个人中心 - 老虎社区

CLT224

IP属地：未知

帖子 · 22帖子 · 22
关注 · 0关注 · 0
粉丝 · 0粉丝 · 0

- CLT224CLT224
  ·2021-08-30
  Wrong bet.
  非常抱歉，此主贴已删除
  3,101 评论
  2
  分享
  举报
- CLT224CLT224
  ·2021-08-29
  Good prospect.
  Intel: Value Trap Or Buy The Dip?<blockquote>英特尔：价值陷阱还是逢低买入？</blockquote>
  Summary While most semiconductor stocks have been enjoying a nice rally this year, Intel was appare
  Intel: Value Trap Or Buy The Dip?<blockquote>英特尔：价值陷阱还是逢低买入？</blockquote>
  2,210 评论
  点赞
  分享
  举报
- CLT224CLT224
  ·2021-08-25
  Higher and higher.
  非常抱歉，此主贴已删除
  1,712 评论
  点赞
  分享
  举报
- CLT224CLT224
  ·2021-08-25
  More years.
  非常抱歉，此主贴已删除
  2,216 1
  3
  分享
  举报
- CLT224CLT224
  ·2021-08-25
  Consistent.
  非常抱歉，此主贴已删除
  1,472 评论
  点赞
  分享
  举报
- CLT224CLT224
  ·2021-08-25
  Finally. Afghan for afghans.
  非常抱歉，此主贴已删除
  2,713 评论
  2
  分享
  举报
- CLT224CLT224
  ·2021-08-25
  Wow.
  非常抱歉，此主贴已删除
  2,186 评论
  4
  分享
  举报
- CLT224CLT224
  ·2021-08-23
  Yes.
  非常抱歉，此主贴已删除
  2,335 评论
  1
  分享
  举报
- CLT224CLT224
  ·2021-08-23
  Great.
  非常抱歉，此主贴已删除
  2,250 评论
  点赞
  分享
  举报
- CLT224CLT224
  ·2021-08-23
  Great.
  非常抱歉，此主贴已删除
  1,965 评论
  点赞
  分享
  举报

热议股票

{"i18n":{"language":"zh_CN"},"isCurrentUser":false,"userPageInfo":{"id":"3580093539764194","uuid":"3580093539764194","gmtCreate":1617002978188,"gmtModify":1617002978188,"name":"CLT224","pinyin":"clt224","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.laohu8.com/default-avatar.jpg","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":4,"tweetSize":22,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":0,"name":"","nameTw":"","represent":"","factor":"","iconColor":"","bgColor":""},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-3","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"偶像虎友","description":"加入老虎社区1500天","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.04.22","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":2,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":811661652,"gmtCreate":1630317645976,"gmtModify":1704958335676,"author":{"id":"3580093539764194","authorId":"3580093539764194","name":"CLT224","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580093539764194","authorIdStr":"3580093539764194"},"themes":[],"title":"","htmlText":"Wrong bet.","listText":"Wrong bet.","text":"Wrong bet.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/811661652","repostId":"1179773136","repostType":4,"isVote":1,"tweetType":1,"viewCount":3101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813627404,"gmtCreate":1630200234808,"gmtModify":1704956893811,"author":{"id":"3580093539764194","authorId":"3580093539764194","name":"CLT224","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580093539764194","authorIdStr":"3580093539764194"},"themes":[],"title":"","htmlText":"Good prospect.","listText":"Good prospect.","text":"Good prospect.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813627404","repostId":"1190647001","repostType":4,"repost":{"id":"1190647001","kind":"news","pubTimestamp":1630069423,"share":"https://www.laohunote.com/m/news/1190647001?lang=zh_CN&edition=full","pubTime":"2021-08-27 21:03","market":"us","language":"en","title":"Intel: Value Trap Or Buy The Dip?<blockquote>英特尔：价值陷阱还是逢低买入？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190647001","media":"seekingalpha","summary":"Summary\n\nWhile most semiconductor stocks have been enjoying a nice rally this year, Intel was appare","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>While most semiconductor stocks have been enjoying a nice rally this year, Intel was apparently not invited to the party.</li>  <li>During the past six months, Intel is actually down 15%.</li>  <li>The question remains whether or not the stock is a value trap or a coiled spring ready to pop.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/65b0d1e3cc9b919c60cd62c91975b386\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Nodar Chernishev/iStock via Getty Images</span></p><p><blockquote><ul><li>虽然今年大多数半导体股票都出现了不错的反弹，但英特尔显然没有被邀请参加派对。</li><li>在过去的六个月里，英特尔实际上下跌了15%。</li><li>问题仍然是，该股是价值陷阱还是随时可能爆裂的螺旋弹簧。</li></ul><p class=\"t-img-caption\"><span>诺达尔·切尔尼舍夫/iStock 来自盖蒂图片社</span></p></blockquote></p><p> Just as industrial giants like Ford Motor Co. (F), Caterpillar (CAT), and 3M Co. (MMM) propelled the U.S. (and the world) forward in the early 20th Century with major industrial innovations, the semiconductor manufacturers are driving the technology revolution of the 21st Century.</p><p><blockquote>正如福特汽车公司（F）、卡特彼勒（CAT）和3M公司（3M）等工业巨头在20世纪初通过重大工业创新推动美国（和世界）向前发展一样，半导体制造商正在推动21世纪的技术革命。</blockquote></p><p> It seems like chips are needed in everything these days,andthe pressure is on to make things faster, smaller, and cheaper.</p><p><blockquote>如今似乎所有东西都需要芯片，让事情变得更快、更小、更便宜的压力越来越大。</blockquote></p><p> That said, while most semiconductor stocks have been enjoying a nice rally this year (for good reason),IntelCorp. (INTC) was apparently not invited to the party (or maybe it's just late?).</p><p><blockquote>也就是说，虽然大多数半导体股票今年都出现了不错的反弹（有充分的理由），但英特尔公司。（INTC）显然没有被邀请参加聚会（或者可能只是太晚了？）.</blockquote></p><p> As shown in the chart below, the bifurcation between the winners and the losers in the space has become quite clear over the past 6 months. Chip darlings like NVIDIA Corp. (NVDA) and Advanced Micro Devices (AMD) are up 52.9% and 24.5%, respectively.</p><p><blockquote>如下图所示，在过去的6个月里，该领域赢家和输家之间的分歧变得非常明显。英伟达公司 (NVDA) 和先进微设备公司 (AMD) 等芯片宠儿分别上涨 52.9% 和 24.5%。</blockquote></p><p> Meanwhile, Intel is down 14.9% and Micron Technology (MU) is down over 20%!</p><p><blockquote>与此同时，英特尔下跌14.9%，美光科技（MU）下跌超过20%!</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/197282917802a0c939a75f60ec792487\" tg-width=\"635\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> While we have recently penned our thoughts about&nbsp;Micron,NVIDIA, and&nbsp;Advanced Micro Devices, it's time to dig deeper into Intel too.</p><p><blockquote>虽然我们最近写下了对美光、英伟达和先进微设备的看法，但现在也是深入研究英特尔的时候了。</blockquote></p><p> To be fair, Intel has had its fair share of challenges this year,despitegeneral tailwinds in the industry (i.e., chip demand far outpacing supply).</p><p><blockquote>公平地说，尽管行业普遍存在有利因素（即芯片需求远远超过供应），但英特尔今年仍然面临着相当大的挑战。</blockquote></p><p> Specifically, Intel has had some well-documented manufacturing blunders that have caused major delays (and loss of some market share). This has triggered concern amongst investors that the stock may be a potential \"value trap\" now.</p><p><blockquote>具体来说，英特尔出现了一些有据可查的制造失误，导致了重大延误（并损失了一些市场份额）。这引发了投资者的担忧，即该股现在可能是一个潜在的“价值陷阱”。</blockquote></p><p> All that said, I'm definitely in the camp that believes that this industry veteran could still be a coiled spring ready to pop with potential to close the gap with some of the winners (like NVDA and AMD).</p><p><blockquote>尽管如此，我绝对是这样的阵营：这位行业资深人士仍然可能是一个螺旋弹簧，随时准备弹出，有可能缩小与一些赢家（如 NVDA 和 AMD）的差距。</blockquote></p><p> Personally, I don't think we are anywhere near peak demand for chips and I believe that Intel's fabrication capabilities are (and will continue to be) a huge advantage for the company for years to come.</p><p><blockquote>就我个人而言，我认为我们还没有接近芯片需求的峰值，我相信英特尔的制造能力是（并将继续是）该公司未来几年的巨大优势。</blockquote></p><p> The rest of this article will take a quantitative look at Intel to confirm my qualitative assumptions that the stock should be trading higher from here:</p><p><blockquote>本文的其余部分将对英特尔进行定量研究，以证实我的定性假设，即该股票的交易价格应该从这里开始走高：</blockquote></p><p> <ul>  <li>Long-Term Thesis (Dividend, Safety, Value)</li>  <li>Short-Term Thesis (Strike Zone, EPS Risk, Technical Support)</li>  <li>Upside Target</li>  <li>Cash-Secured Put Analysis (Premium Yield, Margin-of-Safety, Delta)</li>  <li>Downside Considerations</li>  <li>Conclusion</li> </ul> <i>Sources for all data and tables below: Option Income Advisor and YCharts</i></p><p><blockquote><ul><li>长期论点（股息、安全、价值）</li><li>短期论文（打击区、每股收益风险、技术支持）</li><li>上行目标</li><li>现金担保看跌期权分析（溢价收益率、安全边际、增量）</li><li>不利考虑因素</li><li>结论</li></ul><i>以下所有数据和表格的来源：期权收入顾问和 YCharts</i></blockquote></p><p> <b>Intel Corp.</b></p><p><blockquote><b>英特尔公司</b></blockquote></p><p>   Sector/Industry: Technology / Semiconductors    Intel is the world's largest chipmaker. It designs and manufactures microprocessors for the global personal computer and data center markets. Intel pioneered the x86 architecture for microprocessors. It was the prime proponent of Moore's Law for advances in semiconductor manufacturing, though the firm has recently faced manufacturing delays. While Intel's server processor business has benefited from the shift to the cloud, the firm has also been expanding into new adjacencies as the personal computer market has stagnated. These include areas such as the Internet of Things, artificial intelligence, and automotive. Intel has been active on the merger and acquisitions front, acquiring Altera, Mobileye, and Habana Labs in order to bolster these efforts in non-PC arenas.  <i>(Source:</i>  <i>YCharts</i>  <i>)</i>  <b>Long-Term Thesis (Dividend, Safety, Value)</b></p><p><blockquote>行业/行业：技术/半导体英特尔是世界上最大的芯片制造商。它为全球个人电脑和数据中心市场设计和制造微处理器。英特尔是微处理器x86架构的先驱。它是半导体制造进步摩尔定律的主要支持者，尽管该公司最近面临制造延误。虽然英特尔的服务器处理器业务受益于向云的转变，但随着个人电脑市场停滞不前，该公司也在向新的邻近地区扩张。其中包括物联网、人工智能和汽车等领域。英特尔一直活跃在并购领域，收购了Altera、Mobileye和Habana Labs，以支持非PC领域的这些努力。<i>（来源：</i><i>Y图表</i><i>)</i><b>长期论点（股息、安全、价值）</b></blockquote></p><p> In general, our high-level long-term investment thesis on a stock is more quantitative in nature than qualitative.</p><p><blockquote>总的来说，我们关于股票的高级长期投资论文本质上是定量的，而不是定性的。</blockquote></p><p> That said, Intel currently ranks very well across our key long-term ranking measures: Dividend (7), Safety (8), Value (10)</p><p><blockquote>也就是说，英特尔目前在我们的关键长期排名指标中排名非常好：股息 (7)、安全性 (8)、价值 (10)</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/409ba12610069e477e6973a53eabf653\" tg-width=\"640\" tg-height=\"124\" width=\"100%\" height=\"auto\"><span>Note that our rankings are from 1 (lowest) to 10 (highest).</span></p><p><blockquote><p class=\"t-img-caption\"><span>请注意，我们的排名从1（最低）到10（最高）。</span></p></blockquote></p><p> <b>Dividend</b></p><p><blockquote><b>红利</b></blockquote></p><p> Intel has raised its dividend in each of the past seven years and currently yields 2.6% with a reasonably low payout ratio of 29.1%.</p><p><blockquote>英特尔在过去七年中每年都会提高股息，目前收益率为 2.6%，派息率为 29.1%，相当低。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8b59d73a44d9e1f67468b8fdd556e45d\" tg-width=\"566\" tg-height=\"347\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> In addition, the company has steadily been growing its annual payout, with 1-year, 5-year, and 10-year compound annual growth rates of 4.8%, 6.6%, and 7.7%, respectively.</p><p><blockquote>此外，公司年度派息稳步增长，1年、5年和10年复合年增长率分别为4.8%、6.6%和7.7%。</blockquote></p><p> <b>Safety</b></p><p><blockquote><b>安全</b></blockquote></p><p> Up until 2020, Intel had experienced relatively stable sales and EPS growth. However, manufacturing delays over the past year or so have caused sales and EPS to dip. Management does expect operations to stabilize in 2022 and 2023.</p><p><blockquote>直到2020年，英特尔的销售额和每股收益增长相对稳定。然而，过去一年左右的生产延误导致销售额和每股收益下降。管理层确实预计 2022 年和 2023 年运营将趋于稳定。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88ce38e4effa43f86f74784d75217bf6\" tg-width=\"640\" tg-height=\"245\" width=\"100%\" height=\"auto\"><span>Source: Option Income Advisor / YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：期权收入顾问 / YCharts</span></p></blockquote></p><p> That said, the company's balance sheet remains strong with $25 billion of cash/short-term investments and management is producing a solid return on invested capital of 16%.</p><p><blockquote>尽管如此，该公司的资产负债表仍然强劲，拥有 250 亿美元的现金/短期投资，管理层正在产生 16% 的稳定投资资本回报率。</blockquote></p><p> Intel's low historical stock volatility, with a five-year standard deviation of 29% and a beta of 0.60, is also adding to its relatively high Safety Ranking.</p><p><blockquote>英特尔的历史股票波动性较低，五年标准差为 29%，贝塔值为 0.60，这也增加了其相对较高的安全评级。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Intel currently carries our top rating of 10 for valuation. As shown in the table below, the company is trading at a discount compared to its historical averages across all 4 valuation multiples we look at.</p><p><blockquote>英特尔目前的最高估值评级为 10。如下表所示，与我们关注的所有 4 个估值倍数的历史平均水平相比，该公司的交易价格都有折扣。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e7036b246d6d8630a59b53041a502b8e\" tg-width=\"572\" tg-height=\"229\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Intel also has a very attractive shareholder yield of 8.3%.<i>Note that shareholder yield is the combination of buyback yield and dividend yield.</i></p><p><blockquote>英特尔的股东收益率也非常有吸引力，达到 8.3%。<i>请注意，股东收益率是回购收益率和股息收益率的组合。</i></blockquote></p><p> <b>Long-Term View</b></p><p><blockquote><b>长期观点</b></blockquote></p><p> Based on the data above and our various rankings, we have a Bullish long-term perspective on Intel. Although sales and EPS are just starting to stabilize from the recent dip, the company's valuation and volatility profile are very attractive.</p><p><blockquote>基于上述数据和我们的各种排名，我们长期看好英特尔。尽管销售额和每股收益刚刚开始从最近的下跌中企稳，但该公司的估值和波动性状况非常有吸引力。</blockquote></p><p> <b>Short-Term Thesis (Strike Zone, EPS Risk, Technical Support)</b></p><p><blockquote><b>短期论文（打击区、每股收益风险、技术支持）</b></blockquote></p><p> From a short-term perspective (especially as it's related to selling cash-secured puts), estimating a good \"strike zone\" is key to our analysis. Our strike zone takes into account (1) the stock's volatility, (2) recent performance (i.e., how much has it already pulled back from its recent highs), (3) near-term EPS risk, and (4) the overall volatility of the market (i.e., VIX level).</p><p><blockquote>从短期角度来看（尤其是与出售现金担保的看跌期权相关），估计良好的“打击区”是我们分析的关键。我们的打击区域考虑了（1）股票的波动性，（2）最近的表现（即它已经从最近的高点回调了多少），（3）近期每股收益风险，以及（4）市场的整体波动性（即VIX水平）。</blockquote></p><p> As shown in the table below, our strike zone for Intel currently is $47.00-$51.00, representing a required minimum margin of safety of 5.3%.</p><p><blockquote>如下表所示，我们目前对英特尔的执行区间为 47.00 美元至 51.00 美元，代表所需的最低安全边际为 5.3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c01b1ac65c7cbccb50edf71635ab87c2\" tg-width=\"640\" tg-height=\"163\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> As discussed in the safety ranking analysis above, Intel ranks positively on a relative basis for stock Volatility/Risk. In addition, the stock has already pulled back over 21% from its recent high (so its Pullback Indicator also ranks positively). Both of these strike zone factors help keep the minimum required margin of safety at a reasonable level of 5.3%.</p><p><blockquote>如上文安全性排名分析所述，英特尔在股票波动性/风险的相对基础上排名为正面。此外，该股已从近期高点回调超过 21%（因此其回调指标也排名积极）。这两个打击区因素都有助于将最低所需安全裕度保持在 5.3% 的合理水平。</blockquote></p><p> Also, Intel's next EPS announcement is 58 days out, so we won't have any EPS risk to worry about in the near term.</p><p><blockquote>此外，英特尔的下一次每股收益公告还有 58 天，因此我们近期无需担心任何每股收益风险。</blockquote></p><p> As shown in the chart below, the stock's uptrend has been broken with shares trading below both the 50-day moving average (blue line) and the 200-day moving average (red line). That said, we think the stock could have put in a short-term bottom around $52.00 a few days ago and we would look for that level to hold as support.</p><p><blockquote>如下图所示，该股的上升趋势已被打破，股票交易均低于 50 天移动平均线（蓝线）和 200 天移动平均线（红线）。也就是说，我们认为该股几天前可能会在 52.00 美元左右触及短期底部，我们将寻找该水平作为支撑。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/322a2276f8f4edb75ed9e614f7a547e4\" tg-width=\"640\" tg-height=\"451\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>Short-Term View</b></p><p><blockquote><b>短期观点</b></blockquote></p><p> There appears to be some decent technical support around the high end of our strike zone of $47.00-$51.00,whichobviously makes us feel relatively good about holding the stock and potentially selling additional cash-secured puts in the strike zone if we can.</p><p><blockquote>在我们的 47.00-51.00 美元的高端附近似乎有一些不错的技术支撑，这显然让我们对持有该股票感到相对良好，如果可以的话，我们可能会在打击区内出售额外的现金担保看跌期权。</blockquote></p><p> <b>Upside Considerations (Target Price)</b></p><p><blockquote><b>上涨考虑因素（目标价）</b></blockquote></p><p> Despite 26 of the 42 Wall Street analysts having a \"Hold\" rating or lower on the stock, the consensus price target for Intel is still $63.00 (representing over 17% upside from current levels).</p><p><blockquote>尽管 42 名华尔街分析师中有 26 名对该股给予“持有”或更低的评级，但英特尔的一致目标价仍为 63.00 美元（较当前水平上涨超过 17%）。</blockquote></p><p> Also, with so many analysts currently at \"Hold\" or below, it opens the door for a flurry of upgrades in the future (which typically come with price target hikes as well). This catalyst could be significant.</p><p><blockquote>此外，由于目前有如此多的分析师处于“持有”或以下，这为未来的一系列升级打开了大门（这通常也伴随着目标价的上调）。这种催化剂可能非常重要。</blockquote></p><p> That said, we also think that there's definitely some room for margin expansion for Intel in the short term as the company's earnings stabilize.</p><p><blockquote>也就是说，我们也认为，随着英特尔盈利企稳，短期内英特尔的利润率肯定有一定的扩张空间。</blockquote></p><p> If you put just a 15x multiple on forward earnings of $4.50 per share, that would equate to a $67.50 stock price (representing over 25% upside from current levels).</p><p><blockquote>如果您将每股 4.50 美元的远期收益仅放置 15 倍，则相当于 67.50 美元的股价（比当前水平上涨超过 25%）。</blockquote></p><p> <b>Cash-Secured Put Analysis (Premium Yield, Margin-of-Safety, Delta)</b></p><p><blockquote><b>现金担保看跌期权分析（溢价收益率、安全边际、增量）</b></blockquote></p><p> Although we already own the stock, we think that now is a good time to potentially add to our position and ride the upside.</p><p><blockquote>尽管我们已经拥有该股票，但我们认为现在是潜在增加头寸并利用上涨空间的好时机。</blockquote></p><p> For new investors, we think the stock is really attractive at current levels and would recommend it as a buy.</p><p><blockquote>对于新投资者来说，我们认为该股在当前水平上确实很有吸引力，并建议买入。</blockquote></p><p></p><p> We primarily trade an income strategy that we call the Triple Income Wheel, which starts with writing cash-secured puts on high-quality stocks that you would like to own at a lower price. We won't go into full detail here, but the diagram below is a good summary of the strategy.</p><p><blockquote>我们主要交易一种收入策略，我们看涨期权三重收入轮，它首先对您希望以较低价格持有的优质股票进行现金担保看跌期权。我们不会在这里详细介绍，但下图是对该策略的一个很好的总结。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/25fe478b0167c759cd88403a036f0f0c\" tg-width=\"640\" tg-height=\"640\" width=\"100%\" height=\"auto\"><span>(Source: Option Income Advisor)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：期权收入顾问）</span></p></blockquote></p><p> Ideally, when we sell a cash-secured put and start the Triple Income Wheel process, our put is in our \"Strike Zone\" for that stock. In our opinion, that puts the odds of long-term success in our favor.</p><p><blockquote>理想情况下，当我们出售现金担保的看跌期权并开始三重收益轮流程时，我们的看跌期权处于该股票的“打击区”。我们认为，这使得长期成功的几率对我们有利。</blockquote></p><p> The three main data points we look at when analyzing a cash-secured put trade are:</p><p><blockquote>在分析现金担保看跌期权交易时，我们关注的三个主要数据点是：</blockquote></p><p> <ul>  <li>Premium Yield% (or Average Monthly Yield%): Measure of expected return on capital assuming that the option expires worthless (out-of-the-money).<i>Assumes that the option is fully cash secured.</i></li>  <li>Margin-of-Safety %: Measure of downside protection or the percentage that the underlying stock could decline and would still allow you to break even on the option trade.</li>  <li>Delta: A good proxy for the probability that the put option will finish in-the-money.</li> </ul> <i>Note that there's always a negative correlation between Premium Yield and Margin of Safety: The higher the Premium Yield for a given strike month, the lower the Margin of Safety.</i></p><p><blockquote><ul><li>溢价收益率%（或平均月收益率%）：假设期权到期时一文不值（价外），衡量预期资本回报率。<i>假设购股权完全以现金作抵押。</i></li><li>安全边际%：下行保护的衡量标准或标的股票可能下跌但仍允许您在期权交易中实现收支平衡的百分比。</li><li>Delta：看跌期权最终平价概率的一个很好的代表。</li></ul><i>请注意，保费收益率和安全边际之间总是存在负相关关系：给定行权月份的保费收益率越高，安全边际就越低。</i></blockquote></p><p> <i>An investor always should be honest with themselves about their risk tolerance. The Triple Income Wheel can be adapted to suit your needs.</i></p><p><blockquote><i>投资者应该始终对自己的风险承受能力诚实。三重收入轮可以根据您的需求进行调整。</i></blockquote></p><p> Now let's look at the cash-secured put analysis for Intel. We're focused on the September monthly contract that expires on 9/17/21.</p><p><blockquote>现在让我们来看看英特尔的现金担保看跌期权分析。我们专注于将于2021年9月17日到期的9月份月度合同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fca238403b1a39eadf67d5459adca855\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\"><span>(Source: Option Income Advisor)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：期权收入顾问）</span></p></blockquote></p><p> We have highlighted three levels of trades based on various risk profiles: Aggressive (-A-), Base (-B-), and Conservative (-C-).<i>Please listen to the video above for further details.</i></p><p><blockquote>我们根据各种风险状况强调了三个级别的交易：激进（-A-）、基本（-B-）和保守（-C-）。<i>请听上面的视频了解更多详情。</i></blockquote></p><p> Ideally, we like to stick with our target levels for our Base portfolio:</p><p><blockquote>理想情况下，我们希望坚持基本投资组合的目标水平：</blockquote></p><p> <ul>  <li>Average Monthly Yield % (AMY%): 1.0%-1.5%</li>  <li>Strike price that is in the strike zone (i.e., margin of safety above the required minimum)</li>  <li>Delta &lt; 30</li> </ul> The INTC Sept 17th $52.00 put option @ ~$0.50 meets all of our criteria with an AMY% of 1.3%, a Margin-of-Safety of 3.4%, and a Delta of 26.</p><p><blockquote><ul><li>平均月收益率%（AMY%）：1.0%-1.5%</li><li>处于执行区内的执行价格（即高于最低要求的安全边际）</li><li>δ&lt;30</li></ul>INTC 9月17日52.00美元看跌期权@~0.50美元符合我们的所有标准，AMY%为1.3%，安全边际为3.4%，Delta为26。</blockquote></p><p> <i>Again, based on your risk tolerance, you could choose a strike price that is more aggressive ($52.50 strike) or more conservative ($50.00 strike) than the base trade.</i></p><p><blockquote><i>同样，根据您的风险承受能力，您可以选择比基础交易更激进（执行价 52.50 美元）或更保守（执行价 50.00 美元）的执行价格。</i></blockquote></p><p> <b>Downside Considerations</b></p><p><blockquote><b>不利考虑因素</b></blockquote></p><p> Assuming we sold the INTC Sept 17th $52.00 strike put option @ $0.50, we would collect $50.00 of premium for each option contract sold. In return for this premium, we agree (and are obligated) to buy 100 shares of INTC stock for each contract sold at the strike price of $52.00.</p><p><blockquote>假设我们以 0.50 美元的价格卖出 INTC 9 月 17 日 52.00 美元的执行看跌期权，我们将为每卖出一份期权合约收取 50.00 美元的权利金。作为该溢价的回报，我们同意（并有义务）为以 52.00 美元的执行价格出售的每份合约购买 100 股 INTC 股票。</blockquote></p><p> If the stock stays above $52.00 between now and expiration (9/17/21), the option expires worthless and we keep the premium of $0.50.</p><p><blockquote>如果股票从现在到到期（21年9月17日）保持在52.00美元以上，期权到期时一文不值，我们保留0.50美元的溢价。</blockquote></p><p> However,<i>the downside of this trade comes into play if the stock closes below $52.00 on expiration (9/17/21). Since we're obligated to buy the stock at $52.00, we would have a potential unrealized capital loss on our hands (depending on how low the stock closed on expiration)</i>. We do get to keep the premium either way though, so our breakeven cost basis would be $51.50 ($52.00 - $0.50).</p><p><blockquote>然而，<i>如果股票在到期日（21年9月17日）收盘价低于52.00美元，则该交易的负面影响就会发挥作用。由于我们有义务以 52.00 美元的价格购买股票，因此我们手头可能会有未实现的资本损失（取决于股票到期时的收盘价有多低）</i>.不过，无论哪种方式，我们都可以保留保费，因此我们的盈亏平衡成本基础将是 51.50 美元（52.00 美元 - 0.50 美元）。</blockquote></p><p> All that said, when managing the Triple Income Wheel, you should expect to take assignment (buy the stock) on 5%-10% of your cash-secured put trades.</p><p><blockquote>也就是说，在管理三重收益轮时，您应该期望在现金担保看跌期权交易的 5%-10% 上进行转让（购买股票）。</blockquote></p><p> But when this happens, we get to move to step 3 in the diagram above and&nbsp;sell some covered calls on our stock position&nbsp;to start the income flowing again and start mitigating our risk right away.</p><p><blockquote>但当这种情况发生时，我们可以进入上图中的第 3 步，出售我们股票头寸上的一些备兑评级，以重新开始收入流动，并立即开始降低我们的风险。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on our long-term and short-term views on Intel, we believe that the stock is a good buy at current levels,butit's even a bigger win if you can add to your Intel position with a cost basis of $51.50 (and sit back and collect the dividend as the stock rises).</p><p><blockquote>根据我们对英特尔的长期和短期看法，我们认为该股在当前水平上是一个不错的买入机会，但如果您能够以 51.50 美元的成本基础增加英特尔头寸，那将是一个更大的胜利（并坐下来收取股息随着股价上涨）。</blockquote></p><p></p>","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>Intel: Value Trap Or Buy The Dip?<blockquote>英特尔：价值陷阱还是逢低买入？</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\">\nIntel: Value Trap Or Buy The Dip?<blockquote>英特尔：价值陷阱还是逢低买入？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-27 21:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>While most semiconductor stocks have been enjoying a nice rally this year, Intel was apparently not invited to the party.</li>  <li>During the past six months, Intel is actually down 15%.</li>  <li>The question remains whether or not the stock is a value trap or a coiled spring ready to pop.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/65b0d1e3cc9b919c60cd62c91975b386\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Nodar Chernishev/iStock via Getty Images</span></p><p><blockquote><ul><li>虽然今年大多数半导体股票都出现了不错的反弹，但英特尔显然没有被邀请参加派对。</li><li>在过去的六个月里，英特尔实际上下跌了15%。</li><li>问题仍然是，该股是价值陷阱还是随时可能爆裂的螺旋弹簧。</li></ul><p class=\"t-img-caption\"><span>诺达尔·切尔尼舍夫/iStock 来自盖蒂图片社</span></p></blockquote></p><p> Just as industrial giants like Ford Motor Co. (F), Caterpillar (CAT), and 3M Co. (MMM) propelled the U.S. (and the world) forward in the early 20th Century with major industrial innovations, the semiconductor manufacturers are driving the technology revolution of the 21st Century.</p><p><blockquote>正如福特汽车公司（F）、卡特彼勒（CAT）和3M公司（3M）等工业巨头在20世纪初通过重大工业创新推动美国（和世界）向前发展一样，半导体制造商正在推动21世纪的技术革命。</blockquote></p><p> It seems like chips are needed in everything these days,andthe pressure is on to make things faster, smaller, and cheaper.</p><p><blockquote>如今似乎所有东西都需要芯片，让事情变得更快、更小、更便宜的压力越来越大。</blockquote></p><p> That said, while most semiconductor stocks have been enjoying a nice rally this year (for good reason),IntelCorp. (INTC) was apparently not invited to the party (or maybe it's just late?).</p><p><blockquote>也就是说，虽然大多数半导体股票今年都出现了不错的反弹（有充分的理由），但英特尔公司。（INTC）显然没有被邀请参加聚会（或者可能只是太晚了？）.</blockquote></p><p> As shown in the chart below, the bifurcation between the winners and the losers in the space has become quite clear over the past 6 months. Chip darlings like NVIDIA Corp. (NVDA) and Advanced Micro Devices (AMD) are up 52.9% and 24.5%, respectively.</p><p><blockquote>如下图所示，在过去的6个月里，该领域赢家和输家之间的分歧变得非常明显。英伟达公司 (NVDA) 和先进微设备公司 (AMD) 等芯片宠儿分别上涨 52.9% 和 24.5%。</blockquote></p><p> Meanwhile, Intel is down 14.9% and Micron Technology (MU) is down over 20%!</p><p><blockquote>与此同时，英特尔下跌14.9%，美光科技（MU）下跌超过20%!</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/197282917802a0c939a75f60ec792487\" tg-width=\"635\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> While we have recently penned our thoughts about&nbsp;Micron,NVIDIA, and&nbsp;Advanced Micro Devices, it's time to dig deeper into Intel too.</p><p><blockquote>虽然我们最近写下了对美光、英伟达和先进微设备的看法，但现在也是深入研究英特尔的时候了。</blockquote></p><p> To be fair, Intel has had its fair share of challenges this year,despitegeneral tailwinds in the industry (i.e., chip demand far outpacing supply).</p><p><blockquote>公平地说，尽管行业普遍存在有利因素（即芯片需求远远超过供应），但英特尔今年仍然面临着相当大的挑战。</blockquote></p><p> Specifically, Intel has had some well-documented manufacturing blunders that have caused major delays (and loss of some market share). This has triggered concern amongst investors that the stock may be a potential \"value trap\" now.</p><p><blockquote>具体来说，英特尔出现了一些有据可查的制造失误，导致了重大延误（并损失了一些市场份额）。这引发了投资者的担忧，即该股现在可能是一个潜在的“价值陷阱”。</blockquote></p><p> All that said, I'm definitely in the camp that believes that this industry veteran could still be a coiled spring ready to pop with potential to close the gap with some of the winners (like NVDA and AMD).</p><p><blockquote>尽管如此，我绝对是这样的阵营：这位行业资深人士仍然可能是一个螺旋弹簧，随时准备弹出，有可能缩小与一些赢家（如 NVDA 和 AMD）的差距。</blockquote></p><p> Personally, I don't think we are anywhere near peak demand for chips and I believe that Intel's fabrication capabilities are (and will continue to be) a huge advantage for the company for years to come.</p><p><blockquote>就我个人而言，我认为我们还没有接近芯片需求的峰值，我相信英特尔的制造能力是（并将继续是）该公司未来几年的巨大优势。</blockquote></p><p> The rest of this article will take a quantitative look at Intel to confirm my qualitative assumptions that the stock should be trading higher from here:</p><p><blockquote>本文的其余部分将对英特尔进行定量研究，以证实我的定性假设，即该股票的交易价格应该从这里开始走高：</blockquote></p><p> <ul>  <li>Long-Term Thesis (Dividend, Safety, Value)</li>  <li>Short-Term Thesis (Strike Zone, EPS Risk, Technical Support)</li>  <li>Upside Target</li>  <li>Cash-Secured Put Analysis (Premium Yield, Margin-of-Safety, Delta)</li>  <li>Downside Considerations</li>  <li>Conclusion</li> </ul> <i>Sources for all data and tables below: Option Income Advisor and YCharts</i></p><p><blockquote><ul><li>长期论点（股息、安全、价值）</li><li>短期论文（打击区、每股收益风险、技术支持）</li><li>上行目标</li><li>现金担保看跌期权分析（溢价收益率、安全边际、增量）</li><li>不利考虑因素</li><li>结论</li></ul><i>以下所有数据和表格的来源：期权收入顾问和 YCharts</i></blockquote></p><p> <b>Intel Corp.</b></p><p><blockquote><b>英特尔公司</b></blockquote></p><p>   Sector/Industry: Technology / Semiconductors    Intel is the world's largest chipmaker. It designs and manufactures microprocessors for the global personal computer and data center markets. Intel pioneered the x86 architecture for microprocessors. It was the prime proponent of Moore's Law for advances in semiconductor manufacturing, though the firm has recently faced manufacturing delays. While Intel's server processor business has benefited from the shift to the cloud, the firm has also been expanding into new adjacencies as the personal computer market has stagnated. These include areas such as the Internet of Things, artificial intelligence, and automotive. Intel has been active on the merger and acquisitions front, acquiring Altera, Mobileye, and Habana Labs in order to bolster these efforts in non-PC arenas.  <i>(Source:</i>  <i>YCharts</i>  <i>)</i>  <b>Long-Term Thesis (Dividend, Safety, Value)</b></p><p><blockquote>行业/行业：技术/半导体英特尔是世界上最大的芯片制造商。它为全球个人电脑和数据中心市场设计和制造微处理器。英特尔是微处理器x86架构的先驱。它是半导体制造进步摩尔定律的主要支持者，尽管该公司最近面临制造延误。虽然英特尔的服务器处理器业务受益于向云的转变，但随着个人电脑市场停滞不前，该公司也在向新的邻近地区扩张。其中包括物联网、人工智能和汽车等领域。英特尔一直活跃在并购领域，收购了Altera、Mobileye和Habana Labs，以支持非PC领域的这些努力。<i>（来源：</i><i>Y图表</i><i>)</i><b>长期论点（股息、安全、价值）</b></blockquote></p><p> In general, our high-level long-term investment thesis on a stock is more quantitative in nature than qualitative.</p><p><blockquote>总的来说，我们关于股票的高级长期投资论文本质上是定量的，而不是定性的。</blockquote></p><p> That said, Intel currently ranks very well across our key long-term ranking measures: Dividend (7), Safety (8), Value (10)</p><p><blockquote>也就是说，英特尔目前在我们的关键长期排名指标中排名非常好：股息 (7)、安全性 (8)、价值 (10)</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/409ba12610069e477e6973a53eabf653\" tg-width=\"640\" tg-height=\"124\" width=\"100%\" height=\"auto\"><span>Note that our rankings are from 1 (lowest) to 10 (highest).</span></p><p><blockquote><p class=\"t-img-caption\"><span>请注意，我们的排名从1（最低）到10（最高）。</span></p></blockquote></p><p> <b>Dividend</b></p><p><blockquote><b>红利</b></blockquote></p><p> Intel has raised its dividend in each of the past seven years and currently yields 2.6% with a reasonably low payout ratio of 29.1%.</p><p><blockquote>英特尔在过去七年中每年都会提高股息，目前收益率为 2.6%，派息率为 29.1%，相当低。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8b59d73a44d9e1f67468b8fdd556e45d\" tg-width=\"566\" tg-height=\"347\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p><p> In addition, the company has steadily been growing its annual payout, with 1-year, 5-year, and 10-year compound annual growth rates of 4.8%, 6.6%, and 7.7%, respectively.</p><p><blockquote>此外，公司年度派息稳步增长，1年、5年和10年复合年增长率分别为4.8%、6.6%和7.7%。</blockquote></p><p> <b>Safety</b></p><p><blockquote><b>安全</b></blockquote></p><p> Up until 2020, Intel had experienced relatively stable sales and EPS growth. However, manufacturing delays over the past year or so have caused sales and EPS to dip. Management does expect operations to stabilize in 2022 and 2023.</p><p><blockquote>直到2020年，英特尔的销售额和每股收益增长相对稳定。然而，过去一年左右的生产延误导致销售额和每股收益下降。管理层确实预计 2022 年和 2023 年运营将趋于稳定。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88ce38e4effa43f86f74784d75217bf6\" tg-width=\"640\" tg-height=\"245\" width=\"100%\" height=\"auto\"><span>Source: Option Income Advisor / YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：期权收入顾问 / YCharts</span></p></blockquote></p><p> That said, the company's balance sheet remains strong with $25 billion of cash/short-term investments and management is producing a solid return on invested capital of 16%.</p><p><blockquote>尽管如此，该公司的资产负债表仍然强劲，拥有 250 亿美元的现金/短期投资，管理层正在产生 16% 的稳定投资资本回报率。</blockquote></p><p> Intel's low historical stock volatility, with a five-year standard deviation of 29% and a beta of 0.60, is also adding to its relatively high Safety Ranking.</p><p><blockquote>英特尔的历史股票波动性较低，五年标准差为 29%，贝塔值为 0.60，这也增加了其相对较高的安全评级。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> Intel currently carries our top rating of 10 for valuation. As shown in the table below, the company is trading at a discount compared to its historical averages across all 4 valuation multiples we look at.</p><p><blockquote>英特尔目前的最高估值评级为 10。如下表所示，与我们关注的所有 4 个估值倍数的历史平均水平相比，该公司的交易价格都有折扣。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e7036b246d6d8630a59b53041a502b8e\" tg-width=\"572\" tg-height=\"229\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Intel also has a very attractive shareholder yield of 8.3%.<i>Note that shareholder yield is the combination of buyback yield and dividend yield.</i></p><p><blockquote>英特尔的股东收益率也非常有吸引力，达到 8.3%。<i>请注意，股东收益率是回购收益率和股息收益率的组合。</i></blockquote></p><p> <b>Long-Term View</b></p><p><blockquote><b>长期观点</b></blockquote></p><p> Based on the data above and our various rankings, we have a Bullish long-term perspective on Intel. Although sales and EPS are just starting to stabilize from the recent dip, the company's valuation and volatility profile are very attractive.</p><p><blockquote>基于上述数据和我们的各种排名，我们长期看好英特尔。尽管销售额和每股收益刚刚开始从最近的下跌中企稳，但该公司的估值和波动性状况非常有吸引力。</blockquote></p><p> <b>Short-Term Thesis (Strike Zone, EPS Risk, Technical Support)</b></p><p><blockquote><b>短期论文（打击区、每股收益风险、技术支持）</b></blockquote></p><p> From a short-term perspective (especially as it's related to selling cash-secured puts), estimating a good \"strike zone\" is key to our analysis. Our strike zone takes into account (1) the stock's volatility, (2) recent performance (i.e., how much has it already pulled back from its recent highs), (3) near-term EPS risk, and (4) the overall volatility of the market (i.e., VIX level).</p><p><blockquote>从短期角度来看（尤其是与出售现金担保的看跌期权相关），估计良好的“打击区”是我们分析的关键。我们的打击区域考虑了（1）股票的波动性，（2）最近的表现（即它已经从最近的高点回调了多少），（3）近期每股收益风险，以及（4）市场的整体波动性（即VIX水平）。</blockquote></p><p> As shown in the table below, our strike zone for Intel currently is $47.00-$51.00, representing a required minimum margin of safety of 5.3%.</p><p><blockquote>如下表所示，我们目前对英特尔的执行区间为 47.00 美元至 51.00 美元，代表所需的最低安全边际为 5.3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c01b1ac65c7cbccb50edf71635ab87c2\" tg-width=\"640\" tg-height=\"163\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> As discussed in the safety ranking analysis above, Intel ranks positively on a relative basis for stock Volatility/Risk. In addition, the stock has already pulled back over 21% from its recent high (so its Pullback Indicator also ranks positively). Both of these strike zone factors help keep the minimum required margin of safety at a reasonable level of 5.3%.</p><p><blockquote>如上文安全性排名分析所述，英特尔在股票波动性/风险的相对基础上排名为正面。此外，该股已从近期高点回调超过 21%（因此其回调指标也排名积极）。这两个打击区因素都有助于将最低所需安全裕度保持在 5.3% 的合理水平。</blockquote></p><p> Also, Intel's next EPS announcement is 58 days out, so we won't have any EPS risk to worry about in the near term.</p><p><blockquote>此外，英特尔的下一次每股收益公告还有 58 天，因此我们近期无需担心任何每股收益风险。</blockquote></p><p> As shown in the chart below, the stock's uptrend has been broken with shares trading below both the 50-day moving average (blue line) and the 200-day moving average (red line). That said, we think the stock could have put in a short-term bottom around $52.00 a few days ago and we would look for that level to hold as support.</p><p><blockquote>如下图所示，该股的上升趋势已被打破，股票交易均低于 50 天移动平均线（蓝线）和 200 天移动平均线（红线）。也就是说，我们认为该股几天前可能会在 52.00 美元左右触及短期底部，我们将寻找该水平作为支撑。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/322a2276f8f4edb75ed9e614f7a547e4\" tg-width=\"640\" tg-height=\"451\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>Short-Term View</b></p><p><blockquote><b>短期观点</b></blockquote></p><p> There appears to be some decent technical support around the high end of our strike zone of $47.00-$51.00,whichobviously makes us feel relatively good about holding the stock and potentially selling additional cash-secured puts in the strike zone if we can.</p><p><blockquote>在我们的 47.00-51.00 美元的高端附近似乎有一些不错的技术支撑，这显然让我们对持有该股票感到相对良好，如果可以的话，我们可能会在打击区内出售额外的现金担保看跌期权。</blockquote></p><p> <b>Upside Considerations (Target Price)</b></p><p><blockquote><b>上涨考虑因素（目标价）</b></blockquote></p><p> Despite 26 of the 42 Wall Street analysts having a \"Hold\" rating or lower on the stock, the consensus price target for Intel is still $63.00 (representing over 17% upside from current levels).</p><p><blockquote>尽管 42 名华尔街分析师中有 26 名对该股给予“持有”或更低的评级，但英特尔的一致目标价仍为 63.00 美元（较当前水平上涨超过 17%）。</blockquote></p><p> Also, with so many analysts currently at \"Hold\" or below, it opens the door for a flurry of upgrades in the future (which typically come with price target hikes as well). This catalyst could be significant.</p><p><blockquote>此外，由于目前有如此多的分析师处于“持有”或以下，这为未来的一系列升级打开了大门（这通常也伴随着目标价的上调）。这种催化剂可能非常重要。</blockquote></p><p> That said, we also think that there's definitely some room for margin expansion for Intel in the short term as the company's earnings stabilize.</p><p><blockquote>也就是说，我们也认为，随着英特尔盈利企稳，短期内英特尔的利润率肯定有一定的扩张空间。</blockquote></p><p> If you put just a 15x multiple on forward earnings of $4.50 per share, that would equate to a $67.50 stock price (representing over 25% upside from current levels).</p><p><blockquote>如果您将每股 4.50 美元的远期收益仅放置 15 倍，则相当于 67.50 美元的股价（比当前水平上涨超过 25%）。</blockquote></p><p> <b>Cash-Secured Put Analysis (Premium Yield, Margin-of-Safety, Delta)</b></p><p><blockquote><b>现金担保看跌期权分析（溢价收益率、安全边际、增量）</b></blockquote></p><p> Although we already own the stock, we think that now is a good time to potentially add to our position and ride the upside.</p><p><blockquote>尽管我们已经拥有该股票，但我们认为现在是潜在增加头寸并利用上涨空间的好时机。</blockquote></p><p> For new investors, we think the stock is really attractive at current levels and would recommend it as a buy.</p><p><blockquote>对于新投资者来说，我们认为该股在当前水平上确实很有吸引力，并建议买入。</blockquote></p><p></p><p> We primarily trade an income strategy that we call the Triple Income Wheel, which starts with writing cash-secured puts on high-quality stocks that you would like to own at a lower price. We won't go into full detail here, but the diagram below is a good summary of the strategy.</p><p><blockquote>我们主要交易一种收入策略，我们看涨期权三重收入轮，它首先对您希望以较低价格持有的优质股票进行现金担保看跌期权。我们不会在这里详细介绍，但下图是对该策略的一个很好的总结。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/25fe478b0167c759cd88403a036f0f0c\" tg-width=\"640\" tg-height=\"640\" width=\"100%\" height=\"auto\"><span>(Source: Option Income Advisor)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：期权收入顾问）</span></p></blockquote></p><p> Ideally, when we sell a cash-secured put and start the Triple Income Wheel process, our put is in our \"Strike Zone\" for that stock. In our opinion, that puts the odds of long-term success in our favor.</p><p><blockquote>理想情况下，当我们出售现金担保的看跌期权并开始三重收益轮流程时，我们的看跌期权处于该股票的“打击区”。我们认为，这使得长期成功的几率对我们有利。</blockquote></p><p> The three main data points we look at when analyzing a cash-secured put trade are:</p><p><blockquote>在分析现金担保看跌期权交易时，我们关注的三个主要数据点是：</blockquote></p><p> <ul>  <li>Premium Yield% (or Average Monthly Yield%): Measure of expected return on capital assuming that the option expires worthless (out-of-the-money).<i>Assumes that the option is fully cash secured.</i></li>  <li>Margin-of-Safety %: Measure of downside protection or the percentage that the underlying stock could decline and would still allow you to break even on the option trade.</li>  <li>Delta: A good proxy for the probability that the put option will finish in-the-money.</li> </ul> <i>Note that there's always a negative correlation between Premium Yield and Margin of Safety: The higher the Premium Yield for a given strike month, the lower the Margin of Safety.</i></p><p><blockquote><ul><li>溢价收益率%（或平均月收益率%）：假设期权到期时一文不值（价外），衡量预期资本回报率。<i>假设购股权完全以现金作抵押。</i></li><li>安全边际%：下行保护的衡量标准或标的股票可能下跌但仍允许您在期权交易中实现收支平衡的百分比。</li><li>Delta：看跌期权最终平价概率的一个很好的代表。</li></ul><i>请注意，保费收益率和安全边际之间总是存在负相关关系：给定行权月份的保费收益率越高，安全边际就越低。</i></blockquote></p><p> <i>An investor always should be honest with themselves about their risk tolerance. The Triple Income Wheel can be adapted to suit your needs.</i></p><p><blockquote><i>投资者应该始终对自己的风险承受能力诚实。三重收入轮可以根据您的需求进行调整。</i></blockquote></p><p> Now let's look at the cash-secured put analysis for Intel. We're focused on the September monthly contract that expires on 9/17/21.</p><p><blockquote>现在让我们来看看英特尔的现金担保看跌期权分析。我们专注于将于2021年9月17日到期的9月份月度合同。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fca238403b1a39eadf67d5459adca855\" tg-width=\"640\" tg-height=\"367\" width=\"100%\" height=\"auto\"><span>(Source: Option Income Advisor)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（资料来源：期权收入顾问）</span></p></blockquote></p><p> We have highlighted three levels of trades based on various risk profiles: Aggressive (-A-), Base (-B-), and Conservative (-C-).<i>Please listen to the video above for further details.</i></p><p><blockquote>我们根据各种风险状况强调了三个级别的交易：激进（-A-）、基本（-B-）和保守（-C-）。<i>请听上面的视频了解更多详情。</i></blockquote></p><p> Ideally, we like to stick with our target levels for our Base portfolio:</p><p><blockquote>理想情况下，我们希望坚持基本投资组合的目标水平：</blockquote></p><p> <ul>  <li>Average Monthly Yield % (AMY%): 1.0%-1.5%</li>  <li>Strike price that is in the strike zone (i.e., margin of safety above the required minimum)</li>  <li>Delta &lt; 30</li> </ul> The INTC Sept 17th $52.00 put option @ ~$0.50 meets all of our criteria with an AMY% of 1.3%, a Margin-of-Safety of 3.4%, and a Delta of 26.</p><p><blockquote><ul><li>平均月收益率%（AMY%）：1.0%-1.5%</li><li>处于执行区内的执行价格（即高于最低要求的安全边际）</li><li>δ&lt;30</li></ul>INTC 9月17日52.00美元看跌期权@~0.50美元符合我们的所有标准，AMY%为1.3%，安全边际为3.4%，Delta为26。</blockquote></p><p> <i>Again, based on your risk tolerance, you could choose a strike price that is more aggressive ($52.50 strike) or more conservative ($50.00 strike) than the base trade.</i></p><p><blockquote><i>同样，根据您的风险承受能力，您可以选择比基础交易更激进（执行价 52.50 美元）或更保守（执行价 50.00 美元）的执行价格。</i></blockquote></p><p> <b>Downside Considerations</b></p><p><blockquote><b>不利考虑因素</b></blockquote></p><p> Assuming we sold the INTC Sept 17th $52.00 strike put option @ $0.50, we would collect $50.00 of premium for each option contract sold. In return for this premium, we agree (and are obligated) to buy 100 shares of INTC stock for each contract sold at the strike price of $52.00.</p><p><blockquote>假设我们以 0.50 美元的价格卖出 INTC 9 月 17 日 52.00 美元的执行看跌期权，我们将为每卖出一份期权合约收取 50.00 美元的权利金。作为该溢价的回报，我们同意（并有义务）为以 52.00 美元的执行价格出售的每份合约购买 100 股 INTC 股票。</blockquote></p><p> If the stock stays above $52.00 between now and expiration (9/17/21), the option expires worthless and we keep the premium of $0.50.</p><p><blockquote>如果股票从现在到到期（21年9月17日）保持在52.00美元以上，期权到期时一文不值，我们保留0.50美元的溢价。</blockquote></p><p> However,<i>the downside of this trade comes into play if the stock closes below $52.00 on expiration (9/17/21). Since we're obligated to buy the stock at $52.00, we would have a potential unrealized capital loss on our hands (depending on how low the stock closed on expiration)</i>. We do get to keep the premium either way though, so our breakeven cost basis would be $51.50 ($52.00 - $0.50).</p><p><blockquote>然而，<i>如果股票在到期日（21年9月17日）收盘价低于52.00美元，则该交易的负面影响就会发挥作用。由于我们有义务以 52.00 美元的价格购买股票，因此我们手头可能会有未实现的资本损失（取决于股票到期时的收盘价有多低）</i>.不过，无论哪种方式，我们都可以保留保费，因此我们的盈亏平衡成本基础将是 51.50 美元（52.00 美元 - 0.50 美元）。</blockquote></p><p> All that said, when managing the Triple Income Wheel, you should expect to take assignment (buy the stock) on 5%-10% of your cash-secured put trades.</p><p><blockquote>也就是说，在管理三重收益轮时，您应该期望在现金担保看跌期权交易的 5%-10% 上进行转让（购买股票）。</blockquote></p><p> But when this happens, we get to move to step 3 in the diagram above and&nbsp;sell some covered calls on our stock position&nbsp;to start the income flowing again and start mitigating our risk right away.</p><p><blockquote>但当这种情况发生时，我们可以进入上图中的第 3 步，出售我们股票头寸上的一些备兑评级，以重新开始收入流动，并立即开始降低我们的风险。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on our long-term and short-term views on Intel, we believe that the stock is a good buy at current levels,butit's even a bigger win if you can add to your Intel position with a cost basis of $51.50 (and sit back and collect the dividend as the stock rises).</p><p><blockquote>根据我们对英特尔的长期和短期看法，我们认为该股在当前水平上是一个不错的买入机会，但如果您能够以 51.50 美元的成本基础增加英特尔头寸，那将是一个更大的胜利（并坐下来收取股息随着股价上涨）。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4452025-intel-value-trap-or-buy-the-dip\">seekingalpha</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":{"INTC":"英特尔"},"source_url":"https://seekingalpha.com/article/4452025-intel-value-trap-or-buy-the-dip","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190647001","content_text":"Summary\n\nWhile most semiconductor stocks have been enjoying a nice rally this year, Intel was apparently not invited to the party.\nDuring the past six months, Intel is actually down 15%.\nThe question remains whether or not the stock is a value trap or a coiled spring ready to pop.\n\nNodar Chernishev/iStock via Getty Images\nJust as industrial giants like Ford Motor Co. (F), Caterpillar (CAT), and 3M Co. (MMM) propelled the U.S. (and the world) forward in the early 20th Century with major industrial innovations, the semiconductor manufacturers are driving the technology revolution of the 21st Century.\nIt seems like chips are needed in everything these days,andthe pressure is on to make things faster, smaller, and cheaper.\nThat said, while most semiconductor stocks have been enjoying a nice rally this year (for good reason),IntelCorp. (INTC) was apparently not invited to the party (or maybe it's just late?).\nAs shown in the chart below, the bifurcation between the winners and the losers in the space has become quite clear over the past 6 months. Chip darlings like NVIDIA Corp. (NVDA) and Advanced Micro Devices (AMD) are up 52.9% and 24.5%, respectively.\nMeanwhile, Intel is down 14.9% and Micron Technology (MU) is down over 20%!\nData by YCharts\nWhile we have recently penned our thoughts about Micron,NVIDIA, and Advanced Micro Devices, it's time to dig deeper into Intel too.\nTo be fair, Intel has had its fair share of challenges this year,despitegeneral tailwinds in the industry (i.e., chip demand far outpacing supply).\nSpecifically, Intel has had some well-documented manufacturing blunders that have caused major delays (and loss of some market share). This has triggered concern amongst investors that the stock may be a potential \"value trap\" now.\nAll that said, I'm definitely in the camp that believes that this industry veteran could still be a coiled spring ready to pop with potential to close the gap with some of the winners (like NVDA and AMD).\nPersonally, I don't think we are anywhere near peak demand for chips and I believe that Intel's fabrication capabilities are (and will continue to be) a huge advantage for the company for years to come.\nThe rest of this article will take a quantitative look at Intel to confirm my qualitative assumptions that the stock should be trading higher from here:\n\nLong-Term Thesis (Dividend, Safety, Value)\nShort-Term Thesis (Strike Zone, EPS Risk, Technical Support)\nUpside Target\nCash-Secured Put Analysis (Premium Yield, Margin-of-Safety, Delta)\nDownside Considerations\nConclusion\n\nSources for all data and tables below: Option Income Advisor and YCharts\nIntel Corp.\n\n Sector/Industry: Technology / Semiconductors\n\n\n Intel is the world's largest chipmaker. It designs and manufactures microprocessors for the global personal computer and data center markets. Intel pioneered the x86 architecture for microprocessors. It was the prime proponent of Moore's Law for advances in semiconductor manufacturing, though the firm has recently faced manufacturing delays. While Intel's server processor business has benefited from the shift to the cloud, the firm has also been expanding into new adjacencies as the personal computer market has stagnated. These include areas such as the Internet of Things, artificial intelligence, and automotive. Intel has been active on the merger and acquisitions front, acquiring Altera, Mobileye, and Habana Labs in order to bolster these efforts in non-PC arenas.\n (Source:\nYCharts\n)\n\nLong-Term Thesis (Dividend, Safety, Value)\nIn general, our high-level long-term investment thesis on a stock is more quantitative in nature than qualitative.\nThat said, Intel currently ranks very well across our key long-term ranking measures: Dividend (7), Safety (8), Value (10)\nNote that our rankings are from 1 (lowest) to 10 (highest).\nDividend\nIntel has raised its dividend in each of the past seven years and currently yields 2.6% with a reasonably low payout ratio of 29.1%.\n\nIn addition, the company has steadily been growing its annual payout, with 1-year, 5-year, and 10-year compound annual growth rates of 4.8%, 6.6%, and 7.7%, respectively.\nSafety\nUp until 2020, Intel had experienced relatively stable sales and EPS growth. However, manufacturing delays over the past year or so have caused sales and EPS to dip. Management does expect operations to stabilize in 2022 and 2023.\nSource: Option Income Advisor / YCharts\nThat said, the company's balance sheet remains strong with $25 billion of cash/short-term investments and management is producing a solid return on invested capital of 16%.\nIntel's low historical stock volatility, with a five-year standard deviation of 29% and a beta of 0.60, is also adding to its relatively high Safety Ranking.\nValuation\nIntel currently carries our top rating of 10 for valuation. As shown in the table below, the company is trading at a discount compared to its historical averages across all 4 valuation multiples we look at.\n\nIntel also has a very attractive shareholder yield of 8.3%.Note that shareholder yield is the combination of buyback yield and dividend yield.\nLong-Term View\nBased on the data above and our various rankings, we have a Bullish long-term perspective on Intel. Although sales and EPS are just starting to stabilize from the recent dip, the company's valuation and volatility profile are very attractive.\nShort-Term Thesis (Strike Zone, EPS Risk, Technical Support)\nFrom a short-term perspective (especially as it's related to selling cash-secured puts), estimating a good \"strike zone\" is key to our analysis. Our strike zone takes into account (1) the stock's volatility, (2) recent performance (i.e., how much has it already pulled back from its recent highs), (3) near-term EPS risk, and (4) the overall volatility of the market (i.e., VIX level).\nAs shown in the table below, our strike zone for Intel currently is $47.00-$51.00, representing a required minimum margin of safety of 5.3%.\n\nAs discussed in the safety ranking analysis above, Intel ranks positively on a relative basis for stock Volatility/Risk. In addition, the stock has already pulled back over 21% from its recent high (so its Pullback Indicator also ranks positively). Both of these strike zone factors help keep the minimum required margin of safety at a reasonable level of 5.3%.\nAlso, Intel's next EPS announcement is 58 days out, so we won't have any EPS risk to worry about in the near term.\nAs shown in the chart below, the stock's uptrend has been broken with shares trading below both the 50-day moving average (blue line) and the 200-day moving average (red line). That said, we think the stock could have put in a short-term bottom around $52.00 a few days ago and we would look for that level to hold as support.\n\nShort-Term View\nThere appears to be some decent technical support around the high end of our strike zone of $47.00-$51.00,whichobviously makes us feel relatively good about holding the stock and potentially selling additional cash-secured puts in the strike zone if we can.\nUpside Considerations (Target Price)\nDespite 26 of the 42 Wall Street analysts having a \"Hold\" rating or lower on the stock, the consensus price target for Intel is still $63.00 (representing over 17% upside from current levels).\nAlso, with so many analysts currently at \"Hold\" or below, it opens the door for a flurry of upgrades in the future (which typically come with price target hikes as well). This catalyst could be significant.\nThat said, we also think that there's definitely some room for margin expansion for Intel in the short term as the company's earnings stabilize.\nIf you put just a 15x multiple on forward earnings of $4.50 per share, that would equate to a $67.50 stock price (representing over 25% upside from current levels).\nCash-Secured Put Analysis (Premium Yield, Margin-of-Safety, Delta)\nAlthough we already own the stock, we think that now is a good time to potentially add to our position and ride the upside.\nFor new investors, we think the stock is really attractive at current levels and would recommend it as a buy.\nWe primarily trade an income strategy that we call the Triple Income Wheel, which starts with writing cash-secured puts on high-quality stocks that you would like to own at a lower price. We won't go into full detail here, but the diagram below is a good summary of the strategy.\n(Source: Option Income Advisor)\nIdeally, when we sell a cash-secured put and start the Triple Income Wheel process, our put is in our \"Strike Zone\" for that stock. In our opinion, that puts the odds of long-term success in our favor.\nThe three main data points we look at when analyzing a cash-secured put trade are:\n\nPremium Yield% (or Average Monthly Yield%): Measure of expected return on capital assuming that the option expires worthless (out-of-the-money).Assumes that the option is fully cash secured.\nMargin-of-Safety %: Measure of downside protection or the percentage that the underlying stock could decline and would still allow you to break even on the option trade.\nDelta: A good proxy for the probability that the put option will finish in-the-money.\n\nNote that there's always a negative correlation between Premium Yield and Margin of Safety: The higher the Premium Yield for a given strike month, the lower the Margin of Safety.\nAn investor always should be honest with themselves about their risk tolerance. The Triple Income Wheel can be adapted to suit your needs.\nNow let's look at the cash-secured put analysis for Intel. We're focused on the September monthly contract that expires on 9/17/21.\n(Source: Option Income Advisor)\nWe have highlighted three levels of trades based on various risk profiles: Aggressive (-A-), Base (-B-), and Conservative (-C-).Please listen to the video above for further details.\nIdeally, we like to stick with our target levels for our Base portfolio:\n\nAverage Monthly Yield % (AMY%): 1.0%-1.5%\nStrike price that is in the strike zone (i.e., margin of safety above the required minimum)\nDelta < 30\n\nThe INTC Sept 17th $52.00 put option @ ~$0.50 meets all of our criteria with an AMY% of 1.3%, a Margin-of-Safety of 3.4%, and a Delta of 26.\nAgain, based on your risk tolerance, you could choose a strike price that is more aggressive ($52.50 strike) or more conservative ($50.00 strike) than the base trade.\nDownside Considerations\nAssuming we sold the INTC Sept 17th $52.00 strike put option @ $0.50, we would collect $50.00 of premium for each option contract sold. In return for this premium, we agree (and are obligated) to buy 100 shares of INTC stock for each contract sold at the strike price of $52.00.\nIf the stock stays above $52.00 between now and expiration (9/17/21), the option expires worthless and we keep the premium of $0.50.\nHowever,the downside of this trade comes into play if the stock closes below $52.00 on expiration (9/17/21). Since we're obligated to buy the stock at $52.00, we would have a potential unrealized capital loss on our hands (depending on how low the stock closed on expiration). We do get to keep the premium either way though, so our breakeven cost basis would be $51.50 ($52.00 - $0.50).\nAll that said, when managing the Triple Income Wheel, you should expect to take assignment (buy the stock) on 5%-10% of your cash-secured put trades.\nBut when this happens, we get to move to step 3 in the diagram above and sell some covered calls on our stock position to start the income flowing again and start mitigating our risk right away.\nConclusion\nBased on our long-term and short-term views on Intel, we believe that the stock is a good buy at current levels,butit's even a bigger win if you can add to your Intel position with a cost basis of $51.50 (and sit back and collect the dividend as the stock rises).","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":2210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837992008,"gmtCreate":1629851343204,"gmtModify":1633681999443,"author":{"id":"3580093539764194","authorId":"3580093539764194","name":"CLT224","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580093539764194","authorIdStr":"3580093539764194"},"themes":[],"title":"","htmlText":"Higher and higher.","listText":"Higher and higher.","text":"Higher and higher.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837992008","repostId":"1118026600","repostType":4,"isVote":1,"tweetType":1,"viewCount":1712,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837999476,"gmtCreate":1629851149095,"gmtModify":1633682003357,"author":{"id":"3580093539764194","authorId":"3580093539764194","name":"CLT224","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580093539764194","authorIdStr":"3580093539764194"},"themes":[],"title":"","htmlText":"More years.","listText":"More years.","text":"More years.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837999476","repostId":"1167446644","repostType":4,"isVote":1,"tweetType":1,"viewCount":2216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837907228,"gmtCreate":1629851046764,"gmtModify":1633682004753,"author":{"id":"3580093539764194","authorId":"3580093539764194","name":"CLT224","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580093539764194","authorIdStr":"3580093539764194"},"themes":[],"title":"","htmlText":"Consistent.","listText":"Consistent.","text":"Consistent.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837907228","repostId":"2161081224","repostType":4,"isVote":1,"tweetType":1,"viewCount":1472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837901632,"gmtCreate":1629850824926,"gmtModify":1633682009236,"author":{"id":"3580093539764194","authorId":"3580093539764194","name":"CLT224","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580093539764194","authorIdStr":"3580093539764194"},"themes":[],"title":"","htmlText":"Finally. Afghan for afghans.","listText":"Finally. Afghan for afghans.","text":"Finally. Afghan for afghans.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837901632","repostId":"2162080258","repostType":4,"isVote":1,"tweetType":1,"viewCount":2713,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837900732,"gmtCreate":1629850683526,"gmtModify":1633682010937,"author":{"id":"3580093539764194","authorId":"3580093539764194","name":"CLT224","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580093539764194","authorIdStr":"3580093539764194"},"themes":[],"title":"","htmlText":"Wow.","listText":"Wow.","text":"Wow.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837900732","repostId":"2162087564","repostType":4,"isVote":1,"tweetType":1,"viewCount":2186,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835024293,"gmtCreate":1629681744912,"gmtModify":1633683281577,"author":{"id":"3580093539764194","authorId":"3580093539764194","name":"CLT224","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580093539764194","authorIdStr":"3580093539764194"},"themes":[],"title":"","htmlText":"Yes.","listText":"Yes.","text":"Yes.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/835024293","repostId":"2161741461","repostType":4,"isVote":1,"tweetType":1,"viewCount":2335,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835026822,"gmtCreate":1629681672666,"gmtModify":1633683284003,"author":{"id":"3580093539764194","authorId":"3580093539764194","name":"CLT224","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580093539764194","authorIdStr":"3580093539764194"},"themes":[],"title":"","htmlText":"Great.","listText":"Great.","text":"Great.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/835026822","repostId":"1192930157","repostType":2,"isVote":1,"tweetType":1,"viewCount":2250,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835021375,"gmtCreate":1629681618197,"gmtModify":1633683284951,"author":{"id":"3580093539764194","authorId":"3580093539764194","name":"CLT224","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3580093539764194","authorIdStr":"3580093539764194"},"themes":[],"title":"","htmlText":"Great.","listText":"Great.","text":"Great.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/835021375","repostId":"1192930157","repostType":2,"isVote":1,"tweetType":1,"viewCount":1965,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}