-- 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。REI.UN株の12ヶ月目標株価を1ドル引き上げ、23ドルとします。これは、2026年のFFO予想に対する株価収益率（P/FFO）倍率14.1倍を適用したもので、過去3年間の予想平均10.4倍を上回る水準です。2026年のFFO予想は0.05ドル引き下げて1.63ドル、2027年のFFO予想は0.02ドル引き下げて1.70ドルとします。リオカンは計画していた売却案件の80%（10億4000万ドル）を既に契約済みとしているため、資本再投資計画に伴うリスクは軽減しています。今後は、リオカンが売却益を収益性の高い買収に効果的に活用できるかどうかが、実行リスクの焦点となります。経営陣は、レバレッジなしの内部収益率（IRR）9%を目標としています。リオカンの中核ポートフォリオは稼働率がピークに達しているため、第1四半期に見られた前年同期比25.8%増（新規リースは58.5%増）という歴史的に好調な再リース動向の恩恵を受ける機会は限られています。当社は、リオカンが食料品店を核とした物件の開発と成長において有利な立場にあると引き続き考えていますが、短期的な借り換えによる逆風がFFO（運用資金）に影響を与えています。
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International
Daily Roundup of Key US Economic Data for May 6
ADP private payrolls rose by 109,000 in April after a 61,000 gain in March.The services sectors added 94,000 jobs, led by a 61,000 gain in education and health services jobs. Goods sector payrolls increased by 15,000 jobs, with construction payrolls up 10,000 and manufacturing payrolls up 2,000.The Mortgage Bankers Association reported a 4.4% decline in mortgage applications in the week ended May 1 after a 1.6% drop in the previous week. Refinancing activity and new home applications both declined due to lower mortgage rates.Total crude oil inventories fell by 7.5 million barrels in the week ended May 1, with commercial oil inventories down 2.3 million barrels and stocks in the US Strategic Petroleum Reserve down 5.2 million barrels. Gasoline inventories and distillate inventories both decreased last week.
Commodities
EMEA Oil Update: Crude Extends Slide as Prospects of US-Iran Deal Ease Supply Fears
EMEA crude futures extended declines in after-hours trading on Wednesday amid reports that the US and Iran are nearing a framework deal to end the Middle East conflict, with President Trump saying "Great Progress" has been made on a final agreement.Brent crude futures dropped by 6.85% to $110.38 per barrel, while Murban oil futures were down 7.63% to $97.88/bbl.Soojin Kim, research analyst at MUFG, said the naval blockade on Iranian ports remains in place, "keeping supply disruptions elevated.""The US also signalled a reduced likelihood of renewed military escalation, with officials confirming that the ceasefire remains intact despite recent attacks in the Gulf region," Kim said.On Wednesday, President Trump said that the US would pause its effort to escort ships through the Hormuz Strait, signalling progress toward a final Iran deal.US officials reportedly believe Washington is nearing a one-page, 14-point memorandum of understanding to end the war and establish a framework for more detailed nuclear talks.The Trump administration expects Iran to respond to several key points over the next 48 hours, but nothing has been agreed to yet."Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective blockade will allow the Hormuz Strait to be open to all, including Iran," Trump said in a post on Truth Social.Pakistan, the mediator in the US-Iran talks, said the two sides were closing in on an agreement on a one-page memorandum of understanding, according to media reports. Iran, meanwhile, is reviewing a new US proposal, and it will convey its response soon through Pakistan.Rystad analysts said reports of a potential deal have gained credibility, with Pakistan's foreign ministry saying it expects a resolution "very soon," while the US anticipates a response from Iran within 48 hours."A deal announcement would move futures further immediately, in fact even the potential of a deal is already triggering a decline in oil prices. However, the physical market does not run on political timelines," said Paola Rodriguez-Masiu, Rystad's chief oil analyst.Global energy supply losses from halted vessel traffic via the Strait since the outbreak of the Middle East conflict have roiled markets and driven up prices. On Tuesday, Trump said that the US would temporarily halt "Project Freedom," citing progress in negotiations with Iran.Going forward, Kim said that tighter US crude inventories and ongoing Middle East supply risks continue to support prices despite improving sentiment around diplomacy.US exports of total petroleum products hit a record high of 8.2 million barrels per day in the week ending May 1, the Energy Information Administration said. The weekly figure is up from 7.7 mmb/d a week ago, according to EIA weekly data.
Mining & Metals
EMP Metals Receives First Saltworks Equipment Deliveries At Project Aurora Demonstration Plant
EMP Metals (EMPS.CN) has received the first equipment deliveries from its technology partner, Saltworks Technologies, at its Project Aurora demonstration plant, the company said early Wednesday.The first seven truckloads of production equipment from Saltworks Technologies have arrived at its Project Aurora lithium Demonstration Facility located at the company's Viewfield Project Area in Saskatchewan, the company said."The delivery is a significant operational milestone for Project Aurora, EMP's integrated, continuous-flow lithium refining demonstration system designed to process ten (10) m3/day of raw brine from wellhead to lithium chemicals," said the company.The production equipment will be immediately positioned within the facility, with remaining equipment deliveries expected over the coming weeks as the company works toward its targeted plant start date in the third quarter of 2026, it added."We are excited to have Saltworks' processing equipment arrive at our Stoughton facility pre-commissioned and on schedule," said Chief Executive Officer Karl Kottmeier. "This is a moment we've been building toward for several years and I want to thank Saltworks for their technical proficiency and dedication to the success of Project Aurora as we transition from construction to operation."Shares of the company were last seen down $0.025 to $0.55 on the Canadian Securities Exchange.Price: $0.55, Change: $-0.02, Percent Change: -4.35%
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