-- 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：Chubb公布的第一季度运营每股收益为6.82美元，较去年同期的3.68美元增长85%，高于我们此前预测的6.60美元和市场普遍预期的6.61美元。净已赚保费增长12.1%（按固定汇率计算增长9.5%），超过我们此前5%-8%的增长预期。同时，财产险和意外险综合比率显著改善，从95.7%降至84.0%，这反映出本季度巨灾风险较低，且基础综合比率也从82.3%改善至82.1%。我们认为，近11%的净已承保保费增长（处于同业范围的高端）对股价构成支撑。管理层将业绩描述为“优秀”，但指出金融险和财产险的定价仍然疲软。我们预计4月22日的投资者电话会议将重点讨论保险市场状况以及与美国政府合作的战争风险承保计划。我们认为，CB公司优异的承保盈利能力（比行业平均水平高出约10个百分点）以及强劲的保费增长，将为股价上涨提供催化剂。
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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