-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下：我們維持目標價1,225美元，相當於2027年每股盈餘預期值的29倍，低於禮來公司（LLY）過去五年的平均本益比。我們維持2026年每股收益預期34.71美元，並將2027年每股收益預期從42.12美元上調至42.22美元。禮來公司今天宣布將以最高70億美元收購Kelonia Therapeutics，以獲得其iGPS平台。該平台能夠開發體內CAR-T療法，透過單次靜脈輸注即可重編程T細胞，從而在體內對抗癌症。 Kelonia的主要候選藥物KLN-1010可針對多發性骨髓瘤中的BCMA，多發性骨髓瘤是美國第二常見血液癌症。同樣，禮來公司（LLY）在2月宣布以高達10億美元的價格收購Orna Therapeutics，以獲得其環狀RNA平台。與傳統的mRNA相比，該平台能夠實現更持久的蛋白質表現、更低的免疫原性以及更大的基因有效載荷。我們認為，這些收購體現了禮來公司利用GLP-1現金流建立多元化產品線的策略，涵蓋腫瘤學、自體免疫疾病和下一代治療模式等領域。
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Research
Research Alert: Alk: Q1 Loss Widens On Fuel Headwinds; Company Suspends Full-year Guidance
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ALK reported Q1 adjusted EPS of -$1.68, widening from -$0.77 in the prior year and missing the -$1.55 consensus, while revenue of $3.3B (+5.2%) met expectations. Unit revenue rose 3.5%, led by strong corporate travel (+19%) and premium segments, but unit costs increased 6.3% from airport, maintenance, and pilot training pressures. The Hawaiian integration and Alaska Accelerate strategy are delivering results ahead of schedule, with Seattle-Tokyo achieving profitability and 90%+ load factors within a year of launch. Management suspended full-year guidance due to fuel cost volatility, though ALK maintains confidence in its long-term trajectory. Looking ahead, Q2 fuel costs are expected to average $4.50 per gallon, representing a 51% sequential increase and $600M headwind equivalent to $3.60/share. We believe the $10 2027 EPS target will be increasingly challenging given current fuel dynamics and guidance suspension, but operational excellence during integration demonstrates management's execution capabilities.
$ALK
Asia
Victory Giant Technology Nets HK$19.9 Billion in Hong Kong IPO Ahead of Debut
Victory Giant Technology (HKG:2476, SHE:300476) raised HK$19.89 billion in net proceeds from its initial public offering in Hong Kong.The final offer price was set at HK$209.88 per H-share, according to a Monday after-market filing with the Hong Kong Stock Exchange.The China-based printed circuit board manufacturer offered 95.9 million H-shares in the global offering.The Hong Kong public offer was 431.15 times subscribed, with a final allocation of 8.3 million shares, representing about 8.2% of the total offering.The international offering was 18.5 times subscribed, with a final allocation of 87.5 million shares, or about 91.3% of the total offering.An over-allocation of 14.4 million shares was made under the global offering.Cornerstone investors, including CPE Rosewood Investment, Janchor Partners Pan-Asian Master Fund, Yunfeng Capital, Morgan Stanley, and HHLR Advisors, were allotted a combined 37.2 million shares, according to the filing.Victory Giant Technology is scheduled to debut on the Hong Kong bourse on Tuesday, April 21.
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Oil & Energy
US Oil Update: Crude Surges as Uncertainty Over US-Iran Talks Fuels Supply Fears
Crude oil futures climbed in after-hours trading on Monday as Iran signaled it may boycott upcoming peace talks in Pakistan, heightening fears that a fragile two-week ceasefire with the US will collapse when it expires on Tuesday.Front-month West Texas Intermediate crude futures jumped by 4.71% to $87.80 per barrel, while Brent futures rose 4.36% to $94.32/bbl.ING strategists said Iran's refusal to send its peace negotiating team to Pakistan opens the door to further escalation in the Arabian Gulf and higher oil and gas prices as the US-Iran ceasefire nears an end.Iran said its participation in the second round of peace talks with the US is subject to the fulfillment of certain preconditions, according to local media.Iran's Foreign Ministry spokesperson, Esmail Baghaei, said there are no plans for a second round of talks with the US, adding that Washington is not learning from experience and that this will not lead to good results, according to media reports."The United States' so-called 'blockade' of Iran's ports or coastline is not only a violation of the Pakistani-mediated ceasefire but also both unlawful and criminal," Baghaei said in a social media post on X.Fueling further uncertainty, the US negotiating team, which is expected to be led by Vice President JD Vance, has reportedly not yet departed for Pakistan, contradicting reports that it was already on its way to Islamabad for talks.On Monday, President Trump said, in a social media post, that he believed his administration's nuclear deal with Iran would be better than a 2015 international agreement reached after years of negotiations under the Obama administration.Meanwhile, the ongoing US-Iran standoff over the Hormuz threatens to deepen the global energy crisis. It is part of the unresolved issues, which include Iran's nuclear enrichment program and Israel's ongoing invasion of Lebanon.The ceasefire between the two sides appeared in jeopardy over the weekend after Washington said it had seized an Iranian cargo vessel that tried to run its blockade and Tehran vowed to retaliate."The US blockade of the Strait of Hormuz is of course blocking Iranian oil exports. But it is also an action of disruption directed towards Europe and Asia," said Bjarne Schieldrop, chief commodities analyst at SEB Research.The US Navy fired on an Iranian cargo vessel in the Gulf of Oman on Sunday. The Navy later seized the ship, accusing the container vessel of trying to break through its blockade as Iran warned it would retaliate, heightening fears of a resumption in hostilities.The seizure follows Iran's attack on commercial vessels in the Strait on Saturday, including a container ship belonging to France's CMA CGM and two Indian-flagged ships that were attempting to cross the strategic waterway.