United States | Singapore | Hong Kong | Earnings
Astera Labs, Inc (ALAB US)
- Shares closed above the 5dEMA with elevated volume for the week.
- Both RSI and MACD are constructive.
- Long – Entry 200, Target 240, Stop 180
Everpure, Inc (P US)
- Shares closed above the 5dEMA.
- Both RSI and MACD are constructive.
- Long – Entry 72, Target 100, Stop 58
ASTI Holdings Limited (ASTI SP)
- Shares closed above the 5dEMA with rising volume.
- Both RSI and MACD are constructive.
- Buy – Entry 0.090, Target 0.104, Stop 0.083
Raffles Education Limited (RLS SP)
- Shares closed above the 5dEMA.
- Both RSI and MACD are constructive.
- Buy – Entry 0.14, Target 0.18, Stop 0.12
CGN Power Co., Ltd. (1816 HK)
- Shares closed at a one-month high above the 5dEMA.
- Both RSI and MACD are constructive.
- Long – Entry 3.50, Target 3.74, Stop 3.38
Huadian Power International Corp Ltd (1071 HK)
- Shares closed above the 100dEMA. The 5dEMA crossed the 100dEMA.
- Both RSI and MACD are constructive.
- Long – Entry 4.28, Target 4.60, Stop 4.12
Norwegian Cruise Line Holdings Ltd. (NCLH)
- 1Q26 Revenue: $2.33B, +9.4% YoY, miss estimates by $30M
- 1Q26 Non-GAAP EPS: $0.23, beat estimates by $0.09
- FY26 Guidance: Cut FY26 adjusted EPS guidance to $1.45 to $1.79 from about $2.38 previously. Full-year net yield is now expected to decline 2.7% to 4.7%, with fuel cost assumptions raised to about $782 per metric ton from $670.
- Comment: The quarter itself was better than expected. Adjusted EBITDA reached $533M, up 18% YoY and above guidance, while adjusted net income more than doubled to $108M. Onboard spending and operating execution were solid enough to drive an earnings beat despite a more difficult backdrop. The problem is the outlook reset. Higher fuel costs and softer demand, especially in Europe, forced a material cut to full-year earnings guidance. Management also acknowledged internal execution issues, including weaker marketing and itinerary mix, and is now targeting about $125M of annual cost savings plus reductions in shoreside compensation expense. The stock reaction was clearly negative, with shares falling about 8% to 9% after the release. The principal variables to monitor are fuel-price normalization, European booking trends, whether internal commercial execution improves, and whether the planned cost actions are enough to offset the lower yield outlook. 2Q26 recommended trading range: $15 to $19. Negative Outlook.
挪威邮轮控股有限公司（NCLH)
- 26财年第一季度营收：23.3亿美元，同比增长9.4%，低于预期3000万美元
- 26财年第一季度非公认会计准则每股收益：0.23美元，超出预期0.09美元
- 26财年全年指引：大幅下调调整后EPS至1.45–1.79美元（此前约2.38美元）；预计全年净收益率下降2.7%–4.7%；燃油成本假设上调至每公吨782美元（原为670美元）
- 短评：本季度自身表现好于预期。调整后EBITDA达5.33亿美元（+18% YoY），高于指引；调整后净利润翻倍以上至1.08亿美元，受益于船上消费强劲与运营执行稳健，在不利环境中仍实现盈利超预期。然而，前景显著恶化：因燃油成本飙升及需求疲软（尤其欧洲市场），公司被迫大幅下调全年盈利指引。管理层亦承认内部执行问题，包括营销效率偏低与航程组合欠佳，并计划通过约1.25亿美元年度成本节约及岸上薪酬削减来应对。财报发布后股价大跌8%–9%，反映市场对盈利下修与需求压力的担忧。后续关键变量包括：（1）燃油价格能否回落；（2）欧洲预订趋势是否改善；（3）内部商业执行力能否提升；（4）成本削减措施是否足以抵消收益率下滑影响。26财年第二季度建议交易区间：15美元至19美元。负面前景。
Berkshire Hathaway Inc. (BRK.A)
- 1Q26 Revenue: $93.7B, +4.4% YoY
- 1Q26 Operating Earnings: $11.3B, +17.7%
- FY26 Guidance: No explicit guidance.
- Dividends/Share Buybacks: Berkshire resumed buybacks in 1Q26, repurchasing about $234M to $235M of stock
- Comment: The quarter was solid, but less clean than the headline 18% operating earnings growth suggests. Insurance remained the key support, helped by easier catastrophe comparisons and improved underwriting, while BNSF, energy, and several industrial businesses also posted modest gains. At the same time, some consumer-related operations continued to face softer demand and weaker confidence trends. The more important debate is capital allocation. Cash climbed to a record level, roughly $380B to $397B depending on the balance-sheet measure used, while Berkshire remained a net seller of equities and only restarted buybacks in a very limited way. That suggests management still sees few large-scale opportunities offering attractive risk-adjusted returns at current prices. The stock reaction was muted to slightly negative despite the earnings growth, which is understandable. The principal variables to monitor are underwriting normalization, the pace of deployment of the cash pile, buyback intensity under Greg Abel, and whether non-insurance subsidiaries can grow more meaningfully if the macro backdrop softens. 4Q26 recommended trading range: $450 to $520. Positive Outlook.
伯克希尔·哈撒韦公司（BRK.A)
- 26财年第一季度营收：937亿美元，同比增长4.4%
- 26财年第一季度运营利润：113亿美元，同比增长17.7%
- 26财年全年指引：未提供明确财务指引
- 股息与资本返还：第一季度恢复股票回购，金额约2.34亿–2.35亿美元
- 短评：本季度表现稳健，但运营利润18%的高增长表象下存在结构性分化。保险业务仍是核心支撑，受益于较低的巨灾赔付基数及承保质量改善；BNSF铁路、能源及部分工业子公司亦录得温和增长。然而，部分面向消费者的业务继续面临需求疲软与信心不足的压力。更关键的焦点在于资本配置策略：公司现金储备攀升至创纪录的3800亿–3970亿美元（依不同资产负债表口径），同时仍为股票净卖出方，仅以极小规模重启回购。这表明管理层（尤其在巴菲特逐步交棒Greg Abel的过渡期）认为当前市场缺乏具备吸引力风险回报比的大规模投资机会。尽管运营利润增长强劲，股价反应平淡甚至微跌，符合逻辑——市场关注点已从盈利本身转向巨额现金如何部署。后续关键变量包括：（1）保险承保利润能否在正常化巨灾环境下维持韧性；（2）现金储备的部署节奏与方向；（3）在Greg Abel领导下股票回购是否会显著加码；（4）若宏观环境走弱，非保险业务能否实现更具意义的增长。26财年第四季度建议交易区间：450美元至520美元。积极前景。
Palantir Technologies Inc. (PLTR)
- 1Q26 Revenue: $1.63B, +84.4% YoY, beat estimates by $90M.
- 1Q26 Non-GAAP EPS: $0.33, beat estimates by $0.05
- 2Q26 Guidance: 2Q26 revenue guidance is $1.797B to $1.801B.
- FY26 Guidance: Raised FY26 revenue guidance to $7.650B to $7.662B from $7.18B to $7.20B previously. FY26 adjusted income from operations is guided to $4.440B to $4.452B, with adjusted free cash flow of $4.2B to $4.4B.
- Comment: This was an exceptionally strong quarter. Revenue growth accelerated to 85% YoY, U.S. government revenue rose 84% to $687M, and U.S. commercial revenue rose 133% to $595M. GAAP operating margin reached 46%, while cash from operations was $925M and adjusted free cash flow was $370M. The quarter supports the view that Palantir is still scaling rapidly across both government and commercial AI deployment. The key positive is breadth of demand rather than reliance on one segment. Government demand remains very strong, helped by continued expansion of defense-related AI programs, while commercial growth remains unusually fast for a company of this scale. The raised full-year guidance confirms that management sees the current demand environment as durable rather than one-quarter pull-forward. The main limitation is valuation and expectations. Despite the beat and guidance raise, shares were slightly lower after hours, which suggests the market had already priced in a very strong quarter. Management also indicated expenses will rise as the company continues investing in product and technical talent. The principal variables to monitor are sustainability of U.S. commercial growth, continued conversion of large government programs into recurring revenue, margin durability as hiring accelerates, and whether valuation leaves room for further rerating. 2Q26 recommended trading range: $120 to $160. Neutral Outlook.
Palantir Technologies Inc.（PLTR)
- 26财年第一季度营收：16.3亿美元，同比增长84.4%，超出预期9000万美元
- 26财年第一季度非公认会计准则每股收益：0.33美元，超出预期0.05美元
- 26财年第二季度指引：营收17.97亿–18.01亿美元
- 26财年全年指引：大幅上调全年营收至76.50亿–76.62亿美元（原为71.8亿–72.0亿美元）；调整后运营利润44.40亿–44.52亿美元；调整后自由现金流42亿–44亿美元
- 短评：本季度表现极为强劲。营收同比增速加快至85%，其中美国政府业务收入增长84%至6.87亿美元，美国商业业务收入激增133%至5.95亿美元，显示AI平台在两大核心板块同步高速扩张。GAAP营业利润率高达46%，经营活动现金流达9.25亿美元，调整后自由现金流3.7亿美元，印证盈利质量与现金转化能力持续提升。本次财报的核心亮点在于需求广度——不仅依赖单一客户或部门，而是由国防AI项目深化与商业端超常规增长共同驱动。全年指引大幅上调，表明管理层认为当前动能具可持续性，非短期前置效应。主要制约因素在于估值与预期已高：尽管交出“超预期+显著上调指引”的优异成绩，盘后股价仍小幅下跌，反映市场或已提前充分定价乐观情景。此外，公司明确表示将持续加大产品与技术人才投入，未来支出将上升。后续关键变量包括：（1）美国商业增长能否维持高斜率；（2）大型政府项目能否顺利转化为经常性收入；（3）在加速招聘背景下利润率是否保持稳健；（4）当前估值是否仍留有进一步重估空间。26财年第二季度建议交易区间：120美元至160美元。中性前景。
