Technical Analysis – 14 May 2025

United States | Singapore | Hong Kong | Earnings

Dell Technologies Inc. (DELL US)

• Shares closed higher above the 200dEMA. 20dEMA is about to cross the 50dEMA.
  
• MACD is positive, RSI is at an overbought level.
  
• Long – Entry 106, Target 120, Stop 99
  

Super Micro Computer, Inc. (SMCI US)

• Shares closed at a high since March 2025 with more volume. 5dEMA just crossed the 20dEMA and is about to cross the 50dEMA.
  
• Both RSI and MACD are constructive.
  
• Long – Entry 37.50, Target 43.50, Stop 34.50
  

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Frencken Ltd. (FRKN SP)

• Shares closed at a high since February 2025 with a surge in volume. 5dEMA just crossed the 50dEMA.
  
• MACD is positive, RSI is constructive.
  
• Buy – Entry 1.10, Target 1.20, Stop 1.05
  

Valuetronics Ltd. (VALUE SP)

• Shares closed higher above the 5dEMA. 20dEMA just cross the 50dEMA.
  
• MACD is positive, RSI is constructive.
  
• Buy – Entry 0.670 Target 0.710, Stop 0.650
  

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Qingdao Port International Co Ltd. (6198 HK)

• Shares closed at a high since April 2025 with increased volume. 5dEMA just crossed the 20dEMA and 50dEMA.
  
• Both RSI and MACD are constructive.
  
• Long – Entry 6.10, Target 6.70, Stop 5.80
  
  
  
  
  

  

  
  

Sinotrans Ltd. (598 HK)

• Shares closed at a high since April 2025 above the 200dEMA with constructive volume. 5dEMA just crossed the 20dEMA.
  
• Both RSI and MACD are constructive.
  
• Long – Entry 3.60, Target 3.90, Stop 3.45
  
  
  

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JD.com, Inc. (JD)

• 1Q25 Revenue: $41.5B, +15.8% YoY, beat estimates by $1.15B
  
• 1Q25 Non-GAAP EPADS: $1.16, beat estimates by $0.18
  
• FY25 Guidance: No financial guidance provided.
  
• Comment: JD.com delivered a solid set of results, underscoring resilient consumer demand despite ongoing U.S. tariffs and a sluggish macroeconomic backdrop weighing on sentiment. China continues to grapple with consumption headwinds amid economic uncertainty. To stimulate demand, e-commerce platforms like JD.com have turned to aggressive discounting and price reductions, while also leveraging government subsidies to support spending. These efforts have helped sustain consumption momentum despite broader challenges from U.S.-China trade tensions. Notably, retail sales growth in China accelerated in January and February. Looking ahead, the upcoming 618 shopping festival—China’s second-largest online shopping event—is expected to further boost JD’s second-quarter performance. Market expectations remain optimistic for this year’s 618 event, supported by recent strength in retail sales and robust travel activity during the May Day and Qingming holidays. JD’s food delivery business is on track for rapid growth as its daily volume is nearing 20mn orders. The company is expected to see synergies across JD core system. Management maintains long-term goal of achieving a high single-digit net margin unchanged. 2Q25 recommended trading range: $34 to $43. Positive Outlook.
  

京东公司 (JD)

• 25财年第一季营收：415亿美元，同比增长15.8%，超出预期11.5亿美元
  
• 25财年第一季Non-GAAP每股收益：1.16美元，超出预期0.18美元
  
• 25财年指引：未提供财务指引。
  
• 短评： 京东公布了一组稳健的业绩，凸显出尽管美国关税和疲软的宏观经济背景对情绪产生影响，但消费者需求依然强劲。中国在经济不确定性中继续面临消费阻力。为了刺激需求，京东等电商平台采取了激进的折扣和降价措施，同时还利用政府补贴来支持消费。这些努力帮助维持了消费动能，尽管面临来自中美贸易紧张局势的更广泛挑战。值得注意的是，中国的零售销售增长在1月和2月加速。展望未来，即将到来的618购物节——中国第二大在线购物活动，预计将进一步提升京东第二季度的表现。市场对今年618活动的预期仍然乐观，得益于最近零售销售的强劲表现和五一及清明假期期间的强劲旅行活动。京东的外卖业务正步入快速增长的轨道，其日订单量接近2000万份。该公司预计将看到京东核心系统的协同效应。管理层维持实现高个位数净利润率的长期目标不变。25财年第二季建议交易区间：34美元至43美元。积极前景。
  

Sea Ltd. (SE)

• 1Q25 Revenue: $4.84B, +29.8% YoY, miss estimates by $50M
  
• 1Q25 GAAP EPS: $0.65, beat estimates by $0.04
  
• FY25 Guidance: Re-affirm FY25 outlook; Expect Shopee’s gross merchandise volume — total value of sold goods — to grow around 20% in 2025, with improving profitability.
  
• Comment: Sea Ltd delivered better-than-expected earnings and strong revenue growth in the first quarter, driven by steady performance across its diverse business segments. E-commerce platform Shopee—operating across Southeast Asia and Taiwan—saw a surge in activity ahead of the summer holiday and travel season. The e-commerce segment, which contributes over two-thirds of Sea’s total revenue, posted a 28.3% YoY increase, while gross merchandise value (GMV) rose 21.5% to $28.6bn. Management noted a strong start to the year and reaffirmed confidence in meeting full-year FY25 targets. Importantly, Shopee’s growth trajectory has remained largely unaffected by macroeconomic pressures, as its platform primarily serves local markets. The relatively limited exposure to cross-border transactions highlights the company’s resilience amid ongoing trade-related uncertainties. 2Q25 recommended trading range: $145 to $175. Positive Outlook.
  

冬海集团 (SE)

• 25财年第一季营收：48.4亿美元，同比增长29.8%，低于预期5,000万美元
  
• 25财年第一季GAAP每股收益：0.65美元，超出预期0.04美元
  
• 25财年指引：重申25财年展望；预计Shopee的总商品交易额将在2025年增长约20%，并改善盈利能力。
  
• 短评： 公司在第一季度实现了超出预期的盈利和强劲的营收增长，得益于其多元业务板块的稳定表现。电商平台Shopee在东南亚和台湾的活动在夏季假期和旅行季节前激增。电商板块贡献超过Sea总营收的三分之二，同比增长28.3%，而总商品交易额（GMV）增长21.5%，达到286亿美元。管理层指出，年初表现强劲，并重申对实现2025年全年目标的信心。值得注意的是，Shopee的增长轨迹在很大程度上未受宏观经济压力影响，因为其平台主要服务于本地市场。相对有限的跨境交易敞口突显了公司在持续的贸易不确定性下的韧性。25财年第二季建议交易区间：145美元至175美元。积极前景。
  

Intuitive Machines Inc. (LUNR)

• 1Q25 Revenue: $62.52M, miss estimates by $3.55M
  
• 1Q25 Net loss attributable to shareholders: $11.5M
  
• FY25 guidance: Maintain FY25 guidance. FY25 revenue outlook of $250mn – $300mn vs $280.6mn consensus; Positive run-rate adjusted EBITDA by the end of 2025; positive adjusted EBITDA in 2026.
  
• Comment: Intuitive Machines reported revenue below expectations, reflecting the inherent variability in its quarterly performance as a relatively new company dependent on the timing of contract awards and mission milestones. The company continues to target positive EBITDA by 2026. Management remains focused on execution, particularly as the U.S. administration reevaluates how the federal government procures emerging technologies, fosters private-sector innovation, and delivers long-term value. Leadership emphasized Intuitive Machines’ ability to deliver proven performance and rapid deployment across its Lunar Terrain Vehicle Services (LTVS), NASA’s Commercial Lunar Payload Services (CLPS), and National Security and Surveillance (NSNS) programs. With a demonstrated ability to maximize federal investment through scalable innovation, the company is well-positioned to benefit from the shifting priorities within NASA and the broader federal landscape. This evolving environment also presents opportunities for expansion into adjacent markets, including National Security Space and other non-lunar domains. 2Q25 recommended trading range: $10.5 to $15.0. Positive Outlook.
  

直觉机器 (LUNR)

• 25财年第一季营收：6,252万美元，低于预期355万美元
  
• 25财年净亏损：1,150万美元
  
• 25财年指引：维持25财年指引。25财年营收展望为2.5亿至3亿美元，市场普遍预期为2.806亿美元；预计到2025年底实现正向运行调整后的EBITDA；2026年实现正向调整后的EBITDA。
  
• 短评： Intuitive Machines报告的营收低于预期，反映出作为一家相对新公司的季度业绩固有的波动性，依赖于合同授予和任务里程碑的时机。公司继续以2026年实现正向EBITDA为目标。管理层专注于执行，特别是在美国政府重新评估如何采购新兴技术、促进私营部门创新和提供长期价值时。领导层强调了Intuitive Machines在其月球地形车服务（LTVS）、NASA的商业月球有效载荷服务（CLPS）和国家安全与监视（NSNS）项目中提供可靠性能和快速部署的能力。凭借通过可扩展创新最大化联邦投资的能力，该公司在NASA和更广泛的联邦环境中都处于有利位置。这个不断变化的环境也为扩展到相关市场创造了机会，包括国家安全空间和其他非月球领域。25财年第二季建议交易区间：10.5美元至15.0美元。积极前景。
  

On Holding AG. (ONON)

• 1Q25 Revenue: CHF726.6M, +43.0% YoY, beat estimates by CHF42.6M.
  
• 1Q25 Non-GAAP EPS: CHF0.21, in line with estimates.
  
• FY25 guidance: Expects full-year sales to grow by at least 28% on a constant-currency basis, compared to 27% previously; expects a gross profit margin in the range of 60.0% – 60.5% for the full year, and an adjusted EBITDA margin in the range of 16.5% – 17.5%.
  
• Comment: On Holding delivered better-than-expected revenue in the first quarter, driven by the continued success of its multi-channel strategy. The direct-to-consumer (DTC) channel maintained exceptional momentum, with DTC and wholesale net sales increasing by 45.3% and 41.5%, respectively. Reflecting a strong start to the year and sustained global demand across channels, regions, and product categories, the company raised its full-year 2025 sales outlook. However, management also acknowledged increased planning uncertainty stemming from recent shifts in global trade policies. Key product launches—such as the Cloudsurfer 2 and Cloud 6—alongside strong performance in apparel and high-impact brand campaigns featuring talent like Zendaya, contributed to the brand’s global traction. Backed by its premium brand positioning and ongoing assessment of pricing strategies, On remains confident in its ability to drive continued operational profitability expansion. 2Q25 recommended trading range: $53 to $64. Positive Outlook.
  

昂跑 (ONON)

• 25财年第一季营收：7.266亿瑞士法郎，同比增长43.0%，超出预期4,260万瑞士法郎
  
• 25财年第一季Non-GAAP每股收益：0.21瑞士法郎，符合预期
  
• 25财年指引：预计全年销售额在固定汇率基础上至少增长28%，此前预期为27%；预计全年毛利率在60.0%-60.5%之间，调整后的EBITDA利润率在16.5%-17.5%之间。
  
• 短评： 公司在第一季度实现了超出预期的营收，得益于其多渠道战略的持续成功。直接面向消费者（DTC）渠道保持了卓越的势头，DTC和批发净销售分别增长了45.3%和41.5%。反映出良好的开局和各渠道、地区、产品类别的持续全球需求，公司上调了2025年的全年销售展望。然而，管理层也承认，由于最近全球贸易政策的变化，规划不确定性增加。关键产品的推出，如Cloudsurfer 2和Cloud 6，以及在服装和高影响力品牌活动中的强劲表现，推动了品牌的全球影响力。在优质品牌定位和持续评估定价策略的支持下，On对推动持续运营盈利能力扩展充满信心。25财年第二季建议交易区间：53美元至64美元。积极前景。
  

Nu Holdings Ltd. (NU)

• 1Q25 Revenue: $3.2B, miss estimates by $30M
  
• 1Q25 Adjusted Net Income: $606.5M
  
• FY25 guidance: No guidance provided.
  
• Comment: Nu Holdings reported year-over-year growth in both revenue and net income, supported by continued expansion in deposits and its loan portfolio, though results came in below market expectations. Gross profit also missed estimates, which the company attributed to higher credit loss provisions and increased interest expenses. On a positive note, Nubank added 4.3 million customers during the quarter, bringing its total to 118.6 million across Brazil, Mexico, and Colombia. In Brazil, the bank significantly expanded its unsecured lending while keeping delinquency rates stable and under control. The total loan book rose to $24.1 billion, while deposits reached $31.6 billion—including $5.4 billion from Mexico, where the customer base grew to 11 million. Nubank continues to attract depositors by offering interest rates above those of traditional banks. Looking ahead, the company sees further growth potential in personal loans in Brazil, building on its already strong market share in credit cards. 2Q25 recommended trading range: $11 to $14. Neutral Outlook.
  

Nu Holdings (NU)

• 25年第一季营收：32亿美元，低于预期3,000万美元
  
• 25年第一季调整后净利润：6.065亿美元
  
• 25财年指引：未提供指引。
  
• 短评：公司报告称，在存款和贷款组合持续扩张的支持下，营收和净利润均实现同比增长，但业绩低于市场预期。毛利润也未能达到预期，公司将其归因于更高的信贷损失准备金和增加的利息支出。积极的一面是，Nubank在本季度新增了430万客户，使其在巴西、墨西哥和哥伦比亚的总客户数达到1.186亿。在巴西，该银行在保持不良贷款率稳定可控的情况下，大幅扩张了无抵押贷款业务。贷款总额增至241亿美元，存款达到316亿美元，其中包括来自墨西哥的54亿美元，该地区客户群增长至1100万。Nubank通过提供高于传统银行的利率继续吸引储户。展望未来，该公司认为巴西的个人贷款业务具有进一步的增长潜力，并已在信用卡领域占据强大的市场份额。25年第二季建议交易区间：11美元至14美元。中性前景。
  

Oklo Inc. (OKLO)

• 1Q25 Revenue: did not generate any revenue in the quarter, in line with estimates
  
• 1Q25 GAAP EPS: –$0.07, beat estimates by $0.04
  
• FY25 guidance: No guidance provided. On track with its cash usage plan for 2025, expecting to use between $65M and $80M. Expects to generate its first revenues in early to mid-2026 and aims to begin plant operations at Aurora powerhouse in late 2027 or early 2028.
  
• Comment: Oklo Inc. reported a slightly better-than-expected Q1 EPS of -US$0.07 compared to the forecast of -US$0.11. Despite this beat, concerns remain regarding its valuation and long-term profitability. The company reported a US$17.9mn operating loss and continues to invest heavily in its advanced Aurora Powerhouse reactor and recently acquired Atomic Alchemy to enhance isotope production. With US$260.7mn in cash and a clear cash usage plan for 2025, Oklo remains focused on commercial deployment between 2027-2028. Its customer pipeline now exceeds 14 GW, with expansion opportunities in data centres, defence, and government sectors. Despite risks including regulatory challenges and market volatility, Oklo’s build-own-operate model and comprehensive fuel strategy aim to position it as a key player in the emerging nuclear energy market. 2Q25 recommended trading range: $27 to $40. Positive Outlook.
  

Oklo Inc. (OKLO)

• 25财年第一季营收：本季度未产生任何收入，符合预期
  
• 25财年第一季GAAP每股亏损：0.07美元，超出预期0.04美元
  
• 25财年指引：未提供指引。按计划使用现金，预计在6,500万美元至8,000万美元之间。预计将在2026年初至中期产生首笔收入，并计划在2027年底或2028年初开始在Aurora发电厂运营。
  
• 短评： Oklo Inc.报告第一季度每股亏损为-0.07美元，略好于预期的-0.11美元。尽管如此，市场仍对其估值和长期盈利能力表示担忧。公司报告运营亏损为1790万美元，并继续在其先进的Aurora Powerhouse反应堆上进行大量投资，最近还收购了Atomic Alchemy以增强同位素生产。Oklo拥有2.607亿美元的现金和明确的现金使用计划，专注于2027年至2028年的商业部署。其客户管道现在超过14吉瓦，并在数据中心、国防和政府部门有扩展机会。尽管面临监管挑战和市场波动等风险，Oklo的自建自营模式和全面的燃料战略力求将其定位为新兴核能市场的关键参与者。25财年第二季建议交易区间：27美元至40美元。积极前景。