Technical Analysis – 20 December 2023 • KGI Singapore Research

Shares closed higher above the 5dEMA with a surge in volume, 50dEMA is about to cross the 200dEMA.
MACD is positive, RSI is at an “overbought” level.
Long – Entry 21.0, Target 24.0, Stop 19.5

Shares closed higher above the 200dEMA with constructive volume. 5dEMA is about to cross the 200dEMA.
MACD is positive, RSI is constructive.
Long – Entry 48.7, Target 52.7, Stop 46.7

Shares closed higher above the 50dEMA with a surge in volume. 5dEMA just crossed the 20dEMA.
MACD is positive, RSI is constructive.
Long – Entry 0.62, Target 0.70, Stop 0.58

Shares closed higher above the 200dEMA with a surge in volume. 5dEMA just crossed the 20dEMA and is about to cross the 50dEMA.
MACD is positive, RSI is constructive.
Long – Entry 0.31, Target 0.35, Stop 0.29

Accenture PLC. (ACN)

1Q24 Revenue: $16.2B, +2.9% YoY, in-line with estimates.
1Q24 Non-GAAP EPS: $3.27, beat estimates by $0.14
1Q24 Dividend: Accenture declares $1.29/share quarterly dividend, in line with previous. Payable Feb. 15; for shareholders of record Jan. 18; ex-div Jan. 17.
2Q24 Guidance: Expects revenues for 2Q24 between $15.40bn to $16.0bn. FY2024 Guidance: Continue to expect revenue growth of 2% to 5% in local currency; GAAP EPS of $11.41 to $11.76, a 6% – 9% increase; and adjusted EPS of $11.97 to $12.32, a 3% to 6% increase.
Comment: The company provided a weaker than expected forecast, as the company still sees cautious spending by their clients amidst persistent macroeconomic uncertainties. IT services expenditure is likely to remain muted in the near term as businesses usually make a decision on their annual budgets after February, and especially more so for tech and media companies. The company expects to continue to see lower discretionary spend, which would put a downward pressure on the demand for services from Accenture. However, the company has managed to secure a few partnerships on its AI’s business, partnering with Macdonald to bring AI into its restaurant, as well as partnering with Google Cloud to create a joint AI business unit. 2Q24 recommended trading range: $320 to $360. Neutral Outlook.

埃森哲(ACN)

24财年第一季营收：162亿美元, 同比增幅2.9%，符合预期
24财年第一季Non-GAAP每股盈利：3.27美元，超预期0.14美元
24财年股息：埃森哲宣布每股1.29美元的季度股息，与之前一致。2月15日付款;1月18日股东登记;1月17日。
24财年第二季指引：预计第二季度营收将在154亿美元至160亿美元之间。2024财年指引：按当地货币计算，继续预计营收增长2%至5%; GAAP每股收益11.41美元至11.76美元，增长6%至9%；调整后每股收益为11.97美元至12.32美元，增长3%至6%。
短评：该公司给出的预测低于预期，因为该公司认为，在宏观经济持续存在不确定性的情况下，其客户仍将谨慎支出。IT服务支出可能在短期内保持低迷，因为企业通常在2月之后做出年度预算决定，科技和媒体公司尤其如此。该公司预计，可自由支配支出将继续下降，这将对埃森哲的服务需求构成下行压力。然而，该公司已经成功地在其人工智能业务上获得了一些合作伙伴关系，与麦当劳合作将人工智能引入其餐厅，并与谷歌云合作创建了一个联合人工智能业务部门。24财年第一季度建议交易区间：320美至360美元。中性前景。

FedEx Corp. (FDX)

2Q24 Revenue: $22.2B, -2.6% YoY, miss estimates by $230M
2Q24 Non-GAAP EPS: $3.99, miss estimates by $0.21
2024 Guidance: A low-single-digit percentage decline in revenue year over year, compared to the prior forecast of approximately flat revenue growth; Diluted EPS of $15.35 to $16.85 before the mark-to-market retirement plans accounting adjustments, compared to the prior forecast of $15.10 to $16.60 per diluted share.
Comment: The company reported a weak set of results. The company also cut its full-year revenue forecast as it anticipated a weaker holiday season going forward. Weak delivery volume also suggests that demand for this year’s holiday peak is weak as consumers continue to cope with inflation and higher costs for housing, food, and other necessities. The company expect revenue to continue to be pressured by the uncertain macroeconomic environment, with poor customer demand for the company’s services. 3Q24 recommended trading range: $225 to $265. Negative Outlook.

联邦快递 (FDX)

23财年第二季营收：222亿美元, 同比跌幅2.6%，逊预期2.3亿美元
23财年第二季Non-GAAP每股盈利：3.99美元，逊预期0.21美元
24财年指引：与之前预测的收入增长持平相比，收入同比下降了个位数；在按市价计算退休计划会计调整之前，稀释后每股收益为15.35美元至16.85美元，而之前的预测为稀释后每股收益未15.10美元至16.60美元。
短评：该公司公布的一系列业绩不佳。该公司还下调了全年收入预期，因为它预计未来假期销售旺季将较为疲软。由于消费者继续应对通货膨胀以及住房、食品和其他必需品成本上升，疲弱的交货量也表明，对今年假日高峰的需求疲弱。该公司预计收入将继续受到不确定的宏观经济环境的压力，客户对公司服务的需求不佳。24财年第三季度建议交易区间：225美至265美元。负面前景。