-- 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：BRO公布2026年第一季度调整后每股收益为1.39美元，高于去年同期的1.29美元，略高于我们此前预测的1.37美元和市场普遍预期的1.36美元。尽管营收增长35%至19亿美元，主要得益于收购，其中4.35亿美元来自交易。有机营收同比持平于13.5亿美元，低于我们此前4%至8%的增长预期。同时，由于收购成本和利息支出翻番，第一季度息税前利润率从30.4%下降至28.0%。鉴于有机增长率低于同行，且利润率下降，我们认为BRO股价近期缺乏利好因素，这使其此前的高估值不再具有合理性。管理层将当前商业环境描述为“充满挑战”，与上季度“稳定”的评估有所不同。 BRO在2025年完成了43项收购，其中包括价值98亿美元的Accession交易。我们预计，随着内生增长放缓，收购仍将是其增长战略的核心。我们认为，内生增长停滞和利润率收缩将对BRO相对于同行的溢价构成压力。
Related Articles
Asia
Haier Smart Home's Q1 Profit Slumps 15%, Revenue Down 7%
Haier Smart Home (HKG:6690, SHA:600690) posted a 15% drop in net profit attributable to shareholders in the first quarter to 4.65 billion yuan from 5.49 billion yuan a year prior, according to filings with the Hong Kong and Shanghai bourses on Monday.Earnings per share edged down to 0.50 yuan from 0.59 yuan in the year-ago period.The household appliance maker's revenue slipped 6.9% to 73.7 billion yuan from 79.1 billion yuan a year earlier.Haier attributed its lackluster Q1 performance to extreme weather events such as blizzards in the North American market, which caused a 10% decline in the industry, as well as to higher tariff costs.Excluding the impact of the North American market, Haier said its operating profit in Q1 grew by over 10%.
$HKG:6690$SHA:600690
Asia
COSCO Shipping Energy to Buy Dalian Unit for 1.6 Billion Yuan
COSCO Shipping Energy Transportation (HKG:1138, SHA:600026) will accquire 100% of COSCO SHIPPING Investment Dalian for about 1.59 billion yuan, according to a Tuesday Hong Kong bourse filing.The company is buying the asset from its controlling shareholder, China COSCO Shipping Corporation.Dalian COSCO Energy, a wholly owned unit, will fund about 60% of the consideration through external financing and the remainder via internal resources.Upon completion, the target will become an indirect wholly owned subsidiary, and certain existing agreements with related parties will continue as ongoing connected transactions.COSCO Shipping Investment Dalian operates as an investment and asset management platform focused on shipping-related businesses, including liquefied gas transportation assets under development and a hazardous chemicals logistics park in Dalian, the filing said.
$HKG:1138$SHA:600026
Asia
CATL to Raise HK$39 Billion via Share Placement
Contemporary Amperex Technology (HKG:3750, SHE:300750) or CATL agreed to place 62.4 million new Hong Kong shares at HK$628.20 each, raising net proceeds of about HK$39.1 billion, according to a Tuesday bourse filing.The placing price represents a discount of about 7% to the last closing price and about 10.5% to the five-day average.The new shares account for about 1.38% of the company's existing issued share capital.The battery maker plans to use the proceeds to fund global new energy projects, expand its zero-carbon business, support research and development, and for general corporate purposes.CATL expects to place the shares with at least six professional and institutional investors under its general mandate, with no shareholder approval required.
$HKG:3750$SHE:300750