Technical Analysis – 18 November 2024

United States | Singapore | Hong Kong | Earnings

Altria Group, Inc. (MO US)

• Shares closed at a 52-week high. 5dEMA recently crossed the 20dEMA and 50dEMA.
• MACD is positive, RSI is at an overbought level.
• Long – Entry 55.5 Target 62.5, Stop 52.0

Universal Corp. (UVV US)

• Shares closed at a high since August 2024. 50dEMA just crossed the 200dEMA.
• MACD is positive, RSI is constructive.
• Long – Entry 54 Target 60, Stop 51

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Keppel Ltd. (KEP SP)

• Shares closed higher above the 200dEMA with a surge in volume. 5dEMA just crossed the 20dEMA and 50dEMA.
• MACD just turned positive, RSI is constructive.
• Long – Entry 6.52, Target 6.86, Stop 6.35

Jardine Matheson Holdings Ltd (JM SP)

• Shares closed at a high since March 2024 with constructive volume. 50dEMA is about to cross the 200dEMA.
• MACD is positive, RSI is constructive.
• Long – Entry 41.8 Target 44.8, Stop 40.3

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China Unicom (Hong Kong) Ltd. (762 HK)

• Shares closed higher above the 50dEMA with a surge in volume.
• MACD is about to turn positive, RSI is constructive.
• Long – Entry 6.60, Target 7.40, Stop 6.20

China Telecom Corp Ltd (728 HK)

• Shares closed higher above the 200dEMA. 5dEMA just crossed the 200dEMA.
• MACD is about to turn positive, RSI is turning constructive.
• Long – Entry 4.40, Target 4.80, Stop 4.20

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Alibaba Group Holding Ltd (BABA)

• 2Q25 Revenue: $33.7B, +5% YoY, miss estimates by $522.5M
• 2Q25 Non-GAAP EPADS: $2.15, beat estimates by $0.03
• 3Q25 Guidance: No guidance provided.
• Share buyback: In Q2, repurchased a total of 414 million ordinary shares equivalent to 52 million ADSs) for a total of US$4.1B. The remaining amount of Board authorization for the share repurchase program, effective through March 2027, was US$22.0B as of 30 September 2024.
• Comment: Alibaba Group reported second-quarter revenue of RMB236.50bn (US$33.7bn), missing estimates of RMB240.17bn (US$34.2bn), as weak consumer spending in China, driven by economic uncertainty and job insecurity, impacted its domestic business. However, adjusted profit per ADS of RMB15.06 (US$2.15) exceeded expectations of RMB14.88 (US$2.12). Competition from discount-based rivals like Pinduoduo and Douyin further pressured sales, while revenue from the Cloud Intelligence division grew 7% to RMB29.61bn, driven by AI adoption. The international e-commerce unit performed strongly, with revenue up 29% to RMB31.67bn, fuelled by global demand for affordable Chinese goods. During the extended Singles’ Day period, 45 brands exceeded RMB1bn in GMV, reflecting strong promotional efforts. Alibaba continues to enhance its Taobao and Tmall platforms and expand its 88VIP loyalty program, which now has 46 million members. The company also marked a regulatory milestone, completing its three-year “rectification” following a record antitrust fine in 2021. According to sources, Alibaba plans to raise US$5bn through multi-tranche dollar and offshore yuan bonds to strengthen its financial position. The proceeds will support general corporate purposes, including debt repayment and share buybacks, with the final terms subject to market conditions. Looking ahead, initiatives like enabling Taobao to operate in English aim to attract a broader international audience, potentially driving higher user engagement and revenue growth. 3Q25 recommended trading range: $80 to $110. Neutral Outlook.

阿里巴巴 (BABA)

• 25财年第二季营收：337亿美元，同比增幅5.0%，逊预期5.225美元
• 25财年第二季Non-GAAP每股盈利：2.15美元，超预期0.03美元。
• 25财年第三季指引：不提供指引。
• 股票回购：第二季度共回购4.14亿股普通股（相当于5200万股美国存托凭证），总金额41亿美元。截至2024年9月30日，董事会授权的股票回购计划剩余金额为220亿美元，有效期至2027年3月。
• 短评：阿里巴巴集团公布第二季度营收为2,365亿元人民币（合337亿美元），低于预期的2,401.7亿元人民币（合342亿美元），原因是受经济不确定性和就业不安全感的影响，中国消费者支出疲软，影响了其国内业务。然而，调整后每股ADS利润为15.06元人民币（合2.15美元），超出了14.88元人民币（合2.12美元）的预期。来自拼多多和抖音等折扣竞争对手的竞争进一步压低了销售额，而云智能部门的收入在人工智能应用的推动下增长了7%，达到296.1亿元人民币。国际电子商务部门表现强劲，营收增长29%，至316.7亿元人民币，主要受全球对平价中国商品需求的推动。在双十一期间，有45个品牌的商品交易总额超过10亿元人民币，这反映了促销力度的加大。阿里巴巴继续加强其淘宝和天猫平台，并扩大其88VIP忠诚计划，该计划目前拥有4600万会员。该公司还标志着监管的一个里程碑，在2021年创纪录的反垄断罚款之后，完成了为期三年的“整改”。据消息人士透露，阿里巴巴计划通过多档美元和离岸人民币债券筹集50亿美元，以加强其财务状况。所得款项将用于一般企业用途，包括偿还债务和股票回购，最终条款取决于市场情况。展望未来，允许淘宝用英语运营等举措旨在吸引更广泛的国际受众，这可能会推动更高的用户参与度和收入增长。25财年第三季度建议交易区间：80至110美元。中性前景。