<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/07/BMO.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1000" height="667" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/07/BMO.jpg"/></p>
<p>加拿大蒙特利尔银行（TSX: BMO）股价是今年四大加拿大银行中表现最差的。今年股价下跌超过 13%，而多伦多道明银行下跌 5.10%，加拿大苏格兰银行几乎没有变化。加拿大皇家银行（RBC）股价今年上涨超过 13%。</p>
<h2>关于加拿大宏观经济</h2>
<p>今年，加拿大银行继续表现不佳，落后于美国和欧洲同行。在美国，花旗集团、摩根大通和高盛等公司今年股价均大幅上涨。</p>
<p>同样，在欧洲，意大利联合信贷银行、劳埃德银行和劳埃德银行最近股价创下多年新高。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/07/BMO-vs--1024x354.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="354" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/07/BMO-vs--1024x354.png"/></p>
<p><em>蒙特利尔银行 vs 多伦多道明银行 vs 加拿大皇家银行 vs 加拿大苏格兰银行 vs 花旗 vs 摩根大通</em></p>
<p>这种表现主要是由于加拿大面临的宏观经济形势严峻，失业率持续上升。</p>
<p>通胀有所缓解，为加拿大央行降息打开了大门。央行在上次会议上将利率下调了 0.25%，至 4.75%。</p>
<p>因此，分析师对这些加拿大银行持谨慎态度。在最近的一份报告中，瑞银开始对该行业进行覆盖，并给予皇家银行买入评级，指出看好其收入多元化，特别是在资本市场方面。对于蒙特利尔银行、加拿大苏格兰银行和加拿大帝国商业银行等银行，瑞银持中性评级。</p>
<h2>蒙特利尔银行增长缓慢</h2>
<p>蒙特利尔银行是加拿大最大的银行之一，在北美资产规模排名第 9。它为超过 1300 万客户提供个人、商业、市场和投资银行服务。其资产超过 1.4 万亿美元。</p>
<p>蒙特利尔银行主要收入来自其个人与商业银行和商业部门，包括加拿大个人和商业银行以及商业部门。其余收入来自美国个人与商业银行部门，其次是资本市场和财富管理。</p>
<p>由于行业在疫情期间繁荣后放缓，其资本市场业务在过去几年承受了压力。</p>
<p>在其财务业绩中，公司表示，其调整后净收入从 2023 年的 21.86 亿美元下降至 20.3 亿美元。其报告的净收入为 18.6 亿美元，高于一年前的 10.2 亿美元，得益于非利息收入。尽管利率上升，蒙特利尔银行的净利息收入下降至 45 亿美元。</p>
<p>公司的报告收益为每股 2.36 美元，而一年前为 1.26 美元。其普通股权 1 比 1 资本比率为 13.1%，这意味着通过动用储备来提高股东回报的空间有限。许多欧洲银行一直在减少储备并提高资本回报。</p>
<p>蒙特利尔银行为其每股收益和其他指标设定了中期（3-5 年）目标。预计每年 EPS 增长率在 7% 至 10% 之间，股本回报率超过 15%，有形普通股权回报率超过 18%。</p>
<p>尽管利率对公司有利，但也影响了其准备金。在最近的业绩中，其信贷损失准备超过 7.05 亿美元。</p>
<h2>皇家银行下调蒙特利尔银行股票</h2>
<p>另一个挑战是在周二被皇家银行发现的，当时该行将蒙特利尔银行股票评级下调至行业表现。在一份声明中，达科·米赫利奇警告称，与竞争对手相比，蒙特利尔银行在美国积累信贷损失的速度更快。然后，他将股票目标价从 124 美元下调至 118 美元。他说：</p>
<p>“我们已经看到足够的证据表明，蒙特利尔银行的信贷状况不如我们之前所认为的那样强劲，因此更低的估值是合理的。我们相信随着信贷周期的发展，蒙特利尔银行的风险溢价将会提高，因为蒙特利尔银行的美国信贷结果似乎在其美国同行中是一个离群值。”</p>
<p>尽管如此，蒙特利尔银行的支持者指出，与其他银行和公司相比，其估值指标仍具吸引力。其市盈率为 10，低于其他银行。其市净率为 1.07，低于今年早些时候的 1.5。皇家银行的市净率为 1.92，而多伦多道明银行为 1.36。</p>
<p>此外，该公司拥有强大且安全的股息。其股息收益率超过 5%，高于大多数银行。</p>
<h2>蒙特利尔银行股价分析</h2>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/07/BMO-stock-1024x569.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="569" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/07/BMO-stock-1024x569.png"/></p>
<p>TradingView 提供的蒙特利尔银行图表</p>
<p>周线图显示，自 2022 年以来，蒙特利尔银行股价一直承压。从 2022 年 3 月的年内高点 137.31 美元下跌至 114 美元。</p>
<p>股价目前位于 50 周和 100 周指数移动平均线之间。与此同时，蒙特利尔银行股票形成了一个看涨的旗形图表模式。在大多数情况下，这种模式是市场中最看涨的迹象之一。</p>
<p>蒙特利尔银行还进入了艾略特波浪图表模式的修正波浪。因此，该股票在接下来的几天内可能仍将保持在这一范围内。然后，它将转向下一个关键支撑水平，即 100 美元。</p>
<p>另一种情况是，股票反弹并上涨至 129 美元的旗帜上方。</p>
<p>文章来源：Invezz</p>

蒙特利尔银行

<p>加拿大蒙特利尔银行（BMO）的股价今年表现不佳，与其加拿大同行相比表现不佳。BMO 的股价下跌超过 13%，而 TD 下跌了 5.10%，而加拿大新斯科舍银行几乎没有变化。BMO 的表现归因于加拿大面临的复杂宏观环境，包括失业率上升和加拿大央行的降息。尽管面临挑战，BMO 已为其财务指标设定了中期目标。由于美国信贷损失不断积累，加拿大皇家银行（RBC Bank）已将 BMO 股票评级下调。然而，BMO 的支持者强调其具有吸引力的估值指标和强劲的股息收益率。自 2022 年以来，股价一直承受压力</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/07/BMO.jpg" alt="" original-src="https://invezz.com/wp-content/uploads/2024/07/BMO.jpg"/></p>
<p>The Bank of Montreal (TSX: BMO) stock price is the worst-performer among the big 4 Canadian banks this year. It has dropped by over 13% this year while TD has dropped by 5.10% and Bank of Nova Scotia is barely moved. Royal Bank of Canada (RBC) stock has risen by over 13% this year.</p>
<div class="lb-trans"><p>加拿大蒙特利尔银行（TSX: BMO）股价是今年四大加拿大银行中表现最差的。今年股价下跌超过 13%，而多伦多道明银行下跌 5.10%，加拿大苏格兰银行几乎没有变化。加拿大皇家银行（RBC）股价今年上涨超过 13%。</p>
</div><h2>Concerning Canadian macros</h2>
<div class="lb-trans"><h2>关于加拿大宏观经济</h2>
</div><p>Canadian banks have continued to underperform their American and European peers this year. In the US, companies like Citigroup, JPMorgan, and Goldman Sachs have all rallied by double-digits this year.</p>
<div class="lb-trans"><p>今年，加拿大银行继续表现不佳，落后于美国和欧洲同行。在美国，花旗集团、摩根大通和高盛等公司今年股价均大幅上涨。</p>
</div><p>Similarly, in Europe, banks like Unicredit, Lloyds, and Lloyds recently rose to their multi-year highs.</p>
<div class="lb-trans"><p>同样，在欧洲，意大利联合信贷银行、劳埃德银行和劳埃德银行最近股价创下多年新高。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/07/BMO-vs--1024x354.png" alt="" original-src="https://invezz.com/wp-content/uploads/2024/07/BMO-vs--1024x354.png"/></p>
<p><em>BMO vs TD vs Royal Bank of Canada vs Bank of Nova Scotia vs Citi vs JPMorgan</em></p>
<div class="lb-trans"><p><em>蒙特利尔银行 vs 多伦多道明银行 vs 加拿大皇家银行 vs 加拿大苏格兰银行 vs 花旗 vs 摩根大通</em></p>
</div><p>This performance is mostly because of the challenging macro situation in Canada, where the unemployment rate has continued rising.</p>
<div class="lb-trans"><p>这种表现主要是由于加拿大面临的宏观经济形势严峻，失业率持续上升。</p>
</div><p>Inflation has moderated, opening the door for interest rate cuts by the Bank of Canada (BoC). The bank slashed rates by 0.25% in the last meeting to 4.75%.</p>
<div class="lb-trans"><p>通胀有所缓解，为加拿大央行降息打开了大门。央行在上次会议上将利率下调了 0.25%，至 4.75%。</p>
</div><p>Therefore, analysts have embraced a cautious outlook for these Canadian banks. In a recent note, those at UBS initiated the sector coverage with a buy rating and noting that they favored RBC because of its revenue diversification, especially in the capital markets side. It has a neutral rating on banks like BMO, BNS, and CIBC,</p>
<div class="lb-trans"><p>因此，分析师对这些加拿大银行持谨慎态度。在最近的一份报告中，瑞银开始对该行业进行覆盖，并给予皇家银行买入评级，指出看好其收入多元化，特别是在资本市场方面。对于蒙特利尔银行、加拿大苏格兰银行和加拿大帝国商业银行等银行，瑞银持中性评级。</p>
</div><h2>BMO slow growth</h2>
<div class="lb-trans"><h2>蒙特利尔银行增长缓慢</h2>
</div><p>Bank of Montreal is one of the biggest banks in Canada and the 9th one in North America in terms of assets. It serves over 13 million customers across it personal, commercial, markets, and investment banking divisions. It has over $1.4 trillion in assets.</p>
<div class="lb-trans"><p>蒙特利尔银行是加拿大最大的银行之一，在北美资产规模排名第 9。它为超过 1300 万客户提供个人、商业、市场和投资银行服务。其资产超过 1.4 万亿美元。</p>
</div><p>BMO makes most of its revenue from its P&amp;C division, which includes its Canadian personal and business banking and commercial division. The rest comes from its US P&amp;C division followed by capital markets and wealth management.</p>
<div class="lb-trans"><p>蒙特利尔银行主要收入来自其个人与商业银行和商业部门，包括加拿大个人和商业银行以及商业部门。其余收入来自美国个人与商业银行部门，其次是资本市场和财富管理。</p>
</div><p>Its capital markets business has come under pressure in the past few years as the industry has slowed down after booming during the pandemic.</p>
<div class="lb-trans"><p>由于行业在疫情期间繁荣后放缓，其资本市场业务在过去几年承受了压力。</p>
</div><p>In its financial results, the company said that its adjusted net income dropped from $2.186 billion in 2023 to $2.03 billion. Its reported net income of $1.86 billion was higher than the $1.02 billion it made a year earlier, helped by non-interest income. Despite higher interest rates, BMO’s net interest income dropped to $4.5 billion.</p>
<div class="lb-trans"><p>在其财务业绩中，公司表示，其调整后净收入从 2023 年的 21.86 亿美元下降至 20.3 亿美元。其报告的净收入为 18.6 亿美元，高于一年前的 10.2 亿美元，得益于非利息收入。尽管利率上升，蒙特利尔银行的净利息收入下降至 45 亿美元。</p>
</div><p>The company’s reported earnings was $2.36 per share compared to $1.26 a year earlier. Its CET1 ratio was 13.1%, meaning that it has little room to boost its shareholder returns by taking some of its reserves. Many European banks have been reducing their reserves and raising their capital returns.</p>
<div class="lb-trans"><p>公司的报告收益为每股 2.36 美元，而一年前为 1.26 美元。其普通股权 1 比 1 资本比率为 13.1%，这意味着通过动用储备来提高股东回报的空间有限。许多欧洲银行一直在减少储备并提高资本回报。</p>
</div><p>BMO has set medium term (3-5 years) targets for its EPS and other metrics. It expects to have an EPS growth rate of between 7% and 10% a year, a return on equity of over 15% and return on tangible common equity (RoTE) of over 18%.</p>
<div class="lb-trans"><p>蒙特利尔银行为其每股收益和其他指标设定了中期（3-5 年）目标。预计每年 EPS 增长率在 7% 至 10% 之间，股本回报率超过 15%，有形普通股权回报率超过 18%。</p>
</div><p>While interest rates have benefited the company, they have also impacted its provisions. In its most recent results, its provision for credit losses stood at over $705 million.</p>
<div class="lb-trans"><p>尽管利率对公司有利，但也影响了其准备金。在最近的业绩中，其信贷损失准备超过 7.05 亿美元。</p>
</div><h2>RBC downgrades BMO shares</h2>
<div class="lb-trans"><h2>皇家银行下调蒙特利尔银行股票</h2>
</div><p>The other challenge is one that was identified by RBC Bank on Tuesday when it downgraded BMO to sector perform. In a statement, Darko Mihelic warned that RBC was accumulating credit losses at a faster pace in the US than its competitors. He then slashed the stock target to $118 from $124. He said:</p>
<blockquote>
</blockquote>
<div class="lb-trans"><p>另一个挑战是在周二被皇家银行发现的，当时该行将蒙特利尔银行股票评级下调至行业表现。在一份声明中，达科·米赫利奇警告称，与竞争对手相比，蒙特利尔银行在美国积累信贷损失的速度更快。然后，他将股票目标价从 124 美元下调至 118 美元。他说：</p>
</div><p>“We have seen enough evidence that BMO’s credit is not as strong as we once thought and hence a lower valuation is warranted. We believe that as the credit cycle progresses, BMO’s risk premium will move higher, as BMO’s U.S. credit result appears to be an outlier among its U.S. peer group.”</p>
<div class="lb-trans"><p>“我们已经看到足够的证据表明，蒙特利尔银行的信贷状况不如我们之前所认为的那样强劲，因此更低的估值是合理的。我们相信随着信贷周期的发展，蒙特利尔银行的风险溢价将会提高，因为蒙特利尔银行的美国信贷结果似乎在其美国同行中是一个离群值。”</p>
</div><p>Still, BMO supporters point to its attractive valuation metrics compared to its other banks and other companies. It has a price-to-earnings ratio of 10, lower than other banks. Its price-to-book ratio stood at 1.07, down than over 1.5 earlier this year. RBC Bank has a P/B ratio of 1.92 while TD Bank has 1.36.</p>
<div class="lb-trans"><p>尽管如此，蒙特利尔银行的支持者指出，与其他银行和公司相比，其估值指标仍具吸引力。其市盈率为 10，低于其他银行。其市净率为 1.07，低于今年早些时候的 1.5。皇家银行的市净率为 1.92，而多伦多道明银行为 1.36。</p>
</div><p>Also, the company has a strong and safe dividend. It has a dividend yield of over 5%, higher than most banks.</p>
<div class="lb-trans"><p>此外，该公司拥有强大且安全的股息。其股息收益率超过 5%，高于大多数银行。</p>
</div><h2>BMO stock price analysis</h2>
<div class="lb-trans"><h2>蒙特利尔银行股价分析</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/07/BMO-stock-1024x569.png" alt="" original-src="https://invezz.com/wp-content/uploads/2024/07/BMO-stock-1024x569.png"/></p>
<p>BMO chart by TradingView</p>
<div class="lb-trans"><p>TradingView 提供的蒙特利尔银行图表</p>
</div><p>The weekly chart shows that the BMO share price has been under pressure since 2022. It has dropped from the year-to-date high of $137.31 in March 2022 to $114.</p>
<div class="lb-trans"><p>周线图显示，自 2022 年以来，蒙特利尔银行股价一直承压。从 2022 年 3 月的年内高点 137.31 美元下跌至 114 美元。</p>
</div><p>The stock is hovering at the 50-week and 100-week Exponential Moving Averages (EMA). At the same time, BMO shares have formed a bullish flag chart pattern. In most cases, this pattern is one of the most bullish signs in the market.</p>
<div class="lb-trans"><p>股价目前位于 50 周和 100 周指数移动平均线之间。与此同时，蒙特利尔银行股票形成了一个看涨的旗形图表模式。在大多数情况下，这种模式是市场中最看涨的迹象之一。</p>
</div><p>BMO has also moved to the corrective wave of the Elliot Wave chart pattern. Therefore, the stock will likely remain in this range in the next few days. It will then move to the next key support level to watch being at $100.</p>
<div class="lb-trans"><p>蒙特利尔银行还进入了艾略特波浪图表模式的修正波浪。因此，该股票在接下来的几天内可能仍将保持在这一范围内。然后，它将转向下一个关键支撑水平，即 100 美元。</p>
</div><p>On the flip side, the alternative scenario is where the stock bounces back and moves to the upper side of the flag at $129.</p>
<div class="lb-trans"><p>另一种情况是，股票反弹并上涨至 129 美元的旗帜上方。</p>
</div><p>The post BMO stock price lags its Canadian peers: is it a good buy now? appeared first on Invezz</p>
<div class="lb-trans"><p>文章来源：Invezz</p>
</div>

BMO 股价落后于其加拿大同行：现在是买入的好时机吗？