Technical Analysis – 1 August 2023

Shares closed at a high since Mar 23 with a surge in volume. 5dEMA just crossed the 200dEMa and 20dEMA is about to cross the 200dEMA.
MACD just turned positive, RSI is constructive.
Long – Entry 3.50, Target 3.90, Stop 3.30

Shares closed higher at a high since Mar 23 above the 200dEMA, with a surge in volume. 5dEMA is about to cross the 200dEMA.
MACD is positive, RSI is constructive.
Long – Entry 2.25, Target 2.45, Stop 2.15

Shares closed above the 200dEMA with a jump in volume. The 5dEMA crossed the 20dEMA and 50dEMA.
RSI is constructive and MACD is positive.
Long – Entry 1.35, Target 1.45 Stop 1.30

Shares closed above the 50dEMA with a surge in volume. 5dEMA is about to cross the 50dEMA.
MACD is positive, RSI is constructive.
Long – Entry 3.30, Target 3.60, Stop 3.15

Shares closed higher above the 50dEMA with a surge in volume. 5dEMA just crossed the 20dEMA recently and is about to cross the 50dEMA.
MACD is positive, RSI is constructive.
Long – Entry 4.85, Target 5.05, Stop 4.75

ON Semiconductor Corp. (ON)

2Q23 Revenue: $2.09B, flat YoY, beat estimates by $70M
2Q23 Non-GAAP EPS: $1.33, beat estimates by $0.12
3Q23 Guidance: 3Q23 Non-GAAP revenue between $2.1B to $2.2B; Diluted Non-GAAP EPS between $1.27 to $1.41
Comment: OnSemi’s strong results were mainly attributed to the higher demand for EVs over the quarter. The company is also currently still considering new sites after its announcement in May to invest over $2B to boost the production of its silicon carbide chips used to extend the range of EVs. Demand for EVs remains high as the competitive price war for EVs pushes the price of EVs lower. However, with several EV companies like Ford and Tesla slowing down their production of EVs for the next quarter, this may impact the demand for OnSemi’s chips in the near term. 3Q23 recommended trading range: $100 to $120. Neutral Outlook.

安森美半导体 (ON)

23财年第二季营收：20.9亿美元, 同比持平，超预期7,000万美元
23财年第二季Non-GAAP每股盈利：1.33美元，超预期0.12美元
23财年指引：Non-GAAP营收在21亿美元至22亿美元之间；摊薄后Non-GAAP每股收益在1.27美元至1.41美元之间。
短评：公司的强劲业绩主要归功于过去一季度电动汽车需求的增加。该公司在5月份宣布投资超过20亿美元来提高其用于扩大电动汽车范围的碳化硅芯片的产量，目前仍在考虑新的工厂。随着电动汽车竞争激烈的价格战推低了电动汽车的价格，但电动汽车的需求仍然很高。然而，随着福特和特斯拉等几家电动汽车公司下季度的电动汽车生产放缓，这可能会影响短期内对公司芯片的需求。第三季度建议交易区间：100美元至120美元。中性前景。

Yum China Holdings, Inc. (YUMC)

2Q23 Revenue: $2.65B, +24.4% YoY, miss estimates by $70M
2Q23 Non-GAAP EPS: $0.47, beat estimates by $0.03
FY23 Guidance: To open approximately 1,100 to 1,300 net new stores. To make capital expenditures in the range of approximately $700M to $900M.
Comment: Yum China reported mixed results, with EPS surpassing analyst estimates but revenue below. However, the company saw strong growth in same-store-sales and opened 422 new stores in Q2. Operating was up 216% and restaurant margin rose 16.1%. Furthermore, operating profit for the1H23 has already exceeded all of 2022. With more than 3,000 Pizza Hut stores and more than 500 KFC stores in Shanghai, it is on track to meet its expansion goals for the year. The company is on track to meet its expansion goals for the year and sees abundant white space for both Pizza Hut and KFC stores in China. In Q3, the company aims to focus on driving sales, but noted that 3Q22 restaurant margins set a relatively high benchmark. With growth opportunities seen in China and optimism in the further recovery of China’s economy, we anticipate the company to perform in the coming quarter. 3Q23 recommended trading range: $58 to $70. Positive Outlook.

百胜中国 (YUMC)

23财年第二季营收：26.5亿美元, 同比增幅24.4%，逊预期7,000万美元
23财年第二季Non-GAAP每股盈利：0.47美元，超预期0.03美元
23财年指引：净开设约1,100至1,300家新店。资本支出约为7亿至9亿美元。
短评：百胜中国公布的业绩喜忧参半，每股收益超过分析师预期，但营收低于分析师预期。然而，该公司的同店销售额增长强劲，第二季度新开了422家门店。营业收入增长216%，餐厅利润率增长16.1%。此外，23财年上半年的营业利润已经超过了2022年全年。该公司在上海拥有3,00多家必胜客门店和500多家肯德基门店，有望实现今年的扩张目标。该公司有望实现今年的扩张目标，必胜客和肯德基在中国的门店都有充足的扩张空间。在第三季度，该公司的目标是专注于推动销售，但指出，第三季度的餐厅利润率设定了相对较高的基准。随着中国的增长机会和对中国经济进一步复苏的乐观态度，我们预计公司将在下个季度表现良好。23财年第三季度建议交易区间：58美元至70美元。积极前景。