WSJ材料行业Market Talk合集转述中国宏桥、Monadelphous与Endeavour Silver事项，均缺少新的可交易预期差

The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0744 GMT – China Hongqiao’s margin resilience could be supported by likely elevated aluminum prices amid persistent supply-demand tightness for the metal, says DBS Group Research in commentary. The Chinese aluminum company’s 1H earnings rose 39% on year, in line with DBS’s estimates, the analysts say. The company’s vertically integrated supply chain provides stable, low-cost bauxite and alumina feedstock, which could enable it to maximize earnings from rising aluminum prices, say the analysts. They also expect China’s capacity ceiling for aluminum to continue to enforce structural supply discipline in the country. DBS maintains its buy rating and target price of 45.00 Hong Kong dollars. Shares drop 1.3% to HK$23.58. (megan.cheah@wsj.com)

2336 GMT [Dow Jones]—Monadelphous expects a year of consolidation in FY27. The market expects it to have one, too. “MND referred to FY27 being a year of consolidation and being able to position for future growth,” RBC Capital Markets says following the engineering company’s FY26 results. That is in line with previous remarks by management, who at the 1H FY26 result said that delivering growth in FY27 would be challenging, says the broker. “Importantly, current FY27 consensus NPAT [net profit] expectations are A$129 million, flat versus today’s FY26 print,” it says. RBC has a sector perform rating and A$31.00 target on Monadelphous. Shares ended Monday at A$32.27. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

Monadelphous reports a solid FY result, with Ebitda and net profit both 1% higher than consensus, says Barrenjoey. The bank attributes the modest beats to tax and interest revenue. The engineering company’s cash result is well ahead of consensus, with operating cash flow a 28% beat, Barrenjoey says. It notes that the stock outperformed heading into the result. Monadelphous says FY27 will be a year to consolidate and position for future growth. “We think a key question on the call will be quantum and drivers of revenue base in FY27 to position for growth,” Barrenjoey says. It has an overweight rating and A$31.10 target on Monadelphous. Shares ended Monday at A$32.37. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1559 GMT – Endeavour Silver can now resume its operations at its Terronera project in Mexico after a peaceful blockade led by community members of the Ejido community was lifted. Community members were demanding proper road maintenance, assistance with medical services and communications, as well as control and access to water supply and increased financial assistance. A spokesperson for the company says “the situation was resolved through direct dialogue, without government or military involvement, as communications with the Ejido remained open and cordial throughout.” The spokesperson added that “the discussions focused on matters covered under our existing agreements, as well as additional items, all of which have now been negotiated and are being finalized.” Shares are up 1.4% to C$14.82. (adriano.marchese@wsj.com)

1352 GMT – Endeavour Silver’s peaceful resolution with the Ejido community in Mexico should bode well in the long-term. National Bank of Canada’s Alex Terentiew notes in a report that the miner resumed operations at Terronera after a 12-day blockade. He trims the net asset value per share estimate to $8.23 from $8.29, but keeps the price target and an outperform rating on the stock, despite a potential modest miss to 2026 output guidance. He says that while the lost production is negative, the peaceful resolution is “a positive sign for Endeavour’s community relationships over the next 15+ years at its longest-life, lowest-cost mine.” (adriano.marchese@wsj.com)

1059 GMT – For Canadian wood products companies, exposure to the new U.S. tariffs should be minimal and manageable, says RBC’s Matthew McKellar. In a report, the analyst says that the trade friction primarily hits niche value-added products like engineered wood, paperboard and corrugated boxes. For those, operational flexibilities and shifting where products are produced give Canadian producers a buffer against the worst drag on earnings. Meanwhile, major commodities such as lumber and oriented strand board are completely exempt from the new tariffs, McKellar notes. Still, he says that the tariff environment remains dynamic and there is “significant uncertainty around potential further action by either the U.S. or Canada.” (adriano.marchese@wsj.com)