FINWIRES · TerminalLIVE
FINWIRES

研究快訊:Eix 第一季:費率上調抵銷了非經常性成本回收;成長目標疲軟

By

-- 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:愛迪生國際公司公佈2026年第一季核心每股收益為1.42美元,高於上年同期的1.37美元,主要得益於2025年一般費率案件的費率減免,但部分被TKM和解協議成本回收帶來的每股0.30美元利息支出收益的取消所抵消。由於去年同期9.08億美元的非核心收益取消,GAAP每股收益從3.73美元降至1.38美元。營業收入成長7.7%至41.03億美元,營運活動產生的現金流成長16.6%至14.27億美元,但由於資本融資需求,利息支出從3.01億美元大幅增加至5.24億美元。管理層重申了2026年核心每股收益預期為5.90美元至6.20美元,並保持對2025年至2030年核心每股收益增長5%至7%的信心。我們認為該公司的長期每股盈餘目標過於樂觀,因為我們預測每股盈餘成長將更接近3%至4%,這意味著EIX的獲利成長軌跡在同業中最低,平均成長率為8.9%,因此,在我們看來,即使是5%至7%的目標也顯得缺乏競爭力。

Related Articles

Asia

Finbar Group Completes Structural Works at Western Australia Development

Finbar Group's (ASX:FRI) construction of its Garden Towers development in Western Australia reached the topping-out stage with the completion of structural works, according to a Wednesday filing with the Australian bourse.Garden Towers comprises 330 residential units, with the 279 units sold to date representing AU$208 million by value, per the filing.Settlements are expected to start in the first half of fiscal 2027, subject to the completion of remaining construction and regulatory approvals.

$ASX:FRI
Research

Research Alert: CFRA Reiterates Sell Opinion On Shares Of Starbucks Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our price target by $8 to $82, 30x our FY 27 (Sep.) EPS estimate and in line with its 10-year average forward multiple. We raise our FY 26 estimate to $2.26 from $2.21 and FY 27's to $2.74 from $2.64. Following FQ2 results that showed strong global comp growth acceleration to 6.2% (+710 bps), we reiterate our Sell opinion. Shares trade at 30x forward earnings, in line with their long-term average, suggesting the market expects this momentum through FY 27. Our model assumes SBUX meets its 5% global comp growth goal in FY 26, with margin expansion due to waning store investment costs, lower interest expenses, and improved international segment margins from the Boyu Capital China joint venture. We believe it will be difficult to sustain operating margin improvement on comp growth alone, with new store growth of just 0.8% in FQ3 potentially not inflecting higher until FY 28. At current valuation levels reflecting optimistic assumptions, we see limited upside and maintain our Sell rating.

$SBUX
Asia

Meteoric Resources Completes AU$40 Million Capital Raise; Shares Fall 4%

Meteoric Resources (ASX:MEI) completed its AU$40 million equity raising, issuing 235 million new fully paid ordinary shares at AU$0.17 apiece to institutional and sophisticated investors, according to a Wednesday filing with the Australian bourse.The funds will be used to support advancement and pre-development activities at the Caldeira rare earth ionic adsorption clay project to support a final investment decision within the year, the filing added.The company's shares fell 4% in recent Wednesday trade.

$ASX:MEI