-- 独立系調査会社CFRAは、に対し、以下の調査レポートを提供しました。CFRAのアナリストは、以下のように見解をまとめています。MSCIは2026年第1四半期に好調な業績を発表しました。営業利益（EPS）は前年同期の4.00ドルに対し4.55ドルとなり、市場予想を0.09ドル上回りました。売上高は8億5,100万ドル（前年同期比14%増）で、市場予想を1,000万ドル上回りました。同社は、4四半期連続で10%を下回る売上高成長率の後、2四半期連続で2桁成長を達成しました。営業利益率は310ベーシスポイント上昇し53.7%となり、経費の伸びは6.8%に抑えられました。インデックス部門は、売上高4億9,600万ドル（前年同期比18%増）と資産ベースの手数料収入2億2,500万ドル（前年同期比27%増）という力強い成長を記録し、四半期ベースで1,030億ドルの堅調なキャッシュフローに支えられ、業績を牽引しました。 MSCI株式指数に連動するETFの運用資産総額は四半期末時点で2兆4030億ドルに達したが、手数料は前四半期比6ベーシスポイント低下し、2.35ベーシスポイントという新たな低水準となった。顧客維持率は2024年初頭に92.8%まで低下した後、2023年以来の最高水準となる95.4%まで回復し、インデックスが96.9%でトップ、アナリティクスが95.3%を維持した。また、新規定期購読の純売上高は前年同期比51.7%増と急増し、健全な需要の勢いを示している。
Related Articles
Asia
Suncorp Group Sees Improved Earnings Stability Under New Reinsurance Structure, Jefferies Says
Suncorp Group (ASX:SUN) will benefit from reduced earnings volatility and improved capital efficiency following its new five-year aggregate reinsurance program, though growth forecasts have been modestly revised lower, Jefferies said in an April 24 note.Jefferies noted that the new reinsurance program, starting June 30, provides AU$800 million in annual catastrophe protection and up to AU$2.4 billion over five years, capping natural hazard costs at budgeted levels in about 90% of scenarios and reducing earnings volatility from extreme weather.The equity research firm said that the company's revised framework raises its fiscal 2027 natural hazard allowance to AU$1.85 billion and ties it to exposure growth following a AU$453 million first-half 2026 overrun, with the impact broadly neutral.The research firm stated that, despite differing economics from its peers, the company's underlying insurance trading ratio outlook remains steady at 10% to 12% at the top end of its range, with reported earnings expected to better reflect underlying performance as catastrophe volatility eases.The research firm slightly revised its forecasts, cutting gross written premium growth to about 3% from 3.8% due to foreign exchange effects in New Zealand and updating investment income and valuation assumptions, with earnings estimates adjusted within a range of negative 3% to 1% over the forecast period.Jefferies maintained a hold rating on Suncorp Group and raised the price target to AU$17.70 from AU$16.50.
$ASX:SUN
Asia
Fortescue Faces Pressure From Iron Bridge Weakness, Green Energy Shift, Jefferies Says
Fortescue (ASX:FMG) reported softer quarterly performance alongside ongoing challenges at Iron Bridge and increased spending on non-core green energy projects, raising concerns over returns and valuation, Jefferies said in an April 24 note.The company reported a softer quarter due to seasonal and weather impacts, with solid performance from its Pilbara hematite operations offset by ongoing underperformance at the Iron Bridge magnetite project, which continues to face throughput and margin challenges and may struggle to justify its value.Jefferies noted that the company's $680 million investment in green energy capacity for third-party customers, such as industrial users and data centers, represents a strategic shift, but views it as non-core capital allocation that may justify a higher discount rate for its mining business until clearer returns emerge.The equity research firm said that the company's Pilbara system is nearing port capacity constraints, a "good problem" that may allow higher-margin hematite production to displace costlier Iron Bridge volumes, as the company reviews its portfolio, trims Iron Bridge output, and keeps overall shipment guidance broadly unchanged.The research firm added that the company remains financially solid with $4.2 billion in cash despite dividends and capital expenditure outflows and is expected to return to a net cash position longer term, but highlighted Iron Bridge uncertainty and higher green energy spending as risks, including a potential write-down, supporting a cautious outlook.Jefferies maintained an underperform rating on Fortescue and reduced the price target to AU$16.50 from AU$17.50.
$ASX:FMG
Research
Research Alert: CFRA Keeps Hold Opinion On Shares Of Otis Worldwide Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target to $90 from $100 following Q1 earnings, valuing OTIS shares at 19.6x our 2027 EPS outlook of $4.58 (down from $4.70; 2026 EPS view updated to $4.18 from $4.25), a modest discount to industrial machinery peers' and OTIS's five-year forward multiple average given unclear timing of ongoing margin headwinds. Service margins were disappointing in Q1 (contracting 160 bps to 23%) amid higher labor and material costs that came in above pricing. Weakness in China has yet to stabilize, though as noted in the past, this represents a shrinking area of OTIS's portfolio and will have a more limited effect going forward. Overall, the latest quarter was more of the same (China weakness/New Equipment decline), though with the added concern of margin quality being pressured within Service - the core profit driver for OTIS overall. While efforts to shore up profitability are underway, we see timing of recovery being uncertain.
$OTIS