Tokyo Gas FY2025 Gas Sales Slip, Power Volumes Surge

-- Tokyo Gas reported 2025 earnings on Tuesday, showing consolidated gas sales volumes fell to 11.18 billion cubic meters, a slight decrease from 11.21 billion cubic meters a year earlier.

The utility firm's retail customers rose to 8.86 million, while the total number of meters in operation increased to 12.69 million.

The company also said that retail electricity customers rose to 4.34 million, while total power sales surged to 28 billion kilowatt-hours. Wholesale volumes jumped 28.4%, outpacing a 14% rise in retail electricity sales.

Meanwhile, the gas supplier said it expects consolidated net sales to surge to 2.95 trillion Japanese Yen ($18.49 billion) in fiscal 2026, while gas sales volume is projected to drop to 10.79 billion cubic meters. Electricity sales, in contrast, are projected to increase to 28.49 billion kWh.

Tokyo Gas's assumptions for the fiscal year include an exchange rate of 155 Japanese Yen per dollar and oil prices averaging $85 per barrel.

瑞银称，Brown & Brown第一季度财报显示，其有机营收增长持续承压。

瑞银在一份报告中指出，Brown & Brown (BRO) 的第一季度财报显示，尽管其每股收益和调整后利润率均好于预期，但公司有机收入增长依然承压。瑞银周一表示，Brown & Brown第一季度有机收入增长持平，低于瑞银此前预期的2%和市场普遍预期的1.3%。瑞银还指出，该指标已剔除了1000万美元的诉讼相关收入损失，这一数字与预期相符。展望未来，瑞银表示，Brown & Brown预计第二季度灾害性财产保险费率将继续面临下行压力，而经济增长应保持相对稳定。瑞银补充道，公司资本配置将侧重于股票回购和偿还债务，同时也会积极参与一些特殊项目和小额交易。瑞银维持对Brown & Brown股票的“中性”评级，目标价为81美元。周二，Brown & Brown股价下跌超过6%。Price: $62.07, Change: $-4.06, Percent Change: -6.13%

$BRO

TD Cowen 将 Incyte 的目标股价从 123 美元上调至 124 美元。

根据FactSet调查的分析师报告，Incyte (INCY) 的平均评级为“增持”，平均目标价为109.10美元。（报道北美、亚洲和欧洲主要银行及研究机构的股票、商品和经济研究。研究机构可通过以下链接联系我们：https://www..com/contact-us）Price: $94.83, Change: $-0.89, Percent Change: -0.93%

$INCY

Tokyo Gas FY2025 Gas Sales Slip, Power Volumes Surge

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瑞银称，Brown & Brown第一季度财报显示，其有机营收增长持续承压。

TD Cowen 将 Incyte 的目标股价从 123 美元上调至 124 美元。