-- 根據Jarden週二發布的報告，Challenger（ASX：CGF）2026財年第三季業績更新未能達到市場預期，關鍵壽險指標均低於預期，其中基金管理業務的資金流遠超預期，主要原因是澳洲和全球股票的機構股票投資組合流失。 該公司於5月25日贖回了所有CGFPC債券，此舉簡化了資本結構，降低了AT1債券的票息負擔，並提升了每股盈餘。 Jarden認為Challenger未來風險/回報平衡，其利好因素包括澳洲審慎監理局改革帶來的資本管理彈性，以及退休基金退休合作專案的拓展。 Jarden下調了Challenger 2026財年的銷售預期，以反映機構定期壽險銷售疲軟，但隨著合作項目的上線，零售年金銷售額的成長部分抵消了這一影響。 該投資公司維持對Challenger的「中性」評級，並將目標股價從每股8.60澳元上調至每股8.70澳元。
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Research
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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