RYN股价相对其林地资产的市场价值被低估；尽管并不适合作为稳定股息收入来源，这仍使其成为一个有价值的投资案例。
逐段跳播
这份名单上的第二个机会很独特：Rayoneer（代码RYN）的股票，过去一年下跌了32%，上个月又大幅下跌约11%。这一下跌使初始收益率降至约5.77%。
The second opportunity on this list is unique: Rayoneer (symbol RYN) shares, which have fallen 32% over the past year and saw another sharp decline last month of approximately 11%.
This decline has reduced the initial yield to approximately 5.77%.
让我在这里暂停一下。我想明确说明，Rayoneer并不是我认为的派息投资机会。事实上，如果你只是在寻找稳定且有保障的收入，这不是我会推荐的公司。
Let me pause here for a moment. I want to make it absolutely clear that Rayoneer is not what I consider a dividend-paying investment opportunity . In fact, if you are only looking for a steady and guaranteed income, this is not the company I would recommend.
但它是一个独特的房地产投资基金，可能提供一种不同的优势，即拥有数百万英亩的林地。为什么这是一个有趣的起源？有几个原因，有些显而易见，有些则不那么明显。首先，树木继续生长，这最终将增加采伐规模，并有助于提升Rayoneer股票的价值。
But it is a unique real estate investment fund that may offer a different advantage, which is owning millions of acres of forest land. Why is this an interesting origin ? Well, for several reasons, some obvious and others not .
Firstly, the trees continue to grow, which will eventually increase the size of the harvest and contribute to increasing the value of Rayoneer shares.
但与此同时，当木材价格不具吸引力时，管理层可以将这些树木的采伐推迟到以后。因此，这只房地产投资基金起到了对冲作用。你拥有的是一项社会将持续需要的实物资产。
But at the same time, when timber prices are unattractive, management can postpone harvesting those trees to a later time. Therefore, this real estate investment fund acts as a hedge.
You possess a real asset that society will continue to need.
然而，住房市场目前状况并非最佳，这已不是什么秘密。卖家数量远远超过买家，而这一切都归结于美国国债收益率曲线，因为如今抵押贷款要昂贵得多。
However, it is no secret that the housing market is not in its best shape right now. Sellers far outnumber buyers, and it all comes down to the Treasury yield curve because mortgage loans are much more expensive now.
但让 Rayoner 有意思的地方在于估值角度。我们现在看的是股价与账面价值的比率，这也是许多人在评估这家公司时最初会采用的方法。
But what makes Rayoner interesting is from a valuation perspective. What we are looking at now is the ratio of the share price to its book value, and this is what many people resort to initially when evaluating this company.
但账面价值反映的是会计价值。多年前购得的林地，今天的市场价值可能完全不同。因此，从股价与账面价值的比率可以看出，其股价大约在账面价值附近交易。但非常清楚的是，他们收购的这些资产的价值随着时间推移已经上升。
But the book value reflects the accounting values. Forest land purchased years ago may have a completely different market value today. Therefore, we can see from the ratio of the share price to its book value that its shares are trading at approximately their book value.
But it is very clear that the value of the assets they acquired has increased over time.
那么这意味着什么？这意味着，按当前价格，公司很可能以低于其底层资产总价值的价格交易其股票。因此，这是一个非常有价值的投资机会。这是一个独特的来源。
So what does that mean? This means that, at its current prices, the company is very likely to trade its shares at a price lower than the total value of its underlying assets. Therefore , this is a very valuable investment opportunity . It is a unique origin.
尽管林地和木材价格已大幅下跌，尤其是在最近几个月，但这笔交易的前提很简单：底层资产的价值很可能高于整个公司的价值。
Although forest land and timber prices have fallen significantly, especially in the last few months, the premise of this deal is simple: the value of the underlying assets is very likely to be higher than the value of the entire company.
所以，说实话，这不是我打算加入个人投资组合的股票，但我确实认为它是一个有趣的案例研究。
So, to be perfectly honest, this is not a stock I plan to add to my personal portfolio, but I certainly think it's an interesting case study .
这个频道对 $RYN 的历次判断
Dividendology 在这只股票上只有这一条判断。