-- 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：我们维持35美元的目标价不变，相当于我们2027财年（截至3月）每股美国存托凭证（ADS）预期收益的20.2倍，而同业公司HDFC和SBI的ADS预期收益分别为15倍和11.7倍。我们认为，这一目标价较为合理地反映了ICICI稳健的盈利能力，以及我们预测的2027财年/2028财年15.5%-16%的净资产收益率（ROE），而HDFC和SBI的ROE分别为14%-15%和15%-15.5%。我们预计ICICI的国内贷款增速在2027财年/2028财年将有所放缓，但仍将保持在10%左右的水平（2026财年：+15%）。企业贷款将继续引领增长，但受商品及服务税（GST）改革和强劲的房地产市场带来的积极影响，零售贷款增长在2027财年也将有所加速。我们预计，12月份回购利率下调25个基点以及市场竞争将对净息差（NIM）构成一定压力，但高收益企业贷款的快速增长以及ICICI银行相对较高的活期存款和储蓄存款（CASA）比例将使其净息差保持在行业平均水平以上，同时资产质量的提升也将降低拨备成本。我们将2027财年的每股收益预期（EPADS）从158.12印度卢比上调至160.78印度卢比，并新增2028财年的每股收益预期（EPADS）为175.40印度卢比。
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Asia Markets
Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
The Tadawul All Share Index closed Sunday 0.11% higher as investors assessed the latest updates regarding the conflict in the Middle East.US President Donald Trump said on his Truth Social account that the Pakistani trip for his envoys, Steve Witkoff and Jared Kushner, was canceled. The announcement dimmed the hopes for peace talks between Iran and the US to happen any time soon.Further to this, Israel launched an attack in Lebanon on April 25. The strikes, which targeted Hezbollah, resulted in four casualties and facility damage in Southern Lebanon.Back at home, Rabigh Refining and Petrochemical (SASE:2380), d/b/a Petro Rabigh, and Thob Al Aseel (SASE:4012) posted their financial results for the three months ended March 31. Petro Rabigh emerged from a loss in the first quarter, while Thob Al Aseel logged a higher net profit and revenue."The reason for net profit reported during the current quarter compared to a net loss recorded in the same quarter of last year was primarily attributable to improved product margins resulting from stronger refined product pricing and higher sales volumes," Petro Rabigh said in its report.Petro Rabigh rose 10% at closing, while Thob Al Aseel ticked down 1.59%.Meanwhile, the local calendar will be mostly empty except for the kingdom's preliminary figures for its GDP growth rate for the first quarter and the M3 money supply and private bank lending data for March on Thursday.
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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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