-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下： FCNC.A公佈2026年第一季營運每股收益為44.86美元，高於去年同期的37.79美元，比市場預期高出5.63美元；調整後營收為21.4億美元，與去年同期持平，但季減5%。淨利息收入季減6%至16.21億美元，淨利差收窄11個基點至3.09%，兩項指標均低於同行，表現令人失望。在第三季供應鏈金融問題之後，信貸表現持續改善，淨核銷率季減9個基點至0.30%。管理階層將2026年全年淨核銷率預期下調5個基點至30-40個基點。資產負債表成長動能強勁，存款激增93億美元（季增5.7%），達到1,708.4億美元，主要得益於SVB商業銀行和全球基金銀行業務57億美元的成長。貸款成長7.62億美元（季增0.5%），主要由13.5億美元的資本調用額度擴張所推動，反映出創新經濟環境的改善。積極的資本部署策略持續推進，包括9億美元的股票回購（佔流通股的4.0%）和25億美元的購債票據提前償付。
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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.
$OTIS
Asia Markets
Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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$^TASI$SASE:2380$SASE:4012
Research
Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.
$URI