FINWIRES · TerminalLIVE
FINWIRES

日本3月份生產者價格小漲

-- 由於國內業者面臨燃料成本上漲,日本3月生產者物價指數(PPI)小幅走高。 日本央行週五公佈的數據顯示,3月日本生產者物價指數(PPI)較去年同期上漲2.6%,高於2月的2.1%。 3月份PPI環比上漲0.8%,其中石油和煤炭分項指數PPI環比上漲7.7%,反映3月初霍爾木茲海峽關閉後全球燃料價格的飆漲。 全球約20%的石油產量經由霍爾木茲海峽運輸,而該海峽已被伊朗實際封鎖。 日本PPI衡量的是國內生產者在工廠門口與大型買家交易時所獲得的商品售價。它與衡量零售場所價格的消費者物價指數(CPI)有所不同。 日本央行報告稱,3月其他PPI分項指數普遍波動不大,但紡織品價格較上季上漲3%。 日本生產者物價指數(PPI)在疫情期間加速上漲,於2022年12月達到峰值,較去年同期上漲10.6%。 近期,日本PPI在2025年初年增超過4%,但此後增速逐漸放緩,直至3月的報告。 PPI被認為是衡量一個國家消費物價水準的重要指標之一,因為零售商試圖透過PPI來收回進貨成本。 日本央行設定的核心消費者物價指數(CPI-core)年通膨目標為2%,該指數剔除了生鮮食品物價。根據官方報告,該指標2月年增1.6%,低於2025年11月2%的漲幅。 日本央行下一次政策會議定於4月下旬舉行。各國央行行長將面臨油價上漲引發的通貨膨脹,但同時也將面臨經濟成長乏力,並可能因燃料價格上漲而受到掣肘。

Related Articles

Research

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