United States | Singapore | Hong Kong | Earnings
Constellation Energy Corp (CEG US)
- Shares closed at a one-month high above the 100dEMA with rising volume. The 10dEMA crossed the 20dEMA.
- Both RSI and MACD are constructive.
- Long – Entry 302, Target 330, Stop 288
Vistra Corp. (VST US)
- Shares closed above the 100dEMA with rising volume. The 5dEMA crossed the 10dEMA.
- Both RSI and MACD are constructive.
- Long – Entry 160, Target 176, Stop 152
Yangzijiang Shipbuilding (Holdings) Ltd. (YZJSGD SP)
- Shares closed at a one-month high above the 5dEMA with rising volume.
- Both RSI and MACD are constructive.
- Buy – Entry 4.20, Target 4.50, Stop 4.05
Banyan Tree Holdings Limited (BTH SP)
- Shares closed above the 100dEMA with rising volume.
- Both RSI and MACD are constructive.
- Buy – Entry 0.61, Target 0.65, Stop 0.59
Semiconductor Manufacturing International Corp. (981 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 61, Target 69, Stop 57
Hua Hong Semiconductor Ltd. (1347 HK)
- Shares closed at a two-months high above the 5dEMA with a jump in volume.
- Both RSI and MACD are constructive.
- Long – Entry 104, Target 116, Stop 98
Procter & Gamble Co. (PG)
- 3Q26 Revenue: $21.24B, +7.3% YoY, beat estimates by $720M
- 3Q26 Non-GAAP EPS: $1.59, beat estimates by $0.03
- FY26 Guidance: Maintained its guidance for sales to grow 1%-5% YoY and diluted net EPS to rise 1%-6% YoY and core EPS to be up 1%-4% YoY, equating to a range of $6.83 to $7.09 per share. The company also expects commodity costs of approximately $150M after tax and higher costs from tariffs at approximately $400M after tax.
- Comment: Procter & Gamble reported a solid third quarter, with sales rising 7% YoY to US$21.24bn and adjusted earnings per share of US$1.59, both ahead of expectations, supported by product innovation and pricing across brands such as Pantene and Olay. However, management warned of rising cost pressures, including a US$150mn fourth quarter hit and a potential US$1bn post-tax impact to FY27 profit from higher oil prices, which are lifting packaging, plastics, paper and transport costs. Gross margin also declined for the sixth consecutive quarter, partly due to tariffs and reinvestment in product innovation, though the company may recover around US$150mn after tax from invalidated tariff refunds. Looking ahead, P&G remains a defensive consumer staple with strong brands and pricing power, but its near-term earnings outlook will depend heavily on whether it can offset oil-driven cost inflation without pushing price increases too far and weakening demand among already-stretched consumers. 4Q26 recommended trading range: $140 to $160. Neutral Outlook.
宝洁公司 (PG)
- 3Q26 营收：212.4亿美元，同比增长7.3%，超出预期7.2亿美元。
- 3Q26 Non-GAAP每股收益：1.59美元，超出预期0.03美元。
- 26财年指引：维持对销量增长的指引区间为同比1%至5%；对摊薄净EPS预计同比增长1%至6%，对核心EPS预计同比增长1%至4%，对应每股6.83至7.09美元的区间。公司同时预计税后大宗商品成本约1.5亿美元，以及来自关税带来的税后额外成本约4亿美元。
- 短评：宝洁公布第三季度表现稳健，营收同比增长7%至212.4亿美元，调整后每股收益1.59美元，营收与盈利均高于预期。主要得益于宝洁各品牌（如潘婷Pantene、玉兰油Olay等）的产品创新和定价策略。然而，管理层也警告成本压力上升：其中包括预计第四季度税后将受到约1.5亿美元的冲击，以及油价走高可能对26财年利润带来约10亿美元（税后）影响（影响包括包装、塑料、纸张及运输等成本）。毛利率也已连续第六个季度下降，部分原因是关税影响以及对产品创新的再投入。尽管如此，公司可能会在税后层面从被否定的关税退税中回收约1.5亿美元。展望未来，宝洁仍是防御型的必需消费品公司，凭借强势品牌和定价能力具备韧性，但短期盈利表现将高度取决于：能否在不进一步推高价格到过度的程度、从而削弱已较为承压的消费者需求的前提下，抵消由油价驱动的成本通胀。4Q26建议交易区间：140美元至160美元。中性前景。
