-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下：我們將12個月目標價上調1美元至101美元，相當於未來12個月每股收益預期4.59美元的22倍，高於其五年平均預期市盈率19.7倍。我們將2026年每股盈餘預期調高0.02美元至4.57美元，並將2027年每股盈餘預期設定為4.92美元。 SO公司宣布，其75吉瓦以上的大型負荷項目儲備中，已有23吉瓦完成簽約（11吉瓦）或進入後期/最終敲定階段（12吉瓦），其中數據中心項目佔了大部分。我們認為，如此龐大的專案儲備將有力地推動公司在2030年及以後實現持續8%以上的費率基數成長，高於其歷史5-6%的成長率。我們認為，美國能源部提供的265億美元貸款降低了公司資本結構的風險，因為這些貸款提供了低成本（國債利率+37.5個基點）、長期（30年）的資金，從而消除了目前正在建設的10吉瓦新增受監管發電項目的大部分再融資風險。我們預計，2025年至2030年期間，公司每股收益成長率（年複合成長率約7.3%）將與同業基本持平，但我們預計，同期股利成長率（年複合成長率僅3.2%）將低於同業。
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Research Alert: Ffh Q1: Improved Combined Ratio And Aggressive Buybacks Make For Flat Bvps
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:FFH reported net earnings of $695.7M ($31.11/share), down from $945.7M ($42.70/share) in the prior period, driven by net investment losses of $385.9M versus gains of $1,056.1M due to mark-to-market bond losses from rising rates. P&C operations significantly outperformed with adjusted operating income rising to $1,213.4M from $685.5M and combined ratio improving to 94.1% from 98.5%, benefiting from much lower catastrophe losses of $119.3M versus $781.3M. The company expects to close two major transactions in Q2: the sale of 23.1% of Poseidon for approximately $1.9B and Eurolife operations for $935M. FFH repurchased 374,883 shares for $631M while book value per share remained essentially flat after adjusting for the $15 dividend. We view the quarter as uninspiring given flat BVPS despite aggressive buybacks, however the significantly improved combined ratio and mark-to-market noise make for a more attractive underlying story.
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Asia
Atlas Arteria Says IFM Global's Takeover Offer Will Not Open Before May 11
Atlas Arteria (ASX:ALX) said an unsolicited takeover offer from IFM Global Infrastructure Fund will not open before May 11 at the earliest, and once it does, it will remain open for at least a month, according to a Friday filing with the Australian bourse.IFM owns about 35% of the issued shares of Atlas Arteria and has proposed to acquire the remaining interest at AU$4.75 per share in cash. The price may increase to AU$5.10 per share if IFM obtains at least a 45% interest before the offer closes.In a letter to its shareholders, Atlas Arteria warned that the proposal is subject to many conditions that might not be satisfied. It also cautioned that shareholders would receive the lower price if IFM's relevant interest threshold is not achieved prior to closing.Atlas Arteria has created an independent board committee to evaluate the proposal and will provide a recommendation to shareholders in due course, it said.
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Wuliangye Yibin's First-Quarter 2026 Profit Nearly Tops Full-Year 2025 Figure
Wuliangye Yibin's (SHE:000858) first-quarter attributable profit surged 83% from the year-ago period on higher revenue despite surging sales costs.The baijiu distillery logged an attributable profit of 8.06 billion yuan during the three months through March 31, higher than 4.42 billion yuan recorded in the year-ago period, according to an after-hours filing on Thursday.The company also attributed the higher profit to a lower base in the year-ago period.First-quarter profit nearly topped the profit recorded for the whole of 2025 at 8.95 billion yuan, down 72% from 31.9 billion yuan in the year-ago period.Singapore-based investment intelligence platform Smartkarma estimated a net profit of 11.16 billion yuan.Q1 earnings per share jumped 83% to 2.0772 yuan from 1.1378 yuan.Wuliangye Yibin's revenue grew 34% to 22.8 billion yuan from 17.1 billion yuan in the prior-year period.Total operating costs jumped 11% to 12.2 billion yuan from nearly 11 billion yuan a year earlier, the baijiu manufacturer said in its filing.Sales costs surged 145% to 3.67 billion yuan from 1.49 billion yuan.The jump could mean Wuliangye is either actively increasing channel development investment and brand promotion or subsidizing dealers facing pricing pressures, Futu said in its digital platform, Futubull.Net cash flow from operating activities turned to a negative 2.54 billion yuan from positive inflows of 15.8 billion yuan in the year-ago period.A high volume of collected bills due to market changes caused the negative cash flow, Futu said, citing Wuliangye.Cash and cash equivalents stayed at 1.3 times higher than the annual revenue, Futu said.Meanwhile, the wine maker plans to repurchase between 8 billion yuan and 10 billion yuan of shares for up to 153.59 yuan apiece, according to a separate disclosure.
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