<div id="readability-page-1"><div>2348 GMT - Genesis Energy raising equity appears increasingly likely to Forsyth Barr. &#34;To achieve its goals, Genesis needs capital,&#34; says analyst Andrew Harvey-Green. Genesis estimates it will generate NZ$1.3 billion of free cash across FY 2026-FY 2028. Most of this is committed to existing capex needs, dividends and growth projects under construction. Forsyth Barr says Genesis faces a funding gap of some NZ$600 million for near-term development options. &#34;An equity raise is clearly being considered as it was listed as a funding option, and in our view has several advantages over the alternatives,&#34; Forsyth Barr says. Those alternatives include signing offtake agreements, selling assets, or forming joint ventures. (david.winning@wsj.com; @dwinningWSJ) -- Channel Infrastructure's Pipeline Deal Gets Tick -- Market Talk 2336 GMT - Forsyth Barr is upbeat about Channel Infrastructure's A$14.2 million purchase of a 25% stake in the Somerton Pipeline in Australia, even though the deal doesn't materially move the dial. &#34;There is potential upside from higher throughput volumes due to Melbourne Airport volume growth and debottlenecking the current supply chain, which would increase the use of the Somerton pipeline,&#34; says analyst Andrew Harvey-Green. Forsyth Barr's price target moves up by 2.2% to NZ$2.83/share. Channel Infrastructure is down 0.7% at NZ$2.77. (david.winning@wsj.com; @dwinningWSJ) -- Steelmaking Coal Price Signal Knocked by China Import Shift -- Market Talk 2302 GMT - There's more to the pullback in metallurgical-coal forward prices than seasonal drivers, Panmure Liberum analysts say in a note. They say that &#34;despite feeding into the profoundly seasonal iron ore/steel industries of Asia, the global met-coal trade itself is only very weakly seasonal.&#34; The analysts think the recent dive in forward prices might be linked to China's shift away from Australian cargoes to ex-seaborne supply from Russia and Mongolia. China's &#34;modest import dependency is a key factor,&#34; they say, adding that its &#34;ongoing, proactive restructuring of those import flows is now distorting/undermining broader price action.&#34; The analysts say they also suspect multiple Australian mine sales in recent years have undermined price stability. Weakness in thermal-coal prices is likely a drag, too. (rhiannon.hoyle@wsj.com; @RhiannonHoyle) Write to Barcelona Editors at barcelonaeditors@dowjones.com (END) Dow Jones Newswires11-27-25 0746ET</div></div>

根據 Forsyth Barr 的説法，Genesis Energy 可能會通過增發股票來填補 6 億新西蘭元的開發資金缺口。Channel Infrastructure 在 Somerton Pipeline 的 1420 萬澳元股份可能會因吞吐量增加而受益，目標股價上調至每股 2.83 新西蘭元。Panmure Liberum 分析師指出，中國從澳大利亞煤炭進口轉向俄羅斯和蒙古來源，影響了冶金煤的價格

託德·伯利正在佈局國際資產 -2-