Technical Analysis – 20 December 2024

United States | Singapore | Hong Kong | Earnings

Nordstrom, Inc. (JWN US)

• Shares closed higher above the 5dEMA with more volume.
  
• MACD just turned positive, RSI is constructive.
  
• Long – Entry 23.8 Target 25.8, Stop 22.8
  

Ulta Beauty, Inc. (ULTA US)

• Shares closed higher above the 5dEMA. 20dEMA recently crossed the 200dEMA.
  
• MACD is positive, RSI is constructive.
  
• Long – Entry 420 Target 460 Stop 400
  

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Singapore Technologies Engineering Ltd. (STE SP)

• Shares closed higher above the 50dEMA with more volume. 5dEMA is about to cross the 20dEMA.
  
• MACD is positive, RSI is constructive.
  
• Long – Entry 4.56, Target 4.80, Stop 4.44
  

Grand Venture Technology Ltd. (GVTL SP)

• Shares closed at a 52-week high with a surge in volume.
  
• MACD is positive, RSI is at an overbought level.
  
• Long – Entry 0.710 Target 0.770, Stop 0.680
  

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China Telecom Corp. (728 HK)

• Shares closed at a high since October 2024 with constructive volume.
  
• Both RSI and MACD are constructive.
  
• Long – Entry 4.85, Target 5.25, Stop 4.65
  

China Tower Corp Ltd (788 HK)

• Shares closed at a high since October 2024. 5dEMA and 20dEMA recently crossed the 50dEMA.
  
• MACD is positive, RSI is at an overbought level.
  
• Long – Entry 1.11, Target 1.21, Stop 1.06
  

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Accenture Plc. (ACN)

• 1Q25 Revenue: $17.7B, +9.3% YoY, beat estimates by $570M
  
• 1Q25 GAAP EPS: $3.59, beat estimates by $0.20
  
• 1Q25 Dividend: Accenture declared a $1.48/share quarterly dividend, in line with the previous; Forward yield 1.7%; Payable Feb. 14; for shareholders of record Jan. 16; ex-div Jan. 16.
  
• 2Q25 Guidance: Expect revenue to be between $16.20bn to $16.80bn, midpoint of $16.5bn below consensus of $16.62bn.
  
• FY25 Guidance: Expect revenue growth between 4% to 7%, midpoint of 5.5% below consensus of 5.61%, and compared to 3% to 6% previously; Expect GAAP diluted EPS to be between $12.43 to $12.79, midpoint of $12.61 below consensus of $12.75, and compared to $12.55 to $12.91 previously; Expect GAAP operating margin to be between 15.6% to 15.8%.
  
• Comment: Accenture delivered stronger-than-expected results, driven by rising demand for its services as businesses increasingly adopt AI-powered tools. Companies are making significant investments to scale AI initiatives and digitize core operations, aiming to enhance efficiency and reduce costs—trends that continue to benefit firms like Accenture. New bookings for the first quarter reached $18.7bn, up from $18.4bn in the same period last year. Additionally, market optimism surrounding improved tech budgets for fiscal year 2025 signals a favourable outlook for IT service providers. Accenture also raised its FY25 guidance, with management emphasizing a robust start to the fiscal year. The company expects demand to remain steady, fueled by clients prioritizing “large-scale transformations.” Management also highlighted that generative AI remains a key driver of innovation and was a significant contributor to quarterly growth. 2Q25 recommended trading range: $355 to $400. Positive Outlook.
  

埃森哲 (ACN)

• 25财年第一季营收：177亿美元，同比增幅9.3%，超預期5.7亿美元
  
• 25财年第一季GAAP每股盈利：3.59美元，超预期0.20美元。
  
• 25财年第一季股息：埃森哲宣布季度股息为每股1.48美元，与之前一致；远期股息率1.7%；2月14日为付息日；1月16日为股东登记日及除息日。
  
• 25财年第二季指引：预计营收将在162亿美元至168亿美元之间，165亿美元的中值低于市场预期的166.2亿美元。
  
• 25财年指引：预计收入增长在4%至7%之间，中值5.5%低于市场普遍预期的5.61%，而此前为3%至6%；预计GAAP摊薄后每股收益将在12.43美元至12.79美元之间，中间值为12.61美元，低于市场预期的12.75美元，而之前的预期为12.55美元至12.91美元；预计GAAP营业利润率将在15.6%至15.8%之间。
  
• 短评：由于企业越来越多地采用人工智能驱动的工具，对其服务的需求不断上升，埃森哲的业绩强于预期。公司正在进行大量投资，以扩大人工智能计划和数字化核心业务，旨在提高效率和降低成本，这一趋势将继续使埃森哲等公司受益。今年第一季度的新预订量达到187亿美元，高于去年同期的184亿美元。此外，围绕2025财年技术预算改善的市场乐观情绪预示着IT服务提供商的前景良好。埃森哲还上调了25财年的预期，管理层强调本财年开局强劲。该公司预计，由于客户优先考虑“大规模转型”，需求将保持稳定。管理层还强调，生成式人工智能仍然是创新的关键驱动力，也是季度增长的重要贡献者。25财年第二季度建议交易区间：355至400美元。积极前景。
  

Nike Inc. (NKE)

• 2Q25 Revenue: $12.35B, -7.8% YoY, beat estimates by $240M
  
• 2Q25 GAAP EPS: $0.78, beat estimates by $0.15
  
• 2Q25 Guidance: No guidance provided.
  
• Comment: Nike reported better-than-expected earnings; however, sales declined year-over-year. New CEO Elliot Hill acknowledged the challenges ahead, cautioning that the company faces “short-term pain” as it works to reignite demand for its brands. Hill emphasized a renewed focus on sport and a strategy to sell more products at premium price points, admitting that Nike had “lost its obsession with sport.” Management anticipates double-digit revenue declines in the third quarter as the company prioritizes rebuilding retail partnerships, driving innovation, and limiting discounts and promotions to traditional retail periods. Meanwhile, Nike faces intensifying competition from rivals such as On and Hoka, which are gaining traction with more comfortable and better-cushioned footwear offerings. 3Q25 recommended trading range: $70 to $85. Neutral Outlook.
  

耐克 (NKE)

• 25财年第二季营收：123.5亿美元，同比跌幅7.8%，超预期2.4亿美元
  
• 25财年第二季GAAP每股盈利：0.78美元，超预期0.15美元。
  
• 25财年第二季指引：不提供指引。
  
• 短评：耐克公布了好于预期的收益；然而，销量同比下降。新任首席执行官艾略特·希尔承认未来的挑战，并警告说，公司在努力重新点燃对其品牌的需求时面临“短期痛苦”。希尔强调，耐克将重新关注体育运动，并制定了以高端价格销售更多产品的战略，他承认耐克已经“失去了对体育运动的痴迷”。管理层预计，由于公司优先考虑重建零售合作伙伴关系，推动创新，并限制传统零售期间的折扣和促销活动，第三季度收入将出现两位数的下降。与此同时，耐克面临着来自昂和豪卡等竞争对手的日益激烈的竞争，这两家公司正以更舒适、缓冲性能更好的鞋类产品赢得市场。25财年第三季度建议交易区间：70至85美元。中性前景。
  

FedEx Corp. (FDX)

• 2Q25 Revenue: $22B, -0.9% YoY, miss estimates by $90M
  
• 2Q25 Non-GAAP EPS: $4.05, miss estimates by $0.12
  
• FY25 Guidance: Expect revenue to be approx. flat YoY, vs consensus of 0.87%; expects non-GAAP EPS to be between $16.45 to $17.45, midpoint of $16.95 below consensus of $19.48.
  
• Comment: FedEx reported better-than-expected earnings despite weaker-than-anticipated sales, which were impacted by a soft freight market. Earnings growth was driven by declining costs, supported by the company’s recent cost-cutting initiatives. These measures include consolidating its ground, air, and other operations into a single entity, with a target of reducing expenses by $4bn by the end of its fiscal year in May. The company highlighted that its transformation efforts are yielding positive results. The Federal Express segment achieved operating profit growth despite headwinds such as weak U.S. domestic demand and the expiration of its U.S. Postal Service contract. Additionally, FedEx announced plans to separate its freight business, FedEx Freight, into a standalone publicly traded company, leaving two distinct entities. 3Q25 recommended trading range: $290 to $320. Positive Outlook.
  

联邦快递 (FDX)

• 25财年第二季营收：220亿美元，同比跌幅0.9%，逊预期9,000万美元
  
• 25财年第二季Non-GAAP每股盈利：4.05美元，逊预期0.12美元。
  
• 25财年指引：预计收入约同比持平，而市场预期为0.87%；预计Non-GAAP每股收益将在16.45美元至17.45美元之间，中间值为16.95美元，低于市场预期的19.48美元。
  
• 短评：联邦快递公布了好于预期的收益，尽管受到货运市场疲软的影响，销售额低于预期。盈利增长是由成本下降推动的，这得益于该公司最近的成本削减举措。这些措施包括将其地面、空中和其他业务整合为一个实体，目标是在今年5月本财年结束前将开支削减40亿美元。该公司强调，其转型努力正在取得积极成果。尽管受到美国国内需求疲软和美国邮政服务合同到期等不利因素的影响，联邦快递部门实现了营业利润增长。此外，联邦快递宣布计划将其货运业务联邦快递货运拆分为一家独立的上市公司，留下两个不同的实体。25财年第三季度建议交易区间：290至320美元。积极前景。