-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下：AllianceBernstein (AB)公佈的第一季調整後每股收益為0.83美元，高於去年同期的0.80美元，與市場普遍預期相符，但低於我們先前預測的0.90美元。 GAAP每股收益為0.92美元，高於去年同期的0.67美元，主要得益於與法國興業銀行(SocGen)合資交易帶來的4,840萬美元收益。第一季調整後營收成長3.9%至8.71億美元，與我們先前3%-7%的成長預期一致，其中基本費用成長3.8%，分銷費用成長77%。 AB指出，截至第一季末，其機構業務儲備總額為275億美元，預計將受惠於包括計畫拓展亞洲保險市場在內的各項策略性舉措。資產管理規模成長6.9%至8,386億美元，但淨流出額惡化至71億美元（去年同期為淨流入24億美元），掩蓋了流入固定收益、另類投資和多元資產的67億美元資金。受重組措施影響，GAAP營業利益率提升430個基點至26.1%。我們預計2026年營業利潤率將小幅進一步提升，並認為鑑於合夥權益高於平均水準的收益率潛力，其價值被低估。
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