-- 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：Rogers第一季度业绩强劲，总服务收入飙升10%至49.12亿美元，远超此前3%-5%的预期。尽管由于MLSE业务的整合，调整后EBITDA利润率下降220个基点至43.1%。调整后EBITDA增长5%至23.64亿美元，无线业务收入保持稳定在20.31亿美元，利润率提升至65.1%，尽管面临竞争压力，移动ARPU值下降1.34美元至55.60美元。媒体业务的转型验证了Rogers的战略远见，收入增长82%至9.88亿美元，这主要得益于MLSE业务的卓越表现，调整后EBITDA增长6300万美元，实现盈亏平衡。该公司更新了2026年业绩指引，将资本支出从33亿至35亿美元下调至25亿至27亿美元，并将自由现金流指引上调至41亿至43亿美元。罗杰斯公司财务状况得到改善，自由现金流增长32%至7.76亿美元，债务杠杆率从4.0倍降至3.8倍，这为公司在充满挑战的监管环境下加速降低债务和持续创造股东价值奠定了良好基础。
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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.
$OTIS
Asia Markets
Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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$^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.
$URI