Technical Analysis – 06 May 2025

United States | Singapore | Hong Kong | Earnings

Futu Holdings Ltd. (FUTU US)

• Shares closed higher above the 50dEMA with constructive volume. 5dEMA just crossed the 50dEMA.
  
• MACD is positive, RSI is constructive.
  
• Long – Entry 100, Target 110, Stop 95
  

NetEase, Inc. (NTES US)

• Shares closed at a 52-week high. 20dEMA recently crossed the 50dEMA.
  
• Both RSI and MACD are constructive.
  
• Long – Entry 109, Target 119, Stop 104
  

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Raffles Medical Group Ltd. (RFMD SP)

• Shares closed at a high since July 2024 with a surge in volume.
  
• MACD is positive, RSI is constructive.
  
• Buy – Entry 1.02, Target 1.14, Stop 0.96
  

DFI Retail Group Ltd. (DFI SP)

• Shares closed higher above the 5dEMA with a surge in volume.
  
• MACD is positive, RSI is at an overbought level.
  
• Buy – Entry 2.65 Target 2.85, Stop 2.55
  

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Tencent Holdings Ltd (700 HK)

• Shares closed above the 5dEMA. The 20dEMA crossed the 50dEMA.
  
• Both RSI and MACD are constructive.
  
• Long – Entry 480, Target 518, Stop 461
  
  
  
  
  

  

  
  

Alibaba Group Holding Ltd (9988 HK)

• Shares closed above the 5dEMA with rising volume. The 5dEMA crossed the 50dEMA.
  
• RSI is constructive and MACD is positive.
  
• Long – Entry 120, Target 130, Stop 115
  
  
  

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ON Semiconductor Corp. (ON)

• 1Q25 Revenue: $1.45B, -22.0% YoY, miss estimates by $50M
  
• 1Q25 Non-GAAP EPS: $0.55, beat estimates by $0.05
  
• 2Q25 Guidance: Expect adjusted revenue to be between $1.40bn to $1.50bn, midpoint of $1.45 above consensus of $1.41; Expect adjusted gross margin to be between 36.5% to 38.5%; Expect operating expenses to be between $285mn to $300mn; Expect adjusted EPS to be between $0.48 to $0.58, midpoint of $0.53 above consensus of $0.51.
  
• Comment: ON Semiconductor delivered better-than-expected earnings and issued stronger-than-anticipated guidance for 2Q25. Despite this, the company continues to face broad-based demand weakness across all business segments. Management noted key customer wins across all end-markets; however, revenue declined year-over-year and sequentially across its three divisions. The company had previously flagged ongoing demand softness into 2025, particularly in the automotive segment, while also pointing to early signs of recovery in the ‘traditional’ industrial markets and energy infrastructure. Challenges persist in the electric vehicle market, especially outside China. Overall, consumer sentiment remains cautious amid economic uncertainty, and ON Semiconductor is expected to continue grappling with demand-side headwinds in the near term. 2Q25 recommended trading range: $28 to $48. Neutral Outlook.
  

安森美半导体公司 (ON)

• 25年第一季营收：14.5亿美元，同比下降22.0%，低于预期5,000万美元
  
• 25年第一季Non-GAAP每股收益：0.55美元，超出预期0.05美元
  
• 25年第二季指引：预计调整后营收将在14.0亿美元至15.0亿美元之间，区间中值14.5亿美元高于市场一致预期的14.1亿美元；预计调整后毛利率在36.5%至38.5%之间；预计运营支出在2.85亿美元至3.00亿美元之间；预计调整后每股收益在0.48美元至0.58美元之间，区间中值0.53美元高于市场预期的0.51美元。
  
• 短评：安森美公布的盈利好于预期，并发布强于市场预期的第二季度指引。然而，公司仍面临来自所有业务板块的广泛需求疲软。管理层指出，公司在各终端市场获得关键客户订单，但三大业务部门的营收同比及环比均出现下滑。公司此前曾表示，需求疲软将持续至2025年，尤其是在汽车领域；不过，“传统”工业市场和能源基础设施已出现复苏迹象。电动车市场仍面临挑战，尤其是在中国以外地区。总体来看，在经济不确定性背景下，消费者情绪仍偏谨慎，预计安森美短期内仍将承压于需求端挑战。25年第二季建议交易区间：28美元至48美元。中性前景。
  

Palantir Technologies Inc. (PLTR)

• 1Q25 Revenue: $883.85M, 39.3% YoY, beat estimates by $21.72M
  
• 1Q25 Non-GAAP EPS: $0.13, in line with estimates
  
• 2Q25 Guidance: Expect revenue to be between $934mn to $938mn, midpoint of $936mn above consensus of $899.12mn; Expect adjusted income from operations to be between $401mn to $405mn.
  
• FY25 Guidance: Expect revenue to be between $3.89bn to $3.90bn, vs a range of $3.74bn to $3.76bn previously, and above consensus of $3.75bn; Expect adjusted income from operations to be between $1.71 to $1.72bn; expects U.S. commercial revenue to be in excess of $1.178bn; expects adjusted free cash flow to be between $1.6bn to $1.8bn.
  
• Comment: Palantir reported earnings in line with expectations and issued strong revenue guidance for both 2Q25 and FY25, driven by continued adoption of its AI software. The company emphasized its role in delivering ‘the operating system for the modern enterprise in the era of AI,’ noting it is in the midst of a ‘tectonic shift’ in software adoption. Commercial revenue surged 71% year-over-year to $255mn, while government revenue grew 45% to $373mn. Management expects U.S. commercial revenue to exceed $1.178bn in 2025, citing increased demand from the U.S. defense sector and rising interest in large language models and Palantir’s platforms. However, the company’s stock has ridden a wave of AI-driven enthusiasm, raising valuation concerns among investors. Shares recently traded at more than 200 times estimated earnings, making Palantir the most expensive stock in the Nasdaq 100 by that measure. 2Q25 recommended trading range: $90 to $130. Positive Outlook.
  

帕兰提尔科技公司 (PLTR)

• 25年第一季营收：8.8385亿美元，同比增长39.3%，超出预期2,172万美元
  
• 25年第一季Non-GAAP每股收益：0.13美元，符合市场预期
  
• 25年第二季指引：预计营收在9.34亿美元至9.38亿美元之间，区间中值9.36亿美元高于市场一致预期的8.9912亿美元；预计调整后运营利润在4.01亿美元至4.05亿美元之间
  
• 25年全年指引：预计营收在38.9亿美元至39.0亿美元之间，高于此前的37.4亿美元至37.6亿美元，也高于市场预期的37.5亿美元；预计调整后运营利润在17.1亿美元至17.2亿美元之间；预计美国商业营收将超过11.78亿美元；预计调整后自由现金流在16亿美元至18亿美元之间
  
• 短评：帕兰提尔业绩符合预期，并发布强劲的第二季度及全年营收指引，受益于其AI软件的持续采用。公司强调自己正处于软件采用“剧变”的中心，致力于打造AI时代现代企业的操作系统。商业营收同比大增71%至2.55亿美元，政府部门营收同比增长45%至3.73亿美元。管理层预计，美国商业营收在2025年将超过11.78亿美元，反映出国防部门对大语言模型和帕兰提尔平台的强劲需求。然而，随着公司股价受到AI热潮推动，估值也引发部分投资者担忧。目前其股价相当于预测收益的200多倍，是纳斯达克100指数中估值最高的股票。25年第二季建议交易区间：90美元至130美元。积极前景。
  

Hims & Hers Health Inc. (HIMS)

• 1Q25 Revenue: $586M, +110.6% YoY, beat estimates by $47.13M
  
• 1Q25 GAAP EPS: $0.20, beat estimates by $0.08
  
• 2Q25 Guidance: Expect revenue between $530mn and $550mn, below consensus of $564.6mn; Expect adjusted EBITDA to be between the range of $65mn and $75mn, midpoint of $70mn slightly below consensus of $70.4mn.
  
• FY25 guidance: Reaffirmed its FY25 revenue guidance of $2.3bn to $2.4bn and raised its Adjusted EBITDA guidance to between $295mn and $335mn. Looking ahead, Hims & Hers introduced ambitious 2030 targets, aiming for at least $6.5bn in revenue and $1.3bn in Adjusted EBITDA.
  
• Comment: Hims & Hers Health delivered strong quarterly results, though guidance for 2Q25 came in below expectations. A key industry development emerged as the U.S. Food and Drug Administration announced the end of the Wegovy shortage, requiring compounders to cease production of compounded semaglutide by May 22. While this poses near-term sales headwinds—given Hims & Hers had been offering the treatment at a fraction of Novo Nordisk’s list price—there’s a significant upside: Novo has authorized Hims, along with a select group of telehealth providers, to sell branded Wegovy directly to cash-paying customers through their platforms. This partnership is expected to bolster the company’s weight loss segment moving forward. Looking ahead, management signaled increased collaboration across the healthcare ecosystem, including partnerships with pharmaceutical companies, diagnostics and preventative care innovators, and top-tier providers. These efforts aim to expand Hims & Hers’ integrated platform and deliver a best-in-class offering to tens of millions of consumers. The company also announced the appointment of Nader Kabbani as Chief Operating Officer. Kabbani brings nearly two decades of experience from Amazon, where he helped launch Amazon Pharmacy—adding valuable operational expertise as Hims & Hers scales its healthcare ambitions. 2Q25 recommended trading range: $30 to $50. Neutral Outlook.
  

Hims & Hers Health (HIMS)

• 25年第一季营收：5.86亿美元，同比增长110.6%，超出预期4,713万美元
  
• 25年第一季GAAP每股收益：0.20美元，超出预期0.08美元
  
• 25年第二季指引：预计营收在5.30亿美元至5.50亿美元之间，低于市场一致预期的5.646亿美元；预计调整后EBITDA在6,500万美元至7,500万美元之间，区间中值7,000万美元略低于市场预期的7,040万美元
  
• 25年全年指引：重申全年营收指引为23亿美元至24亿美元，并将调整后EBITDA指引上调至2.95亿美元至3.35亿美元之间。公司同时提出2030年远景目标，预计营收至少达到65亿美元，调整后EBITDA达到13亿美元
  
• 短评：Hims & Hers Health公布了强劲的季度业绩，但第二季度指引低于预期。行业一项关键发展是，美国食品药品管理局宣布Wegovy短缺结束，所有配药商必须在5月22日前停止生产复合版本的司美格鲁肽。这对Hims & Hers构成短期销售压力，因为其此前以远低于诺和诺德定价的水平销售该药品。但利好方面是，诺和诺德已授权Hims及少数远程医疗公司可直接通过其网站向现金支付客户销售品牌版Wegovy。此举预计将提振其体重管理业务。展望未来，管理层表示将进一步推动与制药公司、诊断和预防创新企业以及顶级医疗服务提供商的合作，打造一个世界级的综合平台，服务数千万消费者。公司还宣布任命Nader Kabbani为首席运营官，其曾在亚马逊任职近20年，并主导亚马逊药房的创建，为公司扩张提供宝贵经验。25年第二季建议交易区间：30美元至50美元。中性前景。
  

Ford Motor Co. (F)

• 1Q25 Revenue: $40.66B, -5.0% YoY, beat estimates by $4.87B
  
• 1Q25 Non-GAAP EPS: $0.14, beat estimates by $0.12
  
• FY25 guidance: Expect adjusted EBIT to be between $7.0b to $8.5bn.
  
• Comment: Ford reported better-than-expected results but suspended its 2025 financial guidance due to the anticipated $2.5bn impact from newly imposed tariffs. The company expects to mitigate roughly $1bn of that through cost-saving measures, volume growth, and pricing strategies, resulting in a net impact of $1.5bn next year. Ford cited multiple near-term risks—including potential industry-wide supply chain disruptions, additional or escalated U.S. tariffs, and retaliatory trade measures—as key reasons for withdrawing guidance. Similarly, General Motors warned of a $4–5bn impact from the same tariffs. The automotive sector is facing heightened pressure from 25% tariffs on imported vehicles enacted in early April, as well as new levies on auto parts that fall short of United States-Mexico-Canada Agreement (USMCA) standards. With trade tensions rising, tariff-related headwinds are likely to persist across the industry in the near term. 2Q25 recommended trading range: $9.5 to $11. Neutral Outlook.
  

福特汽车公司 (F)

• 25年第一季营收：406.6亿美元，同比下降5.0%，超出预期48.7亿美元
  
• 25年第一季Non-GAAP每股收益：0.14美元，超出预期0.12美元
  
• 25年全年指引：预计调整后息税前利润在70亿美元至85亿美元之间
  
• 短评：福特公布强于预期的业绩，但由于预计将面临25亿美元的新增关税影响，公司暂停了2025年的财务指引。公司计划通过降本增效、销量及定价策略抵消其中10亿美元的影响，预计2025年净影响为15亿美元。福特表示，撤回指引的原因包括潜在的供应链中断、未来可能新增或升级的美国关税、以及其他反制性贸易措施。通用汽车亦表示其将面临40亿至50亿美元的关税冲击。汽车行业当前正承受重压：自4月初起，美国对进口汽车征收25%的关税，并对不符合《美墨加协议》(USMCA)的汽车零部件加征同等税率。随着贸易紧张局势升温，关税相关的阻力预计在短期内将持续影响整个行业。25年第二季建议交易区间：9.5美元至11美元。中性前景。