-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：ACGL第一季度运营每股收益为2.50美元，高于去年同期的1.54美元，高于市场普遍预期的2.46美元，但低于我们此前预测的2.62美元。运营收入同比下降1.3%，远低于我们此前预测的8%-15%的增长，主要原因是已赚保费下降4.8%，部分被投资收益增长8%所抵消。我们认为ACGL是一家顶级承保公司，拥有卓越的承保能力，尽管面临竞争压力，仍保持了强劲的盈利能力。我们预计在4月29日的电话会议上，有关已承保保费缺口的问题将备受关注，因为净已承保保费同比下降了3.7%。ACGL的基础承保业绩依然优于行业平均水平，综合比率为82.3%，高于去年同期的81.0%，比行业平均水平低5-10个百分点。尽管营收增长乏力令人担忧，但鉴于该公司优异的承销业绩和盈利能力指标，我们认为 ACGL 的股票相对于同行和历史平均水平而言仍然被低估。
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Research Alert: Bxp, Inc. Q1: Re-leasing Spreads Negative As Leverage Increases
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