-- 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：我們維持對CPX的4顆星（買入）評級，並將12個月目標價下調至70加元，該目標價基於我們對2027年EBITDA的10.5倍預期市盈率計算得出。 CPX的發電量成長並非沒有代價，在第一季就已顯現。儘管營收成長22%至12.05億加元，發電量成長20%至11468吉瓦時（主要得益於2025年6月完成的Hummel Station和Rolling Hills的收購），但關鍵獲利指標卻因巨額再投資而受到影響。調整後EBITDA成長10%至4.04億加元，但AFFO下降29%至1.54億加元。第一季維持性資本支出較上年同期成長三倍，2026年停運天數將達到40%，雖然先前已向市場揭露，但目前已在基本面中得到體現。不過，2026年的業績指引維持不變，預計調整後營運資金（AFFO）為8.9億至10.1億加元，調整後息稅折舊攤銷前利潤（EBITDA）為15.65億至17.65億加元。
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Research
Research Alert: CFRA Reiterates Strong Buy Opinion On Shares Of Agnico Eagle Mines Limited
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We decrease our 12-month target by CAD35 to CAD370, as we value AEM using an EV/EBITDA of 8.4x applied to our 2027 EBITDA estimate, in line with AEM's three-year average forward EV/EBITDA of 8.4x and a premium to the peers' average of 5.3x. We increase our EPS estimates: 2026 by USD1.13 to USD14.65 and 2027 by USD2.71 to USD17.58. AEM delivered a strong Q1 with record operating margins driven by elevated gold prices and disciplined cost control. 2026 production guidance remains 3.3-3.5 million ounces with costs tracking to plan. AEM's balance sheet remains strong with $2.9B in net cash, supporting an industry-leading growth pipeline targeting 20%-30% production growth over the next decade through projects at Detour underground, Canadian Malartic expansion, Hope Bay, and Upper Beaver. The proposed Finland consolidation adds a potential 500k oz platform. Management plans to return 40% of free cash flow via dividends and an expanded $2B buyback program, while simultaneously funding high-return growth projects.
$AEM
International
RBC Sees USD/CAD Range-Bound In Near Term, Gradual Decline Longer Term
RBC Capital Markets in its CAD Weekly Soundbites (Rates & FX) note on Friday said an "event-rich" week "largely came as expected", with a "steady fiscal profile", the Bank of Canada delivering a "modestly hawkish hold" and first-quarter GDP "continuing to track above potential".The bank said the BoC's hawkish tilt reinforces its view for a gradual decline in USD/CAD in the long term. However, it added that recent BoC and Federal Reserve meetings suggest both will be on hold in the short term, leaving a range-bound bias on USD/CAD.In its rates view, RBC said the expected BoC hold was delivered this week, but the balance of changes tilted hawkish. The BoC modestly upgraded its GDP profile, noted the expected absorption of excess slack and said the neutral range discussion was slanted higher, even though the 2.25%-3.25% range was left unchanged.RBC said it maintains its long-held view that the base case is the BoC on hold in 2026, with hikes in 2027, but added that the chance of second-half hikes far exceeds the chance of a cut.On foreign exchange, RBC said this week's marginally hawkish BoC tilt reinforces its longer-run view for a gradual move lower in USD/CAD into next year, partly conditional on the BoC shifting to hikes in 2027, with risk in the second half of 2026.However, in the near term, the bank said it continues to see the pair range-bound, as central bank meetings suggest the BoC and the Fed are likely to be on hold in the coming months, keeping US-Canada rate differentials relatively stable. That should continue to act as a floor under USD/CAD, with the 1.3500 area seen as the bottom of the range.RBC added that a weekly close below 1.3598 has reasserted the downtrend in USD/CAD and favours a re-test of this year's lows at 1.3526 and 1.3482."Below there, the September 2024 low at 1.3420 would come into view. Initial resistance is located at 1.3598 and 1.3661, followed by 1.3728, with rallies to the latter two levels viewed as a selling opportunity," said George Davis, chief technical strategist at RBC Capital Markets.
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Research
Research Alert: CFRA Reiterates Sell Opinion On Shares Of O-i Glass, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We decrease our 12-month target by $6.50 to $7.50, on an EV/EBITDA of 5.5x our 2026 EBITDA estimate, below O-I's one-year average of 5.6x. We decrease our 2026 EPS by $0.58 to $1.25 and 2027 by $0.40 to $1.95. O-I's Fit to Win program achieved $35M in net savings during Q1 and is 50% of the way to its goal of $750M in benefits, a highlight of the quarter. O-I secured 15 new accounts in the quarter that should drive 2H 2026 volume 1.5% higher. We note that volumes were down 8% Y/Y; this trend improved in March, with volumes down only 2%. Management noted that the European segment was the primary driver of poor results, with a $68M decrease from the prior year attributable to softer demand and intense competition in the Southern European wine market. Inflation risks from conflicts in the Middle East are a major risk, potentially adding $75M-$100M in costs if prices remain elevated. We currently see 2027 EBITDA as flat vs. 2025 ($1.23B), but this view could improve if energy prices decrease in 2H 2026.
$OI