JPMorgan Flags IMAX, H.B. Fuller, ZIM As Top Short Picks With Challenges
JPMorgan Flags IMAX, H.B. Fuller, ZIM As Top Short Picks With Challenges
While IMAX has been a leader in high-end cinematic experiences, analyst David Karnovsky is cautious. JPMorgan has unveiled his latest picks for short positions, flagging three stocks — IMAX Corp (NYSE:IMAX), ZIM Integrated Shipping Services Ltd (NYSE:ZIM), and H.B. Fuller Company (NYSE:FUL)— as potential downside plays.
摩根大通公佈了其最新看淡持倉的股票選擇，指出三隻股票——imax corp（紐交所：imax）、ZIm綜合運輸服務有限公司（紐交所：ZIM）、以及富樂公司（紐交所：FUL）——可能存在下行風險。
Each faces unique headwinds, with challenging market dynamics and heightened financial strain.
每一隻股票面臨着獨特的逆境，市場動態具有挑戰性，財務壓力加劇。
Here's why these stocks are under the microscope for short-sellers.
以下是爲什麼這些股票成爲做空者關注焦點的原因。
IMAX: The Big Screen, But Smaller Numbers?
imax corp：大屏幕，但數字呈現萎縮？
While IMAX has been a leader in high-end cinematic experiences, analyst David Karnovsky is cautious.
儘管imax一直是高端電影體驗的領先者，分析師大衛·卡諾夫斯基（David Karnovsky）持謹慎態度。
Despite the distinct appeal of IMAX theaters, its global Digital Media Remastering (DMR) business is having a rough year. Karnovsky sees more pain ahead, projecting a 13.4% downside due to a weak 2024 box office outlook and an unclear path for 2025 growth.
儘管imax影院具有獨特吸引力，但其全球數字媒體重製（DMR）業務今年表現疲軟。卡諾夫斯基認爲未來將面臨更多痛苦，預計由於2024年票房前景不佳和2025年增長路徑不明朗，可能會有13.4%的下行風險。
With blockbusters not consistently delivering and a heavy reliance on DMR performance, IMAX's valuation could be ripe for a correction. Trading at 10x its estimated 2024 EBITDA, the stock appears to lack a clear path to blockbuster gains.
由於大片通常沒有持續推出，而且過於依賴DMR業績，imax的估值可能適合進行修正。以其2024年預期EBITDA的10倍交易，該股似乎缺乏明確的出色收益路徑。
Read Also: Top 3 Energy Stocks That Are Ticking Portfolio Bombs
閱讀更多：三家股票能帶來持倉炸彈的前3大能源股
H.B. Fuller: Sticking With The Wrong Glue?
富樂：堅持使用錯誤的膠水？
H.B. Fuller, a stalwart in adhesives and specialty chemicals, is also facing challenges, according to analyst Jeffrey Zekauskas.
作爲膠粘劑和特種化學品領域的支柱，H.b. Fuller也面臨挑戰，根據分析師Jeffrey Zekauskas的說法。
The company's margins are under pressure amid rising input costs, and its limited cash generation capacity after acquisitions is compounding issues. Fuller trades at 9.6x its 2025 EBITDA estimate, and with a potential price drop of around 6%, the stock doesn't seem to have much room to maneuver.
在收購後，公司的利潤率受到上升的投入成本的壓力，現金產生能力有限，問題日益嚴重。Fuller以其2025年EBITDA估值的9.6倍交易，隨着潛在價格下跌約6％，這支股票似乎沒有太多的操作空間。
Zekauskas sees weak cash flows and pricing pressures as hurdles that may stick with the company well into the future, making it a less-than-attractive hold.
Zekauskas認爲，薄弱的現金流和價格壓力可能會長期困擾該公司，使其成爲一個不太具吸引力的持有股。
ZIM Integrated Shipping: Treading Water With A Heavy Load
ZIm綜合航運：帶着沉重的負擔艱難前行
ZIM Integrated Shipping is perhaps the most vulnerable of the trio. With 85% of its volume exposed to spot markets and a significant chunk of its vessels on charters, ZIM is at the mercy of fluctuating container rates.
ZIm綜合航運或許是這三家公司中最脆弱的。85％的業務量暴露在現貨市場，以及相當大一部分船隻處於租約狀態，Zim受到不斷波動的集裝箱運價的影響。
Analyst Alexia Dogani sees a whopping 58% downside by 2025 as the company grapples with shrinking EBITDA, rising debt, and heavy capital investments. At 6.1x its 2025 EBITDA and 1.1x book value, the math isn't adding up in ZIM's favor, making it a risky bet for long-term investors.
分析師Alexia Dogani預計，到2025年，該公司面臨着58％的巨大下滑，原因是EBITDA持續下降，債務增加，以及大量的資本投資。以其2025年EBITDA的6.1倍和1.1倍的賬面價值，ZIM的計算並不對利益方有利，這使得對長期投資者而言是一種冒險的賭注。
JPMorgan's bearish outlook for IMAX, H.B. Fuller, and ZIM highlights the hurdles these companies face in their respective sectors. From blockbuster inconsistencies to sticky pricing and a sinking shipping market, these companies are navigating challenging waters.
摩根大通對imax corp，富樂和ZIm的看淡前景突顯出這些公司在各自領域面臨的挑戰。從大片的不一致性到價格的穩定性和不斷下滑的航運市場，這些公司正在應對艱難的局面。
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Image created using artificial intelligence via Midjourney.
圖像由Midjourney通過人工智能創建。
譯文內容由第三人軟體翻譯。
