Technical Analysis – 30 April 2026

United States | Singapore | Hong Kong | Earnings

Plug Power, Inc (PLUG US)

• Shares closed above the 5dEMA with rising volume. 
• Both RSI and MACD are constructive. 
• Long – Entry 3.2, Target 4.0, Stop 2.8 

Qualcomm Incorporated. (QCOM US) 

• Shares closed above the 5dEMA with rising volume.  
• RSI is slightly overbought but MACD is still constructive. 
• Long – Entry 150, Target 188, Stop 131 

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Keppel Infrastructure Trust (KIT SP) 

• Shares closed above the 5dEMA with rising volume. 
• Both RSI and MACD are constructive. 
• Buy – Entry 0.50, Target 0.56, Stop 0.47 

Raffles Education Limited (RLS SP) 

• Shares closed above the 5dEMA with rising volume. 
• Both RSI and MACD are constructive. 
• Buy – Entry 0.14, Target 0.18, Stop 0.12  

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AIA Group Limited (1299 HK)  

• Shares closed above the 20dEMA with rising volume.  
• RSI is constructive, while MACD is about to turn positive. 
• Long – Entry 84, Target 90, Stop 81

Ping An Insurance (Group) Company of China, Ltd. (2318 HK) 

• Shares closed at a one-month high above the 100dEMA with a surge in volume. 
• RSI is constructive and MACD turned positive. 
• Long – Entry 62, Target 67, Stop 60 

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SoFi Technologies, Inc. (SOFI) 

• 1Q26 Revenue: $1.1B, +42.7% YoY, beat estimates by $50M 

• 1Q26 Non-GAAP EPS: $0.12, in-line with estimates 

• FY26 Guidance: Reaffirmed FY26 guidance for adjusted net revenue of about $4.655B, adjusted EBITDA of about $1.60B, and diluted EPS of about $0.60. 

• Comment: The quarter was strong operationally. SoFi delivered record loan originations of $12.2B, membership grew 35% YoY to 14.7M, and adjusted EBITDA margin reached 31%. Net interest income rose 39% to $693M, while fee-based revenue increased 23% to $386.8M, indicating that growth remains broad-based across lending, financial services, and the platform model. The issue was guidance quality rather than the quarter itself. Management left full-year guidance unchanged, which disappointed a market that was looking for an upward revision after such a strong print. There was also some concern around the Q2 revenue outlook and weaker-than-expected loan platform revenue and platform volume, which tempered enthusiasm despite strong member and origination growth. The stock reaction was negative, with shares falling sharply after the release as investors focused on unchanged 2026 guidance and softer platform-related details. The principal variables to monitor are loan platform recovery, continued growth in fee-based revenue, credit performance as originations scale, and whether management eventually converts the current operating momentum into a formal guidance raise. 2Q26 recommended trading range: $13 to $18. Neutral Outlook. 

SoFi科技公司 (SOFI) 

• 26财年第一季营收：11亿美元，同比增长42.7%，超出预期5000万美元。 

• 26财年第一季Non-GAAP每股收益：0.12美元，符合预期。 

• 26财年全年指引：重申全年指引，预计调整后净营收约为46.55亿美元，调整后EBITDA约为16.0亿美元，摊薄每股收益约为0.60美元。 

• 短评：本季度运营表现强劲。SoFi实现创纪录的贷款发放额122亿美元，会员数同比增长35%至1470万，调整后EBITDA利润率达31%。净利息收入同比增长39%至6.93亿美元，手续费收入同比增长23%至3.868亿美元，显示其在贷款、金融服务及平台业务上的增长较为均衡。问题不在季度本身，而在指引质量。管理层未上调全年指引，令市场失望，尤其是在如此强劲业绩之后市场原本期待上调。此外，第二季度营收展望及贷款平台收入与交易量低于预期，也在一定程度上压制了市场情绪。业绩公布后股价明显下跌，反映投资者更关注未上调的2026年指引及平台相关业务的疲软表现。后续需重点关注贷款平台复苏、手续费收入持续增长、信用质量表现，以及管理层是否能将当前经营动能转化为指引上调。26财年第二季建议交易区间：13美元至18美元。中性前景。 
   

Microsoft Corporation (MSFT) 

• 3Q26 Revenue: $82.89B, +18.3% YoY, beat estimates by $1.46B 

• 3Q26 Non-GAAP EPS: $4.27, beat estimates by $0.22 

• 4Q26 Guidance: Microsoft indicated 4Q26 revenue of about $87.25B, slightly below consensus expectations. Management also expects capex to remain above $40B as it continues investing heavily in AI infrastructure. 

• Dividends/Share Buybacks: Microsoft returned $10.2B to shareholders through dividends and share repurchases in 3Q26. 

• Comment: This was a strong quarter. Azure grew 39% in constant currency, Microsoft Cloud revenue rose 29% to $54.5B, and the company said its AI business reached a $37B annual revenue run rate, up 123% YoY. The quarter supports the view that Microsoft is still one of the clearest large-cap beneficiaries of enterprise AI and cloud spending. The main debate is no longer demand strength. It is whether monetization can keep pace with the scale of investment. Capex was $31.9B in the quarter and management expects spending to remain elevated, while investor focus remains centered on Azure growth durability, Copilot monetization, and whether infrastructure returns stay attractive as AI competition intensifies. Paid Copilot users increased 33% to 20M, which is positive, but still leaves room for debate on the pace of broader monetization.  The initial market reaction was constructive to mixed, with reports of a modest after-hours gain after the release. The principal variables to monitor are Azure growth in the high-30s range, AI infrastructure utilization, Copilot adoption, and whether margin pressure remains contained despite sustained capex intensity. 4Q26 recommended trading range: $380 to $550. Positive Outlook. 

微软公司 (MSFT) 

• 26财年第三季营收：828.9亿美元，同比增长18.3%，超出预期14.6亿美元。 

• 26财年第三季Non-GAAP每股收益：4.27美元，超出预期0.22美元。 

• 26财年第四季指引：预计营收约为872.5亿美元，略低于市场共识；管理层预计资本开支将维持在400亿美元以上，持续加大AI基础设施投入。 

• 分红/回购：公司在第三季度通过分红及回购向股东回馈102亿美元。 

• 短评：本季度表现强劲。Azure按固定汇率计算增长39%，微软云收入同比增长29%至545亿美元，公司表示AI业务年化收入规模已达370亿美元，同比增长123%。该季度进一步验证微软仍是企业AI与云支出最直接的受益者之一。当前市场关注点已从需求转向变现能力，即收入增长能否跟上大规模投资。季度资本开支达319亿美元，且未来仍将维持高位，投资者重点关注Azure增长持续性、Copilot商业化进展以及AI竞争加剧背景下基础设施回报率。付费Copilot用户增长33%至2000万，表现积极但仍存在进一步变现空间。业绩公布后市场反应偏正面至中性。后续需关注Azure高30%增长区间的持续性、AI基础设施利用率、Copilot渗透率以及利润率在高资本开支下的稳定性。26财年第四季建议交易区间：380美元至550美元。积极前景。 

Amazon.com, Inc. (AMZN) 

• 1Q26 Revenue: $181.52B, +16.6% YoY, beat estimates by $4.35B. 

• 1Q26 GAAP EPS: $2.78, beat estimates by $1.13 

• 2Q26 Guidance: 2Q26 revenue guided to $194.0B to $199.0B and operating income to $20.0B to $24.0B. Revenue guidance was above expectations, while operating income guidance was somewhat softer relative to the Street.  

• Comment: This was a strong quarter operationally. AWS revenue grew 28% to $37.6B, its fastest growth in several quarters, while advertising revenue rose 24% to $17.2B. North America, International, and AWS all expanded operating income, which indicates broad-based execution rather than a one-segment beat. The main caution is earnings quality and cash conversion. Reported net income benefited materially from a non-operating gain related to Amazon’s Anthropic investment, while capital expenditures reached $44.2B in the quarter and trailing 12-month free cash flow fell sharply to $1.2B as AI infrastructure spending accelerated. That leaves the stock increasingly dependent on the market’s willingness to tolerate heavy capex in exchange for future AWS and AI growth. The stock reaction was mixed because the quarter beat cleanly on revenue and EPS, but investors focused on elevated capex and the softer operating-income guide relative to expectations. The principal variables to monitor are AWS growth durability, AI monetization versus infrastructure spend, operating-income conversion in 2Q26, and whether retail margin expansion can continue alongside high investment intensity. 2Q26 recommended trading range: $230 to $350. Positive Outlook. 

亚马逊公司 (AMZN) 

• 26财年第一季营收：1815.2亿美元，同比增长16.6%，超出预期43.5亿美元。 

• 26财年第一季GAAP每股收益：2.78美元，超出预期1.13美元。 

• 26财年第二季指引：预计营收为1940亿至1990亿美元，经营利润为200亿至240亿美元；营收指引高于预期，但经营利润指引略低于市场预期。 

• 短评：本季度运营表现强劲。AWS收入同比增长28%至376亿美元，为数个季度以来最快增速；广告收入同比增长24%至172亿美元。北美、国际及AWS业务均实现经营利润增长，体现出全面执行力。然而，市场关注盈利质量及现金转化。净利润受到Anthropic投资带来的非经营性收益显著提振，同时季度资本开支高达442亿美元，过去12个月自由现金流大幅降至12亿美元，反映AI基础设施投入加速。当前估值越来越依赖市场对高资本开支换取未来AWS及AI增长的容忍度。业绩公布后市场反应分化，尽管收入与盈利全面超预期，但投资者更关注高资本开支及相对偏弱的利润指引。后续需关注AWS增长持续性、AI变现与资本开支匹配程度、第二季度利润转化能力，以及零售利润率在高投入下的表现。26财年第二季建议交易区间：230美元至350美元。积极前景。 

Meta Platforms, Inc. (META) 

• 1Q26 Revenue: $56.31B, +33.1% YoY, beat estimates by $760M 

• 1Q26 GAAP EPS: $10.44, beat estimates by $3.78 

• 2Q26 Guidance: 2Q26 revenue guided to $58.0B to $61.0B. Meta also raised 2026 capex guidance to $125B to $145B, up from $115B to $135B previously. 

• Comment: This was a very strong revenue quarter. Revenue rose 33% YoY, operating income rose 30% to $22.9B, and ad monetization remained healthy, with ad impressions up 19% and average price per ad up 12%. User growth was more modest at 4%, but the ad engine is clearly still improving through AI-driven targeting and engagement. The issue is not demand. It is spending intensity. Meta materially raised capex guidance to support AI infrastructure, and that overshadowed the quarter despite the beat. The market reaction was negative, with shares falling more than 6% after hours, which indicates investors are increasingly sensitive to how much free cash flow is being reinvested versus returned. The principal variables to monitor are whether AI-driven ad gains continue at this pace, whether operating expense growth stays controlled relative to capex, and whether the elevated investment cycle translates into enough monetization to justify the higher capital intensity. 2Q26 recommended trading range: $550 to $750. Positive Outlook. 

Meta平台公司 (META) 

• 26财年第一季营收：563.1亿美元，同比增长33.1%，超出预期7.6亿美元。 

• 26财年第一季GAAP每股收益：10.44美元，超出预期3.78美元。 

• 26财年第二季指引：预计营收为580亿至610亿美元；同时将2026年资本开支指引由1150亿至1350亿美元上调至1250亿至1450亿美元。 

• 短评：本季度收入表现极为强劲。营收同比增长33%，经营利润同比增长30%至229亿美元，广告变现能力持续提升，广告展示量增长19%，单价上涨12%。用户增长较温和（+4%），但AI驱动的广告效率明显提升。当前问题不在需求，而在投入强度。公司大幅上调资本开支以支持AI基础设施建设，掩盖了业绩超预期带来的正面影响。业绩公布后股价盘后下跌超过6%，显示市场对自由现金流再投资比例的敏感度上升。后续需关注AI驱动广告增长的持续性、费用增长控制情况以及高资本投入是否能转化为足够回报。26财年第二季建议交易区间：550美元至750美元。积极前景。 

Alphabet Inc. (GOOG) 

• 1Q26 Revenue: $109.9B, +21.8% YoY, beat estimates by $2.87B 

• 1Q26 GAAP EPS: $5.11, beat estimates by $2.44 

• FY26 Guidance: Management indicated 2026 capital expenditures will rise materially to about $185B to $190B, with even higher spending expected in 2027. 

• Dividends: Alphabet introduced a quarterly cash dividend of $0.25 per share in 2025. 

• Comment: This was a very strong quarter. Search revenue grew 19% to $60.4B, Google Cloud revenue surged 63% to $20.0B, and cloud backlog rose to $460B. That combination indicates Alphabet is still converting AI investment into real commercial growth across both core ads and cloud. The main debate is capital intensity rather than demand. Management’s capex outlook for 2026 increased sharply, reflecting heavier AI infrastructure investment. That raises the bar for future monetization and leaves the stock more sensitive to whether cloud growth, Gemini adoption, and search monetization can continue scaling fast enough to absorb the much larger spend base. The initial market reaction was positive, with shares rising more than 5% to 6% after the release. The principal variables to monitor are Google Cloud growth durability, margin resilience as capex rises, Gemini monetization, and whether search remains resilient as AI-native competition intensifies. 2Q26 recommended trading range: $330 to $550. Positive Outlook. 

Alphabet公司 (GOOG) 

• 26财年第一季营收：1099亿美元，同比增长21.8%，超出预期28.7亿美元。 

• 26财年第一季GAAP每股收益：5.11美元，超出预期2.44美元。 

• 26财年全年指引：管理层表示2026年资本开支将大幅提升至约1850亿至1900亿美元，2027年预计进一步增加。 

• 分红：Alphabet自2025年起推出季度现金分红，每股0.25美元。 

• 短评：本季度表现非常强劲。搜索业务收入同比增长19%至604亿美元，Google Cloud收入同比大增63%至200亿美元，云业务积压订单达4600亿美元，显示AI投入正持续转化为商业增长。市场争论焦点同样集中在资本开支而非需求。公司大幅提升资本开支指引，反映AI基础设施投入加速，提高了未来变现的要求，也使股价更依赖云业务增长、Gemini应用及搜索变现能力能否持续扩张。业绩公布后股价上涨5%至6%。后续需关注云业务增长持续性、利润率在高资本开支下的韧性、Gemini变现进展以及AI竞争加剧下搜索业务的稳定性。26财年第二季建议交易区间：330美元至550美元。积极前景。 

Ford Motor Company (F) 

• 1Q26 Revenue: $39.82B, +6.4% YoY, beat estimates by $990M 

• 1Q26 Non-GAAP EPS: $0.66, beat estimates by $0.47 

• FY26 Guidance: Raised FY26 adjusted EBIT guidance to $8.5B to $10.5B from $8.0B to $10.0B. Adjusted free cash flow guidance of $5.0B to $6.0B was maintained. 

• Dividends: Ford declared a regular second-quarter dividend of $0.15 per share. 

• Comment: The quarter was better than expected, but a meaningful part of the upside came from a one-time $1.3B tariff-related benefit. Even so, the underlying business still appears improved, with strong truck mix, better quality costs, and earnings that would have exceeded expectations even excluding that one-off item. The main issue is that cost pressure remains real. Ford still expects about $1.0B of net tariff costs in 2026 and roughly $2.0B of commodity headwinds, largely tied to aluminum. Model e also remains loss-making, even though the EV loss trajectory is improving. That leaves the stock dependent on continued strength in Ford Blue and Ford Pro rather than a broad-based recovery across the company. The stock reaction was muted to slightly negative after the release, which is consistent with a market focusing more on cost headwinds than on the earnings beat. The principal variables to monitor are F-Series production recovery, commodity cost pressure, progress on reducing EV losses, and whether the raised EBIT guidance can hold without further one-time help. 2Q26 recommended trading range: $11 to $14. Neutral Outlook. 

福特汽车公司 (F) 

• 26财年第一季营收：398.2亿美元，同比增长6.4%，超出预期9.9亿美元。 

• 26财年第一季Non-GAAP每股收益：0.66美元，超出预期0.47美元。 

• 26财年全年指引：将调整后EBIT指引由80亿至100亿美元上调至85亿至105亿美元；调整后自由现金流维持在50亿至60亿美元。 

• 分红：公司宣布第二季度每股0.15美元的常规股息。 

• 短评：本季度表现优于预期，但部分超预期来自一次性约13亿美元的关税相关收益。即便剔除该因素，核心业务仍有所改善，卡车产品组合强劲、质量成本改善，盈利本身也具备超预期能力。但成本压力依然存在，公司预计2026年仍面临约10亿美元净关税成本及约20亿美元的大宗商品压力（主要来自铝）。电动车业务Model e仍处于亏损状态，尽管亏损有所收窄。因此，股价仍依赖Ford Blue及Ford Pro业务的表现，而非全面复苏。业绩公布后股价反应偏中性至略负面，反映市场更关注成本压力而非盈利超预期。后续需关注F系列产量恢复、大宗商品成本、EV亏损改善进度，以及上调后的EBIT指引能否在缺乏一次性收益下持续兑现。26财年第二季建议交易区间：11美元至14美元。中性前景。 

Qualcomm Inc (QCOM) 

• 2Q26 Revenue: $10.59B, -3.6% YoY, in-line with estimates  

• 2Q26 Non-GAAP EPS: $2.65, beat estimates by $0.09 

• 3Q26 Guidance: Expect revenue in the range of $9.2B-$10.0B vs $10.27B consensus, chip revenue of $7.9B-$8.5B, below estimates of $8.93B and non-GAAP EPS of $2.10-$2.30 vs $2.45 consensus. 

• Comment: Qualcomm issued weaker-than-expected fiscal third-quarter guidance, forecasting revenue of US$9.2bn to US$10.0bn and adjusted EPS of US$2.10 to US$2.30, both below consensus, as smartphone demand remains pressured by memory-chip cost inflation and cautious consumer electronics spending. However, management mentioned that the smartphone market may be bottoming, with its CEO expressing confidence in a recovery after the third quarter, supported by visibility from Qualcomm’s licensing business. Beyond handsets, the company is pushing into data center chips, including CPUs, AI inference accelerators and custom ASICs, helped by its AlphaWave acquisition. Looking ahead, Qualcomm’s near-term outlook remains tied to the timing of a smartphone recovery, but its longer-term upside will depend on whether it can successfully diversify into data centers and offset potential share loss from Apple and Samsung’s in-house chip strategies. 3Q26 recommended trading range: $160 to $200. Neutral Outlook. 

高通公司 (QCOM) 

• 26财年第二季营收：105.9亿美元，同比下降3.6%，符合预期。 

• 26财年第二季Non-GAAP每股收益：2.65美元，超出预期0.09美元。 

• 26财年第三季指引：预计营收在92亿至100亿美元之间，低于市场共识的102.7亿美元；芯片业务营收预计为79亿至85亿美元，低于市场预期的89.3亿美元；Non-GAAP每股收益预计为2.10至2.30美元，低于市场共识的2.45美元。 

• 短评：高通发布的第三财季指引弱于市场预期，预计营收为92亿至100亿美元，调整后每股收益为2.10至2.30美元，均低于市场共识，主要由于内存芯片成本上升及消费电子需求谨慎，导致智能手机需求持续承压。不过，管理层指出智能手机市场可能已接近底部，首席执行官对第三季度之后的复苏持乐观态度，并表示其授权业务提供了较好的需求能见度。除手机业务外，公司正加速布局数据中心芯片，包括CPU、AI推理加速器及定制ASIC，并受益于对AlphaWave的收购。展望未来，高通短期表现仍取决于智能手机市场复苏的节奏，而中长期上行空间则取决于其能否成功拓展数据中心业务，并抵消来自苹果及三星自研芯片策略带来的市场份额压力。26财年第三季建议交易区间：160美元至200美元。中性前景。 

KLA Corp (KLAC) 

• 3Q26 Revenue: $3.42B, +11.8% YoY, beat estimates by $40M 

• 3Q26 Non-GAAP EPS: $9.40, beat estimates by $0.23 

• 4Q26 Guidance: Expect revenue of $3.58B, plus or minus $200M, compared with analysts’ average estimate of $3.54B and an adjusted profit of $9.87 per share for the period, plus or minus $1.00 vs analyst estimates of $9.80 per share. 

• Comment: KLA delivered a solid third quarter, with revenue of US$3.42bn and adjusted EPS of US$9.40, both ahead of expectations, supported by strong demand for process-control tools used in advanced semiconductor manufacturing. Management guided fourth-quarter revenue to around US$3.58bn and adjusted EPS of about US$9.87, slightly above consensus, but shares fell as investors had expected a larger beat after the stock’s strong rally. Looking ahead, KLA remains well positioned as AI chip complexity increases demand for defect inspection, yield management and process-control equipment, though near-term upside may be limited by high valuation expectations and potential margin pressure from memory-related demand mix. 4Q26 recommended trading range: $1550 to $1850. Neutral Outlook. 

KLA公司 (KLAC) 

• 26财年第三季营收：34.2亿美元，同比增长11.8%，超出预期4000万美元。 

• 26财年第三季Non-GAAP每股收益：9.40美元，超出预期0.23美元。 

• 26财年第四季指引：预计营收为35.8亿美元，上下浮动2亿美元，相比分析师平均预期的35.4亿美元；调整后每股收益预计为9.87美元，上下浮动1.00美元，略高于市场预期的9.80美元。 

• 短评：KLA交出稳健的第三季度业绩，营收34.2亿美元、调整后每股收益9.40美元，均超出市场预期，主要受先进半导体制造中对工艺控制设备需求强劲的推动。公司指引第四季度营收约为35.8亿美元、调整后每股收益约为9.87美元，略高于市场共识，但由于此前股价已大幅上涨，投资者预期更高幅度的超预期表现，导致股价回落。展望未来，随着AI芯片复杂度提升，对缺陷检测、良率管理及工艺控制设备的需求持续增长，KLA具备良好行业地位；但短期上行空间可能受制于估值偏高及存储相关需求结构带来的潜在利润率压力。26财年第四季建议交易区间：1550美元至1850美元。中性前景。