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.
週二，摩根大通資源（NYSE: MS）公佈了第二季度每股收益（EPS）爲1.82美元。這比去年同期的1.24美元高，超出了共識預期的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.
這家美國銀行公佈了第二季度的銷售額爲150.2億美元，同比增長11.6%，超出了共識預期的143億美元。銷售額在财富管理業務和機構證券業務之間保持平衡。
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.
高盛寫道，該公司營業收入的超額表現完全來自於資本市場（比街上的預期高出14.5%）。該公司指出，不包括DCP在內的财富管理和投資管理收入相對疲弱。
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.
分析師指出，資本市場推動了營收的增長，但這可能會部分抵消未達預期的财富管理收入（不包括DCP）、财富管理淨利息收入和财富管理淨新資產。此外，财富管理淨利息收入環比下降3%引發了對未來業績的擔憂。
Goldman Sachs writes investment banking came in 21% above the Street estimates.
高盛表示，投資銀行業務高出了街上估計的21%。
Goldman Sachs keeps the Buy rating, with a price target of $112.
高盛確認其買入評級，目標價爲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，整體投資銀行表現強勁，股票投資處於同行業較高水平，同比增長7%至21%，平均爲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、貨幣和商品（FICC）業務也表現強勁，同比增長16%，超過了美國同行4%的平均水平，區間爲-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，财富管理淨利息收入環比下降3%，未能實現平穩增長的指引。它的稅前利潤率爲27%，與JPMorgan的預測相符，限制了重大升級潛力。
"Overall, management is showing strong cost discipline with headcount declining -1% quarter-over-quarter," JPMorgan's analyst notes.
“總體而言，管理層表現出了強大的成本紀律，員工人數環比下降了1%，”摩根大通的分析師指出。
JPMorgan analyst maintains a Neutral rating for Morgan Stanley.
JPMorgan分析師保持對摩根大通資源的中立評級。
Price Action: Morgan Stanley shares are up 1.01% at $106.33 at last check Tuesday.
截至週二最後檢查，摩根大通股價上漲1.01%，報106.33美元。
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