RBC Vs. TD: Which Canadian Bank Stock Is the Better Buy?
RBC Vs. TD: Which Canadian Bank Stock Is the Better Buy?
Choosing between any two of the top five banks in Canada can be a task that's more difficult than it may seem. For one, these large lenders are highly correlated, meaning that it doesn't really matter which bank stock one picks; they're most likely going to move in the same direction. From a dividend and growth perspective, it's also true that yields and growth rates are likely to be about roughly the same. So, why not simply buy a sector-weighted exchange-traded fund (ETF) and call it a day?
在加拿大前五大银行中选择任意两家可能比看起来更困难。首先，这些大型银行之间高度相关，这意味着选择哪家银行股票实际上并不重要；它们很可能会朝着同一个方向发展。从股息和增长的角度来看，收益率和增长率也很可能大致相同。那么，为什么不简单地买入一个按板块加权的交易所交易基金(ETF)，然后算了呢？
There are some differences between Canada's largest banks that are worth pointing out. These differences could lead to relative outperformance over a medium-term time frame.
加拿大最大银行之间存在一些值得指出的差异。这些差异可能导致在中期时间框架内的相对业绩表现。
Here's a breakdown of two of Canada's largest banks and which is the stock I'd call the likely prospective winner over the next five years or so.
这里分析了加拿大两家最大银行之一，并指出了我认为可能在未来五年左右成为潜在赢家的股票。
Toronto-Dominion Bank
多伦多道明银行
Toronto-Dominion Bank (TSX:TD) offers retail and corporate banking services, wealth management and related financial solutions. The services list includes accounts, cards, certificates of deposits, life and non-life insurance, mortgage and borrowings, international banking, merchant solutions, investment, cash management, and wealth advisory services.
多伦多道明银行(TSX:TD)提供零售和企业银行业务、财富管理以及相关金融解决方案。服务列表包括账户、卡片、存款证书、人身和财产保险、抵押贷款和借款、国际银行业务、商户解决方案、投资、现金管理和财富咨询服务。
Toronto-Dominion Bank can produce a good level of financial performance despite a challenging macroeconomic environment. In the third quarter of its fiscal year 2024, which ended in July, TD posted a 3% year-over-year increase in its adjusted earnings to $2.05 per share.
尽管宏观经济环境具有挑战性，多伦多道明银行能够产生良好的财务表现。在截至2024年7月的财政年度第三季度中，TD调整后每股收益增加了3%，至2.05美元。
It also managed to post a solid 8.9% year-over-year rise in its revenue to $14.2 billion, thanks to continued strength in its core banking operations, particularly in the Canadian market. In fact, despite the AML investigation and the not-so-easy macroeconomic environment, Toronto-Dominion Bank has shown it can still grow revenue and protect its earnings.
由于其核心银行业务，特别是在加拿大市场上持续强劲，它也成功实现了营业收入的同比大涨8.9%，达到了142亿美元。事实上，尽管进行了反洗钱调查且宏观经济环境并不乐观，多伦多道明银行仍然表现出能够继续增长营收并保护盈利。
Its Canadian personal and commercial banking operations touched record during the July 2024 quarter. Its revenue segment rose about 9% year over year to about $5 billion. Apart from this, the segment's net profit also rose by about 13%, reflecting the strength of its customer base and leading market position.
其加拿大个人及商业银行业务在2024年7月季度创下历史纪录。其营收部门同比增长约9%，达到约50亿美元。除此之外，该部门的净利润也增长约13%，展示了其客户基础实力和领先市场地位。
Royal Bank of Canada
加拿大皇家银行
Royal Bank of Canada (TSX:RY) offers personal, institutional, and business banking products and wealth and asset management services. It operates through a network of branch offices, ATMs, and online portals and serves individual, business, SMEs, institutional, and high and ultra-high net worth individual clients.
加拿大皇家银行(tsx:ry)提供个人、机构和企业银行产品以及财富和资产管理服务。它通过分支办事处、ATM和在线门户运营，并为个人、企业、中小企业、机构以及高净值和超高净值个人客户提供服务。
Royal Bank of Canada is supporting its steady dividend with a reliable history over the last 10 years, supported by a low payout ratio of just 49%, which is sustainable. However, its yield at 3.42% is a little below the average of the major Canadian dividend players but sits at a discount to the estimated fair value.
加拿大皇家银行正在以稳定的股息历史支持其股息，过去10年的股息历史可靠，支付比率仅为49%，可持续。然而，其3.42%的收益率略低于主要加拿大股息玩家的平均水平，但低于估计的公平价值。
Recent fixed-income offerings are said to be strategic financial maneuvers to bring support to growth and stability. The company might better position itself for greater financial oversight and strategic direction in pursuing efforts at constant growth by appointing its new chief financial officer.
最近的固定收益产品据说是战略性的金融举措，以支持增长和稳定。公司可能通过任命新的首席财务官更好地定位自己，以便在追求持续增长方面拥有更大的财务监督和战略方向。
The bank has sound financial health with high earnings, good quality of credits, and excellent customer satisfaction, which comes well for the bank. However, the rise of noninterest expenses, gross impaired loans, and a high price-to-earnings ratio compared to peers indicate various issues.
该银行具有良好的财务状况，收入高，信用质量好，客户满意度高，这对该银行有利。然而，与同行相比，非利息支出的上升、毛坏账贷款和高市盈率等迹象表明存在各种问题。
The growth opportunities include achieving expense synergies and enhancement of trade finance offerings. However, it will balance these factors against the economic uncertainty and additional regulatory hurdles surrounding the bank.
增长机会包括实现费用协同效益和加强贸易融资产品。然而，将这些因素与围绕该银行的经济不确定性和额外的监管障碍进行平衡。
The verdict
裁决结果
Overall, taking into account valuation, dividend potential, and growth potential, Toronto-Dominion Bank is better than Royal Bank. It has more upside if it can beat the money-laundering allegations or even if it just pays out a moderate amount of fines and settlements. Royal Bank is pretty well-valued by banking standards, and at 13 times earnings with little growth, it is not cheap. However, it is a pretty conservative bank, so you are unlikely to lose your shirt on it.
总的来说，从估值、股息潜力和增长潜力来看，多伦多道明银行比皇家银行更好。如果能击败洗钱指控，甚至只是支付适量罚款和和解金，多伦多道明银行的增长空间更大。以13倍盈利水平估值的皇家银行在银行标准下评价合理，虽然增长有限，但并不便宜。但它是一家相当保守的银行，所以不太可能因它而亏钱。
