KGI Research Singapore

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

Technical Analysis – 11 December 2023

United States | Singapore | Hong Kong | Earnings

Meta Platforms Inc (META US) 

A graph of stock market Description automatically generated
  • Shares closed at the 5wEMA. 
  • RSI is constructive, while MACD is about to turn positive. 
  • Long – Entry 321, Target 353, Stop 305 

Alphabet Inc (GOOG US) 

A graph of stock market Description automatically generated
  • Shares closed above the 5wEMA with rising volume. 
  • RSI is constructive, while MACD is about to turn positive. 
  • Long – Entry 137.0, Target 150.0, Stop 130.5 

Back To Top

SIA Engineering Co Ltd (SIE SP) 

A screenshot of a graph Description automatically generated
  • Shares closed above the 50dEMA. The 5dEMA is about to cross the 20dEMA. 
  • RSI is constructive and MACD turned positive. 
  • Long – Entry 2.33, Target 2.41, Stop 2.29 

Seatrium Ltd (SMM SP) 

A graph with different colored lines Description automatically generated
  • Shares closed above the 20dEMA with a jump in volume. 
  • Both RSI and MACD are positive. 
  • Long – Entry 0.105, Target 0.115, Stop 0.100 

Back To Top

MGM China Holdings Ltd (2282 HK) 

A screenshot of a graph Description automatically generated
  • Shares closed above the 200dEMA with rising volume. 
  • RSI is constructive, while MACD turned positive. 
  • Long – Entry 9.2, Target 10.0, Stop 8.8 

Wynn Macau Ltd (1128 HK) 

A graph of different colored lines and numbers Description automatically generated with medium confidence
  • Shares tested the 20dEMA, closing below it above the 5dEMA. 
  • RSI is constructive and MACD is positive. 
  • Long – Entry 5.98, Target 6.32, Stop 5.81 

Back To Top

Dollar General Corp (DG) 

  • 3Q23 Revenue: $9.69B, +2.4% YoY, beat estimates by $10M 
  • 3Q23 GAAP EPS: $1.26, beat estimates by $0.05 
  • FY23 Guidance: Net sales growth in the range of 1.5% to 2.5%, which continues to include an anticipated negative impact of approximately two percentage points due to lapping the fiscal 2022 53rd week; Same-store sales growth in the range of a decline of approximately 1.0% to flat; Diluted EPS in the range of approximately $7.10 to $7.60, or a decline of 34% to 29%. FY24 Guidance: the company plans to execute approximately 2,385 real estate projects, including approximately 800 new store openings (including approximately 30 pop shelf openings and approximately 15 new stores in Mexico), 1,500 remodels, and 85 store relocations. 
  • Comment: Dollar General surpassed revenue and earnings estimates in the third quarter. Despite beating expectations, the company has faced challenges, including a drop in net income, workplace safety violations, and negative public perception. Dollar General reported a 2.4% net sales increase and a 1.3% same-store sales decline. Its CEO expressed enthusiasm about returning to the company and outlined a strategic focus on revitalising core business elements. He emphasised a customer-centric approach, committing to enhance store experiences and operational efficiency. The company plans to invest in store labour, reallocating resources to emphasise customer service and inventory management. Supply chain optimisation aims to ensure on-time deliveries, reducing costs and enhancing customer experience. Merchandising efforts include SKU rationalisation and emphasising value. Furthermore, it announced initiatives for 2024, with 2,385 projects, including rural store expansion, remodels, and new locations in Mexico, a reduction from previous years. The company remains focused on long-term growth and financial discipline. Looking ahead, with inventory shrink and e-commerce competition, the company will need to better allocate its resources in order to retain its sales and improve its profits. 4Q23 recommended trading range: $125 to $145. Neutral Outlook. 

达乐公司(DG)  

  • 23财年第三季营收：96.9亿美元, 同比增幅2.4%，超预期1,000万美元 
  • 23财年第三季GAAP每股亏损：1.26美元，超预期0.05美元  
  • 23财年指引：净销售增长率在1.5%至2.5%之间，其中继续包括因2022财年第53周而产生的约2个百分点的预期负面影响；同店销售额增幅在下降幅度约1.0%至持平的范围内；稀释后每股收益约为7.10美元至7.60美元，或下降34%至29%。24财年指引：公司计划执行约2,385个房地产项目，包括约800家新店开业(包括约30家流行货架开业和约15家墨西哥新店)，1,500家改造和85家门店搬迁。 
  • 短评：达乐公司第三季度的收入和盈利都超出了预期。尽管超出了预期，但该公司面临着各种挑战，包括净收入下降、违反工作场所安全规定以及公众对其的负面看法。达乐公布净销售额增长2.4%，同店销售额下降1.3%。该公司首席执行官表达了对回归公司的热情，并概述了重振核心业务要素的战略重点。他强调以客户为中心，致力于提升门店体验和运营效率。该公司计划投资于门店劳动力，重新分配资源，以强调客户服务和库存管理。供应链优化旨在确保准时交货，降低成本并提高客户体验。销售工作包括库存量单位合理化和强调价值。此外，该公司还宣布了2024年的计划，包括2385个项目，包括农村商店扩建、改造和墨西哥的新店，比前几年有所减少。该公司仍然专注于长期增长和财务纪律。展望未来，随着库存的减少和电子商务的竞争，公司将需要更好地分配资源，以保持销售和提高利润。23财年第四季度建议交易区间：125美元至145美元。中性前景。 

Broadcom Inc (AVGO) 

  • 4Q23 Revenue: $9.3B, +4.1% YoY, beat estimates by $20M 

4Q23 Non-GAAP EPS: $11.06, beat estimates by $0.10 

  • FY24 Guidance: Revenue of approximately $50.0bn including contribution from VMware, an increase of 40% from the prior year period. Adjusted EBITDA guidance of approximately 60% of projected revenue. 
  • Comment: Broadcom delivered mixed results, missing fourth quarter revenue estimates and exceed profit expectations. However, the company provided an annual revenue forecast below Wall Street expectations due to weak enterprise spending and intense competition, influenced by its recent acquisition of VMware. The company anticipates FY24 revenue to be approximately $50.0bn, including VMware’s contribution, falling short of the expected $52.50bn. Broadcom plans to divest VMware’s non-core businesses, including end-user computing and Carbon Black. Broadcom foresees approximately $1bn in transition costs related to VMware. There are concerns about Broadcom’s revenue amid a mixed demand environment, slowed orders from major client Cisco Systems, and growing competition from Nvidia in the AI sector. However, with the acquisition providing new synergies in the cloud computing domain that have yet to be reflected in its financial statement, there may still be room for growth and upside for Broadcom if it is able to utilise this acquisition to its fullest potential. Therefore, we approach Broadcom with a positive but cautious outlook for the future quarter. 1Q24 recommended trading range: $880 to $980. Neutral Outlook. 

博通(AVGO)  

  • 23财年第四季营收：93亿美元, 同比增幅4.1%，超预期2,000万美元 
  • 23财年第四季Non-GAAP每股盈利：11.06美元，超预期0.10美元  
  • 24财年第一季指引：收入约为500亿美元，包括来自VMware的贡献，比去年同期增长40%。调整后的EBITDA指引约为预计收入的60%。 
  • 短评：博通公布了喜忧参半的业绩，第四季度收入低于预期，利润超出预期。然而，由于企业支出疲软以及受最近收购VMware的影响，竞争激烈，该公司提供的年度收入预测低于华尔街的预期。该公司预计，包括VMware的贡献在内，24财年营收约为500亿美元，低于预期的525亿美元。博通计划剥离VMware的非核心业务，包括终端用户计算和Carbon Black。博通预计，与VMware相关的过渡成本约为10亿美元。在需求喜忧参半、主要客户思科系统订单放缓以及来自英伟达在人工智能领域的竞争日益激烈的环境下，投资者对博通的收入感到担忧。然而，由于此次收购在云计算领域提供了新的协同效应，这尚未反映在其财务报表中，如果能够充分利用此次收购，博通可能仍有增长空间和上行空间。因此，我们对博通未来一个季度的前景持积极但谨慎的态度。24财年第一季度建议交易区间：880美元至980美元。中性前景。 

Lululemon Athletica Inc (LULU) 

  • 3Q23 Revenue: $2.2B, +18.3% YoY, beat estimates by $10M 
  • 3Q23 Non-GAAP EPS: $2.53, beat estimates by $0.25 
  • 4Q23 Guidance: The Company expects net revenue to be in the range of $3.135bn to $3.170bn, representing growth of 13% to 14%. Diluted earnings per share are expected to be in the range of $4.85 to $4.93 for the quarter. This assumes a tax rate of approximately 30%. FY23 Guidance: The Company expects net revenue to be in the range of $9.549bn to $9.584bn, representing growth of 18%. Diluted earnings per share are expected to be in the range of $11.77 to $11.85 for the year, and excluding certain inventory provisions, asset impairments, and restructuring costs recognised in relation to Lululemon Studio, and their related tax effects, adjusted diluted earnings per share are expected to be in the range of $12.34 to $12.42. 
  • Comment: Lululemon results slightly surpassed analyst expectations in Q3. The company reported strong demand in Q3 with sales rising 12% in North America and 49% in international markets. However, Lululemon anticipates fourth-quarter results below expectations, expressing caution for the holiday season. The forecast aligns with a broader trend among US retailers signalling a more hesitant consumer and a challenging start to the crucial holiday quarter. Despite a strong third-quarter performance and optimistic Thanksgiving weekend sales, Lululemon remains cautious, acknowledging potential challenges in the macroeconomic environment. The company adheres to full-price selling, maintaining its focus on the high-end consumer. Despite Lululemon’s Q4 sales guidance falling short of analysts’ expectations of $3.18bn, it expressed optimism about the holiday season’s early performance and anticipates momentum to continue. 4Q23 recommended trading range: $450 to $500. Positive Outlook. 

露露柠檬(LULU)  

  • 23财年第三季营收：22.0亿美元, 同比增幅18.3%，超预期1,000万美元 
  • 23财年第三季Non-GAAP每股盈利：2.53美元，超预期0.25美元  
  • 23财年第四季指引：该公司预计净收入将在31.35亿美元至31.17亿美元之间，增长13%至14%。本季度摊薄后每股收益预计在4.85美元至4.93美元之间。假设税率约为30%。23财年指引：公司预计净收入将在95.49亿美元至95.84亿美元之间，增长18%。本年度摊薄后每股收益预计在11.77美元至11.85美元之间，不包括某些库存准备金、资产减值、与Lululemon Studio相关的重组成本及其相关的税收影响，调整后摊薄后每股收益预计在12.34美元至12.42美元之间。 
  • 短评：露露柠檬第三季度的业绩略高于分析师预期。该公司报告称，第三季度需求强劲，北美市场销量增长12%，国际市场销量增长49%。然而，公司预计第四季度的业绩将低于预期，并对假日季表示谨慎。这一预测与美国零售商的整体趋势一致，表明消费者更加犹豫不决，关键的假日季开局充满挑战。尽管第三季度业绩强劲，感恩节周末销售乐观，露露柠檬仍持谨慎态度，承认宏观经济环境存在潜在挑战。公司坚持全价销售，保持对高端消费者的关注。尽管公司第四季度的销售指引低于分析师预期的31.8亿美元，但它对假日季的早期表现表示乐观，并预计这种势头将持续下去。23财年第四季度建议交易区间：450美元至500美元。积极前景。 

DocuSign Inc (DOCU) 

  • 3Q24 Revenue: $700.42M, +8.5% YoY, beat estimates by $10.3M 

3Q24 Non-GAAP EPS: $0.79, beat estimates by $0.16 

  • 4Q24 Guidance: Total Revenue: $696M-$700M, Subscription revenue: $679M-$683M, Billings: $758M-$768M, Non-GAAP gross margin: 81%-82%, Non-GAAP operating margin: 22.5%-23.5%. FY24 Guidance: Total Revenue: $2,746M-$2,750M, Subscription revenue: $2,670M-$2,674M, Billings: $2,835M-$2,845M, Non-GAAP gross margin: 81.5%-82.5%, Non-GAAP operating margin: 24%-25%. 
  • Comment: DocuSign reported third-quarter results reflecting progress in expanding beyond e-signatures into agreement management. The company highlighted its financial performance, with total Q3 revenue up 9% YoY, and a non-GAAP operating margin of 27%, a 400 basis point increase. DocuSign emphasized innovation in its core e-signature product, becoming the exclusive provider for Microsoft’s Power Page Integration and launching a WhatsApp integration. The company also focused on broadening its value proposition into agreement management, with features like embedded agreements and Microsoft Power Automate. International revenue grew 18% YoY, representing 26% of total revenue. DocuSign reaffirmed its commitment to financial and operational efficiency, with record operating margin and free cash flow in Q3. The company outlined its strategic vision, including accelerating innovation, improving omnichannel go-to-market efforts, and enhancing financial and operational efficiency. DocuSign provided guidance for Q4 and FY24, expecting total revenue growth and emphasising its strong foundation for long-term growth, profitability goals, and sustainable free cash flow. 4Q24 recommended trading range: $45 to $55. Positive Outlook. 

DocuSign(DOCU)  

  • 24财年第三季营收：7.0042亿美元, 同比增幅8.5%，超预期1,030万美元 
  • 24财年第三季Non-GAAP每股盈利：0.79美元，超预期0.16美元  
  • 24财年第四季指引：总收入：6.96亿至7亿美元，订购收入：6.79亿至6.83亿美元，订单收入：7.58亿至7.68亿美元，Non-GAAP毛利率：81%至82%，Non-GAAP营业利润率:22.5%至23.5%。24财年指引：总收入：27.46亿至27.50亿美元，订购收入：26.70亿至26.74亿美元，订单收入：28.35亿至28.45亿美元，Non-GAAP毛利率：81.5%至82.5%，Non-GAAP营业利润率：24%至25%。 
  • 短评：DocuSign公布的第三季度业绩反映了其从电子签名扩展到协议管理的进展。该公司强调了其财务业绩，第三季度总收入同比增长9%，Non-GAAP营业利润率为27%，增长了400个基点。DocuSign强调其核心电子签名产品的创新，成为微软Power Page Integration的独家提供商，并推出了WhatsApp集成。该公司还专注于将其价值主张扩展到协议管理，包括嵌入式协议和Microsoft Power automation等功能。国际收入同比增长18%，占总收入的26%。DocuSign重申了对财务和运营效率的承诺，在第三季度实现了创纪录的营业利润率和自由现金流。该公司概述了其战略愿景，包括加速创新，改善全渠道进入市场的努力，以及提高财务和运营效率。DocuSign提供了第四季度和24财年的指导，预计总收入将增长，并强调其长期增长、盈利目标和可持续自由现金流的坚实基础。24财年第四季度建议交易区间：45美元至55美元。积极前景。 

Back To Top