2610.TW 華航 先空後多 上來救我QQ - 股票
![Faithe avatar](/img/cat2.jpg)
By Faithe
at 2021-05-09T21:03
at 2021-05-09T21:03
Table of Contents
1. 標的: 2610.TW 華航
2. 分類:先空後多 上來救我QQ
3. 分析/正文:
一、Q1虧損
華航Q1虧損在預期之中
之前的文章就有說過Q1不賺或虧損可能性較大
上週自己再算了一下也站內信跟板友分享過
Q1約虧損0.15~0.25之間
https://i.imgur.com/wsb4nyt.jpg
所以我不覺得虧損是超乎預期
我都算得出來的,不太相信法人們會看不出
二、營業成本結構
拆解一下華航的成本結構
1.營業成本
下圖為2020全年的營業成本
https://imgur.com/mKo5FTo.jpg
扣除掉第1-3季後,可得知華航的第四季營業成本為
第四季項目 金額 占比
營業收入 297億 100.0%
燃油成本 59.2億 23.1%
地勤場站費用 33.0億 12.9%
人事費 42.2億 16.5%
租金折舊 57.9億 22.6%
修護成本 49.7億 19.4%
其他 14.0億 5.5%
營業成本小計 256億
--------------------------------
毛利 41億
而已知Q1營收為278億
套用以下兩個假設
假設1.
第一季燃油漲價20~30%會反映在營業成本上
(以25%計算)
假設2.
其餘成本(地勤、人事、租金、修護..等)變動不大
用上述假設模式預測Q1的營業成本數字是
第一季預估 金額
營業收入 278億
燃油成本 74.0億
(Q4的59.2億*125%)
地勤場站費用 33.0億(同Q4)
人事費 42.2億(同Q4)
租金折舊 57.9億(同Q4)
修護成本 49.7億(同Q4)
其他 14.0億(同Q4)
營業成本小計 270.8億
--------------------------------
毛利 7.2億
預估Q1營業成本為:270億
實際Q1營業成本為:261億
差額:多估9億
同樣模式回估去年Q3~Q4的話
燃油價格在去年的Q3~Q4約持平
預估Q4營業成本為:254億
實際Q4營業成本為:256億
差額:少估2億
大致誤差範圍不會到太大
而用此模式去計算這一季(Q2)的營業成本的話
目前預計Q2燃油的成本約上漲15%
換算出來Q2營業成本約為275億
三、營業費用結構
去年Q2起至今年Q1共4季
營業費用分別為
Q2:19億
Q3:15億
Q4:13億
Q1:21億
由於疫情影響仍在
可預期第二季的營業費用
有高度可能性同樣亦在15億~25億之間
取中間數Q2營業費用以20億計算
四、業外收支
過去10季穩定每季有5~9億業外支出
過去兩季則同為8億,
所以把第二季業外支出也以8億計算
因此
營業成本:275億
營業費用:20億
業外支出:8億
------------------
小計:303億
=當Q2營收>303億 = 獲利
五、運費營收結構
1.貨運營收組成與載貨率與班次
https://imgur.com/85b8Ngd.jpg
美國線佔營收58%
載貨率約73.9%(Q4)
班次約每周120~125班
2.美國線每月班次
之前查詢華航貨運官網時
有點誤會班機數目,以為每周有去美國8X班
這兩天經過檢查之後
發現華航官網班機的呈現方式
如果用一個個機場去查,會不小心重複計算
如以下:
https://imgur.com/hMOhkFR.jpg
但這個問題可以用查桃園機場的官網解決
桃園機場:
https://www.taoyuan-airport.com/main_ch/cargo_timetable.aspx
登機資訊->航班資訊->定期航班貨機
https://imgur.com/SuER0Be.jpg
(示意)
鎖定華航後查詢4月份
可以查出每周不含加班機約50班
以上述加班機每周3~8班計算
假設美國線需求最旺盛 每周加班機5班
則一周開往美國共55班,每月30天230班
3.營收推估-4月/5月
推估4月營收應該約在105~110億之間
(美國線佔58%=60億~63億)
5月營收以新聞報導
短程航班:14天自主健康管理(可派飛)
長程航班:5(不可派飛)+9(可派飛)
所以營收影響應該只會在長程航班上
美國線(營收58%):
其中5月12日起到26日2周,美國達拉斯(DEW)國際機場、哈茨菲爾德-傑克遜亞特蘭大國際
機場(ATL),和约翰甘迺迪國際機場(JFK)皆停飛,最長可能到3周。
洛杉磯國際機場(LAX)維持14班,芝加哥奧黑爾國際機場(ORD)維持14班;
->影響最大
東南亞線(營收15%):
另新加坡樟宜機場(SIN)、馬來西亞吉隆坡國際機場(KUL)可能最多減班1班,影響較小,
而檳城國際機場(PEN)也會減班。
->無影響
歐洲線(營收9%):
歐洲部分,盧森堡機場(LUX)只飛每周4班;阿姆斯特丹史基浦機場(AMS)和法蘭克福機場
(FRA)都停航。
->歐洲線班機數本來就少,應該不至於影響太多
因此5/12開始正式砍班的話
以新聞報導數砍掉近半美國線
美國線每天原為50班/周
50/7(每天班機數)*12(5月12後砍班)=85
有可能已經正常飛出去85班
而剩下130班,砍除近半,用剩60班算
而因為根據新聞
5月開始運價從400元漲到500元
85班*100噸*73.9%載貨率*500元/公斤
+
60班*100噸*73.9%載貨率*500元/公斤
------
營收:53億
相較4月營收約減少7~10億
若4月營收原為105億則5月約為98億
若4月營收原為110億則5月約為100億
六.第二季EPS
假設1:營收估算正確
假設2:5月、6月運價持續在高檔(相較4月漲25%)
假設3:總成本約303億
營業收入:323億
4月105億+5月98億(砍班)+6月120億(原班次+運價維持)
成本+業外支出:303億
--------------------------------------------
稅前淨利:20億
+
所得稅利益:1~2億
+
歸屬於母公司淨利會加1~2億
-------
Q2 EPS:0.4~0.45 (虧轉盈)
七、過往短期大利空大跌案例
不含利空長遠性改變公司本質,無法短期化解的
廣明:天價罰款-30%
聯發科:川普不給賣-20%
欣興:工廠被火燒-20%
https://imgur.com/fhjSlvN.jpg
4. 進退場機制:(非長期投資者,必須有停損機制。請益免填)
已經在裡面了
看起來吃跌停難免了QQ
答應我,先空後多
如果營收開得好的話
跌個20%以後,上來救我QQQQQQQQQQQQ
PS:誠徵夠了解華航內部的朋友站內信
我想嘗試評估未來解封後客運的收益會如何
--
2. 分類:先空後多 上來救我QQ
3. 分析/正文:
一、Q1虧損
華航Q1虧損在預期之中
之前的文章就有說過Q1不賺或虧損可能性較大
上週自己再算了一下也站內信跟板友分享過
Q1約虧損0.15~0.25之間
https://i.imgur.com/wsb4nyt.jpg
所以我不覺得虧損是超乎預期
我都算得出來的,不太相信法人們會看不出
二、營業成本結構
拆解一下華航的成本結構
1.營業成本
下圖為2020全年的營業成本
https://imgur.com/mKo5FTo.jpg
扣除掉第1-3季後,可得知華航的第四季營業成本為
第四季項目 金額 占比
營業收入 297億 100.0%
燃油成本 59.2億 23.1%
地勤場站費用 33.0億 12.9%
人事費 42.2億 16.5%
租金折舊 57.9億 22.6%
修護成本 49.7億 19.4%
其他 14.0億 5.5%
營業成本小計 256億
--------------------------------
毛利 41億
而已知Q1營收為278億
套用以下兩個假設
假設1.
第一季燃油漲價20~30%會反映在營業成本上
(以25%計算)
假設2.
其餘成本(地勤、人事、租金、修護..等)變動不大
用上述假設模式預測Q1的營業成本數字是
第一季預估 金額
營業收入 278億
燃油成本 74.0億
(Q4的59.2億*125%)
地勤場站費用 33.0億(同Q4)
人事費 42.2億(同Q4)
租金折舊 57.9億(同Q4)
修護成本 49.7億(同Q4)
其他 14.0億(同Q4)
營業成本小計 270.8億
--------------------------------
毛利 7.2億
預估Q1營業成本為:270億
實際Q1營業成本為:261億
差額:多估9億
同樣模式回估去年Q3~Q4的話
燃油價格在去年的Q3~Q4約持平
預估Q4營業成本為:254億
實際Q4營業成本為:256億
差額:少估2億
大致誤差範圍不會到太大
而用此模式去計算這一季(Q2)的營業成本的話
目前預計Q2燃油的成本約上漲15%
換算出來Q2營業成本約為275億
三、營業費用結構
去年Q2起至今年Q1共4季
營業費用分別為
Q2:19億
Q3:15億
Q4:13億
Q1:21億
由於疫情影響仍在
可預期第二季的營業費用
有高度可能性同樣亦在15億~25億之間
取中間數Q2營業費用以20億計算
四、業外收支
過去10季穩定每季有5~9億業外支出
過去兩季則同為8億,
所以把第二季業外支出也以8億計算
因此
營業成本:275億
營業費用:20億
業外支出:8億
------------------
小計:303億
=當Q2營收>303億 = 獲利
五、運費營收結構
1.貨運營收組成與載貨率與班次
https://imgur.com/85b8Ngd.jpg
美國線佔營收58%
載貨率約73.9%(Q4)
班次約每周120~125班
2.美國線每月班次
之前查詢華航貨運官網時
有點誤會班機數目,以為每周有去美國8X班
這兩天經過檢查之後
發現華航官網班機的呈現方式
如果用一個個機場去查,會不小心重複計算
如以下:
https://imgur.com/hMOhkFR.jpg
但這個問題可以用查桃園機場的官網解決
桃園機場:
https://www.taoyuan-airport.com/main_ch/cargo_timetable.aspx
登機資訊->航班資訊->定期航班貨機
https://imgur.com/SuER0Be.jpg
(示意)
鎖定華航後查詢4月份
可以查出每周不含加班機約50班
以上述加班機每周3~8班計算
假設美國線需求最旺盛 每周加班機5班
則一周開往美國共55班,每月30天230班
3.營收推估-4月/5月
推估4月營收應該約在105~110億之間
(美國線佔58%=60億~63億)
5月營收以新聞報導
短程航班:14天自主健康管理(可派飛)
長程航班:5(不可派飛)+9(可派飛)
所以營收影響應該只會在長程航班上
美國線(營收58%):
其中5月12日起到26日2周,美國達拉斯(DEW)國際機場、哈茨菲爾德-傑克遜亞特蘭大國際
機場(ATL),和约翰甘迺迪國際機場(JFK)皆停飛,最長可能到3周。
洛杉磯國際機場(LAX)維持14班,芝加哥奧黑爾國際機場(ORD)維持14班;
->影響最大
東南亞線(營收15%):
另新加坡樟宜機場(SIN)、馬來西亞吉隆坡國際機場(KUL)可能最多減班1班,影響較小,
而檳城國際機場(PEN)也會減班。
->無影響
歐洲線(營收9%):
歐洲部分,盧森堡機場(LUX)只飛每周4班;阿姆斯特丹史基浦機場(AMS)和法蘭克福機場
(FRA)都停航。
->歐洲線班機數本來就少,應該不至於影響太多
因此5/12開始正式砍班的話
以新聞報導數砍掉近半美國線
美國線每天原為50班/周
50/7(每天班機數)*12(5月12後砍班)=85
有可能已經正常飛出去85班
而剩下130班,砍除近半,用剩60班算
而因為根據新聞
5月開始運價從400元漲到500元
85班*100噸*73.9%載貨率*500元/公斤
+
60班*100噸*73.9%載貨率*500元/公斤
------
營收:53億
相較4月營收約減少7~10億
若4月營收原為105億則5月約為98億
若4月營收原為110億則5月約為100億
六.第二季EPS
假設1:營收估算正確
假設2:5月、6月運價持續在高檔(相較4月漲25%)
假設3:總成本約303億
營業收入:323億
4月105億+5月98億(砍班)+6月120億(原班次+運價維持)
成本+業外支出:303億
--------------------------------------------
稅前淨利:20億
+
所得稅利益:1~2億
+
歸屬於母公司淨利會加1~2億
-------
Q2 EPS:0.4~0.45 (虧轉盈)
七、過往短期大利空大跌案例
不含利空長遠性改變公司本質,無法短期化解的
廣明:天價罰款-30%
聯發科:川普不給賣-20%
欣興:工廠被火燒-20%
https://imgur.com/fhjSlvN.jpg
4. 進退場機制:(非長期投資者,必須有停損機制。請益免填)
已經在裡面了
看起來吃跌停難免了QQ
答應我,先空後多
如果營收開得好的話
跌個20%以後,上來救我QQQQQQQQQQQQ
PS:誠徵夠了解華航內部的朋友站內信
我想嘗試評估未來解封後客運的收益會如何
--
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股票
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at 2021-08-02T08:22
at 2021-08-02T08:22
![Zora avatar](/img/girl.jpg)
By Zora
at 2021-08-06T18:46
at 2021-08-06T18:46
![Olivia avatar](/img/girl1.jpg)
By Olivia
at 2021-08-08T23:30
at 2021-08-08T23:30
![Madame avatar](/img/girl2.jpg)
By Madame
at 2021-08-12T08:33
at 2021-08-12T08:33
![Hedy avatar](/img/girl3.jpg)
By Hedy
at 2021-08-15T04:25
at 2021-08-15T04:25
![Ethan avatar](/img/girl4.jpg)
By Ethan
at 2021-08-17T23:55
at 2021-08-17T23:55
![Barb Cronin avatar](/img/cat2.jpg)
By Barb Cronin
at 2021-08-20T20:30
at 2021-08-20T20:30
![Frederic avatar](/img/cat3.jpg)
By Frederic
at 2021-08-22T22:16
at 2021-08-22T22:16
![John avatar](/img/cat4.jpg)
By John
at 2021-08-26T20:06
at 2021-08-26T20:06
![Audriana avatar](/img/girl5.jpg)
By Audriana
at 2021-08-28T01:49
at 2021-08-28T01:49
![Wallis avatar](/img/cat5.jpg)
By Wallis
at 2021-09-01T03:17
at 2021-09-01T03:17
![Mason avatar](/img/woman.jpg)
By Mason
at 2021-09-05T18:08
at 2021-09-05T18:08
![Kumar avatar](/img/woman-biz.jpg)
By Kumar
at 2021-09-08T17:20
at 2021-09-08T17:20
![Jake avatar](/img/dog1.jpg)
By Jake
at 2021-09-09T00:22
at 2021-09-09T00:22
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By Hazel
at 2021-09-13T00:23
at 2021-09-13T00:23
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By Hardy
at 2021-09-14T04:02
at 2021-09-14T04:02
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By Gary
at 2021-09-18T17:14
at 2021-09-18T17:14
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By Jessica
at 2021-09-19T22:32
at 2021-09-19T22:32
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By Lily
at 2021-09-24T02:12
at 2021-09-24T02:12
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By Barb Cronin
at 2021-09-25T06:25
at 2021-09-25T06:25
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By Sandy
at 2021-09-26T10:19
at 2021-09-26T10:19
![Margaret avatar](/img/cat3.jpg)
By Margaret
at 2021-09-26T21:44
at 2021-09-26T21:44
![Jacob avatar](/img/bee.jpg)
By Jacob
at 2021-09-27T20:45
at 2021-09-27T20:45
![Valerie avatar](/img/cat4.jpg)
By Valerie
at 2021-09-30T12:56
at 2021-09-30T12:56
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By Margaret
at 2021-09-30T14:14
at 2021-09-30T14:14
![Lucy avatar](/img/girl.jpg)
By Lucy
at 2021-10-05T10:34
at 2021-10-05T10:34
![Lauren avatar](/img/girl1.jpg)
By Lauren
at 2021-10-06T19:34
at 2021-10-06T19:34
![Mia avatar](/img/girl2.jpg)
By Mia
at 2021-10-11T17:15
at 2021-10-11T17:15
![Audriana avatar](/img/girl3.jpg)
By Audriana
at 2021-10-16T08:34
at 2021-10-16T08:34
![Olivia avatar](/img/girl4.jpg)
By Olivia
at 2021-10-19T08:47
at 2021-10-19T08:47
![Kama avatar](/img/girl5.jpg)
By Kama
at 2021-10-23T16:58
at 2021-10-23T16:58
![Eartha avatar](/img/beret.jpg)
By Eartha
at 2021-10-28T02:28
at 2021-10-28T02:28
![Linda avatar](/img/woman.jpg)
By Linda
at 2021-11-01T17:24
at 2021-11-01T17:24
![Linda avatar](/img/woman-biz.jpg)
By Linda
at 2021-11-04T22:04
at 2021-11-04T22:04
![Kristin avatar](/img/woman-glasses.jpg)
By Kristin
at 2021-11-07T04:23
at 2021-11-07T04:23
![Ivy avatar](/img/woman-ring.jpg)
By Ivy
at 2021-11-07T08:37
at 2021-11-07T08:37
![Ida avatar](/img/cat1.jpg)
By Ida
at 2021-11-11T23:04
at 2021-11-11T23:04
![Necoo avatar](/img/cat2.jpg)
By Necoo
at 2021-11-14T05:36
at 2021-11-14T05:36
![Kama avatar](/img/cat3.jpg)
By Kama
at 2021-11-15T06:38
at 2021-11-15T06:38
![Emma avatar](/img/cat4.jpg)
By Emma
at 2021-11-19T23:05
at 2021-11-19T23:05
![Sierra Rose avatar](/img/cat5.jpg)
By Sierra Rose
at 2021-11-23T03:46
at 2021-11-23T03:46
![Tracy avatar](/img/girl.jpg)
By Tracy
at 2021-11-25T05:50
at 2021-11-25T05:50
![Dinah avatar](/img/girl1.jpg)
By Dinah
at 2021-11-27T14:32
at 2021-11-27T14:32
![Joe avatar](/img/boy1.jpg)
By Joe
at 2021-11-30T14:02
at 2021-11-30T14:02
![Vanessa avatar](/img/girl2.jpg)
By Vanessa
at 2021-11-30T22:36
at 2021-11-30T22:36
![Blanche avatar](/img/girl3.jpg)
By Blanche
at 2021-12-01T22:39
at 2021-12-01T22:39
![Donna avatar](/img/girl4.jpg)
By Donna
at 2021-12-04T11:04
at 2021-12-04T11:04
![Zenobia avatar](/img/girl5.jpg)
By Zenobia
at 2021-12-06T19:12
at 2021-12-06T19:12
![Sarah avatar](/img/woman.jpg)
By Sarah
at 2021-12-09T07:56
at 2021-12-09T07:56
![Ivy avatar](/img/woman-biz.jpg)
By Ivy
at 2021-12-11T00:49
at 2021-12-11T00:49
![Freda avatar](/img/woman-glasses.jpg)
By Freda
at 2021-12-15T21:24
at 2021-12-15T21:24
![Susan avatar](/img/woman-ring.jpg)
By Susan
at 2021-12-16T05:01
at 2021-12-16T05:01
![Yuri avatar](/img/cat1.jpg)
By Yuri
at 2021-12-17T08:01
at 2021-12-17T08:01
![Heather avatar](/img/cat2.jpg)
By Heather
at 2021-12-19T20:19
at 2021-12-19T20:19
![Ida avatar](/img/cat3.jpg)
By Ida
at 2021-12-20T13:55
at 2021-12-20T13:55
![Linda avatar](/img/cat4.jpg)
By Linda
at 2021-12-24T20:23
at 2021-12-24T20:23
![Madame avatar](/img/cat5.jpg)
By Madame
at 2021-12-26T17:53
at 2021-12-26T17:53
![Rosalind avatar](/img/girl.jpg)
By Rosalind
at 2021-12-31T10:10
at 2021-12-31T10:10
![Todd Johnson avatar](/img/boy2.jpg)
By Todd Johnson
at 2021-12-31T12:22
at 2021-12-31T12:22
![Una avatar](/img/girl1.jpg)
By Una
at 2022-01-05T11:54
at 2022-01-05T11:54
![Ingrid avatar](/img/girl2.jpg)
By Ingrid
at 2022-01-08T00:56
at 2022-01-08T00:56
![Charlotte avatar](/img/girl3.jpg)
By Charlotte
at 2022-01-12T06:17
at 2022-01-12T06:17
![Caroline avatar](/img/girl4.jpg)
By Caroline
at 2022-01-12T10:56
at 2022-01-12T10:56
![Iris avatar](/img/girl5.jpg)
By Iris
at 2022-01-13T13:46
at 2022-01-13T13:46
![Donna avatar](/img/woman.jpg)
By Donna
at 2022-01-16T16:31
at 2022-01-16T16:31
![Joe avatar](/img/cat1.jpg)
By Joe
at 2022-01-18T03:24
at 2022-01-18T03:24
![Mason avatar](/img/woman-biz.jpg)
By Mason
at 2022-01-22T05:33
at 2022-01-22T05:33
![Christine avatar](/img/woman-glasses.jpg)
By Christine
at 2022-01-24T16:27
at 2022-01-24T16:27
![William avatar](/img/cat2.jpg)
By William
at 2022-01-26T03:12
at 2022-01-26T03:12
![Emily avatar](/img/woman-ring.jpg)
By Emily
at 2022-01-27T09:19
at 2022-01-27T09:19
![Zora avatar](/img/cat1.jpg)
By Zora
at 2022-01-30T18:52
at 2022-01-30T18:52
![Agnes avatar](/img/cat2.jpg)
By Agnes
at 2022-02-01T07:32
at 2022-02-01T07:32
![Sandy avatar](/img/cat3.jpg)
By Sandy
at 2022-02-02T02:45
at 2022-02-02T02:45
![Yuri avatar](/img/cat4.jpg)
By Yuri
at 2022-02-05T20:49
at 2022-02-05T20:49
![Steve avatar](/img/cat3.jpg)
By Steve
at 2022-02-10T00:22
at 2022-02-10T00:22
![Anonymous avatar](/img/cat4.jpg)
By Anonymous
at 2022-02-14T16:39
at 2022-02-14T16:39
![Sierra Rose avatar](/img/cat5.jpg)
By Sierra Rose
at 2022-02-15T02:05
at 2022-02-15T02:05
![Wallis avatar](/img/cat5.jpg)
By Wallis
at 2022-02-16T09:46
at 2022-02-16T09:46
![Catherine avatar](/img/girl.jpg)
By Catherine
at 2022-02-20T13:52
at 2022-02-20T13:52
![Suhail Hany avatar](/img/dog1.jpg)
By Suhail Hany
at 2022-02-22T01:38
at 2022-02-22T01:38
![Skylar DavisLinda avatar](/img/dog2.jpg)
By Skylar DavisLinda
at 2022-02-24T15:30
at 2022-02-24T15:30
![Connor avatar](/img/elephant.jpg)
By Connor
at 2022-02-27T14:13
at 2022-02-27T14:13
![Gilbert avatar](/img/beaver.jpg)
By Gilbert
at 2022-03-04T09:10
at 2022-03-04T09:10
![Freda avatar](/img/girl1.jpg)
By Freda
at 2022-03-07T00:51
at 2022-03-07T00:51
![Rae avatar](/img/girl2.jpg)
By Rae
at 2022-03-11T07:41
at 2022-03-11T07:41
![Sandy avatar](/img/girl3.jpg)
By Sandy
at 2022-03-11T18:11
at 2022-03-11T18:11
![Sandy avatar](/img/girl4.jpg)
By Sandy
at 2022-03-12T14:10
at 2022-03-12T14:10
![Candice avatar](/img/girl5.jpg)
By Candice
at 2022-03-16T03:58
at 2022-03-16T03:58
![Irma avatar](/img/woman.jpg)
By Irma
at 2022-03-18T06:20
at 2022-03-18T06:20
![Andrew avatar](/img/bee.jpg)
By Andrew
at 2022-03-18T18:14
at 2022-03-18T18:14
![Jake avatar](/img/beret.jpg)
By Jake
at 2022-03-23T09:32
at 2022-03-23T09:32
![Delia avatar](/img/woman-biz.jpg)
By Delia
at 2022-03-28T04:01
at 2022-03-28T04:01
![Kristin avatar](/img/woman-glasses.jpg)
By Kristin
at 2022-03-30T04:34
at 2022-03-30T04:34
![Michael avatar](/img/woman-ring.jpg)
By Michael
at 2022-03-30T23:18
at 2022-03-30T23:18
![Cara avatar](/img/cat1.jpg)
By Cara
at 2022-03-31T20:58
at 2022-03-31T20:58
![Rosalind avatar](/img/cat2.jpg)
By Rosalind
at 2022-04-01T10:41
at 2022-04-01T10:41
![Sierra Rose avatar](/img/cat3.jpg)
By Sierra Rose
at 2022-04-04T04:11
at 2022-04-04T04:11
![Irma avatar](/img/cat4.jpg)
By Irma
at 2022-04-04T18:03
at 2022-04-04T18:03
![Andy avatar](/img/boy1.jpg)
By Andy
at 2022-04-06T10:09
at 2022-04-06T10:09
![Daniel avatar](/img/boy2.jpg)
By Daniel
at 2022-04-08T19:31
at 2022-04-08T19:31
![Lily avatar](/img/cat5.jpg)
By Lily
at 2022-04-09T14:23
at 2022-04-09T14:23
![Anonymous avatar](/img/cat1.jpg)
By Anonymous
at 2022-04-13T17:07
at 2022-04-13T17:07
![Necoo avatar](/img/girl.jpg)
By Necoo
at 2022-04-18T05:10
at 2022-04-18T05:10
![Kumar avatar](/img/girl1.jpg)
By Kumar
at 2022-04-22T11:21
at 2022-04-22T11:21
![Noah avatar](/img/girl2.jpg)
By Noah
at 2022-04-27T04:52
at 2022-04-27T04:52
![Charlie avatar](/img/cat2.jpg)
By Charlie
at 2022-04-27T10:46
at 2022-04-27T10:46
![Catherine avatar](/img/girl3.jpg)
By Catherine
at 2022-05-02T09:34
at 2022-05-02T09:34
![Charlie avatar](/img/cat3.jpg)
By Charlie
at 2022-05-04T03:40
at 2022-05-04T03:40
![Rae avatar](/img/girl4.jpg)
By Rae
at 2022-05-06T13:21
at 2022-05-06T13:21
![Valerie avatar](/img/girl5.jpg)
By Valerie
at 2022-05-07T05:47
at 2022-05-07T05:47
![David avatar](/img/cat4.jpg)
By David
at 2022-05-09T21:48
at 2022-05-09T21:48
![Lydia avatar](/img/woman.jpg)
By Lydia
at 2022-05-10T13:18
at 2022-05-10T13:18
![George avatar](/img/cat5.jpg)
By George
at 2022-05-12T20:25
at 2022-05-12T20:25
![Agatha avatar](/img/woman-biz.jpg)
By Agatha
at 2022-05-17T10:13
at 2022-05-17T10:13
![Iris avatar](/img/woman-glasses.jpg)
By Iris
at 2022-05-18T12:40
at 2022-05-18T12:40
![Connor avatar](/img/dog1.jpg)
By Connor
at 2022-05-22T00:26
at 2022-05-22T00:26
![Ophelia avatar](/img/dog2.jpg)
By Ophelia
at 2022-05-24T04:19
at 2022-05-24T04:19
![Hedy avatar](/img/woman-ring.jpg)
By Hedy
at 2022-05-24T07:57
at 2022-05-24T07:57
![Rae avatar](/img/cat1.jpg)
By Rae
at 2022-05-27T09:28
at 2022-05-27T09:28
![Delia avatar](/img/cat2.jpg)
By Delia
at 2022-06-01T01:56
at 2022-06-01T01:56
![Dorothy avatar](/img/cat3.jpg)
By Dorothy
at 2022-06-06T00:16
at 2022-06-06T00:16
![Lauren avatar](/img/cat4.jpg)
By Lauren
at 2022-06-10T02:43
at 2022-06-10T02:43
![Puput avatar](/img/elephant.jpg)
By Puput
at 2022-06-11T16:05
at 2022-06-11T16:05
![Tristan Cohan avatar](/img/beaver.jpg)
By Tristan Cohan
at 2022-06-12T07:12
at 2022-06-12T07:12
![Yedda avatar](/img/cat5.jpg)
By Yedda
at 2022-06-13T18:40
at 2022-06-13T18:40
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By Hedy
at 2022-06-14T22:28
at 2022-06-14T22:28
![Kyle avatar](/img/girl1.jpg)
By Kyle
at 2022-06-15T08:22
at 2022-06-15T08:22
![Carol avatar](/img/girl2.jpg)
By Carol
at 2022-06-17T05:32
at 2022-06-17T05:32
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By Steve
at 2022-06-17T12:29
at 2022-06-17T12:29
![Noah avatar](/img/girl3.jpg)
By Noah
at 2022-06-18T20:54
at 2022-06-18T20:54
![Edwina avatar](/img/girl4.jpg)
By Edwina
at 2022-06-22T00:14
at 2022-06-22T00:14
![Elma avatar](/img/girl5.jpg)
By Elma
at 2022-06-23T07:54
at 2022-06-23T07:54
![Kama avatar](/img/woman.jpg)
By Kama
at 2022-06-24T01:07
at 2022-06-24T01:07
![Zora avatar](/img/woman-biz.jpg)
By Zora
at 2022-06-27T20:55
at 2022-06-27T20:55
![Delia avatar](/img/woman-glasses.jpg)
By Delia
at 2022-06-28T11:14
at 2022-06-28T11:14
![Candice avatar](/img/woman-ring.jpg)
By Candice
at 2022-06-29T11:09
at 2022-06-29T11:09
![Isla avatar](/img/cat1.jpg)
By Isla
at 2022-07-01T05:56
at 2022-07-01T05:56
![James avatar](/img/beret.jpg)
By James
at 2022-07-05T07:42
at 2022-07-05T07:42
![Steve avatar](/img/boy1.jpg)
By Steve
at 2022-07-05T22:06
at 2022-07-05T22:06
![John avatar](/img/boy2.jpg)
By John
at 2022-07-08T08:58
at 2022-07-08T08:58
![Valerie avatar](/img/cat2.jpg)
By Valerie
at 2022-07-12T23:39
at 2022-07-12T23:39
![Valerie avatar](/img/cat3.jpg)
By Valerie
at 2022-07-14T02:36
at 2022-07-14T02:36
![Frederica avatar](/img/cat4.jpg)
By Frederica
at 2022-07-14T11:46
at 2022-07-14T11:46
![Kumar avatar](/img/cat5.jpg)
By Kumar
at 2022-07-19T03:51
at 2022-07-19T03:51
![Enid avatar](/img/girl.jpg)
By Enid
at 2022-07-22T17:35
at 2022-07-22T17:35
![Jacob avatar](/img/cat1.jpg)
By Jacob
at 2022-07-26T01:00
at 2022-07-26T01:00
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By Lily
at 2022-07-30T16:15
at 2022-07-30T16:15
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at 2022-08-04T09:12
at 2022-08-04T09:12
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By Liam
at 2022-08-04T21:54
at 2022-08-04T21:54
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at 2022-08-06T02:10
at 2022-08-06T02:10
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at 2022-08-07T14:26
at 2022-08-07T14:26
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at 2022-08-11T12:02
at 2022-08-11T12:02
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at 2022-08-15T22:29
at 2022-08-15T22:29
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at 2022-08-20T06:03
at 2022-08-20T06:03
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at 2022-08-22T03:39
at 2022-08-22T03:39
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By Ingrid
at 2022-08-25T02:30
at 2022-08-25T02:30
![Margaret avatar](/img/woman-biz.jpg)
By Margaret
at 2022-08-25T18:26
at 2022-08-25T18:26
![Gary avatar](/img/dog1.jpg)
By Gary
at 2022-08-26T22:49
at 2022-08-26T22:49
![Genevieve avatar](/img/woman-glasses.jpg)
By Genevieve
at 2022-08-27T16:34
at 2022-08-27T16:34
![Blanche avatar](/img/woman-ring.jpg)
By Blanche
at 2022-09-01T07:01
at 2022-09-01T07:01
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at 2022-09-05T20:04
at 2022-09-05T20:04
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at 2022-09-08T08:08
at 2022-09-08T08:08
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at 2022-09-11T15:20
at 2022-09-11T15:20
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at 2022-09-13T21:19
at 2022-09-13T21:19
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at 2022-09-15T19:05
at 2022-09-15T19:05
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at 2022-09-20T06:22
at 2022-09-20T06:22
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at 2022-09-23T19:27
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at 2022-09-26T06:18
at 2022-09-26T06:18
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at 2022-09-29T22:31
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at 2022-10-01T19:25
at 2022-10-01T19:25
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at 2022-10-06T20:21
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at 2022-10-10T01:51
at 2022-10-10T01:51
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