Technical Analysis – 19 September 2024
United States | Singapore | Hong Kong | Earnings
Grab Holdings Ltd. (GRAB US) 
- Shares closed at a high since June 2024 with a surge in volume. 20dEMA just crossed the 200dEMA and the 50dEMA is about to cross the 200dEMA.
- MACD is positive, RSI is at an overbought level.
- Long – Entry 3.63 Target 3.83, Stop 3.53
DoorDash, Inc. (DASH US)
- Shares closed at a high since Apr 2024 with more volume.
- MACD just turned positive, RSI is constructive.
- Long – Entry 132, Target 142, Stop 127
Sembcorp Industries Ltd. (SCI SP)
- Shares closed at a high since May 2024 with more volume. The 20dEMA is about to cross the 200dEMA.
- MACD is positive, RSI is at an overbought level.
- Long – Entry 5.25, Target 5.55, Stop 5.10
SIA Engineering Ltd (SIE SP)
- Shares closed at a 2-month high with a surge in volume. 50dEMA recently crossed the 200dEMA.
- MACD is positive, RSI is constructive.
- Long – Entry 2.40 Target 2.52, Stop 2.34
China Construction Bank Corp (939 HK)
- Shares closed above the 50dEMA with rising volume. The 5dEMA is about to cross the 20dEMA.
- RSI is constructive and MACD turned positive.
- Long – Entry 5.48, Target 5.86, Stop 5.29
BOC Hong Kong Holdings Ltd (2388 HK) 
- Shares closed above the 20dEMA with rising volume. The 5dEMA crossed the 20dEMA.
- RSI is constructive, while MACD is negative.
- Long – Entry 23.7, Target 25.5, Stop 22.8
General Mills, Inc. (GIS)
- 1Q25 Revenue: $4.85B, -1.0% YoY, beat estimates by $50M
- 1Q25 Non-GAAP EPS: $1.07, beat estimates by $0.01
- FY25 Guidance: Reaffirms FY25 guidance. Expects organic net sales to range between 0% – 1%; expects adjusted operating profit to range between -2% – 0% in constant currency; expects adjusted diluted EPS to range between -1% to 1% in constant currency; expects FCF conversion to be at least 95% of adjusted after-tax earnings.
- Comment: General Mills reported a 1% year-over-year decline in organic sales, driven by lower prices and higher costs that pressured its margins. Despite these challenges, the company delivered better-than-expected results. While the macroeconomic environment remains uncertain for consumers in its key markets, General Mills anticipates volume trends will gradually improve in fiscal 2025. However, the company projects full-year category dollar growth to fall short of its long-term targets. On a positive note, U.S. consumer sentiment is gradually improving, indicating that consumption levels may rise, especially with anticipated rate cuts that could further boost spending. Additionally, General Mills recently announced plans to sell its U.S. and Canadian yogurt businesses, including brands like Yoplait, to two French dairy companies. 2Q25 recommended trading range: $71 to $79. Neutral Outlook.
通用磨坊 (GIS)
- 25财年第一季营收：48.5亿美元，同比跌幅1.0%，超预期5,000万美元
- 25财年第一季Non-GAAP每股盈利：1.07美元，超预期0.01美元
- 25财年指引：预计调整后的FIFO营业利润为46亿至48亿美元，调整后的摊薄每股净收益为4.3至4.5美元，调整后的自由现金流为25亿至27亿美元，调整后的有效税率为23%。将不含燃料的相同销售额调整为0.75%至1.75%，资本支出为36亿至38亿美元。
- 短评：克罗格第二季度的销售额(不含燃料)增长了1.2%，超出预期，但其整体销售额同比增长0.2%，低于分析师的预期。调整后每股收益为0.93美元，略高于预期。克罗格在季度收益超出预期后，上调了年度销售预测的下限，这得益于其以较低价格提供新鲜食品的战略，吸引了精打节俭的顾客。由于消费者继续面临预算紧张的局面，他们正在寻求负担得起的选择，这促使更多的人在家吃饭和淘便宜货。促销活动帮助克罗格保持了与沃尔玛的竞争力，后者也看到了对低成本必需品的强劲需求。克罗格与艾伯森250亿美元的合并正在接受反垄断审查，但该公司仍有信心继续进行。美国联邦贸易委员会和几个州已对该交易提起诉讼，以阻止该交易，原因是担心该交易可能提高价格，削弱劳工的议价能力。克罗格计划在合并后将食品杂货价格降低10亿美元。该公司目前预计，2024财年的销售额增长率将在0.75%至1.75%之间，高于此前0.25%至1.75%的区间。尽管消费者预算紧张，但我们预计克罗格将在竞争和价格压力下继续保持稳定。24财年第三季度建议交易区间：50至60美元。中性前景。
