好时（HSY）当前179美元股价相对于244美元公允价值被低估；强大的护城河支持长期持有权益。
逐段跳播
最后但同样重要的是，好时，全球领先的巧克力零售商。这家公司的售价为179美元，而我计算出的合理价值为244美元。
Last but not least, Hershey's, the world's leading chocolate retailer. This company is sold for $179, and I have calculated a fair value for it of $244.
这是另一个大企业规模优势难以被克服的类别。与宝洁公司拥有显著且持续的竞争优势的原因类似，好时拥有非常相似的竞争优势。
This is another category where the advantages of large size are difficult to overcome. For reasons similar to those that give Procter & Gamble significant and sustained competitive advantages, Hershey's has very similar competitive advantages.
市场营销、物流、制造、分销以及与供应商合作采购商品，这些都是经过几十年演变而来的，任何新的竞争对手都很难超越它们。我预计这种情况在未来几十年内仍将如此。
Marketing , logistics , manufacturing, distribution , and collaborating with suppliers to purchase goods are all things that have evolved over decades, and it is very difficult for any new competitor to surpass them. This is something I expect to remain so for many more decades.
你很少听说有新的糖果公司出现。这不是一个吸引许多新进入者的行业。它不像汽车行业；它不是一个吸引许多竞争对手的有吸引力的行业。它也不像人工智能行业，由于利润丰厚和增长率高，学生们成批离开大学去创办新公司。
You rarely hear about a new confectionery company emerging . This is not an industry that attracts many new competitors. It's not like the car industry ; It is not an attractive industry that draws many competitors. It is not like the artificial intelligence industry, which, due to its lucrative profit margins and rapid growth rates, sees students leaving universities to establish new companies by the dozens.
因此，好时成功地在行业中确立了自己的地位，并享有很大的市场份额，而且很可能在未来许多年继续保持这一份额。这是另一家我尚未拥有但有意拥有的公司。
Therefore, Hershey has succeeded in establishing its position in this sector and enjoys a large market share , and it is likely to continue to maintain this share for many years to come. This is another company that I don't own yet, but I am interested in owning.
这个频道对 $HSY 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 2 条判断，这里只列相邻的几条。