Technical Analysis – 22 July 2024

United States | Singapore | Hong Kong | Earnings

Kinder Morgan, Inc. (KMI US)

• Shares closed at a 52-week high with a surge in volume.
• MACD is positive, RSI is at an overbought level.
• Long – Entry 21.30, Target 23.30, Stop 20.30

Enbridge Inc. (ENB US)

• Shares closed at high since May 2024 with higher volume. 20dEMA just crossed the 50dEMA.
• MACD is positive, RSI is constructive.
• Long – Entry 50.0, Target 53.6, Stop 48.2

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Singapore Exchange Ltd. (SGX SP)

• Shares closed higher above the 5dEMA with a surge in volume.
• MACD is positive, RSI is constructive.
• Long – Entry 9.74, Target 10.10, Stop 9.56

Thai Beverage (THBEV SP)

• Shares closed higher above the 5dEMA. 20dEMA is about to cross the 50dEMA.
• MACD is positive, RSI is constructive.
• Long – Entry 0.500, Target 0.530, Stop 0.485

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Flat Glass Group Co Ltd. (6865 HK)

• Shares closed above the 20dEMA. 5dEMA is about to cross the 20dEMA.
• MACD is positive, RSI is turning constructive.
• Long – Entry 11.70, Target 13.10, Stop 11.00

CRRC Corp Ltd. (1766 HK)

• Shares closed higher above the 20dEMA. 5dEMA is about to cross the 20dEMA.
• MACD is about to turn positive, RSI is constructive.
• Long – Entry 4.90, Target 5.30, Stop 4.70

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American Express Co (AXP)

• 2Q24 Revenue: $16.33B, +8.5% YoY, miss estimates by $270M
• 2Q24 Non-GAAP EPS: $3.49, beat estimates by $0.23
• FY24 Guidance: Raise guidance for FY24 EPS to $13.30 to $13.80 from the prior range of $12.65 to $13.15, vs consensus of $12.92. Reaffirm revenue growth guidance to be between 9% to 11%.
• Comment: American Express’s second-quarter revenue rose 8.5% to a record US$16.33bn due to strong spending from wealthy customers, higher net interest income and continued strong card fee growth, though it fell short of expectations. Quarterly profit was US$3.02bn, or US$4.15 per share, beating analysts’ estimates. Despite economic challenges affecting rival lenders, AmEx remained resilient. However, slower spending growth compared to the previous quarter concerned some investors, as wage growth slows. Amex acquired 3.3mn new cards in Q2 vs 3.4mn in Q1 and 3.0mn in 2Q23. Its card member loans increased to US$130.9bn from US$126.6bn in the previous quarter and net write-off rate was 2.4% compared to 2.3% in Q1. The company maintained its revenue growth forecast and raised its 2024 earnings per share forecast to between US$13.30 and US$13.80, versus the US$12.65 to US$13.15 range it expected earlier, to reflect a gain from the sale of Accertify. It plans a 15% increase in marketing spending to increase its market share and attract new cardholders. With its wealthy customer base maintaining strong spending despite economic challenges, we anticipate improved card growth and higher spending for American Express as economic conditions recover. 3Q24 recommended trading range: $230 to $260. Positive Outlook.

美国运通 (AXP)

• 24财年第二季营收：163.3亿美元，同比增幅8.5%，逊预期2.7亿美元
• 24财年第二季Non-GAAP每股盈利：3.49美元，超预期0.23美元
• 24财年第三季指引：将24财年每股收益预期从之前的12.65美元至13.15美元上调至13.30美元至13.80美元，而市场预期为12.92美元。重申收入增长指引在9%至11%之间。

短评：美国运通第二季度营收增长8.5%，至创纪录的163.3亿美元，原因是富裕客户支出强劲、净利息收入增加，以及信用卡手续费持续强劲增长，不过营收低于预期。季度利润为30.2亿美元，合每股4.15美元，超出分析师预期。尽管经济挑战影响了竞争对手，但美国运通仍保持了弹性。然而，随着工资增长放缓，与上一季度相比，支出增长放缓令一些投资者感到担忧。美国运通在第二季度获得了330万张新卡，而第一季度为340万张，第二季度为300万张。其信用卡会员贷款从上一季度的1266亿美元增加到1309亿美元，净冲销率为2.4%，而第一季度为2.3%。该公司维持其收入增长预测，并将2024年每股收益预测上调至13.30美元至13.80美元之间，而此前预期的每股收益范围为12.65美元至13.15美元，以反映出售Accertify的收益。它计划增加15%的营销支出，以增加其市场份额并吸引新的持卡人。尽管面临经济挑战，但其富有的客户群仍保持强劲的支出，我们预计随着经济形势的复苏，美国运通的信用卡增长将会改善，支出也会增加。24年第三季度建议交易区间：230至260美元。积极前景。