-- 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：BG第一季業績穩健，調整後每股盈餘為1.83美元（年成長1%），高於市場普遍預期的0.87美元；調整後息稅前利潤為5.61億美元（年成長55%），也高於市場普遍預期的3.67億美元。各業務部門的強勁表現推動了業績超預期，其中大豆加工精煉業務調整後息稅前利潤增長56%至3.77億美元，軟籽加工業務更是飆升138%至1.95億美元。這些業績表明，此次具有變革意義的Viterra收購已初見成效，整合進度超出預期，價值鏈各環節的綜效也已顯現。管理層大幅上調了2026財年調整後每股收益預期，從7.50-8.00美元上調至9.00-9.50美元（市場普遍預期為8.41美元），中位數上調幅度高達1.25美元，這反映了公司強勁的執行力和協同效應可見性的提升。我們認為，Viterra的整合動能將持續支撐獲利成長，同時，美國環保署（EPA）有利的再生能源產量要求（要求生物燃料產量較2025年水準提高60%以上）將有利於壓榨利潤率，並支撐公司積極的業績展望和獲利成長動能。
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International
FOMC Holds Rates; Three Officials Oppose Easing Bias as Miran Again Seeks Cut
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Oil & Energy
US Oil Update: Futures Surge as US-Iran Standoff Rattles Markets
Crude oil futures soared in midday trading on Wednesday, extending gains from the previous session, as the standoff between the US and Iran raised concerns over further supply disruptions in the Middle East.Front-month West Texas Intermediate crude futures jumped 7.05% to $107.02 per barrel, while Brent futures surged 7.33% to $119.41/bbl.US crude stockpiles dropped by 6.2 million barrels to 459.5 mmbbls in the week ended April 24, the Energy Information Administration said in its weekly report on Wednesday, amid signs of tightening supplies.Crude inventories are now about 1% above the five-year average for this time of year, the EIA said.Saxo Bank strategists said crude surged to record highs during this war-driven cycle, as the near-closure of the Strait of Hormuz prolongs a disruption that is tightening global energy markets.President Trump is reportedly considering extending the US naval blockade of Iranian ports as it carries less of a risk for Washington than resuming hostilities or walking away from the Middle East conflict, which has roiled global energy markets.Trump threatened Iran on Wednesday, saying the country "better get smart soon". "Iran can't get their act together. They don't know how to sign a non-nuclear deal. They better get smart soon!" Trump said in a post on Truth Social.Soojin Kim, research analyst at MUFG, said that although Trump said Iran had asked for the blockade to be lifted during negotiations, reports suggest the US is preparing for a prolonged blockade of Iranian ports.On the supply front, the US President has asked US energy firms about ways to mitigate the impact of a potentially months-long blockade of Iranian ports, raising concerns that disruptions to Middle Eastern supplies could be prolonged.The US naval blockade appears to be putting pressure on Iran, amid reports that the country is running out of crude storage space, which could accelerate production cuts.US Treasury Secretary Scott Bessent said Iran's Kharg Island, the country's primary oil export terminal, is approaching storage capacity, which will likely force the government to reduce crude production and cause damage to Iran's oil infrastructure."Iran is also facing growing storage constraints that could force deeper production cuts, while the US continues tightening sanctions on Chinese refiners linked to Iranian oil," Kim said.Meanwhile, market participants continue to assess the impact of the shock decision to leave OPEC next month. ING strategists said that the departure during a period of significant supply disruption limits the market impact."Therefore, in the short term, this development has little impact on the market. But in the medium to longer term, it means more supply for the market," the analysts said.