Technical Analysis – 3 February 2025

United States | Singapore | Hong Kong | Earnings

Pinterest, Inc. (PINS US)

• Shares closed higher above the 5dEMA. 5dEMA just crossed the 200dEMA.
  
• MACD is positive, RSI is constructive.
  
• Long – Entry 32.5 Target 36.5 Stop 30.5
  

TripAdvisor, Inc. (TRIP US)

• Shares closed higher above the 5dEMA . 20dEMA is about to cross the 200dEMA.
  
• MACD is positive, RSI is constructive.
  
• Long – Entry 17.4 Target 19.4 Stop 16.4
  

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Wilmar International Ltd. (WIL SP)

• Shares at a high since December 2024 above the 50dEMA with more volume. 5dEMA just crossed the 20dEMA and is about to cross the 50dEMA.
  
• MACD is positive, RSI is constructive.
  
• Long – Entry 3.10, Target 3.30, Stop 3.00
  

Yangzijiang Financial Holding Ltd. (YZJFH SP)

• Shares closed at a 52-week high with a surge in volume.
  
• MACD is positive, RSI is at an overbought level.
  
• Long – Entry 0.470 Target 0.510, Stop 0.450
  

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Wynn Macau Ltd (1128 HK)

• Shares closed at a one-month high above the 50dEMA with rising volume.
  
• Both RSI and MACD are constructive.
  
• Long – Entry 5.6, Target 6.0, Stop 5.4
  

MGM China Holdings Ltd (2282 HK)

• Shares closed at a 3-month high above the 200dEMA. The 5dEMA is about to cross the 200dEMA.
  
• Both RSI and MACD are constructive.
  
• Long – Entry 10.84 Target 11.70, Stop 10.41
  

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Apple Inc (AAPL)

• 1Q25 Revenue: $124.3B, +3.9% YoY, beat estimates by $270M
  
• 1Q25 GAAP EPS: $2.40, beat estimates by $0.06
  
• 1Q25 Dividend: Apple declared $0.25/share quarterly dividend, in line with previous, payable on 13 Feb.
  
• 2Q25 Guidance: Expects sales to rise in the low- to mid-single digit range, after accounting for a negative 2.5% impact from a strong dollar, and low double digits growth for its Services division. Wall Street expects guidance of $1.66 in earnings per share on $95.46B in revenue.
  
• Comment: Despite challenges in iPhone sales, Apple’s overall revenue for the fiscal first quarter reached US$124.30bn, slightly surpassing Wall Street estimates. Earnings per share came in at US$2.40, exceeding the expected US$2.35. Growth in Mac and iPad sales, driven by new M4 chip-powered devices, helped offset iPhone declines, with Mac sales rising to US$8.99bn and iPad sales reaching US$8.09bn, both outperforming expectations. Apple’s services segment, which includes iCloud and streaming services, saw a 13.9% increase to US$26.34bn, providing steady revenue growth. Meanwhile, its wearables division, including the Apple Watch and AirPods, generated US$11.75bn, slightly below forecasts. iPhone sales fell to US$69.14bn, missing analyst expectations, with Greater China sales dropping to US$18.51bn. The slow rollout of Apple Intelligence, its AI-driven features, contributed to these declines, particularly in China, where regulatory approval remains pending. Looking ahead, Apple expects sales growth between low to mid-single digits as it continues integrating AI features into its products. Its CEO Tim Cook emphasized that AI capabilities are driving device upgrades, with stronger sales in markets where Apple Intelligence is available. However, the company remains cautious in its AI strategy, prioritizing hardware integration over large-scale data center investments. Despite ongoing challenges in China, Apple’s expanding services ecosystem and strong brand loyalty are expected to sustain momentum. However, the company may face increasing competition from lower-cost smartphone brands that are also integrating AI features. 1Q25 recommended trading range: $230 to $260. Neutral Outlook.
  

苹果公司 (AAPL)

• 25财年第一季营收：1243 亿美元，同比增长 3.9%，超出预期 2.7 亿美元
  
• 25财年第一季GAAP每股盈利：2.40 美元，超出预期 0.06 美元
  
• 25财年第一季股息：苹果宣布派发每股 0.25 美元的季度股息，与前期一致，支付日期为 2 月 13 日
  
• 25财年第二季指引：尽管 iPhone 销售面临挑战，苹果 1Q25 财季总营收达到 1243 亿美元，略高于华尔街预期。每股收益 2.40 美元，超过市场预期的 2.35 美元。Mac 和 iPad 的增长帮助抵消了 iPhone 业务的下滑，其中搭载 M4 芯片的新款设备推动 Mac 销售增长至 89.9 亿美元，iPad 销售增长至 80.9 亿美元，均超出预期。苹果的服务业务（包括 iCloud 云存储及流媒体服务）同比增长 13.9%，达到 263.4 亿美元，为公司提供稳定的收入增长。而可穿戴设备（包括 Apple Watch 和 AirPods）营收 117.5 亿美元，略低于市场预期。iPhone 销售下降至 691.4 亿美元，未达分析师预期，其中大中华区营收下滑至 185.1 亿美元。苹果智能 AI 功能（Apple Intelligence）推出速度较慢，尤其在中国市场受监管审批影响，进一步拖累 iPhone 业绩表现。展望未来，苹果预计整体销售额将在低至中个位数范围内增长，随着 AI 功能逐步融入产品，销售表现有望改善。CEO 蒂姆·库克 (Tim Cook) 强调，AI 功能正在推动设备升级，在已推出 Apple Intelligence 的市场，iPhone 16 系列销量表现更强劲。然而，苹果在 AI 领域依然保持谨慎，优先推进硬件整合，而非大规模数据中心投资。尽管中国市场面临挑战，苹果不断扩展的服务生态系统和强大的品牌忠诚度预计将继续支撑业绩增长。然而，公司可能会面临更多来自低成本 AI 手机品牌的竞争压力。。25财年第二季建议交易区间：230至260美元。中性前景。
  

Intel Corp (INTC)

• 4Q24 Revenue: $14.26B, -7.4% YoY, beat estimates by $430M
  
• 4Q24 Non-GAAP EPS: $0.13, beat estimates by $0.01
  
• 1Q25 Guidance: Expects revenue of $11.7B to $12.7B vs consensus of $12.86B. On an adjusted, per-share basis, Intel forecast it would break even for the current quarter. Analysts expect adjusted profit of $0.09 per share.
  
• Comment: Intel reported better-than-expected Q4 results, but its forecast for Q1 revenue fell short of estimates, reflecting weak demand for its data center chips. Intel’s Q4 revenue fell 7% YoY to US$14.26bn, surpassing the expected US$13.81bn, partly due to grants from the CHIPS Act. However, Intel continues to struggle against competitors like Nvidia and AMD. Amid leadership uncertainty following the departure of former CEO Pat Gelsinger, investors await clarity on the company’s long-term strategy. Interim co-CEOs announced the shelving of Intel’s Falcon Shores GPU, leaving it without a major new AI product and further weakening its position in the AI chip market. Q1 revenue guidance of US$11.7bnto US$12.7bn missed analyst expectations of US$12.87bn, with operating expenses targeted at US$17.5bn for 2025. The company faces ongoing challenges, including declining market share in PC and server CPUs, slow recovery in the PC market, and concerns over heavy spending on its foundry business. Additionally, the absence of a new CEO adds to investor uncertainty as Intel attempts to navigate its competitive turnaround. 1Q25 recommended trading range: $18 to $22. Neutral Outlook.
  

英特尔公司 (INTC)

• 24财年第四季营收：142.6 亿美元，同比下降 7.4%，超出市场预期 4.3 亿美元。
  
• 24财年第四季Non-GAAP每股盈利： 0.13 美元，超出预期 0.01 美元
  
• 25财年第一季指引：预计营收将在 117 亿至 127 亿美元之间，低于市场普遍预期的 128.6 亿美元。按调整后每股收益计算，英特尔预计当前季度盈亏平衡，而分析师预期调整后每股收益为 0.09 美元。
  
• 短评：英特尔公布好于预期的 4Q24 财报，但其 1Q25 业绩指引低于市场预期，反映出数据中心芯片需求疲软。公司 4Q24 营收同比下降 7% 至 142.6 亿美元，但仍高于市场预期的 138.1 亿美元，部分得益于《CHIPS 法案》提供的补助。然而，英特尔在与英伟达 (Nvidia) 和 AMD 的竞争中仍面临挑战。在前 CEO 帕特·基辛格 (Pat Gelsinger) 离职后，英特尔的长期战略尚不明朗，投资者正等待管理层提供更清晰的方向。两位临时联席 CEO 宣布搁置英特尔的 Falcon Shores GPU 计划，使公司在 AI 芯片市场上进一步失去竞争力。1Q25 业绩指引的营收范围（117 亿至 127 亿美元）低于分析师预期的 128.7 亿美元，而 2025 年的运营支出目标定为 175 亿美元。公司面临持续挑战，包括 PC 和服务器 CPU 业务的市场份额下降、PC 市场复苏缓慢，以及在晶圆代工业务上的巨额支出带来的财务压力。此外，新 CEO 人选尚未确定，也加剧了投资者的不确定性，使英特尔的转型之路更具挑战性。25财年第一季建议交易区间：18至22美元。中性前景。
  

Visa Inc (V)

• 1Q25 Revenue: $9.51B, +10.6% YoY, beat estimates by $170M
  
• 1Q25 Non-GAAP EPS: $2.75, beat estimates by $0.09
  
• 2Q25 Guidance: Expects revenue growth to be between high single-digit to low double-digit, vs consensus of 8.72%; expects operating expense growth to be between high single-digit to low double-digit; expects diluted EPS growth to be in high single-digit, vs consensus of 6.67%.
  
• FY25 Guidance: Expects net revenue growth to be in low double digits, compared to consensus of 9.54%; expects operating expense growth to be in high singly-digit to low double-digit; expects diluted EPS growth to be in low-teens, compared to consensus of 11.27%.
  
• Comment: Visa delivered strong results, driven by robust growth in cross-border transaction volume and processed transactions, which increased 16% and 11% YoY, respectively. Payments volume rose 9% YoY, reflecting solid holiday season spending and an overall improvement in transaction trends. Looking ahead, management reiterated Visa’s focus on innovation in consumer payments, new processing technologies, and value-added services as it moves toward 2025. Meanwhile, competitor Mastercard also reported better-than-expected earnings, supported by stronger-than-anticipated revenue growth—highlighting resilient consumer spending despite economic uncertainty. Additionally, Visa announced a strategic partnership with Elon Musk’s social platform X to expand its financial services offerings, reinforcing its commitment to broadening its market presence. 1Q25 recommended trading range: $325 to $370. Positive Outlook.
  

Visa Inc. (V)

• 25财年第一季营收：95.1亿美元，同比增长10.6%，超出预期1.7亿美元。
  
• 25财年第一季非GAAP每股盈利：2.75美元，超出预期0.09美元。
  
• 25财年第二季指引：预计营收增长为高个位数至低两位数，高于市场预期的8.72%；预计运营支出增长为高个位数至低两位数；预计稀释后每股收益增长为高个位数，高于市场预期的6.67%。
  
• 25财年指引：预计净营收增长为低两位数，高于市场预期的9.54%；预计运营支出增长为高个位数至低两位数；预计稀释后每股收益增长为十几位，高于市场预期的11.27%。
  
• 短评：Visa业绩强劲，主要得益于跨境交易量和处理交易量的强劲增长，分别同比增长16%和11%。支付量同比增长9%，反映出强劲的假日季支出和交易趋势的整体改善。展望未来，管理层重申了Visa在2025年之前，将继续关注消费者支付创新、新技术处理以及增值服务。与此同时，竞争对手万事达也公布了优于预期的盈利，这得益于高于预期的收入增长——凸显出尽管存在经济不确定性，但消费者支出依然具有韧性。此外，Visa还宣布与埃隆·马斯克的社交平台X建立战略合作伙伴关系，以扩大其金融服务范围，进一步巩固其扩大市场份额的承诺。25财年第一季建议交易区间：325美元至370美元。积极前景。
  

KLA Corp (KLAC)

• 2Q25 Adjusted Revenue: $3.08B, +23.7% YoY, beat estimates by $130M
  
• 2Q25 Non-GAAP EPS: $8.20, beat estimates by $0.44
  
• 3Q25 Guidance: Expects 3Q25 revenue to be between $2.85bn to $3.15bn vs consensus of $2.89bn; expects 3Q25 EPS to be between $7.45 – $8.65 vs analyst consensus of $7.50.
  
• Comment: KLA Corp delivered stronger-than-expected results, driven by robust demand for AI-related chipmaking tools, and issued an optimistic outlook for 3Q25. The company continues to capitalize on the AI boom, anticipating a surge in orders from major players like Taiwan Semiconductor Manufacturing Co. As more companies invest in AI, demand for KLA’s products is expected to rise further. Despite new U.S. government export controls impacting the semiconductor industry—part of a broader strategy targeting 140 Chinese firms—KLA remains confident in its resilience. The company’s strong positioning in the AI market, coupled with sustained demand for its AI-driven tools, is expected to outweigh potential geopolitical headwinds. 3Q25 recommended trading range: $720 to $870. Positive Outlook.
  

科磊公司 (KLAC)

• 25财年第二季营收：30.8亿美元，同比增长23.7%，超出预期1.3亿美元
  
• 25财年第二季非GAAP每股盈利：8.20美元，超出预期0.44美元
  
• 25财年第三季指引：预计营收在28.5亿美元至31.5亿美元之间，市场预期为28.9亿美元；预计每股盈利在7.45美元至8.65美元之间，分析师一致预期为7.50美元
  
• 短评：科磊公司业绩超预期，主要受人工智能相关芯片制造工具需求强劲的推动，并发布了乐观的25财年第三季度展望。该公司继续受益于人工智能热潮，预计来自台积电等主要厂商的订单将大幅增加。随着越来越多的公司投资人工智能，预计对科磊产品的需求将进一步上升。尽管美国政府新的出口管制措施对半导体行业造成了影响——这是针对140家中国公司的更广泛战略的一部分——但科磊对其韧性仍然充满信心。该公司在人工智能市场的强大地位，加上对其人工智能驱动工具的持续需求，预计将抵消潜在的地缘政治不利因素。25财年第三季建议交易区间：720美元至870美元。积极前景。