-- 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：HAL公布2026年第一季度调整后每股收益为0.55美元，超出市场预期0.05美元，但调整后营业收入同比下降14%至6.79亿美元。由于C&P业务疲软（下降3.3%）抵消了D&E业务增长（增长3.9%），营收同比持平，同时利润率持续下降，C&P业务利润率同比下降240个基点至14.6%。我们并不认同管理层对北美市场复苏时间的乐观预期，因为我们质疑管理层所说的早期复苏迹象需要多久才能达到周期中期。尽管出现了这些迹象，但疲软的刺激措施拖累了北美市场第一季度的业绩。中东地缘政治局势导致每股收益减少0.02至0.03美元，而拉丁美洲市场则表现亮眼，营收增长22%。我们认为，尽管原油价格高企，但考虑到地缘政治紧张局势可能缓解，北美地区的运营商仍将保持谨慎。我们注意到，荷航第一季度资本支出同比下降了36%，这并不意味着市场一片乐观。不过，荷航第二季度的业绩展望预计将在今天上午9点的电话会议上公布。
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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.
$URI