Technical Analysis – 5 July 2024
United States | Singapore | Hong Kong | Earnings
Southern Copper Corp. (SCCO US) 
- Shares closed higher above the 50dEMA. 5dEMA just crossed the 20dEMA and 50dEMA.
- MACD is positive, RSI is constructive.
- Long – Entry 115, Target 125, Stop 110
Vale S.A. (VALE US)
- Shares closed higher above the 20dEMA. 5dEMA is about to cross the 20dEMA.
- MACD is positive, RSI is constructive.
- Long – Entry 11.5, Target 12.5, Stop 11.0
Singapore Airlines Ltd. (SIA SP)
- Shares closed at a high since Feb 2024.
- MACD is positive, RSI is constructive.
- Long – Entry 6.97, Target 7.37, Stop 6.77
Valuetronics Holdings Ltd. (VALUE SP)
- Shares closed at a 52-week high with a surge in volume.
- MACD is positive, RSI is at an overbought level.
- Long – Entry 0.660, Target 0.720, Stop 0.630
Standard Chartered PLC (2888 HK)
- Shares closed above the 20dEMA. The 5dEMA is about to cross the 50dEMA.
- RSI is constructive and MACD turned positive.
- Long – Entry 72.2, Target 78.0, Stop 69.3
Industrial & Commercial Bank of China Ltd (1398 HK)
- Shares closed at a 52-week high above the 5wEMA. The 20wEMA is about to cross the 200wEMA.
- MACD is constructive, while RSI is at an overbought level.
- Long – Entry 4.80, Target 5.14, Stop 4.63
Nike, Inc. (NKE)
- 4Q24 Revenue: $12.61B, -1.7% YoY, miss estimates by $250M
- 4Q24 Non-GAAP EPS: $1.01, beat estimates by $0.17
- 1Q25 Guidance: Expect revenue to drop 10% with gross margin in line with FY25 guidance. FY25 Guidance: Expects FY25 sales to be down mid-single-digits with sales in the first half of the year down by high-single-digits. Gross margin expected to expand by 10-30 basis points.
- Comment: Nike reported mixed results and provided weak guidance for Q1 2025, citing continued softness in sales in China. Management noted challenges due to a lack of innovation, particularly as competitors gain traction in the fitness and running categories. Despite this, the company is focused on innovation, aiming to double its innovation pipeline by the end of 2025. Management is confident that Nike will become more competitive with a balanced portfolio designed to drive sustainable, profitable long-term growth, though this will take time. The retail outlook in China remains bleak amid economic uncertainty, and U.S. consumer sentiment dropped to its lowest point of the year in June, suggesting that Nike’s near-term sales are likely to face headwinds due to weak consumer spending.1Q25 recommended trading range: $75 to $90. Negative Outlook.
耐克 (NKE)
- 24财年第四季营收：126.1亿美元，同比跌幅1.7%，逊预期2.5亿美元
- 24财年第四季Non-GAAP每股盈利：1.01美元，超预期0.17美元
- 25财年第一季指引：预计收入将下降10%，毛利率与25财年指导一致。25财年指引：预计25财年销售额将下降中位数，上半年销售额将下降高位数。毛利率预计将扩大10-30个基点。
- 短评：耐克公布的业绩喜忧参半，并对2025年第一季度的业绩提供了疲弱的指导，称中国市场的销售持续疲软。管理层指出了由于缺乏创新而带来的挑战，特别是在竞争对手在健身和跑步领域获得吸引力的情况下。尽管如此，该公司仍专注于创新，目标是到2025年底将其创新项目增加一倍。管理层相信，通过平衡的投资组合，耐克将变得更具竞争力，旨在推动可持续的、有利可图的长期增长，尽管这需要时间。在经济不确定的情况下，中国的零售前景仍然黯淡，美国消费者信心在6月份降至今年的最低点，这表明由于消费者支出疲软，耐克的近期销售可能面临逆风。25年第一季度建议交易区间：75至90美元。负面前景。
