-- 独立系調査会社CFRAは、に対し、以下の調査レポートを提供しました。CFRAのアナリストは、以下のように見解をまとめています。12ヶ月目標株価を5カナダドル引き下げ、40カナダドルとします。EV/EBITDAは、2027年のEBITDA予想値8.0倍で、FMの過去3年間の平均EV/EBITDA10.6倍を下回りますが、同業他社の平均8.3倍とほぼ同水準です。2026年のEPS予想値を0.33ドル引き下げ、0.53ドルとします。また、2027年のEPS予想値を0.22ドル引き下げ、1.95ドルとします。FMは、中東情勢の緊張による短期的なコスト圧力に直面しており、燃料費は総コストの15%を占めています。C1価格ガイダンスに対しては、1ポンドあたり0.25ドルの上昇圧力がかかる可能性があります（燃料費+0.20ドル、クワチャ+0.10ドル、金価格-0.05ドルで一部相殺）。しかしながら、コブレ・パナマの備蓄鉱石（2026年に銅30～40ktが見込まれる）の処理認可、カンサンシS3の稼働率（設計を25%上回る）、エンタープライズでのニッケル生産量の記録などにより、同社のファンダメンタルズは依然として堅調である。FMは、15億ドルの10年債を6.375%の利率で発行し、償還期限を2036年まで延長することでバランスシートを強化した。タカ・タカ・プロジェクト（最初の10年間で銅291kt/年、内部収益率19.3%）は、バランスシートが開発を支える体制になれば、長期的な成長の可能性を大きく広げる。
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SEC Proposes Abandoning Quarterly Reporting Schedule For Listed Companies
The US Securities and Exchange Commission said Tuesday that it proposed rule amendments that would abandon the quarterly reporting schedule for public companies.If adopted, the SEC proposals would give companies the option to switch to semiannual reporting from the current practice of filing financials on a quarterly basis, the regulator said.In that case, companies would file one semiannual report and one annual report for each fiscal year. Currently, all companies are required to file three quarterly reports and one annual report each year."Public companies have an obligation under the federal securities laws to provide information that is material to investors," SEC Chairman Paul Atkins in a statement. "Yet, the rigidity of the SEC's rules has prevented companies and their investors from determining for themselves the interim reporting frequency that best serves their business needs and investors."US President Donald Trump in September floated the idea of replacing the quarterly reporting schedule with semiannual reporting."This will save money, and allow managers to focus on properly running their companies," Trump wrote on Truth Social at the time.The flexibility in determining a company's reporting cadence "might reduce some of the burdens of being a public company and potentially influence a company's decision to become or remain public," Atkins said.The SEC is seeking public comment on potentially eliminating the quarterly reporting requirement."Today's proposal is just the first step of the larger, comprehensive effort to review and reshape the current SEC rules governing public companies with respect to their ongoing reporting obligations and their ability to raise capital in the public markets," Atkins said.
Sectors
Sector Update: Tech
Tech stocks were higher late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.3% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 4.2%.The Philadelphia Semiconductor index climbed 4.2%.In corporate news, Apple (AAPL) will let users select from multiple third-party AI models for tasks across its iOS 27 software, Bloomberg reported. Apple shares were up 2.7%.
$AAPL
Commodities
US Crude Stocks Set for Second Weekly Draw as Balances Tighten, Macquarie Says
Weekly US crude inventory data from the Energy Information Administration is forecast to show a 5-million-barrel draw for the week ending May. 1, Macquarie strategists said in a weekly note on Tuesday, after a larger-than-expected draw of 6.2 million barrels a week ago.Crude runs are projected to increase by about 100,000 barrels per day, though the timing of seasonal maintenance turnarounds remains a key variable.Crude exports are projected to rise modestly by about 400,000 b/d, while imports are expected to dip by 400,000 b/d."Timing of cargoes remains a source of potential volatility in the weekly crude balance, particularly as exports remain elevated," Macquarie strategists said.Macquarie projected that domestic supply, which includes production, adjustments, and transfers, will drop by 300,000 b/d for the week ended May. 1, while stocks in the Strategic Petroleum Reserve decrease by 5.2 million bbls.On the products front, gasoline inventories are forecast to fall by 400,000 bbls, distillate inventories by 3.8 million bbls, while jet fuel stocks are projected to rise by about 200,000 bbls.Macquarie forecasts the combined implied demand for gasoline, distillates, and jet fuel at about 14.6 mmb/d.