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加拿大皇家銀行將高力國際集團的目標股價從160美元下調至155美元，但維持「跑贏大盤」評級。

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-- 在Colliers International Group (CIGI.TO, CIGI)公佈第一季財務業績後，加拿大皇家銀行資本市場(RBC Capital Markets)維持對該公司股票的「跑贏大盤」評級，並將目標股價從160美元下調至155美元。 RBC將第一季業績描述為「營收強勁，但利潤波動」。 RBC指出：「整體調整後息稅折舊攤銷前利潤率(AEBITDA)下降67個基點至9.5%，主要原因包括：1) CIGI一直在加大招聘和IT投入，以提高商業地產(CRE)業務的人工智慧(AI)效率；2) 外包業務成長率放緩；3) 工程部門在住宅開發和電信Street平台，這先前已有詳細說明。 RBC表示，儘管維持了2026年的業績指引，但該指引仰賴下半年強勁的業績表現。 CM和租賃業務似乎有望實現“強勁的收入成長”，預計2026年CM業務將成長25%，租賃業務成長8%。 RBC預計，這些成長將在下半年更充分轉化為EBITDA，與去年同期情況類似。報告還指出，受伊朗戰爭的影響，歐洲和亞太地區的成長“可能有所放緩”，但北美地區“儘管利率上升，仍然保持強勁”。 RBC在2026年5月5日的一份報告中表示：“鑑於宏觀經濟的不確定性以及人工智能持續帶來的影響（在這種‘有罪推定’的環境下，人們往往被假定有罪），CIGI今天的股價走勢表明，市場對業績波動不定的季度報告和業績指引缺乏耐心。” RBC仍認為，即使以RBC較為保守的2026年估值（即每股盈餘13倍，調整後EBITDA 10.5倍），對於「有耐心的投資者」而言，CIGI仍然具有「良好的投資價值」。 RBC補充說：“我們新的目標價為155美元（-3%），基於12.5倍的預期AEBITDA倍數，其中CRE為11倍，工程為12倍，IM為15倍。維持運營價格不變。”

Price: $137.23, Change: $+5.09, Percent Change: +3.85%

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