United States | Singapore | Hong Kong | Earnings
ON Semiconductor Corporation (ON US)
- Shares closed above the 5dEMA with rising volume.
- Both RSI and MACD are constructive.
- Long – Entry 67, Target 73, Stop 64
Advanced Micro Devices Inc (AMD US)
- Shares closed above the 5dEMA with rising volume.
- Both RSI and MACD are constructive.
- Long – Entry 226, Target 266, Stop 206
Golden Agri-Resources Ltd. (GGR SP)
- Shares closed above the 5dEMA with rising volume.
- Both RSI and MACD are constructive.
- Buy – Entry 0.300, Target 0.330, Stop 0.285
ValueMax Group Ltd. (VMAX SP)
- Shares closed above the 5dEMA with rising volume.
- The RSI is constructive and MACD is about to turn positive.
- Buy – Entry 1.1, Target 1.3, Stop 1.0
Manulife Financial Corp (945 HK)
- Shares closed at a one month high above the 100dEMA with rising volume.
- Both RSI and MACD are constructive.
- Long – Entry 278, Target 300, Stop 267
Prudential plc (2378 HK)
- Shares closed at a one-month high above the 100dEMA with rising volume.
- Both RSI and MACD are constructive.
- Long – Entry 117, Target 127, Stop 112
Delta Air Lines, Inc. (DAL)
- 1Q26 Revenue: $15.85B, +12.9% YoY, beat estimates by $1.03B
- 1Q26 non-GAAP EPS: $0.64, beat estimates by $0.07
- 2Q26 Guidance: 2Q26 revenue growth guided to the low teens YoY with flat capacity growth. 2Q26 adjusted EPS guided to $1.00 to $1.50. Management did not update full year guidance due to fuel price uncertainty.
- Comment: The quarter was operationally solid. Delta reported non-GAAP operating revenue of $14.2B, non-GAAP operating income of $652M, and a 4.6% operating margin. Operating cash flow was $2.4B, which remains an important support for liquidity and balance sheet flexibility. Demand was better than feared. Management pointed to broad based strength across the network, and the company guided to low teens revenue growth for the June quarter despite planning no capacity growth. That is notable because it implies pricing and mix are carrying more of the revenue bridge rather than simple seat growth. The central issue is fuel. Delta indicated the recent spike in jet fuel is expected to add more than $2B of cost in the June quarter. Management has already responded by removing roughly 3.5 points of planned capacity growth, mainly in lower yielding flying, while seeking to recover 40% to 50% of the added fuel burden through fare increases and higher baggage fees. Delta’s refinery is expected to provide an offset, with management citing about $300M of June quarter benefit. That leaves the earnings setup mixed. The underlying business is performing well, but the near-term P&L is highly sensitive to fuel and geopolitical volatility. The absence of a full year update is therefore reasonable, but it also limits visibility on how much of the current strength can convert into sustained earnings expansion if fuel remains elevated. Shares reacted positively after the release, rosing roughly 5% to 12%, helped by the earnings beat, Delta’s active fuel mitigation measures, and a sharp decline in oil prices following the announced ceasefire. The operating franchise remains strong, and premium as well as higher income travel demand appears resilient. However, the 2Q26 EPS guide is still somewhat below where the Street had been, and near-term estimates remain hostage to oil and jet fuel moves. The key items to monitor are the durability of fare recapture, whether capacity cuts protect unit revenue without damaging share, and whether fuel stabilizes enough for Delta to restore full year guidance. 2Q26 recommended trading range: $58 to $72. Neutral Outlook.
达美航空（DAL)
- 26财年第一季度营收：158.5亿美元，同比增长12.9%，大幅超出预期10.3亿美元
- 26财年第一季度非公认会计准则每股收益：0.64美元，超出预期0.07美元
- 26财年第二季度指引：营收同比增长“低双位数”（low teens），运力（capacity）持平；调整后每股收益1.00至1.50美元；未更新全年指引，主因燃油价格不确定性
- 短评：本季度运营表现稳健。公司实现非GAAP营业收入142亿美元、营业利润6.52亿美元，营业利润率4.6%；经营活动现金流达24亿美元，支撑强劲流动性与资产负债表韧性。需求好于预期——管理层指出全网络需求广泛强劲，且在运力零增长背景下仍指引Q2营收实现“低双位数”增长，表明收入增长主要由票价提升与高价值客源结构优化驱动，而非单纯增加座位供给。然而，燃油成本成为核心扰动变量：公司预计二季度航油价格上涨将带来超20亿美元额外成本。为应对，达美已削减约3.5个百分点的原定运力增长（主要集中于低收益航线），并计划通过提高票价及行李费回收40%–50%的燃油成本增量；其自有炼油厂预计在Q2提供约3亿美元对冲效益。尽管基本面强劲，但近端盈利高度暴露于油价与地缘风险——这也是公司暂不更新全年指引的合理原因，但也限制了市场对盈利可持续性的判断。财报发布后股价上涨5%–12%，受益于业绩超预期、积极的燃油对冲措施，以及财报后宣布停火协议推动油价大幅回落。当前高端及高收入旅客需求仍具韧性，运营特许权稳固。但Q2 EPS指引中值（1.25美元）仍略低于此前市场预期，且短期盈利仍将受制于航油价格波动。后续关键变量包括：（1）票价与附加费能否持续有效转嫁成本；（2）运力削减是否在保护单位收益（RASM）的同时不损市场份额；（3）燃油价格能否企稳，使公司恢复全年指引。26财年第二季度建议交易区间：58美元至72美元。中性前景。
