-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：我們將目標價從21美元下調至19美元，相當於2026年預期收益的8.2倍，低於其三年歷史平均預期市盈率12.9倍，以反映高企的超額死亡率帶來的長期增長不確定性。 FME 2026年第一季營收下降5.5%，主要受匯率不利因素影響，但有機成長仍維持在3.9%的正值，而營業利潤率（不計特殊項目）提高了0.7個百分點。績效成長得益於FME25+計畫的成本節約、5008X CARE系統的推廣以及TDAPA報銷政策的利多。然而，受漏診率的影響，美國同店治療成長仍面臨挑戰。 FME重申了其2026年的業績指引，預計上半年業績將更為強勁，但下半年TDAPA優惠政策將逐步取消。為反映上述結果，我們將2026年EPADS估值從2.03歐元調整至1.98歐元，並將2027年EPADS估值從2.20歐元調整至2.16歐元。儘管FME25+持續的成本節約令人鼓舞，但美國同市場交易量恢復的時間表仍不明朗，我們認為這是一個關鍵問題。
Related Articles
Asia
Market Chatter: Formosa Petrochemical to See Supply Relief as Saudi Crude Tanker Arrives
Formosa Petrochemical (TPE:6505) said a Liberian-flagged supertanker carrying 2 million barrels of Saudi crude is set to arrive at Mailiao Port, offering relief to its strained refinery operations, Taipei Times reported, citing company executive.The cargo is being delivered by the FPMC C Lord, operated by Formosa Plastics Marine.Refinery output had slumped to about 43% last month after Middle East conflict disruptions and Strait of Hormuz delays blocked scheduled shipments. Naphtha cracking utilization also dropped sharply to around 33%, reflecting tight feedstock conditions.With the new inflow and diversified sourcing from regions including the Red Sea and West Africa, the company expects utilization to recover above 60% this month and near 80% next month, though petrochemical margins remain under pressure from weak demand, the news outlet reported.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
$TPE:6505
Asia
Flight Centre May Benefit from Travellers Leaning into Better-Known Brands with Stronger Service Models, Jarden Says
Flight Centre Travel Group (ASX:FLT) might benefit as travellers lean into better-known brands with stronger service models in the wake of the Middle East conflict, according to a Tuesday note by Jarden.Its third-quarter total transaction value (TTV) rose 6.8% on the fiscal third quarter ended March 31 to AU$7 billion, or 9.4% in constant currency, with underlying profit before tax (UPBT) up 18.5% to AU$102.6 million.The analysts forecast third-quarter TTV growth of around 3.5%, reflecting weaker demand, offset by strength in corporate and higher fares.Historically, the firm has exited a crisis stronger due to cost control, balance sheet, and scale. It is also gaining trust with customers, benefiting from market consolidation, and leaning into artificial intelligence/data initiatives.The investment firm maintained its overweight rating on Flight Centre Travel and raised the price target to AU$16.80 per share from AU$16.70 per share.
$ASX:FLT
Asia
CCOOP to Sell Shopping Center Via Pubic Auction
CCOOP Group (SHE:000564) plans to sell its wholly-owned subsidiary, Changchun Meilifang Minsheng Shopping Center, via public bidding.The subsidiary incurred a net loss of 73.9 million yuan in 2025, according to a Wednesday filing with the Shanghai bourse.The sale aims to optimize asset allocation and reduce debt burden, allowing the company to focus on core operations.The final price will be determined through bidding on the Shanghai United Assets and Equity Exchange.Shares of the department store operator rose 3% in recent trade.
$SHE:000564