Morgan Stanley(MS) 海通国际·2025-01-17 01:08Investment Rating - The report does not explicitly state an investment rating for Morgan Stanley (MS US) [1][2][3][4] Core Views - Morgan Stanley's Q4 2024 revenue and profit exceeded expectations, with significant outperformance across key business segments [2][3][4] - The company's deposit and loan growth also surpassed market expectations, indicating strong financial performance [2][3][4] Business Performance - Revenue growth was +25.8% YoY, significantly higher than the Bloomberg consensus forecast of +16.4% [3][4] - Net interest income increased by +34.5% YoY, outperforming the expected +5.2% [3][4] - Non-interest income grew by +24.3% YoY, above the consensus forecast of +21.8% [3][4] - Efficiency ratio improved by -15.0 percentage points to 69.0%, better than the expected 74.7% [3][4] - Net profit attributable to common shareholders surged by +157.7% YoY, far exceeding the forecast of +97.0% [3][4] Segment Performance - Institutional Securities revenue grew by +47.1% YoY, outperforming the expected +26.4% [3][4] - Wealth Management revenue increased by +12.5% YoY, above the consensus forecast of +10.2% [3][4] - Investment Management revenue rose by +12.2% YoY, surpassing the expected +6.3% [3][4] Balance Sheet Metrics - Total loans grew by +8.8% YoY, higher than the expected +3.6% [3][4] - Total deposits increased by +6.9% YoY, above the consensus forecast of +3.8% [3][4] - Credit loss provisions were 74 million [3][4] Capital and Profitability Metrics - CET1 ratio increased by +0.7 percentage points to 15.9%, above the expected 15.1% [3][4] - ROTCE (Return on Tangible Common Equity) improved by +11.8 percentage points to 20.2%, significantly higher than the expected 15.2% [3][4] - ROE (Return on Equity) increased by +9.0 percentage points to 15.20%, above the consensus forecast of 11.44% [3][4] Summary - Morgan Stanley's Q4 2024 performance was strong across all key metrics, with revenue, profit, and balance sheet growth exceeding market expectations [2][3][4]