{"id":582968,"date":"2025-07-11T23:18:44","date_gmt":"2025-07-12T06:18:44","guid":{"rendered":"https:\/\/nai500.com\/?p=582968"},"modified":"2025-07-11T23:18:44","modified_gmt":"2025-07-12T06:18:44","slug":"%e5%8a%a0%e6%8b%bf%e5%a4%a7-%e6%88%bf%e5%9c%b0%e7%94%a2-%e8%a1%8c%e6%a5%ad-%e4%b8%89%e5%8f%aa-%e6%8a%97%e5%91%a8%e6%9c%9f-%e8%82%a1%e7%a5%a8","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2025\/07\/%e5%8a%a0%e6%8b%bf%e5%a4%a7-%e6%88%bf%e5%9c%b0%e7%94%a2-%e8%a1%8c%e6%a5%ad-%e4%b8%89%e5%8f%aa-%e6%8a%97%e5%91%a8%e6%9c%9f-%e8%82%a1%e7%a5%a8\/","title":{"rendered":"\u52a0\u62ff\u5927\u623f\u5730\u7522\u884c\u696d\u88c2\u75d5\u96b1\u73fe\uff0c\u5e03\u5c40\u4e09\u53ea\u6297\u5468\u671f\u80a1\u7968\u5c0b\u6c42\u907f\u96aa"},"content":{"rendered":"

\u96a8\u8457\u52a0\u62ff\u5927\u623f\u8cb8\u5229\u7387\u7dad\u6301\u5728\u9ad8\u4f4d\uff0c5\u6708\u65b0\u5c4b\u958b\u5de5\u91cf\u540c\u6bd4\u9a5f\u964d23%\uff0c\u623f\u5730\u7522\u5e02\u5834\u6b63\u986f\u73fe\u51fa\u75b2\u614b\u3002\u4f46\u5728\u591a\u502b\u591a\u8b49\u5238\u4ea4\u6613\u6240\uff0cTransAlta<\/b><\/strong>\u00a0<\/b><\/strong>(TSX:TA<\/a>)\u3001The North West Company<\/b><\/strong>\u00a0(TSX:NWC<\/a>)\u548cGranite Real Estate Investment Trust<\/b><\/strong>\u00a0(TSX:GRT.UN<\/a>)\u9019\u4e09\u53ea\u80a1\u7968\u6191\u501f\u975e\u623f\u5730\u7522\u4f9d\u8cf4\u578b\u5546\u696d\u6a21\u5f0f\uff0c\u6b63\u6210\u70ba\u5c0d\u6c96\u623f\u5e02\u98a8\u96aa\u7684\u512a\u8cea\u9078\u64c7\u3002<\/p>\n

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\u9996\u5148\uff0c\u4e94\u5e74\u671f\u56fa\u5b9a\u623f\u8cb8\u5229\u7387\u90544.5%\uff0c\u5bb6\u5ead\u50b5\u52d9\u6536\u5165\u6bd4\u6500\u5347\u81f3186%\u7684\u66c6\u53f2\u65b0\u9ad8\u3002\u5176\u6b21\u662f\u4e3b\u8981\u57ce\u5e02\u5f85\u552e\u623f\u6e90\u5eab\u5b58\u5468\u671f\u5ef6\u9577\u81f39.7\u500b\u6708\uff0c\u52752015\u5e74\u4ee5\u4f86\u6700\u9577\u7d00\u9304\u3002\u52a0\u4e0a\u806f\u90a6\u653f\u5e9c\u7684\u79fb\u6c11\u653f\u7b56\uff0c\u79fb\u6c11\u589e\u901f\u653e\u7de9\u758a\u52a0\u5e74\u8f15\u4eba\u8cfc\u623f\u610f\u9858\u4e0b\u964d\uff0c\u52a0\u62ff\u5927\u62b5\u62bc\u8cb8\u6b3e\u8207\u623f\u5c4b\u516c\u53f8\uff08CMHC\uff09\u9810\u6e2c\u5168\u5e74\u4f4f\u5b85\u6295\u8cc7\u5c07\u4e0b\u6ed111%\u3002<\/p>\n

\u8c50\u696d\u9280\u884c\u9996\u5e2d\u7b56\u7565\u5e2bJean-Michel Gauthier\u6307\u51fa\uff0c\u7576\u623f\u5730\u7522\u5e02\u5834\u958b\u59cb\u52d5\u6416\u6642\uff0c\u6295\u8cc7\u8005\u9700\u8981\u5c0b\u627e\u8207\u7d93\u6fdf\u57fa\u672c\u9762\u95dc\u806f\u5ea6\u4f4e\u7684\u8cc7\u7522\u3002<\/p>\n

\u4e09\u53ea\u6297\u5468\u671f\u80a1\u7968\u89e3\u6790<\/b><\/strong><\/h3>\n

TransAlta\uff1a\u80fd\u6e90\u525b\u9700\u8b77\u57ce\u6cb3<\/b><\/strong><\/h4>\n

\u9019\u5bb6\u52a0\u62ff\u5927\u6700\u5927\u7368\u7acb\u767c\u96fb\u5546\u901a\u904e\u98a8\u80fd\u3001\u6c34\u96fb\u3001\u5929\u7136\u6c23\u7b49\u591a\u80fd\u6e90\u7d44\u5408\uff0c2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5be6\u73fe7.58\u5104\u52a0\u5143\u71df\u6536\uff0c\u8abf\u6574\u5f8cEBITDA\u90542.7\u5104\u52a0\u5143\u3002\u9019\u53ea\u80a1\u7968\u7684\u95dc\u9375\u512a\u52e2\u5728\u65bc\u963f\u723e\u4f2f\u5854\u7701\u96fb\u529b\u73fe\u8ca8\u50f9\u683c\u6ce2\u52d5\u5c0d\u5176\u5f71\u97ff\u6709\u9650\uff0c94%\u7522\u80fd\u901a\u904e\u9577\u671f\u5354\u8b70\u9396\u5b9a\u3002\u5176\u6b21\uff0cTransAlta\u7684\u73fe\u91d1\u6d41\u975e\u5e38\u7a69\u5065\uff0c\u5b63\u5ea6\u80a1\u606f0.065\u52a0\u5143\/\u80a1\uff0c\u81ea\u7531\u73fe\u91d1\u6d41\u8986\u84cb\u7387\u7dad\u63013.2\u500d\u5b89\u5168\u908a\u969b\u3002<\/p>\n

\u8a72\u516c\u53f8\u65a5\u8cc712\u5104\u52a0\u5143\u5efa\u8a2d\u7684White Rock\u98a8\u96fb\u9805\u76ee\u9810\u8a08\u5c07\u65bc\u7b2c\u56db\u5b63\u5ea6\u6295\u7522\uff0c\u5e74\u589e\u767c\u96fb\u91cf1.8\u592a\u74e6\u3002<\/p>\n

The North West Company\uff1a\u504f\u9060\u793e\u5340\u6d88\u8cbb\u5821\u58d8<\/b><\/strong><\/h4>\n

\u5728\u5317\u90e8\u504f\u9060\u5730\u5340\u904b\u71df268\u5bb6\u8d85\u5e02\u7684NWC\uff0c\u540c\u6a23\u5c55\u73fe\u51fa\u7368\u7279\u6297\u5468\u671f\u7279\u6027\u3002\u8a72\u516c\u53f8\u5728\u52a0\u62ff\u5927\u80b2\u7a7a\u3001\u897f\u5317\u5730\u5340\u7684\u5e02\u5834\u5360\u6709\u7387\u8d85\u904e65%\uff0c\u7b2c\u4e00\u5b63\u5ea6\u540c\u5e97\u92b7\u552e\u589e\u95774.3%\u3002\u5176\u4e2d\uff0c\u98df\u54c1\u96dc\u8ca8\u5360\u6bd4\u71df\u653682%\uff0c\u63a8\u52d5\u5b63\u5ea6\u80a1\u606f\u7387\u90542.9%\uff080.40\u52a0\u5143\/\u80a1\uff09\u3002<\/p>\n

NWC\u7684\u6210\u672c\u512a\u52e2\u5728\u884c\u696d\u4e2d\u8655\u65bc\u9818\u5148\u5730\u4f4d\uff0c\u8a72\u516c\u53f8\u81ea\u6709\u7684\u7269\u6d41\u7db2\u7d61\u964d\u4f4e\u4e86\u904b\u8f38\u6210\u672c\uff0c\u63a8\u52d5\u6bdb\u5229\u7387\u540c\u6bd4\u63d0\u534780\u500b\u57fa\u9ede\u81f318.7%\u3002<\/p>\n

Granite<\/b><\/strong>\u00a0Real Estate<\/b><\/strong>\uff1a\u96fb\u5546\u9a45\u52d5\u5de5\u696dREIT<\/b><\/strong><\/h4>\n

\u5c08\u6ce8\u5de5\u696d\u7269\u6d41\u5730\u7522\u7684Granite\u6b63\u5728\u52a0\u62ff\u5927\u623f\u5e02\u52d5\u8569\u4e2d\u9006\u52e2\u4e0a\u884c\u3002\u8a72\u516c\u53f8\u64c1\u6709\u4e00\u6d41\u7684\u79df\u6236\u8cea\u91cf\uff0c\u4e9e\u99ac\u905c\u3001DHL\u7b49\u96fb\u5546\u76f8\u95dc\u4f01\u696d\u5360\u6bd4\u79df\u8cc3\u9762\u7a4d73%\uff0c\u5e73\u5747\u79df\u7d04\u5269\u99188.2\u5e74\u3002\u5176\u6b21\uff0c94.8%\u7684\u51fa\u79df\u7387\u52a0\u4e0a55%\u7684\u5206\u6d3e\u6bd4\u7387\uff0c\u652f\u64904.7%\u5e74\u5316\u80a1\u606f\u7387\uff08\u6bcf\u6708\u6d3e\u606f0.267\u52a0\u5143\uff09\u3002<\/p>\n

\u8a72\u516c\u53f8\u9084\u6b63\u5728\u52a0\u5feb\u5411\u6b50\u6d32\u64f4\u5f35\uff0c\u5fb7\u570b\u3001\u8377\u862d\u7269\u6d41\u8cc7\u7522\u5360\u6bd4\u63d0\u5347\u81f338%\uff0c\u6709\u52a9\u65bc\u5c0d\u6c96\u5317\u7f8e\u5e02\u5834\u6ce2\u52d5\u3002<\/p>\n

\u6295\u8cc7\u908f\u8f2f\u9a57\u8b49<\/b><\/strong><\/h3>\n

\u56de\u6eaf2017-2018\u5e74\u52a0\u62ff\u5927\u623f\u5e02\u8abf\u6574\u671f\uff0c\u9019\u4e09\u53ea\u80a1\u7968\u5c55\u73fe\u51fa\u986f\u8457\u9632\u79a6\u6027\uff1aTransAlta\u80a1\u50f9\u7d2f\u8a08\u4e0a\u6f3221%\uff0c\u540c\u671f\u4f4f\u5b85\u5efa\u7bc9\u5546\u6307\u6578\u4e0b\u8dcc34%\uff1bNWC\u6d88\u8cbb\u9700\u6c42\u4fdd\u63013.8%\u5e74\u5747\u589e\u9577\uff1b\u800cGranite\u79df\u91d1\u6536\u5165\u8907\u5408\u589e\u9577\u7387\u90545.2%\u3002<\/p>\n

\u503c\u5f97\u6307\u51fa\u7684\u662f\uff0c\u7576\u524d\u9019\u4e09\u53ea\u80a1\u7968\u7684EV\/EBITDA\u5747\u4f4e\u65bc\u884c\u696d\u5747\u503c15%\uff0c\u63d0\u4f9b\u5b89\u5168\u908a\u969b\u3002\u63d0\u9192\u6295\u8cc7\u8005\u7684\u662f\uff0c\u82e5\u52a0\u62ff\u5927\u7d93\u6fdf\u9677\u5165\u6df1\u5ea6\u8870\u9000\uff0c\u5de5\u696d\u5730\u7522\u79df\u91d1\u8207\u504f\u9060\u5730\u5340\u6d88\u8cbb\u6216\u53d7\u5230\u4e00\u5b9a\u7a0b\u5ea6\u6c96\u64ca\u3002\u6295\u8cc7\u8005\u61c9\u95dc\u6ce8Granite\u7684\u6760\u6746\u7387\uff08\u76ee\u524d\u6de8\u8ca0\u50b5\/EBITDA\u70ba7.1\u500d\uff09\u53caTransAlta\u7684\u5929\u7136\u6c23\u50f9\u683c\u98a8\u96aa\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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