Morning Comment Sweden-07/22/2026

研报英文原文证据摘录

Morning Comment Sweden-07/22/2026

S/cons. Notably, mgmt. expects smaller peers

to be more adversely impacted by raw material scarcity, which will support Commodities, FX, rates and volatility

improved market share as customers strengthen supply chains. We KeyBrentItems Last 5 days Latest92.6 1.57+/- 1.7% YTD%78.0

expect to make slight upward revisions of our estimates. LINK WTI 85.7 1.39 1.6 66.4

N. Gas (TTF) 60.3 0.60 1.0 114.1

• HANZA - HANZA - Buy, TP SEK 184: Q2’26 delivered on all fronts, with Gold 4,135.7 59.30 1.5 -6.7

+9% OSG, +1.5pp EBITA adj. margin expansion, and continued good cash USD/NOKEUR/NOK 10.989.63 -0.06-0.05 -0.5-0.5 -4.5-7.3

flow generation. While we make limited underlying estimate changes US 10Y 4.63 0.04 0.8 11.0

following the report, new M&A adds +17% to 2027E EBIT adj., partly offset Vix 17.1 -1.60 -8.6 14.0

by factory closedowns. We find today’s -1% share reaction confusing, Dollar Index 101.2 0.22 0.2 2.9

particularly given the sector’s sharp de-rating since June highs. Trading

below peers despite stronger earnings growth and an improving M&A

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