-- 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：我們將可口可樂歐洲太平洋合作夥伴公司（CCEP）的12個月目標價從109美元下調至88美元。這一下調是基於2026年17.5倍的市盈率，低於其五年歷史平均市盈率18.2倍以及行業預期平均市盈率18.2倍。我們認為，目前的估值合理反映了CCEP成長潛力的減弱（年增長率約為3%-4%）以及在當前經營環境下有機利潤率擴張空間有限。我們將2026年每股盈餘預期從4.50歐元下調至4.29歐元，2027年每股盈餘預期從4.70歐元下調至4.32歐元。我們認為，CCEP面臨來自對可口可樂品牌的高度依賴以及價格分攤限制的結構性利潤率阻力。儘管CCEP正透過轉向銷售Monster Energy產品來緩解這一問題，但我們預計銷量將在2026年恢復正常。我們認為，鑑於管理層可能低估了事故發生率，並可能高估了生產力提升，尤其是在成本敏感的環境下，其2026年的成本預期（約1.5%）過於樂觀。
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The UAE's decision to leave OPEC is unlikely to disrupt oil markets in the near term, but points to a broader strategic realignment as the Gulf producer seeks greater control over its output policy amid the ongoing Middle East conflict, RBC Capital Markets strategists said in a note on Tuesday.The UAE has for years pushed to monetize investments in expanding crude capacity and promoting its Murban benchmark, a strategy that has at times strained relations within OPEC.RBC analysts said disputes over production baselines, including a July 2021 standoff that delayed an agreement for nearly two weeks, underscored friction between the UAE and other members over output quotas.The analysts said the UAE's departure reflects a continuation of these tensions, as the country has consistently sought higher production targets. A subsequent push in 2023 to revise its baseline led to a complex redistribution of quotas, reducing allocations for some African producers.However, despite the policy shift, the UAE is not expected to significantly increase production beyond levels seen in early 2026 once the conflict subsides.The Gulf state has been operating close to its current capacity, and post-war reconstruction demands are likely to temper any rapid supply increases.UAE authorities, in a statement, said it would continue to bring additional barrels to market "in a gradual and measured manner," aligned with demand and prevailing conditions.RBC analysts said this suggests spare capacity within the global system will remain concentrated in Saudi Arabia for the foreseeable future.The move comes at a critical moment in the regional conflict with Iran, which has heightened concerns over energy security, particularly around the strategically vital Strait of Hormuz.The UAE has been among the most vocal Gulf states opposing any scenario in which Iran maintains influence over the passage, citing repeated drone and missile attacks on its territory.The country's increasingly assertive stance appears to align more closely with Israel than with some Gulf neighbors.RBC analysts expect closer cooperation between Abu Dhabi and Israel on energy security and critical infrastructure once the conflict ends, potentially including joint investments and expanded defense agreements in strategic areas such as the Red Sea.The analyst said the UAE's exit does not signal an imminent fragmentation of OPEC. With no immediate requirement for coordinated production cuts and many member states focused on rebuilding capacity after the conflict, the group is expected to remain broadly intact in the near term.