-- 日経アジアは火曜日、関係筋の話として、中国は2026年までに国内半導体メーカーが使用するシリコンウェハーの70%以上を国産化することを目指していると報じた。 同報道によると、この目標は半導体メーカーの間で暗黙のルールとなっており、国産の12インチウェハーの使用を義務付けているという。 また、同報道は、一部の中国半導体メーカーはより高度なチップの生産を目指しているが、そのためには依然として海外メーカーの協力が必要であり、海外メーカーが残りの30%の市場シェアを占めるだろうと、半導体業界幹部の話として伝えている。 さらに、同報道は、国内半導体メーカーは既に従来型チップの需要を満たす能力を有していると指摘している。 （マーケットチャッターニュースは、世界中の市場専門家との会話に基づいています。この情報は信頼できる情報源に基づいていると考えられますが、噂や憶測が含まれる可能性があります。正確性は保証されません。）
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Research
Research Alert: CFRA Lifts View On Shares Of H.f. Sinclair To Buy From Hold
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target price of $87, raised $31, reflects a combination of relative valuation and DCF models. On a relative basis, we apply a 7.0x multiple of enterprise value to projected 2027 EBITDA. The applied multiple is above DINO's historical forward average, but below peers. We think a modest discount to peers is reasonable on the basis of below-average return on invested capital. Still, a multiple above normal levels for DINO is also reasonable, because we think refining margins will be high in both 2026 and 2027. This approach yields a value of $85 per share. Meanwhile, our DCF model, using medium-term free cash flow growth of 5%, 2% terminal growth, discounted at a WACC of 7.2%, yields intrinsic value of $89 per share. We lift our 2026 EPS estimate by $2.87 to $7.30 and 2027's by $1.66 to $6.26. In our view, DINO has above-average exposure to middle distillates, which is where we think refining margins will be relatively stronger. Shares yield 2.8%.
$DINO
US Markets
CVS Health Raises 2026 Outlook After First-Quarter Beat
CVS Health (CVS) raised its full-year earnings outlook after reporting better-than-expected first-quarter results driven by improvement in its health-care benefits segment.The company raised its 2026 adjusted earnings guidance to $7.30 to $7.50 a share from its previous projection of $7 to $7.20. The consensus on FactSet is $7.16."We are also updating our outlook for full-year cash flow from operations to at least $9.5 billion, reflecting improved underlying performance, primarily related to working capital in our health-care benefits segment," Chief Financial Officer Brian Newman said on the earnings call, according to a FactSet transcript.The stock jumped 7.3% in Wednesday trading and has gained 9.1% this year.CVS maintained its medical benefit ratio guidance, which represents the percentage of premiums spent on medical benefits."This outlook continues to maintain the same respectful and prudent view on medical cost trends until we have greater visibility into how those trends are developing in our pharmacy and consumer wellness segment," Newman said.In the first quarter, adjusted EPS rose to $2.57 from $2.25 a year earlier as revenue climbed 6.2% to $100.43 billion. Wall Street expected EPS of $2.18 on revenue of $94.97 billion.Sales in the health care benefits segment advanced 3.3% to $35.97 billion. "This increase was primarily driven by our government business, partially offset by our exit from the individual exchange business in 2026," Newman said.Revenue in the health-services segment rose 11% to $48.24 billion, while pharmacy and consumer wellness was little changed at $31.99 billion.Price: $86.61, Change: $+5.92, Percent Change: +7.34%
$CVS
Treasury
Canada's Advantages to Trade With The U.S. Are Difficult to Replace, Says Rosenberg Research
Canadian Prime Minister Mark Carney should start to think twice about cozying up to China and forging stronger links with the European Union, said Rosenberg Research after Tuesday's latest Canadian merchandise trade.The trade surplus with the United States in March more than doubled from $2.8 billion to a six-month high of $7.1 billion, noted Rosenberg Research.For all the "bellyaching" about all the negative trade actions, Canada's bilateral surplus of $7.1 billion today compares with $6.4 billion this time last year.Canada's long-standing trade reliance on the U.S. isn't going away despite Donald Trump, who has barely more than two years left in the presidential office, because all these attempts to diversify relationships aren't an antidote to the world's longest border, cheap transportation costs, and access to a $22 trillion consumer base, stated Rosenberg.
$$CXY