Core Insights - Golar LNG Limited has maintained a strong operational track record with FLNG Hilli, having offloaded 132 cargoes and produced over 9 million tons of LNG since operations began [2] - The company has concluded a Final Investment Decision (FID) for a 20-year redeployment of FLNG Hilli to Southern Energy in Argentina, which is expected to significantly enhance its earnings visibility [2][10] - Golar's financial performance for Q1 2025 shows a net income of $8 million and an Adjusted EBITDA of $41 million, indicating a decline compared to the previous year [7][22] Financial Performance - Q1 2025 net income attributable to Golar was $8 million, a decrease of 85% from $55.2 million in Q1 2024 [22] - Total operating revenues for Q1 2025 were $62.5 million, down 4% from $65.0 million in Q1 2024 [22] - Golar's share of contractual debt increased by 24% year-over-year to $1.495 billion as of March 31, 2025 [22] Operational Developments - FLNG Gimi is in the final stages of commissioning, with the Commercial Operations Date (COD) expected in Q2 2025, which will unlock approximately $3 billion in Adjusted EBITDA backlog for Golar [4][7] - The MKII FLNG conversion project is on schedule for a Q4 2027 delivery, with $0.7 billion already spent on the conversion [8][10] - Golar has signed definitive agreements for a 20-year charter for the MKII FLNG, which, combined with FLNG Hilli, will create one of the largest FLNG development projects globally with a capacity of 5.95 million tons per annum [7][11] Strategic Agreements - The two FLNG agreements with Southern Energy are projected to add $13.7 billion in Adjusted EBITDA backlog over 20 years, with inflationary adjustments and commodity-linked tariff upside [11][12] - Golar's 10% equity stake in SESA provides additional commodity exposure, equating to approximately $28 million in annual exposure for every $1/MMBtu change in achieved FOB prices [13][14] - The charter agreements are subject to strong legal protections under Argentina's Large Investments Incentive Scheme (RIGI), ensuring regulatory stability and security of exports [16][20] Debt and Financing - A $1.2 billion debt facility to refinance FLNG Gimi was signed with a consortium of Chinese leasing companies, expected to generate net proceeds of approximately $530 million for Golar [6] - Golar is exploring alternatives for asset-level financing for MKII FLNG following the secured FID [9] - As of March 31, 2025, Golar's total cash was $678 million, with a net debt position of $817 million after accounting for cash [28][39]

Group 1 - The core viewpoint on mREITs for short-term investors is a Hold due to sensitivity to yield curve dynamics and margin compression amid an uncertain macroeconomic environment [1] - Current challenges include an inverted or flattening yield curve, limited visibility from the Federal Reserve, and risks associated with mortgage-backed securities (MBS) valuations [1] - The analyst emphasizes a long-term perspective on value creation, focusing on macroeconomic trends, corporate earnings, and financial statement analysis to provide actionable investment ideas [1]

Group 1 - ASM International N.V. has conducted share repurchases totaling 23,754 shares at an average price of €475.52, amounting to a total repurchased value of €11,295,546 [1][2] - The share buyback program, which commenced on April 30, 2025, has a total budget of €150 million, with 18.2% of the program completed to date [2] - ASM International specializes in designing and manufacturing equipment and process solutions for semiconductor device production, with operations in the United States, Europe, and Asia [2]

Siili Solutions Plc: Decision to Commence Share Buyback Programme Siili Solutions Plc Stock Exchange Release 26 May 2025 at 15:30 EEST The Board of Directors of Siili Solutions Plc (“Siili” or the “Company”) has resolved to commence the repurchase of the Company’s own shares based on the authorisation granted by the Annual General Meeting held on 8 April 2025. The Company may repurchase a maximum of 31,000 shares in one or several instalments, corresponding to approximately 0.38% of the Company’s total numb ...

On 5 May 2025, Schouw & Co. initiated a share buy-back programme as outlined in Company Announcement no. 20 of 2 May 2025. Under the programme, Schouw & Co. will acquire shares for up to DKK 120 million during the period 5 May to 31 December 2025. The buy-back will be structured in accordance with Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR) and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016 (“Safe Harbour” rules). Tr ...

Core Viewpoint - Danske Bank has initiated a share buy-back program totaling DKK 5 billion, aiming to repurchase up to 45 million shares from February 10, 2025, to January 30, 2026 [1][2]. Group 1: Share Buy-Back Program Details - The share buy-back program is conducted in compliance with the Market Abuse Regulation and Safe Harbour Rules [2]. - As of the last announcement, Danske Bank has repurchased 6,021,965 shares at an average price of DKK 225.3747, totaling a gross value of DKK 1,357,198,355 [3]. - In week 21, the bank repurchased an additional 304,501 shares at an average price of DKK 254.8387, with a total gross value of DKK 77,598,630 [4]. Group 2: Cumulative Transactions - The total number of shares repurchased during the entire buy-back program has reached 6,326,466, representing 0.758% of Danske Bank's share capital [4].

This announcement contains information on transactions of the acquisition of own shares of AB Artea bankas (the Bank) carried during the period specified below under the Bank's own share buy-back programme announced on 30 April 2025.  The period during which the acquisition of the Bank's own shares under the programme was carried out – 05.05.2025 – 23.05.2025. <span lang="EN-US" style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-ansi-language: ...

Norwegian Cruise Line ( NCLH ) shares are down more than 31% year-to-date on the back of the macroeconomic backdrop. However, in its most recent earnings release, the company reaffirmed its full-year guidance, despite the earnings miss and warning for softer consumer demand for moreMitko Atanasov holds an MA in Finance and has served as an equity analyst for one of the UK's largest asset management firms. His Personal stock market experience began in 2010 as a long-term investor. Since then, he has capitali ...

Core Viewpoint - Unum Group has approved a 10% increase in its dividend, making it an attractive option for yield-seeking investors due to its higher dividend yield compared to the industry average [1][2]. Group 1: Dividend and Capital Deployment - The recent dividend hike marks the 16th increase in the last 15 years, with a 10-year CAGR of 10.8% [2]. - The company estimates a dividend payout of $300-$330 million in 2025 [2]. - Unum Group has a strong capital and liquidity position, supported by cash flow generation, which instills confidence in its capital deployment strategy [2][4]. Group 2: Share Buybacks - Unum Group has been actively buying back shares, with a $200 million repurchase in Q1 2025 and plans for at least the same amount in Q2 [3]. - A $1 billion buyback program was approved, starting on April 1, 2025, with expectations to buy back $0.5-$1 billion in shares throughout 2025 [3]. Group 3: Operational Performance - Unum Group is the leading disability income writer and the second-largest writer of voluntary business in the U.S., demonstrating strong operating performance across key insurance segments [5]. - The two primary divisions, Unum U.S. and Colonial Life, have shown ongoing growth in operating income, driven by disciplined sales efforts and increasing premium income [6]. Group 4: Growth Projections - The company forecasts high-single-digit sales growth and 4% to 7% premium growth over the long term, with earnings growth expected between 6% and 10% for 2025 [7]. - Unum Group maintains a robust capital position, with a return on equity of 14.2%, although it lags behind the industry average of 15.5% [7]. Group 5: Stock Performance and Valuation - Shares of Unum Group have gained 6.5%, outperforming the industry growth of 2% and the sector's return of 3.9% [8]. - The current price-to-book multiple is 1.24, above its five-year median of 0.87, indicating that the shares are relatively expensive [9]. - Compared to other insurers like Prudential Financial Inc and Lincoln National Corporation, Unum Group shares are also considered expensive [10]. Group 6: Analyst Sentiment - The Zacks average price target for Unum Group is $92.36 per share, suggesting a potential 16% upside from the last closing price [12]. - However, the consensus estimates for 2025 and 2026 earnings have seen slight declines of 0.7% and 0.6%, reflecting analysts' muted sentiment [12].

理解智能，并不只是研究者和工程师的课题。 文 丨 程曼祺 刘倩 大模型看起来已具备智能的形式：能陪你聊天，步步思考，做高等数学题，高效地写代码……这对很 多人来说已经足够——足以带来更多研究成果、产品机会、巨额投资和股价攀升。 而马毅是那类觉得不够的人，他于无声处开始提问：智能的本质是什么？ 这个问题的题面简单，答案却尚无共识。马毅认为，对智能的理解不应过于表面和短期，而应回到源 头厘清智能诞生和发展的历史。 自 2000 年从伯克利大学博士毕业以来，马毅先后任职于伊利诺伊大学香槟分校（UIUC）、微软亚研 院、上海科技大学、伯克利大学和香港大学，现担任香港大学计算与数据科学学院院长。他和团队提 出的压缩感知技术，到现在还在影响计算机视觉中模式识别领域的发展。 在浩瀚的宇宙里，除了我们正在一手制造却尚不完全可解释的 "机器智能" ，人类所见识过的智能只有 一个大样本：生命。 马毅认为，智能的本质是 "学习"——生命就是智能的载体，从 DNA 出现，到神经系统诞生和寒武纪 物种大爆发，再到人类的语言与数学的诞生，智能有不同的表现形式；但不变的是，智能都是在学习 外部世界的知识与规律，从而进行预测，使知识可以为我 ...