. But the stock is trading with a premium price tag. UPS, which could actually end up being the big winner in its breakup with Amazon, is deeply unloved. Notably, its price-to-sales and price-to-earnings ratios are well below their five-year averages. The stock's dividend yield, meanwhile, is historically high at around 6.7%.</p>
<div class="lb-trans"><p>華爾街熱愛亞馬遜，這也許是有充分理由的。但該股票的交易價格溢價。UPS，作為與亞馬遜分手後可能成為最大贏家的公司，深受冷落。值得注意的是，其市銷率和市盈率均遠低於五年平均水平。與此同時，該股票的股息收益率歷史上高達約 6.7%。</p>
</div><p>There's no question that UPS has extended the length of its turnaround by breaking up with Amazon. But the near-term pain could be exactly what it needs to rise up again. Contrarian investors, dividend investors, and value investors should all be doing a deep dive into UPS today with the idea of adding this unloved delivery service to their portfolios.</p>
<div class="lb-trans"><p>毫無疑問，UPS 通過與亞馬遜分手延長了其轉型的時間。但短期的痛苦可能正是它再次崛起所需要的。逆向投資者、股息投資者和價值投資者今天都應該深入研究 UPS，考慮將這家被冷落的配送服務納入他們的投資組合。</p>
</div>

Is Amazon Paying $4 Billion to Break Up With UPS?

- 亞馬遜與 UPS 關係變化，UPS 將減少與亞馬遜的業務合作。  
- UPS 認為亞馬遜業務高量低利，計劃在未來幾年內退出一半業務。  
- 亞馬遜為填補 UPS 的空缺，投資 40 億美元提升配送能力。  

亞馬遜是否支付 40 億美元以結束與聯合包裹的合作關係？