-- 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：我們維持對HDFC 2027財年（3月）每股收益預期（EPADS）為167.50印度盧比（1.80美元），並新增2028財年每股收益預期為181.80印度盧比（1.95美元）。我們預期HDFC 2027財年的貸款成長率將維持在10%左右的低位，與我們對印度銀行業的貸款成長率預測一致，但低於HDFC設定的高於產業平均的成長目標。我們預計，定期存款佔比增加以及2025年12月回購利率下調25個基點將對淨息差構成一定壓力，但HDFC的資金基礎（從批發融資轉向更穩定的客戶存款）將使其2027財年的淨息差保持在穩定範圍內。我們預計，隨著技術/數位轉型效益的逐步顯現，成本效率將有所提高，並且鑑於其穩健的資產質量，信貸成本將保持溫和。我們將目標價從35美元下調至33美元，對應的2027財年本益比約為18.3倍，本益比約為2.5倍（五年平均值分別為22倍和3.3倍）。此估值已考慮了我們預測的2027財年/2028財年淨資產收益率為14%-15%，與2025財年/2026財年的水平相當，但低於合併前的16%-17%。
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Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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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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Equities
Petro Rabigh Emerges From Loss in Q1; Revenue Grows
Rabigh Refining and Petrochemical (SASE:2380), d/b/a Petro Rabigh, said Sunday it swung back to profit in the first quarter of 2026, while revenue increased year over year.Net profit attributable to shareholders of the issuer for the three months ended March 31 was 1.47 billion Saudi riyals, compared with the attributable loss of 691 million riyals earlier. EPS moved to 0.88 riyal from a loss per share of 0.41 riyal.The Tadawul-listed oil refining and petrochemical company's revenue was 14.85 billion riyals, compared with 11.21 billion riyals a year ago.
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