-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：希爾頓集團(HLT)公佈的第一季調整後每股收益為2.01美元（年成長16.8%），高於市場普遍預期的1.97美元；總營收為29.4億美元（年成長9.0%），與預期相符。每間可供出租客房收入(RevPAR)成長加速110個基點至3.6%，主要得益於入住率提升（成長140個基點至67.4%）及平均每日房價上漲（年成長1.5%），各區域均呈現強勁成長勢頭，其中歐洲（成長6.9%）及亞太地區（1.7%）表現為顯著成長。發展動能依然強勁，新增客房26,200間，精選希爾頓(Select by Hilton)品牌拓展至26個新國家，為希爾頓集團的持續成長奠定了堅實基礎。儘管公司將系統整體RevPAR成長預期從1%-2%上調至2%-3%，但第二季調整後EBITDA預期（10.15億美元-10.35億美元）低於市場普遍預期的10.81億美元。鑑於RevPAR預期上調，我們認為利潤預期令人失望，這表明市場普遍預期可能過高。我們認為，雖然強勁的需求趨勢和世界盃帶來的利多因素可能會推動RevPAR超預期成長，但預期與實際成長的脫節引發了人們對利潤率擴張潛力的擔憂。
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Sectors
Sector Update: Tech Stocks Fall Tuesday Afternoon
Tech stocks fell Tuesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) dropping 1.8% and the State Street SPDR S&P Semiconductor ETF (XSD) slumping 4.5%.The Philadelphia Semiconductor index shed 3.7%.In corporate news, OpenAI recently missed its own targets for new users and revenue, the Wall Street Journal reported late Monday, citing people familiar with the matter. Tech bellwether Nvidia (NVDA) fell 2.2%, Broadcom (AVGO) dropped 4.7%, Advanced Micro Devices (AMD) shed 2.7%, Oracle (ORCL) lost 3.8%, and Intel (INTC) declined 1.7%.Lam Research (LRCX), Applied Materials (AMAT) and KLA (KLAC) were among the chip equipment companies believed to have received a letter last week from the US Department of Commerce ordering them to halt certain tool shipments to China's second-largest chipmaker Hua Hong, Reuters reported. Lam declined 3.5%, Applied Materials dropped 5.5%, and KLA shed 3.5%.Spotify Technology (SPOT) reported stronger-than-expected Q1 profit, but its premium subscriber growth and outlook disappointed investors. The stock fell 13%.
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Oil & Energy
US Natural Gas Update: Futures Tick Higher on Shifting Weather Outlooks, Mixed Demand Signals
US natural gas futures edged higher in midday trading on Tuesday as updated weather models pointed to a split demand picture, with colder late-season conditions across the Northern US boosting heating demand while warmer forecasts in the South supported cooling load expectations.The front-month Henry Hub contract rose 0.81% to $2.72 per million British thermal units, while the continuous contract increased 0.04% to $2.55/MMBtu.NatGasWeather.com said models added several total degree days since last Friday, driven mainly by colder shifts and additional heating degree days. "Weather patterns are not nearly as bearish as they have been, and likely viewed as neutral, if not a touch bullish," the firm said Monday.The Wall Street Journal reported Tuesday that the colder forecast should limit weekly inventory builds from reaching or exceeding 100 billion cubic feet through the second week of May.Fundamentals, however, remain loose. Trading Economics noted that elevated spring temperatures have already pushed storage levels to about 8% above seasonal norms. The US Energy Information Administration's last report showed inventories rising by 103 Bcf, well above expectations, last year's 77 Bcf build, and the five-year average increase of 64 Bcf.On the supply side, NRG Energy said dry gas production has softened slightly over the past week, averaging about 106.3 Bcf per day as gross output edged lower. It added that while production has eased from recent highs, supply remains comfortably above demand.Trading Economics separately said output has declined about 4.1 Bcf/d over the past 18 days to an 11-week low of 108.1 Bcf/d, as major producers scaled back in response to persistently low prices.Demand has also weakened with seasonal moderation. NRG Energy said total US consumption averaged near 101.7 Bcf/d over the week, with declines led by residential and commercial usage and only limited offset from power burn.LNG export feedgas has remained relatively steady, holding in a tight range around 18.8 to 19.0 Bcf/d, according to NRG Energy.
Oil & Energy
Update: UAE's OPEC+ Exit Weakens Cartel's Market Grip, Raises Volatility Risks, Analysts Say
(Updates with analyst comments from Macquarie in grafs 19-22.)The UAE has withdrawn from OPEC and the broader OPEC+ alliance, delivering a significant blow to the group's ability to manage global oil markets and raising questions about the future of coordinated supply policy, Rystad Energy strategists said on Tuesday.The Gulf state, which produces about 4.8 million barrels per day and has ambitions to raise output further, has been among a handful of members capable of adjusting supply to respond to market shocks."OPEC and OPEC+ have only ever been as strong as members' willingness to hold barrels back," Jorge Leon, head of geopolitical analysis at Rystad Energy, said in a market note on Tuesday. "Losing a member with significant spare capacity takes a real tool out of the group's hands."The UAE's departure strips the producer group of one of its core mechanisms of influence, spare capacity that can be deployed to offset disruptions or withdrawn to support prices.Leon said the move weakens the group's ability to manage supply imbalances over time.Rystad said the impact on prices may be limited by ongoing geopolitical risks in the near term, including the Strait of Hormuz blockade, which continues to inject uncertainty into global supply flows.However, the longer-term implications are more profound. The consultancy said that with less spare capacity concentrated within the group, OPEC+ may find it difficult to calibrate output and maintain price stability.The shift comes as global oil demand approaches a potential peak, altering the incentives for low-cost producers. Rather than holding back production under quota systems, countries with available capacity may prioritize maximizing output and protecting market share.The move could place greater pressure on Saudi Arabia to shoulder a larger share of production adjustments to stabilize markets, a role Rystad analysts said may become difficult to sustain on its own.Saxo Bank strategists said the UAE's departure from OPEC and OPEC+ marks a shift in global oil policy at a time when the ongoing Iran conflict has disrupted global energy flows and drained both commercial and strategic crude inventories worldwide."The UAE is seizing the opportunity to exit OPEC and remove production constraints that have limited its ability to utilize growing capacity," said Ole Sloth Hansen, head of commodity strategy at Saxo Bank.The UAE has steadily expanded its production capacity in recent years, driven by upstream investments led by Abu Dhabi's Adnoc Group. Saxo Bank said that before output fell last month to 2.2 million b/d, production had climbed to about 3.6 mmb/d.The country's current crude production capacity stands at about 4.85 mmb/d, with a target of reaching 5 mmb/d by 2027.Meanwhile, Sparta Commodities analysts said the producer cartel is facing renewed questions over its long-term cohesion after the UAE's departure, though the immediate impact on global oil balances remains muted."For the short-term, it means very little in terms of oil balances with the Strait of Hormuz closed," the analysts said, adding that the implications are more in the longer-term if and when the OPEC+ group gets back to its prior role in the market.Over the longer term, the UAE is expected to increase production to about 4.5-4.8 million b/d, up from its OPEC+ quota of about 3.4 million b/d. Sparta said the shift could introduce additional barrels into the market, potentially putting downward pressure on prices.With the exit, Phil Flynn, senior market analyst at Price Futures, said the UAE is positioning itself to ramp up oil production as it seeks greater autonomy outside the constraints of OPEC+.Flynn said that the UAE has long been constrained by an outdated production baseline set at about 3.2 million b/d in about 2018. However, the Gulf state has since made significant investments in upstream capacity, lifting its production potential to exceed 5 million b/d in the coming years.Vikas Dwivedi, global energy strategist at Macquarie, said the UAE's exit reflects a broader shift in producer strategy."At some point in every country's lifecycle, it's time to move on," Dwivedi said in an emailed response to.He added that there has not been a "big response" in markets so far. "Eventually the market will be forced to deal with oil production growth from an unsanctioned Iran, a rejuvenated Venezuela and an unshackled UAE," the strategist said.Dwivedi added he does not expect the announcement to drive any meaningful near-term moves in the crude forward curve or spot prices. "It could make oil balances more bearish over the next year or two, but not right away," he said.