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2021-12-12
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Here Are the Cheapest Stocks in Each Sector of the S&P 500<blockquote>以下是标普500每个板块中最便宜的股票</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":604930166,"tweetId":"604930166","gmtCreate":1639300521253,"gmtModify":1639300521383,"author":{"id":4087907126409640,"idStr":"4087907126409640","authorId":4087907126409640,"authorIdStr":"4087907126409640","name":"Gladys80","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":5,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p>👍</p></body></html>","htmlText":"<html><head></head><body><p>👍</p></body></html>","text":"👍","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/604930166","repostId":1112170047,"repostType":4,"repost":{"id":"1112170047","kind":"news","pubTimestamp":1639145272,"share":"https://www.laohunote.com/m/news/1112170047?lang=zh_CN&edition=full","pubTime":"2021-12-10 22:07","market":"us","language":"en","title":"Here Are the Cheapest Stocks in Each Sector of the S&P 500<blockquote>以下是标普500每个板块中最便宜的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112170047","media":"Barrons","summary":"The S&P 500 continues to trade at the very high end of its historical valuation range, even after a ","content":"<p>The S&P 500 continues to trade at the very high end of its historical valuation range, even after a rocky November.</p><p><blockquote>即使在经历了艰难的 11 月份之后，标普500仍继续处于历史估值范围的高端。</blockquote></p><p> The index goes for about 21 times Wall Street analysts’ consensus estimates for 2022 per-share earnings, with sectors like technology and consumer discretionary going for well above that multiple. Other groups, like energy or financials, are available for much cheaper valuations.</p><p><blockquote>该指数约为华尔街分析师对 2022 年每股收益的一致预期的 21 倍，其中科技和非必需消费品等行业的估值远高于这一倍数。能源或金融等其他类别的估值要便宜得多。</blockquote></p><p> But there are inexpensive stocks in all 11 S&P 500 sectors. Like a basketball player who is always open, there might be a good reason for many of those discounts. Just as opposing teams are sometimes better off concentrating their defense elsewhere on the court, some companies’ stocks can be cheap for a reason. Their growth may be scarce, or one-time factors could be distorting expected 2022 results.</p><p><blockquote>但所有 11 个标普500行业都有便宜的股票。就像一个总是开放的篮球运动员一样，许多折扣可能有一个很好的理由。正如对方球队有时最好将防守集中在球场上的其他地方一样，有些公司的股价便宜也是有原因的。它们的增长可能很少，或者一次性因素可能会扭曲 2022 年的预期结果。</blockquote></p><p> Periodically surveying the market for the biggest valuation outliers can still be a good starting point for further analysis. Here are the three cheapest stocks in all 11 S&P 500 sectors:</p><p><blockquote>定期调查市场中最大的估值异常值仍然是进一步分析的良好起点。以下是标普500所有 11 个板块中最便宜的三只股票：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8e71b28f070e8af15d7a7960625e7bd9\" tg-width=\"1127\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/dde0405e86833ecd15f41f0f07092bc9\" tg-width=\"1131\" tg-height=\"544\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/61ae8debc1031d09a2333225bd3aa8e5\" tg-width=\"1125\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec7bb6903b6df0bb4cc2bf2720212d3a\" tg-width=\"1135\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>*P/2022E FFO. Source: Bloomberg, FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>*P/2022E FFO。资料来源：彭博社、FactSet</span></p></blockquote></p><p> The S&P 500 consumer discretionary sector is the priciest group in the index, going for more than 33 times expected 2022 earnings. The presence of high-multiple stocks Tesla (ticker: TSLA) and Amazon.com (AMZN) is responsible for a good chunk of that. Those two make up a combined 40% of the sector’s market cap, and go for 121 times and 68 times 2022 forecast earnings, respectively.</p><p><blockquote>标普500非必需消费品行业是该指数中价格最高的板块，是 2022 年预期收益的 33 倍以上。高倍数股票特斯拉（股票代码：TSLA）和亚马逊（AMZN）的存在是其中很大一部分原因。这两者合计占该行业市值的 40%，分别是 2022 年预测市盈率的 121 倍和 68 倍。</blockquote></p><p> On the other end of the valuation spectrum in the sector are three U.S. homebuilding stocks:PulteGroup (PHM),D.R. Horton (DHI), and Lennar (LEN). Those trade for less than 8 times 2022 expected earnings.</p><p><blockquote>该行业估值光谱的另一端是三只美国住宅建筑股票：PulteGroup (PHM),D.R.霍顿（DHI）和伦纳（LEN）。这些交易价格不到 2022 年预期收益的 8 倍。</blockquote></p><p> The U.S. housing market has been enjoying a pandemic boom: Prices are at or near record highs in many regions, the supply of homes for sale is tight, and homebuilders’ profits are booming. Investors, however, don’t seem to expect that to last forever.</p><p><blockquote>美国房地产市场一直在经历大流行病般的繁荣： 许多地区的房价都处于或接近历史新高，待售房屋供应紧张，房屋建筑商的利润正在蓬勃发展。然而，投资者似乎并不指望这种情况会永远持续下去。</blockquote></p><p> PulteGroup, D.R. Horton, and Lennar’s cheap valuations demonstrate what tends to happen to stocks of companies with cyclical end markets: Multiples contract toward the top of the cycle, because investors worry that things are as good as they’re going to get and the current level of earnings won’t be sustainable.</p><p><blockquote>普尔特集团霍顿和伦纳的低廉估值表明，具有周期性终端市场的公司股票往往会发生什么： 市盈率向周期顶部收缩，因为投资者担心情况已经尽如人意，目前的盈利水平无法持续。</blockquote></p><p> A recent <i>Barron’s</i> cover story made the case for why the current housing boom could have legs, including the millennial generation aging into their home-buying years and a shortage of houses built since the financial crisis over a decade ago. Home builders’ cheap valuations make for an interesting entry point.</p><p><blockquote>最近的一次<i>巴伦</i>封面故事解释了为什么当前的房地产繁荣可能会持续下去，包括千禧一代进入购房年龄，以及自十多年前金融危机以来建造的房屋短缺。房屋建筑商的低廉估值是一个有趣的切入点。</blockquote></p><p> Technology stocks as a group are at 28 times next year’s estimated profits, while the sector’s cheapest stock—Western Digital (WDC)—goes for just 6.8 times. Cyclicality is behind that discount once again.</p><p><blockquote>科技股作为一个整体是明年预计利润的 28 倍，而该行业最便宜的股票--西部数据（WDC）--仅为 6.8 倍。周期性再次成为折扣背后的原因。</blockquote></p><p> Western Digital operates in the highly cyclical memory chip market—periods of intense demand and high sales tend to be followed by slumps of oversupply and weaker pricing. A pandemic-era work-from-home boost to demand for computers, smartphones, and cloud infrastructure has kept inventories low and pricing high for Western Digital’s products. Investors know that won’t always be the case.</p><p><blockquote>西部数据在高度周期性的存储芯片市场开展业务——需求旺盛和销售旺盛的时期往往会伴随着供应过剩和定价疲软的暴跌。大流行病时期，在家办公对电脑、智能手机和云基础设施的需求大增，使得西部数据的产品库存保持在低位，定价居高不下。投资者知道情况并非总是如此。</blockquote></p><p> In the S&P 500’s cheapest sector, energy, APA (APA),Coterra Energy (CTRA), and Diamondback Energy (FANG) are the three cheapest stocks. The group as a whole goes for just over 11 times next year’s forecasted earnings, and its three cheapest members—all U.S. shale oil or gas producers—trade for between 5 and 7 times. Investors are clearly worried about the future of fossil fuels as the world moves toward renewable energy, and won’t pay up for oil and gas stocks.</p><p><blockquote>在标普500最便宜的行业中，能源、APA (APA)、Coterra Energy (CTRA) 和 Diamondback Energy (FANG) 是最便宜的三只股票。整个集团的市盈率是明年预测收益的 11 倍多一点，而其三个最便宜的成员--所有美国页岩油或天然气生产商--的市盈率在 5 到 7 倍之间。随着世界转向可再生能源，投资者显然对化石燃料的未来感到担忧，不会买入石油和天然气股票。</blockquote></p><p> Other particularly cheap S&P 500 stocks can be found in the healthcare sector. A pair of recent pharma-company spinoffs—Viatris (VTRS), jettisoned from Pfizer (PFE) last year and merged with Mylan, and Organon (OGN), excised from Merck (MRK) last summer—trade for the lowest valuations in the entire index. Spinoffs in general haven’t done well lately, and the brand-new stocks with generic-sounding names are likely under the radar for investors that don’t focus on healthcare specifically. <i>Barron’s</i> is more bullish on Organon than Viatris.</p><p><blockquote>其他特别便宜的标普500股票可以在医疗保健行业找到。最近的两家制药公司分拆出来的公司——去年从辉瑞 (PFE) 抛弃并与迈兰合并的 Viatris (VTRS)，以及去年夏天从默克 (MRK) 分拆出来的 Organon (OGN)——的估值是整个指数中最低的。总体而言，分拆股票最近表现不佳，对于不专门关注医疗保健的投资者来说，那些名字听起来很普通的全新股票很可能会受到关注。<i>巴伦</i>比 Viatris 更看好 Organon。</blockquote></p><p></p><p> The two cheapest stocks in the S&P 500 communications services sector are also in the midst of major M&A:AT&T (T) and Discovery (DISCA). Both trade for close to 7.5 next year’s expected earnings, versus their sector’s average of 20.8 times. AT&T will spin off its WarnerMedia subsidiary around the middle of next year and merge it with Discovery, returning the storied American company to its telecom roots. Both companies will have much to prove, and many investors may be waiting until the transactions close next year to pick their pure-play bet: streaming entertainment via Discovery, or wired and wireless telecommunications services via AT&T.</p><p><blockquote>标普500通信服务行业最便宜的两只股票也处于重大并购之中：美国电话电报公司 (T) 和 Discovery (DISCA)。两家公司明年的预期市盈率都接近 7.5 倍，而同行业平均水平为 20.8 倍。美国电话电报公司将在明年年中左右剥离其华纳媒体子公司，并将其与探索合并，使这家传奇的美国公司回归其电信根源。两家公司都有很多东西需要证明，许多投资者可能会等到明年交易结束后再选择纯粹的赌注：通过 Discovery 提供流媒体娱乐，或通过 AT&T 提供有线和无线电信服务。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here Are the Cheapest Stocks in Each Sector of the S&P 500<blockquote>以下是标普500每个板块中最便宜的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere Are the Cheapest Stocks in Each Sector of the S&P 500<blockquote>以下是标普500每个板块中最便宜的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-10 22:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The S&P 500 continues to trade at the very high end of its historical valuation range, even after a rocky November.</p><p><blockquote>即使在经历了艰难的 11 月份之后，标普500仍继续处于历史估值范围的高端。</blockquote></p><p> The index goes for about 21 times Wall Street analysts’ consensus estimates for 2022 per-share earnings, with sectors like technology and consumer discretionary going for well above that multiple. Other groups, like energy or financials, are available for much cheaper valuations.</p><p><blockquote>该指数约为华尔街分析师对 2022 年每股收益的一致预期的 21 倍，其中科技和非必需消费品等行业的估值远高于这一倍数。能源或金融等其他类别的估值要便宜得多。</blockquote></p><p> But there are inexpensive stocks in all 11 S&P 500 sectors. Like a basketball player who is always open, there might be a good reason for many of those discounts. Just as opposing teams are sometimes better off concentrating their defense elsewhere on the court, some companies’ stocks can be cheap for a reason. Their growth may be scarce, or one-time factors could be distorting expected 2022 results.</p><p><blockquote>但所有 11 个标普500行业都有便宜的股票。就像一个总是开放的篮球运动员一样，许多折扣可能有一个很好的理由。正如对方球队有时最好将防守集中在球场上的其他地方一样，有些公司的股价便宜也是有原因的。它们的增长可能很少，或者一次性因素可能会扭曲 2022 年的预期结果。</blockquote></p><p> Periodically surveying the market for the biggest valuation outliers can still be a good starting point for further analysis. Here are the three cheapest stocks in all 11 S&P 500 sectors:</p><p><blockquote>定期调查市场中最大的估值异常值仍然是进一步分析的良好起点。以下是标普500所有 11 个板块中最便宜的三只股票：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8e71b28f070e8af15d7a7960625e7bd9\" tg-width=\"1127\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/dde0405e86833ecd15f41f0f07092bc9\" tg-width=\"1131\" tg-height=\"544\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/61ae8debc1031d09a2333225bd3aa8e5\" tg-width=\"1125\" tg-height=\"547\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec7bb6903b6df0bb4cc2bf2720212d3a\" tg-width=\"1135\" tg-height=\"265\" referrerpolicy=\"no-referrer\"><span>*P/2022E FFO. Source: Bloomberg, FactSet</span></p><p><blockquote><p class=\"t-img-caption\"><span>*P/2022E FFO。资料来源：彭博社、FactSet</span></p></blockquote></p><p> The S&P 500 consumer discretionary sector is the priciest group in the index, going for more than 33 times expected 2022 earnings. The presence of high-multiple stocks Tesla (ticker: TSLA) and Amazon.com (AMZN) is responsible for a good chunk of that. Those two make up a combined 40% of the sector’s market cap, and go for 121 times and 68 times 2022 forecast earnings, respectively.</p><p><blockquote>标普500非必需消费品行业是该指数中价格最高的板块，是 2022 年预期收益的 33 倍以上。高倍数股票特斯拉（股票代码：TSLA）和亚马逊（AMZN）的存在是其中很大一部分原因。这两者合计占该行业市值的 40%，分别是 2022 年预测市盈率的 121 倍和 68 倍。</blockquote></p><p> On the other end of the valuation spectrum in the sector are three U.S. homebuilding stocks:PulteGroup (PHM),D.R. Horton (DHI), and Lennar (LEN). Those trade for less than 8 times 2022 expected earnings.</p><p><blockquote>该行业估值光谱的另一端是三只美国住宅建筑股票：PulteGroup (PHM),D.R.霍顿（DHI）和伦纳（LEN）。这些交易价格不到 2022 年预期收益的 8 倍。</blockquote></p><p> The U.S. housing market has been enjoying a pandemic boom: Prices are at or near record highs in many regions, the supply of homes for sale is tight, and homebuilders’ profits are booming. Investors, however, don’t seem to expect that to last forever.</p><p><blockquote>美国房地产市场一直在经历大流行病般的繁荣： 许多地区的房价都处于或接近历史新高，待售房屋供应紧张，房屋建筑商的利润正在蓬勃发展。然而，投资者似乎并不指望这种情况会永远持续下去。</blockquote></p><p> PulteGroup, D.R. Horton, and Lennar’s cheap valuations demonstrate what tends to happen to stocks of companies with cyclical end markets: Multiples contract toward the top of the cycle, because investors worry that things are as good as they’re going to get and the current level of earnings won’t be sustainable.</p><p><blockquote>普尔特集团霍顿和伦纳的低廉估值表明，具有周期性终端市场的公司股票往往会发生什么： 市盈率向周期顶部收缩，因为投资者担心情况已经尽如人意，目前的盈利水平无法持续。</blockquote></p><p> A recent <i>Barron’s</i> cover story made the case for why the current housing boom could have legs, including the millennial generation aging into their home-buying years and a shortage of houses built since the financial crisis over a decade ago. Home builders’ cheap valuations make for an interesting entry point.</p><p><blockquote>最近的一次<i>巴伦</i>封面故事解释了为什么当前的房地产繁荣可能会持续下去，包括千禧一代进入购房年龄，以及自十多年前金融危机以来建造的房屋短缺。房屋建筑商的低廉估值是一个有趣的切入点。</blockquote></p><p> Technology stocks as a group are at 28 times next year’s estimated profits, while the sector’s cheapest stock—Western Digital (WDC)—goes for just 6.8 times. Cyclicality is behind that discount once again.</p><p><blockquote>科技股作为一个整体是明年预计利润的 28 倍，而该行业最便宜的股票--西部数据（WDC）--仅为 6.8 倍。周期性再次成为折扣背后的原因。</blockquote></p><p> Western Digital operates in the highly cyclical memory chip market—periods of intense demand and high sales tend to be followed by slumps of oversupply and weaker pricing. A pandemic-era work-from-home boost to demand for computers, smartphones, and cloud infrastructure has kept inventories low and pricing high for Western Digital’s products. Investors know that won’t always be the case.</p><p><blockquote>西部数据在高度周期性的存储芯片市场开展业务——需求旺盛和销售旺盛的时期往往会伴随着供应过剩和定价疲软的暴跌。大流行病时期，在家办公对电脑、智能手机和云基础设施的需求大增，使得西部数据的产品库存保持在低位，定价居高不下。投资者知道情况并非总是如此。</blockquote></p><p> In the S&P 500’s cheapest sector, energy, APA (APA),Coterra Energy (CTRA), and Diamondback Energy (FANG) are the three cheapest stocks. The group as a whole goes for just over 11 times next year’s forecasted earnings, and its three cheapest members—all U.S. shale oil or gas producers—trade for between 5 and 7 times. Investors are clearly worried about the future of fossil fuels as the world moves toward renewable energy, and won’t pay up for oil and gas stocks.</p><p><blockquote>在标普500最便宜的行业中，能源、APA (APA)、Coterra Energy (CTRA) 和 Diamondback Energy (FANG) 是最便宜的三只股票。整个集团的市盈率是明年预测收益的 11 倍多一点，而其三个最便宜的成员--所有美国页岩油或天然气生产商--的市盈率在 5 到 7 倍之间。随着世界转向可再生能源，投资者显然对化石燃料的未来感到担忧，不会买入石油和天然气股票。</blockquote></p><p> Other particularly cheap S&P 500 stocks can be found in the healthcare sector. A pair of recent pharma-company spinoffs—Viatris (VTRS), jettisoned from Pfizer (PFE) last year and merged with Mylan, and Organon (OGN), excised from Merck (MRK) last summer—trade for the lowest valuations in the entire index. Spinoffs in general haven’t done well lately, and the brand-new stocks with generic-sounding names are likely under the radar for investors that don’t focus on healthcare specifically. <i>Barron’s</i> is more bullish on Organon than Viatris.</p><p><blockquote>其他特别便宜的标普500股票可以在医疗保健行业找到。最近的两家制药公司分拆出来的公司——去年从辉瑞 (PFE) 抛弃并与迈兰合并的 Viatris (VTRS)，以及去年夏天从默克 (MRK) 分拆出来的 Organon (OGN)——的估值是整个指数中最低的。总体而言，分拆股票最近表现不佳，对于不专门关注医疗保健的投资者来说，那些名字听起来很普通的全新股票很可能会受到关注。<i>巴伦</i>比 Viatris 更看好 Organon。</blockquote></p><p></p><p> The two cheapest stocks in the S&P 500 communications services sector are also in the midst of major M&A:AT&T (T) and Discovery (DISCA). Both trade for close to 7.5 next year’s expected earnings, versus their sector’s average of 20.8 times. AT&T will spin off its WarnerMedia subsidiary around the middle of next year and merge it with Discovery, returning the storied American company to its telecom roots. Both companies will have much to prove, and many investors may be waiting until the transactions close next year to pick their pure-play bet: streaming entertainment via Discovery, or wired and wireless telecommunications services via AT&T.</p><p><blockquote>标普500通信服务行业最便宜的两只股票也处于重大并购之中：美国电话电报公司 (T) 和 Discovery (DISCA)。两家公司明年的预期市盈率都接近 7.5 倍，而同行业平均水平为 20.8 倍。美国电话电报公司将在明年年中左右剥离其华纳媒体子公司，并将其与探索合并，使这家传奇的美国公司回归其电信根源。两家公司都有很多东西需要证明，许多投资者可能会等到明年交易结束后再选择纯粹的赌注：通过 Discovery 提供流媒体娱乐，或通过 AT&T 提供有线和无线电信服务。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/cheap-sp500-stocks-sector-51639090794?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WBA":"沃尔格林联合博姿","T":"At&T","WDC":"西部数据","CF":"CF工业","CBRE":"世邦魏理仕","OGN":"Organon & Co","EIX":"爱迪生国际","MOS":"美国美盛","COF":"第一资本","LYB":"利安德巴塞尔","LUMN":"Lumen Technologies","BMY":"施贵宝","NRG":"NRG能源","LNC":"林肯国民","SPG":"西蒙地产","LEN":"莱纳建筑公司","CTRA":"Coterra Energy Inc.","PHM":"普得集团","IVZ":"美国景顺集团","VNO":"沃那多房信","ALK":"阿拉斯加航空集团有限公司","FANG":"Diamondback Energy","DISCA":"探索传播","APA":"阿帕契","SRE":"桑普拉能源","MO":"奥驰亚","DHI":"霍顿房屋","HPE":"慧与科技","VTRS":"Viatris Inc.","DAL":"达美航空","CMI":"康明斯","TAP":"莫库酒业","WU":"西联汇款"},"source_url":"https://www.barrons.com/articles/cheap-sp500-stocks-sector-51639090794?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112170047","content_text":"The S&P 500 continues to trade at the very high end of its historical valuation range, even after a rocky November.\nThe index goes for about 21 times Wall Street analysts’ consensus estimates for 2022 per-share earnings, with sectors like technology and consumer discretionary going for well above that multiple. Other groups, like energy or financials, are available for much cheaper valuations.\nBut there are inexpensive stocks in all 11 S&P 500 sectors. Like a basketball player who is always open, there might be a good reason for many of those discounts. Just as opposing teams are sometimes better off concentrating their defense elsewhere on the court, some companies’ stocks can be cheap for a reason. Their growth may be scarce, or one-time factors could be distorting expected 2022 results.\nPeriodically surveying the market for the biggest valuation outliers can still be a good starting point for further analysis. Here are the three cheapest stocks in all 11 S&P 500 sectors:\n\n*P/2022E FFO. Source: Bloomberg, FactSet\nThe S&P 500 consumer discretionary sector is the priciest group in the index, going for more than 33 times expected 2022 earnings. The presence of high-multiple stocks Tesla (ticker: TSLA) and Amazon.com (AMZN) is responsible for a good chunk of that. Those two make up a combined 40% of the sector’s market cap, and go for 121 times and 68 times 2022 forecast earnings, respectively.\nOn the other end of the valuation spectrum in the sector are three U.S. homebuilding stocks:PulteGroup (PHM),D.R. Horton (DHI), and Lennar (LEN). Those trade for less than 8 times 2022 expected earnings.\nThe U.S. housing market has been enjoying a pandemic boom: Prices are at or near record highs in many regions, the supply of homes for sale is tight, and homebuilders’ profits are booming. Investors, however, don’t seem to expect that to last forever.\nPulteGroup, D.R. Horton, and Lennar’s cheap valuations demonstrate what tends to happen to stocks of companies with cyclical end markets: Multiples contract toward the top of the cycle, because investors worry that things are as good as they’re going to get and the current level of earnings won’t be sustainable.\nA recent Barron’s cover story made the case for why the current housing boom could have legs, including the millennial generation aging into their home-buying years and a shortage of houses built since the financial crisis over a decade ago. Home builders’ cheap valuations make for an interesting entry point.\nTechnology stocks as a group are at 28 times next year’s estimated profits, while the sector’s cheapest stock—Western Digital (WDC)—goes for just 6.8 times. Cyclicality is behind that discount once again.\nWestern Digital operates in the highly cyclical memory chip market—periods of intense demand and high sales tend to be followed by slumps of oversupply and weaker pricing. A pandemic-era work-from-home boost to demand for computers, smartphones, and cloud infrastructure has kept inventories low and pricing high for Western Digital’s products. Investors know that won’t always be the case.\nIn the S&P 500’s cheapest sector, energy, APA (APA),Coterra Energy (CTRA), and Diamondback Energy (FANG) are the three cheapest stocks. The group as a whole goes for just over 11 times next year’s forecasted earnings, and its three cheapest members—all U.S. shale oil or gas producers—trade for between 5 and 7 times. Investors are clearly worried about the future of fossil fuels as the world moves toward renewable energy, and won’t pay up for oil and gas stocks.\nOther particularly cheap S&P 500 stocks can be found in the healthcare sector. A pair of recent pharma-company spinoffs—Viatris (VTRS), jettisoned from Pfizer (PFE) last year and merged with Mylan, and Organon (OGN), excised from Merck (MRK) last summer—trade for the lowest valuations in the entire index. Spinoffs in general haven’t done well lately, and the brand-new stocks with generic-sounding names are likely under the radar for investors that don’t focus on healthcare specifically. Barron’s is more bullish on Organon than Viatris.\nThe two cheapest stocks in the S&P 500 communications services sector are also in the midst of major M&A:AT&T (T) and Discovery (DISCA). Both trade for close to 7.5 next year’s expected earnings, versus their sector’s average of 20.8 times. AT&T will spin off its WarnerMedia subsidiary around the middle of next year and merge it with Discovery, returning the storied American company to its telecom roots. Both companies will have much to prove, and many investors may be waiting until the transactions close next year to pick their pure-play bet: streaming entertainment via Discovery, or wired and wireless telecommunications services via AT&T.","news_type":1,"symbols_score_info":{"PHM":0.9,"MO":0.9,"SRE":0.9,"WDC":0.9,"VNO":0.9,"OGN":0.9,"WU":0.9,"CTRA":0.9,"COF":0.9,"WBA":0.9,"BMY":0.9,"NRG":0.9,"LEN":0.9,"DHI":0.9,"HPE":0.9,"MOS":0.9,"LUMN":0.9,"DISCA":0.9,"FANG":0.9,"VTRS":0.9,"LYB":0.9,"LNC":0.9,"T":0.9,"EIX":0.9,"CF":0.9,"CMI":0.9,"SPG":0.9,"ALK":0.9,"CBRE":0.9,"APA":0.9,"TAP":0.9,"IVZ":0.9,"DAL":0.9}},"isVote":1,"tweetType":1,"viewCount":3362,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/604930166"}
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