Note that oil and gas production was at the upper end of guidance despite winter weather impacts. Civitas' 2023 capital budget guidance of $800 to $900 mm (D&C + land, midstream, and other) is significantly below consensus expectations of $1.06 B and 2022's $988 mm program. In January Civitas repurchased 4.9 mm shares from large holder CPP Investments at a discounted $61 per share for $300 mm. With today's update Civitas has permits for 85% of the 2023 program, far better than at this point in 2022. We expect at least mid-teens yield on our Base Case and still double digit yield on a $70 deck.
Scott OlsonBerkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) just reported Q4 and full year results and released their annual report. Berkshire FY22 Results (Berkshire Hathaway)Insurance-underwriting is weaker than it appears. This strength in building products will likely be short lived, and Berkshire warns earnings will likely decline from current levels in 2023. Throughout its history, Berkshire has historically held a significant percentage of the float in cash and cash equivalents. Whether it's more appealing than owning more Berkshire depends on the investor, but for now, I'm adding to treasuries and holding my Berkshire.26 days ago Seeking Alpha
I stopped buying rental properties as I learned more about real estate investment trusts, or REITs, which are publicly listed real estate investment vehicles. Well, first of all, it is important to correct a few misconceptions:Misconception #1: Rental properties are more rewarding because of leverage - WRONG. They could use a 1031 exchange, but that forces them to remain invested in real estate even if real estate becomes overpriced. But rental property investors put their personal liability on the line and this explains why plenty of rental property investors file for bankruptcy protection each year, but no REIT investor has ever lost money in the long run if he/she held a diversified portfolio. Rental property investors typically suffer many misconceptions about REITs and this leads to biased decision-making when favoring rentals over REITs.28 days ago Seeking Alpha
Kapook2981/iStock via Getty ImagesAs one of the lowest-cost options available to US investors, the iShares MSCI Malaysia ETF (NYSEARCA:EWM) is worth a look for investors seeking exposure to a cheaply priced ASEAN growth story. And with foreign equity ownership also coming off a low base, EWM looks poised to benefit both ways (via earnings growth and a valuation re-rating). The long-term performance is broadly in line with comparable ASEAN ETFs like the iShares MSCI Philippines ETF (EPHE) and the iShares MSCI Indonesia ETF (EIDO), both of which compounded at a similar pace. Department of Statistics MalaysiaA key earnings growth driver for this year is a tax rate normalization following last year's "prosperity tax" hit, which should drive an outsized YoY bottom-line growth for the major banks in the EWM portfolio. P/E Valuation P/B Valuation iShares MSCI Malaysia ETF 14.76 1.49 iShares MSCI Indonesia ETF 15.25 2.15 iShares MSCI Philippines ETF 17.31 1.60 iShares MSCI Thailand ETF 17.29 1.97 Click to enlargeSource: iSharesA Cheaply Priced Emerging Market Growth PlayMalaysia's economic growth outperformance in 2022 isn't reflected in its underlying equity valuations – the iShares MSCI Malaysia ETF lags behind its ASEAN peers across P/E and P/Book metrics despite a sustained pick up in private consumption.29 days ago Seeking Alpha
AUDINDesignThesisThe Invesco China Technology ETF (NYSEARCA:CQQQ) is an exchange traded fund that aims to capture Chinese tech companies returns. The Index includes constituents of the FTSE China Index and FTSE China A Stock Connect Index that are classified as information technology securities, including China A-shares and China B-shares. The FTSE China Index represents the performance of large and mid cap Chinese stocks included in the FTSE Global Equity Index Series universe. The FTSE China A Stock Connect Index is designed to represent the performance of eligible securities in the FTSE China A Index. The fund can be considered a Chinese Nasdaq, given its mandate to be overweight Chinese technology stocks.1 month ago Seeking Alpha
For Q3 2022, domestic games revenues dropped 7% YoY "as transitional industry challenges resulted in lower paying user counts", after seeing a 1% YoY drop in Q2 2022, and in Q1 2022. Longer term, China’s mobile games market is still expected to see positive growth. StatistaGlobal games market intelligence firm Niko Partners sees China’s mobile games market reaching USD 40.53 by 2026 from USD 34.09 in 2022, representing a CAGR of 4.4%, a positive trend for market leader Tencent. Notable acquisitions and investments made by Tencent recently include French games developer Ubisoft (OTCPK:UBSFY) (OTCPK:UBSFF), Copenhagen-based Sybo Games, Japanese game developer FromSoftware, British game developer Sumo, Slovenian game developer Triternion. Tencent is also leveraging its vast ecosystem of consumer tech services to offer greater functionality for short video content creators through greater integration.1 month ago Seeking Alpha
Despite being expected to triple its revenues and maintain high margins, Doximity is extremely overvalued at today's prices if compared to an intrinsic value of $13.7 per share. But this focus on such a small niche will limit Doximity's future opportunities. Having the revenue projections and future operating margins, we obtain the EBIT and, after subtracting taxes, we get the net operating profit after taxes. The higher the growth rate, the higher the reinvestments needed to support it, hence the lower future cash flows will be. Doximity's intrinsic value (Personal Data)ConclusionGiven my analysis and assumptions, Doximity stocks result to be highly overvalued at today's prices.1 month ago Seeking Alpha
"― Roman Payne, The WanderessBlade Air Mobility, Inc. (NASDAQ:BLDE) goes into the spotlight for the first time as our feature article of the day. May Company PresentationThe company operates in several mobility segments. In September of 2021, Blade Air Mobility purchased Trinity Air Medical for an upfront price of ~$23M and potential additional contingent consideration. May Company PresentationThird Quarter Results:On November 9th, Blade Air Mobility posted third quarter numbers. May Company PresentationThe company has a large opportunity just in the NYC area as well as good future potential in the heavily traveled Northeast corridor.1 month ago Seeking Alpha