-- 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：我們將目標價上調5美元至185美元，相當於2027年每股收益預期值的16.6倍，鑑於CFR優異的資產負債表增長，這一估值高於其五年平均遠期市盈率14.5倍。我們將2026年每股收益預期上調0.70美元至10.54美元，並將2027年每股收益預期上調0.57美元至11.17美元。 CFR成長迅速，但同時，支出成長速度超過了收入成長速度，導致營運槓桿為負。目前，這一趨勢正在逆轉。 CFR本季提高了淨利差和貸款預期，同時保持支出預期不變，這意味著CFR預計將實現正經營槓桿，並在2026年創下每股收益新高，比我們之前的預期提前一年。此外，儘管整個行業普遍擔憂商業房地產、低收入消費者和非銀行金融機構的處境，但CFR仍維持著卓越的信用品質。近幾個季度，其淨沖銷額僅為同業平均的一半。該公司資本充足，足以因應經濟低迷，其一級資本充足率（CET1）為14.1%。
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US Markets
Vietnam Manufacturing Pressured in April: PMI Report
Vietnam's manufacturing sector was pressured by declining orders and rising costs in April, reported S&P Global on Monday.The Vietnam manufacturing purchasing managers index (PMI) dropped to a seven-month low of 50.5 in April, down from 51.2 in March, though still marginally pointing at sector health, said S&P Global, citing its monthly survey.Vietnam factory managers reported that "new orders decreased for the first time in eight months" while manufacturers cut payrolls and hours, said S&P Global.Factor managers reported backlogs of work fell for the fourth time in five months during April, and that they they cut purchasing and inventory holdings in the month, advised S&P Global.Not surprisingly, Vietnamese factory managers were less optimistic in April."Concerns around the impacts of the war in the Middle East led to a further waning of optimism among Vietnamese manufacturers. Sentiment dipped to a seven-month low and was weaker than the series average," explained S&P Global.Vietnam's factory output "seems likely" to decline in coming months "unless the price and supply environments improve soon," said S&P Global.The Vietnam manufacturing PMI was compiled by S&P Global from survey sent to 400 manufacturers from April 9 through April 22.
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US Markets
Indonesia's Manufacturing Activity Shrinks in April
Indonesia's factory activity contracted in April as the Middle East conflict brought pressure on prices and supply, bringing cost inflation to its highest in four years.S&P Global Indonesia Manufacturing Purchasing Managers' Index or PMI dropped to 49.1 from 50.1 in March, according to a press release from the think tank on Monday.The decline in production volumes during the month was the fastest since May 2025. Firms attributed the diminishment of output to increasing raw material prices, supply shortages and a slowdown in customer demand, despite manufacturers reporting a slight uptick in new order intakes.The slowdown in output reflected the impact of the Iran war in various goods, especially in oil and crude. Indonesia's inflation growth weakened to 2.42% in April, according to data from the Central Statistics Agency."Indonesia's manufacturing sector saw intensifying inflationary pressures start to bite in the midst of the war in the Middle East," S&P Global Market Intelligence economist Usamah Bhatti said. "Firms recorded a solid contraction in output in April, with anecdotal evidence largely pointing to the impact of higher raw material prices and supply shortages on production."Indonesia was among the countries that felt the impact of the oil price shock brought by the war in Iran. State-owned oil and gas enterprise Pertamina raised the prices of non-subsidized fuel products in April, such as those from Pertamax Turbo, Dexlite, and Pertamina Dex.As of Monday, the price of Pertamina Dex's oil in Jakarta is 27,900 Indonesian rupiah per liter, while Dexlite's oil price is 26,000 rupiah per liter. Pertamax Turbo's price on gasoline for the city is at 19,900 rupiah per liter, according to Pertamina's webpage.Meanwhile, manufacturers reduced employment at the start of the second quarter to meet production requirements, S&P Global said.Businesses also remained optimistic that production volumes would rise in the next 12 months."A positive sign was a slight uptick in new orders. However, survey evidence suggested that this was often due to clients making advanced purchases ahead of further potential disruption from the conflict," Bhatti said. "Moreover, optimism eased to a five-month low amid uncertainty regarding the length of the war."
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Research
Research Alert: CFRA Keeps Buy Rating On Shares Of Iron Mountain Incorporated
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target price by $20 to $143 based on a forward P/FFO of 34.0x our 2026 FFO estimate, a premium to its one-year average of 27.2x. We maintain our 2026 and 2027 FFO estimates at $4.20 and $4.61, respectively. IRM reported 17% organic growth in Q1, the highest mark in more than 25 years, highlighting the strength of the data center expansion and services growth. Data center growth continues to beat expectations with management expecting to be meaningfully above its original 100MW guidance for the year; this is evident in the guidance increase of $175M for revenue. We see the recently acquired FedRAMP High authorization designation, which allows for cloud storage of mission-critical and highly-sensitive federal data, will drive higher service revenue growth in the future. Net lease adjusted leverage is now 4.8x, the lowest level since IRM's 2014 REIT conversion, highlighting the capacity for management to fund significant data center capex expansion over the next five years.
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