-- 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：CGI公佈的3月季度銷售額為41.6億加元（年增長3%），低於市場預期（42.4億加元），按固定匯率計算，增速從上一季的3.4%放緩至1.6%。儘管銷售額不如預期，但調整後每股收益為2.27加元（年增7%），符合預期，這主要得益於利潤率提升10個基點至16.6%，其中美國商業/州政府業務（同比增長180個基點）和加拿大業務（同比增長230個基點）的業績顯著改善。各業務板塊的收入表現參差不齊，英國和澳洲業務以19%的年增長領跑，而受持續的支出削減影響，美國聯邦政府業務較去年同期下降11%。 訂單量有所下降，訂單出貨率從上一季的109.5%降至103.8%，過去12個月的訂單出貨率也從110.4%降至108.4%；然而，CGI在收購支持下積壓的315億加幣訂單量仍略有增長，提供了可靠的業績可見性，預計未來12個月加訂單將有訂單可轉化為實際可靠的業績。我們預期美國聯邦政府疲軟和訂單成長放緩將繼續構成不利因素，但我們不願將此歸因於人工智慧領域的競爭（與IT服務領域的空頭觀點相反）。
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Commodities
Market Chatter: UAE Reportedly Reviews Multilateral Ties After OPEC Exit, But No Further Withdrawals Planned
The United Arab Emirates is reviewing its participation in multilateral organizations but is not considering any withdrawals at present, Reuters reported Wednesday, citing a UAE official.The report came a day after Abu Dhabi announced it would leave the Organization of the Petroleum Exporting Countries and OPEC+ effective May 1. The official said the broader review focuses on the "utility" of UAE membership in international and regional bodies.The comments have fueled speculation that the UAE could reassess its role in other organizations, including the Arab League and the Gulf Cooperation Council.The UAE Ministry of Foreign Affairs did not immediately respond to a request for comment from.The OPEC exit, which involves one of the group's largest producers, has sharpened tensions with Saudi Arabia, OPEC's de facto leader. Relations between Abu Dhabi and Riyadh, long-standing allies, have grown increasingly strained in recent years over oil policy disputes, regional security concerns, and competition for investment and skilled labor, Reuters reported.The reassessment comes amid wider debate in Abu Dhabi over regional alignments following the Iran war, with Emirati officials criticizing the GCC's collective response.Senior UAE official Anwar Gargash said on Monday the GCC's political and military response to the conflict was "the weakest in history," adding that expectations for the Arab League were already low."I expected such a weak position from the Arab League... but I have not expected it from the GCC, and I am surprised by it," Gargash reportedly said.He also said the Gulf's strategy to contain Iran had "failed miserably" and warned that Tehran could remain a long-term threat, according to The National.Gargash said the UAE would "scrutinize" its regional and international relationships to assess the reliability of partners while strengthening its economic resilience. "Strategic autonomy remains the UAE's enduring choice," he said.OPEC+ is expected to approve a modest output increase on Sunday despite the UAE's departure, three sources reportedly told Reuters. The group is likely to raise production targets by about 188,000 barrels per day, roughly in line with last month's 206,000 bpd hike after adjusting for the UAE's exit.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Oil & Energy
UAE Exit From OPEC Signals Oversupply Risk, Weaker Oil Prices From 2027, Wood Mackenzie Says
The UAE will exit OPEC on May 1, a move that raises risks of oversupply and weaker oil prices from 2027, Wood Mackenzie strategists said in a Wednesday note.The UAE announced its departure on April 28 after reviewing production strategy and capacity plans, aiming to accelerate domestic energy investments, the report noted.The country joined OPEC in 1967 and grew into its second-largest producer by liquids capacity, making the exit a major shift for the group, the report said."As the nation with the second-largest liquids capacity in OPEC, the UAE's exit is momentous," said Simon Flowers, chairman and chief analyst at Wood Mackenzie.He said tensions between the UAE and Saudi Arabia have built over recent years and intensified amid the Iran conflict, contributing to the decision."UAE's departure from OPEC will have minimal impact on market fundamentals in 2026," Flowers said, noting that Gulf producers need months to restore output even if the Strait of Hormuz reopens.He added that losing the UAE will make it harder for OPEC to balance markets and increase the risk of oversupply weakening prices beyond 2026.The UAE committed $145 billion to upstream investment through 2030 to lift output from under 4 million barrels per day in 2020 to 5 million b/d by 2027, Wood Mackenzie macro oils and upstream experts said.Capacity reached about 4.85 million b/d by 2024, widening the gap between production potential and OPEC+ quota limits, the experts said."OPEC+ quotas constrained output well below capacity," Alan Gelder, senior vice president at Wood Mackenzie, said.He said the group raised the UAE baseline from 3.17 million b/d to 3.5 million b/d in May 2022, but the adjustment reflected only partial capacity growth.The UAE accounted for about 14% of OPEC capacity, and its exit reduces the group's influence as it controls a smaller share of the global oil market, Wood Mackenzie said.The closure of the Strait of Hormuz has shut in nearly 2 million b/d of UAE offshore output, limiting supply growth in 2026, and restoring pre-conflict production may take up to six months.The UAE's exit will likely reshape supply dynamics from 2027, as rising market share competition with OPEC could pressure prices if both sides increase output, Wood Mackenzie said.Flowers said the UAE holds lower fiscal breakevens than peers, leaving it better positioned to withstand a prolonged period of lower oil prices.
Australia
Boston Scientific Shares Fall After Daiwa Securities Downgrade
Boston Scientific (BSX) shares fell 3.4% in Wednesday afternoon trading after Daiwa Securities downgraded the stock to neutral from outperform, and lowered its price target to $60 per share from $83 earlier.Trading volume stood at about 12.9 million shares, compared with a daily average of over 17.6 million.Price: $56.49, Change: $-1.96, Percent Change: -3.35%
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