-- 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：德州儀器(TXN)第一季業績強勁，營收達48.3億美元（年增19%，季增9%），高於預期的45.3億美元；每股盈餘(EPS)為1.68美元（年成長31%），高於市場普遍預期的1.37美元。這主要得益於工業和資料中心業務的強勁表現。模擬業務營收達39.2億美元（年增22%），營業利潤成長36%，充分展現了德州儀器強大的市場實力和在終端市場復甦之際搶佔市場份額的能力。多元化的模擬產品組合和策略性的嵌入式處理投資，使公司在物聯網和邊緣運算應用領域擁有持續成長的良好基礎。第二季營收預期為50億至54億美元，每股盈餘預期為1.77至2.05美元，優於市場普遍預期的49億美元及1.57美元，反映出管理階層對市場需求前景的信心。自由現金流大幅提升至43.5億美元（年增154%），佔營收的23.6%，顯示隨著3億毫米晶片產能利用率恢復正常，營運槓桿效應顯著增強。此外，資本支出下降以及《晶片工業政策法案》（CHIPS Act）帶來的利多因素，也為未來的現金流成長創造了強勁的推動力。
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Oil & Energy
EMEA Natural Gas Update: Futures Edge Higher Amid Stalled US-Iran Peace Talks
European natural gas futures were up on Monday, as stalled US-Iran peace talks kept geopolitical risks elevated for global energy markets.Front-month Dutch TTF gas contracts edged up 0.95% to 45.27 euros ($53.13) per megawatt hour, while the UK NBP benchmark rose 0.94% to 111.62 pence ($1.51) per therm.This comes after the expected second round of peace talks between the US and Iran, in Pakistan, failed to materialize over the weekend.In a Truth Social post on Saturday, US President Donald Trump cancelled the planned trip of special envoy Steve Witkoff and son-in-law Jared Kushner, saying that they would be wasting "too much time," while highlighting "tremendous" infighting and confusion within the Iranian leadership.Trump also said that if the Iranian side wanted to talk, "all they have to do is call," leaving the situation completely open-ended.The Strait of Hormuz, which accounts for one-fifth of global LNG flows, remained effectively closed for the ninth week running, according to the Hormuz Strait Monitor. There was, however, an uptick in the traffic, with 19 vessels transiting through the Strait over the past 24 hours.According to Daniel Hynes, a senior commodity strategist at ANZ, an increasing number of buyers are now turning to the spot market to "shore up domestic supplies," amid the prolonged closure of the Strait.Hynes also noted that the supply situation could worsen due to potential strike action at the Ichthys LNG facility in Australia.On Friday, the International Energy Agency warned that the damage to Qatari infrastructure could delay an LNG expansion by at least two years, leading to a cumulative loss of 120 billion cubic meters of potential supply between 2026 and 2030.This comes at a time when European inventories remain depleted, at just 31.47% of capacity, compared to 38.14% during the corresponding period a year ago, according to Gas Infrastructure Europe.
Asia
Axis Bank's Consolidated Net Profit Rises in Fiscal Q4; Shares Down 3%
Axis Bank (NSE:AXISBANK, BOM:532215) consolidated net profit increased to 76.0 billion Indian rupees in the quarter ended March 31, against 74.8 billion rupees a year ago, according to a Saturday filing to the Indian stock exchanges.The banks' shares were down over 3% in Monday's trade.Earnings per share climbed to 24.33 rupees compared with the year-ago figure of 24.01 rupees.Interest earned by the lender in fiscal Q4 also grew year on year to 341.7 billion rupees from 324.5 billion rupees a year earlier.The board of directors recommended a dividend of 1 rupee per share for the financial year ended March 31.
$BOM:532215$NSE:AXISBANK
Research
Research Alert: CFRA Keeps Strong Buy Opinion On Shares Of Newmont Corporation
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 price by $3 to $153, assuming an EV/EBITDA of 7.0x our 2027 EBITDA estimate, above NEM's three-year average forward EV/EBITDA of 6.5x and above peers' 6.0x. We raise our 2026 EPS estimate by $1.67 to $10.31 and our 2027 EPS forecast by $2.09 to $12.89. Newmont remains on track to deliver its 2026 guidance of 5.3 million gold ounces, though management characterizes 2026 as a trough year due to planned mine sequencing at several operations. The company is well-positioned for production growth beginning in 2027, with a longer-term outlook of approximately 6 million ounces of gold and 150,000 tonnes of copper annually. Key growth drivers include completion of Tanami Expansion 2 (2H 2027), ongoing development of Cadia panel caves, and the Ahafo North ramp-up. NEM's world-class portfolio, coupled with robust free cash flow generation in a supportive gold price environment, supports sustained capital returns through its enhanced capital allocation framework.
$NEM