KGI Research Singapore

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

Technical Analysis – 13 February 2025

United States | Singapore | Hong Kong | Earnings

Boeing Co. (BA US) A graph of stock market Description automatically generated

  • Shares closed at a high since August 2024. 50dEMA just crossed the 200dEMA.
  • MACD is positive, RSI is constructive.
  • Long – Entry 184 Target 200 Stop 176
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Adobe Inc. (ADBE US)

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  • Shares closed at a high since December 2024 above the 50dEMA. 5dEMA is about to cross the 50dEMA.
  • MACD is positive, RSI is constructive.
  • Long – Entry 460 Target 520 Stop 430

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Seatrium Ltd. (STM SP)

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  • Shares closed at a 52-week high with a surge in volume. 5dEMA just crossed the 20dEMA.
  • MACD is about to turn positive, RSI is constructive.
  • Long – Entry 2.26, Target 2.40, Stop 2.19
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Wilmar International Ltd. (WIL SP)

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  • Shares closed at a high since October 2024. 5dEMA recently crossed the 200dEMA.
  • MACD is positive, RSI is at an overbought level.
  • Long – Entry 3.28 Target 3.48, Stop 3.18

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China Life Insurance Co Ltd (2628 HK)

  • Shares closed at a 2-month high above the 5dEMA with rising volume. The 20dEMA crossed the 50dEMA.
  • Both RSI and MACD are constructive.
  • Long – Entry 15.1, Target 16.3, Stop 14.5
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Ping An Insurance Group Co of China Ltd (2318 HK)

  • Shares closed at a one-month high above the 5dEMA with an increase in volume.
  • Both RSI and MACD are constructive.
  • Long – Entry 45.2 Target 48.6, Stop 43.5

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Vertiv Holdings Co (VRT)

  • 4Q24 Revenue: $2.35B, +25.7% YoY, beat estimates by $190M
  • 4Q24 Non-GAAP EPS: $0.99, beat estimates by $0.17
  • 1Q25 Guidance: Expects net sales to be between $1.90bn to $1.95mn, compared to consensus of $1.92bn; expects adjusted EPS between $0.57 to $0.63, compared to consensus of $0.63; expects organic net sales growth to be between 17% to 21%.
  • FY25 Guidance: Expects 2025 adjusted earnings per share of $3.50 to $3.60, in line with previous guidance; expects annual net sales of $9.125bn to $9.275bn; expects organic sales to rise 16% in FY2025.
  • Comment: Vertiv Holdings delivered strong quarterly results but issued weaker-than-expected guidance. Organic sales growth accelerated from 19% in 3Q24 to 27% in 4Q24. While backlog growth moderated to 30% in 4Q24 from the trailing 12-month growth of 37% in 3Q24, management highlighted a robust pipeline and strong visibility into 2025 demand. Management struck a more confident tone than in Q3, citing stronger-than-expected Q4 execution and a favorable outlook for AI-driven growth. They remain optimistic about data center demand, noting that the recent release of DeepSeek is unlikely to dampen industry momentum. Looking ahead, while potential tariff impacts remain a concern, the company emphasized its strategic mitigation efforts through geographic diversification and local sourcing. With major tech companies continuing to ramp up AI investments, data center demand is expected to stay strong.1Q25 recommended trading range: $100 to $130. Positive Outlook.

Vertiv Holdings (VRT)

  • 24财年第四季营收：23.5亿美元，同比增长25.7%，超出预期1.9亿美元
  • 24财年第四季调整后每股收益：0.99美元，超出预期0.17美元
  • 25财年第一季指引：预计净销售额在19.0亿至19.5亿美元之间，而市场预期为19.2亿美元；预计调整后每股收益在0.57至0.63美元之间，而市场预期为0.63美元；预计有机净销售额增长17%至21%。
  • 25财年全年指引：预计2025财年调整后每股收益为3.50至3.60美元，与之前指引一致；预计全年净销售额为91.25亿至92.75亿美元；预计2025财年有机销售额增长16%。
  • 短评：Vertiv Holdings公布了强劲的季度业绩，但发布了弱于预期的指引。有机销售额增长率从24财年第三季的19%加速至第四季的27%。虽然第四季的积压订单增长率从之前12个月的37%降至30%，但管理层强调，订单储备充足，对2025年的需求有很强的信心。管理层比第三季度更加自信，理由是第四季度业绩超出了预期，以及人工智能驱动增长的前景乐观。他们仍然看好数据中心的需求，并指出最近发布的DeepSeek不太可能减缓行业的发展势头。展望未来，虽然潜在的关税影响仍然令人担忧，但该公司强调，已通过地域多元化和本地采购等战略缓解措施来应对。随着主要科技公司继续加大对人工智能的投资，预计数据中心的需求将保持强劲。25财年第一季建议交易区间：100至130美元。积极前景。

Reddit Inc (RDDT)

  • 4Q24 Revenue: $427.71M, +71.3% YoY, beat estimates by $22.16M
  • 4Q24 GAAP EPS: $0.36, beat estimates by $0.11
  • FY25 Guidance: Expects revenue of $360mn to $370mn, and adjusted EBITDA of $80mn to $90mn.
  • Comment: Reddit delivered strong results but faced challenges in user growth. Daily active unique visitors rose 39% to 101.7mn, falling short of the 103.1mn consensus estimate. The company also experienced volatility in Google Search traffic due to a periodic algorithm change. While this raised concerns about the sustainability of its growth, management noted that search-driven traffic has recovered so far in 1Q25. Reddit highlighted its focus on AI and search as key investment priorities, launching Reddit Answers, an AI-powered search tool. Additionally, the company announced a partnership with Intercontinental Exchange to develop data and analytics products for the financial industry. This marks Reddit’s first major expansion into the financial sector, leveraging its vast user-generated content alongside Intercontinental Exchange’s data-science and machine-learning capabilities to create new datasets and insights. 1Q25 recommended trading range: $170 to $210. Neutral Outlook.

Reddit Inc. (RDDT)

  • 24财年第四季营收：4.2771亿美元，同比增长71.3%，超出预期2216万美元
  • 24财年第四季GAAP每股收益：0.36美元，超出预期0.11美元
  • 25财年指引：预计营收为3.6亿至3.7亿美元，调整后EBITDA为8000万至9000万美元。
  • 短评：Reddit业绩强劲，但在用户增长方面面临挑战。每日活跃独立访客增长39%至1.017亿，低于1.031亿的普遍预期。由于谷歌搜索算法的周期性变化，该公司在谷歌搜索流量方面也经历了波动。虽然这引发了人们对其增长可持续性的担忧，但管理层指出，搜索驱动的流量在25财年第一季度迄今已恢复。Reddit强调，其重点投资领域是人工智能和搜索，并推出了人工智能驱动的搜索工具Reddit Answers。此外，该公司还宣布与洲际交易所合作，为金融业开发数据和分析产品。这标志着Reddit首次大规模进军金融业，利用其庞大的用户生成内容，结合洲际交易所的数据科学和机器学习能力，创建新的数据集和见解。25财年第一季建议交易区间：170美元至210美元。中性前景。

Applovin Corp (APP)

  • 4Q24 Revenue: $1.37B, +43.7% YoY, beat estimates by $110M
  • 4Q24 GAAP EPS: $1.73, beat estimates by $0.47
  • 1Q25 Guidance: Expects revenue to be between $1.355bn to $1.385bn, vs consensus of $1.318bn
  • Comment: AppLovin delivered strong results, with revenue exceeding expectations, driven by its advertising business. The company anticipates further momentum as it enhances its AI-powered advertising models and introduces greater personalization. By generating countless ad variations and dynamically selecting creatives tailored to each user, AppLovin aims to significantly scale its advertising capabilities, driving higher consumer engagement and response. Management also sees an opportunity to expand its advertiser base, particularly following strong traction in direct-to-consumer advertising. Additionally, the company is exploring opportunities in connected TV advertising. In a strategic move, AppLovin announced the sale of its mobile gaming division to an undisclosed private company for $900 million, including $500 million in cash. 1Q25 recommended trading range: $460 to $550. Positive Outlook.

AppLovin (APP)

  • 24财年第四季营收：13.7亿美元，同比增长43.7%，超出预期1.1亿美元
  • 24财年第四季GAAP每股收益：1.73美元，超出预期0.47美元
  • 25财年第一季指引：预计营收在13.55亿至13.85亿美元之间，而市场预期为13.18亿美元
  • 短评：AppLovin业绩表现强劲，营收超出预期，这主要得益于其广告业务的推动。该公司预计，随着其增强的人工智能广告模型和引入更高级别的个性化，势头将进一步增强。通过生成无数的广告变体并动态选择针对每个用户量身定制的创意，AppLovin旨在显著扩大其广告能力，从而提高消费者参与度和响应率。管理层还看到了扩大其广告商基础的机会，尤其是在直接面向消费者的广告领域取得强劲势头之后。此外，该公司还在探索互联电视广告领域的机会。AppLovin还采取了一项战略举措，宣布将其移动游戏部门以9亿美元的价格出售给一家未公开的私营公司，其中包括5亿美元的现金。25财年第一季建议交易区间：460美元至550美元。积极前景。

Robinhood Markets Inc (HOOD)

  • 4Q24 Revenue: $1.01B, +114.4% YoY, beat estimates by $58.21M
  • 4Q24 Non-GAAP EPS: $1.01, beat estimates by $0.49
  • FY25 Guidance: Expects combined adjusted operating expenses and share-based compensation of $2B to $2.1B. The firm also has global ambitions to launch in Asia with a Singapore home base.
  • Comment: Robinhood Markets reported strong earnings in the fourth quarter, with revenue more than doubling to US$1.01bn, surpassing analyst expectations of US$940.8mn. A key driver of this growth was cryptocurrency transactions, which surged by over 700%, reaching US$358mn. Its CEO emphasized the company’s commitment to product development in 2024, with a goal of enabling users to buy, sell, and hold any financial asset globally. The rise in crypto trading, particularly Bitcoin, was fuelled by a rally ahead of the US presidential election, with President Trump’s pro-Bitcoin stance contributing to the momentum. Robinhood has evolved beyond meme stocks, now offering retirement products and continuing to innovate with initiatives like election-focused event contracts. However, it briefly paused sports-event contracts after regulatory pushback. The firm reported positive net income for five consecutive quarters, earning US$916mn, or US$1.01 per share. For 2025, Robinhood expects combined adjusted operating expenses and share-based compensation to range from US$2bn to US$2.1bn. The company also plans to expand globally by launching in Asia, with headquarters in Singapore, and introducing US equity-options trading for UK customers. With continued investments in technology and customer offerings, Robinhood is well-positioned for sustained growth, aiming to solidify its leadership in the evolving financial landscape. 1Q25 recommended trading range: $55 to $70. Positive Outlook.

Robinhood Markets Inc (HOOD)

  • 24财年第四季营收： 10.1 亿美元，同比增长 114.4%，超出预期 5.821 亿美元
  • 24财年第四季Non-GAAP每股盈利： 1.01 美元，高于预期 0.49 美元
  • 25财年指引： 预计调整后的运营费用和股票奖励总额将在 20 亿美元至 21 亿美元之间。公司还计划在亚洲推出业务，并以新加坡为总部。
  • 短评： Robinhood Markets 在第四季度报告了强劲的业绩，营收超过预期，达到 10.1 亿美元，较去年同比增长超过一倍，超出分析师预期的 9.408 亿美元。这一增长的主要驱动力是加密货币交易，增长超过 700%，达到 3.58 亿美元。公司 CEO 强调，2024 年将专注于产品开发，旨在让用户能够在全球范围内买卖和持有任何金融资产。加密货币交易的增长，尤其是比特币，受到了美国总统选举前的市场热潮推动，特朗普总统的亲比特币立场也促进了这一势头。Robinhood 已经不再局限于“迷因股”，现在还提供退休产品，并继续通过创新举措推动发展，例如专注于选举的事件合同。然而，因监管方面的压力，公司暂时暂停了体育赛事合同。该公司连续五个季度报告了正净收入，第四季度实现了 9.16 亿美元的净收入，每股收益为 1.01 美元。对于 2025 年，Robinhood 预计调整后的运营费用和股票奖励将在 20 亿美元至 21 亿美元之间。公司还计划通过在亚洲推出业务并在新加坡设立总部来实现全球扩张，同时为英国客户推出美国股票期权交易。凭借对技术和客户服务的持续投资，Robinhood 已为长期增长做好准备，旨在巩固其在不断变化的金融格局中的领导地位。25财年第一季建议交易区间：55美元至70美元。积极前景。

Trade Desk Inc (TTD)

  • 4Q24 Revenue: $741.01M, +22.3% YoY, miss estimates by $18.55M
  • 4Q24 Non-GAAP EPS: $0.59, beat estimates by $0.02
  • 1Q25 Guidance: Expects revenue to be at least $575M, representing 17% YoY growth. Adjusted EBITDA is projected to be approximately $145M.
  • Share buyback: Announced additional share repurchase authorisation, bringing the total amount of authorised share repurchase to $1B.
  • Comment: The Trade Desk had a record-breaking 2024, with total ad spend exceeding US$12bn and revenue growing 26% YoY to over US$2.4bn. In Q4, the company reported revenue of US$741mn, a 22% increase, with adjusted EBITDA reaching US$350mn, driven by strong performance in CTV, retail media, and international expansion. Maintaining a solid cash position with US$1.9bn and no debt, the company is well-positioned for continued investments in key growth areas. However, The Trade Desk fell short of its own expectations due to execution missteps, prompting a major reorganization and strategic recalibration. To address these challenges, the company is streamlining operations, strengthening brand partnerships, enhancing internal scalability, and revamping product development. It announced the launch of the Ventura OS for CTV and the acquisition of Sincera to optimize supply chain efficiencies for the open internet. Additionally, The Trade Desk is doubling down on AI advancements and refining its infrastructure to stay ahead as Google and other industry players evolve their digital advertising strategies. Looking ahead to 1Q25, the company anticipates at least US$575mn in revenue, reflecting 17% YoY growth, and remains committed to investing in infrastructure and top-tier talent. Despite short-term setbacks, management remains confident in the company’s long-term potential, emphasizing innovation, profitability, and market leadership in programmatic advertising. As industry dynamics continue to shift, The Trade Desk will need to leverage its scale, objectivity, and efficiency to drive sustained growth and reinforce its position in the evolving digital advertising landscape. 1Q25 recommended trading range: $88 to $110. Neutral Outlook.

Trade Desk Inc (TTD)

  • 24财年第四季营收：7.41 亿美元，同比增长 22.3%，低于预期 1,855 万美元
  • 24财年第四季Non-GAAP每股盈利：0.59 美元，高于预期 0.02 美元
  • 25财年第一季指引：预计营收至少为 5.75 亿美元，同比增长 17%。调整后的 EBITDA 预计约为 1.45 亿美元。
  • 股票回购：宣布额外股票回购授权，将总回购授权金额提高至 10 亿美元。
  • 短评：向 The Trade Desk 在 2024 年创下了创纪录的业绩，总广告支出超过 120 亿美元，营收同比增长 26%，超过 24 亿美元。在第四季度，公司报告营收 7.41 亿美元，同比增长 22%，调整后的 EBITDA 达到 3.5 亿美元，得益于 CTV、零售媒体和国际扩张的强劲表现。公司保持着 19 亿美元的现金储备且没有债务，处于有利位置，能够继续在关键增长领域进行投资。然而，由于执行失误，The Trade Desk 未能达到自身的预期，导致公司进行大规模重组和战略调整。为应对这些挑战，公司正在精简运营、加强品牌合作伙伴关系、提升内部可扩展性，并重塑产品开发。公司宣布推出 Ventura OS 以支持 CTV，并收购了 Sincera 以优化开放互联网的供应链效率。此外，The Trade Desk 正在加大对 AI 技术的投资，并完善基础设施，以应对谷歌和其他行业参与者在数字广告策略方面的变化。展望 2025 年第一季度，公司预计营收至少为 5.75 亿美元，同比增长 17%，并继续致力于在基础设施和顶尖人才方面的投资。尽管面临短期挑战，管理层对公司长期潜力充满信心，强调创新、盈利能力和在程序化广告中的市场领导地位。随着行业动态的持续变化，The Trade Desk 需要利用其规模、客观性和效率推动持续增长，并巩固其在不断演变的数字广告领域中的地位。25财年第一季建议交易区间：88美元至110元。中性前景。

Cisco Systems Inc (CSCO)

  • 2Q25 Revenue: $13.99B, +9.4% YoY, beat estimates by $120M
  • 2Q25 Non-GAAP EPS: $0.94, beat estimates by $0.03
  • 3Q25 Guidance: Expects revenue at $13.9B to $14.1B, compared with the estimate of $13.87B.
  • FY25 Guidance: Expects revenue to be between $56B and $56.5B, compared with the $55.3B to $56.3B forecast earlier, vs analysts’ estimate of $55.99B.
  • Share buyback: Approved an increase of $15B for its share buyback programme, taking the total remaining authorised fixed amount for stock repurchases to $17B.
  • Dividend distribution: Announced dividend of $0.41/share an increase from previous dividend of $0.40, payable on 23 April
  • Comment: Cisco Systems delivered second quarter results above Wall Street estimates and raised its annual revenue forecast, driven by strong demand for its cloud networking products amid the AI boom. Corporate investments in AI infrastructure have increased demand for Cisco’s data center products, such as ethernet switches and routers. The company recently partnered with French AI firm Mistral to launch an AI agent and introduced Cisco AI Defense to protect enterprises from AI-related risks. Despite reduced federal spending, business customers upgrading networks for AI projects have maintained growth momentum. Cisco also expanded its share buyback program by US$15bn, bringing the total authorized repurchase amount to US$17bn. The company now expects fiscal 2025 revenue of US$56bn to US$56.5bn, slightly above previous forecasts, and projected Q3 revenue between US$13.9bn and US$14.1bn. However, Cisco is also cutting about 7% of its workforce, or over 6,300 jobs, as it navigates changing market conditions. Overall, Cisco’s sales will continue to benefit from strong AI-driven demand and strategic investments, but it must navigate competitive pressures alongside shifting customer dynamics to sustain long-term growth. 3Q25 recommended trading range: $62 to $70. Positive Outlook.

思科系统公司 (CSCO)

  • 25财年第二季营收：139.9 亿美元，同比增长 9.4%，超出预期 1.2 亿美元
  • 25财年第二季Non-GAAP每股收益：0.94 美元，高于预期 0.03 美元
  • 25财年第三季指引：预计营收在 139 亿美元至 141 亿美元之间，而分析师预期为 138.7 亿美元。
  • 25财年指引：预计营收将在 560 亿美元至 565 亿美元之间，而此前预测为 553 亿美元至 563 亿美元，分析师预期为 559.9 亿美元。
  • 股票回购：批准将股票回购计划增加 150 亿美元，将股票回购的总授权金额提升至 170 亿美元。
  • 分红分配：宣布每股分红 0.41 美元，较之前的 0.40 美元有所增加，将于 4 月 23 日支付。
  • 短评： 思科系统公司发布的第二季度业绩超出华尔街预期，并上调了年度营收预测，主要得益于云网络产品的强劲需求，尤其是在人工智能（AI）热潮中。企业在 AI 基础设施方面的投资增加了对思科数据中心产品（如以太网交换机和路由器）的需求。公司最近与法国 AI 公司 Mistral 合作，推出了 AI 代理，并推出了 Cisco AI Defense 来保护企业免受 AI 相关风险。尽管联邦政府支出减少，但商业客户为 AI 项目升级网络，保持了增长势头。思科还将股票回购计划扩大了 150 亿美元，使总回购金额增至 170 亿美元。公司现在预计 2025 财年营收将在 560 亿美元至 565 亿美元之间，略高于之前的预测，并预计第三季度营收将在 139 亿美元至 141 亿美元之间。然而，思科也将在调整市场环境时裁减约 7% 的员工，超过 6300 个职位。总体而言，思科的销售将继续受益于 AI 驱动的强劲需求和战略投资，但在竞争压力和客户动态变化的情况下，思科需要应对挑战，以维持长期增长。25财年第三季建议交易区间：62美元至70美元。积极前景。