Gabriel Sammut 访谈观点总结
一，Sammut的收益率总结。Since the fund's inception just three and a half years ago, the fund has generated a staggering 2,000% gross return, which translates to a CAGR of more than 150%.这个收益率是非常惊人的。
二，全球寻找投资机会。To find the most undervalued companies in the world.
价格便宜是王道，价格便宜就是最好的安全边际。好公司也要买的便宜。港股很多人寿保险公司，PB极低。但现在已经涨起来了。当时可能对人寿保险持有很多国内股票和债券有疑问，当时并没有下注。虽然可能有很多负面因素，但是极低的价格就抵消了这些负面因素。
Either a company that is very cheap, And decent, or else…
Not very cheap, but not very expensive, but a great company.
So usually, most of my investments fall into One of those two things.
三，投资就是寻找价格和真正价值之间的差异，越大越好。My preference is for the highest difference, or for the biggest difference between the price and value.
四，没有价值催化剂也OK，只要价格足够便宜，总有其他投资人会发现这个机会的。但觉得在港股可能有一些问题。
不太看重分红或回购，只要公司收益留在公司问题也不大。公司的买家只有一个，那就是这家公司本身。实际上分红或者回购就是公司购买自己股份的行为。I don't put much emphasis on them helping minority shareholders.
Because in my mind, If a business is run well.
Then, the money of the shareholders will do well as a consequence.
For example, many people look for buybacks and dividends.
I don't… I think that is something to consider, but it is not a requirement.
But if I pay 2x earnings, then I don't need buybacks or dividends, because I already have a large margin of safety within the business.
五，巴菲特由于资金量太大，可能很难找到收益非常高的投资机会，安全对于巴菲特反而更加重要。公司体量太少对于巴菲特毫无意义。但是对于我们一般的投资人来说，完全没有这个问题。
Because the screening method, like, everyone has the same screening method, but Gabriel is the only person that I know have actually looked at all the stocks in the Singaporean market, all the stocks in the South Korean market, and all the stocks in the Hong Kong market.
So if you're willing to do that, you can probably also make a 100% return a year.
Sammut的这个工作量确实让人佩服。
六，我们从这段话大概可以看出他的估值逻辑，实际上Sammut要求的PE是很低的。同时公司发生特殊情况，比如优先股分拆等，都会出现很好的投资机会。
（文章的英文应该是根据录音AI翻译的，翻译不一定十分准确，但大概的投资理念还是很清晰的。）
Yeah, so basically I'm looking for a company.
That is, let's say, Three times earnings, or less.
That is not gonna grow.
Or that would grow a bit.
Or else… 4 times earnings, that will grow a bit.
Whereas 5x earnings, it's gonna grow.
10% a year, maybe a bit more.
Basically, the higher I go on the multiple of earnings, the higher the growth rate I need.
And… Ideally, it would also be a company that is changing.
So, maybe… The stock hasn't reacted to a big change that is happening.
Or else… there could be a special situation, so with CareCloud, for example.
So, they all sold at the same time.
The entry point was cheap, mainly because there was a special situation.
And that was that there were many preferred shareholders.
That own preferred shares.
And when these preferred shares got converted.
The preferred shareholders wanted the preferred shares, but they didn't have them anymore.
And the stock went down 50%, I think, on the day. Then it kept going down.
And that created an extreme opportunity where the business fundamentally was even better than when
The preferred shares were there, but the valuation was at 1 3rd the valuation.
七，有时候仓位高度集中。you're an extremely concentrated investor, at least before, right? So, at one point, you invested, like, more than 90% of your net worth into a single company.我们不太认可这一点。可能对于绝大部分投资者，适度的分散可以对冲不可预知的系统性风险。
八，投资了很多小盘股，可能信息不透明，公司治理也有问题。
九，两只港股地产股简要分析。SOHO中国00410和富豪产业信托01881. Sammut在访谈中谈到，他对地产公司的估值相当擅长，地产公司不能仅仅看PB，还要关注到FCF，也就是租金。$SOHO中国(00410)$ $富豪产业信托(01881)$
SOHO中国的PB只有0.07倍。根据SOHO2025半年报，SOHO的总资产为681亿人民币，总负债为311亿人民币，净资产为370亿人民币，SOHO的资产负债率在地产公司里面是不高的。并且SOHO的负债里面，有116亿是所得税负债，真正的银行有息负债只有153亿人民币。由于SOHO的商业地产全部在北京，上海的核心区，如果全部出售，公司清算，然后把现金返还给股东，这个价格肯定低估的。但公司清算的可能性不大。
我们来根据SOHO 2025半年报，来计算一下SOHO在当前比较严酷的市场环境下，一年能够赚到多少自由现金流。SOHO的出租率稳定在80%，在目前的市场环境下，相当不错。2024年上半年的经营利润是3.8亿人民币，超过2025上半年的经营利润2.4亿人民币。模糊的正确，我们就以3.8亿核算，一年就是7.6亿人民币。ROA就是1.1%，可能赶不上定期存款。如果公司不会清算，一年FCF为7.6亿人民币的生意，你愿意付多少钱购买呢？这个7.6亿的自由现金流，是没有考虑贷款利息的，是总资产681亿人民币产生的FCF.
所以地产公司，仅仅看PB是毫无意义的，要看这些地产每年可以产生多少自由现金流，也就是租金收入。
我们来继续分析富豪产业信托01881，这家公司是REIT，就是香港核心区的富豪酒店，也是做酒店出租的生意。如果有利润，一定会分红。总负债113亿，其中银行有息负债103亿。净资产123亿。
我们看看今天2025年11月3日01881的PB只有0.39/3.791=0.1倍。
根据2025半年报，富豪产业信托2025上半年的租金及酒店收入净收额为3.4亿港币-折旧413万-管理费用和专业支出0.507亿港币= 2.85亿港币，一年就是5.7亿港币。这个5.7亿的自由现金流是没有考虑贷款利息的，是总资产236亿港币产生的租金净收入。收益率大概就是2.42%。
从上面的两个例子可以看出，如果看PB或者清算价值，SOHO和01881有极高的安全边际，但是如果从租金净收入考虑，也就是FCF，也许很多看起来很便宜的地产公司的投资价值并不高。@今日话题 @雪球创作者中心 @雪球访谈
十，Gabriel Sammut的访谈链接。
Passcode: J2y92!&a
