United States | Singapore | Hong Kong | Earnings
Texas Instruments Incorporated (TXN US)
- Shares closed above the 5dEMA with rising volume.
- Both the RSI and MACD are constructive.
- Long – Entry 194, Target 220, Stop 181
Smith & Wesson Brands, Inc. (SWBI US)
- Shares closed above the 5dEMA with rising volume.
- Both RSI and MACD are constructive
- Long – Entry 10.9, Target 12.5, Stop 10.1
Bumitama Agri Ltd. (BAL SP)
- Shares closed above the 5dEMA with increasing volume.
- RSI is constructive, and MACD is about to turn positive.
- Buy – Entry 1.4, Target 1.6, Stop 1.3
BBR Holdings (S) Ltd. (BBR SP)
- Shares closed above 5dEMA with increasing volume.
- Both RSI and MACD are constructive.
- Buy – Entry 0.205, Target 0.255, Stop 0.180
China National Building Material Co. Ltd. (3323 HK)
- Shares closed at a two-month high above the 5dEMA with rising volume. The 10dEMA crossed the 100dEMA.
- Both RSI and MACD are constructive.
- Long – Entry 5.2, Target 5.6, Stop 5.0
Anhui Conch Cement Co Ltd (914 HK)
- Shares closed at a three-month high above the 5dEMA with rising volume.
- Both RSI and MACD are constructive.
- Long – Entry 24, Target 26, Stop 23
SLB N.V. (SLB)
- 4Q25 Revenue: $9.75B, +5.1% YoY, beat estimates by $200M
- 4Q25 Non-GAAP EPS: $0.78, beat estimates by $0.04
- 1Q26 Guidance: 1Q26 revenue expected to decline by high single digits sequentially, with adjusted core profit down 15% to 20% sequentially.
- FY26 Guidance: FY26 revenue $36.9B to $37.7B.
- Dividends: Quarterly dividend raised 3.5% to $0.295 per share. Management expects to return more than $4B to shareholders in 2026, targeting share repurchases of about $2.4B.
- Comment: 4Q25 was a clean beat, with the financial bridge dominated by ChampionX consolidation and strong cash conversion. ChampionX contributed $879M of revenue and $206M of adjusted core profit in the quarter, helping North America grow materially despite a still soft land backdrop. Cash generation was the standout. Cash flow from operations was $3.01B, and free cash flow was $2.29B, supported by working capital unwind and year-end collections, which gives SLB flexibility to defend shareholder returns while funding the 2026 growth agenda. The near-term cadence is explicitly seasonal and profit dilutive into 1Q. Management guided to a high single-digit sequential revenue decline and a 15% to 20% sequential step down in adjusted core profit, which frames the next quarter as a digestion period rather than a continuation of 4Q momentum. The beat and dividend increase supported the tape, but the stock remains highly sensitive to the 1H26 earnings trough and the market’s confidence in a 2H26 inflection led by international activity and Production Systems. The incremental bull argument is that ChampionX synergies plus digital and production recovery can offset continued pricing pressure in select basins, and that optionality around Venezuela could become a sentiment catalyst if licensing and payment mechanics become investable. The bear argument is that the Q1 step down signals a longer period of normalization and that North America land weakness can bleed into mix and pricing, keeping re-rating constrained even with strong cash flow. 1Q26 recommended trading range: $45 to $55. Neutral Outlook.
斯伦贝谢（SLB)
- 25财年第四季度营收：97.5亿美元，同比增长5.1%，超出预期2亿美元
- 25财年第四季度非公认会计准则每股收益：0.78美元，超出预期0.04美元
- 26财年第一季度指引：预计营收环比下降高个位数百分比，调整后核心利润环比下降15%至20%
- 26财年全年指引：预计全年营收369亿至377亿美元
- 股息与资本返还：季度股息上调3.5%至每股0.295美元；管理层预计2026年向股东返还超40亿美元，其中股票回购约24亿美元
- 短评：第四季度表现稳健超预期，财务表现主要由ChampionX并表及强劲现金流驱动。ChampionX当季贡献营收8.79亿美元、调整后核心利润2.06亿美元，助力北美业务在陆上市场仍疲软的背景下实现显著增长。现金流表现尤为突出：经营活动现金流30.1亿美元，自由现金流22.9亿美元，受益于营运资本释放及年末回款，为公司在推进2026年增长议程的同时维持股东回报提供充足灵活性。短期节奏明确呈现季节性回落与利润稀释：管理层指引第一季度营收将环比下降高个位数，调整后核心利润环比下滑15%–20%，表明下一季度为消化期，而非延续第四季度动能。尽管盈利超预期且股息上调支撑股价，但市场仍高度关注2026年上半年盈利低谷的深度，以及对下半年能否凭借国际业务与生产系统（Production Systems）实现拐点的信心。多头逻辑在于：ChampionX协同效应、数字化及生产业务复苏可对冲部分盆地持续的定价压力，若委内瑞拉在许可与付款机制上具备可投资性，或成情绪催化剂；空头担忧则在于：一季度利润回落可能预示更长的正常化周期，北美陆上疲软或进一步拖累产品结构与定价，即便现金流强劲，估值重估仍受限。26财年第一季度建议交易区间：45美元至55美元。中性前景。
