Technical Analysis – 4 May 2026

United States | Singapore | Hong Kong | Earnings

NetApp, Inc (NTAP US)

• Shares closed above the 5dEMA. 
• Both RSI and MACD are constructive. 
• Long – Entry 111, Target 125, Stop 104 

Optical Cable Corporation (OCC US) 

• Shares closed above the 5dEMA with rising volume.  
• Both RSI and MACD are constructive. 
• Long – Entry 11, Target 13, Stop 10 

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Taka Jewellery Holdings Ltd. (TAKA SP) 

• Shares closed above the 5dEMA with rising volume. 
• Both RSI and MACD are constructive. 
• Buy – Entry 0.200, Target 0.230, Stop 0.185 

NTT DC REIT (NTTDCR SP) 

• Shares closed above the 5dEMA with rising volume. 
• Both RSI and MACD are constructive. 
• Buy – Entry 0.98, Target 1.06, Stop 0.94   

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China Resources Beer (Holdings) Co. Ltd. (291 HK)  

• Shares closed above the 100dEMA with a jump in volume. 
• RSI is constructive and MACD turned positive. 
• Long – Entry 26.4, Target 28.4, Stop 25.4

China Mengniu Dairy Company Ltd. (2319 HK) 

• Shares closed above the 5dEMA with a surge in volume. 
• RSI is constructive and MACD turned positive. 
• Long – Entry 17.0, Target 18.0, Stop 16.5 

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Colgate-Palmolive Company (CL) 

• 1Q26 Revenue: $5.32B, +8.4% YoY, beat estimates by $100M 

• 1Q26 Non-GAAP EPS: $0.97, beat estimates by $0.03 

• FY26 Guidance: Maintained FY26 net sales growth guidance of 2% to 6%, organic sales growth of 1% to 4%, and base business EPS growth in the low to mid-single digits. 

• Comment: The quarter was solid, with better-than-expected sales and earnings supported by international strength. Net sales rose 8.4%, organic sales grew 2.9%, and volume was positive globally even as North America remained softer. Cash flow from operations was $747M in the first three months of 2026, which keeps the balance sheet and capital return profile stable. The main issue is cost pressure rather than demand. Gross margin slipped 20 bps to 60.6%, and management now expects about $300M of additional raw material and logistics costs this year, which was enough to pressure the full-year gross margin outlook even though sales and EPS guidance were maintained. That suggests execution remains sound, but margin expansion is no longer the near-term support it had been. The stock reaction was constructive, with shares up about 3% after the release. The principal variables to monitor are whether North America stabilizes, whether emerging-market strength continues to offset softer U.S. trends, and how much of the cost inflation can be recovered through mix, productivity, and selective pricing. 2Q26 recommended trading range: $82 to $95. Neutral Outlook. 

高露洁-棕榄公司（CL) 

• 26财年第一季度营收：53.2亿美元，同比增长8.4%，超出预期1亿美元 

• 26财年第一季度非公认会计准则每股收益：0.97美元，超出预期0.03美元 

• 26财年全年指引：维持净销售额增长2%–6%、有机销售增长1%–4%、核心业务每股收益低至中个位数增长的指引不变 

• 短评：本季度表现稳健，超预期的销售与盈利主要受国际市场强劲推动。净销售额增长8.4%，有机销售增长2.9%，全球销量实现正增长，尽管北美市场仍显疲软。2026年前三个月经营活动现金流达7.47亿美元，支撑资产负债表稳健及持续资本返还能力。当前主要压力并非来自需求，而是成本端：毛利率同比下滑20个基点至60.6%；管理层预计2026年将面临约3亿美元的额外原材料与物流成本，足以拖累全年毛利率前景，尽管销售与EPS指引未下调。这表明公司执行依然扎实，但利润率扩张已不再是近端支撑因素。财报发布后股价上涨约3%，反应积极。后续关键变量包括：（1）北美业务能否企稳；（2）新兴市场强势是否持续对冲美国疲软；（3）通过产品组合优化、生产效率提升及选择性提价，能在多大程度上转嫁成本通胀。26财年第二季度建议交易区间：82美元至95美元。中性前景。 
   

The Estée Lauder Companies Inc. (EL) 

• 3Q26 Revenue: $3.71B, +4.5% YoY, beat estimates by $20M 

• 3Q26 Non-GAAP EPS: $0.91, beat estimates by $0.26 

• FY26 Guidance: Raised FY26 outlook. The company now expects organic net sales growth at the upper end of its prior 1% to 3% range and adjusted EPS of $2.35 to $2.45, up from $2.05 to $2.25. 

• Comment: This was a better-than-expected quarter and one of the clearest signs yet that the turnaround is gaining traction. Net sales grew across key categories, adjusted operating margin improved to 15.0% from 11.4%, and management lifted the full-year outlook. The margin improvement is important because it suggests the recovery is not only revenue-led, but also benefiting from better mix, cost actions, and restructuring progress. The key positives appear to be stronger premium product performance, better execution in China and Europe, and accelerating savings under the restructuring plan. Management also expanded the restructuring program, taking expected total job reductions to 9,000 to 10,000 and targeting up to $1.2B of annual savings, which should support profitability if execution remains disciplined. The main issue is that the business is still in recovery mode rather than fully stabilized. Reported operating income and GAAP EPS remain pressured by restructuring and other charges, and near-term sales still face some geopolitical and channel-related noise. The principal variables to monitor are China demand durability, skincare momentum, the pace of savings realization, and whether margin improvement can continue into FY27 without relying too heavily on cost cuts. 4Q26 recommended trading range: $70 to $100. Positive Outlook. 

雅诗兰黛公司（EL) 

• 26财年第三季度营收：37.1亿美元，同比增长4.5%，超出预期2000万美元 

• 26财年第三季度非公认会计准则每股收益：0.91美元，大幅超出预期0.26美元 

• 26财年全年指引：上调全年展望，预计有机净销售额增长将达此前1%–3%区间的高端，调整后每股收益2.35–2.45美元（原为2.05–2.25美元） 

• 短评：本季度表现优于预期，是转型初见成效的最清晰信号之一。核心品类销售全面增长，调整后营业利润率从11.4%显著提升至15.0%，管理层同步上调全年指引。利润率改善尤为关键，表明复苏不仅由收入驱动，更受益于产品组合优化、成本管控及重组计划推进。主要积极因素包括：高端产品表现强劲、中国与欧洲市场执行力提升，以及重组计划下节约效应加速兑现。公司进一步扩大重组规模，预计裁员9000–10000人，目标实现每年最高12亿美元的成本节约，若执行保持纪律，将有力支撑长期盈利能力。当前挑战在于业务仍处复苏阶段，尚未完全企稳：GAAP营业利润与EPS仍受重组及其他一次性费用拖累，且近端销售仍面临地缘政治与渠道波动干扰。后续关键变量包括：（1）中国市场需求能否持续回暖；（2）护肤品类增长动能是否延续；（3）成本节约目标的兑现节奏；（4）27财年利润率能否在不过度依赖削减开支的前提下继续改善。26财年第四季度建议交易区间：70美元至100美元。积极前景。 

Linde plc (LIN) 

• 1Q26 Revenue: $8.8B, +8.6% YoY, beat estimates by $200M. 

• 1Q26 GAAP EPS: $4.33, beat estimates by $0.06 

• 2Q26 Guidance: 2Q26 adjusted EPS guidance is $4.40 to $4.50.  

• FY26 Guidance: Raised FY26 adjusted EPS guidance to $17.60 to $17.90 from $17.40 to $17.90 previously. Full-year capex is expected at $5.0B to $5.5B. Full-year capex is expected at $5.0B to $5.5B.  

• Dividend: Declared a second-quarter 2026 dividend. 

• Comment: This was another steady quarter. Underlying sales grew 3%, supported by 2% price attainment and 1% volume growth, while adjusted operating margin reached 30.0%. That combination indicates Linde is still executing well on pricing, productivity, and mix despite a mixed industrial backdrop. The main positive is consistency. Healthcare and food and beverage remained resilient, project backlog stayed substantial at $7.1B, and management raised the low end of full-year EPS guidance. The business continues to benefit from long-term contracts and defensive end-market exposure, which tends to reduce earnings volatility relative to most industrial names. The main limitation is that the quarter did not materially change the debate around valuation. The business is performing well, but expectations for Linde are already high because it is viewed as one of the highest-quality industrial compounders. The principal variables to monitor are pricing durability, project-start timing, helium supply tightness, and whether underlying sales growth can accelerate beyond the low-single-digit range. The stock reaction was constructive, with shares rising about 2.9% after the release. 2Q26 recommended trading range: $480 to $550. Neutral Outlook. 

林德集团（LIN) 

• 26财年第一季度营收：88亿美元，同比增长8.6%，超出预期2亿美元 

• 26财年第一季度公认会计准则每股收益：4.33美元，超出预期0.06美元 

• 26财年第二季度指引：调整后每股收益4.40–4.50美元 

• 26财年全年指引：上调调整后EPS至17.60–17.90美元（此前为17.40–17.90美元）；全年资本支出预计50亿–55亿美元 

• 股息：宣布2026年第二季度股息 

• 短评：本季度延续一贯稳健表现。内生销售额增长3%（价格贡献2%、销量增长1%），调整后营业利润率达30.0%，显示在工业需求分化背景下，公司仍在定价、生产效率与产品组合优化上执行出色。核心优势在于业务韧性与一致性：医疗保健及食品饮料等防御性终端市场保持稳健，项目积压订单维持在71亿美元高位，管理层小幅上调全年EPS指引下限。依托长期合同与抗周期终端布局，林德盈利波动性显著低于多数工业股。主要局限在于估值已充分反映优质属性——尽管运营优异，但作为市场公认的高质工业复利龙头，投资者对其预期本就偏高，本季未带来足以改变估值辩论的新催化剂。后续关键变量包括：（1）定价能力能否持续；（2）大型项目启动节奏；（3）氦气供应紧张对利润的支撑；（4）内生销售增速能否突破低个位数区间。财报发布后股价上涨约2.9%，反应积极。26财年第二季度建议交易区间：480美元至550美元。中性前景。 

Chevron Corporation (CVX) 

• 1Q26 Revenue: $48.61B, +2.1% YoY, miss estimates by $4.09B 

• 1Q26 Non-GAAP EPS: $1.41, beat estimates by $0.44 

• FY26 Guidance: Chevron kept its capital return and operating framework broadly unchanged. The company continues to target 7% to 10% production growth in 2026, capex of $18B to $19B, and buybacks of $2.5B to $3.0B per quarter. 

• Dividends/Share Buybacks: Declared a quarterly dividend of $1.78 per share. Chevron repurchased $2.5B of shares in 1Q26 and returned $6.0B total cash to shareholders, including $3.5B of dividends. 

• Comment: The quarter was better than expected on earnings, but the mix was uneven. Upstream earnings were strong, supported by higher oil prices and solid production growth, with worldwide production up 15% YoY and U.S. production up 24% YoY. At the same time, downstream posted a loss, largely due to timing effects in derivatives and weaker refining-related conversion. Cash generation was softer than the EPS beat implies. Free cash flow turned negative in the quarter, while part of the downstream weakness should unwind next quarter if timing effects reverse. The company did not change its broader capital allocation posture, which suggests management is treating the current oil-price backdrop as supportive but not a reason to become more aggressive. The stock reaction was muted, which is understandable. The principal variables to monitor are oil-price durability, downstream normalization in 2Q26, Kazakhstan ramp and production consistency, and whether free cash flow improves enough to better support the current buyback pace. 2Q26 recommended trading range: $170 to $220. Neutral Outlook. 

雪佛龙公司（CVX) 

• 26财年第一季度营收：486.1亿美元，同比增长2.1%，低于预期40.9亿美元 

• 26财年第一季度非公认会计准则每股收益：1.41美元，大幅超出预期0.44美元 

• 26财年全年指引：维持资本支出180亿–190亿美元、2026年产量增长7%–10%、每季度回购25亿–30亿美元的框架不变 

• 股息与资本返还：宣布季度股息每股1.78美元；第一季度回购25亿美元股票，总计向股东返还60亿美元（含35亿美元股息） 

• 短评：本季度盈利表现优于预期，但业务组合表现分化明显。上游业务强劲，受益于油价高企及产量显著增长——全球产量同比+15%，美国本土产量+24%；而下游业务录得亏损，主因衍生品会计时点影响及炼油转化利润疲软。尽管EPS超预期，自由现金流实际转为负值，显示盈利质量受非现金或临时性因素支撑；部分下游拖累预计将在Q2随衍生品时点反转而缓解。公司未调整资本配置策略，表明管理层视当前油价环境为“有利但非激进扩张理由”，延续纪律性回报股东路径。财报发布后股价反应平淡，符合逻辑。后续关键变量包括：（1）油价能否维持高位；（2）Q2下游业务是否正常化；（3）哈萨克斯坦项目爬产及整体产量稳定性；（4）自由现金流能否改善以更好支撑当前回购节奏。26财年第二季度建议交易区间：170美元至220美元。中性前景。 

Exxon Mobil Corp. (XOM) 

• 1Q26 Revenue: $85.14B, +2.4% YoY 

• 1Q26 Non-GAAP EPS: $1.16, beat estimates by $0.15 

• FY26 Guidance: Expect upstream production of about 4.9Moebd, Permian production of about 1.8Moebd and a non-GAAP cash capex of $27-29B. 

• Comment: Exxon Mobil reported adjusted first-quarter earnings of US$1.16 per share, beating expectations of US$1.00, but net income fell to US$4.2bn from US$7.7bn a year earlier, its weakest level since 2021, due to Middle East shipment disruptions and derivative-related timing losses. Higher oil prices and stronger production from the Permian Basin and Guyana helped offset some pressure, but Exxon recorded a US$700mn loss from undelivered cargoes, while downstream results swung to a US$1.3bn loss due to timing impacts. Free cash flow declined to US$2.7bn, though the company still returned significant capital through US$4.3bn in dividends and US$4.9bn in buybacks. Looking ahead, Exxon remains structurally strong given its low-cost Permian and Guyana growth assets, but near-term earnings could stay volatile if Middle East disruptions persist, especially given its relatively high regional exposure and the risk of further production losses if the Strait of Hormuz remains impaired. 2Q26 recommended trading range: $140 to $180. Neutral Outlook. 

埃克森美孚公司 (XOM) 

• 26财年第一季度营收：851.4亿美元，同比增长2.4% 

• 26财年第一季度Non-GAAP每股收益：1.16美元，超出预期0.15美元 

• 26财年指引：预计上游产量约4.9百万桶/日（Moebd），二叠纪产量约1.8百万桶/日（Moebd），以及Non-GAAP现金资本开支270亿至290亿美元 

• 短评：埃克森美孚公布26财年第一季度调整后盈利为每股1.16美元，超出市场预期的1.00美元；但净利润从一年前的77亿美元降至42亿美元，为2021年以来的最低水平，原因包括中东地区发货中断以及与衍生品相关的时点性损失。较高油价以及二叠纪盆地和圭亚那更强的产量表现，帮助抵消了一部分压力；不过埃克森仍因未交付货运录得7亿美元损失，而下游业务则因时点影响出现13亿美元亏损。自由现金流下降至27亿美元，但公司仍通过分红43亿美元和回购49亿美元向股东返还了大量资本。展望未来，埃克森凭借其低成本的二叠纪与圭亚那增长资产，在结构层面仍较为稳健；但如果中东扰动持续，短期盈利可能仍将较为波动，尤其是考虑到其区域敞口相对较高，以及若霍尔木兹海峡（Strait of Hormuz）仍受影响，可能带来进一步的产量损失风险。26财年第二季度建议交易区间：140美元至180美元。中性前景。