-- 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：TRP公布第一季度调整后每股收益为0.99加元，高于市场预期的0.95加元，超出预期0.02加元。同时，可比EBITDA增长14%至31亿加元，各业务板块盈利增长10%至22亿加元。所有业务板块均实现同比增长，其中墨西哥天然气管道业务板块表现最为突出，盈利飙升84%至3.89亿加元，主要得益于东南门户管道项目和德克萨斯州南部天然气管道业务的股权收益增长。该公司宣布了一项战略性15亿美元的阿巴拉契亚天然气供应项目，该项目将使哥伦比亚天然气系统的输送能力增加0.8亿立方英尺/日，预计于2030年投入运营，建设倍数预计为7.3倍。管理层重申了2026年的业绩指引，预计可比EBITDA为116亿至118亿加元，资本支出为60亿至65亿加元。由于主要项目竣工，资本支出从18亿加元降至13亿加元，因此经营活动产生的净现金流激增92%至26亿加元，而可比经营活动资金增长20%至23亿加元。在冬季风暴“弗恩”期间，TRP创下了七项交付记录，同时保持了六年来最佳的安全绩效。
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Mining & Metals
Update: WTI Oil Falls As Iran Offers New Peace Plan
West Texas Intermediate (WTI) crude oil closed lower Friday as Iran made a new peace proposal, however U.S. President Trump rejected the plan.WTI crude oil for June delivery closed down US$3.13 to US$101.94 per barrel, while July Brent oil was last seen down US$2.177 to US$108.23.Reuters reported Iran offered a new proposal to reach a peace deal with the United States. While details were not disclosed Trump rejected the plan, telling reporters he was not satisfied with the plan. However he confirmed indirect talks mediated by Pakistan are continuing by phone.Oil remains in short supply following the closure of the Strait, the chokepoint for exports from the Persian Gulf nations that accounted for 20% of daily demand. The lack of supply has pushed up crude oil prices by more than half since the Feb.28 start of the war amid shortages of crude oil and refined products, with Nymex gasoline futures up 81% since the war began while supplies of aviation are tightening.The supply crunch comes ahead of the May 23 start to the Memorial Day weekend, the traditional start of the summer driving season, when demand for fuel peaks, which is likely to push prices even higher."With summer demand season quickly approaching, we see a path for oil prices to exceed the 2022 and even 2008 highs, especially as sentiment may finally be shifting on the duration of the Hormuz blockage," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets, wrote.
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Australia
GoDaddy Faces AI Fears Head-On, RBC Says
GoDaddy (GDDY) reported a "very clean" Q1 and reiterated its full-year outlook even as the stock likely more priced for a guide down, RBC Capital Markets said in a note Friday.The report pointed to positives in the quarter, including bookings for its Applications and Commerce that decelerated in-line to 9% which was expected after last quarter's discounting."Discounting continues but is stable and given the AI concerns,A&C must maintain at least LDD growth rates going forward if the stock is to work," the note said.The report also said margins came in ahead, making the rest of the year look like a lay-up.RBC kept its outperform rating with a price target of $95.Price: $86.93, Change: $+0.13, Percent Change: +0.16%
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Mining & Metals
CIBC Raises Its Primaris REIT Price Target By C$2, Reiterates its Outperformer Rating
CIBC Capital Markets reiterated its outperformer rating on the shares of Primaris Real Estate Investment Trust (PMZ-UN.TO) while raising its price target to C$22.00 from C$20.00 on Thursday, following PMZ's first quarter results on Wednesday.PMZ reported Q1 FFO/unit of $0.425 (-3.2% Y/Y), broadly in line with consensus, noted CIBC."Our 2027 FFO/unit estimate rises by near 2%, as we better reflect the improved leasing cadence on the ground," said CIBC, adding it $22 price target is based on an 11 times 2027 estimated FFO/unit multiple (10.2 times previously), translating to a 5% discount to the bank's revised one-year-out NAV (9% previously), "reflective of its risk, growth prospects, and leverage versus peers."CIBC also reiterated its belief that PMZ unitholders will benefit from occupancy improvements and rent growth over the long term. Tenant relationships for mall operators matter given the reach of their typically national tenant base, CIBC said. Controlling increasingly more productive assets through acquisition and organic growth will increase PMZ's importance to these national tenants, the bank added."PMZ's ability to fund its capex and distribution from its own rents and low balance sheet leverage drive a lower financial risk profile that offsets the risk of owning a higher-risk asset class in enclosed malls," added CIBC. Trading at an implied cap rate of near 8.7% on achievable forecasts, CIBC believes investors are being well compensated for the operating risks involved with owning PMZ units (e.g., anchor tenant transitions) versus the balance of the large-cap Canadian retail REIT universe (trading at estimated implied cap rates of 5.8%-7.1%)."CIBC noted on the call that Primaris will provide a detailed update on its HBC progress in the next 60 days, once it has a significant number of fully executed leases in place, and also that CRU leasing momentum "accelerated meaningfully" in Q1, with management highlighting record new deal volumes and pricing.Price: $19.01, Change: $+0.14, Percent Change: +0.74%
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