Technical Analysis – 15 November 2023 • KGI Singapore Research

Shares closed higher above the 5dEMA with a surge in volume. The 20dEMA is recently crossed the 50dEMA.
MACD is positive and RSI is at an “overbought” level.
Long – Entry 127, Target 133, Stop 124

Shares closed higher above the 5dEMA with higher volume. The 20dEMA just crossed the 50dEMA.
Both MACD and RSI are constructive.
Long – Entry 1.28, Target 1.38, Stop 1.23

Shares closed higher below the 200dEMA with a surge in volume. 20dEMA is about to cross the 50dEMA.
Both RSI and MACD are constructive.
Long – Entry 2.64, Target 2.80, Stop 2.56

The Home Depot Inc. (HD)

3Q23 Revenue: $37.7B, -3.0% YoY, beat estimates by $70M
3Q23 GAAP EPS: $3.81, beat estimates by $0.05
FY23 Guidance: Narrow its prior guidance range: Sales and comparable sales to decline between 3% and 4% compared to FY22 vs. estimated growth of -2.90% YoY. Operating margin rate to be between 14.2% and 14.1%. Tax rate of approximately 24.5%. Interest expense of approximately $1.8 billion. Diluted earnings-per-share-percent-decline between 9% and 11% compared to FY22 vs. estimated growth of -9.28% YoY.
Comment: The company saw a decline in sales for the quarter, highlighting that consumers have been pulling back from high-dollar purchases and deferring major home-improvement projects. While sales are declining, earnings still beat estimates, showcasing the resilience of the business as well as in consumer demand. Consistent with the second quarter, the company mentioned that customer engagement remained strong on smaller projects, but still saw pressure in certain big-ticket, discretionary categories. With expectations that interest rate hikes are at their peak, consumer demand is expected to improve soon. 4Q23 recommended trading range: $295 to $320. Positive Outlook.

家得宝 (HD)

23财年第三季营收：377亿美元, 同比跌幅3.0%，超预期7,000万美元
23财年第三季GAAP每股盈利：3.81美元，超预期0.05美元
23财年指引：缩小其先前的指导范围：销售额和可比销售额与22财年相比下降3%至4%，而预计同比增长2.90%。营业利润率在14.2%至14.1%之间。税率约为24.5%。利息支出约为18亿美元。与22财年相比，摊薄后每股收益下降9%至11%，预计同比下跌9.28%。
短评：该公司当季销售额下滑，突显出消费者一直在缩减大额消费，并推迟重大家居装修项目。虽然销售额在下降，但盈利仍好于预期，显示出业务和消费者需求的弹性。与第二季度一样，该公司提到，客户在较小项目上的参与度仍然很高，但在某些大额、非必需类别上仍然面临压力。随着上调利率达到顶点，消费需求有望很快好转。23财年第四季度建议交易区间：295美元至320美元。积极前景。

Sea Ltd. (SE)

3Q23 Revenue: $3.3B, +3.1% YoY, beat estimates by $90M
3Q23 GAAP EPS: -$0.26, miss estimates by $0.26
FY23 Guidance: No guidance provided.
Comment: The company reported a loss for the quarter, as consumption remains stagnant and competition from Alibaba and TikTok intensifies. The company will be investing more in Shopee and live-streaming to counter those platforms, which are appealing to younger shoppers. Tiktok’s recent exit from the Indonesian e-commerce market might provide some bolster to SEA’s business as well. The company expects revenue to accelerate in the final quarter on incentive and marketing spending to entice shoppers and live streamers, but costs would also intensify as the company focuses on regaining lost market share and capturing year-end shopping demand. Sea’s other big business, the gaming division centred around Garena, has shrunk rapidly in 2023 given a lack of new blockbuster titles. 4Q23 recommended trading range: $30 to $45. Neutral Outlook.

东海集团 (SE)

23财年第三季营收：33亿美元, 同比增幅3.1%，超预期9,000万美元
23财年第三季GAAP每股亏损：0.26美元，逊预期0.26美元
23财年指引：不提供指引。
短评：由于消费仍然停滞不前，来自阿里巴巴和抖音的竞争加剧，该公司公布了本季度的亏损。该公司将加大对Shopee和直播的投资，以对抗这些吸引年轻购物者的平台。Tiktok最近退出印尼电子商务市场，也可能为东南亚的业务提供一些支持。该公司预计，通过激励和营销支出来吸引购物者和直播者，营收将在最后一季加速增长，但成本也将加剧，因为该公司专注于夺回失去的市场份额，并抓住年终购物需求。公司的另一项大业务——以Garena为中心的游戏部门，由于缺乏新的大游戏，在2023年迅速萎缩。23财年第四季度建议交易区间：30美元至45美元。中性前景。