-- 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FM的12個月目標價下修5加幣至40加元，基於2027年EBITDA預期值的8.0倍EV/EBITDA，低於FM過去三年平均預期EV/EBITDA 10.6倍，但與同業平均水準8.3倍接近。我們將2026年每股收益預期下修0.33美元至0.53美元，2027年每股收益預期下修0.22美元至1.95美元。 FM近期面臨中東局勢緊張帶來的成本壓力，其中燃料成本佔總成本的15%，C1指引可能面臨每磅0.25美元的上漲壓力（燃料成本上漲0.20美元，克瓦查上漲0.10美元，部分被黃金價格下跌0.05美元所抵銷）。然而，該公司基本面依然強勁，已獲準處理Cobre Panama礦堆（預計2026年產銅3萬至4萬噸），Kansanshi S3礦的產能超出設計產能25%，Enterprise礦的鎳產量也創下歷史新高。 FM透過發行15億美元、利率為6.375%的10年期債券，並將到期日延長至2036年，從而增強了其資產負債表。 Taca Taca專案（前10年產銅29.1萬噸，內部收益率19.3%）在資產負債表狀況足以支持專案開發後，將提供顯著的長期成長選擇。
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SEC Proposes Abandoning Quarterly Reporting Schedule For Listed Companies
The US Securities and Exchange Commission said Tuesday that it proposed rule amendments that would abandon the quarterly reporting schedule for public companies.If adopted, the SEC proposals would give companies the option to switch to semiannual reporting from the current practice of filing financials on a quarterly basis, the regulator said.In that case, companies would file one semiannual report and one annual report for each fiscal year. Currently, all companies are required to file three quarterly reports and one annual report each year."Public companies have an obligation under the federal securities laws to provide information that is material to investors," SEC Chairman Paul Atkins in a statement. "Yet, the rigidity of the SEC's rules has prevented companies and their investors from determining for themselves the interim reporting frequency that best serves their business needs and investors."US President Donald Trump in September floated the idea of replacing the quarterly reporting schedule with semiannual reporting."This will save money, and allow managers to focus on properly running their companies," Trump wrote on Truth Social at the time.The flexibility in determining a company's reporting cadence "might reduce some of the burdens of being a public company and potentially influence a company's decision to become or remain public," Atkins said.The SEC is seeking public comment on potentially eliminating the quarterly reporting requirement."Today's proposal is just the first step of the larger, comprehensive effort to review and reshape the current SEC rules governing public companies with respect to their ongoing reporting obligations and their ability to raise capital in the public markets," Atkins said.
Sectors
Sector Update: Tech
Tech stocks were higher late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.3% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 4.2%.The Philadelphia Semiconductor index climbed 4.2%.In corporate news, Apple (AAPL) will let users select from multiple third-party AI models for tasks across its iOS 27 software, Bloomberg reported. Apple shares were up 2.7%.
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Commodities
US Crude Stocks Set for Second Weekly Draw as Balances Tighten, Macquarie Says
Weekly US crude inventory data from the Energy Information Administration is forecast to show a 5-million-barrel draw for the week ending May. 1, Macquarie strategists said in a weekly note on Tuesday, after a larger-than-expected draw of 6.2 million barrels a week ago.Crude runs are projected to increase by about 100,000 barrels per day, though the timing of seasonal maintenance turnarounds remains a key variable.Crude exports are projected to rise modestly by about 400,000 b/d, while imports are expected to dip by 400,000 b/d."Timing of cargoes remains a source of potential volatility in the weekly crude balance, particularly as exports remain elevated," Macquarie strategists said.Macquarie projected that domestic supply, which includes production, adjustments, and transfers, will drop by 300,000 b/d for the week ended May. 1, while stocks in the Strategic Petroleum Reserve decrease by 5.2 million bbls.On the products front, gasoline inventories are forecast to fall by 400,000 bbls, distillate inventories by 3.8 million bbls, while jet fuel stocks are projected to rise by about 200,000 bbls.Macquarie forecasts the combined implied demand for gasoline, distillates, and jet fuel at about 14.6 mmb/d.