-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：BOH公佈了2026年第一季業績，表現好壞參半。營運每股收益為1.30美元，低於上一季的1.39美元，比市場預期低0.04美元；營收為1.92億美元，低於市場預期1%，但季增1%。淨利息收入較上季成長4%，但2.73%的淨利差仍低於歷史平均水平，反映的是業務復甦而非潛在成長動能。信貸品質表現優異，信貸損失準備金從250萬美元降至180萬美元，淨核銷率顯著改善，從年化12個基點降至3個基點，不良資產佔貸款總額的比例降至0.09%。董事會維持每股0.70美元的季度股息，股息率為53%。資產負債表變動喜憂參半：貸款總額成長0.8%至142億美元，主要得益於商業貸款成長2.0%至62億美元；而存款總額下降1.1%至210億美元，其中無息存款佔27.0%。該銀行維持了遠高於監管最低要求的強勁資本水平，一級資本充足率（CET1）為12.06%，並回購了1,510萬美元的股票。
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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 $4.25), a modest discount to industrial machinery peers' and OTIS's five-year forward multiple average given unclear timing of ongoing margin headwinds. Service margins were disappointing in Q1 (contracting 160 bps to 23%) amid higher labor and material costs that came in above pricing. Weakness in China has yet to stabilize, though as noted in the past, this represents a shrinking area of OTIS's portfolio and will have a more limited effect going forward. Overall, the latest quarter was more of the same (China weakness/New Equipment decline), though with the added concern of margin quality being pressured within Service - the core profit driver for OTIS overall. While efforts to shore up profitability are underway, we see timing of recovery being uncertain.
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Asia Markets
Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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$^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.
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