Morgan Stanley Capital Markets Segment Shines, Wealth Metrics Lag: Analysts Praise 'Strong Cost Discipline'
Morgan Stanley Capital Markets Segment Shines, Wealth Metrics Lag: Analysts Praise 'Strong Cost Discipline'
Morgan Stanley (NYSE:MS) reported second-quarter earnings per share (EPS) of $1.82 on Tuesday. That's up from $1.24 a year ago and beating the consensus of $1.65.
周二，摩根大通资源（NYSE: MS）公布了第二季度每股收益（EPS）为1.82美元。这比去年同期的1.24美元高，超出了共识预期的1.65美元。
The U.S. bank reported second-quarter sales of $15.02 billion, up 11.6% year over year, beating the consensus of $14.30 billion. Sales were balanced across Wealth Management and Institutional Securities.
这家美国银行公布了第二季度的销售额为150.2亿美元，同比增长11.6%，超出了共识预期的143亿美元。销售额在财富管理业务和机构证券业务之间保持平衡。
Goldman Sachs writes the revenue beat was entirely in capital markets (14.5% better than the Street). Wealth (ex DCP) and investment management revenue were weaker, the firm noted.
高盛写道，该公司营业收入的超额表现完全来自于资本市场（比街上的预期高出14.5%）。该公司指出，不包括DCP在内的财富管理和投资管理收入相对疲弱。
The analyst notes that Capital markets drove the revenue beat, but this may be partially offset by misses in wealth revenue (excluding DCP), wealth net interest income, and wealth net new assets compared to expectations. Additionally, the 3% quarter-over-quarter wealth net interest income decline raises concerns about future performance.
分析师指出，资本市场推动了营收的增长，但这可能会部分抵消未达预期的财富管理收入（不包括DCP）、财富管理净利息收入和财富管理净新资产。此外，财富管理净利息收入环比下降3%引发了对未来业绩的担忧。
Goldman Sachs writes investment banking came in 21% above the Street estimates.
高盛表示，投资银行业务高出了街上估计的21%。
Goldman Sachs keeps the Buy rating, with a price target of $112.
高盛确认其买入评级，目标价为112美元。
JP Morgan notes robust overall investment banking performance, with equity investments at the upper end of the peer range, showing a year-over-year (YoY) increase of 7% to 21% and an average of 15%.
摩根大通指出，整体投资银行表现强劲，股票投资处于同行业较高水平，同比增长7%至21%，平均为15%。
Fixed Income, Currencies, and Commodities (FICC) also show strength, with a 16% YoY increase compared to the US peers' average of 4% and a range of -3% to 17%.
固收、货币和商品（FICC）业务也表现强劲，同比增长16%，超过了美国同行4%的平均水平，区间为-3%至17%。
However, wealth management net interest income decreased by 3% quarter-over-quarter (QoQ), falling short of the guidance for flat growth. The pre-tax margin of 27% aligns with JP Morgan's estimates, limiting significant upgrade potential.
然而，财富管理净利息收入环比下降3%，未能实现平稳增长的指引。它的税前利润率为27%，与JPMorgan的预测相符，限制了重大升级潜力。
"Overall, management is showing strong cost discipline with headcount declining -1% quarter-over-quarter," JPMorgan's analyst notes.
“总体而言，管理层表现出了强大的成本纪律，员工人数环比下降了1%，”摩根大通的分析师指出。
JPMorgan analyst maintains a Neutral rating for Morgan Stanley.
JPMorgan分析师保持对摩根大通资源的中立评级。
Price Action: Morgan Stanley shares are up 1.01% at $106.33 at last check Tuesday.
截至周二最后检查，摩根大通股价上涨1.01%，报106.33美元。
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