KGI Research Singapore

Singapore's leading broker offering Futures, FX, Equities and Wealth Management.

Technical Analysis – 29 July 2024

United States | Singapore | Hong Kong | Earnings

Enphase Energy Inc. (ENPH US)

  • Shares closed higher above the 5dEMA. 5dEMA just crossed the 20dEMA and 50dEMA.  
  • MACD is positive, RSI is constructive.
  • Long – Entry 118 Target 130, Stop 112
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Canadian Solar Inc. (CSIQ US)

  • Shares closed higher above the 50dEMA. 5dEMA just crossed the 20dEMA and is about to cross the 50dEMA.
  • MACD is positive, RSI is constructive.
  • Long – Entry 17.0, Target 19.0, Stop 16.0

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iFAST Corp Ltd (IFAST SP)

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  • Shares closed above the 20dEMA with a jump in volume. The 5dEMA crossed the 50dEMA.
  • RSI is constructive, while MACD is about to turn positive.
  • Long – Entry 7.44, Target 7.86, Stop 7.23

StarHub Ltd (STH SP)

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  • Shares closed above the 200wEMA. The 5wEMA is about to cross the 200wEMA.
  • RSI is constructive, while MACD is about to turn positive.
  • Long – Entry 1.26 Target 1.32, Stop 1.23

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PICC Property & Casualty Co Ltd (2328 HK)

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  • Shares closed above the 50dEMA. The 5dEMA crossed the 200dEMA.
  • RSI is constructive and MACD is positive.
  • Long – Entry 9.68, Target 10.46, Stop 9.29
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AviChina Industry & Technology Co Ltd (2357 HK)

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  • Shares closed above the 5dEMA with an increase in volume. The 5dEMA crossed the 20dEMA.
  • RSI is constructive and MACD turned positive.
  • Long – Entry 3.60, Target 3.94, Stop 3.43

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3M Co (MMM)

  • 2Q24 Revenue: $6.26B, -0.5% YoY
  • 2Q24 Adjusted Revenue: $6.02B, +1.1% YoY, beat estimates by $140M
  • 2Q24 Adjusted GAAP EPS: $1.93, beat estimates by $0.25
  • FY24 Guidance: Expect full-year adjusted EPS of $7.00-$7.30, above its previous guidance of $6.80-$7.30, and reaffirmed guidance for adjusted total sales growth of negative 0.25% to positive 1.75% and adjusted organic sales growth of flat to positive 2%.
  • Comment: 3M reported strong quarterly results, delivering an adjusted quarterly profit of US$1.93 per share, surpassing analysts’ estimates of US$1.68, with second-quarter revenue of US$6.02bn exceeding the expected US$5.88bn. The company highlighted its investment in high-growth businesses and renewed focus on product innovation. Its CEO Bill Brown, who succeeded Mike Roman on 1 May, emphasized increasing sales and revitalizing 3M’s innovation efforts. Under its new CEO, the company has shifted its focus to areas like automotive electrification and climate technology, while exiting less-profitable consumer product lines. 3M has offset inflation and weakness in its consumer businesses by implementing steady price increases across its product range. Furthermore, its cost cuts and restructuring measures have also contributed to growth. 3M raised its full-year profit forecast to US$7.00 to US$7.30 per share, up from US$6.80 to US$7.30. With raised full-year profit guidance, 3M is poised for continued growth as it transitions to its new strategic direction. 3Q24 recommended trading range: $110 to $140. Positive Outlook.

3M公司 (MMM)

  • 24财年第二季营收：62.6亿美元，同比跌幅0.5%
  • 24财年第二季调整后营收：60.2亿美元，同比增幅1.1%，超预期1.4亿美元
  • 24财年第二季调整后GAAP每股盈利：1.93美元，超预期0.25美元
  • 24财年指引：预计全年调整后每股收益为7.00美元至7.30美元，高于此前6.80美元至7.30美元的指引，并重申调整后总销售增长指引为负0.25%至正1.75%，调整后有机销售增长指引为持平至正2%。
  • 短评：3M公布了强劲的季度业绩，调整后的季度每股利润为1.93美元，超过分析师预期的1.68美元，第二季度收入为60.2亿美元，超过预期的58.8亿美元。该公司强调了对高增长业务的投资，并重新关注产品创新。5月1日接替迈克·罗曼的首席执行官比尔·布朗强调增加销售和重振3M的创新努力。在新任首席执行官的领导下，该公司已将重点转移到汽车电气化和气候技术等领域，同时退出了利润较低的消费产品系列。3M通过在其所有产品范围内实施稳定的价格上涨，抵消了通胀和消费者业务的疲软。此外，它的成本削减和重组措施也促进了增长。3M将全年每股盈利预期从6.80美元上调至7.30美元，至7.00美元至7.30美元。3M上调了全年利润预期，在向新的战略方向过渡的过程中，3M已做好持续增长的准备。24年第三季度建议交易区间：110至140美元。积极前景。

Colgate-Palmolive Co (CL)

  • 2Q24 Adjusted Revenue: $5.06B, +4.9% YoY, beat estimates by $58M
  • 2Q24 Non-GAAP EPS: $0.91, beat estimates by $0.04
  • FY24 Guidance: Expect net sales growth of 2% to 5% including a mid-single digit negative impact from foreign exchange vs estimated growth of 2.74% YoY; Raised organic sales growth guidance to 6% to 8%, compared to 5% to 7% previously; On a non-GAAP basis, expects GPM expansion, increased advertising investment and increased EPS growth guidance to 8% to 11% versus mid to high-single-digit previously.
  • Comment: Colgate reported better-than-expected results, driven by a healthy mix of accelerated volume growth and higher pricing across all its divisions. The company raised its FY24 guidance, reflecting optimism for the remainder of the fiscal year. Colgate also noted that the combination of sales growth and operating leverage has enabled continued long-term investments in the business. This strong level of investment is expected to persist throughout the year as the company focuses on building brand health and scaling capabilities to drive growth. Additionally, anticipated rate cuts are expected to boost consumption, benefiting the company’s business. 3Q24 recommended trading range: $96 to $108. Positive Outlook.

高露洁 (CL)

  • 24财年第二季调整后营收：50.6亿美元，同比增幅4.9%，超预期5,800万美元
  • 24财年第二季Non-GAAP每股盈利：0.91美元，超预期0.04美元
  • 24财年指引：预计净销售额增长2%至5%，包括外汇影响中位数的负面影响，预计同比增长2.74%；将有机销售增长预期从之前的5%至7%上调至6%至8%；在Non-GAAP基础上，预计毛利率扩张，广告投资增加，每股收益增长预期将从之前的中高个位数提高到8%至11%。
  • 短评：高露洁公布了好于预期的业绩，这得益于其所有部门销量加速增长和价格上涨的健康组合。该公司上调了24财年业绩指引，反映出对本财年剩余时间的乐观态度。高露洁还指出，销售增长和运营杠杆的结合使该业务能够持续进行长期投资。随着公司专注于建立品牌健康和扩展能力以推动增长，预计这种强劲的投资水平将持续一整年。此外，预期的降息预计将刺激消费，有利于公司的业务。24年第三季度建议交易区间：96至108美元。积极前景。