-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下：我們將CRH未來12個月的目標股價下修12美元至123美元，基於2026年預期EBITDA的EV/EBITDA倍數為12.0倍，低於美國同業平均13.6倍，但高於國際同業平均8.4倍。我們將2026年每股收益預期下修0.12美元至5.93美元，2027年每股收益預期下修0.19美元至6.58美元。 CRH採取了積極的資本配置策略，包括19億美元的資產剝離和9億美元的收購，其中還包括即將完成的7億美元Axius Water收購案。我們看好CRH在極具吸引力的水務基礎設施終端市場的持續擴張。伊朗衝突構成重大不利因素，因為持續高企的燃料成本可能導致建設預算受限，並因利率高企且期限更長而造成融資成本居高不下。勞動力短缺和成本問題仍然令人擔憂。我們預計2026年調整後EBITDA利潤率僅小幅成長20個基點至20.7%。估值限制了上漲潛力，目前股價較其兩年歷史平均預期EV/EBITDA高出約15%。
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Mining & Metals
Update: WTI Oil Falls As Iran Offers New Peace Plan
West Texas Intermediate (WTI) crude oil closed lower Friday as Iran made a new peace proposal, however U.S. President Trump rejected the plan.WTI crude oil for June delivery closed down US$3.13 to US$101.94 per barrel, while July Brent oil was last seen down US$2.177 to US$108.23.Reuters reported Iran offered a new proposal to reach a peace deal with the United States. While details were not disclosed Trump rejected the plan, telling reporters he was not satisfied with the plan. However he confirmed indirect talks mediated by Pakistan are continuing by phone.Oil remains in short supply following the closure of the Strait, the chokepoint for exports from the Persian Gulf nations that accounted for 20% of daily demand. The lack of supply has pushed up crude oil prices by more than half since the Feb.28 start of the war amid shortages of crude oil and refined products, with Nymex gasoline futures up 81% since the war began while supplies of aviation are tightening.The supply crunch comes ahead of the May 23 start to the Memorial Day weekend, the traditional start of the summer driving season, when demand for fuel peaks, which is likely to push prices even higher."With summer demand season quickly approaching, we see a path for oil prices to exceed the 2022 and even 2008 highs, especially as sentiment may finally be shifting on the duration of the Hormuz blockage," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets, wrote.
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Australia
GoDaddy Faces AI Fears Head-On, RBC Says
GoDaddy (GDDY) reported a "very clean" Q1 and reiterated its full-year outlook even as the stock likely more priced for a guide down, RBC Capital Markets said in a note Friday.The report pointed to positives in the quarter, including bookings for its Applications and Commerce that decelerated in-line to 9% which was expected after last quarter's discounting."Discounting continues but is stable and given the AI concerns,A&C must maintain at least LDD growth rates going forward if the stock is to work," the note said.The report also said margins came in ahead, making the rest of the year look like a lay-up.RBC kept its outperform rating with a price target of $95.Price: $86.93, Change: $+0.13, Percent Change: +0.16%
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Mining & Metals
CIBC Raises Its Primaris REIT Price Target By C$2, Reiterates its Outperformer Rating
CIBC Capital Markets reiterated its outperformer rating on the shares of Primaris Real Estate Investment Trust (PMZ-UN.TO) while raising its price target to C$22.00 from C$20.00 on Thursday, following PMZ's first quarter results on Wednesday.PMZ reported Q1 FFO/unit of $0.425 (-3.2% Y/Y), broadly in line with consensus, noted CIBC."Our 2027 FFO/unit estimate rises by near 2%, as we better reflect the improved leasing cadence on the ground," said CIBC, adding it $22 price target is based on an 11 times 2027 estimated FFO/unit multiple (10.2 times previously), translating to a 5% discount to the bank's revised one-year-out NAV (9% previously), "reflective of its risk, growth prospects, and leverage versus peers."CIBC also reiterated its belief that PMZ unitholders will benefit from occupancy improvements and rent growth over the long term. Tenant relationships for mall operators matter given the reach of their typically national tenant base, CIBC said. Controlling increasingly more productive assets through acquisition and organic growth will increase PMZ's importance to these national tenants, the bank added."PMZ's ability to fund its capex and distribution from its own rents and low balance sheet leverage drive a lower financial risk profile that offsets the risk of owning a higher-risk asset class in enclosed malls," added CIBC. Trading at an implied cap rate of near 8.7% on achievable forecasts, CIBC believes investors are being well compensated for the operating risks involved with owning PMZ units (e.g., anchor tenant transitions) versus the balance of the large-cap Canadian retail REIT universe (trading at estimated implied cap rates of 5.8%-7.1%)."CIBC noted on the call that Primaris will provide a detailed update on its HBC progress in the next 60 days, once it has a significant number of fully executed leases in place, and also that CRU leasing momentum "accelerated meaningfully" in Q1, with management highlighting record new deal volumes and pricing.Price: $19.01, Change: $+0.14, Percent Change: +0.74%
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