I am not so sure. The rate of infections outside of China is slowing. I think that logic is that they will stop taking bookings from parts of Asia until this is cleared up. They are on a 10PE earn 4.32 and pay out $2.00 and are priced at $43.53. That's really good when you can barely get 1.4% on a 10 year bond in the USA. Probably one of the stocks that yield-hungry Americans will start to gravitate towards. Over half of the passengers are US - of 26 million passengers more than half are American. Next is China at roughly 2.4 million. Then the Germans. The real growth story is China which has had recently a compound growth of around 70%. There are more Chinese than Americans and can continue to grow.
Yes, you are correct that right now it's gloomy - that's the same for local Australian tourism and even Sydney airport. We all need China to sort this out. However, the passenger profile of passengers probably relates to where the ship docks and that can be controlled by the cruise liner. It can also demand self-quarantine before you board if you are originally from China. That is being applied to Chinese students in Adelaide right now by private schools.
I think contrarian is exactly what they are doing finding value and investing in it where the herd has decided it isn't.
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