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?
在加拿大前五大銀行中選擇任意兩家可能比看起來更困難。首先，這些大型銀行之間高度相關，這意味着選擇哪家銀行股票實際上並不重要；它們很可能會朝着同一個方向發展。從股息和增長的角度來看，收益率和增長率也很可能大致相同。那麼，爲什麼不簡單地買入一個按板塊加權的交易所交易基金(ETF)，然後算了呢？
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.
加拿大最大銀行之間存在一些值得指出的差異。這些差異可能導致在中期時間框架內的相對業績表現。
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.
這裏分析了加拿大兩家最大銀行之一，並指出了我認爲可能在未來五年左右成爲潛在贏家的股票。
Toronto-Dominion Bank
多倫多道明銀行
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.
多倫多道明銀行(TSX:TD)提供零售和企業銀行業務、财富管理以及相關金融解決方案。服務列表包括帳戶、卡片、存款證書、人身和財產保險、抵押貸款和借款、國際銀行業務、商戶解決方案、投資、現金管理和財富諮詢服務。
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.
儘管宏觀經濟環境具有挑戰性，多倫多道明銀行能夠產生良好的財務表現。在截至2024年7月的財政年度第三季度中，TD調整後每股收益增加了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.
由於其核心銀行業務，特別是在加拿大市場上持續強勁，它也成功實現了營業收入的同比大漲8.9%，達到了142億美元。事實上，儘管進行了反洗錢調查且宏觀經濟環境並不樂觀，多倫多道明銀行仍然表現出能夠繼續增長營收並保護盈利。
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.
其加拿大個人及商業銀行業務在2024年7月季度創下歷史紀錄。其營收部門同比增長約9%，達到約50億美元。除此之外，該部門的淨利潤也增長約13%，展示了其客戶基礎實力和領先市場地位。
Royal Bank of Canada
加拿大皇家銀行
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.
加拿大皇家銀行(tsx:ry)提供個人、機構和企業銀行產品以及財富和資產管理服務。它通過分支辦事處、ATM和在線門戶運營，併爲個人、企業、中小企業、機構以及高淨值和超高淨值個人客戶提供服務。
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.
加拿大皇家銀行正在以穩定的股息歷史支持其股息，過去10年的股息歷史可靠，支付比率僅爲49%，可持續。然而，其3.42%的收益率略低於主要加拿大股息玩家的平均水平，但低於估計的公平價值。
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.
最近的固定收益產品據說是戰略性的金融舉措，以支持增長和穩定。公司可能通過任命新的首席財務官更好地定位自己，以便在追求持續增長方面擁有更大的財務監督和戰略方向。
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.
該銀行具有良好的財務狀況，收入高，信用質量好，客戶滿意度高，這對該銀行有利。然而，與同行相比，非利息支出的上升、毛壞賬貸款和高市盈率等跡象表明存在各種問題。
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.
增長機會包括實現費用協同效益和加強貿易融資產品。然而，將這些因素與圍繞該銀行的經濟不確定性和額外的監管障礙進行平衡。
The verdict
裁決結果
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.
總的來說，從估值、股息潛力和增長潛力來看，多倫多道明銀行比皇家銀行更好。如果能擊敗洗錢指控，甚至只是支付適量罰款和和解金，多倫多道明銀行的增長空間更大。以13倍盈利水平估值的皇家銀行在銀行標準下評價合理，雖然增長有限，但並不便宜。但它是一家相當保守的銀行，所以不太可能因它而虧錢。
