United States | Singapore | Hong Kong | Earnings
NVE Corporation (NVEC US)
- Shares closed above the 5dEMA with rising volume.
- Both RSI and MACD are constructive.
- Long – Entry 70, Target 80, Stop 65
Amkor Technology, Inc. (AMKR US)
- Shares closed above the 5dEMA.
- The RSI is constructive and MACD is about to turn positive.
- Long – Entry 47, Target 57, Stop 42
Centurion Corporation Limited. (CENT SP)
- Shares closed above the 5dEMA.
- Both RSI and MACD are constructive.
- Buy – Entry 1.49, Target 1.65, Stop 1.41
Delfi Limited (DELFI SP)
- Shares closed above the 5dEMA.
- Both RSI and MACD are constructive.
- Buy – Entry 0.97, Target 1.07, Stop 0.92
Hansoh Pharmaceutical Group Company Ltd (3692 HK)
- Shares closed at two months high above the 100dEMA. The 5dEMA crossed the 100dEMA.
- MACD is constructive, while RSI is at an overbought level.
- Long – Entry 38, Target 42, Stop 36
China Medical System Holdings Ltd (867 HK)
- Shares closed at a one-month high above the 5dEMA with rising volume.
- Both RSI and MACD are constructive.
- Long – Entry 14.0, Target 15.2, Stop 13.4
NIKE, Inc. (NKE)
- 3Q26 Revenue: $11.28B, +0.1% YoY, beat estimates by $50M
- 3Q26 GAAP EPS: $0.35, beat estimates by $0.07
- FY26 Guidance: Management guided 4Q26 revenue to decline 2% to 4% YoY. Management also indicated Greater China revenue could fall about 20% in 4Q26 and that tariff pressure should remain a headwind near term. Nike said it expects to resume full year guidance at its investor day this fall.
- Comment: The quarter was better than feared on the headline numbers, but the quality of the print was mixed. Revenue was essentially flat at $11.28B, wholesale grew 5% to $6.5B, and NIKE Direct fell 4% to $4.5B. This indicates the company is still relying on wholesale stabilization while its direct channel remains under pressure. Margins remained weak. Gross margin fell 130 bps to 40.2%, primarily due to higher tariffs in North America, while selling and administrative expense rose 2% to $4.0B. Net income fell 35% to $520M, reflecting that the revenue stabilization has not yet translated into earnings recovery. Regionally, North America showed early improvement, but China remains the key drag. Nike Brand revenue grew in North America and wholesale improved, but Greater China continued to decline in the quarter and management signaled a much steeper drop in 4Q26. That matters because China has historically been an important margin and growth driver for Nike, and current weakness appears structural rather than purely cyclical. Balance sheet flexibility remains sound. Inventory was $7.5B, down 1% YoY, and cash plus short-term investments stood at $8.1B. Inventory is moving in the right direction, but not yet at a level that would suggest the cleanup cycle is fully complete, especially with ongoing markdown activity and digital weakness. Shares fell sharply after the release about 9%, as investors focused on weak 4Q26 sales guidance rather than the modest earnings beat. Current price action also reflects concern that the turnaround is taking longer than expected. The setup remains cautious. There are early signs of improvement in running, football, and North America wholesale, but the negative 4Q26 guide, persistent China weakness, direct to consumer softness, and margin pressure from tariffs outweigh those positives for now. The key variables to monitor are the pace of China stabilization, whether NIKE Direct can stop contracting, and whether gross margin can trough over the next two quarters. 2Q26 recommended trading range: $40 to $60. Neutral Outlook.
NIKE, Inc.（NKE)
- 26财年第三季度营收：112.8亿美元，同比增长0.1%，超出预期5000万美元
- 26财年第三季度公认会计准则每股收益：0.35美元，超出预期0.07美元
- 26财年第四季度指引：预计营收同比下降2%至4%；大中华区营收或骤降约20%；关税压力仍将构成短期逆风；公司计划在今年秋季投资者日恢复全年正式指引
- 短评：本季度顶层数据好于市场最悲观预期，但盈利质量仍显疲弱。营收基本持平于112.8亿美元，其中批发业务增长5%至65亿美元，而NIKE Direct（直营渠道）下滑4%至45亿美元，显示公司仍依赖批发渠道企稳，直营（尤其数字端）持续承压。利润率继续承压：毛利率同比下降130个基点至40.2%，主因北美关税成本上升；销售及行政费用增长2%至40亿美元。净利润大幅下滑35%至5.2亿美元，反映收入稳定尚未转化为盈利修复。区域表现分化：北美显现初步改善迹象，批发与核心品类（跑步、足球）回暖；但大中华区仍是主要拖累，本季延续下滑，且Q4指引预示更 steep 的20%跌幅，暗示问题具结构性而非周期性——这对曾为高增长、高毛利引擎的中国市场而言尤为不利。资产负债表保持稳健：库存75亿美元（同比-1%），现金及短期投资81亿美元，清理进程有序推进，但尚未完全出清，尤其在持续打折与数字销售疲软背景下。财报发布后股价大跌约9%，主因投资者聚焦疲软的Q4指引，而非微弱EPS超预期。当前市场担忧转型节奏慢于预期。尽管北美和批发端现积极信号，但大中华区深度下滑、直营渠道收缩、关税压制毛利率三大阻力短期内盖过利好。后续关键变量包括：（1）大中华区需求能否企稳；（2）NIKE Direct能否止住下滑趋势；（3）毛利率是否在未来两季度触底。26财年第二季度建议交易区间：40美元至60美元。中性前景。
