FINWIRES · TerminalLIVE
FINWIRES

研究快訊:Tih 第一季:AVL 持股比例翻倍至 80%,推動第一季業績超預期

By

-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下: 第一季營收成長13%至12.281億加元,淨利成長25%至9,270萬加元,每股盈餘(EPS)成長24%至1.14加元。 AVL貢獻了1.29億加元的營收,有機成長率僅3%,而設備集團的營收成長14%至11.291億加元,成為業績成長的主要動力。 TIH透過7,100萬加元的現金收購將其在AVL的持股比例提高至80%,這將導致第二季約4,500萬加元的支出。毛利率從22.4%大幅提升至25.8%,主要得益於設備集團各業務板塊毛利率的提升。營業收入飆升44%至1.43億加元,毛利率從9.1%提升至11.6%,反映出營收成長和毛利率改善。設備集團的營業毛利率從9.1%提升至12.1%,而CIMCO的毛利率則從10.0%下降至6.2%。訂單量成長44%,其中設備集團的訂單量成長45%,主要得益於電力系統和礦業訂單的強勁成長。截至2025年3月31日,積壓訂單為13億加元,而截至2025年3月31日,積壓訂單為17億加元。

Related Articles

Research

Research Alert: Vale Q1: Solid Y/y Growth Offset By Cost Headwinds And Consensus Miss

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Vale delivered mixed Q1 results with adjusted EBITDA of $3.9B (+21% Y/Y) and revenues of $9.3B (+14% Y/Y), though sales missed consensus by $237M and adjusted EPS of $0.44 missed by $0.06. Free cash flow reached $813M (+61% Y/Y) despite working capital headwinds from seasonal disbursements. Base metals emerged as the standout performer with EBITDA surging to $1.2B (+116% Y/Y), supported by copper EBITDA of $949M (+74% Y/Y) on tight market conditions and higher realized prices. Management indicated 2026 cost guidance is trending toward the upper end of ranges given BRL appreciation against USD. Iron ore faces margin pressure with C1 costs rising to $23.60/t (+12% Y/Y) primarily from currency headwinds, though volumes remained resilient at 59.4Mt (+5% Y/Y). The balance sheet remains solid with net debt at $13.6B and leverage contained at 0.8x LTM adjusted EBITDA. We believe Vale's diversified portfolio provides resilience, with its base metals strength offsetting iron ore margin compression in the near term.

$VALE
Asia

Paras Defence and Space Technologies to Develop Anechoic Chambers

Paras Defence and Space Technologies (NSE:PARAS, BOM:543367) has entered into a memorandum of understanding with Bengaluru-based Complus Systems and Faridabad-based JV Micronics to jointly pursue opportunities in anechoic and semi-anechoic chambers, according to an Indian bourse filing on Tuesday.Shares of the company rose nearly 1% in Wednesday's trade.The consortium will undertake "design, development, manufacturing, installation, and servicing" of such facilities in India and overseas, the filing said.Paras Defence will act as the lead partner, managing the design, development and manufacturing of the chambers, while the other partners will provide technical and manufacturing support, it added.

$BOM:543367$NSE:PARAS
Asia

Beach Energy's Waitsia Project Production Run-Rate Offers Potential Upside to Reduced Guidance, Euroz Hartleys Says

Beach Energy's (ASX:BPT) fiscal third-quarter results included lower-than-expected production and a cut to guidance, prompting Euroz Hartleys to revise its output forecast for the company to the mid-point of updated guidance, the equity research firm said in a Wednesday note.Euroz Hartleys noted, however, that the Waitsia project's production run-rate and Otway Basin customer nominations through the fiscal fourth quarter offer potential upside to the upper end of the company's guidance.Beach Energy on Tuesday revised its fiscal year 2026 production guidance to between 19.4 million and 20.3 million barrels of oil equivalent from a previous range of 19.7 million to 22 million barrels of oil equivalent.Additional disclosure on Waitsia swap arrangements has provided a clearer outlook, triggering increases in the equity research firm's fiscal year 2027 to fiscal year 2029 earnings forecasts. Euroz Hartleys previously modelled all swaps as to be returned in-kind, but now noted that more than half of them are sell-back arrangements that earn revenue.It maintained a hold recommendation on Beach Energy while lowering its price target to AU$1.15 per share from AU$1.18, based on an updated sum-of-the-parts valuation.Beach Energy shares fell 1% in recent Wednesday trade.

$ASX:BPT