-- 米イラン紛争解決に向けた進展がほとんど見られないことから、投資家心理は低迷し、韓国株式市場は金曜日に横ばいで取引を終えた。 ドナルド・トランプ大統領は、米国がホルムズ海峡を完全に掌握していると述べ、海峡内で機雷を敷設する船舶を米海軍が撃沈するよう命じたと発表。一方、イランも防空システムを再稼働させたとの報道が出ている。 韓国総合株価指数（KOSPI）は0.18ポイント安の6,475.63で取引を終えた。一方、KOSDAQ総合指数は29.53ポイント（2.5%）高の1,203.84で引けた。 投資家は特にHDコリア造船（KRX:009540）やサムスン重工業（KRX:010140）などの造船関連株を買い入れ、サムスン電子（KRX:005930）、現代自動車（KRX:005380）、起亜自動車（KRX:000270）といった主要テクノロジー株や自動車株の下落を相殺した。 企業ニュースでは、ハナ金融グループ（KRX:086790）が約180万株（2000億ウォン相当）の自己株式を消却する計画であることが、金曜日に韓国取引所に提出された書類で明らかになった。同グループの株価は終値で2%上昇した。 その他のニュースでは、ギガビス（KOSDAQ:420770）が国内チップ基板メーカー向けに半導体基板検査・修理装置の供給契約を獲得したことが、金曜日に韓国取引所に提出された書類で明らかになった。産業機械および電子部品メーカーの株価は、市場終値で9％以上急騰した。
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Research Alert: CFRA Keeps Buy Opinion On Shares Of The Hartford Insurance Group, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We trim our 12-month target price by $8 to $155, valuing HIG shares at 11.3x our 2026 operating EPS estimate of $13.75 (cut by $0.45) and at 10.6x our 2027 EPS estimate of $14.65 (cut by $0.30), vs. the shares' one-year average forward multiple of 10.3x and peer average of 13x. Q1 EPS of $3.09 vs. $2.20 a year ago missed our $3.60 estimate and $3.39 consensus view. Operating revenue growth of 6.2% was in line with our 6%-10% forecast, amid 5.3% earned premium growth, 13% higher net investment income, and 7.9% fee revenue growth. Q1 written premium growth of 4% and full-year 2025 growth of 7% bode well for 2026 revenue trends as premiums are earned. Underwriting results improved significantly, with Personal Lines combined ratio improving to 87.7% from 106.1% and underlying combined ratio to 85.0% from 89.7%. Business Insurance combined ratio was stable at 94.8%. Weighing the Q1 EPS miss with HIG's decent top-line growth and discounted valuation to peers, we view the shares as undervalued.
$HIG
Research
Research Alert: CFRA Keeps Strong Buy Opinion On Shares Of Baker Hughes
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target price by $14 to $82, reflecting a combination of our sum-of-the-parts (SOTP) and DCF models. For our SOTP model, we presume the oilfield services business (about 50% of BKR's franchise) to be valued at about 10x projected 2027 EBITDA (in line with major peers) and its industrial energy technology business (the other 50%) valued at 14x projected 2027 EBITDA (in line with the peer median). This blended approach, yielding a 12x multiple, implies a value of $73 per share. Meanwhile, our DCF model, using medium-term free cash flow growth of 5% per year, terminal growth of 2.5%, discounted at a WACC of 6.3%, yields intrinsic value of $91 per share. We cut our 2026 EPS estimate by $0.47 to $2.48, but we raise 2027's by $0.07 to $3.24. We acknowledge that the oilfield services business is likely to struggle in 2026 owing to the U.S.-Iran conflict, but the IET business appears quite robust and likely to be a source of both accelerating revenue growth and margins.
$BKR
Research
Research Alert: CFRA Maintains Hold Opinion In Shares Of Wab
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target to $285 from $275 following WAB's Q1 earnings print, valuing shares at 24.2x our 2027 EPS outlook of $11.76 (revised from $11.46; 2026 EPS estimate up to $10.57 from $10.50), a slight premium to WAB's long-term historical multiple average given structural improvements in earnings quality. While we are cautious on signs of overcapacity in the freight market, an elevated order backlog (12-month sits at over $9 billion), internal initiatives to shore up margins, and potential synergies from M&A activity positions WAB to continue growing earnings at double-digit rates in 2026-2027, in our view. Despite tariff-related cost pressures, WAB has done a commendable job of defending margins via a mix of pricing, lean manufacturing, and pruning of lower-profit operations. Q1 results were mixed but overall positive, in our view. We maintain our Hold recommendation on shares.
$WAB