Shares closed at a high since December 2024 above the 200dEMA with a surge in volume. 5dEMA just crossed the 200dEMA and the 20dEMA just crossed the 50dEMA.
4Q24 Revenue: $47.5B, +13.4% YoY, beat estimates by $1.83B
4Q24 Non-GAAP EPADS: $1.02 beat estimates by $0.19
FY25 Guidance: No guidance provided.
Dividend Distribution: US$0.5 per ordinary share, or US$1.0 per ADS, to holders of ordinary shares and holders of ADSs, respectively, as of the close of business on 8 April 2025
Share repurchase program: New Share Repurchase Program effective from September 2024, the Company may repurchase up to US$5.0 billion worth of its shares (including ADSs) over the next 36 months through the end of August 2027.
Comment: JD.com reported strong financial performance for Q4 and the full year of 2024, with net revenues reaching RMB347.0bn (US$147.5bn) in Q4, up 13.4% YoY, and RMB1,158.8bn (US$158.8bn) for the year, a 6.8% increase. Operating income surged to RMB8.5bn (US$1.2bn) in Q4, reflecting significant margin improvements. Net income attributable to shareholders rose 190.8% to RMB9.9bn (US$1.4bn) for Q4 and 71.1% to RMB41.4bn (US$5.7bn) for the year. The company announced a US$1.5bn dividend payout and continued its aggressive share repurchase program. The company also announced that its expanded JD Retail membership perks, JD Health’s service expansion, and JD Logistics’ international growth. JD.com remains optimistic about 2025, citing strong consumer demand and operational efficiencies driving profitability. Looking ahead, with the Chinese government planning to prioritise consumer spending this year, we anticipate JD.com to continue to deliver top-line growth. 1Q25recommended trading range: $43 to $48. Positive Outlook.
4Q24 Revenue: $34.3B, -7.5% YoY, miss estimates by $460M
4Q24 Non-GAAP EPS: $1.14 beat estimates by $0.03
1Q25 Guidance: Expect sales to fall within a range of $665M and $667M, with the midpoint slightly below the $666.9M estimate
FY25 Guidance: Expects identical sales without fuel grow 2% to 3% and adjusted earnings between $4.60 and $4.80 per share, compared with estimates of 1.96% and $4.79 respectively.
Comment: Kroger delivered mixed results, continues to benefit from strong pharmacy sales, private label expansion, and rising e-commerce demand, with digital sales up 11% in Q4. The grocer posted a 2.4% increase in quarterly identical sales, surpassing expectations. It expects some impact on its fresh business due to escalating trade wars but remains optimistic, forecasting a rise of 2% to 3% in its full-year identical sales, excluding fuel, above Wall Street expectations of a 1.96% increase. The company cancelled its April investor day as it searches for longtime CEO Rodney McMullen’s replacement. While Kroger has less exposure to international tariffs than some rivals, it is diversifying its fresh supplier base to mitigate risks. The fresh category, accounting for 24% of sales in 2023, may face challenges. Kroger projects adjusted earnings between US$4.60 and US$4.80 per share, slightly below estimates. Despite ongoing trade tensions and economic uncertainties, the company is focused on diversifying its supplier base to mitigate tariff-related risks while maintaining competitive pricing for customers. Furthermore, with its strong momentum in e-commerce, pharmacy and private-label brand, we anticipate that it will be able to deliver steady sales. 1Q25recommended trading range: $62 to $67. Neutral Outlook.
4Q24 Revenue: $8B, -4.5% YoY, beat estimates by $240M
4Q24 Non-GAAP EPS: $1.80, beat estimates by $0.26
FY25 Guidance: Expects net sales between $21 billion and $21.4 billion, compared with the average analyst estimate of $21.81 billion and annual adjusted profit per share between $2.05 and $2.25, compared to an estimate of $2.31.
Share buyback: Resuming share buybacks under its remaining $1.4 billion share repurchase authorization.
Comment: Macy’s delivered Q4 sales of US$7.77bn, slightly below expectations, though adjusted EPS of US$1.80 beat forecasts. Macy’s forecasted annual sales and profit below Wall Street expectations, citing reduced consumer spending and new trade restrictions. The company is heavily reliant on Chinese imports and faces additional pressure from tariffs and inflation, which are expected to persist into 1Q25. The company projected 2025 net sales between US$21bn and US$21.4bn, below analyst estimates of US$21.81bn, and adjusted profit per share of US$2.05-US$2.25, also missing expectations. Macy’s announced its turnaround plan to close 150 stores and reinvest in key locations. During the quarter, Macy’s core stores saw a 0.9% decline in comparable sales, while its luxury divisions, Bloomingdale’s and Bluemercury, reported growth. The company will resume share buybacks under its US$1.4bn repurchase program. We anticipate Macy’s will continue to face near-term headwinds from trade tariffs and inflationary pressures, which would impact its sales. 1Q25 recommended trading range: $11 to $15. Neutral Outlook.
1Q25 Revenue: $14.92B, +24.7% YoY, beat estimates by $330M
1Q25 Non-GAAP EPS: $1.60, beat estimates by $0.09
2Q25 Guidance: Expects revenue of around $14.90 billion, compared with estimates of $14.76 billion and revenue of $4.4 billion for its AI semiconductors.
Dividend Distribution: Declare $0.59/share quarterly dividend, in line with previous to be payable on 31 March, for shareholders of record 20 March
Comment: Broadcom reported strong Q1 results, with total revenue at US$14.92bn and AI revenue surging 77% to US$4.1bn. Additionally, its infrastructure software segment grew over 47% to US$6.70bn, exceeding expectations. The company reassured investors about strong AI chip demand with a robust second-quarter revenue forecast of US$14.90bn, surpassing estimates. The company is seeing increasing demand for its custom AI chips from cloud providers looking for alternatives to Nvidia’s expensive processors. Broadcom expects US$4.4bn in Q2 AI semiconductor revenue as hyperscalers invest in custom AI chips. Its CEO revealed four new hyperscale customers working on custom chips, in addition to the current three. Broadcom is well-positioned in the AI market with diversified ASIC-based solutions, benefiting from the shift toward custom AI accelerators. 2Q25 recommended trading range: $180 to $220. Positive Outlook.
4Q24 Revenue: $43.8M, +8.0% YoY, miss estimates by $10.82M
4Q24 GAAP EPS: -$0.43, miss estimates by $0.38
FY25 Guidance: Expects revenue between $160 million and $180 million, falling short of the $193.9 million analysts were projecting. The company also forecasts negative single-digit millions in adjusted EBITDA for 2025.
Comment: BigBear.ai reported Q4 earnings that missed expectations and issued weaker-than-expected 2025 guidance. The company posted Q4 revenue of US$43.8mn, up 8% YoY, below the US$53.84mn analyst estimate, with an adjusted EPS of -US$0.43, missing the -US$0.06 forecast. For 2025, BigBear.ai projects revenue between US$160mn to US$180mn, below the US$193.9mn expected, and anticipates a negative single-digit million adjusted EBITDA. Despite the miss, the company saw improvements, with Q4 gross margin rising to 37.4% from 32.1% a year earlier and backlog increasing 2.5x to US$418mn. The company also emphasized progress in contract wins, technology growth, and financial restructuring. Its CFO highlighted significant debt reduction, bringing net debt down from US$150mn to US$27mn in early 2025. However, the company warned that a potential U.S. government shutdown or national security policy changes could impact its 2025 performance. Looking ahead continued macroeconomic uncertainties may continue to impact its pace of growth. 1Q25 recommended trading range: $3 to $4. Negative Outlook.
2Q25 Revenue: $63.72B, +9.0% YoY, beat estimates by $640M
2Q25 GAAP EPS: $4.02, miss estimates by $0.09
3Q25 Guidance: No guidance provided.
Comment: Despite missing Wall Street’s Q2 profit expectations delivering US$4.02 per share below the estimated US$4.11, Costco’s revenue rose 9% to US$63.72bn, surpassing forecasts. Rising egg prices due to bird flu, along with coffee and cocoa inflation, impacted margins, particularly in the bakery section. The company is prepared to adjust its international supply chain if tariffs from the Trump administration significantly raise prices. The retailer can replace tariff-affected products with alternatives from other countries while working with suppliers to keep costs low for consumers. Around one-third of Costco’s U.S. sales come from imports, with less than half sourced from China, Mexico, and Canada. Like other retailers, Costco faces economic uncertainty, trade war risks, and political scrutiny over its diversity, equity, and inclusion (DEI) programs, which Republican state attorneys general have challenged. Despite the potential challenges posed by rising tariffs and inflationary pressures, Costco plans to leverage its global buying power and strong supplier relationships to minimize cost increases and ensure continued value for its members. We expect its membership base and renewal rates to remain strong as it continues to expand its e-commerce platform going forward. 3Q25 recommended trading range: $1,010 to $1,050. Neutral Outlook.
1Q25 Revenue: $7.85B, +16.1% YoY, beat estimates by $40M
1Q25 Non-GAAP EPS: $0.49, miss estimates by $0.01
2Q25 Guidance: Expects 28 cents to 34 cents in adjusted earnings per share and revenue of between $7.2 billion and $7.6 billion vs analysts estimates of 50 cents per share on $7.93 billion in revenue.
FY25 Guidance: Expects $1.70 to $1.90 in adjusted earnings per share compared to the predicted $2.13 per share
Dividend Distribution: Declared $0.13/share quarterly dividend, in line with previous, payable on 18 April for shareholders of record 21 March
Comment: In Q1, Hewlett Packard Enterprise’s (HPE) revenue rose 16% YoY to US$7.85bn, slightly exceeding estimates, with adjusted earnings per share of US$0.49, slightly missing expectations. During the quarter, the company faced challenges with AI server inventory due to a shift to new Nvidia graphics processing units and extensive discounting of traditional servers. HPE announced it will lay off 5% of its workforce, over 2,500 employees, as part of a cost-saving initiative. The program aims to save around US$350mn by fiscal 2027, with expected cash charges of US$350mn over the next two years. HPE’s second-quarter revenue forecast fell short of Wall Street expectations, projecting US$7.2bn to US$7.6bn, compared to the anticipated US$7.93bn. The company attributes weaker enterprise customer spending to cost-cutting measures amid economic uncertainty and high interest rates. HPE’s 2025 fiscal year guidance for adjusted EPS is also lower than forecasted, ranging from US$1.70 to US$1.90. The company is addressing higher expenses from U.S. tariffs but has not seen any significant business deterioration and it also faces increased competition from rivals like Dell and Super Micro Computer. HPE faces near-term pressure from inventory adjustments, pricing shifts, and U.S. tariffs, however, its cost-cutting measures may benefit it in the longer-term. 2Q25 recommended trading range: $14 to $17. Negative Outlook.
4Q25 Revenue: $346.29M, +25.3% YoY, beat estimates by $10.96M
4Q25 Non-GAAP EPS: $0.11, beat estimates by $0.04
1Q26 Guidance: Expects EPS between $0.05 and $0.06, in line with analysts’ $0.05 estimate and revenue to be $350-352 million, also aligning with the $351.3 million consensus.
FY26 Guidance: Expects EPS of $0.32-$0.34, above the $0.28 consensus. Revenue guidance of $1.523-1.533 billion fell short of analysts’ $1.528 billion expectation at the midpoint.
Comment: Samsara Inc. reported strong financial results for Q4 and fiscal year 2025, posting better-than-expected results. The company achieved US$346.3mn in Q4 revenue, a 25% YoY increase, and adjusted earnings per share of US$0.11, surpassing analyst estimates. For 1Q26, Samsara expects EPS between US$0.05 and US$0.06, with revenue projections of US$350-US$352mn. For fiscal year 2026, the company forecast EPS of US$0.32-US$0.34, higher than consensus, but its revenue guidance of US$1.523-US$1.533bn slightly missed expectations. Samsara finished FY25 with US$1.458bn in annual recurring revenue (ARR), reflecting a 32% YoY growth, and a 36% growth in customers with ARR over US$100,000. Its CEO highlighted the company’s strong growth and profitability while capitalizing on a large market opportunity. Looking ahead, the company remains well-positioned to expand its footprint in the Connected Operations Platform market. However, this momentum may be impacted by potential weakness in demand due to macroeconomic uncertainties. 1Q26 recommended trading range: $38 to $42. Neutral Outlook.
