KGI Research Singapore

Singapore's leading broker offering Futures, FX, Equities and Wealth Management.

Technical Analysis – 08 August 2024

United States | Singapore | Hong Kong | Earnings

The Hershey Co. (HSY US)

  • Shares closed at a high since June 2024. 5dEMA recently crossed the 200dEMA.
  • MACD is positive, RSI is constructive.
  • Long – Entry 199 Target 219, Stop 189

Clorox Company. (CLX US)

  • Shares closed higher above the 5dEMA. 5dEMA just crossed the 200dEMA.
  • MACD is positive, RSI is constructive.
  • Long – Entry 143, Target 153, Stop 138

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CSE Global Ltd. (CSE SP)

  • Shares closed higher above the 5dEMA with a surge in volume.
  • MACD is about to turn positive, RSI is constructive.
  • Long – Entry 0.460, Target 0.500, Stop 0.440

Dyna-Mac Holdings Ltd. (DMHL SP)

  • Shares closed higher above the 5dEMA, near a 52-week high.
  • MACD is positive, RSI is at an overbought level.
  • Long – Entry 0.560 Target 0.600, Stop 0.540

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Fuyao Glass Industry Group Co Ltd (3606 HK)

  • Shares closed above the 200dEMA with a jump in volume.
  • RSI is positive, while MACD is negative.
  • Long – Entry 41.0, Target 44.8, Stop 39.1

CGN Power Co Ltd (1816 HK)

  • Shares closed above the 20dEMA. The 5dEMA crossed the 50dEMA.
  • RSI is constructive, while MACD is negative.
  • Long – Entry 3.23, Target 3.53, Stop 3.08

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Shopify Inc (SHOP)

  • 2Q24 Revenue: $2.05B, +21.3% YoY, beat estimates by $40M
  • 2Q24 Non-GAAP EPS: $0.26, beat estimates by $0.06
  • 3Q24 Guidance: Expect revenue to grow at a low-to-mid twenties percentage rate YoY; Expect gross margin to be higher by approximately 50bps QoQ.
  • Comment: Shopify reported robust results, driven by its AI-enabled tools which attracted more merchants to its e-commerce services despite an uncertain economy. These results outperformed those of rival e-commerce companies, which have noted continued consumer caution in spending. Shopify’s gross merchandise volume surged 22% during the quarter to $67.2bn. Since June, the company has been rolling out AI-powered features and increasing their availability for its customers. Shopify also launched Shop Week in June, during which over 10,000 merchants recorded their best GMV week ever on the company’s Shop App. Additionally, the company provided an optimistic forecast for the current quarter, maintaining a positive outlook amidst a challenging consumer environment. 3Q24 recommended trading range: $58 to $75. Positive Outlook.

Shopify (SHOP)

  • 24财年第二季营收：20.5亿美元，同比增幅21.3%，超预期4,000万美元
  • 24财年第二季Non-GAAP每股盈利：0.26美元，超预期0.06美元
  • 24财年第三季指引：预计营收的年增长率将在20%到20%之间；预计毛利率环比将提高约50个基点。
  • 短评：尽管经济不确定，但由于其人工智能工具吸引了更多商家使用其电子商务服务，Shopify公布了强劲的业绩。这些业绩超过了竞争对手的电子商务公司，后者注意到消费者在支出方面继续保持谨慎。该季度Shopify的总商品交易量飙升22%，达到672亿美元。自6月以来，该公司一直在推出人工智能功能，并为客户增加了这些功能的可用性。Shopify还在6月份推出了“购物周”，在此期间，超过10,000家商家在该公司的商店应用程序上创造了有史以来最好商品交易总额(GMV)的一周。此外，该公司对当前季度提供了乐观的预测，在充满挑战的消费环境中保持了积极的前景。24年第三季度建议交易区间：58至75美元。积极前景。

Walt Disney Co (DIS)

  • 3Q24 Revenue: $23.16B, +3.7% YoY, beat estimates by $70M
  • 3Q24 Non-GAAP EPS: $1.39, beat estimates by $0.20
  • FY24 Guidance: Raise expected adjusted EPS growth target to 30%, compared to a previous figure of 25%l, compared with a consensus of 27.41%.
  • Comment: Disney reported strong results, propelled by excellent performance in its Entertainment segment, both at the box office and in direct-to-consumer (DTC) services. The financial results were significantly boosted by “Inside Out 2,” which became the highest-grossing animated film of all time, enhancing revenue from content sales and licensing, while Disney+ subscribers increased. The company anticipates modest subscriber growth in the upcoming quarter. Although Disney’s combined streaming businesses achieved profitability earlier than expected, its theme parks faced pressure due to higher costs from inflation, increased technology spending, and new guest offerings. The experiences segment, which includes parks and consumer products, saw a 3% drop in operating income. Disney also indicated that demand moderation at its U.S. parks might persist over the next few quarters, with an expected mid-single-digit decline in operating income for this unit in the current quarter. 4Q24 recommended trading range: $75 to $95. Neutral Outlook.

迪士尼 (DIS)

  • 24财年第三季营收：231.6亿美元，同比增幅3.7%，超预期7,000万美元
  • 24财年第三季Non-GAAP每股盈利：1.39美元，超预期0.20美元
  • 24财年指引：将调整后每股收益增长目标上调至30%，此前预期为25%，而市场普遍预期为27.41%。
  • 短评：迪士尼公布了强劲的业绩，这得益于其娱乐部门在票房和直接面向消费者(DTC)服务方面的出色表现。《头脑特工队2》(Inside Out 2)成为有史以来票房最高的动画电影，提高了内容销售和授权的收入，同时迪士尼+的订阅用户也增加了。该公司预计，下一季度用户将适度增长。尽管迪士尼合并后的流媒体业务比预期更早实现了盈利，但由于通货膨胀、技术支出增加和新游客的增加，其主题公园面临着成本上升的压力。包括公园和消费产品在内的体验业务的营业收入下降了3%。迪士尼还表示，未来几个季度，其美国乐园的需求可能会持续放缓，预计本季度该部门的营业收入将出现个位数的下降。24年第四季度建议交易区间：75至95美元。中性前景。

Occidental Petroleum Corp (OXY)

  • 2Q24 Revenue: $6.817B, +1.7% YoY, beat estimates by $11.7M
  • 2Q24 Non-GAAP EPS: $1.03, beat estimates by $0.26
  • FY24 Guidance: Expectits production target this year to about 1.315mn barrels of oil and gas per day, from about 1.250mn boepd, to incorporate CrownRock’s assets; Increased its 2024 capital spending guidance by $400mn, bringing it to $6.9bn.
  • Comment: Occidental Petroleum reported strong earnings, driven by increased oil production in Colorado and higher crude prices. The company’s worldwide realized crude oil prices reached $79.89 per barrel, a 5% year-over-year increase. Quarterly production rose to 1.26 million barrels of oil equivalent per day (boepd), surpassing analysts’ estimates of 1.24 million boepd. Additionally, Occidental recently completed a $12 billion acquisition of Permian-based producer CrownRock. While this acquisition strengthened Occidental’s position in the Permian Basin, it also increased the company’s long-term debt to approximately $28 billion. Occidental plans to use cash generated from the acquisition and up to $6 billion in asset sales through 2026 to reduce debt. The company continues to face fluctuations in oil prices amid rising tensions in the Middle East. 3Q24 recommended trading range: $55 to $65. Neutral Outlook.

西方石油 (OXY)

  • 24财年第二季营收：68.17亿美元，同比增幅1.7%，超预期1,170万美元
  • 24财年第二季Non-GAAP每股盈利：1.03美元，超预期0.26美元
  • 24财年指引：合并CrownRock的资产后，预计其今年的产量目标将从每日约125万桶提高至约131.5万桶油气；2024年资本支出指引提高4亿美元至69亿美元。
  • 短评：受科罗拉多州石油产量增加和原油价格上涨的推动，西方石油公司公布了强劲的收益。该公司在全球范围内实现的原油价格达到每桶79.89美元，同比上涨5%。季度产量上升至126万桶油当量/天，超过了分析师预测的124万桶油当量/天。此外，西方石油公司最近以120亿美元的价格收购了位于二叠纪盆地的石油生产商CrownRock。虽然此次收购加强了西方石油公司在二叠纪盆地的地位，但也使该公司的长期债务增加到约280亿美元。西方石油公司计划在2026年之前使用收购产生的现金和高达60亿美元的资产出售来减少债务。在中东紧张局势加剧的情况下，该公司继续面临油价波动。24年第三季度建议交易区间：55至65美元。中性前景。