FINWIRES · TerminalLIVE
FINWIRES

澳大利亚私营部门4月份趋于稳定,服务业反弹

-- 标普全球周四发布的一项调查显示,澳大利亚私营部门活动在经历了3月份的下滑后,于4月份趋于稳定。服务业的温和复苏被制造业的持续疲软所抵消,制造业疲软的原因是国内需求疲软、成本压力上升以及与中东紧张局势相关的供应链中断。 报告称,4月份澳大利亚综合PMI产出指数初值从3月份的46.6升至50.1,突破了中性阈值。服务业活动的复苏抵消了制造业产出加速下滑的影响。 高于50的读数表明经济扩张。 4月份服务业PMI商业活动指数初值从3月份的46.3升至50.3。制造业产出指数初值从49.4小幅下降至48.2,而制造业PMI初值则从49.8升至51。 报告显示,受地缘政治紧张局势影响,澳大利亚企业4月份新业务连续第二个月下滑,客户信心和国内需求受到抑制,尽管出口订单的温和增长部分抵消了这一影响。 由于成本和需求压力上升,4月份企业信心跌至近两年半以来的最低水平,尽管私人招聘的回升帮助企业在第二季度初清理了积压订单。 报告指出,由于燃料和运输成本上涨推高了投入价格,企业将更多成本转嫁给客户,澳大利亚私营部门通胀在4月份加速至2022年8月以来的最快水平,这是三年半以来的最高水平。 澳大利亚制造业在4月份继续萎缩,产量连续第三个月下降,产出下降速度为2024年底以来的最快,尽管就业和库存减少的幅度略有放缓。 4 月份,由于中东冲突导致的运输延误,制造商面临自 2022 年年中以来最严重的供应链中断,投入品交付时间延长,成本和销售价格的通胀都达到了多年来的最高水平。

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