-- 日本製造業產出成長率創下2014年2月以來的最高水平,但服務業活動成長放緩抑制了這一反彈,導致4月份整體私營部門增速降至四個月以來的最低水平。 標普全球日本綜合PMI初值指數從3月的53.0降至4月的52.4,但仍高於50.0的榮枯分界線。 儘管整體經濟活動已連續13個月擴張,但最新數據顯示,4月的成長速度為2026年以來最低。 部分製造商因擔憂中東戰爭可能導致未來供應短缺而提高了產量,這推動了製造業的快速成長。 相較之下,服務業活動增速降至11個月以來的最低水平,而綜合新出口業務增速也降至四個月以來的最低水平。 就業人數連續兩年半穩定成長,但由於未完成訂單數量連續第五個月增加,產能壓力依然存在。 受勞動力、原材料、燃料和能源價格上漲(通常與中東局勢和日圓疲軟有關)的推動,平均投入成本以2023年1月以來的最大速度飆升。 商品生產商的成本通膨明顯高於服務供應商,導致平均產出成本以2007年底綜合數據開始統計以來最快的速度上漲。 由於中東戰爭帶來的不確定性和市場動盪,企業對未來產出的信心連續第二個月減弱,降至2020年8月以來的最低水準。
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Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
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 price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.
Petro Rabigh Emerges From Loss in Q1; Revenue Grows
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