Technical Analysis – 11 April 2024
United States | Singapore | Hong Kong | Earnings
Costco Wholesale Corp. (COST US) 
- Shares closed higher above the 50dEMA. 5dEMA is about to cross the 50dEMA.
- MACD is about to turn positive, RSI is turning constructive.
- Long – Entry 720, Target 770, Stop 695
Kroger Co. (KR US)
- Shares closed higher above the 5dEMA.
- MACD is negative, RSI is constructive.
- Long – Entry 56.0, Target 60.0, Stop 54.0
AEM Holdings Ltd. (AEM SP)
- Shares closed higher above the 5dEMA with constructive volume. 5dEMA recently crossed the 20dEMA.
- MACD is positive, RSI is constructive.
- Long – Entry 2.44, Target 2.64, Stop 2.34
Wilmar International Ltd. (WIL SP)
- Shares closed at a high since Jan 2024.
- MACD is positive, RSI is constructive.
- Long – Entry 3.49, Target 3.69, Stop 3.39
Melco International Development Ltd (200 HK)
- Shares closed at a two month high above the 5dEMA. The 20dEMA is about to cross the 50dEMA.
- MACD is constructive, while RSI is at an overbought level.
- Long – Entry 5.70, Target 6.08, Stop 5.51
Shangri-La Asia Ltd (69 HK)
- Shares closed at a 7-month high above the 200dEMA with rising volume. The 5dEMA crossed the 200dEMA.
- MACD is constructive, while RSI at an overbought level.
- Long – Entry 5.6, Target 6.0, Stop 5.4
Delta Air Lines, Inc. (DAL)
- 1Q24 Revenue: $13.75B, +7.8% YoY, beat estimates by $890M
- 1Q24 Non-GAAP EPS: $0.45, beat estimates by $0.08
- 2Q24 Guidance: Expect record June quarter revenue, mid-teens operating margin, and EPS of $2.20 to $2.50; non-fuel unit costs are expected to increase approximately 2%. FY24 Guidance: Reiterating 2024 outlook for EPS of $6 to $7 and free cash flow of $3bn to $4bn; low single-digit increase in non-fuel unit costs over 2023.
- Comment: Delta Airlines has delivered robust financial results, buoyed by strong bookings for both leisure and business travel as the peak season approaches, despite persistent inflationary pressures. Notably, business travel showed significant improvements in the first quarter of 2024, with a notable 14% uptick in corporate travel sales, particularly in the technology, consumer, and financial services sectors. While the company faces mounting operating costs due to rising oil prices, it anticipates that the surge in travel demand will more than compensate for this challenge. Delta is currently in a phase of optimization, reducing hiring efforts and prioritizing efficiency initiatives following a post-pandemic hiring spree. Moreover, the company aims to repay at least $4 billion in debt this year and is making progress towards enhancing its full-year leverage, a development reflected in positive outlook updates from both Moody’s and Fitch, underscoring Delta’s continued advancement towards an investment-grade rating. 2Q24 recommended trading range: $44 to $54. Positive Outlook.
达美航空(DAL)
- 24财年第一季营收：137.5亿美元，同比增幅7.8%，超预期8.9亿美元
- 24财年第一季Non-GAAP每股收益：0.45美元，超预期0.08美元
- 24财年第二季指引：预计6月季度营收将创历史新高，营业利润率将达到15%左右，每股收益将达到2.20美元至2.50美元；非燃料单位成本预计将增加约2%。24财年指引：重申2024年预期每股收益为6至7美元，自由现金流为30亿至40亿美元；对比2023年，非燃料单位成本个位数增长。
- 短评：达美航空公布了强劲的财务业绩，尽管通胀压力持续存在，但由于旅游旺季临近，休闲和商务旅行的预订量强劲。值得注意的是，商务旅行在2024年第一季度出现了显著改善，商务旅行销售额显著增长14%，尤其是在科技、消费者和金融服务领域。尽管由于油价上涨，该公司面临着不断增加的运营成本，但该公司预计，旅行需求的激增将足以弥补这一挑战。公司目前正处于优化阶段，在疫情后的招聘热潮之后，减少招聘工作量，优先考虑提高效率的举措。此外，该公司计划今年偿还至少40亿美元的债务，并在提高全年杠杆率方面取得进展，这一进展反映在穆迪和惠誉的乐观展望中，突显了达美航空继续向投资级评级迈进。24财年第二季度建议交易区间：44美至54美元。积极前景。
