-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下： FCNC.A公布2026年第一季度运营每股收益为44.86美元，高于去年同期的37.79美元，比市场预期高出5.63美元；调整后营收为21.4亿美元，与去年同期持平，但环比下降5%。净利息收入环比下降6%至16.21亿美元，净息差收窄11个基点至3.09%，两项指标均低于同行，表现令人失望。在第三季度供应链金融问题之后，信贷表现持续改善，净核销率环比下降9个基点至0.30%。管理层将2026年全年净核销率预期下调5个基点至30-40个基点。资产负债表增长势头强劲，存款激增93亿美元（环比增长5.7%），达到1708.4亿美元，主要得益于SVB商业银行和全球基金银行业务57亿美元的增长。贷款增长7.62亿美元（环比增长0.5%），主要由13.5亿美元的资本调用额度扩张推动，反映出创新经济环境的改善。积极的资本部署策略持续推进，包括9亿美元的股票回购（占流通股的4.0%）和25亿美元的购债票据提前偿付。
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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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