Technical Analysis – 07 May 2025

United States | Singapore | Hong Kong | Earnings

Cameco Corp. (CCJ US)

• Shares closed higher above the 200dEMA with more volume. 5dEMA is about to cross the 200dEMA and 20dEMA just crossed the 50dEMA.
  
• MACD is positive, RSI is constructive.
  
• Long – Entry 47.0, Target 53.0, Stop 44.0
  

Oklo, Inc. (OKLO US)

• Shares closed higher above the 50dEMA with more volume. 5dEMA just crossed the 50dEMA.
  
• Both RSI and MACD are constructive.
  
• Long – Entry 27.50, Target 31.50, Stop 25.50
  

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HongKong Land Holdings Ltd. (HKL SP)

• Shares closed at a 52-week high with constructive volume. 20dEMA recently crossed the 50dEMA.
  
• MACD is positive, RSI is at an overbought level.
  
• Buy – Entry 4.90, Target 5.20, Stop 4.75
  

Keppel Ltd. (KEP SP)

• Shares closed higher above the 200dEMA. 5dEMA is about to cross the 200dEMA.
  
• MACD is positive, RSI is constructive.
  
• Buy – Entry 6.60 Target 6.90, Stop 6.45
  

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Chinasoft International Ltd. (354 HK)

• Shares closed at a one-month high above the 200dEMA with a jump in volume.
  
• Both RSI and MACD are constructive.
  
• Long – Entry 5.2, Target 5.6, Stop 5.0
  
  
  
  
  

  

  
  

XD Inc (2400 HK)

• Shares closed at a one-month high above the 5dEMA with rising volume.
  
• RSI is constructive and MACD is positive.
  
• Long – Entry 37.6, Target 40.4, Stop 36.2
  
  
  

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Celsius Holdings Inc. (CELH)

• 1Q25 Revenue: $329.3M, -7.4% YoY, miss estimates by $13.01M
  
• 1Q25 Non-GAAP EPS: $0.18, beat estimates by $0.01
  
• 2Q25 Guidance: No guidance provided.
  
• Comment: Celsius Holdings delivered a soft set of results, with revenue impacted by the timing and structure of its U.S. distributor incentive program and elevated retail promotional allowances, which were more heavily concentrated in the latter part of the quarter versus the same period last year. Despite the year-over-year revenue decline, retail scanner data indicated a 2% increase in dollar sales in 1Q25. Looking ahead, the company may face additional headwinds from tariffs, particularly due to its use of aluminum in packaging and China’s significant role in the global aluminum supply chain. On a strategic front, Celsius completed the acquisition of Alani Nu on April 1, 2025, adding a second billion-dollar brand to its expanding functional beverage portfolio. 2Q25 recommended trading range: $30 to $41. Neutral Outlook.
  

Celsius Holdings Inc. (CELH)

• 25年第一季营收：3.293亿美元，同比下降7.4%，低于预期1,301万美元
  
• 25年第一季Non-GAAP每股收益：0.18美元，高于预期0.01美元
  
• 25年第二季指引：未提供指引。
  
• 短评：Celsius公布了一组疲软的业绩，营收受到其美国经销商激励计划的时间安排和结构以及更高的零售促销补贴的影响，与去年同期相比，这些影响更多地集中在本季度的后半段。尽管营收同比下降，但零售扫描数据显示，25年第一季度的美元销售额增长了2%。展望未来，该公司可能面临来自关税的额外不利因素，特别是由于其在包装中使用铝以及中国在全球铝供应链中的重要作用。在战略方面，公司于2025年4月1日完成了对Alani Nu的收购，为其不断扩张的功能饮料产品组合增加了第二个十亿美元品牌。25年第二季建议交易区间：30美元至41美元。中性前景。
  

Datadog Inc. (DDOG)

• 1Q25 Revenue: $762MM, +24.7% YoY, beat estimates by $20.6M
  
• 1Q25 Non-GAAP EPS: $0.46, beat estimates by $0.04
  
• 2Q25 Guidance: Expect revenue to be between $787mn to $791mn, midpoint of $789mn above consensus of $770.47mn; Expect adjusted EPS to be between $0.40 to $0.42, midpoint in-line with consensus of $0.41.
  
• FY25 Guidance: Expect revenue to be between $3.215bn to $3.235bn, vs a range of $3.175bn to $3.195bn previously, and above consensus of $3.20bn; Expect adjusted EPS to be between $1.67 to $1.71bn, midpoint of $1.69 below consensus of $1.70.
  
• Comment: Datadog delivered better-than-expected results and raised its full-year revenue guidance, driven by continued momentum in large customer growth and expanding AI-related workloads. As of the end of 1Q25, the company had approximately 3,770 customers generating at least $100,000 in annual recurring revenue, up 13% year over year. Datadog continues to benefit from the growing adoption of artificial intelligence, which has fueled strong demand for its cloud monitoring and security solutions. Newer offerings such as App Builder and On-Call are gaining traction, while security monitoring is also seeing robust interest from customers. Additionally, the recent acquisition of Eppo, a feature flagging and experimentation platform, strengthens Datadog’s AI and product analytics capabilities, aiming to accelerate product development and reduce risk for customers. These expanded AI-driven solutions are expected to support further customer growth in the near term. 2Q25 recommended trading range: $97 to $127. Positive Outlook.
  

数据狗 (DDOG)

• 25年第一季营收：7.62亿美元，同比增长24.7%，超出预期2,060万美元
  
• 25年第一季Non-GAAP每股收益：0.46美元，超出预期0.04美元
  
• 25年第二季指引：预计营收在7.87亿美元至7.91亿美元之间，中点为7.89亿美元，高于市场普遍预期的7.7047亿美元；预计调整后每股收益在0.40美元至0.42美元之间，中点与市场普遍预期的0.41美元一致。
  
• 25年全年指引：预计营收在32.15亿美元至32.35亿美元之间，高于此前31.75亿美元至31.95亿美元的区间，并高于市场普遍预期的32.0亿美元；预计调整后每股收益在1.67美元至1.71美元之间，中点为1.69美元，低于市场普遍预期的1.70美元。
  
• 短评：数据狗公布了超出预期的业绩，并提高了其全年营收指引，这得益于大型客户持续增长以及人工智能相关工作负载的扩张。截至25年第一季度末，该公司拥有约3770家年度经常性收入至少达到10万美元的客户，同比增长13%。人工智能的日益普及继续使公司受益，这推动了对其云监控和安全解决方案的强劲需求。App Builder和On-Call等新产品正获得市场认可，而安全监控也受到客户的广泛关注。此外，近期对功能标记和实验平台Eppo的收购增强了公司在人工智能和产品分析方面的能力，旨在加速产品开发并降低客户风险。这些扩展的人工智能驱动的解决方案预计将在短期内支持进一步的客户增长。25年第二季建议交易区间：97美元至127美元。积极前景。
  

Constellation Energy Corp. (CEG)

• 1Q25 Revenue: $6.79B, +8.6% YoY, beat estimates by $1.23B
  
• 1Q25 Non-GAAP EPS: $2.14, miss estimates by $0.04
  
• FY25 guidance: Reaffirms full-year 2025 Adjusted (non-GAAP) Operating Earnings guidance range of $8.90 – $9.60 per share; Calpine acquisition on-track to be completed by the end of the year.
  
• Comment: Constellation Energy delivered mixed results, though its full-year 2025 guidance remains constructive. Earlier this year, the company announced a definitive agreement to acquire Calpine, the nation’s largest clean energy provider, with the deal expected to close in the fourth quarter. The acquisition will significantly expand Constellation’s renewable energy portfolio, adding greater exposure to geothermal and natural gas-based power generation. Management also signaled that new power agreements are on the horizon. Looking ahead, demand is projected to stay strong, particularly from large technology companies. Leadership highlighted a highly supportive environment, with recent updates from major tech firms underscoring increased capital commitments and aggressive growth strategies, aligning well with Constellation’s long-term strategic direction. 2Q25 recommended trading range: $250 to $310. Positive Outlook.
  

星座能源公司 (CEG)

• 25年第一季度营收：67.9亿美元，同比增长8.6%，超出预期12.3亿美元
  
• 25年第一季度Non-GAAP每股收益：2.14美元，低于预期0.04美元
  
• 25年全年指引：重申2025年全年调整后（Non-GAAP）运营收益指引区间为每股8.90美元至9.60美元；对Calpine的收购预计将在年底前完成。
  
• 短评：星座能源公布了喜忧参半的业绩，但其2025年全年指引仍然乐观。今年早些时候，该公司宣布达成一项最终协议，收购美国最大的清洁能源供应商Calpine，该交易预计将在第四季度完成。此次收购将显著扩大星座能源的可再生能源组合，增加其在地热和天然气发电方面的敞口。管理层还暗示，新的电力协议即将达成。展望未来，需求预计将保持强劲，特别是来自大型科技公司的需求。管理层强调了高度有利的环境，主要科技公司近期的更新突显了其增加的资本承诺和积极的增长战略，这与星座能源的长期战略方向高度一致。25年第二季建议交易区间：250美元至310美元。积极前景。
  

Super Micro Computer Inc. (SMCI)

• 3Q25 Revenue: $4.6B, +19.5% YoY, miss estimates by $450M
  
• 3Q25 Non-GAAP EPS: $0.31, beat estimates by $0.01
  
• 4Q25 Guidance: Expect net sales of $5.6bn to $6.4bn, below consensus of $6.81bn; Expect Non-GAAP EPS to be between $0.40 to $0.50, below consensus of $0.64. FY25 guidance: Expect revenue to be between $21.8bn to $22.6bn, below consensus of $23.50.
  
• Comment: Super Micro Computer posted mixed results and issued a cautious outlook for 4Q25, citing economic uncertainty and potential tariff-related headwinds that could weigh on near-term performance. The subdued guidance stands in contrast to rising AI investment plans from major tech players. Management noted that while some customers deferred spending during the reported quarter, those orders are expected to materialize between June and September. The company has also been grappling with prolonged accounting-related issues, raising concerns about a potential Nasdaq delisting. These challenges have contributed to short-term market share losses and shaken investor confidence. 4Q25 recommended trading range: $25 to $40. Neutral Outlook.
  

美超微电脑股份有限公司 (SMCI)

• 25年第三季营收：46亿美元，同比增长19.5%，低于预期4.5亿美元
  
• 25年第三季Non-GAAP每股收益：0.31美元，高于预期0.01美元
  
• 25年第四季指引：预计净销售额为56亿美元至64亿美元，低于市场普遍预期的68.1亿美元；预计Non-GAAP每股收益为0.40美元至0.50美元，低于市场普遍预期的0.64美元。
  
• 25年全年指引：预计营收为218亿美元至226亿美元，低于市场普遍预期的235.0亿美元。
  
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  短评：美超微电脑公布了喜忧参半的业绩，并发布了对25年第四季度谨慎的展望，理由是经济不确定性和潜在的关税相关不利因素可能会影响近期业绩。疲软的指引与主要科技公司不断增长的人工智能投资计划形成对比。管理层指出，虽然一些客户在本报告期内推迟了支出，但这些订单预计将在6月至9月期间兑现。该公司还一直在努力解决旷日持久的会计相关问题，这引发了人们对其可能从纳斯达克退市的担忧。这些挑战导致了短期市场份额的损失，并动摇了投资者的信心。25年第四季建议交易区间：25美元至40美元。中性前景。
  

Advanced Micro Devices, Inc. (AMD)

• 1Q25 Revenue: $7.44B, +36.0% YoY, beat estimates by $320M
  
• 1Q25 Non-GAAP EPS: $0.96, beat estimates by $0.03
  
• 2Q25 guidance: Expect revenue to be between $7.1bn to $7.7bn, midpoint of $7.4bn above consensus of $7.24bn.
  
• Comment: Advanced Micro Devices (AMD) delivered strong results and issued upbeat guidance for 2Q25, driven in part by customers accelerating chip purchases ahead of anticipated tariffs. However, the company also projected a US$1.5 billion revenue impact this year due to newly imposed U.S. export restrictions, which now require licenses to ship advanced AI processors to China. These curbs—part of an increasingly stringent U.S. policy under both the Biden and Trump administrations—aim to limit China’s ability to develop advanced AI technologies on national security grounds. AMD expects the bulk of the impact to be felt in the second and third quarters. While macroeconomic and regulatory headwinds remain, including new restrictions on Instinct MI308X exports to China, management is confident that the strength of AMD’s leading product portfolio will more than offset these challenges. Despite the tighter controls, CEO Lisa Su reaffirmed expectations for strong double-digit growth in AI chip revenue from the company’s data centre business this year. 2Q25 recommended trading range: $90 to $110. Neutral Outlook.
  

美国超微半导体公司 (AMD)

• 25年第一季营收：74.4亿美元，同比增长36.0%，超出预期3.2亿美元
  
• 25年第一季Non-GAAP每股收益：0.96美元，超出预期0.03美元
  
• 25年第二季指引：预计营收在71亿美元至77亿美元之间，中点为74亿美元，高于市场普遍预期的72.4亿美元。
  
• 短评：美国超微半导体公司公布了强劲的业绩，并发布了对25年第二季度乐观的指引，部分原因是客户在预期关税之前加速了芯片采购。然而，该公司还预计，由于美国新实施的出口限制，今年营收将受到15亿美元的影响，这些限制现在要求向中国运送先进人工智能处理器需要许可证。这些限制——是拜登和特朗普政府领导下日益严格的美国政策的一部分——旨在限制中国在国家安全基础上开发先进人工智能技术的能力。公司预计大部分影响将在第二和第三季度显现。尽管宏观经济和监管方面的不利因素依然存在，包括对向中国出口Instinct MI308X的新限制，但管理层有信心，公司领先的产品组合的实力将足以抵消这些挑战。尽管控制更加严格，但首席执行官苏姿丰重申，预计今年公司数据中心业务的人工智能芯片收入将实现强劲的两位数增长。25年第二季建议交易区间：90美元至110美元。中性前景。
  

Rivian Automotive Inc. (RIVN)

• 1Q25 Revenue: $1.24B, +3.3% YoY, beat estimates by $220M
  
• 1Q25 Non-GAAP EPS: –$0.48, beat estimates by $0.44
  
• FY25 guidance: expects vehicle deliveries to land between 40,000 to 46,000 vehicles. The prior range was 46,000 to 51,000 vehicles.
  
• Comment: Rivian reported better-than-expected results, including a gross profit of $206 million—its second consecutive quarter of positive gross profit. With 100% of its vehicle manufacturing based in the U.S. and the majority of its bill of materials (excluding battery cells) sourced from the U.S. or USMCA-qualified regions, Rivian is relatively insulated—though not entirely—from global trade and economic pressures compared to other automakers. However, the company lowered its full-year vehicle delivery forecast, citing the potential impact of evolving trade regulations, tariffs, and related shifts in consumer sentiment and demand. In a strategic move to strengthen its supply chain, Rivian also announced a nearly $120 million investment to build a 1.2 million square-foot supplier park in Normal, Illinois. The project, aimed at attracting EV suppliers and creating hundreds of new jobs, is already underway and slated for completion in 2026. 2Q25 recommended trading range: $12.0 to $15.0. Neutral Outlook.
  

Rivian汽车公司 (RIVN)

• 25年第一季营收：12.4亿美元，同比增长3.3%，超预期2.2亿美元
  
• 25年第一季Non-GAAP每股亏损：0.48美元，超预期0.44美元
  
• 25年全年指引：预计汽车交付量在4万辆至4.6万辆之间。此前的预期区间为4.6万辆至5.1万辆。
  
• 短评：Rivian公布了超出预期的业绩，包括2.06亿美元的毛利润——这是其连续第二个季度实现正毛利润。由于其100%的汽车制造都在美国进行，并且大部分原材料（电池芯除外）都来自美国或USMCA合格地区，与其他汽车制造商相比，Rivian受全球贸易和经济压力的影响相对较小——但并非完全不受影响。然而，该公司下调了其全年汽车交付量预期，理由是不断变化的贸易法规、关税以及相关的消费者情绪和需求变化可能产生影响。为加强其供应链，Rivian还宣布投资近1.2亿美元在伊利诺伊州诺 normal建立一个120万平方英尺的供应商园区。该项目旨在吸引电动汽车供应商并创造数百个新的就业岗位，目前已在进行中，预计将于2026年完工。25年第二季建议交易区间：12.0美元至15.0美元。中性前景。
  

Tempus AI Inc. (TEM)

• 1Q25 Revenue: $255.7M, +75.4% YoY, beat estimates by $7.57M
  
• 1Q25 GAAP EPS: -$0.24, beat estimates by $0.20
  
• FY25 guidance: Increase FY25 revenue guidance to $1.25bn, representing a ~80% growth YoY; Expect positive Adjusted EBITDA of $5mn for FY2025, increasing ~$110M over 2024.
  
• Comment: Tempus AI reported strong results and raised its full-year 2025 guidance, following a record-breaking first quarter marked by double-digit growth across all business segments. The updated outlook reflects solid momentum in the genomics and data divisions, along with the contribution from its recently announced partnership with AstraZeneca and Pathos. As part of this partnership, Tempus entered into a three-year, $200 million data and modeling license agreement to help develop the world’s largest oncology foundation model—boosting the company’s total remaining contract value to over $1 billion as of April 30, 2025. Management noted that revenue from the $200 million agreement will be recognized evenly over the contract term and clarified that projected cash flows from Pathos have not been included in the guidance. Despite macroeconomic uncertainty, rising AI investment by tech companies is expected to remain a near-term tailwind for Tempus AI. 2Q25 recommended trading range: $45 to $65. Positive Outlook.
  

Tempus AI公司 (TEM)

• 25年第一季营收：2.557亿美元，同比增长75.4%，超出预期757万美元
  
• 25年第一季GAAP每股亏损：0.24美元，好于预期0.20美元
  
• 25年全年指引：将25年全年营收指引提高至12.5亿美元，同比增长约80%；预计2025年调整后EBITDA为500万美元，较2024年增加约1.1亿美元。
  
• 短评：Tempus AI公布了强劲的业绩，并提高了其2025年全年指引，此前第一季度业绩创历史新高，所有业务部门均实现两位数增长。更新后的展望反映了基因组学和数据部门的强劲势头，以及近期宣布的与阿斯利康和Pathos合作带来的贡献。作为合作的一部分，Tempus签署了一项为期三年、价值2亿美元的数据和建模许可协议，以帮助开发全球最大的肿瘤学基础模型——截至2025年4月30日，该公司的剩余合同总价值超过10亿美元。管理层指出，来自2亿美元协议的收入将在合同期内平均确认，并澄清Pathos的预计现金流未纳入指引。尽管宏观经济存在不确定性，但科技公司不断增长的人工智能投资预计仍将是Tempus AI近期的一个有利因素。25年第二季建议交易区间：45美元至65美元。积极前景。
  

Arista Networks Inc. (ANET)

• 1Q25 Revenue: $2.0B, +27.4% YoY, beat estimates by $30M
  
• 1Q25 Non-GAAP EPS: $0.65, beat estimates by $0.06
  
• 2Q25 guidance: expect revenue of approximately $2.1bn, above consensus of $2.03bn; EPS consensus of $0.60; Expects Non-GAAP gross margin of approximately 63%, and Non-GAAP operating margin of approximately 46%.
  
• Comment: Arista Networks reported strong results for 1Q25, surpassing $2 billion in quarterly revenue for the first time, despite ongoing uncertainty around tariffs. Management attributed the performance to continued momentum in AI and cloud computing, which are driving large-scale network transformation. During the quarter, the company enhanced its AI networking portfolio with new features in its EOS Smart AI Suite designed to boost AI cluster performance and efficiency. The board also authorized an additional $1.5 billion in share repurchases, reflecting confidence in Arista’s long-term outlook. However, the company cautioned that both gross and operating margins are expected to decline sequentially. While the results were solid, investor expectations had been elevated following recent announcements from Meta and Microsoft, both of which committed to significantly increasing AI infrastructure investments. 2Q25 recommended trading range: $75 to $100. Neutral Outlook.
  

Arista网络公司 (ANET)

• 25年第一季营收：20亿美元，同比增长27.4%，超出预期3,000万美元
  
• 25年第一季Non-GAAP每股收益：0.65美元，超出预期0.06美元
  
• 25年第二季指引：预计营收约为21亿美元，高于市场普遍预期的20.3亿美元；每股收益普遍预期为0.60美元；预计Non-GAAP毛利率约为63%，Non-GAAP营业利润率约为46%。
  
• 短评：Arista网络公司公布了25年第一季度的强劲业绩，尽管围绕关税仍存在不确定性，但季度营收首次突破20亿美元。管理层将这一业绩归因于人工智能和云计算的持续增长势头，这些因素正在推动大规模的网络转型。本季度，该公司通过其EOS智能人工智能套件的新功能增强了其人工智能网络产品组合，旨在提高人工智能集群的性能和效率。董事会还批准了额外的15亿美元股票回购计划，这反映了对Arista长期前景的信心。然而，该公司警告称，预计毛利率和营业利润率都将环比下降。尽管业绩稳健，但在Meta和微软近期宣布大幅增加人工智能基础设施投资后，投资者的预期有所上升。25年第二季建议交易区间：75美元至100美元。中性前景。