-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们维持对ARX的“持有”评级，并将目标价上调至33加元。该目标价基于我们对2027财年EBITDA的5.2倍EBITDA倍数计算得出，与壳牌公司宣布的收购价格相符。目前，我们预计交易完成不会出现任何问题，因此不认为该交易价格存在折价。我们将2026财年的每股收益预期从2.48加元上调至3.10加元，并将2027财年的每股收益预期从2.75加元上调至2.93加元。第一季度基本面强劲，日产量达418,522桶油当量，同比增长12%，每股收益增长16%。 FFO 增至 9.67 亿加元，即每股 1.70 加元，较 2025 年第一季度每股增长 17%，这得益于更高的销量和强劲的天然气价格（实现 4.51 加元/千立方英尺）。
Related Articles
Research
Research Alert: Oled Delivers Disappointing Results, Stable Guidance As Demand Remains Weak
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:OLED reported challenging Q1 results with revenue declining 14.5% Y/Y to $142M, well short of consensus expectations ($161M), while EPS of $0.76 fell 44% Y/Y and missed Street estimates ($1.20). The weakness was broad-based, with material sales down 2.9% to $84M and royalty/license fees declining 26.4% to $54M, representing the largest drag on quarterly performance. Management lowered 2026 revenue guidance to $650M from a prior $675M view, citing weak demand conditions. CFO noted near-term market conditions have become more measured while maintaining confidence in longer-term growth prospects, including Gen 8.6 capacity additions in Korea and China expected online this year. We agree with management's longer-term optimism but note weak current conditions may slow new OLED fab ramp timelines. We think the revised Q2-Q4 implied performance ($508M) creates room for downside risk below company projections, as the environment remains volatile.
$OLED
Asia
China Shipbuilding Industry's 2025 Profit Slips 7%, Revenue Rises 12%
China Shipbuilding Industry Group Power's (SHA:600482) net profit attributable to shareholders in 2025 slipped 6.5% to 1.30 billion yuan from 1.39 billion yuan a year earlier, according to a Shanghai bourse filing on Thursday.Earnings per share declined 4.9% year on year to 0.58 yuan from 0.61 yuan.The Chinese shipbuilding conglomerate's operating revenue rose 12% to 57.80 billion yuan from 51.70 billion yuan in the prior year.
$SHA:600482
Equities
Mercuria Files Lawsuit Against Baltic Exchange Over TD3C Shipping Benchmark
Mercuria Energy Group said it has filed a lawsuit in London's High Court against Baltic Exchange Information Services, alleging distortion of a key oil shipping benchmark, Bloomberg reported on Thursday.The dispute centers on the TD3C route, which tracks the cost of shipping crude from the Middle East to China.Mercuria said the rate "no longer accurately or reliably represents the underlying market it is intended to measure," according to the claim form seen by Bloomberg, adding that the impact has led to losses estimated in the "hundreds of millions of US dollars."The Baltic Exchange, owned by Singapore Exchange, publishes freight rates widely used in global oil markets and derivatives trading.