-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：鉴于TIH在第一季度营收强劲增长且利润率表现良好（且采矿业务未贡献），我们将评级从“卖出”上调至“持有”。基于2027年EV/EBITDA平均16.0倍和2027年EPS平均26.0倍的市盈率，我们将目标价从166加元上调至224加元。我们上调估值倍数的原因是，在不依赖采矿业务的情况下，TIH营收增长和第一季度利润率依然强劲。我们还认为，大宗商品价格环境的持续时间将比最初预期更长，这将有利于TIH。虽然我们预计采矿订单最终会实现，但目前的估值似乎已经反映了这些订单的影响。TIH股价在动荡时期表现出韧性，目前股价处于十年来的最高水平。然而，地缘政治格局的长期变化，以及美加关系的恶化，使得大宗商品和加拿大主权问题成为关注焦点。这两方面都应有利于TIH，近期宣布的“加拿大强劲基金”正是这种观点的体现。我们将2026财年的每股收益预期从6.88加元下调至6.57加元，并将2027财年的每股收益预期从7.22加元上调至8.13加元。
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