<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1000" height="667" original-src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA"/></p>
<p><em>圖片來源：Unsplash</em></p>
<h3><strong>本週深度價值景觀</strong></h3>
<p>本週的 <strong>收購者倍數®大盤股篩選</strong> 強化了一個持續且日益集中的主題：極端價值繼續集中在現金充裕的金融行業以及部分工業和週期性行業，而通信服務和科技相關企業則悄然進入深度價值的討論中。</p>
<p>儘管經營收入強勁且資本回報積極，市場仍然將許多大盤股的定價視為當前現金流不可持續。</p>
<p>主線依然明確——真實的、當下的自由現金流正在被折現，而宏觀和敍事風險則被優先考慮。</p>
<h3><strong>金融行業仍然是極端價值的中心</strong></h3>
<p><strong>Synchrony Financial (SYF)</strong> 再次位居篩選榜首，收購者倍數為 <strong>2.8</strong>，令人震驚的 <strong>31.2% 自由現金流收益率</strong>。憑藉超過 <strong>108 億美元的經營收入</strong>、負淨槓桿和超過 <strong>8%</strong> 的股東收益率，Synchrony 繼續以大盤金融公司中罕見的水平產生現金。</p>
<p>然而，估值暗示了一個嚴重的消費者信貸下滑，而這一點在結果中並未顯現。信用指標保持受控，資本比率強勁，回購仍在深度增值的價格下進行。現金流現實與市場定價之間的脱節依然極為明顯。</p>
<h3><strong>週期性和工業：缺乏信心的現金流</strong></h3>
<p>除了金融行業，幾個資本密集型的週期性行業也佔據了篩選的上層，突顯出市場對經濟敏感型企業的普遍折現。</p>
<p><strong>CF Industries (CF)</strong> 的收購者倍數為 <strong>7.1</strong>，自由現金流收益率為 <strong>13.5%</strong>，得益於強勁的經營收入和嚴謹的資本配置。儘管氮氣市場趨於穩定，資產負債表風險保持可控，但估值仍假設結構性受損的利潤率，而非中期正常化。</p>
<p><strong>PulteGroup (PHM)</strong> 也接近榜首，收購者倍數為 <strong>7.1</strong>，資產回報率穩健，並持續進行股票回購。房屋建築商的定價反映了住房放緩的預期，而這一點尚未顯著侵蝕盈利能力，因為供應限制和保守的土地策略繼續支持現金生成。</p>
<h3><strong>安靜的進入者：通信和科技硬件</strong></h3>
<p>本週的篩選還突顯了在傳統上不被視為 “深度價值” 的領域中被低估的價值。</p>
<p><strong>HP Inc. (HPQ)</strong> 的收購者倍數為 <strong>7.1</strong>，自由現金流收益率為兩位數，得益於穩定的經營收入和積極的回購。儘管對 PC 需求的長期擔憂存在，市場仍然將 HP 視為一個正在融化的冰塊企業，即使現金回報依然可觀。</p>
<p>同樣，<strong>Comcast (CMCSA)</strong> 的收購者倍數為 <strong>8.7</strong>，自由現金流收益率為 <strong>17.6%</strong>。儘管對寬帶增長的情緒惡化，該公司仍然產生鉅額經營收入，並在低估值下進行資本回購。</p>
<h3><strong>資本回報繼續發揮重要作用</strong></h3>
<p>在篩選中，<strong>股東收益率仍然是一個定義特徵</strong>。回購——而非分紅——正在推動大部分資本回報，特別是在金融、工業和成熟的現金生成企業中。</p>
<p>這些公司不僅在靜態估值指標上便宜；它們正在積極利用內部生成的現金縮減股份數量，同時被定價為長期惡化是不可避免的，而非週期性或敍事驅動的。</p>
<h3><strong>宏觀背景：現金流保持，敍事主導</strong></h3>
<p>本週的篩選反映了一個熟悉的動態。宏觀不確定性和行業層面的悲觀情緒繼續超過公司特定的基本面。金融行業的定價反映了信用壓力，週期性行業則反映了需求崩潰，而成熟企業則反映了長期衰退。</p>
<p>然而，經營收入、資產負債表的強度和資本回報表明瞭一個更具韌性的現實。</p>
<h3><strong>結論</strong></h3>
<p>本週的結果強化了一個持久的低效現象。市場繼續大幅折現那些今天產生可觀自由現金流的大盤企業——而非明天的投機性增長。</p>
<p>金融、週期性和被忽視的現金生成者主導了深度價值景觀，並不是因為基本面在惡化，而是因為情緒仍然固守於最壞的假設。對於有紀律的價值投資者而言，機會依然存在。現金流現實與市場定價之間的差距繼續為長期阿爾法提供了一個引人注目的狩獵場。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>Cal-Maine Foods, Inc.: 一家深度價值商品企業</p>
<p>Alphabet Inc. - 我們對內在價值的計算</p>
<p>極端價值集中在現金生成的金融、工業和材料領域</p>

康卡斯特

普爾特房屋

惠普

CF實業

<p>本週的深度價值股票分析突出了現金充裕的金融行業以及部分工業和週期性行業的極端價值集中。Synchrony Financial 以高自由現金流收益率領先，而 CF Industries 和 PulteGroup 在市場悲觀情緒下仍展現出強勁的現金生成能力。此外，HP Inc.和 Comcast 在科技行業中也逐漸顯現出被低估的跡象。市場繼續基於宏觀不確定性而低估這些公司，而非其穩健的基本面，這為價值投資者提供了機會，因為現金流依然強勁</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA" alt="" original-src="https://images.unsplash.com/photo-1569025690938-a00729c9e1f9?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjEyMDd9&amp;auto=format&amp;fit=crop&amp;w=1000&amp;q=80"/></p>
<p><em>Image Source: Unsplash</em></p>
<div class="lb-trans"><p><em>圖片來源：Unsplash</em></p>
</div><h3><strong>This Week’s Deep-Value Landscape</strong></h3>
<div class="lb-trans"><h3><strong>本週深度價值景觀</strong></h3>
</div><p>This week’s <strong>Acquirer’s Multiple® Large-Cap Screen</strong> reinforces a persistent and increasingly concentrated theme: extreme value continues to cluster in cash-rich Financials and select Industrials and Cyclicals, while Communication Services and Technology-linked businesses quietly enter the deep-value conversation.</p>
<div class="lb-trans"><p>本週的 <strong>收購者倍數®大盤股篩選</strong> 強化了一個持續且日益集中的主題：極端價值繼續集中在現金充裕的金融行業以及部分工業和週期性行業，而通信服務和科技相關企業則悄然進入深度價值的討論中。</p>
</div><p>Despite resilient operating income and aggressive capital returns, the market continues to price many large-cap businesses as though current cash flows are unsustainable.</p>
<div class="lb-trans"><p>儘管經營收入強勁且資本回報積極，市場仍然將許多大盤股的定價視為當前現金流不可持續。</p>
</div><p>The through-line remains clear—real, present-day free cash flow is being discounted in favor of macro and narrative risk.</p>
<div class="lb-trans"><p>主線依然明確——真實的、當下的自由現金流正在被折現，而宏觀和敍事風險則被優先考慮。</p>
</div><h3><strong>Financials Remain the Epicenter of Extreme Value</strong></h3>
<div class="lb-trans"><h3><strong>金融行業仍然是極端價值的中心</strong></h3>
</div><p><strong>Synchrony Financial (SYF)</strong> once again anchors the screen, ranking first with an Acquirer’s Multiple of <strong>2.8</strong> and a staggering <strong>31.2% free cash flow yield</strong>. With over <strong>$10.8 billion in operating income</strong>, negative net leverage, and a shareholder yield north of <strong>8%</strong>, Synchrony continues to generate cash at levels rarely seen among large-cap financials.</p>
<div class="lb-trans"><p><strong>Synchrony Financial (SYF)</strong> 再次位居篩選榜首，收購者倍數為 <strong>2.8</strong>，令人震驚的 <strong>31.2% 自由現金流收益率</strong>。憑藉超過 <strong>108 億美元的經營收入</strong>、負淨槓桿和超過 <strong>8%</strong> 的股東收益率，Synchrony 繼續以大盤金融公司中罕見的水平產生現金。</p>
</div><p>Yet valuation implies a severe consumer-credit downturn that has not manifested in results. Credit metrics remain controlled, capital ratios are strong, and buybacks continue at deeply accretive prices. The disconnect between cash-flow reality and market pricing remains extreme.</p>
<div class="lb-trans"><p>然而，估值暗示了一個嚴重的消費者信貸下滑，而這一點在結果中並未顯現。信用指標保持受控，資本比率強勁，回購仍在深度增值的價格下進行。現金流現實與市場定價之間的脱節依然極為明顯。</p>
</div><h3><strong>Cyclicals and Industrials: Cash Flow Without Conviction</strong></h3>
<div class="lb-trans"><h3><strong>週期性和工業：缺乏信心的現金流</strong></h3>
</div><p>Beyond Financials, several capital-intensive cyclicals occupy the upper tier of the screen, underscoring how broadly the market is discounting economically sensitive businesses.</p>
<div class="lb-trans"><p>除了金融行業，幾個資本密集型的週期性行業也佔據了篩選的上層，突顯出市場對經濟敏感型企業的普遍折現。</p>
</div><p><strong>CF Industries (CF)</strong> screens with an Acquirer’s Multiple of <strong>7.1</strong> and a <strong>13.5% FCF yield</strong>, supported by strong operating income and disciplined capital allocation. Despite nitrogen markets stabilizing and balance-sheet risk remaining contained, valuation continues to assume structurally impaired margins rather than mid-cycle normalization.</p>
<div class="lb-trans"><p><strong>CF Industries (CF)</strong> 的收購者倍數為 <strong>7.1</strong>，自由現金流收益率為 <strong>13.5%</strong>，得益於強勁的經營收入和嚴謹的資本配置。儘管氮氣市場趨於穩定，資產負債表風險保持可控，但估值仍假設結構性受損的利潤率，而非中期正常化。</p>
</div><p><strong>PulteGroup (PHM)</strong> also appears near the top with a <strong>7.1 AM</strong>, solid returns on assets, and ongoing share repurchases. Homebuilders remain priced for a housing slowdown that has yet to meaningfully erode profitability, as supply constraints and conservative land strategies continue to support cash generation.</p>
<div class="lb-trans"><p><strong>PulteGroup (PHM)</strong> 也接近榜首，收購者倍數為 <strong>7.1</strong>，資產回報率穩健，並持續進行股票回購。房屋建築商的定價反映了住房放緩的預期，而這一點尚未顯著侵蝕盈利能力，因為供應限制和保守的土地策略繼續支持現金生成。</p>
</div><h3><strong>Quiet Entrants: Communications and Tech Hardware</strong></h3>
<div class="lb-trans"><h3><strong>安靜的進入者：通信和科技硬件</strong></h3>
</div><p>This week’s screen also highlights underappreciated value in areas not traditionally viewed as “deep value.”</p>
<div class="lb-trans"><p>本週的篩選還突顯了在傳統上不被視為 “深度價值” 的領域中被低估的價值。</p>
</div><p><strong>HP Inc. (HPQ)</strong> screens with a <strong>7.1 Acquirer’s Multiple</strong> and double-digit free cash flow yield, supported by steady operating income and aggressive buybacks. Despite secular concerns around PC demand, the market continues to discount HP as a melting-ice-cube business even as cash returns remain substantial.</p>
<div class="lb-trans"><p><strong>HP Inc. (HPQ)</strong> 的收購者倍數為 <strong>7.1</strong>，自由現金流收益率為兩位數，得益於穩定的經營收入和積極的回購。儘管對 PC 需求的長期擔憂存在，市場仍然將 HP 視為一個正在融化的冰塊企業，即使現金回報依然可觀。</p>
</div><p>Similarly, <strong>Comcast (CMCSA)</strong> appears with an <strong>8.7 AM</strong> and a <strong>17.6% FCF yield</strong>. While sentiment around broadband growth has deteriorated, the company continues to generate massive operating income and deploy capital toward repurchases at depressed valuations.</p>
<div class="lb-trans"><p>同樣，<strong>Comcast (CMCSA)</strong> 的收購者倍數為 <strong>8.7</strong>，自由現金流收益率為 <strong>17.6%</strong>。儘管對寬帶增長的情緒惡化，該公司仍然產生鉅額經營收入，並在低估值下進行資本回購。</p>
</div><h3><strong>Capital Returns Continue to Do the Heavy Lifting</strong></h3>
<div class="lb-trans"><h3><strong>資本回報繼續發揮重要作用</strong></h3>
</div><p>Across the screen, <strong>shareholder yield remains a defining feature</strong>. Buybacks—not dividends—are driving the bulk of capital returns, particularly among Financials, Industrials, and mature cash-generative franchises.</p>
<div class="lb-trans"><p>在篩選中，<strong>股東收益率仍然是一個定義特徵</strong>。回購——而非分紅——正在推動大部分資本回報，特別是在金融、工業和成熟的現金生成企業中。</p>
</div><p>These companies are not merely cheap on static valuation metrics; they are actively shrinking share counts using internally generated cash while being priced as though long-term deterioration is inevitable rather than cyclical or narrative-driven.</p>
<div class="lb-trans"><p>這些公司不僅在靜態估值指標上便宜；它們正在積極利用內部生成的現金縮減股份數量，同時被定價為長期惡化是不可避免的，而非週期性或敍事驅動的。</p>
</div><h3><strong>Macro Context: Cash Flows Hold, Narratives Dominate</strong></h3>
<div class="lb-trans"><h3><strong>宏觀背景：現金流保持，敍事主導</strong></h3>
</div><p>This week’s screen reflects a familiar dynamic. Macro uncertainty and sector-level pessimism continue to outweigh company-specific fundamentals. Financials are priced for credit stress, cyclicals for demand collapse, and mature franchises for secular decline.</p>
<div class="lb-trans"><p>本週的篩選反映了一個熟悉的動態。宏觀不確定性和行業層面的悲觀情緒繼續超過公司特定的基本面。金融行業的定價反映了信用壓力，週期性行業則反映了需求崩潰，而成熟企業則反映了長期衰退。</p>
</div><p>Yet operating income, balance-sheet strength, and capital returns suggest a far more resilient reality.</p>
<div class="lb-trans"><p>然而，經營收入、資產負債表的強度和資本回報表明瞭一個更具韌性的現實。</p>
</div><h3><strong>Bottom Line</strong></h3>
<div class="lb-trans"><h3><strong>結論</strong></h3>
</div><p>This week’s results reinforce a durable inefficiency. The market continues to heavily discount large-cap businesses producing substantial free cash flow today—not speculative growth tomorrow.</p>
<div class="lb-trans"><p>本週的結果強化了一個持久的低效現象。市場繼續大幅折現那些今天產生可觀自由現金流的大盤企業——而非明天的投機性增長。</p>
</div><p>Financials, cyclicals, and overlooked cash generators dominate the deep-value landscape not because fundamentals are eroding, but because sentiment remains anchored to worst-case assumptions. For disciplined value investors, the opportunity set remains intact. The gap between cash-flow reality and market pricing continues to offer a compelling hunting ground for long-term alpha.</p>
<div class="lb-trans"><p>金融、週期性和被忽視的現金生成者主導了深度價值景觀，並不是因為基本面在惡化，而是因為情緒仍然固守於最壞的假設。對於有紀律的價值投資者而言，機會依然存在。現金流現實與市場定價之間的差距繼續為長期阿爾法提供了一個引人注目的狩獵場。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</em></p>
</div><p>Cal-Maine Foods, Inc.: A Deep Value Commodity Business</p>
<div class="lb-trans"><p>Cal-Maine Foods, Inc.: 一家深度價值商品企業</p>
</div><p>Alphabet Inc. - Our Calculation Of Intrinsic Value</p>
<div class="lb-trans"><p>Alphabet Inc. - 我們對內在價值的計算</p>
</div><p>Extreme Value Clusters In Cash-Generative Financials, Industrials, And Materials</p>
<div class="lb-trans"><p>極端價值集中在現金生成的金融、工業和材料領域</p>
</div>

本週的深度價值股票：金融股和週期性股票佔據主導地位