-- 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。当社は、12ヶ月目標株価を47米ドルに据え置きます。これは、2026年のEPS予想に基づくPER（株価収益率）14.2倍を反映したものです。過去5年間の平均PER（予想PER）13.6倍を上回る水準ですが、これは、クレディ・スイスの買収によって、同社の組織構造と収益力が根本的に、かつプラスに変化したと当社が考えるためです。好調な第1四半期決算を受け、2026年のEPS予想を3.21米ドルから3.30米ドルに引き上げ、2027年のEPS予想は3.97米ドルに据え置きます。優れた事業運営と将来的なリスクとのバランスが取れているため、投資判断は「ホールド」を維持します。統合の成功と顧客活動の活発化に支えられた第1四半期の好業績は、同社の強力な収益力を裏付けるものであり、自社株買いの加速につながりました。しかしながら、この勢いは2つの大きな懸念材料によって抑制されている。1つは追加資本を必要とする重大な規制上の逆風、もう1つは将来の顧客活動に影響を与える可能性のあるマクロ経済の不確実性の高まりである。
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Research Alert: CFRA Maintains Sell Opinion On Shares Of Edison International
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our 12-month target at $48, 7.9x our next-12-month EPS view, a discount to peers to reflect the Eaton Fire liability and weak investor sentiment toward California utilities. We lift our 2026 EPS view by $0.03 to $6.11 and 2027's by $0.26 to $6.52. We see EIX facing material near-term uncertainty from the Eaton Fire, with the company explicitly unable to estimate a range of losses despite having recorded $1.3 billion in settlements as of Q1 2026. We think the company's aggressive capital program and commitment to no new equity through 2030 are supported by strong regulatory visibility, but rising interest expense and potential affordability pushback create execution risk to the 5%-7% long term EPS growth target. With $5.5 billion in debt maturities over 2026-2027 and elevated current market rates, we see refinancing risk with material increases in interest expense as a possibility. In our opinion, shares reflect a meaningful tilt toward risk rather than reward. We remain at Sell.
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International
Australia's Manufacturing Sector Returns to Growth in April Despite Supply-Chain Disruptions
Australia's manufacturing sector returned to expansion in April, though the improvement was outweighed by major supply-chain disruptions and a sharp rise in costs linked to fuel and freight pressures arising from the Middle East conflict, according to a survey by S&P Global published Friday.The headline seasonally adjusted S&P Global Australia Manufacturing Purchasing Manager's Index (PMI) rose to 51.3 in April from 49.8 in March, above the 50-point mark separating contraction and expansion.The headline PMI was mainly driven by longer supplier delivery times and higher stocks of purchases, while new orders, output, and employment remained in negative territory.The supply chain disruption in April was largely driven by the Middle East conflict and international freight delays, with fuel shortages and rising fuel costs pushing input prices higher and resulting in the fastest inflation since March 2022, according to the report.Rising input costs and war-related uncertainty pushed output price inflation to a decade high and led to a third straight monthly decline in manufacturing production.New orders kept falling, driven partly by weaker foreign demand, while manufacturers still raised purchasing activity and input stocks in April, likely to build safety buffers against future price increases and supply-chain delays despite lower output needs, per the report.Employment declined for the second consecutive month due to weaker new orders, with firms not replacing departing staff and cutting working hours, while backlogs of work and finished goods inventories also continued to decrease.Business confidence fell for a third straight month to its lowest since July 2024 amid the Middle East conflict, inflation, and cost-of-living pressures, though hopes of post-conflict demand recovery supported year-ahead production optimism, the report added.
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Kina Securities Names Taiwo Fowowe CFO
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