-- 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：利安德巴塞爾工業公司（LYB）公佈第一季營運每股收益為0.49美元，高於去年同期的0.33美元，超出市場預期0.21美元。此前六個季度中有四個季度未達預期。營收為72億美元，低於市場預期2%，較去年同期下降6%。公司完成了一項策略里程碑，出售了四項歐洲資產，推進了其投資組合轉型計劃，預計將提高利潤率、降低成本，並增強LYB的抗風險能力。管理層對第二季業績給出了積極的預期，計劃最大限度地提高北美O&P（營運和生產）的開工率，將歐洲O&P的開工率提高到80%，並將I&D（整合和拆卸）的開工率維持在75%。然而，儘管獲利回升，但由於營運資本增加以及滿足全球需求成長，第一季的營運現金流顯著惡化至負2.69億美元。鑑於持續存在的結構性產能過剩和持續的地緣政治動盪，我們認為預期改善的可持續性仍存在不確定性。
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Mining & Metals
Stifel Canada Reviews Gildan Activewear's Q1 Results
Gildan Activewear (GIL.TO, GIL) reported a first-quarter earnings beat, notes Stifel Canada.Analyst Martin Landry, who is maintaining an US$80.00 price target and buy rating on the shares, notes management was confident during the earnings call, despite rising commodity costs, as a significant portion of the company's cotton and energy requirements has been hedged. In 2027, Gildan expects to be able to offset inflationary pressures with price increases given its leadership position in the wholesale channel and its lower cost structure than competitors, he adds.Point-of-sale data indicate that Gildan is continuing to gain market share, with growth rates outpacing the broader market in both retail and wholesale channels. The integration of Hanes' textile facilities also appears to be progressing well, as most of Hanes' volumes have already been transferred to Gildan's facilities."We make no changes to our forecasts, but our visibility has increased for 2026. We keep our target price at US$80, which represent an appealing 12-months upside of 29%." Gildan is also on Stifel's Select List.Price: $84.77, Change: $+0.47, Percent Change: +0.56%
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Oil & Energy
US Sanctions Iran's Shadow Banking Network for Aiding Oil Trade
The US rolled out sanctions on three Iranian currency exchange houses and a network of associated front companies, accusing them of moving billions of dollars in foreign exchange to support Tehran's oil industry, the Department of the Treasury said on Friday.The Treasury Department's Office of Foreign Assets Control said the sanctions form part of "Economic Fury," a broader campaign aimed at dismantling Iran's shadow banking system.The sanctioned firms, Pedram Pirouzan and Associates Partnership, also known as Opal Exchange; Nasser Ghasemi Rad and Associates Partnership, or Radin Exchange and Tahayyori and Associates Partnership, also known as Arz Iran Exchange, are accused of facilitating billions of dollars in transactions per year.The Treasury said the entities help convert oil revenues, often received in Chinese yuan, into currencies usable by Iran's military and affiliated groups.The exchange houses operate alongside so-called "rahbar" networks tied to sanctioned Iranian banks, and work with multiple oil exporters and financial intermediaries, the Treasury said.The firms allegedly rely on foreign-based front companies and commercial bank accounts to process transactions across jurisdictions, masking links to sanctioned entities, including the Central Bank of Iran and the National Iranian Oil Company.The individuals linked to the exchanges, including Pedram Pirouzan, Hossein Mohammad Rezaei, Masoud Mohammad Rezaei, Nasser Ghasemi Rad and Ehsan Tahayyori, were also hit with sanctions.OFAC also sanctioned over a dozen companies, it said, that provided material support to Opal Exchange, including trading firms incorporated in multiple jurisdictions and entities in the UAE.The Treasury said Iran's shadow banking system handles tens of billions of dollars in trade each year, largely tied to oil and petrochemical exports.Since February 2025, OFAC has sanctioned over 1,000 Iran-linked individuals, vessels and aircraft as part of that effort.
Mining & Metals
CIBC Raises Ag Growth International's Price Target to C$23.00 From C$19.00, Maintains its Neutral Rating
CIBC Capital Markets maintained its neutral rating on the shares of Ag Growth International (AFN.TO) and raised its price target to C$23.00 from C$19.00 on Thursday.CIBC is transfered coverage of Ag Growth from Krista Friesen to Hamir Patel, as of April 30, it added.Although CIBC has a "favorable view" on long-term demand for grain processing and handling, near-term uncertainty remains high, CIBC said."Elevated leverage (4.7x), persistent operating challenges, an abrupt strategic shift and the absence of permanent leadership create a difficult backdrop for the business in the near term," said CIBC. "That said, sector headwinds are gradually easing and underlying pressures should subside as conditions normalize."Against this backdrop, Ag Growth's core assets retain "significant strategic value," noted CIBC and said that with activist shareholders pushing for a formal sale process, it believes the probability of a transaction has increased, it added."After several years of declining farm incomes, elevated borrowing and input costs, and prolonged inventory destocking across the farm equipment and machinery complex, the ag cycle appears to be bottoming," stated CIBC.While industry-wide headwinds persist, they are no longer worsening, noted CIBC and added that key cyclical pressures such as high inventory and elevated borrowing costs are abating. Coinciding with the industry trough, CIBC expects AFN's Farm segment sales to be relatively steady in 2026 (+0.3% Y/Y) before beginning to recover in 2027 when CIBC sees Farm revenues increasing 3.8% Y/Y to ~$500 million."Multi-year underinvestment in U.S. grain storage has left the system running increasingly close to capacity as crop production continues to grow, with surplus storage falling to ~5% in 2025, well below the long-term average of ~15%," noted CIBC.As farm economics improve, CIBC expects a release of pent-up capex for on-farm storage and handling upgrades, alongside outsized growth in international markets such as Brazil and India, which have acute storage deficits, it added."Since November 2025, a weakened ag market and a string of operational and reporting challenges have driven the stock down ~40% and prompted Street estimates to be cut by ~30%, creating a materially more attractive entry point for a strategic buyer," said CIBC.CIBC notes that, with a "refreshed and more shareholder-aligned Board," it believes it is now more likely that a sale would be "entertained".Additionally, activist shareholders owning ~10% of outstanding shares are pushing for a formal sale process, with the June 4 AGM acting as a "potential catalyst", it further noted."The absence of a permanent CEO and CFO adds to the conditions that make a sale increasingly feasible," CIBC added. "In our upside scenario, we assume a takeout at 7.5x 2027E EBITDA, implying ~$37/share and ~90% upside from current levels."Price: $20.21, Change: $+0.81, Percent Change: +4.18%
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